HomeMy WebLinkAboutFirst Amendment to Lease - Gordon Ventures LLC dba Edible Arrangements - Lease at 123 S MichiganFIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE (this "First Amendment") is made and entered into
on October 10, 2017, by and between the South Bend Board of Public Works, as assignee of the
South Bend Redevelopment Commission ("Landlord") and Gordon Ventures, LLC d/b/a Edible
Arrangements ("Tenant").
WHEREAS, Landlord and Tenant are parties to that certain Lease dated October 11, 2012
(the "Lease"), related to the Premises located at 123 South Michigan Street, South Bend, Indiana,
consisting of approximately 1,530 square feet, as more particularly described in Exhibit A; and
WHEREAS, the term of the Lease expires at 12:00 midnight, Eastern Standard Time, on
October 10, 2017; and
WHEREAS, Landlord and Tenant desire to extend the term of the Lease and to modify the
terms of the Lease as stated in this First Amendment.
NOW, THEREFORE, in consideration of the mutual promises and obligations set forth
herein, the parties agree as follows:
The following provision is added to and modifies Section 3.1 of the Lease:
Notwithstanding the foregoing provisions of this Section 3.1, the Parties
agree that the Initial Term of this Lease is extended for a period of sixty (60)
months to commence on October 11, 2017, and expire at 12:00 Midnight,
Eastern Standard Time, on October 10, 2022.
2. Section 3.2 of the Lease is deleted in its entirety and replaced by the following:
Provided that no Event of Default, as hereinafter defined, or any facts which with the
giving of notice or passage of time, or both, would constitute an Event of Default,
exists at the time of the exercise of any option to extend the Initial Term hereof or
exists at the end of the Initial Term, Tenant may renew this Lease and extend the
Initial Term hereof for two (2) additional periods of five (5) years ("Extended
Term"), on the same terms and provisions as provided in this Lease, except that the
Rent due in such Extended Term shall be negotiated in good faith by Landlord and
Tenant (but will not be less than the current market rate for comparable ground floor
retail space located in downtown South Bend, Indiana) following Tenant's delivery
of written notice of its exercise of such option not later than one hundred eighty (180)
days before the expiration of the Term of this Lease. If Tenant fails to exercise its
option to extend the Term hereof in the time period set forth in this Section 3.2, each
remaining option to extend shall immediately terminate and have no further force or
effect, without further notice from Landlord. Any reference in this Lease to the
"Term" shall mean the Initial Term as it may be extended pursuant to this Section
3.2.
3. Effective on October 11, 2017, the contents of Section 1.2 of the Lease are deleted in
their entirety and the following table is inserted in their place:
Time Period
Base Rent
10/11/17-10/10/18
$9.20
10/11/18-10/10/19
$9.48
10/11/19-10/10/20
$9.76
10/11/20-10/10/21
$10.05
10/11/21-10/10/22
$10.35
4. Section 14.19 is deleted in its entirety.
5. The Parties acknowledge and agree that except as modified herein, all terms and
conditions of the Lease remain in full force and effect.
6. This First Amendment may be executed in separate counterparts, each of which when
so executed shall be an original, but all of which together shall constitute one and the
same instrument. Any electronically transmitted version of a manually executed
original shall be deemed a manually executed original.
7. The undersigned persons executing and delivering this First Amendment on behalf of
the Tenant represent and certify that they are the duly elected officers of Tenant and
have been fully empowered, to execute and deliver this First Amendment and that all
necessary corporate action has been taken and done.
8. This First Amendment will be governed by and construed in accordance with the
laws of the State of Indiana.
IN WITNESS WHEREOF, the parties have caused this First Amendment To Lease to be executed
for and on their behalf on the day and year first written above.
IMIMI1M I
SOUTH BEND BOARD OF
P;1C WOS `
ATTEST:
TENANT:
GORDON XENTURES, LLC, dlb/a Edible
Date
►a
EXHIBIT A
Description of Premises
The Premises commonly referred to as 123 S. Michigan Street, South Bend, Indiana, which is
comprised of 1,530 square feet located on the ground level of the Leighton Center Parking Garage,
which is a part of the retail shops commonly referred to as the Michigan Street Shops, South Bend,
Indiana, which shops are more particularly described at Exhibit A of the Lease.
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