Exhibit 10.3
SECOND AMENDMENT TO LEASE AGREEMENT
THIS SECOND AMENDMENT TO LEASE AGREEMENT ("Amendment") is
hereby entered into as of this ___ day of July, 2004, by and
between ABS ▇▇▇▇▇ STREET, LLC, a Florida limited liability
company("Landlord") and THE JACKSONVILLE BANK, a Florida banking
corporation ("Tenant").
W I T N E S S E T H:
WHEREAS, Landlord and Tenant are parties to that certain
standard office Lease dated March 12, 2004, as amended by
Amendment to Lease Agreement dated __________, 2004 for premises
known as Suites 120 and 1000, ▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇, consisting of 14,815 rentable square feet (collectively,
the "Lease"); and
WHEREAS, the Tenant has requested from the Landlord a
modification of the Term of the Lease to: (i) delay the rent
commencement date and lease term by one (1) month and (ii) extend
the primary term of the Lease for an additional three (3) years,
such that the Term shall commence October 1, 2004 and end on
September 30, 2014, subject to the terms and conditions of the
Lease; and
WHEREAS, Landlord and Tenant wish to modify the terms of the
Lease to revise the Term as more fully set forth herein; and
WHEREAS, Landlord is willing to agree to such modifications
provided that this agreement is entered into, but not otherwise.
NOW, THEREFORE, in consideration of the mutual promises
herein contained and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by the
parties, Landlord and Tenant hereby agree as follows:
1. Recitals. All recitals set forth above are true and
correct and are incorporated hereby reference.
2. Amendments to Basic Lease Provisions. In order to
effect the Amendment set forth herein, certain of the Basic Lease
Provisions as provided in the Lease, are hereby revised as
follows:
a) Section 1, Page 2. Commencement Date - October 1,
2004.
b) Section 2, Page 2. Expiration Date - September 30,
2014.
c) Section 2, Page 2. Rent Commencement Date - October
1, 2004.
Paragraph 3(A). Base Rents: Base Rents are revised as
follows:
Lease Year* Rental Rate** Annual Rent*** Monthly Rent***
1. $20.00 $296,300.00 $24,691.66
2. $20.50 $303,707.50 $25,308.96
3. $21.00 $311,115.00 $25,926.25
4. $21.50 $318,522.50 $26,543.54
5. $22.00 $325,930.00 $27,160.83
6. $22.50 $333,337.50 $27,778.13
7. $23.00 $340,745.00 $28,395.42
8. $23.50 $348,152.50 $29,012.71
9. $24.00 $355,560.00 $29,630.00
10. $24.50 $362,967.50 $30,247.29
*Lease year is October 1 - September 30 of the following year.
**Per rentable square feet
***Does not include applicable sales taxes due with monthly rent.
3. Brokers. Landlord and Tenant warrant and represent to
each other that other than ▇▇▇▇▇▇▇ Commercial Real Estate, Inc.,
neither party has had any dealings with any real estate broker,
finder or other person with respect to this Amendment to Lease.
All commissions due shall be paid in accordance with separate
agreements between Landlord and such party. Tenant covenants and
agrees that except as to the parties named herein, Tenant herein
indemnifies and hold Landlord harmless from additional broker's
fees in connection with this amendment and to the extent Tenant
has a leasing representative who is due a fee hereon (other than
as disclosed herein), such fee shall be paid directly by Tenant.
4. Options To Renew. Tenant shall continue to have its
five options of five (5) years each (the "Option Terms"), as
provided in Addendum "A" of the Lease, except that, as a result
of the modification of the initial Term of the Lease, the first
option term shall now commence on October 1, 2014, and the last
option term shall end on September 20, 2039 (instead of August
31, 2036).
5. Covenants Binding. It is mutually agreed that all
covenants, conditions and agreements set forth in the Lease (as
hereby amended) shall remain binding upon the parties and inure
to the benefit of the parties hereto and their respective
successors and assigns.
6. Continuing Force and Effect. Except as modified
hereby, all other terms and conditions of the Lease shall remain
unchanged and in full force and effect and are hereby ratified
and confirmed by the parties hereto.
7. Defined Terms. Except as otherwise expressly provided
herein, all defined terms shall have the meanings ascribed to
them in the Lease.
8. Conflicts/Amendment to Control. Any inconsistencies or
conflicts between the terms and provisions of the Lease and the
terms and provisions of this Amendment shall be resolved in favor
of the terms and provisions of this Amendment.
9. Writing Required. This Amendment shall not be modified
except in writing and signed by both parties hereto.
IN WITNESS WHEREOF, the parties hereto have executed this
Second Amendment to Lease on the date indicated above.
-------------------------- ABS ▇▇▇▇▇ STREET, LLC,
Print Name:_______________ a Florida limited liability
company
------------------------- By:------------------------
Print Name:______________ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Witnesses Its: President and General
Manager
"Tenant"
------------------------- THE JACKSONVILLE BANK,
Print Name:______________ a Florida banking corporation
------------------------- By:_________________________
Print Name:______________ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, III
Witnesses Its: President and Chief
Executive Officer
