Exhibit 10.96
FIRST AMENDMENT TO LEASE
(EXPANSION)
THIS FIRST AMENDMENT TO LEASE (the
“First Amendment”) is made as of the 5
th day of March, 1999, by and between
WILSHIRE-CAMDEN ASSOCIATES, a California limited partnership
(“Landlord”) and KENNEDY-WILSON INC., a Delaware
corporation (“Tenant”)
RECITALS:
A.
Landlord and Tenant entered into a
certain Lease (the “Lease”) dated as of August 19,
1998, whereby Landlord leased to Tenant certain premises (the
“Premises”) shown and designated on the floor plan
attached as Exhibit A of the Lease and located on the second
(2nd) floor of the certain building (the “Building”)
known as HEITMAN CENTRE - BEVERLY HILLS (now known as 9601
WILSHIRE) and located at 9601 Wilshire Boulevard, Beverly Hills,
California. The Premises contain approximately 26,057 rentable
square feet.
B.
Landlord and Tenant desire to amend
the Lease to add certain expansion space to the Premises upon the
terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of
the mutual covenants and agreements herein and in the Lease
contained, it is hereby agreed as follows:
I.
DEFINED TERMS. Each capitalized term
used as a defined term in this First Amendment but not otherwise
defined in this First Amendment shall have the same meaning
ascribed to such term in the Lease.
2.
ADDITIONAL PREMISES. Landlord hereby
leases to Tenant and Tenant hereby leases from Landlord that
certain premises (the “Additional Premises”) consisting
of approximately 1,343 square feet of rentable area located on the
Garden Level of the Building, as shown on Exhibit A-1 attached
hereto and known collectively as Suite GL-1SA and
Suite GL-9. The Lease is hereby amended to add the Additional
Premises to the Premises as demised and defined in the Lease upon
the same terms and provisions specified in the Lease, except
that:
(a)
The Base Rent for the Additional
Premises shall be Twenty-Five Thousand Seven Hundred Eighty-Five
and 60/100 ($25,785.60)[an annual rate of $19.20 per square foot of
Rentable Area of the Premises], payable in equal monthly
installments of Two Thousand One Hundred Forty-Eight and 80/100
($2,148.80).
(b)
Intentionally omitted.
(c)
The lease term for the Additional
Premises shall commence on March 1, 1999 (the
“Additional Premises Commencement Date”), and end on
the last day of the Lease Term, August 31, 2003 (the
“Additional Premises Lease Term”), unless sooner
terminated as provided in the Lease.
(d)
The first installment of Base Rent
for the Additional Premises shall be due and payable on the
Additional Premises Commencement Date, with subsequent installments
of Base Rent applicable to the Additional Premises due on the first
day of each month thereafter during
the Additional Premises Lease
Term.
(e)
The term “Tenant’s Proportionate Share”, as
defined and used in the Lease, shall mean one-half of one percent
(0.50%) for the Additional Premises.
(f)
Base Rent for the Additional Premises shall be subject to periodic
adjustment pursuant to Section 4 of the Lease.
(g)
“Base Rent” shall mean all amounts payable by Tenant to
Landlord, whether or not denominated as such. Any such amounts due
Landlord shall sometimes be referred to as
“Rent”.
(h)
The Base Rent for the Premises, excluding the Additional Premises,
is not affected by this Amendment.
(i)
The Security Deposit for the Additional Premises shall be None
($0).
(j.)
Tenant confirms that the leased premises are and will be used for
general and administrative, non-medical offices and for no other
purpose whatsoever, and that no toxic or hazardous materials have
been or will be stored, kept or used on the leased
premises.
(k)
Landlord hereby acknowledges that Tenant is a Delaware corporation,
although Tenant was identified as a California corporation in the
Lease.
3.
DEFINITION OF BASE YEAR. Anything contained in the Lease to the
contrary notwithstanding, solely for purposes of calculating Rent
Adjustments for the Additional Premises, Tenant’s Base Year
shall mean calendar year 1999 for the Additional
Premises.
4.
CONDITION OF THE ADDITIONAL PREMISES; IMPROVEMENT ALLOWANCE. No
promises by Landlord to alter, remodel, improve, repair, redecorate
or clean the Additional Premises, or any part thereof, have been
made, and no representation respecting the condition of the
Additional Premises or the Building or with respect to the
suitability or fitness of either for any purpose, has been made to
Tenant, other than as defined in the attached
Exhibit “B” (“Work
Letter”).
5.
BROKER. Tenant represents that
except for Kennedy-Wilson Properties, Ltd.
(“Kennedy-Wilson”), Tenant has not retained, contracted
or otherwise dealt with any real estate broke
