Document:

Exhibit 10.31

FIRST
AMENDMENT TO LEASE

This First Amendment to Lease made and entered into
this 26th day
of August, 2003, by and between BRANDYWINE OPERATING PARTNERSHIP, L.P.,
hereinafter referred to as “Landlord” and MEDQUIST INC., a New Jersey corporation,
hereinafter referred to as “Tenant”.

WHEREAS, Landlord leased certain premises consisting
of approximately 28,673 rentable square feet of space located at the Building
to be built at 1000 Bishops Gate Boulevard, Mt. Laurel, New Jersey 08054 (“Building”),
to Tenant pursuant to that certain Lease dated June 17, 2003, hereinafter
referred to as “Lease,” the Premises being more particularly described therein;
and

WHEREAS, Landlord and Tenant wish to amend the Lease
as follows.

NOW, THEREFORE, in consideration of these present and
the agreement of each other, and intending to be legally bound hereby, Landlord
and Tenant agree that the Lease shall be and the same is hereby amended as
follows:

1.             Incorporation of
Recitals.  The recitals set forth
above and the Lease referred to therein are hereby incorporated herein by
reference as if set forth in full in the body of this Amendment.  Capitalized terms not otherwise defined
herein shall have the meanings given to them in the Lease.

2.             Premises.  The parties acknowledge and agree that Tenant
has not yet finalized its space plan for the Premises.  That certain letter agreement between the
parties dated June 16, 2003 is hereby null and void and of no further force or
effect.  Tenant shall have until
September 15, 2003 to provide final plans of Tenant’s Premises and authorize
the drawing of construction documents. 
If Tenant does not satisfy this obligation by September 15, 2003, then
Landlord’s obligation to pay the holdover portion of the 5 Greentree Premises
rent is deferred one day for each day after September 15, 2003 such final plans
and authorization are not provided. 
Tenant has advised Landlord that it anticipates the Premises will be
29,973 rentable square feet.  On or
before sixty (60) days of the Commencement Date, Landlord’s architect shall
utilize the 1996 BOMA standard to determine Tenant’s rentable square footage of
the Premises, the Building, the Fixed Rent and Tenant’s Allocated Share.

3.             Term.  The Lease Term is hereby extended for three
(3) additional years so that the aggregate Term is 120 months from the
Commencement Date (“Term”).

4.             Fixed  Rent.  Tenant shall pay to Landlord Fixed Rent as
follows:

	
  TIME

  PERIOD

  	
   

  	
  PER

  RSF

  	
   

  	
  MONTHLY

  INSTALLMENT

  	
   

  	
  ANNUAL

  FIXED RENT

  	
   

  
	
  Months 1-60

  	
   

  	
  $

  	
  20.30

  	
  *

  	
  $

  	
  50,704.33

  	
   

  	
  $

  	
  608,451.90

  	
   

  
	
  Months 61-84

  	
   

  	
  $

  	
  21.30

  	
  *

  	
  $

  	
  53,202.08

  	
   

  	
  $

  	
  638,424.90

  	
   

  
	
  Months 85-120

  	
   

  	
  $

  	
  22.00

  	
  *

  	
  $

  	
  54,950.50

  	
   

  	
  $

  	
  659,406.00

  	
   

  

* plus amounts
pursuant to Articles 6 and 7 of the Lease.

 

5.             Tenant’s
Allocated Share.  Tenant’s Allocated
Share is hereby amended to be 56.56% (based upon the anticipated 29,973
rentable square feet), subject to adjustment as aforesaid.

6.             Construction
by  Landlord.  Landlord’s
Work is hereby amended to include the cost of installing (i) a dry sprinkler
system in Tenant’s computer room, and (ii) standard identification signage on
the Premises door, floors, Building directory and facade and monument sign; up
to the total amount of $22,000.  If the
final cost to install (i) and (ii) above exceeds $22,000, then Tenant shall pay
to Landlord the difference in such costs within thirty (30) days of invoice.

