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EXHIBIT 10.20
ACRE HPC, LLC
c/o iStar Financial, Inc.
1114 Avenue of the Americas
New York, NY 10036
Ph: (212)930-9407
Fx: (212)930-9494
December 21, 2000
VIA OVERNIGHT MAIL
The Holmes Group, Inc.
233 Fortune Boulevard
Milford, MA 01757
Attn: Ira B. Morgenstern, Senior Vice President
Paul Izzo, Esq., General Counsel
With carbon copies via Overnight Mail to each of the persons specified on
SCHEDULE A
RE: Supplement to Lease Agreement dated as of January 7, 2000 by and between
ACRE HPC, LLC, as Landlord, and The Holmes Group, Inc., as Tenant
Dear Mr. Morgenstern and Mr. Izzo:
Reference is hereby made to that certain Lease Agreement (the "Lease")
dated as of January 7, 2000 by and between ACRE HPC, LLC, as landlord
("Landlord"), and The Holmes Group, LLC, as tenant ("Tenant"). Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings
ascribed thereto in the Lease.
Pursuant to Paragraph (c) of the Basic Lease Information, Landlord
recognizes that the guaranteed maximum price under the Construction Contract has
increased by a total amount equal to $903,391.00 and has agreed to advance the
full $500,000 contingency outlined in the Project Budget and advance an
additional $403,391.00 to cover the increase.
Therefore, the annual Fixed Rent will increase by a total of $108,924.00
($500,000 *11.7% plus $403,391 *12.5%) for a new annual Fixed Rent of
$2,374,339.00. Beginning in the month of January 2001 and every month thereafter
until September of 2002, the monthly payments shall be in the amount of
$197,862.00. Because the additional funds shall be deemed
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advanced on December 26, 2000, please add an additional $1,788.00 ($298.00 * 6
days) to the Fixed Rent payment due January 15, 2001.
If, upon Final Completion of the Improvements, not all of the funds
advanced have been used, then the Fixed Rent will be decreased as outlined in
Paragraph (c) and confirmed in a second supplement to the Lease.
Please sign a copy of this letter where indicated, so that it will serve as
a supplement to the Lease. If you have any further questions, please feel free
to call Samantha Garbus at 212-930-9407 or Mike Dorsch at 617-292-9994. Thank
you for your cooperation.
ACRE HPC, LLC
By: ACRE SIMON, L.L.C., its sole member
By: iStar Merger Co. I, its Operating Member
By: /s/ H. Cabot Lodge III
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H. Cabot Lodge III
Its Authorized Representative
Acknowledged this 31ST day of December, 2000
By The Holmes Group, Inc.
By: /s/ Ira B. Morgenstern
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Title: CFO
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SCHEDULE A
LIST OF COPY RECIPIENTS
Fleet National Bank
Mail Stop: RI MO 215
Suite 800
111 Westminster Street
Providence, RI 02903
Fax Number: (401)278-5166
Attn: Allison M. Gauthier
Vice President
Hinckley, Allen & Snyder, LLP
1500 Fleet Center
Providence, RI 02903
Fax: Number: (401)277-9600
Attn: Matthew T. Marcello, III, Esq.
Joseph P. Curran, Esq.
Posternak, Blankstein & Lund, L.L.P.
100 Charles River Plaza
Boston, MA 02114
Attn: Donald H. Siegel, P.C.
Jo Ann Marzullo, Esq.
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