AMENDMENT TO LEASE

Contract Categories: Real Estate - Lease Agreements
EX-10.13 23 w77389exv10w13.htm EX-10.13 exv10w13
Exhibit 10.13
AMENDMENT TO LEASE
     THIS AMENDMENT TO LEASE is made and entered into this 29th day of January, 2001 by and between Saul Holdings, Limited Partnership, as successor to B.F. Saul Real Estate Investment Trust (hereinafter referred to as “Landlord”) and Broadsoft, Inc. (hereinafter referred to as “Tenant”),
     WHEREAS, Landlord’s predecessor and Tenant have entered into that certain Lease dated April 12, 2000 (the “Lease”) for approximately 30,000 square feet of space at 220 Perry Parkway, Gaithersburg, MD 20877; and
     WHEREAS, the parties hereto desire to enter into this Amendment to Lease for the purposes hereinafter set out.
     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
     1. Pursuant to Article 57 of the Lease, Tenant has requested that Landlord contribute the Supplemental Tenant Allowance in the amount of TWO HUNDRED TEN THOUSAND AND NO/100 Dollars ($210,000.00), and Landlord has agreed to contribute the Supplemental Tenant Allowance as provided in Article 57 of the Lease.
     2. The Supplemental Tenant Allowance is to be amortized and repaid by Tenant over the remainder of the lease term with interest at the rate of twelve percent (12%).
     3. Tenant agrees to repay the Supplemental Tenant Allowance according to the terms of Article 57 of the Lease. Commencing on February 1, 2001 and on the first day of each month thereafter, through and including September 1, 2010, Tenant shall pay to Landlord, as Additional Rent pursuant to Article 57 of the Lease, the sum of THREE THOUSAND SIXTY EIGHT AND 15/100 Dollars ($3,068.15) per month beginning February 1, 2001 and ending September 1, 2010. An amortization schedule is attached hereto as Exhibit A and incorporated into this Agreement by reference.
     4. As of the date hereof, Tenant has accepted possession of the Premises “as is,” the Lease is in full force and effect in accordance with its terms, and there are no defaults thereunder on the part of either Landlord or Tenant.
     5. The effective date of this Amendment to Lease shall be February 1, 2001.
     6. Except as specifically modified hereby, the Lease shall remain in full force and effect in accordance with the terms contained therein and is hereby ratified, approved and confirmed in all respects. Any agreement, obligation or liability made, entered into or incurred by or on behalf of Landlord binds only its property and no shareholder, trustee, officer, director, employee, partner or agent of the Landlord assumes or shall be held to any liability therefor. The provisions of this Amendment to Lease shall be binding upon the parties hereto, their successors, and to the extent permitted under the Lease, their assigns.

 


 

     7. INTERPRETATION. The submission of this Amendment for examination does not constitute an agreement, an option or an offer, and this Amendment becomes effective only upon execution and delivery thereof by Landlord. Neither party shall have any legal obligation to the other in the event that the Amendment contemplated herein is not consummated for any reason. Discussions between the parties respecting the proposed Amendment described herein, shall not serve as a basis for a claim against either party or any officer, director or agent of either party. Captions and headings are for convenience and reference only and shall not in any way define, limit or describe the scope or content of any provision of this Amendment. Except as otherwise provided herein, capitalized terms shall have the same meaning as set forth in the Lease. Whenever in this Amendment (i) any printed portion, or any part thereof, has been stricken out, or (ii) any portion of the Lease (as the same may have been previously amended) or any part thereof, has been modified or stricken out, then, in either of such events, whether or not any replacement provision has been added, this Amendment and the Lease shall hereafter be read and construed as if the material so stricken out were not included, and no implication shall be drawn from the text of the material so stricken out which would be inconsistent in any way with the construction or interpretation which would be appropriate if such material had never been contained herein or in the Lease. The Exhibits referred to in this Amendment and attached hereto are a substantive part of this Amendment and are incorporated herein by reference.
     WITNESS the following signatures and seals.
                     
ATTEST:       TENANT: BROADSOFT, INC.    
 
