On August 28, 2015, Monarch, through its subsidiary Golden Road Motor Inn, Inc., entered into a 20-year lease agreement with BLI for a portion of the Shopping Center, consisting of an approximate 46,000 square-foot commercial building on approximately 4.2 acres of land adjacent to the Atlantis (the “Parking Lot Lease”). This lease gives the Atlantis the right to use a parcel, approximately 4.2 acres, comprised of a commercial building and surrounding land adjacent to the Atlantis. The primary purpose of the Parking Lot Lease is to provide additional, convenient, Atlantis surface parking. The Company demolished the building and converted the land into approximately 300 additional surface parking spaces for the Atlantis. The minimum annual rent under the Parking Lot Lease is $695 thousand commencing on November 17, 2015. The minimum annual rent is subject to a cost of living adjustment increase on each five-year anniversary. In addition, the Company is responsible for the payment of property taxes, utilities and maintenance expenses related to the Leased Property. The Company has an option to renew the Parking Lot Lease for an additional ten-year term. If the Company elects not to exercise its renewal option, the Company will be obligated to pay BLI $1.6 million. For each of the three-month periods ended June 30, 2020 and 2019, the Company paid $174 thousand in rent, plus $0 and $1 thousand, respectively, in operating expenses relating to this lease. For each of the six-month periods ended June 30, 2020 and 2019, the Company paid $348 thousand in rent, plus $7 thousand and $13 thousand, respectively, in operating expenses relating to this lease. The right of use asset and lease liability balances as of June 30, 2020, recognized in the Consolidated Balance Sheet, was $10.6 million.
In addition, the Atlantis shares a driveway with the Shopping Center and leases approximately 37,400 square feet from BLI (the “Driveway Lease”) for an initial lease term of 15 years, which commenced on September 30, 2004, at an original annual rent of $300 thousand plus common area expenses. The annual rent is subject to a cost of living adjustment increase on each five-year anniversary of the Driveway Lease. Effective August 28, 2015, in connection with the Company entering into the Parking Lot Lease, the Driveway Lease was amended to: (i) make the Company solely responsible for the operation and maintenance costs of the shared driveway (including the fountains thereon); (ii) eliminate the Company’s obligation to reimburse the Shopping Center for its proportionate share of common area expenses; and (iii) exercise the 3 successive five-year renewal terms beyond the initial 15-year term in the existing Driveway Lease agreement. At the end of the renewal terms, the Company has the option to purchase the leased driveway section of the Shopping Center. For the three-month periods ended June 30, 2020 and 2019, the Company paid $101 thousand and $94 thousand in rent, respectively, plus $1 thousand and $4 thousand, respectively, in operating expenses relating to this lease. For each of the six-month periods ended June 30, 2020 and 2019, the Company paid $202 thousand and $188 thousand in rent, respectively, plus $8 thousand and $13 thousand, respectively, in operating expenses relating to this lease. The right of use asset and lease liability balances as of June 30, 2020, recognized in the Consolidated Balance Sheet, was $4.0 million.
The Company occasionally leases billboard advertising, storage space and parking lot space from affiliates controlled by the Farahi Family Stockholders and paid $38 thousand and $33 thousand for the three-month periods ended June 30, 2020 and 2019 respectively, for such leases, and paid $74 thousand and $69 thousand, respectively, for the six-month periods ended June 30, 2020 and 2019, for such leases.
NOTE 6. LONG-TERM DEBT
On July 20, 2016, the Company entered into an amended and restated credit facility agreement (the “Amended Credit Facility”). Under the Amended Credit Facility, the Company’s available borrowing capacity was $250.0 million, and the maturity date was July 20, 2021.
At December 31, 2019, the total revolving loan commitment under the Amended Credit Facility was automatically and permanently reduced to $50.0 million and all $200.0 million (Conversion Amount) outstanding under the revolving loan was converted to a Term Loan. Prior to the conversion, the Company drew all available borrowings up to $200.0 million. Following the conversion to a Term Loan, on December 31, 2019, the Company made a $3.8 million mandatory principal payment.
As of June 30, 2020, the Company had an outstanding principal balance of $191.3 million under the Amended Credit Facility term loan. As of June 30, 2020, the Company had $16.0 million outstanding and $34 million remaining in available borrowings under the Amended Credit Facility revolving loan. The Company has a $0.6 million Standby Letter of Credit, from which there have been 0 withdrawals.
Borrowings are secured by liens on substantially all of the Company’s real and personal property.