7TH AMENDMENT OF OFFICE LEASE
THIS 7TH AMENDMENT OF OFFICE LEASE ("7th Amendment") is
made on June 7, 1999, between STEVENS CREEK ASSOCIATES, a
California general partnership, d/b/a TRIZECHAHN PLAZA OF
THE AMERICAS MANAGEMENT, whose address is ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ ("Landlord"), and
AMRESCO, INC., a Delaware Corporation ("Tenant"), whose
address is ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇.
RECITALS
A. K-P Plaza Limited Partnership, a Texas limited
partnership ("K-P Plaza"), and Tenant entered into an Office
Lease Agreement dated February 9, 1996, ("Lease"), for
premises consisting of approximately 125,279 rentable square
feet on the entire 17th, 22nd, 23rd, 24th and 25th floors
and a part of the 16th floor of the building located at ▇▇▇
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ (the "North Tower") within the
development commonly known as the Plaza of the Americas
("Building"), Dallas, Texas and commonly, Collectively
referred to as Suite 2400 ("Premises").
B. K-P Plaza and Tenant amended the Lease by First
Amendment to Office Lease dated July 17, 1996, Second
Amendment to Lease Agreement dated May 27, 1997, and a Third
Amendment to Lease Agreement dated September 22, 1997.
C. KAB Plaza Partners, L.P., a Texas limited partnership
("KAB Plaza"), successor-in-interest to K-P Plaza and Tenant
further amended the Lease by a Lease Expansion and Fourth
Amendment to Lease Agreement dated January 6, 1998, a Lease
Expansion and Fifth Amendment to Lease Agreement dated March
25, 1998, and a Lease Expansion and Sixth Amendment to Lease
Agreement dated July 6, 1998 (Lease and Amendment(s)
collectively, "Lease as amended").
D. Landlord is the successor in interest to KAB Plaza
under the Lease as amended.
E. Landlord and Tenant desire to further amend the Lease
as amended to (1) expand the Premises by an additional 1,455
rentable square feet on the 21st floor of the North Tower
and (2) adjust the rents and other charges to be paid.
THEREFORE, in consideration of the mutual covenants and
agreements stated in the Lease as amended and below,
and for other sufficient consideration received and
acknowledged by each party, Landlord and Tenant agree
to amend the Lease as amended as follows:
1. RECITALS. All recitals are fully incorporated.
2. LANDLORD'S ADDRESS. "Landlord's Address" as defined in
"Basic Office Lease Information" of the Lease as amended
shall be deleted and the following substituted therefore:
TRIZECHAHN PLAZA OF THE AMERICAS MANAGEMENT
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
Attention: Property Manager
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone: (▇▇▇) ▇▇▇-▇▇▇▇
With a copy to:
TRIZECHAHN PLAZA OF THE AMERICAS MANAGEMENT
C/O TrizecHahn Office Properties Inc.
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Sr. Vice President, Operations
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone: (▇▇▇) ▇▇▇-▇▇▇▇
And If Notice of Default, Copy to:
TRIZECHAHN PLAZA OF THE AMERICAS MANAGEMENT
C/O TrizecHahn Office Properties Inc.
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇., ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Legal Counsel
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone: (▇▇▇) ▇▇▇-▇▇▇▇
And if for Payments:
TRIZECHAHN PLAZA OF THE AMERICAS MANAGEMENT
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
Attention: Property Manager
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone: (▇▇▇) ▇▇▇-▇▇▇▇
Or such other place and/or person or entity
as Landlord may designate from time to time.
3. PREMISES EXPANSION. Effective as of March 1, 1999, (the
"7th Expansion Commencement Date"), the Premises shall be
expanded to include the 1,455 rentable square feet of area
located on the 21st floor of the North Tower as shown
hatched on the "7th EXPANSION SPACE FLOOR PLAN" attached and
incorporated as Exhibit A(7a) to this 7th Amendment and
commonly known as Suite 2120 ("7th Expansion Space"). Until
the expiration of the 7th Expansion Lease Term (as defined
below), the Premises shall encompass and be collectively
described as "Suite 2400" on the 4th, 16th, 17th, 18th,
▇▇▇▇, ▇▇▇▇, ▇▇▇▇, ▇▇▇▇, ▇▇▇▇ and 25th floors of the Building,
as shown hatched on the "7th AMENDMENT FLOOR PLAN" attached
and incorporated as Exhibit A(7b) to this 7th Amendment for
a total Premises of 200,542 rentable square feet.
4. EXPANSION SPACE LEASE TERM. The Lease Term as it
pertains to the 7th Expansion Space shall commence on March
1, 1999 and shall expire on February 29, 2000 ("7th
Expansion Lease Term").
5. BASIC RENTAL, TENANT PROPORTIONATE SHARE, AND EXPENSE
STOP. Effective during the 7th Expansion Lease Term and for
the 7th Expansion Space only, Basic Rental, Tenant's
Proportionate Share of Operating Expenses and Expense Stop
shall be as follows:
a. The Basic Rental shall be as follows:
Rate per
Rentable Annual Basic Monthly Basic
Period Square Foot Rental Rental
3/1/99 through 4/29/2000 $19.00 $27,645.00 $2,303.75
b. "Tenant's Share of Operating Expenses" as defined in
the Basic Office Lease Information shall be amended as
follows:
Tenant's
Proportionate
Share: It is stipulated and agreed that
for all purposes under this 7th Amendment, the
Tenant's Proportionate Share is 0.1392%
(0.001392), obtained by dividing (a) the 1,455
rentable square feet in the 7th Expansion Space by
(b) the 1,045,551 rentable square feet in the
Buildings. The foregoing numbers of rentable
square feet are stipulations and establish a
material part of the economic basis for the
execution of this 7th Amendment by Landlord and
shall not be adjusted unless the rentable area of
the 7th Expansion Space is increased or decreased.
