1 EXHIBIT 10.11 AMENDMENT TO LEASE AGREEMENT BETWEEN ARDEN ASSOCIATES, LIMITED PARTNERSHIP AND THE BANK This Amendment to Lease Agreement, dated as of October 25, 1995 (this "Amendment") between Arden Associates Limited Partnership, a Connecticut...
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EXHIBIT 10.11
AMENDMENT TO LEASE AGREEMENT BETWEEN
ARDEN ASSOCIATES, LIMITED PARTNERSHIP AND THE BANK
This Amendment to Lease Agreement, dated as of October 25, 1995 (this
"Amendment") between Arden Associates Limited Partnership, a Connecticut limited
partnership ("Lessor") having an address c/o Omni Partnership Services, Inc.,
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, and The Second National Bank of
▇▇▇▇▇▇, a national banking association, (herein, together with any association
succeeding thereto by consolidation, merger or acquisition of its assets
substantially as an entirety, called "Lessee"), having an address at ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇.
WHEREAS, Lessor and Lessee entered into a certain Lease Agreement (the
"Lease") dated as of October 1, 1979, which lease related to property located in
the City of ▇▇▇▇▇▇, County of Trumbull, State of Ohio described therein (the
"Premises"), and which Lease was recorded at Volume 109, page 284, as Document
915356, in the office of the Recorder of Trumbull County, Ohio;
WHEREAS, Lessor and Lessee desire to amend the Lease.
NOW, THEREFORE, Lessor and Lessee, in consideration of the mutual
agreements herein set forth, hereby agree as follows:
1. Paragraph 3 of the Lease is hereby amended by deleting the
first sentence thereof and by substituting the following in its place and stead:
"The Premises are leased for an interim term (the Interim
Term), a primary term (the Primary Term), and, at Lessee's
option, for up to five consecutive additional terms of five
years each except that the first extended term shall commence
on March 1, 2008 and shall end on October 31, 2009
(collectively the Extended Terms) unless and until the terms
of this Lease shall expire on or be terminated pursuant to any
provision hereof."
2. Paragraph 13 of the Lease is hereby amended by deleting the
option to purchase contained in subparagraph (i).
3. Paragraph 14 of the Lease is hereby deleted in its entirety.
4. Clause (a) of paragraph 20 is hereby deleted and the following
is substituted in its place and stead:
"(a) if to Lessor, addressed to it c/o Omni Partnership
Services, Inc., ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ 10022..."
5. Schedule B of the Lease is hereby amended by deleting the second
sentence of the first paragraph and paragraph 5 and by substituting the
following in their place and stead:
"The Primary Term shall commence on November 1, 1979 and end
at midnight on February 29, 2008."
"5. Each installment of Basic Rent payable for the
Premises during the term of this Lease commencing as
of November 1, 1994 and ending on and including
November 30, 1995 is $69,231.25 and said installments
are payable on the last day of
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each month to and including October 31, 1995. The
installment of Basic Rent payable for the month of
November 1995 will be payable on November 27, 1995.
The installment of Basic Rent payable for the
Premises during the term of this Lease commencing on
December 1, 1995 and ending on and including December
31, 1995 is $61,677.53 and said installment is
payable on December 31, 1995. Each installment of
Basic Rent payable for the Premises during the term
of this Lease commencing on January 1, 1996 and
ending on and including October 31, 2004 is
$60,687.38 and said installments are payable January
31, 1996 and thereafter on the last day of each month
to and including October 31, 2004. Each installment
of Basic Rent payable for the Premises during the
term of this Lease commencing on November 1, 2004 and
ending on and including November 30, 2006 is
$69,084.38 and said installments are payable on
November 30, 2004 and thereafter on the last day of
each month to and including November 20, 2006. Each
installment of Basic Rent payable for the installment
of Basic Rent payable for the Premises during the
term of this Lease commencing on December 1, 2006 and
ending on and including February 29, 2008 is
$38,186.50 and said installments are payable on
December 31, 2006 and thereafter on the last day of
each month to and including February 29, 2008."
6. Schedule C of the Lease is hereby deleted and the attached
Schedule C is hereby substituted in its place and stead.
7. Except as amended in this Amendment the terms and conditions
of the Lease shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date first above written.
