EXHIBIT 10.4
AMENDMENT TO LEASE AGREEMENTS
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It is understood and agreed on this 7th day of March, 2005 that the
Lease Agreements dated July 16, 1999, and further amended on February 12, 2004,
October 5, 2004 and January 3, 2005 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 9,347 square feet is hereby
increased to contain approximately 11,702 square feet. The
additional 2,355 square feet is hatched in red on the attached
Exhibit "A".
2. Term: It is understood and agreed that the Term of this Lease
shall commence on September 1, 2005 and shall be for a period
of four (4) years and six (6) months to terminate February 28,
2010.
3. Rent. It is understood and agreed that effective Sept 1, 2005,
Tenant agrees to pay minimum annual rent in the amount of
Three Hundred Thirty Nine Thousand Ninety Five Dollars and
Fifty Two Cents ($339,095.52) payable in equal monthly
installments of Twenty Eight Thousand Two Hundred Fifty Seven
Dollars and Ninety Six Cents ($28,257.96). It is also
understood and agreed that the rent payable under this Section
shall be increased commencing March 1, 2006 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
$16,485.00 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
