HomeMy Public PortalAboutAddendum No. 1 to Contract No. 21-2014 - Lease - EDC - Stride RiteFIRST AMENDMENT TO LEASE AND SUBLEASE
THIS FIRST AMENDMENT TO LEASE AND SUBLEASE ("Amendment") is made
effective as of May _, 2020 ("Effective Date"), by and among the City of Richmond, Indiana
("Landlord"), the Economic Development Corporation of Wayne County, Indiana ("Tenant" or
"Sublandlord"), and the Stride Rite Corporation ("Subtenant"). Landlord, Tenant, and Subtenant
are each a "Party" and collectively, the "Parties."
RECITALS
A. Pursuant to the Lease and Sublease dated March 12, 2014 ("Agreement"),
Landlord leases to Tenant and Tenant subleases to Subtenant certain property located at 1400 and
1500 Industries Road, Richmond, Indiana consisting of approximately eleven (11) acres and certain
buildings thereon ("Leased Property").
B. The Parties desire to amend the Agreement to modify the Rent as specifically
provided herein.
C. Capitalized terms not otherwise defined herein, have the meanings assigned to them
in the Agreement.
NOW, THEREFORE, in consideration of the mutual agreements contained in this
Amendment and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and notwithstanding anything contained in the Agreement to the contrary,
the Parties agree as follows.
1. Rent. Fifty percent (50%) of all Rent payable under the Agreement for April 2020,
May 2020, June 2020, July 2020, August 2020, September 2020, October 2020, November 2020,
and December 2020, shall be deferred as described in this Amendment ("Deferred Rent"). The
Deferred Rent need not be paid when originally due under the Agreement. Instead, the Deferred
Rent may be paid by Subtenant at any time on or before the expiration of the Initial Term of the
Agreement. The Deferred Rent may be paid as a lump sum, by installments, or by any other
reasonable method determined by Subtenant, provided that the entire amount of Deferred Rent is
paid on or before the expiration of the Initial Term.
2. Payment of Non -Deferred Portion of April 2020 and May 2020 Rent. As of the
date of this Amendment, Subtenant has not paid any portion of the Rent for April 2020 and May
2020. The Parties agree that Subtenant may pay the non -deferred portion of the Rent for April
2020 and May 2020 (i.e. fifty percent (50%) of such Rent) within ten (10) business days after the
Effective Date of this Amendment and Subtenant agrees to pay such portion of the April 2020 and
May 2020 Rent within such time period.
3. No Default. The Parties acknowledge and agree that the Agreement is in full force
and effect and that Subtenant is in full compliance with the Agreement. The Parties further
acknowledge, agree and confirm that, as of the Effective Date of this Amendment, there are no
Addendum No. 1 to Contract No. 21-2014
defaults or breaches by Subtenant under the Agreement and no conditions which with the passage
of time or giving of notice or both would become a default of Subtenant under the Agreement.
4. Force and Effect. Except to the extent specifically modified by this Amendment,
the Agreement shall remain in full force and effect. The Parties specifically acknowledge and
agree that Tenant's and Subtenant's rights to exercise the Extension Option and the Tenant
Extension Option pursuant to Section 1.3 of the Agreement and Subtenant's Acquisition Right
pursuant to Section 12 of the Agreement remain valid and in full force and effect.
5. Conflict, Miscellaneous. Any conflict between the provisions of this Amendment
and the Agreement shall be resolved in favor of this Amendment. The term "Agreement" as used
herein shall where appropriate include the terms of this Amendment. The Agreement as amended
by this Amendment shall remain in full force and effect and is ratified and affirmed. This
Amendment may be signed in several counterparts, all of which will be deemed an original but all
of which together will be one and the same instrument. Faxed signatures, or scanned and
electronically transmitted signatures on this Amendment, shall be deemed to have the same legal
effect as original signatures. If any provision in this Amendment is found by a court of law to be
in violation of any applicable ordinance, statute, law, administrative or judicial decision, or public
policy, and if such court should declare such provision to be illegal, void or unenforceable as
written, then such provision shall be given force to the fullest possible extent that the same is legal,
valid and enforceable, and the remainder of this Amendment shall be construed as if such provision
were not contained therein. The Parties have each signed this Amendment freely after consultation
with and on the advice of counsel of their choice, and without relying on any understanding,
covenant, agreement, representation or warranty not expressly included in this Amendment.
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to the
Agreement to be duly executed the day and year first written above.
[signatures of following page]
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Landlord
The City of Richmond, Indiana
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Tenant
Economic Development Corporation of Wayne County Indiana,
an Indiana non-profit corporation
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Subtenant
The Stride Rite Corporation,
a Massachusetts corporation
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Printed Name: raiz'4, Leh ,,
Title: ll12"( Alkwe
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