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EXHIBIT 10.69
LEASE AMENDMENT
FOR CONSIDERATION MUTUALLY EXCHANGED between the parties, Xxxxx Xxxxx
("Landlord") and Belco Manufacturing Company, Inc., ("Tenant"), this Lease
Amendment is made this 3rd day of February, 1999.
WHEREAS, Landlord and Tenant have previously entered into a Lease
Agreement ("Lease") dated January 1, 1998; and
WHEREAS, both parties desire to amend the Lease;
NOW, therefore intending to be legally bound, both parties agree as
follows:
Add a new Section 22 to the Lease:
22. OPTION TO PURCHASE: Landlord hereby grants to Tenant the right and option
to purchase the Premises and all improvements thereon at any time during
the term of the lease, subject to the following:
1. Exercise of Option. This option shall be exercised, if at all, by
written notice ("the exercise notice") given by Tenant to Landlord,
which notice shall state that Tenant has elected to exercise this
option during the lease term.
2. Condition of Exercise. Tenant may exercise this option only if at the
time and date of the exercise notice Tenant is not in default under
the lease. If the lease is terminated prior to the end of the lease
term because of Tenant's default, then this option shall terminate
upon termination of the lease. If this lease terminates prior to the
end of the lease term for any reason other than the Tenant's default,
then the Tenant shall have the right to exercise this option for a
period of thirty (30) days after termination.
3. Title Report and Survey. Within thirty (30) days after the exercise
notice, Landlord shall furnish Tenant with a preliminary title report
and an ALTA survey or its equivalent. Tenant may rescind its exercise
notice if any part of the survey or preliminary title report is not
acceptable to Tenant.
4. Inspections and Representations. Tenant shall have the right to
conduct environmental and feasibility tests and studies of the
property and improvements at its own expense. Tenant shall have sixty
(60) days after the exercise notice to notify Landlord that it does
not approve of the inspection and intends to revoke its exercise
notice.
5. Purchase Price. The purchase price for the property shall be the fair
market value of the premises as of the date of the exercise notice,
as determined by an agreement, or, if the parties cannot agree, by an
independent appraisal.
6. Payment of Purchase Price. Unless the parties otherwise agree, at the
Closing, the Tenant shall pay cash.
7. Title Insurance Policies. As soon as practicable after closing, and
in any event no later than thirty (30) days after the closing date,
Landlord shall cause a title company to issue its standard form ALTA
title insurance policy, with extended coverage, in the amount of the
purchase price, insuring fee simple title to the property vested in
Tenant, free of all liens and encumbrances except those acceptable to
Tenant.
8. Closing: Time and Place. Closing of the sale and purchase of the
property shall occur on a date selected by Tenant, but in all events
the closing shall occur within ninety (90) days after the date
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that the exercise notice is given. The escrow for the closing shall
be established at a title company acceptable to the parties.
9. Costs. The parties shall each pay one-half of the escrow fee of the
title company with respect to the closing and one-half of any
transfer tax. Landlord shall pay the premium for the title insurance
policy. Tenant shall pay the fee for recording the conveyance
documents.
10. Conveyance. At closing, Landlord shall execute, acknowledge, and
deliver to Tenant a statutory warranty deed conveying the property to
Tenant, free of all liens and encumbrances except those acceptable to
Tenant.
11. Recording. Landlord shall execute, at Tenant's request, any documents
necessary to record evidence of this option.
LANDLORD
Xxxxx Xxxxx
TENANT
Xxxxx Xxxxx
Its: President