EXHIBIT 99.1
AMENDMENT AND EXTENSION
OF LEASE AGREEMENT
This Amendment and Extension of Lease Agreement ("THIS AMENDMENT") is made and
entered into this 6th day of July, 2005, by and between LINDUE, LLC, a Minnesota
limited liability company ("LESSOR") and BROADVIEW MEDIA, INC., a Minnesota
corporation, formerly known as Northwest Teleproductions, Inc. ("TENANT").
Lessor and Tenant may be referred to as "PARTIES" in this Amendment.
Lessor and Lessee are parties to that Lease Agreement for premises located at
0000 Xxxx 00 xx Xxxxxx, Xxxxx, Xxxxxxxxx, dated June 24, 1998, and extended
pursuant to that Notice To Extend Lease dated January 3, 2000, and that
acknowledgement dated February 21, 2000 ("THE LEASE"). Any
In consideration of the obligation of Lessor to terminate that lease of premises
located at 0000 Xxxx 00xx Xxxxxx, Xxxxx, Xxxxxxxxx ("THE 00XX XXXXXX LEASE
AGREEMENT"), as set forth in Section 6, below, and the obligation of Tenant to
pay rent as herein provided, and in further consideration of the other terms,
provisions and covenants set forth herein, Lessor and Tenant hereby amend the
Lease as follows:
1. LEASE TERM. The term of the Lease shall be extended for one hundred eight
(108) months, commencing immediately upon expiration of the current term of the
Lease on June 30, 2006, and terminating at 12:00 P.M. on June 30, 2015.
2. BASE RENT. The Base Rent amounts shall be as set forth in Exhibit A, attached
to this Amendment.
3. TAX COSTS. The initial Tax Costs, as described in Section 6 of the Lease,
will be $3,000.00 per month, commencing July 1, 2005.
4. OPERATING COSTS. The initial Operating Costs, as described in Section 7 of
the Lease, will be $1,500.00 per month, commencing July 1, 2005.
5. IMPROVEMENTS. Promptly upon execution of this Amendment, Lessor will cause
work to commence and to proceed to completion in a reasonable manner on the
following improvements to the Building:
A. Re-roof to comply with State of Minnesota energy and building codes.
B. Replace, install and remove units of the heating/ventilating/air
conditioning systems as follows:
B.1 Install new units to replace units numbered 4, 5 and 6, and
install a new heater unit on the 40-ton studio unit;
B.2 Remove units 3 and 10, and install roof over the resulting open
areas;
B.3 Replace all gas lines and electrical service to all rooftop units.
6. TERMINATION OF LEASE. Upon execution of this Amendment, the Parties will
terminate the 00xx Xxxxxx Lease Agreement. Such termination will be effective
July 1, 2005.
Except as amended by or inconsistent with this Amendment, all terms and
provisions of the Lease will remain in effect.
Lessor and Tenant have executed this Lease Agreement as of the date first above
written.
LESSOR: TENANT:
LINDUE, LLC BROADVIEW MEDIA, INC.
By: /s/ Xxxx Xxxxxxxx By: /s/ Xxxxx Xxxxx
--------------------------------- ------------------------------------
Its: Manager Its: CEO
AUTHORITY TO EXECUTE AMENDMENT. By signing this Amendment on behalf of the
Tenant, the above individual hereby warrants that: (i) Broadview Media, Inc., is
the corporation formerly known as "Northwest Teleproductions, Inc.," and (ii) he
or she has been duly authorized by all necessary actions of Tenant's board of
directors, shareholders or officers to execute this Amendment.
EXHIBIT A
AMENDMENT AND EXTENSION OF LEASE AGREEMENT
LINDUE, LLC, AND BROADVIEW MEDIA, INC.
0000 XXXX 00XX XXXXXX
JULY 2005
BASE RENT
$ Per
Year Sq. Ft.
---- -------
JULY 1, 2005 TO JUNE 30, 2006 7.29 $12,153.50 / MO.
$145,842 ANNUAL
JULY 1, 2006 TO JUNE 30, 2007 7.438 $12,396.58 / MO.
$148,759 ANNUAL
JULY 1, 2007 TO JUNE 30, 2008 7.587 $12,644.50 / MO.
$151,734 ANNUAL
JULY 1, 2008 TO JUNE 30, 2009 7.738 $12,897.42 / MO.
$154,769 ANNUAL
JULY 1, 2009 TO JUNE 30, 2010 7.89 $13,155.33 / MO.
$157,864 ANNUAL
JULY 1, 2010 TO JUNE 30, 2011 8.05 $13,418.50 / MO.
$161,022 ANNUAL
JULY 1, 2011 TO JUNE 30, 2012 8.21 $13,686.83 / MO.
$164,242 ANNUAL
JULY 1, 2012 TO JUNE 30, 2013 8.376 $13,960.58 / MO.
$167,527 ANNUAL
JULY 1, 2013 TO JUNE 30, 2014 8.54 $14,239.75 / MO.
$170,877 ANNUAL
JULY 1, 2014 TO JUNE 30, 2015 8.71 $14,524.58 / MO.
$174,295 ANNUAL
TOTAL ANNUAL BASE RENT $1,596,931
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