EXHIBIT 10.1
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October 25, 1996
Xxxxxx Xxxxxx
Accom
0000 X'Xxxxx Xx.
Xxxxx Xxxx, XX 00000
RE: Lease Extension
0000 X'Xxxxx Xxxxx,
(Xxxxxxxx 00),
Xxxxx Xxxx, XX
Dear Junaid:
This letter, when executed, will serve as a formal Agreement to extend and
modify that certain lease dated January 28, 1992, for the Premises located at
0000 X'Xxxxx Xxxxx, Xxxxxxxx 00, of Menlo Business Park, California (the
"Lease"). Following are the conditions of the Agreement:
1. The commencement date of this extension shall be February 27, 1997 and the
expiration shall be February 26, 2,000.
2. The term of the Lease extension shall be for a period of thirty six (36)
months or three (3) years.
3. Paragraph 5 is hereby amended with the following monthly rent schedule
Year 1 $37,680/month
Year 2 Year 1 plus CPI annual increase (min 3%, max 7%)
Year 3 Year 2 plus CPI annual increase (min 3%, max 7%)
4. Paragraph 7, Security Deposit, is hereby amended to $37,680.00. Tenant shall
deposit with Landlord an additional $6,330.24 to increase the current security
deposit to this new amount.
5. Tenant warrants that there are no outside brokers except Xxxxxxx Properties,
Inc. acting as exclusive leasing agent for Menlo Business Park.
Lease Extension
Accom, Inc. Page 2
6. Paragraph 17(c) is hereby amended as follows:
Landlord shall, at Tenants expense, obtain at competitive rates, and keep in
full force and effect, a service contract with a licensed HVAC contractor for
the maintenance of the HVAC systems in the Building which shall have the
shortest notice of termination period available.
7. Landlord hereby agrees to credit Tenant with an Improvement Allowance
(guaranteed maximum price) for 30,144 SF in the amount of Thirty Thousand One
Hundred and Forty Four Dollars ($30,144), to be used for the design and
construction of Tenant Improvements that is approved by both Landlord and Tenant
and executed by Landlord's agent and Construction Manager, Xxxxxxx Properties,
Inc. Said construction to be performed as an open book, audited, negotiated
fixed fee guaranteed maximum price contract, with Xxxx & Xxxxx Builders as the
general contractor. As used herein, the term "Costs" shall mean and refer to all
costs expended by Landlord relative to the construction of the Tenant
Improvements including, but not limited to, 10% contingency; equipment,
materials and labor; contractor's field overhead and fee; architectural, design
and engineering fees plus working drawings ( if any); governmental agency fees;
testing and inspection costs; sales and use taxes (but not real property taxes);
permits; plan check fees; bonds; and all other costs directly related to the
construction of the Tenant Improvements, plus a design/construction management
fee in the amount of 5% of the Costs of the Tenant Improvements to be paid to
Xxxxxxx Properties, Inc.
In the event that the Costs of the Tenant Improvements exceed the Allowances
defined above, due to Tenant requested changes, Tenant shall pay to Landlord all
actual Costs that exceed the Allowances in cash at the end of construction.
8. All other terms and conditions of said Lease shall remain in full force and
effect.
Please acknowledge your acceptance of this Agreement by signing and returning a
copy thereof.
Lease Extension
Accom, Inc.
Page 3
We look forward to having Accom Inc. remain in the Park in the upcoming years.
Sincerely,
XXXXXXX PROPERTIES INC.
Exclusive Agents for Menlo Business Park Joint Venture
/s/ Xxxxxx X. Xxxxxxx, Xx.
PATRICIAN ASSOCIATES, INC.,
a California corporation
By: /s/ Xxxxxx X. Xxxxxxxx
Vice President
By /s/ Xxxx X. Xxxxxxxxx
Vice President
MENLO BUSINESS PARK,
a California general partnership
By: /s/ Xxxx X. Xxxxx, as general partner
By: Xxxxxxx Investment Company, as general partner
By: /s/ X X . Xxxxxxx II
By: /s/ Xxxxx X. Xxxxxxx
By: Xxxxxx X. Xxxxxxx, Xx., and Xxxxxxx X. Xxxxxxx, Trustees, As general partner
By: /s/ Xxxxxx X. Xxxxxxx, Xx., Trustee
By: /s/ Xxxxxxx Xxxxxxx, Trustee
READ AND AGREED
ACCOM, INC.
a California corporation
By: /s/ Xxxxxx Xxxxxx
Its: Chairman and CEO
