EXHIBIT 10.9
SEVENTH AMENDMENT TO LEASE,
EFFECTIVE AS OF THE 12TH DAY OF JUNE, 1997
BETWEEN THE REGISTRANT AND MATAS CORPORATION
This Seventh Amendment to Lease is made and entered into as of the 12th
day of June, 1997 between American National Bank and Trust Company of
Chicago, not individually, but solely, as Trustee under a certain Trust
Agreement dated the 30th day of July, 1985, and known as Trust number 65110
(the "Landlord"), and MMI companies, Inc. (the "Tenant"). This agreement
amends that certain Lease dated the 7th day of December, 1990 between
Landlord and Tenant (the "Lease") as previously amended by First Amendment to
Lease, dated August, 1992, Second Amendment to Lease, dated October, 1994,
Third Amendment to Lease, dated January, ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ to Lease,
dated June, 1996 and Fifth Amendment to Lease dated July, 1996 and Sixth
Amendment To Lease dated March, 1997. Landlord and Tenant are desirous of
further amending the Lease for and in consideration of the premises and the
agreements hereinafter set forth. Capitalized terms used herein shall have
the same meaning as those ascribed to them in the Lease unless otherwise
defined herein.
1. LEASE OF PREMISES. Effective June 16, 1997 the definition of Premises
in Paragraph 1 of the Lease is hereby amended to delete 4,915 rentable square
feet on the fifth floor of the ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Building (the "Deleted
Space"), as shown on Exhibit A attached hereto and made a part hereof. The
Premises shall continue to include the remaining 3,841 rentable square feet of
space on the fifth floor of the ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Building (Remaining Space).
2. TERM. The Term for the entire Additional Premises of 8,756 rentable
square feet added in the Third Amendment shall continue until June 15, 1997.
The Term for the Remaining Space shall continue through July 31, 1997.
3. BASE RENT. The Base Rent for the period from June 1, 1997 through
June 15, 1997 shall be $7,406; and from June 16, 1997 through June 30, 1997 the
Base Rent shall be $3,249. Commencing July 1, 1997 the Base Rent shall be
$6,498. The Base Rent for the Additional Premises and the Remaining Space is
based on $20.30 per rentable square foot.
4. TENANT'S PROPORTIONATE SHARE. For the period from June 1, 1997
through June 15, 1997 Tenant's Proportionate Share for the Additional Premises
of 8,756 rentable square feet shall be 5.0%. Effective June 16, 1997 Tenant's
Proportionate Share on the Remaining Space shall be 2.2%.
5. EXCULPATORY CLAUSE. This Amendment to Lease is executed by American
National Bank and Trust Company of Chicago, not personally but as Trustee as
aforesaid, in the exercise of the power and authority conferred upon and vested
in it as such Trustee, and under the express direction of the beneficiaries of a
certain Trust Agreement dated July 30, 1985 and known as Trust Number 65110 at
said Bank. Nothing in this Lease contained shall be construed as creating any
liability whatsoever against said Trustee personally or said beneficiaries, and
in particular, without limiting the generality of the foregoing, there shall be
no personal liability to perform any covenant, either express or implied, herein
contained, to keep, preserve or sequester any property of said Trust, and that
all personal liability of said Trustee (and said beneficiaries, to the extent
permitted by law), of every sort, if any, is hereby expressly waived by Tenant,
and by every person now or hereafter claiming any right or security hereunder;
and that so far as the parties hereto are concerned the owner of any
indebtedness or liability accruing hereunder shall look solely to the Trust
Estate from time to time subject to the provisions of said Trust Agreement for
the payment thereof. The Trustee has no agents or employees and merely holds
naked title to the property herein described and has no knowledge respecting
rentals, leases or other factual matters with respect to the Premises, except as
represented to it by the beneficiaries of the Trust.
6. Except as modified by the terms of this Amendment, all of the terms
and provisions of the said Lease shall be and remain in full force and effect.
LANDLORD TENANT
MATAS CORPORATION, AS AGENT FOR MMI COMPANIES, INC.
THE BENEFICIARY OF AMERICAN NATIONAL
BANK TRUST U/T/A/D JULY 30, 1985, AND
KNOWN A TRUST NO. 65110
BY: BY:
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ITS: ITS:
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