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SECOND AMENDMENT TO INDUSTRIAL LEASE AGREEMENT

THIS    SECOND    AMENDMENT    TO    INDUSTRIAL    LEASE    AGREEMENT    (this
“Amendment”) is entered into as of August 2, 2021 (the “Amendment Effective Date”), by and between GPT STATELINE ROAD OWNER LLC, a Delaware limited liability company (“Landlord”), and PRIORITY FULFILLMENT SERVICES, INC., a Delaware corporation (“Tenant”).

BACKGROUND:

A.Landlord and Tenant are parties to that certain Industrial Lease Agreement dated June 30, 2016 (the “Original Lease”), as amended by that certain First Amendment to Lease dated September 12, 2017 (the “First Amendment”; collectively with the Original Lease, as amended, collectively, the “Lease”), for the lease of approximately 373,644 rentable square feet (the “Demised Premises”) known as of Suite 100 in that certain building located at 1560 E. Stateline Road, Southaven, Mississippi 38671, all as more particularly described in the Lease.

B.Landlord and Tenant desire to enter into this Amendment to extend the Term of the Lease and amend the Lease as hereinafter provided.

AGREEMENT

NOW, THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00) and of the mutual covenants, agreements and undertakings herein set forth and other valuable considerations, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

1.Defined Terms. The defined terms used in this Amendment, as indicated by the initial capitalization thereof, shall have the same meanings ascribed to such terms in the Lease, unless otherwise specifically defined herein.

2.Extension of Lease Term. The Term for the Existing Premises (as such term is defined in the First Amendment) is currently set to expire on September 30, 2021, and the Term for the Expansion Premises (as such term is defined in the First Amendment) is currently set to expire on December 14, 2022. Accordingly, the Term for the entire Demised Premises is hereby extended (the “Amendment Extension Term”) such that it shall expire on January 31, 2027 (i.e., the Term for the Existing Premises and the Expansion Premises shall be coterminous), unless earlier terminated pursuant to any provision in the Lease. Tenant shall have no right to extend the Term of the Lease beyond the expiration of the Amendment Extension Term.

3.Rent.

(a)Base Rent for Demised Premises. Nothing herein shall alter the Base Rent and other charges payable by Tenant under the Lease prior to October 1, 2021 (the “Amendment Commencement Date”). Notwithstanding anything in the Lease to the contrary, from and after the Amendment Commencement Date, the Base Rent payable by Tenant shall be as set forth in the table below.

												
	Time Period*
	Base Rent Per Square Foot Per Annum*
	Base Rent for Time Period*
	Monthly Base Rent

	10/01/2021 – 09/30/2022
	$3.65
	$1,363,800.60	$113,650.05

			
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	116528112v2

												
	10/01/2022 – 09/30/2023
10/01/2023 – 09/30/2024
10/01/2024 – 09/30/2025
10/01/2025 – 09/30/2026
10/01/2026 – 1/31/2027
	$3.74
$3.83
$3.93
$4.03
$4.13
	$1,397,895.62
$1,432,843.01
$1,468,664.08
$1,505,380.68
$128,584.60
	$116,491.30
$119,403.58
$122,388.67
$125,448.39
$128,584.60

*    Subject to subsection (b) below regarding the Abatement Period.

(b)Rent Abatement. Notwithstanding anything to the contrary set forth herein, Landlord will abate the obligation of Tenant to pay Base Rent relative to the Demised Premises for the first full calendar month following the Amendment Commencement Date (the “Abatement Period”) for a total rent abatement of $113,650.05 (the “Abated Payment”). The foregoing agreement by Landlord has been made relying on Tenant’s agreement to perform all its obligations under the Lease as and when required hereby. As a result, if following the Amendment Commencement Date a monetary default by Tenant occurs under the Lease and continues beyond all applicable notice and cure periods, in addition to Landlord’s other remedies which may be available to Landlord under the Lease or applicable law, Tenant shall reimburse Landlord an amount equal to the Unamortized Amount (as defined below) within ten (10) days following Tenant’s receipt of a written invoice therefor. The term “Unamortized Amount” refers to the result obtained by multiplying the Abated Payment by a fraction, the numerator of which shall be the number of months that remain or would have remained during the Amendment Extension Term following the date of the default, the denominator of which shall be sixty (60).

