EXHIBIT 10.47
MUTUAL COMMITMENT TO BUILD AND TO LEASE
This Mutual Commitment to Build and to Sub-Lease is executed this 5th
day of June, 1998, between Engineering Development Laboratories, Inc. (EDL), an
Ohio for profit corporation; UES, Inc. (UES), an Ohio for profit corporation;
and Beavercreek Enterprises (Beavercreek), an Ohio general partnership. The
parties covenants and agree as follows:
1. Beavercreek is the owner of certain premises located at 4401 Dayton-
Xenia Road, Beavercreek, Ohio.
2. UES leases said premises from Beavercreek, and sub-leases
approximately 9,350 square feet of said premises to EDL, identified
as a portion of Building No. 3.
3. EDL desires an additional approximately 4,000 square feet leased
space. Beavercreek agrees to construct certain additions to provide
said additional space, and UES agrees to lease said addition from
Beavercreek and to sub-lease 6,800 square feet to EDL.
4. To effectuate the foregoing, the following agreements are agreed to
and ratified:
a. Beavercreek will construct an addition of approximately 13,600
square feet to Building No. 3 for partial use by EDL (per agreed
to specifications of EDL and STL).
b. EDL will continue their current sub-lease with UES, and hereby
ratifies and confirms the existing sub-lease.
c. At the time EDL takes occupancy of the new addition, the present
lease by UES, and sub-lease by EDL, shall terminate and be
replaced by a new lease which shall include approximately 6,532
square feet of the present space, plus approximately 6,800 square
feet of the new addition, or 13,332 square feet in total.
d. The terms and conditions of the present lease and sub-lease shall
be incorporated in the new lease and sub-lease; if janitorial is
added the lease rate will be increased by $.50/sq. ft.
e. If the merger of Paravant, STL and EDL does not take place, EDL
will be committed to year one of the agreement. Year two and
following will be renegotiated.
The new lease will be for five years with an option for an additional
three years at a 2% escalation. The lease rate for the first five years is as
follows:
Year $/Month
---- -------
1 $10,938
2 $12,665
3 $14,449
4 $14,738
5 $15,032
Engineering Development Laboratories, Inc.
(EDL)
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By /s/Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx, its President
UES, Inc.
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By /s/Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx, its President
Beavercreek Enterprises
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By /s/Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx, General Partner
