AGREEMENT TO AMEND AND EXTEND LEASE # 2
TO LEASE DATED JANUARY 26. 1994, BY AND BETWEEN
WELSH COMPANIES, INC.. AS AGENT FOR PRAEDIUM LAKE REALTY, LLC
AS LANDLORD AND BMC INDUSTRIES. INC.. A MINNESOTA CORPORATION,
AS TENANT
THIS AMENDMENT TO LEASE, entered into and made as of the day of 23rd day of
January, 1997, by and between Welsh Companies, Inc., as agent for Praedium Lake
Realty, LLC, as Landlord and BMC Industries, Inc., as Tenant.
WITNESSETH :
WHEREAS, Landlord and Tenant have heretofore entered into a certain lease,
dated JANUARY 26, 1994 (the "Lease"), of a certain space at SUITE 312. 0000
XXXXXXXXX XXXXXX, XXXXXXXXXXX, XXXXXXXXX (the "Leased Premises"), upon terms and
conditions described in said Lease; and
WHERE, Landlord and tenant desire to amend said Lease as described below:
NOW THEREFORE, in consideration of the rents reserved and of the covenants
and agreements herein set forth, it is agreed that the Lease be hereby amended
from and after January 1, 1997.
1. The term of the Lease is hereby extended for a period of twenty-one
(21) months and 16 days commencing on the last day of the initial term
of the Lease and expiring on the last day of December, 2000.
2. The existing Leased Premises shall be increased from 6,038 square feet
by 2,003 square feet (Suite 310) for a total of 8,041 square feet of
net rentable area shown highlighted on the attached Exhibit A of Lease
Amendment #2.
3. The Tenant's proportionate share of operating expenses shall be
increased from 6,038 square feet to 8,041 square feet in accordance
with the increase in square footage of the Leased Premises from and
after January 1, 1997.
4. Base rent for Suite 310 (2,003 square feet) shall be $1,627.44 per
month, from and after January 1, 1997, through the term of this
Lease extension, December 31, 2000. The base rent for the original
Leased Premises shall increase from $4,360.00 per month to $4,905.88
per month from March 14, 1999, through the term of this Lease
extension December 31, 2000.
5. Tenant Improvements: Landlord shall construct improvements at
Landlord's sole cost per Exhibit B of Lease Amendment #2 attached
hereto. Any additional improvements or modifications will be the
Tenant's obligation and expense. Improvement allowances for Suite 310
are certified to be comparable to existing finishes in existing Suite
312.
6. In addition to the terms and conditions of Section 8, Personal
Property Risk of the Lease dated January 26, 1994, Tenant agrees to
the following changes in policy protection and agrees to purchase, in
advance, and to carry in full force and effect, adequate insurance
with a carrier acceptable to Landlord including at a minimum the
following insurance:
a. "All Risk" fire and casualty insurance, including endorsements
for extended coverage, vandalism and malicious mischief, and
water damage covering the full replacement value of all of
Tenant's fixtures and personal property owned by Tenant that
Tenant has a right to remove from the Leased Premises at the
termination of the Lease.
b. Liability Insurance covering all acts of Tenant, within the
Leased Premises and the Building in a total combined single
limit coverage amount of not less than $1,000,000 for
personal injury, death and property damage.
c. Such insurance policies shall, unless Landlord shall
otherwise agree, include a waiver of subrogation
endorsement.
7. In the event the Premises becomes available and ready for occupancy
prior to the Commencement Date, Landlord may elect to permit Tenant to
take occupancy of all or part of the Premises prior to such date. In
such event, it is agreed that such occupancy by Tenant shall be upon
all of the terms and conditions here of except that base rent and
operating expenses shall not be charged prior to January 1, 1997 for
the expansion space of Suite 310.
Except as is hereinabove set forth, all terms, provisions, and covenants of
the Lease shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date and year first above written.
TENANT:
BMC Industries, Inc.
(A Minnesota Corporation)
By: /s/ Xxxxxxx X. Xxxxx
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Its: VP Finance and Administration, CFO
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LANDLORD:
Welsh Companies, Inc., as agent for Praedium
Lake Realty, LLC
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Its: Vice President
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