SEVENTH AMENDMENT TO AGREEMENT OF LEASE
Investment Property Group, LLC/Medallion Bank
THIS AMENDMENT (this Amendment) is entered into as of the 10th day of May, 2017, between INVESTMENT PROPERTY GROUP, LLC, a Utah limited liability company (Landlord), as successor-in-interest to B-line Holdings, L.C., a Utah Limited Liability company, and MEDALLION BANK, a Utah industrial bank (Tenant). (Landlord and Tenant are referred to in this Amendment collectively as the Parties and individually as a Party.)
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:
1. DefinitionLease. As used in this Amendment, Lease means the Agreement of Lease, dated July 3, 2002, as previously amended by (i) the Amendment of Lease Agreement, dated October 29, 2004, (ii) the Second Amendment of Lease Agreement, dated January 9, 2007, (iii) the Third Amendment of Lease Agreement, dated October 31, 2007, (iv) a second Third Amendment of Lease Agreement, dated November 15, 2011, (v) the Fourth Amendment of Lease Agreement, dated November 21, 2011, (vi) the Fifth Amendment of Lease Agreement, dated November 26, 2012, and (vii) the Sixth Amendment to Agreement of Lease, dated January 26, 2017, all entered into between Landlord or its predecessor-in-interest, B-Line Holdings, L.C., a Utah limited liability company, as landlord, and Tenant, as tenant, and, where applicable, as amended by this Amendment. Any term used in this Amendment that is capitalized but not defined shall have the same meaning as set forth in the Lease (defined below in this Paragraph 1). as amended by this Amendment:
2. Purpose. The Parties desire to expand the Premises currently covered by the Lease as follows, and make certain other amendments to the Lease, in accordance with the terms and conditions set forth in this Amendment:
(a) As of July 1, 2017 (or as soon thereafter as such additional space is made available by the current tenant to Landlord), approximately 1,624 usable square feet and approximately 1,873 rentable square feet located on the fifth floor of the Building shall be added to the Premises, and as soon as reasonably practicable thereafter, Tenant shall relinquish to Landlord approximately 99 rentable square feet (the so-called mothers room) of the Premises, with the result that Suite 510 on the fifth floor of the Building will have approximately 8,125 usable square feet and approximately 9,372 rentable square feet.
(b) In addition, as of August 1, 2018, Suite 305 on the third floor of the Building, consisting of approximately 1,148 usable square feet and approximately 1,321 rentable square feet, shall be added to the Premises.
3. Defined Terms. Effective as of, and for the period on and after, July 1, 2017, the following definitions in Section 1 of the Lease are revised to read as follows; provided, however, that if the additional 1,873 rentable square feet is added to the Premises after July 1, 2017, then the periods set forth below shall begin on such other date that such addition occurs (as memorialized in a certificate entered into between the Parties); in addition, Tenant shall continue to pay Base Rent on the so-called mothers room of the Premises until relinquished by Tenant to Landlord at the rate of $20.11 per rentable square foot (or $165.91 per month, prorated on a per diem basis for any partial calendar month):