Exhibit 10.10
FIRST AMENDMENT TO LEASE AGREEMENT BETWEEN
XXXXXX PHASE III, LTD. AS LANDLORD,
AND MAGNETIC BEARING TECHNOLOGIES, INC., AS TENANT
To be attached to and form a part of Lease made the 12th day
of March, 1996 (which together with any amendments,
modifications and extensions thereof, is hereinafter called
the Lease), between Landlord and Tenant, covering a total of
4,050 square feet and located at 00000 Xxxxxxxxxxx Xxxxx,
Xxxxx 000, Xxxxxx, Xxxxx, 00000 known as Xxxxxx Center III,
Building 1.
WITNESSETH that:
1. Effective August 1, 1996 and expiring May 31, 2001, the demised premises
shall contain, in addition to the approximately 4,050 square feet
originally demised, an additional area, hereinafter called the "new
space", containing approximately 4,050 square feet adjacent thereto (see
Exhibit "A" attached hereto), thus making the aggregate area of the
demised premises approximately 8,100 square feet. *
2. Landlord shall provide a maximum tenant finish allowance of Twelve and
No/00 Dollars ($12.00) per square foot or Forty-eight Thousand Six
Hundred and NO/100 Dollars ($48,600.00) for the additional area of 4,050
square feet. This allowance is inclusive of all costs associated with the
finish-out and is an absolute maximum. Any finish-out dollars required
over and above the finish-out allowance of Twelve and No/00 Dollars
($12.00) per square foot or Forty-eight Thousand Six Hundred and NO/100
Dollars ($48,600.00) will be the sole responsibility of the Tenant.
3. The monthly base rental shall be structured as follows:
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Base Total
Existing Space New Space Rental
Lease Period 4,050 4,050 Rate
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5/6/96 thru 7/31/96 $3,313.60 0 $3,313.60
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8/1/96 thru 5/31/97 $3,313.60 $2,551.50 $5,865.10
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6/1/97 thru 5/31/98 $3,516.10 $2,551.50 $6,067.60
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6/1/98 thru 5/31/99 $3,718.60 $2,551.50 $6,270.10
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6/1/99 thru 5/31/00 $3,921.10 $2,551.50 $6,472.60
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6/1/00 thru 5/31/01 $4,123.60 $2,551.50 $6,675.10
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4. Except as herein and hereby modified and amended the Agreement of Lease
shall remain in full force and effect and all the terms, provisions,
covenants and conditions thereof are hereby ratified and confirmed.
DATED AS OF THE ______ DAY OF ________________, 19__.
WITNESS: XXXXXX PHASE III, LTD.:
By: 2800 Industrial, Inc., General Partner
/s/ /s/ Xxxxxxx X. Xxxxxxxx
----------------------------- ---------------------------------------------
By: Xxxxxxx X. Xxxxxxxx
Title: Vice President
WITNESS: MAGNETIC BEARING TECHNOLOGIES, INC.
/s/ /s/ Xxxxxx X. Xxxxxxxxx
----------------------------- -------------------------------------------
By: Xxxxxx X. Xxxxxxxxx
Title: President
* Effective date of Amendment shall begin no sooner than the date upon which the
improvements to the Premises of the "new space" have been substantially
completed in accordance with the plans and specifications described in Exhibit B
or the date on which the new space would have been substantially completed if
not for delay caused directly by Tenant, including Plan delays or change orders.
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