Sample Business Contracts


California-Los Angeles-5055 Wilshire Boulevard Lease [Amendment No. 1] - 5055 Wilshire LP and Playboy Enterprises Inc.

Lease Forms

  • 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.
  • 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.
  • 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 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.
  • 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.

                   FIRST AMENDMENT TO COMMERCIAL OFFICE LEASE

      THIS FIRST AMENDMENT TO COMMERCIAL OFFICE LEASE ("First Amendment") is
made the 2 day of November, 2001, by and between 5055 WILSHIRE LIMITED
PARTNERSHIP, a Texas limited partnership ("Landlord") and PLAYBOY ENTERPRISES,
INC., a Delaware corporation ("Tenant").

      WHEREAS, under that certain Commercial Office Lease dated January 6, 1999
(the "Lease"), by and between Landlord and Tenant, Tenant leases approximately
21,270 rentable square feet of office space (the "Premises") designated as Suite
800 at 5055 Wilshire located at 5055 Wilshire Boulevard, Los Angeles, California
90036, all as more particularly described in the Lease; and

      WHEREAS, Landlord and Tenant desire to extend the Term of the Lease for an
additional four (4) months.

      NOW THEREFORE, in consideration of the rentals to be paid and the
covenants and agreements to be kept and performed by both parties hereto,
Landlord and Tenant hereby agree to amend the Lease as follows:

1.    Section 1.9 Expiration Date is deleted in its entirety and replaced with
      the following:

      "1.9 Expiration Date.  June 30, 2002."

2.    1.10 Term is deleted in its entirety and replaced with the following:

      " 1.10 Term. Forty-two (42) months, beginning on the Commencement Date and
      expiring on the Expiration Date."

3.    The following language is added at the end of Section 1.11 Basic Rent:

      "Month(s)         Monthly Basic Rent            Annual Basic Rent
       --------         ------------------            -----------------

       39 - 42          $51,048.00                    N/A"

4.    Article XXVI Right of First Offer and Article XXVII Option to Renew are
      deleted in their entirety.

5.    Condition of the Premises. Landlord and Tenant agree that Landlord has no
      obligation to construct any improvements to the Premises and that TENANT
      ACCEPTS THE PREMISES "AS IS", "WHERE IS" AND WITH ANY AND ALL FAULTS AS OF
      THE DATE OF THIS FIRST AMENDMENT. LANDLORD NEITHER MAKES NOR HAS MADE ANY
      REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE
      QUALITY, SUITABILITY OR FITNESS THEREOF OF THE PREMISES, OR THE CONDITION
      OR REPAIR THEREOF. TENANT'S OCCUPYING THE PREMISES SHALL BE CONCLUSIVE
      EVIDENCE FOR ALL PURPOSES OF TENANT'S ACCEPTANCE OF THE PREMISES IN GOOD
      ORDER AND SATISFACTORY CONDITION, AND IN A STATE AND CONDITION
      SATISFACTORY, ACCEPTABLE AND SUITABLE FOR THE TENANT'S USE PURSUANT TO THE
      LEASE.
<PAGE>

6.    Brokers. Tenant and Landlord each represent that it has not had dealings
      with a real estate broker, finder or other person with respect to this
      First Amendment in any manner. Each party shall hold harmless the other
      party from all damages resulting from any claims that may be asserted
      against the other party by any broker, finder, or other person, with whom
      the indemnifying party purportedly has dealt.

7.    Counterclaims. As of the date of this First Amendment, there exist no
      offsets, counterclaims or defenses of Tenant under the Lease against
      Landlord, and there exist no events which would constitute a basis for
      such offsets, counterclaims or defenses against Landlord upon the lapse of
      time or the giving of notice or both.

8.    Continued Effect. Except as otherwise provided in this First Amendment,
      all other provisions of the Lease shall remain unmodified and in full
      force and effect. All terms not defined herein shall be as defined
      pursuant to the terms of the Lease.

      EXECUTED on the dates indicated below to be effective on the date first
above written.

                              LANDLORD:

                              5055 WILSHIRE LIMITED PARTNERSHIP,
                              a Texas limited partnership

                              By:   L. A. WILSHIRE ONE, INC.,
                                    a Delaware corporation, its
                                    General Partner

                                    By:   /s/ Steven L. Ames
                                       ------------------------
                                    Name: Steven L. Ames
                                         ----------------------
                                    Title: AVP
                                          ---------------------
                                    Date: 11/26/01
                                         ----------------------


                              TENANT:

                              PLAYBOY ENTERPRISES, INC.,
                              a Delaware corporation

                              By:   /s/ Howard Shapiro
                                 ---------------------
                              Name: Howard Shapiro
                                   -------------------
                              Title: Ex VP
                                    ------------------
                              Date: 11/2/01
                                   -------------------


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