Sample Business Contracts

California-Los Angeles-3030 Andrita Street Lease [Amendment No. 3] - Kingston Andrita LLC and Playboy Entertainment Group Inc.

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  • Commercial Lease. Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
  • Commercial Sublease. When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
  • Sublease Agreement. Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
  • Triple Net Lease. Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
  • Office Space Lease. When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided.

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                            THIRD AMENDMENT TO LEASE

      This THIRD AMENDMENT TO LEASE ("Third Amendment") is made and entered into
as of the 31st day of October, 2002, by and between KINGSTON ANDRITA LLC, a
Delaware limited liability company ("Landlord"), and PLAYBOY ENTERTAINMENT
GROUP, INC., a Delaware corporation ("Tenant").


      A. Tenant and Landlord are parties to that certain Lease, dated September
20, 2001, as amended by that certain First Amendment to Lease (the "First
Amendment"), dated May 15, 2002, as further amended by that certain Second
Amendment to Lease (the "Second Amendment"), dated July 23, 2002 (as amended,
the "Lease"), pursuant to which Landlord leased to Tenant certain premises
located at 3030 Andrita Street, Los Angeles, California as more particularly
described in the Lease (the "Premises").

      B. Certain disputes have arisen between Landlord and Tenant regarding the
responsibility for the prosecution of and payment for construction of certain
improvements at the Premises and Landlord and Tenant intend and desire to extend
the time available to Landlord and Tenant to resolve such disputes.

      C. Landlord and Tenant desire to amend the Lease upon the terms and
conditions set forth below.

      D. All capitalized terms used herein but not specifically defined in this
Third Amendment shall have the meanings ascribed to such terms in the Lease.

            NOW, THEREFORE, in consideration of the mutual promises set forth
below and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Landlord and Tenant agree as follows:

      1. Delay Offset Amount. Section 10(d) of the Second Amendment is hereby
amended by deleting the words "November 1, 2002" and substituting therefore the
words "December 1, 2002."

      2. Postponement of Abatement Period. Section 9(b) of the Second Amendment
is hereby amended by adding the following language at the end of Section 9(b):

      "Notwithstanding anything to the contrary in this Section 9, Tenant shall
      not abate any Base Rent for Landlord Delay Periods, except in accordance
      with the following sentence. Commencing on December 1, 2002, Tenant shall
      offset against Base Rent then due and any subsequent Base Rent that may
      thereafter become due an amount in the aggregate equal to the sum of the
      "Offset Amount" (defined below) calculated for each area of the Premises
      set forth in the table contained in Section 9(a); provided, however, that
      in no


      event shall the aggregate amount of any abatement of the Base Rent for all
      Landlord Delay Periods exceed $225,000. The "Offset Amount" for an area of
      the Premises shown in Column 1 of the table in Section 9(a) shall be equal
      to the product obtained by multiplying (a) the "Daily Amount" with respect
      to such area of the Premises as set forth in Column 4 of the table in
      Section 9(a) by (b) the number of days in the Landlord Delay Period, if
      any, which may exist for such area of the Premises.

      3. Lease in Full Force. Except for the amendment to the Lease provided for
in Section 1 of this Third Amendment, all other terms, covenants and conditions
of the Lease shall remain in full force and effect.

      4. Successors and Assigns. This Third Amendment shall be binding upon and
shall inure to the benefit of Landlord and Tenant and their respective
successors and assigns.

      5. Guarantor Consent. Guarantor, by executing the consent to this Third
Amendment set forth below, hereby agrees that the guaranteed obligations covered
by the Guaranty include all of the additional payment and other obligations of
Tenant set forth in this Third Amendment.

      6. Counterparts. This Third Amendment may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, when
taken together, shall constitute a single instrument.

                        {Signatures appear on next page}


      IN WITNESS WHEREOF, this Third Amendment is executed on and as of the date
first written above.

                                        KINGSTON ANDRITA LLC

                                        By:  /s/ E. Peter Krulewitch
                                        Name: ______________________________
                                        Title: _______________________________

                                        PLAYBOY ENTERTAINMENT GROUP, INC.

                                        By:  /s/ Jeffrey Jenest
                                        Name:  Jeffrey Jenest
                                        Title:  EVP

                                        THIS THIRD AMENDMENT IS CONSENTED TO:

                                        PLAYBOY ENTERPRISES, INC.,

                                        By:  /s/ Howard Shapiro
                                        Name:  Howard Shapiro
                                        Title:  Executive Vice President

                                        CAPITALSOURCE FINANCE LLC

                                        By:  /s/ Michael C. Szwajkowski
                                        Name:  Michael C. Szwajkowski
                                        Title:  Managing Director