Document:

Exhibit 10.3

 

Amendment No. 2

 

To

 

Lease Agreement

 

AMENDMENT dated this 15th
day of September, 2000 to the Lease Agreement, dated September 23, 1993
(the “Lease”) between Gerstell Development Limited Partnership and WPGH, Inc.,
as changed to Sinclair Media I, Inc.

 

WITNESSETH

 

WHEREAS, Lessor and
Lessee, Gerstell Development Limited Partnership and WPGH, Inc. as changed to
Sinclair Media I, Inc., entered into that certain Lease Agreement dated September 23,
1993, which Lease Agreement was amended on June 8, 2000, said Lease
Agreement as so amended being hereinafter referred to as “the Lease”, and

 

WHEREAS, Lessor and
Lessee desire to correct certain provisions of the Lease as amended:

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual
covenants herein contained, in accordance with Section 1 of the lease, the
parties hereto agree as follows:

 

1.               The
parties acknowledge that the Lease is currently in full force and effect.

 

2.               The
present term will begin on October 1, 2000.

 

3.               The
present term will expire on October 1, 2007.

 

4.               The
anniversary date of the lease is October 1.

 

5.               Each
of the other terms of the Lease shall remain in full force and effect and shall
be unaffected by this Amendment No. 2.

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment No. 2 as of the date first above
written.

 

	
   

  	
  Gerstell-Development
  Limited Partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ J. Duncan
  Smith

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Name: J. Duncan
  Smith

  
	
   

  	
  Title: Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Sinclair Media
  I, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robin Smith

  	
   

  
	
   

  	
  By: Robin Smith

  
	
   

  	
  Name:

  
	
   

  	
  Title: VP of
  FinanceExhibit 10.4

 

Amendment No. 3

 

To

 

Lease Agreement

 

Amendment No. 3 dated
this 26th day of December, 2001 to the Lease Agreement dated September 23,
1993 between Gerstell Development Limited Partnership (“Gerstell”) and Sinclair
Media I, Inc., whose name was changed from WPGH, Inc., as amended (“Sinclair”)
(the “Lease”)

 

WITNESSETH

 

WHEREAS, Gerstell and
Sinclair entered into the Lease, as amended; and

 

WHEREAS, the parties
desire to correct and to update additional information that is relevant to the
Lease;

 

NOW THEREFORE, in
consideration of the foregoing and the mutual covenants contained in the Lease,
and herein, the parties hereby agree as follows:

 

1.               In
1997, Sinclair improved the Property by building a 13,000 square foot building
adjacent to the existing Building (the “New Building”).  The New Building is a stand-alone building
which is and continues to be owned by Sinclair. 
Gerstell continues to own, and to lease to Sinclair, the land on which
the New Building was built.  Attached hereto as Exhibit A is a legal description of the New
Building.

 

2.               Amendment
No. 1 is hereby amended by replacing Section 1 of the Lease (see paragraph
three of Amendment No. 1) with the following:

 

“Term.  The Lease shall have an Extension Term
expiring on August 31, 2007. 
Provided that Tenant is not in material default and provided that Tenant
gives written notice exercising the option within ninety (90) days before the
then current term expires, Tenant shall have four (4) options to extend this
Lease, each for a period of seven (7) years (each period of extension is
hereinafter called an “Extension Term” and the Original Term together with any
Extension Term (s) is hereinafter called the “Term”).  The Lease will have an annual rent of
$251,167.20 payable in advance in equal monthly installments of $20,930.60 for
the period of September 1, 2000-August 30, 2001.  On each subsequent anniversary of the Lease,
the rent shall increase by five (5) percent.”

 

In addition, there shall
be an additional monthly installment of $9,456.23 which shall be rent due from
Sinclair for Sinclair’s rental of the land on which the New Building has been
built.

