FIRST AMENDMENT TO OFFICE LEASE
BETWEEN
THE CITY OF REDONDO BEACH
AND
ROSENWALD CAPITAL MANAGEMENT, INC., A NEW YORK CORPORATION HIS OR SeMber 3 2024 TO OFTEN AS For condoned is made and entered to as ot Sentember 3. 202
corporation ("Landlord"), and Rosenwald Capital Management, Inc. a New York Corporation ("Tenant").
WHEREAS, Landlord and Tenant entered into a certain Lease dated as of February 19, 2013 (the "Lease"), for space located at 121 W. Torrance Blvd. Suite #100, Redondo Beach CA 90277, consisting of approximately 1,550 rentable square feet, and WHEREAS, Landlord and Tenant desire to enter into this First Amendment to amend certain terms of the Lease to reflect the new lease terms.
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:
I. Summary of Basic Terms. The following paragraphs e, f, g, h and i hereby replace and supersede the corresponding paragraphs of Section 2 of the Lease:
e. Lease Term: Month-to-month
f. Free Rent: The first month rent after the First Amendment Commencement Date will be abated.
g. First Amendment Commencement Date: September 3, 2024 h. First Amendment Expiration Date: Upon 30 days written notice by either Lessor or Lessee.
Monthly Rent: $3,487.00 (Three Thousand Four Hundred Eighty-Seven and 00/100 Dollars). Monthly rent will be increased by 3% annually beginning with the first anniversary date of this First Amendment if this lease amendment is still in effect.
2. Tenant shall execute and deliver to Landlord an executed Lease Confirmation (First Amendment) in the form as set forth in the attached Exhibit "B-I" concurrently with the date of this First Amendment.
3. 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-I."
4. Landlord and Tenant shall execute a Memorandum of Amended Lease in the form of the attached Exhibit "G-I" concurrently with the date of this First Amendment, and shall record the Memorandum of Amended Lease in the official records of Los Angeles County.
5. 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.
6. 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":
ROSENWALD CAPITAL MANAGEMENT, INC.
Bs: Jame B. Rosenuald ill
Tenarit
EXHIBIT B-1
LEASE CONFIRMATION (First Amendment)
TO: Rosenwald Capital Management, Ine.
DATED: September 3, 2024
Re: Office Lease dated February 19, 2013, 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 Rosenwald Capital Management, Inc. (the "Lease") for those premises generally referred to as 121 W. Torrance Blvd. Suite #100 Redondo Beach, CA 90277 (the "Premises").
Please acknowledge that the Commencement Date of the First Amendment to the Lease is September 3, 2024. The amended Expiration Date of the Lease is upon 30 days prior written notice by either the Lessor or Lessee.
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.
Pie: James B. Rosen
Tenant
EXHIBIT E-1
ADDENDUM TO LEASE GUARANTY
THIS ADDENDUM TO LEASE GUARANTY ("Guaranty") is made by JAMES ROSENWALD, 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 February 19, 2013, as amended by the First Amendment to Office Lease dated September 3, 2024 (as amended, the "Lease"), pursuant to which Landlord has leased to ROSENWALD CAPITAL MANAGEMENT, INC., a New York corporation ("Tenant"), those premises generally referred to as 121 W. Torrance Blvd., Suite #100, Redondo Beach, CA 90277 (the "Premises").
A. Guarantor has executed a "Lease Guaranty," dated as of February 19, 2013, 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:
1. 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.
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.
Executed on 8/2,5
, 2024.
[If Guarantor is a married individual, Guarantor's spouse must sign this Addendum to Guaranty] JAMES ROSENWALD >
Spouse (if applicable)
Address of Guarantor: 12| W. Torrance Blud Suete 100, Reends Beach CA 9076t 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: (1) 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.
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 Rosenwald Capital Management, Inc., a New York corporation, hereinafter referred to as "Tenant."
RECITALS
A. Landlord and Tenant have entered into an Office Lease dated as of February 19, 2013, 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 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. The term of the Lease shall continue on a month-to-month basis until terminated bey either party upon 30 days prior written notice.
3. This Memorandum is not a complete summary of the Lease and shall not be used to interpret the provisions of the Lease.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Memorandum of Amended Lease 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":
ROSENWALD CAPITAL MANAGEMENT, INC.
> Sm
By Janus Rosenwalk I
Please See Attached
Tenant California
JURAT - ACKNOWLEDGEMENT
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 )
COUNTY OF Los Angeles
D. Gralik _ Notary Public,
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.
WEek-Notary Public
Name: D. Gralik - Notary Public
Notary Public
D. GRALIK
COM. #2450207
Notary Public - California 6
Los Angeles County
My Comm. Expires July 12, 2027
RE: First Amendment to Slice
Lease, City do Redondo Be d
Rosenweld capital Mynt. Ine.
EXHIBIT "A" TO MEMORANDUM OF AMENDED LEASE
LEGAL DESCRIPTION
The space is located at 121 West Torrance Boulevard, Suite #100 Redondo Beach CA 90277 consisting of approximately 1,550 rentable square feet as described in the original lease agreement.
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