(c)Additional Rent. Nothing herein shall alter Tenant’s obligation to pay Additional Rent (including, without limitation, Tenant’s Operating Expense Percentage of Operating Expenses) before and after the Amendment Commencement Date; provided, however, notwithstanding anything in the Lease to the contrary, Tenant’s Operating Expense Percentage shall remain 100% during the entire Amendment Extension Term.

4.Condition of the Demised Premises. Except as expressly provided in this Amendment, no improvement allowance or similar allowance shall be payable or otherwise available to Tenant, and Landlord shall have no obligation to perform any upfit or other improvement work to the Demised Premises in connection with this Amendment. Tenant hereby acknowledges that it currently occupies the Demised Premises and, as of the Amendment Effective Date, accepts the Demised Premises in “AS IS” without representation or warranty by Landlord of any kind. Except as otherwise provided in this Amendment, Tenant certifies that Landlord has completed all work that it is required to complete under the Lease and that Landlord has paid to Tenant, and Tenant has received, all tenant improvement allowances and other concessions referenced in the Lease. Tenant hereby confirms that there are no outstanding credits for rent or allowances that Tenant has not received from the Landlord, and Tenant is not entitled to any credits for rent or allowances in connection with the Lease or otherwise except as expressly set forth in this Amendment.

5.Notices. The notice address for Landlord, as set forth in the Lease, is hereby deleted and replaced with the following:

Landlord:    GPT Stateline Road Owner LLC

			
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	116528112v2

c/o Link Logistics Real Estate
602 W Office Center Drive, Suite 200 Fort Washington, PA 19034 Attention: Lease Administration

With a required copy to:

GPT Stateline Road Owner LLC c/o Link Logistics Real Estate 90 Park Avenue, 32nd Floor New York, New York 10016 Attention: General Counsel

6.No Remaining Options. Landlord and Tenant acknowledge that Tenant has no remaining options under the Lease, including, but not limited to, rights of first refusal or of first offer, extension options, expansion options, or options to purchase.

7.Brokerage. Landlord and Tenant each warrants that it has had no dealings with any broker or agent in connection with this Amendment other than Colliers International (“Landlord’s Broker”) and Jones Lang LaSalle Brokerage, Inc. (“Tenant’s Broker”) and covenants to pay, hold harmless and indemnify the other party from and against any and all cost, expense or liability for any compensation, commissions and charges claimed by any other broker or agent with respect to this Amendment or the negotiation thereof, except Landlord’s Broker and Tenant’s Broker. Landlord shall pay Landlord’s Broker pursuant to a separate agreement and Landlord’s Broker shall be responsible for ensuring that Tenant’s Broker has reached agreement for receipt of any and all payments owed to Tenant’s Broker. Tenant’s Broker shall be duly licensed in Mississippi, and Tenant agrees that Tenant’s Broker shall have no right to receive any payments in connection with this Amendment if Tenant’s Broker is not so duly licensed in Mississippi.

8.Ratification. Tenant hereby confirms that it is the “Tenant” under the Lease. All terms and conditions of the Lease, as amended hereby, are hereby ratified and shall remain in full force and effect. To the extent there is a conflict between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall control. Tenant represents that it is not aware of any default by Landlord or Tenant under the terms of the Lease. Landlord and Tenant represent that (i) the individuals executing this Amendment on behalf of Landlord and Tenant, respectively, have full authority and power to execute and deliver this Amendment, and (ii) this Amendment constitutes a valid and binding obligation on the parties hereto. This Amendment contains all of the agreements of the parties hereto with respect to the matters contained herein, and no prior agreement, arrangement or understanding pertaining to any such matters shall be effective for any purpose.

