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FIRST AMENDMENT TO LEASE
The First Amendment to Lease is made this 19th day of March, 2001 by and
between PMP Whitemarsh Associates, a Pennsylvania Limited Partnership,
(hereinafter referred to as "Landlord") and Lithium Technology Corporation,
(hereinafter referred to as "Tenant").
WHEREAS, Landlord and Hope Technologies, Inc., did enter into a Lease
Agreement and Addendum hereinafter referred to as the "Lease" thereto dated
July 22, 1994 for the use and occupancy of Certain Premises known as 0000
Xxxxxx Xxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxxxxxx, (hereinafter referred to as the
"Premises"); and
WHEREAS, Lithium Technology Corporation did become the successor to Hope
Technologies, Inc.; and
WHEREAS, Landlord and Tenant have by letter agreements, dated May 4, 1999,
September 14, 1999, February 3, 2000 and December 22, 2000 extended the term of
the Lease Agreement; and
WHEREAS, the lease does provide Tenant with the option to extend the term
for a period of five (5) years; and
WHEREAS, Tenant has advised Landlord that it wishes to renew the lease for
only a two (2) year period; and
WHEREAS, the Landlord is willing to grant such renewal; and
WHEREAS, Landlord and Tenant do hereby intend to amend and modify the
Lease Agreement and addendum; and
NOW THEREFORE, in consideration of the mutual covenants, conditions,
understanding, agreements, representations and other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, with the intent of being legally bound hereby agree as follows:
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1. TERM
The term of the lease shall be extended for a period of two (2) years
commencing on April 1, 2001 and ending on March 31, 2003. The parties agree
that either may terminate this extension upon providing written notice of six
(6) months to the other party. The minimum annual rent, which will increase
during this renewal shall be as follows:
2. RENT
The minimum amount rent for the premises shall be:
Base Month Base Annual
a. 1st Year 10.95 per foot $11,169.00 $134,028.00
b. 2nd Year 11.15 per foot $11,373.00 $136,476.00
3. OPTION
The Landlord and the Tenant agree that there shall be no option to
extend the term of the lease as set forth in paragraph 1 above, unless it is
extended in writing by mutual agreement of the parties.
4. RENT PAYMENT AND NOTICES
Wherever in the Lease Agreement, addendum, or any amendments thereto,
reference is made to Tenant, such reference shall be to the present Tenant,
Lithium Technology Corporation. Further, whenever in the Lease Agreement on any
amendments thereto, it shall be required or permitted that notice or demand is
given or served by either party to this Lease to or on the other party, such
notice on demand shall be deemed to have been duly given or served or forwarded
by Registered Mail, postage prepaid or by a nationally recognized overnight
courier system and addressed as follows:
TO LANDLORD: WITH A COPY TO:
PMP WHITEMARSH ASSOCIATES XXXXXXX X. XXXXXX, ESQUIRE
P.O. BOX 000 XXXXXX & XXXXXX
XXXXXXX XXXXXX, XX 00000-0000 XXXXX 000
000 XXXXXXX XXXXX
ATTN: XXXXXXX X. XXXXXX XXXX XXXX, XX 00000
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TO TENANT:
LITHIUM TECHNOLOGY CORPORATION
0000 XXXXXX XXXXX
XXXXXXXX XXXXXXX, XX
ATTN: XXXXX XXXX
5. EXECUTION OF DOCUMENT
Tenant agrees that should it be acquired or merged into another
business that is will cause to be executed, any documents which Landlord
reasonably requires to confirm the Lease Agreement and any Amendment thereto.
Landlord acknowledges that Tenant has advised that it has entered into an
Agreement and Plan of Merger with Ilion Technology Corporation ("Ilion"),
formerly Pacific Lithium Limited, pursuant to which Tenant will be merged with
and into Ilion. Landlord further acknowledges and agrees that upon consummation
of the Merger, Ilion shall constitute the Tenant under the Lease and no further
consent of Landlord is required in connection with said Merger.
6. RATIFICATION OF LEASE AGREEMENT
Except as expressly amended herein, all terms and conditions in
the Lease Agreement, as amended, shall remain in full force and effect without
change or modification and all such terms are hereby ratified and confirmed.
"LANDLORD" "TENANT"
PMP WHITEMARSH ASSOCIATES LITHIUM TECHNOLOGY CORPORATION
BY: /s/ Xxxxxxx Xxxxxx BY: /s/ Xxxxx Xxxx
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WITNESSETH: ATTEST:
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PMP Whitemarsh Associates
First Amendment to Lease
March 29, 2001
