Exhibit 10.5
LEASE EXTENSION AGREEMENT
AGREEMENT made this 27 day of March, 1998 between APOLLO DEVELOPMENT CORP.
("Landlord") and INTELLIGENT CONTROLS, INC. ("Tenant").
WHEREAS the parties have a lease between them currently in force,
covering property in the Saco, Maine, Industrial Park, which lease is dated
April 11, 1991, with a lease extension agreement dated May 27, 1997, with a
termination date of August 15, 1998, and
WHEREAS the parties desire to extend the term of said lease, as set
forth herein,
NOW THEREFORE in consideration of the mutual promises herein made, the
parties agree that the termination date of said lease shall be extended to
August 15, 1999. During the extension period the rent shall be $5,482.50
per month, payable monthly in advance. The rent shall be prorated for the
final half month.
Tenant has the right to extend the lease from August 15, 1999 to
August 15, 2000 at a monthly rent of $5,590.00. All other terms on the
original lease remain in effect.
The period for exercise of the option to purchase the leased real
property (set forth in paragraph 20 of said original lease) is also extended
to the new lease termination date of August 15, 1999 (or August 15, 2000, if
the option to renew the lease is exercised). The 2% increase factor in the
option purchase price shall be computed over the entire period (including
the extension term) as applicable.
In all other respects the lease terms are ratified and confirmed.
Executed at Saco, Maine, on the above date.
Witnessed by: APOLLO DEVELOPMENT CORP.
/s/ Xxxxxxxxx X. Xxxxxxxx By: /s/Xxxxxxxx X. Xxxxxx
Its Treasurer LANDLORD
INTELLIGENT CONTROLS, INC.
/s/ Xxxxxx Xxxxxxx By: /s/Xxxx Xxxxx
Its President TENANT
