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EXHIBIT 10.20
ACRE HPC, LLC
c/o iStar Financial, Inc.
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Ph: (212)930-9407
Fx: (▇▇▇)▇▇▇-▇▇▇▇
December 21, 2000
VIA OVERNIGHT MAIL
The ▇▇▇▇▇▇ Group, Inc.
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Attn: ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇, Senior Vice President
▇▇▇▇ ▇▇▇▇, Esq., General Counsel
With carbon copies via Overnight Mail to each of the persons specified on
SCHEDULE A
RE: Supplement to Lease Agreement dated as of January 7, 2000 by and between
ACRE HPC, LLC, as Landlord, and The ▇▇▇▇▇▇ Group, Inc., as Tenant
Dear ▇▇. ▇▇▇▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇:
Reference is hereby made to that certain Lease Agreement (the "Lease")
dated as of January 7, 2000 by and between ACRE HPC, LLC, as landlord
("Landlord"), and The ▇▇▇▇▇▇ Group, LLC, as tenant ("Tenant"). Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings
ascribed thereto in the Lease.
Pursuant to Paragraph (c) of the Basic Lease Information, Landlord
recognizes that the guaranteed maximum price under the Construction Contract has
increased by a total amount equal to $903,391.00 and has agreed to advance the
full $500,000 contingency outlined in the Project Budget and advance an
additional $403,391.00 to cover the increase.
Therefore, the annual Fixed Rent will increase by a total of $108,924.00
($500,000 *11.7% plus $403,391 *12.5%) for a new annual Fixed Rent of
$2,374,339.00. Beginning in the month of January 2001 and every month thereafter
until September of 2002, the monthly payments shall be in the amount of
$197,862.00. Because the additional funds shall be deemed
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advanced on December 26, 2000, please add an additional $1,788.00 ($298.00 * 6
days) to the Fixed Rent payment due January 15, 2001.
If, upon Final Completion of the Improvements, not all of the funds
advanced have been used, then the Fixed Rent will be decreased as outlined in
Paragraph (c) and confirmed in a second supplement to the Lease.
Please sign a copy of this letter where indicated, so that it will serve as
a supplement to the Lease. If you have any further questions, please feel free
to call ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ at 212-930-9407 or ▇▇▇▇ ▇▇▇▇▇▇ at ▇▇▇-▇▇▇-▇▇▇▇. Thank
you for your cooperation.
ACRE HPC, LLC
By: ACRE SIMON, L.L.C., its sole member
By: iStar Merger Co. I, its Operating Member
By: /s/ ▇. ▇▇▇▇▇ Lodge III
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▇. ▇▇▇▇▇ Lodge III
Its Authorized Representative
Acknowledged this 31ST day of December, 2000
By The ▇▇▇▇▇▇ Group, Inc.
By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
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Title: CFO
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SCHEDULE A
LIST OF COPY RECIPIENTS
Fleet National Bank
Mail Stop: RI MO 215
Suite 800
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Fax Number: (▇▇▇)▇▇▇-▇▇▇▇
Attn: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Vice President
▇▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇, LLP
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Fax: Number: (▇▇▇)▇▇▇-▇▇▇▇
Attn: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, III, Esq.
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Esq.
Posternak, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇, L.L.P.
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Attn: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, P.C.
Jo ▇▇▇ ▇▇▇▇▇▇▇▇, Esq.
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