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EXHIBIT 10.12
FIRST AMENDMENT TO BUSINESS LEASE
THIS FIRST AMENDMENT TO BUSINESS LEASE dated as of January 20th, 1998,
is entered into between XENON RESEARCH INC., a Florida corporation, herein the
Landllord, and FARO TECHNOLOGIES, INC., a Florida corporation, successor by
merger to FARO Medical Technologies (US), Inc., a Delaware corporation, herein
the Tenant. It witnesses as follows:
WHEREAS, SIRDAN RESEARCH LIMITED, INC., (Sirdan), and FARO MEDICAL
TECHNOLOGIES (US), INC. (FARO), collectively, as Landlord, and Tenant, are
parties to that certain Business Lease dated March 1, 1991 (the Lease), for the
lease office space located at 000 Xxxxxxxxxx Xxxx, Xxxx Xxxx, Xxxxxxx, (the
Leased Premises), and
WHEREAS, SIRDAN RESEARCH LIMITED, INC., assigned all of its right,
title and interest in the Lease to XENON RESEARCH INC. by Assignment of Lease
dated October 25, 1991 is not he Landlord thereunder, and
WHEREAS, the parties desire to extend the term of the Lease and to
expand the Leased Premises; capitalized terms used herein have the same meanings
as used in the Lease unless redefined herein; this First Amendment will control
over any provisions to the contrary in the Business Lease.
NOW, THEREFORE, in consideration of TEN AND NO/100 DOLLARS ($10.00) and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, it is understood and agreed as follows:
Recitals. The Foregoing recitals are acknowledged as true and
correct and are incorporated herein by reference.
Term. The term of the Lease is hereby extended an additional Five (5)
year(s), such extension which began on March 1, 1996, (term to commence on
February 1, 1997) and terminate on February 28, 20001 (the Extended Term). Such
extension shall be on the same terms and conditions as currently exist for
rental which is provided for hereafter.
Leased Premises. The Lease Premise is expanded to include the space set
forth on Exhibit A hereto (the Expansion Premises) consisting of 18,000 square
feet of air conditioned space. Thereafter, the total space rented under the
Lease shall be 35,000 square feet.
Rent. Rent for the Expansion Premises shall be the amount of
$170,640. Rent payments for the Expansion Premises shall commence on the earlier
of (a) the date that Landlord obtains a certificate of occupancy for the
Expansion Premises or (b) Tenant
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takes occupancy of the Expansion Premises. If rent commences on any day other
than the first of the month, rent for the first partial month shall be prorated.
Thereafter, rent payments shall be made concurrently with existing rental
payments, in the total amount of $331,747, together with applicable sales taxes
and other sums required to be paid under the Lease.
Ratification. Except as modified hereby, the Business Lease remains
in full force and effect and is unchanged.
IN WITNESS WHEREOF, the Landlord and Tenant have affixed their hands
and seals effective as of the day and year first above written.
Signed, sealed and delivered
In the presence of: XENON RESEARCH, INC.
(two are required for each party) a Florida Corporation
/s/ Xxxxx Xxxx
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XXXXX XXXX
Its President
FARO TECHNOLOGIES, INC.
a Florida Corporation
/s/ Xxxxxxx X. Xxxxxx
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XXXXXXX X. XXXXXX
Its Executive Vice President
