EXHIBIT 10.3
SECOND AMENDMENT TO OFFICE
LEASE
THIS SECOND AMENDMENT TO OFFICE
LEASE (this “Amendment”) is made as of November 2008,
by and between 811 SW NAITO ASSOCIATES, LLC, a Delaware limited
liability company (“Landlord”), and PAULSON CAPITAL
CORP., an Oregon corporation, f/k/a Paulson Investment Company
(“Tenant”).
Recitals
A. Pursuant to the terms of that
certain Office Lease dated May 6, 1997, as amended by that
Amendment 1 dated August 10, 2001 (as amended, the
“Lease”) between the Trustees of the Oregon-Washington
Carpenters-Employers Pension Trust Fund and Trustees of the Oregon
Laborers-Employers Pension Trust Fund, the predecessor-in-interest
to Landlord, as landlord, and Tenant, as tenant, Tenant leases from
Landlord approximately 17,136 rentable square feet of office space
in the building commonly known as 811 SW Naito Parkway, Portland,
Oregon, as more particularly described in the Lease (the
“Premises”). Capitalized terms not defined in this
Amendment shall have the meanings given them in the
Lease.
B. Landlord and Tenant desire to
amend the Lease to provide for the extension of the term for an
additional twenty (20) month period, and various other
matters, all upon and subject to the terms and conditions set forth
in this Amendment. Capitalized terms used but not defined herein
shall have the meanings given to them in the Lease.
NOW THEREFORE, in consideration of
the foregoing recitals and the mutual agreements of the parties
herein, Landlord and Tenant hereby agree as follows:
1. Extension of Lease Term .
The term of the Lease currently expires May 31, 2009. Pursuant
to this Amendment, the term of the Lease shall be extended for a
period of twenty (20) months, terminating as of
January 31, 2011. Any references to the “term” of
the Lease shall be deemed references to the term of the Lease as
extended hereby.
2. Monthly Base Rent .
Effective as of January 1, 2009, and continuing for the
remainder of the term, the base monthly rent for the Premises shall
be as set forth below, and all references in the Lease to
“base monthly rent” or “base rent” or
“Base Rent” shall be deemed references to such monthly
base rent.
