EXHIBIT 10(ff)
LEASE
NORTH CAROLINA:
WAKE COUNTY:
1. PARTIES. THIS LEASE, made this 8th day of June, 1995, by and
between BANKS X. XXXX, AN INDIVIDUAL, herein called "LANDLORD", and EXIDE
ELECTRONICS CORPORATION, A DELAWARE CORPORATION, herein called "TENANT",
W I T N E S S E T H:
2. PREMISES LEASED. LANDLORD hereby leases to TENANT and TENANT hereby
rents from LANDLORD that certain parcel of land containing 23.5 acres, more or
less, owned by LANDLORD, located at 0000 Xxxxxxx Xxxxxxxxx, Xxxxxxx, Xxxxx
Xxxxxxxx, 00000.
The building contains approximately 185,000 square feet of gross floor
space determined by outside building dimensions and with related improvements
including parking, trucking and loading facilities as shown on Exhibit One. Said
land and all improvements, rights, easements and appurtenances thereto are
hereinafter sometimes referred to as "leased premises".
3. TERM. The term of this lease shall commence on August 15, 1995 or
sooner and shall expire at midnight on August 31, 2005 unless such term is
extended pursuant to paragraph 5 hereof providing for "Renewal Option".
4. RENT PAYABLE. TENANT shall pay a rental, commencing August 15,
1995 of (See Addendum One) payable in advance and without any deduction or
abatement whatever on or before the first day of each month to LANDLORD.
5. RENEWAL OPTION. TENANT shall have the right and option to extend this
lease for two (2) additional terms of five (5) years each upon the terms and
conditions outlined in Addendum One. Notice in writing of TENANT'S intention so
to extend this lease shall be given to LANDLORD at least one hundred eighty
(180) days prior to the expiration of the initial term hereof.
6. COVENANTS OF TENANT. TENANT covenants and agrees with LANDLORD
that TENANT will during the term of this lease:
a) pay the rent as above specified;
b) use and occupy the said premises in a careful and
proper manner;
c) comply with all lawful requirements of state, municipal
or public authorities respecting TENANT'S use and occupancy of said
premises;
d) perform and pay for all repairs and maintenance (or as
excluded in Paragraph 7) to the building and the leased premises;
e) pay as the same shall become due, all ad valorem taxes,
property taxes or other assessments that may be levied against the
leased premises and any and all improvements thereon;
f) pay for and maintain insurance as called for in
paragraph 12 herein;
g) surrender leased premises at the expiration of the
lease or any extensions thereof in as good condition and repair as
they shall be at the time possession thereof is taken hereunder;
effects of natural wear and tear excepted;
h) permit LANDLORD to enter leased premises at all
reasonable times for the purpose of inspecting the leased premises;
i) pay for all utilities used on the leased premises;
j) repaint, redecorate and refurbish finishes as such
becomes necessary;
k) repair and maintain air conditioning and heating systems; and repair
and maintain all fire protective systems, plumbing systems, electrical
system, pumps for the sprinkler system and domestic system, waste water
and storm water collection and disposal systems;
l) the leased premises will comply in every respect with the laws,
ordinances and regulations, municipal or otherwise that are in effect
and may govern the same as of the date of August 15, 1995.
7. COVENANTS OF LANDLORD. LANDLORD covenants and agrees with TENANT
that:
a) the leased premises will comply in every respect with the laws,
ordinances and regulations, municipal or otherwise that are in
effect and may govern the same as of the date of August 15, 1995;
b) if TENANT performs the requirements hereof on its part
to be performed, it shall have quiet and peaceable possession and
enjoyment of leased premises during the term aforesaid, and LANDLORD
warrants and agrees to defend TENANT in such quiet and peaceful use
against claims of all persons whomsoever;
c) TENANT shall have the right at its own expense to make
such alterations, additions, installations, changes and improvements
in and upon the leased premises as may be necessary for TENANT'S
purposes, provided such alterations, additions, installations,
changes and improvements shall not damage the building or diminish
its value and provided written consent is first obtained from the
LANDLORD which consent will not be unreasonably withheld. TENANT
shall upon the termination of this lease or at any time during the
continuance hereof have any alterations, additions, installation,
changes and improvements to said leased premises made by TENANT, and
at the expense of TENANT unless agreed to separately by LANDLORD.
