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EXHIBIT 10.15.1
AMENDMENT # 1 TO LEASE
1. PARTIES.
This Amendment dated as of October 10, 1995, is between Andover Xxxxx
Realty Limited Partnership ("Landlord") and PictureTel Corporation
("Tenant").
2. RECITALS.
2.1 Landlord and Tenant entered into a Lease, dated February 10,
1994 (as amended, the "Lease"), for space in the project known
as Brickstone Square in Andover, Massachusetts. Unless
otherwise defined, terms used in the Amendment have the same
meanings as those used in the Lease.
2.2 Tenant wishes to terminate its rights under the Lease to lease
additional space in the Building and to modify its rights to
extend the term of the Lease. To accomplish these and certain
other matters, for a good valuable consideration, the receipt
and sufficiency of which is acknowledged, the parties agree
and the Lease is amended as follows:
3. AMENDMENTS.
3.1 Articles 27 and 28 of the Lease (which are incorporated into
Addendum #1 to the Lease) are deleted and of no force and
effect.
3.2 Addendum #2 to the Lease is deleted and Addendum #2 attached
hereto and incorporated herein by this reference is
substituted in its place.
Except as set forth above, the Lease remains unchanged and in full
force and effect.
IN WITNESS WHEREOF, intending to be legally bound, the parties have executed
this Amendment as of the date first set forth above.
"LANDLORD"
ANDOVER XXXXX REALTY LIMITED
PARTNERSHIP, a Massachusetts
limited partnership
WITNESS:________________________________ By: Niuna-Andover, Inc., a
Name Printed: Xxxxxx Xxxxxx Massachusetts corporation,
a general partner
By: ____________________________
Xxxx Xxxxxxxxxx, President
"TENANT"
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PICTURETEL CORPORATION, a Delaware
corporation
WITNESS:________________________________ By: ____________________________
Name Printed: Xxxxxxx X. Xxxxxxx Name: Xxxxxxxx X. Xxxxxxxxx
Title: Vice President
Authorized Signature
WITNESS:________________________________ By: ____________________________
Name Printed: Xxxxxx X. Xxxxxx Name: Xxx X. Xxxxxxx
Title: Secretary
Authorized Signature
ADDENDUM #2
EXTENSION OPTIONS
This Addendum in incorporated into the Lease.
1. Landlord grants to Tenant six (6) options (the "Options") to extend the
Lease term for additional terms of one (1) year each on the same terms
and conditions as this Lease, except that there will be no further
right to extend and except as set forth below. The Options can be
exercised only by Tenant delivering unconditional written notice of
exercise to Landlord at least nine (9) months before the expiration of
the then-current term. If for ANY REASON Landlord does not actually
receive this unconditional written notice of exercise when required,
the Option will lapse and be void and there will be no further right to
extend the Lease term. If Tenant does not validly exercise all
preceding Options (if any), all subsequent Options will lapse and
become null and void. The Options are personal to the Tenant originally
named in this Lease and may not be exercised by or for anyone else
(except for assignees permitted under Section 18.5 (c)). The rights
granted pursuant to this Addendum and the ability to exercise the
Options also are subject to the terms of Section 18.5 (d). The Options
are granted to and may be exercised by Tenant on the express condition
that, at the time of the exercise and at all times before the beginning
of the Option period, Tenant is not in default (and has not committed
acts which would constitute a default with the passage of time or the
giving of notice). TIME IS ABSOLUTELY OF THE ESSENCE.
2. For purposes of identification in this Addendum, the Premises are
divided into four separate areas (the "Areas") as shown in Exhibit
"2AAA" attached to this Addendum, consisting of Area A (00,000 xxxxxx
xxxx xx xxxxxxxx xxxx) and Area B (00,000 xxxxxx xxxx xx xxxxxxxx xxxx)
on the second floor of the Building, and Area C (00,000 xxxxxx xxxx xx
xxxxxxxx xxxx) and Area D (00,000 xxxxxx xxxx xx xxxxxxxx xxxx) on the
third floor of the Building. Notwithstanding Section 1 above, each time
Tenant validly exercises an Option to extend the Lease terms it also
may elect NOT to extend the Lease term with respect to one or more of
the Areas. Tenant may elect to exercise the right only if
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Tenant unconditionally designates the Areas(s) that Tenant does NOT
wish to include as part of the Lease extension in a valid Option
exercise notice. Each such designation will be irrevocable and each
Area so designated is called a "Terminated Area."
3. If and only if an Area is designated as a Terminated Area as part of a
valid Option exercise notice as described in Section 2 above, then as
of the date that the Lease extension term for that Option begins:
(a) The Lease will be deemed to have terminated and expired with
respect to that Terminated Area and Tenant shall have vacated
and surrendered possession of that Terminated Area in the
manner and in the condition required by the Lease as if the
Lease had otherwise expired in accordance with its terms, and
the Premises no longer include that Terminated Area.
(b) The base rent payable by Tenant, Tenant's Percentage and the
parking spaces allocated to Tenant under the Lease shall be
reduced in proportion to the reduction in the rentable area of
the Premises resulting from the deletion of that Terminated
Area from the Premises.
4. Subject to Section 3 (b) above, the annual base rent for each Lease
Year of each Option period will be as set forth in Exhibit "D" attached
to the Lease.
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