Bank of South Carolina Corporation 10-K


 


Exhibit
10.11 


 





	 	STATE OF SOUTH CAROLINA	 	 
	 	 	 	SECOND AMENDMENT TO LEASE AGREEMENT
	 	COUNTY OF CHARLESTON	 	 



  


THIS
SECOND AMENDMENT TO LEASE AGREEMENT (“Amendment”) is made and entered into this__day of January , 2016, by
and between SUNSET SOUTHSTAR LLC, a North Carolina limited liability company (“Landlord”) and THE BANK OF SOUTH CAROLINA
(“Tenant”).


 


WITNESSETH:


 


WHEREAS,
Weber USA Corporation, as agent for and sole member of Highway 78 Frontage Tracts, LLC (“Weber”) and Tenant are parties
to that certain Lease Agreement dated January 28, 2014 (the “Lease”) for certain premises and improvements described
in the Lease that consist of Suite 100 within a to be constructed building situated in Ingleside on the south side of US Highway
78 and west side of Ingleside Boulevard, as more specifically described in the Lease (“Demised Premises”); and


 


WHEREAS,
Weber assigned the Lease to Landlord and Landlord is the current owner of the Development;

and


 


WHEREAS,
Landlord and Tenant desire to amend the Lease as expressly set forth below.


 


NOW,
THEREFORE, in consideration of the mutual covenants hereinafter contained and the sum of Ten Dollars, the receipt and sufficiency
of which are hereby acknowledged, Landlord and Tenant do hereby agree as follows:


 


1.
SECTION 6(a). The amount Base Rent as defined in Section 6(a) of the Lease shall remain of the same

stated amount and be based on the same adjustments.


 


2.
SECTION 5(a). Section 5(a) of the Lease is deleted in its entirety and replaced with the following:


 


“a.
Initial Term. The initial term of this Lease shall be for a period from the Effective Date (the date set forth on Page
1 of this Lease) up to the Rent Commencement Date, as hereinafter defined in Paragraph 6(e), (the “Initial Term”),
and thereafter will be for a term of fifteen (15) years from the Rent Commencement Date (the “Lease Term”). The Landlord’s
delivery of the Premises to Tenant shall be upon substantial completion of the Landlord’s Work as outlined in Exhibit C.
Landlord’s Work shall commence on or before December 31, 2016 (the “Outside Commencement Date”). If Landlord
has not commenced by the Outside Commencement Date, Tenant shall have the right to terminate this Lease, and neither party shall
have any further liability to the other. Substantial completion of the Landlord’s Work shall occur on or before April 1,
2018(the “Outside Completion Date”)- If Landlord has not completed Landlord’s Work by the Outside Completion
Date, Tenant shall have the right to terminate this Lease, and neither parly shall have any further liability to the other or
extend the time for  Landlord to complete. The Outside Completion Date shall be extended arising out of a force majeure event,
not to exceed one hundred eighty (180) days.


 






     


     


    




 


3. Landlord
Address. The address of the Landlord in Section 7 of the Lease is hereby amended as follows:


 


	 	Sunset
    Southstar, LLC
	 	c/o Tribek
    Properties
	 	Suite 425
	 	2820 Selwyn
    Avenue
	 	Charlotte,
    North Carolina 28209
	 	akelly@tribek,com
	 	Attention:
    Alex Kelly
	 	Direct Office
    Phone: 704-714-2852



 


All
rentals and other sums to be paid by Tenant to Landlord shall be delivered to Landlord at the address above.


 


4. EXHIBIT
C The first sentence of Exhibit C to the Lease is deleted and replaced with the following:


 


“Design
Drawings


 


No
later than October 1, 2016, Landlord shall provide Tenant and Tenant’s architect with initial CAD construction drawings
for Tenant’s review, revisions/additions to the interior specifics of the plans and additional comments.”


 


5. Counterparts.
This Amendment may be executed in two or more counterparts and shall be deemed to have become effective when and only when one
or more of such counterparts shall have been signed by or on behalf of each of the parties hereto (although it shall not be necessary
that any single counterpart be signed by or on behalf of each of the parties hereto, and all such counterparts shall be deemed
to constitute but one and the same instrument) and shall have been delivered by each of the parties to the other.


 


6. Ratification.
It is mutually understood and agreed that the Lease will remain in full force and effect except as specifically modified and amended
by this Amendment. All covenants, terms, obligations, and conditions of the Lease, which are not modified or amended, are hereby
ratified and confirmed.


 


[signatures
appear on following pages]


 






     


     


    




 


SIGNATURE
PAGE FOR

SECOND AMENDMENT TO LEASE AGREEMENT


 


IN
WITNESS WHEREOF, Landlord and Tenant have executed the foregoing Amendment the day
and year first above written.








 





	 	 	LANDLORD:
	 	 	 
	 	Witness:	SUNSET
    SOUTHSTAR, LLC
	 		 
	 	 	 	By:	                        

      (SEAL)
	 	Print
    Name:	Alexander
    G. Kelly 	 	Print
    Name:	E. Blanton
    Hamilton, Jr.
	 	 	Title:	Manager
	 	 	 	 


 


	 	 	TENANT:
	 	 	 
	 	Witness:	THE
    BANK OF SOUTH CAROLINA
	 	 	 
	 	          	 	By:	         
(SEAL)
	 	Print
    Name:	Costa V. Thomas 	 	Print
    Name:	Fleetwood Hassell
	 	 	Title:	President & CEO