Any damage caused by such removal will be repaired by TENANT at its
expense and prior to the surrender of leased premises. In the event
TENANT chooses not to remove any of said additions, improvements or
property which TENANT has the right to remove prior to the
termination hereof, and LANDLORD approves, TENANT shall be deemed to
have abandoned the said property and thereupon the same shall become
the property of LANDLORD. The TENANT shall be responsible on
evacuation of the property, to remove any leasehold improvements
that have been made since inception of the lease of August 15, 1995,
which have not been approved by LANDLORD and not made a part of the
original fit-up and that penetrate the roof, floor or cause
structural interference with the regular pattern of structural
framing of the original building. Such removal will include repairs
necessary to restore the facility to a condition of soundness and
appearance equal to original condition, wear and tear excepted, in
modified or improved areas by TENANT;
d) LANDLORD will pay $200,000 cash to TENANT at occupancy;
e) TENANT shall have the right to use the exterior of the
building of leased premises occupied by it, including the roof, for the
purpose of erecting or painting thereon or attaching thereto a sign or
signs advertising TENANT'S business, provided such sign or signs shall
not injure the building and provided further that any sign attached to
the building shall be in conformity with the city or other municipal
ordinance covering the same. Upon the termination of this lease or upon
the removal of such sign or signs, any defacement or damage to the
exterior of the building shall be promptly repaired by TENANT;
f) LANDLORD shall remain responsible to maintain and
replace the roof, foundation and structural components of the leased
premises.
g) LANDLORD to deliver the leased premises vacant and
broom clean.
8. ASSIGNMENT OR SUBLEASE. Tenant may assign this Lease or sublet
said premises or any part thereof for any lawful business within the provisions
of this Lease with the consent of the Landlord, which consent will not be
unreasonably withheld, so long as the Tenant remains financially responsible for
the Lease.
9. EMINENT DOMAIN. If the whole of leased premises or substantial portion
thereof shall be taken by any public authority under the power of eminent domain
for a temporary or permanent public or quasi-public use, thereby rendering the
same untenantable for the purposes of TENANT, LANDLORD or TENANT shall have the
right either to cancel this lease or declare the same null and void, in which
event any rent paid in advance and unearned shall be returned to TENANT. If and
as often as any portion of the leased premises shall be taken by any exercise of
the right of eminent domain, and if this lease shall not be terminated as
hereinbefore provided, LANDLORD covenants promptly to restore the remaining
portion of the building at LANDLORD'S expense so that it will constitute a
complete architectural unit. If any part of leased premises shall be taken and
LANDLORD or TENANT shall not exercise its right to cancel as hereinbefore
provided, LANDLORD shall with all reasonable dispatch, place the remaining area
in condition to be used by TENANT. During such restoration, TENANT shall be
required to pay a rental only in proportion to the portion of leased premises
remaining in tenantable condition. Should LANDLORD fail to complete such
restoration within one hundred eighty (180) days after the part so taken shall
be required by the authority condemning the same, this lease at TENANT'S option
shall forthwith terminate, but LANDLORD shall not be responsible for any delay
which may result from labor strikes, governmental regulations, inability to
obtain labor or materials, or any cause beyond LANDLORD'S control, and in such
event the time for completion shall be extended by the period of interruption.
TENANT shall not be entitled to receive any part of any award or awards that may
be made to or received by LANDLORD but if TENANT has made any permanent
improvement to leased premises, TENANT shall be entitled to receive from
LANDLORD the fair and reasonable value of such improvements as are surrendered.
TENANT may, at its own expense, also take independent proceedings against the
public authority exercising the power of eminent domain to prove and establish
any other damage that TENANT may have sustained.
10. DEFAULT AND NOTICE. (a) if TENANT defaults in fulfilling any of the
covenants of this lease, LANDLORD may give TENANT notice thereof. If any default
by TENANT is not remedied within thirty (30) days following receipt of such
notice, all of TENANT'S rights under this lease shall terminate and TENANT shall
then quit and surrender leased premises to LANDLORD, but TENANT shall continue
to be liable for the payment of rent and other sums due hereunder. If the nature
of the default is such that it cannot reasonably be cured within said period of
thirty (30) days, and measures to cure such default shall be commenced within
said period and diligently prosecuted to completion, TENANT'S rights under this
lease shall not terminate as a result of such default.
