Exhibit 10.24
AGREEMENT
This Agreement made the 14th day of September, 1998 by and
between XXXXXXX X. XxXXXX, residing at 000 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxx, XX
00000 (Landlord) and DATA PATH TECHNOLOGIES, INC., with offices at 000 Xxxxxxxx
Xxxxxx, Xxxxxxxxxxxxx, XX 00000 (Tenant).
WHEREAS, the Tenant currently occupies premises known as 000
Xxxxxxxx Xxxxxx, Xxxxxxxxxxxxx, XX 00000 pursuant to the terms of a written
Lease which by its terms expired on April 30, 1998; and
WHEREAS, the Landlord and Tenant extended the term of said
Lease to August 30, 1998 pursuant to the terms of a written agreement dated
March 6th, 1998; and
WHEREAS, the Landlord and Tenant have agreed to extend the
term for an additional four years commencing September 1, 1998;
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and
other valuable consideration, it is mutually agreed as follows:
1) The term of the current Lease between the Landlord
and Tenant is hereby extended to August 30, 2002.
2) Paragraph 1 of the Lease Agreement (Rent) is amended
as follows:
a) The Tenant shall pay to the Landlord during
the first two years of the term of this
lease, an annual rental of Eighty-Six
Thousand Four Hundred and 00/100
($86,400.00) payable in advance commencing
September 1, 1998 in equal monthly
installments of Seven Thousand Two Hundred
and no/100 Dollars ($7,200.00) per month on
the first day of each and every month
thereafter until August 20, 2000.
b) During the second two years of the terms of
this lease commencing September 1, 2000, an
annual rental of Eighty Eight Thousand Nine
Hundred Ninety Two Dollars ($88,992.00)
payable in monthly installments of $7,416.00
commencing September 1, 2000, until the end
of the term.
3) Paragraph 29 of the Lease is hereby amended to
provide the tax base for purposes of computations for
future adjustments for Town, School and Village Taxes
shall be those taxes which are due and paid in April,
June and September of 1998, which shall be the base
year for computation of all future tax increases.
4) Paragraph 38 and 39 of the Lease are cancelled.
Except as hereinafter modified, and other terms and conditions
of the Lease Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement
and year and date first above written.
DATA PATH TECHNOLOGIES, INC.
/s/ Xxxxxxx X. XxXxxx
-----------------------------
XXXXXXX X. XxXXXX, (Landlord)
By: /s/ Xxxxxx X. Xxxxx
---------------------------------
Xxxxxx X. Xxxxx, Vice President, (Tenant)
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