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HomeMy WebLinkAbout2021-096DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 SECOND AMENDMENT TO LEASE THIS SECOND AMENDMENT TO LEASE (this "Amendment") is made to be effective July 13 , 2021 (the "Effective Date"), by and between INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS, ("Landlord'), having a notice address 1801 27th Street, Vero Beach, FL 32960 Attn: Public Works Director: and BEAUTY SYSTEMS GROUP LLC, a Virginia limited liability company ("Tenant'), having a notice address at 3001 Colorado Blvd., Denton, Texas 76210, Attn: Real Estate, Store No. 10398. WITNESSETH: WHEREAS, Landlord's predecessor and Tenant entered into that certain Lease, dated April 1, 2014 with all subsequent amendments and extensions thereto, collectively hereinafter referred to as the "Lease"; and WHEREAS, Landlord extended lease with First Amendment to Lease, dated September 10, 2019 WHEREAS, Landlord purchased Sebastian Corners ("Shopping Center") and was assigned the Lease whereby Landlord and Tenant are the current panties to the Lease for that certain retail premises consisting of 1,600 leasable square feet more particularly described in the Lease ("Premises") such Premises being part of Shopping Center located on real property more particularly described in the Lease, in the City of Sebastian and State of Florida; and WHEREAS, the term of the First Amendment to Lease should expire on September 30, 2021; due to 2020 pandemic Landlord agreed to two month rent abatement extending the Lease thru November 30, 2021; and WHEREAS, Landlord and Tenant now desire to extend the term of the Lease and document other mutually agreed upon modifications, all as more fully set forth below; NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: LEASE MODIFICATIONS A. Lease Term. The term of the Lease is hereby extended for a period of One (1) year period such that the term shall now expire on November 30, 2022 (the period from December 1, 2021, through November 30, 2022, herein the "Extension Period"). Notwithstanding anything to the contrary contained in the Lease, the Minimum Annual Rent during the Extension Period shall be $1,666.67 per month. B. No Option. The parties hereto acknowledge and agree that Tenant shall have no further right or option to renew or otherwise extend the Lease upon the expiration of the Extension Period. At the end of the Extension Period. the Lease shall terminate and Tenant shall return possession of the Premises to Landlord in accordance with the terms of the Lease. C. Insurance. Notwithstanding any other provisions contained in the Lease, the Landlord hereby approves of the form and content of the insurance certificates attached to this Amendment as Exhibit A (the "Approved Insurance Certificates") and further agrees that, provided the Tenant maintains at least the insurance coverages set out in the -1- DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 Approved Insurance Certificates, excluding the Umbrella Liability, the Tenant will be deemed to be in compliance with its insurance obligations under the terms of the Lease. II, MISCELLANEOUS 1. Notwithstanding anything to the contrary contained in the Lease, Landlord hereby waives any lien, statutory or otherwise, that Landlord may have on Tenant's fixtures and personal property. 2. All capitalized terms not defined herein shall have the same meaning as set forth in the Lease. 3. All the other terms and conditions of the Lease not specifically modified by this Amendment shall remain in full force and effect 4. Landlord warrants and represents that it is the owner of the Shopping Center and the Premises and has the right, power and authority to execute this Amendment. 5. This Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, executors, administrators, successors and assigns. 6. The captions, section numbers and paragraph numbers appearing in this Amendment are inserted only as a matter of convenience and in no way define, amplify, limit, construe, or describe the scope or intent of any section of this Amendment. 