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EXHIBIT 10.13.5
MODIFICATION AND RATIFICATION OF LEASE
This Modification and Ratification of Lease Agreement is made and
entered into between Sterling Plaza Ltd., by Sterling Projects, Inc., General
Partner (Lessor or Landlord) and Xxxxxxx Oil & Gas., L.P. (A Delaware Limited
Partnership) (Lessee or Tenant) for and in consideration of One Dollar ($1.00)
and other good and valuable consideration, receipt of which is hereby
acknowledged.
W I T N E S S E T H:
1. Lessor and Lessee hereby confirm and ratify, except as
modified below, all of the terms, conditions and covenants in that certain
written Lease Agreement dated May 21, 1992 and Modification and Ratification of
Lease dated April 1, 1993, between Lessor and Lessee, for the rental of the
following described property: Approximately 7,672 rentable square feet of
office space located at 0000 Xxxxxx Xxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000.
2. Lessee warrants that Lessee has accepted and is now in
possession of the demised premises and that the Lease Agreement is valid and
presently in full force and effect.
3. Lessor and Lessee agree that upon occupancy the square footage
of the premises shall be increased by 3,685 square feet, from 7,672 square feet
to 11,357 square feet.
4. Lessor and Lessee agree that upon occupancy, the monthly
rental payments shall be changed from $9,110.38 per month to $13,716.63 per
month. However, in accordance with paragraph 1.f. of that certain Lease
Agreement dated May 21, 1992, tenant shall receive a rental credit of $7,170.00
during months 8, 11, 14, 20, 26, 32, 38, 44 and 56, leaving a rental balance
due for each of those months of $6,546.63.
5. Lessor and Lessee hereby agree that the operating expense stop
shall be the actual operating expenses for 1993 on the additional 3,685 square
feet.
6. Lessor and Lessee hereby agree that Lessor shall bear the
actual costs, not to exceed $5.00 per square foot to improve the additional
3,685 square feet.
7. Lessor and Lessee hereby agree that Lessor shall provide ten
(10) additional unreserved and two (2) reserved parking spaces at no additional
cost to Lessee.
8. First Right of Refusal: Lessor hereby grants to Lessee an
ongoing Right of First Refusal to lease the adjoining approximately 2,822
square feet of space to the east of the Premises on the north side of the
Building. If Lessee elects to exercise its Right of First Refusal to lease
such space within the first two (2) years of the date of this Modification and
Ratification of Lease, it shall be under the same terms and conditions of this
Modification and Ratification of Lease. After the first two (2) years if
Lessor desires to lease such space to a third party, Lessee shall have ten (10)
business days from receipt of such notice to notify Lessor in writing of
Lessee's intent to exercise its Right of First Refusal. If Lessee does not
exercise its Right of First Refusal, then Lessor may lease such space to any
third party. If Lessee elects to exercise its Right of First Refusal to lease
such space, the term for such space shall expire simultaneously with the term
of this lease, and the rent for such space shall be based on the lesser of the
then prevailing rental rates for properties of equivalent quality, size,
utility and location, with the length of the Lease term and credit standing of
Lessee to be taken into account or a third party offer, otherwise subject to
all of the same terms, covenants, and conditions of this Modification and
Ratification of Lease. Within thirty (30) days from the date of Lessee's
election to exercise its Right of First Refusal, Lessee shall execute plans and
specifications, change orders showing construction costs to be paid by Lessee,
if any, and a Modification and Ratification of this Lease to include the
additional space; otherwise Lessee's Right of First Refusal shall terminate as
to the space described in the notice from Lessor to Lessee and Lessor may lease
such space to any third party.
If Lessee does not exercise its Right of First Refusal and
Lessor leases such space to a third party, then when such third party's rights
to the space have been completely terminated, either by expiration, termination
or any other means, Lessee shall have a fifteen
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(15) day option to lease such space at the then prevailing market rental rates.
If after fifteen (15) days Lessee fails to exercise its option, said option
shall expire, and Lessee shall thereafter possess a Right of First Refusal on
such space. If Lessor desires to lease such space to a third party, Lessee
shall have ten (10) business days from receipt of such notice to notify Lessor
in writing if Lessee's intent to exercise its Right of First Refusal. If
Lessee does not exercise its Right of First Refusal, then Lessor may lease such
space to any third party. If Lessee elects to exercise its Right of First
Refusal to lease such space, the term for such space shall expire
simultaneously with the term of this lease, and the rent for such space shall
be based on the lesser of the then prevailing rental rates for properties of
equivalent quality, size, utility and location, with the length of the Lease
term and credit standing of Lessee to be taken into account or a third party
offer, otherwise subject to all of the same terms, covenants, and conditions of
this Modification and Ratification of Lease. Within thirty (30) days from the
date of Lessee's election to exercise its Right of First Refusal, Lessee shall
execute plans and specifications, change orders showing construction costs to
be paid by Lessee, if any, and a Modification and Ratification of this Lease to
include the additional space; otherwise Lessee's Right of First Refusal shall
terminate as to the space described in the notice from Lessor to Lessee and
Lessor may lease such space to any third party.
8. Lessor and Lessee hereby agree that all other terms and
conditions of the Lease Agreement shall remain the same.
Signed at Dallas, Texas, this 12th day of May, 1993.
LESSOR: Sterling Plaza Ltd., by
Sterling Projects, Inc., General Partner
BY: /s/ Xxxxx Xxxx
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Xxxxx Xxxx
TITLE: Vice President
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LESSEE: Xxxxxxx Oil & Gas, L.P.
(A Delaware Limited Partnership)
BY: /s/ Xxxx X. Xxxxxxx
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Xxxx Xxxxxxx
TITLE: Vice President
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