LAW\13085\301037.01
THIRD AMENDMENT TO LEASE AGREEMENT
THIS THIRD AMENDMENT TO LEASE AGREEMENT ("Third Amendment") is made
and entered into by and between X.X. ENTERPRISES, a Colorado general
partnership ("Landlord") and VARI-L COMPANY, INC., a Colorado corporation
("Tenant").
RECITALS
A. Landlord and Tenant have heretofore executed a certain Lease
Agreement dated and effective as of January 1, 1987, as amended by
Amendment to Lease Agreement dated and effective as of December 6, 1990
("First Amendment") and Second Amendment to Lease Agreement dated and
effective as of March 23, 1993 ("Second Amendment) (collectively, the
"Lease Agreement"), with respect to certain leased premises (the
"Premises") at 0000 Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxx, which Premises are
more particularly described in the Lease Agreement, reference to which is
hereby made for all purposes.
B. Landlord and Tenant desire to amend certain provisions of the
Lease Agreement as more particularly provided for herein.
NOW THEREFORE, for and in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby expressly acknowledged, Landlord and
Tenant do hereby agree as follows:
1. Except as otherwise expressly defined herein, capitalized terms
used in this Third Amendment shall have the meanings ascribed to them in
the Lease Agreement.
2. Landlord and Tenant have agreed to extend the term and change the
base rental of the Lease Agreement. In order to facilitate these changes,
Landlord and Tenant have agreed to the modifications of the Lease
Agreement set forth in this Third Amendment.
3. Notwithstanding anything to the contrary contained in the Lease
Agreement, as amended by the First Amendment and Second Amendment, the
term of the Lease Agreement is hereby extended for an additional five (5)
years and seven (7) days, so that the term of the Lease Agreement, which
would have expired on October 24, 2000, is extended to and shall expire on
October 31, 2005. Additionally, provided no default exists under the
Lease Agreement, Tenant shall have one (1) option to extend the term of
the Lease Agreement for an additional five (5) years (the "Option Term").
To exercise such Option Term, Tenant shall provide written notice to
Landlord of its intent to exercise the Option Term no later than October
1, 2005. All provisions of the Lease Agreement shall remain in full force
and effect during the Option Term.
4. Xxxxxxxxx 0X. of the Lease Agreement, as amended by the First
Amendment and Second Amendment, is hereby deleted in its entirety and
replaced with the following:
The base rental hereunder shall be Six Thousand Six Hundred
Thirty Four and 00/100 Dollars ($6,634.00) per month for the
period commencing on April 1, 1993 and ending on October 31,
1998. The base rental hereunder shall be Ten Thousand Eight
Hundred One and 00/100 Dollars ($10,801.00) for the period
commencing on November 1, 1998 through the end of the term of
the Lease Agreement.
5. Except as amended hereby, all terms of the Lease Agreement shall
remain unchanged and in full force and effect, and as amended hereby, the
Lease Agreement is ratified and confirmed by the parties.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Third
Amendment effective as of the 30th day of October, 1998.
TENANT:
VARI-L COMPANY, INC., a Colorado
corporation
By:/s/Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx, President
LANDLORD:
X.X. ENTERPRISES, a Colorado general
partnership
By:/s/Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, general partner
By:/s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx, general partner
