Document:

vrm-ex1015_995.htm

Exhibit 10.15

 

 

THIRD AMENDMENT TO LEASE AGREEEMENT

 

This THIRD AMENDMENT TO LEASE AGREEEMENT (the “Third Amendment”) is made and entered into effective as of February 2, 2021, by and between Beechnut FEC LLC ("Lessor") and Left Gate Property Holding, LLC d/b/a Texas Direct Auto ("Lessee").

 

W I T N E S S E T H:

 

WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated May 21, 2011 (the “Original Lease”), covering those premises (the “Premises”) commonly known as (i) 12002 Southwest Freeway, Stafford, Texas, (ii) 11000 Dorrence Lane, Meadows Place, TX and (iii) 11000 Dorrence Lance, Meadows Place, TX , as more particularly described in the Lease. 

 

WHEREAS, Lessor and Lessee amended the Lease pursuant to the Amendment to Lease Agreement, dated August 26, 2011, and the Amendment to Lease Agreement dated January 3, 2019 (the “Amendments” and together with the Original Lease, the “Lease”). 

 

WHEREAS, one or more of the Amendments incorrectly refers to Lessee as Vroom, Inc., as successor to Left Gate Property Holdings, Inc. and the correct name of Lessee and the successor in interest to Left Gate Property Holdings, Inc. is Left Gate Property Holding, LLC.

 

WHEREAS, Lessor and Lessee desire to further amend the Lease to modify the terms of the Lease to extend the Lease through December 31, 2023, and modify the rent schedule for the remaining term of the Lease.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.Recitals.     The foregoing recitals are true and correct and are incorporated herein by reference as if they are set forth below. 

 

2.Definitions.  Except as is otherwise defined herein, all defined terms hereinafter set forth in this Third Amendment shall have the same meaning as and when such defined terms are used in the Lease. 

 

3.   Term.  Notwithstanding anything to the contrary provided in the Lease, Lessor and Lessee hereby agree that the term of the Lease is hereby extended and will terminate at 11:59 PM Houston, Texas time, on December 31, 2023.  

 

4.   Rent Schedule.  Notwithstanding anything to the contrary provided in the Lease, Lessor and Lessee hereby agree that Lessee will pay a monthly base rent of $70,000.00 per month, each month, starting February 1, 2021, through the new expiration date of December 31, 2023.  Lessee will also continue to make the deferred rent payments of $46,836.50 per month, each month 

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from February 1, 2021 through June 1, 2021 to complete the repayment for the deferred rent from May, June and July 2020.

 

5.   Effect of this Amendment. The Lease, as amended by this Third Amendment, is hereby ratified and affirmed and, except as expressly amended hereby, all other items and provisions of the Lease remain unchanged and continue to be in full force and effect. The terms of this Third Amendment shall control over any conflicts between the terms of the Lease and the terms of this Third Amendment.  The Lease, as amended by the Amendments and this Third Amendment, constitutes the entire agreement and understanding between the parties hereto relating to the subject matter hereof and all prior agreements, proposals, negotiations, understandings and correspondence between the parties in this regard, whether written or oral, hereby superseded and merged herewith.

 

6.   Governing Law. The Lease and this Third Amendment shall be governed by and construed and interpreted in accordance with the Laws of the United States and the State of Texas.  Harris County, Texas, shall be a proper place of venue to enforce payment or performance under the Lease and this Third Amendment.

 

7.    Inconsistencies. In the event of any inconsistencies between the Lease and this Third Amendment, the terms of this Third Amendment shall take precedence. Except as expressly set forth in this Third Amendment, the Lease otherwise is unmodified, remains in full force and effect and is incorporated and restated herein as if fully set forth at length.  Each reference in the Lease to itself shall be deemed also to refer to this Third Amendment.

 

 IN WITNESS WHEREOF, the parties have duly executed this Third Amendment effective on the date first set forth above.

 

 

LESSOR:

 

BEECHNUT FEC LLC

 

By: /s/ Asma Khan

Name: Asma Khan

Title: Owner

 

 

LESSEE:

 

LEFT GATE PROPERTY HOLDING, LLC

 

By: /s/ Deni Stott

Name: Deni Stott

Title: Chief People & Culture Officer

 

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Exhibit 10.17

 

FIRST AMENDMENT TO LEASE AGREEMENT

THIS FIRST AMENDMENT OF LEASE AGREEMENT (“First Amendment”) is made hereto by and between SOHANI HERITAGE TRUST (hereinafter called “Lessor”) and VROOM, INC. as successor to LEFT GATE PROPERTY HOLDING, INC d/b/a TEXAS DIRECT AUTO (hereinafter called “Lessee”).

