Exhibit 10 AI
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FIRST AMENDMENT TO AGREEMENT OF LEASE
DATED JULY 17, 1990
MADE THIS 30TH DAY APRIL, 1991
BY AND BETWEEN
THE BUNCHER COMPANY (hereinafter called "Landlord"), a Pennsylvania
Corporation having its principal place of business in Allegheny County,
Pennsylvania.
AND
HAEMONETICS CORPORATION (hereinafter called "Tenant"), a Massachusetts
Corporation having its principal place of business in the City of Braintree,
Norfolk County, Massachusetts.
WHEREAS, the parties heretofore entered into a certain Agreement of
Lease dated July 17, 1990 (the "Lease") covering certain property in the
Buncher Industrial District, Leetsdale, Pennsylvania; and
WHEREAS, all terms defined in the Lease and used herein shall have the
same meaning herein as in the Lease unless otherwise provided herein; and
WHEREAS, the parties hereto desire to amend the Lease to (i) expand
the Leased Premises by an additional 30,601 square feet, (the "Additional
Space"), (ii) revise the rentals payable under the Lease, (iii) extend the
initial term of the Lease, and (iv) provide for certain renovations (the
"Renovations") to the Additional Space.
NOW, THEREFORE, in consideration of the premises and intending to be
legally bound, the parties hereto promise, covenant and agree as follows:
1. LEASED PREMISES: The Lease is amended to include the
Additional Space and the Leased Premises is and shall be all that
certain area outlined in red on Exhibit A-2 attached hereto and made a
part hereof.
2. TERM: The expiration date of the initial five (5) year term
of the Lease is hereby extended from August 31, 1995 to a date which
date shall be sixty (60) full months from the date (the "Completion
Date") Landlord designates in written notice to Tenant stating that
the Renovations are substantially completed and the Additional Space
is ready for Tenant's use and occupancy. The initial term of this
Lease as herein amended shall be hereinafter referred to as "Extended
Term".
If the completion Date is other than on the first day of a
month, then the term shall run for a full sixty (60) months from the
first day of the month following the Completion Date so as to end on
the last day of the sixtieth full month from the Completion Date.
3. RENTAL: Tenant shall continue to pay to Landlord as rental
for the Leased Premises a monthly rental of $13,904.85 on the first
day of each calendar month during the term of the Lease until the
Completion Date. Commencing on the first day of the first month
following the Completion Date or on the Completion Date if the
Completion Date is the first day of a month and on the first day of
each succeeding month thereafter during the remaining term of this
Lease as extended pursuant to paragraph 2 above, Tenant shall pay to
Landlord a monthly rental for the Leased Premises the amount of
$20,9178.58.
If the Completion Date is other than the first day of a month,
Tenant shall pay to Landlord as additional rental hereunder a per diem
rental of $230.55 from the Completion Date to and including the last
day of said month. Said per diem rental shall be due and payable on
the last day of the month for which the per diem rental is so
calculated.
All rentals payable hereunder shall be payable in advance,
without demand, deduction or setoff. Remittance for rental and any
additional rentals payable hereunder shall be paid to Landlord's
Agent, the Buncher Management Agency, Inc., 0000 Xxxxxxx Xxxxxx, P. O.
Xxx #00000, Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000, or at such other place
or to such other person as may be designated from time to time by
Landlord in writing.
4. INSURANCE: Effective as of the date hereof the provisions
of Section 8 of the Lease is amended to provide that the replacement
value of the Leased Premises is increased from $1,500,000 to
$2,300,000.
5. COMPLETION: Landlord, at its sole cost and expense will use
its best efforts to diligently pursue the completion of the
Renovations as set forth in paragraph 6 below. Tenant will cooperate
with Landlord and will take such reasonable steps to conduct its
operation so as not to interfere with or delay Landlord in the
completion of its work.
6. RENOVATIONS: Landlord at its sole cost and expense shall
complete or cause to be completed the following work all in accordance
with the scope of work as set forth below, and in accordance with the
Buncher Management Agency, Inc.'s standards and specifications.
Building Finishes
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1. Interior block walls will be repainted white and any
cracks repaired.
2. Two (2) existing overhead doors on the back wall will
be removed and the openings blocked up.
3. New openings will be made in the demising wall between
building #18 & 18A as said buildings are identified on Exhibit
A. Size of openings to be mutually agreed upon.
4. Interior steel frame and roof decking to be repainted
white.
5. Any cracks in the floor will be repaired as necessary
and floor will be cleaned and sealed.
6. Landlord will repair or replace as necessary gas-fired
thermostatically controlled units to provide 50 degrees inside
temperature at 0 degrees outside temperature.
7. Landlord will repair or replace as necessary the
existing lighting.
8. Two (2) existing vertical lift motor operated doors
(21' 10" X 14' 8") at truck xxxxx will be replaced with new
doors to match those installed in building #18.
9. Landlord will repair and patch asphalt paving and
apply new wearing surface.
7. RENEWAL OPTIONS: Paragraph 8 of the Rider to the
Lease is hereby amended to read as follows:
"(a) Tenant shall have the right to extend the
Extended term of this Lease for one (1) additional term of
five (5) years (the "Renewal Term"), such Renewal Term to
commence immediately following the Extended Term of the
Lease. Tenant may exercise the right to extend the term
for the Renewal Term only by delivering to Landlord
written notice of Tenant's exercise of such right not less
than one (1) year prior to the termination of the Extended
Term. The terms and conditions of this Lease shall
continue in full force and effect through the Renewal
Term, except that the monthly rental set forth in
paragraph 3 of this First Amendment to Agreement of Lease
shall be increased (but not decreased) pursuant to the
following formula:
Monthly rental = $20,917.58 X CPI in effect on Commencement
for the Renewal Date plus 65% of the amount by
Term for which which the CPI in effect in the
this computation last month of the Extended Term
is made exceed the CPI on Commencement
Date
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CPI on Commencement Date
The CPI, as referred to herein means the "Consumer
Price Index for All Urban Consumers 1984 - 100" relating to
the Pittsburgh metropolitan area, as issued by the Bureau of
Labor Statistics of the United States Department of Labor,
or any successor to the functions thereof. In the event of
the conversion of the CPI to a different standard reference
base or any other revision thereof, the determination
hereunder shall be made with the use of such Bureau of Labor
Statistics or successor to the functions thereof or in the
absence of the publication of such conversion factor, formula
or table as Landlord shall reasonably designate.
(b) The foregoing option and right to extend the
term of the Lease for the Renewal Term is subject to (i)
Tenant's timely exercise of this option as herein
provided, (ii) Haemonetics Corporation itself being in
full possession of the Leased Premises at the time of the
exercise of such option and at the commencement of the
Renewal Term, and (iii) Tenant not being in default at the
time of the exercise of the option or at the commencement
of the Renewal Term".
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Agreement of Lease on the day and year first above written.
ATTEST: THE BUNCHER COMPANY
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxx X. Xxxxxxx
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Secretary Chairman of the Board and CEO
(Corporate Seal)
ATTEST: HAEMONETICS CORPORATION
/s/ Xxxxxx X. Xxxxx /s/ J. Xxxx Xxxxxxxxx
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Chief Financial Officer
(Corporate Seal)
