STATE OF NORTH CAROLINA
FIRST AMENDMENT TO LEASE
COUNTY OF GUILFORD
THIS FIRST AMENDMENT TO LEASE made and entered into as of this first day of
March, 1998, by and between PHILLIPS INTERESTS 3, INC. (formerly known as North
Hamilton Corporation) ("Landlord"), a North Carolina corporation with offices in
High Point, North Carolina; and Wellington Hall, Limited ("Tenant"), A North
Carolina corporation with offices in Lexington, North Carolina.
RECITALS
A. Landlord and Tenant have previously entered into a Lease Agreement dated
November 1, 1993, (the "Lease"), pursuant to which Landlord leased to Tenant
certain space in the furniture showroom located at 330 North Hamilton Street in
High Point, North Carolina, on the terms and conditions set forth in the Lease.
B. Landlord and Tenant have agreed to modify certain provisions of the
Lease, on the terms and conditions set forth below. In order to effectuate the
agreement of the parties, Landlord and Tenant are entering into this First
Amendment to Lease.
STATEMENT OF AGREEMENT
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant agree for themselves, their successors and
assigns, as follows:
1. Any capitalized term used in this First amendment that is not defined in
this First Amendment shall have the meaning given that term in the Lease.
2. Effective as of March 1, 1998, the Lease shall be amended as follows:
(a) Paragraph A on page one of the lease is hereby deleted, and the
following provision is substituted in its place:
A. Demised Premises: That certain showroom unit containing
approximately 4,200 square feet of rentable area, which is shown as the
"Wellington Hall" space on that preliminary floor plan of the second (2nd) floor
of the Showroom, entitled the "Hamilton and Richardson Building." prepared by
William Randall Harris, Architect, and dated March 14, 1998.
(b) Paragraph C on page one of the Lease is hereby deleted, and the
following provision is substituted in its place:
C. Lease Term: A period of approximately one year, beginning on March
1, 1998 and ending at midnight on February 29, 1999. See paragraph 2.
(c) Paragraph D on page one of the Lease is hereby deleted, and the
following provision is substituted in its place:
D. Base Rent. Eleven and 50/100 Dollars ($11.50) per square foot of
rentable area in the Demised premises per annum, from the commencement date of
the Lease term through the expiration of the Lease Term. Based upon the square
footage of the Demised Premises set forth in Paragraph A of the fundamental
Lease Provisions, the monthly Base Rent during the entire Lease Term is Four
Thousand Twenty Five dollars and 00/100 Dollars ($4,025.00).
(d) Paragraph E on page one of the Lease is hereby deleted, and the
following provision is substituted in its place:
E. Common Facilities Maintenance Charge: Tenant's pro rata share, up
to a maximum of One Thousand Four Hundred Twenty Eight and 00/100 Dollars
($1,428.00) in the initial calendar year of the Lease Term (pro-rated on a daily
basis), which maximum amount shall be increased by six percent (6%) in each
subsequent calendar year. See paragraph 10.
3. Except as expressly amended in this First Amendment to Lease, the Lease
shall continue in full force and effect in accordance with its terms, and is
hereby ratified by Landlord and Tenant.
IN WITNESS WHEREOF, Landlord and Tenant have executed this First Amendment
to Lease under seal as of the day and year first above written.
LANDLORD:
PHILLIPS INTERESTS 3, INC.
[CORPORATE SEAL]
By: /s/ Earl N. Phillips, Jr.
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Earl N. Phillips, Jr., President
Attest:
/s/ Lakita Carden
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Secretary
TENANT:
Wellington Hall Limited
[CORPORATE SEAL]
By: /s/ Hoyt Hackney
-------------------------------
Hoyt Hackney, President
Attest:
/s/ William W. Woodruff
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Secretary
STATE OF NORTH CAROLINA
COUNTY OF GUILFORD
This 6th day of March, 1998, Earl N. Phillips, Jr., personally came before
me who, being by me duly sworn, says that he is the President of PHILLIPS
INTERESTS 3, INC., a North Carolina corporation, and that the seal affixed to
the foregoing instrument in writing is the coprorate seal of the company, and
that the said writing was signed and sealed by him, in behalf of said
corporation, by its authority duly given. And the said President acknowledged
the said writing to be the act and deed of said corporation.
Anthony B. Tertuio
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Notary Public
My Commission Expires:
May 17, 2000
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[NOTARIAL SEAL]
STATE OF NORTH CAROLINA
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COUNTY OF DAVIDSON
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This 27th day of February, 1998, Hoyt M. Hackney, Jr. personally came
before me who, being by me duly sworn, says that he is the President of
Wellington Hall Limited, a Lexington, North Carolina corporation, and that the
seal affixed to the foregoing instrument in writing is the corporate seal of the
company, and that the said writing was signed and sealed by him, in behalf of
said coproration, by its authority duly given. And the said President
acknowledged the said writing to be the act and deed of said corporation.
Doris N. Breseski
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Notary Public
My Commission Expires:
8-17-98
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[NOTARIAL SEAL]