AMENDMENT TO LEASE
Exhibit
10.50
AMENDMENT
TO LEASE
THIS
Amendment
made
this day
of
October
2005,
by and
between Phoenix
Business Park, LLC,
successor Lessor to DA Phoenix, LLC, successor to BSRT Phoenix Business Park
L.L.C., an Illinois Limited Liability Company, as "Lessor" and Network
Telephone, Inc.,
successor in interest to LightNetworks,
Inc,
as
“Lessee".
WITNESSETH:
WHEREAS,
the
parties hereto made and entered into a Lease Agreement dated January
13, 2000,
for
premises located at 0000
XX Xxxxxxxxxx, Xxxxxx X-000 - 000, Xxxxxxx, Xxxxxxx 00000
.
WHEREAS,
the
parties hereto amended the Lease on August 4, 2005;
WHEREAS,
the
parties wish to modify the Lease Agreement as hereinafter provided.
WHEREAS,
the
terms Lessor and Landlord shall have the same meaning herein; and the terms
Lessee and Tenant shall have the same meanings herein
NOW,
THEREFORE,
in
consideration of the exchange of valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree that
said
lease shall be amended as follows:
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1.
|
New
Size of the Premises.
The Premises as drawn on Exhibit “A” of this Amendment to Lease shall
demonstrate the new Premises. The Premises shall comprise 15,067
rentable
square feet. Lessor shall, at its own cost, build the demising wall
that
will separate the Premises from the adjacent tenant. Lessee shall
be
responsible for maintaining the Premises as stated in the Lease and
the
previous Amendments of the Lease.
|
| 2. |
Lessee’s
Maintenance Obligation.
Lessee shall be responsible for the maintenance of the newly added
portion
of the Premises that was formerly known as the Common Area Restrooms,
after the construction and completion of the Demising Wall that has
been
built to separate the Premises from the adjacent tenant’s
premises
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| 3. |
HVAC
For The Newly Added Portion Of The Premises.
Currently, the HVAC that services the restrooms located in the newly
added
portion of the Premises is being serviced by the adjacent tenant.
Lessee
acknowledges this fact and understands that the adjacent tenant is
currently responsible for maintaining this unit and has no current
plans
to alter this situation. Lessor shall act as a facilitator to attempt
to
keep the restrooms’ HVAC operational and temperature reasonably
maintained. Lessee further acknowledges that it may, at its own expense,
at a later date, adjust the ducts and air flow within its restroom
areas
so that its’ own HVAC system services this area and therefore not the
adjacent tenant’s HVAC system (servicing this
area).
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| 4. |
Lessor
shall not be responsible for the cost and construction of any of
the work
that Lessee wishes to perform to modify its own plans within its’ Premises
other than constructing the Demising wall. Furthermore, Lessor shall
not
be required to install the Network Telephone Wall by the restrooms
that
was previously mentioned in the Amendment prior to this one. Lessor
shall
not be required to “shorten the wall” for the Common Area Restrooms since
there will no longer be any common are
restrooms.
|
| 5. |
Lessor
shall be responsible to cut in and frame the Network Telephone logo
window. Lessee shall pay for the cost of the window, glass, and mullion
frame around the window.
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| 6. |
New
Base Rent and New Term.
|
November
1, 2005 - October 31, 2006 $11,928.04
per month
November
1, 2006 - October 31, 2007 $12,285.88
per month
November
1, 2007 - October 31, 2008 $12,654.46
per month
November
1, 2008 - October 31, 2009 $13,034.09
per month
November
1, 2009 - October 31, 20010 $13,425.11
per month
| 7. |
If
at any time in the future, a governing authority deems that the restroom
plan for the adjacent tenant can not be reasonably adjusted to meet
the
proper building code, then Lessor shall have the right, but not the
obligation, to immediately nullify this Amendment for this sole reason
and
shall rebuild the walls mentioned at its’ cost and the rentals shall
adjust accordingly from the time of substantial completion of the
common
area restroom walls that will be
created.
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| 8. |
Each
party shall indemnify, defend, and hold harmless from and against
any and
all costs, expenses and liabilities for commissions or other compensation
or charges claimed by any broker or agent who claims to have acted
on
behalf of one party or the other in relation to this Amendment or
the
Lease.
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The
monthly rental shall be paid under the same terms and conditions as specified
in
the Lease Agreement, except as provided herein.
All
other
terms, provision and convenants of the Lease Agreement shall remain in full
force and effect.
IN
WITNESS WHEREOF, the parties herein have hereto set their hands and seals in
triplicate, the day and year first above written.
"LESSOR"
Phoenix
Business Park. LLC
By:/s/__________________________
Its:___________________________
"LESSEE"
Network
Telephone, Inc.
By:
/s/ Xxxxxxxx Xxxxxxx
It's:
CFO and Secretary
