EXHIBIT 10.26
AMENDMENT OF LEASE
This Amendment of Lease ("Amendment") is made as of this 1st day of
August, 1998, by and between GMT Corporation, a Minnesota corporation, whose
address is 000 Xxxx Xxxxx Xxxxxx, Xxxxx Xxxx, Xxxxxxxxx 00000 ("Landlord") and
BMC Industries, Inc., a Minnesota corporation, whose address is 000 Xxxx Xxxxxxx
Xxxxxx, Xxxxx Xxxx, Xxxxxxxxx 00000 ("Tenant").
RECITALS:
WHEREAS, Landlord and Tenant are parties to that certain Lease
Agreement originally between Control Data Corporation and Xxxxxxx-Xxxxx Company
dated November 20, 1978, as amended by various amendments and agreements
(collectively "Lease"); and
WHEREAS, Landlord and Tenant desire to amend the Lease as it related to
the "PS-3 Space" upon the terms and conditions set forth below.
NOW, THEREFORE, In consideration of the foregoing and other good and
value consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Tenant shall have the option to renew the term of the Lease
for the PS-3 Space for the period from March 1, 1999, through
February 29, 2000, by written notice to Landlord on or before
January 31, 1999.
2. Tenant shall have the option on 30 days prior notice to renew
the term of the Lease as it relates to the PS-3 Space for four
(4) additional, consecutive one (1) year periods. For each
option period there shall be an adjustment ("Adjustment') in
the basic Rental and Tenant's annual share of "CAM Charges" as
defined in Section 5 of the Amendment of Lease dated April 6,
1994, as said Adjustment is defined in Section 6 of said
Amendment of Lease dated April 6, 1994; provided the "Base
Price Index" shall be the Price Index last published prior to
the term then in effect.
3. For the PS-3 Space Tenant shall pay an annual rate of $9.93
per square foot for Basic Rent and CAM Charges as defined in
Section 5 of the Amendment of Lease dated April 5, 1994. Real
estate taxes shall be billed on a prorate basis.
4. Except as specifically provided herein, the terms and
conditions of the Lease as it relates to the PS-3 Space shall
continue in full force and effect. In the event of any
inconsistency between the terms of this Amendment
and any other terms of the Lease, the provisions of this
Amendment shall control.
IN WITNESS WHEREOF, This Amendment has been executed as of the date set
forth above.
LANDLORD: GMT CORPORATION TENANT: BMC INDUSTRIES, INC.
By: /s/Xxxxx Xxxxxx By: /s/Xxxxxxxx X. Xxxx
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Its: President Its: VP/GM
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