CRC/E Lurie, LLC/Lease amendment First Amendment to Lease Agreement
This First Amendment to Lease Agreement (the "Amendment executed this 1st
day of April, 2010, by and between E. Lurie, LLC, an Indiana limited liability company (the
"Landlord and The City of Carmel Redevelopment Commission (the "Tenant WITNESSES:
Recitals
WHEREAS, Landlord and Tenant have executed that certain Lease Agreement
dated September 8, 2008 (the "Agreement
WHEREAS, Tenant seeks to lease additional space in the Building; and
WHEREAS, the parties desire to enter into this Amendment;
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are acknowledged hereby, Landlord and Tenant agree as follows:
1. Lease of Premises. Article 1 of the Agreement hereby is amended and restated in its
entirety as follows:
"Article 1. LEASE OF PREMISES
Section 1.1. Original Premises
Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord approximately 3,417 square feet of space located on the second floor
of the Lurie Building (the "Building located at 30 W. Main Street, Carmel,
Indiana, as more particularly depicted and /or described on Exhibit A -1 (the
"Original Premises
Section 1.2. Additional Premises
Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord approximately 2,399 square feet of space located on the second floor
of the Lurie Building (the "Building located at 30 W. Main Street, Carmel,
Indiana, as more particularly depicted and /or described on Exhibit A -2 (the
"Additional Premises The Original Premises and the Additional Premises,
collectively, are the "Premises
2. Term and Commencement Date. Section 2.1 of the Agreement hereby is amended
and restated in its entirety as follows:
"Section 2.1. Term and Commencement Date
The term of this Lease with respect to the Original Premises (the "Term
shall begin on October 1, 2008 (the "Commencement Date and shall end on
the date that is 60 months after the Commencement Date. The term of this
Lease with respect to the Additional Premises (the "Additional Premises Term
shall begin on April 1, 2010, and shall end on upon the expiration of the Term."
3. Rent. Section 3.1 of the Agreement hereby is amended and restated in its entirety as
follows:
"Section 3.1. Rent
Subject to Section 7.2, Tenant agrees to pay to Landlord annual rental of:
(a) $17.50 per square foot, payable in equal monthly installments of $4,983.12
on or before the first day of each calendar month during the Term, and prorated
for the fractional portion of any month; and (b) $15.00 per square foot, payable in
equal monthly installments of $3,000.00 on or before the first day of each
calendar month during the Additional Premises Term, and prorated for the
fractional portion of any month (collectively, the "Rent
4. CAM. The last sentence of Section 3.2 of the Agreement hereby is amended and
restated in its entirety as follows:
"Tenant shall be responsible for paying only the actual CAM expenses, prorated
to Tenant based on: (a) percentage the gross square footage of the Premises
bears to the total gross square footage of the first and second floors of the
Building; and (b) the period of Tenant's occupancy and possession of the
Additional Premises; as the case may be; provided that in no event shall CAM
expenses include any capital expenditures or improvements."
5. Real Estate Taxes. Section 4.2 of the Agreement hereby is amended and restated in
its entirety as follows:
"Section 4.2. Real Estate Taxes
Landlord, at its cost, shall pay all real estate taxes and special
assessments of any kind or nature levied or assessed upon or against the
Premises, whether levied or assessed directly or indirectly; provided that Tenant
shall obtain a real estate tax exemption for: (a) the Original Premises beginning
with the real estate taxes first becoming a lien in 2009 and payable in 2010; and
(b) the Additional Premises beginning with the real estate taxes first becoming a
lien in 2011 and payable in 2012; and, in each case, continuing until the end of
the Term or earlier termination of this Lease."
6. Improvements. The first sentence of Section 7.1 of the Agreement hereby is amended
and restated as follows:
"On the Commencement Date, Landlord shall deliver the Original
Premises to Tenant in "white box" condition, together with all items described on
the work letter attached as Exhibit C, including, without limitation, the demising
wall. On April 1, 2010, Landlord shall deliver the Additional Premises to Tenant
"as is
7. Permitted Use. Section 8.1 of the Agreement hereby is amended and restated as
follows:
"Section 8.1. Permitted Use
The Premises may be used and occupied for general office use,
including, without limitation, the sales, service, products, management,
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administrative, and other uses incidental or related, directly or indirectly, thereto,
for Tenant and /or the Carmel Arts Design District (the "Arts District for uses
consistent with other uses within the Arts District, and for such other uses to
which Landlord gives its written consent, which consent shall not be withheld
unreasonably. Tenant, its officers, agents, employees, invitees, and licensees
shall have non exclusive use of the Common Areas."
8. Assignment. The following hereby is added to the Agreement as Section 8.1.1:
"Section 8.1.1. Assignment and Sublease
Tenant, with the approval of Landlord, which approval shall not be
withheld unreasonably, may assign or sublease the Premises or any portion
thereof; provided that Tenant may assign or sublease the Premises or any
portion thereof to: (a) another agency or instrumentality of the City of Carmel; or
(b) Pedcor Commercial Development or any entity affiliated with, or controlled
by, any Pedcor Commercial Development; in either case, without the approval of
Landlord. In the event of an assignment or sublease by Tenant, Tenant shall
remain liable to Landlord for the full amount of the Rent. Landlord hereby agrees
to approve or disapprove, which approval shall not be withheld unreasonably,
any proposed sublease or sub sublease of the Premises or any portion thereof,
including, without limitation, any proposed sublease or sub sublease that would
extend beyond the Term, in which case Landlord would enter into a direct lease
with the proposed sublessee or sub sublessee for any period beyond the Term."
9. Parking. Article 19 of the Agreement hereby is amended to include the following as
Section 19.11:
"Section 19.11. Parking
At all times throughout the Additional Premises Term, Landlord shall
provide to Tenant free of charge the exclusive use of four contiguous parking
spaces located on the real estate of which the Building is a part (the "Real
Estate which parking spaces are more particularly depicted and /or described
on Exhibit D (the "Parking Spaces Tenant's use of the Parking Spaces shall
be subject to: (a) all applicable laws and ordinances; and (b) all reasonable
written rules and regulations for the use of parking spaces on the Real Estate
that are delivered from time to time by Landlord to Tenant; provided that such
rules and regulations are of general applicability to all tenants, occupants, or
users of such parking spaces."
10. Interpretation. All references in the Agreement to the "Premises" or the "Term" shall be
interpreted in a manner that is consistent with the amended Article 1 of the Agreement, as
stated in Section 1, and the amended Section 2.1 of the Agreement, as stated in Section 2.
11. Exhibits. Exhibit A of the Agreement is replaced, and superseded in its entirety, by
Exhibit A -1, attached hereto. Exhibits A -1, A -2, and D, attached hereto, are incorporated herein
by reference.
12. Miscellaneous. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of Indiana. All capitalized terms used in this Amendment and not
defined herein shall have the meanings ascribed to such words in the Agreement. In the event
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of any conflict between the Agreement and this Amendment, the terms and conditions of this
Amendment shall control. Except as expressly provided in this Amendment, all of the terms
and conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment on
the date first above written.
LANDLORD:
E. LURIE, LLC
By:
Evan S. Lurie, Member
TENANT:
THE CITY OF CARMEL REDEVELOPMENT
COMMISSI•
By:
Ronald E. Carter, President
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EXHIBIT A -1
DEPICTION AND /OR DESCRIPTION OF THE ORIGINAL PREMISES
EXHIBIT A -2
DEPICTION AND /OR DESCRIPTION OF THE ADDITIONAL PREMISES
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EXHIBIT D
DEPICTION AND /OR DESCRIPTION OF THE PARKING SPACES