AMENDMENT NO. 1 TO LEASE
W. Bayshore
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AMENDMENT
NO. 1
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THIS AMENDMENT NO.1 (“Amendment”) is
made and entered into this 11th day of
December 2009, by and between XXXX XXXXXXXXX, Trustee, or his Successor Trustee
UTA dated 7/20/77 (XXXX XXXXXXXXX SURVIVOR’S TRUST) as amended, as LANDLORD, and
OPTI INC., a
California corporation, as TENANT.
RECITALS
A. WHEREAS,
by Lease Agreement dated November 21, 2006 Landlord leased to Tenant
approximately 2,804+/- square feet of that certain 20,450+/- square foot
building located at 0000 X. Xxxxxxxx Xxxx, Xxxxx 000, Xxxx Xxxx, Xxxxxxxxxx, the
details of which are more particularly set forth in said Lease Agreement,
and
B. WHEREAS,
said Lease was amended by the Commencement Letter dated January 3, 2007 which
confirmed the Commencement Date of the Lease as January 1, 2007, and confirmed
the Termination Date as December 31, 2009, and,
C. WHEREAS,
it is now the desire of the parties hereto to further amend the Lease by
(i) extending the Term for two (2) years, changing
the Termination Date from December 31, 2009 to December 31, 2011,
(ii) amending the Basic Rent Schedule and Aggregate Rent accordingly
and (iii) amending Landlord’s address under Lease Paragraphs 4.F
(“Rent: Place of Payment of Rent”) and 36 (“Notices”), as hereinafter
set forth (the Lease Agreement, Commencement Letter and this Amendment No. 1
hereinafter are referred to collectively as the “Lease”).
AGREEMENT
NOW THEREFORE, for valuable
consideration, receipt of which is hereby acknowledged, and in consideration of
the hereinafter mutual promises, the parties hereto do agree as
follows:
1. TERM OF
LEASE. It is agreed between the parties that the Term of the
Lease shall be extended for an additional two (2) year period, and the Lease
Termination Date shall be changed from December 31, 2009 to December 31, 2011
(the “Revised Termination Date”. Tenant shall be responsible for
paying all Basic Rent and Additional Rent and fulfilling all Lease obligations
as contained in said Lease through the Revised Termination
Date. Notwithstanding the above, Tenant’s obligations as stated in
Lease Paragraphs 13 (“Taxes”), 18 (“Indemnification”), 19 (“Compliance”) and 44
(“Hazardous Materials”) shall survive the termination of the Lease.
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2. BASIC RENT FOR EXTENDED TERM
OF LEASE. The monthly Basic Rent for the extended Term of the
Lease shall be as follows:
On January 1, 2010, the sum of NINE
THOUSAND FOUR HUNDRED EIGHTY-FIVE AND 09/100 ($9,485.09) shall be due, and a
like sum due on the first day of each month thereafter through and including
December 1, 2010.
On January 1, 2011, the sum of NINE
THOUSAND SEVEN HUNDRED SIXTY-FIVE AND 49/100 (9,765.49) shall be due, and a like
sum due on the first day of each month thereafter through and including December
1, 2011.
The Aggregate Basic Rent for the Lease
shall be increased by $231,006.96 or from $312,007.80 to
$543,014.76.
3. PLACE OF PAYMENT OF
RENT. Lease Paragraph 4.F (“Rent: Place of Payment
of Rent”) is hereby amended to change Landlord’s address to receive Rent
payments to: XXXX
XXXXXXXXX SURVIVOR’S TRUST, 0000 XXXXXX XXXXX, XXXX XXXX, XX
00000.
4. SECURITY
DEPOSIT. Tenant Security Deposit shall remain at
$17,848.58.
5. NOTICES. Lease
Paragraph 36 (“Notices”) is hereby amended to change the address for notices,
demands, requests, advices or designations from Tenant to Landlord
to: XXXX XXXXXXXXX
SURVIVOR’S TRUST, 0000 XXXXXX XXXXX, XXXX XXXX, XX 00000.
6. CHOICE OF
LAW/VENUE: SEVERABILITY. This Amendment shall in
all respects be governed by and construed in accordance with the laws of the
County of Santa Xxxxx in the State of California and each party specifically
stipulates to venue in Santa Xxxxx County. If any provisions of this
Amendment shall be invalid, unenforceable, or ineffective for any reason
whatsoever, all other provisions hereof shall be and remain in full force and
effect.
7. AUTHORITY TO
EXECUTE. The parties executing this Amendment hereby warrant
and represent that they are properly authorized to execute this Amendment and
bind the parties on behalf of whom they execute this Amendment and to all of the
terms, covenants and conditions of this Amendment as they relate to the
respective parties hereto.
8. EXAMINATION OF
AMENDMENT. This Amendment No. 1 shall not be effective until
its execution by both Landlord and Tenant.
EXCEPT AS MODIFIED HEREIN, all other
terms, covenants, and conditions of the Lease shall remain in full force and
effect.
(SIGNATURES
ON FOLLOWING PAGE)
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W.
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IN WITNESS WHEREOF, Landlord and Tenant
have executed this Amendment No. 1 to Lease as of the day and year last written
below.
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LANDLORD:
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TENANT:
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XXXX
XXXXXXXXX SURVIVOR’S
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TRUST
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a
California corporation
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By
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/s/
Xxxx Xxxxxxxxx
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By
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/s/Xxxxxxx
X. Xxxxxx
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Xxxx
Xxxxxxxxx, Trustee
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Xxxxxxx
Xxxxxx
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Print
or Type Name
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Date:
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1/6/10
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Title
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President/CEO
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Date:
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December
16, 2009
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Lease Documents\O\OPTI\W.Bayshore\Amend1 12-11-09 (Option #2-Extend
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