California-Los Angeles-3030 Andrita Street Lease [Amendment No. 4] - Kingston Andrita LLC and Playboy Entertainment Group Inc.
FOURTH AMENDMENT TO LEASE
This FOURTH AMENDMENT TO LEASE ("Fourth Amendment") is made and entered
into as of the 2nd day of December, 2002, by and between KINGSTON ANDRITA LLC, a
Delaware limited liability company ("Landlord"), and PLAYBOY ENTERTAINMENT
GROUP, INC., a Delaware corporation ("Tenant").
Recitals
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, and as further
amended by that certain Third Amendment to Lease (the "Third Amendment"), dated
October 31, 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
Fourth 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 1 of the Third Amendment is hereby deleted
in its entirety. Section 10(d) of the Second Amendment is hereby amended by
deleting the words "November 1, 2002" and substituting therefore the words
"January 1, 2003."
2. Postponement of Abatement Period. Section 2 of the Third Amendment is
hereby amended by substituting the words " January 1, 2003" for the words
"December 1, 2002" in such Section 2.
3. Lease in Full Force. Except for the amendment to the Lease provided for
in this Fourth Amendment, all other terms, covenants and conditions of the Lease
shall remain in full force and effect.
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4. Successors and Assigns. This Fourth 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 Fourth
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 Fourth Amendment.
6. Counterparts. This Fourth 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}
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IN WITNESS WHEREOF, this Fourth Amendment is executed on and as of the
date first written above.
KINGSTON ANDRITA LLC
By: /s/ E. Peter Krulewitch
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Name: E. Peter Krulewitch
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Title: Managing Member
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PLAYBOY ENTERTAINMENT GROUP, INC.
By: /s/ Jeffrey M. Jenest
------------------------------------
Name: Jeffrey M. Jenest
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Title: Exec. VP
--------------------------------
THIS FOURTH AMENDMENT IS CONSENTED TO:
PLAYBOY ENTERPRISES, INC.,
Guarantor
By: /s/ Howard Shapiro
------------------------------------
Name: Howard Shapiro
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Title: Executive Vice President
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CAPITALSOURCE FINANCE LLC
By:__________________________________
Name: _______________________________
Title: ________________________________