LEASE MODIFICATION AGREEMENT NO. 1
THIS LEASE MODIFICATION AGREEMENT NO. 1 made and entered into in Quadruplicate
this 16th day of June, 1972, by and between Investors Equity of Iowa, Inc., an
Iowa corporation (hereinafter referred to as "Landlord") and West Des Moines
State Bank, an Iowa banking corporation (hereinafter referred to as "Tenant")
and is to be attached to and is hereby made a part of the Lease dated September
9, 1971, between the same parties pertaining to the premises located on the East
side of 22nd Street, in approximately the 1600 Block, West Des Moines, Polk
County, Iowa, and legally described as set forth in said Lease:
WITNESSETH:
Landlord and Tenant agree that said Lease is modified and amended as follows:
Article I. Article II (Grant and Term) A (Leased premised) is amended by
inserted after the first sentence thereof, line eight (8) the following: "Except
for an approximate 8' X 14' area in the east portion of the lobby serving the
Tenant's convenience lobby teller windows, upon which rent is paid by the
Tenant, the "Leased Premises" does not include the common entry and remainder of
the lobby to the office building and access to the stairway and elevator to the
upper stories, which portion of the first floor is common to all tenants of the
office building.
Article II. Article XVI, entitled "Restrictive Covenants and Covenant of Access"
is amended by adding thereto on page twenty-five (25) of said Lease the
following:
3. One access to Kingman Avenue, which access may hereafter be referred
to in this Modification as "Kingman Access",
and changing the number of accesses from "two" to "three", each of which shall
be non-exclusive, and shall remain at their present locations unless relocated
with the consent of Tenant, which consent shall not be unreasonably withheld. It
is understood that the land to the east of the property may be developed, which
will require some redesigning of the Westown and Kingman accesses.
In the event the Tenant purchases the "property" as defined in Article I-A of
the Lease of September 9, 1971 (excluding that portion of the "property"
identified as Exhibits "G" and "H" of this Lease Modification Agreement No. 1)
subsequent to the development of the tract to the east of the tract defined in
Exhibit "A" attached to the Lease of September 9, 1971, then, an easement
agreement shall be entered into at the time of said purchase providing for the
nonexclusive use of the existing accesses (or as hereafter relocated by
agreement) to ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and Westown Parkway to serve the
property defined in Exhibit "A" of the Lease of September 9, 1971, and the land
to the east thereof, so as to provide unobstructed and free flow of traffic
between said tracts of land for the tenants, customers and business invitees of
each. The land to be served by said easements is that shown upon Exhibit "D" to
the September 9, 1971 Lease, and referred to as the "Restrictive Covenant Area",
shaded in Red. It is contemplated that said easement will provide for an
equitable sharing of the cost incurred by the Landlord with reference to the
Kingman Avenue and Westown Parkway accesses which would not be included in the
purchase option provisions.
In the event the Tenant exercises the option to purchase, pursuant to Article
XXVI and Article XXVII of the Lease of September 9, 1971, and Westown Parkway
east of 22nd Street, to and including the present access thereto as provided in
Exhibit "G" of this Modification, has not been dedicated as a public street,
then, the Landlord shall assign to the Tenant a nonexclusive interest in the
easement of April 24, 1972, which provides for access via Westown Parkway to
▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇.
Article III. Section A. Article III of said Lease entitled Rent is hereby
amended to increase the rent by the sum of Seven Hundred Forty-four Dollars
($744.00) per year, payable in equal monthly installments in advance, of
Sixty-two Dollars ($62.00) per month, said increase in rent to commence on the
1st day of June, 1972. Said annual rent of $744.00 shall increase in accordance
with the same ratio as the ground rent shall increase upon the Second Ground
Lease, if any, hereinafter identified and referred to. This rental increase is
occasioned by the Landlord providing nonexclusive use unto the Tenant of the
Kingman Access. In addition to said additional cash rent provided in this
Article, the Tenant shall pay Landlord upon each anniversary date of this Lease,
beginning May 1, 1972 and each May 1 thereafter, the sum of $250.00 as an offset
for additional taxes and maintenance incurred by the Landlord, with reference to
the Kingman Access, identified as area "B" upon Exhibit "H" attached hereto.