ARDEN ASSOCIATES LIMITED PARTNERSHIP,
Lessor
By:
------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: a general partner
Signed and acknowledged
in the presence of:
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THE SECOND NATIONAL BANK OF ▇▇▇▇▇▇,
Lessee
By:
------------------------
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Vice President
Attest:
▇. ▇. ▇▇▇▇▇▇▇▇▇, CFO
Signed and acknowledged
in the presence of:
This instrument prepared by: After recording return to:
Gallet ▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP Gallet Dryer & ▇▇▇▇▇▇, LLP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Esq.
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SCHEDULE C
Upon purchase of the Premises pursuant to paragraph 11(b), the amount
determined in accordance with Schedule C shall be the amount equal to the sum of
$5,830,000 (the Basic Amount), multiplied by the percentage set forth in Column
2 below opposite the period in which the date of purchase occurs. (For purposes
of the preceding sentence, period 193 shall be the period commencing with
November 1, 1995 and ending on and including November 30, 1995, period 194 shall
be the period commencing December 1, 1995 and ending on and including December
31, 1995, and each succeeding period shall be the following monthly period of
the Primary Term occurring thereafter.)
Column 1 Column 2
Period in which
Date of Applicable
Purchase Occurs Percentage
-----------------------------------------------------
194 111.29194%
195 110.88314%
196 110.47183%
197 110.05799%
198 109.64160%
199 109.22266%
200 108.80113%
201 108.37702%
202 107.95029%
203 107.52094%
204 107.08896%
205 106.65431%
206 106.21699%
207 105.77698%
208 105.33427%
209 104.88883%
210 104.44065%
211 103.98972%
212 103.53602%
213 103.07952%
214 102.62022%
215 102.15809%
216 101.69312%
217 101.22529%
218 100.75458%
219 100.28098%
220 99.80446%
221 99.32502%
222 98.84262%
223 98.35726%
224 97.86892%
225 97.37757%
226 96.88320%
Column 1 Column 2
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Period in which
Date of Applicable
Purchase Occurs Percentage
-----------------------------------------------------
227 96.38579%
228 95.88532%
229 95.38177%
230 94.87512%
231 94.36536%
232 93.85247%
233 93.33642%
234 92.81719%
235 92.29478%
236 91.76915%
237 91.24029%
238 90.70817%
239 90.17278%
240 89.63410%
241 89.09211%
242 88.54678%
243 87.99810%
244 87.44605%
245 86.89060%
246 86.33173%
247 85.76943%
248 85.20367%
249 84.63443%
250 84.06169%
251 83.48543%
252 82.90562%
253 82.32225%
254 81.73528%
255 81.14471%
256 80.55051%
257 79.95265%
258 79.35112%
259 78.74589%
260 78.13693%
261 77.52423%
262 76.90776%
263 76.28750%
264 75.66343%
265 75.03552%
266 74.40374%
267 73.76808%
268 73.12851%
269 72.48501%
270 71.83755%
271 71.18611%
272 70.53066%
273 69.87118%
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274 69.20765%
Column 1 Column 2
Period in which
Date of Applicable
Purchase Occurs Percentage
-----------------------------------------------------
275 68.54003%
276 67.86831%
277 67.19246%
278 66.51245%
279 65.82826%
280 65.13986%
281 64.44722%
282 63.75033%
283 63.04915%
284 62.34366%
285 61.63383%
286 60.91964%
287 60.20105%
288 59.47805%
289 58.75059%
290 58.01867%
291 57.28224%
292 56.54128%
293 55.79577%
294 55.04567%
295 54.29096%
296 53.53160%
297 52.76758%
298 51.99886%
299 51.22541%
300 50.44720%
301 49.66421%
302 48.73237%
303 47.79569%
304 46.85413%
305 45.90767%
306 44.95627%
307 43.99990%
308 43.03854%
309 42.07216%
310 41.10071%
311 40.12418%
312 39.14253%
313 38.15573%
314 37.16374%
315 36.16654%
316 35.16409%
317 34.15636%
318 33.14332%
319 32.12494%
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320 31.10118%
321 30.07201%
322 29.03739%
Column 1 Column 2
Period in which
Date of Applicable
Purchase Occurs Percentage
-----------------------------------------------------
323 27.99730%
324 26.95170%
325 25.90055%
326 24.84383%
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