Exhibit 10.1


 


FIRST AMENDMENT TO LEASE


 


THIS
FIRST AMENDMENT  TO LEASE (“Amendment”) is made and entered into by the
undersigned parties on the 16th day of December, 2008, effective as
of the 1st day of November, 2008, by and between NATOMAS
MEADOWS, LLC, a California limited liability company (“Landlord”),
and OVERSTOCK.COM, INC., a Delaware
corporation (“Tenant”).


 


RECITALS


 


A.  On or about April 8, 2008, Landlord and
Tenant entered into that certain Lease Agreement for Landmark Industrial Park
(the “Lease”) for space in a warehouse facility located at approximately 1862
South 4800 West, Salt Lake City, Utah. The amount of space occupied by Tenant
and for which Tenant will pay Base Rent will increase incrementally from
232,900 square feet to 686,865 square feet.


 


B.         Pursuant to Section 5.5 of the Lease,
Landlord has constructed for Tenant a call center and related facilities and
improvements in the Premises (the “Call Center”) at a cost of Two Million Seven
Hundred Thirty-Three Thousand Seven Hundred Thirty-Three Dollars and Sixty-Two
Cents ($2,733,733.62). Tenant will reimburse Landlord for these costs as
provided in this Amendment.


 


C.         The Call Center contains 39,787 sq. ft. and
was delivered to and accepted by Tenant as of November 1, 2008. The
parties desire and intend to amend the Lease to reflect Tenant’s occupancy of
the Call Center and the corresponding adjustments in Base Rent owing to these
improvements.


 


D.         The Call Center is a unique facility designed
for Tenant’s specific requirements and is not expected to have utility or value
to any subsequent tenant of the Premises.


 


E.         The parties also desire and intend to amend
the Term of the Lease and to amend certain other provisions of the Lease as
provided below.


 


AGREEMENT


 


NOW, THEREFORE, in consideration of the circumstances described above
and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Landlord and Tenant agree as follows:


 


1.                    Definitions. Capitalized terms used herein but not
defined herein shall have the


meanings provided in the
Lease.


 

















 


2.             Call Center Improvements. The
parties agree that the amounts expended by Landlord to construct the Call
Center as set forth above will be reimbursed by Tenant as follows:


 


a.            Concurrently with the execution of this
Amendment Tenant shall pay to Landlord the sum of One Million Dollars ($
1,000,000.00) in immediately available funds.


 


b.           The balance of One Million Seven Hundred
Thirty-Three Thousand Seven Hundred Thirty-Three Dollars and Sixty-Two Cents
($1,733,733.62), together with interest thereon at the rate of nine percent
(9%) per annum will be paid by means of an increase in Base Rent in the amount
of Twenty Seven Thousand Four Hundred Twenty- Eight Dollars and Twenty-Six
Cents ($27,428.26) per month commencing January 1, 2009, and continuing
through February28, 2016.


 


c.            As a result of the addition of the Call
Center to the Premises and the increase in Base Rent described in Section 2(b),
it is necessary to amend Section 3.1 of the Lease. Consequently, the
charts appearing in Section 3.1(a) of the Lease arc hereby deleted in
their entirety and replaced by the charts appearing in Exhibit 1 and
Exhibit 2 attached hereto.


 


d.           To partially secure payment of the additional Base Rent provided in Section 2(b),
Tenant will obtain and provide to Landlord within two business days after
execution of this Amendment, a letter of credit issued by Wells Fargo Bank or
another financial institution acceptable to Landlord, and in a form acceptable
to Landlord, in the original amount of One Million Dollars ($1,000,000.00).
Landlord shall have the right to draw upon the letter of credit in the event
that (i) Tenant fails to make any payment of Base Rent when due or within
the cure period provided in the Lease, or (ii) Tenant fails to replace the
letter of credit at least thirty (30) days prior to its expiration date with
another letter of credit meeting the requirements of this Section 2(d).
The letter of credit may be reduced annually by Tenant provided, that Tenant is
not in default under the lease, and provided further that such reduced amount
of the letter of credit shall be no less than sixty percent (60%) of the
remaining applicable unpaid principal balance set forth on the amortization
schedule attached as Exhibit 3 hereto.      .


