EXHIBIT 10.1


 


FIRST
AMENDMENT TO LEASE


 


THIS FIRST AMENDMENT TO LEASE (the “First
Amendment”) is entered into the 23rd day of November, 2005, by and between BOIN
Properties, LLC, successor-in-interest to William P. McCormick (“Lessor”) and
McCormick & Schmick Restaurant Corp., successor-in-interest to Jake’s
Restaurant, Inc. (“Lessee”).


 


RECITALS


 


A.                                   Lessor and Lessee
entered into that certain Lease dated October 13, 1994 (“Lease”) for the
lease of certain lands of Lessor located at 401 SW 12th Avenue, Portland,
Oregon (the “Premises”).


 


B.                                     The Original Term
of the Lease expires at midnight on October 12, 2009. At the option of
Lessee, the Lease may be renewed at the end of the Original Term for an
additional five (5) year period (the “First Renewal Term”), and may be
renewed again at the end of the First Renewal Term for an additional five (5) year
period (the “Second Renewal Term”), on the same terms and conditions, except
that the minimum rental for the First and Second Renewal Terms is as provided
in Sections 3.3 and 3.4 of the Lease.


 


C.                                     Lessor and Lessee
have agreed to revise the Base Rent and Renewal Terms of the Lease for the
mutual benefit of the parties.


 


NOW, THEREFORE, based upon the covenants and
promises contained herein and other good and valuable consideration, and
notwithstanding any provision to the contrary contained in the Lease, and
subject to the terms and conditions contained herein, Lessor and Lessee
mutually agree as follows:


 


1.                                       Lessee hereby
exercises the First and Second Renewal Terms, thereby resulting in a Lease
expiration date of midnight on October 12, 2019, and Lessor hereby accepts
Lessee’s exercise of the Renewal Terms.


 


2.                                       Base Rent for
the extended term through October 12, 2019, shall be in the amount of
$17,500 for each and every month during the term of the Lease on or before the
first day of each month.


 


3.                                       At the option of
the Lessee, the Lease may be renewed at the end of the Second Renewal Term for
an additional five (5) year period (the “Third Renewal Term”), and may be
renewed again at the end of the Third Renewal Term for an additional five (5) year
period (the “Fourth Renewal Term”), on the same terms and conditions as
contained in the Lease, except that the Base Rent for said Third and Fourth
Renewal Terms shall be as provided in Sections 3.3 and 3.4 of the Lease,
respectively.


 


4.                                       All capitalized
terms not defined herein shall have the same meaning as defined in the Lease.
Any inconsistencies between the provisions of this Amendment and the provisions
of the Lease shall be resolved in favor of the provisions of this Amendment
which provisions shall control. In each and every other respect, the provisions
of the Lease shall remain in full force and effect and the Lease is ratified
and reaffirmed as modified hereby.


 





















 


IN WITNESS WHEREOF, this First Amendment to
Lease has been executed on the day and year above written.


 


	
   

  	
  LESSOR:

  
	
   

  	
  BOIN PROPERTIES, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ WILLIAM P. MCCORMICK

  	
   

  
	
   

  	
   

  	
  William P. McCormick

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
  LESSEE:

  
	
   

  	
  McCORMICK & SCHMICK

  
	
   

  	
  RESTAURANT CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ SAED MOHSENI

  	
   

  
	
   

  	
   

  	
  Saed Mohseni

  
	
   

  	
   

  	
  Chief Executive Officer