EXHIBIT 10(DD)
FIRST AMENDMENT OF LEASE
------------------------
This First Amendment of Lease made this 30th day of June, 1999, by and
between TOLLAND ENTERPRISES, a Connecticut general partnership, of 000
Xxxxxxxx Xxxx Xxxx, Xxxx Xxxxxxxx, Xxxxxxxxxxx 00000 ("Landlord") and
FARMSTEAD TELEPHONE GROUP, INC., a Delaware corporation having a mailing
address at 00 Xxxxxxxx Xxxx Xxxxxx, Xxxx Xxxxxxxx, XX 00000 ("Tenant").
WHEREAS, Landlord and the Tenant entered into a Lease dated November
5, 1996 (the "Lease") with respect to the Tenant's present premises (the
"Premises") at 00 Xxxxxxxx Xxxx Xxxxxx, Xxxx Xxxxxxxx, XX 00000: and
WHEREAS, the parties desire to amend the terms of said Lease;
NOW THEREFORE, for valuable consideration the receipt and sufficiency
of which the parties hereby acknowledge, the parties agree effective upon
execution of this Amendment, the said Lease shall be amended as follows,
viz.:
1. The Lease Term as specified in Sections 1.2 and 2.2 shall be
extended to December 31, 2004.
2. For the period March 1, 2002 to December 31, 2004, the Minimum
Rent as specified in Sections 1.2 and 3.1 is deemed to be
$189,442.00 year, $15,786.83 month, $5.45 PSF.
3. Article XXXVIII ("First Option to Extend") shall be modified as
follows:
Fair Market rental value together with all references to the
process of appraisers and subparagraphs 2, 3 and 4 shall be
deleted and the following shall be inserted in place thereof:
"It is agreed and understood that the annual Minimum Rent for
the extended period shall equal to $5.78/PSF, $200,912.80 per
year, $16,742.73 per month, as of the commencement date of the
extended term hereof".
4. Article XXXIX ("Second Option to Extend") shall be modified as
follows:
Fair Market rental value together with all references to the
process of appraisers and subparagraphs 2, 3 and 4 shall be
deleted and the following shall be inserted in place thereof:
"It is agreed and understood that the annual Minimum Rent for
the extended period shall be equal to $6.14/PSF, $213,426.40 per
year, $17,785.53 per month, as of the commencement date of the
extended term hereof".
1
Except as otherwise expressly amended, modified and provided for in
this Amendment, all of the terms and conditions of said Lease are hereby
ratified and shall be deemed to be incorporated herein and made part hereof
and shall continue in full force and effect.
Submission of this instrument for examination or signature is without
prejudice and does not constitute a reservation or option and it is not
effective until execution and delivery by both Landlord and Tenant.
THIS document contains all of the agreements of the parties with
respect to the subject matter thereof and supersedes all prior dealings
between them with respect to such subject matters.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals
in three counterpart copies, each of which counterpart copy shall be deemed
an original for all purposes, as of the date and year first written above.
WITNESS: LANDLORD:
TOLLAND ENTERPRISES,
a Connecticut general partnership
________________________________ BY: ________________________________
TENANT:
FARMSTEAD TELEPHONE GROUP, INC.,
a Delaware corporation
________________________________ BY: ________________________________
Taxpayer ID No. ____________________
