EXHIBIT (10)(N)
September, 1999
000 XXXXXXXX XXXXXX
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INTERNATIONAL ELECTRONICS, INC.
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AMENDMENT NO. 3
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Reference is made to the Lease dated March 28, 1995 (the "Lease" by and between
000 Xxxxxxxx Xxxxxx Realty Trust (hereinafter called the "Landlord", which
expression shall include its heirs, executors, successors and assigns where the
context so admits) of one part, and International Electronics, Inc., a
Massachusetts corporation (hereinafter called the "Tenant", which expression
shall include its successors and assigns or executors and administrators where
the context so admits) of the otherwise defined herein shall have the same
meaning herein as therein and Amendment No. 1 of said Lease and Amendment No. 2
of said Lease.
For good and valuable consideration, the receipt and legal sufficiency which is
hereby acknowledged, Lessor and Lessee hereby agree to amend to read as follows:
Sections 1(A), 5(C), 10(N) and 10(O) are hereby amended to read as follows:
1. (A) SUBJECTS REFERRED TO;
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LEASE TERM
OR TERM: From February 1, 1999 through April 30, 2002.
FIXED RENT: Fixed Rent shall be payable as follows: $6.00 per rentable square
foot, triple net, for the first fourteen (14) calendar months of
the Lease Amendment 3 Term, $6.50 per rentable square foot, triple
net, for the next thirteen (13) calendar months and $7.00 per
rentable square foot, triple net, for the final twelve (12)
calendar months of the Lease Amendment Term. Fixed Rent shall be
calculated on the aggregate square footage of the existing Premises
of 20,740 square feet.
RENTABLE FLOOR AREA OF TENANT'S SPACE: 20,740 Square Feet.
OCCUPANCY: The Tenant shall occupy it's former space of 15,540 Square Feet and
in addition 5,200 Square feet of space formerly occupied by Xxxx
Foods.
5. (C) The Factor: The factor shall be 51.2%
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10. (N) OPTION TO EXTEND
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Provided that Tenant is not then in default hereunder, Tenant shall have the
option to
extend the term of this lease for an additional period of two (2) years from
the end of the Amendment 3 term (i.e. April 30, 2002), and further,
provided, however, that Tenant delivers written notice to Landlord of
tenant's exercise of its option to extend on or before September 30, 2001
(time being of the essence). Such extended term shall be on the same terms,
conditions, and covenants of this lease, and amendments except that the
Fixed Rent for the extended term shall be at a rate of $7.00 per square
foot.
10. (O) SUBLETTING AND ASSIGNMENT
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Tenant shall not sublet nor assign this lease, either voluntarily or by
operation of law, (other than with a Person who is a Subsidiary Company or
Affiliate of Tenant) without the prior written consent of Landlord, such
consent shall not be unreasonably withheld. Landlord may withhold approval
of any Subtenant if Tenant is in default under the Lease. Landlord hereby
ratifies the existing occupancy arrangements between Tenant and Subtenants
and any future extensions of the occupancy arrangements between Tenant and
Subtenant within the lease term.
If the Landlord consents to such sublease or assignment Tenant shall remain
liable for the payment and performance of the terms and covenants of this
Lease. Tenant agrees to disclose the terms of any sublease arrangement to
Landlord prior to signing said sublease.
All other terms and conditions remain the same. Executed as a sealed instrument
this 27th day of September, 1999.
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LANDLORD: 000 Xxxxxxxx Xxxxxx Realty Trust
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BY: /s/ Xxxxx Xxxx
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Xxxxx Xxxx, Agent
TENANT: International Electronics, Inc.
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BY: /s/ Xxxx Xxxxxxxxx
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Xxxx Xxxxxxxxx
By its President
