Exhibit 10.11
SECOND AMENDMENT TO OFFICE LEASE AGREEMENT
BY AND BETWEEN
SPRUCE TREE CENTRE, L.L.P. (LESSOR)
AND
IMAGE SENSING SYSTEMS, INC. (LESSEE)
Whereas, it is the desire of Lessee to add to its space in the leased
premises identified as Suite 420 at Spruce Tree Centre and,
Whereas, it is the desire of the Lessor to promote such expansion,
Now Therefore, the parties agree that:
The additional premises of 2018 rentable square feet, as identified in Exhibit
1, herein, shall become part of Suite 420, Spruce Tree Centre and the rental for
such expansion space shall be $13.25 per rentable square foot, which shall be
payable in the same manner and upon the same terms as set forth in the lease
dated January 14, 1994 between Lessee and Xxxxxxx Real Estate Trust, predecessor
of the present Lessor and as amended by Amendment 41 dated June 8, 1995 by and
between Lessor and Lessee. The term of this Amendment shall be from November 1,
1995 and ending June 30, 1998.
The addition of the 2018 rentable square feet at $13.25 per square foot, per
annum adds to the annual base rent of Suites 420 and 500 in the amount of
$26,738.50 Accordingly, the new base rent for Suites 420 and 500 shall be
$127,350.97. It is acknowledged that the existing 2,731 rentable square feet in
Suite 420 and 5210 rentable square feet in Suite 500 are under the original
lease and Amendment at an annual base rental rate of $100,612.47
Lessor shall pay for improvements within the additional square footage of Suite
420 in amount not to exceed $20,411 according to the description and
specifications set forth in the mutually approved plans attached hereto as
Exhibit I and Exhibit 2 and made a part hereof.
Lessor shall deliver the additional space in 420 to tenant on or about November
1, 1995. Lessor shall notify tenant of the completion of the addition to Suite
420 and its readiness for occupancy. Tenant shall take possession of said
expansion within 48 hours of this notification. The revised annual base rent of
$127,350.97 as outlined above in article II shall commence from the possession
of the addition or November 1, 1995 , whichever is later.
So long as Lessee is not in default under any lease or Amendment, tenant shall
have the first right of refusal for Suite 505 containing 2,815 rentable square
feet; Suite 510 containing 1,936 square feet and the 94 square feet (usable)
adjacent to Suite 420 as identified in the plans attached as Exhibit I and made
a part hereof. This right of first refusal shall be in effect during the term of
this Amendment and may be exercised only to acquire the use of additional space
and not to substitute for space already leased by Lessee. Upon written notice,
Image Sensing System shall have 10 business days to advise Spruce Tree Centre,
L.L.P of its intention to lease Xxxxx 000, Xxxxx 0 1 0 and the 94 square feed
adjacent to Suite 420.
To the extent not specifically amended or modified above, all terms and
conditions of the lease and Amendment I shall remain in full force and effect.
The exhibits attached to xxxxx xxx-se Amendment, Exhibit I consisting of 1 page,
Exhibit 2 consisting of 2 pages are hereby declared to be a part of this lease
Amendment to the same extent and in the same manner as if the provisions thereof
were actually embodied in this lease Amendment.
In Witness Whereof, Lessor and tenant have duly signed and sealed this
document on this 13th day of October 1995.
LESSOR
Spruce Tree Centre L.L.P.
By: Xxxxxxx X. Xxxx
Its: Agent
TENANT
Image Sensing Systems, Inc.
By: signature illegible
Its: Chief Financial Officer