7.             Early
Termination.  Tenant shall have a
one-time right to terminate this Lease, effective as of the end of the 84th month of the Term (the “Early Termination Date”),
provided Tenant (i) is not then in default beyond any applicable notice and
cure period under this Lease, (ii) gives Landlord not less than twelve (12)
months prior written notice, and (iii) pays to Landlord, at the time of said
notice, a termination fee (the “Termination Payment”) in an amount equal to the
unamortized cost of the transaction, as of the Early Termination Date, which
the parties agree is $27.00 multiplied by the rentable square footage of the
Premises, amortized over 120 months at 12% interest.  Failure to provide written notice and the
Termination Payment within the prescribed time frame will be considered by
Landlord, without the necessity of additional notice, as a waiver of this right
to terminate.  Tenant acknowledges and
agrees that the Termination Payment is not a penalty and is fair and reasonable
compensation to Landlord for the loss of expected rentals from Tenant over the
remainder of the scheduled Term.

8.             Brokerage
Commission.  Landlord and Tenant
mutually represent and warrant to each other that they have not dealt, and will
not deal, with any real estate broker or sales representative in connection
with this proposed transaction other than CB Richard Ellis Services, Inc.  Each party agrees to indemnify, defend and
hold harmless the other and their directors, officers and employees from and
against all threatened or asserted claims, liabilities, costs and damages
(including reasonable attorney’s fees and disbursements) which may occur as a
result of a breach of this representation.

9.             Binding Effect.  Except as expressly amended hereby, the Lease
remains in full force and effect in accordance with its terms.

 2
 

 

 

IN WITNESS WHEREOF, Landlord and Tenant have duly
executed this agreement on the date first above written.

	
  

  	
   

  	
  LANDLORD:

  
	
   

  	
   

  	
  BRANDYWINE OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  	
  By: Brandywine Realty Trust, its general partner

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ George D. Sowa

  	
   

  
	
   

  	
   

  	
   

  	
  George D. Sowa

  
	
   

  	
   

  	
   

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TENANT:

  MEDQUIST INC.

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ John M. Suender

  	
   

  
	
   

  	
   

  	
   

  	
  John M. Suender

  
	
   

  	
   

  	
   

  	
  Executive Vice President

  
							

 

 3Exhibit 10.32

SECOND AMENDMENT TO LEASE

This Second Amendment to Lease made and entered into
this 30th day of November, 2003, by and between BRANDYWINE OPERATING
PARTNERSHIP, L.P., hereinafter referred to as “Landlord” and MEDQUIST INC., a
New Jersey corporation, hereinafter referred to as “Tenant”.

WHEREAS, Landlord leased certain premises consisting
of approximately 29,973 rentable square feet of space located at the Building
to be built at 1000 Bishops Gate Boulevard, Mt. 
Laurel, New Jersey 08054 (“Building”), to Tenant pursuant to that
certain Lease dated June 17, 2003, as amended by the First Amendment to Lease
dated August 26, 2003, hereinafter collectively referred to as “Lease,” the
Premises being more particularly described therein; and

WHEREAS, Landlord and Tenant wish to amend the Lease
as follows;

NOW, THEREFORE, in consideration of these present and
the agreement of each other, and intending to be legally bound hereby, Landlord
and Tenant agree that the Lease shall be and the same is hereby amended as
follows:

1.             Incorporation of Recitals.  The recitals set forth above and the Lease
referred to therein are hereby incorporated herein by reference as if set forth
in full in the body of this Amendment. 
Capitalized terms not otherwise defined herein shall have the meanings
given to them in the Lease.

2.             Additional Premises.

a.             The Lease is hereby amended to provide
that Landlord hereby demises and lets unto Tenant, and Tenant hereby leases and
hires from Landlord, the remainder of the space on the second floor of the
Building containing approximately 6,399 rentable square feet of space (the “Additional
Premises”), as shown on Exhibit “A” and made a part hereof.  The term of the Lease for the Additional
Premises shall commence on the Commencement Date.  It is the mutual intention of Landlord and
Tenant that the Additional Premises shall be leased to and occupied by Tenant
on and subject to all of the terms, covenants and conditions of the Lease
except as otherwise expressly provided to the contrary in this Amendment, and
to that end Landlord and Tenant hereby agree that effective the date hereof the
word “Premises”, as defined in the Lease, shall mean the Premises and the
Additional Premises containing approximately 36,372.  In accordance with the Lease, on or before
sixty (60) days of the Commencement Date, Landlord’s architect shall utilize
the 1996 BOMA standard to determine Tenant’s rentable square footage of the
Premises, the Building, the Fixed Rent and Tenant’s Allocated Share.

