EXHIBIT 10.24
FOURTH AMENDMENT TO LEASE AGREEMENT
This Fourth Amendment to Lease Agreement ("First Amendment") is entered
as of the 1st day of September, 1998 by and between 600 C.C. Business Park Ltd.
("Landlord") and Industrial Data Systems, Inc. ("Tenant");
RECITALS
A. WHEREAS, 600 C.C. Business Park Ltd. as Landlord and Tenant entered a Lease
executed on January 16, 1991 (the "Lease"), and which lease was amended by
the First Amendment to Lease Agreement dated December 7, 1993, and the
Second Amendment to Lease dated December 29, 1994, and the Third Amendment
to Lease dated August 8, 1995 for certain premises known as Suite A-140,
located at 000 Xxxxxxx Xxxxx Xxxxx, Xxxxxxx, Xxxxx ("Leased Premises")
described as consisting of a total leaseable area of 18,155 square feet;
B. WHEREAS, Landlord and Tenant desire to modify the lease so as to modify
certain terms and provisions outlined in the original Lease, the First
Amendment to Lease, the Second Amendment to Lease, and the Third Amendment
to Lease to allow for the extension of the lease term and to increase the
square footage of the premises that the tenant will occupy under the terms
and conditions of the original Lease, the First Amendment to Lease, the
Second Amendment to Lease, the Third Amendment to Lease and this Fourth
Amendment to Lease and;
C. WHEREAS, Tenant and Landlord hereby agree that no other document has been
executed or exchanged between the parties hereto other than the original
Lease Agreement, the First Amendment to Lease, the Second Amendment to
Lease, and the Third Amendment to Lease specified above and that there are
no side letters or any oral agreements between the parties and;
D. WHEREAS, Landlord and Tenant desire to enter into this Fourth
Amendment,
NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged by Landlord and Tenant,
Landlord and Tenant agree as follows:
AGREEMENTS
1. The Lease for the Leased Premises is hereby agreed to be renewed and
extended an additional twenty-four (24) month term. Therefore, the new
lease expiration date shall be modified to be August 31, 2002.
2. Effective immediately upon full execution of this Fourth Amendment,
Landlord and Tenant mutually agree to expand the "Leased Premises" by 2,370
square feet of leaseable area
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("Expansion Premises") making a total leaseable area of 20,525 square feet.
(See Attached Exhibit "A" Site Plan and Expansion Premises).
3. Landlord and Tenant agree that the monthly base rental scheduled in the
Original Lease, the First Amendment to Lease, the Second Amendment to
Lease, and the Third Amendment to Lease shall be modified and scheduled as
follows:
September 1, 1998 - September 31, 1998: $ .44 per sf per month ($9,077.50 per month)
October 1,1998 - August 31, 2000: $ .50 per sf per month ($10,262.50 per month)
September 1, 2000 - August 31, 2002: $ .53 per sf per month ($10,878.15 per month)
4. COMMON AREA MAINTENANCE, TAXES, INSURANCE (OPERATING EXPENSES): Tenant
shall be responsible for it's pro-rata share of any increases in these
expenses (as defined in Sections 4, 7, 11, and 13 of the original lease)
above a base year 1997. Effective September 1, 1998 Tenant's proportionate
share shall change from 13.72% to 15.51%.
5. TENANT IMPROVEMENT ALLOWANCE: Landlord shall provide Tenant with an
allowance of up to $12,000 for improvements to the 2,370 sf expansion space
and any improvements required in the Tenant's 18,155 sf existing/current
premises. Tenant shall be responsible for having the improvements to the
premises performed by qualified contractors and Landlord shall pay to
Tenant an amount equal to the cost of the improvements up to a maximum of
$12,000. Tenant shall provide Landlord a list of all contractors/suppliers
which will perform work at the Premises and copies of their appropriate
insurance certificates prior to commencement of construction.
EXCEPT as expressly provided herein, all other terms, covenants, and
conditions of the lease shall remain the same and in full force and effect, and
are hereby ratified by both parties.
This Amendment shall be binding upon and inure to the benefit of
Landlord and Tenant and their successors and assigns: however, this provision
shall not permit any additional transfer or assignment of the Lease by Tenant
which is otherwise limited by the terms of the Lease and this Amendment required
by Landlord's consent.
IN WITNESS WHEREOF, the parties have executed this Fourth Amendment to Lease as
of the date first written above.
Attachments: Exhibit "A" - Site Plan and Expansion Premises
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Executed effective the 31 day of August 1998.
LANDLORD TENANT
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600 C.C. BUSINESS PARK, LTD. INDUSTRIAL DATA SYSTEMS, INC.
By: /s/ Xxxx X. Xxxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
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Title: General Partner Title: President
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