Document:

Unassociated Document

Exhibit 10(bb)

 

FOURTH AMENDMENT TO

INDUSTRIAL LEASE AGREEMENT

 

 

THIS FOURTH AMENDMENT TO INDUSTRIAL LEASE AGREEMENT (this "Amendment") is made as of this 16th day of August, 2007, by and between L/S 26TH STREET SOUTH, LP, a Delaware limited partnership (Assignee of Liberty Property/Synterra Limited Partnership, a Pennsylvania limited partnership ("Liberty/Synterra")), as Landlord, and TASTY BAKING COMPANY, a Pennsylvania corporation, as Tenant.

 

W I T N E S S E T H:

 

WHEREAS, Liberty/Synterra and Tenant entered into that certain Industrial Lease Agreement dated May 8, 2007, as amended by that certain First Amendment to Industrial Lease Agreement dated June 7, 2007, that Second Amendment to Industrial Lease Agreement dated June 29, 2007, and that Third Amendment to Industrial Lease Agreement dated July 23, 2007 (collectively, the "Lease") for an approximately 25 acre lot located within the Navy Yard, Philadelphia, Pennsylvania, as more particularly described in the Lease;

 

WHEREAS, Liberty/Synterra assigned all of its right, title and interest in and to the Lease to L/S 26th Street South, LP, pursuant to that certain Assignment of Industrial Lease Agreement dated June 22, 2007, and L/S 26th Street South, LP is now the Landlord under the Lease;

 

WHEREAS, pursuant to Section 30 of the Lease, Landlord and/or Tenant have the right to terminate the Lease if certain conditions are not satisfied or waived within the time periods specified therein; and

 

WHEREAS, Landlord and Tenant now desire to modify certain conditions in the Lease, as more particularly set forth below.

 

NOW, THEREFORE, in consideration of the covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:

 

1.  The deadlines for the satisfaction of the conditions set forth in Section 30(c) (respecting Tenant's delivery of the Final LC to Landlord), Section 30(f)(i) of the Lease (respecting Tenant's receipt of a commitment letter from the Commonwealth for not less than $10,000,000.00 under the Commonwealth's Machinery and Equipment Loan Fund program), Section 30(f)(ii) of the Lease (respecting Tenant's receipt of a commitment from PIDC to provide not less than $12,000,000.00 in loan financing), Section 30(f)(iv) of the Lease (respecting Tenant, Tenant's lender, and PAID and/or PIDC having entered into an intercreditor agreement) and Section 30(g) of the Lease (respecting Tenant having closed on a $100,000,000.00 credit facility with Citizens Bank) are each hereby extended to September 14, 2007.

 

  

  

  

 

 

2.  Notwithstanding the extension granted above, if the condition set forth in Section 30(c) (respecting Tenant's delivery of the Final LC to Landlord) is not satisfied by September 7, 2007, Tenant agrees to increase the face amount of the Interim LC to Two Million Dollars ($2,000,000.00) no later than September 10, 2007.

 

3.  The Parties confirm that the conditions set forth in Sections 30(a), 30(e)(i), 30(e)(iii), 30(e)(vii), 30(e)(viii) and 30(e)(ix) of the Lease have been satisfied or waived.

 

4.  Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Lease.  Except as expressly modified by this Amendment, the Lease shall remain in full force and effect in accordance with its terms.  Without limiting the generality of the foregoing, Tenant hereby reaffirms its obligation to reimburse Landlord for certain costs, as set forth in Section 30(i) of the Lease, upon the termination of the Lease for failure of any of the conditions set forth in Section 30 thereof (as such conditions have been modified by this Amendment and all prior amendments).

 

5.  This Amendment may be executed in any number of counterparts, each of which, taken together, shall constitute one and the same instrument.  Faxed or electronically delivered signatures shall be enforceable as original signatures against the party delivering such signature.

 

 

 

(SIGNATURES CONTINUED ON NEXT PAGE)

 

 

 

  

-2-

  

 

 

IN WITNESS WHEREOF, Landlord and Tenant have executed this Fourth Amendment to Industrial Lease Agreement on the date first above written.