7. This Amendment and the Lease contain the entire agreement between Landlord and Tenant, and supersede any prior agreements with respect thereto. Except for the warranties, representations, contingencies, conditions and/or agreements set forth in this Amendment and the Lease, no warranties, representations, contingencies, conditions, and/or agreements have been made by Landlord or Tenant, one to the other or between them. 8. This Amendment may be executed in multiple counterparts each of which when taken together shall constitute a binding agreement. This Amendment may be executed and delivered by electronic copy or via facsimile, which such electronic copy or facsimile signatures and delivery shall be valid and binding the same as if original documents were delivered. LANDLORD AND TENANT DO HEREBY RATIFY AND AFFIRM THE SAID TERMS AND COVENANTS OF SAID LEASE AS AMENDED HEREIN. IN THE EVENT OF A CONFLICT BETWEEN THE TERMS OF THE LEASE AND THE TERMS OF THIS AMENDMENT, THE TERMS, PROVISIONS AND CONDITIONS OF THIS AMENDMENT SHALL PREVAIL AND CONTROL. [REMAINDER OF THE PAGE IS INTENTIONALLY LEFT BLANK] [SIGNATURES ON THE NEXT PAGE] -2- DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be effective on the Effective Date first set forth above. LANDLORD: oJ`��"�o h?Miss . BOARD OF COUNTY COMMISSIONci62' o✓Fy ` INDIAN RIVERCOU TY, FLORIDA: E ;_j Appfoved as to form g I sufficiency F escher, airman �9y • , Approved: July 13 , 2021;Q; °�FR Cou�31 �:.William K. DeBraal Deputy County Attorney Attest: Jeffrey R. Smith, Clerk of Court and Comptroller By. / Deputy Clerk TENANT: SALLY BEAUTY SUPPLY LLC, a Virginia limited liability company DocuSigned by: By:nAb JAbfX' EDBDOAB738A448E... Name: Brenda Rutenber Title: Group Vice President of Stores - Sally -3- Approved: By b Jason E. B ow County A in' trator DocuSlgn Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 EXHIBIT A APPROVEDINSURANCE CERTIFICATES -4- DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 ( -,..., ACCOR0" CERTIFICATE OF LIABILITY INSURANCE 11/16/2021 r DATE(MMIDDNYYY) 11/16/2020 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder Is an ADDITIONAL INSURED, the pollcy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder In Ileu of such endorsement(s). PRODUCER LOCKTON COMPANIES 2100 ROSS AVENUE, SUITE 1400e DALLAS TX 75201 214-969.6700 N E D ; AX(AICNo E-MAIL ADDRESS: I SU S) AFFORDING COVERAGE NAIC INSURERA: Safe National Casual Corporation 15105 INSURED Sa y Beauty o dings nc., Sally Beau 1454045 Supply, LLC, Beauty Slystems Group, LLC, 5a ly Beado Puerto Rico Armstrong cCall L.P. 3001 Colorado Blvd, Denton TX 76210 INSURER B: Commerce and Indus Insurance Company 19410 INSURER C : INSURER D INSURER INSURER COVERAGES CERTIFICATE NUMBER: 15800928 REVISION NUMBER• V -v THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY. THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. (NSR LTR TYPE OF INSURANCE ADDL (NSD SUBR POLICY NUMBER M LISY EFF POLICCY EXP LIMITS A X COMMERCIAL GENERAL LIABILITY y y GL 4045090 11/1612020 11/16/2021 EACH OCCURRENCE$2,000,000 CLAIMS MADE � OCCUR PREMISES Ea occcuffence$2,000000 MED EXP An one person)Excluded X SIR $500.000 PER &ADV INJURY $ Z OOO OOO GEN'LAGGREGATE LIMIT APPLIES Loc R: X POLICY❑5E, LOC GENERAL AGGREGATE s4 , 000 000 PRODUCTS -COMPIOPAGG $ 4000000 $ OTHER A AUTOMOBILE LIABILITY X ANYNAUTO gC AURTOS ONLY AUTOSULED N N CA 6675824 11/16/2020 11/16/2021 a IIIdEIISINGLE LIMIT s2,000,000 BODILY INJURY (Per person) $ BODILY INJURY (Per accident $riX AUTOS ONLY AUT03 ONLY PROPERTY DAMAGE $ XXXm x $XXXXXXX B X . UMBRELLA LIAB X JOCCUR N N 18198160 11/16/2020 11/16/2021 EACH OCCURRENCE $ _10,000,000 EXCESS LIAR CLAIMS -MAD AGGREGATE $ 10.000.000 DED I I RETENTION $ $ = A A A A WORKERS COMPENSATION AND EMPLOYERS' LIABILITY YIN ANYPROPMEiORIPARTNERIEXECUTIVE OFFICERIMEMBERI7CCLUOEDI N� (Myandaloryln NH) DESAbeunder CRIPesdeTION OF OPERATIONS below NIA N AOS)LDS4045085 PS4045088 O SP4063939 EXCCSS WC $500,000 SIR 11/16/2020 11/16/2020 11/16/2020 11/16/2020 11/16/2021 11/16/2021 11/16/2021 11/16/2021 X I STATUTE I ER ELEACHACCIDENr $ 1,000,0 00 EL DISEASE -EA EMPLOYEE 1000,000 EL DISEASE -POLICY OMIT is 1,000,000 DESCRIPTION OF OPERATIONS f LOCATIONS 1 VEHICLES (ACORD 101, Additional Remarks Schedule, maybe attached If more space Is required) THIS CERTIFICATE SUPERSEDES ALL PREVIOUSLY ISSUED CERTIFICATES FOR THIS HOLDER, APPLICABLE TO THE CARRIERS LISTED AND THE POLICY TERM(S) REFERENCED. Covered locations include all of Insureds' stores with lease agreements in effect or executed during the policy Period The general liability policy includes a blanket automatic additional insured endorsement that provides additional insured status to the certificate holder only when there Is a written contract between the named insured and the certificate holder that requires such status. The general liability, workers' compensation, and excess workers' compensation policies include a blanket automatic waiver of subrogation endorsement that provides this feature only when there is a written contract between the named insured and the certificate holder that requires it. n �n•r, -� n w�.