                   
/s/ Carol L. McKinney       By:   /s/ Michael Tessler    
                 
Secretary
          Name:   Michael Tessler    
 
          Title:   President and Chief Executive Officer    
 
          Tax I.D. Number: 52 ###-###-####    
 
                   
ATTEST:       LANDLORD: SAUL HOLDINGS    
        LIMITED PARTNERSHIP    
        By: Saul Centers, Inc.
General Partner
   
 
                   
/s/ Landlord representative       By:   /s/ Philip D. Caraci   (SEAL)
                 
Assistant Secretary           Philip D. Caraci, President    

 


 

EXHIBIT A
AMORTIZATION SCHEDULE
PAGE 1 OF 3

Amortization Table
Initial Data
                             
LOAN DATA
          TABLE DATA
             
Loan amount:
  $210,000.00           Table starts at date:     02/01/2001  
Annual Interest rate:
  12.000%           or at payment number:     1  
Term in years:   9.66            
Payments per year.   12            
First payment due:   02/01/2001           36817.8
               
PERIODIC PAYMENT
 
Entered payment:               The table uses the calculated periodic payment amount,
unless you enter a value for “Entered payment.”
Calculated payment:   $3068.15            
               
CALCULATIONS
 
Use payment of:
  $3068.15             Beginning balance at payment 1:     $210,000.00  
1st payment in table:
              Cumulative interest prior to payment 1:     $0.00  

Table
                                                                 
     
        Payment     Beginning                         Ending     Cumulative  
  No.     Date     Balance     Interest     Principal     Balance     Interest  
                                         
 
1
      02/01/2001         210,000.00         2,100.00         968.15         209,031.85         2,100.00    
 
2
      03/01/2001         209,031.85         2,090.32         977.83         208,054.02         4190.32    
 
3
      04/01/2001         208,054.02         2,080.54         987.61         207,066.41         6,270.86    
                                         
 
4
      05/01/2001         207,066.41         2,070.66         997.49         206,068.92         8,341.62    
 
5
      06/01/2001         206,068.92         2,060.69         1,007.46         205,061.46         10,402.21    
 
6
      07/01/2001         205,061.46         2,050.61         1,017.54         204,043.92         12,452.82    
                                         
 
7
      08/01/2001         204,043.92         2,040.44         1,027.71         203,016.21         14,493.26    
 
8
      09/01/2001         203,016.21         2,030.16         1,037.99         201,978.22         16,523.42    
 
9
      10/01/2001         201,978.22         2,019.78         1,048.37         200,929.85         18,543.20    
                                         
 
10
      11/01/2001         200,929.85         2,009.30         1,058.85         199,871.00         20,552.50    
 
11
      12/01/2001         199,871.00         1,998.71         1,069.44         198,801.56         22,551.21    
 
12
      01/01/2002         198,801.56         1,988.02         1,080.13         197,721.43         24,539.23    
                                         
 
13
      02/01/2002         197,721.43         1,977.21         1,090.94         196,630.49         26,516.44    
 
14
      03/01/2002         196,630.49         1,966.30         1,101.85         195,528.64         28,482.74    
 
15
      04/01/2002         195,528.64         1,955.29         1,112.86         194,415.78         30,438.03    
                                         
 
16
      05/01/2002         194,415.78         1,944.16         1,123.99         193,291.79         32,382.19    
 
17
      06/01/2002         193,291.79         1,932.92         1,135.23         192,156.56         34,315.11    
 
18
      07/01/2002         192,156.56         1,921.57         1,146.58         191,009.98         36,236.68    
                                         
 
19
      08/01/2002         191,009.98         1,910.10         1,158.05         189,851.93         38,146.78    
 
20
      09/01/2002         189,851.93         1,898.52         1,169.63         188,682.30         40,045.30    
 
21
      10/01/2002         188,682.30         1,886.82         1,181.33         187,500.97         41,932.12    
                                         
 
22
      11/01/2002         187,500.97         1,875.01         1,193.14         186,307.83         43,807.13    
 
23
      12/01/2002         186,307.83         1,863.08         1,205.07         185,102.76         45,670.21    
 
24
      01/01/2003         185,102.76         1,851.03         1,217.12         183,885.64         47,521.24    
                                         
 
25
      02/01/2003         183,885.64         1,838.86         1,229.29         182,656.35         49,360.10    
 
26
      03/01/2003         182,656.35         1,826.56         1,241.59         181,414.76         51,186.66    
 
27
      04/01/2003         181,414.78         1,814.15         1,254.00         180,160.76         53,000.81    
                                         

 


 

EXHIBIT A
AMORTIZATION SCHEDULE
PAGE 2 OF 3
                                                                 
     
        Payment     Beginning                         Ending     Cumulative  
  No.     Date     Balance     Interest     Principal     Balance     Interest  
                                         
 
28
      05/01/2003         180,160.76         1,801.61         1,266.54         178,894.22         54,802.42    
 
29
      06/01/2003         178,894.22         1,788.94         1,279.21         177,615.01         56,591.36    
 
30
      07/01/2003         177,615.01         1,776.15         1,292.00         176,323.01         58,367.51    
                                         
 
31
      08/01/2003         176,323.01         1,763.23         1,304.92         175,018.09         60,130.74    
 
32
      09/01/2003         175,018.09         1,750.18         1,317.97         173,700.12         61,880.92    
 