(c) "Expense Stop" as defined in the Basic
Office Lease Information shall be amended as
follows:
Expense
Stop: 1999 Basic Cost per rentable square foot.
Operating expanses for the base year and
subsequent years will be adjusted to reflect
an occupancy level of 95%.
(d) The first sentence of Article 4, Section (e) of the
Office Lease shall read as follows:
e. Adjustments to Electrical Costs. With respect to any
calendar year or partial calendar year, the Electrical Costs
for such period shall, for the purposes hereof, be increased
to the amount which would have been incurred had the
Buildings been occupied to the extent of ninety-five percent
(95%) of the rentable area thereof.
(e) Paragraph (d) of Exhibit C to the Lease as amended
shall be amended to read as follows:
(d) With respect to any calendar year or
partial calendar year, the Basic Cost for
such period shall, for the purposes hereof,
be increased to the amount which would have
been incurred had the Buildings been occupied
to the extent of ninety-five percent (95%) of
the rentable area thereof.
6. DELIVERY OF 7TH EXPANSION SPACE. Tenant acknowledges
and agrees that Tenant will accept the 7th Expansion Space
in an "as is" condition, and that, as of the date of this
7th Amendment, the 7th Expansion Space is in good order and
satisfactory condition. No promises to alter, remodel or
improve the 7th Expansion Space, Premises or Building and no
representations concerning the condition of the 7th
Expansion Space, Premises or Building have been made by
Landlord to Tenant other than as may be expressly stated in
the Lease as amended (including this 7th Amendment) and any
tenant improvements constructed therein by Tenant will be
subject to all terms and provisions of the lease as amended
including, without limitation, the provisions of Section
8 ("Improvements; Alterations; Repairs; Maintenance.").
7. AMENDMENT TO ARTICLE 4, ("RENT"). Article 4 of the
Lease as amended shall be amended by adding the following
new Subsection (g) at the end thereof:
(f) The foregoing notwithstanding, Tenant shall, at its
sole cost and expense, have the right to install additional
air conditioning units and/or air handling equipment for the
Premises, and draw additional power, if available, or bring
in additional power to the Premises for Tenant's own use,
provided any such installation or providing of additional
power shall (a) comply with applicable law and (b) otherwise
be in compliance with the terms and conditions of this Lease
as amended, including, but not limited to, the provisions of
Article 7 ("Landlord's Obligations"), Article 8
("Improvements; Alterations; Repairs, Maintenance") and
Article 13 ("Rules and Regulations").
8. PARKING. During the 7th Expansion Lease Term, Tenant or
persons designated by Tenant shall have the right (but not
the obligation) to rent in the Garage on an unreserved and
non-exclusive basis one (1) additional parking space in the
Garage. The rent for such parking space shall be the rate
from time to time designated by Landlord as standard for the
Building, which, on the execution date of the 7th Amendment,
is $115.00. Landlord shall provide Tenant at lease thirty
(30) days' notice of any change in the parking rates at the
Garage and the giving of such notice shall be deemed an
amendment to this 7th Amendment and Tenant shall thereafter
pay the adjusted rent. All payments of rent for parking
spaces shall be made (a) at the same time as Basic Rental is
due under the Lease as amended and (b) to Landlord or to
such persons (for example but without limitation, the
manager of the Garage) as Landlord may direct from time to
time.
9. OFFICE SPACE LICENSE AGREEMENTS. Landlord and Tenant
acknowledge that two prior license agreements were entered
into for additional office space for Tenant in the Building:
(a) Office Space License Agreement dated January 6, 1998 by
and between K-P Plaza and Tenant for premises consisting of
approximately 3,589 rentable square feet of area and
commonly known as for Suite 2170/2160 in the North Tower of
the Building and (b) Office Space License Agreement dated
April 1, 1998 by and between KAB Plaza and Tenant for
premises consisting of approximately 6,189 rentable square
feet of area and commonly known as for Suite 510 in the
North Tower of the Building. Landlord and Tenant acknowledge
and agree that both license agreements have expired and are
of no further force or affect and that Landlord and its
predecessors-in-interest, K-P Plaza and KAB Plaza, as
lessors, and Tenant, as lessee, have fully performed their
respective obligations thereunder.
10. CONFLICTING PROVISIONS. If any provisions of this 7th
Amendment conflict with any of those of the Lease as
amended, then the provisions of this 7th Amendment shall
govern.
11. REMAINING LEASE PROVISIONS. Except as stated in this
7th Amendment, all other viable and applicable provisions of
the Lease as amended shall remain unchanged and continue in
full force and effect throughout the Lease Term.
12. BINDING EFFECT. Landlord and Tenant ratify and confirm
the Lease as amended and agree that this 7th Amendment shall
bind and inure to the benefit of the parties, and their
respective successors, assigns and representatives as of the
date first stated.
AFFIRMING THE ABOVE, the parties have executed this 7th
AMENDMENT OF OFFICE LEASE on the date first stated.
WITNESSES LANDLORD
STEVENS CREEK ASSOCIATES
By: //▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Senior Vice President
By: //▇▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Senior Vice President
TENANT
AMRESCO, INC.
By: //▇▇▇▇▇ ▇▇▇▇
Name: ▇▇▇▇▇ ▇▇▇▇
ITS: Vice President, Facilities