First Amendment To Lease Agreement

Exhibit 10.10


FIRST AMENDMENT TO LEASE AGREEMENT


This First Amendment to Lease Agreement made and entered into this 30th day of September, 1999, to be effective November 1, 1998 by and between Sarum Management, Inc., as successor by assignment to The Bell Company, 75 Marc Avenue, Cuyahoga Falls, Ohio 44223 (" Lessor" ) and AKW, L.P., 1015 East 12th Street, Suite 200, P.O. Box 29, Erie, PA 16503, as successor by assignment to Kaiser Aluminum & Chemical Corp., a Delaware corporation (hereinafter referred to as " Lessee" )


WITNESSETH:


WHEREAS, the parties hereto, by their predecessors in interest, have entered into a lease agreement dated November 1, 1988 (" Lease Agreement" ); and


WHEREAS, said Lease Agreement provided for final renewal option in favor of Lessee commencing November 1, 1998, with an annual rental to be agreed upon between the parties hereto; and


WHEREAS, the parties have negotiated a mutually agreeable term and annual rental for the renewal term which is to commence November 1, 1998; and expire June 30, 2001; and


WHEREAS, the parties have negotiated and agreed to additional modifications to the Lease Agreement.


NOW THEREFORE, for valuable consideration, including the covenants herein contained, receipt of which is hereby acknowledged, the parties agree as follows:


A. Paragraph Three: Term, Renewal and Assignment , is hereby modified by the inclusion of the following paragraph:


Lessee shall have the option to renew the Lease for five (5) additional successive two (2) year periods under the terms and conditions set forth herein, provided written notice of renewal is given to Lessor one hundred fifty (150) days prior to the expiration of the prior term or renewal term. The first additional renewal term shall commence July 1, 2001 (" First Additional Renewal Term" ); the second renewal term shall commence July 1, 2003 (" Second Additional Renewal Term" ); the third additional renewal terms shall commence July 1, 2005 (" Third Additional Renewal Term" ); the fourth additional renewal term shall commence July 1, 2007 (" Fourth Additional Renewal Term" ); the fifth additional renewal term shall commence July 1, 2009 (" Fifth Additional Renewal Term" ) and expire June 30, 2011.


B. Paragraph Four: Rent , is hereby modified by the inclusion of the following provisions:


The renewal term commencing November 1, 1998 and expiring June 30, 2001 (" Current Renewal Term" ), Lessee shall pay annual rental of Three Hundred Seventy


Eighty Six Thousand Nine Hundred Thirty Four and 60/100 Dollars ($386,934.60) (2.938 per sq. ft.) payable in monthly installments of Thirty Two Thousand Two Hundred Forty Four and 55/100 Dollars ($32,244.55).


Should Lessee elect to renew the term of the Lease for the First Additional Renewal Term herein provided, the annual rent for the First Additional Renewal Term (July 1, 2001 June 30, 2003) shall be Four Hundred Ten Thousand Four Hundred Ninety Eight and 92/100 Dollars ($410,498.92) payable in monthly installments of Thirty Four Thousand Two Hundred Eight and 24/100 Dollars ($34,208.24).


Should Lessee elect to renew the Lease for the Second Additional Renewal Term (July 1, 2003 June 30, 2005), the annual rent for the Second Additional Renewal Term shall be Four Hundred Thirty Five Thousand Four Hundred Ninety Eight and 30/100 Dollars ($435,498.30), payable in monthly installments of Thirty Six Thousand Two Hundred ninety One and 53/100 Dollars ($36,291.53).


Should Lessee elect to renew the Lease for the Third Additional Renewal Term (July 1, 2005 June 30, 2007), the annual rent for the Third Additional Renewal Term shall be Four Hundred Sixty Two Thousand Twenty and 15/100 Dollars ($4 ...