Exhibit 10.2
ADDENDUM
TO STANDARD OFFICE LEASE-GROSS
DATED: August 20, 2002
BY AND BETWEEN: BERSHIN PROPERTIES I, LLC ("Lessor") and
SWAB FINANCIAL, LLC ("Lessee")
51. BASE RENT:
The monthly Base Rent shall be as follows:
Period Monthly Amount
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Months 1-12 $7,682.00 plus annual increases based upon the
increase in the Los Angeles Consumer Price Index
with a minimum increase of three (3%) and a
maximum increase of six (6%).
52. TENANT IMPROVEMENTS
Lessee shall take said suite in an "as is" condition.
53. OPERATING EXPENSES
Pursuant to Paragraph 4.2 "Operating Expenses" of the Lease, Lessor shall
not raise the building's operating expenses more than eight percent (8%)
per year. Said "cap" shall only be applicable to those expenses which are
controlled by Lessor such as: management, accounting, legal and capital
improvements.
54. SECURITY DEPOSIT:
Upon Lease execution by Lessee, a security deposit shall be paid to Lessor
in the amount of $3,960.00. Provided Lessee is not nor has been in default
of any of the Lease terms and conditions, Lessor shall pay out the amount
of the deposit at the time of the termination of the Lease pursuant to
Paragraph 5 of this Lease and Paragraph 56 of this Addendum to Standard
Lease.
55. DEFINING PARAMETER OF BALCONY:
Suite 203 includes the balcony area immediately adjacent to and outside
the kitchen and extends to the area currently housing three ficus trees
that divides this balcony from suite 209, currently occupied by Executive
Personal Fitness, Inc.
56. LIMITATION OF USAGE OF LOBBY:
In consideration of the unique character of the lobby and the cost thereof
to repair any damage thereto, Lessee shall not place any furniture or
parts thereof or any substance or material on the floor of the lobby
without safeguarding the floor, e.g., the legs of all furniture must be
placed on coasters and/or plastic covers.
Without the express written permission of the Lessor, the Lessee shall not
station or permit more than one employee, presumably a secretary
receptionist to work in the subject lobby at any one time. It is strictly
forbidden that a second desk or work station be housed in the subject
lobby. It is further strictly forbidden to have any plants or vegetation
requiring watering to be placed on the lobby's floor or on or about the
desk of the lobby.
The tops of the desk of the subject lobby shall at all times be covered by
glass to be provided by Lessor.
No changes to any aspect of the lobby and/or the Lobby desk shall be made
without the express written permission of the Lessor.
The Lessee specifically agree at such time as it terminates the Lease, to
pay to Lessor the cost of returning the lobby floor and the lobby desk to
its present condition. Lessor shall maintain the lobby's floor during
Lessee's occupancy. Without the express written consent of Lessor, Lessee
is strictly forbidden from applying any substance or material on the
lobby's floor.
57. OPTION TO RENEW:
(a) Option Right: Lessor hereby grants to the Lessee named in the Basic
Lease Provisions one (1) option to extend the Term of the Lease for
a period of five (5) years (the "Option Term"), which option shall
be exercisable only by written notice delivered by Lessee to Lessor
not less than four (4) months prior to and not more than six (6)
months prior to the expiration of the term, provided that, as of the
date of delivery of such notice, Lessee is not in default under the
Lease beyond any applicable notice and cure periods. Upon proper
exercise of such option to extend, and provided that, as of the end
of the initial Term of the Lease, Lessee is not in default under the
Lease beyond any applicable notice and cure periods, the Term of the
Lease shall be extended for the Option Term.
(b) Option Rent: The Base Rent payable by Lessee during the Option Term
(the "Option Term") shall be the "Fair Market Rental Rate" for the
premises. The term "Fair Market Rental Rate" shall mean the annual
amount per rentable square foot that a willing, non-equity,
non-sublease tenant would pay and a wiling landlord would accept on
a non-sublease, non-renewal basis, at arm's length, for unencumbered
space comparable to the Premises in the Building and in comparable
first-class office buildings in the Studio City, Valley Village
Market or within three (3) miles of 0000 Xxxxxx Xxxxxx Xxxxxxxxx.
(c) In the event of dispute the amount of rent shall be subject to
arbitration, Lessee to pay current amount of rent at the end of the
1st term until such time as an arbitrator makes an award. Said
arbitration shall consummate no later than 90 days from Lease
Extension.
58. AMENDMENT TO PARAGRAPHS 1.3 TERM OF STANDARD MULTI-TENANT OFFICE LEASE -
GROSS, August 20, 2002
The parties hereby agree to amend and modify Paragraph 1.3 Term to include
the following:
"Lesser hereby grants Lessee the to vacate the premises upon thirty (30)
days notice, in writing, given y the first of the month. Lessee agrees to
pay Lessor two months rent on the first of each succeeding month and
relinquish any right to the security deposit set forth in Pargraph 7(b).
The Lease shall terminate upon Lessee giving said notice and the only sums
due thereunder will be the two months rent set forth in this paragraph
and/or damages for waste.
LESSOR LESSEE
BERSHIN PROPERTIES I, LLC RECOM MANAGED SYSTEMS, INC.
/s/ Xxxx Xxx Xxxxxxx /s/ Xxxxxx X. Xxxx
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Xxxx Xxxxxxx President
Managing Member