9.Counterparts; Electronic Signatures. This Amendment may be executed in two (2) or more counterparts, all of which together shall constitute one and the same original instrument. Furthermore, the parties agree that (i) this Amendment may be transmitted between them by electronic mail and (ii) electronic signatures and electronic copies of manual signatures shall have the effect of original signatures relative to this Amendment.

10.Confidentiality. Tenant shall hold strictly confidential the information contained in this Amendment.

[Signatures on next page]
			
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the Amendment Effective Date by persons duly empowered to bind the parties to perform their respective obligations hereunder.

LANDLORD:

GPT STATELINE ROAD OWNER LLC, a Delaware
limited liability company

By:      Name:          Title:         

TENANT:

PRIORITY FULFILLMENT SERVICES, INC., a
Delaware corporation

By:      Name:

Title:

[Signature Page to Second Amendment to Industrial Lease]a10631central1560eaststa

Property: Stateline Road (40193)  FIRST AMENDMENT TO LEASE  THIS FIRST AMENDMENT TO LEASE (this "First Amendment") is made and entered into as  of the 12 day of September, 2017 (the "Effective Date") by and between GPT STATELINE ROAD  OWNER LLC, a Delaware limited liability company ("Landlord") and PRIORITY FULFILLMENT  SERVICES, INC., a Delaware corporation ("Tenant").  BACKGROUND  A. Landlord and Tenant are parties to that certain Industrial Lease Agreement dated as of June 30, 2016, as supplemented by that certain Notice of Lease Term Dates dated July 7, 2016 (the  "Lease"), whereby Landlord leases to Tenant approximately 198, I 62 square feet (the "Existing  Premises") in the building ("Building") located at 1560 E. Stateline Road, Suite 101, Southaven,  Mississippi 38671, as more particularly described in the Lease.  B. Tenant has exercised its right of first refusal in Section 1 of Exhibit C of the Lease to lease the remaining 175,482 square feet of space in the Building.  C. Accordingly, Landlord and Tenant desire to amend the Lease to expand the Existing Premises and amend the Lease, subject to the terms and conditions set forth below.  AGREEMENT  NOW, THEREFORE, in consideration of the covenants and mutual promises contained herein,  Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged, Landlord and Tenant, each intending to be legally bound hereby, agree to amend,  and do hereby further amend, the Lease as follows:  I. Capitalized Terms. Except as specifically defined in this First Amendment, capitalized terms shall have the same meanings given to such terms in the Lease.  2. Primary Term. The initial Term of the Expansion Premises (as defined below) shall expire on December 14, 2022. For the avoidance of doubt, the Primary Term of the Existing Premises  has not been modified and shall expire on September 30, 2021.  3. Demised Premises. a. Commencing as of September 15, 2017 (the "First Expansion Date") and continuing through December 14, 2022 (the "Expansion Premises Expiration Date"), Landlord agrees to  lease to Tenant and Tenant agrees to lease from Landlord, an additional 80,000 square feet of space in the  Building, as more particularly shown on Exhibit A attached hereto (the "First Expansion Premises").  b. Commencing as of December 15, 2017 (the "Second Expansion Date") and continuing through the Expansion Premises Expiration Date, Landlord agrees to lease to Tenant and  Tenant agrees to lease from Landlord, the remaining 95,482 square feet of space in the Building (the  "Second Expansion Premises") for a total of 175,482 square feet of space in the Building, as more  particularly shown on Exhibit A attached hereto (the First Expansion Premises and Second Expansion  Premises are collectively referred to as the "Expansion Premises").  

