Exhibit 10.5
AGREEMENT TO LEASE
AGREEMENT made on the 8th day of February 2008 by and between LONG ISLAND
PROPERTY MANAGEMENT LP, a Partnership having its principal place of business at
0 Xxxx Xxxxxx, Xxxxxxxxx, X.X. 00000 (hereinafter sometimes referred to as LIP
or Landlord) and Profile Technologies, Inc. having its principal place of
business at 0 Xxxx Xxxxxx, Xxxxxxxxx, XX 00000 (hereinafter sometimes referred
to as Tenant or (PTI), who agree as follows:
WITNESSETH
WHEREAS, LIP and PTI entered into a certain lease dated March 1, 2007
between LIP as Landlord and PTI as Tenant ("Lease") for certain premises located
at 0 Xxxx Xxxxxx, Xxxxxxxxx, X.X. 00000 ("Demised Premises"); and
WHEREAS, the parties desire to amend the Lease;
NOW, THEREFORE, in consideration of the mutual promises and covenants
hereinafter set forth, the parties agree as follows:
1. The parties hereby agree to extend the Lease for a period of one (1)
year to commence March 1, 2008 and to expire on February 28, 2009.
2. The annual rent shall be $10,164.00.
3. Landlord shall not be liable for any damage of any type to Tenant's
property or injury or death of any person unless such damage, injury
or death was caused by the negligence of the Landlord. Except for such
as are caused by Landlord's negligence, tenant shall indemnify and
held harmless Landlord for all liabilities, obligations, damages,
claims and costs and expenses including reasonable attorney's fees
resulting from any damage to anyone's property, injuries or death
occurring in or on the Demised Premises. Tenant agrees to maintain, at
its sole expense, general public liability insurance in standard form
in favor of the Landlord as "Additional Insured" or other identical
coverage. Such insurance shall be in an amount and with carriers
acceptable to the Landlord and the policy or policies shall be
delivered to the Landlord.
4. All other terms and conditions of the Lease remain unchanged.
IN WITNESS WHEREOF, the parties hereto have signed this agreement as of the
day and year first above written.
LONG ISLAND PROPERTY MANAGEMENT LP
BY
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XXXXX XXXXXX XXXX, PRESIDENT OF GP
PROFILE TECHNOLOGIES, INC.
BY /s/ Xxxxx Xxxxxx
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XXXXX XXXXXX, CHIEF EXECUTIVE OFFICER
