Exhibit 10.38
ADDENDUM TO LEASES DATED AUGUST 8, 0000
XXXXXXX XXXXXXXX ASSOCIATES now known as MONTBELL
ASSOCIATES, L.L.C., as LANDLORD, and
H-POWER CORP., as TENANT.
IT IS AGREED by and between the parties hereto that:
(A) So long as the Tenant is not in default under any of the terms
and conditions of the above mentioned lease, the Tenant and Landlord agree to
modify the terms and conditions of the lease as set forth in Schedule "A" below.
All other terms and conditions of the Lease except as expressly provided for
herein shall remain unchanged and in full force and effect.
SCHEDULE "A"
RENTAL SCHEDULE
DATE ANNUALLY MONTHLY
08/01/96 TO 07/31/97 $58,250.00 $4,687.50
08/01/97 TO 07/31/98 $58,250.00 $4,687.50
08/01/98 TO 07/31/99 $58,250.00 $4,687.50
OPTION TO RENEW
So long as the Tenant is not in default under any of the terms and
conditions of this Lease, the Tenant may extend this Addendum for an additional
two (2) year period at the rentals set forth in Schedule "B" below. Tenant must
notify Landlord of its intention to so renew in writing, certified mail, return
receipt requested, during the 30th month of this Addendum.
All other terms and conditions of the Lease except as expressly provided for
herein shall remain unchanged and in full force and effect.
SCHEDULE "B"
RENTAL SCHEDULE
DATE ANNUALLY MONTHLY
08/01/99 TO 07/31/00 $58,250.00 $4,687.50
08/01/00 TO 07/31/01 $58,250.00 $4,687.50
IN WITNESS WHEREOF, the Parties hereto have hereunto set their hands and
seals or caused these presents to be signed by their proper corporate officers.
DATED: April 4, 1996
Witness:
/s/ Xxxxxx X. Xxxx
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As To Landlord Montbell Associates, L.L.C.
Landlord
/s/ X. X. Xxxx
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As to Tenant H-Power Corp.
Tenant
