Exhibit 10.34
FIRST AMENDMENT TO LEASE
This First Amendment to Lease ("Amendment"), is made and entered into this
17th day of September, 1996 by and between Xxxx & Xxxx Enterprises,
Inc., a California corporation ("Xxxx" or "Lessor") and Premisys
Communications, Inc., a Delaware corporation ("Premisys" or "Lessee"). All
capitalized terms used in this Amendment shall have the definitions set
forth in the Lease.
RECITALS
A. By that certain lease dated October 24, 1996 (the "Lease"), Xxxx agreed to
construct approximately 52,000 square feet of space, including all
improvements thereto, at 00000 Xxxxxxx Xxxxx, Xxxxxxx, Xxxxxxxxxx (the
"Premises") and to lease the constructed space to Premisys.
B. The parties to the Lease hereby agree to amend the Lease according to the
terms and conditions of this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are acknowledged, the parties hereto agree to amend the Lease as
follows:
1. ADDRESS: The address for the Premises is 00000 Xxxxxxx Xxxxx, Xxxxxxx,
Xxxxxxxxxx.
2. PREMISES: The square footage of the Premises has increased to 53,000
square feet.
3. COMMENCEMENT DATE: Lessor and Lessee agree that construction of the
Premises has been delayed due to acts of God (rain and wet soil
conditions) for in excess of sixty (60) days and therefore rent
abatement as provided in Section 2 of the Lease, if any, shall
commence November 30, 1996 rather than September 30, 1996. It is
the intention of Lessor and Lessee that the Commencement Date as
provided in Section 1 of the Lease shall be October 1, 1996 rather
than August 1, 1996.
4. TI ALLOWANCE: The TI Allowance shall be increased to $1,325,000 rather
than $1,300,000 as provided in Section 2 of the Lease.
5. BASE RENT: Base rent shall be increased to and payable at the following
monthly rates:
Months 1 through 12 $46,640
Months 13 through 24 47,806
Months 25 through 36 49,001
Months 37 through 48 50,226
Months 49 through 60 51,482
Months 61 through 72 52,769
Months 73 through 84 54,088
Months 85 through 96 55,440
6. LESSEE INTERIOR IMPROVEMENTS: Lessee is aware and acknowledges that
the cost of the Lessee Interior Improvements are expected to be
approximately two million three hundred twenty-eight thousand one
hundred fifty-six dollars ($2,328,156) due to the special HVAC,
electrical, data, and grounding requirements of Premisys, excluding
security costs. Based on the current estimated total of the Lessee
Interior Improvements, Lessee will be required to make cash payments
to Lessor of approximately one million three thousand dollars
($1,003,156) for Lessee Interior Improvements plus the costs of
security.
7. RATIFICATION OF LEASE: Except as modified herein, the Lease is hereby
ratified, approved and confirmed upon all the terms, covenants, and
conditions.
8. AUTHORITY: Each party executing this Amendment represents and warrants
that he or she is duly authorized to execute and deliver this
Amendment. If executed on behalf of a corporation, that this Amendment
is executed in accordance with the by-laws of said corporation (or a
partnership that this Amendment is executed in accordance with the
partnership agreement of such partnership), that no other party's
approval or consent to such execution and delivery is required, and
that this Amendment is binding upon said individual, corporation
(or partnership) as the case may be in accordance with its terms.
XXXX & XXXX ENTERPRISES, INC., PREMISYS COMMUNICATIONS, INC.,
a California general partnership a Delaware corporation
By: /s/ Xxxx X. Xxxx By: /s/ Xxxxx X. Xxxxxxx
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Xxxx X. Xxxx Xxxxx X. Xxxxxxx
Title: President Title: Chief Financial Officer
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Date: September 17, 1996 Date: September 17, 1996
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In reference to section 4, TI Allowance of First Amendment to Lease:
Lessor prescribed herein represents the lessors best estimate of cost at
this time. Formal definition of final cost as it relates to monies owed by
lessee will be defined at conclusion of construction. Lessor shall provide
lessee with actual cost and provide supporting documentation as requested by
lessee.
Acknowledged and accepted:
By: /s/ Xxxx X. Xxxx By: /s/ Xxxxx X. Xxxxxxx
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Xxxx X. Xxxx Xxxxx X. Xxxxxxx
Title: President Title: Chief Financial Officer
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Date: September 17, 1996 Date: September 17, 1996
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