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HomeMy WebLinkAbout2018-200Mattress Firm # 052123 AMENDMENT TO LEASE This Amendment to Lease (this "Amendment") is made effective October 1, 2018 between Indian River County ("Landlord"), and Mattress Firm, Ine.("Tenant"). RECITALS WHEREAS, Landlord and Tenant executed that certain lease agreement dated 3/19/2010 (as amended from time to time thereafter, the "Lease"), in regard to certain premises containing approximately 4800 square feet of leasable floor area located at 1919 U.S. Highway 1, Sebastian, FL, as more particularly described in the Lease; and WHEREAS, Landlord and Tenant desire to modify certain terms and conditions of the Lease. NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, Landlord and Tenant hereby agree as follows: 1. Landlord and Tenant acknowledge and agree that the current term of the Lease is set to expire as of 4/30/2022. Landlord and Tenant further acknowledge and agree that notwithstanding anything to the contrary contained in the Lease, base rent for the remainder of the current term through such revised date shall be $11.78 per square foot or $56,544.00 annually, payable in 12 monthly installments of $4,712.00. 2. Landlord and Tenant acknowledge and agree that, following the expiration of the current term, Tenant shall have an option to further extend the lease term for an additional five (5) year period from 5/1/2022 to 4/30/2027 (the "Option Term"), exercisable upon at least one hundred eighty (180) days written notice by Tenant and the base rent for the Option Term shall be $13.50 per square foot or $64,800.00 annually, payable in 12 monthly installments of $5,400.00. Notwithstanding anything in the Lease to the contrary, the lease term shall not automatically extend and the Option Term shall only commence if Tenant has provided written notice of its election to exercise the option. Further, Landlord and Tenant acknowledge and agree that there is no right to extend the Lease past the stated Option Term. 3. Notwithstanding anything to the contrary contained in the Lease, Landlord and Tenant acknowledge and agree that any notices required or permitted to be sent to Tenant under the Lease shall be addressed as follows: Tenant: Mattress Firm # 052123 c/o Mattress Firm, Inc. 10201 South Main Street Houston, Texas 77025 Attention: Real Estate Department With a copy of default notices, if any, to: Mattress Firm # 052123 c/o Mattress Firm, Inc. 10201 South Main Street Houston, Texas 77025 Attention: Lease Admin. Department MATTRESS FIRM -AMENDMENT - # 052123 4. Landlord hereby acknowledges and agrees that all base rent and additional rent otherwise payable in respect of October 2018 and February 2019 is hereby abated and forgiven. 5. Landlord and Tenant each represents to the other that the party signing this Amendment on its behalf has the authority to do so and has received all necessary consents and approvals to enter into the agreement set forth in this Amendment and such agreement shall be binding upon Landlord and Tenant and their respective successors and assigns. 6. Except as modified as set forth in this Amendment, all of the terms and provisions of the Lease remain unchanged and in full force and effect and Landlord and Tenant ratify and confirm same. Landlord and Tenant acknowledge and agree that the Lease, as modified by this Amendment, sets forth the entire agreement between Landlord and Tenant. In case of any conflict between the terms and provisions of the Lease and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall control. 7. This Amendment may be executed in counterparts, each of which shall constitute an original, and which together shall constitute one and the same agreement. This Amendment may be executed or delivered by electronic or facsimile means, and copies of executed signature pages stored electronically in portable document format (.pdf) shall be binding as originals. Neither party shall record this Amendment without the express prior written consent of the other. 8. All terms and definitions used in this Amendment not herein defined are to be given the definition of the term as provided in the Lease, unless specifically stated otherwise. IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day and year first above written. See Attached Landlord Signature Page Tenant: Mattress Firm, Inc. By: Name:'- a Its: Gia UA MATTRESS FIRM -AMENDMENT - # 052123 IN WITNESS WHEREOF, the Landlord has executed this Amendment as of the Effective Date. BOARD OF COUNTY COMMISSIONERS INDIA RIVER COUNTY, FLORIDA BY: Peter D. O'Bryan, Chair an BCC Approved: Ncn,-mber 4,2ua Attest: Jeffrey R. Smith, Clerk of Court and Comptroller By: e ty Clerk Approved as to form and legal sufficiency d#4*,W illiam K. DeBraal Deputy County Attorney Approved: By ',,— Jason E ' )-istrator n County dm