LEASE AMENDMENT AND EXTENSION AGREEMENT
This lease amendment and extension agreement is made on January 6,
2003, by MDR FITNESS CORP., whose address is 14101 NW 4th St., in Sunrise,
Broward County, Florida (referred to in this instrument as "Landlord"), and
DIAMONDDEPOT.COM, INC., whose address is 14001 NW 4th St., in Sunrise, Broward
County, Florida ("Tenant").
RECITALS
Pursuant to the lease dated December 14, 1999 ("Lease"), Tenant let
from Landlord 20,500 square feet of net rentable area in the building located at
14001 NW 4th St., Sunrise, Broward County, Florida (the "Premises"), and more
specifically described in the Lease, for a term which expires on December 31,
2004 (the "Lease Termination Date").
Landlord and Tenant desire to extend the Lease for a term of one (1)
year from the Lease Termination Date.
Therefore, in consideration of the mutual promises contained in this
lease amendment and extension agreement, the parties agree as follows:
SECTION ONE
CONSTRUCTION
This lease amendment and extension agreement shall be construed in
conjunction with the Lease and, except as amended by this instrument, all of the
terms, covenants, and conditions of the Lease shall remain in full force and
effect and are ratified and confirmed by this instrument.
SECTION TWO
DEFINED TERMS
All terms used in this lease amendment and extension agreement shall
have the meanings ascribed to them in the Lease unless otherwise defined in this
instrument.
SECTION THREE
LEASE TERM
The term of the letting of the Premises shall be extended to and shall
terminate on December 31, 2005.
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SECTION FOUR
BASE RENT
Tenant shall pay one half of the 2003 Base Rent in the amount of
$143,542.63, in advance, due on January 8, 2003.
Beginning on July 1, 2003, Tenant shall pay the remainder of the 2003
Base Rent in equal monthly installments, in advance on the first day of each
month in the manner provided in the Lease. Tenant shall pay the 2004 and 2005
Base Rents in equal monthly installments, in advance on the first day of each
month in the manner provided in the Lease.
The 2005 Base Rent shall not be adjusted for changes in the cost of
living.
SECTION FIVE
ADDITIONAL RENT
Tenant shall make payments with respect to real estate taxes, sales
tax, operating expenses, insurance, and other additional rent, if any, in the
manner provided in the Lease.
In witness, Landlord and Tenant duly executed this lease amendment and
extension agreement, as of the day and year written above.
LANDLORD: MDR FITNESS CORP. Witnesses:
By: /s/ Pat Riley
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Name: Print Name:
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Title:
-----------------------------------
Print Name:
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TENANT: ODIMO INCORPORATED Witnesses:
By: /s/ Alan Lipton
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Name: Alan Lipton Print Name:
-------------------------
Title: President
-----------------------------------
Print Name:
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ODIMO INCORPORATED
ANALYSIS OF RENT EXPENSE
Base rent including CPI $287,085.26
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One-half of base rent $143,542.63
2002 RE Tax 45,512.11
2002 CAM 4,659.83
2002 Property Insurance 16,382.90
2002 Flood Insurance 479.00
Subtotal due on 1/10/03 210,576.47
Sales tax 12,634.59
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TOTAL DUE ON 1/10/03 $223,211.06
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BALANCE DUE MONTHLY AS OF 7/11/03
One-half of base rent $143,542.63
Sales tax 8,612.56
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Total due on lease $152,155.19
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Monthly payment beginning 7/11/03 $ 25,359.20
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Source: OneCLE Business Contracts.