FIRST AMENDMENT TO LEASE
EXHIBIT 10.18
FIRST AMENDMENT
TO LEASE
This First Amendment to Lease is made and entered into as of this 12th day of October, 2004, by and between S/I Sammamish I, LLC, a Washington Limited Liability Company (“Landlord”) and OSI Systems, Inc., a California Corporation, successor in interest to Spacelabs Medical, Inc., a Delaware Corporation (“Tenant”).
RECITALS
A. Landlord and Tenant are parties to that certain Lease dated as of June 24, 2002, for certain space in Building A (the “Lease”). The Lease commenced on February 15, 2003. Spacelabs Medical, Inc. assigned its interest as Tenant under the Lease to OSI Systems, Inc. effective as of March 19, 2004.
B. Landlord and Tenant now desire to amend the Lease in part as set forth below, which amendment shall be contingent upon the amendment of Tenant’s Lease in Building B.
Now, for and in consideration of the mutual terms and conditions set forth herein, the parties hereby agree to amend the Lease as follows:
1. Section 1.01(j), Term. This Section is amended and restated as follows:
Commencing upon the Commencement Date (as defined in Section 4.01) and expiring on the Expiration Date determined pursuant to Section 4.01 (subject to extension, if applicable, pursuant to Section 4.3 below).
2. Section 1.01(l), Base Rent. This Section is deleted in its entirety and is replaced as follows:
| Eleven (11) Year & Ten (10) Months Rent Schedule |
Mo. Rate Per RSF |
Annual Rate Per RSF |
Monthly Total | ||||||
| Months 1 – 12 |
$ | 0.0000 | $ | 0.00 | $ | 0 | |||
| Months 13 – 24 |
$ | 1.4125 | $ | 16.95 | $ | 135,035 | |||
| Months 25 – 36 |
$ | 1.4542 | $ | 17.45 | $ | 139,018 | |||
| Months 37 – 48 |
$ | 1.5000 | $ | 18.00 | $ | 143,400 | |||
| Months 49 – 60 |
$ | 1.5500 | $ | 18.60 | $ | 148,180 | |||
| Months 61 – 72 |
$ | 1.6017 | $ | 19.22 | $ | 153,119 | |||
| Months 73 – 84 |
$ | 1.6550 | $ | 19.86 | $ | 158,218 | |||
| Months 85 – 96 |
$ | 1.7100 | $ | 20.52 | $ | 163,476 | |||
| Months 97 – 108 |
$ | 1.7667 | $ | 21.20 | $ | 168,893 | |||
| Months 109 - 120 |
$ | 1.8250 | $ | 21.90 | $ | 174,470 | |||
| Months 120 - 132 |
$ | 1.8250 | $ | 21.90 | $ | 174,470 | |||
| Months 132 - 142 |
$ | 1.8250 | $ | 21.90 | $ | 174,470 | |||
3. Section 4.01, Term. This Section is amended in part by deleting the last sentence of this Section and replacing it with the following:
The Term shall expire on December 14, 2014 (the “Expiration Date”).
4. Section 4.04, Option to Terminate. This Section is deleted in its entirety.
5. Amendment Consideration. In consideration for Landlord’s amendment to this Lease, Landlord shall pay Tenant the sum of One Million and no/100 Dollars ($1,000,000.00), which sum shall be paid to Tenant by cash or cash equivalent within five (5) business days after the date of full execution of both Lease Amendments.
6. Except as specifically amended herein, the Lease remains in full force and effect.
In witness whereof, the parties have executed this First Amendment to Lease effective as of the date first above written.
| LANDLORD | ||
| S/I SAMMAMMISH I, LLC, | ||
| A Washington Limited Liability Company | ||
| By: |
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| Its: |
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| TENANT | ||
| OSI SYSTEMS, INC., | ||
| A California Corporation | ||
| By: |
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| Its: |
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