 


c.            Given the unique nature of the Call Center
and the fact that it is not expected to have value or utility to any successor
tenant of the Premises, the parties agree that in the event of the termination
of the Lease due to the default of Tenant, Landlord shall be entitled to receive as liquidated
damages the unamortized principal amount of the additional rent provided in Section 2(b) as
shown on Exhibit 3. Such liquidated damages are in addition to and not in limitation of all damages to which Landlord
is otherwise entitled under the Lease (but shall be exclusive of damages in the
form of lost rents to the extent of the additional rent provided in Section 2(b)).
Sums received by Landlord from the letter of credit pursuant to Section 2(d) shall
be credited against the liquidated damages provided in this Section 2(e).


 


3.           Short Term Loan to Landlord. Concurrently with the execution of this Amendment
Tenant shall advance to Landlord in immediately available funds Seven Hundred
Fifty Thousand Dollars ($750,000.00). Landlord shall repay such sum to Tenant,
without


 


2

















 


interest, on or before December 30,
2008. If Landlord fails to repay such sum by December 30, 2008, such sum, together with interest from the date of this Amendment until paid at the rate of
24  % per annum, shall be immediately due and
payable and Tenant shall be entitled to immediate collection and may recover
any costs of collection, including attorneys fees.


 


4.           Rent Credit. For the period
beginning on the Rent Credit Effective Date (as defined below) through May 31,
2010, Tenant shall be entitled to deduct from the monthly Base Rent the
appropriate rent credit amount shown on Exhibit 2.
Tenant shall be eligible for the
rent credit beginning on the first business day after it vacates the premises
it is currently leasing from Landlord in the building commonly known as
Landmark 1 (the “Rent Credit Effective Date”).


 


5.           Commencement Date and Fixed Expiration Date. The parties agree that the Commencement Date
was October 15, 2008. Section 2.1
of the Lease is deleted and the
following substituted therefor:


 


2.1  TERM: This Lease shall be for a term of approximately seven (7) years and
two months (the “Term”) commencing on the Commencement Date , as hereafter
defined, and ending on February 28, 2016 (the “Fixed Expiration Date”), or
any earlier date upon which the Term shall sooner or later end
pursuant to any of the terms,
conditions or covenants of this
Lease or pursuant to law (the “Expiration Date”).


 


6.           Additional Tenant Improvements.
Landlord and Tenant acknowledge that the parties anticipate that Tenant will
want to construct in the future certain additional improvements to the Leased
Premises at Tenant’s expense for an office/corporate headquarters. The specific
nature of those improvements has not been identified, and there is no current
agreement between the parties with respect to the improvements or the costs or
financing thereof, In the event that Tenant determines to proceed with such improvements the parties will
cooperate again in good faith as
provided in Section 5.5 of the Lease as they have in the construction of
the Call Center.


 


7.           Lease in Effect.
Except as specifically amended herein, all provisions of the Lease shall remain
unchanged and in full force and effect.


 


8.           Counterparts;  Telefacsimile
Execution. This Amendment may be executed in any number
of counterparts, each of which, when so executed, shall be deemed an original, but all of which shall
constitute but one and the same instrument.
Delivery of an executed counterpart of this  Amendment by telefacsimile shall be equally
as effective as delivery of a manually executed counterpart of this Amendment.
Any party delivering an executed counterpart of this Amendment by telefacsimile
shall also deliver a manually executed counterpart of this Amendment, but the
failure to deliver a manually executed counterpart shall not affect the
validity, enforceability or binding effect of this Amendment.


 


[signatures
follow on next page]


 


3

















 


IN WITNESS WHEREOF the parties have executed this Amendment:


 


	
   

  	
  LANDLORD:

  
	
   

  
	
   

  	
  NATOMAS
  MEADOWS, LLC, a
  California

  limited liability company

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Its:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TENANT

  
	
   

  	
   

  
	
   

  	
  OVERSTOCK.COM,  INC., a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Its:

  	
  President

  



 


4
















 


EXHIBIT “1”


 


Base Rent Schedule


 


	
  PERIOD

  	
   

  	
  SQUARE

  FOOTAGE

  	
   

  	
  MONTHLY BASE

  RENT

  	
   

  
	
  Commencement Date (October 15, 2008) –
  October 31, 2008

  	
   

  	
  232,900

  	
   

  	
  $

  	
  76,857.00

  	
   

  
	
