EXHIBIT 10.6
AMENDMENT TO LEASE AGREEMENT
THIS AMENDMENT TO LEASE AGREEMENT ("Amendment"), made this 21st day of November,
2003 between Parkers Lake II Realty Corp., a Minnesota corporation, having an
office at c/o Sentinel Real Estate Corporation, 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx
Xxxx, Xxx Xxxx 00000 as ("Landlord"), and Scanner Technologies Corporation, a
Minnesota corporation, having an address at 00000 00xx Xxxxxx, Xxxxx 000/000,
Xxxxxxxx, XX 00000 as ("Tenant");
WITNESSETH:
WHEREAS, Landlord's predecessor-in-interest, Parkers Lake Pointe II Limited
Partnership, and Tenant entered into a lease dated December 19, 1989, as
subsequently amended by Exhibit F Addendum to Lease Agreement dated December3,
1993 Exhibit G Addendum to Lease Agreement, dated August 4, 1994, Exhibit H
Addendum to Lease Agreement, dated January 23, 1997, Exhibit I Amendment to
Lease Agreement, dated October 8, 1998 and Exhibit J Amendment of Lease
Agreement, dated May 1, 2002 (as amended, the "Lease"), covering premises known
and numbered as Suite 216/218, consisting of approximately 2,244 square feet of
office space and 2901 square feet of warehouse space for a total of 5,145 square
feet, located in Parkers Lake Pointe II, 00000 00xx Xxxxxx, Xxxxxxxx, Xxxxxxxxx
00000 (the "Building") collectively (the "Leased Premises");
WHEREAS, the term of the Lease shall expire on March 31, 2004;
WHEREAS, Tenant desires to extend the term of the Lease for an additional
thirty-six (36) month period commencing April 1, 2004 and expiring on March 31,
2007;
NOW THEREFORE, in consideration of the Premises and the mutual covenants herein
contained, Landlord and Tenant hereby agree to amend the Lease, effective the
date hereof, as follows:
1. The term of the Lease is hereby extended through and including March 31,
2007.
2. Tenant covenants to pay Landlord, on or before the first of each month,
without prior demand being made therefore and without offset or deduction
of any kind, as Base Rent for the Leased Premises, the following sums:
(i) For the period commencing on April 1, 2004 and expiring on March
31, 2005, the sum of $34,372.50, payable in equal monthly
installments, in advance, of $2,864.38 per month;
(ii) For the period commencing on April 1, 2005 and expiring on March
31, 2006, the sum of $35,403.68, payable in equal monthly
installments, in advance, of $2,950.31 per month;
(iii) For the period commencing on April 1, 2006 and expiring on March
31, 2007, the sum of $36,465.79, payable in equal monthly
installments, in advance, of $3,3038.82 per month.
-1-
3. Upon mutual execution of this Amendment, Landlord, at Landlord's sole
cost and expense, shall perform the following work:
(i) Furnish and install new building standard carpet in the office
portion of the Leased Premises, and remove existing carpet from
the office portion of the Leased Premises;
(ii) Paint office portion of the Leased Premises.
All other improvements to the Leased Premises shall be made: (i) at
Tenant's sole cost and expense; (ii) in accordance with plans and
specifications previously approved by Landlord in writing; (iii) in full
compliance with all applicable laws, ordinances, rules and regulations of
all governmental authorities having jurisdiction thereover; (iv) in a
good and workmanlike manner; (v) in such a manner as to insure the least
possible interference with all aspects of the Building's operation,
including cooperating fully with Landlord's requests regarding such items
as the location of construction equipment and the times and manner in
which construction will be performed and (vi) in a prompt and diligent
manner.
4. Tenant represents and warrants to Landlord that Tenant has had no
dealings or negotiations with any broker or agent in connection with the
consummation of this Amendment, and Tenant agrees to pay, hold harmless
and indemnify Landlord from and against any and all costs, expenses
(including attorney's fees and court costs), loss and liability for any
compensation, commissions, or charges claimed by any broker or agent with
respect to this Amendment or the negotiations hereof if such claim or
claims by any such broker or agent are based in whole or in part on
dealings with Tenant or its representatives.
5. Tenant hereby represents and warrants to Landlord that Tenant (i) is not
in default of any of its obligations under the Lease and that such Lease
is valid, binding and enforceable in accordance with its terms, (ii) has
full power and authority to execute and perform this Amendment, and (iii)
has taken all actions necessary to authorize the execution and
performance of this Amendment.
6. The recitals set forth hereinabove are incorporated herein by this
reference with the same force and effect as if fully set forth
hereinafter.
7. Capitalized terms not otherwise defined herein shall have the meaning
ascribed to them in the Lease.
8. Except as expressly amended hereby, the Lease and all of the terms,
covenants and conditions of the Lease are hereby confirmed and ratified
and shall remain and continue in full force and effect.
9. This amendment may not be modified or terminated orally and constitutes
the entire agreement between the parties with respect to the subject
matter hereof.
-2-
IN WITNESS WHEREOF, the parties hereto have executed this Amendment the day and
year first written above.
LANDLORD: Parkers Lake II Realty Corp.
By:
(Title):
TENANT: Scanner Technologies Corporation
By: /s/ Xxxxxx X. Xxxxx
(Title): Corporate Secretary
-3-
