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Exhibit 10.5
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE is entered into as of the ____ day of
_________, 2000, by and between ProLogis North Carolina Limited Partnership,
(the "Landlord") and Glas-Craft, Inc. (the "Tenant").
WITNESSETH:
WHEREAS, Landlord and Tenant have entered into a Lease, dated as of the 6th
day of October 1998, pursuant to which Landlord leased to Tenant certain
premises (the "Premises" or "Leased Premises") located at ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (such lease, as heretofore and hereafter
modified, being herein referred to as the "Lease").
WHEREAS, Landlord and Tenant desire to amend the Lease and otherwise modify
its terms and conditions as set forth below.
NOW THEREFORE, in consideration of TEN DOLLARS ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Landlord and Tenant agree as follows:
1. Effective February 1, 2000 (the "Effective Date"), the Premises defined
as 38,400 rentable square feet shall be revised to reflect a total of
51,200 rentable square feet as detailed in Exhibit A-1, due to the
addition of 12,800 rentable square feet (the "Expansion Space") as
detailed in Exhibit B-1.
2. As of the Effective Date, Tenant's Proportionate Share of the Project
shall be revised to reflect 53.33%.
3. As of the Effective Date, Tenant's Proportionate Share of the Building
shall be revised to reflect 53.33%.
4. As of the Effective Date, the Monthly Base Rent shall be revised to
reflect $18,197.33.
5. Landlord shall perform the following improvements to the Expansion
Space, on a "turn-key" basis.
a) Create an opening approximately 10' x 12' to provide contiguous
warehouse access.
b) Repair damaged drywall on the South demising wall.
c) Provide the HVAC, electrical, mechanical and dock equipment
systems in good working order.
d) An allowance of $3,000.00 shall be provided to offset Tenant's cost
to install approximately 6,400 SF of fluorescent task lighting. All
related work to be performed by Tenant.
6. Except as modified herein, the Lease, and all of the terms and
conditions, thereof, shall remain in full force and effect and the same
are hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have signed this First Amendment to
Lease as of the day and year first above written.
LANDLORD:
ProLogis North Carolina Limited Partnership
By:
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Senior Vice President
TENANT:
Glas-Craft, Inc.
By: /s/ ▇▇▇▇▇▇▇ ▇. Mordarsky
----------------------------
Name: ▇▇▇▇▇▇▇ ▇. Mordarsky
--------------------------
Title: President
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Exhibit B-1
[LAYOUT OF BUILDING]
12,800 ▇.▇. ▇▇▇▇▇ Leaseable
0 S.F. Build-Out
PARK 100 INDUSTRIAL CENTER
BUILDING 20
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ 1/99
PROLOGIS LOGO
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Exhibit A-1
[EXPANSION SPACE OF FLOORPLAN]
96,000 ▇.▇. ▇▇▇▇▇ Leaseable 1/99
PARK 100 INDUSTRIAL CENTER
BUILDING 20
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
PROLOGIS LOGO
