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EXHIBIT 10.8
AMENDMENT NO. 1 TO THE COMMERCIAL LEASE OF DECEMBER 31, 1991 BETWEEN
XXXXXX X. XXXXXX AND XXXXX XXXXXXXXX XXXXXX, OWNERS AND
XXXXXX GROUP, INC., LESSEE
The following amendment to that certain Commercial Lease of December 31, 1991 is
hereby adopted:
2.1 The LESSEE shall have the option to renew this lease for an additional
fifteen (15) years after November 20, 2016, provided that OWNER shall
not have exercised the option set forth in Paragraph 14. LESSEE must
provide notice to OWNER of intention to exercise this option by August
20, 2016. OWNER and LESSEE will in good faith negotiate the rental for
the option period. Failure to agree upon a rental for the option period
will cause this lease to be renewed for a five (5) year period
beginning November 21, 2016 at a rental rate of $18,000 per year.
2.2 If LESSEE fails to exercise this option to renew, the lease shall
terminate.
2.3 Upon termination of this lease on November 20, 2016 or at the
expiration of the renewal option period if said option is exercised by
LESSEE, all leasehold improvements placed on the premises by LESSEE at
any time and remaining on the premises at termination of this lease
will revert to OWNER or OWNER's estate.
Done and signed by the parties on ___________________________, 1992 in the
presence of the subscribing witnesses.
WITNESSES:
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Xxxxxx X. Xxxxxx, Owner
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Xxxxx Xxxxxxxxx Xxxxxx, Owner
Xxxxxx Group, Inc., Lessee
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Xxxxxx X. Xxxxxxx, Vice President
and Chief Financial Officer
