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EXHIBIT 10.17
ADDENDUM TO LEASE AGREEMENT
OPTION TO RENEW.
42. This Lease shall automatically be extended for two (2) additional terms of
five (5) years each upon all the same terms and conditions as herein contained,
except rent and this option to renew, unless Landlord receives ninety (90) days
written notice from Tenant prior to the expiration of the initial term, or any
renewal term, that Tenant has elected to vacate the premises. In the event
Tenant does not deliver such notice, this Lease shall automatically be extended
without the necessity of execution of any further instrument or document.
However, if at either the date of expiration of the original or any renewal
term of this Lease, Tenant is in default, beyond any grace period herein
provided in the performance of any of the terms or provisions of this Lease,
the extension of the term shall be and become null and void.
Except as otherwise provided in the immediately preceding paragraph, the
monthly rental for the two five (5) year renewal terms will be increased by the
percentage by which the Consumer Price Index for the last month of the
preceding term exceeds the Consumer Price Index for the month in which the
preceding term began. The increase in the monthly rental payment will be
determined as soon as the indices are available and will be applied
retroactively to the beginning of the applicable month. Any increase will be
paid within ten (10) days of the determination. For purposes of this paragraph,
the term "Consumer Price Index" means the Consumer Price Index - Dallas/Fort
Worth Average for All Urban Consumers - of the United States Bureau of Labor
Statistics. If the manner in which the Consumer Price Index is determined by
the Bureau of Labor Statistics is substantially revised, an adjustment will be
made in that revised index which would produce results equivalent, as nearly as
possible, to those which would have obtained if the Consumer Price Index had
not been so revised. If the 0000-00-000 average is no longer used as an index
of 100, that change will constitute a substantial revision. If the Consumer
Price Index becomes unavailable to the public because publication is
discontinued, or otherwise, Landlord will substitute a comparable index based
upon changes in the cost of living or purchasing power of the consumer dollar
published by any other governmental agency, or, if no such index is available,
then a comparable index published by a major bank or other financial
institution or by a university or a recognized financial publication.
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FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT ("Amendment") is made and
entered into by and between AETNA LIFE INSURANCE COMPANY, herein designated as
Landlord and PHARMCHEM LABORATORIES, INC., herein designated as Tenant.
WITNESSETH
WHEREAS, Landlord and Tenant have heretofore entered into a certain
office/showroom/warehouse Lease (hereinafter referred to as the "Lease"),
dated January 1, 1992 pursuant to which Landlord leased to Tenant and Tenant
leased from Landlord certain premises known as Xxxxx 0000, Xxxxxxxx 00,
Xxxxxxxxx Xxxxxxxx Xxxx, Xxxx Loop 000 Xxxxx xx Xxxxxxx Xxxxxxxxx, Xxxxx Xxxxx,
Xxxxx 00000 (hereinafter referred to as the "Demised Premises"); and
WHEREAS, Landlord and Tenant have agreed to amend and modify certain
terms and provisions of the Lease and are desirous of evidencing such
agreement.
NOW, THEREFORE, in consideration of the above and foregoing recitals
and the mutual benefits to accrue to each of the parties hereunder, it is
hereby agreed as follows:
1. Paragraph (1) DEFINITIONS AND BASIC PROVISIONS: shall be amended as
follows:
Subsection (c) "Premises:" "9,000 square feet" shall be deleted in its
entirety and "12,000 square feet" shall be inserted in its place. This
additional square footage reflects tenant's expansion into 0000 Xxxxxx
Xxxxx.
Subsection (e) "Basic Rental:" "$2,625.00 per month" shall be deleted in
its entirety and "$3,325.00 per month" shall be inserted in its place as
of January 1, 1993.
2. Exhibit "B" RIVERBEND BUSINESS PARK, TENANT IMPROVEMENTS: shall be
amended by adding the following.
Tenant accepts 0000 Xxxxxx Xxxxx (Expansion Space) in "as-is" condition.
All improvements to this space are to be done at Tenant's expense,
excluding moisture sealing of concrete floor. Any improvements proposed
for this space must be (1) approved in writing by Landlord, and (2)
completed by a licensed contractor.
3. This Amendment shall commence November 23, 1992 and the payment by
Tenant to Landlord of all rent and other charges shall remain due and
owing under the Lease.
WHEREAS, this Amendment shall not constitute an agreement by Landlord
and shall not be binding upon Landlord unless and until this Amendment shall be
executed by Landlord and Tenant and shall be delivered by Landlord to Tenant.
This agreement may not be changed orally, and shall be binding upon and
inure to the benefit of the parties, their respective heirs, successors and, as
permitted, their assigns.
Except as herein expressly amended or modified, all terms, covenants
and provisions of the Lease are hereby confirmed and ratified and shall remain
in full force and effect.
EXECUTED THIS 8th day of December 1992.
LANDLORD: AETNA LIFE INSURANCE COMPANY
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