Section B. The definition of "Property" as contained in Article I-A of said
Lease of September 9, 1971, is hereby amended to include the real estate legally
described on Exhibit "A" attached to said Lease and the real estate legally
described in Exhibit "G" and Exhibit "H" attached hereto and made a part hereof.
Section C. The Landlord has acquired a Leasehold interest in and to the real
estate described in Exhibit "G" and Exhibit "H" by Ground Leases dated the 1st
day of April, 1972, by and between ▇▇▇▇▇▇ ▇. ▇▇▇▇ and ▇▇▇▇ ▇▇▇▇, husband and
wife, and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, wife and husband, as Lessor,
and the Landlord herein, as Lessee (hereinafter referred to as the "Second
Ground Lease") copies of which Second Ground Lease have been heretofore
delivered to Tenant. That any reference to "Ground Lease" in Article IV of said
Lease is hereby amended to include both the said Ground Lease and the said
Second Ground Leases. That any reference to "Ground Lease" contained in any
other Article of said Lease is hereby amended to include both the said Ground
Lease and the Second Ground Leases. The Landlord agrees that no amendment will
be made in the Ground Lease or the Second Ground Leases without the prior
written approval of Tenant, which approval shall not be unreasonably withheld.
Section D. Landlord, or its successors or assigns, intends to acquire a
Leasehold interest, in and to a portion of the land adjacent to the "property"
on the east and identified in red upon Exhibit "D" for commercial development.
In the event, Landlord, or its successors and assigns, should acquire a
Leasehold interest in additional real estate, located adjacent to the "property"
on the east for commercial development, then this Article III of this Lease
Modification Agreement No. 1, together with each Section hereof, shall become
null and void and the parties hereto shall enter into an Agreement canceling
this Article III, together with the Sections of this Lease Modification
Agreement No. 1. It is the intention of the parties hereto that in the event the
Landlord or its successors and assigns, should acquire a Leasehold interest in
additional real estate located adjacent to the "property" on the east for
commercial development, then for the purposes of Article XXVI, Article XXVII,
and Exhibit "F" of said Lease, the "property" means only that real estate
described on Exhibit "A" and the Ground Lease means only that Ground Lease dated
July 1, 1971, and that therefor this Article III, together with the sections
thereof of this Lease Modification Agreement No. 1, then becomes null and void
and in no further force and effect.
Section E. In the event Tenant exercises its option to purchase the "Property"
at a time when the Second Ground Leases are still in effect (the Second Ground
Leases automatically terminate in the event the Landlord acquires a Leasehold
interest in the real estate located adjacent to the property on the east), then
at such time, the Landlord shall assign all of its interest in said Second
Ground Leases unto the Tenant who shall assume all of the obligations of the
Landlord therein reserving unto the Landlord, its successors or assigns, a
nonexclusive easement for the future use of said existing accesses at 22nd
Street, Kingman Avenue, and Westown Parkway for the Landlord and anyone claiming
by and/or through the Landlord for the benefit of the users of the owner or
owners of the Leasehold interest in the real estate located adjacent to the
property on the east at such time as the intended commercial development is
undertaken. Said reserved easement shall provide for an equitable sharing of
costs incurred for the Kingman Avenue and Westown Parkway accesses between the
uses at that time.
Section F. The provisions of this Article III and each Section thereof shall
terminate and expire in the event the Landlord or its successors or assigns
should acquire a Leasehold interest in additional real estate located adjacent
to the property on the east for commercial development.
Article IV. All other terms and conditions of said Lease are to remain unchanged
except as modified by terms of this Agreement.
IN WITNESS WHEREOF, Landlord, and Tenant have caused this instrument to be
executed by their duly authorized officers the day and year first above written.
LANDLORD TENANT
INVESTORS EQUITY OF IOWA, INC. WEST DES MOINES STATE BANK
By: By:
Its Its
By: By:
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