First Amendment to Office Lease between PREIT Associates, L.P. and Commerce Square Partners Philadelphia Plaza, L.P., dated September 27, 2019, is
Tenant: PREIT Associates, L.P.
Premises: One Commerce Square, Suites 1000 & 1120
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE (this Amendment) is entered into as of this 27 day of September, 2019 (the Effective Date), between COMMERCE SQUARE PARTNERS - PHILADELPHIA PLAZA, L.P., a Delaware limited partnership (Landlord), and PREIT ASSOCIATES, L.P., a Delaware limited partnership (Tenant).
WHEREAS, Landlord and Tenant are parties to that certain Lease dated as of December 3, 2018 (the Lease), with respect to the Premises containing 44,057 rentable square feet located on the 10th and 11th floors of the building known as One Commerce Square located at 2005 Market Street, Philadelphia, Pennsylvania, as more particularly described in the Lease;
WHEREAS, the Lease provides that Landlord would use commercially reasonable efforts to obtain Substantial Completion by September 1, 2019 and further provides for abatement of Fixed Rent for each date that elapses after the Outside Completion Date until the Substantial Completion of the Lease Improvements, as more particularly set forth in the Lease; and
WHEREAS, Landlord has informed Tenant that Landlord is unable to achieve Substantial Completion by the Outside Completion Date; and
WHEREAS, Landlord and Tenant have reviewed revised construction schedules for the Substantial Completion of the Lease Improvements and Tenant has requested Landlord to proceed with that certain construction schedule set forth on Exhibit A attached hereto (the Revised Construction Schedule); and
WHEREAS, Landlord and Tenant desire to amend the Lease as set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant, intending to be legally bound, agree to amend the Lease as follows:
1. Recitals; Definitions. The parties acknowledge the accuracy of the foregoing recitals, which are incorporated by reference herein and are made a part of this Amendment. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Lease.
2. Construction Schedule. Landlord shall substantially complete the Leasehold Improvements in substantial conformance with the Revised Construction Schedule by no later than December 20, 2019.
3. Rent Abatement. Notwithstanding anything set forth in Section 3(b) of the Lease to the contrary, if the Substantial Completion of the Lease Improvements occurs on or prior to December 20, 2019 (the Fixed Abatement Date), then the rent abatement provided for in Section 3(b) of the Lease for Landlords failure to deliver the Premises by the Outside Completion Date shall be equal to seventy-six (76) days (Fixed Abatement), which Fixed Abatement shall be in addition to the Abatement Period. For the avoidance of doubt, if the Substantial Completion occurs after the Fixed Abatement Date, then the Fixed Abatement shall not apply and Tenant shall be entitled to an abatement of Fixed Rent calculated in accordance with Section 3(b) of the Lease (in additional to the Abatement Period).
4. Remaining Provisions Unmodified. Except as otherwise expressly modified by this Amendment, all of the terms and provisions of the Lease shall remain in full force and effect and shall continue to apply during the Lease Term (as the same has been extended pursuant to the terms of this Amendment).
(a) This Amendment shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.
(b) Except as expressly modified by this Amendment, the Lease and all of the terms and provisions thereof shall remain unmodified and in full force and effect. The Lease, as modified hereby, is hereby ratified and confirmed in all respects.
(c) In the event of any conflict or inconsistency between the provisions of the Lease and the provisions of this Amendment, the provisions of this Amendment shall control.
(d) This Amendment may be executed by PDF or other electronic format and in any number of counterparts, which counterparts, taken together, shall constitute one and the same instrument. Tenant acknowledges that this Amendment shall not be binding on Landlord until Landlord shall have executed this Amendment and a counterpart thereof shall have been delivered to Tenant.
(e) This Amendment shall be governed by the laws of the Commonwealth of Pennsylvania.
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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first above written.
|COMMERCE SQUARE PARTNERS -||PREIT ASSOCIATES, L.P.|
|PHILADELPHIA PLAZA, L.P.|
|By: Brandywine Commerce Sub I LLC, its||By:|
|general partner||Name:||Lisa M. Most|
|Title:||Senior Vice President|
Revised Construction Schedule