FIRST AMENDMENT TO OFFICE LEASE
BETWEEN
THE CITY OF REDONDO BEACH
AND
JARIET TECHNOLOGIES, INC. A DELAWARE CORPORATION
THIS FIRST AMENDMENT TO OFFICE LEASE ("First Amendment") is made and entered into as of September 3, 2024, by and between the City of Redondo Beach, a chartered municipal corporation ("Landlord"'), and Jariet Technologies, Inc., a Delaware Corporation ("Lessee").
WHEREAS, Landlord and Tenant entered into a certain Office Lease dated as of May 3, 2016 (the "Lease") for spaces located at 103 W. Torrance Blvd., Redondo Beach CA 90277, Cond sin or appAina, 2,372 tital square face 132 er. Forsance Bied, For total or 11,503 rental square feet; and
WHEREAS, the original term of the Office Lease expired on May 2, 2021, and has remained in effect on a month-to-month basis since that date; and WHEREAS, Landlord and Tenant desire to enter into this First Amendment to amend certain terms of the Lease to reduce the square footage of the leased premises, to extend the term of the Lease, to add an obligation of the Landlord to make a tenant improvement contribution, and to make other changes as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree that the Lease shall be amended as follows:
1. Summary of Basic Terms. The following paragraphs a, e, f, g, l, j, 1, m and n hereby replace and supersede the corresponding paragraphs of Section 2 of the Lease:
a. Premises: The space is located at 103 W. Torrance Blvd., Redondo Beach CA 90277, consisting of approximately 7,372 rentable square feet and 123 W.
Torrance Blvd., Suite 100, Redondo Beach, CA 90277, consisting of approximately 2,131 rentable square feet, for a total of 9,503 rentable square feet as shown on the floor plan attached as Exhibit "A".
e. Lease Term: 5 years and 2 months (62 months) from First Amendment commencement date, subject to earlier termination as provided herein. f. First Amendment Lease Commencement Date: September 3, 2024 First Amendment Lease Expiration Date: November 2, 2029 i. Monthly Rent:
Year 1: $25,183.00 Rent will be abated for the 11th month.
Year 2: $27,178.00 Rent will be abated for the 23rd month. 1 Year 3: $28,794.00
Year 4: $31,360.00
Year 5: $33,260.00
j. Rentable Area of Premises: 9,503 rentable square feet.
1. Operating Expense Base Year: 2024
m. Tenant's Share of Operating Expenses: Fourteen percent (14.0%) of the office area of Pier Plaza per Article 8 of the Lease.
n. Tenant Improvements: $5.00 per square foot allowance by the Landlord. Not to exceed $47,515.00.
2. Exhibit "A" of the Lease which contains the Legal Description and Premises Floor Plans and Site Plan is hereby amended and restated as set forth in the attached Exhibit "A-1".
The Legal Description and Premises Floor Plans and Site Plan as set forth in Exhibit "A- 1" shall become effective as of this First Amendment. On or before the date of this First Amendment, Tenant shall surrender and vacate the eliminated portion of the Premises, shall remove all of its personal property and fixtures from the eliminated portion of the Premises, and shall leave the eliminated portion of the Premises in good condition and repair.
3. Tenant shall execute and deliver to Landlord an executed Lease Confirmation (First Amendment) in the form set forth in the attached Exhibit "B-I" concurrently with the date of this First Amendment.
4. Tenant shall cause the Guarantor to execute and deliver to Landlord an executed Addendum to Guaranty in the form which is attached hereto as Exhibit "E-1."
5. Exhibit "F" of the Lease describing the Initial Leasehold Improvements is hereby amended and restated as set forth in the attached Exhibit "F-1". Tenant shall be entitled to reimbursement of Tenant's actual costs of the Tenant Improvements in an amount not to exceed the Tenant Improvements allowance which is set forth in Section 1(n) hereof.
The reimbursement of Tenant Improvement costs shall be made through Landlord's application of credit against Monthly Rent due from Tenant and/or cash reimbursement to Tenant, as mutually determined by Tenant and Landlord. As conditions of receiving such reimbursement, (i) Tenant shall submit to Landlord's property manager a description of the Tenant Improvements which have been completed, together with a detailed invoice from the contractor performing the applicable Tenant Improvements and a signed lien release from such contractor, and (ii) Landlord shall inspect the Tenant Improvements and determine that they have been completed in accordance with Exhibit F-l and the Lease. 2 6. Landlord and Tenant shall execute the Memorandum of Amended Lease in the form of the attached Exhibit "G-1" concurrently with the date of this First Amendment, and shall record the Memorandum of Amended Lease in the official records of Los Angeles County.