  November 1, 2008 – December 31,
  2009

  	
   

  	
  272,687

  	
   

  	
  $

  	
  89,986.71
  

  	
   

  
	
  January 1, 2009 – January 31, 2009

  	
   

  	
  272,687

  	
   

  	
  $

  	
  117,414.97

  	
   

  
	
  February 1, 2009 – May 31, 2009

  	
   

  	
  475,187

  	
   

  	
  $

  	
  184,239.97

  	
   

  
	
  June 1, 2009 – August 31, 2009

  	
   

  	
  565,187

  	
   

  	
  $

  	
  213,939.97

  	
   

  
	
  September 1, 2009 – August 31,
  2010

  	
   

  	
  686,865

  	
   

  	
  $

  	
  261,031.04

  	
   

  
	
  September 1, 2010 – August 31,
  2011

  	
   

  	
  686,865

  	
   

  	
  $

  	
  268,105.75

  	
   

  
	
  September 1, 2011 – August 31, 2012

  	
   

  	
  686,865

  	
   

  	
  $

  	
  275,455.21

  	
   

  
	
  September 1, 2012 – August 31,
  2013

  	
   

  	
  686,865

  	
   

  	
  $

  	
  285,002.63

  	
   

  
	
  September 1, 2013 – August 31, 2014

  	
   

  	
  686,865

  	
   

  	
  $

  	
  290,772.30

  	
   

  
	
  September 1, 2014 – February 28,
  2016

  	
   

  	
  686,865

  	
   

  	
  $

  	
  298,739.93

  	
   

  



 


5

















 


EXHIBIT “2”


 


Rent Credit Summary


 


	
  PERIOD

  	
   

  	
  MONTHLY RENT CREDIT

  AVAILABLE

  	
   

  
	
  Rent Credit Effective Date –
  August 31, 2009

  	
   

  	
  $

  	
  12,474.00

  	
   

  
	
  September 1, 2009 – May 31, 2010

  	
   

  	
  $

  	
  14,574.00

  	
   

  



 


 


6

















 


Exhibit 3


 


Tenant Improvement Allowance Amortization Schedule


 


	
  Loan Size

  	
   

  	
  $

  	
  1,733,734

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Rate

  	
   

  	
  9.00

  	
  %

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  86

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment

  	
   

  	
  $

  	
  (27,428.26

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  



 


	
  Period

  	
   

  	
  Outstanding Principal

  Balance

  	
   

  	
  Payment

  	
   

  	
  Interest

  	
   

  	
  Principal Reduction

  	
   

  	
  End of Period

  Principal Balance

  	
   

  
	
  0

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  1,733,733.62

  	
   

  
	
  1

  	
   

  	
  $

  	
  1,733,733.62

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  13,003.00

  	
   

  	
  $

  	
  14,425.25

  	
   

  	
  $

  	
  1,719,308.37

  	
   

  
	
  2

  	
   

  	
  $

  	
  1,719,308.37

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,894.81

  	
   

  	
  $

  	
  14,533.44

  	
   

  	
  $

  	
  1,704,774.92

  	
   

  
	
  3

  	
   

  	
  $

  	
  1,704,774.92

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,785.81

  	
   

  	
  $

  	
  14,642.45

  	
   

  	
  $

  	
  1,690,132.48

  	
   

  
	
  4

  	
   

  	
  $

  	
  1,690,132.48

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,675.99

  	
   

  	
  $

  	
  14,752.26

  	
   

  	
  $

  	
  1,675,380.21

  	
   

  
	
  5

  	
   

  	
  $

  	
  1,675,380.21

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,565.35

  	
   

  	
  $

  	
  14,862.91

  	
   

  	
  $

  	
  1,660,517.31

  	
   

  
	
  6

  	
   

  	
  $

  	
  1,660,517.31

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,453.88

  	
   

  	
  $

  	
  14,974.38

  	
   

  	
  $

  	
  1,645,542.93

  	
   

  
	
  7

  	
   

  	
  $

  	
  1,645,542.93

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,341.57

  	
   

  	
  $

  	
  15,086.69

  	
   

  	
  $

  	
  1,630,456.24

  	
   

  
	
  8

  	
   

  	
  $

  	
  1,630,456.24

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,228.42

  	
   

  	
  $

  	
  15,199.84

  	
   

