EXHIBIT 10.3
SECOND LEASE MODIFICATION AND EXTENSION AGREEMENT
THIS LEASE MODIFICATION AND EXTENSION AGREEMENT ("Agreement") is made
and entered into this 17th day of November, 1999, between Xxxxx Associates LLC,
a Minnesota corporation (hereinafter called "Lessor"), and MOCON, Inc., a
Minnesota corporation (hereinafter called "Tenant").
WITNESSETH:
WHEREAS, Lessor and Tenant entered into a lease agreement (the "Lease
Agreement") dated July 29, 1994, wherein Lessor leased to Tenant the premises
addressed as 0000 Xxxxx Xxxxxx Xxxxx, Xxxxxxxx Xxxx, Xxxxxxxxx ("Demised
Premises") consisting of approximately 47,208 square feet of area; and
WHEREAS, the lease term ("Lease Term") as defined within the Lease
Agreement is to expire on June 30, 2005; and
WHEREAS, Lessor and Tenant have agreed to extend the Lease Term for an
additional 60 months ending June 30, 2010, upon terms and conditions set forth
herein.
NOW, THEREFORE, in consideration of the mutual promises of the parties
hereto and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Lease Agreement shall be amended as follows:
1. RECITALS. The above recitals shall constitute an integral part of this
Agreement.
2. CAPITALIZED TERMS. Capitalized terms set forth in this Agreement shall
have the same meaning as in the Lease Agreement, unless specifically
modified and amended herein.
3. LESSOR. The current owning entity is Xxxxx Associates LLC.
4. LEASE TERM. The Lease Term shall be amended to provide for a sixty (60)
month extension, commencing July 1, 2005, and expiring June 30, 2010
("Extended Lease Term"), unless sooner terminated as provided within
the Lease Agreement.
5. BASE RENT. The Base Rent provision of the Lease Agreement shall be
amended as follows:
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MONTHS PSF RATE ANNUALLY MONTHLY
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7/1/05 - 6/30/08 $5.50 $259,644.00 $21,637.00
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7/1/08 - 6/30/10 $5.75 $271,446.00 $22,620.50
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Prior to the Extended Lease Term, Tenant shall pay base Rent as
provided in the Lease Agreement.
6. OTHER PERIODIC PAYMENTS. Tenant's pro rata share of property taxes and
operating expenses will be increased from 35% to 38%. Prior to the
Extended Lease Term, Tenant shall pay property taxes and operating as
provided in the Lease Agreement.
7. SURVIVAL OF OTHER TERMS AND CONDITIONS. Except as modified herein, all
other terms and conditions of the Lease Agreement shall remain in full
force and effect and nothing herein shall be construed to relieve
either Lessor or Tenant of any obligations as set forth therein.
8. ENTIRE AGREEMENT. The Lease Agreement, this Agreement, and the Exhibits
attached thereto constitute the entire understanding of the parties
hereto with respect to the transaction and contemplated thereby, and
supersede all prior agreements and understandings between the parties
with respect to the subject matter. No representations, warranties,
undertakings or promises, whether oral, implied, written or otherwise,
have been made by either party hereto the other unless expressly stated
in the above-referenced documents or unless mutually agreed to in
writing between the parties hereto after the date hereof, and neither
party has relied on any verbal representations, agreements, or
understandings not expressly set forth herein.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.
LESSOR: Xxxxx Associates LLC TENANT: MOCON, Inc.
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxxxx Xxxxxx X. Xxxxx
Its: President Its: Chief Financial Officer
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CONSULT YOUR ATTORNEY: This document has been prepared for approval by your
attorney. No representation or recommendation is made by Broker as to the legal
sufficiency, legal effect, or tax consequence of this document or the
transaction to which it relates. These are questions for your attorney and
financial advisors.
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