LEASE AMENDMENT III



Exhibit 10.31


LEASE AMENDMENT V



 

THIS LEASE AMENDMENT (the "Amendment") is made as of the 1st day of September 2000, by and between SMALLWOOD VILLAGE ASSOCIATES ("Landlord") and American Rental Management Company ("Tenant").


 

 

WITNESSETH:



 

WHEREAS, Landlord and original tenant entered into a lease for certain commercial space in Smallwood Village Shopping Center, St.Charles, Maryland dated December 1, 1987 (the "Lease"; and 


WHEREAS, Lease was amended by Lease Amendment dated February 1, 1989; and 


WHEREAS, Lease was further amended by Lease Amendment II dated December 1, 1992; and 


WHEREAS, Lease was assigned to American Rental Management Company by Assignment and Assumption dated September 1, 2000; and


WHEREAS, Tenant wishes to further amend the Lease by decreasing square footage of the premises.


NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the parties agree as follow:


	In Article 1 of Lease, the number "3,509" square feet which was amended to read "4,734" square feet was amended to read "6,120" square feet is now further amended to read "3.980" square feet.
	Rental charge will be according to the attached schedule on page 3.
	Except as specifically modified by this Amendment, the terms and provisions of the Lease will continue in full force and effect.




 

 

 

Page 1 of 2


 

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or caused this Amendment to be executed by their duly authorized representatives.


	




ATTEST:
	
By:
	
SMALLWOOD VILLAGE ASSOCIATES

INTERSTATE BUSINESS CORPORATION

General Partner

	
/s/ Pamela R. Polly
	 	
/s/ J. Michael Wilson

	 	 	 
	
WITNESS:
	
By:
	
American Rental Management Company

	
/s/ Pamela R. Polly
	 	
/s/ Cynthia L. Hedrick, Vice President

Tenant





 

State of Maryland

SS:

County of Charles


Before me, a Notary Public in and for the jurisdiction aforesaid, personally appeared this date J. Michael Wilson.  Personally well known (or satisfactorily proven) to me to be the President of Interstate Business Corporation a Delaware corporation, who being by me first duly sworn, did acknowledge that he/she, as the duly authorized officer of said Corporation, executed the foregoing and annexed instrument, in the name and on behalf of the Corporation, as its free act and deed for the uses and purposes contained herein.


WITNESS my hand and official seal this 2nd day of November, 2000.


	
/s/ Elizabeth K. Clayton

Notary Public
	
My commission expires 11/30/01





 

 

 

 

Page 2 of 3


 

	
Square Feet
	
Rent per

 Square Foot
	
Annual 

Minimum Rent
	
Monthly

 Minimum Rent
	
CAM
	
Total Monthly Rent

	
	
	
	
	
	

	
1/3 of 2016=672 sq. ft
	
 $         4.00 
	
 $ 2,688.00 
	
 $     224.00 
	
 $        -   
	
 $   224.00 

	
1/3 of 1386=462 sq. ft.
	
            4.00 
	
  1,848.00 
	
       154.00 
	
          -   
	
      154.00 

	
1145 sq. ft.
	
            9.75 
	
  11,163.72 
	
       930.31 
	
     85.87 
	
   1,016.18 

	
628 sq. ft.
	
          11.88 
	
    7,463.04 
	
       621.92 
	
     68.03 
	
      689.95 

	
348 sq. ft.
	
            9.45 
	
    3,288.60 
	
       274.05 
	
     26.10 
	
      300.15 

	
725 sq. ft.
	
-
	
-
	
-
	
-
	
-

	
	
	
	
	
	





 

 

Interstate Business Corporation

Executive Offices:  222 Smallwood Village Center, St. Charles, Maryland 20602

(301) 645-6833 or Metro-D.C. 843-7333


 

 

September 1, 2000


 

 

 

Smallwood Village Associates

222 Smallwood Village Center

St. Charles, Maryland 20602


American Rental Management Company

222 Smallwood Village Center

St. Charles, Maryland 20602


Re:Lease from Smallwood Village Associates

To American Rental Management Company


Ladies and Gentlemen:


In connection with the lease amendment dated September 1, 2000 (the "ARMC Lease") between Smallwood Village Associates ("SVA"), as Landlord, and American Rental Management Company ("ARMC"), as Tenant, the undersigned, Interstate Business Corporation ("IBC"), agrees to bear the responsibility for subleasing all or part of the premises demised under the ARMC Lease if ARMC decides to vacate said premises and sublease same in accordance with said ARMC Lease.

 

We understand that you will rely on the assurance provided in this letter and that you may disclose this letter to lender(s) with mortgage(s) or deed(s) of trust on the Smallwood Village Center property.


Very truly yours, 

INTERSTATE BUSINESS CORPORATION


 

 

By: /s/ J. Michael Wilson

     James Michael Wilson

     President