FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE ("Amendment") is made as of March 5,
2002, between OTR, an Ohio general partnership ("Landlord") acting as the duly
authorized nominee of the BOARD OF THE STATE TEACHERS RETIREMENT SYSTEM OF OHIO,
and BMC Industries, Inc., a Minnesota corporation ("Tenant").
RECITALS:
A.
LANDLORD AND TENANT ENTERED INTO A LEASE - MERIDIAN CROSSINGS I DATED OCTOBER
29, 1997 (THE "LEASE"), FOR APPROXIMATELY 11,124 SQUARE FEET OF OFFICE SPACE
(THE "ORIGINAL PREMISES") ON THE EIGHTH FLOOR OF THE BUILDING LOCATED AT ONE
MERIDIAN CROSSINGS IN RICHFIELD, MINNESOTA (THE "BUILDING").
B.
TENANT WISHES TO EXPAND THE ORIGINAL PREMISES AND LANDLORD IS WILLING TO
ACCOMMODATE THE SAME ON THE TERMS CONTAINED HEREIN
AGREEMENT:
For good and valuable consideration, the receipt and sufficiency of which is
acknowledged by the parties hereto, Landlord and Tenant agree as follows:
1.
CAPITALIZED TERMS.
CAPITALIZED TERMS NOT DEFINED HEREIN WILL HAVE THE MEANINGS
GIVEN TO THE SAME IN THE LEASE.
2.
PREMISES EXPANSION.
ON OR PRIOR TO APRIL 1, 2002 (THE "COMMENCEMENT DATE"), (A)
APPROXIMATELY 2,689 RENTABLE SQUARE FEET OF SPACE ON THE EIGHTH FLOOR OF THE
BUILDING IMMEDIATELY ADJACENT TO THE ORIGINAL PREMISES AS DEPICTED ON EXHIBIT A
ATTACHED HERETO (THE "NEW PREMISES"), WILL BE ADDED TO THE ORIGINAL PREMISES,
AND (B) FROM AND AFTER THE COMMENCEMENT DATE, THE TERM "PREMISES" AS USED IN THE
LEASE WILL INCLUDE THE ORIGINAL PREMISES AND THE NEW PREMISES AND WILL CONSIST
OF APPROXIMATELY 13,813 RENTABLE SQUARE FEET OF OFFICE SPACE.
IF LANDLORD
CANNOT DELIVER POSSESSION OF THE NEW PREMISES TO TENANT ON OR BEFORE APRIL 1,
2002, FOR ANY REASON, LANDLORD WILL NOT BE SUBJECT TO ANY LIABILITY FOR FAILURE
TO GIVE POSSESSION.
UNDER SUCH CIRCUMSTANCES, RENT FOR THE NEW PREMISES
RESERVED AND COVENANTED TO BE PAID AS STATED HEREIN WILL NOT COMMENCE UNTIL THE
NEW PREMISES IS AVAILABLE FOR OCCUPANCY, AND NO SUCH FAILURE TO GIVE POSSESSION
ON OR BEFORE SUCH DATE WILL AFFECT THE VALIDITY OF THE LEASE OR THE OBLIGATIONS
OF TENANT THEREUNDER, NOR SHALL THE SAME BE CONSTRUED TO EXTEND THE TERM.
NOTWITHSTANDING THE FOREGOING, IF LANDLORD IS UNABLE TO DELIVER THE NEW PREMISES
TO TENANT PRIOR TO JUNE 1, 2002, TENANT MAY TERMINATE THIS AMENDMENT BY GIVING
WRITTEN NOTICE OF THE SAME TO LANDLORD ON OR PRIOR TO JUNE 3, 2002, AND, UPON
SUCH NOTIFICATION, THIS AMENDMENT WILL AUTOMATICALLY TERMINATE.
3.
Term.
The Term is hereby extended to run through and including March 31, 2006.
4.
Base Rent.
Commencing on the date that the New Premises is delivered to Tenant
by Landlord, Base Rent for the Premises will be as follows:
LEASE MONTH
MONTHLY BASE
RENT
BASE RENT PER SQ. FT.
OF RENTABLE AREA
Delivery of New Premises to Tenant - 3/31/04
$17,266.25
$15.00
4/1/04 - 3/31/05
$18,705.10
$16.25
4/1/05 - 3/31/06
$19,280.65
$16.75
5.
Building.
The number of rentable square feet in the Building as stated in
Section (b) of the Data Sheet of the Lease is amended to be 186,307.
6.
Tenant's Percentage.
The term