- . 4/1i\NCLLFl11VrY atmntaenments SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. 15800928 AUTHORIZED REPRESENTATIVE Third Party Who Requires Evidence of Insurance ACORD 25 (2016/03) ©1988 2015 ACORD CORPORATION. All rights reserved I no AGORD name and logo are registered marks of ACORD DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 i POLICY NUMBER: GL 4045090 COMMERCIAL GENERAL LIABILITY CG 20 110413 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED MANAGERS OR LESSORS OF PREMISES This endorsement modifies Insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE PART All locations owned by, leased to or occupied by the insured. Name Of Person(s) Or Organization(s) (Additional Insured): As required by written contract or agreement when such written contract or agreement is executed prior to an occurrence, offense or loss to which this endorsement applies, but only for the limits agreed to in such contract or the Limits of Liability provided by this policy, whichever is less. Any individually scheduled additional insureds shall not be construed to override nor negate this blanket additional insured. Included Information required to complete this Schedule, if not shown above, will be shown in the Declarations. A. Section 11— Who Is An Insured is amended to include as an additional insured the person(s) or organization(s) shown in the Schedule, but only with respect to liability arising out of the ownership, maintenance or use of that part of the premises leased to you and shown in the Schedule and subject to the following additional exclusions: This insurance does not apply to: 1. Any 'occurrence" which takes place after you cease to be a tenant in that premises. 2. Structural alterations, new construction or demolition operations performed by or on behalf of the person(s) or organization(s) shown in the Schedule: However. 1. The insurance afforded to such additional Insured only applies to the extent permitted by law; and 2. If coverage provided to the additional insured Is required by a contract or agreement, the insurance afforded to such additional insured will not be broader than that which you are required by the contract or agreement to provide for such additional insured. B. With respect to the insurance afforded to these additional insureds, the following is added to Section III — Limits Of Insurance: If coverage provided to the additional insured is required by a contract or agreement, the most we will pay on behalf of the additional insured is the amount of insurance: 1. Required by the contract or agreement; or 2. Available under the applicable Limits of Insurance shown in the Declarations; whichever is less. This endorsement shall not increase the applicable Limits of Insurance shown in the Declarations. CG 20 1104 13 0 Insurance Services Office, Inc., 2012 Page 1 of 1 DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 Attachment Goae: UJJ�PLU8 Uertiticate 11J: 1-166 431 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED BY CONTRACT OR AGREEMENT PRIMARY BASIS This endorsement modifies insurance provided under the following Coverage Form: COMMERCIAL GENERAL LIABILITY PRODUCTS/COMPLETED OPERATIONS LIABILITY LIQUOR LIABILITY POLLUTION LIABILITY This endorsement changes the policy effective on the inception date of the policy unless another endorsement effective date is indicated below. SCHEDULE Name of Additional Insured Person(s) or Organization(s): As required by written contract or agreement when such written contract or agreement is executed prior to an occurrence, offense or loss to which this endorsement applies, but only for the limits agreed to in such contract or the Limits of Liability provided by this policy, whichever is less. Any individually scheduled additional insureds shall not be construed to override nor negate this blanket additional insured. Designated Project, Location, or Work of Covered Operations: escribecl person(s) As per written contract or agreement with the above described persons) or organization(s) CHANGES SECTION II - WHO