EXHIBIT 10.3
FIRST AMENDMENT TO OFFICE LEASE
This First Amendment to Office Lease ("First Amendment") is made and entered
into as of this 30th day of September, 2003, by and between Palos Verdes Office
Partners, LLC, ("Lessor") and Medstrong International ("Lessee").
R E C I T A L S:
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A. On or about November 2, 2000, Lessor and XxxxXxxxXxxxxx.xxx (Lessee's
predecessor-in-interest) entered into that certain Office Lease ("Lease")
pursuant to which Lessor leased to XxxxXxxxXxxxxx.xxx, and XxxxXxxxXxxxxx.xxx
leased from Lessor, approximately 3,683 rentable square feet known as Suite 303
on the third (3rd) floor of the building located at 000 Xxxxxx Xxxx Xxxx, Xxxxxx
Xxxxx Xxxxxx, Xxxxxxxxxx ("Property").
B. Prior to the date hereof, XxxxXxxxXxxxxx.xxx assigned to Lessee, and
Lessee assumed from XxxxXxxxXxxxxx.xxx, all of XxxxXxxxXxxxxx.xxx's rights and
obligations as the lessee under the Lease.
X. Xxxxxx and Lessee now desire to modify the Lease in accordance with the
terms and conditions contained in this First Amendment. All capitalized terms
used in this First Amendment, which are not defined herein, shall have the
meanings ascribed to them in the Lease.
A G R E E M E N T
NOW, THEREFORE, incorporating and in consideration of the foregoing recitals and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Lessor and Lessee hereby agree as follows:
1. Term. The Lease Term is currently scheduled to expire on December 31,
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2003. Lessee and Lessor hereby mutually agree to extend the Lease Term through
September 30, 2006. Accordingly, and notwithstanding anything to the contrary
contained in the Lease, the new Lease Expiration Date shall be September 30,
2006.
2. Lessee Relocation to Suite 101; Reduction in Size of Premises. As noted
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in Recital A above, Suite 303 includes approximately 3,683 square feet of space
on the third (3rd) floor of the Property. Lessor and Lessee hereby agree that,
promptly following the mutual execution of this First Amendment, Lessee shall
(at Lessee's sole cost and expense) relocate its business at the Property from
Suite 303 (on the third floor of the Property) to Suite 101 (on the first floor
of the Property). Lessor and Lessee agree that Suite 101 consists of 1,320
square feet. Accordingly, effective October 1, 2003, all references in the Lease
to the "Premises" shall mean Suite 101, and the definition of the word Premises
as set forth in the Lease shall mean the 1,320 square foot space known as Suite
101 at the Property. An illustration of Suite 101 is outlined on Exhibit "A" to
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this First Amendment, which is hereby incorporated into this First Amendment by
this reference.
3. Base Rent Modification. Notwithstanding anything contained in the Lease
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to the contrary, the Base Rent payable by Lessee to Lessor for the remainder of
the Lease Term (commencing October 1, 2003) shall be as follows (and,
accordingly, Section 8 of the Summary of Basic Lease Information is deleted in
its entirety and replaced with the following):
Dates Monthly Base Rent
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10/01/03-10/31/03 $1,723.20
11/01/03-11/30/03 $3,979.20
12/01/03-09/30/04 $2,851.20
10/01/04-09/30/05 $2,917.20
10/01/05-09/30/06 $2,983.20
5. Base Year. Section 9.1 of the Summary of Basic Lease Information is
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deleted and replaced with the following: "Base Year: Calendar Year 2004."
6. Tenant's Share. Section 9.2 of the Summary of Basic Lease Information
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is deleted and replaced with the following: "Tenant's Share: Approximately 3.76%
(1,320/35,108)."
7. Security Deposit. Section 10 of the Summary of Basic Lease Information
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is deleted and replaced with the following: "Security Deposit: $4,276.80."
Accordingly, immediately upon execution of this First Amendment, Lessee shall
deliver to Lessor a security deposit in the amount of $4,276.80.
8. Lessee to Accept Suite 101 in Current "As-Is Condition. Lessee agrees
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to accept Suite 101 in its current "As-Is" condition, and, accordingly, Lessor
shall have no obligation to provide or pay for any improvement, remodeling or
refurbishment work or services related to Suite 101. As a result, Exhibit "B" to
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the Lease is hereby deleted in its entirety.
9. No Further Modification; Full Force and Effect. Except as specifically
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set forth in this First Amendment, the Lease shall be and remain unmodified and
in full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have executed this First Amendment as of
the day and year first above written.
Lessor: Lessee:
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Palos Verdes Office Partners, LLC Medstrong International
By: By:
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Name: Xxxxxxxxx Xxxxxxxx Name: Xxxxx Xxxxxx
Its: Member Its: President
