FOURTH AMENDMENT OF
This Fourth Amendment of Lease Agreement (this Amendment) is made as of the 21st day of November, 2011, by and between B-LINE Holdings, L.C., a Utah limited liability company (the Landlord), and Medallion Bank, a Utah Industrial Bank (the Tenant).
WHEREAS, by an Agreement of Lease dated July 3, 2002, Landlord has leased the space known as Suite 510 in the building located at 1100 East 6600 South, Salt Lake City, Utah (the Building) to Tenant;
WHEREAS, by an Amendment of Lease Agreement dated October 29, 2004, Tenant has leased an additional office in the Building;
WHEREAS, pursuant to the Second Amendment of the Lease Agreement dated January 9, 2007, the parties amended its prior lease agreement so that it also has leased Suite 515 in the Building;
WHEREAS, pursuant to the Third Amendment of the Lease Agreement dated October 31, 2007, the parties amended its prior lease agreement so that it also has leased Suite 518 in the Building;
WHEREAS, this Amendment and all of the above agreements by and between the Tenant and Landlord are herein referred to as the Lease; and
WHEREAS, the parties desire to again amend and extend the Lease pursuant to the following provisions:
NOW, THEREFORE, for and in consideration of the mutual entry into this Amendment, the parties hereto do hereby amend and extend the Lease as follows. It is the parties intent that the Lease remains without amendment through November 30, 2012 and then be amended and extended as hereinafter provided.
1. Premises. The Premises remains the same; Suites 510, 515 and 518, consisting of approximately 6,048 rental square feet (RSF) (collectively the Premises).
2. Term. The extended Term of the Lease, for the amendments herein contained, shall commence on December 1, 2012 and continue for sixty (60) months to November 30, 2017.
3. Early Termination Option. Provided, however, Tenant shall have the option to terminate the Lease early as of November 30, 2015 or November 30, 2016 provided that: (1) Tenant is not in default, beyond any applicable notice or cure periods, under the Lease at the time of exercise and as of said early termination date; (2) Tenant gives Landlord at least one hundred and twenty (120) days prior written notice of such early termination; and (3) at the time of giving such early termination notice, Tenant pays a fee (the Early Termination Fee).