Exhibit 10.4
THIRD AMENDMENT TO LEASE
AGREEMENT
THIS THIRD AMENDMENT made and
entered the 30th day of APRIL 2007, by and between Pinecrest
L.L.C. and Practice Management Partners, Inc. which was amended in
a second lease amendment on July 13, 2004 and was amended in a
first lease amendment on September 6, 2002 Practice Management
Partners to the Lease made and entered into this 7th day of
September, 1999, by and between PINECREST L.L.C., a Virginia
limited liability company (the “Landlord”), and
Ascendia Healthcare Management, Inc. and assigned to Practice Made
Perfect Inc. which was merged into Practice Management Partners
Inc., a Maryland Corporation (the “Tenant”) on July 31,
2001. Practice Management Partners federal tax I.D. number is
541914433. Ascendia Health Care Management federal tax id no.
56-1928380 and Practice Made Perfect, Inc. federal tax id no.
54-19114433 all have rights and responsibilities under this lease
amendment.
WITNESSETH:
That,
in consideration of the rents, covenants and conditions herein set
forth, Landlord and Tenant do hereby covenant, promise and agree as
follows:
1. Tenant hereby leases suite 200
which is approximately 5,486.21 gross square feet at 12310
Pinecrest Road Tenant has confirmed and agrees that suite 200 is
5,486.21 gross square feet.
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The basic rental rate is the
following.
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ANNUAL
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MONTHLY
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August 1, 2007- July 31,
2008
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$
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115,762.50
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$
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9,646.75
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August 1, 2008- July 31,
2009
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$
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121,550.62
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$
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10,129.22
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August 1, 2009- July 31,
2010
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$
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127,628.15
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$
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10,635.68
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2. Tenant hereby leases suite
204B, which is approximately 1,500 gross square feet at 12310
Pinecrest Road. Tenant has walked suite 204 B and confirmed and
agrees that suite 204 is 1500 gross square feet. Landlord reserves
the right to move tenant to suite 206 at Landlords expense in the
event that adjoining tenant vacates. Suite 206 is 1500 square
feet.
The basic
rental rate is the following:
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ANNUAL
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MONTHLY
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June 1, 2007- May 31,
2008
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$
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31,650.95
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$
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2,637.58
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June 1, 2008- May 31,
2009
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$
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33,233.50
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$
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2,769.46
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June 1, 2009- May 31,
2010
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$
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34,895.18
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$
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2,907.93
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*
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June 1, 2010- July 31,
2010
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$
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34,895.18
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$
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2,907.93
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(Year 4 for 2 months
only)
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* Rental credit first month of
$2,637.58
3. This is a full service lease.
There is no pass through expenses off the base year operating
expenses. The rental escalation of this lease is 5%.
- 1 -
4. Landlord will install
carpeting in Suite 204B similar to the existing carpeting in Suite
200. Landlord will remove one low wall and one high wall and
install one low wall of 42 inches in height. Landlord will install
wood baseboard stained in common area of suite and vinyl cove base
in offices. Landlord will paint suite as necessary building
standard glamour grey color.
5. For suite 200, the relocation
clause is deleted.
6. For suite 204B, Landlord may
relocate tenant with ninety days written notice to suite 206.
Landlord will use the same paint (glamour grey color) and carpeting
and baseboard for suite 206. Landlord will install a kitchenette.
Landlord will move tenant at Landlord’s sole cost and expense
to include relocation of phone and computer systems.
Unless
otherwise expressly provided, all terms, conditions, and covenants
by Tenant contained in this lease shall remain in full force and
effect in accordance with the terms of the Lease.
IN
WITNESS WHEREOF, Landlord and Tenant have caused this first
amendment to the Lease to be executed under seal the day and year
first above written.
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LANDLORD:
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PINECREST L.L.C.
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