b.             Landlord shall construct and do such other
work to the Additional Premises in substantial conformity with the plans and
outline specifications of the plan prepared by Charles Matsinger Associates and
mutually agreed upon by Landlord and Tenant (collectively, the “Tenant’s Work”).  Landlord shall be responsible for payment of
a cost of $25.00 per rentable square foot of Tenant’s Work for the Additional
Premises.  In addition to Landlord’s
contribution for Tenant’s Work, Landlord shall provide an additional allowance
up to 

$2.00 per rentable square foot of the Additional Premises to be used
solely by Tenant for moving expenses (“Moving Allowance”).  The Moving Allowance shall be paid upon
receipt of paid invoices evidencing the moving expense

3.             Fixed Rent.  Tenant shall pay to Landlord Fixed Rent for
the Additional Premises as follows:

	
  TIME

  PERIOD

  	
   

  	
  PER

  RSF

  	
   

  	
  MONTHLY

  INSTALLMENT

  	
   

  	
  ANNUAL

  FIXED RENT

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 1-12

  	
   

  	
  $

  	
  22.50

  	
  *

  	
  $

  	
  11,998.13

  	
   

  	
  $

  	
  143,977.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 13-24

  	
   

  	
  $

  	
  23.00

  	
  *

  	
  $

  	
  12,264.75

  	
   

  	
  $

  	
  147,177.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 25-36

  	
   

  	
  $

  	
  23.50

  	
  *

  	
  $

  	
  12,531.38

  	
   

  	
  $

  	
  150,376.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 37-48

  	
   

  	
  $

  	
  24.00

  	
  *

  	
  $

  	
  12,798.00

  	
   

  	
  $

  	
  153,576.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 49-60

  	
   

  	
  $

  	
  24.50

  	
  *

  	
  $

  	
  13,064.63

  	
   

  	
  $

  	
  156,778.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 61-72

  	
   

  	
  $

  	
  25.00

  	
  *

  	
  $

  	
  13,331.25

  	
   

  	
  $

  	
  159,975.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 73-84

  	
   

  	
  $

  	
  25.50

  	
  *

  	
  $

  	
  13,597.88

  	
   

  	
  $

  	
  163,174.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 85-96

  	
   

  	
  $

  	
  26.00

  	
  *

  	
  $

  	
  13,864.50

  	
   

  	
  $

  	
  166,374.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 97-108

  	
   

  	
  $

  	
  26.50

  	
  *

  	
  $

  	
  14,131.13

  	
   

  	
  $

  	
  169,573.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Months 109-120

  	
   

  	
  $

  	
  27.00

  	
  *

  	
  $

  	
  14,397.75

  	
   

  	
  $

  	
  172,773.00

  	
   

  

 

                * plus amounts pursuant to Articles 6
and 7 of the Lease.

4.             Tenant’s Allocated Share.  Tenant’s Allocated Share for the Premises and
the Additional Premises is hereby amended to be 66.13% (based upon the
anticipated 36,372 rentable square feet), subject to adjustment as aforesaid.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 2
 

5.             Binding Effect.  Except as expressly amended hereby, the Lease
remains in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, Landlord and Tenant have duly executed
this agreement on the date first above written.

	
  

  	
   

  	
  LANDLORD:

  
	
   

  	
   

  	
  BRANDY WINE OPERATING PARTNERSHIP, L.P.

  
	
  WITNESS:

  	
   

  	
  By:

  	
  Brandywine Realty Trust, its general partner  

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ GEORGE D. JOHNSTONE

  	
   

  
	
   

  	
   

  	
   

  	
  George D. Johnstone 

  
	
   

  	
   

  	
   

  	
  Vice President — Asset Management

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TENANT: 

  
	
  ATTEST:

  	
   

  	
  MEDQUIST INC. 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ JOHN M. SUENDER

  	
   

  
	
   

  	
   

  	
   

  	
  John M. Suender 

  
	
   

  	
   

  	
   

  	
  Executive Vice President

  

 

 3

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