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10Q
EXHIBIT 10.1
LEASE AMENDMENT NO.
1
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Landlord
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Promenade of Coral Springs LLC, a Delaware
limited liability company, successor by merger to Promenade of
Coral Springs, Inc., a Florida corporation
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Tenant
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Commercial Bank of Florida (the Tenant is
sometimes referred to in this instrument in the pronoun form of
"you")
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Building
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1999 University Drive, Coral Springs, Florida
33071
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Premises
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Suite 100 comprised of approximately 4,940
rentable square feet of space on the first floor of the northwest
side of the Building
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Lease
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Lease between Promenade of Coral Springs, Inc. as
landlord and Tenant as tenant, dated December 10, 1996
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Transaction
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Extension of Term pursuant to exercise of option
to extend
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WITNESSETH:
WHEREAS, you currently have possession of and
occupy the Premises under the Lease for a primary term which
commenced on April 15, 1997 and which ends on April 30, 2007; and
WHEREAS, the Lease grants to you the right to extend the term for
two successive five year option periods subject to the terms and
conditions therein; and WHEREAS, you have timely exercised the
first of the five year options to extend. NOW, THEREFORE, in
consideration of the mutual covenants herein contained, and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties, each intending to be
legally bound hereby, covenant and agree as follows:
1. The above recitals are true and correct and
are incorporated into the terms of this Lease Amendment.
2. The term of the Lease is extended to include
the sixty month period beginning on May 1, 2007 and ending on April
30, 2012 (the "Extended Term") . Except as is otherwise
expressly provided for herein, all of the terms and conditions of
the Lease shall apply to the Extended Term. Pursuant to the
provisions of Section 2.01 of the Lease, you have one additional
five year option to extend for the period beginning on May 1, 2012
and ending on April 30, 2017.
3. The monthly base rent amount which you are
currently paying for the fiscal year beginning on May 1, 2006 and
ending on April 30, 2007 is $11,472.10 a month. On May 1, 2007 and
thereafter on each succeeding May 1 falling within the Extended
Term, your monthly base rent amount will increase in accordance
wit
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