EXHIBIT 10.3
AMENDMENT TO LEASE AGREEMENTS
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It is understood and agreed on this 3rd day of January, 2005 that the
Lease Agreements dated July 16, 1999, and further amended on February 12, 2004,
and October 5, 2004 together with any prior amendments thereto, between JOPPA
GREEN II LIMITED PARTNERSHIP, LLLP, as Landlord, and BAY NATIONAL CORPORATION,
as Tenant, for the Leased Premises situated at 0000 X. Xxxxx Xxxx, in the County
of Baltimore, State of Maryland is hereby amended and modified as follows:
1. Leased Premises. It is understood and agreed that the Leased
Premises containing approximately 7,918 square feet is hereby
increased to contain approximately 9,347 square feet as
outlined in red on the attached Exhibit "A". The additional
1,429 square feet is hatched in red on this same attached
Exhibit "A".
2. Term: It is understood and agreed that the Term of this Lease
shall commence on March 1, 2005 and shall be for a period of
five (5) years to terminate February 28, 2010.
3. Rent. It is understood and agreed that effective March 1,
2005, Tenant agrees to pay minimum annual rent in the amount
of Two Hundred Sixty Nine Thousand One Hundred Nine Ninety
Dollars and Twelve Cents ($269,199.12) payable in equal
monthly installments of Twenty Two Thousand Four Hundred
Thirty Three Dollars and Twenty Six Cents ($22,433.26). It is
also understood and agreed that the rent payable under this
Section shall be increased annually commencing with the second
year and each successive year thereafter during the term of
this Lease by an amount equal to three percent (3%) of the
amount of rent paid by Tenant during the year preceding each
annual increase.
4. Tenant Improvements. It is understood and agreed that Landlord
will have no obligation to make any alterations,
modifications, additions and/or improvements to the Leased
Premises, and the Tenant accepts the Leased Premises on an "AS
IS" basis. However, Landlord does agree to provide to Tenant a
$7.00 per square foot tenant improvement allowance or
$10,003.00 based on 1,429 usable square feet. Said allowance
shall be paid to Tenant upon presentation from Tenant to
Landlord of the appropriate construction invoices for Tenant's
improvements to the Leased Premises. Said tenant improvement
allowance can be used to improve any portion of Tenant's total
Leased Premises.
It is further understood and agreed that the terms, covenants and
conditions of the above-mentioned Lease Agreement and any prior amendments
thereto except as the same are amended or modified herein are hereby ratified
and confirmed to the end that the same shall remain in full force and effect as
therein provided.
WITNESS: LANDLORD:
JOPPA GREEN II LIMITED PARTNERSHIP, LLLP
By: MacKenzie Properties, Inc.
General Partner
/s/ Lea Xxx Xxxxxxxx By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, Executive Vice President
WITNESS: TENANT: BAY NATIONAL CORPORATION
/s/ Xxxx X. Xxxxxxx By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx, Director
