AMENDMENT TO LEASE
The Lease, dated October 22, 2001 entered into between XXXXX XXXXX, INC. a
Guam corporation, of 000 Xxxxxx Xxxx Xxxx, Xxxxx X-0X, Xxxxxx, Xxxx 00000
("Lessor") and COST-U-LESS, INC., a Washington Corporation of 0000 000xx Xxxxxx,
X.X., Xxxxxxxx 0, Xxxxx X, Xxxxxxx, XX ("Lessee") is hereby amended as follows:
1. Section 1(a), Premises, of the Lease is partially amended such that
the premises are now described as follows:
The Xxxxx Xxxxx, Inc. commercial building, commonly know as the
COST-U-LESS Center ("Center") fronting Xxxxxx Loop Road,
consisting of an area of 36,000 square feet on the first floor,
plus an area of 673 square feet on the second floor (mezzanine
floor space), and the loading dock area of 2,100 square feet for
a total of 38,773 square feet, all located on Lot No.
5012-1NEW-1, Dededo, Guam, as shown on Exhibit "A" attached
hereto.
2. Section 2, Term, of the Lease is partially amended such that the
expiration date of the Lease is extended from May 31, 2012 to May 31,
2017, which extends the term for 10 years to 15 years.
3. Section 3, Rent, of the Lease is deleted in its entirety and replaced
with the following as follows.
RENT:
Lessee shall pay the following amounts to Lessor, in advance, on the first
day of each calendar month, for the term of this Lease, over and above the
common area expenses and other charges allocable to Lessee as stated herein,
without deduction, set-off, prior notice or demand (except as otherwise
specifically set forth herein):
Commencement Date to 05/31/2004 $1.20 s.f. per month
06/01/2004 to 09/30/2006 $1.35 s.f. ($52,343.55) per month
10/01/2006 to 09/30/2009 $1.40 s.f. ($54,282.20) per month
10/01/2009 to 09/30/2016 $1.45 s.f. ($56,220.85) per month
10/01/2016 to 05/31/2017 $1.50 s.f. ($58,159.50) per month
Said rent shall be paid at Lessor's address, or such other place as may be
designated in writing by Lessor. If the date of commencement, expiration or
termination of the term of this Lease occurs on a day other than the first or
last day of a calendar month, the rent and all other amounts payable by Lessee
hereunder for that month shall be prorated.
Lessee shall have no options under this Lease.
4. The last sentence of Section 7(e) of the Lease is partially amended to
read as follows:
Lessee's current proportionate share is 100%.
5. The last sentence of Section 7(f)(iv) Common Area Expenses, is amended
to read as follows:
At Lessee's option, and upon written approval by Lessor of the terms
of the coverage, in lieu of paying the common area expense there for,
Lessee may insure the entire Center with its blanket insurance
coverage against fire, earthquake, typhoon, flooding and other hazards
with extended coverage, vandalism, theft and general public liability
to cover replacement costs and code compliance without policy
deductibles, policy exclusions or depreciation; with the Lessor as an
additional named insured and the Bank of Hawaii or any other financial
institution designated by Lessee as Loss Payee.
Lessee shall also insure under its Business Interruption insurance
coverage the payment of rent when the premises is being reconstructed
or repaired pursuant to Section 6 herein.
6. Section 12(a) of the Lease is deleted in its entirety and replaced
with the following:
Destruction of Premises:
(a) If the partial or total damage or destruction of the premises occurs
during the term of this Lease, Lessor, at Lessor's option, may
terminate this Lease if Lessor determines at its sole discretion that
such repairs would be uneconomical. Further, in the event of any
partial or total damage or
destruction of the premises at any time during the term of this Lease,
Lessee shall have the right to terminate this Lease, at Lessee's
option, if the repair or restoration of the premises is expected to
require, or does require, longer than nine (9) months. If this Lease
is not terminated pursuant to the foregoing, Lessor must diligently
repair the damage and restore the premises to their previous condition
at Lessor's cost, in compliance with all applicable laws, regulations,
rules and ordinances, as soon as reasonably possible. Except in the
event of intentional misconduct of Lessor, Lessor's agents, employees,
and/or contractors, Lessee hereby waives any and all claims for
damages against Lessor resulting from the destruction of the premises,
or of Lessee's property.
7. All the remaining terms and conditions of the Lease shall remain in
full force and effect.
In Witness Whereof, this Lease has been executed on this 25 of
February, 2004.
LESSEE: LESSOR:
COST-U-LESS, INC. XXXXX XXXXX, INC.
By: /s/ J. Xxxxxxx Xxxxx By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------- ------------------------------
J. Xxxxxxx Xxxxx Xxxxxxx X. Xxxxxxx
President Vice President/General Manager
AGANA, GUAM )ss.
I certify that I know or have satisfactory evidence that XXXXXXX X. XXXXXXX
is the person who appeared before me, and said person acknowledged that he
signed this instrument, on oath stated that he was authorized to execute the
instrument and acknowledge it as the VICE PRESIDENT & GENERAL MANAGER of Xxxxx
Xxxxx, Inc., to be the free and voluntary act of such party (ies) for the uses
and purposes mentioned in the instrument.
DATED this 26 day of February, 2004.
/s/ Xxxxxx X. Xxxxxxxxxx
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Notary Signature a Notary Public in and for
the U.S. Territory of Guam
My Commission Expires Jan. 11, 0000
XXXXX XX Xxxxxxxxxx )
)ss.
COUNTRY OF King )
I certify that I know or have satisfactory evidence that J. XXXXXXX XXXXX
is the person who appeared before me, and said person acknowledged that he
signed this instrument, on oath stated that he was authorized to execute the
instrument and acknowledge it as the PRESIDENT of Cost U Less, Inc., to be the
free and voluntary act of such party (ies) for the uses and purposes mentioned
in the instrument.
DATED this 25 day of February, 2004.
/s/ Xxxxxx Xxxxxx
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Notary Signature
Xxxxxx Xxxxxx
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Print/Type Name
Notary Public in and for the State of
Washington,
Residing at Bellevue, WA
My Commission Expires 03/09/06
