Exhibit 10.5
FOURTH AMENDMENT OF
LEASE
THIS FOURTH AMENDMENT OF
LEASE (hereinafter called
“Amendment”) is made and entered into on this 29
th day of July 2009, by and between Watsonville
Freeholders , a California limited partnership (hereinafter
called “Landlord”) and West Marine Products,
Inc. , a California corporation (hereinafter called
“Tenant”).
RECITALS
A. By Lease Agreement dated
June 26, 1997, as amended by (a) Landlord Subordination
dated February 6, 2003, (b) First Amendment of Lease
dated July 27, 2005, and (c) Second Amendment of Lease
dated December 21, 2005, Landlord leased to Tenant an
approximately eighty-nine thousand, two hundred eleven
(89,211) square-foot premises located at 500 Westridge Drive,
Watsonville, California 95076 (the “Demised Premises”)
and by (d) Third Amendment of Lease dated November 30,
2006, the Demised Premises was increased by an adjacent space
comprised of an approximately eleven thousand, six hundred
(11,600) square foot of premises (the “Additional
Premises”). Per the Third Amendment of the Lease, the Demised
Premises and the Additional Premises became the “New
Premises” totaling approximately one-hundred thousand, eight
hundred eleven (100,811) square feet located at 500 Westridge
Drive, Watsonville, California 95076. The Lease Agreement, and all
amendments thereto are collectively referred to herein as the
“Lease.” The Demised Premises, the Additional Premises
and the New Premises are more particularly described in the Lease
and amendments thereto.
B. Landlord and Tenant now desire to
further amend the Lease in certain respects.
AGREEMENT
For and in consideration of the
recitals above made and the promises and agreements that follow,
and other good and valuable consideration, the parties agree as
follows:
1. New Premises . The
New Premises shall be designated and distinguished by this
Amendment as two independent premises comprised of the
following:
A. The Demised Premises consisting
of an approximately eighty-nine thousand, two hundred eleven
(89,211) square-foot premises located at 500 Westridge Drive,
Watsonville, California 95076; and
B. The Additional Premises
consisting of an approximately eleven thousand, six hundred
(11,600) square foot of premises also located at 500 Westridge
Drive, Watsonville, California 95076 and adjacent to the Demised
Premises.
2. Rent and Term for the
Additional Premises . The Rent, Term and other terms and
conditions for the Additional Premises is unchanged by this
Amendment and remain in effect as specified in the
Lease.
3. Rent for the Demised
Premises During the Current Term . Landlord and Tenant do
hereby agree that the base rent (“Rent”) for the
Demised Premises for the balance of the current Term commencing
May 1, 2009 and continuing through October 31, 2011
(“Remaining Term”) shall be reduced and fixed as
follows:
