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FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE is made and entered into effective the 1st
day of August, 2000, by and between Kesef, LLC (the "Landlord") and Colorado
Business Bankshares, Inc. (the "Tenant").
Recitals
A. The parties entered into a Lease Agreement dated effective May 1, 1998
(the "Lease") wherein the Tenant leases all of the first, second, eighth and
ninth floors of the office building located on the real property commonly known
and numbered as 821 17th Street, Denver, Colorado (hereinafter referred to as
the "Original Premises").
B. The Tenant desires to lease approximately 9,032 rentable square feet
on the third floor of the said office building as cross hatched on the Exhibit A
attached hereto and incorporated herein by this reference (hereinafter referred
to as the "Additional Premises"), and the Landlord is willing to do so on the
terms and conditions set forth in this Agreement.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are mutually acknowledged, the parties agree as follows:
1. Lease of Additional Premises. In consideration of the payment of the
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rent hereinafter provided, and the keeping and performance of each of the
covenants and agreements of the said Tenant, hereinafter set forth, Landlord has
and does hereby lease unto the Tenant commencing January 1, 2001, the Additional
Premises. The lease of the Additional Premises shall expire as set forth in the
Lease. In this Agreement, the term "Premises" shall mean the Additional
Premises and the Original premises.
2. Base Rent. The Base Rent for the Additional Premises shall be as
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follows:
1/1/01 - 12/31/01: $14,677.00 per month
1/1/02 - 12/31/02: $15,053.33 per month
1/1/03 - 12/31/03: $15,429.67 per month
1/1/04 - 12/31/04: $15,806.00 per month
1/1/05 - 12/31/05: $16,182.33 per month
1/1/06 - 12/31/06: $16,558.67 per month
1/1/07 - 12/31/07: $16,935.00 per month
Notwithstanding anything in the Lease to the contrary, the Base Rent for the
Additional Premises shall not be adjusted as provided for in paragraph 3 of the
Rider to lease which is attached as Exhibit G to the Lease.
4. Tenant Improvements. Landlord shall construct certain tenant
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improvements to the Additional Premises pursuant to the terms and conditions of
the Work Letter attached hereto and incorporated herein by this reference as
Exhibit B. The
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Landlord shall use reasonable efforts to substantially complete the tenant
improvements by December 31, 2000. In the event that the tenant improvements are
not substantially completed by December 31, 2000, the commencement date for the
Additional Premises shall be delayed until the tenant improvements are
substantially complete and Rent shall be abated during such period of delay.
5. Incorporation of Lease Provisions. All of the terms and conditions of
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the Lease which have not been modified in this Agreement shall apply to the
Lease of the Additional Premises with the same force and effect as if set forth
herein in full. If any portion of the Agreement is in conflict with the terms
and conditions of the Lease, the terms and conditions of this Agreement shall
control.
LANDLORD: TENANT:
KESEF, LLC COLORADO BUSINESS BANKSHARES, INC.
By: /s/ Evan Makovsky By: /s/ Richard J. Dalton
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Evan Makovsky, Richard J. Dalton
Manager Executive Vice President
& Chief Financial Officer
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Tenant Finish
Landlord performance
Allowance
EXHIBIT B
WORK LETTER
This Work Letter is an Exhibit to the foregoing document (referred to
herein for convenience as the "Lease Document").
I. The Work.
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Landlord shall arrange for the construction of tenant improvements
substantially in accordance with the space plan prepared by Tenant Planning
Services dated June 6, 2000 (the "Work") to be performed in the Premises. The
Landlord shall engage an architect who is reasonably acceptable to Landlord (the
"Architect") to finalize the space plan so that it is ready for the preparation
of construction drawings. The final site plan shall be reasonably acceptable to
Landlord and Tenant.
Upon the site plan being finalized, a copy of such plan and the related
construction drawings shall be referred and/or attached hereto as "Schedule 1".
II. Building Standard Materials and Other Matters.
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The Work shall consist of Landlord's current building standard materials
and finishes, unless otherwise expressly specified above. If Landlord requires
further choices or plans to be approved by Tenant respecting the above Work
(e.g., color choices or locations respecting the above items), Tenant shall:
(i) choose from such choices, if any, that Landlord makes available to Tenant
as building standard, and (ii) approve/sign/initial any such further plans as
requested by Landlord. If any such further choices or approvals are required,
Tenant shall not unreasonably withhold or delay such choices or approvals. If
Tenant's representative fails to provide such choices or approvals within five
(5) business days after Landlord requests the same from such representative,
Landlord may make such choices and approvals for Tenant and proceed with the
Work. Landlord reserves the right to substitute comparable or better materials
and items for those specified, so long as they do not materially and adversely
affect the appearance of the Premises. Any personal property, trade fixtures or
equipment, including, but not limited to, modular or other furniture, and
cabling or other items for communications or computer systems, whether or not
shown on any plan, shall be provided by Tenant, at Tenant's sole cost.
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III. Costs, Allowance and Administrative Fee.
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(a) Landlord shall provide an allowance of $289,000.00 (the "Allowance")
toward the Cost of the Work. The "Cost of the Work" includes, without
limitation, all costs for or relating to the Work, including, but not limited
to, architectural fees, any plans, drawings, reports, studies, tests,
contractors' charges, permits, sales taxes, and any preparation or other work
required in connection with the Work, including without limitation,
modifications to any building systems and equipment, either within or outside
the Premises required as a result of the layout, design, or construction of the
Work or in order to obtain building permits for the Work to be performed within
the Premises (unless Landlord requires that the Work be revised to eliminate the
necessity for such additional work). If all or any portion of the Allowance
shall not be used for the items permitted hereunder, Landlord shall be entitled
to the savings and Tenant shall receive no credit therefor.
(b) Tenant shall bear any portion of the Cost of the Work exceeding the
Allowance ("Tenant's Cost"). Landlord may reasonably estimate Tenant's Cost,
and reasonably revise any such estimate from time to time. Tenant shall deposit
any such estimated amount of Tenant's Cost (or the increase reflected in any
such revised estimate) with Landlord within five (5) business days after
Landlord so requests. Landlord shall have no obligation to proceed with the
Work (or proceed to seek permits or proceed with any demolition or other
preliminary Work) until Landlord shall have received such deposit from Tenant.
If the Work involves progress payments, Landlord shall apply the amounts
deposited by Tenant first. If, after final completion and payment for the Cost
of the Work, the actual amount of Tenant's Cost exceeds any amount paid by
Tenant as an estimate of Tenant's Cost, Tenant shall pay the difference to
Landlord within five (5) business days after Landlord so requests. If any such
estimated amount exceeds the actual amount of Tenant's Cost, Landlord shall
promptly provide a credit or refund of the difference. Tenant's Cost shall be
deemed "Rent" under the Lease (and all remedies for the non-payment of Rent
shall be available to Landlord therefor). Notwithstanding anything herein to
the contrary, Landlord shall not agree to any change orders without first
obtaining the prior written consent of Tenant, which consent shall not be
unreasonably withheld or delayed; provided, however, that Landlord may agree to
change orders which result from required building codes or hidden conditions
without obtaining the prior written consent of Tenant.
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IV. Miscellaneous.
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(a) This Work Letter is attached as an Exhibit to an amendment to an
existing lease ("Original Lease"), adding space and making certain other
modifications to the Original Lease. The term "Lease Document" herein shall
refer to such amendment, or the Original Lease as amended, as the context
implies. By way of example, in such case, references to the "Premises" herein
shall refer to such additional or relocated space under such amendment, unless
expressly provided to the contrary herein. Capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Lease Document.
(b) This Exhibit is intended to supplement and be subject to the
provisions of the Lease Document, including, without limitation, those
provisions requiring that any modification or amendment be in writing and signed
by authorized representatives of both parties. This Exhibit shall not apply to
any other additional space added to the Premises at any time, whether by any
options or rights under the Lease Document or otherwise, or to any portion of
the Premises in the event of a renewal or extension of the Term of the Lease
Document, whether by any options or rights under the Lease Document or
otherwise, unless expressly so provided in the Lease Document or any amendment
or supplement thereto.
