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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] 2 Landlord The City of Richmond, Indiana By: r Printed Name: Title: rNl.t�if�Q Tenant Economic Development Corporation of Wayne County Indiana, an Indiana non-profit corporation i • Printed Name: VAjj�j� !�hlx'WqW 1 dJJL9 Subtenant The Stride Rite Corporation, a Massachusetts corporation By: _24V Printed Name: raiz'4, Leh ,, Title: ll12"( Alkwe 20121494