| 2. |
Base Rent. Section 4 of the Lease shall be amended to provide that the Base Rent during the following periods shall be set forth below: |
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Period |
Base Rent Per Annum |
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October 1, 2001-September 30, 2002 $330,000.00 |
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October 1, 2002-September 30, 2003 $330,000.00 |
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October 1, 2003-September 30, 2004 $360,000.00 |
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October 1, 2004-September 30, 2005 $360,000.00 |
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October 1, 2005-September 30, 2006 $390,000.00 |
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October 1, 2006-September 30, 2007 $390,000.00 |
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October 1, 2007-September 30, 2008 $420,000.00 |
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October 1, 2008-September 30, 2009 $420,000.00 |
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October 1, 2009-September 30, 2010 $450,000.00 |
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October 1, 2010-September 30, 2011 $450,000.00 |
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| 3. |
Notice Clause. Section 39 of the Lease is amended to provide that copies of notices to the Landlord shall be sent to Solomon J. Borg PC, 630 Third Avenue, NY, NY 10017 and that copies of notices to Tenant shall be sent to 1819 Main Street, Suite 1000, Sarasota, Florida 34236, Attention: President. |
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| 4. |
Insurance; Repair and Restoration. Section 15 of the Lease is amended by adding the following language at the end of paragraph A. |
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In the event of any damage or destruction to the Demised Premises, all funds derived from insurance proceeds received by Tenant shall be used to effect the repair and reconstruction of the structures and improvements damaged or destroyed to substantially the condition prior to such damage or destruction. If the insurance funds are not adequate, Tenant shall deposit with Landlord prior to the commencement of any construction a sum sufficient, so that when taken together with insurance funds available for construction, the total will equal a sum equal to or exceeding the cost of all labor, materials, construction costs and architects fees necessary to fully complete the repairing, restoring and rebuilding of the structures and improvements. All work will be carried out in accordance with plans and specifications prepared by a licensed architect, which plans and specifications shall be subject to Landlords reasonable approval.
All repairs and reconstruction shall be of a quality and workmanship as needed to return the Demised Premises to the standard prevailing prior to such damage or destruction and shall be diligently commenced and continuously carried out. Lack of funds and lack of financing shall not be deemed reasons beyond the control of Tenant. In the event Tenant purchases fire insurance with a deductible or retention provision, Tenant shall be required to make up the deductible or retention from Tenants own funds. |
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| 5. |
The following language shall be added at the end of Section 15, paragraph D. |
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In the event Tenant shall have procured insurance with a deductible or self insurance or retention
amount, Tenant shall pay to Landlord, simultaneously with such notice of termination an amount equal
to such deductible or self insurance/retention amount. In no event shall the deductible or retention
amount exceed $ 250,000 with respect to the Demised Premises. |
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| 6. |
As modified by this first amendment, the Lease remains in full force and effect. |
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| 7. |
This first amendment may not be changed, modified, waived or terminated expect
by an agreement in writing signed by the party against whom enforcement is
sought. |
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| 8. |
This first amendment may be executed in one or more counterparts, each of which
shall be deemed an original. |
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| 9. |
This first amendment contains the entire agreement and understanding of the
parties with respect to the subject matter hereof. Any and all discussions,
statements, representations and understandings, whether oral written, relating in
any respect to the subject matter hereof are merged herein. |
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