LEASE AMENDMENT
This AMENDMENT TO LEASE is made and entered into this 27th day of Feb,
2002, by and between 1870 ASSOCIATES, INC. ("Landlord") and ATLANTIS PLASTIC
FILMS, INC. (Successor by name change to National Poly Products, Inc.,
("Tenant")
WITNESSETH:
WHEREAS Euram/1870 Exchange Associates and National Poly Products, Inc.
entered into a certain Lease dated April 1, 1992 ("Lease") consisting of 9,247
rentable square feet, known as Suite 2000 ("Premises"), located in 0000 Xxx
Xxxxxxxx, Xxxxxxx, Xxxxxxx and further amended by the First Extension executed
on May 14, 1997, and amended on April 01, 2001 to include suite 275, consisting
of 7,206 square feet. The revised total is 10,453 square feet.
NOW, THEREFORE, in consideration of the mutual promises of the parties and
in consideration of the sum of Ten Dollars ($10.00) paid by each party to the
other, sufficiency of which is hereby acknowledged; Landlord and Tenant hereby
amend the Lease as follows:
1. Premises will be expanded to include Suite 270 consisting of 983 SF.
2. The Term of the Lease for Suite 200 & 275, in addition to the expanded
suite 270, shall be extended for an additional 5 years commencing on the
later of June 1, 2002 or the date that the Tenant Work is completed, and
will terminate on May 31, 2007. If the commencement date is later than
June 1, 2002, the rent for shall be prorated accordingly.
3. The Fixed Minimum Rent Schedule for Suite 200, 270 and 275, combined for a
total of 11,436 rentable square feet, shall be as follows:
Term PSF Monthly Annual
---- --- ------- ------
June 1, 2002-May 31, 2003 $13.50 $12,865.50 $154,386.00
June 1, 2003-May 31, 2004 $13.91 $13,256.23 $159,074.76
June 1, 2004-May 31, 2005 $14.32 $13,646.96 $163,763.52
June 1, 2005-May 31, 2006 $14.75 $14,056.75 $168,681.00
June 1, 2006-May 31, 2007 $15.19 $14,476.07 $173,712.84
4. Landlord will provide a Tenant Improvement Allowance consisting of the
following items at the Landlord's expense:
Suite 200
New carpet and cove base installed throughout entire Suite
Repaint entire Suite 200 including door frames
Replace all damaged ceiling tiles throughout Xxxxx 000
Xxxxx 000
Demo all existing office walls in Suite 270
Create 2 doorways between Suite 275 and 270
Build new walls for Computer Room as outlined in attached drawing
(Exhibit A)
Prepare walls for painting and paint entire Suite 270
Carpet office area of Xxxxx 000
Xxxxx 000
Xx Xxxxxxxx work to occur other than creating 2 doorways into
Suite 270
5. Tenant shall be given two 5-year options to renew at the then market rate
upon giving (6) months written notice to Landlord of intention to renew.
6. Tenant shall have the First Right of Refusal for all spaces on the balance of
the second floor, subject only to any existing tenant's rights.
All other terms and conditions of the Lease shall remain unchanged, and in
full form and effect, and are hereby ratified and reaffirmed by the parties
herein.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Lease
to be executed on the date first above written.
LANDLORD:
1870 Associates, Inc.
/s/ By: /s/
--------------------- --------------------------
Title: President
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TENANT:
Atlantis Plastic Films, Inc.
/s/ By: /s/ Xxxxxx X. Xxxx
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Witness
Title: VP Human Resources
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