 

3.               Right of First Refusal.  If, during the term of this Agreement,
Gerstell receives a bona fide offer for (i) the sale of all or substantially
all of its assets; (ii) the sale of all or any of the assets associated with
the Lease; (iii) the merger of a Party with another entity, after which
Gerstell is not the survivor; (iv) consolidation of Gerstell with another
entity, after which Gerstell owners no longer control more than fifty percent
(50%) or more of the consolidated entity; or (v) the sale by Gerstell’s owners
of more than fifty percent (50%) of the company, Gerstell (the “First Refusal
Offer”) shall provide promptly and without delay to Sinclair a right of first
refusal in accordance with this Section Three.  Before any such sale or transfer by Gerstell
or its partners/members, the identity of the party to whom the assets are to be
transferred (the “Third Party Acquirer”), the terms of such transfer and copies
of all written agreements which Gerstell has entered into, subject to the terms
of this First Refusal Right, or which Gerstell has indicated it will enter into
if Sinclair does not exercise its rights hereunder.  Sinclair, who

 

 

shall
receive the First Refusal Notice shall have a period of thirty (30) days after
receipt of such notice to exercise its rights to purchase the assets (or stock)
according to the terms and conditions which Gerstell (or its partners/members)
has negotiated with the Third Party Acquirer. 
Sinclair, upon receiving the First Refusal Notice may, at any time prior
to the expiration of its rights under this Section Three, including after
receipt of the First Refusal Notice, transfer its rights of First Refusal to
any third party upon the consent of the Party receiving the offer, which
consent shall not be unreasonably withheld. 
If, at the end of the thirty (30) day period, Sinclair (or its assignee)
has not exercised its right of first refusal, then Gerstell or its stockholders
may complete the proposed transaction with the Third Party Acquirer on the
terms and conditions set forth in the First Refusal Notice; provided however, if Gerstell or its partners does not enter
into a binding agreement with the Third Party Acquirer with respect to such
transaction within sixty (60) days of the end of the thirty (30) day right of
first refusal period, then Gerstell or its partners shall no longer be
permitted to enter into such transaction without first complying again with the
provision of this Section.

 

If any
of the property subject to the Lease is proposed for sale, and part of the
property proposed for sale is the New Building, then Gerstell, and/or its
partners, hereby agrees that Sinclair shall share in the profits of the sale of
the New Building, and shall be allocated all money related to the New Building,
which allocation shall be done within 30 days of the close of the sale of the
property, if such property includes the New Building, by taking the average of
two written appraisals given by two mutually agreed upon third party
appraisers.

 

4.               Sinclair
shall pay Gerstell a total of Ten Thousand Dollars ($10,000) for the Rights of
First Refusal, which payment shall be made within 30 days of the signing of
this Amendment.

 

5.               The
parties agree that if the bank proposes devaluing the property because of the
right of first refusal, the parties hereby agree to negotiate in good faith to
resolve the issue to the satisfaction of each of the parties.

 

6.               All
of the terms shall have the meaning as defined in the original Lease, if not
otherwise defined herein.

 

7.               Each
of the other Lease terms shall remain in full force and affect and shall be not
be changed by this Amendment No. 3.

 

Signature page follows

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment No. 4 as of the date first above
written.

 

	
   

  	
  Sinclair Media
  I, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robin Smith

  	
   

  
	
   

  	
  By: Robin Smith

  
	
   

  	
  Name:

  
	
   

  	
  Title: VP of
  Finance

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Gerstell-Development
  Limited Partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ J. Duncan
  Smith

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Name: J. Duncan
  Smith

  
	
   

  	
  Title: Limited
  PartnerExhibit 10.8

 

THIS
LEASE is made this first day of February, 1996, by and between Keyser
Investment Group, Inc. a Maryland corporation (herein called “Landlord”), and
Sinclair Broadcast Group, Inc., a Maryland corporation (herein called “Tenant”).

