City of Carmel/Utilities/Pedcor/ Lease r•I •r
I L �l L I
FOURTH AMENDMENT TO LEASE
This Fourth Amendment to the Lease (the "Fourth Amendment is made and entered
into as of the day of the X 111 day of M,i 2010 by and between Pedcor
Investments, LLC, as Indiana limited liability company, "Landlord and Carmel Utilities, by
and through the City of Carmel's Board of Public Works and Safety "Tenant
RECITALS:
A. WHEREAS, Landlord and Tenant entered into a lease "Lease) dated the 20 day of
December, 2002 for certain commercial office building space (the "Leased
Premises located at 760 3 Avenue, S.W., City of Carmel, Hamilton County,
Indiana;
B. WHEREAS, Landlord and Tenant entered into that certain First Amendment to Lease
"First Amendment dated June 7, 2006 to modify provisions in the Lease with
regard to Utility Expenses;
C. WHEREAS, Landlord and Tenant entered into that certain Second Amendment to
Lease "Second Amendment dated May 7, 2008 to extend the Term of the Lease
and change the Minimum Annual Rent;
D. WHEREAS, Landlord and Tenant entered into that certain Third Amendment to
Lease "third Amendment dated May 20, 2009 to extend the Term of the Lease and
modify the Minimum Annual Rent;
E. WHEREAS, Landlord and Tenant have agreed to further amend the Lease to extend
the Term and modify the rent accordingly; AND
F. WHEREAS, Landlord and Tenant now wish to so amend and extend the Lease as
provided herein.
AGREEMENT:
For and in consideration of the mutual covenants and agreements set forth in this Fourth
Amendment, Landlord and Tenant hereby agree to amend the Lease as follows:
1. Recitals. The above recitals are incorporated herein by reference.
2. Replacement of Provisions. Sections 1.02 (C), 1.02 (E), and 1.02 (F) of the lease
are hereby deleted and replaced with the following:
a. Section 1.02 (C):
"C. Minimum Annual Rent: The Minimum Annual Rent for such
additional lease year shall be One Hundred Eighty Five Thousand One
Hundred Twenty Seven and no 00 /100 Dollars ($185,127.00). If Tenant
exercises its option to add an additional lease year the Minimum Annual
Rent shall increase three percent (3
b. Section 1.02 (E):
"E. Term: Twelve (12) months with one (1) one (1) year option to
extend." The Lease is hereby extended an additional twelve (12) months
from June 26, 2010 until June 25, 2011 "Extension Term
c. Section 1.02 (F):
"F. Commencement Date: The Commencement Date shall be June 26,
2010.
2. Replacement of Provisions. Section 2.01 of the Lease is deleted in its entirety
and replaced with the following:
"Section 2.01. Term. The term of this Lease shall be the period of time
specified in Item E of the Basic Lease Provisions and shall commence on the
Commencement Date as provided in Item F of the basic Lease Provisions (the
"Term The Expiration Date shall be June 25, 2011. It is understood and agreed,
however, that this Lease shall expire at the end of the period for which the fiscal
body(ies) of a Tenant has /have appropriated funds for payments due under this
Lease for the term set forth herein.
Option to Extend. Notwithstanding the foregoing, Landlord hereby grants to
Tenant an option to extend the Term for one (1) additional one (1) year. Such
extension shall be upon the same terms and conditions contained in the Lease and
subject to any amendments that the parties agree to in writing. Such option shall
be exercised by Tenant's delivery to Landlord, written notice to extend for one (1)
year. Such notice shall be delivered to Landlord no later than six (6) months prior
to the expiration of the Term. Tenant's failure to deliver timely notice shall give
Landlord the right to treat such failure as an extinguishment of the Tenant's right
to extend, making the termination date the same date on which the then current
term expires, or to waive the failure and allow Tenant the Term at a later date than
that contemplated by the six (6) month timeframe set forth above. In no event
shall Tenant be obligated to extend this Lease."
3. Effect of Amendment. Except as revised by this Fourth Amendment, the Lease
shall remain in full force and effect. To the extent of any conflict between this
Fourth Amendment and the Lease, the terms of this Fourth Amendment shall
control.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Fourth Amendment the day
and year first above written.
(LANDLORD)
PEDCOR INVESTMENTS LLC, an Indiana limited liability company
BY: AIS ,,L€t. /fl r---
Printed: r) c &INS De C &S
Title: V rr rct': ;e ,4- .A C1F
(TENANT)
CITY OF CARMEL, INDIANA
BY ITS BOARD OF PUBLIC WO'
AND SAFET
.10 4 1 -"AMEr.—......._
`tes Brainard, Presiding Officer
Date: '5 O „,),&,,,i4-
Mar Ann u e, Member
Date: 3
Lori Watson, I ber
Date: 6 1 S f 0