Exhibit 10.5
First Amendment to
Lease
This Amendment, dated November 17,
2004, is executed by and between 95 College Plaza, Ltd., a
California limited partnership (“ Landlord ”),
and 1st Pacific Bank of California, a California corporation
(“ Tenant ”). This Amendment is entered into
with reference to the following facts:
A.
On or about November 1, 1999,
Landlord, as landlord, and Tenant, as tenant, executed that certain
Shopping Center Lease (“ the Lease ”) pertaining
to the premises commonly known as 3500 College Boulevard,
Oceanside, California 92054 (“ the Premises
”).
B.
The original term of the Lease will
expire on December 31, 2004 (“ the Original Term
Expiration Date ”).
C.
By this Amendment, Landlord and
Tenant desire to extend the term of the Lease and otherwise amend
the Lease, as provided below.
In consideration of the above
recitals and the mutual agreements stated below, the parties
agree:
1.
Term Extension
. The term of the Lease is extended
for a period commencing January 1, 2005, through December 31, 2009
(“ the Extended Term ”). As a consequence of
such extension, the option to extend the term, as provided in the
Addendum to the Lease, is hereby deleted (i.e., Tenant has no
further option to extend the term of the Lease).
2.
Minimum Annual Rent
. During the first Lease Year
(defined below), the Minimum Annual Rent will be $8,797.80/mo. The
Minimum Annual Rent for the second Lease Year of the Extended Term
and each subsequent Lease Year of the term of the Lease will be
equal to the amount derived by multiplying the Minimum Annual Rent
for the first Lease year of the Extended Term by a fraction, the
numerator of which is the Index (defined below) amount for the last
period for which the Index is published and that ends before the
commencement of the Lease Year for which the calculation is being
made and the denominator of which is the Index amount for the same
calendar period immediately preceding the commencement of the first
Lease year of the Extended Term. As used herein, “ Lease
Year ” means each calendar year commencing on January 1
and ending on December 31. The “ Index ” is that
published by the United States Price Index for all urban consumers
for the Los Angeles area, all items, 1982-84 base. Notwithstanding
the foregoing, the maximum increase to Minimum Annual Rent during
the Extended Term shall not exceed 3 percent above the amount of
the Mini
