Exhibit 10.69
FIFTH AMENDMENT OF LEASE AGREEMENT
STATE OF TEXAS ss.
COUNTY OF XXXXXX xx.
This Fifth Amendment to Lease Agreement ("Fifth Amendment") is made and
entered into effective as of May 23, 2002 by and between 600 C.C. Business Park
Ltd. ("Landlord") and Industrial Data Systems, Inc. ("Tenant").
Recitals
A. WHEREAS, 600 C.C. Business Park Ltd. as "Landlord" and Industrial Data
Systems, Inc. `Tenant" entered into that certain Lease Agreement dated
January 16,1991, ("Original Lease") and a First Amendment to the Lease
was dated December 7, 1993, and a Second Amendment to the Lease was
dated December 29, 1994, and a Third Amendment to the Lease dated
August 8, 1995, and a Fourth Amendment to the Lease dated August 30,
1998 for the ("Leased Premises") consisting of 20,525 square feel of
leasable area in Landlord's Century Center Business Park, known as
Suite C-140 located at 000 Xxxxxxx Xxxx Xxxxx, Xxxxxxx, Xxxxx 00000.
Tenant has accepted and occupies the lease premises under the terms
and conditions stated in the Lease Agreement;
B. WHEREAS Tenant and Landlord hereby agree that no other document has
been executed or exchanged between the parties hereto other that the
original Lease Agreement, the First Amendment, the Second Amendment,
the Third Amendment and the Fourth Amendment to the Lease specified
above and that there are no side letters or any oral agreements
between the parties and;
C. WHEREAS, Tenant and Landlord agree this Lease Amendment shall come
into full force and effect on May 1,2002.
D. WHEREAS, Landlord and Tenant desire to modify the Lease so as to
modify certain terms and provisions outlined in the original Lease,
and;
E. WHEREAS, Landlord and Tenant agree that all defined terms used in this
Fifth Amendment of Lease Agreement shall have the same meaning
assigned to them in the original Lease and subsequent Amendments,
unless the context herein expressly provides otherwise.
NOW, THEREFORE, for one dollar ($1.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant hereby as follows:
1. Extension of Lease Term: Landlord and Tenant hereby agree to extend
the Lease Term for an additional thirty-six months (36) from September
1, 2002 to August 31, 2005, thereby making the expiration date of the
Lease August 31, 2005 unless extended and/or sooner terminated
pursuant to any provision of the Lease.
Exhibit 10.69
Industrial Data Systems, Inc. Fifth Amendment of Lease Agreement
Century Center: 000 Xxxxxxx Xxxxx Xxxxx, Xxxxx X 140
2. Base Rental Rate: Landlord and Tenant agree the base rental shall
remain as scheduled in Fourth Amendment of Lease Agreement through
August 31, 2002. Thereafter, the monthly base rental shall be modified
to allow for the following base rental rates: Rental rate for 20,525
sf.
September 1, 2002--August 31,2003 @$.545 per sf. $11,186.13
September 1, 2003--August 31,2005 @$.565 per sf. $11,596.63
3. Security Deposit: Tenant and Landlord acknowledge a security deposit
of $1,800.00 is on deposit with the Landlord.
4. Condition of Premises: Tenant agrees to take the current lease
premises of 20,525 sq. ft. in an "as is" "where as" condition subject
to the Landlord' s carpet and paint allowance which shall be installed
in the premises as the Tenant sees fit.
3. Landlord's Carpet and Paint Improvement Allowance: Landlord will pay
for carpet and paint installed in the premises in an amount not to
exceed Twelve Thousand Dollars ($12,000.00).
6. Common Area Maintenance, Taxes, Insurance (Operating Expenses):
Landlord and Tenant agree that all Operating Expense shall be included
in the base rental rate. Tenant will have no exposure to any increase
in the Operating Expenses through the expiration of the lease term,
August 31, 2005.
All other terms and provisions of the original lease, which are applicable,
shall remain as specified in these agreements.
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment of Lease
as of this 23rd day of May 2002.
TENANT: LANDLORD:
INDUSTRIAL DATA SYSTEMS, INC 600 C.C. BUSINESS PARK LTD.
BY: /s/ Xxxxxxx X. Xxxxxx BY: /s/ Xxxx X. Xxxxxxxx
Name: Xxxxxxx Xxxxxx Name: Xxxx X. Xxxxxxxx
TITLE: President TITLE: General Partner
DATE: 5/8/02 DATE: 5/23/02
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