Exhibit 10.1
SECOND AMENDMENT TO LEASE
AGREEMENT
THIS SECOND
AMENDMENT TO LEASE AGREEMENT (the “Amendment”) is
made as of the 29 th day of October, 2008, by and
between WELLS FUND XII-REIT JOINT VENTURE PARTNERSHIP , a
Georgia joint venture partnership (“Landlord”) and
CONTINENTAL AUTOMOTIVE SYSTEMS US, INC. , a Delaware
corporation (“Tenant”) formerly known as Siemens
Automotive Corporation.
RECITALS:
WHEREAS, Troy Development #1, LLC,
predecessor in interest to Landlord (“Troy
Development”), and Tenant, entered into a certain Office
Lease dated January 13, 2000 (the “Original
Lease”) whereby Landlord leased to Tenant certain premises
(the “Premises” or the “Building”)
comprising all of the building constituting approximately 77,054
square feet known as 4865 Investment Drive, Troy,
Michigan.
WHEREAS, Troy Development and Tenant
entered into a certain First Amendment to Lease Agreement dated
April, 2000 (the “First Amendment”; the Original Lease
as amended by the First Amendment is herein referred to as the
“Lease”) whereby Tenant waived its right of first offer
to purchase the Building.
WHEREAS, Landlord and Tenant desire
to extend the term of the Lease and to adjust the rent payable by
Tenant to Landlord under the Lease to reflect the extension of the
term of the Lease.
NOW, THEREFORE
, in consideration of the mutual
covenants and agreements herein and in the Lease contained, it is
hereby agreed as follows:
1. DEFINED TERMS
. Each capitalized term used in this
Amendment but not otherwise defined herein shall have the same
meaning ascribed to such term in the Lease.
2. EXTENSION.
The term of the Lease is hereby
extended for a period of sixty-two (62) months. The Lease is
hereby amended as follows:
(a) In Section 1.4 the term
“Expiration Date” is hereby amended to mean
October 31, 2015.
(b) From and after the date of this
Amendment the last two lines of the schedule of “Base
Rent”, set forth in Section 1.1, shall be deleted and
the following shall be added thereto:
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ANNUAL
BASE RENT
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MONTHLY INSTALLMENTS
OF BASE RENT
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BASE
RENT PER
SQ. FT.
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Months 97 through
October 31, 2008
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$
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1,568,819.40
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$
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130,734.95
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$
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20.36
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November 1, 2008
Through October 31,
2009
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$
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982,438.56
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$
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81,869.88
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$
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12.75
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November 1, 2009 through
October 31, 2010
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$
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1,011,911.76
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$
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84,325.98
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$
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13.13
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November 1, 2010 through
October 31, 2011
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$
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1,042,269.12
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$
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86,855.76
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$
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13.53
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November 1, 2011 through
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October 31, 2012
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$
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1,073,537.16
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$
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89,461.43
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$
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13.93
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November 1, 2012 through
October 31, 2013
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$
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1,105,743.24
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$
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92,145.27
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$
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14.35
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November 1, 2013 through
October 31, 2014
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$
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1,138,915.56
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$
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94,909.63
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$
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14.78
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November 1, 2014 through
October 31, 2015
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$
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1,173,083.04
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$
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97,756.92
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$
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15.22
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Notwithstanding the foregoing, Base
Rent shall abate for the period from November 1, 2009 through
January 31, 2010; provided, however, that, if at any time
during the Term, Tenant shall be in default of the Lease beyond
applicable notice and cure periods, then this paragraph with
respect to the abatement of any Base Rent shall immediately become
null and void and upon written request by Landlord, Tenant shall
pay to Landlord an amount equal to any and all Base Rent previously
abated. The abatement of Base Rent provided herein shall not
relieve Tenant from the performance of Tenant’s other
obligations under the Lease, including, without limitation, the
obligation to pay on a timely basis the Operating Expenses,
utilities and Taxes, as well as all other additional rent and other
obligations under the Lease