(b) If at any time, during the term of this lease, there shall be
filed by or against TENANT or against any successor tenant then in possession in
any court pursuant to any statute either of the United States or of any state, a
petition pursuant to which TENANT shall be adjudicated bankrupt or insolvent, or
if TENANT shall make an assignment for the benefit of creditors, if default by
TENANT is not remedied within thirty (30) days, LANDLORD may terminate TENANT'S
rights under this lease by notice in writing to TENANT, and thereupon TENANT
shall continue to be liable for the payment of rent and all other sums due
hereunder. The provisions of this subparagraph shall not be applicable so long
as there is no default on the part of TENANT in the payment of rent and in
complying with all other covenants hereof.
(c) If TENANT'S rights under this lease shall have terminated, as provided
in subparagraphs (a) and (b), LANDLORD may immediately or at anytime thereafter
re-enter leased premises and remove all persons and all or any property
therefrom, by any suitable action or proceeding at law and repossess and enjoy
the said leased premises, together with all additions, alterations and
improvements, and LANDLORD at its option may repair, alter, remodel or change
the character of leased premises as it may deem fit, or at any time relet said
leased premises or any part or parts thereof as the agent of TENANT or
otherwise. The exercise by LANDLORD of any right granted in the sentence
immediately foregoing shall not relieve TENANT from the obligation to make all
rental payments, and to fulfill all other covenants required by this lease, at
the time and in the manner provided herein. TENANT throughout the remaining term
hereof shall pay LANDLORD no later than the last day of each month during the
term, the then current excess, if any of (1) the sum of:
(i) the reasonable expenses incurred by LANDLORD in exercising the
rights granted to it in the first sentence of this subparagraph;
(ii) the reasonable expenses incurred by LANDLORD in fulfilling the
covenants of TENANT, whether at the time of exercising said rights, or
throughout the remaining term of the lease;
(iii) the total rental accrued from date of default by TENANT; and (iv)
any other amounts then due LANDLORD from TENANT
(2) over the sum of:
(i) rentals, if any, from reletting received by LANDLORD following such
default. If said sum (2) should at any time exceed said sum (1), the amount of
such excess shall be retained by LANDLORD and applied against subsequent
liabilities of TENANT, with any balance remaining to be retained by LANDLORD.
LANDLORD shall not be required to exercise any right granted to it in the first
sentence of this subparagraph, except that it shall attempt to relet demised
premises:
(d) the maintenance of any action or proceeding to recover possession of
leased premises, or any installment or installments of rent shall not preclude
LANDLORD from thereafter instituting and maintaining subsequent actions or
proceedings for the recovery of possession of said leased premises or of any
subsequent installment or installments of rent, or any other monies that may be
due or become due form TENANT to LANDLORD.
(e) if LANDLORD defaults in fulfilling any of the covenants in this lease
and such default is not remedied within thirty (30) days following written
notice thereof by TENANT, TENANT may terminate and cancel this lease forthwith.
Subject to the provisions of paragraph 9 as to suspension of rent and repayment
to TENANT of rent paid in advance, if the nature of the default is such that it
cannot reasonably be cured within said period of thirty (30) days, and measures
to cure such default shall be commenced within said period and diligently
prosecuted to completion, TENANT shall have no right to terminate this lease as
a result of such default. If, at the time TENANT gives notice of default under
this paragraph to LANDLORD, LANDLORD'S title to leased premises is subject to
the lien of any mortgage or deed of trust and TENANT shall have been furnished
with the name and address of said mortgagee or holder of said deed of trust,
TENANT at the same time TENANT gives notice of default to LANDLORD shall give
like written notice to said mortgagee, trustee or holder, and TENANT shall not
have the right to terminate this lease for any default of LANDLORD until the
mortgagee, trustee, or holder has been furnished written notice of said default
as herein provided, and given the same reasonable time to cure cause of default
as given to LANDLORD.
