AMENDMENT TO INDUSTRIAL SPACE LEASE
THIS AMENDMENT TO INDUSTRIAL SPACE LEASE is made and entered into as of
this 1st day of May, 1995 ("Amendment") by and between CENTERPOINT PROPERTIES
CORPORATION, a Maryland corporation ("Landlord") and HALO INDUSTRIES, INC., an
Illinois corporation doing business as HALO ADVERTISING SPECIALTIES ("Tenant").
W I T N E S S E T H:
WHEREAS, LaSalle National Trust, N.A., not personally but solely as
Trustee under a certain Trust Agreement dated August 14, 1990 and known as Trust
No. 115722 ("Original Landlord") and Tenant entered into that certain Industrial
Space Lease dated as of December 30, 1992 ("Lease"), pertaining to certain
premises located in the building commonly known as 5990 West Touhy Avenue,
Niles, Illinois ("Building"); and
WHEREAS, Landlord has succeeded to all of Original Landlord's right,
title and interest in, to and under the Lease; and
WHEREAS, Landlord and Tenant desire to amend the Lease as more fully
set forth below.
NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, Landlord and Tenant hereby agree to amend the Lease as
follows:
1. DEFINITIONS. Any defined terms used herein without definition shall
have the meanings ascribed to such terms in the Lease.
2. LEASE OF ADDITIONAL PREMISES. Effective on June 15, 1995 ("Effective
Date"), Landlord shall lease to Tenant and Tenant shall accept certain premises
in the Building, containing 4800 rentable square feet ("Additional Premises"),
for the Term as depicted on EXHIBIT "A" attached hereto and made a part hereof.
For all purposes of the Lease, the "premises" or "demised premises", as defined
and utilized in the Lease, shall be deemed to mean and include the collective
reference to the original premises demised to Tenant under the Lease, together
with the Additional Premises. Exhibit A attached to the Lease is hereby deleted
and EXHIBIT "B" attached hereto and made a part hereof, depicting the premises,
shall be substituted in lieu thereof.
3. DEFINITIONS. Commencing on the Effective Date, Section 1 of the
Lease shall be amended as follows:
(i) Section 1.F. of the Lease shall be deleted in its entirety and the
following shall be inserted in lieu thereof:
"F." Monthly Base Rental:
October 1, 1993 - September 30, 1994: $27,949.00
October 1, 1994 - June 30, 1995: $30,794.00
July 1, 1995 - September 30, 1995: $32,794.00
October 1, 1995 - September 30, 1996: $35,567.00
October 1, 1996 - September 30, 1997: $38,483.00
October 1, 1997 - September 30, 1998: $40,261.00
October 1, 1998 - September 30, 1999: $42,872.00
October 1, 1999 - September 30, 2000: $43,817.00
October 1, 2000 - September 30, 2001: $46,092.00
October 1, 2001 - September 30, 2002: $47,515.00
October 1, 2002 - September 30, 2003: $48,937.00"
(ii) Section 1.H. of the Lease shall be deleted in its entirety and the
following shall be inserted In lieu thereof:
"H. Tenant's Proportion:
45.59% for HVAC Maintenance
29.04% for Snow-Plowing
29.57% for all other Expenses and Taxes"
(iii) Section 1.I. of the Lease shall be deleted in its entirety and the
following shall be inserted in lieu thereof: "J. Termination Date:
September 30, 2003"; and
(iv) Section 1.K. of the Lease shall be deleted in its entirety and the
following shall be inserted in lieu thereof: "K. Total Base Rent:
$4,791,012.00".
4. LANDLORD CONTRIBUTION. Landlord hereby approves the alterations and
additions to the premises contemplated by Tenant pursuant to the plans and
specifications attached hereto (collectively, the "Additional Premises Work"),
including, without limitation, the construction of an additional washroom by
Tenant's contractor pursuant to the proposal /contract attached hereto and made
a part hereof. Landlord hereby waives any and all rights to charge fees for
supervision and coordination of such work to which Landlord might otherwise be
entitled pursuant to Section 9 of the Lease. In conjunction with such Additional
Premises Work, Landlord shall pay to Tenant $13,000 to partially defray the cost
of the same; which payment shall be made upon substantial completion of the
Additional Premises Work.
5. AS-IS. Tenant agrees the Additional Premises shall be tendered to
Tenant on the Effective Date in its then "as-is", "where-is" condition.
6. REAL ESTATE BROKERS. The parties hereto each represent to the other
that they have not dealt with any broker in connection with this Amendment and
each party agrees to indemnify and hold the other harmless from all damages,
liability and expenses (including reasonable attorney's fees and court costs)
arising from any breach of the foregoing representation by the indemnitor.
7. AMENDMENT. Any and all references in the Lease to the "Lease" shall
mean and include this Amendment. Except as amended hereby, the Lease remains in
full force and effect.
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8. EXCULPATION CLAUSE. Section 27 of the Lease is deleted in its
entirety and the following is inserted in lieu thereof: "LANDLORD'S LIABILITY.
Notwithstanding anything to the contrary herein contained, there shall be
absolutely no personal liability asserted or enforceable against Landlord or on
any persons, firms or entities who constitute Landlord with respect to any of
the terms, covenants, conditions and provisions of this Lease, and Tenant shall,
subject to the rights of any mortgagee, look solely to the interest of Landlord,
its successors and assigns in the Building and the rents, avails, profits and
other proceeds derived therefrom, for the satisfaction of each and every remedy
of Tenant in the event of default by Landlord hereunder; such exculpation of
personal liability is absolute and without any exception whatsoever. If the
entity constituting Landlord is a partnership or limited liability company,
Tenant agrees that the deficit capital account of any such partner or member, as
applicable, shall not be deemed an asset or property of said partnership or
limited liability company."
9. CONTINGENCY. Tenant hereby acknowledges the Additional Premises
currently constitutes a portion of the space at the Building leased by Portland
Food Products Company ("Portland") and that Landlord is in the process of
entering into an amendment to Landlord's lease at the Building with Portland
whereby Portland shall vacate the Additional Premises and tender the same to
Landlord. Tenant hereby acknowledges and agrees if Landlord is unable to deliver
possession of the Additional Premises to Tenant on July 1, 1995 for any reason,
Landlord shall not be subject to any liability for failure to give possession
thereof. Under such circumstances, the Effective Date for all purposes,
including without limitation the commencement of the Monthly Base Rental
schedule as contemplated by this Amendment, shall be the date Landlord tenders
possession of the Additional Premises to Tenant and such modification of the
Effective Date shall not extend the Termination Date. However, in the event such
possession is not tendered on or before July 31, 1995, then Tenant, in its sole
discretion, may revoke this Amendment (without otherwise affecting the validity
of the Lease) whereupon Landlord, within thirty (30) days after written demand,
shall reimburse Tenant for any and all out-of-pocket expenses incurred by Tenant
in connection with the Additional Premises Work.
10. LANDLORD. For all purposes of the Lease, "Landlord" shall mean
CenterPoint Properties Corporation, a Maryland corporation, which address is 401
North Michigan Avenue, 30th Floor, Chicago, Illinois 60611, Attention: Robert L.
Stovall.
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as
of the day and year first above written.
LANDLORD: TENANT:
CENTERPOINT PROPERTIES HALO INDUSTRIES, INC., an
CORPORATION, a Maryland Illinois corporation
corporation
By By:
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Its: Its:
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By:
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Its:
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