Lease Amendment V between Smallwood Village Associates and American Rental Management Company

Contract Categories: Real Estate › Lease Agreements
Summary

This amendment updates the commercial lease between Smallwood Village Associates (landlord) and American Rental Management Company (tenant) for space in the Smallwood Village Shopping Center, Maryland. The amendment reduces the leased space to 3,980 square feet and adjusts the rent accordingly, as detailed in the attached schedule. All other terms of the original lease remain unchanged. Additionally, Interstate Business Corporation agrees to handle subleasing responsibilities if the tenant vacates the premises. The agreement is effective as of September 1, 2000.

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EX-10.31 6 leaseamend5.htm LEASE AMENDMENT LEASE AMENDMENT III

Exhibit 10.31

LEASE AMENDMENT V

 

THIS LEASE AMENDMENT (the "Amendment") is made as of the 1st day of September 2000, by and between SMALLWOOD VILLAGE ASSOCIATES ("Landlord") and American Rental Management Company ("Tenant").

 

 

WITNESSETH:

 

WHEREAS, Landlord and original tenant entered into a lease for certain commercial space in Smallwood Village Shopping Center, St.Charles, Maryland dated December 1, 1987 (the "Lease"; and

WHEREAS, Lease was amended by Lease Amendment dated February 1, 1989; and

WHEREAS, Lease was further amended by Lease Amendment II dated December 1, 1992; and

WHEREAS, Lease was assigned to American Rental Management Company by Assignment and Assumption dated September 1, 2000; and

WHEREAS, Tenant wishes to further amend the Lease by decreasing square footage of the premises.

NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the parties agree as follow:

  1. In Article 1 of Lease, the number "3,509" square feet which was amended to read "4,734" square feet was amended to read "6,120" square feet is now further amended to read "3.980" square feet.
  2. Rental charge will be according to the attached schedule on page 3.
  3. Except as specifically modified by this Amendment, the terms and provisions of the Lease will continue in full force and effect.

 

 

 

Page 1 of 2

 

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or caused this Amendment to be executed by their duly authorized representatives.



ATTEST:

By:

SMALLWOOD VILLAGE ASSOCIATES
INTERSTATE BUSINESS CORPORATION
General Partner

/s/ Pamela R. Polly

  

/s/ J. Michael Wilson
     

WITNESS:

By:

American Rental Management Company

/s/ Pamela R. Polly

  

/s/ Cynthia L. Hedrick, Vice President
Tenant

 

State of Maryland

SS:

County of Charles

Before me, a Notary Public in and for the jurisdiction aforesaid, personally appeared this date J. Michael Wilson. Personally well known (or satisfactorily proven) to me to be the President of Interstate Business Corporation a Delaware corporation, who being by me first duly sworn, did acknowledge that he/she, as the duly authorized officer of said Corporation, executed the foregoing and annexed instrument, in the name and on behalf of the Corporation, as its free act and deed for the uses and purposes contained herein.

WITNESS my hand and official seal this 2nd day of November, 2000.

/s/ Elizabeth K. Clayton
Notary Public

My commission expires 11/30/01

 

 

 

 

Page 2 of 3

 

Square Feet

Rent per

Square Foot

Annual

Minimum Rent

Monthly

Minimum Rent

CAM

Total Monthly Rent

1/3 of 2016=672 sq. ft

$ 4.00

$ 2,688.00

$ 224.00

$ -

$ 224.00

1/3 of 1386=462 sq. ft.

4.00

1,848.00

154.00

-

154.00

1145 sq. ft.

9.75

11,163.72

930.31

85.87

1,016.18

628 sq. ft.

11.88

7,463.04

621.92

68.03

689.95

348 sq. ft.

9.45

3,288.60

274.05

26.10

300.15

725 sq. ft.

-

-

-

-

-

 

 

Interstate Business Corporation
Executive Offices: 222 Smallwood Village Center, St. Charles, Maryland 20602
(301) 645-6833 or Metro-D.C. 843-7333

 

 

September 1, 2000

 

 

 

Smallwood Village Associates
222 Smallwood Village Center
St. Charles, Maryland 20602

American Rental Management Company
222 Smallwood Village Center
St. Charles, Maryland 20602

Re: Lease from Smallwood Village Associates
To American Rental Management Company

Ladies and Gentlemen:

In connection with the lease amendment dated September 1, 2000 (the "ARMC Lease") between Smallwood Village Associates ("SVA"), as Landlord, and American Rental Management Company ("ARMC"), as Tenant, the undersigned, Interstate Business Corporation ("IBC"), agrees to bear the responsibility for subleasing all or part of the premises demised under the ARMC Lease if ARMC decides to vacate said premises and sublease same in accordance with said ARMC Lease.

We understand that you will rely on the assurance provided in this letter and that you may disclose this letter to lender(s) with mortgage(s) or deed(s) of trust on the Smallwood Village Center property.

Very truly yours,

INTERSTATE BUSINESS CORPORATION

 

 

By: /s/ J. Michael Wilson
 James Michael Wilson
President