OAK RIDGE TECHNICAL CENTER-ONE, LP AMENDMENT A TERMINATION OF LEASE
EXHIBIT
10.1
OAK
RIDGE TECHNICAL CENTER-ONE, LP
AMENDMENT
A
This
lease ("Lease"), dated, for reference purposes only December 15, 2004, is made
by and between Oak Ridge Technical Center Partners-One, LP ("Landlord") whose
address for purposes hereof is c/o Cowperwood Company, 000 Xxxxxxxx Xxxxx Xxxx.,
Xxxxx 000, Xxxxx Xxxx, XX 00000, and Internet Pictures Corporation, ("Tenant").
Tenant's address for purposes hereof until commencement of the term of this
Lease is 0000 Xxxxxxxx Xxxx Xxxxx., Xxxxx 000, Xxx Xxxxx, XX 00000, and
thereafter shall be Suite No. 100 in the Building (hereinafter defined) located
at 0000 Xxxxxxxx Xxxx Xxxxx, Xxx Xxxxx, XX 00000; said Lease Agreement beginning
on the 9th day of April, 2005, and containing approximately 10,765 net rentable
square feet of office space situation in the Oak Ridge Technical Center One
Building in the City of Oak Ridge, Xxxxxxxx County, Tennessee is hereby amended
as follows:
Whereas
Landlord is willing to accept termination of the Lease, subject to the following
terms and conditions.
Now
therefore, for and in consideration of the promises contained herein, and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged and confessed, Landlord and Tenant do hereby terminate the Lease
subject to the following:
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1.
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Tenant
hereby agrees to pay to Landlord a one-time, lump-sum payment in
the
amount of $198,500.00, due and payable immediately upon final execution
of
this Amendment A.
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2.
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In
addition to the above payment, Tenant hereby agrees to pay the
following:
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Tenants
prorated rent through March 8, 2006 -
$5,606.91.
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Tenants
prorated Tenant Improvement expense through March 8, 2006 -
$596.27.
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Landlord
hereby agrees to act as intermediary in the sale of Tenants furniture
to a
third party whom wishes to purchase all remaining furniture within
the
Premises for $40,000.00 such price having been agreed to by and between
Tenant and the third party. It is hereby agreed that Landlord will
receive
a payment in the amount of $40,000 from UT-Battelle for purchase
of said
furniture and deduct said amount from the above payment due from
Tenant.
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All
such payments are due and payable immediately upon final execution
of this
Amendment A.
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Total
Due From Tenant to Landlord $164,703.18
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3.
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Upon
fulfillment of all other obligations recited above, Tenant shall
have no
further obligation to Landlord under the lease and Landlord shall
have no
further obligation to Tenant.
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Oak
Ridge Technical Center Partners-One, LP
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IPIX
Corporation
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By: /s/
Xxxxxxxxxx X. Xxxxxxxxx
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By: /s/
Xxxxx X. Xxxxx
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Name: Xxxxxxxxxx
X. Xxxxxxxxx
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Name: Xxxxx
X. Xxxxx
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Title: Vice
President
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Title: CEO
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Date: March
13, 2006
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Date: March
9, 2006
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