Bank of South Carolina Corporation 10-K


 





Exhibit
10.10 


 





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


 


 


THIS
FIRST AMENDMENT TO LEASE AGREEMENT (“Amendment”) is made and entered into this 30 day of April, 2015, 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 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 October 1, 2015 (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 February 1, 2017(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 party 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.


 






     


     


    

 


2. 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,


 


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


 


“Design
Drawings


 


No
later than September 1, 2015, 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.”


 


4. 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.


                     
 


5.  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

FIRST 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:	Charlotte Morrow 	 	Print
    Name:	Fleetwood Hassell
	 	 	Title:	President & CEO