ADDENDUM TO LEASE BETWEEN
VIRAGEN, INC. AND MEDICORE, INC.
DATED DECEMBER 8, 1992
WHEREAS, Viragen, Inc., a Delaware corporation ("Lessor") is the
owner of property located at 0000 Xxxx 00xx Xxxxxx, Xxxxxxx, Xxxxxxx and
has entered into a Lease dated December 8, 1992 ("Lease") with Medicore,
Inc. ("Lessee"); and
WHEREAS, the parties to the Lease are mutually desirous of adding the
following terms and provisions to the Lease as hereinafter set forth.
NOW, THEREFORE, in consideration of the sum of ten ($10) dollars and
other good and valuable consideration paid by each party to the other, the
receipt and sufficiency hereby acknowledged by both parties, and further
consideration of the extension of funds by Lessee to the Lessor as other-
wise acknowledged by the parties and as provided for herein, Lessor and
Lessee do hereby covenant and agree as follows:
1. All of the recital clauses hereinabove set forth are hereby
incorporated by reference as though set forth and at length
herein.
2. Lessor agrees to pay to Lessee, either through insurance xxxx-
bursement Lessor receives for damages to its Premises as a
result of the recent hurricane ("Storm Damage") and/or to the
extent certain repairs and leasehold improvements are not
subject to the insurance reimbursement, then through rental
adjustments and reductions as otherwise provided for herein,
such sums necessary for (i) maintenance and repair of the
Premises ("Maintenance") due to the Storm Damage (such Main-
tenance being a requirement of Section 7.1 of the Lease
incumbent upon the Lessor), and (ii) leasehold improvements
necessary to accommodate Lessor in order for Lessor to lease
the Premises ("Leasehold Improvements"), both (i) Maintenance
and (ii) Leasehold Improvements being the contingency and basis
for Lessor having entered into the Lease.
Lessor has been dependent upon Lessee for funds to operate since
Lessor's inception in 1980, and Lessor is and was, at the date
of the execution of the Lease, indebted to Lessor for advances
up to approximately $450,000 of which $350,000 is evidenced by a
promissory note and secured by mortgage on the Premises held by
Lessee.
1
As of the date of this Addendum, the Maintenance expenses
(exclusive of roof repair) and the expenses for Leasehold
Improvements amounted to $39,542. These sums were advanced by
Lessee to Lessor with the understanding and agreement of the
Lessor and Lessee that said sums were to be repaid by Lessor to
Lessee as provided for in this Addendum. Of said aggregate sum,
Lessor has repaid to Lessee from its insurance proceeds for the
Storm Damage $15,000 resulting in a balance due from Lessor to
Lessee under the terms of this Addendum for Maintenance and
Leasehold Improvements of $24,542 ("Aggregate Sum"). To the
extent that Lessor is unable to make a cash reimbursement from
its insurance proceeds for the Maintenance or otherwise make
repayments for the Leasehold Improvements, then the Aggregate
Sum shall be reduced in full, without interest, through and by
deductions from rental payments due by Lessee under the Lease,
commencing from the date hereof through the term of the Lease
in successive continuous monthly deductions until the Aggregate
Sum is fully paid and satisfied, subject to Section 3, below.
3. Lessor and Lessee understand and agree that there remain
additional Maintenance and Leasehold Improvements to be accom-
plished, including but not limited to replacing the lawn,
painting, wallpaper, etc., which when properly documented and
such funds are extended by Lessee to Lessor, will be added to
the Aggregate sum as defined under Section 2 of this Addendum and
shall be repaid as otherwise provided in Section 2 hereof through
cash repayment by Lessor to Lessee or rental adjustments and
deductions due under the Lease as otherwise set forth in Section
2 hereinabove.
4. The roof repair to the extent of approximately $36,000 is not
included in the Aggregate Sum nor in this Addendum.
5. The Lease otherwise remains in full force and effect.
IN WITNESS WHEREOF, the parties have hereunto set their hands and
seals as of this 15th day of January, 1993.
ATTEST: VIRAGEN, INC.
/s/ Xxxxxxxx X. Xxxxx By /s/ Xxxxxx X. Xxxxxx
--------------------------- -----------------------------
Xxxxxxxx X. Xxxxx XXXXXX X. XXXXXX, President
Secretary
ATTEST: MEDICORE, INC.
/s/ Xxxxxxxx X. Xxxxx By /s/ Xxxxxx X. Xxxxxxxx
--------------------------- -----------------------------
Xxxxxxxx X. Xxxxx XXXXXX X. XXXXXXXX, President
Secretary
