AMENDMENT OF LEASE AGREEMENT made this 10th day of August,1998.
BETWEEN: 000 XXXXXXXXX XXXX LIMITED
A company incorporated under the laws of the Province of
Ontario, and having its head office at:
000 Xxxxxx Xxxxxx, Xxxxx #000
Xxxxxxx, Xxxxxxx, X0X 0X0
(hereinafter called the "Lessor")
OF THE FIRST PART
-and-
V3 SEMICONDUCTOR CORPORATION Xxxx #000 000 Xxxxxxxxx Xxxx
Xxxxx Xxxx, Xxxxxxx, X0X 0X0
(hereinafter called the "Lessee")
OF THE SECOND PART
WHEREAS by a Lease made the 13th day of August, 1996 (hereinafter called
the "Lease") a copy of which is attached hereto as Schedule "A", the Lessor
leased and demised unto the Lessee the leased premises set out therein
(hereinafter called the "Original Leased Premises") being Suite #901 in the
building located at and municipally known as 000 Xxxxxxxxx Xxxx, in the City of
Toronto, in the Province of Ontario, comprising an area of approximately 7,4191
square feet (adjusted to include the Lessee's proportionate share of common
areas and facilities on the ninth floor of the building) for a lease term of
FIVE (5) YEARS AND SIX (6) MONTHS commencing on the 1st day of August, 1996, and
terminating on the 31st day of January, 2002, at the rentals reserved therein;
AND WHEREAS, the Lessor and the Lessee have agreed to increase the area of
the leased premises, effective as of the 1st day of September, 1998, by adding
thereto the premises known as Suite 905 at 000 Xxxxxxxxx Xxxx (hereinafter
called the "Additional Leased Premises"), comprising an area of approximately
3,346 square feet (adjusted to include the Lessee's proportionate share of
common areas and facilities on the ninth floor of the building) adjacent to the
Original Leased Premises, being the area outlined in red on the plan of the
ninth (9th.) floor of the building attached hereto as Schedule "B" on the terms
and conditions provided herein;
AND WHEREAS, the Lessor and the Lessee have agreed to amend the lease as
provided herein;
NOW THEREFORE THIS INDENTURE WITNESSETH that in consideration of the mutual
covenants and conditions herein contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby a acknowledged,
the Lessor and the Lessee do hereby agree as follows:
1. Effective as of the 1st. day of September, 1998, the area of the leased
premises shall be increased by adding thereto the premises known as Suite 905 at
000 Xxxxxxxxx Xxxx, comprising an area of approximately 3,346 square feet
(adjusted to include the Lessee's proportionate share of common areas and
facilities on the ninth floor of the building) adjacent to the Original Leased
Premises on the terms and conditions provided herein;
2. During the period of THREE (3) YEARS AND FIVE (5) MONTHS, from September
1, 1998, to January 31, 2002, the Lessee shall pay to the Lessor as annual base
rent for the Additional Leased Premises only the sum of FIFTEEN THOUSAND ONE
HUNDRED AND TWENTY-THREE DOLLARS AND NINETY-TWO CEDNTS ($15,123.92) per annum
payable in equal consecutive monthly installments of ONETHOUSAND TWO HUNDRED AND
SIXTY DOLLARS AND THIRTY-THREE CENTS ($1,260.33) each in advance on the first of
each and every month.
3. In addition to the base rent provided above, the Lessee shall pay to the
Lessor for the Additional Leased Premises hydro charges, realty taxes, including
increases resulting from the transfer of business Taxes to Realty Taxes, and
operating and maintenance costs, all in accordance with the provisions of the
Lease. Additional Rent is currently estimated at $13.26 per square foot per
annum and the Lessee shall pay monthly installments based on this amount.
4. The rent payable as per above are subject to the goods and services tax
(G.S.T.) payable monthly in addition to all rents and any additional charges
that may arise from time to time.
5. A deposit in the amount of TEN THOUSAND SIX HUNDRED AND NINE DOLLARS AND
THIRTY-EIGHT CENTS (10,609.38) is payable for the Additional Leased Premises
only for the month of September, 1998, and to rent and additional rent payable
for the Additional Leased Premises only for the last month of the lease term and
shall be subject to forfeiture as liquidated damages in the event of the default
by the Lessee of any of the terms hereof.
6. The Lessor and the Lessee acknowledge that the area over which the
Lessee shall continue to have a Right of First Refusal pursuant to the last
paragraph on Page 8 of the Lease, being the area outlined in green on Schedule
"B", has an area of 2,675 square feet.
7. The Lessor shall, at its own cost and expense, construct improvements in
the Additional Leased Premises only, in accordance with the plans attached
hereto and in accordance with the lessor's standard grade and quality of
construction and finishings. The work shall include the following:
a) demolish existing partitions in the Additional Leased premises
where indicated in blue on Schedule "C";
b) construct new partitions in the Additional Leased Premises
where in the Additional Leased premises where indicated in orange on
Schedule "D". This would include relocation of the closets and
cupboard where indicated. The size of the closets would be reduced in
order to fit into the available space;
c) repaint the Additional Leased Premises only in a color to be
chosen by the Lessee from the Lessor's building standard samples;
d) one of the doors from the Additional leased Premises to the
corridor would remain but would be blocked off and not used for
access;
e)the Lessor shall patch the carpet in the Additional Leased
Premises only, resulting from the removal of the demolished partitions
by installing 4-inch wide strips of carpet by the length of the
demolished partition, with carpet to match the existing carpet as
closely as possible. The Lessee acknowledges that the patches may be
noticeable either because the seams are evident or because the color
of the patches is darker or lighter than the surrounding carpet; the
lessor shall steam clean the carpet in the Additional Leased Premises
and make all necessary repairs to the existing carpet:
f) and save as aforesaid, the lessee agrees to accept the
Additional Leased Premises in an "AS IS" condition, and shall be
responsible, at its own expense, for any additional work or
improvements that it requires, including any additional electrical
outlets required in the Additional leased Premises.
8. The Lessor shall, at its own cost and expense, complete the following:
a) replace part of the carpet in the Original Leases Premises as
per the Highlighted area on Schedule "E". The new carpet to be
installed shall be from the Lessor's building standard grade to match
the existing carpet as closely as possible. The Lessee acknowledges
that this work will be done after normal business hours and
b) install a wall with a door to enclose the existing library
area in the Original Leased Premises where indicated in red on
Schedule "E".
9. The Lessor shall use its best efforts to complete all of the above work
by the 1st. day of September, 1998, or as soon thereafter as possible.
10. All of the terms and covenants of the Lease shall apply to the
Additional Leased Premises and , except as amended herein, the Lease shall
remain unchanged and in full force and effect.
11. In all other respects, the terms, covenants and conditions of the Lease
as amended shall remain unchanged and in full force and effect during the
Extended Term except as modified by this Amendment of Lease Agreement.
12. This agreement shall enure to the benefit o an be binding upon the
parties hereto and their respective successors and permitted assignees.
IN WITNESS WHEREOF the parties, hereto have executed these presents.
SIGNED, SEALED & DELIVERED 000 XXXXXXXXX XXXX LIMITED
--------------------------
In the presence of
___[Signature illegible]_______ Per_____[Signature illegible]
witness
V3 SEMICONDUCTOR CORPORATION
________________________________ Per /s/ Xxxx Xxxxxxxx
witness
[graphic ommitted]
[graphic ommitted]
[graphic ommitted]
[graphic ommitted]
