Exhibit 10.4
AMENDMENT AND RENEWAL LEASE
THIS INDENTURE made the 13th day of June, 2000,
BETWEEN:
THE IMPERIAL LIFE ASSURANCE COMPANY OF CANADA
(hereinafter called the "Landlord")
OF THE FIRST PART
- and -
NETROVER INC.
(hereinafter called the "Tenant")
OF THE SECOND PART
WHEREAS by a lease dated the 18th day of April, 1995 (hereinafter
called the "original lease") made between the Landlord and the Tenant, the
Landlord leased to the Tenant all those premises being 00 Xxxxxx Xxxxxx, Xxxxx
000, Xxxxxxxxx, Xxxxxxx (hereinafter and in the original lease called the
"Demised Premises") on the terms and conditions set forth in the original lease;
AND WHEREAS the Tenant has agreed to relocate and to renew the Lease
and the Landlord has consented to the relocation of the Demised Premises from
Suite 105 to Suite 106 ("New Demised Premises") and to the renewal of the Lease
on the terms and conditions hereinafter set forth:
NOW THEREFORE THIS INDENTURE WITNESSETH that in consideration of the
premises and the terms and conditions hereinafter set forth, the parties hereto
do hereby respectively covenant and agree each with the other to the amendments
as follows:
1. The Landlord does hereby demise and lease unto the Tenant the New Demised
Premises to have and to hold the New Demised Premises for and during the term of
3 years, nil months and nil days (hereinafter called the "Term") to be computed
from the first day of August, 2000 (hereinafter called the "Commencement Date")
and ending on the last day of July, 2003 (hereinafter called the "Termination
Date"), yielding and paying therefor Basic Rent yearly and every year during the
Term unto the Landlord $17,230.00 in lawful money of Canada, to be payable in
advance in equal monthly instalments of $1,435.83 each, on the first day of
every calendar month during the Term; provided, that if the Landlord becomes
entitled to
re-enter upon the New Demised Premises pursuant to the original lease prior to
the Commencement Date of this Renewal Lease, then at the option of the Landlord
to be exercised prior to the Commencement Date by notice in writing to the
Tenant, this renewal lease shall not commence and the rights of the Tenant
hereunder shall become void.
2. Except as specifically provided herein and except for the amendments set out
in Section 3 hereof, the terms and conditions of the original lease are hereby
confirmed and continue in full force and effect with such modifications only as
are necessary to make them applicable to this renewal lease.
3. (i) The new Demised Premises shall be Suite 106 with an area of 1,723
square feet as outlined in red in Schedule "A", Schedule "B" shows the
interior walls, both Schedules are attached.
(ii) If the Tenant is open and operating prior to the commencement date of
August 1, 2000 the gross rent shall be due and payable by the Tenant
on a pro-rated basis. In the event the Demised Premises is not ready
for occupancy August 1, 2000 the Tenant will pay rent on a pro-rated
basis for the month in which the Tenant commences occupancy and the
commencement date shall be adjusted to the first day of the first full
month following occupancy.
(iii) The Landlord acknowledges it is holding the sum of $2,571.63 as a
deposit against the last months basic rent, additional rent and GST.
An additional amount of $476.47 for basic rent additional rent and GST
is required to be paid to the Landlord to reflect the new rates.
(iv) Option to Renew- Provided the Tenant is not in breach of this lease,
the Tenant, shall have one option to renew the Term of this lease for
a further period of three (3) years under the same terms and
conditions as are contained therein save and except there shall be no
right of a further renewal after the option and subject to the
delivery of a notice of renewal by the Tenant to the Landlord at least
One hundred eighty (180) days prior to the expiry date of the initial
"Renewal Term". The rental rate during the option period shall be the
fair market rental rate for the Leased Premises as at the commencement
of the respective option period and such rental rate shall take into
account the length of the period for which the rental is being set. In
no instance shall the basic rental rate for the renewal term be less
that the last effective basic rent of the original leased term. If the
parties are unable to agree upon the rental rate by the commencement
of the option period then the lease shall continue at the existing
rate and both parties may submit the matter to arbitration to settle
the rental rate. The Landlord and Tenant shall mutually agree on the
selection of an arbitrator.
In all other respects the Lease is hereby confirmed to be in full
force and effect unamended.
4. This renewal lease shall enure to the benefit of and be binding upon the
parties hereto and their respective heirs, executors, administrators, successors
and assigns.
IN WITNESS WHEREOF the parties hereto have executed this Amendment and
Renewal Lease.
NETROVER INC.
by: /s/ [illegible]
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by:
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I/we have authority to bind the corporation
THE IMPERIAL LIFE ASSURANCE COMPANY OF CANADA
by: /s/ [illegible]
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by: /s/ [illegible]
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I/we have authority to bind the corporation
[COMMERCE PARK LOGO]
[SCHEDULE A]
[FLOOR PLAN GRAPHIC]
SCHEDULE B
[GRAPHIC]