  	
  $

  	
  1,615,256.41

  	
   

  
	
  9

  	
   

  	
  $

  	
  1,615,256.41

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  12,114.42

  	
   

  	
  $

  	
  15,313.83

  	
   

  	
  $

  	
  1,599,942.57

  	
   

  
	
  10

  	
   

  	
  $

  	
  1,599,942.57

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,999.57

  	
   

  	
  $

  	
  15,428.69

  	
   

  	
  $

  	
  1,584,513.89

  	
   

  
	
  11

  	
   

  	
  $

  	
  1,584,513.89

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,883.85

  	
   

  	
  $

  	
  15,544.40

  	
   

  	
  $

  	
  1,568,969.48

  	
   

  
	
  12

  	
   

  	
  $

  	
  1,568,969.48

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,767.27

  	
   

  	
  $

  	
  15,660.99

  	
   

  	
  $

  	
  1,553,308.50

  	
   

  
	
  13

  	
   

  	
  $

  	
  1,553,308.50

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,649.81

  	
   

  	
  $

  	
  15,778.44

  	
   

  	
  $

  	
  1,537,530.05

  	
   

  
	
  14

  	
   

  	
  $

  	
  1,537,530.05

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,531.48

  	
   

  	
  $

  	
  15,896.78

  	
   

  	
  $

  	
  1,521,633.27

  	
   

  
	
  15

  	
   

  	
  $

  	
  1,521,633.27

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,412.25

  	
   

  	
  $

  	
  16,016.01

  	
   

  	
  $

  	
  1,505,617.27

  	
   

  
	
  16

  	
   

  	
  $

  	
  1,505,617.27

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,292.13

  	
   

  	
  $

  	
  16,136.13

  	
   

  	
  $

  	
  1,489,481.14

  	
   

  
	
  17

  	
   

  	
  $

  	
  1,489,481.14

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,171.11

  	
   

  	
  $

  	
  16,257.15

  	
   

  	
  $

  	
  1,473,223.99

  	
   

  
	
  18

  	
   

  	
  $

  	
  1,473,223.99

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  11,049.18

  	
   

  	
  $

  	
  16,379.08

  	
   

  	
  $

  	
  1,456,844.91

  	
   

  
	
  19

  	
   

  	
  $

  	
  1,456,844.91

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,926.34

  	
   

  	
  $

  	
  16,501.92

  	
   

  	
  $

  	
  1,440,342.99

  	
   

  
	
  20

  	
   

  	
  $

  	
  1,440,342.99

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,802.57

  	
   

  	
  $

  	
  16,625.68

  	
   

  	
  $

  	
  1,423,717.31

  	
   

  
	
  21

  	
   

  	
  $

  	
  1,423,717.31

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,677.88

  	
   

  	
  $

  	
  16,750.38

  	
   

  	
  $

  	
  1,406,966.93

  	
   

  
	
  22

  	
   

  	
  $

  	
  1,406,966.93

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,552.25

  	
   

  	
  $

  	
  16,876.01

  	
   

  	
  $

  	
  1,390,090.92

  	
   

  
	
  23

  	
   

  	
  $

  	
  1,390,090.92

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,425.68

  	
   

  	
  $

  	
  17,002.58

  	
   

  	
  $

  	
  1,373,088.35

  	
   

  
	
  24

  	
   

  	
  $

  	
  1,373,088.35

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,298.16

  	
   

  	
  $

  	
  17,130.09

  	
   

  	
  $

  	
  1,355,958.25

  	
   

  
	
  25

  	
   

  	
  $

  	
  1,355,958.25

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,169.69

  	
   

  	
  $

  	
  17,258.57

  	
   

  	
  $

  	
  1,338,699.68

  	
   

  
	
  26

  	
   

  	
  $

  	
  1,338,699.68

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  10,040.25

  	
   

  	
  $

  	
  17,388.01

  	
   

  	
  $

  	
  1,321,311.67

  	
   

  
	
  27

  	
   

  	
  $

  	
  1,321,311.67

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,909.84

  	
   

  	
  $

  	
  17,518.42

  	
   

  	
  $

  	
  1,303,793.26

  	
   

  
	
  28

  	
   

  	
  $

  	
  1,303,793.26

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,778.45

  	
   

  	
  $

  	
  17,649.81

  	
   

