Document:

Second Amendment dated as of September 30, 1999 to the Lease Agreement.

 Exhibit 10.5 
  
 SECOND AMENDMENT OF LEASE 
  
 This SECOND AMENDMENT OF LEASE (“Amendment”) made and entered into this 30 day of September, 1999, by and between
PAMI SP-1 INDUSTRIAL LIMITED PARTNERSHIP, a Delaware limited partnership (hereinafter referred to as “Landlord”) and LESLIE’S POOLMART, INC. a California corporation, (hereinafter referred to as “Tenant”); 
  
 W I T N E S S E T H: 
  
 WHEREAS, Landlord and Tenant entered into that certain “Lease”
dated August 30, 1990 for a “Premises” located at 4202 Dan Morton Drive, Dallas, Texas “Building” as more particularly described in said Lease and that certain “First Amendment to Lease Agreement” dated June 21, 1996;
and 
  
 WHEREAS, Landlord is the successor in interest to SECURITY
CAPITAL INDUSTRIAL TRUST by property purchase and has succeeded to all rights, obligations, title, and interest therein; and 
  
 WHEREAS, Landlord and Tenant now desire to further amend said Lease as hereinafter set forth; 
  
 NOW, THEREFORE, for good, lawful and valuable consideration, including the
undertakings of the parties hereto, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  
 1. All capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto by the Lease. 
  
 2. The “Effective Date” of this Amendment shall be the date hereof.

  
 3. The term of this Amendment shall commence Oct. 1, 1999 and
shall expire September 30, 2000. Tenant shall vacate the “Expansion Area”, as herein defined, as well as the Premises, as defined in the Lease and as required in Tenant’s Lease. 
  
 4. The square footage of the Premises as defined in Tenant’s Lease
(“Existing Area”) shall be increased by Twenty Five Thousand Two Hundred (25,200) square feet, (“Expansion Area”), such square footage to be contiguous to Tenant’s Master Lease Plan. Tenant accepts the Expansion Area in its
“As-Is” condition with no work of any type being performed by Landlord. Landlord has made no representations to tenant as to the suitability of the Premises for a particular use. 
  
 5. For the period beginning Oct. 1, 1999 and continuing through September 30,
2000 the Rent for the Expansion Area as herein defined shall be Five Thousand Seven Hundred Seventy-five Dollars ($5,775.00) per month for the Expansion Area, which shall be in addition to Tenant’s Rent for the Existing Area. 

 6. The Use of the Expansion Area shall remain the same as the Use allowed under the Lease. 
  
 7. Beginning Oct. 1, 1999 and continuing through September 30, 2000, for the
Expansion Area, Tenant shall pay to Landlord, as additional rental, Tenant’s pro rata share of all Operating Expenses of the Building allocable to the Expansion Area. Tenant’s estimated pro rata share of Operating Expenses for the
Expansion Area shall be payable as defined in Section 2(C) of the Lease. The initial amounts shall be as follows: 
  

					
	Common Area Maintenance	  	$0.04 per square foot	  	$84.00/month
	Taxes	  	$0.62 per square foot	  	$1,302.00/month
	Insurance	  	$0.04 per square foot	  	$84.00/month
	Management Fee	  	$0.14 per square foot	  	$294.00/month

  
 The above amounts
shall be in addition to Tenant’s Rent and Operating Expense obligations on the Existing Area. 
  
 8. Tenant shall provide to Landlord proof of insurance for the Expansion Area as required in sections 12 and 13 of the Lease. 
  
 9. Tenant acknowledges and affirms Landlord’s continuing right, upon
Tenant’s Default, as defined in the Lease, throughout the term of this Second Amendment, to enforce Landlord’s rights and remedies afforded in the Lease upon the Expansion Area, or upon the Premises being defined in Section 1 of the Lease
or upon the aggregate of both spaces, such determination to be made in Landlord’s sole and absolute discretion. 
  
 EXCEPT as specifically provided to the contrary herein, all of the rest and remaining terms and conditions of the Lease shall remain in full force and
effect. 
  
 EXECUTED in multiple counterparts, each of which shall
have the force and effect of an original, on the day and year first written above. 
  

							
	PAMI SP-1 INDUSTRIAL LIMITED PARTNERSHIP
	a Delaware corporation
		
	By:	 	Clarion Partners, LLC
	 	 	as agent
			
	 	 	By:	 	 /s/ Ada M. Healey

	 	 	Name:	 	Ada M. Healey
	 	 	Title:	 	Director
	 	 	 	 	        “LANDLORD”

  

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	LESLIE’S POOLMART, INC.
		
	By:	 	 /s/ Richard Grice

	Name:	 	Richard Grice
	Title:	 	VP Logistics
	 	 	        “TENANT”

  

 3Third Amendment dated as of April 14, 2000 to the Lease Agreement.

