Second Amendment to Lease Agreement between The Irvine Company and New Century Financial Corporation

Summary

This amendment updates the lease agreement between The Irvine Company (landlord) and New Century Financial Corporation (tenant) for office space in Irvine, California. It changes the security deposit amount, reallocates portions of the deposit to new leases for related premises, and updates addresses for payments and notices. All other terms of the original lease remain in effect unless specifically modified by this amendment. Both parties confirm their agreement by signing this document.

EX-10.9 11 dex109.txt SECOND AMENDMENT TO LEASE EXHIBIT 10.9 SECOND AMENDMENT TO LEASE I. PARTIES AND DATE. This Second Amendment to Lease (the "Amendment") dated June 17, 2002, is by and between THE IRVINE COMPANY ("Landlord"), and NEW CENTURY FINANCIAL CORPORATION, a Delaware corporation ("Tenant"). II. RECITALS. Landlord and Tenant entered into an undated lease for space in two (2) buildings located at 340 Commerce and 350 Commerce, Suite 200 in Irvine, California, which lease was amended by a First Amendment to Lease dated May 1, 2002 (as amended, the "Lease"). On or before the date of this Amendment, Landlord and New Century Mortgage Corporation have executed two (2) new leases, one (1) lease for premises located at 210 Commerce, Irvine, California (the "210 Commerce Lease") and one (1) lease for premises located at 200 Commerce, Irvine, California (the "200 Commerce Lease"). Landlord and Tenant each desire to modify the Lease to make such other modifications as are set forth in "III. MODIFICATIONS" next below. III. MODIFICATIONS. A. Basic Lease Provisions. The Basic Lease Provisions are hereby amended as follows: 1. Item 9 is hereby deleted in its entirety and substituted therefore shall be the following: "9. Security Deposit: $94,140.00" 2. Item 12 is hereby deleted in its entirety and substituted therefore shall be the following: "12. Address for Payments and Notices: LANDLORD THE IRVINE COMPANY c/o Insignia/ESG, Inc. 8105 Irvine Center Drive, Suite 350 Irvine, CA 92618 with a copy of notices to: THE IRVINE COMPANY dba Office Properties 8105 Irvine Center Drive, Suite 300 Irvine, CA 92618 Attn: Senior Vice President, Operations Office Properties TENANT NEW CENTURY FINANCIAL CORPORATION 18400 Von Karman, Suite 1000 Irvine, CA 92612 Attention: Garrison W. Jaquess B. Security Deposit. Landlord currently holds a Security Deposit in the amount of One Hundred Eighty Three Thousand Two Hundred Sixty-Six Dollars ($183,266.00) under this Lease. Landlord and Tenant agree to apply portions of said Security Deposit as follows: (i) Fifty Two Thousand Five Hundred Forty-Three Dollars ($52,543.00) of the Security Deposit shall be transferred and held by Landlord as the "Security Deposit" under the 210 Commerce Lease, and (ii) Thirty Six Thousand Five Hundred Eighty-Three Dollars ($36,583.00) of the Security Deposit shall be transferred and held by Landlord as the "Security Deposit" under the 200 Commerce Lease. Tenant shall have no further right or interest in said portions of the Security Deposit so transferred. Following such transfer, Landlord shall retain the remaining Security Deposit in the sum of Ninety Four Thousand One Hundred Forty Dollars ($94,140.00) as security under this Lease. IV. GENERAL. A. Effect of Amendments. The Lease shall remain in full force and effect except to the extent that it is modified by this Amendment. B. Entire Agreement. This Amendment embodies the entire understanding between Landlord and Tenant with respect to the modifications set forth in "III. MODIFICATIONS" above and can be changed only by a writing signed by Landlord and Tenant. C. Counterparts. If this Amendment is executed in counterparts, each is hereby declared to be an original; all, however, shall constitute but one and the same amendment. In any action or proceeding, any photographic, photostatic, or other copy of this Amendment may be introduced into evidence without foundation. D. Defined Terms. All words commencing with initial capital letters in this Amendment and defined in the Lease shall have the same meaning in this Amendment as in the Lease, unless they are otherwise defined in this Amendment. E. Corporate and Partnership Authority. If Tenant is a corporation or partnership, or is comprised of either or both of them, each individual executing this Amendment for the corporation or partnership represents that he or she is duly authorized to execute and deliver this Amendment on behalf of the corporation or partnership and that this Amendment is binding upon the corporation or partnership in accordance with its terms. F. Attorneys' Fees. The provisions of the Lease respecting payment of attorneys' fees shall also apply to this Amendment. V. EXECUTION. Landlord and Tenant executed this Amendment on the date as set forth in "I. PARTIES AND DATE." above. LANDLORD: THE IRVINE COMPANY [LEGAL APPROVAL By: /s/ THOMAS A. GREUBEL SEAL] By: /s/ BRAD MORRICE ------------------------- --------------------- Thomas A. Greubel, Vice President Name: Brad Morrice Leasing, Office Properties Title: COO By: /s/ CHRISTOPHER POPMA By: ------------------------- ------------------------- Christopher Popma, Vice President Name: ___________________ Asset Management, Office Properties Title:___________________