FIRST AMENDMENT TO AGREEMENT OF LEASE
THIS FIRST AMENDMENT TO AGREEMENT OF LEASE ( the "Amendment") is made as
of this 30 day of December 30, 1998, and is effective as of December 14, 1998,
by and between THREE CENTRE PARK, LLC, a Maryland limited liability company
("Landlord"), and CONSTELLATION PROPERTIES, INC., a Maryland corporation
("Tenant").
WITNESSETH:
WHEREAS, Landlord (through its then agent, Constellation Real Estate,
Inc.) and Tenant have heretofore entered into that certain Agreement of Lease
dated August 3, 1998 (the "Lease"), by the terms of which Landlord leases to
Tenant and Tenant rents from Landlord that certain premises containing an agreed
upon equivalent of 3,299 square feet of rentable area known as Suites 104 and
the second floor "Shower Area" as shown on Exhibit "A" attached to and made a
part of the Lease (collectively the "Original Premises"), said areas being
located on the first and second floors of Landlord's Building located at 8815
Centre Park Drive, Columbia, Maryland 21045 (the "Building"), all as more
particularly set forth in the Lease for a term which expires on April 30, 2001;
WHEREAS, Landlord and Tenant mutually desire to amend the Lease with
respect to the size of the Premises and other matters as more particularly set
forth below.
NOW, THEREFORE, in consideration of the above Recitals, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Landlord and Tenant agree as follows:
1. Expansion of Premises. The Original Premises shall be increased in size by an
agreed upon 985 square feet of rentable area located contiguous to the Original
Premises on the first floor of the Building as shown on Schedule "A" attached
hereto and made a part hereof (the "Expansion Space"). From and after December
14, 1998, in each instance within the Lease wherein reference is made to the
Premises, the same shall be construed to mean the aggregate of the Original
Premises and the Expansion Space containing in the aggregate an agreed upon
4,284 rentable square feet of area.
2. Improvement of Expansion Space. Tenant accepts the Expansion Space in "As Is"
condition as of the date of this Amendment. If Tenant desires to make
improvements to the Expansion Space, Landlord, at Tenant's expense, shall
improve the Expansion Space in accordance with the plans and specifications to
be agreed upon the Landlord and Tenant.
3. Adjustment to Base Rent. Effective as of December 14, 1998, Tenant shall pay
Landlord Annual Base Rent in connection with both the Original Premises and the
Expansion Space, as set forth on the schedule below, in advance in equal monthly
installments without deduction, setoff or demand:
Period of Term Annual Base Rent Monthly Installment of Base Rent
- -------------- ---------------- --------------------------------
4/20/98 - 12/13/98 $65,980.00 $5,498.33
12/14/98 - 4/30/99 $87,157.44 $7,263.12
5/1/99 - 4/30/00 $89,767.32 $7,480.61
5/1/00 - 4/30/01 $92,466.00 $7,705.50
Within fifteen (15) days after receipt of an invoice from Landlord, Tenant shall
pay to Landlord an amount equal to that percentage of the monthly Expansion
Space Base Rent installment which equals the percentage of such calendar month
falling within the Term.
4. Amendment of Definition of "Base Year Building Expenses" and "Base Year
Taxes".
4.1 Amendment of Section 5.2.4. Commencing on December 14, 1998, with
respect to the Expansion Space only, "Base Year Building Expenses" shall mean
the actual Building Expenses incurred by Landlord in calendar year 1999, per
rentable square foot of the Building.
4.2 Amendment of Section 5.2.5 Commencing on December 14, 1998, with
respect to the Expansion Space only, "Base Year Taxes" shall mean the actual
Taxes incurred for the 1999-2000 tax year per rentable square foot of the
Building.
5. Ratification of Lease. All other terms, covenants and conditions of the Lease
shall remain the same and continue in full force and effect, and shall be deemed
unchanged, except as such terms, covenants and conditions of the Lease have been
amended or modified by this First Amendment to Agreement of Lease, and this
First Amendment to Agreement of Lease shall, by this reference, constitute a
part of the Lease.
WITNESS OR ATTEST: LANDLORD:
THREE CENTRE PARK, LLC
/s/ Karen [ILLEGIBLE] By: /s/ Roger A. Waesche, Jr. (SEAL)
- ------------------------- --------------------------
Roger A. Waesche, Jr.
Senior Vice President
WITNESS OR ATTEST: TENANT:
CONSTELLATION PROPERTIES, INC.
a Maryland corporation
/s/ Dawn Novak By: /s/ Steven D. Kesler (SEAL)
- ------------------------- --------------------------
Printed Name: Steven D. Kesler
----------------
Title: President
------------------------
STATE OF Maryland, Cty of Baltimore, TO WIT:
I HEREBY CERTIFY, that on this 31st day of December, 1998, before me, the
undersigned Notary Public of said State, personally appeared ROGER A. WAESCHE,
JR., who acknowledged himself to be Senior Vice President of THREE CENTRE PARK,
LLC, a Maryland limited liability company, known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained as the
duly authorized Agent by signing the name of the limited liability company by
himself as Senior Vice President.
WITNESS my hand and Notarial Seal.
/s/ Zarae Pitts
--------------------------------
Notary Public
ZARAE PITTS
My Commission Expires: NOTARY PUBLIC STATE OF MARYLAND
My Commission Expires November 25, 2002
2
STATE OF MARYLAND, CITY/COUNTY OF Harford, TO WIT:
I HEREBY CERTIFY, that on this 30th day of December, 1998, before me, the
undersigned Notary Public of said State, personally appeared Steven D. Kesler,
who acknowledged himself/herself to be President of CONSTELLATION PROPERTIES,
INC., a Maryland corporation, known to me (or satisfactorily proven) to be the
person whose name is subscribed to the within instrument, and acknowledged that
he/she executed the same for the purposes therein contained as the duly
authorized President of said corporation by signing the name of the corporation
by himself/herself as President.
WITNESS my hand and Notarial Seal.
/s/ Janet R. Cunningham
---------------------------
Notary Public
My Commission Expires: May 1, 2000 Janet R. Cunningham, Notary Public
Herford County
State of Maryland
My Commission Expires May 1, 2000
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First Amendment to Lease
by and between
Three Centre Park, LLC, Landlord
and
Constellation Properties, Inc, Tenant
SCHEDULE "A"
DESCRIPTION OF EXPANSION SPACE
[FLOOR PLAN OMITTED]