 Exhibit 10.6 
  
 THIRD AMENDMENT TO LEASE 
  
 THIS AMENDMENT OF LEASE (“Amendment”) made and entered into as of this 14th day of April 2000, by and between PAMI SP-1 INDUSTRIAL LIMITED
PARTNERSHIP, a Delaware limited partnership (hereinafter referred to as “Landlord”); and LESLIE’S POOLMART, INC., a Delaware corporation (hereinafter referred to as “Tenant”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Landlord’s predecessor-in-interest and Tenant entered into that
certain Lease dated August 30, 1990, as amended by First Amendment to Lease Agreement dated June 21, 1996, and Second Amendment of Lease dated September 30, 1999 (hereinafter, collectively, “Lease”) whereby Tenant is presently in
possession of premises containing approximately 126,000 square feet of space, comprised of approximately 100,800 square feet known as Suite 100 (the “Original Premises”) and an additional approximate 25,200 square feet known as Suite 103
(the “Expansion Premises”) (the original Premises and the Expansion Premises being hereinafter sometimes, collectively, referred to as the “Premises”) in the building located at 4202 Dan Morton, Dallas, Texas 75236 (hereinafter
referred to as the “Building”) as more particularly described in said Lease; and 
  
 WHEREAS, Landlord and Tenant now desire to further amend said Lease as hereinafter set forth; 
  
 NOW, THEREFORE, for good, lawful and valuable consideration, including the undertakings of the parties hereto, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows: 
  
 1.
All capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto by the Lease. 
  
 2. The “Effective Date” of this Amendment shall be the date hereof. 
  
 3. Landlord and Tenant hereby confirm that the expiration date of the Lease term with respect to the Original Premises and
the Expansion Premises is currently September 30, 2000. 
  
 4. The
term of the Lease with respect to the original Premises and the Expansion Premises is hereby extended an additional five (5) years so that the Lease shall now terminate at 11:59 p.m. on September 30, 2005. The period from October 1, 2000 through
September 30, 2005 is hereinafter referred to as the “Extended Term,” and Paragraph 1 of the Lease shall be deemed modified accordingly. 
  
 5. During the Extended Term, Tenant shall pay to Landlord, rent at a rate of Two and 50/100 ($2.50) Dollars per square foot per annum, which shall accrue
at an annual rate of Three Hundred Fifteen Thousand and 00/100 ($315,000.00) Dollars, payable in advance on the 

 
first day of each calendar month in installments of Twenty-six Thousand Two Hundred Fifty and 00/100 ($26,250.00) Dollars each, and Paragraph 2 of the Lease
shall be deemed modified accordingly. Notwithstanding the foregoing, during the last two (2) years of the Extended Term (i.e. October 1, 2003 through September 30, 2005), the aforesaid rent shall be subject to being increased to Two and 60/100
($2.60) Dollars per square foot per annum if Tenant exercises its option to draw down on all or any part of the Construction Allowance (as hereinafter defined). In the event Tenant does not exercise its option to draw down on all or any part of the
Construction Allowance, Tenant’s rent shall remain at the rate of Two and 50/100 ($2.50) Dollars per square foot per annum. 
  
 6. During the Extended Term, in addition to the rent due and payable in accordance with Paragraph 5 hereof, Tenant shall continue to pay to Landlord,
Tenant’s pro rata share of all Operating Expenses for the Premises, including without limitation, common Area Maintenance, Taxes, Insurance, and Management Fees. 
  
 7. Landlord shall furnish Tenant with a construction allowance in a sum up to Three Hundred Fifty Thousand and 00/100
($350,000.00) Dollars (the “Construction Allowance”) to be applied by Tenant towards the construction of a pool supply containment room (“Tenant’s Work”). Tenant may elect to draw from the Construction Allowance at any time
prior to March 31, 2002, limited however to not more than two (2) separate occasions, upon presentation of (i) paid bills in an amount equal to at least the amount of the Construction Allowance requested, (ii) lien waivers for all Tenant’s Work
performed in the Premises, and (iii) architect’s or general contractor’s certification that the Tenant’s Work has been completed. In the event Tenant draws on this Construction Allowance, Tenant shall reimburse Landlord, on a monthly
basis commencing with the first day of the month immediately following the month in which the draw has occurred, an amount equal to the amortized portion of the amount so drawn, together with interest thereon at the rate of ten (10%) percent per
annum, amortized over the then remaining Extended Term. Landlord shall have all the remedies for the collection of this amount as it does for the collection of rent. Tenant shall, prior to the expiration of the Extended Term, at Landlord’s
option and upon written notice from Landlord, restore the pool supply containment room to the condition existing as of the date hereof, reasonable wear and tear and damage by casualty or the elements excepted. 
  
