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FIRST AMENDMENT TO LEASE

Lease Agreement

FIRST AMENDMENT TO LEASE | Document Parties: OFFICE DEPOT INC | Boca 54 Land Associates LLC | BOCA 54 NORTH LLC | Flagler Boca 54, LLC | OFFICE DEPOT, INC You are currently viewing:
This Lease Agreement involves

OFFICE DEPOT INC | Boca 54 Land Associates LLC | BOCA 54 NORTH LLC | Flagler Boca 54, LLC | OFFICE DEPOT, INC

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Title: FIRST AMENDMENT TO LEASE
Date: 2/24/2009
Industry: Retail (Specialty)     Law Firm: Akerman Senterfitt     Sector: Services

FIRST AMENDMENT TO LEASE, Parties: office depot inc , boca 54 land associates llc , boca 54 north llc , flagler boca 54  llc , office depot  inc
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Exhibit 10.02

FIRST AMENDMENT TO LEASE

     THIS FIRST AMENDMENT TO LEASE (the “First Amendment”) is made and entered into as of the 3 rd day of July , 2007, by and between BOCA 54 NORTH LLC, a Delaware limited liability company (the “Landlord”), and OFFICE DEPOT, INC., a Delaware corporation (the “Tenant”).

RECITALS :

     WHEREAS, Landlord and Tenant entered into that certain Lease Agreement dated November 10, 2006 (the “Lease”), including the Construction Addendum attached as Exhibit A thereto; and

     WHEREAS, the parties have agreed to amend the Lease, on the terms and conditions hereinafter set forth.

     NOW, THEREFORE, for and in consideration of the mutual promises contained herein, and for Ten and No/100 Dollars ($10.00) and other good and valuable consideration paid by the Landlord to Tenant, the receipt and sufficiency of which is hereby acknowledged by Tenant, the parties for themselves and their successors and assigns hereto hereby covenant and agree as follows:

     1.  Recitals . The above recitals are true and correct and are incorporated herein as if set forth in full.

     2.  Capitalized Terms . All capitalized terms not defined in this First Amendment shall have the same meaning as set forth in the Lease.

     3.  Golf Course Parcel; Amendment to Memorandum of Lease . The parties acknowledge that Landlord has acquired fee simple title to the Golf Course Parcel as required by the Lease, and that, therefore, Section 11.33 of the Lease is terminated and is null and void and of no further force or effect. The Memorandum of Lease described in Section 11.7 of the Lease was recorded in Official Records Book 21086, Page 1233, of the Public Records of Palm Beach County, Florida. In accordance with Section 11.7 of the Lease, the parties executed an Amendment to Memorandum of Lease, which has been recorded in Official Records Book 21539, Page 1330, of the Public Records of Palm Beach County, Florida.

     4.  Base Rent . The first sentence of Section 2.1 of the Lease is hereby deleted in its entirety and replaced with the following language: “For purposes of this Lease, the “Base Rent Commencement Date” shall mean the later of (a) the date that Landlord achieves Substantial Completion of the Leasehold Improvement Work (as defined in the Construction Addendum), and (b) November 1, 2008.”

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     5.  Technical Revisions to Construction Addendum . The following revisions are hereby made to the Construction Addendum:

     (a)  Excusable Delay . In Section 1.10 of the Construction Addendum, on the first line, the following is hereby inserted after “Work”: “(or, as to Punchlist Items, any actual delay in completion of the Punchlist Items).”

     (b)  General Contractor and Leasehold Improvement Contractor . In Sections 1.13 and 1.19 of the Construction Addendum, on the first line of each, the words “Centex Construction, LLC” are hereby deleted and replaced with the following: “Balfour Beatty Construction, LLC.”

     (c)  Projected Completion Date of the Base Building Work . In Section 1.28 of the Construction Addendum:

          (i) on the second line, “August 28, 2008” is hereby deleted and replaced with the following: “October 20, 2008.”

          (ii) the following is hereby inserted at the end: “Further provisions regarding the construction of aspects of the Base Building Work by August 28, 2008 are set forth in Section 1.33, below.”

     (d)  Projected Completion Date of the Leasehold Improvement Work . Section 1.29 of the Construction Addendum is hereby deleted in its entirety and replaced with the following language: ““ Projected Completion Date of the Leasehold Improvement Work ” means the projected date of Substantial Completion of the Leasehold Improvement Work which is October 20, 2008, subject to extension for Excusable Delays, Tenant Delays, and agreed-on Tenant’s Leasehold Improvement Changes. In addition, Landlord shall construct as much of the Leasehold Improvement Work as allowable pursuant to Legal Requirements on or before the following dates: (i) for the northern most building (the “North Building”), September 15, 2008, and (ii) for the building (the “Center Building”) located between the North Building and the southern most building (the “South Building”), October 1, 2008. Prior to Substantial Completion of the Work, in contemplation of Tenant’s phased installation of furniture, fixtures, and equipment as contemplated herein, (A) Tenant shall not unreasonably interfere with Landlord’s work relative to achieving said Substantial Completion of the Work, and (B) Landlord shall not unreasonably interfere with Tenant’s installation of its furniture, fixtures, and equipment as contemplated herein.”

     (e)  Punchlist Items . In Section 1.32 of the Construction Addendum:

          (i) on the ninth line, the following is hereby inserted after “Delay”: “(but in no event will the Punchlist Items for the Leasehold Improvement Work be completed later than forty-five (45) days after Substantial Completion of the Leasehold Improvement Work, subject to extension for Excusable Delay).”

          (ii) the following is hereby inserted at the end: “In addition, after such construction of the Leasehold Improvement Work prior to Substantial Completion thereof as contemplated in Section 1.29 of this Construction Addendum, Tenant shall cause the Leasehold Improvement Architect to prepare a schedule of Punchlist Items for the Leasehold Improvement

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Work on a per-Building basis or a per-floor basis within each Building, so that Punchlist Items for portions of the Leasehold Improvement Work that are so constructed can be established before the overall Substantial Completion of the Leasehold


 
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