IS AN INSURED is amended to include: 4. The person(s) or organization(s) shown in the Schedule above with whom you have agreed in a written contract to provide insurance such as is afforded under this Coverage Form, is included as an Additional Insured subject to the below: a. Insurance for such Additional Insured(s) scheduled above shall be afforded only to the extent that such Additional Insured is liable for "bodily injury", "property damage" or "personal and advertising injury" caused by your acts or omissions while actively engaged in the performance of your ongoing operations involving the project(s), locations(s), or work designated in the Schedule and as specified in the contract between you and the above scheduled Additional Insured(s). b. The insurance afforded under this Coverage Form to such Additional Insured(s) applies only: (1) If the "occurrence" or offense takes place subsequent to the execution and effective date of such written contract: and, (2) While such written contract is in force, or until the end of the policy period, which ever occurs first. c. How Limits Apply to Additional Insured(s) The most we will pay on behalf of the Additional Insured(s) scheduled above is the lesser of: (1) The limits of insurance specified in the written contract or written agreement; or, (2) The Limits of Insurance provided by the Coverage Form. SNGL 023 1209 Safety National Casualty Corporation Page 1 of 2 DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 Attactiment Uoae: 1JJJ32Uis l;eruncate i1-): 1Jb6J431 The amount we will pay on behalf of such Additional Insured(s) shall be a part of, and not in addition to, the Limits of Insurance shown in the Coverage Form Declarations and described in this section. Such amount will thus not increase the Limits of Insurance shown for the Coverage Form. d. Obligations at the Additional Insured's Own Cost No Additional Insured will, except at their own cost, voluntarily make a payment, assume any obligation, or incur any expense, other than for first aid, without our consent. SECTION IV — CONDITIONS is amended by deleting item a. Primary Insurance under 4. Other Insurance and replacing such item by the following, only with respect to insurance provided to the Additional Insured(s) shown in the above Schedule: a. Primary Insurance and/or Primary and Non -Contributory Insurance This insurance is primary if you have agreed in a written contract that this insurance is to be primary. If you have agreed in a written contract that this insurance is primary and non-contributory with the Additional Insured(s) own insurance, this insurance is primary, and we will not seek contribution from that other insurance. The Additional Insured(s) scheduled above shall be subject to all other conditions set forth in the Coverage Form. This endorsement does not alter coverage provided in the Coverage Form. This endorsement changes the policy to which it is attached and is effective on the date issued unless otherwise stated. (The information below is required only when this endorsement is issued subsequent to Endorsement Effective 11/16/2020 Policy No. GL 4045090 Named Insured SALLY BEAUTY HOLDINGS, INC. Insurance Company Safety National Casualty Corporation Countersigned By Endorsement No. Premium $ Included Page 2 of 2 Safety National Casualty Corporation SNGL 023 1209 DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 POLICY NUMBER: GL 4045090 COMMERCIAL GENERAL LIABILITY CG 24 04 05 09 WAIVER OF TRANSFER OF RIGHTS OF RECOVERY AGAINST OTHERS TO US This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE PART PRODUCTS/COMPLETED OPERATIONS LIABILITY COVERAGE PART SCHEDULE lame Of Person Or Organization: erson(s) or Organization(s) as required by written contract when uch written contract is executed prior to an occurrence, offense or oss to which this endorsement applies. ny individually scheduled Waivers shall not be construed to override or negate this blanket Waiver. this Schedule, if not shown above, will be shown in the The following is added to Paragraph 8. Transfer Of Rights Of Recovery Against Others To Us of Section IV — Conditions: We waive any right of recovery we may have against the person or organization shown in the Schedule above because of payments we make for injury or damage arising out of your ongoing operations or "your work" done under a contract with that person or organization and included in the "products -completed