FIFTH AMENDMENT TO LEASE AGREEMENT
Exhibit 10.9
FIFTH AMENDMENT TO LEASE AGREEMENT
This Fifth Amendment to Lease Agreement (this “Amendment”) is executed as of January 3, 2019 (the “Effective Date”), between AR INDUSTRIAL NO. 1, LTD., a Texas limited partnership (“Landlord”), and ORTHOFIX INC., a Delaware corporation (formerly a Minnesota corporation) (“Tenant”), for the purpose of amending the Lease (as defined below) between Landlord and Tenant. That certain Lease Agreement between Landlord and Xxxxxx dated February 10, 2009 (the “Original Lease”), as amended by that First Amendment to Lease Agreement dated April 13, 2009, by that Second Amendment to Lease Agreement dated May 12, 2010, by that Third Amendment to Lease Agreement dated December 21, 2017 (the "Third Amendment"), and by that Fourth Amendment to Lease Agreement dated March 13, 2018, is referred to herein as the “Lease”. Capitalized terms used herein but not defined herein shall be given the meanings assigned to them in the Original Lease.
RECITALS:
Pursuant to the terms of the Lease, Tenant is currently leasing approximately 144,624 square feet in the Building located at 0000 Xxxxx Xxxxxxx, Xxxxxxxxxx, Xxxxx 00000. Xxxxxx has requested one additional five-year renewal option, and Landlord has agreed to such request on the terms and conditions contained herein.
AGREEMENTS:
For valuable consideration, whose receipt and sufficiency are acknowledged, Landlord and Xxxxxx agree as follows:
“Provided no Event of Default exists and Tenant is occupying not less than 75% of the Premises at the time of such election, Tenant may renew this Lease for (a) one additional period of five years with three further options to renew this Lease for additional periods of five years each, (b) one additional period of ten years with two further options to renew this Lease for additional periods of five years each, or (c) one additional period of 15 years with the option to renew this Lease for one additional period of five years, by delivering (in any case) written notice of the exercise of any such renewal option to Landlord not earlier than 12 months nor later than nine months before the then-scheduled expiration of the Term, it being agreed that Xxxxxx’s initial election notice shall indicate whether Tenant elects to proceed under subsection (a), (b), or (c) of this sentence.”
It is the intention of the parties that the renewal option (as amended by this Section) provides Tenant with up to 20 years of extended Term, commencing September 1, 2030, with the Basic Rent for each such extension to be set at the Prevailing Rental Rate (as defined in Exhibit G to the Original Lease). Section 7 of the Third Amendment is hereby deleted in its entirety.
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Exhibit 10.9
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Executed as of the date first written above.
LANDLORD: AR INDUSTRIAL NO. 1, LTD.,
a Texas limited partnership
By: 29BCO, Inc.,
a Texas corporation, its general partner
By: /s/ Xxxxxx Xxxxxxxxxx
Name: Xxxxxx Xxxxxxxxxx
Title: Authorized Representative
TENANT: ORTHOFIX INC., a Delaware corporation (formerly a Minnesota corporation)
By: /s/ Xxxxxxx Xxxx
Name: Xxxxxxx Xxxx
Title: Chief Financial Officer and Treasurer
FIFTH AMENDMENT TO LEASE AGREEMENTSignature Page