EXHIBIT 10.53
AMENDMENT OF LEASE AGREEMENT
THIS AMENDMENT OF LEASE AGREEMENT is made as of September 25, 2001 by
and between XXXXXX X. XXXXXXX, D/B/A THE XXXXXXX COMPANY, having an office at 00
Xxxxxxxxx Xxxx Xxxxxx Xxxx, Xxxxxxxxx, Xxxxxxxxxxxxx 00000 ("Landlord"), and
IBIS TECHNOLOGY CORPORATION, having an office at 00 Xxxxxx Xxxx Xxxxx, Xxxxxxx,
Xxxxxxxxxxxxx 00000 ("Tenant").
BACKGROUND:
A. By Lease dated April 4, 2000, as subsequently amended and modified,
Landlord leased and demised to Tenant certain premises containing approximately
22,626 square feet of floor area (the "Premises") situated in the building
located at 00 Xxxxxx Xxxx Xxxxx, Xxxxxxx, Xxxxxxxxxxxxx, as more particularly
identified and described in the Lease (herein said Lease as heretofore amended
is referred to as the "Lease").
B. By notice dated January 15, 2001, Tenant exercised its option to
expand the Premises to include the Expansion Premises consisting of 18,674
square feet of floor area as described in Section 41 of the Lease.
C. Landlord and Tenant desire to amend the Lease to incorporate the
Expansion Premises into the Premises to otherwise modify the Lease to the extent
hereinafter set forth.
AGREEMENT:
For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1. All capitalized terms used herein and not otherwise defined shall
have the meaning ascribed thereto in the Lease.
2. Effective as of August 1, 2001 (the "Expansion Commencement Date"),
the Demised Premises shall be deemed to include the Expansion Premises, for a
total of 41,300 square feet of space.
3. The Annual Rent for the Expansion Premises, commencing with the
Expansion Commencement Date and continuing through May 31, 2002 shall be
$134,079.32, payable in equal monthly installments of $11,173.28 in the manner
set forth in the Lease. Thereafter, the Annual Rent for the Expansion Premises
shall be
determined in accordance with the terms of the Lease. Tenant shall pay the
installments of Annual Rent for the Expansion Premises for the months of August
and September, 2001 upon execution and delivery of this Amendment to Landlord.
4. Tenant accepts the Expansion Premises in "as is" condition as of the
Expansion Commencement Date; provided, however that Landlord shall remove all
personal property from the Expansion Premises by no later than the date which is
five (5) days after full execution and delivery of this Amendment. Landlord
shall in no event be required to make any repairs to the Premises after removing
such personal property.
5. Landlord and Tenant hereby waive any and all allegations of default
under the Lease, including, without limitation, those allegations made in the
letters dated July 24, 2001 and August 7, 2001 from Landlord by his attorney
Xxxxxxx X. Xxxxx of Xxxxxxxxx, Xxxxx & Xxxxxxx, to Tenant, in the letter dated
August 9, 2001 from Xxxxx X. Xxxxxxxxx of Xxxxx Xxxxx Xxxx Xxxxxx Xxxxxxx and
Xxxxx to Xx. Xxxxx.
6. Notwithstanding anything contained in the Lease to the contrary,
Tenant shall have no obligation to occupy the Expansion Premises. Landlord shall
use commercially reasonable efforts to assist Tenant in subletting the Expansion
Premises, including by showing the Expansion Premises to any prospective tenants
of Landlord as available space and to any prospective subtenants, which may be
located by Tenant.
7. All terms and conditions appearing in the Lease, except those which
are hereby modified, are to remain in full force and effect, and the parties
ratify and confirm the Lease as hereinabove modified.
8. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
2
WITNESS the execution of this instrument under seal as of the date and
year first above set forth.
LANDLORD:
/s/ signature illegible
----------------------------------------------
XXXXXX X. XXXXXXX, D/B/A/ THE
XXXXXXX COMPANY
TENANT:
IBIS TECHNOLOGY CORPORATION
/s/ Xxxxx X. Xxxxxx
----------------------------------------------
Name: Xxxxx X. Xxxxxx
----------------------------------------
Title: CFO
---------------------------------------
Hereunto duly authorized
3