operations hazard". This waiver applies only to the person or organization shown in the Schedule above. CG 24 04 05 09 © Insurance Services Office, Inc., 2008 Page 1 of 1 nnruSinn FnvelnnP IR R66Fnl76-5g3F-4g5R-AR56-22425F84AFF6 AcoRv® EVIDENCE OF COMMERCIAL PROPERTY INSURANCE DATE(MMIDD/YY" 4/30/2021 THIS EVIDENCE OF COMMERCIAL PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE ADDITIONAL INTEREST NAMED BELOW. THIS EVIDENCE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS EVIDENCE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE ADDITIONAL INTEREST. PRODUCER NAME, PHONE 214-969-6700 CONTACT PERSON AND ADDRESS C N 6 COMPANY NAME AND ADDRESS NAIL NO: 16535 LOCKTON COMPANIES Zurich American Insurance Company 2100 ROSS AVENUE, SUITE 1400 Actual Loss Sustained, # of months: DALLAS TX 75201 IF MULTIPLE COMPANIES, COMPLETE SEPARATE FORM FOR EACH FAX EMAIL AIC No): I ADDRESS: CODE: SUB CODE: POLICY TYPE Property AGENCY CUSTOMER ID Attach Disclosure Notice / DEC NAMED INSURED AND ADDRESS Sally Beauty Holding, Inc., Sally Beauty Supply, LOAN NUMBER POLICY NUMBER 1120608 LLC, Beauty Systems Group, LLC PPRO281382-04 Sally Beauty de Puerto Rico, Inc X EFFECTIVE DATE EXPIRATION DATE LIMITED FUNGUS COVERAGE Armstrong McCall, L.P. 3001 Colorado Blvd. If YES, LIMIT: 500k oc/1M agg DED: $75,000 CONTINUED UNTIL Denton TX 76210 4/30/2021 4/30/2022 El TERMINATED IF CHECKED ADDITIONAL NAMED INSUREDS) THIS REPLACES PRIOR EVIDENCE DATED: PROPERTY INFORMATION ACORD 101 maybe attached if mores ace Is required) ® BUILDING OR ® BUSINESS PERSONAL PROPERTY LOCATION I DESCRIPTION THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS EVIDENCE OF PROPERTY INSURANCE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. CAVERAr.P YRt11:47RMATlr]Id DFOn Q tmQi IDFn 1 1 aesiP I I uonen I X' I aDEPlA1 1 I COMMERCIAL PROPERTY COVERAGE AMOUNT OF INSURANCE: $ 10,000,000 DED: $75,000 YES NO NIA ® BUSINESS INCOME ❑ RENTAL VALUE X If YES, LIMIT: Actual Loss Sustained, # of months: BLANKET COVERAGE X If YES, Indicate value(s) reported on property identified above: $ TERRORISM COVERAGE x Attach Disclosure Notice / DEC IS THERE A TERRORISM -SPECIFIC EXCLUSION? x IS DOMESTIC TERRORISM EXCLUDED? X LIMITED FUNGUS COVERAGE X If YES, LIMIT: 500k oc/1M agg DED: $75,000 FUNGUS EXCLUSION (If "YES", specify organization's form used) x REPLACEMENT COST X AGREED VALUE X COINSURANCE X If YES, % EQUIPMENT BREAKDOWN (If Applicable) X If YES, LIMIT: Various DED: $75,000 ORDINANCE OR LAW -Coverage for loss to undamaged portion of bldg X If YES, LIMIT: Included DED: $75,000 - Demolition Costs x If YES, LIMIT: $10,000,000 DED: $75,000 - Incr. Cost of Construction X If YES, LIMIT: $10,000,000 DED: $75,000 EARTH MOVEMENT (If Applicable) x If YES, LIMIT: Various DED: Various FLOOD (If Applicable) x If YES, LIMIT: Various DED: Various WIND / HAIL INCL ❑X YES ❑ NO Subject to Different Provisions: X IfYES, LIMIT: Various DED: $75,000 NAMED STORM INCLx❑ YES ❑ NO Subject to Different Provisions: X if YES, LIMIT: Various DED: Various PERMISSION TO WAIVE SUBROGATION IN FAVOR OF MORTGAGE HOLDER PRIOR TO LOSS X GANGELLATIDN SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUUI I IVNAL IN 1 tK=1 l ru t13]41U101 tU54UX13J CONTRACT OF SALE LENDER'S LOSS PAYABLE LOSS PAYEE LENDER SERVICING AGENT NAME AND ADDRESS MORTGAGEE . H Lj NAME AND ADDRESS 597074 For Information Only AUTHORIZED © 2003 2015 ACORD CORPORATION. All rights reserved. ACORD 28 (2016/03) The ACORD name and logo are registered marks of ACORD DocuSign Envelope ID: B66ED176-593F-4958-AB56-22425F84AFF6 Attachment Code: 0548270 Master 1D: 1120608, Certificate 1D: 597074 Named Insured(s): Sally Beauty Holdings, Inc. Sally Beauty Supply, LLC Beauty Systems Group, LLC Armstrong McCall, L.P. Policy Period: 4/30/2021 — 4/30/2022 6.13.04 — SUBROGATION The Insured is required to cooperate in any subrogation proceedings. To the extent of the Company's payment, the Insured's rights of recovery against any party are transferred to the Company. The Company acquires no rights of recovery that the Insured has expressly waived prior to a loss, nor will such waiver affect the Insured's rights under this Policy. Any recovery from subrogation proceedings, less costs incurred by the Company in such proceedings, will be payable to the Insured in the proportion that the amount of any applicable deductible and/or any provable uninsured loss, bears to the entire provable loss amount.