EXHIBIT 10.15
FIRST AMENDMENT TO LEASE
THIS AGREEMENT, made and entered into this 9th day of June, 1994, by and
between NEWMARKET PARTNERS I, LIMITED, a Georgia Limited Partnership whose
general partners are Laing Properties, Inc. and Laing Management Company
(hereinafter called "Landlord") and CRYOLIFE, INC. (hereinafter called
"Tenant").
WITNESSETH THAT:
WHEREAS, Landlord and Tenant entered into a certain Lease Agreement dated
July 23, 1993 (hereinafter "Lease") for Suite 124 (hereinafter "Premises") 2121
Newmarket Parkway, Building 5, Marietta, Georgia 30067;
WHEREAS, Landlord and Tenant desire to amend the Lease in order to modify
some of the terms and conditions of the Lease;
NOW, THEREFORE, in consideration of the mutual agreements of the
undersigned and other good valuable consideration, this Lease is hereby amended,
effective November 16, 1993, as follows:
45. As provided for in Paragraph 44 of Exhibit "D", Special Stipulations, of
the Lease, both Landlord and Tenant agree that the final construction cost
is $183,684.00 (see Exhibit "G", Construction Cost Summary, attached hereto
and made a part hereof) and therefore, desire to establish the adjusted
monthly rental.
The adjusted monthly rentals are determined by the following:
Rentable square footage = 11,227 R.S.F.
Useable square footage = 10,692 U.S.F. (5% loss factor)
Allowances:
$1.00/USF for architect services: $ 10,692.00
$45.00/RSF for construction costs: $505,215.00
-----------
Total Improvement Allowance: $515,907.00
$515,907.00 - Total Improvement Allowance
183,684.00 - Actual Construction Cost
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$332,223.00 - Construction Savings
Monthly Interest Rate: .83333% (10% Annual Interest Rate)
Number of Months in the Term: 60 Months
Payment Timing: Beginning of each month
Monthly Payment: $7,000.42 ($332,223 amortized at 10%
for 60 months)
Amortized
Initial Construction Adjusted
Monthly Rental Savings Monthly Rental
11/16/93 through 11/15/94 $14,196.32 $7,000.42 = $7,195.90
11/16/94 through 11/15/95 $14,430.21 $7,000.42 = $7,429.79
11/16/95 through 11/15/96 $14,673.46 $7,000.42 = $7,673.04
11/16/96 through 11/15/97 $14,926.45 $7,000.42 = $7,926.03
11/16/97 through 11/15/98 $15,189.55 $7,000.42 = $8,189.13
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Page 2 of First Amendment to Lease by and between Newmarket Partners I,
Limited, a Georgia Limited Partnership whose general partners are Laing
Properties, Inc. and Laing Management Company (Landlord) and Cryolife, Inc.
(Tenant) dated June 9, 1994.
Pursuant to Paragraph 3, Rental, of the Lease, Tenant agrees to pay to the
Landlord promptly on the first day of each month in advance during the term
of this Lease, an adjusted monthly rental of:
November 16, 1993 through November 15, 1994 @ $7,195.90
November 16, 1994 through November 15, 1995 @ $7,429.79
November 16, 1995 through November 15, 1996 @ $7,673.04
November 16, 1996 through November 15, 1997 @ $7,926.03
November 16, 1997 through November 15, 1998 @ $8,189.13
46. BROKER DISCLOSURE
Pursuant to Georgia Real Estate Commission Regulation 520-1-08, Laing
Marketing Company makes the following disclosures concerning this Lease
transaction:
a) In this transaction, Laing Marketing Company represents Landlord and
not Tenant.
b) In this transaction, Richard Bowers & Company represents Tenant and
not Landlord.
c) In this transaction, both Laing Marketing Company and Richard Bowers &
Company shall receive their compensation from Landlord exclusively.
Both Tenant and Landlord acknowledge, agree with and consent to the
representation and compensation disclosed above.
Except as herein amended, all terms and conditions of the Lease shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereunto have executed this First Amendment
to Lease as of the day and year first above written.
Signed, sealed and delivered in LANDLORD: NEWMARKET PARTNERS I,
the presence of: LIMITED, a Georgia Limited Partnership
whose general partners are Laing Properties,
Inc. and Laing Management Company
BY: Laing Properties, Inc.
