Document:

Unassociated Document

EXHIBIT 10.1(e)

FIFTH AMENDMENT TO REAL ESTATE LEASE

THIS AGREEMENT is entered into this 5th day of May, 2006, by and between TIPPMANN PROPERTIES, INC., as agent for LAURENCE TIPPMANN, SR. FAMILY PARTNERSHIP (hereinafter referred to as “Lessor”), and TOWER FINANCIAL CORPORATION (hereinafter referred to as “Lessee”), and WITNESSETH:

WHEREAS, the parties hereto entered into a Real Estate Lease dated January 1, 1999, amended on March 8, 1999, August 12, 1999, June 29, 2001, and March 24, 2004 currently covering approximately 41,791 usable  square feet of premises commonly known as 116 East Berry Street, Suite 100, Fort Wayne, Indiana;

AND WHEREAS, Lessee and Lessor are desirous of leasing as of May 1, 2006, an additional approximately five thousand four hundred sixteen (5,416) square feet of office space commonly known as Suite 585 (2,857 square feet), Suite 535 (2,439 square feet) and Suite 550 (120 square feet);

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto agree as follows:

	
  

	
1.

	
Beginning May 1, 2006, the leased premises shall be increased to reflect approximately five thousand four hundred sixteen (5,416) square feet of additional office space as depicted on the attached Exhibit “A” for a total of approximately forty seven thousand two hundred seven (47,207) square feet.

	
  

	
2.

	
Lessor shall contribute Twenty Eight Thousand Five Hundred Seventy and 00/100th Dollars ($28,570.00) to be used for the tenant improvement expenses in the renovation of Suite 585.  Lessee shall provide receipts for reimbursement after the work is completed.

	
  

	
3.

	
The rent shall be amended as of May 1, 2006 based upon the approximately 5,416 square feet of additional office space payable incrementally based on the existing rate structure.

	
  

	
4.

	 

	
Term

	 	
Total Sq. Ft.

	 	 	
Monthly Rent

	 
	  	 	 	 	 	 	 
	
5/1/06  -  12/31/06

	 	 	47,207	 	 	$	53,107.88	 
	  	 	 	 	 	 	 	 	 
	
1/1/07  -  12/31/13

	 	 	47,207	 	 	$	58,025.27	 

	
  

	
5.

	
Except as hereby amended, all other terms and conditions contained in the original Real Estate Lease are hereby reaffirmed and left unchanged by the terms of this Fifth Amendment.

IN WITNESS WHEREOF, the parties hereto have duly executed this Fifth Amendment on the day and year first above written.

	
TIPPMANN PROPERTIES INC., Agent

	  	
TOWER FINANCIAL CORPORATION

	
for Laurence Tippmann, Sr. Family Partnership

	  	  
	
(“Lessor”)

	  	
(“Lessee”)

	  	  	  	  	  	  
	
BY:

	
/s/ Charles E. Tippmann

	  	
BY:

	
/s/ Michael D. Cahill

	  
	  	  	  	  	  	  
	
PRINTED:

	
Charles E. Tippmann

	  	
PRINTED:

	
Michael D. CahillUnassociated Document

EXHIBIT 10.1(f)

SIXTH AMENDMENT TO REAL ESTATE LEASE

THIS AGREEMENT is entered into this 18th day of September, 2006, by and between TIPPMANN PROPERTIES, INC., as agent for LAURENCE TIPPMANN, SR. FAMILY PARTNERSHIP(hereinafter referred to as “Lessor”), and TOWER FINANCIAL CORPORATION(hereinafter referred to as “Lessee”), and WITNESSETH:

WHEREAS, the parties hereto entered into a Real Estate Lease dated January 1, 1999, amended on March 8, 1999, August 12, 1999, June 29, 2001, March 24, 2004, and May 5, 2006, currently covering approximately 47,207 usable  square feet of premises commonly known as 116 East Berry Street, Suite 100, Fort Wayne, Indiana;

AND WHEREAS, Lessee and Lessor are desirous of leasing as of December 1, 2006, an additional approximately two thousand fifty (2,050) square feet of office space commonly known as Suite 505;

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto agree as follows:

	
  

	
1.

	
Beginning December 1, 2006, the leased premises shall be increased to reflect approximately two thousand fifty (2,050) square feet of additional office space as depicted on the attached Exhibit “A” for a total of approximately forty nine thousand two hundred fifty-seven (49,257) square feet.

	
  

	
2.

	
Lessor shall contribute Twenty Thousand Five Hundred and 00/100th Dollars ($20,500.00) to be used for the tenant improvement expenses in the renovation of Suite 505.  Lessee shall provide receipts for reimbursement after the work is completed.

	
  

	
3.

	
The rent shall be amended as of December 1, 2006 based upon approximately 1,190 square feet (of the 2,050 square feet) of additional office space payable incrementally based on the existing rate structure.

	
  

	
4.

	
The rent shall be amended as of March 1, 2007 based upon  approximately 860 square feet (the balance of the 2,050 square feet) of additional office space payable incrementally based on the existing rate structure.

