EX-10.15 16 cryolife10q93002ex1015.txt 1ST AMENDMENT TO LEASE EXHIBIT 10.15 FIRST AMENDMENT TO LEASE THIS AGREEMENT, made and entered into this 9th day of June, 1994, by and between NEWMARKET PARTNERS I, LIMITED, a Georgia Limited Partnership whose general partners are Laing Properties, Inc. and Laing Management Company (hereinafter called "Landlord") and CRYOLIFE, INC. (hereinafter called "Tenant"). WITNESSETH THAT: WHEREAS, Landlord and Tenant entered into a certain Lease Agreement dated July 23, 1993 (hereinafter "Lease") for Suite 124 (hereinafter "Premises") 2121 Newmarket Parkway, Building 5, Marietta, Georgia 30067; WHEREAS, Landlord and Tenant desire to amend the Lease in order to modify some of the terms and conditions of the Lease; NOW, THEREFORE, in consideration of the mutual agreements of the undersigned and other good valuable consideration, this Lease is hereby amended, effective November 16, 1993, as follows: 45. As provided for in Paragraph 44 of Exhibit "D", Special Stipulations, of the Lease, both Landlord and Tenant agree that the final construction cost is $183,684.00 (see Exhibit "G", Construction Cost Summary, attached hereto and made a part hereof) and therefore, desire to establish the adjusted monthly rental. The adjusted monthly rentals are determined by the following: Rentable square footage = 11,227 R.S.F. Useable square footage = 10,692 U.S.F. (5% loss factor) Allowances: $1.00/USF for architect services: $ 10,692.00 $45.00/RSF for construction costs: $505,215.00 ----------- Total Improvement Allowance: $515,907.00 $515,907.00 - Total Improvement Allowance 183,684.00 - Actual Construction Cost ---------- $332,223.00 - Construction Savings Monthly Interest Rate: .83333% (10% Annual Interest Rate) Number of Months in the Term: 60 Months Payment Timing: Beginning of each month Monthly Payment: $7,000.42 ($332,223 amortized at 10% for 60 months) Amortized Initial Construction Adjusted Monthly Rental Savings Monthly Rental 11/16/93 through 11/15/94 $14,196.32 $7,000.42 = $7,195.90 11/16/94 through 11/15/95 $14,430.21 $7,000.42 = $7,429.79 11/16/95 through 11/15/96 $14,673.46 $7,000.42 = $7,673.04 11/16/96 through 11/15/97 $14,926.45 $7,000.42 = $7,926.03 11/16/97 through 11/15/98 $15,189.55 $7,000.42 = $8,189.13 1 Page 2 of First Amendment to Lease by and between Newmarket Partners I, Limited, a Georgia Limited Partnership whose general partners are Laing Properties, Inc. and Laing Management Company (Landlord) and Cryolife, Inc. (Tenant) dated June 9, 1994. Pursuant to Paragraph 3, Rental, of the Lease, Tenant agrees to pay to the Landlord promptly on the first day of each month in advance during the term of this Lease, an adjusted monthly rental of: November 16, 1993 through November 15, 1994 @ $7,195.90 November 16, 1994 through November 15, 1995 @ $7,429.79 November 16, 1995 through November 15, 1996 @ $7,673.04 November 16, 1996 through November 15, 1997 @ $7,926.03 November 16, 1997 through November 15, 1998 @ $8,189.13 46. BROKER DISCLOSURE Pursuant to Georgia Real Estate Commission Regulation 520-1-08, Laing Marketing Company makes the following disclosures concerning this Lease transaction: a) In this transaction, Laing Marketing Company represents Landlord and not Tenant. b) In this transaction, Richard Bowers & Company represents Tenant and not Landlord. c) In this transaction, both Laing Marketing Company and Richard Bowers & Company shall receive their compensation from Landlord exclusively. Both Tenant and Landlord acknowledge, agree with and consent to the representation and compensation disclosed above. Except as herein amended, all terms and conditions of the Lease shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereunto have executed this First Amendment to Lease as of the day and year first above written. Signed, sealed