This Lease Agreement involves
Title: FIRST AMENDMENT TO LEASE, AMENDING LEASE DATED DECEMBER 5, 2005
Industry: Real Estate Operations Sector: Services
FIRST AMENDMENT TO LEASE
This FIRST AMENDMENT TO LEASE (this “Amendment”), is made as of the 6 th day of August, 2007, by and between U-Store-It, L.P., a Delaware limited partnership (“Tenant”) and Amsdell and Amsdell, an Ohio general partnership (“Landlord”).
W I T N E S S E T H:
WHEREAS, Landlord and Tenant are parties to that certain Lease made as of December 5, 2005 (the “Lease”), wherein Landlord leases to Tenant certain premises consisting of approximately Three Thousand Five Hundred (3,500) square feet of space known as Suite G-H in a building (the “Building”) located at 6779 Engle Road, Middleburg Heights, Ohio 44130, all as further described in the Lease (the “Premises”);
WHEREAS , contemporaneously with the execution of this Amendment, Tenant and Rising Tide Development, LLC, a Delaware limited liability company (“Rising Tide”) have entered into that certain Purchase Agreement for fourteen (14) Rising Tide properties (the “2007 Acquired Properties Purchase Agreement”), the closing of which is the Effective Date of, and an express condition precedent to, this Amendment; and
WHEREAS , Landlord and Tenant now wish to amend the Lease, as supplemented, as fully set forth in this Amendment, if and on the Effective Date.
NOW, THEREFORE , in consideration of the mutual promises and covenants, conditions and recitals hereof, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant, each intending to be legally bound, agree as follows:
1. Amendment to Section 7.1 . Section 7.1 (b) of the Lease is hereby deleted as originally written.
2. Amendment to Section 8.2 . The following shall be added after the first paragraph of Section 8.2 of the Lease:
“Tenant agrees that subject to the further provisions hereof, in the event Tenant should desire to assign this Lease or sublet the Premises or any part thereof, Tenant shall give Landlord written notice of such desire at least thirty (30) days in advance of the date on which Tenant desires to make such assignment or sublease. Such notice shall include the name, address and a description of the business of the proposed assignee or subtenant and its most recent financial statements and such other evidence of financial responsibility as Landlord may reasonably request and a copy of the proposed sublease or assignment. Landlord shall then have a period of thirty (30) days following receipt of such notice and information within which to notify Tenant in writing that Landlord elects, in its sole discretion, either (a) to terminate this Lease as to the portion of the Premises which is the subject of the proposed sublease or assignment and lease direct to proposed subtenant or assignee as to the space so affected as of
the date so specified by Tenant in which event Tenant will be relieved of all further obligation hereunder as to such space, or (b) to permit Tenant to assign or sublet such space, subject, however, to written consent of the assignee or subtenant by Landlord which consent shall not be unreasonably withheld, conditioned or delayed as hereinafter provided, or (c) to reasonably refuse to consent to Tenant’s assignment to subleasing such space and to continue this Lease in full force and effect as to the entire Premises. If Landlord should fail to notify Tenant in writing of such election within said thirty (30) day period, Landlord shall be deemed to have elected option (c) above.
If Landlord does not elect to terminate this Lease in accordance with option (a) above, Landlord’s consent to a proposed assignment of this Lease or sublease of the Premises will not be unreasonably withheld, delayed or conditioned. For purposes of this Lease, it shall be reasonable for Landlord to withhold consent if, in Landlord’s reasonable business judgment, any of the following conditions are not satisfied:
(i) The proposed transferee shall have sufficient financial resources;
(ii) The proposed transferee shall have the type and quality of business operation consistent with the type and quality of the operations at the Building;
(iii) The use or occupancy by the proposed transferee will not be more hazardous than that of Tenant herein or create additional insurance cost to the Building or impose additional security burdens or concerns;
(iv) The proposed space being sublet or assigned shall be sufficient to fulfill the needs of the proposed transf