FIRST AMENDMENT TO LEASE AGREEMENT
Exhibit
10.46
FIRST
AMENDMENT TO LEASE AGREEMENT
THIS
FIRST LEASE AMENDMENT is made and entered into this 17th
day
of February, 2000
among
BSRT Phoenix
Business Park, L.L.C.,
as
Landlord, and LightNetworks,
Inc.,
a
Georgia Corporation as Tenant.
WITNESSETH
WHEREAS,
Landlord and Tenant entered into a Lease Agreement (“Lease”) for the use and
occupancy of the certain premises (the “Premises”) by Tenant located in Phoenix
Business Park, 0000 X.X. Xxxxxxxxxx, Xxxxxxxx X, Xxxxx X-000, Xxxxxxx, XX 00000
(the “Building”) dated January 13, 2000; and
WHEREAS,
Landlord and tenant do hereby intend to amend and modify the Lease as herein
set
forth.
NOW
THEREFORE, in consideration of the mutual covenants and conditions contained
herein the received insufficiency which are hereby acknowledged, the parties
hereto agree as follows:
| 1. |
Expansion
|
Effective
February 15, 2000 Tenant will add to the Premises approximately 5198 rentable
square feet known as Suite B-700, Exhibit “A” attached. For the purposes of this
Lease, tenant’s Premises shall now be defined as 31,576 rentable square
feet.
| 2. |
Expansion
Space Lease Term
|
The
Lease
Term for the expansion space shall commence February 15, 2000 and expire at
the
same time as the main space, Suite B-900 expires, at the end of the sixty sixth
(66th)
month
of the Lease term as described and defined in the Lease.
| 3. |
Expansion
Space Rent Schedule
|
|
February
15, 2000- February 29, 2000
|
$1,786.81/half
month
|
|
March
1, 2000- Month 18 (as defined in the Lease)
|
$3,573.63/month
|
|
Month
19- Month 30 (as defined in the Lease)
|
$3,681.92/month
|
|
Month
31- Month 42 (as defined in the Lease)
|
$3,790.21/month
|
|
Month
43- Month 54 (as defined in the Lease)
|
$3,902.83/month
|
|
Month
55- Month 66 (as defined in the Lease)
|
$4,024.12/month
|
| 4. |
Expansion
Space Security Deposit
|
Upon
the
execution of this First Amendment to Lease Agreement, Tenant shall pay to
Landlord an amount of $3,573.63 which shall be added to and made a part of
Tenant’s Security Deposit as defined in the Lease.
| 5. |
Expansion
Space Premises
|
Lessor,
at an expense not to exceed $15.00/SF ($77,790.00) (“Improvement Allowance”) and
no later than September 30, 2000 shall complete improvements to the Premises
per
mutually agreed upon construction drawings. Said Improvement Allowance shall
go
toward the cost of Lessee’s improvements, architectural fees and a construction
management fee equal to five percent (5%) of said costs. The Improvement
Allowance may not be used to pay for non-construction items, such as rent,
moving expenses, furniture or telecommunications equipment. Should the actual
improvement costs exceed the Improvement Allowance, Lessee shall pay Lessor
said
excess amount within 30 days of the receipt of an invoice from Lessor for said
amount. Notwithstanding Lessor at Lessor’s expense, and at an expense not to be
part of the Improvement Allowance shall replace all HVAC units.
| 6. |
Expansion
Space Irrevocable Letter of
Credit
|
As
part
of the First Amendment to Lease Agreement, Lessee shall provide Lessor an
Irrevocable Letter of Credit (“L.C.”), which is assignable, acceptable to Lessor
in the amount of $40,000.00 (forty thousand dollars and no cents) within thirty
(30) days of the execution of this Amendment. Provided Lessee is not in default
of the Lease, the L.C. will be reduced to $20,000.00 (twenty thousand dollars
and no cents) at the end of the 36th
month of
the Lease term and reduced to 0.00 at the end of the 48th
month of
the Lease term. A copy of the L.C. is to be attached to and made part of this
Amendment as Exhibit “B”.
Exhibit
“B”
L.C.
(to
be attached)
Except
as
expressly amended or modified hereby, the terms and conditions of the First
Amendment to Lease Agreement, as amended, shall be and remain in full force
and
effect and are hereby confirmed by Landlord and Tenant.
The
terms
and conditions of this First Amendment shall inure to the benefit of, and be
binding upon, the successors, assigns and legal representative of the parties
hereto.
LESSOR: BSRT
Phoenix Business Park L.L.C.
By: BSRT
PORTFOLIO CORP., its managing member
By:
/s/________________________________________
Vice
President
LESSEE:
LightNetworks,
Inc.
By:
Xxxxxx Xxxxxxxx
Title
Leasing Administrator
Attest:_________________________________________
{CORPORATE
SEAL}
