Option to Renew ORIGINAL Ben and Ariela Lawee
Exhibit 10.9
Option to Renew |
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ORIGINAL |
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Xxx and Xxxxxx Xxxxx |
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0000 Xxxxxxxx Xxxxxx |
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Suite 300 |
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Signal Hill CA, 90755 |
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Tel: 000 000-0000 |
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Fax: 000 000-0000 |
July 18, 2002
Xxxxx Xxxxxx
Interactive Health
0000 Xxxxxx Xxxxxx
Long Beach CA 90807
RE: Term and Improvement Agreement for Extended Term
Dear Xxxxx,
Please let the following letter serve as the agreed upon rental rate and building improvements items. Upon your review please execute you’re acceptance below and return via enclosed envelope.
Rental Rate:
Present rental rate |
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$0.42 X 54,352SF |
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22,827.84 |
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Year One rental rate |
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$0.43 X 54,352SF |
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as of October 1st 2002 |
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$ |
23,371.35 |
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Year Two rental rate |
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$0.44 X 54,352SF |
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as of October 1st 2003 |
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$ |
23,914.88 |
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Year Three rental rate |
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$0.45 X 54,352SF |
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as of October 1st 2004 |
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$ |
24,458.40 |
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Lawee shall provide an improvement allowance of $20,000.00 or 50% of improvement cost which ever is greater on items listed below in section B. Section B items will commence after the acceptance and return of this document.
A. Improvements to be provided by Lawee at its sole expense.
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1. |
Total Exterior painting of the building and walkway railings. |
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2. |
Replace expired bulbs on the exterior of the building |
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3. |
Replace damaged walkway lighting |
/s/ CPW |
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4. |
HVAC units to be evaluated and either refurbished or replaced |
B. Improvements Interactive Health to coordinate and Lawee to pay 50%:
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1. |
Two downstairs restrooms and main restroom on second floor to have new tile floors, walls and counters |
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2. |
Two downstairs restrooms and main restroom on second floor to have new sinks, fixtures and recessed lighting. |
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Kitchen area to have new flooring, counter top, sink and fixtures as well as revised cabinetry faces and additional cabinets |
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/s/ CPW |
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All improvement colors and materials to be mutually agreed upon by Lawee and Interactive Health.
Sincerely, |
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/s/ Xxx X. Xxxxx |
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Xxx X. Xxxxx |
Accepted by: |
/s/ Xxxxx X. Xxxxxx |
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cc: Xxxx Xxxxxx |
Date: |
7/23/02 |
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