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Exhibit 10.56
FIFTH AMENDMENT TO LEASE
This Fifth Amendment to Lease is entered into this 22nd day of April,
1998, between XXXXX XXXXX ("Lessor") and GRAFALLOY CORPORATION ("Lessee") with
reference to the following facts:
RECITALS
A. Lessor (by virtue of an Assignment and Assumption Agreement) and
Lessee (also by virtue of an Agreement of Assignment and Assumption) are parties
to a Standard Industrial/Commercial Single-Tenant Lease-Net dated July 21, 1993
and to Amendments dated August 31, 194, March 5, 1996, February 24, 1997, and
August 29, 1997, respectively (the "Lease"), pursuant to which lessee has leased
that certain improved real property commonly known as 0000 Xxxxx Xxxxxxxx
Xxxxxx, Xx Xxxxx, Xxxxxxxxxx ("the Property").
B. The Lessor and Lessee desire to extend the term of the Lease,
provide the Lessee with an option to expand the space included in the Property
and to modify the Base Rent.
NOW THEREFORE, in consideration of the mutual promises and covenants
between the parties, and for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, Lessor and Lessee agree as follows:
1. Term. The Term of the Lease shall be extended up to and including
September 30, 1999 ("Expiration Date").
2. Base Rent. Commencing on October 1, 1998, the Base Rent payable
under the Lease, as amended, shall be adjusted to sixteen thousand dollars
($16,000.00) per month, net, net, net.
3. Option to Extend. Prior to December 31, 1998, Lessee shall have the
option to extend the term of this Lease until September 30, 2003, provided that:
a. Lessor must receive written notice from Lessee of Lessee's intent
to exercise this option by 5:00 p.m. on December 31, 1998;
b. The square footage of the space included in the Property shall be
increased to approximately 33,200 square feet not less than sixty (60) days
after Lessor's receipt of Lessee's notice or later than March 1, 1999;
c. The Base Rent for the first year following the delivery of the
additional space to lessee shall be increased to $18,260.00 per month, net, net,
net; and
d. The Base Rent shall be increased annually on the anniversary of the
delivery of the additional space at the rate of four percent (4%) per annum.
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4. All other terms of the Lease shall remain in full force and effect.
LESSOR:
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
LESSEE:
GRAFALLOY CORPORATION
/s/ Xxxxxxx X. Xxxxxxx
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By: Xxxxxxx X. Xxxxxxx
Its: President
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