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EXHIBIT 10.27.3
THIRD AMENDMENT TO LEASE AGREEMENT
THIRD AMENDMENT TO LEASE AGREEMENT dated as of June 1, 1996 between TriNet
Essential Facilities X, Inc., a Maryland corporation (TriNet), and Caterair
International Corporation, a Delaware corporation (Caterair).
This Third Amendment to Lease Agreement amends and forms a part of the
four separate Lease Agreements, each dated as of May 15, 1993, between TriNet,
as landlord, and Caterair, as tenant, as amended by First Amendment to Lease
Agreement dated as of September 22, 1995, and as amended by Second Amendment to
Lease Agreement dated as of December 1, 1995 relating to property described on
Exhibit A hereto (collectively, the Lease).
Pursuant to the First Amendment to Lease Agreement, Caterair agreed to
perform certain specified remedial work and delivered a letter of credit drawn
on The Bank of New York in the amount of $1,000,000 to TriNet as security for
the performance of remedial work on the property subject to the Lease and
certain other property leased by Caterair from an affiliate of TriNet. Pursuant
to the Second Amendment to Lease Agreement, the date for completion of such
remedial work was extended to June 1, 1996. Caterair has requested that the
deadline for completion of the remedial work be extended to November 15, 1996
and that the amount of the letter of credit be reduced to $500,000.
NOW THEREFORE, in consideration of the premises and other good and
valuable consideration, TriNet and Caterair hereby agree as follows:
1. Section 4.1 of the First Amendment to Lease Agreement is hereby amended
and restated in its entirety as follows:
4.1 Tenant hereby agrees to perform the necessary remedial work to the
premises identified in the Leases set forth in Schedule 1 hereto with respect to
the matters described in Xxxx Xxxxxxxxx'x letter to Tenant, dated September 14,
1995, and to complete such work on or before November 15, 1996. Tenant has
delivered to Landlord a clean irrevocable letter of credit identified as The
Bank of New York's Letter of Credit Ref. No. S00034339, which letter of credit
had an expiry date of July 31, 1996 and a face amount of $1,000,000 (the "Letter
of Credit") to secure performance of such remedial work. Landlord and Tenant
agree that on July 31, 1996, the Letter of Credit shall be amended to extend the
expiry date to December 31, 1996 and to reduce the face amount thereof to
$500,000 (the "Amended Letter of Credit"). Upon completion of such remedial work
by Tenant, Landlord shall return the Amended Letter of Credit to Tenant. If the
remedial work is not substantially completed by November 15, 1996, Landlord may
complete such work and may use such cash deposit or draw on the Amended Letter
of Credit from time to time, in an amount or amounts necessary to reimburse
Landlord for the monies expended by Landlord to perform such work plus a fee
equal to 10% of such cost. Landlord shall deliver to Tenant a written request to
draw on the Amended Letter of Credit which details the uses of the moneys so
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expended. Tenant shall respond to such request within five (5) business days and
permit Landlord to draw on the Amended Letter of Credit. Landlord shall remit
the balance to Tenant upon completion of such remedial work.
2. Attached hereto as Exhibit A is a copy of a July 29, 1996 amendment to
The Bank of New York letter of credit ref. no. S00034339, which has the effect
of reducing the available to credit to $500,000 and extending the expiration
date to December 31, 1996. TriNet consents to such amendment and agrees to
notify The Bank of New York of such consent.
3. This Third Amendment to Lease Agreement may be executed by each party
on a separate counterpart, and such counterparts shall together constitute a
single instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to
Lease Agreement to be executed as of the date first above set forth.
TriNet Essential Facilities X, Inc.
By: /s/ XxXxx Xxxxxx
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Name: XxXxx Xxxxxx
Title: Sr. Vice President-Asset Management
Caterair International Corporation
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Assistant Secretary
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Schedule 1
#376 Philadelphia, PA
BLOCK 00 X 00 XXX 000
ALL THAT CERTAIN real estate situated in the 40th Xxxx of the City of
Philadelphia.
BEGINNING at a point on the Northwesterly side of Escort Street (60 feet wide)
said point being located the following 2 courses and distances as measured along
said Northwesterly side of Escort Street, from the point of tangency of the
curve connecting said Northwesterly side of Escort Street with the Northeasterly
side of Island Avenue (108 feet wide) said curve having a radius of 40 feet and
an arc length of 62.832 feet; extending from said point of tangency (1) North 70
degrees 55 minutes 12 seconds East the distance of 116 feet to a point of
curvature; (2) thence extending Northeastwardly along an arc curving to the left
having a radius of 388 feet the arc length of 93.258 feet to the point of
beginning; thence extending from said point of beginning North 32 degrees 51
minutes 05 seconds West the distance of 237.859 feet to a point; thence
extending North 24 degrees 23 minutes 54 seconds East, the distance of 394.498
feet to a point; thence extending South 54 degrees 37 minutes 17 seconds East
the distance of 296.575 feet to a point on the Northwesterly side of the
aforementioned Escort Street (cul-de-sac); thence extending along said side of
Escort Street (cul-de-sac) in a Southwestwardly direction along an arc curving
to the left having a radius of 62 feet an arc length of 44.659 feet to a point
of reverse curvature; thence extending Southwestwardly along an arc curving to
the right having a radius of 62 feet an arc length of 45.560 feet to a point of
tangency; thence extending along the aforementioned Northwesterly side of Escort
Street South 36 degrees 12 minutes 43.02 seconds West the distance of 254.568
feet to point of curvature; thence continuing along said side of Escort Street
on a line curving to the right having a radius of 388 feet an arc length of
141.781 feet to the first mentioned point and place of beginning.
BEING NO. 0000 Xxxxxx Xxxxxx.