WITNESSETH:

WHEREAS, Lessor and Lessee entered into a Lease Agreement (“Lease”) dated May 21, 2011 covering the leased premises commonly known as l2002 Southwest Freeway, Stafford, Texas; and 

WHEREAS, Lessor and Lessee desire to modify certain terms and conditions of the Lease set out below. 

NOW, THEREFORE, in consideration of the leased premises and the mutual covenants herein contained, the undersigned parties agree as follows: 

1. Article 1 is hereby amended to read as follows:

ARTICLE l. TERM

The term of the Lease is hereby extended to end at 11 :59 pm, Houston, Texas time, December 31, 2021. Lessee shall be able to obtain necessary permits and rights to conduct its intended business, as stated above, due to municipal laws and other governmental regulations. Lessee shall be responsible to obtain or renew (as the case may be) all required governmental permit(s) from the City of Meadows Place, Texas for conducting Lessee’s business at the leased premises. In the event Lessee is unable to obtain or renew such governmental permit(s) from the City of Meadows Place, Texas by July 1, 2020, then in that event Lessee shall terminate this Lease effective 11:59 pm, Houston, Texas time, June 30, 2021 by written notice received by Lessor on or before 5:00 pm, Houston, Texas time, July 1, 2020. The parties agree that Lessor shall have the right to list and place “for sale” and/or “for lease” signs on the leased premises upon the earlier of: (i) July 1, 2020; or (ii) termination of this Lease. 

2. Article 3, Rent, section 3.01, is hereby amended to read as follows:

ARTICLE 3. RENT

3.01. During the term of the Lease, Lessee shall pay Lessor as minimum base rent, payable in monthly installments of $53,582.00 each, in advance, plus any additional rent as contemplated herein being due and payable on or before the first (1st) day of each month until the final payment is made on December 1, 2021. 

3. Article 4 is hereby amended to read as follows:

[Page 1 of 2]

 

ARTICLE 4. OPTION TO RENEW

4.01.Lessee is hereby granted the option to renew this Lease for an additional term of three (3) years (hereinafter called “extended term,”) beginning January 1, 2022, ending December 31, 2025, on similar terms, covenants and conditions herein contained, subject to the following conditions which shall be applicable to said extended term: 

	
 
	
a.
	
Lessee is not in default of this Lease.

	
 
	
b.
	
Lessor shall have received written notice of Lessee’s intention to exercise said option no later than December 31, 2020.

	
 
	
c.
	
During the extended term, Lessee shall pay Lessor as minimum base rent, payable in thirty-six (36) successive monthly installments of $56,261.10 each, in advance, the first such payment plus any additional rent as contemplated herein being due and payable on or before the first (1st) day of January 2022, and a like payment being due and payable on or before the same day of each succeeding month thereafter until the final payment is made on December l, 2025.

4. The Lease, as modified by this First Amendment, and all obligations of Lessee are specifically conditioned upon Lessee’s ability to obtain any required extension and/or renewal of the Special Use Permit pursuant to that certain Development Agreement between the City of Meadows Place, Texas and Lessee’s predecessor-in-interest. This First Amendment shall in no way waive, limit or restrict Lessee’s rights under the Lease in the event Lessee is unable to operate (or obtain all required permits and approvals required to operate) in the leased premises (including without limitation Lessee’s termination rights pursuant to Sections 7.07 and 19.01 of the Lease). The Lease (as modified by this First Amendment) and all obligations of Lessee are further conditioned upon Lessee’s ability to obtain a lease amendment from the adjacent tract owner Beechnut FEC LLC extending the term of Lessee’s lease of such adjacent tract. 

5. The parties hereby agree and acknowledge that notwithstanding anything contained in the Lease to the contrary at the end of the term of the Lease (as extended hereby) Lessee shall only be obligated to surrender possession of the leased premises, vacant and broom clean, in its “as is” condition and state of repair, subject to reasonable wear and tear and damage caused by Lessor’s acts, casualty, condemnation or other events of force majeure. The foregoing shall in no way release Lessee from its obligations under Article 23 of the Lease. 

All other terms, covenants and conditions of the Lease shall remain the same and in full force and effect except as amended hereby. 

 

 

[Page 2 of 2]

 

 

EXECUTED on this 28 day of December, 2018. 

 

						
	
LESSOR:
	
 
	
LESSEE:

	
SOHANI HERITAGE TRUST
	
 
	
VROOM, INC.

