SECOND ADDENDUM TO LEASE BETWEEN: LIVINGSTON CORPROATE PARK ASSOCIATES, L.L.C. A Limited Liability Company of the State of the New Jersey 820 Morris Turnpike, Suite 301 Short Hills, New Jersey 07078 (hereinafter referred to as “Landlord”) AND:...
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SECOND ADDENDUM TO LEASE BETWEEN: LIVINGSTON CORPROATE PARK
ASSOCIATES, L.L.C. AND:
MILESTONE SCIENTIFIC DATED: April 28 , 2004 |
This Second Addendum to Lease is intended to supplement the Lease Agreement dated November 25, 1996 and Addendum to Lease dated March 2002 between the Landlord and Tenant. The terms contained in this Second Addendum will be as effective as if they were typewritten in the Lease Agreement and prior Addendum. In the event there is any conflict between the Lease Agreement as amended and this Second Addendum, the provisions of this Second Addendum will prevail. As used in this Addendum, the words “this Lease” will mean the Lease Agreement as amended to which this Second Addendum is attached as modified below: |
| 1. | The term of the Lease is hereby extended to June 30, 2009. |
| 2. | The leased premises currently consisting of approximately 2,693 rentable square feet (“Existing
Space”), shall be increased by Landlord by 1,810 rentable square feet (“Expansion Space”)
bringing the total rentable square footage leased to Tenant to 4,503 rentable square feet of leased
office space. |
| 3. | Upon execution of this Second Addendum, Tenant’s rent for the Existing Space shall be decreased
from five thousand one hundred sixty-one dollars and fifty-eight cents ($5,161.58) per month to four
thousand three hundred seventy-six dollars and twelve cents ($4,376.12) per month, until such time
that the Expansion Space is delivered to Tenant. |
| 4. | Upon delivery of the substantially completed Expansion Space, the Tenant’s basic rent shall be
increased to Seven Thousand Three Hundred Seventeen Dollars and Thirty-Seven Cents ($7,317.37) per
month. |
| 5. | In addition to the basic rent indicated in Paragraphs 3 and 4 above, the Tenant shall be responsible
for Tenant’s proportionate share of all charges, including but not limited to Real Estate Taxes
based on both the existing and increased square footage of the Expansion Space, as provided for in
the Tenant’s Lease Agreement. |
| 6. | Upon execution of this Lease Addendum, the Tenant shall deposit with the Landlord the sum of Three
Thousand Two Hundred Seventy-Seven Dollars and Eighty-Seven Cents ($3,277.87) to be added to the
existing security deposit of Four Thousand Thirty-Nine Dollars and Fifty Cents ($4,039.50), bringing
the total amount of Tenant’s security deposit to Seven Thousand Three Hundred Seventeen Dollars
and Thirty-Seven Cents ($7,317.37) security for the payment of rent hereunder and the full and faithful
performance by the Tenant of the covenants and conditions on the part of the Tenant to be performed.
Said security shall be returned to the Tenant without interest, after the expiration of the term
hereof as may be extended, provided that the Tenant has fully and faithfully performed all such covenants
and conditions and is not in arrears in rent. During the term hereof, the Landlord may, if the Landlord
so elects, have recourse to such security, to make good any default by the Tenant, in which event
the Tenant shall, on demand, promptly restore said security to this original amount. Liability repay
said security to the Tenant shall run with the reversion and title to said premises, whether
any change in ownership thereof be by voluntary alienation or as the result of judicial sale, foreclosure
or other proceedings, or the exercise of a right of taking or entry by any mortgagee. The Landlord
shall assign or transfer said security, for the benefit of the Tenant, to any subsequent owner or holder of the |
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revision of title to said premises, in which case the assignee shall become liable for the repayment
thereof as herein provided, and the assignsor shall be deemed to be released by the Tenant from all
liability to return such security. This provision shall be applicable to every alienation or change
in title and shall in no wise be deemed to permit the Landlord to retain the security after
termination of the Landlord’s ownership of the revision or title. The Tenant shall not mortgage,
encumber or assign said security without the written consent of the Landlord. |
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| 7. | Tenant shall accept the Expansion Space in “as is” condition, with the exception of Landlord
renovating the premises pursuant to Exhibits C and C-1 attached to this Addendum. |
| 8. | All other terms and conditions of the Lease Agreement entered into between Landlord and Tenant dated
November 25, 2004 as amended in March 2002 shall remain in full force and effect except as amended
herein. |
| IN WITNESS WHEREOF, the parties hereto set their hands and seals on the date indicated above. | |
| WITNESS OR ATTEST : | LIVINGSTON CORPORATE PARK ASSOCIATES, L.L.C. -LANDLORD |
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