  	
  $

  	
  1,286,143.45

  	
   

  
	
  29

  	
   

  	
  $

  	
  1,286,143.45

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,646.08

  	
   

  	
  $

  	
  17,782.18

  	
   

  	
  $

  	
  1,268,351.27

  	
   

  
	
  30

  	
   

  	
  $

  	
  1,268,361.27

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,512.71

  	
   

  	
  $

  	
  17,915.55

  	
   

  	
  $

  	
  1,250,445.72

  	
   

  
	
  31

  	
   

  	
  $

  	
  1,250,445.72

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,378.34

  	
   

  	
  $

  	
  18,049.91

  	
   

  	
  $

  	
  1,232,395.80

  	
   

  
	
  32

  	
   

  	
  $

  	
  1,232,395.80

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,242.97

  	
   

  	
  $

  	
  18,185.29

  	
   

  	
  $

  	
  1,214,210.52

  	
   

  
	
  33

  	
   

  	
  $

  	
  1,214,210.52

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  9,106.58

  	
   

  	
  $

  	
  18,321.68

  	
   

  	
  $

  	
  1,195,888.84

  	
   

  
	
  34

  	
   

  	
  $

  	
  1,195,888.84

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,969.17

  	
   

  	
  $

  	
  18,459.09

  	
   

  	
  $

  	
  1,177,429.75

  	
   

  
	
  35

  	
   

  	
  $

  	
  1,177,429.75

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,830.72

  	
   

  	
  $

  	
  18,597.53

  	
   

  	
  $

  	
  1,158,832.21

  	
   

  
	
  36

  	
   

  	
  $

  	
  1,158,832.21

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,691.24

  	
   

  	
  $

  	
  18,737.02

  	
   

  	
  $

  	
  1,140,095.20

  	
   

  
	
  37

  	
   

  	
  $

  	
  1,140,095.20

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,550.71

  	
   

  	
  $

  	
  18,877.54

  	
   

  	
  $

  	
  1,121,217.65

  	
   

  
	
  38

  	
   

  	
  $

  	
  1,121,217.65

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,409.13

  	
   

  	
  $

  	
  19,019.12

  	
   

  	
  $

  	
  1,102,198.53

  	
   

  
	
  39

  	
   

  	
  $

  	
  1,102,198.53

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,266.49

  	
   

  	
  $

  	
  19,161.77

  	
   

  	
  $

  	
  1,083,036.76

  	
   

  
	
  40

  	
   

  	
  $

  	
  1,083,036.76

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  8,122.78

  	
   

  	
  $

  	
  19,305.48

  	
   

  	
  $

  	
  1,063,731.28

  	
   

  
	
  41

  	
   

  	
  $

  	
  1,063,731.28

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,977.98

  	
   

  	
  $

  	
  19,450.27

  	
   

  	
  $

  	
  1,044,281.01

  	
   

  
	
  42

  	
   

  	
  $

  	
  1,044,281.01

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,832.11

  	
   

  	
  $

  	
  19,596.15

  	
   

  	
  $

  	
  1,024,684.86

  	
   

  
	
  43

  	
   

  	
  $

  	
  1,024,684.86

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,685.14

  	
   

  	
  $

  	
  19,743.12

  	
   

  	
  $

  	
  1,004,941.74

  	
   

  
	
  44

  	
   

  	
  $

  	
  1,004,941.74

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,537.06

  	
   

  	
  $

  	
  19,891.19

  	
   

  	
  $

  	
  985,050.54

  	
   

  
	
  45

  	
   

  	
  $

  	
  985,050.54

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,387.88

  	
   

  	
  $

  	
  20,040.38

  	
   

  	
  $

  	
  965,010.17

  	
   

  



 


7

















 


Exhibit 3


 


Tenant Improvement Allowance Amortization Schedule


 


	
  Period

  	
   

  	
  Outstanding Principal

  Balance

  	
   

  	
  Payment

  	
   

  	
  Interest

  	
   

  	
  Principal Reduction

  	
   

  	
  End of Period

  Principal Balance

  	
   

  
	
  46

  	
   

  	
  $

  	
  965,010.17

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,237.58

  	
   

  	
  $

  	
  20,190.68

  	
   

  	
  $

  	
  944,819.48

  	
   

  
	
  47

  	
   

