AMENDMENT OF LEASE AGREEMENT
EXHIBIT
10.35
AMENDMENT
OF LEASE AGREEMENT
This
5th
day of
June, 2006, Xxxxxxx I, LLC (hereinafter “Landlord”) and Old Line Bank
(hereinafter “Tenant”) do enter into an Amendment to the Lease they entered into
on the 7th
day of
July, 2004 and amended July 2005.
Whereas
the parties hereto entered into a Lease on July 7, 2004 and amended July 18,
2005,
Whereas,
the parties hereto have agreed to amend said Lease and Amendment
Now,
wherefore, the Lease of July 7, 2004 and Amendment of July 18, 2005, are amended
as follows:
1. |
The
clauses added on Page 2A are eliminated in their entirety and the
following clauses are hereby added:
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Landlord
and Tenant acknowledge that the premises that are the subject of this Lease
Agreement are subject to construction and expect a commencement date of
approximately March 31, 2007. All Parties acknowledge that the commencement
date
is subject to the construction schedule of the addition to an existing shopping
center that can vary substantially based on weather, permitting, engineering
and
contractors. Under any circumstance the Lease shall not commence until 120
says
from the date Landlord gives Tenant written notice that the Landlord has
substantially completed Landlord’s work as outlined in Section 1.2 of the Lease
or when Tenant opens for business whichever first occurs. It is further
understood that if Landlord has not substantially completed all of the
Landlord’s obligations under the Lease Agreement in regard to Section 1.2 of the
Lease or before March 1, 2007 at the latest, the Tenant shall have the right
to
terminate the Lease Agreement without obligation to the Landlord.
2. |
If
Landlord has not obtained the building permit for construction of the
premises by July 1, 2006, either party may terminate this Lease Agreement
by giving the other written notice.
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3. |
The
monthly rent as outlined in Section 3 is hereby amended to Six Thousand,
Seven Hundred Sever & 43/100
($6,707.43).
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4. |
All
other terms and conditions contained in the Lease Agreement, unless
contradicted by this Amendment, remain the
same.
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Witness:
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Landlord:
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____________
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/s/Xxxxxxx
X. Xxxxxxx
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Xxxxxxx
X. Xxxxxxx, Manager
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Witness:
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Tenant:
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/s/Xxxxx
X. Xxxxxxxxx
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/s/
Xxxxx X. Xxxxxxxxx
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Old
Line Bank
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Xxxxx
X. Xxxxxxxxx, President &
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Chief
Executive Officer
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