CANCELLATION OF LEASE AGREEMENT
This Cancellation of Lease Agreement
(this “Agreement”) is made this 30th day of June, 2005,
by and between 4300 Venture 34910 LLC, a Delaware limited liability
company (“Landlord”), with offices at 1798 Frebis
Avenue, Columbus, Ohio 43206, and Value City Department Stores LLC,
an Ohio limited liability company (“Tenant”), with
offices at 3241 Westerville Road, Columbus, Ohio 43224.
WHEREAS, on the 18
th
day of May, 2000, 4300 East Fifth Avenue LLC (“Original
Landlord”) entered into a lease (“Lease”) with
Value City Department Stores, Inc. (“Original Tenant”)
for the premises commonly known as 4020 East Fifth Avenue,
Columbus, Ohio 43219; and
WHEREAS, Landlord is successor in
interest to Original Landlord; and
WHEREAS, Tenant is successor to
Original Tenant’s interest in the Lease; and
WHEREAS, the term of the Lease
expires on the 30
th
day of June, 2010; and
WHEREAS, Landlord and Tenant have
mutually agreed to cancel and terminate said Lease effective the
30
th
day of June, 2005.
NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree to the foregoing and as
follows:
1. In consideration of the
amounts payable pursuant to Section 2 below, Landlord and
Tenant hereby amend the Lease so that the term of the Lease shall
expire as of June 30, 2005 (the “Termination
Date”). Tenant agrees that it shall vacate the Leased
Premises in accordance with the provisions of Article XVII of
the Lease.
1
2. In consideration of the new
expiration date of the term of the Lease, Tenant hereby agrees to
pay to Landlord the following amounts: (i) Two Million Three
Hundred Thousand and 00/100 Dollars ($2,300,000.00) payable on
January
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