Circuit City 2009 Annual Report Download - page 96

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Remaining Premises without also extending the Additional Retail Term for the Additional Retail Premises (and vice versa). If Tenant fails to
notify Landlord in writing on or before two hundred seventy (270) days prior to the end of the Original Extension Term and the Additional
Retail Term (time being of the essence with respect thereto), then Tenant’s right to extend the Lease for the First Renewal Term (as well as for
the Second Renewal Term) shall lapse, and the Lease shall terminate upon expiration or earlier termination of the Original Extension Term and
the Additional Retail Term. If Tenant extends the term of the Lease for the First Renewal Term, all terms and conditions of the Lease shall
remain the same except as set forth in this Amendment and reference to the Term of the Lease shall include the First Renewal Term; provided,
however that, subject to Section 4(e) below, the Base Year for Direct Expenses and Taxes shall be changed to the calendar year 2020 with
respect to the Original Remaining Premises only.
(b) Second Renewal Term . Provided Tenant had exercised its option for the First Renewal Term and is not in default
under the Lease at the time of the exercise of its option for the Second Renewal Term, Tenant shall have the right to extend the Term for an
additional five (5) year period (“Second Renewal Term”) which shall commence immediately upon expiration of the First Renewal Term.
Tenant will not have the right to extend the First Renewal Term for the Original Remaining Premises without also extending the First Renewal
Term for the Additional Retail Premises (and vice versa). If Tenant fails to notify Landlord in writing on or before two hundred seventy (270)
days prior to the end of the First Renewal Term (time being of the essence with respect thereto), then Tenant’s right to extend the Lease for the
Second Renewal Term shall lapse, and the Lease shall terminate upon expiration or early termination of the First Renewal Term. If Tenant
extends the Term of the Lease for the Second Renewal Term, all terms and conditions of the Lease shall remain the same except as set forth in
this Amendment and reference to the Term of the Lease shall include the Second Renewal Term; provided, however that, subject to Section 4(e)
below, the Base Year for Direct Expenses and Taxes shall be changed to the calendar year 2025 with respect to the Original Remaining Premises
only.
(c) Rent During Renewal Terms . The Annual Rent for the renewal terms shall be as follows:
For the Original Remaining Premises:
For the Additional Retail Premises:
(d) Reminder Notice . Notwithstanding the above, if (i) Landlord fails to provide a written reminder notice (a
“Reminder Notice”) to Tenant not less than thirty (30) days before the expiration of the 270-day notice deadline in Section 4(a) and 4(b) above
(each such deadline being referred to as an “Option Notice Deadline”), and (ii) Tenant fails to give Landlord an extension notice before the
expiration the Option Notice Deadline, then Tenant’s option to extend shall nevertheless remain in full force and effect for an additional period
of thirty (30) days after written notice from Landlord (given by Landlord after the expiration
of the Option Notice Deadline) advising Tenant that
the extension notice has not been received; provided, however, that in no event will Tenants option to extend remain in full force or effect
beyond the expiration of the then current Term. lf, however, Landlord sends Tenant a Reminder Notice, and Tenant nevertheless fails to give
Landlord an extension notice prior to the expiration the Option Notice Deadline, then Tenant’
s option to extend shall lapse and not remain in full
force or effect beyond the Option Notice Deadline. It is agreed between Landlord and Tenant that it is the intention of the parties under this
Section 4(d) to avoid forfeiture of Tenant’s right to exercise its option to extend through Tenant’s inadvertent or negligent failure to give notice
of extension prior to the expiration of the Option Notice Deadline.
(e) No Decrease in Rent . Notwithstanding anything set forth in this Section 4 to the contrary (including the resetting of
the Base Year under Section 4(a) and 4(b) above), in no event shall the Annual Rent, additional rent and other recurring amounts payable by
Tenant to Landlord in any Lease Year during the First Renewal Term (including the first Lease Year of the First Renewal Term) or the Second
Renewal Term (including the first Lease Year of the Second Renewal Term) be less than the Annual Rent, additional rent and other recurring
amounts payable by Tenant to Landlord in the immediately preceding Lease Year.
5. Parking . Subject to complying with all applicable governmental requirements (including building codes), in addition to the
reserved parking set forth in Section R-10 of the Lease, Tenant shall have the right, at its sole cost and expense, to designate twenty five (25)
additional parking spaces exclusively for the use by Tenant’s customers and marked on the parking bumper “TigerDirect Visitor” in the location
shown on the parking plan attached as Exhibit “E” to this Amendment (the “Additional Parking Spaces”). Notwithstanding anything set forth in
this Section 5 to the contrary, (a) if any person or entity has a contractual right, as of the date hereof, to object to the designation or location of
any Additional Parking Spaces, and (b) without prior communication from Landlord to such person or entity of the granting of the Additional
Parking Spaces to Tenant, such person or entity notifies Landlord in writing that the designation or location of any Additional Parking Spaces
violates such contractual right, then Landlord will notify Tenant in writing of such violation and Tenant will cease to have the right to use such
Additional Parking Spaces, and will remove the designation on all such parking bumpers, within thirty (30) days of such written notice from
Landlord. Furthermore, if Tenant is unable to use any of the Additional Parking Spaces because of applicable governmental requirements
(including building codes) or any of the conditions set forth in this Section 5, the same will not constitute a
6
Rent Per Rentable
Square Foot
Annual Rent
Monthly Rent
First Renewal Term
$
23.00
$
1,905,918.00
$
158,826.50
Second Renewal Term
$
26.45
$
2,191,805.70
$
182,650.47
Rent Per Rentable
Square Foot
Annual Rent
Monthly Rent
First Renewal Term
$
22.50
$
569,700.00
$
47,475.00
Second Renewal Term
$
25.31
$
640,849.20
$
53,404.10