LEASE AMENDING AGREEMENT
Exhibit
10.18
THIS AGREEMENT made as of the
1st day of August, 2006,
BETWEEN:
PIONEER
TRANSFORMERS LTD.
(the
“Tenant”)
AND:
2600 SKYMARK INVESTMENTS INC.
(the
“Landlord”)
WHEREAS pursuant to a lease
dated the 8th day of October, 1998, as amended by a lease amending agreement
made as of the 20th day of March, 2001 (collectively, the “Lease”), the
Landlord, by its predecessor, as landlord, leased to the Tenant certain premises
containing a rentable floor area of 1,407 square feet, being composed of part of
the ground floor of Xxxxxxxx 0, Xxxxx 000 of the development municipally known
as 0000 Xxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxx (the Lands and Building as more
particularly described in the Lease) for a term now expiring July 31, 2006 at
the rents and upon the terms and conditions contained in the Lease;
AND WHEREAS 2600 Skymark
Investments Inc. is successor in interest and title as owner and landlord of the
Lands and Building
AND WHEREAS the Landlord and
the Tenant have agreed to extend the Term of the Lease and to certain other
amendments to the Lease and to execute this Agreement to give effect
thereto;
NOW THEREFORE THIS AGREEMENT
WITNESSES that in consideration of the mutual covenants contained herein
and the sum of TWO ($2.00) DOLLARS now paid by each party to the other and other
good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged), the parties hereby covenant and agree as follows:
1. The above
recitals are true in substance and in fact.
2. Effective
from and after the 1st day of August, 2006, the Lease shall be and is hereby
amended as follows:
(a) Section
3.01 is hereby deleted and replaced with the following;
“The Term
of this Lease shall be Thirteen (13) years, commencing August 1, 1998 and ending
July 31, 2011, unless the Term is otherwise terminated as provided for in this
Lease.”
(b) Section
4.01 shall be amended by adding the following:
|
Period
of Term
|
Annual
Basic
Rent
|
Monthly
Basic
Rent
|
Annual
Rate per
Square
foot of
Rentable
Area
|
|
Lease
Years 9, 10 & 11
Commencing
01/08/2006
Ending
31/07/2009
|
$18,994.50
|
$1,582.88
|
$13.50
|
|
Lease
Years 12 & 13
Commencing
01/08/2009
Ending
31/07/2011
|
$20,401.50
|
$1,700.13
|
$14.50
|
(c) The
Landlord’s address in Section 4.05 shall be deleted and replaced with the
following:
2600
Skymark Investments Inc. Xxxxx 000
00 Xx.
Xxxxx Xxxxxx Xxxx
Xxxxxxx,
Xxxxxxx, X0X 0X0
(d) R2.03 of
Schedule R shall be amended as follows:
“The
Tenant accepts the Premises in their current “as is “condition.”
(e) R8.02 of
Schedule R shall be amended as follows:
“During
the Term the Landlord shall provide the Tenant with reserved parking for two (2)
automobiles in the Building’s underground parking facility.”
(f) There
shall be no rental credit, rent free period, tenant allowance, Landlord’s Work,
leasehold improvements or other tenant inducement whatsoever provided by the
Landlord.
|
3.
|
The
Landlord and the Tenant hereby acknowledge, confirm and agree that in all
other respects the terms of the Lease are to remain in full force and
effect, unchanged and unmodified except in accordance with this
Agreement.
|
|
4.
|
Except
as specifically stated in this Agreement, any expression used in this
Agreement has the same meaning as the corresponding expression in the
Lease.
|
|
5.
|
This
Agreement shall enure to the benefit of and be binding upon the parties
hereto and their respective permitted successors and permitted
assigns.
|
IN WITNESS WHEREOF each of the
parties hereto have executed this Assignment as of the date first written
above.
Tenant:
PIONEER
TRANSFORMERS LTD.
Per:
/s/ Xxxxx X.
Xxxxxxx
Name: Xxxxx
X. Xxxxxxx
Title: Vice-President
Per:
/s/ Xxxxxxx
Xxxxxx
Name: Xxxxxxx
Xxxxxx
Title: Secretary
I/We have
authority to bind the Corporation
Landlord:
2600
SKYMARK INVESTMENTS INC.
Per:
/s/ Xxxxxxx
Xxxxxxx
Name: Xxxxxxx
Xxxxxxx
Title: President
I have
authority to bind the Corporation
