Exhibit 10.2
AMENDMENT TO LEASE AGREEMENT
THIS AMENDMENT TO LEASE AGREEMENT ("Amendment") is hereby
entered into as of this ___ day of May, 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, for premises known as
Suites 120 and 1000, ▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇,
consisting of 12,000 rentable square feet (the "Lease"); and
WHEREAS, the Tenant has requested from the Landlord
expansion of the Premises into additional space on the tenth
(10th) floor of the Building, containing 2,815 rentable square
feet, subject to the terms and conditions of the Lease; and
WHEREAS, Landlord and Tenant wish to modify the terms of the
Lease to expand the Premises 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. Expansion of Suite 1000. Suite 1000 of the Premises as
described in the Lease is expanded effective as of the date
hereof, to include an additional 2,815 rental square feet, which
shall thereafter constitute the entire rentable area of the tenth
(10th) floor of the Building, totaling 11,480 rentable square
feet for Suite 1000.
3. 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:
Section 1, Page 1. Net Rentable Area of Premises:
14,815 rentable square feet in the aggregate: 3,335 rentable
square feet as to Suite 120: 11,480 rentable square feet as to
Suite 1000.
Section 3, Page 6. Tenant's Percentage Share: ten and
eighty-five one hundredths percent (10.85%).
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
*Lease year is September 1 - August 31 of the following year.
**Per rentable square feet
***Does not include applicable sales taxes due with monthly rent.
4. 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.
5. Rent Credit. In consideration of the execution of the
Lease Amendment, and in lieu of a Tenant Build-Out Allowance for
the additional space, as reflected pursuant to the Lease or as
provided by paragraph 3 of the Addendum to Lease, Tenant shall
provide to Landlord a rent credit of $53,680.00, which credit
shall be applied prorata to each of the monthly payments of rent
for the first sixteen (16) months of the Term. Accordingly, the
base monthly rents as set forth in paragraph 3(A) shall be
reduced by $3,355.00 per month for the first 16 months of the
Term in order to account for the rent credit. In the event that
Tenant shall terminate the Lease or shall fail to pay the rents
for said period of time, the rent credit shall be deemed null and
void. Tenant acknowledges and agrees that the rent credit in
being given in lieu of any Tenant Improvement Allowance with
respect to the additional space, and the Tenant Improvement
Allowance of $209,620.00 as set forth in Exhibit "B" of the Lease
is hereby confirmed as being true and correct, notwithstanding
the additional spaced leased hereunder.
6. Build-Out on Tenth Floor. Tenant acknowledges that as
a result of the lease of the additional space which constitutes
the full rentable portion of the 10th floor of the Premises,
Tenant shall assume obligation for Build-Out of the elevator
lobby and corridors of the 10th floor of the Building. The plans
and specifications for said build-out shall be subject to
Landlord's reasonable approval as set forth in the Lease.
Notwithstanding the foregoing, Landlord acknowledges that it
shall remain responsible to build-out the bathrooms on the 10th
floor of the Premises.
7. Options Satisfied. Tenant acknowledges and agrees that
the amendment reflected herein satisfies any option which the
Tenant has or may have had to lease additional space on the 10th
floor of the Building, pursuant to paragraph 3 of the Addendum to
Lease, or otherwise.
8. 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.
9. 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.
10. Defined Terms. Except as otherwise expressly provided
herein, all defined terms shall have the meanings ascribed to
them in the Lease.
11. 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.
12. 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, a Florida
Print Name: 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