and delivered in LANDLORD: NEWMARKET PARTNERS I, the presence of: LIMITED, a Georgia Limited Partnership whose general partners are Laing Properties, Inc. and Laing Management Company BY: Laing Properties, Inc. Managing General Partner /s/ Christine M. Carroll BY: /s/ James A. Gillespie -------------------------------- --------------------------- Witness James A. Gillespie TITLE: Executive Vice President 2 Page 3 of First Amendment to Lease by and between Newmarket Partners I, Limited, a Georgia Limited Partnership whose general partners are Laing Properties, Inc. and Laing Management Company (Landlord) and Cryolife, Inc. (Tenant) dated June 9, 1994. Signed, sealed and delivered in the TENANT: CRYOLIFE, INC. presence of: /s/ D. J. Blankers BY: /s/ Steven G. Anderson ----------------------------------- ---------------------- Witness Steven G. Anderson TITLE: President /s/ Suzanne K. Gabbert ATTEST: /s/ Ronald D. McCall ----------------------------------- -------------------- Notary Public Ronald D. McCall Cobb County, Georgia My Commission Expires: TITLE: Secretary September 13, 1996 (Corporate Seal) 3 EXHIBIT "G" CONSTRUCTION COST SUMMARY Date: 4-12-94 TENANT: CRYOLIFE, INC. 93 WORK R#SAM349 LOCATION: NEWMARKET - BLDG. 5, SUITE 124 Architect: Carlsten RENTABLE AREA 11,227 Planner: OCCUPANY DATE: 1-31-94 SP Costs: By Others SP Cost/SF: $0.00 -------------------------------------------------------------------------------- Direct Tenant Construction Costs Contractors: Buyout Changes Total Budget Net Cost/SF Notes G.C.: QUA-SER (ALL PHASES) 170,653 4,284 174,937 0 (174,937) 15.58 Elec 0 0 0 0 0 0.00 HVAC 0 0 0 0 0 0.00 Floor Cov. 0 0 0 0 0 0.00 Oth: 0 0 0 0 0 0.00 Oth: Tenant Signage 0 0 0 0 0 Oth: Tenant Reimbursement 0 0 0 0 0 0.00 SUBTOTAL 170,653 4,284 174,937 481,157 306,220 15.58 CM-FEE 8,533 214 8,747 24,058 15,311 0.78 TOTALS $179,186 4,498 183,684 505,215 321,531 16.36 -------------------------------------------------------------------------------- NON-TENANT COSTS: Description: Buyout Changes Total Budget Net Cost/SF Notes A - 0 0 0 0 0 0.00 B - 0 0 0 0 0 0.00 C - 0 0 0 0 0 0.00 D - 0 0 0 0 0 0.00 E - 0 0 0 0 0 0.00 F - Total Space Planning By Others 0 0 By Others 0 0.00 SUBTOTAL $0 $0 $0 $0 0 0.00 CM FEE 0 0 0 0 0 0.00 TOTAL $0 $0 $0 $0 $0 0.00 -------------------------------------------------------------------------------- Summary-Total Cost Buyout Changes Total Budget Net Cost/SF TOTAL 179,186 4,498 183,684 505,215 321,531 $16.36 -------------------------------------------------------------------------------- NOTES: A - CHANGE ORDER FOR $4,284 WAS FOR EQUIPMENT DRAINS AND HVAC REVISIONS. B - TENANT HAS SPENT $183,684 TOWARD THEIR TOTAL AVAILABLE ALLOWANCE OF $505,215. THIS LEAVES A BALANCE REMAINING OF $321,531. 4 IN WITNESS WHEREOF, the undersigned has executed this Waiver and Consent and affixed its seal hereto as of the day and year first written above. (Individual Mortgagee of Lessor Sign Here) Signed, sealed and delivered this ____ day of __________, 1994, in (SEAL) -------------------------------------------- the presence of: Name: --------------------------------------- Notary Public (NOTARIAL SEAL) (Corporate or Partnership Mortgagee or Lessor Sign Here) Newmarket Partners III Limited, a Georgia Limited Partnership whose general partners are Laing Properties, Inc. and Laing Management Company (CORPORATE SEAL) BY: Laing Properties, Inc. Managing General Partner BY: /s/ James A. Gillespie ----------------------------------- James A. Gillespie Title: Executive Vice President ATTEST: /s/ Robert R. Stubbs --------------------------------- Robert R. Stubbs Title: Vice President & Secretary Signed, sealed and delivered this 30th day of June, 1994, in the presence of: /s/ Christine M. Carroll --------------------------------- Notary Public (NOTARIAL SEAL) 5 1545566