EXHIBIT 10.27
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 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. TERM. The term of the Lease for the entire Demised Premises
(except for the "PS-3 Space" covered by the Amendment of Lease
dated September 25, 1997) is hereby extended for 5 years
through February 29, 2004. The parties agree that the PS-3
Space shall be governed by the Amendment of Lease dated
September 25, 1997, and any amendment thereto.
2. OPTION TO EXTEND. Provided Tenant is not in default under the
Lease, Tenant shall have two (2) additional, consecutive five
(5) year options to extend the term of the Lease for the
Demised Premises. In order to exercise said options, tenant
shall notify Landlord in writing of Tenant's intent to so
extend the term of the Lease at least one hundred eight (180)
days prior to the expiration of the then current term of the
Lease. For each option period there shall be an adjustment
("Adjustment") in the Basic Rental and the 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 end of the term then in effect.
3. RENT. Basic Rental and Tenant's share of CAM Charges shall be
as follows:
SPACE SQ. FT. ANNUAL RENT/SQ. FT. ANNUAL CAM/SQ. FT.
----- ------- ------------------- ------------------
PS-B 17,377 $2.22 $1.68
FB 9,640 2.83 1.68
R-5 29,115 3.88 .31
R-6 29,115 3.88 .31
PS-1 7,170 3.88 1.68
PS-2 2,664 3.88 1.68
S-228 1,782 3.88 1.68
S-500 8,752 3.88 1.68
PS-5B 1,078 2.22 1.68
PS-6 3,013 3.88 1.68
PS-601 2,586 3.88 1.68
4. Tenant shall have the right, with a 150-day notice to
Landlord, to reduce the Demised premises in the Park Square
Building as follows: on the 5th floor, by any or all of the
9,830 square feet; on the 6th floor, by any or all of the
5,599 square feet; and on the 2nd floor, by any or all of the
4,446 square feet. The reductions must occur in different
calendar years, unless Landlord has already released the
previously reduced premises. Each notice to reduce shall cover
premises only on a single floor.
5. Tenant shall have the right to lease additional space in the
Building, if available, at the current rate Tenant is paying
for similar space.
6. Except as specifically provided herein, the terms and
conditions of the Lease 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
--------------------------- ---------------------------
Its: President Its: VP/GM
--------------------------- ---------------------------