11. NOTICE. Whenever under this lease a provision is made for notice of
any kind, it shall be deemed sufficient notice and service thereof if such
notice is in writing and is sent by registered mail with return receipt , by the
party required to send such notice to the other party. Until written notice of
the change of address is given such notice shall be sent as follows;
TO LANDLORD: Banks X. Xxxx
0000 Xxxxxxx Xxxx Xxxx
Xxxxxxx, XX 00000
TO TENANT: Exide Electronics Corporation
0000 Xxx Xxxxx Xxxx
Xxxxx 000
Xxxxxxx, XX 00000
Attn.: General Counsel
12. TAXES AND INSURANCE. (a) TENANT further covenants and agrees that,
except as hereinbefore otherwise provided, TENANT will pay all real estate taxes
and assessments, including special assessments, levied or assessed against said
leased premises and due and payable during the term hereof. The first year and
the last year shall be prorated according to the Lease term.
(b) during the term hereof TENANT will at TENANT'S expense keep the leased
premises insured against the LANDLORD'S and TENANT'S loss from fire and perils
covered by extended coverage and all perils endorsement, including vandalism,
malicious mischief and war damage coverage in an amount equal to the full
current replacement cost of the real and personal property on leased premises.
The amount of coverage shall be updated to the then current values on an annual
basis.
(c) at all times during the term of this lease TENANT shall, at its own
cost and expense, maintain liability insurance of not less than Three Million
Dollars, ($3,000,000.00) as to any single occurrence to cover bodily injury and
property damage exposures of LANDLORD from accidents occurring on or about the
leased premises or arising out of TENANT'S use and occupancy thereof, and shall
protect, indemnify and save harmless LANDLORD from and against any and all
claims, demands and causes of action of any nature whatsoever, arising out of
accidents occurring on or about the leased premises arising out of TENANT'S use
thereof, including but not by way of limitation, injury to or death of any
person or persons in, upon or about the said leased premises, including
sidewalks adjacent thereto, and any claims for injury to or loss of property of
others.
(d) copies of the policies or certificates of insurance provided for in
this paragraph 12 shall be delivered to LANDLORD.
(e) the TENANT hereby agrees that all insurance policies carried by it
under this paragraph of the lease shall contain a provision stipulating that the
insurance company shall have no right of subrogation against the LANDLORD or his
contractors for the recovery of any claims or expense. The LANDLORD hereby
agrees that all insurance policies carried by it under this paragraph of the
lease shall contain a provision stipulating that the insurance company shall
have no right of subrogation against the TENANT or his contractors for the
recovery of any claims or expense.
13. MORTGAGE SUBORDINATION. TENANT agrees to subordinate this lease to the
lien of any first mortgage given by LANDLORD, provided that the mortgage will
agree not to disturb TENANT'S rights and possession while not in default
hereunder and provided, further, that in the event of the commencement of a
foreclosure or other suit or proceeding under or pursuant to any such mortgage,
TENANT will not be made a party to any such suit or proceeding, and the same
shall not affect the rights of TENANT under this lease but any purchaser of
leased premises under foreclosure or other suit or proceeding shall take said
property subject to the within lease and shall be bound by all its covenants as
though such purchaser were the original landlord and any such mortgage shall
contain a clause to the foregoing effect.
14. EXPANSION OPTION. LANDLORD and TENANT agree that it is possible to
expand the building and/or improvements beyond their current dimensions. In the
event that TENANT should desire to so expand the leased premises, TENANT should
submit to LANDLORD its proposed expansion for approval by LANDLORD. In the event
that LANDLORD does not approve of the expansion plan, he shall so notify TENANT
within thirty (30) days of receipt of the proposed plan. Should LANDLORD and
TENANT agree on the proposed expansion, under mutually agreeable terms and
conditions, LANDLORD shall forthwith commence construction on the expansion and
diligently pursue such construction to its completion. LANDLORD and TENANT agree
to amend this lease so that the additional square feet, rent and all other
obligations by the TENANT, by the expansion is incorporated into this lease. If
LANDLORD elects not to construct the expansion requested by the TENANT, TENANT
may construct same at its sole cost and expense, with no increase in rental
obligations, provided such expansion is in keeping with common standards of a
distribution facility, and/or a light manufacturing facility. Furthermore, it is
understood that the material and design will be consistent with the existing
building and/or improvements.
15. PURCHASE OPTION. (a) The LANDLORD hereby grants to the TENANT the
right to purchase the leased premises within sixty (60) days after the end of
the fifth (5th) year of the lease term at a price of $8,000,000.00. TENANT must
give notice of intent to purchase one hundred eighty (180) days prior to the
expiration of the fifth (5th) year and must close within sixty (60) days after
the fifth (5th) year. LANDLORD grants to the TENANT the right to purchase the
leased premises within sixty (60) days after the end of the eighth (8th) year of
the lease term at a price of $8,750,000.00. TENANT must give notice of intent to
purchase one hundred eighty (180) days prior to the expiration of the eighth
(8th) year and must close within sixty (60) days after the eighth (8th) year.
LANDLORD and TENANT agree to utilize standard offer to purchase contract format
to outline other terms and conditions as shown on Exhibit Two.
(b) All costs of the sale, including documentary stamps, shall be paid
by the TENANT.
16. SUCCESSORS AND ASSIGNS. The provisions of this lease shall be
binding upon and inure to the benefit of the successors in interest and the
assigns of the parties hereto.
17. LANDLORD'S OBLIGATION TO RESTORE. In the event that any of the
buildings or improvements forming a part of the leased premises shall be damaged
or destroyed by a fire or other casualty covered under an insurance policy
required under paragraph 12, LANDLORD will, within one hundred eighty (180) days
of the date of the casualty, use reasonable dispatch to restore, replace, repair
or rebuild the leased premises as nearly as is reasonably possible to its value,
condition and character immediately prior to such damage or destruction, or with
such changes or alterations as the parties hereto may agree upon. Such
restoration, repair, replacement or rebuilding (herein collectively called
"Restoration") shall be commenced promptly and completed within one hundred
eighty (180) days of the date of the casualty; provided that if such Restoration
is delayed by strike, war, accident, the elements, fire, governmental
restriction, or other cause beyond the LANDLORD'S control, the date of
completion shall be extended beyond the one hundred eighty (180) days for a
period equal to the period of interruption. If Restoration cannot be completed
within one hundred eighty (180) days, and is within the LANDLORD'S control,
TENANT may terminate this Lease. In no event shall LANDLORD be obligated to
restore any damage to alterations or improvements made by TENANT or to TENANT'S
fixtures or personal property, such excluded items being the sole responsibility
of TENANT to restore or replace.
18.1 APPLICATION OF INSURANCE PROCEEDS. All insurance proceeds received by
LANDLORD (or its mortgagee) and TENANT, except insurance proceeds payable to
TENANT for its personal property, equipment, furnishings, and improvements or
alterations which shall be reserved for TENANT, shall be made available to
LANDLORD as construction of the Restoration progresses in amounts reasonably
necessary to pay the costs or to reimburse LANDLORD in respect to Restoration
effected by LANDLORD. LANDLORD shall not be obligated to expend any amount
toward the Restoration in excess of the insurance proceeds which are payable
under the policies required under paragraph 12.
18.2 RENT REDUCTION. Damage or destruction of the leased premises shall
permit TENANT to xxxxx rent during Restoration, except to the extent that the
proceeds from rent insurance furnished pursuant to paragraph 18.3 shall be
available to LANDLORD. Notwithstanding the preceding, in the event damage or
destruction of the lease premises is caused by TENANT, its agents, or employees,
there shall be no rent abatement.
18.3 LOSS OF RENTS INSURANCE. In addition to the insurance coverage
required under paragraph 12, TENANT agrees to provide rent coverage against loss
or damage resulting from the hazards specified in Section 12(b) in an amount not
less than 75% of the total of the annual minimum rent as the latter may be from
time to time reasonably estimated by LANDLORD, which rent insurance shall
provide for payment of any loss to LANDLORD.
19. ENVIRONMENTAL INDEMNIFICATION AND COMPLIANCE. TENANT shall indemnify,
defend and hold harmless, LANDLORD, its directors, officers, shareholders,
employees, partners and agents, from and against any and all (i) losses, claims,
demands, penalties, fines, response costs and liabilities, (including property
damage, personal injury and death) and (ii) reasonable attorney's fees actually
incurred, and consultant's fees and expenses and court costs and all other
out-of-pocket expenses incurred by LANDLORD resulting from or arising out of any
acts or omission or commission of TENANT relating to the disposal, spillage or
discharge of Hazardous Substances in violation of applicable laws with respect
thereto, or other violation of applicable laws with respect to Hazardous
Substances on or under the leased premises on or after the commencement of this
Lease and in connection with TENANT'S occupancy and use of the leased premises.
