8th Amendment Lease Commencement Date Adjustment Letter between Medallion Bank and Mountain High Real Estate Advisors, Inc.
This letter agreement between Medallion Bank and Mountain High Real Estate Advisors, Inc. updates the lease commencement date for certain office space in Salt Lake City from August 1, 2018, to September 1, 2018, due to delays with the prior tenant. The letter also revises the rent schedule to reflect the new start date, outlining monthly rent amounts through November 2023. All other terms of the lease remain unchanged.
Exhibit 10.28
July 23, 2018
Medallion Bank
1100 East 6600 South, Suite 510
Salt Lake City, UT 84121
Attention: Justin Haley
| Re: | 8th Amendment Lease Commencement |
Dear Justin,
Please be advised that the initial rent commencement date indicated in the 8th Amendment, which was August 1, 2018, will now be September 1, 2018 due to uncontrollable delays with the termination of the existing tenants 3rd floor expansion space, suite 310 & 320 (3,303 square feet). The rent schedule listed in the amendment will be revised with the correct start date and continue as indicated below.
| Periods | Base Rent | Annual Cost Per Rentable Square Foot | ||||||
| September 1, 2018 through November 30, 2018, inclusive | $ | 25,350.00 per month | $ | 24.00 | ||||
| December 1, 2018 through November 30, 2019, inclusive | $ | 26,110.50 per month | $ | 24.72 | ||||
| December 1, 2019 through November 30, 2020, inclusive | $ | 26,892.13 per month | $ | 25.46 | ||||
| December 1, 2020 through November 30, 2021, inclusive | $ | 27,705.44 per month | $ | 26.23 | ||||
| December 1, 2021 through November 30, 2022, inclusive | $ | 28,529.31 per month | $ | 27.01 | ||||
| December 1, 2022 through November 30, 2023, inclusive | $ | 29,384.88 per month | $ | 27.82 | ||||
Please keep a copy of this letter for you records and if you have any questions please do not hesitate to let us know.
Very truly yours,
Mountain High Real Estate Advisors, Inc.
Ian L. Galanis,
Vice President
