LEASE AMENDING AND EXTENSION AGREEMENT
THIS
AGREEMENT made as of the 4th
day of December, 2007.
B
E T W E
E N:
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1411029
ONTARIO LIMITED
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(hereinafter
called the “Landlord”)
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OF
THE FIRST PART
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-
and -
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(hereinafter
called the “Tenant”)
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OF
THE SECOND PART
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WHEREAS:
A.
By a
lease dated July 30, 1997 (the “Lease”) the Tenant formerly known as York
Medical Inc. leased from Xxxxxxx Development Corporation and PR Land Holdings
Ltd. (the “Original Landlord”), certain premises Xxxxxxxx
00, Xxxxx 000
(the
“Original Premises”) comprising of approximately 5,300 square feet located in
the building municipally known as 0000
Xxxxxxx Xxxxx
(the
“Building”), in the City of Mississauga, Ontario, for a term of five (5) years
and five (5) months commencing on September 1, 1997 (the “Initial
Term”);
B.
The
Landlord acquired the Building from Xxxxxxx Development Corporation and PR
Land
Holdings Ltd. and is now the Landlord under the
Lease.
C.
And
by a
lease amending and extension agreement dated January 15, 2003, between
Landlord
and Tenant, the Initial Term was extended for a further period of five (5)
years
commencing
on February 1, 2003 and expiring on January 31, 2008 (the “First Extension
Term”).
D.
And
by a lease amending and extension agreement dated October 10, 2007, the parties
agreed to expand the premises to include additional premises adjacent thereto
Xxxxxxxx 00, Xxxxx 000 comprising of approximately 1,770 square
feet (the “Additional Premises”) which thereafter formed part of the Leased
Premises as set forth in the Lease, consisting of a total Rentable Area
of 7,070 square feet (collectively known as the
“Premises”).
E.
The
parties have agreed to further amend and extend the Lease as set out in this
Agreement.
3.
The
Second Extension Term shall be upon the same terms and conditions as are
contained in the Lease save and except that the Lease shall be amended as
follows as of the Effective Date:
(a)
Item
8 of the Term Sheet to the Lease is hereby amended by inserting the following:
“Year
I of the Second Extension Term – $10.25 per square foot of
the Rentable Area per annum; Year 2 of the Second Extension Term –
$10.50 per square foot of the Rentable Area per annum; Year 3
of the Second Extension Term – $10.75 per square foot of the
Rentable Area per annum; Year 4 of the Second Extension Term –
$11.00 per square foot of the Rentable Area per annum; Year 5
of the Second Extension Term – $11.25 per square foot of the
Rentable Area per annum”.
4.
Capitalized expressions used herein, unless separately defined herein, have
the
same meaning as defined in the Lease.
5.
The
parties hereto represents and warrants that each has the full right, power
and
authority to enter into this Agreement with the other and each shall indemnify
and save harmless the other in all respects thereto. The parties hereto agree
to
execute all further assurances that each may reasonably request to give effect
to the foregoing and the terms of this Agreement.
6.
The
Lease, as amended by this Agreement, is hereby ratified and confirmed and
remains in full force and effect in accordance with its terms unamended other
than as specifically provided for in this Agreement.
7.
This
Agreement shall enure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns, subject to the express restrictions
contained in the Lease.
IN
WITNESS WHEREOF the parties hereto have executed this Agreement under
seal.
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1411029 ONTARIO LIMITED
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per:
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[Illegible]
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c/s |
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Print
Name:
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Print
Title:
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I/We
have the authority to bind the corporation.
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Tenant:
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per:
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[Illegible]
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c/s |
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Print
Name : [Illegible]
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Print
Title: [Illegible]
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