1
EXHIBIT 10.5
AMENDMENT TO LEASE
Reference is made to that certain Lease dated as of August 1, 1996
(hereinafter "Lease"), by and between:
(a) Athena Wlasits, Xxxxxx Xxxxxx and Xxxxxx X. Shack, as they are the
Trustees of Xxxxxx Property Trust, u/d/t dated December 22, 1992, said trust
having an address at 0 Xxxxxx Xxxxxx, Xxxxxxx, XX (hereinafter "Landlord"); and
(b) Omtool Limited, a duly formed corporation having an address at 0X
Xxxxxxxxxx Xxx, Xxxxx, XX (hereinafter "Tenant"),
which Lease covers certain premises contained in a building having an address at
0X Xxxxxxxxxx Xxx, Xxxxx, Xxxxxxxxxx Xxxxxx, XX, more particularly described
therein (hereinafter the "leased premises").
WHEREAS, the parties named above, pursuant to paragraph 24. of the said
Lease, desire to revise and amend certain terms contained therein,
NOW THEREFORE, in consideration of the mutual covenants and conditions
contained herein, the parties hereto agree as follows:
1. Paragraph 1. of the Lease is hereby revised and amended to reflect
that the parties intend to the leased premises, as such term is defined by the
said Lease, approximately 7,500 square feet of space located within the Building
(hereinafter the "Additional Space"). The total space occupied by the Tenant, as
of the date hereof, shall hereafter consist of that space containing a total of
approximately 22,500 square feet, all as more particularly shown on the floor
plan marked "Exhibit A" annexed hereto prior to the execution hereof and herein
incorporated by reference as if fully set out hereon (collectively hereinafter
the "new leased premises"), and are more particularly shown on the said floor
plan annexed hereto.
The parties hereto acknowledge and agree that the new leased premises
constitute all of Units 1 and 2, located in said Building A, and that Tenant
accepts and occupies the said leased premises in its present condition, AS-IS,
with no warranties of any nature from Landlord, other than those which are set
forth in this Lease.
All other provisions of the said Paragraph 1., to the extent not
revised and amended by this paragraph, are hereby ratified and confirmed.
2. Paragraph 3. of the Lease is hereby revised and amended to reflect
that, effective as of the date hereof and during the remainder of the term
thereof, the Tenant shall be obliged to pay annual basic rent for the new leased
premises for the periods and in the amount as follows:
2
-2-
8/1/98 to 7/31/00: The sum of One Hundred Forty Four Thousand Three
Hundred Seventy Five and 00/100 ($144,375.00) Dollars, payable in advance in
equal monthly payments of Twenty Thousand Thirty One and 25/100 ($12,031.25)
Dollars, said payments due on the first day of each month.
3. The last two grammatical paragraphs of Paragraph 8. of the Lease
shall be deleted and replaced in their entirety by the following:
Notwithstanding the foregoing, it is agreed that Tenant shall pay to
Landlord, as additional rent for said premises, such sum of money as represents
13.9461% of the amounts reasonably expended or incurred by the organization of
unit owners of the Condominium (or Landlord acting in its stead) in maintaining
and routine repairing all said walkways, curbs, parking areas and landscape
areas referred to in the immediately preceding paragraph, excluding replacements
and capital improvements. Such additional rent shall be payable by Tenant within
thirty (30) days of billing by Landlord therefor.
In connection with the percentage named in the preceding paragraph, the
Landlord warrants that the leased premises represent not less than 13.9461% of
the total percentage interest of ownership of the Condominium, as such is
established by the terms and provisions of the Declaration of Brookview
Industrial Condominium.
4. The second and third grammatical paragraphs of Paragraph 15. of the
Lease shall be deleted and replaced in their entirety by the following:
Notwithstanding the foregoing, it is agreed that Tenant shall pay to
Landlord, as additional rent for said leased premises, such sum of money as
represents 13.9461% of the amount reasonably expended or incurred by the
organization of unit owners of the Condominium (or Landlord in its stead) for
maintaining in force the insurance as provided in the immediately preceding
paragraph. Such additional rent shall be payable by Tenant as and when billed by
Landlord therefor.
In connection with the percentage named in the preceding paragraph, the
Landlord warrants that the leased premises represent not less than 13.9461% of
the total percentage interest of ownership as such is established by the terms
and provisions of the Declaration of Brookview Industrial Condominium.
5. Paragraph 39. of the Lease shall be deleted and replaced in its
entirety by the following:
Landlord acknowledges receipt of the sum of $11,562.50, to be held as a
security deposit during the term of this Lease, and duly accounted for pursuant
hereto.
3
-3-
6. The following shall be added to the Lease:
40. Option to Extend. Tenant is hereby granted the option to extend
this Lease for one (1) additional successive period of three (3) years, which
shall commence on the first day following the expiration date of this Lease.
Tenant shall provide Landlord, at least six (6) months prior to the then
applicable expiration date, written notice of its intent to exercise its rights
hereunder. Such extension of this Lease shall be under the same terms and
conditions hereof, with the exception of the annual basic rent which shall be in
the amount of One Hundred Fifty Thousand and 00/100 ($150,000.00) Dollars,
payable in advance in equal monthly payments of Twelve Thousand Five Hundred and
00/100 ($12,500.00) Dollars, said payments due on the first day of each month.
7. In all other respects, the parties to this Amendment to Lease hereby
restate, ratify and confirm the terms and provisions of the above-entitled
Lease, to the extent not revised and amended hereby.
EXECUTED as a sealed instrument as of the 1st day of August, 1996.
Landlord Xxxxxx Property Trust
by: /s/Athena Wlasits Trustee
--------------------------------
Athena Wlasits, Trustee
hereto duly authorized
by: /s/Xxxxxx Xxxxxx Trustee
--------------------------------
Xxxxxx Xxxxxx, Trustee
hereto duly authorized
by: /s/Xxxxxx X. Shack
--------------------------------
Xxxxxx X. Shack, Trustee
hereto duly authorized
Tenant: Omtool Limited
by: /s/ Darioush Mardan
--------------------------------
hereto duly authorized
Darioush Mardan CFO
4
Exhibit A
See Plan attached hereto and made a part hereof.
[Map of Leased Premises]