 

W I T N E S S E T H:

 

The Landlord hereby leases unto the Tenant the following: 2000-2008
West 41st Street, City of Baltimore, State of Maryland, 21211 consisting of
certain buildings and structures, the adjacent and service areas.  The aforesaid commercial property subject to
this Lease is hereinafter called the “Demised Premises” or “Premises” for an
initial term of ten (10) years, beginning on the 1st day of February 1996,
and ending on the 31st day of January 2006, at rent payable in equal and
successive monthly payments as outlined on Schedule A (attached) on the
first (1st) day of each and every month in advance, plus the annual increase as
defined following.

 

Said rent shall be paid to the Landlord at such place
as the Landlord may from time to time designate in writing.

 

The term of this Lease shall automatically be renewed
for two additional and consecutive terms of five (5) years each, unless notice
of cancellation is given by Lessee as set forth in this paragraph.  If Lessee gives written notice of cancellation
to Lessor not less that ninety (90) days prior to the expiration of the initial
term of this lease (or of the first additional five year term, as the case may
be) to the effect that Lessee does not wish to extend the terms of this Lease
for any additional period, then this Lease shall terminate and expire at the
end of the then existing Lease term (either the initial term, or the first
additional five-year term, as the case may be). 
In the event Lessee, for whatever reason, fails to give such written
notice of cancellation not less than ninety (90) days prior to the end of this
initial term of this Lease (or not less than ninety (90) days prior to the end
of the first additional five-year term, as the case may be), the term of this
Lease shall be automatically extended for the next additional and consecutive
term of five (5) years.

 

THE
TENANT AGREES WITH THE LANDLORD, as follows:

 

1.                                      Rent.  To pay the rent when due.

 

2.                                      Use.  To use and occupy the leased premises solely
for the following purposes: television station, offices, studios and related
facilities as permitted by applicable zoning. 
Further, the Tenant agrees not to load the lease Premises beyond its
carrying capacity, and it agrees not to use said
premises, whole or in part, for any other purpose without the written consent
of the Landlord.

 

3.                                      Occupancy.  Tenant further agrees to occupy the leased
premises and conduct business therein continuously during the term or any
renewal thereof.  If the Tenant shall
fail to take possession of the Demised Premises within thirty (30) days after
the commencement of the term of this Lease or, if at any time during the term
of this Lease or any renewal thereof, the Tenant shall vacate, abandon, or
cease to use or occupy said Demised Premises, Landlord, in addition to any
other right or rights granted to it under this Lease or by law, may reenter the
Demised Premises and remove the Tenant or its legal representatives or other
occupant by summary proceeding or otherwise; and in such event, Tenant waives
the service of notice of intention to reenter or to institute lease proceedings
to that end.  In such event, Landlord may
without notice or demand enter the Demised Premises, breaking open locked
doors, if necessary to obtain entrance, without liability to action for
prosecution or damages for such entry or the

 

 

manner
thereof.

 

4.                                      Water Rent.  To pay all the water rent and sewerage
charges chargeable to the said Premises.

 

5.                                      Federal, State, and Local Laws, Etc.  To observe, comply with, and execute at its, the
Tenant’s, expense all laws valid and lawful rules, requirements, and
regulations of the United States, State of Maryland, and of the City or County
in which the lease Premises are situate, and of any and all governmental
authorities or agencies and of any board of fire underwriters or other similar
organization respecting the leased Premises and the manner in which said
Premises are and should be used by it.

 

6.                                      Assignment and Sublease.  That the written consent of the Landlord
shall be required to each assignment or sublease of the leased Premises, or any
part thereof, whether such assignment or sublease be made by it or by anyone
claiming by, through, or under it.

