EXHIBIT 10.20
STANDARD FORM
INDUSTRIAL BUILDING LEASE
(MULTI-TENANT)
1.
BASIC TERMS.
THIS SECTION 1 CONTAINS THE BASIC TERMS OF THIS
LEASE BETWEEN LANDLORD AND TENANT, NAMED BELOW.
OTHER SECTIONS OF THE LEASE
REFERRED TO IN THIS SECTION 1 EXPLAIN AND DEFINE THE BASIC TERMS AND ARE TO BE
READ IN CONJUNCTION WITH THE BASIC TERMS.
1.1.
DATE OF LEASE:
1.2.
LANDLORD:
FIRST INDUSTRIAL TEXAS
L.P.
1.3.
TENANT:
LIQUIDITY SERVICES,
INC.
1.4.
PREMISES:
THE PREMISES ARE LOCATED AS SHOWN ON
THE FLOOR PLAN ATTACHED AS EXHIBIT A-1 AND IT IS AGREED ARE CONCLUSIVELY
STIPULATED TO CONTAIN
49,833 RENTABLE SQUARE FEET IN THE BUILDING COMMONLY
KNOWN AS 12750 PERIMETER DRIVE, SUITE 154, DALLAS, TEXAS 75228 (THE "BUILDING")
AND THE BUILDING IS CONCLUSIVELY STIPULATED TO CONTAIN 178,200 RENTABLE SQUARE
FEET.
1.5.
PROPERTY:
THE LAND DESCRIBED ON EXHIBIT A AND
THE BUILDING AND OTHER IMPROVEMENTS SITUATED THEREON.
1.6.
LEASE TERM:
3 YEARS 2
MONTHS ("TERM"),
COMMENCING MARCH 1, 2005 ("COMMENCEMENT DATE") AND ENDING APRIL 30, 2008,
SUBJECT TO SECTION 13.1 BELOW, ("EXPIRATION DATE").
1.7.
PERMITTED USES:
(SEE SECTION 4.1)
GENERAL
WAREHOUSE AND DISTRIBUTION
1.8.
TENANT'S GUARANTOR:
(IF NONE, SO STATE)
NONE
1.9.
BROKERS:
(SEE SECTION 23;
IF NONE, SO STATE)
(A)
TENANT'S BROKER:
NONE
(B)
LANDLORD'S BROKER:
NONE
1.10.
SECURITY/DAMAGE DEPOSIT:
(SEE SECTION 4.4)
$14,466.06
1.11.
INITIAL ESTIMATED ADDITIONAL RENT PAYABLE BY TENANT:
$3,658.08 PER MONTH
1.12.
TENANT'S PROPORTIONATE SHARE: 27.993%
1.13.
RIDERS TO LEASE:
THE FOLLOWING RIDERS ARE ATTACHED TO
AND MADE A PART OF THIS LEASE. (IF NONE, SO STATE)
EXHIBIT A,
A-1, B, C, D & E
2.
LEASE OF PREMISES; RENT.
2.1.
LEASE OF PREMISES FOR LEASE TERM.
LANDLORD HEREBY LEASES THE
PREMISES TO TENANT, AND TENANT HEREBY RENTS THE PREMISES FROM LANDLORD, FOR THE
TERM AND SUBJECT TO THE CONDITIONS OF THIS LEASE.
2.2.
TYPES OF RENTAL PAYMENTS. TENANT SHALL PAY NET BASE RENT TO
LANDLORD IN MONTHLY INSTALLMENTS, IN ADVANCE, ON THE FIRST DAY OF EACH AND EVERY
CALENDAR MONTH DURING THE TERM OF THIS LEASE (THE "BASE RENT") IN THE AMOUNTS
AND FOR THE PERIODS SET FORTH BELOW:
Lease Period
Annual Base Rent
Monthly Base Rent
Per Square Foot Base Rent
03/01/05 - 04/30/05
$
0.00
$
0.00
$
0.00
05/01/05 - 04/30/06
$
112,236.75
$
9,353.06
$
2.25
05/01/06 - 04/30/07
$
124,707.50
$
10,392.29
$
2.50
05/01/07 - 04/30/08
$
137,178.25
$
11,431.52
$
2.75
Tenant shall also pay Tenant's Proportionate Share (as set forth in Section
1.12) of Operating Expenses (as hereinafter defined), Tenant's Proportionate
Share of any and all Reserve Expenses (as hereinafter defined) and any other
amounts owed by Tenant hereunder [collectively, "Additional Rent"].
In the
event any monthly installment of Base Rent or Additional Rent, or both, is not
paid within 10 days of the date when due, a late charge in an amount equal to 5%
of the then delinquent installment of Base Rent and/or Additional Rent [the
"Late Charge"; the Late Charge, Default Interest (as defined in Section 22.3
below), Base Rent and Additional Rent shall collectively be referred