EXTENSION OF LEASE AGREEMENT
Exhibit
10.27
EXTENSION
OF LEASE AGREEMENT
This
Agreement made this 30th
day of
March 2004 between S.I.K. ASSOCIATES c/o Kaufman
Management Company,
LLC located at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, XX 00000 hereinafter called
“OWNER,” party of the first part and E & M ADVERTISING, INC. currently
located at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, XX 00000 hereinafter called “TENANT,”
party of the second part;
WITNESSETH:
WHEREAS:
Owner
and Tenant entered into an Original Indenture of Lease Agreement dated January
29th,
1999,
whereby, the Owner leased to Tenant and Tenant hired from the Owner space
consisting of the entire eighth (8th)
floor
of the building known as 000 Xxxxxxx Xxxxxx, Xxx Xxxx, XX 00000 as presently
occupied by Tenant herein, for a term commencing March 15th,
1999
and expiring June 15th,
2006;
WHEREAS:
Both
Owner and Tenant are desirous of further extending the Original Indenture
of
Lease Agreement for a period of five (5) years and one-half (1/2) month
commencing June 16th, 2006 and expiring June 30th,
2011
and the same is hereby extended under the following terms and
conditions:
1.
|
RENTAL
SCHEDULE.
Tenant shall pay base annual rental to Owner a
follows:
|
PERIOD
|
ANNUAL
RENTAL
|
MONTHLY
RENTAL
|
6/16/06
- 6/30/07
|
$224,000.00
|
$18,666.67
|
7/1/07
- 6/30/08
|
$228,480.00
|
$19,040.00
|
711108
- 6/30/09
|
$233,049.00
|
$19,420.75
|
7/1/09
- 6130110
|
$237,710.00
|
$19,809.17
|
7/1/10
-- 6/30111
|
$242,464.00
|
$20,205.33
|
2.
|
REAL
ESTATE TAX.
Tenant shall pay as additional rental a 4% increase in Real Estate
Tax
escalation over base year
2006/2007;
|
3.
|
OWNER’S
WORK.
|
Owner
at
own cost and expense shall do the following work in a building standard
manner:
-
|
Repaint
entire premises;
|
-
|
Recarpet
where desired by Tenant;
|
All
Other Terms and Conditions of Original Indenture of Lease Agreement Remain
The
Same
The
sum
of $29,750.00 heretofore deposited by the Tenant with the Owner as security
under the said Lease is to be retained by the Owner for the extended term
herein
provided, upon the same terms and conditions as in the said Lease
expressed;
It
is
further understood and agreed that if the existing Lease under the Tenant
holds
said premises shall for any cause be cancelled or terminated before its date
of
expiration, then this extension shall likewise, at the option of the Owner
be
void and of no effect;
IN
WITNESS WHEREOF:
the
parties hereto have hereunto set their hands the day and year first above
written.
OWNER:
S.I.K. ASSOCIATES
|
||||
BY:
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/s/ S.I.K. Associates |
L.S.
|
||
Name:
|
||||
Title:
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TENANT:
E & M ADVERTISING, INC.
|
||||||
BY:
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/s/Xxxxx
Xxxx
|
L.S.
|
||||
Name:
|
Xxxxx
Xxxx
|
|||||
Title:
|
COO/CFO
|