 

7.                                      Alterations and Improvements.  Tenants shall not make any additions,
alterations, or improvements in or to the Demise Premises without Landlord’s
written consent.  All additions,
alterations, and improvements made in or to the Demised Premises by either
Landlord or Tenant shall become property of the Landlord and shall be
surrendered with the Premises at the termination of this lease.  Tenant shall have the right to remove or
replace its moveable trade fixtures; provided, however, Tenant repairs any
damages caused by such removal.  The
failure of Tenant to remove trade fixtures or any of its property at the
termination of the term of this Lease shall be deemed abandonment of such
property at the option of the Landlord.

 

8.                                      Tenant’s Obligation to Repair and
Replace/Landlord’s Right on Tenant’s Default.  The Tenant shall, at its own expense, make
all necessary repairs and replacements to the leased property and to the pipes,
heating system, plumbing system, window glass, fixtures, and all other
appliances and their appurtenances, all equipment used in connection with the
leased property, and the sidewalks, curbs, and vaults adjoining or appurtenant
to the lease property. Such repairs and replacements, interior and exterior,
ordinary as well as extraordinary, and structural as well as nonstructural,
shall be made promptly, as and when necessary.  All repairs and replacements shall be in
quality and class at least equal to the original work.  On default of the Tenant in making such
repairs and replacements, the Landlord may, but shall not be required to, make
such repairs and replacements for the Tenant’s account, and the expense thereof
shall constitute and be collectible as additional rent.

 

9.                                      Utilities.  The Tenant shall, upon occupancy, procure and
pay for all air conditioning, gas, light, power, heat, and hot water used by
the Tenant upon said Premises as the same shall become due and payable, and the
Tenant agrees that the Landlord shall not be required to furnish any janitor
service.

 

10.                               Taxes/Special Assessments.  The Tenant shall pay to the Landlord, as
additional rent, all taxes payable to the State of Maryland and to the City or
County in which the leased Premises are situate, of whatever character or
description, levied upon, or assessed against said Premises for any tax year in
which this Lease shall be in effect, in whole or in part.  Said taxes shall include, but not by way of
limitation, all paving taxes, special paving taxes, and any and all benefits of
assessments which may be levied on the Premises hereby leased, but shall not
include United States income tax or any state or other income tax upon the
income or rent payable hereunder.  The
Tenant shall pay any sum due hereunder to the Landlord prior to the first (1st)
day of September of the tax year in which any such taxes, charges,
benefits, or assessments shall become due, 
If the Tenant should fail to pay any sum due hereunder on or before the
first (1st) day of September, as hereinabove provided, together with all
accrued interest and penalties there on, in that event, the Landlord shall be
entitled to distrain for said sum, together with such interest and penalties,
and the Tenant agrees with the Landlord to pay to the Landlord that sum,
including interest and penalties as set forth above, in addition to said
rental, in the manner and at the times above set

 

 

forth,
free and clear of all deductions whatsoever.

 

11.                               Condemnation.  In the event of condemnation by any public or
private authority of any portion of the Premises, this Lease shall continue,
and the rent shall not abate unless condemnation renders the Premises completely
unusable for the conduct of any portion of the Tenant’s business thereon; then,
upon Tenant giving forty-five (45) days advance written notice to the Landlord,
this Lease will terminate.  All proceeds
of condemnation belong to the Landlord, and the Landlord has the sole right to
contest, settle, or litigate condemnation.

 

12.                               Force Majeure.  Anything to the contrary hereinabove
contained notwithstanding, if it shall appear that the Premises hereby leased,
or any part thereof, were destroyed, injured, or damaged to any extent
whatsoever (a) as a result of actual warfare, whether such war be declared or
not, or (b) as the result of the negligence of the Tenant, then, at the option
of the Landlord, this Lease may, upon ten (10) days notice in writing by the Landlord
to the Tenant, cease and terminate.  If
it shall appear that such destruction, injury, or damage was the result of the
negligence of the Tenant, then there shall be no abatement of rent until after
the date of such termination.

