Bank of South Carolina Corporation 10-K
Exhibit 10.10
STATE OF SOUTH CAROLINA | |||
FIRST AMENDMENT TO LEASE AGREEMENT | |||
COUNTY OF CHARLESTON |
THIS FIRST AMENDMENT TO LEASE AGREEMENT (“Amendment”) is made and entered into this 30 day of April, 2015, by and between SUNSET SOUTHSTAR, LLC, a NorthCarolina limited liability company (“Landlord”) and THE BANK OF SOUTH CAROLINA(“Tenant”).
WITNESSETH:
WHEREAS, Weber USA Corporation, as agent for and sole member of Highway 78 Frontage Tracts, LLC (“Weber”) and Tenant are parties to that certain Lease Agreement dated January 28, 2014 (the “Lease”) for certain premises and improvements described in the Leasethat consist of Suite 100 within a to be constructed building situated in Ingleside on the southside of US Highway 78 and west side of Ingleside Boulevard, as more specifically described inthe Lease (“Demised Premises”); and
WHEREAS, Weber assigned the Lease to Landlord and Landlord is the current owner ofthe Development; and
WHEREAS, Landlord and Tenant desire to amend the Lease as expressly set forth below.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained andthe sum of Ten Dollars, the receipt and sufficiency of which are hereby acknowledged, Landlordand Tenant do hereby agree as follows:
1.SECTION 5(a). Section 5(a) of the Lease is deleted in its entirety and replaced withthe following:
“a.Initial Term. The initial term of this Lease shall be for a period from the EffectiveDate (the date set forth on Page 1 of this Lease) up to the Rent Commencement Date, ashereinafter defined in Paragraph 6(e), (the “Initial Term”), and thereafter will be for a term of fifteen (15) years from the Rent Commencement Date (the “Lease Term”). The Landlord’sdelivery of the Premises to Tenant shall be upon substantial completion of the Landlord’s Workas outlined in Exhibit C. Landlord’s Work shall commence on or before October 1, 2015 (the“Outside Commencement Date”), If Landlord has not commenced by the OutsideCommencement Date, Tenant shall have the right to terminate this Lease, and neither party shall have any further liability to the other. Substantial completion of the Landlord’s Work shall occuron or before February 1, 2017(the “Outside Completion Date”). If Landlord has not completed Landlord’s Work by the Outside Completion Date, Tenant shall have the right to terminate thisLease, and neither party shall have any further liability to the other or extend the time forLandlord to complete. The Outside Completion Date shall be extended arising out of a forcemajeure event, not to exceed one hundred eighty (180) days.
2. Landlord Address. The address of the Landlord in Section 7 of the Lease ishereby amended as follows:
Sunset Southstar, LLC | |
c/o Tribek Properties | |
Suite 425 | |
2820 Selwyn Avenue | |
Charlotte, North Carolina 28209 | |
akelly@tribek,com | |
Attention: Alex Kelly | |
Direct Office Phone: 704-714-2852 |
All rentals and other sums to be paid by Tenant to Landlord shall be delivered toLandlord at the address above,
3 .EXHIBIT C The first sentence of Exhibit C to the Lease is deleted and replacedwith the following:
“Design Drawings
No later than September 1, 2015, Landlord shall provide Tenant and Tenant’s architectwith initial CAD construction drawings for Tenant’s review, revisions/additions to theinterior specifics of the plans and additional comments.”
4. Counterparts. This Amendment may be executed in two or more counterparts and shall be deemed to have become effective when and only when one or more of such counterpartsshall have been signed by or on behalf of each of the parties hereto (although it shall not benecessary that any single counterpart be signed by or on behalf of each of the parties hereto, andall such counterparts shall be deemed to constitute but one and the same instrument) and shallhave been delivered by each of the parties to the other.
5. Ratification. It is mutually understood and agreed that the Lease will remain in full force and effect except as specifically modified and amended by this Amendment. Allcovenants, terms, obligations, and conditions of the Lease, which are not modified or amended,are hereby ratified and confirmed.
[signatures appear on following pages]
SIGNATURE PAGE FOR
FIRST AMENDMENT TO LEASE AGREEMENT
IN WITNESS WHEREOF, Landlord and Tenant have executed the foregoing Amendment theday and year first above written.
LANDLORD: | |||||
Witness: | SUNSET SOUTHSTAR, LLC | ||||
By: | (SEAL) | ||||
Print Name: | Alexander G. Kelly | Print Name: | E. Blanton Hamilton, Jr. | ||
Title: | Manager | ||||
TENANT: | |||||
Witness: | THE BANK OF SOUTH CAROLINA | ||||
By: | (SEAL) | ||||
Print Name: | Charlotte Morrow | Print Name: | Fleetwood Hassell | ||
Title: | President & CEO | ||||