  	
  $

  	
  944,819.48

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  7,086.15

  	
   

  	
  $

  	
  20,342.11

  	
   

  	
  $

  	
  924,477.37

  	
   

  
	
  48

  	
   

  	
  $

  	
  924,477.37

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  6,933.58

  	
   

  	
  $

  	
  20,494.68

  	
   

  	
  $

  	
  903,982.70

  	
   

  
	
  49

  	
   

  	
  $

  	
  903,982.70

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  6,779.87

  	
   

  	
  $

  	
  20,648.39

  	
   

  	
  $

  	
  883,334.31

  	
   

  
	
  50

  	
   

  	
  $

  	
  883,334.31

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  6,625.01

  	
   

  	
  $

  	
  20,803.25

  	
   

  	
  $

  	
  862,531.06

  	
   

  
	
  51

  	
   

  	
  $

  	
  862,531.06

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  6,468.98

  	
   

  	
  $

  	
  20,959.27

  	
   

  	
  $

  	
  841,571.79

  	
   

  
	
  52

  	
   

  	
  $

  	
  841,571.79

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  6,311.79

  	
   

  	
  $

  	
  21,116.47

  	
   

  	
  $

  	
  820,455.32

  	
   

  
	
  53

  	
   

  	
  $

  	
  820,455.32

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  6,153.41

  	
   

  	
  $

  	
  21,274.84

  	
   

  	
  $

  	
  799,180.47

  	
   

  
	
  54

  	
   

  	
  $

  	
  799,180.47

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,993.85

  	
   

  	
  $

  	
  21,434.40

  	
   

  	
  $

  	
  777,746.07

  	
   

  
	
  55

  	
   

  	
  $

  	
  777,746.07

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,833.10

  	
   

  	
  $

  	
  21,595.16

  	
   

  	
  $

  	
  756,150.91

  	
   

  
	
  56

  	
   

  	
  $

  	
  756,150.91

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,671.13

  	
   

  	
  $

  	
  21,757.13

  	
   

  	
  $

  	
  734,393.78

  	
   

  
	
  57

  	
   

  	
  $

  	
  734,393.78

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,507.95

  	
   

  	
  $

  	
  21,920.30

  	
   

  	
  $

  	
  712,473.48

  	
   

  
	
  58

  	
   

  	
  $

  	
  712,473.48

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,343.55

  	
   

  	
  $

  	
  22,084.71

  	
   

  	
  $

  	
  690,388.77

  	
   

  
	
  59

  	
   

  	
  $

  	
  690,388.77

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,177.92

  	
   

  	
  $

  	
  22,250.34

  	
   

  	
  $

  	
  668,138.43

  	
   

  
	
  60

  	
   

  	
  $

  	
  668,138.43

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  5,011.04

  	
   

  	
  $

  	
  22,417.22

  	
   

  	
  $

  	
  645,721.21

  	
   

  
	
  61

  	
   

  	
  $

  	
  645,721.21

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  4,842.91

  	
   

  	
  $

  	
  22,585.35

  	
   

  	
  $

  	
  623,135.87

  	
   

  
	
  62

  	
   

  	
  $

  	
  623,135.87

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  4,673.52

  	
   

  	
  $

  	
  22,754.74

  	
   

  	
  $

  	
  600,381.13

  	
   

  
	
  63

  	
   

  	
  $

  	
  600,381.13

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  4,502.86

  	
   

  	
  $

  	
  22,925.40

  	
   

  	
  $

  	
  577,455.73

  	
   

  
	
  64

  	
   

  	
  $

  	
  577,455.73

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  4,330.92

  	
   

  	
  $

  	
  23,097.34

  	
   

  	
  $

  	
  554,358.39

  	
   

  
	
  65

  	
   

  	
  $

  	
  554,358.39

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  4,157.69

  	
   

  	
  $

  	
  23,270.57

  	
   

  	
  $

  	
  531,087.82

  	
   

  
	
  66

  	
   

  	
  $

  	
  531,087.82

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  3,983.16

  	
   

  	
  $

  	
  23,445.10

  	
   

  	
  $

  	
  507,642.72

  	
   

  
	
  67

  	
   

  	
  $

  	
  507,642.72

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  3,807.32

  	
   

  	
  $

  	
  23,620.94

  	
   

  	
  $

  	
  484,021.79

  	
   

