LEASE EXTENSION AGREEMENT THIS AGREEMENT made the 21st day of MAY 2010
Exhibit
99.1
THIS
AGREEMENT made the 21st day of
MAY 2010
BETWEEN:
BUCKGOLF INC. AND GREENGOLF
INC.
Corporations
incorporated under the Laws of the Province of Ontario,
Hereinafter
called the “Landlord”
OF THE FIRST PART,
AND:
OCZ
CANADA INC.
Hereinafter
called the “Tenant”
OF THE
SECOND PART.
WHEREAS the Tenant holds the premise
known Municipally as 000 XXXXXX XXXX., Xxxx #0, Xxxxxxx, Xxxxxxx pursuant to the
provisions of a lease dated the 21st day of
APRIL 2005 which expires on the 30th day of
JUNE 2010 (hereinafter referred to as the “said Lease”).
AND WHEREAS the parties hereto are
desirous of extending the said Lease for a further term of SIX (6) MONTHS from
the 1st day of
JULY 2010 to and including the 31st day of
DECEMBER 2010 (hereinafter referred to as the “First Renewal Term”) on the terms
and conditions hereinafter set forth.
NOW THEREFORE in consideration of the
mutual covenants and the extension of the term as aforesaid, the parties hereto
agree as follows:
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1.
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That
the Basic rental during the First Renewal Term hereby demised from the
1st
day of JULY 2010 to and including the 31st
day of DECEMBER 2010 shall be the sum of FIFTEEN THOUSAND SIX HUNDRED AND
NINE DOLLARS AND THIRTY SIX CENTS ($15,609.36) of lawful money of Canada
per annum to be paid in advance in equal consecutive monthly installments
of TWO THOUSAND SIX HUNDRED AND ONE DOLLARS AND FIFTY SIX CENTS
($2,601.56) on the FIRST day of each month during the First Renewal Term,
together with additional rent hereinafter reserved. The first
of such installments to be paid on the 1st
day of JULY 2010.
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2.
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This
First Renewal shall be automatically extended for THREE (3) additional
periods of SIX (6) MONTHS each on the same condition and terms as
contained in this lease extension unless the Tenant gives written notice
to the Landlord at least THREE (3) MONTHS prior to the end of the First
Renewal Term or any additional period that it no longer wishes to have the
lease automatically extended.
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3.
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The
parties agree that the sum of THREE THOUSAND EIGHT HUNDRED AND THIRTY SIX
DOLLARS AND NINETY FIVE CENTS ($3,836.95) presently held by the Landlord
as a security deposit shall be applied to the First Renewal Term or any
additional extensions.
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4.
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Subject
as aforesaid, the parties hereto agree that all other terms, conditions
and provisos of the said Lease shall apply to the First Renewal
Term.
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IN WITNESS WHEREOF the parties hereto
have hereunto respectively affixed their corporate seals under the hands of
their proper offices in their behalf.
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SIGNED,
SEALED AND DELIVERED
in
the presence of:
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BUCKGOLF INC. AND GREENGOLF INC. | ||
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Per: | ||
| Authorized Signing Officer | |||
| Per: | |||
| Authorized Signing Officer | |||
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OCZ CANADA INC. | ||
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Per: | ||
| Authorized Signing Officer | |||
| Per: | |||
| Authorized Signing Officer | |||
