EXHIBIT 10.21
May 8, 1997
FIRST EXTENSION of Lease agreement dated April 1, 1992 by and between EURAM/1870
EXCHANGE ASSOCIATES (hereinafter called "Lessor") and ATLANTIS PLASTIC FILMS,
INC. (successor by name change to NATIONAL POLY PRODUCTS, INC.), (hereinafter
called "Lessee").
1. Lessor and Lessee agree to a lease extension for a period of 5 years,
commencing on June 1, 1997 and terminating at midnight on May 31, 2002.
2. The monthly rental payment schedule will be as follows:
6/01/97 - 5/31/99 $9,632.29
6/01/99 - 5/31/01 $10,017.58
6/01/01 - 5/31/02 $10,402.88
There will be no CPI or DOE related or other increases added to the
above rental payments.
3. Lessor will make the following improvements to the space at no cost to
Lessee:
Repaint all painted surfaces with washable vinyl paint.
Steam clean carpeting throughout.
Reasonable general clean up and repair.
Replace all damaged and/or stained ceiling tiles, if any.
All of the above mentioned improvements will be finalized no later than June 30,
1997.
Lessor will further make sure that the roof of the building is in good workable
condition.
4. In connection with EDI survey, known to Lessor and Lessee, Lessor will
implement the following 4 items, which will be documented in writing:
- The control system air compressor will be isolated from the return
air stream.
- Rotting wood or organic debris near the Air Handlers and outside air
intakes will be repaired or removed.
- The ceiling supply diffusers in Suite 200 will be cleaned and light
debris removed.
- The interior cleaning procedures will be reviewed and appropriate
dust collection bags will be required in vacuum cleaners.
A fifth item from the survey will be implemented as far as possible
considering the design and capacity of the existing HVAC system in the
building. This item is that Lessor will attempt to verify that outside
airflow to the building when the HVAC system induces minimum quantities
of outside air HVAC system should provide a minimum of 0.14 cfm of
outside air per square foot of usable area to comply with ASHRAE
Standard 62.89 requirements.
The first 4 items to be implemented will be completed no later than
June 1, 1997. If any of these 4 items have not been completed at such
date, Lessee will be entitled to xxxxx rental payments - to be prorated
on a daily basis - until such time as Lessor has implemented these
items fully.
Lessor and Lessee acknowledge and agree that non-compliance with the
fifth item of the EDI survey will not be grounds for rental abatement
by Lessee.
5. Lessor and Lessee both acknowledge and agree that the EDI survey states
that the building generally operates within applicable industry and
regulatory indoor air quality guidelines and that implementing the
above mentioned items should improve indoor air quality.
6. Lessor acknowledges and agrees that CTR Partners, LLP represents Lessee
in this lease extension transaction.
7. Lessor and Lessee agree that items 1, 2, 5, 7, 8, and 9 of the Special
Stipulations attached to the original Lease agreement will no longer be
valid.
8. Item 6. of the Special Stipulations will be modified as follows:
Lessor's address should read 750 The Xxxxxx Building instead of
300 The Xxxxxx Building.
Lessee will be Atlantis Plastic Films, Inc. instead of Atlantis Group,
Inc.
Broker will be CTR Partners, LLP
00 Xxxxxxxxxx Xxxxxxx Xxxxx
Xxxxx 000
Xxxxxxxx, Xxxxxxx 00000
Attn: Xxx Xxxxxxxxxx
9. Except as modified by this extension agreement, the original Lease
agreement with the attached Rules and Regulations and Special
Stipulations will remain in full force and effect.
10. Lessor is responsible for any real estate commissions due CTR Partners,
LLP and/or AFCO Realty in connection with this extension.
IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease extension on 14
May, 1997.
LESSOR: EURAM/1870 EXCHANGE ASSOCIATES
BY: /S/
----------------------------------------
LESSEE: ATLANTIS PLASTIC FILMS, INC.
BY: /S/
----------------------------------------
