Exhibit 10.24
LEASE ADDENDUM
WHEREAS, The Xxxxxxx Road Group ("Lessor") and Competitive Technologies,
Inc. ("Lessee") entered into a Lease dated as of August 18, 1996, as amended
August 9, 2001 ("Lease") for all of Building 1, 0000 Xxxxxxx Xxxx, Xxxxxxxxx, XX
("Premises") containing approximately 9,000 square feet; and
WHEREAS, Lessee exercised its option contained in Section 18 of the Lease
for an extension of the Lease, which Lease extension terminates December 31,
2006; and
WHEREAS, Lessee has requested Lessor to modify the Lease by reducing the
square footage of the Premises with a pro rata reduction in the rental paid.
NOW, THEREFORE, in consideration of the covenants herein contained, and in
further consideration of One Dollar and other valuable considerations, it is
understood and agreed as follows:
1) The above Whereas clauses are hereby incorporated and made part of this
Lease Addendum.
2) Lessor and Lessee acknowledge that The Xxxxxxx Road Group has
transferred its interest in the Premises to The Hull House Group, LLC, a
Connecticut limited liability company with a mailing address of 0000 Xxxxxxx
Xxxx, Xxxxxxxxx, XX 00000, the record owner of the Premises; and Lessee hereby
recognizes The Hull House Group, LLC, as Lessor under the Lease.
3) Section 1(a)(i) of the Lease is hereby amended by reducing the total
leased space by 2,250 square feet, being one-half of the first floor of Building
1, as more specifically shown on drawing attached hereto and made a part hereof
(the "Released Space") and reducing the Base Rent as set forth in Section 4 of
said Lease, as amended, in Section 18 of its First Amendment of Lease pro rata
(ie. Reduced by 25%).
Exhibit 10.24
4) Lessor and Lessee agree that each releases the other from any claim
whatsoever relative to the Released Space as of the date Lessee gives up
possession of said Released Space but no later than June 1st, 2005, TIME BEING
OF THE ESSENCE.
5) In all other respects, the Lease remains in full force and effect
unmodified except as herein provided.
6) It is the intention of Lessor and Lessee that this Lease Addendum
constitutes an Amendment to the existing Lease and is not intended to constitute
a novation or a new Lease.
IN WITNESS WHEREOF, the parties have hereunto caused to be set their hands
and seals the 18th day of May, 2005 and 19th day of May, 2005.
Signed, sealed and delivered in
The presence of: Lessor
THE HULL HOUSE GROUP, LLC
/s/ Xxxxx Xxxxxxx By /s/ Xxxxxxx X. Xxxxxxxx
----------------------------------- -------------------------------------
/s/ Xxxx Xxxxxxx
Lessee
COMPETITIVE TECHNOLOGIES, INC.
/s/ Xxxxxx Xxxxx By /s/ Xxxx X. Nano
----------------------------------- -------------------------------------
/s/ Xxxx Xxxxxxx
Exhibit 10.24
STATE OF CONNECTICUT
ss. Fairfield
COUNTY OF FAIRFIELD
On this 19th day of May, 2005, before me, the undersigned officer,
personally appeared Xxxxxxx X. Xxxxxxxx, Xx. who acknowledged himself to be the
owner of The Hull House Group, LLC and that he as such Xxxxxxx X. Xxxxxxxx, Xx.
being authorized so to do, executed the foregoing instrument for the purposes
therein contained, by signing the name of the corporation by himself as owner.
/s/ Xxxxx X. Xxxx
-------------------------------------
Commissioner of the Superior Court
Notary Public
Commission expires: July 31, 0000
XXXXX XX XXXXXXXXXXX
xx. Xxxxxxxxx
XXXXXX XX XXXXXXXXX
Xx this 18th day of May, 2005, before me, the undersigned officer,
personally appeared Xxxx X. Nano who acknowledged himself to be the President &
CEO of Competitive Technologies, Inc. and that he as such President & CEO being
authorized so to do, executed the foregoing instrument for the purposes therein
contained, by signing the name of the corporation by himself as Xxxx X. Nano.
/s/ Xxxxx X. Xxxx
-----------------------------------
Commissioner of the Superior Court
Notary Public
Commission expires: July 31, 2008