TENANT'S obligations hereunder shall survive the expiration or termination of
this Lease. TENANT or LANDLORD, as applicable, shall promptly, after receipt of
written notice thereof from any governmental agency with jurisdiction correct
any violation of any such applicable laws in accordance with the requirements of
such laws. The term "Hazardous Substances" (for the purpose of this paragraph 19
only) means any raw materials, processed materials, intermediates, products,
contaminants, pollutants, wastes or constituents (including, without limitation
petroleum and its derivatives and asbestos-containing materials, whether or not
friable) deemed hazardous or toxic under federal, state or local law or
regulations and, in addition, any substances which require special handling,
storage, or disposal procedures or whose use, handling, storage or disposal is
in any way regulated, whether now or in the future, under federal, state or
local laws or regulations for the protection of human health and the environment
or occupational safety and health; provided, however, that the term "Hazardous
Substances" shall not include items used in the daily maintenance and operation
of the building, such as, for example, fire extinguishers and cleaning
materials. LANDLORD shall indemnify, defend and hold harmless, TENANT, its
directors, officers, shareholders, employees, partners and agents, from and
against any and all (i) losses, claims, demands, penalties, fines, response
costs and liabilities, (including property damage, personal injury and death)
and (ii) reasonable attorney's fees actually incurred, and consultant's fees and
expenses and court costs and all other out-of-pocket expenses incurred by TENANT
resulting from or arising out of any acts or omission or commission of LANDLORD
relating to the disposal, spillage or discharge of Hazardous Substances in
violation of applicable laws with respect thereto, or other violation of
applicable laws with respect to Hazardous Substances on or under the leased
premises prior to the occupancy of the leased premises by TENANT and in
connection with LANDLORD'S ownership of the leased premises. Any removal of such
substances in and around the leased premises shall be undertaken after written
notice of at least thirty (30) days. LANDLORD, to the best of his knowledge,
a) Is not in violation or subject to any existing, pending, or threatened
investigation by any governmental authority under any applicable federal, state,
or local law, regulation or ordinance pertaining to air and water quality, the
handling, transportation, storage, treatment, usage or disposal of Hazardous
Substances, air omissions or other environmental matters;
b) Affirms that any handling, transportation, storage, treatment, or use
of Hazardous Substances that occurred on the leased premises to date has been in
compliance with all applicable federal, state and local laws, regulations and
ordinances;
c) Affirms that as indicated in the Law Engineering, Inc. report of Phase
I Environmental Site Assessment dated February 15, 1995, attached as Exhibit
Three, there has been no leak, spill, release, discharge, emission, or disposal
of Hazardous Substances on the leased premises to date and the soil,
groundwater, and soil vapor on or under the leased premises is free of Hazardous
Substances as of the date of this Lease. LANDLORD will assume responsibility for
the recommendations in such assessment and will take action necessary to remain
in compliance, if TENANT notifies LANDLORD by August 15, 1995 that it will not
utilize USTs and water supply well as mentioned in such report. If TENANT elects
to utilize USTs then TENANT will assume responsibility for the recommendations
in such assessment.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective proper officers, hereunto duly authorized, and
their common or corporate seals to be hereto affixed, duly attested, the day and
year first hereinabove written. Exhibits One, Two, Three, and Addendum One are
hereby incorporated into this Lease.
