FIRST AMENDMENT TO LEASE
This First Amendment to Lease (First Amendment) is made and entered into January 23, 2008 by and between Santa Clara, LLC, a California limited liability company (Landlord) and PSYOP, Inc., a New York corporation (Tenant).
A. Landlord and Tenant entered into that certain Lease (the Lease), dated November 1, 2007 pursuant to which, among other things, Landlord leases to Tenant and Tenant leases from Landlord those certain premises commonly known as 523 Victoria Avenue, Venice, California 90291 (the demised premises).
B. Landlord and Tenant desire to amend certain provisions of the Lease as hereinafter more particularly described.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning provided for such terms in the Lease.
2. Minimum Rent. Section 3.1 of the Lease is hereby deleted in its entirety and the following substituted in place thereof:
Except as otherwise provided herein, Tenant covenants and agrees to pay to Landlord, without deduction, offset, prior notice or demand, in advance on the first (1st) day of each calendar month, at the address set forth in this Lease or at such other place as Landlord shall from time to time designate in writing to Tenant, minimum rent for the demised premises, as follows:
(a) Two Hundred Thirty Four Thousand, One Hundred Nineteen and 10/100 Dollars ($234,119.10) as consideration for entering into this Lease, which such amount has been paid by Tenant to Landlord and is deemed earned by Landlord in consideration for entering into this Lease;
(b) Thirty Four Thousand, Seven Hundred Six and 36/100 Dollars ($34,706.36) per month for the months of January, 2008, February, 2008 and March, 2008;
(c) Zero dollars for the period April 1, 2008 through June 30, 2008;