EXHIBIT 10.7.2
AMENDMENT TO LEASE AGREEMENT
THIS AMENDMENT (the "Amendment") is made this 24/th/ day of May 2000, by
and between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited
partnership ("Landlord") and CYBERFAST SYSTEMS, INC., a Florida corporation
('Tenant").
A. Landlord and Tenant entered into a Lease Agreement dated June 1, 1999
(the "Lease"), covering premises at 000 Xxxxxx Xxxx, Xxxxx 000, Xxxx Xxxxx,
Xxxxxxx 00000, as more fully described in the Lease (the "Current Premises").
B. Tenant desires to expand its leased space in the Building by
relocating from the Current Premises into the space in the Building known as
Suite 105, consisting of approximately 3,700 rentable square feet, as shown on
Exhibit "A" attached hereto and made a part hereof (the "New Premises").
Landlord has agreed to allow Tenant to relocate by moving out of the Current
Premises and moving into the New Premises, subject to the provisions of this
Amendment. Accordingly, Landlord and Tenant desire to amend the Lease.
NOW, THEREFORE, the parties hereto, in consideration of the mutual promises
and covenants contained herein and in the Lease, and intending to be legally
bound hereby, agree that the Lease is amended as follows:
1. On or about June 1, 2000 (the "Relocation Date"), Tenant shall,
subject to and in accordance with Section 21 of the Lease, surrender the Current
Premises to Landlord and relocate and move into the New Premises.
2. Amendment to Lease. The parties hereto acknowledge that beginning on
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the Relocation Date, the following changes to the Lease shall become effective:
(i) Section l(a) of the Lease is hereby restated in its entirety as
follows:
"(a) 'PREMISES': Suite 105
Approximate rentable square feet:
3,700"
(ii) Section l(c) the of the Lease is hereby restated in its entirety
as follows:
"(c) 'TERM' ((S)5) Sixty (60) months, plus any partial month from
the Commencement Date until the first day of the first full calendar
month of the Term."
(iii) Section 1(c) of the Lease is hereby restated in its entirety as
follows:
"(ii) 'EXPIRATION DATE': June 30, 2004".
(iv) Section 1(d)(i) of the Lease is hereby amended to provide as
follows:
"Minimum Annual Rent beginning on the Relocation Date through
the end of the first Lease Year (June 1, 2000 through June 30, 2000)
shall be Five Thousand Eighty Seven and 50/100 Dollars ($5,087.50),
increased as follows:
Lease Year Annual Monthly
---------- ---------- ---------
2 (July 1, 2000 - June 30, 2001) $62,900.00 $5,241.67
3 (July 1, 2001 - June 30, 2002) $65,416.00 $5,451.33
4 (July 1, 2002 - June 30, 2003) $68,032.64 $5,669.39
5 (July 1, 2003 - June 30, 2004) $70,753.95 $5,896.16
(v) Section 1(d)(ii) of the Lease is hereby restated in its
entirety as follows:
"(ii) Estimated 'ANNUAL OPERATING EXPENSES': Thirty Three
Thousand Six Hundred Seventy and 00/100 Dollars ($33,670,00), payable
in monthly installments of Two Thousand Eight Hundred Five and 83/100
Dollars ($2,805.83), subject to adjustment ((S)7(a))."
(vi) Section 1(e) of the Lease is hereby amended in its entirety, to
read as follows:
"(e) 'PROPORTIONATE SHARE' ((S)7(a)): 2.37% (Ratio of
approximate rentable square feet in the Premises to approximate
rentable square feet in the Building)."
(vii) Section 1(g) of the Lease is hereby amended in its entirety to
read as follows:
"(g) 'SECURITY DEPOSIT' ((S) 28): $8,530.35 (Eight Thousand
Five Hundred Thirty and 35/100 Dollars)."
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(viii) Section 32 of the Lease is hereby restated in its entirety as
follows:
"Initial Payment of Rent. Simultaneously with the execution and
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delivery of this Lease, Tenant shall pay the Landlord an amount equal
to the monthly installments of Minimum Annual Rent and estimated
Annual Operating Expenses due on July 1, 2000 and the last month's
installments of Minimum Annual Rent and estimated Annual Operating
Expenses, plus sales tax, in the aggregate amount of $17,591.04
(Seventeen Thousand Five Hundred Ninety One and 04/100 Dollars)."
(ix) Section 33 of the Lease is hereby restated in its entirety as
follows:
"Improvements. Landlord shall clean the carpet in the
Premises."
(x) Exhibit "A" of the Lease depicting the Current Premises is
hereby replaced with the Exhibit "A" attached hereto and made a part hereof
depicting the New Premises.
2. Acceptance of the New Premises. Tenant acknowledges that it has
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examined and knows the condition of the New Premises and Tenant accepts them in
the condition in which they now are, without relying on any representation,
covenant or warranty by Landlord.
3. Tenant's Obligations as to Current Premises. Notwithstanding Tenant's
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relocation from the Current Premises to the New Premises, Tenant acknowledges
that it shall remain liable to Landlord for all of Tenant's obligations and
liabilities under the Lease with respect to the Current Premises, including,
without limitation, Tenant's obligation to pay Rent, accruing prior to the
Relocation Date or the date on which the Tenant surrenders the Current Premises
to the Landlord, whichever occurs last.
4. Except as expressly modified herein, the terms and conditions of the
Lease shall remain unchanged and in full force and effect. All capitalized terms
not otherwise defined in this Amendment shall have the meanings ascribed thereto
in the Lease. The term "Lease" shall mean the Lease, as defined in the Recitals
to this Amendment, as amended by this Amendment.
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of
the day and year first above written.
LANDLORD:
Date signed: May 24, 2000 LIBERTY PROPERTY LIMITED
-------------------------- PARTNERSHIP
Witness: By: Liberty Property Trust, Sole General Partner
/s/ Xxxxxxxx Xxxxxxxx By: /s/ Xxxxx X. Xxxxxxxxxx
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Name (printed): Xxxxxxxx Xxxxxxxx Name: Xxxxx X. Xxxxxxxxxx
Title: Senior Vice President
/s/ Xxxx Xxxxxx
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Name (printed): Xxxx Xxxxxx
TENANT:
Date signed: May 23, 2000 CYBERFAST SYSTEMS, INC.
--------------------------
Witness:
/s/ Xxxx Xxxxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxx
-------------------------------------- -----------------------------------
Name (printed): Xxxx Xxxxxxxxx Name: Xxxxxx X. Xxxxxxxxx
Title: CEO
/s/ X. Xxxxxxxxx
--------------------------------------
Name (printed):
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