August 6, 1993
Xxxxx Xxxxxxxxxxxx, Vice President
TeleSciences CO Systems, Inc.
000 Xxx Xxxxxx Xxxx
Xxxxxxxxxx, XX 00000
Reference: 000 Xxxx Xxxxxx Facility
First Amendment to Lease Agreement dated June 13, 1988
Dear Xx. Xxxxxxxxxxxx:
Line Lexington Management Corp. is willing to extend the Lease Agreement in
accordance with the following provisions:
1. The Commencement Date of the renewal shall be September lst, 1993;
the Expiration Date shall be August 31st, 1998.
2. Beginning December 1st, 1993 Lessee shall have the option to
terminate the Agreement on any quarterly anniversary date upon [1]
the giving of notice to Lessor six (6) months in advance of the
Termination Date and [2] the prepayment of a penalty equivalent to
six (6) months of rent, which sum shall be delivered to Lessor no
less than ten (10) days prior to the Termination Date.
There shall be no grace period for the penalty payment. Failure to
deliver the penalty payment on time or any other breach of the terms
of the Lease Agreement, as amended, during the six-month period
following delivery to Lessor of Notice of Termination shall void the
Notice, and Lessee shall be liable for all payments and conditions
as if Notice had never been given.
3. The annual (monthly) rental for the premises shall conform with the
following schedule:
LINE LEXINGTON MANAGEMENT CORP.
XXXXXXX XXXXX X, XXxXX 000, XXXXXX XXXXX, XX 00000 - (000) 000-0000
Xxxxx Xxxxxxxxxxxx, V.P.
August 6, 1993
Page 2 rev
Year One: $180,000.00 ($15,000.00 monthly)
Year Two: $168,000.00 ($14,000.00 monthly)
Year Three: $156,000.00 ($13,000.00 monthly)
Year Four: $144,000.00 ($12,000.00 monthly)
Year Five: $132,000.00 ($11,000.00 monthly)
4. Lessee shall deposit with Lessor the sum of $13,500.00, which sum shall be
added to the existing deposit of $10,000.00, plus $2,500.00 of accrued
interest on the existing deposit, in order to equal a Security Deposit of
two months rent at the average monthly rent of $13,000.00. The last line
of Paragraph 36 shall be amended to provide that: "Simple interest at
regular commercial bank savings account rates shall be credited once
annually to Lessee's account."
5. Lessee agrees to add business rents insurance coverage for the benefit of
Lessor to its existing fire and general liability coverage of the
premises, and Lessor shall reimburse Lessee for the cost of this
endorsement or Lessee shall arrange for Lessor to be billed directly by
the carrier.
6. The grace period stipulated in Paragraph 33 of the Agreement for the
receipt of monthly rent shall be reduced from twelve (12) days to ten (10)
days after which Lessee shall be subject to a late charge equivalent to 3%
of the outstanding balance.
7. Lessee agrees to pay the cost of a Phase I Environmental Study of the
premises which shall include the taking of soil samples; said study to be
performed in accordance with a Proposal dated August 6, 1993 rendered by
Xxxxxxx & Associates, Inc. Further, Lessee agrees to comply at its own
expense with all requirements of appropriate authorities or Underwriters
identified by the study as well as all reasonable recommendations of the
Engineer responsible for the study.
Xxxxx Xxxxxxxxxxxx, V.P.
August 6, 1993
Page 3
8. Provided Lessee has not been in default under this Agreement, as amended,
Lessee shall have the option of renewing the amended Agreement for an
additional period of five (5) years. The rent shall be adjusted in
accordance with the formula given in Paragraph 45, except that the formula
shall be applied to the average annual rent over the amended term hereof
and the period dates shall be amended to September 1, 1993 through August
31, 1998 respectively. The last sentence of Paragraph 45 shall be amended
to stipulate: "In no event shall the minimum annual rent be less than the
average annual rent which prevailed during the term under the First
Amendment to this Agreement."
9. All other terms and conditions of the existing Lease between the parties
hereto, dated 13 June 1988 shall remain the same.
In witness whereof, the parties hereto have hereunto set their hands and
seals the day and year written below.
Accepted:
TeleSciences CO Systems, Inc.
/s/ Xxxx Xxxxxx 8/27/93 /s/ 8/27/93
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By: Xxxx Xxxxxx, Dir.- Materials Date Attest:
Accepted:
Line Lexington Management Corp.
/s/ Xxxxx X. Xxxx 9/03/93 /s/
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By: Xxxxx X. Xxxx, Pres. Date Witness:
