SECOND AMENDMENT OF LEASE
Exhibit 10.1
Second Amendment of Lease
TEL Instrument Electronics Corp. d/b/a TEL
April 12, 2021
| Lease: | XXXXXXX XXXXXX and the XXXXXXXX XXXXXX TRUST (“Landlord”) |
|
(assignees of the Xxxxxxx Xxxxxx Intentionally Defective Grantor Trust |
|
| and Xxxxxxx Xxxxxx) | |
| - and - | |
| TEL INSTRUMENT ELECTRONICS CORP. d/b/a TEL (“Tenant”) | |
| Dated April 1, 2011 and first amended June 14, 2016. | |
| Building: | Xxx Xxxxxx Xxxx |
| Xxxx Xxxxxxxxxx, Xxx Xxxxxx |
SECOND AMENDMENT OF LEASE
WHEREAS, Xxxxxxx Xxxxxx and the Tenant entered into that certain Lease Agreement, dated April 1, 2011 (the “Lease”), for a portion of Xxx Xxxxxx Xxxx, Xxxx Xxxxxxxxxx, Xxx Xxxxxx (“Leased Premises”); and
WHEREAS, Xxxxxxx Xxxxxx and the Xxxxxxxx Xxxxxx Trust (hereinafter collectively “Landlord”) are the successors in interest to the Xxxxxxx Xxxxxx Intentionally Defective Grantor Trust and Xxxxxxx Xxxxxx; and
WHEREAS, Landlord and Tenant desire to modify the Lease to provide, among other things, for an extension of the Lease Term;
NOW, THEREFORE, Landlord and Tenant agree as follows:
|
1. |
DEFINED TERMS: Unless otherwise defined herein, the capitalized terms used herein shall have the meanings assigned to such terms in the Lease. |
|
2. |
EXTENDED LEASE TERM & BASE RENT: The Lease Term shall be extended and the Base Rent modified as follows: |
|
TERM |
ANNUAL |
MONTHLY |
|
9/1/2021 - 8/31/2025 |
$254,840.04 |
$21,236 .67 |
|
911/2025 - 8/31/2029 |
$276,999.96 |
$23,083.33 |
|
3. |
PARKING: Effective September 1, 2021, Tenant's parking shall consist of 43 unassigned car parking spaces and the License Agreement dated April 1, 2011 between Tenant and 405 MHP Partnership shall be deemed null and void. |
Second Amendment of Lease
TEL Instrument Electronics Corp. d/b/a TEL
|
4. |
NO BROKER: Tenant represents and warrants to Landlord that no real estate broker represented Tenant in regard to this Second Amendment of Lease. |
|
5. |
MODIFICATION: Except as herein modified, all the terms and conditions of the Lease shall remain unchanged. |
IN WITNESS WHEREOF, on the day and year first above written, Landlord and Tenant agree to this Amendment of Lease.
LANDLORD:
XXXXXXX XXXXXX
/s/ L Branca
Xxxxxxx Xxxxxx
XXXXXXXX XXXXXX TRUST
/s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, Attorney in Fact
for Xxxxxxx Xxxxxx, Trustee
LICENSOR :
405 MHP PARTNERSHIP
/s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, Partner
{Only in reference to Section 3 above and
said License Agreement.}
TENANT & LICENSEE:
TEL INSTRUMENT ELECTRONICS CORP.
d/b/a TEL
/s/ Xxxxxxx X'Xxxx
Name: Xxxxxxx X'Xxxx
Title: President & CEO
