SECOND AMENDMENT TO LEASE AGREEMENT
THIS SECOND AMENDMENT TO LEASE AGREEMENT, is hereby made by and between
CHROMATEX PROPERTIES, INC., a corporation organized and existing under the laws
of the State of Pennsylvania, hereinafter referred to as the "Lessor" and XXXX,
INC., a corporation organized and existing under the laws of the State of North
Carolina, hereinafter referred to as the "Lessee".
W I T N E S S E T H:
THAT WHEREAS, Lessor and Lessee entered into a Lease dated November 1,
1993, herein referred to as the "Lease Agreement"; and
WHEREAS, the Lease Agreement was amended effective May 1, 1994; and
WHEREAS, Lessor will make certain improvements to the Premises which
have been requested by Lessee; and
WHEREAS, Lessee agrees to pay additional rent and also agrees to
exercise the first five year option included in Paragraph 1 of the Lease
Agreement; and
WHEREAS, Lessor and Lessee desire to enter into this Second Amendment
to the Lease Agreement.
NOW, THEREFORE, for and in consideration of the premises and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties do hereby agree as follows:
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1. Lessor will expand the Premises at Lessor's expense in accordance
with the proposal dated March 26, 1997 by Xxxxx Builders, Inc.
2. The term of the Lease Agreement is hereby extended for an additional
five (5) years with such extension to cover the period from November 1, 1998
through October 31, 2003. This extension shall eliminate the first five (5) year
option for Lessee to renew the Lease.
3. Lessee shall continue to have two options to extend the Lease
Agreement for five (5) years each as provided in the Lease Agreement dated
November 1, 1993. Provided, however, that the rent shall be computed for such
option periods as provided in the Lease Agreement and based on a base period
rental.
4. Paragraph 2 of the Lease Agreement is hereby amended to read as
follows:
2. Lessee shall continue to pay rental of Seventeen Thousand
Eight Hundred Thirty-three and 67/100 Dollars ($17,833.67) a month through June
30, 1997 with the last installment of Seventeen Thousand Eight Hundred
Thirty-three and 67/100 Dollars ($17,833.67) being due on June 1, 1997.
Beginning with the rental payment due on July 1, 1997 through the rental payment
due on October 1, 1998, Lessee shall pay Lessor a rental of Nineteen Thousand
Eight Hundred Eight and 67/100 Dollars ($19,808.67) per month. For the rental
payments due on November 1, 1998 through payment due on October 1, 2003, Lessee
shall pay Lessor rental payments of Eighteen Thousand Sixteen and 67/100 Dollars
($18,016.67) per month.
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5. All other terms of the Lease Agreement shall remain the same.
IN WITNESS WHEREOF, the parties hereto have executed this Second
Amendment to the Lease Agreement to be effective as of the 17th day of April,
1997.
CHROMATEX PROPERTIES, INC.
s/s By: Xxxxxx X. Xxxxxxxxxxx
Executive Vice President
LESSOR
XXXX, INC.
s/s By: Xxxxxxxx X. Xxxxx
Vice President and
Chief Financial Officer
LESSEE
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