Managing General Partner
/s/ Christine M. Carroll BY: /s/ James A. Gillespie
- -------------------------------- ---------------------------
Witness James A. Gillespie
TITLE: Executive Vice President
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Page 3 of First Amendment to Lease by and between Newmarket Partners I, Limited,
a Georgia Limited Partnership whose general partners are Laing Properties, Inc.
and Laing Management Company (Landlord) and Cryolife, Inc. (Tenant) dated June
9, 1994.
Signed, sealed and delivered in the TENANT: CRYOLIFE, INC.
presence of:
/s/ D. J. Blankers BY: /s/ Steven G. Anderson
- ----------------------------------- ----------------------
Witness Steven G. Anderson
TITLE: President
/s/ Suzanne K. Gabbert ATTEST: /s/ Ronald D. McCall
- ----------------------------------- --------------------
Notary Public Ronald D. McCall
Cobb County, Georgia
My Commission Expires: TITLE: Secretary
September 13, 1996 (Corporate Seal)
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EXHIBIT "G"
CONSTRUCTION COST SUMMARY
Date: 4-12-94
TENANT: CRYOLIFE, INC. 93 WORK R#SAM349
LOCATION: NEWMARKET - BLDG. 5, SUITE 124 Architect: Carlsten
RENTABLE AREA 11,227 Planner:
OCCUPANY DATE: 1-31-94 SP Costs: By Others
SP Cost/SF: $0.00
- --------------------------------------------------------------------------------
Direct Tenant Construction Costs
Contractors: Buyout Changes Total Budget Net Cost/SF Notes
G.C.: QUA-SER (ALL
PHASES) 170,653 4,284 174,937 0 (174,937) 15.58
Elec 0 0 0 0 0 0.00
HVAC 0 0 0 0 0 0.00
Floor Cov. 0 0 0 0 0 0.00
Oth: 0 0 0 0 0 0.00
Oth: Tenant Signage 0 0 0 0 0
Oth: Tenant
Reimbursement 0 0 0 0 0 0.00
SUBTOTAL 170,653 4,284 174,937 481,157 306,220 15.58
CM-FEE 8,533 214 8,747 24,058 15,311 0.78
TOTALS $179,186 4,498 183,684 505,215 321,531 16.36
- --------------------------------------------------------------------------------
NON-TENANT COSTS:
Description: Buyout Changes Total Budget Net Cost/SF Notes
A - 0 0 0 0 0 0.00
B - 0 0 0 0 0 0.00
C - 0 0 0 0 0 0.00
D - 0 0 0 0 0 0.00
E - 0 0 0 0 0 0.00
F - Total Space
Planning By Others 0 0 By Others 0 0.00
SUBTOTAL $0 $0 $0 $0 0 0.00
CM FEE 0 0 0 0 0 0.00
TOTAL $0 $0 $0 $0 $0 0.00
- --------------------------------------------------------------------------------
Summary-Total Cost Buyout Changes Total Budget Net Cost/SF
TOTAL 179,186 4,498 183,684 505,215 321,531 $16.36
- --------------------------------------------------------------------------------
NOTES:
A - CHANGE ORDER FOR $4,284 WAS FOR EQUIPMENT DRAINS AND HVAC REVISIONS.
B - TENANT HAS SPENT $183,684 TOWARD THEIR TOTAL AVAILABLE ALLOWANCE OF
$505,215. THIS LEAVES A BALANCE REMAINING OF $321,531.
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IN WITNESS WHEREOF, the undersigned has executed this Waiver and Consent
and affixed its seal hereto as of the day and year first written above.
(Individual Mortgagee of Lessor Sign Here)
Signed, sealed and delivered this
____ day of __________, 1994, in (SEAL)
--------------------------------------------
the presence of: Name:
---------------------------------------
Notary Public
(NOTARIAL SEAL)
(Corporate or Partnership Mortgagee or Lessor Sign Here)
Newmarket Partners III Limited, a Georgia
Limited Partnership whose general partners are
Laing Properties, Inc. and Laing Management
Company
(CORPORATE SEAL)
BY: Laing Properties, Inc.
Managing General Partner
BY: /s/ James A. Gillespie
-----------------------------------
James A. Gillespie
Title: Executive Vice President
ATTEST:
/s/ Robert R. Stubbs
- ---------------------------------
Robert R. Stubbs
Title: Vice President & Secretary
Signed, sealed and delivered this
30th day of June, 1994, in the
presence of:
/s/ Christine M. Carroll
- ---------------------------------
Notary Public
(NOTARIAL SEAL)
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