	
  

	
5.

	
Term

	 	
Total Sq. Ft.

	 	 	
Monthly Rent

	 
	  	 	 	 	 	 	 
	
12/1/06 -   2/28/07

	 	 	48,397	 	 	$	54,446.63	 
	  	 	 	 	 	 	 	 	 
	
3/1/07 -  12/31/13

	 	 	49,257	 	 	$	60,545.06	 

	
  

	
6.

	
Except as hereby amended, all other terms and conditions contained in the original Real Estate Lease are hereby reaffirmed and left unchanged by the terms of this Sixth Amendment.

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Sixth Amendment on the day and year first above written.

	
TIPPMANN PROPERTIES INC., Agent

	  	
TOWER FINANCIAL CORPORATION

	
for Laurence Tippmann, Sr. Family Partnership

	  	  	  	  
	
(“Lessor”)

	  	
(“Lessee”)

	  
	  	  	  	  	  	  
	
BY:

	
/s/ Charles E. Tippmann

	  	
BY:

	
/s/ Michael D. Cahill

	  
	  	  	  	  	  	  
	
PRINTED:

	
Charles E. Tippmann

	  	
PRINTED:

	
Michael D. CahillUnassociated Document

EXHIBIT 10.1(g)

SEVENTH AMENDMENT TO REAL ESTATE LEASE

THIS AGREEMENT is entered into this 10th day of January, 2007, by and between TIPPMANN PROPERTIES, INC., as agent for LAURENCE TIPPMANN, SR. FAMILY PARTNERSHIP(hereinafter referred to as “Lessor”), and TOWER FINANCIAL CORPORATION(hereinafter referred to as “Lessee”), and WITNESSETH:

WHEREAS, the parties hereto entered into a Real Estate Lease dated January 1, 1999, amended on March 8, 1999, August 12, 1999, June 29, 2001, March 24, 2004, May 5, 2006, and September 18, 2006 currently covering approximately 49,257 usable  square feet of premises commonly known as 116 East Berry Street, Suite 100, Fort Wayne, Indiana;

AND WHEREAS, Lessee and Lessor are desirous of leasing as of July 1, 2007, an additional approximately two thousand three hundred forty-one (2,341) square feet of office space commonly known as Suite 305;

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto agree as follows:

	
  

	
1.

	
Beginning January 15, 2007, the leased premises shall be increased to reflect approximately two thousand three hundred forty-one (2,341) square feet of additional office space as depicted on the attached Exhibit “A” for a total of approximately fifty one thousand five hundred ninety-eight (51,598) square feet.

	
  

	
2.

	
Lessor shall construct three offices using building standard materials in the new expansion area as mutually agreed upon between Lessee and Lessor.  Lessee shall contribute five thousand and 00/100th Dollars ($5,000.00) towards the cost of the tenant improvements, which shall be paid by July 1, 2007.

	
  

	
3.

	
Tenant shall have possession of the new space by January 15, 2007.

	
  

	
4.

	
Rent for the expansion space shall begin July 1, 2007 and continue under the existing rate structure.

	
  

	
5.

	
Term

	 	
Total Sq.Ft.

	 	 	
Monthly Rent

	 
	  	 	 	 	 	 	 
	
1/1/07  – 2/28/07

	 	 	48,397	 	 	$	54,446.63	 
	  	 	 	 	 	 	 	 	 
	
2/28/07 – 6/30/07

	 	 	49,257	 	 	$	60,545.06	 
	  	 	 	 	 	 	 	 	 
	
7/1/07 – 12/31/13

	 	 	51,598	 	 	$	63,422.54	 

	
  

	
6.

	
Except as hereby amended, all other terms and conditions contained in the original Real Estate Lease are hereby reaffirmed and left unchanged by the terms of this Seventh Amendment.

IN WITNESS WHEREOF, the parties hereto have duly executed this Seventh Amendment on the day and year first above written.

	
TIPPMANN PROPERTIES INC., Agent

	  	
TOWER FINANCIAL CORPORATION

	  
	
for Laurence Tippmann, Sr. Family Partnership

	  	  	  
	
(“Lessor”)

	  	
(“Lessee”)

	  
	  	  	  	  	  	  
	
BY:

	
/s/ Charles E. Tippmann

	  	
BY:

	
/s/ Michael D. Cahill

	  
	  	  	  	  	  	  
	
PRINTED:

	
Charles E. Tippmann

	  	
PRINTED:

	
Michael D. Cahillex10_1h.htm

EXHIBIT 10.1(h)

EIGHTH AMENDMENT TO REAL ESTATE LEASE

THIS AGREEMENT is entered into this 31st day of December 31, 2009, by and between TIPPMANN PROPERTIES, INC., as agent for LAURENCE TIPPMANN, SR. FAMILY PARTNERSHIP(hereinafter referred to as “Lessor”), and TOWER FINANCIAL CORPORATION(hereinafter referred to as “Lessee”), and WITNESSETH:

WHEREAS, the parties hereto entered into a Real Estate Lease dated January 1, 1999, amended on March 8, 1999, August 12, 1999, June 29, 2001, March 24, 2004, May 5, 2006, September 18, 2006, and January 10, 2006 currently covering approximately 51,598 usable square feet of premises commonly known as 116 East Berry Street, Suite 100, Fort Wayne, Indiana;

AND WHEREAS, Lessee and Lessor are desirous of extending said lease to expire on December 31, 2018 for the 1st and 2nd floors;

AND WHEREAS, Lessee and Lessor are desirous of reducing the rate on approximately 12,640 usable square feet of office space on the 2nd floor;

AND WHEREAS, Lessee and Lessor are desirous of adding an Annual CPI adjustment effective January 1, 2014 for the 1st and 2nd floors.