33
      10/01/2003         173,700.12         1,737.00         1,331.15         172,368.97         63,617.92    
                                         
 
34
      11/01/2003         172,368.97         1,723.69         1,344.48         171,024.51         65,341.61    
 
35
      12/01/2003         171,024.51         1,710.25         1,357.90         169,666.61         67,051.86    
 
36
      01/01/2004         169,666.61         1,696.67         1,371.48         168,295.13         68,748.53    
                                         
 
37
      02/01/2004         168,295.13         1,682.95         1,385.20         166,909.93         70,431.48    
 
38
      03/01/2004         166,909.93         1,669.10         1,399.05         165,510.88         72,100.58    
 
39
      04/01/2004         165,510.88         1,655.11         1,413.04         164,097.84         73,755.69    
                                         
 
40
      05/01/2004         164,097.84         1,640.98         1,427.17         162,670.87         75,396.67    
 
41
      06/01/2004         162,670.67         1,626.71         1,441.44         161,229.23         77,023.38    
 
42
      07/01/2004         161,229.23         1,612.29         1,455.86         159,773.37         78,635.67    
                                         
 
43
      08/01/2004         159,773.37         1,597.73         1,470.42         158,302.95         80,233.40    
 
44
      09/01/2004         158,302.95         1,583.03         1,485.12         156,817.83         81,816.43    
 
45
      10/01/2004         156,817.83         1,568.18         1,499.97         155,317.86         83,384.61    
                                         
 
46
      11/01/2004         155,317.86         1,553.18         1,514.97         153,802.89         84,937.79    
 
47
      12/01/2004         153,802.89         1,538.03         1,530.12         152,272.77         86,475.82    
 
48
      01/01/2005         152,272.77         1,522.73         1,545.42         150,727.35         87,998.55    
                                         
 
49
      02/01/2005         150,727.35         1,507.27         1,580.88         149,166.47         89,505.82    
 
50
      03/01/2005         149,166.47         1,491.66         1,576.49         147,589.98         90,997.48    
 
51
      04/01/2005         147,589.98         1,475.90         1,592.25         145,997.73         92,473.38    
                                         
 
52
      05/01/2005         145,997.73         1,459.98         1,608.17         144,389.66         93,933.36    
 
53
      06/01/2005         144,389.56         1,443.90         1,624.25         142,765.31         95,377.26    
 
54
      07/01/2005         142,765.31         1,427.65         1,640.50         141,124.81         96,804.91    
                                         
 
55
      08/01/2005         141,124.81         1,411.25         1,656.90         139,467.91         98,216.16    
 
56
      09/01/2005         139,467.91         1,394.68         1,673.47         137,794.44         99,610.84    
 
57
      10/01/2005         137,794.44         1,377.94         1,690.21         136,104.23         100,988.78    
                                         
 
58
      11/01/2005         136,104.23         1,361.04         1,707.11         134,397.12         102,349.82    
 
59
      12/01/2005         134,397.12         1,343.97         1,724.18         132,672.94         103,693.79    
 
60
      01/01/2006         132,672.94         1,326.73         1,741.42         130,931.52         105,020.52    
                                         
 
61
      02/01/2006         130,931.52         1,309.32         1,758.83         129,172.69         106,329.84    
 
62
      03/01/2006         129,172.69         1,291.73         1,776.42         127,396.27         107,621.57    
 
63
      04/01/2006         127,396.27         1,273.96         1,794.19         125,602.09         108,895.53    
                                         
 
64
      05/01/2006         125,602.08         1,256.02         1,812.13         123,789.95         110,151.55    
 
65
      06/01/2006         123,789.95         1,237.90         1,830.25         121,959.70         111,389.45    
 
66
      07/01/2006         121,959.70         1,219.60         1,848.55         120,111.15         112,609.05    
                                         
 
67
      08/01/2006         120,111.15         1,201.11         1,867.04         118,244.11         113,810.16    
 
68
      09/01/2006         118,244.11         1,182.44         1,885.71         116,358.40         114,992.60    
 
69
      10/01/2006         116,358.40         1,163.58         1,904.57         114,453.83         116,156.18    
                                         
 
70
      11/01/2006         114,453.83         1,144.54         1,923.61         112,530.22         117,300.72    
 
71
      12/01/2005         112,530.22         1,125.30         1,942.85         110,587.37         118,426.02    
 
72
      01/01/2007         110,587.37         1,105.87         1,962.28         108,625.09         119,531.89    
                                         
 
73
      02/01/2007         108,625.09         1,086.25         1,981.90         106,643.19         120,618.14    
 
74
      03/01/2007         106,643.19         1,066.43         2,001.72         104,641.47         121,684.57    
 
