CONSENT BY LANDLORD TO ASSIGNMENT OF LEASE BY MERGER
Exhibit 10.6
CONSENT BY LANDLORD
TO ASSIGNMENT OF LEASE BY MERGER
TO ASSIGNMENT OF LEASE BY MERGER
THIS CONSENT TO ASSIGNMENT OF LEASE BY
MERGER is given as of May 2, 2005, by Jagar, L.L.C., a Michigan limited
liability company (the "Landlord"), for the benefit of Picotronix, Inc., a
Michigan corporation doing business as Picometrix, Inc. (the "Tenant") and
Michigan Acquisition Sub, LLC, a Delaware limited liability company (the
"Assignee").
WITNESSETH:
WHEREAS, Landlord, as landlord, and Tenant,
as tenant, entered into that certain Lease Agreement, dated as of June 18, 2000,
for Tenant's lease of the premises commonly known as 0000 Xxxxxxxxx, Xxx Xxxxx,
Xxxxxxxx 00000 (the "Lease");
WHEREAS, pursuant to that certain Agreement
and Plan of Merger, dated as of March 8, 2005, among Advanced Photonix, Inc, a
Delaware corporation and the sole member of the Assignee, the Tenant and the
Assignee, Tenant will merge with and into Assignee, the separate existence of
Tenant will cease and the Assignee will, as a matter of law, assume all of the
rights and obligations of the Tenant, including, without limitation, the Lease
(the "Merger");
WHEREAS, the Lease provides, among other
things, that the Lease shall not be assigned without the Landlord's written
consent; and
WHEREAS, although the Lease will become the
obligation of the Assignee at the effective time of the Merger (the "Effective
Time") as a matter of law, the consent of Landlord to the resultant change in
the tenant under the Lease is a condition precedent to the Merger and Landlord
has agreed to provide such consent.
NOW THEREFORE, in consideration of the
benefit of the Lease to the Landlord and for valuable consideration, the receipt
of which is hereby acknowledged, the Landlord hereby consents to assumption by
the Assignee of the rights, duties and obligations of the Tenant under the Lease
as of the Effective Time. The Landlord further acknowledges that as of the
Effective Time, the name of the Assignee will become "Picometrix, LLC."
By execution hereof, Assignee agrees to
perform and observe the covenant and obligations of Tenant under the Lease as of
the Effective Time and Tenant acknowledges and agrees that all of its
obligations under the Lease shall inure to the benefit of the Assignee as of the
Effective Time, without any further act of Landlord, Tenant or Assignee.
This instrument may be executed by
facsimile and in one or more counterparts, each of which shall constitute an
original, and all of which together shall constitute one and the same
instrument.
This instrument may be executed by
facsimile signature and in one or more counterparts, each of which shall
constitute an original, and all of which together shall constitute one and the
same instrument.
[SIGNATURES ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, the Landlord, Tenant
and Assignee have caused this Agreement to be duly executed as of the day and
year first above written.
JAGAR, L.L.C. | ||
By: | /s/ Xxxxxxx Xxxx | |
Xxxxxxx Xxxx, | ||
Its Authorized Member | ||
PICOTRONIX, INC., doing business as | ||
Picometrix, Inc. | ||
By: | /s/ Xxxxx X. Xxxxxx | |
Xxxxx X. Xxxxxx | ||
Its Chief Executive Officer | ||
MICHIGAN ACQUISITION SUB, LLC, to be | ||
known as of the Effective Time as | ||
Picometrix, LLC | ||
By Advanced Photonix, Inc. | ||
Its Sole Member | ||
By: | /s/ Xxxxxxx Xxxxx | |
Xxxxxxx Xxxxx | ||
Its Chairman and Chief Executive Officer |
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