EXHIBIT 10AG
SECOND AMENDMENT TO AGREEMENT OF LEASE
MADE THIS 18th DAY OF October , 2000
BY AND BETWEEN
THE BUNCHER COMPANY (hereinafter called "Landlord"), a Pennsylvania
corporation having its principal place of business in Allegheny County,
Pennsylvania
AND
HAEMONETICS CORPORATION, (hereinafter called "Tenant"), a
Massachusetts corporation having its principal place of business in the
City of Braintree, Norfolk County, Massachusetts.
WHEREAS, the parties hereto have entered into a certain Agreement of
Lease dated July 17, 1990 as amended by First Amendment to Agreement of
Lease dated April 30, 1991 (said Agreement of Lease as amended is
hereinafter collectively called the "Lease") covering certain property
located in the Buncher Commerce Park, Leetsdale, Allegheny County,
Pennsylvania and herein and therein called the Lease Premises; and
WHEREAS, all terms defined in the Lease and used herein shall have
the same meaning herein as in the Lease unless otherwise provided herein;
and
WHEREAS, the parties hereto desire to amend the Lease to (i) extend
the existing Renewal Term of the Lease for five (5) additional years (the
"New Extended Term"), (ii) to provide for the monthly rental for the New
Extended Term, (iii) provide for an additional extension of the Lease (the
"Roll Over Term"), and (iv) supplement the insurance provisions of the
Lease.
NOW, THEREFORE, in consideration of the premises and intending to be
legally bound the parties hereto promise, covenant and agree that the Lease
be and is hereby amended as follows:
1. TERM: The Renewal Term of the Lease is hereby extended to expire
at the end of the New Extended Term on June 30, 2006.
2. RENT: A. Tenant shall continue to pay to Landlord as monthly
rental for the Leased Premises the amount of $23,258.26 until July 1, 2001.
B. Beginning July 1, 2001 and on the first day of each calendar
month thereafter during the New Extended Term, Tenant shall pay to Landlord
as monthly rental for the Leased Premises the amount of $25,944.18.
All rentals payable hereunder shall be payable in advance without
demand, deduction or setoff. Remittance for rental and any additional
rentals payable hereunder shall be paid to Landlord's agent, Buncher
Management Agency, Inc., 0000 Xxxxxxx Xxxxxx, P. O. Box #81930, Pittsburgh,
Pennsylvania 15217-0930 or at such other place or to such other person as
may be designated by Landlord in writing.
3. INSURANCE: In additional to the insurance requirements set
forth in section 8 of the printed portion of the Agreement of Lease dated
July 17, 1990, Tenant shall maintain during any period of occupancy by
Tenant of any portion of the Leased Premises and throughout the term of the
Lease or any extension thereof workers compensation and employers liability
insurance or a qualified self-insurance plan at the statutory limits on its
employees at the Leased Premises. Tenant or those holding under it shall
not pursue any claim for subrogation, indemnity or otherwise against
Landlord that arises out of any loss by Tenant or those holding under it on
account of any injury to Tenant's employees incurred on or about the Leased
Premises.
4. BROKERAGE: Landlord and Tenant each hereby warrants to the other
that no real estate broker has been involved in the extension of the term
of the Lease on its behalf and that no finder's fee or real estate
commission have been earned by any third party. Each party hereto agrees
to indemnify the other for any liability or claims for commissions of fees
arising from a breach of this warranty by the indemnifying party.
5. ROLL OVER TERM: Unless Tenant notifies Landlord in writing one
(1) year prior to the expiration of the New Extended Term that Tenant does
not desire to extend the term of the Lease for the Roll Over Term as
defined herein, the Lease and the term thereof shall further be extended
for one (1) additional term of five (5) years (the "Roll Over Term") to
commence immediately following the expiration of the New Extended Term.
The Roll Over Term shall be on the same terms and conditions as exists
under the Lease, as amended except that the monthly rental for the Leased
Premises shall be determined by the following formula:
Monthly Rental = $25, 944.18 X (CPI in effect for June, 2001
for Roll Over plus 75% of the amount by which the
Term CPI in effect for June, 2006
exceeds the
divided by CPI in effect for June, 2001)
--------------------------------
the CPI in effect for June, 2001
Notwithstanding the result of the above calculation, the monthly
rental for the Roll Over Term shall not be less than $25,944.18.
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The CPI, as referred to herein, means the Consumer Price Index for
all Urban Consumers items 1982-84 = 100 relating to the United States City
Average, as issued by the Bureau of Labor Statistics of the United States
Department of Labor, or any successor to the function thereof. In the
event of the conversion of the CPI to a different standard reference base
or any other revision thereof, the determination hereunder shall be made
with the use of such Bureau of Labor Statistics or successor to the
functions thereof or in the absence of the publication of such conversion
factor, such formula or table as Landlord shall in good faith designate.
The extension of the term of the Lease for the Roll Over Term as
provided herein is subject to Haemonetics Corporation itself or its
affiliate, being in full possession of the Leased Premises continuously
during the last twelve (12) months of the New Extended Term of the Lease
and at the commencement of the Roll Over Term. If the above condition is
not satisfied, Landlord may, at its option, terminate the Lease as of the
day preceding the Roll Over Term.
6. Except as amended hereby all terms and conditions of the Lease
shall remain in full force and effect.
WITNESS the due execution hereof.
ATTEST: THE BUNCHER COMPANY
By s/ Xxxxxxx Xxxxxxx By s/ XX Xxxxxxxxxxx
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Title Secretary Title President
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(Corporate Seal)
ATTEST: HAEMONETICS CORPORATION
By s/ Xxxxxx Xxxxx By s/ Xxx Xxxx
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Title Clerk Title CFO
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