AMENDMENT TO TRIPLE NET LEASE
Exhibit
10.43
AMENDMENT
TO TRIPLE
NET
LEASE
WHEREAS,
XXXXXXX ASSOCIATES, LLC, a Florida limited Liability Company (“Lessor”), and NT
CORPORATION, A Delaware Corporation (“Lessee”), entered into a Triple Net
Commercial Lease (“Lease”) dated September 7, 2000; and
WHEREAS,
Lessor and Lessee desire to amend certain terms of said Lease; it is therefore,
for good and valuable consideration, the receipt of which is hereby
acknowledged. Agreed as follows:
1. |
Effective
on December 1, 2001, Lessee shall lease the 40,000 square feet on
floor
two pursuant to the terms set forth in 1.01 of the Lease. This shall
be
deemed to be the second year of the Lease and the rent will change
on
December 1, 2005.
|
2. |
Lessor
has previously paid to Lessee $10.00 per square foot for the construction
of improvements to the first floor.
|
3. |
Lessee
shall have an option to lease the first floor effective on December
1,
2003, for 156 months, on the payment terms set forth in 1.01 of the
Lease
and subject to all other terms of the Lease except as amended herein.
This
option shall expire on November 30, 2003, and must be exercised in
writing
delivered to Lessor no later htan May 31, 2003. If exercised, the
rent
payments will be determined as being in the third year of the first
five
years and the rent will increase on December 1,
2005.
|
4. |
If
the option set forth in paragraph 3 is not timely exercised, Lessee
shall
pay to Lessor the sum of One Million, Two Hundred and Eighty Thousand
Dollars ($1,280,000.00) for failing to exercise the option and in
consideration of the execution of this Amendment by Lessor. This
payment
will be due in cash in one payment made from Lessee to Lessor not
later
than June 30, 2003.
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5. |
Lessor
will pay to Lessee $10 per square foot for the renovations of the
second
floor. Theses funds shall be solely the construction of improvements
on
the second floor relating to HVAC, electrical, plumbing, and mechanical.
Lessor will reimburse Lessee for 20% of the costs of said improvements
as
the work is performed, and upon presentation of receipts and invoices
acceptable to Lessor up to a maximum of $10 per square foot. Once
the
construction on the second floor is complete, the remaining balance
of the
$10 per square foot will be paid from Lessor to Lessee. Lessee shall
record the appropriate Notice of Commencement setting forth that
the
interest of Lessor is not liable for any construction liens pursuant
to
Section 713.10, Florida Statute.
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6. |
While
construction is being completed on the second floor, Lessee can occupy
the
first floor without the payment of any rent until December 31, 2002.
Lessee must vacate the first floor by that
date.
|
7. |
Lessee
shall pay to Lessor at the time of the execution of this Amendment
an
administration fee in the amount of Ten Thousand Dollars ($10,000.00)
for
the execution of this Amendment.
|
8. |
Except
as amended herein, the Lease remains unchanged and in full force
and
effect.
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Executed
this 28th
day of
November, 2001 with an effective date of December 1, 2001.
Witness
Print
Name _____________________________
Witness
Print
Name Xxxxx Xxxxxxx
Witness
Print
Name Xxxxxx Xxxxxxx
Witness
Print
Name Xxxx Xxxxxx
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LESSOR:
XXXXXXX
ASSOCIATES, LLC.
By:
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx
X. Xxxxxx
Managing
Member
LESSEE:
NT
CORPORATION
By:
/s/ Xxx X. Xxxxxxxxxxxx
Xxx
X. Xxxxxxxxxxxx, President
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STATE
OF
FLORIDA
COUNTY
OF
ESCAMBIA
The
foregoing instrument was acknowledged before me this 7th day of December,
2000, by Xxxxxxx X. Xxxxxx, as its Managing Member of XXXXXXX ASSOCIATES, LLC,
who ( ) is personally known to me or ( ) has produced a driver’s license as
identification and has not taken an oath.
/s/ Merrith Wilconsin
NOTARY
PUBLIC-STATE OF FLORIDA
Commission
No.: 909458
Expiration
Date: 0-00-00
XXXXX
XX
XXXXXXX
XXXXXX
XX
XXXXXXXX
The
foregoing instrument was acknowledged before me this 7th day of December, 2000,
by Xxx X. Xxxxxxxxxxxx, as President of NT CORPORATION, who ( ) is personally
known to me or ( ) has produced a driver’s license as identification and has not
taken an oath.
s/
Merrith
Wilconsin
NOTARY
PUBLIC-STATE OF FLORIDA
Commission
No.: 909458
Expiration
Date: 2-10-04