	
 
	
 
	
 

	
By:
	
/s/ Shiraz Ali
	
 
	
By: 
	
/s/ C. Denise Stott 

	
 
	
 
	
 
	
 
	
 

	
Printed Name & Title:  Shiraz Ali
	
 
	
Printed Name & Title: SVP, People & Culture

	
 
	
 
	
 

 

[Page 3 of 3]vrm-ex1018_813.htm

 

Exhibit 10.18

SECOND AMENDENT TO LEASE AGREEEMENT

This SECOND AMENDMENT TO LEASE AGREEEMENT (the “Second Amendment”) is made and entered into effective as of April 28th, 2020, by and between Sohani Heritage Trust (“Lessor”) and Vroom, Inc., as successor to Left Gate Property Holdings, Inc. d/b/a Texas Direct Auto (“Lessee”). 

WITNESSETH:

WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated May 21, 2011 (the “Lease”) covering that premise (the “Premises”) commonly known as 12002 Southwest Freeway, Stafford, Texas, as more particularly described in the Lease. 

WHEREAS, Lessor and Lessee extended the Lease pursuant to the First Amendment to Lease Agreement, dated December 28, 2018 (the “First Amendment”). 

WHEREAS, Lessor and Lessee desire to further amend the Lease to modify the terms of the rental payments to allow Lessee to defer rental payments for the three (3) months of May, June and July 2020. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

1.Definitions. Except as is otherwise defined herein, all defined terms hereinafter set forth in this Second Amendment shall have the same meaning as and when such defined terms are used in the Lease. 

2.Rent Deferral Period. Notwithstanding anything to the contrary provided in the Lease, Lessor and Lessee hereby agree as follows, which provisions hereby amend the Lease and the First Amendment: 

Lessor and Lessee hereby agree that Lessee will be allowed to defer all of Lessee’s rental payments for rent, taxes, signage, and all regular additional monthly payments customarily included in the regular monthly rental payment (“Rental Payments”) for the three (3) months of May, June and July 2020 (the “Deferred Rent Period”). Rental payments for the Deferred Rent Period will be reduced by one hundred percent (100%) each month, for a new total rental payment of $0.00 per month. A total of $53,582.00 shall be deferred for each month of the Deferred Rental Period (the “Deferred Rent”). 

3.Deferred Rent Repayment Period. Notwithstanding anything to the contrary provided in the Lease, Lessor and Lessee hereby agree as follows, which provisions hereby amend the Lease: 

Lessor and Lessee hereby agree that Lessee will repay the total of the Deferred Rent, consisting of $160,746.00, according to the following schedule: 

	
 
	
•
	
August 2020- $10,000.00

	
 
	
•
	
September 2020 - $10,000.00

	
 
	
•
	
October 2020 - $20,000.00

	
 
	
•
	
November 2020- $20,000.00

	
 
	
•
	
December 2020 - $25,000.00

	
 
	
•
	
January 2021 - $25,000.00

	
 
	
•
	
February 2021 - $25,000 .00

	
 
	
•
	
March 2021 - $25,746.00

These additional payments will be included with the regular Rental Payments for the respective month. 

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4.Effect of this Amendment. The Lease, as amended by this Second Amendment, is hereby ratified and affirmed and, except as expressly amended hereby, all other items and provisions of the Lease remain unchanged and continue to be in full force and effect. The terms of this Second Amendment shall control over any conflicts between the terms of the Lease and the terms of this Second Amendment. The Lease, as amended by this Second Amendment, constitutes the entire agreement and understanding between the parties hereto relating to the subject matter hereof and all prior agreements, proposals, negotiations, understandings and correspondence between the parties in this regard, whether written or oral, hereby superseded and merged herewith. 

5. Governing Law. The Lease and this Second Amendment shall be governed by and construed and interpreted in accordance with the Laws of the United States and the State of Texas. Harris County, Texas, shall be a proper place of venue to enforce payment or performance under the Lease and this Second Amendment. 

6. Inconsistencies. In the event of any inconsistencies between the Lease and this Second Amendment, the terms of this Second Amendment shall take precedence. 

Except as expressly set forth in this Second Amendment, the Lease otherwise is unmodified, remains in full force and effect and is incorporated and restated herein as if fully set forth at length. Each reference in the Lease to itself shall be deemed also to refer to this Second Amendment. 

SIGNATURE PAGE TO FOLLOW

 

 

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IN WITNESS WHEREOF, the parties have duly executed this Second Amendment effective on the date first set forth above. 

 

				
	
LESSOR:

 

	
SOHANI HERITAGE TRUST

	
 

	
By:
	
/s/ Shiraz Ali 

	
Name:
	
Shiraz Ali

	
Title:
	
  President

 

				
	
LESSEE:

	
 

	
VROOM, INC.

	
 
	
 

	
By:
	
/s/ Deni Stott

	
Name:
	
 Deni Stott

	
Title:
	
 Chief People & Culture Officer

 

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