Exhibit 10.3
ASSUMPTION, AFFIRMATION AND
AMENDMENT TO LEASE
THIS ASSUMPTION, AFFIRMATION AND
AMENDMENT TO LEASE (the “Agreement”) is entered into as
of the 26 th
day of March, 2001 by and
between La Jolla Investors, a general partnership, as to an
undivided 50% interest and Larry Tucker as Trustee of Larry Tucker
Separate Property Trust dated September 17, 1987 as to an undivided
50% interest (together, “Landlord”) and 1st Pacific
Bank of California, a California Corporation (the
“Bank”).
RECITALS
A. Landlord is the owner of certain
real property located in the City of San Diego commonly known as
7728 Regents Road in the La Jolla Colony Plaza shopping center
located at the northwest corner of Regents Road and Arriba Street
and more particularly described as Parcel 5 of Parcel Map 13620
recorded December 27, 1984 as file # 84-480860 in the official
records of San Diego County, California (the
“Property”).
B. The Property has been improved
with a retail shop building which among other things includes 3,000
square feet of space presently occupied by the Bank (the
“Original Premises”), as well as an adjoining 920
square feet space to the west of the Original Premises (the
“Adjoining Space”).
C. Landlord’s predecessor and
the predecessor of Washington Mutual Bank FA (“Tenant”)
entered into a Lease Agreement dated as of February 10, 1987 for
the Original Premises which lease was amended by Amendment No. 1
dated December 18, 1995
1
(collectively, the
“Lease”).
D. The Bank occupies the Original
Premises pursuant to a sublease dated as of December 30, 1999
between Tenant and the Bank (which at that time was a proposed
organization) and La Jolla Association (the
“Sublease”).
E. The Sublease expires on December
31, 2002 and the Bank desires to have all the rights and
obligations of the Tenant under the Lease remain in effect through
and including December 31, 2007, with the additional right to
ext
