Five Star Products, Inc.
Five
Star
Products, Inc.
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May
23,
2007
Kampner
Realty, LLC
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▇▇▇▇▇▇▇▇,
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Attention: ▇▇.
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Re:
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Dear
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Pursuant
to that certain Agreement of Lease between Kempner Realty, LLC, as Landlord
and
Five Star Products, Inc., as Tenant covering the premises located at ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ (the "Lease"), the
Landlord and Tenant, as provided in the definition of "Fair Market Value" in
the
Lease, each retained appraisers to determine the Fair Market Value of the
Premises. The Landlord and Tenant have both received the appraisals
of the Premises from the appraisers that each retained and such appraisals
are
different by 10% or less. Pursuant to the Lease, the Fair Market
Value is the average of the appraisals or Seven Million Seven Hundred Fifty
Thousand U.S. Dollars ($7,750,000) (Tenant's appraisal being $7,500,000 and
Landlord's appraisal being $8,000,000) subject to an annual adjustment of 3%
as
provided in the Lease.
Defined
terms used in this letter unless otherwise defined herein shall have the
meanings given such terms in the Lease.
Please
acknowledge your agreement by signing below:
| Very truly yours, | |||||
| FIVE STAR PRODUCTS, INC. | |||||
| By: |
/s/
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| Name: ▇▇▇▇ ▇▇▇▇▇▇▇ | |||||
| Title: President | |||||
| AGREED: | |||||
| KAMPNER REALTY, LLC | |||||
| By: |
/s/
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| Name: | ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | ||||
| Title: | Managing Member | ||||
| Date: | 6-11-07 | ||||