AMENDMENT TO LEASE AGREEMENT
This Amendment entered into as of this the 13th day of January, 1995, by
and among Xxxxxx X. Xxxxxx XX and Xxxxxx X. Xxxxx, Xx. hereinafter collectively
referred to as the "Assignor"; JAG Properties LLC a Tennessee Limited Liability
Company hereinafter called the "Lessor" and Infiniti of Chattanooga, Inc. a
Tennessee Corporation, hereinafter called the "Lessee."
RECITALS
WHEREAS, Assignor transferred by Quitclaim Deed all of its right, title,
and interest in 0000 Xxxxxxxx Xxxx, Xxxxxxxxxxx, Xxxxxxxxx to Lessor on January
13, 1995; and
WHEREAS, Lessor desires that Assignor transfer all of its right, title, and
interest in the Lease Agreement dated October 18, 1991, by and between Assignor
and Lessee (the "Lease"); and
WHEREAS, Lessor desires to amend the Lease; and
WHEREAS, Lessee has entered into this Amendment for the express purpose
of consenting to the assignment and amending the Lease,
NOW, THEREFORE, the parties intending to be legally bound agree as follows:
1. The parties agree that paragraph 1. (b) of the Lease be amended by
deleting the Exhibit A thereon and adopting the Exhibit A attached to this
Amendment as the "Premises."
2. The parties agree that paragraph 2. of the Lease be amended by deleting
said paragraph in its entirety and adding the following new paragraph 2.:
2. Rent. The annual rental for the next five (5) years of the term of
this Lease shall be One Hundred Thirty-One Thousand Four Hundred
Seventy-two Dollars ($131,472.00). The Lessee agrees to pay said rent in
lawful money of the United States in equal monthly installments of Ten
Thousand Nine Hundred Fifty-Six Dollars ($10,956.00) in advance of the
first day of each month beginning February 1, 1995 and thereafter upon the
same day of each successive month during the term, at the office of the
Lessor or at such other place as Lessor may designate. Upon the expiration
of said five (5) year term, the rent shall be adjusted by an amount equal
to sixty percent (60%) of the increase, if any, in the debt service amount
payable under Lessor's loan (or any renewal, extension,
modification or replacement thereof) secured by the Premises. Lessor shall
notify Lessee of the amount of such rent adjustment, and said rent shall be
paid in equal monthly installments in advance of the first day of each
month for the remainder of the term of this Lease.
3. Lessee has joined in this Amendment for the express purpose of
consenting to this Amendment and the assignment by Assignor to Lessor of the
Lease. Lessee further agrees to be bound by all of the terms, covenants and
conditions of the Lease as amended by this Agreement.
IN WITNESS WHEREOF, the parties have executed this Amendment to Lease as of
the day first above written.
LESSOR:
JAG PROPERTIES LLC
By: /s/ Xxxxxx X. Xxxxxx XX, Chief Manager
------------------------------------------
Xxxxxx X. Xxxxxx XX, Chief Manager
LESSEE:
INFINITI OF CHATTANOOGA, INC.
By: /s/ Xxxxxx X. Xxxxxx XX, President
------------------------------------------
Xxxxxx X. Xxxxxx XX, President
By: /s/ Xxxxxx X. Xxxxxx XX, Assignor
------------------------------------------
Xxxxxx X. Xxxxxx XX, Assignor
------------------------------------------
Xxxxxx X. Xxxxx, Xx., Assignor
2
STATE OF TENNESSEE )
COUNTY OF XXXXXXXX )
Before me, a Notary Public of the State and County aforesaid, personally
appeared XXXXXX X. XXXXXX XX, with whom I am personally acquainted (or proved to
me on the basis of satisfactory evidence), and who, upon oath, acknowledged
himself to be Chief Manager of JAG PROPERTIES LLC, the within named bargainor, a
Limited Liability Company, and that he as such Chief Manager executed the
foregoing instrument for the purposes therein contained by signing the name of
the Company by himself as such Manager.
Witness my hand and seal, this 13th day of January, 1995.
/s/ [illegible]
---------------------------
Notary Public
My commission expires: 00-00-00
XXXXX XX XXXXXXXXX )
COUNTY OF XXXXXXXX )
Before me, a Notary Public of the State and County aforesaid, personally
appeared XXXXXX X. XXXXXX XX, with whom I am personally acquainted (or proved to
me on the basis of satisfactory evidence), and who, upon oath, acknowledged
himself to be President of INFINITI OF CHATTANOOGA, INC., the within named
bargainor, a corporation, and that he as such officer executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as such officer.
Witness my hand and seal, this 13th day of January, 1995.
/s/ [illegible]
---------------------------
Notary Public
My commission expires: 01-12-97
3
STATE OF TENNESSEE )
COUNTY OF XXXXXXXX )
Before me, a Notary Public of the State and County aforesaid,
personally appeared XXXXXX X. XXXXXX XX, the within named Assignor, with whom I
am personally acquainted (or proved to me on the basis of satisfactory
evidence), and who acknowledged that he executed the foregoing instrument for
the purposes therein contained.
Witness my hand and seal, this 13th day of January, 1995.
/s/ [illegible]
---------------------------
Notary Public
My commission expires: 00-00-00
XXXXX XX XXXXXXXXX )
COUNTY OF XXXXXXXX )
Before me, a Notary Public of the State and County aforesaid, personally
appeared XXXXXX X. XXXXX, XX. the within named Assignor, with whom I am
personally acquainted (or proved to me on the basis of satisfactory evidence),
and who acknowledged that he executed the foregoing instrument for the purposes
therein contained.
Witness my hand and seal, this 13th day of January, 1995.
---------------------------
Notary Public
My commission expires:
4
Exhibit A
[FLOOR PLAN]