 

13.                               Bankruptcy, Receivership, Etc.  If, any time, during the term of this Lease
or any extension or renewal thereof, there shall be filed by or against Tenant
in any Court pursuant to any statute, either of the United States or of any
reorganization or for the appointment of a receiver or trustee of all or a
portion of Tenant’s property, and within thirty (30) days thereafter Tenant
fails to secure a discharge thereof, or if the Tenant makes an assignment for
the benefit of creditors or petitions for or enters into an arrangement, this
Lease, at the option of the Landlord, exercised within a reasonable time after
notice of the happening of any one or more of such events, may be canceled and
terminated; in which event, neither Tenant nor any person claiming through or
under Tenant by virtue of any statute or of any Order of any Court shall be
entitled to possession or to remain in possession of the Demised Premises, but
shall forthwith quit and surrender the Premises; and Landlord, in addition to
other rights and remedies Landlord has by virtue of any stature or rule of law,
may retain as liquidated damages any rent, security, or deposit of monies
received by Landlord from Tenant or others on behalf of Tenant.

 

In the event of the termination of this Lease, as provided for in this
paragraph, Landlord shall forthwith, notwithstanding any other provision of
this Lease to the contrary, be entitled to recover from Tenant as and for
liquidated damages an amount equal to the rent reserved hereunder for the
unexpired portion of the term demised. 
If such Premises, or any part thereof, be relet by Landlord for the
unexpired term of this Lease, the amount of rent reserved upon such relating
shall be deemed to be the fair and reasonable rental value during the term of
the reletting.

 

14.                               Signs, Etc. by Tenant.  The Tenant agrees that it will not place or
permit any signs, lights, awnings, or poles in or about said Premises without
the permission, in writing, of the Landlord; and in the event that such consent
is given, the Tenant agrees to pay any minor privileges or other tax
therefor.  The Tenant agrees that it will
not paint or make any changes in or on the outside of said Premises without the
written permission of the Landlord.

 

15.                               Operation of Premises.  The Tenant agrees to keep the sidewalks and
curbs in front of said Premises free of snow, ice, dirt, and rubbish, and not
to pile any goods on the sidewalk in front of said building or block said
sidewalk, and not to do anything that directly or indirectly will take away the
access to the Premises from any other tenant of the Landlord or which, in any
manner, will obstruct the entrance, halls, or sidewalks of any part of the
building of which the leased Premises is a part.

 

16.                               For Sale or Rent Signs.  It is agreed between the parties hereto that
the Landlord shall have the right to place a “For Sale” or “For Rent” sign on
any portion of said Premises for ninety (90) days

 

 

prior
to the termination of this Lease and to show said Premises to prospective
tenants or purchasers.

 

17.                               Limitation of Liability. The
Landlord shall not be held responsible for and is relieved from all liability
by reason of any damage to any person, persons or property in the Demised
Premises, whether belonging to the Tenant or to any other person, from water,
rain, snow, gas, or electricity not matter how caused (including from any pipes
or plumbing) that may leak onto, issue or flow from any part of the Demised
Premises or from the building of which the Demised Premises is a part or from
any place or quarter.

 

18.                               Indemnification by Tenant/Personal Injury and
Property Damage.  The
Tenant hereby relieves the Landlord from any and all responsibility, and the
Tenant covenants and agrees to assume all liability, including counsel and
attorney’s fees, in any action for damages which may arise from any kind of
injury to person or property in or upon or adjacent to the Premises or that may
arise from any cause other than from the intentional acts of the Landlord.

 

19.                               Liability of Tenant for Injury to Premises.  The Tenant shall be liable to the Landlord
for any injury done to the Premises by itself, its agents, servants, employees,
or patrons, whether said injury be caused by
negligence, default, or willful act.

 

20.                               Indemnification by Tenant/Costs Incurred
for Breach.  The Tenant shall
indemnify the Landlord against and save it harmless from any expense, loss, or
liability paid, suffered or incurred, including counsel and attorney’s fees,
arising out of any breach by the Tenant, Tenant’s agents, servants employees,
visitors, or licensees of any covenant or condition of this Lease or arising
out of Tenant’s use or occupancy of the leased Premises or arising out of the
carelessness, negligence, or improper conduct of Tenant, Tenant’s agents,
employees, patrons, or licensees.

