Exhibit 10.1(c)
ADDENDUM TO INDENTURE OF LEASE
THIS ADDENDUM TO INDENTURE OF LEASE is made as of the 1st day of May,
1999, between XXXXXX XXXXX and XXXX XXXXXX (collectively "Landlord") and C-PHONE
CORPORATION (formerly Target Technologies, Inc.) ("Tenant").
RECITALS
A. Landlord and Tenant entered into an Indenture of Lease as of May 1,
1993, pertaining to certain real estate and improvements thereon
located at 0000 Xxxxxxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxx Xxxxxxxx
("Lease").
B. The Lease was extended for an additional three years ("First Renewal
Term") in accordance with the terms of the Lease by written addendum
executed by Landlord and Tenant and effective as of May 1, 1996.
B. The First Renewal Term of the Lease was for three years ending April
30, 1999 with the right of Tenant to renew for an additional three year
period subject to certain provisions contained in the Lease.
C. Tenant desires to exercise its Second Renewal Option as defined in the
Lease and Landlord and Tenant have agreed to new terms for the net
rent.
D. Capitalized terms used herein but not otherwise defined herein shall
have the meanings assigned to such terms in the Lease.
AGREEMENTS
1. Landlord hereby waives the written notice of exercise by Tenant of the
Second Renewal Option as set forth in Section 23.02 of the Lease.
2. Landlord and Tenant agree that the annual net rent for the Second
Renewal Term shall be the same as for the First Renewal Term in the
amount of $75,360.00 payable in monthly payments of $6,280.00;
provided, however, Landlord shall have the option to adjust the Net
Rent effective May 1, 2000, to the Fair Market Rent for the balance of
the Second Renewal Term. For the purposes of determining the Fair
Market Rent, the terms and provisions of Section 23.04(b) of the Lease
shall apply with the exception that Landlord shall give Tenant a Rent
Notice setting forth Landlord's Determination of the Fair Market Rent
no later than January 31, 2000.
3. All other terms and conditions of the Lease shall remain unmodified and
in full force and effect.
IN WITNESS WHEREOF, Landlord and Tenant have duly executed this
instrument as of the day and year first above written.
LANDLORD: TENANT:
/s/ XXXXXX X. XXXXX C-Phone Corporation
-------------------
Xxxxxx Xxxxx
By: /s/ XXXX ALBRITTOM
------------------------------------
/s/ XXXX XXXXXX Xxxx Xxxxxxxxx, Vice President &
------------------- Chief Financial Officer
Xxxx Xxxxxx
