EXHIBIT 10.11.1
FIRST AMENDMENT TO LEASE
This FIRST AMENDMENT TO LEASE ("First Amendment") is made and entered into as of
June 27, 2002 by and between EASTGROUP PROPERTIES L.P., a Delaware Limited
Partnership ("Lessor"), and ENCORE SOFTWARE, INC., a California Corporation
("Lessee"), with reference to the following facts:
A. Lessee entered into that certain Lease dated December 17, 1999 (the
"Lease"), which Lease expires February 13, 2005, for the Premises commonly known
as 00000 X. Xxxx Xxxxxx, Xxxxxx, Xxxxxxxxxx, consisting of 73,245 rentable
square feet.
X. Xxxxxx and Lessee desire to amend the Lease upon terms and
conditions set forth below.
C. All capitalized terms used herein not specifically defined in this
Amendment shall have the meaning ascribed to such terms in the Lease.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are acknowledged, Lessor and Lessee agree as follows:
1. Base Rent. Effective July 1, 2002, the Base Rent shall be reduced by
$4,241.85 per month such that Base Rent shall be $40,437.60. Tenant shall pay
$35,157.60 monthly with the remaining amount of $5,280.00 deferred. The amount
of the rent deferral over the remaining Lease Term totals $166,320.00 ("Deferred
Rent").
2. Deferred Rent. If Lessee does not exercise the Option to Extend as outlined
in Paragraph 51 and as modified herein, Lessee shall pay Lessor the amount of
$166,320.00 on or before February 1, 2005. In the event Lessee exercises the
Option to Extend, Lessor will waive the Deferred Rent.
3. Rent Adjustments. Paragraph 50, Rent Adjustments, shall be deleted in its
entirety.
4. Option to Extend. Paragraph 39.2 and Paragraph 51, A, (iv) shall each be
modified such that the Option to Extend is personal to both Encore Software,
Inc. and Navarre Corporation, a Minnesota corporation.
5. Delivery of this First Amendment to Tenant shall not be deemed to be an offer
to lease and shall not be binding on either party until executed and delivered
by both parties.
6. In all other respects, except as specifically and expressly amended, modified
or supplemented as provided for in this First Amendment, all other terms of the
Lease shall remain in full force and effect. Any further modification of the
Lease shall require the express written approval of all parties.
IN WITNESS WHEREOF, this Amendment is executed as of the date first
written above.
LESSOR LESSEE
EASTGROUP PROPERTIES, L.P., ENCORE SOFTWARE, INC., a
a Delaware limited partnership California corporation
By: EastGroup Properties General Partners, Inc.,
a Delaware Corporation
By: ___________________________________ By: __________________________