 

21.                               Liability Insurance by Tenant.  Tenant will keep in force at its own expense
so long as this Lease remains in effect a policy of public liability insurance
with respect to the leased Premises in companies acceptable to Landlord in form
satisfactory to Landlord covering Landlord and Tenant, with minimum limits of
$500,000.00 on account of bodily injuries to or death of one person, and
$1,000,000.00 on account of bodily injuries to or death of more than one person
as the result of any one accident or disaster, and property damage insurance
with minimum limits of $100,000.00; and Tenant will further deposit the policy
or policies of such insurance or certificates thereof with Landlord.  If Tenant shall not comply with its covenants
made in this Paragraph 22, Landlord may, at its option, cause insurance as
aforesaid to be issued; and in such event, Tenant agrees to pay the premium of
such insurance promptly upon Landlord’s demand.

 

22.                               Fire Insurance by Tenant.  Tenant, at its expense, will carry fie
extended coverage insurance on the leased Premises, as well as any additional
improvements Tenant may make, to the full one hundred percent (100%)
replacement value thereof, with the proceeds payable to the Landlord.  It is further agreed that all recoveries for
loss shall, unless Landlord waived this requirement in writing after said
recovery is received, be applied to the repair or restoration of the damage or
destruction for which said recoveries are received; and that, if the insurance
proceeds received on said policies are not sufficient to restore the damage
properly to the same condition in which the same was prior to the damage
thereto, Tenant shall supply the additional cost therefor from its own funds
without any claim against the Landlord for reimbursement of the same or for any
part thereof,  All policies of insurance,
pursuant to the provisions of this paragraph and certificates thereof, shall be
furnished to and held by the Landlord. 
Should Tenant fail to carry the aforesaid insurance, Landlord may (but
not be required to) cause same to be issued; in which event, all premiums paid
by the Landlord shall be due and payable to the Landlord by the Tenant on the
date the next installment of rent becomes due under this Lease, and shall be
subject to the provisions of this Lease referring to rent and nonpayment
thereof.

 

 

23.                               Waiver of Notice.  Tenant hereby waives notice to vacate the
Premises upon expiration of this Lease (or at the end of the renewal period, if
renewed).  If the Tenant shall occupy
said Premises after such expiration, it is understood that, in the absence of
any written agreement to the contrary, said Tenant shall hold said Premises as
a Tenant from month-to-month, subject to all other terms and conditions of this
Lease at the highest monthly rental reserved in this lease; provided, however,
that the Landlord shall, upon such expiration, be entitled to the benefit of
all public general or public local laws relating to the speedy recovery of the
possession of lands and tenements held over by Tenant that may be now in force
or may hereafter be enacted to the same extent as if statutory notice had been
given.

 

24.                               Remedies Cumulative.  It is agreed that for the purpose of any suit
brought or based on this Agreement, this Agreement shall be construed to be a
divisible contract to the end that successive actions may be maintained on said
Agreement as successive periodic sums shall mature under said Agreement, and it
is further agreed that failure to include in any suit or action any sum or sums
then matured shall not be a bar to the maintenance of any suit or action for
the recovery of said sum or sums so omitted, and the Tenant agrees that it will
not in any suit or suits brought on this Lease for a matured sum for which
judgment has not previously been received, plead, rely on, or urge as bar to
said suit or suits, the defense of res adjudicata, former recovery,
extinguishment, merger, election of remedies, or other similar defense.