Being the same premises which Marriott Corporation, a Delaware Corp. by Deed
dated 12/15/1989 and recorded 1/11/1990 in Philadelphia County, in Deed Book
FHS 1534 page 340 conveyed unto Caterair International Corporation, a Delaware
corporation, in fee, its successors and assigns.
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#000 Xxxxxxx, XX
PARCEL A (LOT 51 & 53)
ALL that certain real estate situated in the Borough and County of Queens, City
and State of New York, bounded and described as follows:
BEGINNING at the corner formed by the northwesterly side of 49th Street, as
legally opened and widened by The City of New York, and the southerly side of
Astoria Boulevard South, as legally opened and widened;
THENCE southwesterly, along the northwesterly side of 49th Street, 182.91 feet;
THENCE northwesterly at right angles to the northwesterly side of 49th Street,
109.04 feet
THENCE northeasterly along a line forming an interior angle of 94 degrees 16
minutes 18 seconds with the last mentioned course, 73.43 feet;
THENCE easterly along a line forming an interior angle of 109 degrees 38 minutes
46 seconds with the last mentioned course, 44.38 feet;
THENCE northeasterly along a line forming an interior angle of 248 degrees 09
minutes 48 seconds with the last mentioned course, 50.95 feet to the southerly
side of Astoria Boulevard South;
THENCE easterly along the southerly side of Astoria Boulevard South 86.08 feet
to the northwesterly side of 00xx Xxxxxx to the point or place of beginning.
PARCEL B (LOT 59)
ALL that certain plot, piece or parcel of land, situate, lying and being in the
Borough and County of Queens, City and State of New York, bounded and described
as follows:
BEGINNING at a point on the northwesterly side of 49th Street (formerly 19th
Avenue and Cabinet Street), distant 182.91 feet southwesterly from the corner
formed by the intersection of northwesterly side of 00xx Xxxxxx with the
southerly side of Brooklyn Queens Expressway (formerly Astoria Boulevard and
Flushing Avenue);
RUNNING THENCE northwesterly at right angles to the northwesterly side of 49th
Street, 109.04 feet;
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THENCE southerly on a line forming an interior angle of 85 degrees 43 minutes 41
seconds with the preceding course, 94.42 feet to land now or formerly of X.
Xxxxxx;
THENCE easterly along the said land now or formerly of X. Xxxxxx and on a line
forming an interior angle of 85 degrees 19 minutes 45 seconds with the preceding
course, 35.03 feet;
THENCE southerly still along said land now or formerly of X. Xxxxxx and on a
line forming an interior angle of 276 degrees 51 minutes 41 seconds with the
preceding course, 1.38 feet;
THENCE easterly still along the said land now or formerly of X. Xxxxxx and on a
line forming an interior angle of 83 degrees 33 minutes 49 seconds with the
preceding course, 68.10 feet to the northwesterly side of 00xx Xxxxxx;
THENCE northeasterly along the northwesterly side of 49th Street, 80 feet the
point or place of beginning.
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#351 Astoria, NY
All that certain real property situated in the Borough and County of Queens,
City and State of New York, bounded and described as follows:
BEGINNING at the corner formed by the intersection of the southerly side of 19th
Avenue, formerly Xxxxx Avenue, 80 feet wide and the westerly side of 46th
Street, formerly 00xx Xxxxxx and Xxxxx Street, 70 feet wide, as said street and
avenue are shown on The Final Section Map of The Topographical Bureau of The
City of New York, Borough of Queens;
BEGINNING THENCE southerly along the westerly side of 46th Street, 350 feet;
THENCE westerly parallel with the southerly side of 19th Avenue, 200.02 feet to
the easterly side of 45th Street, formerly 00xx Xxxxxx and Xxxxxxx Street, 70
feet wide as said 00xx Xxxxxx is shown on The Final Section Map on The
Topographical Bureau of The City of New York, Borough of Queens;
RUNNING THENCE northerly along the easterly side of 45th Street, 350 feet to the
corner formed by the intersection of said easterly side of 00xx Xxxxxx and the
said southerly side of 00xx Xxxxxx; and
RUNNING THENCE easterly along the southerly side of said 19th Avenue, 200.02
feet to the corner the point or place of beginning.
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#000 Xxxxxxx, XX
All that certain real property situated in Orange County, State of Florida, and
described as follows:
Commence at a railroad spike marking the Northeast corner of Section 00,
Xxxxxxxx 00 Xxxxx, Xxxxx 00 Xxxx, Xxxxxx Xxxxxx, Xxxxxxx; thence South 89
degrees 44' 44" West (bearings are based on U.S.C. & G.S. Plane Coordinate
System, East Zone of Florida, 1927 N.A.D.), along the Northerly boundary of said
Section 31 (being also the baseline of XxXxx Road) 988.22 feet to a point;
thence South 00 degrees 13' 46" East, 490.00 feet along the West line of Block
"A", CASTLE TERRACE, recorded in Plat Book "V" Page 115, Public Records of
Orange County, Florida, to a point on the South right of way of Collingswood
Drive for a point of beginning; thence continue South 00 degrees 13' 46" East,
836.26 feet to the South line of the West 1/2 of the West 1/2 of the NE 1/4 of
the NE 1/4 of said Section 31; thence South 89 degrees 39' 05" West, 329.20 feet
along said South line; thence North 00 degrees 09' 41" West, 353.16 feet along
the West line of the West 1/2 of the West 1/2 of the NE 1/4 of the NE 1/4 of
said Section 31, thence North 89 degrees 39' 05" East, 289.78 feet; thence North
00 degrees 13' 46" West 483.15 feet; thence North 89 degrees 44' 44" East, 30.00
feet to the point of beginning.
