Fourth Amendment to Lease
Exhibit 10.41
Reference is made to a Lease dated July 10, 1985 by and between Simon D.
Young as Trustee of Sandpy Realty Trust under a declaration of Trust dated
January 2, 1985, recorded with Bristol County North District Registry of deeds
in Book 2700, Page 276, as Lessor ( hereinafter referred to as "Lessor") and SC
Corporation, a Delaware corporation, doing business as SC Direct Incorporated,
and the successor to Wigs By Paula, Inc., a Massachusetts corporation as Lessee
(hereinafter referred to as "Lessee"), pertaining to premises on Bristol Drive,
Easton, Massachusetts more fully described therein, as amended by First
Amendment to Lease dated March 15, 1986, and as further amended by Second
Amendment to Lease dated March 1, 1989, and Third Amendment to Lease dated
October 22, 1993, (said Lease as amended being hereinafter referred to as the
"Lease").
For good and valuable consideration, Lessor and Lessee hereby further amend
the Lease as follows:
1. The effective date of the Fourth Amendment to Lease (the "Effective
Date") as between Landlord and Tenant, shall be the date hereof.
2. Paragraph 3 of the Lease entitled "Term is hereby deleted and the
following substituted therefor:
a) The initial term of this Lease (the "Initial Term") commenced on April
15, 1986 (the "Commencement Date") and shall expire on March 31, 2001,
subject to Lessee's option to extend the Term of the Lease as set forth
below and subject to earlier termination pursuant to the provisions hereof.
b) Lessee shall have the option to extend the Term of this Lease for one
additional period of two (2) years (the "Extension Period"), provided that
Lessee (i) shall exercise said option by notice to Lessor given pursuant to
Paragraph 16 of this Lease at least six months prior to the expiration of
the Initial Term of the Lease, (ii) shall not be in default beyond any
applicable notice or grace period under any of the terms of this Lease at
the expiration of the Initial Term of this Lease. Said Extension Period
shall be upon the same terms, covenants and conditions as are contained in
this Lease except that the Fixed Rent shall be Three Hundred Thirty Thousand
Dollars ($330,000.00) per annum, payable in equal monthly installments in
advance on the first day of each month beginning April 1, 2001.
3. The Fixed Rent for the period from December 1, 1997 through March 31,
2001 shall be One Million Dollars ($1,000,000.00), payable as follows on the
first day of each calendar month:
a) During the period from December 1, 1997 through November 30, 1998, in
equal monthly installments of Twenty Thousand Eight Hundred and Thirty Three
Dollars ($20,833.00);
b) During the period from December 1, 1998 through March 31, 2000, in
equal monthly installments of Twenty Five Thousand Dollars ($25,000.00); and
c) During the period from April 1, 2000 through March 31, 2001, in
monthly installments of Twenty Nine Thousand One Hundred and Sixty Seven
Dollars ($29,167.00).
It is further agreed that the Fixed Rent for the last two months of the Term in
the amount of $58,334.00, has been paid in advance as of the date hereof.
4. There is hereby deleted from the lease, Paragraph 23, entitled ("Option
to Purchase").
5. Clause (iii) of Paragraph 8 of the Second Amendment to Lease dated March
1, 1989 (which added an additional paragraph to Paragraph 8 of the Lease dated
July 10, 1985) is hereby deleted and the following substituted
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therefor:
"Lessee shall, at Lessor's request, remove at the expiration or termination
of this Lease, any structural items installed after the date of this Fourth
Amendment to Lease, by Lessee or anyone claiming under Lessee, provided that
Lessor shall have required such removal as a condition of giving consent to the
construction or installation thereof. Lessee shall not, however, have the
obligation to remove any non-structural item installed at any time during the
term of the Lease, or any structural item installed prior to the date of the
Fourth Amendment to Lease."
6. There is added to the Lease a new Paragraph 23 as follows:
"(23) Signage". Lessee shall have the right to erect signage on the
premises, subject to the Town of Easton zoning by-law and all other
applicable laws, and subject to Lessor's written approval, which shall not
be unreasonably withheld or delayed. Said sign shall otherwise be governed
by Paragraph 8 of the Lease.
7. Lessee acknowledges and agrees that the following are its sole
responsibility under the Lease and shall be accomplished by Lessee promptly
hereafter:
a) Repair sidewalk in front of building;
b) Complete painting of columns in front of building;
c) Carry out improved landscape maintenance around the building; and
d) Sweep the parking lot.
8. The following Subparagraph (f) shall be added to Paragraph 8
of the Lease:
"(f) Lessor's Right of Entry and Self Help. Lessee agrees during the Term
to permit Lessor, upon reasonable notice (except in the case of emergency),
and subject to Lessee's reasonable security requirements, to enter upon the
premises, to perform the obligations of Lessor under this Lease, and in
order to inspect the same with respect to a Lessee's compliance with
provisions hereof, to show same to prospective lenders, and, during the
final six months of the Term to show same to prospective tenants. In
addition, if Lessee fails to perform any repair or maintenance work required
of it hereunder, the Lessor, after reasonable notice, shall have the right
to perform same, charging the entire cost to Lessee, to be paid by Lessee in
full on demand. Further, for a period of six months prior to the expiration
or sooner termination of the Term hereof, Lessor may place upon the premises
"For Lease" signs, which Lessee agrees not to disturb.
In all respects not inconsistent with the foregoing, the Lease shall remain
in full force and effect in accordance with its terms, Lessor and Lessee hereby
specifically acknowledging and agreeing that the First Amendment to Lease and
the Third Amendment to Lease have been superseded in their entirety, and that
accordingly the Lease now consists of the Lease dated as of July 10, 1985 as
amended by the Second Amendment to lease dated March 1, 1989 and this Fourth
Amendment to Lease.
Executed under seal as of the 26th day of November, 1997.
SANDPY REALTY TRUST
/s/ Simon D. Young
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Simon D. Young, Trustee
and not individually
SC CORPORATION
/s/ Stephen M. O'Hara
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Its President
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