 

25.                               Waiver.  No assent, expressed or implied, by Landlord
to any breach by the Tenant of any of the clauses, provisions, or covenants of
this Lease shall be deemed or taken to be a waiver or assent to any succeeding
breach of the same clause or provision or covenant or any preceding or
succeeding breach of any other clause, provision, or covenant.  No remedy conferred upon Landlord shall be
considered exclusive of any other remedy, but shall be in addition to every
other remedy available to the Landlord under this Lease or as matter of
law.  Every remedy herein conferred upon
Landlord may be exercised from time to time and as often as the occasion may
arise of Landlord deems desirable.

 

26.                               Use of Language and Captions.  Any word contained in the text of this Lease
Shall be read as the singular or plural and as the
masculine, feminine, or neuter gender, as may be applicable in the particular
context; and any subheadings used herein are for convenience only and for no
other purpose.  All headings used herein
are for convenience only and may not convey or effect
the meaning of this Agreement.

 

27.                               Successors in Interest.  This Lease and the covenants, agreements,
conditions, and undertakings herein contained are binding upon and shall inure
to the benefit of the Landlord, its successors and assigns, and shall be
binding upon the Tenant and only such assigns of Tenant to whom the assignment
by Tenant has been consented to by Landlord.

 

28.                               Complete Agreement.  Tenant acknowledges that Landlord and its
agents have made no representations or promises with respect to the leased Premises
or the making or entry into this Lease except as herein expressly set
forth.  This Lease contains all the
agreements and representations between the parties.  None of the terms of this Lease shall be
waived or modified to any extent except by a written instrument signed and
delivered by all parties to this Agreement.

 

29.                               Waiver of Jury Trial.  Landlord and Tenant hereby waive, to the
extent such waiver is not prohibited by law, the right to a jury trial in any
action, summary proceeding, or legal proceeding between or among the parties
hereto or their successors arising out of this Lease or Tenant’s occupancy of
the Demised Premises or Tenant’s rights to occupy the Demised Premises.

 

 

30.                               Cost of Living Adjustment in Rent.  The parties hereto further mutually agree
that a records shall be made at the United States Department of Labor, Bureau
of Labor Statistics, Consumer Price Index, all items, for the United States,
State of Maryland (the “Index”) for the month ending January 31, 1995 (the
“Base Month”), which records shall serve as a base or beginning point of
computing whether there shall be any additional rent paid by the Tenant to the
Landlord during the renewal term hereof. 
If the Index for the first (1st) day of February 1996 shows an
increase in the Index, the Tenant shall pay the Landlord additional rent during
the following lease year period of said Lease an amount equivalent to the
percentage increase in the Cost of Living Index.  For example, if, on the first (1st) day of
May 1996, it is determined that the cost in the Index increased eleven percent
over the Index as of the 31st day on January 1995, the Tenant shall pay to
the Landlord as additional rental for the next year of this Lease beginning on
the 1st day of February 1996, to the 31st day of January 1997, eleven
percent (11%) more than the fixed annual rental provided herein.  The rent shall continue to increase annually
thereafter during each and every year hereof based upon the annual increase in
the Cost of Living Index calculated in the same manner hereinabove.  In no event shall any annual increase in rent
ever be less than five percent (5%) over the year.

 

In the event that the index is discontinued, the
parties agree to accept comparable statistics on the cost of living for all
items for the City of Baltimore which may be issued in lieu thereof by the
Bureau of Labor or any successor of same or to an Index mutually acceptable by
the parties as a substitute therefor.  If
the parties do not mutually agree on a Substitute Index, such Substitute Index
shall be selected by arbitration. 
Landlord and Tenant shall each appoint an arbitrator; and if the
arbitrators so appointed are unable to agree, this matter will be determined by
a third arbitrator, to be selected by the two arbitrators chosen by the
Landlord and Tenant.  If there is no
agreement as to a third arbitrator, such arbitrator shall be appointed by a
judge sitting in the Circuit Court for Baltimore City, acting in a non-judicial
capacity.  Landlord and Tenant shall pay
the expense of such arbitrator selected by them; and if a third arbitrator is
required, jointly for the expense of such third arbitrator.