7. Except as expressly provided herein, all terms and provisions of the Lease shall remain unchanged and shall continue in full force and effect. In the event of any inconsistency between this First Amendment and the Lease, this First Amendment shall prevail. This First Amendment may be modified or amended only by a subsequent writing executed by all of the parties.
8. The parties signing below warrant and represent that they are duly authorized to enter into and execute this First Amendment on behalf of their respective party.
IN WITNESS WHEREOF, Landlord has by motion duly adopted by the City Council, caused this Lease to be signed by its Mayor and attested by its City Clerk, and Tenant has duly executed this Lease, all as of the day and year first above written. "LANDLORD":
CITY OF REDONDO BEACH,
a chartered municipal corporation
James A. Light
Mayor
ATTEST: APPROVED AS TO FORM:
Eleanor Manzano Michael W. Webb
City Clerk City Attorney
APPROVED:
Diane Strickfaden
Risk Manager
"TENANT":
JARIET TECHNOLOGIES, INC.,
A Delaware corporation
Inter che
By: EmEka CHuKur
Its: CFO
EXHIBIT A-1
LEGAL DESCRIPTION, PREMISES FLOOR PLAN AND SITE PLAN
(First Amendment)
The Premises are a portion of the office and retail development situated on top of the Redondo Beach Pier Parking structure, a structure of approximately 520,000 square feet and over 1,000 parking spaces located at the western terminus of Torrance Boulevard in the City of Redondo Beach, CA.
Floor Plan
5 J0Il
Tinan
CONF. 723гnh
6 Site Plan
Bldg 123 Suite 100
PARKING
(Upper 2 Levels
BOARDWAt
PLAZA L.A. County
(Parking Courthouse I
Below) (Parking Below]
Quality
• Seafo
PARK
Bldg 103
7 EXHIBIT B-1
LEASE CONFIRMATION (First Amendment)
TO: Jariet Technologies, Inc.
DATED: September 3, 2024
Re: Office Lease dated May 3, 2016, as amended by First Amendment to Office Lease dated September 3, 2024, by and between CITY OF REDONDO BEACH, a chartered city and municipal corporation, as Landlord, and Jariet Technologies, Inc. a Delaware Corporation (the "Lease"), for those premises generally referred to as 103 W. Torrance Blvd. and 123 Suite #100 W. Torrance Blvd, Redondo Beach, CA 90277 (the "Premises").
Please acknowledge that the Commencement Date of the First Amendment to Office Lease is September 3, 2024 and that the Expiration Date of the Lease is November 2, 2029.
Very truly yours,
Agent for "Landlord"
Tenant hereby confirms the information set forth above, and further acknowledges that Landlord has fulfilled its obligations under the above-referenced Lease.
Guda clue
By: Imera Сникни
Title: Go
EXHIBIT E-1
ADDENDUM TO LEASE GUARANTY
THIS ADDENDUM TO LEASE GUARANTY ("Guaranty") is made by CHARLES HARPER, an individual (referred to as "Guarantor"), in favor of the CITY OF REDONDO BEACH, a Chartered Municipal Corporation ("Landlord"'), in connection with that certain lease dated as of May 3, 2016, as amended by the First Amendment to Office Lease dated September 3, 2024 (as amended, the "Lease"), pursuant to which Landlord has leased to JARIET TECHNOLOGIES.
INC., a Delaware corporation (Tenant"), those premises generally referred to as 103 W.
Torrance Blvd., Redondo Beach, CA 90277 and 123 W. Torrance Blvd., Suite 100, Redondo Beach, CA 90277 (the " Premises").
A. Guarantor has executed a "Lease Guaranty," dated as of April 14, 2016, which guarantees the obligations of Tenant under the Lease.
B. Landlord requires this Addendum to Lease Guaranty as a condition to its execution of the First Amendment to Office Lease and the performance of the obligations to be performed under the Lease by Landlord.
C. Guarantor has agreed to provide this Addendum to Lease Guaranty to induce Landlord to enter into the First Amendment to Office Lease with Tenant and perform its obligations under the Lease.
In consideration of Landlord' s agreement to execute the First Amendment to Office Lease arid for other good arid valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor does hereby agree with Landlord as follows:
The Lease, as amended by the First Amendment to Office Lease, is hereby incorporated into and made a part of the Guaranty by this reference.
