AMENDMENT TO LEASE
Exhibit
10.49
AMENDMENT
TO LEASE
THIS
Amendment
made
this 4th
day
of August 2005,
by and
between Phoenix
Business Park, LLC, successor
Lessor to DA Phoenix, LLC, successor to BSRT Phoenix Business Park LLC, an
Illinois Limited Liability Company, as “Lessor” and Network
Telephone Inc.,
successor in interest to LightNetworks,
Inc.,
as
“Lessee”.
WITNESSETH:
WHEREAS,
the
parties hereto made and entered into a Lease Agreement dated January
13, 2000,
for
premises located at 0000
XX Xxxxxxxxxx, Xxxxxx X-000-000, Xxxxxxx, Xxxxxxx 00000.
WHEREAS,
the
parties wish to modify the Lease Agreement as hereinafter provided.
WHEREAS,
the
terms Lessor and Landlord shall have the same meaning herein; and the terms
Lessee and Tenant shall have the same meanings herein.
NOW
THEREFORE, in consideration of the exchange of valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree that said lease shall be amended as follows:
| 1. |
Conditional
Release of a Portion of the Premises. The Premises as drawn on Exhibit
“A”
of this Amendment to Lease shall demonstrate the Released Premises
as
shaded, Lessor shall, at its own cost, build the demising wall that
will
separate the Premises from the Released Premises. Tenant shall be
responsible for leaving the Released Premises in the original condition
that it accepted the Premises.
|
| 2. |
Release
of Lessee’s Maintenance Obligation. Lessee shall be released immediately
after the construction and completion of the Demising Wall that will
be
built to separate the Premises from the Released Premises upon execution
of this Amendment to Lease, from any obligation to maintain the Released
Premises, including its JVAC systems and other maintenance obligations
for
the Released Premises until the end of the
Term.
|
| 3. |
Furniture
and Vacate. Lessee shall remove all furniture that are currently
in the
Released Premises and vacate it immediately. Lessee shall remove
its
security, and phone/Data cabling if it desires no later than
8/12/05.
|
| 4. |
The
Premises, after the construction and completion of the Demising Wall
shall
constitute and comprise 14,412 rentable square feet as shown on Exhibit
“A’ of this Amendment to Lease.
|
| 5. |
Tenant
shall be responsible for 50% of all costs and obligations of the
1,311
Common Area for the restrooms that will be created when the Demising
Wall
is constructed and the network Telephone Wall, as shown on Exhibit
“A”, is
built.
|
| 6. |
Landlord
shall be responsible for the cost and construction of the Network
Telephone demising Wall, as well as construction items identified
on
attached Action Item List under Landlord Cost. The second list headed
Tenant Cost, will be completed by Landlord at Tenant’s cost. Landlord will
provide Tenant with itemized cost of each item specified. Any Tenant
Cost
will be amortized into the base rental rate on a straight line basis
over
the 5 year renewal term. Landlord is also responsible for the cost
of
replacing any of the HVAC units, if each unit has been properly maintained
by a licensed certified HVAC technician, on at least a quarterly
basis for
the duration of the Term, and one should be deemed by Landlord’s HVAC
Contractor to be unrepairable during the
Term.
|
| 7. |
New
Base Rent and New Term
|
|
November
1, 2005-October 31, 2006
|
$11,409.50
per month
|
|
November
1, 2006-October 31, 2007
|
$11,751.76
per month
|
|
November
1, 2007-October 31, 2008
|
$12,104.34
per month
|
|
November
1, 2008-October 31, 2009
|
$12,467.47
per month
|
|
November
1, 2009-October 31, 2010
|
$12,841.50
per month
|
| 8. |
Lessee
shall have two (2) five (5) year renewal options at the then Market
Rate.
Such options must be exercised by providing written Notice not less
than
180 days in advance.
|
| 9. |
Tenant
shall retain a Letter of Credit in favor of the Landlord in the amount
of
$100,000 with a bona fide banking institution that shall meet Landlord’s
approval. Such Letter of Credit shall be in the same form and working
as
the current one that Landlord and its Lender hld for Tenant. Should
Landlord refinance the Park or Property, or any portion of it, and
if
Landlord’s new Lender does not require such Letter of Credit to be held as
collaterally assigned for the Landlord’s note, and Tenant is not in
Default, then such Letter of Credit shall no longer be a necessary
instrument of Security for the Lease and it may be replaced with
a
Security Deposit in the amount of one month’s rental the time of such
change. In addition Landlord will return to Tenant the existing cash
security deposit, if one shall exist, within 30 days of
execution.
|
| 10. |
Landlord
formally rescinds the Default Letter it sent in April, 2005 and state
that
Tenant is not in Default at the time of the execution of this Amendment
to
Lease.
|
| 11. |
Tenant
shall indemnify Landlord against any and all claims by a Broker in
conjunction with this Amendment.
|
The
monthly rental shall be paid under the same terms and conditions as specified
in
the Lease Agreement, except as provided herein.
All
other
terms, provision and covenants of the Lease Agreement shall remain full force
and effect.
IN
WITNESS WHEREOF, the parties herein have hereto set their hands and seals in
triplicate, the day and year first above written.
“LESSOR”
Phoenix
Business Park, LLC
By:_______________________
Title:Manager
“LESSEE”
Network
Telephone Inc.
By:
Xxxxxxxx Xxxxxxx Xxxxx
Title:
CFO and Secretary
