HomeMy WebLinkAbout6.A.(1) Third Amendment to Lease�� ko)
THIRD AMENDMENT TO LEASE BETWEEN
THE SOUTH BEND REDEVELOPMENT COMMISSION
AND
LE PEEP OF SOUTH BEND, INC.
T S THIRD AMENDMENT TO LEASE is made and entered into this i 5T— day of
OU-&-✓ ✓, 2008, by and between the South Bend Redevelopment Commission (the "Landlord ")
and Le Peep of South Bend, Inc., (the "Tenant ").
WHEREAS, the Landlord and the Tenant are parties to an agreement entitled "Lease" dated
and made effective October 20, 2000, as amended by the First Amendment to Lease between the
Landlord and the Tenant dated February 13, 2003, and as further amended by the Second
Amendment to Lease between the Landlord and the Tenant dated November 2, 2007, (collectively the
ALease @) related to premises located at 127 South Michigan Street, South Bend, Indiana, consisting
of approximately 3,203 square feet, as more particularly described in the Lease; and
WHEREAS, the term of the original lease expired at 12:00 midnight, Eastern Standard Time
on October 31, 2007; and
WHEREAS, the Landlord and the Tenant extended the term ofthe Lease through October 31,
2012, and modified the Base Rental and other charges due during said extended term; and
WHEREAS, the Landlord and the Tenant desire to further modify the Base Rental to be
charged during the extended term of the Lease; and
WHEREAS, this agreement is entered into as the "Third Amendment to Lease" to modify the
terms and conditions in the Lease;
NOW, THEREFORE, in consideration of the mutual promises and obligations set forth
herein, the parties make this Third Amendment to Lease as follows:
1. The following provision modifies "SECTION 4.2. BASE RENTAL" as amended by
the Second Amendment by replacing the last two paragraphs with the following:
"Notwithstanding the foregoing, effective November 1, 2007, Tenant =s Base Rent
shall be Four and 68/100 Dollars ($4.68) per square foot per year or One Thousand
Two Hundred Fifty and 00 /100 Dollars ($1,250.00) per month until October 31,
2008. Effective November 1, 2008, Tenant =s Base Rent shall be Seven and 49/100
Dollars ($7.49) per square foot per year or Two Thousand Dollars ($2,000.00) per
month until October 31, 2009. Effective November 1, 2009, the Tenant's Base Rent
shall be Nine and 37/100 Dollars ($9.37) per square foot per year or Two Thousand
Five Hundred and 00/100 Dollars ($2,500.00) per month until the expiration of the
Lease Term, as extended, on October 31, 2012.
"In addition to the foregoing, effective November 1, 2007, the Base Rent shall further
include six percent (6.00 %) of the Tenant's annual gross revenues that exceed Six
Hundred Thousand and 00 /100 Dollars ($600,000.00) calculated fromNovember 1 to
October 31, which portion of the Base Rent for that fiscal year ending October 31
shall be due on the earlier of. (i) forty -five days after the termination of this Lease or
(ii) forty -five (45) days after the end of each said fiscal year ending October 31. In
the event that the Lease is terminated prior to the end of the October 31 fiscal year,
the foregoing additional Base Rent due shall be prorated by dividing the annual gross
revenue threshold based upon a three hundred sixty (360) day year."
6. The Parties acknowledge and agree that this Third Amendment shall relate back to the
date of the execution of the Lease and that all remaining terms and conditions of the Lease not in
conflict herewith, shall remain in full force and effect.
7. This Amendment may be executed in counterparts, all of which shall be deemed
originals.
8. The undersigned persons executing and delivering this Third Amendment on behalf of
the Tenant represent and certify that they are the duly elected officers of the Tenant and have been
fully empowered, by proper resolution of the Board of Directors to execute and deliver this Third
Amendment and that all necessary corporate action has been taken and done.
2
IN WITNESS WHEREOF, the parties have caused this Third Amendment to Lease to be
executed, for and on their behalf, on the day and year first written above.
LANDLORD:
TENANT:
SOUTH BEND REDEVELOPMENT LE PEEP OF SOUTH BEND, INC.
COMMISSION 0
Signature Sign e
` Vl \
Printed Name and Title Printed Name and Title
ATTEST:
Printed Name and Title
STATE OF INDIANA )
) SS:
ST. JOSEPH COUNTY )
Before me, the undersigned, a Notary Public, in and for said County and State, personally appeared
and , known to me to be the and
respectively, ofthe South Bend Redevelopment Commission and acknowledged the execution ofthe
foregoing Third Amendment to Lease.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the day of
12009.
My Commission Expires:
k]
, Notary Public
Residing in St. Joseph County, IN