EXHIBIT 10(g)
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (this "Amendment") made as of
this 25th day of February, 2000 by and between 2828 Partnership, L.P.,
a Pennsylvania limited partnership ("Lessor") and Marlton Technologies,
Inc., a New Jersey corporation ("Lessee")
WITNESSETH
WHEREAS, by Lease Agreement dated as of May 14, 1999 (but effective May 17,
1999) between Lessor and Lessee (the "Lease"), Lessor leased to Lessee and
Lessee leased from Lessor certain real property known as 0000 Xxxxxxx Xxxx,
Xxxxxxxxxxxx, XX (the "Property"); and
WHEREAS, the Lease contemplates that, if and when the Lessor closes on the
Addition Permanent Financing and pays the proceeds thereof to Lessee, the
Initial Base Rent shall be increased in accordance with a formula provided in
the Lease; and
WHEREAS, on the date hereof, Lessor has closed on Addition Permanent Financing
having the following features:
Amount of Loan: $1,350,000.00
Interest Rate: 9.31%
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Monthly Debt Service
(principal and interest): $12,416.75; and
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WHEREAS, Lessee acknowledges that Lessor has paid the proceeds of the
Addition Permanent Financing to Lessee; and
WHEREAS, Lessor and Lessee wish to memorialize the increased amount of the
Initial Base Rent which is now in effect as a result of the Lessor having paid
the proceeds of the Addition Permanent Financing to Lessee.
NOW THEREFORE, the parties hereto, intending to be legally bound, hereby agree
as follows:
1. Increased Initial Base Rent. As of the date hereof, the monthly
Initial Base Rent, after the Addition Stub Period, shall be $64,252.11
(calculated as the sum of $50,585.36 (the monthly Initial Base Rent in
effect prior to this Amendment) plus $12,416.75 (the monthly debt service
on the Addition Permanent Financing) plus $1,250.00).
2. Increased Initial Base Rent For The Addition Stub Period. Initial
Base Rent for the Addition Stub Period shall be increased (from the rent in
effect prior to this Amendment) by the sum of (a) $1,745.65 (interest on
the Addition Permanent Financing for the Addition Stub Period); and (b)
$208.35 ($41.67 multiplied by five (5), the number of days in the Addition
Stub Period).
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3. Lease Otherwise In Full Force and Effect and Unmodified. Except as
expressly provided herein, the Lease shall remain in full force and effect
and unmodified, including, but not limited to, the confession of judgment
provisions contained in Sections 21 and 22 of the Lease.
4. Capitalized Terms. Terms capitalized herein (unless otherwise
defined herein) shall have the meanings set forth in the Lease.
5. Binding Effect. This Amendment will bind and inure to the benefit
of the successors and assigns of the parties hereto and will be governed in
accordance with the laws of the Commonwealth of Pennsylvania.
6. Entire Agreement. This Amendment (together with the Lease) sets
forth the entire agreement and understanding of the parties with respect to
the transactions contemplated hereby.
7. Effect of Headings. Headings used in this Amendment are for
convenience only and are intended to have no import or meaning.
8. No Construction Against Drafter. This Amendment has been fully
negotiated and should not be construed against the party which drafted it
or on whose behalf this Amendment was drafted.
9. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, and all such
counterparts shall constitute but one and the same agreement.
IN WITNESS WHEREOF, and intending to be legally bound hereby, the
parties have signed this Amendment.
LESSOR
2828 PARTNERSHIP, L.P.,
a Pennsylvania limited partnership
By: 2828 Corporation, a Pennsylvania corporation,
its General Partner
By: ________________________________________
Xxx X. Xxxxxxxx, President
LESSEE:
MARLTON TECHNOLOGIES, INC.
By: _________________________________________
Xxxxxx X. Xxxxxxxx, President
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