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EXHIBIT 10(p)
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Exhibit 10(p)
AMENDMENT TO LEASE
NOW COME Glenbervie, Inc., a New Hampshire corporation with a principal
place of business at 0000 Xxxxxx Xxxxxxx Xxxxxxx Xxxxx, Xxxxxxxx, XX 00000
("Landlord") and Safety 1st, Inc., a Massachusetts corporation with a mailing
addrss of 000 Xxxxxxxx Xxxxxx, Xxxxxxxx Xxxx, Xxxxxxxxxxxxx 00000 ("Tenant")
parties to a certain "Indenture of lease" dated the 13th day of September 1994,
(the "Lease"), which Lease relates to real property and improvements thereon
located in Londonderry, New Hampshire (the "Premises").
WHEREAS, Tenant has requested that Landlord make certain additional
alternations and improvements to the Premises; and
WHEREAS, Landloard has agreed to make such alternations and
improvements, and Tenant has agreed, in consideration thereof, to increase the
minimum Rent provided for in Section 1.1(g) of the Lease;
NOW, THEREFORE, Landlord and Tenant agree to the following amendments
to the Lease:
1. A new Section 6.4 is hereby added to the Lease, which Section
states as follows:
Section 6.4.
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(a) Landlord agrees that immediately upon the execution and
receipt by it of this "Second Amendment to Lease", it shall commence the
design, permit, and construction process necessary to add the parking areas
shown on Sheets 3 + 4 of the Plans prepared by Xxxx Engineering dated may 24,
1996 (five sheets) and attached hereto as Exhibit A (the "Added Parking") and
to use due diligence to complete same as soon as reasonably possible. All work
required for completion of the Added Parking shall be the responsibility of the
Landlord, and shall be completed in accordance with applicable laws and
regulations.
(b) Landlord shall use good faith efforts to obtain necessary
governmental and regulatory permits and approvals for the Added Parking as soon
as reasonably possible and to commence construction thereof during the Fall of
1996. Because of the nature of the work required to construct the Added
Parking, it is anticipated that Landlord will only be able to partially
complete such work in the calendar year
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1996, and that work not completed prior to the onset of adverse weather will be
completed in the Spring of 1997. Landlord will use due diligence to
substantially complete the Added Parking by May 15, 1997.
(c) The parties hereto agree to cooperate and work in good faith to
complete the Alterations in accordance with the schedule described in
Subsection 6.4(b) above, subject to unusual and/or unavoidable delays beyond
the respective parties control.
2. Section 1.1(g) is amended and a new subsection 1.1(g)(iii) is
hereby added thereto, which subsection states as follows:
"(iii) Effective on February 1, 1997, the Minimum Rent set forth in (i)
and (ii) above shall be increased by $45,000 per year (or $3,750 per month) for
the remainder of the Lease Term and any extensions thereof.
3. Section 12.4 is amended by deleting the table contained therein
and substituting the following table therefor:
"LEASE YEAR TERMINATION PAYMENT
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1 $1,500,000
2 $1,350,000
3 $1,350,000
4 $1,188,000
5 $1,022,000
6 $ 857,000
7 $ 690,000
8 $ 522,000
9 $ 350,000
10 $ 180,000"
Except as specifically amended herein, the Lease shall remain in full
force and effect in accordance with its original terms.
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Dated: November 14, 1996 GLENBERVIE, INC.
By: /s/ Xxxx Xxxxxxxx
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Its: President
SAFETY 1ST, Inc.
By: /s/ Xxxxxxx Xxxxxxxx, CFO
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Its: Xxxxxxx Xxxxxxxx, CFO
XXXXX XX XXX XXXXXXXXX
XXXXXX XX XXXXXXXXXXXX
Xx this, the day November 1996, before me, the undersigned
authority, personally appeared , who acknowledged himsself to be
the of Glenbervie, Inc., a corporation, and that he, as such
officeer, being authorized so to do, executed the within instrument for the
purposes therein coontained on behalf of said corporation.
Notary Public/Justice of the Peace
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Xxxxxxxxxxxx xx Xxxxxxxxxxxxx
Xxxxxx xx Xxxxxxx
Xx this, the 26th day of November 1996, before me, the undersigned
authority, personally appeared Xxxxxxx Xxxxxxxx, who acknowledged himself to
be the Treasurer, CFO of Safety 1st, Inc., a corporation, and that he, as such
officer, being authorized so to do, executed the within instrument for the
purposes therin contained on behalf of said corporation.
/s/ Xxxxx X. Xxxxxxxx
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Notary Public
My Commission Expires on :
XXXXX X. XXXXXXXX, NOTARY PUBLIC
MY COMMISSION EXPIRES APRIL 5, 2002
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