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EXHIBIT 10.48
THIRD AMENDMENT TO OFFICE/WAREHOUSE LEASE
THIS THIRD AMENDMENT TO OFFICE/WAREHOUSE LEASE is made effective as
of
the February 23, 2004, by and between
Cambridge Apartments, Inc., a Minnesota
corporation ("Lessor"), and Navarre
Corporation, a Minnesota corporation
("Lessee").
WHEREAS, Lessor and Lessee entered into a certain
Office/Warehouse
Lease dated April 1, 1998, as subsequently
amended by that certain First
Amendment to Lease dated April 1, 1998, as
subsequently amended by that certain
Second Amendment to Office/Warehouse Lease
dated effective as of July 14, 2003
(collectively, the "Lease") pursuant to
which Lessor leased to Lessee certain
premises located in the City of New Hope
(the "City"), County of Hennepin, State
of Minnesota consisting of approximately
86,430 square feet of office and
warehouse space, commonly described as the
Navarre Building, and located at 7400
49th Avenue North, New Hope, Minnesota (the
"Demised Premises"); and
WHEREAS, Lessee has requested, and Lessor has consented, to
Lessee
adding an additional door to the Demised
Premises at the location set forth and
described in the attached Exhibit A and
described as "Door 120BB", attached
hereto and made a part of this Third
Amendment on the terms and subject the
conditions hereinafter set forth.
NOW, THEREFORE, for good and valuable consideration, the receipt
and
sufficiency of which are hereby
acknowledged, it is hereby agreed as follows:
1. New Door. Lessor consents to the construction of the new
door
(depicted as "North Door #120BB") (the "New
Door") to the Demised Premises in
accordance with the location depicted on
the attached Exhibit A as an authorized
tenant improvement pursuant to the Lease to
be treated as part of the Building
in the Demised Premises.
2. Construction of New Door. Lessee agrees to construct the New
Door at
its sole cost and expense in accordance
with all laws, ordinances, governmental
regulations and insurance requirements
affecting the Demised Premises.
3. Escrow for New Do
