TERMINATION OF LEASE
We, Xxxxxx Xxx Xxxxxxxx, Trustee of Jonspin Realty Trust, hereinafter
called "Lessor" and QC Optics, Inc., hereinafter called "Lessee" do, herewith,
agree for $1.00 and other valuable consideration as follows:
1. Lessor and Lessee are the parties to a certain lease, dated June 30
of 2000, said lease having a term of five (5) years commencing on May 1 of 2001
and ending on April 31 of 2006.
2. The subject lease relates to real estate located at 00 Xxxxxxx Xxxx,
Xxxxxxxxxx, Xxxxxxxxxxxxx, said real estate containing approximately 24,714
square feet, together with the exclusive right to use 20 parking spaces at the
premises, said real estate being further identified as Lot 42 of the North
Wilmington Industrial Park, as shown on Exhibit B, affixed to the aforementioned
lease and incorporated into its terms by reference.
3. Xxxxxx has approached Lessor requesting an early termination of
Xxxxxx's obligations in connection with the subject lease with the termination
date to be August 31 of 2001.
4. Xxxxxx has agreed to the early termination of the lease effective
August 31 of 2001 provided that Xxxxxx shall have access to the demised premises
for herself, her agents, employees, contractors and other representatives for
the purpose of maintenance of the premises and for the purpose of showing the
demised premises to prospective third party lessees upon reasonable notice to
Lessee of the request for access.
5. The Lessee shall deliver the demised premises to Lessor on the
termination date of August 31 of 2001 in the same condition the premises were in
at the time of the lease commencement date, reasonable wear and tear excepted
and the Lessee shall deliver the premises in a broom clean condition to Lessor
as of the lease termination date of August 31 of 2001.
6. If the Lessee does not vacate the premises by August 3I of 2001,
then, in that event, Lessee shall pay a holdover fee of Thirty-six Thousand
($36,000.00) Dollars monthly to Lessor commencing September 1 of 2001 and
continuing on the first day of each month thereafter until Lessee vacates the
premises in accordance with the terms of this Termination Agreement.
7. With the exception of the modification of the terms of the lease
between the parties, dated June 30 of 2000 mentioned herein, all other terms of
the lease shall remain in full force and effect until the lease termination date
of August 3l of 200l.
8. Xxxxxx agrees to indemnify Lessor with respect to any claim/claims
of Xxxxxx and/or third parties of any kind arising from Xxxxxx's occupancy of
the demised premises up through and including the early lease termination date
of August 31 of 2001, said third party claims including any claims by a real
estate broker or agent directly engaged by Xxxxxx for a fee and/or commission of
any type or kind in connection with negotiation of this Lease Termination
Agreement.
9. Aside from the provisions of this Lease Termination Agreement as
well as the provisions of the lease between the parties, Lessee releases Lessor
and Lessor releases Lessee from any and all claims of any type and kind which
either may have or could have against the other party from the beginning of the
world up through and including the Lease termination date of August 31 of 2001.
WITNESS our hand and seal this 28th day of June, 2001.
/s/ Xxxxxx Xxx Xxxxxxxxx
-------------------------------------
Xxxxxx, Xxxxxx Xxx Xxxxxxxxx, Trustee
Jonspin Realty Trust
Lessee, QC Optics, Inc.
By:/s/ Xxxx X. Xxxxx, President
----------------------------------