 

 

	 	LANDLORD:
	 	 
	 	L/S 26TH STREET SOUTH, LP

 

	
  

	
By:  L/S 26th Street South, LLC, its General Partner

	
  

	
By:  Liberty Property/Synterra Limited Partnership, its Sole Member

	
  

	
By:  Liberty Property Philadelphia Navy Yard Limited Partnership, its General Partner

	
  

	
By:  Liberty Property Philadelphia Navy

	
  

	
Yard Corporation, its General Partner

	
  

	
By:  ____________________________

	
  

	
Name: John S. Gattuso

	
  

	
Title: Senior Vice President

 

	 	TENANT:
	 	 
	 	TASTY BAKING COMPANY
	 	 
	 	 
	 	
By:   ____________________________

       Name:

       Title:

 

 

 

 

 

 

 

-3-a6676688ex_10cc.htm

Exhibit 10(cc)

 

	
L/S 26TH STREET SOUTH, LP

c/o Liberty Property Trust

500 Chesterfield Parkway

Malvern, PA 19355

December 31, 2010

 

VIA EMAIL:  charles.pizzi@tastykake.corn

 

Tasty Baking Company

Navy Yard Corporate Center

3 Crescent Drive, Suite 200

Philadelphia, PA 19112

	
Attn:

	
Mr. Charles P. Pizzi

President & CEO

 

	
  

	
RE:

	
Industrial Lease Agreement dated as of May 8, 2007 (as amended and as may be further amended, supplemented or restated from time to time, the “Lease Agreement”), by and among L/S 26th Street South, LP (the “Landlord”) and Tasty Baking Company (“Tasty”); Improvement Agreement dated May 8, 2007 (as amended and as may be further amended, supplemented or restated from time to time, the “Improvements Agreement”) by and among Landlord and Tasty.1

 

Dear Mr. Pizzi:

 

You have advised that Tasty will be requesting certain amendments to the Credit Agreement dated September 6, 2007 (as amended from time to time, the “Senior Credit Agreement”) by and among Tasty, the direct and indirect subsidiaries of Tasty from time to time parties to the Senior Credit Agreement, Citizens Bank of Pennsylvania, as Administrative Agent and Collateral Agent (in such capacities, collectively, the “Senior Agent”), and Citizens Bank of Pennsylvania as Swing Line Lender and L/C Issuer, and each of the Lenders from time to time party to the Senior Credit Agreement (the “Senior Lenders”). Tasty will also be requesting certain amendments to ‘ the Lease Agreement and Improvements Agreement. We expect those requests will include limited moratoriums on payments due under the Senior Credit Agreement (principal only), the Lease Agreement and the Improvements Agreement and waivers of defaults or events of defaults. This letter, however, does not constitute such a request for, or an agreement to, any such moratoriums or waivers, except as expressly set forth below.

 

In consideration of your requests to Landlord, Landlord hereby agrees as follows:

 

	
●      

	
Landlord hereby waives each Event of Default, if any, which may have occurred or be continuing under the Lease Agreement (including without limitation the obligation of Tasty under the Lease Agreement to repay Landlord the sum of $686,459.37 for change 

 

____________________

 

	
1

	
Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Lease Agreement.

 

 

  

  

  

 

December 31, 2010

Page 2

 

 

 

	
 

	
orders relating to tenant fit-out work), but only to the extent such Event of Default exists up to and including January 31,2011. For the sake of clarity, to the extent any Event of Default continues to exist after January 31, 2011, such default shall constitute an Event of Default under the Lease Agreement without the need for further notice to Tasty or any other person, and Landlord shall then be entitled to all rights and remedies under the Lease with respect thereto.