 

c. Except as expressly modified by this First Amendment, (i) all of Landlord's and Tenant's rights, obligations and covenants with respect to the Existing Premises under the Lease shall  apply to and exist in full force and effect with regard to the Expansion Premises, (ii) effective as of the  First Expansion Date with respect to the First Expansion Premises and as of the Second Expansion Date  with respect to the entire Expansion Premises, (A) any and al  references to the "Demised Premises" in  the Lease shall be deemed to include both the Existing Premises and the First Expansion Premises or  Expansion Premises, as applicable, and (B) any and all references to the "Term" in the Lease shall be  deemed to refer to both the Term of the Existing Premises and the Term of the Expansion Premises,  provided however, the Term of the Existing Premises shall expire on September 30, 2021 and the Term of  the Expansion Premises shall expire on December 14, 2022, and (iii) the Demised Premises (including  both the Existing Premises and the Expansion Premises) shall be approximately 373,644 square feet in the  aggregate.  4. Base Rent for the Expansion Premises. Commencing (i) as of the First Expansion Date, Tenant shall pay to Landlord the Base Rent for the First Expansion Premises, and (ii) as of the Second  Expansion Date, Tenant shall pay to Landlord the Base Rent for the entire Expansion Premises, all as set  forth below in accordance with Section 4 of the Lease, which Base Rent shall be payable by Tenant (a) in  twelve ( l  2) equal monthly installments in advance on or before the First Expansion Date and on or before  the first (1 st ) day of each succeeding calendar month during the Lease Term, and (b) shall be payable  together with each monthly installment of Base Rent for the Existing Premises.  Time Period SF PerRSF Base Rent (monthly  Annual installments)  Base Rent  9/]5/2017 -12/14/2017 80,000 $3.35 $22,333.33  12/15/2017 - l 2/3l/2018 175,482 $3.35 $48,988.73  1/1/2019- 12/31/2019 175,482 $3.42 $49,968.50  l/ l /2020 - 12/31/2020 175,482 $3.49 $50,967.87  1/1/2021 -12/31/2021 175,482 $3.56 $51,987.23  l/ l/2022 - 12/ l 4/2022 175,482 $3.63 $53,026.97  From and after the First Expansion Date, all references to "Base Rent" in the Lease, other than  Section l(e), shall include the Base Rent for the Expansion Premises set forth above.  5. Operating Expenses. a. Effective as of the First Expansion Date, Tenant's Operating Expense Percentage set forth in Section lU) of the Lease deleted as replaced with the following:  Time Period Tenant's  Operating  Expense  Percentaee  First Expansion Date - 12/14/2017 74.44%  Second Exoansion Date - 9/30/2021 100.00%  1 O/l /2021 - 12/14/2022 46.9%  b. Notwithstanding anything in the Lease lo the contrary, for purposes of determining the effect of the cap on Controllable Operating Expenses as set forth in Section 6(b) of the  Lease, the "first full calendar year" as referred to therein shall be deemed to be the first full calendar year  2  

 

