Exhibit 10.21
THIRD AMENDMENT TO LEASE - Kissimmee, Florida
THIS AMENDMENT is made this 26th day of August, 1998 by and between UNITED
DEVELOPMENT COMPANY LIMITED, a Florida limited partnership having a principal
place of business at 0000 Xxxxxx Xxxxxxxxxx Xxxx, Xxxxxxxxx, Xxxxxxx 00000
(hereinafter called "Landlord") and UFP TECHNOLOGIES, INC., a Delaware
corporation having a principal place of business at 000 Xxxx Xxxx Xxxxxx,
Xxxxxxxxxx, Xxxxxxxxxxxxx 00000 (hereinafter called "Tenant").
WHEREAS, Landlord and Tenant entered into and executed a lease dated as of
April 1, 1986, as extended and amended on August 1,1991 and Aug. 1, 1996, (the
"Lease") for the Premises (as hereinafter defined) as more particularly
described therein;
WHEREAS, Landlord and Tenant mutually desire to amend and further extend
the Lease;
NOW, THEREFORE, in consideration of the mutual covenants herein set forth
and of ONE DOLLAR and other good and valuable consideration, Landlord and Tenant
hereby agree to amend and do hereby amend the, effective as of July 1, 1998,
Lease as follows:
1. The definition of "Premises" in Section 1.02 is deleted in its entirety
and replaced with the following:
Premises. Approximately 37,400 sq. feet of space in the Building.
The Land and Building together are sometimes referred to as the
"Property."
2. Article 3 of the Lease is deleted in its entirety and replaced with the
following:
Term. The current extension of the Term of this Lease commenced on
July 1, 1998 and shall end at midnight, December 31, 2001, both
dates inclusive, unless extended or sooner terminated under the
provisions hereof; provided, however, that Tenant, at its sole
option, may elect to further extend said Term for one additional
3-year period (commencing on January 1, 2002 and ending at midnight
on December 31, 2005), the Basic Rent for such extended period to be
the lesser of (a) the fair market rent as of January 1, 2002, as
agreed upon by the parties, or, failing such agreement, established
pursuant to a commercially reasonable arbitration proceeding; and
(b) the rent for the current extension Term (as established in
Paragraph 3 of this Third Amendment) increased by the increase from
July 1, 1998 to December 31, 2001 in the Consumer Price Index (All
Items; Base 1982-84 = 100), published by the United States
Department of Labor, Bureau of Labor Statistics, for the area in
which the Premises are located.
3. Section 4.02 of the Lease is deleted in its entirety and replaced with
the following:
Computation of Basic Rent. The Basic Rent for the current extension
of the Lease Term shall be the sum of $129,600 per annum.
4. Section 6.04 is deleted in its entirety and replaced with the
following:
Increases in Taxes. Tenant shall pay to Landlord during the Lease
Term, as Additional Rent, within thirty (30) days of written demand
therefor from Landlord, Tenant's Share of the amount by which the
Taxes assessed against the Property during any tax fiscal year (as
reduced by abatements) exceeds twenty-five thousand dollars
($25,000). If any extension Term shall terminate without fault of
the Tenant
prior to the end of the then current tax fiscal year, then said
amount payable by Tenant shall be prorated.
5. Article 8 is deleted in its entirety and replaced with the following:
ARTICLE 8
EXTERIOR MAINTENANCE
8.01 Tenant shall at Tenant's expense perform all needed periodic
maintenance and minor repairs to the exterior of the Building and
the structural elements thereof (including but not limited to
foundation, walls, roof, and the like). Tenant shall at Tenant's
expense perform all needed landscaping.
8.02 Landlord shall at Landlord's expense perform all replacements
of and major repairs to the Building and the structural elements
thereof (including but not limited to foundation, walls, roof, and
the like).
6. Section 15.01 is deleted in its entirety and replaced with the
following:
Insurance. Tenant shall, as Additional Rent, take out
and maintain throughout the Term the following insurance protecting
Landlord and Tenant as named insureds and with such additional
insureds as Landlord from time to time may designate, in such
amounts and with such insurance companies as Tenant deems
appropriate, subject to Landlord's reasonable approval: (a)
commercial general liability insurance with so-called "broad form"
endorsement insuring Landlord and Tenant against all claims and
demands for injury to or death of any person or damage to or loss of
property which may be claimed to have occurred on or about the
Property, with an initial combined single limit of at least
$2,000,000; (b) workers' compensation insurance with statutory
limits covering all of Tenant's employees working on the Property;
and (c) fire and casualty insurance with extended coverage on all
buildings and improvements now existing or hereafter erected upon
the Property. Policies for all such insurance shall, in case of
loss, be first payable to the holders of any mortgages on the
property under a standard non-contributing mortgagee's clause, and
shall be deposited with the holder of such mortgage or with
Landlord, as Landlord may elect.
Except as specifically amended hereby, the Lease remains in full force and
effect.
EXECUTED as a sealed instrument as of the date first written above.
TENANT: UFP TECHNOLOGIES, INC. LANDLORD: UNITED DEVELOPMENT COMPANY
LIMITED
BY: /s/ Xxxxxx X. Xxxxxxxx BY: /s/ Xxxxxxx X. Xxxxxx
--------------------------- ------------------------
Name: Xxxxxx X. Xxxxxxxx Name:
Its: Chief Financial Officer General Partner
