Microsoft Word 10.0.2627; EXHIBIT 10.2
FIRST AMENDMENT TO LEASE
The First Amendment to Lease is made as of May 11, 2005, between Xxxxxx
Investment Properties - Nevada, LLC, an Oregon limited liability company
(Landlord) and Electrograph Systems, Inc., a New York corporation (Tenant).
RECITALS
a. Landlord and Tenant entered into a Lease dated March 15, 2005, for the
Property described therein and located at 000 Xxxxxx Xxxxx, Xxxxx 000-000,
Xxxxxxxxx, Xxxxxx 00000, consisting of approximately 26,431 square feet,
(the "Lease").
B. The Lease provided for an initial term of sixty-three (63) months, expiring
on July 31, 2010, and contained a right of first refusal in favor of Tenant
to expand into an adjacent area. The Lease also made separate provisions
for the Warehouse and the Office Portions of the Premises, based upon an
expectation of improvement work to be done and delivering those portions at
different times.
C. Prior to the Landlord performing the improvement work in the Office Portion
of the original Premises, the Tenant elected to expand into the adjacent
space that contains existing office improvements usable by Tenant.
D. Landlord and Tenant now wish to amend the Lease to reflect Tenant's
expansion into the adjacent space, identified as Suite 101 ("Expansion
Space"), adjust the Tenant's Proportionate Share of the Building and
Project, amend the Scope of Work in the Tenant Improvement Agreement,
Exhibit "D" of the Lease, amend the Base Rent Schedule and amend the
Operating Expenses.
Therefore, in consideration of the recitals and mutual covenants contained
herein, the parties hereby agree as follows:
1. Effective June 1, 2005, the Premises shall be deemed expanded by the
addition of the Expansion Space consisting of approximately 10,641 square
feet, bringing the total combined square footage of the Premises to 37,072
square feet. The location of the Expansion Space is shown on Exhibit A-1.
2. The monthly Base Rent shall be amended as follows:
June 1, 2005 through June 30, 2005 $5,465.00 per month
June 1, 2005 through April 30, 2006 $18,152.00 per month
May 1, 2006 through May 31, 2006 $5,684.00 per month
June 1, 2006 through April 30, 2007 $18,878.00 per month
May 1, 2007 through April 30, 2008 $19,633.00 per month
May 1, 2008 through May 31, 2008 $5,911.00 per month
June 1, 2008 through April 30, 2009 $20,419.00 per month
May 1, 2009 through July 31, 2010 $21,235.00 per month
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3. Effective June 1, 2005, Tenant's Proportionate Share of the first year
estimated Operating Expenses shall be $4,448.64 per month for the entire
Premises.
4. Effective June 1, 2005, the Tenant's Proportionate Share (a) of the
Building shall be 55.629% and/or (b) of the Project shall be 9.490%.
5. The parties hereby agree that the Scope of Work originally contemplated to
occur in Suite 102-103 and described in Exhibit "D" to the Lease will not
be done. Instead, the Scope of Work in Exhibit "D" shall be modified such
that Landlord shall only be obligated to perform the following work in
Suite 101:
a) refurbish the office area with new carpet and new paint;
b) install a second restroom in the warehouse next to the existing office
restroom;
c) install a roll-up door in the warehouse wall to create access between
Suites 101 and 102; and
d) convert an existing office into a break room, labeled Break 102, as
shown on Exhibit A-1 to this Amendment.
Except as the Scope of Work is modified above, the parties intend that the
manner of performing the Work, and Landlord's Contribution of the Tenant
Improvement Allowance, shall be as originally provided in Exhibit "D".
6. Since the Office Portion of Suite 102-103 will not need to be improved as
originally contemplated, the distinction in the Lease between the Office
Portion and the Warehouse Portion of the original Premises (Suite 102-103)
is no longer relevant, any such references in the Lease, including without
limitation, those which refer to a separate time for delivery of possession
of the different portions are hereby deemed eliminated, and the parties
confirm that possession of all of Suite 102-103 has been delivered to
Tenant.
7. In all other respects, the provisions of the Lease shall remain as
originally specified.
THE SUBMISSION OF THIS LEASE AMENDMENT FOR EXAMINATION AND NEGOTIATION DOES NOT
CONSTITUTE AN OFFER TO LEASE OR A RESERVATION OF OR OPTION FOR THE PREMISES.
THIS DOCUMENT AND THE OBLIGATIONS HEREUNDER SHALL BECOME EFFECTIVE AND BINDING
ON THE PARTIES ONLY UPON EXECUTION AND DELIVERY OF THIS LEASE AMENDMENT BY
TENANT AND BY LANDLORD.
Landlord: Tenant:
Xxxxxx Investment Properties-Nevada Electrograph Systems, Inc., a New
LLC, an Oregon limited liability company York corporation
By: /s/ Xxxx Xxxxx By: /s/ Xxxxx Xxxxxx
Name: Xxxx Xxxxx Name: Xxxxx Xxxxxx
Title: VP Operations Title: Dir. Of Operations
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