exv10w62







 




    Exhibit
    10.62



 




    FIRST
    AMENDMENT TO OFFICE LEASE



 



    THIS FIRST AMENDMENT TO OFFICE LEASE is made and entered into as
    of the 15th day of December, 1990, by and between West*Mac
    Associates Limited Partnership, a Virginia limited partnership,
    hereinafter called “Landlord,” and The Federal Home
    Loan Mortgage Corporation, a federally-chartered corporation,
    hereinafter called “Tenant.”



 




    RECITALS



 



    A.  On December 22,1986, Landlord and Tenant
    entered into that certain Office Lease (the “Lease”)
    for the lease of the building to be constructed located at the
    corner of Jones Branch Drive and International Drive in McLean,
    Virginia (the “Building”) together with associated
    parking areas and the land legally described on Exhibit A
    attached to the Lease (the Building, parking areas and land are
    hereinafter referred to as the “Demised Premises”).



 



    B.  Landlord and Tenant have agreed that:
    (i) Tenant may occupy a portion of the Building prior to
    completion of construction of the entire Building and
    (ii) the formula for calculating the Basic Annual Rent (as
    defined in the Lease) set forth in the Lease shall be modified
    until such time as the construction of the Building is completed.



 



    C.  As a result, Landlord and Tenant have agreed to
    modify certain terms and provisions of the Lease as more fully
    set forth herein.



 



    NOW, THEREFORE, in consideration of the Recitals and other good
    and valuable consideration, the receipt and sufficiency of which
    are hereby acknowledged, Landlord and Tenant agree as follows:



 



    1. Section 2 of the Lease is hereby amended to add the
    following as new Section (E):



 



    (E)  Notwithstanding the foregoing provisions of this
    Section 2, Landlord and Tenant agree that Tenant shall pay
    an estimated Basic Annual Rent for the period (the
    “Estimated Rental Period”) commencing on the Lease
    Commencement Date through and including the date (the “Loan
    Conversion Date”) on which the loan (the “Loan”)
    from Tenant to Landlord is converted to a permanent loan
    pursuant to the provisions contained in a certain Substitute
    Deed of Trust Note (the “Note”) dated
    June 8, 1991 made by Landlord and payable to the order of
    Tenant in the face amount of $90,000,000. The estimated Basic
    Annual













 





 



    Rent (the “Estimated Rent”) shall be determined in
    accordance with the formula set forth in Section 2(A) above
    with the following terms:



 


	 	 	 	 	 	 	 
	

    Cost of Building Shell for the

    Demised Premises (estimated as

    of December 31, 1990)


	
 
	
    =
	
 
	
    $81,682,768
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Estimated Construction Period

    Interest on Land as of

    December 31, 1990


	
 
	
    =
	
 
	
    5,424,804
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Estimated Mortgage Constant

    on the Permanent Financing

    for the Demised Premises


	
 
	
    =
	
 
	
    8%
	
 
	
 









 



    Based upon the terms set forth above, the Estimated Rent for the
    first year of the Lease term is $17.60 per gross square foot of
    space in the Building. The Estimated Rent due on the Lease
    Commencement Date and throughout the Estimated Rental Period
    shall be equal to $17.60 times the gross square footage of space
    in the Building occupied by Tenant on the Lease Commencement
    Date and throughout the Estimated Rental Period. For example,
    Tenant initially will occupy 91,695 gross square feet of space
    in the Building, therefore the Estimated Rent on the Lease
    Commencement Date will be $1,613,832.00 per annum or $134,486.00
    per month. As Tenant occupies additional space in the Building,
    the Estimated Rent shall be increased from the date Tenant
    occupies such additional space by an amount equal to $17.60 per
    gross square foot times the number of additional square feet of
    space in the Building occupied by Tenant. On the Loan Conversion
    Date, the amount of the Basic Annual Rent shall be recalculated
    based upon the actual Total Cost of Building Shell, the actual
    Construction Period Interest and the actual Mortgage Constant on
    the Permanent Financing, and Tenant shall be obligated
    commencing with the first day of the month following the month
    in which the Loan Conversion Date occurs to pay the recalculated
    Basic Annual Rent. Within thirty (30) days after the
    recalculation of the Basic Annual Rent, Tenant shall be
    obligated to pay to Landlord the difference between the
    Estimated Rent paid during the Estimated Rental Period and the
    amount of Basic Annual Rent that would have been paid by Tenant
    based on the square footage occupied if the recalculated Basic
    Annual Rent had been payable during the entire Estimated Rental
    Period, other than the abatement period set forth in
    Section 3(B) below.



 



    2.  Section 3(B) of the Lease shall be amended to
    delete that Section in its entirety and insert the following in
    lieu thereof:



 



    For purposes of this Lease, the “Lease Commencement
    Date” shall be December 15, 1990. The Basic Annual
    Rent shall be abated for the first sixteen (16) days of the
    Lease term, so that Tenant’s obligation to pay the Basic
    Annual Rent shall commence on January 1, 1991.



 



    3.  Except as set forth herein, the Lease remains
    unmodified, free from default and in full force and effect.




    

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    IN WITNESS WHEREOF, Landlord and Tenant have hereunto affixed
    their hands and seals as of the date first above written.



 


	 	 	 
	
 
	
 
	
    LANDLORD:


	
 
	
 
	
 

	
 
	
 
	
    WEST*MAC ASSOCIATES

    LIMITED PARTNERSHIP, a Virginia

    limited partnership


	
 
	
 
	
 

	
    ATTEST:
	
 
	

    By:  THE FEDERAL HOME LOAN

    MORTGAGE CORPORATION,

    a federally-chartered corporation,

    General Partner




	
 
	
 
	
 

	
    /s/  Keith
    Earley


    
[Corporate
    Seal]
	
 
	

By:  /s/  Maxine B. Stokes







Name:  MAXINE B. STOKES






Title:  VICE PRESIDENT, A&CP





	
 
	
 
	
 

	
    ATTEST:
	
 
	
    By: WESTPARK MANAGEMENT

    COMPANY, a Virginia

    Corporation, General Partner


	
 
	
 
	
 

	
    /s/  [ Illegible ]


    
[Corporate
    Seal]
	
 
	

By:  /s/  G. T. Halpin







Name:  G. T. Halpin






Title:  





	
 
	
 
	
 

	
 
	
 
	
    TENANT:


	
 
	
 
	
 

	

    ATTEST:


	
 
	
    THE FEDERAL HOME LOAN

    MORTGAGE CORPORATION,

    a federally-chartered corporation,

    General Partner


	
 
	
 
	
 

	
    /s/  Keith
    Earley


    
[Corporate
    Seal]
	
 
	

By:  /s/  Maxine B. Stokes







Name:  MAXINE B. STOKES






Title:  VICE PRESIDENT, A&CP














    

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