ADDENDUM TO CLIENT LEASE [RENT SUBSIDY]
Exhibit
10.16
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ADDENDUM
TO
CLIENT LEASE
[RENT
SUBSIDY]
THIS
LEASE,
is made and entered into this 1st
Day
of
February,
2007, by and between
FLAGSHIP ENTERPRISE CENTER, INC., an Indiana not-for-profit corporation
Altairnano
Technologies, Inc., a Nevada Corporation, and Tenant an Indiana Limited
Liability
Corporation (hereinafter called "Tenant").
Witnesseth
That:
Article
I.
Leased
Premises.
Section
1.01.
Lease
and Description of Premises. Landlord,
for and in consideration
of the rent, covenants, agreements and conditions stated herein, does hereby
lease to Tenant and Tenant does hereby lease from Landlord the following
described premises (hereinafter referred to as the "Leased Premises") situated
in the Flagship Enterprise Center Building located at 0000 Xxxxxxxxxx Xxxxx,
Xxxxxxxx Xxxxxxxx Xxxx, Xxxxxxxx, Xxxxxxx 00000 (hereinafter referred to
as
"Building") and including all that
certain space, which is on the second floor of the Flagship Enterprise Center
Building
which is designated Lab
#8 consisting
of 1375
square feet of
space
as shown in
Exhibit "A." Because of the special nature of
Landlord's
building, Landlord has the option,
in its sole discretion, to require Tenant to move to comparable space in
the
Building
during the term of
this
Lease. Tenant may cancel with 30 day notice.
EXHIBIT
"B"
RENT
SCHEDULE
Subsidized
Rent 70% and 20% Subsidy
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1st
12
months
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2nd
12
months
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Stipulated
Fair Market
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$
22.00
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Stipulated
Fair Market
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$
23.00
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Rent*
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Rent*
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70%
Rent Subsidy*
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$
15.40
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20%
Rent Subsidy*
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$
4.60
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Monthly
Rent*
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$
6.60
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Monthly
Rent*
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$
18.40
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Rent
Calculation
During
the first 12 months of this Lease, Tenant shall pay to Landlord, with respect
to
each calendar year or fractional calendar year, as the case may be, total
rental
payments in the monthly sum of Nine Hundred Forty Five Dollars ($ 945.00),
being
the sum of: (a) Subsidized Rent of Seven Hundred Fifty Six Dollars ($ 756.00)
[being the product of $ 6.60, the subsidized annual
rent per square foot, and 1375
square
feet, the area of the Leased Premises, divided by 12
months]; and (b) common area monthly rent of One Hundred Eighty Nine Dollars
($
189.00), representing a surcharge of twenty-five percent (25%) of the basic
monthly rent to cover the Landlord's
cost of maintaining and improving the common areas within the
building.
During
subsequent 12 Month periods of this Lease, by similar calculation, Tenant
shall
pay
to
Landlord, with respect to each calendar year or fractional calendar year,
as the
case may be, total rental payments as follows:
2nd
12
Months: $
2,635.00 / Month
IN
WITNESS WHEREOF, the said parties have hereunto set their hands and seals
this 1st, day
of
February, 2007.
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Altairnano
Technologies, Inc.
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Flagship
Enterprise Center
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LESSEE
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LESSOR
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BY:
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BY:
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Xx
Xxxxxxxxx
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Art
Xxxxxxxxx, Executive
Director
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