FIFTH AMENDMENT TO COMMERCIAL LEASE
This Fifth Amendment is made this 11th day of February, 1993, by and
between INVESTORS REAL ESTATE TRUST, a North Dakota Business Trust, 12 South
Main, Minot, North Dakota, as Landlord, and XXXXXXXXXX TECHNOLOGY, INC. a
Minnesota Corporation, 0000 0xx Xxxxxx X., Xxxxx Xxxxx, Xxxxx Xxxxxx, as Tenant,
to that certain building lease dated on April 26, 1988, between Landlord's
predecessor in title, Empire Associates, a Minnesota General Partnership, and
Tenant.
WHEREAS Tenant and Landlord have agreed that an addition shall be
constructed to the building located on the leased premises of approximately
17,640 sq. ft.
NOW, THEREFORE, it is agreed between the parties that said lease agreement
shall be amended as follows:
1. CONSTRUCTION OF ADDITION. Tenant shall arrange for the construction
of the addition pursuant to plans and specifications prepared by it and approved
by Landlord. Landlord shall pay for all expenses incurred by Tenant in
connection with said construction, provided that the total cost shall not exceed
$1,300,000.00.
2. REVISED RENT. Beginning with the occupancy of the addition by
Tenant, the monthly rent shall be increased by the following amount: the total
cost of the addition paid by Landlord, including all of its out-of-pocket costs
in connection with this project and also including construction interest of
11.64% computed on each advance from the date of advance to the occupancy date
shall be multiplied by 11.64% and divided by 12.
EXAMPLE: If the total cost of the addition is $900,000, the
additional monthly rent will be: $900,000 x 11.64% / 12 = $8,730.00.
3. RATIFICATION. Except as herein above expressly amended, said building
lease and the four prior amendments thereto are hereby ratified and confirmed.
LANDLORD: TENANT:
INVESTORS REAL ESTATE TRUST XXXXXXXXXX TECHNOLOGY, INC.
By /s/ Xxxxxx X. Xxxxx By /s/ Xxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxx
Vice-President Its CFO
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SIXTH AMENDMENT TO COMMERCIAL LEASE
This Sixth Amendment is made this 17 day of February, 1995, by and between
INVESTORS REAL ESTATE TRUST, a North Dakota Business Trust, 12 South Main,
Minot, North Dakota, as Landlord, and XXXXXXXXXX TECHNOLOGY, INC., a Minnesota
Corporation, 0000 0xx Xxxxxx X., Xxxxx Xxxxx, Xxxxx Xxxxxx, as Tenant, to that
certain building lease dated on April 26, 1988, between Landlord's predecessor
in title, Empire Associates, a Minnesota General Partnership, and Tenant.
WHEREAS Tenant and Landlord have agreed that Landlord shall reimburse
Tenant for the expense of a parking lot which has been constructed on the leased
premises;
NOW, THEREFORE, it is agreed between the parties that said lease
agreement shall be amended as follows:
1. REIMBURSEMENT. Tenant has arranged for the construction of the
parking lot. Landlord shall pay for all expenses incurred by Tenant in
connection with said construction in the amount of $153,740.15.
2. REVISED RENT. Beginning March 1, 1995, the monthly rent shall be
$43,306.19 per month.
3. REVISED ESCROW AGREEMENT. Beginning March 1, 1995, Landlord
hereby agrees to allow Tenant to pay the real estate taxes and insurance
premiums directly when due, versus paying monthly into a escrow account as
previously agreed to.
4. RATIFICATION. Except as herein above expressly amended, said
building lease and the five prior amendments thereto are hereby ratified and
confirmed.
LANDLORD: TENANT:
INVESTORS REAL ESTATE TRUST XXXXXXXXXX TECHNOLOGY, INC.
By /s/ Xxxxxx X. Xxxxx By /s/ Xxxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Vice-President Its V.P. Administration
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SEVENTH AMENDMENT TO COMMERCIAL LEASE
This Seventh Amendment is made this 1st day of April, 1995, by and
between INVESTORS REAL ESTATE TRUST, a North Dakota Business Trust, 12 South
Main, Minot, North Dakota as Landlord, and XXXXXXXXXX TECHNOLOGY, INC., a
Minnesota Corporation, 0000 0xx Xxxxxx X, Xxxxx Xxxxx, Xxxxx Xxxxxx, as Tenant,
to that certain building lease dated on April 26, 1988, between Landlords
predecessor in title, Empire Associates, a Minnesota General Partnership, and
Tenant.
WHEREAS Tenant and Landlord have agreed that Tenant shall, from this
time forward and at its expense, maintain a policy or policies of insurance
meeting the terms and conditions as defined in Paragraph 15 (a) of the lease
agreement
NOW, THEREFORE, it is agreed between the parties that said lease
agreement shall be amended as follows;
1. PREMISES INSURANCE. The term "Lessor" in the first line of
paragraph (a) of clause 15 of the lease agreement shall be changed to "Lessee".
2. PREMIUM INCREASES. The first sentence of Paragraph (d) of
clause 15 of the lease agreement is deleted in its entirety
3. RATIFICATION. Except as herein above expressly amended,
said building lease and the six prior amendments thereto are hereby ratified and
confirmed.
LANDLORD, TENANT;
INVESTORS REAL ESTATE TRUST XXXXXXXXXX TECHNOLOGY INC.
by /s/ Xxxxxx X. Xxxxx by /s/ Xxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxx Xxxx X. Xxxxxxxx
Vice President Vice President of Finance