 8. Subject to applicable law and prior to the commencement of the Extended
Term, Landlord shall construct a completely fenced parking area for Tenant as set forth on Exhibit A (“Landlord’s Work”). The cost of Landlord’s Work shall be amortized over a period of twenty (20) years and Tenant shall
reimburse Landlord, on a monthly basis commencing on October 1, 2000 and ending on the expiration of the Extended Term, an amount equal to the amortized portion thereof, together with interest thereon at the rate of ten (10%) percent per annum.
Landlord shall have all the remedies for the collection of this amount as it does for the collection of rent. Landlord and Tenant agree that the cost of Landlord’s Work shall not exceed the sum of Fifty Thousand and 00/100 ($50,000.00) Dollars.
In addition, prior to the commencement of the Extended Term, Landlord shall, at its sole cost and expense, perform the following demolition work (the “Demolition Work”) to the Premises: (i) completely demolish and remove the office and
bathrooms (consisting of an area approximately 56’x 42’ in dimension); (ii) remove and cap all of the heating, ventilating and air-conditioning equipment and ducts and the plumbing located in the office and bathrooms; (iii) remove and
relocate the electrical service from the office and 

  

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bathrooms to a location mutually agreeable to Landlord and Tenant; and (iv) repair any slab damage caused by the Demolition Work. Upon the completion of the
Demolition Work, and continuing thereafter upon each annual anniversary of the commencement date of the Extended Term, and expiring September 30, 2005, Tenant shall pay to Landlord the sum of Three Hundred Twenty Five and 00/100 ($325.00) Dollars to
partially offset Landlord’s cost of the Demolition Work, and Landlord shall have all the remedies for the collection of this amount as it does for the collection of rent. 
  
 9. In the event Landlord is unable to substantially complete Landlord’s Work on or before October 1, 2000, Tenant shall
have the right, upon written notice to Landlord, which notice must be given, if at all, on or before October 15, 2000, to terminate this Amendment and render same null and void for all purposes ab initio. In the event Tenant exercises
its option to terminate this Amendment, the term of the Lease shall automatically be extended to March 31, 2001 upon the terms and conditions contained therein. In the event Tenant elects not to exercise its option to terminate this Amendment as set
forth herein, the terms and conditions of this Amendment shall be binding upon the parties hereto, except Landlord shall not be obligated to complete Landlord’s Work. 
  
 10. Subject to applicable law, during the Extended Term, Tenant shall be permitted, at no additional cost, to use a portion
of the parking field measuring approximately 60 feet by 100 feet (but in no event shall such area extend more than 60 feet out from the Building), as generally depicted on Exhibit A (the “Storage Area”), for outdoor storage. Tenant agrees
to keep and maintain the Storage Area in a clean, safe, sightly and orderly manner. The Storage Area may be used for storage purposes only, and may not be used to store garbage or refuse of any manner. In the event that the applicable governmental
authorities shall require screening of the Storage Area, Tenant shall, at its sole cost and expense, install such screening and otherwise comply with all applicable governmental ordinances and regulations and obtain all necessary governmental
approvals regarding the Storage Area. 
  
 11. Tenant represents
that, except for CB Richard Ellis, no other broker was involved in consummating this Amendment and that Tenant had no conversations or prior negotiations with any other broker concerning this Amendment. Tenant agrees to indemnify Landlord against
and hold Landlord safe and harmless from any and all claims for brokerage commissions arising out of any breach of the above representations of Tenant. 
  
 12. Paragraph 24 of the Lease (“Notices”) is hereby amended to reflect that all notices, rent and other payments required to be made by Tenant
to Landlord shall be addressed to PAMI SP-1 INDUSTRIAL LIMITED PARTNERSHIP, c/o Clarion Partners, 335 Madison Avenue, New York, New York 10017, with a copy to DOLLINGER & DOLLINGER, P.A., Mack-Cali Centre II, One Mack Centre Drive, Paramus, New
Jersey 07652-3906, Attn: Martin E. Dollinger, Esq.; and all notices required to be given by Landlord to Tenant shall be addressed to Tenant, at 20630 Plummer Street, Chatfworth, California 91311. 
  
 13. Tenant represents, warrants and covenants that as of the date hereof: (i)
Landlord is not in default under any of its obligations under the Lease; (ii) Tenant is not in default of any of its obligations under the Lease; and (iii) no event has occurred which, with the passage of time or the giving of notice, or both, would
constitute a default by either Landlord or Tenant thereunder. 
  

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 14. Except as modified by this Amendment, the Lease for the Premises, and all the covenants, agreements,
terms, provisions and conditions thereof shall remain in full force and effect and unchanged, and are hereby ratified and affirmed. The covenants, agreements, terms, provisions and conditions contained in this Amendment shall bind and inure to the
benefit of the parties hereto and their respective successors and assigns. In the event of any conflict between the terms contained in this Amendment and the Lease, the terms herein contained shall supersede and control the obligations and
liabilities of the parties. 
  
 15. The submission of this
Amendment for examination does not constitute a reservation of, or option for, the Premises, and this Amendment becomes effective only upon execution and delivery thereof by Landlord and Tenant. 
  
 16. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands and seals as of the date and year first above written, and acknowledge the one to
the other that they possess the requisite authority to enter into this transaction and to sign this Amendment. 
  

							
	 PAMI SP-1 INDUSTRIAL LIMITED
 PARTNERSHIP, a
Delaware corporation,
 Landlord

		
	By:	 	Clarion Partners, LLC, as agent
			
	 	 	By:	 	 /s/ Ada M. Healey

	 	 	 	 	ADA M. HEALEY, Director
	
	LESLIE’S POOLMART, INC., Tenant
		
	By:	 	 /s/ Patrick Murphy

	 	 	PATRICK MURPHY,
	 	 	Vice President-Real Estate & Construction

  

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