EXHIBIT 10.11
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FIRST AMENDMENT TO LEASE AGREEMENT
FIRST AMENDMENT TO LEASE AGREEMENT dated July 10, 2002 (the "Lease
Amendment"), by and between B & B Lakeview Realty Corp. (the "Landlord") and
DriverShield Corp. (the "Tenant").
WHEREAS, the Landlord and the Tenant have heretofore executed and
delivered a Lease dated May 28, 2002 (the "Lease"); and
WHEREAS, the Landlord and Tenant have felt it necessary to amend
certain terms of the Lease;
NOW THEREFORE, the Landlord and the Tenant agree as follows:
1. Section 6 of the Basic Lease Information Rider (the "BLI Rider"). The
last sentence of Section 6 of the BLI Rider is hereby deleted in it
entirety and replaced with the following language: Upon the execution
of this Lease Amendment, the Tenant shall pay the Landlord for any
costs associated with the Landlord's Work that exceeds the sum of
$******* (the "Tenant's Portion"), payable as follows: (a) $51,000
payable to the Landlord and (b) the balance payable into the Escrow
Account. The parties hereby agree that an escrow account shall be
established, the escrow agent to be mutually agreed upon between the
Landlord and the Tenant, for disbursement to the Landlord's contractor
in the form of progress payments, at the discretion of the Landlord,
for the contractor's completion of the Landlord's Work (the "Escrow
Account"). The Tenant shall make additional payments into the Escrow
Account should the Tenant's Portion exceed the Tenant's initial payment
into the Escrow Account. Additionally, the Tenant shall be refunded the
balance in the Escrow Account should the Tenant's Portion be less than
the Tenant's initial payment.
2. The Landlord and its shareholders individually (Xxxxx Xxxxxx, Xxxxx X.
Xxxxxxx and Xxxxxxx X. Xxxxxxxx) (the "Guarantors"), shall jointly and
severally guaranty the completion of the Landlord's Work by the
Landlord's contractor and should the Landlord's Work not be completed
to the point of Substantial Completion, as defined in the Lease, for
whatever reason, then the Guarantors will be responsible for completing
the Landlord's Work as set forth in the Lease at their sole cost and
expense.
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IN WITHNESS WHEREOF, the parties hereto have executed this Lease Amendment as of
the date written below.
B & B LAKEVIEW REALTY CORP. DRIVERSHIELD CORP.
By: By:
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Name: Name:
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Title: Title:
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Date: Date:
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XXXXX XXXXXX (INDIVIDUALLY, XXXXX X. XXXXXXX (INDIVIDUALLY,
LIMITED TO SECTION 2 HEREIN) LIMITED TO SECTION 2 HEREIN)
By: By:
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Date: Date:
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XXXXXXX X. XXXXXXXX (INDIVIDUALLY, LIMITED TO
SECTION 2 HEREIN)
By:
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Date:
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