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EXHIBIT 10.20
LEASE AMENDMENT AGREEMENT
0000 XXXXXXXX XXXX
MAXXIS GROUP, INC.
THIS LEASE AMENDMENT AGREEMENT (hereinafter, called the "Amendment") made
and entered into this 14th day of August, 1998, by and between XXXXX X. XXXXX, a
Sole Proprietorship (hereinafter called the "Landlord"); and MAXXIS GROUP, INC.,
(hereinafter called the "Tenant"); and XXXXXXX XXXXXX & CO. (hereinafter called
the "Broker").
W I T N E S S E T H
WHEREAS, by Lease Agreement dated June 23, 1997, (hereinafter
collectively called the "Lease"), Landlord leased to Tenant that certain
premises (hereinafter called the "Premises") situated at 0000 Xxxxxxxx Xxxx,
Xxxxx 000, Xxxxxxx, Xxxxxxx 00000, as more particularly described in the Lease;
and
WHEREAS, Landlord and Tenant now desire to further amend the Lease so as
to extend the Term thereof and to make other changes as set forth hereinbelow.
NOW THEREFORE, for valuable consideration paid by each of the parties to
the other, receipt of which is hereby acknowledged, it is agreed between the
parties as follows:
1. Tenant shall expand from its current Premises into and
including 0000 Xxxxxxxx Xxxx, Xxxxx 000, 108, and 110,
Xxxxxxx, Xxxxxxx 00000 (hereinafter called the "Revised
Premises") on or before October 1, 1998. The Revised Premises
contains approximately 14,200+/- square feet.
2. The Revised Rental and Lease term shall commence on October 1,
1998 and expire on April 30, 2001.
3. The Revised Base Rent monthly shall be as follows:
Common Area Base Rent Monthly
Maintenance and Common Area
Base Rent Monthly Maintenance Monthly
Term Monthly (Adjusted Annually) (Adjusted Annually)
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November 1, 1998 - September 30, 1999 $8,130.00 $296.00 $8,426.00
October 1, 1999 - September 30, 2000 $8,449.00 $296.00 $8,745.00
October 1, 2000 - April 30, 2001 $8,781.00 $296.00 $9,077.00
4. Tenant hereby agrees to pay Landlord, on or before the first
of each month, Two Hundred Ninety Six and No/100 Dollars
($296.00) as Tenant's estimated share of water/sewer usage for
the leased premises. Said amount may be adjusted annually, or
as Landlord deems necessary, which shall be based on actual
expenses incurred by Landlord.
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5.
a) Landlord will deliver to the Tenant all heating,
venting and air-conditioning systems and any other
systems (hereinafter called the "Systems") in place
in Suites 106 and 110 as of the date the Tenant takes
possession of the Premises in working order. Upon
taking the possession of the Premises by the Tenant,
the Tenant shall have twenty (20) days within which
to inspect, or cause said Systems to be inspected, to
determine if any of the Systems are not in reasonable
working order. Tenant acknowledges that Tenant has a
duty and an obligation to make such an inspection or
cause such an inspection to be made and notify the
Landlord within the time provided for herein of any
non-compliance according to Section 12. 1. If the
Landlord shall not receive any such notice then, in
such event, it shall be conclusive that the Tenant
has accepted the Systems "as-is" "where-is" on the
date of taking possession of the Premises and
Landlord shall have no further obligation with regard
to said Systems except as provided for in the within
Lease. Should the Tenant notify the Landlord
according to Section 12.1 of any system which is not
in working order, then the Landlord shall make
reasonable efforts to cause the system to be
operating in reasonable working order.
b) Landlord shall repaint the office walls in Suites 106
and 110.
c) Landlord shall recarpet the offices with standard
commercial grade 26-oz. glued down level loop pile
carpeting in Suites 106 and 110.
d) Landlord shall construct up to 20'0" linear feet of
interior office wall and shall demolish to up 20'0"
linear feet of interior office wall per the
specifications of Tenant in each of Suites 106 and
110.
e) Landlord shall install up to two (2) openings between
Suites 106 and 108, and up to two (2) openings
between Suites 108 and 110, each approximately 3'-0"
x 6'-8", at locations to be mutually determined
between Landlord and Tenant.
All other agreements as contained in the Lease shall remain in full
force and effect.
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IN WITNESS WHEREOF, the said parties have executed this Lease
Amendment, the day and year first above written.
LANDLORD
Signed), sealed and delivered XXXXX X. XXXXX, A SOLE PROPRIETORSHIP
in the presence of:
/s/ Xxxxxxx X. Xxxx By: /s/ Xxxxxx Xxxxx
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Notary Public or Witness
Xxxxxxx X. Xxxx Title: Agent for Landlord
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Name (Please Print)
Xxxxxxx Xxxxxx & Co.
TENANT
Signed), sealed and delivered MAXXIS GROUP
in the presence of:
/s/ Xxxxxx XxXxxxxxx By: /s/ Xxxxxx X. Xxxxx
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Notary Public or Witness
Xxxxxx XxXxxxxxx Name: Xxxxxx X. Xxxxx
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Name (Please Print) (Please Print)
Title: President and CEO
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