SEC Filings Section 16 Filings Only
 
PFSWEB INC filed this 10-K on 03/31/2008.
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exv10w81
 

Exhibit 10.81
SECOND AMENDMENT TO INDUSTRIAL LEASE AGREEMENT
     THIS SECOND AMENDMENT TO INDUSTRIAL LEASE AGREEMENT (this “Second Amendment”) is dated as of December 28, 2007 by and between INDUSTRIAL PROPERTY FUND VI, LLC, a Delaware limited liability company (“Landlord”), as successor-in-interest to Industrial Developments International, Inc., a Delaware corporation (“IDI”), and PRIORITY FULFILLMENT SERVICES, INC., a Delaware corporation (“Tenant”).
RECITALS
     IDI and Tenant previously entered into that certain Industrial Lease Agreement dated August 19, 2004, as amended by that certain First Amendment to Industrial Lease Agreement, dated December 22, 2004 (as amended, the “Lease”) for the lease of approximately 434,900 square feet of space, more commonly known as 8474 Market Place, Southaven Mississippi 38671 (the “Demised Premises”), located within Airways Distribution Center, DeSoto County, Mississippi. Landlord has succeeded to the interest of IDI under the Lease.
     Landlord and Tenant now desire to amend the Lease to, among other things, extend the Term.
     NOW, THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00) and other good and valuable consideration in hand paid by each party hereto to the other, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:
     1. All capitalized terms used herein but undefined shall have the meaning as defined in the Lease.
     2. The Expiration Date, as defined in Section 1(h) of the Lease, is hereby extended to December 31, 2010. As used herein, “Term” is hereby defined as the period commencing on the Lease Commencement Date and terminating on the Expiration Date, as extended hereby.
     3. Beginning on January 1, 2008, the Annual Base Rent, as defined in Section 1(d) of the Lease, for the remainder of the Term as extended hereby shall be $1,278,606.00 per year payable in Monthly Base Rent Installments of $106,550.50 per month.
     4. Special Stipulation 3 of Exhibit C of the Lease is hereby deleted in its entirety. The first sentence of Special Stipulation 4 of Exhibit C of the Lease is hereby amended and modified to replace the number “two (2)” with “one (1)” so that from and after the date hereof, Tenant shall only have one (1) option to extend the Term pursuant to Special Stipulation 4.