EXHIBIT 10.3
AMENDMENT NO. 3 TO REAL PROPERTY
MASTER LEASE AGREEMENT
This Amendment No. 3 to Real Property Master Lease Agreement ("Amendment")
is effective October 17, 2005, supplements and amends the Real Property Master
Lease Agreement dated January 1, 1996 ("Master Lease"), and is made by and
between The Xxxxxxx Family Limited Partnership, a California limited
partnership, assignee of Xxxxx X. Xxxxxxx and Xxxxx X. Xxxxxxx, Trustees of the
Xxxxxxx Family Trust ("Lessor"), and Dynamic Details, Inc., a California
corporation, formerly Details, Inc., ("Lessee"), with respect to the following:
RECITALS
A. The Master Lease has been previously amended by Amendment Number One to
Real Property Master Lease Agreement ("Amendment Number One") and Amendment No.
2 to Real Property Master Lease Agreement ("Amendment No. 2"), effective January
1, 1997 and September 15, 2003, respectively;
B. By Amendment No. 2 Lessor and Lessee terminated the Master Lease with
respect to Parcels 1, 2, 7, and 13 subject to the Master Lease;
C. Lessee has not exercised any Purchase Option, Extension Option, or First
Refusal Right contained in Sections 6, 7, and 9 of the Master Lease, the term of
the Master Lease expires by its terms December 31, 2005, and Lessor and Lessee
have determined to extend the term of the Master Lease through September 30,
2008, in accordance with this Amendment.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein, Lessor and Lessee agree as follows:
1. Term. Subject to the terms and provisions of this Amendment, the term of
the Master Lease shall be extended for the period January 1, 2006 through
September 30, 2008 ("Master Lease Extended Term") with respect to the following
Parcels 3, 4, 5, 6, 8, 9, 10, 11, and 12 remaining subject to the Master Lease:
Parcel: Address:
------- --------
3 0000 Xxxxx Xxxx
4 0000 Xxxxx Xxxx
5 0000 Xxxxx Xxxx
6 0000 Xxxxx Xxxx
0 0000 Xxxx Xxxxxxxx
9 0000 Xxxxx Xxxxxx
10 0000 Xxxxx Xxxxxx
11 0000 Xxxxx Xxxxxx
12 1241/51 Simon Circle
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2. Base Rent.Base Rent (defined in the Master Lease) is not subject to
adjustment pursuant to the Master Lease. Base Rent in the following amounts
shall be paid monthly without adjustment on the first day of each calendar month
for the Master Lease Extended Term set forth in this Amendment:
Period: Rent:
------- -----
January 1, 2006 - December 31, 2006 $48,794.20
January 1, 2007 - December 31, 2007 $50,745.96
January 1, 2008 - September 30, 2008 $52,755.00
3. Extension Option; Purchase Option; First Refusal Right. All Extension
Option, Purchase Option and First Refusal Rights contained in Sections 6, 7, and
9 of the Master Lease are hereby terminated as of the date of this Amendment.
4. Cooperation; Continuing Obligations. Lessor and Lessee agree to perform
any further acts and execute and deliver documents reasonably necessary to carry
out the provisions of this Amendment. Except as modified by this Amendment, all
covenants, conditions and agreements between Lessor and Lessee under the Master
Lease, Amendment Number One and Amendment No. 2 shall continue in full force and
effect. The provisions of the Master Lease as supplemented or modified by the
within and each preceding amendment are ratified and adopted, and any conflict
in construing the Master Lease as so modified by the collective provisions of
such amendments shall be resolved by the latest executed amendment.
5. Authority. Lessee has not heretofore assigned or otherwise transferred
any right or interest in the Master Lease or any Parcel subject to the Master
Lease, the individuals signing this Amendment on behalf of Lessee have been duly
authorized and the Amendment adopted by appropriate resolutions which are in
full force and effect, and Lessee has full and complete authority to execute the
within Amendment without any additional approval or consent.
6. Recitals Incorporation. The foregoing Recitals contained in this
Amendment are incorporated into the parties agreements.
7 Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be an original and all of which shall be read together as
one instrument.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, Lessor and Lessee have executed this Amendment as of the
date hereinabove written.
"Lessor" "Lessee"
Xxxxxxx Family Limited Partnership Dynamic Details, Inc., a
By: Xxxxxxx Family Trust California Corporation
/S/ XXXXX X. XXXXXXX /S/ XXXXX XXXXXXXX
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Xxxxx X. Xxxxxxx, Trustee Xxxxx XxXxxxxx
Its: General Partner Its: President
/S/ XXXXX X. XXXXXXX /S/ XXXXX XXXXXXXX
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Xxxxx X. Xxxxxxx, Trustee Xxxxx Xxxxxxxx
Its: General Partner Its: Chief Financial Officer
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