following the First Expansion Date, i.e., the first full calendar year for purposes of Section 6(b) of the  Lease shall be September 15, 2017 through September 30, 2018.  6. Condition of the Premises. Except as expressly provided for in Section 7 below, Tenant accepts the Existing Premises and Expansion Premises in their "as-is" and "where-is" condition, with any  and all faults as of the Effective Date and Landlord shall not be required to perform any tenant finish or  other work to the Demised Premises nor to provide Tenant any tenant finish allowance or other allowance  or inducement with respect to the Demised Premises in connection with the execution of this First  Amendment.  7. Landlord's Work. Landlord shall, at Landlord's sole cost and expense, complete the improvements to the Expansion Premises as shown on the plans and specifications attached hereto as  Exhibit B and made a part hereof (the "Landlord's Work") in accordance with good workmanship and  materials and all applicable building codes and regulations. Landlord shall also, at its sole cost and  expense (and such expense shall not be included in Operating Expenses), perform maintenance and  repairs to the HVAC systems, dock equipment (doors, levelers and dock locks), and facility lighting of  the Expansion Premises (the "Repair Work") to insure that all are in good working order as of the First  Expansion Date for the First Expansion Premises and the Second Expansion Date for the Second  Expansion Premises. Tenant acknowledges and agrees that (i) Landlord shall not be liable to Tenant for  any inconveniences Tenant may experience during the performance, construction or installation of the  Landlord's Work and the Repair Work which are beyond Landlord's control or for any delays in  Landlord's completion of the Landlord's Work and the Repair Work (regardless of the length of any such  delays); (ii) Landlord shall not be obligated to perform the Landlord's Work and the Repair Work at any  time other than during normal business hours on regular business days; (iii) Tenant shall ensure that  neither Tenant, nor any of Tenant's agents, sublessees, employees, representatives, contractors,  subcontractors, suppliers, customers and invitees, interfere with or impede the performance and  completion of the Landlord's Work and the Repair Work (regardless of whether such Landlord's Work  and Repair Work is performed by Landlord or any of Landlord's agents, employees, contractors, or  subcontractors); (iv) Landlord shall have access to the Expansion Premises (and the Existing Premises  with reasonable notice during normal business hours) for the purpose of performing the Landlord's Work  and the Repair Work; and (v) Tenant shall reasonably cooperate with Landlord during the performance,  construction and installation of the Landlord's Work and the Repair Work and Tenant shall be  responsible, at no cost to Landlord, for the moving of any and all furniture, trade fixtures, equipment  and/or personal property that is reasonably necessary for Landlord to complete (or cause the completion  of) the Landlord's Work and the Repair Work. Notwithstanding the foregoing, Landlord and Tenant shall  cooperate to schedule a mutually agreeable time for Landlord to perform the Landlord's Work and the  Repair Work in order to minimize disruption to Lessee. Landlord hereby warrants and that the HY AC  system serving the Expansion Premises shall be in good working condition for a period of three (3)  months following the First Expansion Date. Landlord shall perform any and all maintenance, repairs and  replacement of such HY AC system serving the Expansion Premises during such three (3) month period,  at Landlord's sole cost and expense, and such expense shall not be included in Operating Expenses. Upon  termination of the Primary Term of the Existing Premises, Landlord shall, at its sole cost and expense  (and such expense shall not be included in Operating Expenses), remove and seal the doors included in  the description of Landlord's Work, but shall not be required to perform any additional demising work to  separately demise the Expansion Premises from the Existing Premises.  8. Early Access. Subject to the provisions below, from and after the Effective Date, Tenant shall have the right to enter the Expansion Premises in order to generally prepare the Expansion Premises  for occupancy including the storage of product, but not to conduct normal business operations ("Early  Access"). Other than in connection with Landlord's Work, the Repair Work or any emergency relating to  the Expansion Premises, Landlord shall not grant access to the Expansion Premises to any party between  3  

 

the Effective Date and the First Expansion Date and the Second Expansion Date, as applicable. Tenant's  right to Early Access to the Expansion Premises is subject to, and conditioned upon, the following:  a. Early Access is only permitted if, and to the extent, permitted by applicable Governmental Requirements.  b. Tenant shall comply with all the terms and conditions of this Lease during any Early Access, other than the obligation to pay Base Rent and its share of Operating Expenses with respect  to the Expansion Premises. Nothing herein shall relieve Tenant from its obligations under the Lease with  respect to the Existing Premises.  c. Tenant shall not unreasonably interfere with Landlord's completion of the Landlord's Work;  d. Tenant will provide written notice to Landlord prior to any Early Access and Landlord shall have the right to have a representative present during such access so long as Landlord does  not delay Tenant's Early Access to the Expansion Premises.  e. Tenant shall not begin its normal business operations from the Expansion Premises until the First Expansion Date with respect to the First Expansion Premises or the Second  Expansion Date with respect to the Second Expansion Premises, as the case may be.  f. Notwithstanding anything to the contrary contained herein, Tenant does hereby expressly acknowledge and agree that the storage and installation of fixtures and Tenant's personal  property (including equipment) in the Expansion Premises shall be at Tenant's sole risk, cost and expense,  and that Landlord shall not be liable for and Tenant hereby releases Landlord from any and all liability for  any damage thereto occasioned by any act of God or by any acts, omissions or negligence of any persons;  provided, however, that Landlord shall be responsible for its gross negligence or willful misconduct and  the gross negligence or willful misconduct of its employees, officers, directors, agents, contractors, and  subcontractors, Tenant does hereby further agree to indemnify, defend (with counsel reasonably  acceptable to Landlord), and hold harmless Landlord and its employees, officers, directors, agents and  contractors from and against any and all claims, liabilities, losses, actions, causes of action, demands,  costs and expenses (including, without limitation, attorneys' fees at the trial and appellate levels) of any  and every nature arising out of or in any way relating to Tenant's Early Access; provided, however, that  Tenant shall not indemnify Landlord for any matter arising from Landlord's gross negligence or willful  misconduct or the gross negligence or willful misconduct of its employees, officers, directors, agents,  contractors, and subcontractors.  9. Parking. Notwithstanding anything to the contrary set forth in Section 14 of the Lease, commencing as of the First Expansion Date, Tenant shall have the exclusive right to use all of the parking  spaces located within the Project, provided however Landlord shall the right to use such parking spaces as  reasonably required in order to exercise its rights or perform its obligations under the terms of the Lease.  10. Notices. Landlord's Notice Address, as defined in the Face Page of the Lease, is hereby deleted in its entirety and the following shall be inserted in lieu thereof:  OPT Stateline Road Owner LP  c/o Gmmercy Property Trust  550 Blair Mill Road, Suite 120  Horsham, PA 19044  Attn: Lease Administration  With a required copy to:  OPT Stateline Road Owner LP  c/o Gramercy Property Trust  90 Park Avenue, 32"<l Floor  4  