 

	
●      

	
Landlord hereby waives each Event of Default (as defined in the Improvements Agreement), if any, which may have occurred or be continuing under the Improvements Agreement but only to the extent such Event of Default (as defined in the Improvements Agreement) exists up to and including January 31, 2011. For the sake of clarity, to the extent any Event of Default (as defined in the Improvements Agreement) continues to exist after January 31, 2011, such default shall constitute an Event of Default(as defined in the Improvements Agreement) under the Improvements Agreement without the need for further notice to Tasty or any other person, and Landlord shall then be entitled to all rights and remedies under the Lease with respect thereto.

 

	
●      

	
The Lease Agreement is hereby amended to provide that any payments under the Lease Agreement or otherwise, whether such payments are for Monthly Rent, taxes, fees or otherwise, but specifically excluding Operating Expenses, which may be or are required to be made to Landlord under the Lease Agreement or otherwise between the date of this letter and January 31, 2011 shall not be paid to the Landlord or any other party until after January 31, 2011.

 

	
●      

	
The Improvements Agreement is hereby amended to provide that any payments under the Improvements Agreement or otherwise, whether such payments are for fees or otherwise, which may be or are required to be made to Landlord under the Improvements Agreement or otherwise prior to January 31, 2011 shall not be paid to the Landlord or any other party until after January 31, 2011.

 

	
●      

	
Landlord further agrees, for the benefit of the Senior Lenders, that through and including January 31, 2011, it will not further amend, supplement or modify the Lease Agreement or the Improvements Agreement or waive any provisions thereof without the express written consent of the Senior Agent.

 

Notwithstanding the foregoing, this letter agreement: (a) shall not apply to the obligation of Tasty to pay Operating Expenses under the Lease Agreement, or to any Event of Default resulting from the failure to pay Operating Expenses for the months of December 2010 and/or January 2011; (b) shall not prohibit or restrict Landlord from asserting a claim against Tasty under the Lease, including an assertion of an Event of Default and/or the exercise of remedies relating thereto, upon the assertion of any claim by Tasty against Landlord or Landlord’s affiliates relating to the Lease or the Improvements Agreement; (c) shall be null and void upon any actual or threatened revocation, withdrawal, repudiation or impairment of the Letter of Credit; (d) shall not impair the right or ability of Landlord to file a proof of claim in the event of any voluntary or involuntary bankruptcy or reorganization proceeding affecting Tasty; (e) shall not prohibit or restrict Landlord from exercising its self-help cure rights under the Lease 

 

 

  

  

  

 

December 31, 2010

Page 3

 

 

Agreement upon the occurrence of a non-monetary breach of the Lease which adversely impacts the Premises ; *

 

	  	  	  	  	  	  	  	  	  	  
	  	
Sincerely,

	  	  	  	  	  	  	  	  	  	  
	  	
L/S 26TH STREET SOUTH, LP

	  	  	  	  	  	  	  	  	  	  
	  	

By:

	

L/S 26th Street South, LLC its General

	 	 	Partner 
	  	  	  	  	  	  	  	  	  	  
	  	  	

By:

	

Liberty Property/Synterra Limited

	  	  	  	Partnership, its sole member	  	  	  
	 	 	 	 	 	 	 	 	 	 
	  	  	  	

By:

	

Liberty Property Philadelphia

	  	  	  	  	Navy Yard Limited Partnership, its 	  	  
	 	 	 	 	general partner	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	  	  	  	  	

By:

	Liberty Property Philadelphia
	  	  	  	  	  	Navy Yard Corporation, its	  
	  	  	  	  	  	general partner  	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	By:  ___________________________________________
	  	Name:  _________________________________________
	  	Title:  __________________________________________
	  	  	  	  	  	  	  	  	  	  

 

*(f) shall not prohibit or restrict Landlord on or after January 15, 2011, from asserting an Event of Default and exercising rights and remedies under the Lease Agreement and/or the Improvements Agreement, in the event the Senior Lenders exercise any remedies against Tasty under the Senior Credit Agreement; and (g) shall not prohibit Landlord from accepting payments under the Lease and/or the Improvements Agreement on or after January 15, 2011, in the event that Tasty makes any payments of principal to the Senior Lenders.

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