Pedcor/Utilities fifth amendment to lease PMVed
FIFTH AMENDMENT TO LEASE
This Fifth Amendment to Lease "Fifth Amendment is made and entered into as
of the )7 }'day of 2011 by and between Pedcor Investments, A Limited
Liability Company, n 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 entered into that certain Fourth Amendment
to Lease "Fourth Amendment dated May 5, 2010 to extend the Term of the Lease and
modify the Minimum Annual Rent;
F. WHEREAS, Landlord and Tenant have agreed to further amend the Lease to
extend the term of the Lease and modify the rent accordingly; AND
G. 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
Fifth 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 is hereby deleted in its entirety 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 Ninety Thousand Six Hundred Eighty
One and 00 /100 Dollars ($190,681.00). 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, 2011 until June 25, 2012 "Extension Term
c. Section 1.02(F):
"F. Commencement Date: The Commencement Date shall be June
26, 2011.
3. Replacement of Provision. Section 2.01 of the Lease is hereby 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, 2012. 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 current term expires, or to waive the failure to allow
Tenant to extend the Term at a date later than that contemplated by
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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 Fifth Amendment, the Lease
shall remain in full force and effect. To the extent of any conflict between this
Fifth Amendment and the Lease, the terms of this Fifth Amendment shall control.
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Fourth Amendment
the day and year first above written.
(LANDLORD)
PEDCOR INVESTMENTS, A LIMITED LIABILITY COMPANY,
A Wyoming limited liability company
By:
Douglas Boggs, Senior Vice President CFO
(TENANT)
CITY OF CARMEL, INDIANA
BY ITS BOARD OF PUBLIC WORKS AND SAFETY
James Brainard, Presiding Officer
Date:
Mary Ann Burke, Member
Date:
Lori Watson, Member
Date:
4
1
CITY OF CARMEL, INDIANA
BY ITS BOARD OF PUBLIC WORKS
AND SAFETY
IGGL
mes Brainard, Presiding Officer
d,
Date: O --/7-i/
I II jAkei10411 V
Mary i 4 Burke, Member
Date: g 1 7
Lori Watson, Member
Date: f" (7--
ATTEST:
1
J l titi
Di. a L. Cordray, I C Clerk- Treasurer
r
STATE OF INDIANA
SS:
COUNTY OF
Before me, a Notary Public in and for said County and State, personally appeared James
Brainard, Mary Ann Burke, and Lori Watson, by me known to be the Members of the City of
Carmel Board of Public Works and Safety, and Diana L. Cordray, Clerk- Treasure of the City of
Carmel, who acknowledged the execution of the foregoing "Agreement" on behalf of the City of
Carmel, Indiana.
Witness my hand and Notarial Seal this day of 2011.
NOTARY PUBLIC
My Commission Expires: Printed Name
My County of Residence:
Date: