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Exhibit 10.07
FIRST AMENDMENT OF LEASE
THIS FIRST AMENDMENT OF LEASE is made this 19 day of August, 1997,
effective as of August 1, 1997, by and between BAYMEADOW LIMITED PARTNERSHIP
("Landlord") and XXXXXX CONTAINMENT, INC. ("TENANT").
EXPLANATORY STATEMENT
1. By Lease Agreement (herein "Original Lease") dated November
22, 1996, Landlord leased unto Tenant the property known as 0000 Xxxxxxxxx
Xxxxx, together with certain of the improvements thereon.
2. Under the terms of the Lease, Tenant occupied the existing
Premises and Landlord agreed to construct thereon the Expansion, with the Rent
for the Expansion to he calculated as set forth in the Original Lease.
3. Landlord has completed construction of the Expansion, Tenant
has accepted possession thereof and Landlord and Tenant wish to confirm various
matters resulting therefrom.
NOW THEREFORE, WITNESSETH, for good and valuable consideration,
receipt whereof is acknowledged by both Landlord and Tenant, the original Lease
is amended as follows:
1. Landlord and Tenant agree that subject to the matters
hereinafter set forth, Landlord has completed construction of the Expansion,
has delivered possession thereof to Tenant, and Tenant has accepted possession
thereof subject, however, to the fulfillment by Landlord of its obligations set
forth in paragraph 2 hereof and in Section 8.3 of the Original Lease.
2. Notwithstanding that Tenant has accepted possession of the
Expansion, Landlord agrees, at its sole cost and expense, to (a) resurface the
hatch-marked portion of the parking area as shown on Exhibit A hereto and (b)
replace as and when necessary, the three complete roof top air conditioning
units within the Premises (Landlord already has replaced the fourth complete
roof top air conditioning unit therein),
3. Landlord and Tenant agree that the actual space of the
Expansion is in the amount of 15,208 square feet rather than the original
estimated amount of 12,500 square feet and that the Actual Costs incurred by
Landlord for construction of the Expansion have resulted in the Expansion Base
Rent for the first
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two years being adjusted to equal the sum of $6.45 per square foot.
4. As a result of paragraph 3 above, the parties agree that
Section 3.1.3.1, 3.1.3.2 and 3.1.3.3 of the Original Lease are modified to
provide that the Expansion Base Rent shall be as follows:
"3.1.3.1. For the first two years of the Regular Term (and for any
fractional portion of a month pro rata at the beginning of the Term),
in the annual amount of $98,091.60 payable in equal monthly
installments of $8,174.30; and
3.1.3.2. For the third year of the Reglular Term in the amount of
$100,543.90 payable in equal monthly installments of $8,378.66; and
3.1.3.3. For each year of the Regular Term thereafter in an amount
equal to the Expansion Base Rent for the immediately preceding year
multiplied by 102.5% thereof, payable in equal monthly installments."
5. Landlord and Tenant agree that although the Agreed Costs have
exceeded $450,000, Tenant shall not be obligated to reimburse Landlord for the
excess cost thereof borne by Landlord, the same having been accomplished as a
result of (a) the increase in the Expansion Base Rent specified in paragraph 2
hereof and (b) during the Renewal Term, if any, the Base Rent for the Expansion
for each year will equal the Expansion Base Rent for the immediately preceding
year multiplied by 103% thereof, payable in equal monthly installments in
advance.
6. Each of the terms capitalized herein shall have the meaning
ascribed to them in the Original Lease.
7. Except to the extent modified as set forth in this First
Amendment, Landlord and Tenant expressly ratify and confirm all of the terms,
covenants and conditions of the original Lease.
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IN WITNESS WHEREOF, each party hereto has executed and ensealed this
First Amendment of Lease or caused it to be executed and ensealed on its behalf
by its duly authorized representatives, on the day and year first above
written.
WITNESS: BAYMEADOW LIMITED PARTNERSHIP
By: CHESAPEAKE BAY CAPITAL CORP.,
its general partner
/S/ X. X. XXXXXXXX By /S/ XXXX XXXXX (SEAL)
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Xxxx Xxxxx, President
LANDLORD
WITNESS: XXXXXX CONTAINMENT, INC.
/S/ XXXX XXXXX By /S/ X. X. XXXXXXXX (SEAL)
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TENANT
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