ADDENDUM #3
ADDENDUM
#3
AGREEMENT
made this 16th day of August, 2007, between REGENCY PARK CORPORATION,
INCORPORATED, a North Carolina corporation having its principal place of
business in Cary, North Carolina (the “Landlord”), and CICERO, INC.,
a Delaware corporation, successor by merger to the
interests of Level 8 Systems Inc. a Delaware corporation (hereinafter
referred to as the “Original Tenant”) having its principal place of business in
Princeton, New Jersey (Cicero, Inc. being hereinafter referred to as the
“Tenant”).
W
I T N E S S E T H:
WHEREAS,
the Landlord and Original Tenant entered into a written Lease Agreement dated
November 07, 2003, (herein called the “Lease”), whereby the Landlord
leased Premises to the Original Tenant in a building at 0000 Xxxxxxx
Xxxxxxx, Xxxxx 000, Xxxx, Xxxxx Xxxxxxxx (herein called the
“Building”); and Addendum #1 dated July 07, 2005; and Addendum #2 dated January
31, 2007; and
WHEREAS,
The Tenant wishes to expand it’s Premises in the Building and extend the lease
Term; and is the successor in interest to the interests of the Original Tenant
under the Lease by operation of law, and has agreed to execute this document
confirming its assumption of all of the Original Tenant’s obligations under the
Lease.
NOW,
THEREFORE, it is hereby mutually agreed as follows:
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1.
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The
Term of the Lease shall be extended to December 31, 2010 and the tenant
shall have the right to expand into the Expansion Premises as shown on
Exhibit A attached hereto.
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2.
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The
Annual Rental due under Article 2.01 ANNUAL RENTAL of the Lease Agreement
shall be Fifty-Six Thousand One Hundred Sixty-Three and 96/100 Dollars
($56,163.96) payable in equal monthly installments of Four Thousand Six
Hundred Eighty and 33/100 Dollars ($4,680.33) in advance, on or before the
first day of each calendar month, commencing January 01, 2008, extending
throughout and including December 31,
2008.
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The
Annual Rental due under Article 2.01 ANNUAL RENTAL of the Lease Agreement shall
be Fifty-Six Thousand Nine Hundred Three and 00/100 Dollars ($56,903.00) payable
in equal monthly installments of Four Thousand Seven Hundred Forty-One and
92/100 Dollars ($4,741.92) in advance, on or before the first day of each
calendar month, commencing January 01, 2009, extending throughout and including
December 31, 2009
The
Annual Rental due under Article 2.01 ANNUAL RENTAL of the Lease Agreement shall
be Fifty-Nine Thousand One Hundred Twenty and 00/100 Dollars ($59,120.00)
payable in equal monthly installments of Four Thousand Seven Hundred Forty-One
and 92/100 Dollars ($4,926.67) in advance, on or before the first day of each
calendar month, commencing January 01, 2010, extending throughout and including
December 31, 2010
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3.
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Subject
to approval by the Board of Directors of CICERO, INC. no later than
November 01, 2007, the Tenant shall have the right to lease the adjoining
Two Thousand Eighty-Two (2,082) square feet. Should the Tenant receive
said Board approval, and notify Landlord in writing of same on or before
November 01, 2007, Landlord shall commence the Tenant improvements in the
Expansion Premises in accordance with paragraph F of that letter of
proposal dated July 26, 2007, restated here: FIT-UP: The
landlord, at it’s cost, shall do the improvement to the adjacent new
Premises in accordance with a plan provided by IS Design, mutually agreed
upon by the Tenant and the Landlord. The Tenant shall be responsible for
all furniture, fittings and equipment, including cable, data and telecom
wiring.
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Upon
approval by the Board of Directors of CICERO, INC. for the acquisition of the
Expansion Premises, to include the adjoining Two Thousand Eighty-Two (2,082)
square feet, to create a total Premises of Five Thousand Thirty-Eight (5,038)
square feet, known as Suite 542, Annual Rental due, commencing January 01, 2008
for the newly combined space shall be as follows:
Annual
Rental due Ninety-Five Thousand, Seven Hundred Twenty-Two and 00/100 Dollars
($95,722.00) payable in equal monthly installments of Seven Thousand Nine
Hundred Seventy-Six and 83/100 Dollars ($7,976.83) in advance, on or before the
first day of each calendar month, commencing January 01, 2008, extending
throughout and including December 31, 2008.
Annual
Rental due Ninety-Six Thousand, Nine Hundred Eighty-One and 50/100 Dollars
($96,981.50) payable in equal monthly installments of Eight Thousand Eighty-One
and 79/100 Dollars ($8,081.79) in advance, on or before the first day of each
calendar month, commencing January 01, 2009, extending throughout and including
December 31, 2009.
1
Exhibit
10.21
Annual
Rental due One Hundred Thousand, Seven Hundred Sixty and 00/100 Dollars
($100,760.00) payable in equal monthly installments of Eight Thousand Three
Hundred Ninety-Six and 67/100 Dollars ($8,396.67) in advance, on or before the
first day of each calendar month, commencing January 01, 2010, extending
throughout and including December 31, 2010.
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4.
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If
said Expansion of Premises is NOT APPROVED by the Board of Directors of
CICERO, INC. by the specified aforementioned date, CICERO, INC. shall pay
to the Landlord the Rental due on Five Thousand Thirty-Eight (5,038)
square feet for the period from January 01, 2008 through and including
April 30, 2008. No improvements to the Expansion Premises shall commence
without the written aforementioned approval by the Board of Directors of
CICERO, INC. The Landlord will use its best efforts to lease the Expansion
Premises of Two Thousand Eighty-Two (2,082) square feet during this same
period. If the Landlord, is able to Lease the Expansion Premises of Two
Thousand Eighty-Two (2,082) square feet prior to April 01, 2008 then at
such time as the Substitute Tenant occupies said Expansion Premises prior
to April 30, 2008, CICERO, INC. shall be relieved of its obligations for
the Expansion Premises from such date as the Substitute Tenant takes
occupancy.
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Except as
herein modified, the Lease and its Addendum shall continue in full force and
effect.
IN
WITNESS WHEREOF, this instrument has been duly executed by the parties hereto as
of the day and year first above written.
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REGENCY
PARK CORPORATION, INCORPORATED
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Landlord
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(Corporate
Seal)
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By:
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Xxxx
X. Xxxxxxx
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ATTEST:
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Vice
President
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Xxxxxx
Xxxx
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Assistant
Secretary
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Cicero,
Inc.
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(Corporate
Seal)
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Tenant
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By:
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Title:
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ATTEST/WITNESS:
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2
Exhibit
10.21
EXHIBIT
A
3
