SECOND GLOBAL AMENDMENT TO MULTIPLE LEASES

EX-10.(B) 3 c58393_ex10b.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10(b)

SECOND GLOBAL AMENDMENT TO MULTIPLE LEASES

     THIS SECOND GLOBAL AMENDMENT TO MULTIPLE LEASES (this “Amendment”) is made as of the 31st day of July, 2009 (the “Effective Date”), by and between REX RADIO AND TELEVISION, INC., an Ohio corporation (“Rex”), KELLY & COHEN APPLIANCES, INC., an Ohio corporation (“Kelly & Cohen”), and STEREO TOWN, INC., a Georgia corporation (“Stereo Town”) (collectively, Rex, Kelly & Cohen and Stereo Town, “Landlord”), all having an address at 2875 Needmore Road, Dayton, Ohio 45414, and APPLIANCE DIRECT, INC., a Florida corporation (“Appliance Direct”), and the “Tenants” as hereinafter defined, all having an address at 397 North Babcock Street, Melbourne, Florida 32935, under the following circumstances:

         A.      By Leases all dated as of January 29, 2009 (the “Leases”), Landlord leased to affiliates of Appliance Direct (“Tenants”) certain real property as more particularly identified on Exhibit A attached hereto and made a part hereof.

         B.      By Global Amendment to Multiple Leases dated April 30, 2009, Landlord, Appliance Direct and Tenants amended the Leases.

         C.      Landlord, Appliance Direct and Tenants now desire to further amend the Leases as set forth below.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord, Appliance Direct and Tenants amend the Leases as follows:

     1.      Article XXI, Purchase Option, of each of the Leases is hereby deleted in its entirety.

     2.      Article XXII (M), Option to Terminate, of each of the Leases is hereby deleted in its entirety.

     3.      Exhibit I to each of the Leases is hereby deleted and the Exhibit I attached to this Amendment is inserted in lieu thereof.

     4.      Schedule IV to each of the Leases is hereby deleted and the Schedule IV attached to this Amendment is inserted in lieu thereof.

     5.      By execution of this Amendment, the parties confirm that the term of each of the Leases is as set forth on Exhibit B attached hereto and made a part hereof.

     6.      Except as modified by this Amendment, each of the Leases remain in full force and effect.

     7.      The Leases, as modified by this Amendment, are ratified and confirmed.

 

     EXECUTED as of the date first written above.

LANDLORDS:    
 
REX RADIO AND TELEVISION, INC.,   APPLIANCE DIRECT, INC.,
an Ohio corporation   a Florida corporation
 
 
By:   By:
     Name:   Name:
     Title:   Title:
 
 
KELLY & COHEN APPLIANCES, INC.,    
an Ohio corporation   TENANTS:
 
 
By:    
     Name:   Sei Hwan Pak a/k/a Sam Pak, Chief Executive
     Title:   Officer of AD-Mobile, Inc., AD-Daphne, Inc.,
    AD-Gadsden, Inc., AD-Auburn, Inc., AD-
    Florence, Inc., AD-Decatur, Inc., AD-
STEREO TOWN, INC.,   Montgomery, Inc., AD-Brunswick, Inc., AD-
a Georgia corporation   Gautier, Inc., AD-Greenville, Inc., AD-
    Meridian, Inc., AD-Columbus, Inc., AD-
    Natchez, Inc., AD-Vicksburg, Inc.
By:    
     Name:    
     Title:    

 


EXHIBIT A

Store            
Number   Location   Landlord*   Tenant
 
14   7163 Airport Boulevard   Rex   AD-Mobile, Inc.
    Mobile, Alabama        
23   Daphne, Alabama   Rex   AD-Daphne, Inc.
27   Dothan, Alabama   Rex   AD-Dothan, Inc.
24   Gadsden, Alabama   Rex   AD-Gadsden, Inc.
29   Auburn, Alabama   Rex   AD-Auburn, Inc.
102   Florence, Alabama   Rex   AD-Florence, Inc.
103   Decatur, Alabama   Rex   AD-Decatur, Inc.
181   Montgomery, Alabama   Rex   AD-Montgomery, Inc.
154   Brunswick, Georgia   KC   AD-Brunswick, Inc.
17   Gautier, Mississippi   Rex   AD-Gautier, Inc.
25   Greenville, Mississippi   Rex   AD-Greenville, Inc.
137   Meridian, Mississippi   Rex   AD-Meridian, Inc.
138   Columbus, Mississippi   Rex   AD-Columbus, Inc.
296   Natchez, Mississippi   Rex   AD-Natchez, Inc.
127   Vicksburg, Mississippi   Rex   AD-Vicksburg, Inc.
*Rex - Rex Radio and Television, Inc.        
KC - Kelly & Cohen Appliances, Inc.
       

 


Exhibit I
Related Leases

Lease for    
Store Number: Location: Landlord
 
14 7163 Airport Boulevard  
  Mobile, Alabama Seller One
23 Daphne, Alabama Seller One
24 Gadsden, Alabama Seller One
27 Dothan, Alabama Seller One
29 Auburn, Alabama Seller One
102 Florence, Alabama Seller One
103 Decatur, Alabama Seller One
181 Montgomery, Alabama Seller One
154 Brunswick, Georgia Seller Two
17 Gautier, Mississippi Seller One
25 Greenville, Mississippi Seller One
137 Meridian, Mississippi Seller One
138 Columbus, Mississippi Seller One
296 Natchez, Mississippi Seller One
127 Vicksburg, Mississippi Seller One

Seller Key:
Seller One: Rex Radio and Television, Inc.
Seller Two: Kelly & Cohen Appliances, Inc.

 

SCHEDULE IV

Store    
Number Location Date Rent is Due
 
14 7163 Airport Boulevard 1st
  Mobile, Alabama  
23 Daphne, Alabama 1st
27 Dothan, Alabama 1st
24 Gadsden, Alabama 1st
29 Auburn, Alabama 1st
102 Florence, Alabama 1st
103 Decatur, Alabama 1st
181 Montgomery, Alabama 1st
154 Brunswick, Georgia 1st
17 Gautier, Mississippi 1st
25 Greenville, Mississippi 1st
137 Meridian, Mississippi 1st
138 Columbus, Mississippi 1st
296 Natchez, Mississippi 1st
127 Vicksburg, Mississippi 1st

 


EXHIBIT B

Store    
Number Location Lease Termination Date*
 
14 7163 Airport Boulevard August 31, 2015
  Mobile, Alabama  
23 Daphne, Alabama June 30, 2015
27 Dothan, Alabama August 31, 2015
24 Gadsden, Alabama June 30, 2015
29 Auburn, Alabama July 31, 2015
102 Florence, Alabama June 30, 2015
103 Decatur, Alabama June 30, 2015
181 Montgomery, Alabama August 31, 2015
154 Brunswick, Georgia June 30, 2015
17 Gautier, Mississippi July 31, 2015
25 Greenville, Mississippi August 31, 2015
137 Meridian, Mississippi August 31, 2015
138 Columbus, Mississippi August 31, 2015
296 Natchez, Mississippi August 31, 2015
127 Vicksburg, Mississippi August 31, 2015

*Subject to Tenants’ right to renew as set forth in the Leases.