Exhibit 10.6
EXTENSION AGREEMENT
EXTENSION AGREEMENT dated January 17, 2000 to be attached to and form a part of
the lease (which together with any amendments, modifications and extensions
thereof is hereinafter called the "Lease'), dated August 13, 1998 between
Xxxxxxx Properties, L.P., as Landlord, and Logic Vision, Inc., as Tenant,
covering the premises known as 000 Xxxxx Xxxxx, Xxxxx #000, xx Xxx Xxxx,
Xxxxxxxxxx.
Landlord and Tenant hereby agree that the term of the Lease is hereby renewed
and extended for an additional term of five (5) years to commence on the first
day of April, 2000, and to end on the 31st day of March, 2005, on condition that
Landlord and Tenant comply with all the provisions of the covenants and
agreements contained in the Lease, except:
1) Rental: Base Rent for the premises shall be:
4/l/2000 - 3/31/2001 $41,040.00 per month plus operating
expenses per Paragraph 7 of the Lease.
Operating expenses through December 31,
2000 are estimated to be $13,798.00 per
month. Direct operating expenses are
estimated a year in advance and collected
on a monthly basis. Any adjustments
necessary (up or down) will be made at
the end of the operating year.
4/l/2001 - 3/31/2002 $43,093.00 per month plus operating
expenses per Paragraph 7 of the Lease.
4/l/2002 - 3/31/2003 $45,247.00 per month plus operating
expenses per Paragraph 7 of the Lease.
4/l/2003 - 3/31/2004 $47,510.00 per month plus operating
expenses per Paragraph 7 of the Lease.
4/1/2004 - 3/31/2005 $49,885.00 per month plus operating
expenses per Paragraph 7 of the Lease.
2) Term and Possession: Tenant accepts the premises in "as is"
condition.
3) Renewal Tenant Landlord will provide a one-time Tenant
Improvements: Improvement Allowance of $141,520.00,
which will be made available to Tenant
between January 1, 2002 and June 30,
2002. Landlord and Tenant shall
coordinate to cause the Renewal Tenant
Improvements to be completed, pursuant to
the terms of Exhibit A attached hereto
and made a part hereof. If Tenant
performs mutually agreed upon Renewal
Tenant Improvements between April 1, 2000
and December 31, 2001, Landlord will
reimburse Tenant for the actual cost of
the Improvements, up to the amount of the
Tenant Improvement Allowance stated above
on January 1, 2002 upon receipt of paid
Renewal Tenant Improvement invoices.
Notwithstanding the provisions of Exhibit
A, attached hereto and made a part
hereof, after June 30, 2002, the Renewal
Tenant Improvements will no longer be
completed at Landlord's cost and expense.
4) Security Deposit: Tenant's existing Security Deposit of
$46,000.00 will increase effective April
1, 2000 by $145,052.00 for a total
Security Deposit of $191,052.00.
5) Notices: Tenant or Landlord may send any notice as
required by the Lease via Federal Express
or similar overnight courier service in
lieu of sending notice via United States
certified or registered mail.
IN WITNESS WHEREOF, the parties hereto have executed this
Extension Agreement as of this ________ day of January, 2000.
LANDLORD:
XXXXXXX PROPERTIES, L.P.,
California limited partnership
By: Xxxxxxx Properties, Inc.,
a Maryland corporation
By: /s/ Xxxx X. Xxxxxxxx
---------------------------
Xxxx X. Xxxxxxxx
Its: Vice President
---------------------------
TENANT:
LOGIC VISION, INC.,
a California corporation
By: /s/ Xxxx X. Xxxxxx
---------------------------------
Xxxx Xxxxxx
Its: Vice President, Finance & CFO
--------------------------------
