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LEASE AGREEMENT 591: LEASE AMENDMENT ALLOWING AN OFFICE LANDLORD TO RECAPTURE A PORTION OF THE PREMISES $99.95

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Lease Related Agreements
LA591

Product Overview

These document(s) are designed for a transaction where the landlord recaptures a portion of the premises (i.e., the premises of the tenant are reduced, and the landlord is free to lease the recaptured space to a new third party).

Such transactions often occur when the tenant is having business difficulties. Here the rent and parking arrangements are also modified by the documentation.

Number of Single Spaced Pages: 11

 

Quick Look

FIRST AMENDMENT TO OFFICE LEASE AGREEMENT

THIS FIRST AMENDMENT TO OFFICE LEASE AGREEMENT (this “First Amendment”) is entered into as of the _______ day of _______, by and between COMMERCIAL PROPERTY LANDLORD, L.P., a Delaware limited partnership ("Landlord"), and AGREEABLE TENANT, INC., a Delaware corporation ("Tenant").

RECITALS

A. Landlord and Tenant executed that certain Office Lease Agreement dated as of _____ (the "Original Lease"), covering certain space therein designated as Suites _____________________ containing approximately _________ rentable square feet (the "Original Premises"), located on the ____________________ floors of an office building commonly known as ___________________, and located at __________________, ____________, __________ (the "Building").

B. The Original Lease, as modified by this First Amendment, is hereinafter referred to as the "Lease". The premises demised in the Original Lease are hereinafter referred to as the "Existing Premises".

C. Landlord and Tenant desire to amend and modify the Lease in certain respects as provided herein. Unless otherwise expressly provided in this First Amendment, capitalized terms used in this First Amendment shall have the same meanings as in the Lease.

AGREEMENT

In consideration of the sum of Ten and No/100 Dollars ($10.00), the mutual covenants and agreements contained herein and in the Lease, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby amend and modify the Lease as follows:

1. Recapture Space. Landlord shall recapture and take possession of that portion of the Premises located on the _____________ floors which are hereby stipulated to contain ___________ square feet of Rentable Area (the "Recapture Space") as reflected on Exhibit "A" on the earlier of (a) thirty (30) days following the mutual execution of this Agreement, or (b) ____________ (the earlier of such dates being referred to herein as the "Recapture Date"). After the Recapture Date, wherever it occurs in the Lease, the term "Premises" shall refer to the Existing Premises minus the Recapture Space, which Premises are hereby stipulated to contain ________ square feet of Rentable Area and reflected in Exhibit "B". Effective as of the Recapture Date, Tenant shall be deemed to have paid all past due Rent on a timely basis and any Event of Default (or event which could with the passage of time become an Event of Default) based on paragraphs _______________ of the Lease which occurred before the Recapture Date and which is not continuing after the Recapture Date, shall be deemed to have been cured on a timely basis.

2. Lease Term. The Lease Term is hereby extended to _________.

3. Base Rental. Commencing on the Recapture Date and continuing through the Expiration Date, Tenant shall, in accordance with the terms and provisions of the Lease, pay to Landlord as Base Rental the amounts set forth in the following rent schedule:

ANNUAL RATE MONTHLY

PERIOD PER SQUARE FOOT BASE RENTAL

------------------------- ----------------------------------- ---------------------

Recapture Date to 12/31/0_

1/1/0_ to 12/31/0_

1/1/0_ to 12/31/0_

1/1/0_ to 12/31/0_

1/1/0_ to 12/31/1_

4. Tenant's Share. Commencing on the Recapture Date, Tenant's Share, as set forth in the Lease shall be ____________ percent (00%).


(continued)


End of Excerpt

 

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