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THIRD AMENDMENT TO LEASE

Lease Agreement

THIRD AMENDMENT TO LEASE | Document Parties: CROSS COUNTRY HEALTHCARE INC | CLINFORCE, INC You are currently viewing:
This Lease Agreement involves

CROSS COUNTRY HEALTHCARE INC | CLINFORCE, INC

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Title: THIRD AMENDMENT TO LEASE
Date: 3/17/2009
Industry: Business Services     Sector: Services

THIRD AMENDMENT TO LEASE, Parties: cross country healthcare inc , clinforce  inc
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Exhibit 10.67

THIRD AMENDMENT TO LEASE

 

This Third Amendment to Lease (“Amendment”) made and entered into this 30th day of October, 2008, by and between G &I VI 321/323 NORRISTOWN FE LLC, a Delaware limited liability company, hereinafter referred to as “Landlord” and CLINFORCE, INC., a Delaware corporation with its principal place of business at 4815 Emperor Boulevard, Durham, NC 27713, hereinafter referred to as “Tenant”

 

WHEREAS, Landlord leased a total of 11,154 rentable square feet (“RSF”) of space commonly referred to as Suite 200 (4,739 RSF), Suite 205 (2,979 RSF) and Suite 215 (3,436 RSF) (collectively, the “Original Premises”) located at 321 Norristown Road, Ambler, PA, 19002 (“Building”), to Tenant pursuant to that certain Lease dated August 7, 2006, as amended January 2, 2007, and as amended September 23, 2008, hereinafter collectively referred to as “Lease,” the Original Premises being more particularly described therein; and

 

WHEREAS, Tenant desires to expand the size of the Original Premises by adding an additional 3,305 RSF of space (Suite 225) under the Lease;

 

WHEREAS, Landlord and Tenant wish to amend the Lease as follows;

 

NOW, THEREFORE, in consideration of these present and the agreement of each other, Landlord and Tenant agree that the Lease shall be and the same is hereby amended as follows:

 

1.

Incorporation of Recitals .  The recitals set forth above, the Lease referred to therein and the exhibits attached hereto are hereby incorporated herein by reference as if set forth in full in the body of this Amendment. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Lease.

 

2.

Lease of Additional Premises .

 

(a)       The Lease is hereby amended to provide that Landlord hereby demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, all that certain space on the second floor of the Building  containing  approximately 3,305  RSF of  space  (Suite 225)  (the “Additional Premises”),  as shown on Exhibit “A” , attached hereto and made a part hereof.

 

(b)      The term of the Lease for the Additional Premises shall commence on the date which is the earlier of (i) when Tenant, with Landlord's prior consent, assumes possession of the Additional Premises for its Permitted Uses, or (ii) upon substantial completion of the improvements required to be made by Landlord to the Additional Premises under Article 2(c ) below (“Additional Premises Commencement Date”).   Substantial completion means that the initial improvements called for by this Third Amendment have been completed to the extent that the Additional Premises may be occupied by Tenant for its Permitted Use, subject only to completion of minor finishing, adjustment of equipment, and other minor construction aspects, and Landlord has procured a temporary or permanent certificate of occupancy permitting the occupancy of the Additional Premises, if required by law (hereafter, “substantial completion”).   It is estimated that the Additional Premises Commencement Date will be December 1, 2008.  It is the mutual intention of Landlord and Tenant that the Additional Premises shall be leased to and occupied by Tenant on and subject to all of the terms, covenants and conditions of the Lease except as otherwise expressly provided to the contrary in this Third Amendment, and to that end, Landlord and Tenant hereby agree that from and after the Additional Premises Commencement Date, the word “Premises”, as defined in the Lease, shall mean and include both the Original Premises and the Additional Premises, containing a total of 14,459 RSF, unless the context otherwise requires.   

 

(c)       The Additional Premises shall be delivered to Tenant on an “As Is” basis except as indicated on the mutually agreed upon Plan/Construction Scope of Work entitled “SP-2”, dated August 20, 2008 and drawn by Charles Matsinger Associates, which shall be turn-keyed by Landlord using building standard finishes (“Landlord’s Work”), and which is attached hereto, made a part hereof and marked as Exhibit “B”.   

 

(d)     Upon completion of Landlord’s Work, Landlord and Tenant shall schedule a pre-occupancy

 

1

 

 


inspection of the Additional Premises, at which time a punchlist of outstanding items, if any, shall be completed.  Landlord shall use reasonable efforts to complete the items on the punchlist within thirty (30) days, or if the nature of the items requires additional time, within such additional time as is reasonable necessary.  

 

(e)       The Additional Premises Commencement Date shall be confirmed by Landlord and Tenant by the execution of a Confirmation of Lease Term in the form attached hereto as Exhibit "C" .  If Tenant fails to execute or object to the Confirmation of Lease Term within ten (10) business days of its delivery, Landlord’s determination of such dates shall be deemed accepted.

 

 

3.

Term :

The Lease Term for the Additional Premises shall commence on the Additional Premises Commencement Date.  The Additional Premises shall expire co-terminous with the Second Amendment to Lease dated September 23, 2008, 59 months following the Additional Premises Commencement Date (“Additional Premises Termination Date”).   

 

4.

Fixed Rent:

 

(a)

From and after the Additional Premises Commencement Date, Tenant shall pay to Landlord Fixed Rent for the Original Premises and the Additional Premises (14,459 RSF) as follows:

 

TIME

 

PER

 

MONTHLY

 

ANNUAL

PERIOD

 

RSF

 

INSTALLMENT

 

BASE RENT

 

 

 

 

 

 

 

Additional Premises

 

 

 

 

 

 

Commencement Date-

 

 

 

 

 

 

9/30/09

 

$19.50

 

$23,495.88

 

$281,950.50

 

 

 

 

 

 

 

10/1/09-9/30/10

 

$20.00

 

$24,098.33

 

$289,180.00

 

 

 

 

 

 

 

10/1/10-9/30/11

 

$20.50

 

$24,700.79

 

$296,409.50

 

 

 

 

 

 

 

10/1/11-9/30/12

 

$21.00

 

$25,303.25

 

$303,639.00

 

 

 

 

 

 

 

10/1/12- Additional

 

$21.50

 

$25,905.71

 

$310,868.50

Premises Termination

 

 

 

 

 

 

 Date

 

 

 

 

 

 

               

 

(b)

 Tenant shall pay to Landlo


 
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