EXHIBIT 10.25
First Amendment to Industrial Real Estate Lease
The Industrial Real Estate Lease, dated the June 1, 1998, by and between
Cypress Land Company, a California limited partnership, as Landlord, and Xylan
Corporation, a California corporation, as Tenant for the lease of the property
known as 00000 Xxxxxx Xxxx, Xxxxxxxxx, Xxxxxxxxxx, is hereby amended as follows:
1. Paragraph 2.6(a) of the Construction Rider to the Lease is hereby
modified by stating the Letter of Credit described therein shall be in the
amount of Five Million Dollars and No Cents ($5,000,000.00), and such amount may
be reduced to Two Million Five Hundred Thousand Dollars and No Cents
($2,500,000.00) upon Tenant receiving Landlord's written acknowledgment, which
will not be unreasonably withheld, confirming: (a) the tenant improvement
general contractor has recorded a "notice of completion"; (b) the City of
Calabasas has issued a temporary "certificate of occupancy"; and (c) the balance
of budgeted tenant improvement costs to be paid do not exceed $2,500,000.00. The
Letter of Credit will specify an initial term of not less than six (6) months;
provided, however, that such Letter of Credit must be renewed on or before
thirty (30) days prior to the date of expiration of its initial term (and each
term thereafter); or if not so renewed thirty (30) days prior to its expiration,
then the Landlord may draw upon the entire Letter of Credit and such amounts so
drawn shall be held by the Landlord pursuant to the terms of Paragraph 2.6 of
the Construction Rider. The Letter of Credit must be renewed and kept in force
for the time periods and in the form required under Paragraph 2.6 of the
Construction Rider. Landlord shall give Tenant at least two full business (2)
days prior written notice before Landlord draws down on the Letter of Credit
unless such Letter of Credit will expire or terminate.
All other terms of the Lease are hereby reaffirmed by the parties except as
amended by this First Amendment.
This First Amendment may be executed in counterparts, and each counterpart
shall then be considered together as one original agreement. Landlord and Tenant
have executed this First Amendment to the Lease this 19th day of October 1998.
"Landlord" "Tenant"
Cypress Land Company, Xylan Corporation,
A California limited partnership a California corporation
By: Harvico, Inc., a California
Corporation, General Partner
By: /s/ Xxxxx Xxx
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Xxxxx Xxx, President
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, President
By: /s/ Tae Xxx Xxxx
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Tae Xxx Xxxx, Secretary
