EXHIBIT 10.7
LEASE AMENDMENT #7
This Lease Amendment made and entered into this 9th day of January, 1996, by and
between 0000 Xxxxxxxxx Xxxxx Associates, L.P.(the "Lessor") and Tyco Industries,
Inc.(the "Lessee").
Whereas, the Lessor leased certain premises known as 0000 Xxxxxxxxx Xxxxx, Xxxxx
Xxxxxx, Xxx Xxxxxx (the "Property") to the Lessee pursuant to that certain Lease
Agreement dated September 21, 1992, previously amended on November 11, 1992,
December 18, 1992, January 5, 1993, February 1, 1993, June 16, 1993, and August
6, 1993, the terms and conditions being more particularly described therein (the
Lease Agreement and amendments shall hereinafter be collectively referred to as
the "Lease Agreement").
Whereas, paragraph 24 of the Lease Agreement provides that the Lessee may
terminate the Lease Agreement if, due to foreclosure or sale or otherwise, the
Lessor or its affiliate ceases to be the owner of or managing agent for the
Property (this option to terminate the Lease Agreement shall hereinafter be
referred to as the ("Termination Option").
Whereas, the Lessor has entered into negotiations with Xxxxxx Brothers Holdings,
Inc. ("LBHI") to obtain refinancing for the Property, and LBHI has indicated
that as a condition of any refinancing the Lessee must waive the Termination
Option.
Now therefore, the Lessor and the Lessee wish to further amend the Lease
Agreement, and intending to be bound hereby agree as follows:
1. The Lessee waives the Termination Option, such that if LBHI, its successors
and/or assigns, due to foreclosure or sale or otherwise, becomes the owner or
managing agent of the Property, the Lease Agreement shall not be subject to
termination by the Lessee due to the Lessor's loss of ownership of the
Property. Accordingly, the last five (5) lines of paragraph 24 of the Lease
Agreement are hereby deleted in their entirety.
All other terms and conditions of the original Lease Agreement, shall remain in
full force and effect.
LESSOR: 0000 Xxxxxxxxx Xxxxx Associates, L.P.
By: ______________________________________
Xxxxxx X. Xxxxxxxxx
LESSEE: TYCO INDUSTRIES, INC.
By: ______________________________________
Xxxxxxxx Xxxxxxx, V/P - MIS
cp: 3/20/96
c:lease #7.doc - word
