EXHIBIT 10.1
AMENDMENT TO LEASE AGREEMENT
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It is understood and agreed on this 12th day of February, 2004 that the
Lease Agreement dated July 21, 1999, 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 5,130 usable square feet is
hereby increased to contain approximately 5,970 usable square
feet as outlined in red on the attached Exhibit "A". The
additional 840 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, 2004 and shall be for a period of
one (1) year to terminate February 28, 2005.
3. Rent. It is understood and agreed that effective March 1,
2004, Tenant agrees to pay minimum annual rent in the amount
of One Hundred Seventy Five Thousand Nine Hundred Ninety Five
Dollars and Sixty Cents ($175,995.60) payable in equal monthly
installments of Fourteen Thousand Six Hundred Sixty Six
Dollars and Thirty Cents ($14,666.30). The aforementioned
amount does include a twelve percent (12%) public factor.
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
$5,880.00 based on 840 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.
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
