EXHIBIT 10.14
THIRD AMENDMENT OF LEASE
THIS THIRD AMENDMENT OF LEASE ("Amendment") is made and entered into effective
as of August 1, 2005 by and between CSM INVESTORS, INC., a Minnesota corporation
("Landlord") and SYNOVIS LIFE TECHNOLOGIES, INC., a Minnesota corporation
("Tenant").
RECITALS
A. Landlord and Tenant are parties to a Lease dated February 28, 1995, as
amended by that certain First Amendment of Lease dated September 23, 2002
("First Amendment"), and as amended by that certain Second Amendment of
Lease dated January 1, 2004 ("Second Amendment") (collectively, the
"Lease"), pursuant to which Tenant leases from Landlord the Premises,
consisting of approximately 65,002 square feet within the WESTGATE BUSINESS
CENTER PHASE IV located at 0000 XXXXXXXXXX XXXXXX XXXX, XXXXX 000, XX.
XXXX, XXXXXXXXX, as more particularly described in the Lease.
B. Tenant and Landlord agreed to expand the area of the Premises and extend
the term of the Lease pursuant to the terms of the First Amendment and the
Second Amendment.
C. The parties wish to amend certain terms and conditions of the Lease as more
particularly set forth herein.
NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Landlord and Tenant agree that the
Lease is hereby amended as follows:
AGREEMENT
1. SECTION 1.6. BASE RENT:
A. ORIGINAL PREMISES: Pursuant to Section 9 of the First Amendment,
commencing August 1, 2005, the market Base Rent for the original
Premises (comprising 36,027 rentable square feet) is as follows:
PERIOD MONTHLY BASE RENT PER RENTABLE SQ. FT.
------ ----------------- --------------------
8/1/05-12/31/08 $29,853.23 $9.94
OPTION TERM:
PERIOD MONTHLY BASE RENT PER RENTABLE SQ. FT.
------ ----------------- --------------------
1/1/09-12/31/11 Market Market
B. SECOND EXPANSION AREA: The Base Rent for the Second Expansion Area
(comprising 28,975 rentable square feet) is as follows:
PERIOD MONTHLY BASE RENT PER RENTABLE SQ. FT.
------ ----------------- --------------------
8/1/05-12/31/06 $26,507.30 $10.978
1/1/07-12/31/08 $27,651.81 $11.452
OPTION TERM:
PERIOD MONTHLY BASE RENT PER RENTABLE SQ. FT.
------ ----------------- --------------------
1/1/09-12/31/11 Market Market
2. BROKERAGE. Landlord and Tenant each represents and warrants to the other
that there is no obligation to pay any brokerage fee, commission, finder's
fee or other similar charge in connection with this Amendment. Each party
covenants that it will defend, indemnify and hold harmless the other party
from and against any loss or liability by reason of brokerage or similar
services alleged to have been rendered to, at the instance of, or agreed
upon by said indemnifying party. Notwithstanding anything herein to the
contrary, Landlord and Tenant agree that there shall be no brokerage fee or
commission due on expansions, options or renewals by Tenant.
3. MISCELLANEOUS. Except as otherwise provided herein, all capitalized terms
used herein shall have the meaning ascribed to them in the Lease. Except as
specifically modified herein, all of the covenants, conditions, and
obligations under the Lease shall remain unchanged and in full force and
effect. In the event of a conflict between the terms of the Lease and this
Amendment, the terms of this Amendment shall prevail. This Amendment shall
be binding upon the parties hereto and their respective successors and
assigns. This Amendment may be executed in one or more counterparts each of
which when so executed and delivered shall constitute an original, but
together said counterparts shall constitute one and the same instrument.
Execution copies of this Amendment may be delivered by facsimile, and the
parties hereto agree to accept and be bound by facsimile signatures hereto.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and
year first above written.
LANDLORD: TENANT:
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CSM INVESTORS, INC. SYNOVIS LIFE TECHNOLOGIES, INC.
By: /s/ Xxxxx Xxxxxxx By: /s/ Xxxxx Xxxxxxxx
-------------------------------- ------------------------------------
Print Name: Xxxxx Xxxxxxx Print Name: Xxxxx Xxxxxxxx
------------------------ ----------------------------
Print Title:Sr. Vice President Print Title: VP Finance and CFO
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244783 - LEASING/PROPERYMGMT - SYNOVIS THIRD AMENDMENT FOR WESTGATE IV - Leas
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