EXHIBIT 10.11
1ST AMENDMENT TO LEASE AGREEMENT
This 1st Amendment to Lease is dated July 21, 2004, by and between Bay
West Equities Carlsbad Research Center, LLC ("Landlord") and Xenonics,
Inc., a California Corporation ("Tenant"), with reference to the following
facts:
RECITALS
A. Landlord and Tenant are parties to a lease dated August 16, 2000,
including Addendum I of the same date ("Lease"), for the leasing of
certain premises consisting of approximately 9,179 square feet area
within a larger multi-tenant R&D/industrial project located at 0000
Xxxxxxxxxx Xxxx, #000/000, Xxxxxxxx, Xxxxxxxxxx, 00000. Landlord and
Tenant hereby express their mutual desire and intent to amend by
this writing the terms and conditions of the Lease as hereinafter
provided.
B. The Tenant desires to extend its lease by four (4) years to an
expiration date of October 31st, 2008 (the "Extended Term").
NOW THEREFORE, the parties hereto agree as follows, effective July 22,
2004:
1. RENT ADJUSTMENT: The Basic Rent for the Extended Term shall be
adjusted as follows:
November 1, 2004 -- October 31, 2005: $8,261.10 per month
($0.90 psf)
November 1, 2005 -- October 31, 2006: $8,720.05 per month
($0.95 psf)
Thereafter rent to increase at three percent (3%) per annum:
November 1, 2006 -- October 31, 2007: $8,981.65 per month ($0.978
psf) November 1, 2007 -- October 31, 2008: $9,251.10 per month
($1.01 psf)
2. LEASE TYPE: Triple Net.
3. CURRENT COMMON AREA CHARGES: $2,517.12 per month (2004 calendar
year CAM estimate)
4. TENANT IMPROVEMENT ALLOWANCE: Up to $2 per square foot.
5. LEASE EXTENSION START DATE: November 1, 2004.
6. LEASE EXTENSION TERM: Four (4) years.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and
year first above written.
LANDLORD: TENANT:
BAY WEST EQUITIES CARLSBAD RESEARCH XENONICS, INC.
CENTER, LLC
By: /s/ Xxxxxxx Xxxxxxx By: __________________________
--------------------------
Xxxxxxx Xxxxxxx
Title: Managing Member Printed: _____________________
Date: July 22, 2004 Title: _______________________
Date: ________________________
Xenonics 1st Amendment to Lease 7-22-04
