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Lease Agreement > Re:
Lease Agreement, dated October 2, 2007 (the "Lease") by and between Mercantile Bank of Michigan, a Michigan Banking Corporation (the "Tenant") and CD Partners L.L.C., a Michigan limited liability company ("Landlord") for premises located at 28350 Cabot Drive, Novi, Michigan (the "Premises").
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Mr. Robert
Worthington, Esq.
Senior Vice President
Mercantile Bank of Michigan
310 Leonard NW
Grand Rapids, Michigan 49504
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Re:
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Lease Agreement, dated
October 2, 2007 (the “Lease”) by and between
Mercantile Bank of Michigan, a Michigan Banking Corporation (the
“Tenant”) and CD Partners L.L.C., a Michigan limited
liability company (“Landlord”) for premises located at
28350 Cabot Drive, Novi, Michigan (the
“Premises”).
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All capitalized
terms in this letter (the “Lease Amendment”) which are
not otherwise defined herein shall have the meanings ascribed to
them in the Lease. Landlord and Tenant have negotiated an early
termination of the Term of the Lease and accordingly agree that the
Lease shall be and hereby is amended as follows, effective as of
the date Tenant executes this Lease Amendment below (the
“Effective Date”):
1. Subject to
the Tenant’s performance of its obligations hereunder, the
Term of the Lease shall expire on 11:59 p.m., local time
Detroit, Michigan on August 31, 2009 (the “Early
Termination Date”). On the Early Termination Date, the Term
of the Lease shall expire. All of Tenant’s options set forth
in Lease, including the options to extend or contract the Term
under Section 3 of the Lease and the option to purchase the
Premises under Section 26 of the Lease, are hereby terminated.
From the date hereof through the Early Termination Date, Tenant
shall continue to perform all of its obligations under the Lease,
other than the obligation to pay Monthly Installments of Base Rent,
Real Estate Taxes and Building Expenses for the months of June,
July and August, 2009.
2. In
consideration of the early termination of the Term of the Lease,
Tenant shall pay Landlord the sum of $505,189.42 on or before
June 1, 2009. Tenant’s failure to do so shall constitute
an Event of Default of the Lease, there shall be no cure period and
Landlord may immediately exercise all rights and remedies
un
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