 

New York, NY 10016  Attn: General Counsel  11. Broker Indemnification. The parties hereto represent and warrant to one another that no broker or agent engaged or contacted by Landlord or Tenant either negotiated or was instrumental in  negotiating or consummating this First Amendment except for Jones Lang LaSalle ("Tenant's Broker")  and Cushman & Wakefield ("Landlord's Broker"), Landlord and Tenant each hereby agree to indemnify  one another against any loss, expense (including reasonable attorneys' fees and costs), cost or liability  incurred by a party as a result of a claim by any broker or finder claiming by or through such  indemnifying party that such broker or finder was instrumental in negotiating this First Amendment and is  due and owing a commission, fee or other payment as a direct result thereof. Tenant's Broker shall be  paid by Tenant pursuant to and in accordance with a separate written agreement between Tenant and  Tenant's Broker. Landlord's Broker shall be paid by Landlord pursuant to and in accordance with a  separate written agreement between Landlord and Landlord's Broker.  12. Entire Agreement. This First Amendment sets forth all covenants, agreements and understandings between Landlord and Tenant with respect to the subject matter hereof, and there are no  other covenants, conditions or understandings, either written or oral, between the parties hereto except as  set forth in the Lease, as further modified by this First Amendment.  13, Full Force and Effect. Except as expressly amended hereby, all other terms and  provisions of the Lease remain unchanged and continue to be in full force and effect.  14. Compliance with Warranties, No Default. The representations and warranties set forth in the Lease as amended hereby shall be true and correct with the same effect as if made on the date of this  First Amendment, and no uncured default under the Lease has occurred or is continuing on the date of  this First Amendment.  15. Conflicts. The terms of this First Amendment shall control over any conflict between the terms of the Lease and the terms of this First Amendment.  16. Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  17, Counterparts. This First Amendment may be executed in multiple counterparts, and each  counterpart when fully executed and delivered shall constitute an original instrument, and all such  multiple counterparts shall constitute but one and the same instrument. Facsimile copies or copies  transmitted by electronic mail shall be treated as originals.  [Remainder of Page Intentionally Left Blank]  5  

 

1N WITNESS WHEREOF, Landlord and Tenant cause this First Amendment to be duly executed  as of the date and year first above written.  LANDLORD:  GPT STATELINE ROAD OWNERLLC, a Delaware limited liability company  By:_-----­ Name:  Title:  TENANT:  PRIORITY FULFILLMENT SERVICES, INC.,  a Delaware corporation  6

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