2. Guarantor acknowledges and agrees that the Guaranty remains in full force and effect.
The term "Lease" as used in the Guaranty shall mean the Lease, as amended by the First Amendment to Office Lease. All of the Guarantor's obligations under the Guaranty shall apply to the Lease, as amended by the First Amendment to Office Lease. 9 Executed on 8/27/290nt
[If Guarantor is a married individual, Guarantor's spouse must sign this Addendum to Guaranty] Allan
Spouse (if applicable)
Address of Guarantor:
A. If the person(s) signing this Addendum to Guaranty on behalf of Guarantor [is/are] [an] officers] of a corporation that is incorporated in California, then one of the following conditions must be satisfied: (i) this Addendum to Guaranty must be signed by two officers, one being the Chairman of the Board, the President or a Vice President, and the other one being the Secretary, an Assistant Secretary. the Chief Financial Officer or an Assistant Treasurer, or (ii) if clause (i) above is not satisfied, or if this Addendum to Guaranty is signed by one person acting in two capacities, then Guarantor shall have delivered to Landlord a certified copy of a corporate resolution in form acceptable to Landlord authorizing the signatory(ies) to execute this Addendum to Guaranty.
B. If the person(s) signing this Addendum to Guaranty on behalf of Guarantor [is/are] [an] officers] of a corporation that is incorporated in a state other than California, then Guarantor shall have delivered to Landlord a certified copy of a corporate resolution in form acceptable to Landlord authorizing the signatory(ies) to execute this Addendum to Guaranty. 10 EXHIBIT F-1
INITIAL LEASEHOLD IMPROVEMENTS
Tenant Improvement Allowance: $5.00 per square foot; not to exceed $47,515.00.
Tenant Improvement Allowance will be applied in accordance with the requirements of Section 5 of the First Amendment to Lease.
11 EXHIBIT G-1
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
CITY OF REDONDO BEACH
415 Diamond Street
Redondo Beach, CA 90277
Attention: City Clerk
No Recording Fee
Exempt pursuant to Government Code 6103
MEMORANDUM OF AMENDED LEASE
This Memorandum of Amended Lease ("Memorandum") is made and entered into as of September 3, 2024, by and between the CITY OF REDONDO BEACH, a chartered municipal corporation, hereinafter referred to as the "Landlord," and Jariet Technologies, Inc., a Delaware corporation, hereinafter referred to as "Tenant."
RECITALS
A. Landlord and Tenant have entered into an Office Lease dated as of May 3, 2016, as amended by a First Amendment to Office Lease dated September 3, 2024 (as amended, the "Lease"), for certain premises which are located on real property which is legally described in Exhibit A attached hereto and incorporated herein by reference (the "Premises"). Copies of the Lease and the First Amendment to Office Lease are available for public inspection at Landlord's office at 415 Diamond Street, Redondo Beach, CA 90277.
B. The Lease, as amended, provides that a short form memorandum of the Lease, as amended, shall be executed and recorded in the Official Records of Los Angeles County, California.
NOW, THEREFORE, the parties hereto certify as follows:
1. Landlord, pursuant to the Lease and the First Amendment to Office Lease, has leased the Premises to the Tenant upon the terms and conditions provided for therein, generally for the purposes of general office use.
2. Unless earlier terminated, the term of the Lease shall expire on November 2, 2029.
3. This Memorandum is not a complete summary of the Lease and shall not be used to interpret the provisions of the Lease.
12 IN WITNESS WHEREOF, Landlord and Tenant have executed this Memorandum of Amended Lease as of the day and year first above written.
CITY OF REDONDO BEACH,
a chartered municipal corporation
James A. Light
Mayor
ATTEST: APPROVED AS TO FORM:
Eleanor Manzano Michael W. Webb
City Clerk City Attorney
APPROVED:
Diane Strickfaden
Risk Manager
"TENANT":
JARIET TECHNOLOGIES, INC.
Suche chul
Ву:Етека сникни
CFo
13 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
COUNTYOR Los Angeles
on August 27,2024, before me Teresa l Scott _ Notary Public, personally appeared E meka UKWO → who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Name: Teresa Scot
TERESA D. SCOTT
Notary Public - California Notary Public
Los Angeles County
Commission # 2479841
My Comm. Expires Feb 13, 2028
14 EXHIBIT "A" TO MEMORANDUM OF AMENDED LEASE
LEGAL DESCRIPTION
The space located at 103 West Torrance Boulevard, Redondo Beach, CA consisting of approximately 7,372 rentable square feet and 123 West Torrance Boulevard Suite 100, Redondo Beach CA. consisting of approximately 2,131 rentable square feet of office space for a total of 9,503 rentable square feet as more particularly described on the attached floorplan depicting the Premises in Exhibit A-1.
The Premises are a portion of the office and retail development situated on top of the Redondo Beach Pier Parking Structure, a structure of approximately 520,000 square feet and over 1,000 parking spaces located at the western terminus of Torrance Boulevard in the City of Redondo Beach, CA.
15