  
	
  68

  	
   

  	
  $

  	
  484,021.79

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  3,630.16

  	
   

  	
  $

  	
  23,798.09

  	
   

  	
  $

  	
  460,223.69

  	
   

  
	
  69

  	
   

  	
  $

  	
  460,223.69

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  3,451.68

  	
   

  	
  $

  	
  23,976.58

  	
   

  	
  $

  	
  436,247.11

  	
   

  
	
  70

  	
   

  	
  $

  	
  436,247.11

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  3,271.85

  	
   

  	
  $

  	
  24,156.40

  	
   

  	
  $

  	
  412,090.71

  	
   

  
	
  71

  	
   

  	
  $

  	
  412,090.71

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  3,090.68

  	
   

  	
  $

  	
  24,337.58

  	
   

  	
  $

  	
  387,753.13

  	
   

  
	
  72

  	
   

  	
  $

  	
  387,753.13

  	
   

  	
  $

  	
  27,426.26

  	
   

  	
  $

  	
  2,908.15

  	
   

  	
  $

  	
  24,520.11

  	
   

  	
  $

  	
  363,233.02

  	
   

  
	
  73

  	
   

  	
  $

  	
  363,233.02

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  2,724.25

  	
   

  	
  $

  	
  24,704.01

  	
   

  	
  $

  	
  338.529.01

  	
   

  
	
  74

  	
   

  	
  $

  	
  338,529.01

  	
   

  	
  $

  	
  27,428,26

  	
   

  	
  $

  	
  2,538.97

  	
   

  	
  $

  	
  24,889.29

  	
   

  	
  $

  	
  313,639.72

  	
   

  
	
  75

  	
   

  	
  $

  	
  313,639.72

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  2,352.30

  	
   

  	
  $

  	
  25,075.96

  	
   

  	
  $

  	
  288,563.77

  	
   

  
	
  76

  	
   

  	
  $

  	
  288,563.77

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  2,164.23

  	
   

  	
  $

  	
  25,264.03

  	
   

  	
  $

  	
  263,299.74

  	
   

  
	
  77

  	
   

  	
  $

  	
  263,299.74

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  1,974.75

  	
   

  	
  $

  	
  25,453.51

  	
   

  	
  $

  	
  237,846.23

  	
   

  
	
  78

  	
   

  	
  $

  	
  237,846.23

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  1,783.85

  	
   

  	
  $

  	
  25,644.41

  	
   

  	
  $

  	
  212,201.82

  	
   

  
	
  79

  	
   

  	
  $

  	
  212,201.82

  	
   

  	
  $

  	
  21,428.26

  	
   

  	
  $

  	
  1,591.51

  	
   

  	
  $

  	
  25,836.74

  	
   

  	
  $

  	
  186,365.07

  	
   

  
	
  80

  	
   

  	
  $

  	
  186,365.07

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  1,397.74

  	
   

  	
  $

  	
  26,030.52

  	
   

  	
  $

  	
  160,334.55

  	
   

  
	
  81

  	
   

  	
  $

  	
  160,334.55

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  1,202.51

  	
   

  	
  $

  	
  26,225.75

  	
   

  	
  $

  	
  134,108.81

  	
   

  
	
  82

  	
   

  	
  $

  	
  134,108.81

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  1,005.82

  	
   

  	
  $

  	
  26,422.44

  	
   

  	
  $

  	
  107,686.37

  	
   

  
	
  83

  	
   

  	
  $

  	
  107,686.37

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  807.65

  	
   

  	
  $

  	
  26,620.61

  	
   

  	
  $

  	
  81,065.76

  	
   

  
	
  84

  	
   

  	
  $

  	
  81,065.76

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  607.99

  	
   

  	
  $

  	
  26,820.26

  	
   

  	
  $

  	
  54,245.49

  	
   

  
	
  85

  	
   

  	
  $

  	
  54,245.49

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  406.84

  	
   

  	
  $

  	
  27,021.42

  	
   

  	
  $

  	
  27,224.08

  	
   

  
	
  86

  	
   

  	
  $

  	
  27,224.08

  	
   

  	
  $

  	
  27,428.26

  	
   

  	
  $

  	
  204.18

  	
   

  	
  $

  	
  27,224.08

  	
   

  	
  $

  	
  0.00

  	
   

  



 


8