75
      04/01/2007         104,641.47         1,046.41         2,021.74         102,619.73         122,730.98    
                                         

 


 

EXHIBIT A
AMORTIZATION SCHEDULE
PAGE 3 OF 3
                                                                 
     
        Payment     Beginning                         Ending     Cumulative  
  No.     Date     Balance     Interest     Principal     Balance     Interest  
                                         
 
76
      05/01/2007         102,619.73         1,026.20         2,041.95         100,577.78         123,757.18    
 
77
      06/01/2007         100,577.78         1,005.78         2,062.37         98,515.41         124,762.96    
 
78
      07/01/2007         98,515.41         985.15         2,083.00         96,432.41         125,748.11    
                                         
 
79
      08/01/2007         96,432.41         964.32         2,103.83         94,328.58         126,712.43    
 
80
      09/01/2007         94,328.56         943.29         2,124.86         92,203.72         127,655.72    
 
81
      10/01/2007         92,203.72         922.04         2,146.11         90,057.61         128,577.76    
                                         
 
82
      11/01/2007         90,057.61         900.58         2,167.57         87,890.04         129,478.34    
 
83
      12/01/2007         87,890.04         878.90         2,189.25         85,700.79         130,357.24    
 
84
      01/01/2008         85,700.79         857.01         2,211.14         83,489.65         131,214.25    
                                         
 
85
      02/01/2008         83,489.65         834.90         2,233.25         81,256.40         132,049.15    
 
86
      03/01/2008         81,258.40         812.56         2,255.59         79,000.81         132,861.71    
 
87
      04/01/2008         79,000.81         790.01         2,278.14         76,722.67         133,651.72    
                                         
 
88
      05/01/2008         76,722.67         767.23         2,300.92         74,421.75         134,418.95    
 
89
      06/01/2008         74,421.75         744.22         2,323.93         72,097.32         135,163.17    
 
90
      07/01/2008         72,097.82         720.98         2,347.17         69,750.65         135,884.15    
                                         
 
91
      08/01/2008         69,750.65         697.51         2,370.64         67,380.01         136,581.66    
 
92
      09/01/2008         67,380.01         673.80         2,394.35         64,985.66         137,255.46    
 
93
      10/01/2008         64,985.66         649.86         2,418.29         62,567.37         137,905.32    
                                         
 
94
      11/01/2008         62,567.37         625.67         2,442.48         60,124.89         138,530.99    
 
95
      12/01/2008         60,124.89         601.25         2,466.90         57,657.99         139,132.24    
 
96
      01/01/2009         57,657.99         576.58         2,491.57         55,166.42         139,708.82    
                                         
 
97
      02/01/2009         55,166.42         551.66         2,516.49         52,649.93         140,260.46    
 
98
      03/01/2009         52,649.93         526.50         2,541.65         50,108.28         140,786.98    
 
99
      04/01/2009         50,108.28         501.08         2,567.07         47,541.21         141,288.06    
                                         
 
100
      05/01/2009         47,541.21         475.41         2,592.74         44,948.47         141,763.47    
 
101
      06/01/2009         44,948.47         449.48         2,618.67         42,329.80         142,212.95    
 
102
      07/01/2009         42,329.80         423.30         2,644.85         39,684.95         142,636.25    
                                         
 
103
      08/01/2009         39,684.95         396.85         2,671.30         37,013.65         143,033.10    
 
104
      09/01/2009         37,013.65         370.14         2,698.01         34,315.64         143,403.24    
 
105
      10/01/2009         34,315.64         343.16         2,724.99         31,590.65         143,746.40    
                                         
 
106
      11/01/2009         31,590.65         315.91         2,752.24         28,838.41         144,062.31    
 
107
      12/01/2009         28,838.41         288.38         2,779.77         26,058.64         144,350.69    
 
108
      01/01/2010         26,058.64         260.59         2,807.56         23,251.08         144,611.28    
                                         
 
109
      02/01/2010         23,251.08         232.51         2,835.84         20,415.44         144,843.79    
 
110
      03/01/2010         20,415.44         204.15         2,864.00         17,551.44         145,047.94    
 
111
      04/01/2010         17,551.44         175.51         2,892.64         14,658.80         145,223.45    
                                         
 
112
      05/01/2010         14,658.80         146.59         2,921.56         11,737.24         145,370.04    
 
113
      06/01/2010         11,737.24         117.37         2,950.78         8,786.46         145,487.41    
 
114
      07/01/2010         8,786.46         87.86         2,980.29         5,806.17         145,575.27    
                                         
 
115
      08/01/2010         5,806.17         58.06         3,010.09         2,796.05         145,633.33    
 
116
      09/01/2010         2,796.08         27.96         2,796.08         0.00         145,661.29