LANDLORD: /s/BANKS X. XXXX (SEAL) TENANT: Exide Electronics
Banks X. Xxxx Corporation (SEAL)
BY: Owner (SEAL) BY: /s/XXXXX X. XXXXXXXX (SEAL)
Xxxxx X. Xxxxxxxx, Chief
Financial Officer
ATTEST: (Corporate Seal)
WITNESS:/s/XXXX XXXXXXXXXX(SEAL) BY: /s/XXXX X. XXXXXXXXXXXXXX(SEAL)
Xxxx Xxxxxxxxxx Assistant Treasurer
ADDENDUM ONE
INITIAL TERM:
Months Rate Square Footage Annual Rent
1-12 $3.65/$6.00 125,000/20,000 $456,250/$120,000
13-24 $3.65/$6.00 140,000/20,000 $511,000/$120,000
25-36 $3.65/$6.00 165,000/20,000 $602,250/$120,000
37-48 $3.72/$6.12 165,000/20,000 $613,800/$122,400
49-60 $3.79/$6.24 165,000/20,000 $625,350/$124,800
61-72 $3.87/$6.36 165,000/20,000 $638,550/$127,200
73-84 $3.95/$6.49 165,000/20,000 $651,750/$129,800
85-96 $4.03/$6.62 165,000/20,000 $664,950/$132,400
97-108 $4.11/$6.75 165,000/20,000 $678,150/$135,000
109-120 $4.19/$6.89 165,000/20,000 $691,350/$137,800
FIRST RENEWAL PERIOD:
Months Rate Square Footage Annual Rent
1-12 $4.29/$7.06 165,000/20,000 $707,850/$141,200
13-24 $4.40/$7.24 165,000/20,000 $726,000/$144,800
25-36 $4.51/$7.42 165,000/20,000 $744,150/$148,400
37-48 $4.62/$7.61 165,000/20,000 $762,300/$152,200
49-60 $4.74/$7.80 165,000/20,000 $782,100/$156,000
SECOND RENEWAL PERIOD:
Months Rate Square Footage Annual Rent
1-12 $4.88/$8.03 165,000/20,000 $805,200/$160,600
13-24 $5.03/$8.27 165,000/20,000 $829,950/$165,400
25-36 $5.18/$8.52 165,000/20,000 $854,700/$170,400
37-48 $5.34/$8.78 165,000/20,000 $881,100/$175,600
49-60 $5.50/$9.04 165,000/20,000 $907,500/$180,800
This amendment (the "AMENDMENT") entered into this 11th day of August 1995,
by and between BANKS X. XXXX, AN INDIVIDUAL, herein called "LANDLORD" and EXIDE
ELECTRONICS CORPORATION, A DELAWARE CORPORATION, herein called "TENANT"/
WITNESSETH:
Whereas, LANDLORD and TENANT have entered into that certain lease dated the
8th day of June 1995 (the "LEASE") covering the Demised Premises therein
described as that certain parcel of land containing 23.5 acres, more of less,
owned by LANDLORD, located at 0000 Xxxxxxx Xxxxxxxxx, Xxxxxxx, Xxxxx Xxxxxxxx,
00000; and
Whereas, LANDLORD and TENANT now desire to amend the LEASE.
Now Therefore, in consideration on the Premises, the mutual covenants
herein contained and other valuable considerations, the receipt and sufficiency
of which is hereby acknowledged, LANDLORD and TENANT agree as follows:
1. Article 7 (d) ("LANDLORD will pay $200,000 cash to TENANT at
occupancy:") and all references to Article 7 (d) are hereby deleted.
2. Article 4 entitled "RENT PAYABLE" is hereby modified by deleting the
final period and adding:
", except that TENANT shall have the rent abated, beginning at initial
occupancy, until the abatement equals the sum of $210,000. Such abatement shall
be for the full monthly rent of $48,020.83 for the first four months of
occupancy and for the balance of $17,916.68 in the fifth month of occupancy."
3. For purposes of consistency, Addendum One to the LEASE is hereby
modified in accordance with Section 2 of this AMENDMENT to provide for the
abatement of rent in months 1-5 of the LEASE term.
4. The second sentence of Article 7 (c) is hereby modified by deleting the
word "have" and inserting the word "remove" in its place.
Except as herein amended and modified, all terms and conditions of the
lease shall remain in full force and effect.
In Witness Whereof, the parties hereto have caused this Agreement to be
executed by their respective proper officers, hereunto duly authorized, and
their common or corporate seals to be hereto affixed, duly attested, the day and
year first hereinabove written.
LANDLORD: /s/BANKS X. XXXX(SEAL) TENANT: Exide Electronics
Corporation(SEAL)
BY: _____________(SEAL) BY: /s/XXXXX X. XXXXXXXX(SEAL)
Xxxxx X. Xxxxxxxx, Chief
Financial Officer
ATTEST: (Corporate Seal)
WITNESS; /s/XXXXX XXXXX(SEAL) BY: /s/XXXXXXXX X. XXXXXXXX(SEAL)
