6A(5) Central High Apartments Lease Extension

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APR -05 -2011 14:59 From:REAL ESTATE 770 587 8496 To:15742359892 P.3 /6 l.Auidlord (Gotlectivcly, the "Exteiislon Pay;nents ") in irni�nediately available funds on the dates indicated below_ Such payments will be made to Landlord in lieu of the current annual rent payments in the ainount of $1.00 as provided in Section 4.01 and 4.02 of the lease, If Tenant fails to make tticse paymeuts On the,: dates provided below and doer not cure such failure within !if'tecti (15) days following Lacidlord's written notice of such failure, Tenant shall be in default of its obligations under the Lease and Landlord shall be entitled to its remedies under Section 16.03 of the U-asv. (a) Upon the execution of this First Amendment, Tenant shall pay to Landlord the amount of $100,000,00; and (Ii) C:011utti:iiciII9 Ott tile, First anniversary of this First Amendment and continuing on reach anniversary thereafter for thirty -four (34) consecutive years until the first day of the last year of the Lease, Tenant shall pay to Landlord the arno unt of $.5,8.53.ta) 4. t) tion to Purchase. Section 21.01 of the Lease is hereby amended to provide that Tenant',,; option to Purchase may he exercised, at Tenant's option, upon the new expiration (late of the Lease (its amended above in Section 2). Section 21.901 (b) of the Lease is amended to provide that the purchase price for the Leased Premises shall be $1.00, 5, No Defaults. Landlord and Tenant each represent and warrant that there are no Uncured defaults under the Lease and that to the extent either party previously failed to perforrn an obligation under the Lease, the perforinallm of such obligation is hereby waived, 61 C'.timrtfissit►ns, Landlord and 'Tenant represent to each other that they have not authorized any brokcr to act on such party's behalf in connection with this First Amendment. 7. Kontinued_Yalidity. Except as expressly modified hereby, the remaining terms and cvonditions of the Lease shall remain in full force and effect. 8. Representations and Warranties. (a) Tenant hereby represents and warrants that (i) Tenant is duly organized, validly existing and in good standing (if applicable) in accordance with the .laws of the State under which it was orgwiized; (ii) Tenant is authorized to do business in tire; State where the Premises is locrtted; and (iii.) the individual executing and delivering this First Amendment on behalf of Tenant has botu properly authorized to do so, and such execution and delivery shall hind Tenant to ils terms_ (h) Landlord hereby represents and warrants that (i) TAndlord is duly organized, validly existing and in good standing (if applicttblc) in acaorda.noc with the IsWS of the state under which it was organized; (ii) Landlord is authorized to do business in the State where the Premises is located; and (iii) the individual executing and delivering this First Amendment on behalf of Landlord has been properly authorized to do so, and such execution and delivery :;hall Bind Landlord to its torture. -2-