HomeMy WebLinkAbout5B7 Master Lease Amendment Portage Prairie LLCFIRST AMENDMENT TO MASTER LEASE
THIS FIRST AMENDMENT TO MASTER LEASE (this "First Amendment ") is made
on August 11, 2016 (the "Effective Date "), by and between GLC Portage Prairie, LLC (the
"Landlord ") and the South Bend Redevelopment Commission, the governing body of the City of
South Bend Department of Redevelopment (the "Tenant ").
RECITALS
A. Pursuant to the terms of the parties' Development Agreement dated July 16, 2015,
Landlord and Tenant entered into that certain Master Lease dated July 16, 2015 (the "Master
Lease "), related to Landlord's development of a spec commercial/bulk distribution facility and
related improvements on the Real Estate (as defined in the Master Lease).
B. Landlord and Tenant desire to modify certain terms of the Master Lease as stated
in this First Amendment.
NOW, THEREFORE, in consideration of the mutual promises and obligations in this
First Amendment and the Master Lease, the adequacy of which consideration is hereby
acknowledged, Landlord and Tenant agree as follows:
1. Section 4(c) is deleted in its entirety and replaced by the following:
Abatement of Rent. The parties acknowledge and agree that
Landlord and Tenant desire to find third -party tenants for the
entirety of the Premises. As such, Tenant's obligation to pay Rent
shall be terminated with respect to any portion of the Building that
is, or at any time was, subject to a Replacement Lease from and
after the Replacement Rent Date (as defined below). As used
herein, a "Replacement Lease" shall be any lease entered into by
Landlord after the Effective Date of this Master Lease with a third
party under which the third party agrees to occupy the Premises or
a portion thereof, and the "Replacement Lease Date" shall be the
date on which Landlord and the third party execute a Replacement
Lease. Landlord shall deliver a copy of each Replacement Lease
within ten (10) days after its respective Replacement Lease Date.
Tenant's obligation to pay Rent for the portion of the Building
subject to a Replacement Lease will forever terminate (and will not
be restored at any time for such portion of the Premises) on the
date the third party commences paying rent to Landlord under the
Replacement Lease (the "Replacement Rent Date "). For any
Replacement Lease entered into before August 11, 2016, the
Replacement Rent Date may occur no later than July 1, 2017. For
any Replacement Lease entered into on or after August 11, 2016,
the Replacement Rent Date may occur no later than one (1) month
after the Replacement Lease Date. In no event will Tenant pay
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Rent to Landlord for a portion of the Premises if Landlord has
received or will receive payment of rent in any amount from a third
party for the same portion of the Premises for the same period of
time.
2. Unless expressly modified by this First Amendment, the terms and provisions of
the Master Lease remain in full force and effect.
3. Capitalized terms used in this First Amendment will have the meanings set forth
in the Master Lease unless otherwise stated herein.
IN WITNESS WHEREOF, the Parties hereby execute this First Amendment to Master
Lease to be effective on the Effective Date stated above.
LANDLORD:
GLC Portage Prairie, L C
By: Great ke . al Management, LLC
Its: Ma ger
, Member
TENANT:
SOUTH BEND REDEVELOPMENT
COMMISSION
Marcia I. Jones, President
ATTEST:
Donald E. Inks, Secretary
4000.0000016 51444232.001
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