EXHIBIT 10.16
FOURTH AMENDMENT OF LEASE
THIS FOURTH AMENDMENT OF LEASE made as of December 4, 2000 by and between 00
XXXXXX XXXX LIMITED PARTNERSHIP, a limited partnership, organized and existing
under the laws of the State of Connecticut having its place of business at c/o
DaQui Xxxxxxx Partners Inc. at 175 capital Boulevard, Corporate Ridge, Rocky
Hill, Connecticut 06067 (hereinafter referred to as the "Landlord"), and PROTON
ENERGY SYSTEMS, INC. with its principal place of business at 00 Xxxxxx Xxxx,
Xxxxxx Business Park, Rocky Hill, Connecticut 06067 (hereinafter referred to as
the "Tenant")
WITNESSETH:
WHEREAS, Landlord is the owner of certain real estate known as 00 Xxxxxx
Xxxx, Xxxxxx Business Park, located in Rocky Hill, Connecticut (hereinafter
called the "Premises");
WHEREAS, Landlord and Tenant have entered into a lease of a portion of the
Premises by Lease dated May 27, 1997 (the "Lease") amended on January 29, 1998
(The "First Amendment of lease"); amended on March 1, 1999 (the "Second
Amendment of Lease"); and amended as of April 9, 1999 (the "Third Amendment of
Lease")
WHEREAS, Landlord and Tenant have agreed to modify the terms of the Lease
effective July 1, 2001.
NOW, THEREFORE, in consideration of the mutual promises contained herein
and for other valuable consideration, the receipt of which is hereby
acknowledged, and subject to the approval of the Fourth Amendment of lease by
Landlord's lenders, Landlord and Tenant hereby covenant and agree as follows:
1. Definition of Terms. All defined, capitalized terms used herein shall
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have the same meanings as are ascribed to them in the Lease.
2. Term of the Extension Term. The Extension Term shall commence on July
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1, 2001 (the "Extension Term Commencement Date") and shall terminate
on June 30, 2004. All references in the lease to the "Expiration
Date" shall hereafter refer to June 30, 2004. Tenant hereby
acknowledges that, upon the execution of this Amendment by both
parties hereto, the option to extend the Term of the Lease, as
provided in Section 38 of the lease, shall have been exercised.
3. Section 1.5 is modified by adding the following:
Annual Rate
Per Rentable
Lease Year Annual Base Rent Monthly Payments Square Foot
---------- ---------------- ---------------- -----------
7/01 - 6/04 $179,089.50 $14,924.12 $8.95
4. Every provision, covenant, condition, obligation, right and power
contained in and under the lease shall continue in full force and
effect, affected by this Fourth Amendment only to the extent of the
amendments set forth above.
5. All provisions of this Fourth Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective
successors and assigns.
IN WITNESS WHEREOF, Landlord and Tenant have caused this Fourth Amendment to be
duly executed as the day and year first written above.
WITNESSED BY: LANDLORD:
00 XXXXXX XXXX
________________ LIMITED PARTNERSHIP
BY: INWOOD PROPERTIES, LLC
________________ Its General Partner
BY: Xxxxxxxx Avenue Management Co.
Its Managing Member
BY:____________________
Xxxx X. Xxxxx
President
________________ TENANT:
PROTON ENERGY SYSTEMS, INC.
________________ BY:_________________
Xxxxxx Xxxxxxxxx
Vice President Operations