 

31.                               Governing Law.  This Lease shall be interpreted, construed,
and enforced under the laws of the State of Maryland applicable to agreements
made and to be performed entirely herein.

 

32.                               Counterparts.  This Lease may be executed in one or more
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument.

 

33.                               Notices.  All notices, request consents, and other
communications required or permitted to be given hereunder shall be in writing
and shall have been deemed to have been given if delivered personally or mailed
first class by registered or certified mail, return-receipt requested, as
follows (or to such other address as either party may designate in writing to
the other in accordance herewith):

 

	
  IF TO THE
  LANDLORD:

  	
   

  	
  Keyser
  Investment Group, Inc.

  
	
   

  	
   

  	
  2000 W. 41st
  Street

  
	
   

  	
   

  	
  Baltimore, MD
  21211

  
	
   

  	
   

  	
   

  
	
  WITH A COPY TO:

  	
   

  	
  Steven A.
  Thomas, Esquire

  
	
   

  	
   

  	
  Thomas &
  Libowitz

  
	
   

  	
   

  	
  USF&G Tower,
  Suite 1100

  
	
   

  	
   

  	
  100 Pratt Street

  
	
   

  	
   

  	
  Baltimore, MD
  21202-1053

  

 

 

	
  IF TO THE
  TENANT:

  	
   

  	
  Sinclair
  Broadcast Group, Inc.

  
	
   

  	
   

  	
  2000 W. 41st
  Street

  
	
   

  	
   

  	
  Baltimore, MD
  21211

  
	
   

  	
   

  	
   

  
	
  WITH A COPY TO:

  	
   

  	
  Steven A.
  Thomas, Esquire

  
	
   

  	
   

  	
  Thomas &
  Libowitz

  
	
   

  	
   

  	
  USF&G Tower,
  Suite 1100

  
	
   

  	
   

  	
  100 Pratt Street

  
	
   

  	
   

  	
  Baltimore, MD
  21202-1053

  

 

IN
WITNESS WHEREOF, the parties hereto affix their hands and seals on the day and
year first above written.

 

	
  ATTEST:

  	
   

  	
  LANDLORD:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  KEYSER
  INVESTMETNT GROUP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ J. Duncan
  Smith

  	
   

  	
   

  	
  By: /s/ David D.
  Smith

  	
  (SEAL)

  	
   

  
	
  Secretary

  	
   

  	
   

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TENANT:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SINCLAIR
  BROADCAST GROUP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ J. Duncan
  Smith

  	
   

  	
   

  	
  By: /s/ David D.
  Smith

  	
  (SEAL)

  	
   

  
	
  Secretary

  	
   

  	
   

  	
  President

  	
   

  
									

 

 

SHEDULE A

 

The “Premises”
shall consist of the whole of the new addition to the existing building at 2000
W. 41st Street. The new addition consists of three floors of office space, rent
for which will be paid as follows:

 

	
  2nd floor -

  	
   

  	
  $5,000 per month

  
	
   

  	
   

  	
  ($12.00 per sq.
  ft. x 5,000 sq. ft. = $60,000 per year) Completed

  
	
   

  	
   

  	
   

  
	
  *1st floor -

  	
   

  	
  $1,666.66 per
  month

  
	
   

  	
   

  	
  ($6.00 per sq.
  ft. x 3,333 sq. ft. = $20,000 per year) Unfinished

  
	
   

  	
   

  	
   

  
	
  **3rd floor -

  	
   

  	
  $2,500 per month

  
	
   

  	
   

  	
  ($6.00 per sq.
  ft. x 5,000 sq. ft. = $30,000 per year) Unfinished

  

 

Rent
for the 1st and 3rd floors will increase to $12.00 per sq. ft. as areas are
completed and occupied as useable office space.

 

*
Occupied July 23, 1996

**
Occupied August 16, 1996 (but not fully furnished)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]