EIGHTH AMENDMENT TO AGREEMENT OF LEASE
Investment Property Group, LLC/Medallion Bank
THIS AMENDMENT (this Amendment) is entered into as of the 28th day of March, 2018, between INVESTMENT PROPERTY GROUP, LLC, a Utah limited liability company (Landlord) as successor-in-interest to B-line Holdings, L.C., 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, (vii) the Sixth Amendment to Agreement of Lease, dated January 26, 2017, and (viii) the Seventh Amendment to Agreement of Lease (the Seventh Amendment), dated May 10, 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.
(a) On or about August 1, 2018, the following space (the Additional Space) shall be added to the Premises: Suite 310 on the third floor of the Building, consisting of approximately 918 rentable square feet; and Suite 320 on the third floor of the Building, consisting of approximately 2,385 rentable square feet, comprising in the aggregate a total of 3,303 rentable square feet. (The date on which the Additional Space is added to the Premises is referred to in this Amendment as the Expansion Date.) As of the Expansion Date, the Premises shall consist of a total of approximately 10,996 usable square feet and approximately 12,675 rentable square feet.
(b) Suite 305 on the third floor of the Building, consisting of approximately 1,148 usable square feet and approximately 1,321 rentable square feet, was to be added to the Premises in accordance with the Seventh Amendment. However, that space now will not be added to the Premises and is no longer covered by the Lease, with the effect that the portion of the TI Allowance for Suite 305 in the amount of $12,380.00, as described in Paragraph 3(a) of Exhibit A attached to the Seventh Amendment, will not be provided by Landlord to Tenant.
3. Defined Terms. Effective as of, and for the period on and after, the Expansion Date, the following definitions in Section 1 of the Lease are revised to read as follows; provided, however, that if the Additional Space is added to the Premises on a date other than August 1, 2018, then the periods set forth below for the Base Rent schedule shall begin on such other date that such addition occurs (as memorialized in a certificate entered into between the Parties):
Base Rent means the following amounts per calendar month for the periods indicated, based on 12,675 rentable square feet: