EXHIBIT 10.26
SECOND AMENDMENT TO LEASE
THIS SECOND AMENDMENT TO LEASE ("Amendment") is entered into as of the
day of June, 1999, by and between RREEF AMERICA REIT II CORP. E., a Maryland
corporation ("Landlord"), and ASTROPOWER, INC., a Delaware corporation
("Tenant").
1. Recitals. This Amendment is made with reference to the following facts and
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objectives:
(a) Liberty Property Limited Partnership ("Liberty") leased to Tenant,
and Tenant rented from Liberty, certain premises consisting of approximately
60,300 square feet, Suite 3 ("Premises"), in the building commonly known as 000
Xxxx Xxxxxx, Xxxxxx Xxxxxxxx (the "Building"), pursuant to Lease Agreement dated
June 19, 1998, as amended by First Amendment to Lease Agreement dated January
26, 1999 (the "First Amendment"; said Lease and First Amendment. as amended
hereby, collectively, the 'Lease").
(b) The Premises was increased to a total of 80,400 square feet
pursuant to the First Amendment, by adding the 20,100 square foot "Additional
Space" to the original Premises.
(c) Landlord acquired the Building by purchase on April 15, 1999 from
Liberty and, in connection therewith, was assigned all of Liberty's interest in
the Lease.
(d) Tenant has taken possession of the Additional Space, and Landlord
and Tenant now desire to further amend the Lease in order to clarify the term
rent schedule of the Lease as amended.
(e) All terms defined in the Lease retain their meaning herein, unless
specified herein to the contrary,
(f) Now, therefore, in consideration of the premises herein contained
and the detriments to be suffered by each of the parties, the parties hereby
agree as follows:
2. Effective Date and Term. The Effective Date, as defined in the First
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Amendment, is agreed to be June 16, 1999. Accordingly, pursuant to paragraph 2
of the First Amendment, the Expiration Date will be June 30, 2009.
3. Rent Schedule. Paragraph 3 of the First Amendment is hereby deleted. The
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minimum rent schedule for the Lease term as extended shall be as follows:
Period Annual Rent Monthly Rent
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6/16/99 - 6/30/99* $375,264.00 $31,272.00
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7/1/1999 - 6/30/2000 $381,900.00 $31,825.00
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7/1/2000 - 6/30/2001 $389,124.00 $32,427.00
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7/1/2001 - 6/30/2002 $397,380.00 $33,115.00
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7/1/2002 - 6/30/2003 $405,408.00 $33,784.00
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7/1/2003 - 6/30/2004 $413,460.00 $34,455.00
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7/1/2004 - 6/30/2005 $419,484.00 $34,957.00
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7/1/2005 - 6/30/2006 $426,120.00 $35,510.00
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7/1/2006 - 6/30/2007 $432,756.00 $36.063.00
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7/1/2007 - 6/30/2008 $441,396.00 $36,783.00
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7/1/2008 - 6/30/2009 $448,428.00 $37,369.00
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*prorated for partial month
4. Limitation Of Landlord's Liability. Redress for any claim against Landlord
under the Lease as amended hereby shall be limited to and enforceable only
against and to the extent of Landlord's interest in the Building. The
obligations of Landlord under this Lease are not intended to and shall not
be personally binding on, nor shall any resort be had to the private
properties of, any of its trustees or board of directors and officers, as
the case may be, its investment manager, the general partners thereof, or
any beneficiaries, stockholders, employees, or agents of Landlord or the
investment manager.
IN WITNESS WHEREOF, the parties hereto have executed Amendment as of the day
and year first written above.
LANDLORD: TENANT:
RREEF AMERICA REIT 11 CORP. E, a ASTROPOWER, INC., a Delaware corporation
Maryland corporation
By:
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RREEF Management Company, a
Delaware corporation
By: By:
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Xxxxxxx X. Xxxxxxxxxx
Vice President - Asset
Management Title:
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Dated: , 1999 Dated: , 1999
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