Exhibit 10.10
AMENDMENT I
TO OFFICE LEASE AGREEMENT BY AND BETWEEN
Spruce Tree Centre L.L.P.
and
Image Sensing Systems, Inc.
On this 8th day of June 1995 and in consideration of mutual promises and
performances by the parties Spruce Tree Centre L.L.P. (Lessor), successor to
Xxxxxxx Real Estate Trust, and Image Sensing Systems, Inc. (Tenant), the parties
hereby amend the Office Lease Agreement (Lease) dated January 14, 1994 between
Lessor and Tenant for Premises at Spruce Tree Centre, 0000 Xxxxxxxxxx Xxxxxx,
Xx. Xxxx, Xxxxxxxxx as follows:
1. Page 1, Paragraph 1 of the Lease, entitled Premises and Terms, is
amended to provide that the Premises shall be changed from Suite 500,
containing 5,210 rentable square feet, to Suites 500 and 420,
containing 5,210 rentable square feet and 2,731 rentable square feet
respectively. Page 1, Paragraph 1 of the Lease is amended to provide
that the ten-n of the lease shall be three (3) years commencing on July
1, 1995 and ending on June 30, 1998.
2. Paragraph 3A of the Lease, entitled Base Rent, is amended to provide
that the Base Rent shall include 5,210 rentable square feet in Suite
500 and 2,731 rentable square feet in Suite 420. Accordingly, this new
Base Rent shall be $100,612.47 annually.
3. Lessor shall pay for improvements to Suite 500 in an amount not to
exceed $15,000.00 and to Suite 420 not to exceed $19,800.00 according
to the description and specifications set forth in the
mutually-approved plans attached as Exhibits 1 & 2 and made parts
hereof.
As said Exhibits I & 2 indicate total improvement costs to be
$17,412.00 for Suite 500 and $21,782.00 for Suite 420, Tenant is
responsible for the amounts exceeding Lessor's portion of improvement
costs as defined above.
4. Lessor shall deliver Suite 420 to Tenant on or about July 1, 1995,
after Lessor notifies Tenant that Suite 420 is completed and ready for
occupancy. Tenant shall take possession within 48 hours of this
notification. The revised Base Rent, as defined above in Article 2,
shall commence from the possession of Suite 420 or July 1, 1995,
whichever is later.
5. Should the Tenant refuse to take possession of Suite 420 under the
terms and conditions of this Lease Amendment, such refusal shall be
considered an Event of Default under the Lease and Lessor shall have
all available legal remedies for the legal enforcement of the Lease and
this Lease Amendment including, but not limited to, specific
performance and damages under the Lease as amended.
6. Tenant shall have first right of refusal for Suite 505, containing
2,815 rentable square feet, Suite 510, containing 1,936 rentable square
feet; the vacant bay east of Suite 420 containing 1,050 useable/1,027.5
rentable square feet; and the 94 square feet (useable) adjacent to
Suite 420 in the plans attached as Exhibit 3 and made a part hereof.
Upon written notice, Image Sensing Systems, Inc. shall have ten (10)
business days to advise Spruce Tree Centre L.L.P. of its intention to
lease Xxxxx 000, Xxxxx 0 1 0, the vacant bay east of Suite 420 and/or
the 96 square feet adjacent to Suite 420.
7. Tenant may, at its option, substitute Suite 505 for Suite 420 on or
before December 1, 1995, should Suite 505 become available. Base Rent
for this purpose shall be $12.67 per rentable square foot. An
improvement allowance for this purpose, provided by Lessor, shall be
$8.00 per useable square foot for either Xxxxx 000 xx Xxxxx 000.
8. To the extent not specifically amended or modified above, all terms and
conditions of the Lease shall remain in full force and effect.
The Exhibits attached to this Lease Amendment (Exhibit 1, consisting of
three pages; Exhibit 2, consisting of three pages; and Exhibit 3,
consisting of two pages) are hereby declared to be part of this Lease
Amendment to the same extent and in the same manner as if the
provisions thereof were actually embodied in this Lease Amendment.
IN WITNESS WHEREOF, the Lessor and Tenant have duly signed and sealed
these presents the day and year first hereinbefore written.
LESSOR:
Spruce Tree Centre L.L.P.
By: /s/ Xxxxxxx X. Xxxx
Its: Agent
TENANT:
Image Sensing Systems, Inc.
By: signature illegible
Its: Vice President
By: ________________________
Its: _______________________