AND WHEREAS, Lessee and Lessor are desirous as of January 1, 2010 of decreasing the space by approximately 2,341 square feet of office space commonly know as Suite 305;

AND WHEREAS, Lessee and Lessor are desirous of reducing the rate for the 5th floor which expires December 31, 2013 and adding a renewal option January 1, 2014 at fair market rates;

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto agree as follows:

	
  

	
1.

	
Beginning January 1, 2010, the leased premises shall be decreased to reflect approximately 2,341 square feet of office space (Suite 305) for a total of approximately 49,257 usable square feet.

	
  

	
2.

	
The term of this lease for the 1st floor (22,227 square feet) and 2nd floor (19,564 square feet) shall be extended to terminate December 31, 2018.

	
  

	
3.

	
The rates for the 2nd floor (12,640) square feet and the 5th floor (7,466) shall be reduced.

	
  

	
4.

	
The minimum annual rent for the 1st and 2nd floors shall be adjusted annually based on any increases in the Consumer Price Index beginning January 1, 2014 and at the end of each year thereafter, whether during the Lease Term or any renewal or extension thereof.  In no event shall any annual increase be more than (5%) per year compounded from the commencement date of this Lease to the adjustment date of this Lease.  Increases in the annual rent shall be made in accordance with the following procedures:

	
  

	
I.

	
The index to be used for this adjustment shall be the Consumer Price Index (U.S. City Average, All Urban Consumers, All Items, 3-year average 1982-84, equaling a base of 100, from the U.S. Department of Labor, Bureau of Labor Statistics, Washington D.C.).  If the said Consumer Price Index is, at any time during the Lease Term, discontinued by the Government, then the most nearly comparable index shall be substituted for the purpose of the aforesaid calculations.

	
  

	
II.

	
The Consumer Price Index for the month of November shall be the index used in calculating the annual adjustment in rent. The current Consumer Price Index for November is 216.3.

  

  

  

	
  

	
III.

	
The most current Consumer Price Index for the month of November shall be subtracted from the prior year index for November; the difference shall be divided by the prior year index for November. The resulting percentage shall then be applied to the most current annual rental, so as to provide a 1% increase in the most current annual rental for each 1% increase in the most current Consumer Price Index over the prior years Consumer Price Index for November.

	
  

	
5.

	
Provided that Lessee is not in default hereunder, Lessee shall have the option to renew the 5th floor for one (1) three (3) year term at fair market rates.  Written notice of the exercise of said option must be received by Lessor at least 60 days prior to the expiration of the term (12/31/13.)

	
  

	
6.

	
The following chart summarizes the preceding changes:

	
Floor

	 	
Total Sq. Ft.

	 	 	
Rate

	 	 	
Monthly Rent

	 	
Expiration

	  	 	 	 	 	 	 	 	 	 	  
	
1st Floor

	 	 	22,227	 	 	$	14.75	 	 	$	*27,320.69	 	
12/31/18

	
2nd Floor

	 	 	6,924	 	 	$	14.75	 	 	$	* 8,510.75	 	
12/31/18

	
2nd Floor

	 	 	12,640	 	 	$	13.50	 	 	$	*14,220.00	 	
12/31/18

	
5th Floor

	 	 	7,466	 	 	$	13.50	 	 	$	8,399.25	 	
12/31/13**

	  	 	 	49,257	 	 	 	 	 	 	$	58,450.69	 	  

*Monthly rent will change 1/1/14 with start of Annual CPI.

**Includes three (3) year option to renew.

	
  

	
7.

	
Except as hereby amended, all other terms and conditions contained in the original Real Estate Lease are hereby reaffirmed and left unchanged by the terms of this Eighth Amendment.

IN WITNESS WHEREOF, the parties hereto have duly executed this Eighth Amendment on the day and year first above written.

	
TIPPMANN PROPERTIES INC., Agent

	  	
TOWER FINANCIAL CORPORATION

	  
	
for Laurence Tippmann, Sr. Family Partnership

	  	  	  	  
	
(“Lessor”)

	  	
(“Lessee”)

	  
	  	  	  	  	  	  
	
BY:

	
/s/ Charles E. Tippmann

	  	
BY:

	
/s/ Richard R. Sawyer

	  
	  	  	  	  	  	  
	
PRINTED:

	
Charles E. Tippmann

	  	
PRINTED:

	
Richard R. Sawyer

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