Exhibit 10.3
October 6, 2003
FIRST AMENDMENT TO THE A.I.R. STANDARD IDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE
-NET DATED JUNE 19,1995 BETWEEN XXXX DEVELOPMENT, LESSOR, AND MDC RESEARCH
LIMITED, A CALIFORNIA CORPORATION, A WHOLLY OWNED SUBSIDIARY OF THE MED-DESIGN
CORPORATION, A DELAWARE CORPORATION, LESSEE, FOR THE PREMISES AT 0000 XXXXXX
XXXXXX, XXXXXXX, XXXXXXXXXX.
As indicated in the subject Lease, Lessee has a second option ("Second Option")
to extend the term of the Lease for on additional thirty-six (36) months. In
correspondence dated April 30, 2003. Lessee exercised Lessee's Second Option.
Lessor and Lessee hereby agree to modify the terms and conditions of the Second
Option as follows. All other terms and conditions of the Lease remain unchanged.
I.
Lessor and Lessee hereby agree that the term of the Second Option shall be five
(5) years commencing November 1, 2003 and laminating on October 31, 2008.
II.
Lessor and Lessee hereby agree that the monthly Base Rent for the initial year
of the term shall be $15,310.50 (25,950 s.f. x $.59/s.f./mo.) with Lessee
responsible for real estate taxes, property insurance and facility maintenance.
III.
Lessor and Lessee hereby agree that the Base Rent shall be increased annually by
three percent (3%) for the second (2nd) through fifth (5th) years of the
Second Option term. The monthly Base Rent is as follows:
Monthly
Period Base Rent
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November 1, 2004 - October 31, 2005 $15.769.81
November 1, 2005 - October 31, 2006 $16,242.90
November 1, 2006 - October 31, 2007 S16.730.19
November 1, 2007 - October 31, 2008 $17,232.09
LESSOR: LESSEE:
Xxxx Development MDC Research Limited, a
California Corporation, a Wholly
Owned Subsidiary of the Med-
Design Corporation, a Delaware
Corporation
By: By: /s/ Xxxxx X. Xxxxxxx
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Xxxx Xxxx Xxxxx X. Xxxxxxx, CEO
Date: Date: 10/31/03
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By:______________________ By: /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxx Xxxx Xxxxxxxx X. Xxxxx, CFO
Date: Date: 10/31/03
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