EXHIBIT 10.17
LEASE AND LICENSE EXTENSION AND MODIFICATION AGREEMENT
AGREEMENT made and entered into this 24 day of March 2000, by and between
STERLING FOREST LLC (hereinafter "SFLLC"), a limited liability company formed
under the laws of Delaware having an office at 00 Xxxxxxxx Xxxx Xxxx, Xxxxxx,
Xxx Xxxx 00000, and RENAISSANCE ENTERTAINMENT CORPORATION (hereinafter "REC'), a
foreign corporation authorized to do business in New York, having and office at
Xx. 00X Xxxx, Xxxxxx, Xxx Xxxx 00000 and an address for mail at 600 Xx. 00X,
Xxxxxx, Xxx Xxxx 00000.
SFLLC is successor in interest b y merger to STERLING FOREST CORPORATION. REC is
successor in interest to CREATIVE XXXXXX, LTD.
WITNESSETH
WHEREAS, SFLLC, as Landlord/Licensor, and REC, as Tenant/Licensee, are parties
to an Agreement of Lease and License Agreement dated as of June, 1996 (the
Agreement"), as modified by a Modification of Lease and License Agreement
entered into as of July, 1997 (the "First Modification Agreement"); by a Second
Modification of Lease and License Agreement entered into as of September, 1997
(the "Second Modification Agreement"); by a Third Modification of Lease and
License Agreement entered into as of September, 1997 (the "Third Modification
Agreement"); and by a Fourth Modification of Lease and License Agreement entered
into as of April 27, 1998 (the "Fourth Modification Agreement") and by a Fifth
Modification of Lease and License Agreement dated May 10, 1999 (collectively,
the "Agreement") and
WHEREAS, the Term of the Agreement expires on December 31, 2000, except as to
the lease of Additional Leased Premises in the First Modification Agreement,
which expires on December 31, 2001; and
WHEREAS, REC wishes to extend the term of the Agreement, and SFLLC is willing to
agree to an extension on the terms and conditions set forth below;
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, SFLLC and REC agree that the Agreement is hereby extended and
modified as follows:
1. EXTENSION TERM. The Term of the Agreement is hereby extended to
December 31, 2001 (the "First Extension Term").
2. ARTICLE 3, "RENT," IS HEREBY MODIFIED BY ADDING THE FOLLOWING NEW
SUBSECTION 3.02(D):
"Section 302(D). During the First Extension Term, the Rents as set
forth in Sections 3.02, 3.02(A), 3.02(B), and 3.02(C) shall be
consolidated into a single annual Rent of THREE HUNDRED SIXTY THOUSAND
and00/100 ($360,000.00) DOLLARS, payable in four installments of
$60,000.00 due and payable on May 1, 2001 and July 31, 2001 and
$120,000.00 due and payable on August 31, 2001 and September 30, 2001.
The provisions in Section 3.02 regarding late payment of Rent shall
remain in full force and effect during the First and Second Extension
Terms."
3. RATIFICATION. SFLLC and REC hereby ratify and confirm all of the terms
and provisions contained in the Initial Agreement, the First
Modification Agreement, Second Modification Agreement, Third
Modification Agreement, Fourth Modification Agreement, and the Fifth
Modification Agreement, except as expressly modified by this Extension
and Modification Agreement.
IN WITNESS WHEREOF, the parties have caused this Extension and Modification
Agreement to be executed by STERLING FOREST LLC and by RENAISSANCE ENTERTAINMENT
CORPORATION.
STERLING FOREST LLC,
Landlord/Licensor
By:
-----------------------------------
Xxxxx Xxxxxxxx, Chairman, President
And Chief Executive Officer
RENAISSANCE ENTERTAINMENT
CORPORATION, Tenant/Licensee
By:
-----------------------------------
Xxxxxxx X. Xxxxxxx
Chairman and Chief Executive Officer
