FIRST AMENDMENT TO LEASE AGREEMENT


 


 


This First Amendment
to Lease Agreement ("First Amendment") is made as of the Effective Date (defined below) by SOUTH TOWN CENTER,
LLC, a Michigan limited liability company, with offices at 4463 Wilson Avenue, S.W., P.O. Box #46, Grandville, Michigan 49468
("Landlord"), and GRAND RIVER BANK, a Michigan banking corporation, with offices at 4471 Wilson Avenue,
S.W., Grandville, Michigan 49418 ("Tenant"), with reference to the following:


 


 


Background


 


A.Landlord and Tenant entered into
a Lease Agreement dated December 10, 2010 (the "Lease"), for office space in the South Town Center Building (the
"Leased Premises"), having a mailing address of 4471 Wilson Avenue, S.W., Grandville, Michigan. The Leased Premises
consists of approximately 2,352 square feet of office space on the upper level of the Building, 1,100 square feet of space on the
lower level of the Building, and three drive-thru banking stalls containing a total of approximately 1,250 square feet.


 


B.Landlord has approximately 2,350
square feet of space on the upper level of the Building and 1,100 square feet on the lower level of the Building available for
rent that is contiguous to the Leased Premises, as shown on the site plan attached as Exhibit A (the "Available
Space"). Tenant desires to lease the Available Space from Landlord and Landlord desires to lease the Available Space to
Tenant.


 


C.Landlord and Tenant desire to
amend the Lease to increase the size of the Leased Premises, and to adjust rent and additional Tenant expenses. Accordingly, Landlord
and Tenant are entering into this First Amendment.


 


 


Agreement


 


In consideration of
their mutual covenants, the parties agree as follows:


 


1.Capitalized Terms. The
capitalized terms not otherwise defined in this First Amendment shall have the same meaning as in the Lease.


 


2.Additional Space. As
of the Effective Date, the Leased Premises shall be increased by the addition of the Available Space, consisting of approximately
2,350 square feet of space on the upper level of the Building and 1,100 square feet of space on the lower level of the Building,
as shown on the attached Exhibit A. The Available Space will increase the size of the Leased Premises to approximately
8,152 square feet.


 



    	 



    	 	



    



 


3.Term.
The term of the lease for the Additional Space shall run from the Effective Date until December 31, 2013. As of November 1, 2011
(the "Adjusted Rent Commencement Date"), rent shall be increased as described in Section 4 of this First Amendment.


 


4.Rent.
Tenant is currently paying rental for the Leased Premises at a rate of Four Thousand One Hundred 00/100 Dollars ($4,100.00) per
month. The rental rate for the Additional Space is Two Thousand One Hundred and 00/100 Dollars ($2,100.00) per month. As of the
Adjusted Rent Commencement Date, Tenant shall pay Landlord as rent for the Leased Premises and the Additional Space a total of
Six Thousand Two Hundred 00/100 Dollars ($6,200.00) per month, on the same terms as is described in Section 2 of the Lease. Tenant
shall owe Landlord no rent for the Additional Space for the month of October, 2011.


 


5.Proportionate
Share of Building Expenses. As of the Adjusted Rent Commencement Date, Tenant's proportionate share of trash and snow removal
pursuant to Section 7 of the Lease and water services pursuant to Section 11 of the Lease shall be increased to fifty-five percent
(55%) of the actual costs of such services described in the Lease.


 


6.Condition of Additional Space.
Tenant agrees to accept the Additional Space in its current "as is" condition.


 


7.Parking. Tenant shall
have the right to park in an additional twenty (20) parking spaces immediately adjacent to the entrance to the Building.


 


8.Leasehold Improvements.
Tenant shall have the right to make any interior changes to the Additional Space that Tenant deems necessary for its use of the
Additional Space and the Leased Premises.


 


9.Security Deposit. Tenant
shall pay Landlord a security deposit in the amount of One Thousand 00/100 Dollars ($1,000.00) for the Additional Space to be held
in the same manner as described in Section 15 of the Lease.


 


10.Ratification. As modified
by this First Amendment, the Lease is ratified and affirmed. To the extent of any inconsistencies between the First Amendment
and the Lease, the terms of this First Amendment shall control. This First Amendment shall be binding on the parties and their
respective successors and assigns.


 


11.Effective Date. This
First Amendment shall be effective (the "Effective Date") as of the later of the dates set forth below.


 


[Signatures are on the following page.]


 



    	 



    	 	



    
 


 


 


	 	Signed by:
	 	 
	 	LANDLORD:
	 	 
	 	South Town Center, LLC,


a Michigan limited liability company


	Date:________________	 
	 	By: 	
	 	 	Larry A. Wormmeester,
Member









	Date:________________	 
	 	By: 	
	 	 	Daniel Lee Vredvoogd,
Member









	Date:________________	 
	 	By: 	
	 	 	Jeffrey Alan
DeKoning, Member












	 	 
	 	TENANT:
	 	 
	 	


Grand River Bank,


a Michigan banking corporation





	Date:________________	 
	 	By: 	
	 	 	David Blossey,
President & CEO



  


 


 



     

     

    

 


EXHIBIT A TO


FIRST AMENDMENT TO LEASE AGREEMENT


4455 Wilson Avenue, SW


 


 


Site Plan


(See Attached)