EXHIBIT 10.24
FOURTH ADDENDUM TO LEASE
This Fourth Addendum To Lease is made and entered into the 29th day of October,
1996, between Conifer Prince Street Associates (Landlord) and Patient
Infosystems, Inc. formerly DSMI Corporation (Tenant).
WITNESSETH: that Tenant currently leases and occupies approximately 7,224 square
feet of office space at 00 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxx 00000 pursuant to
a Lease Agreement and First, Second and Third Addendums To Lease, dated February
22, 1995, August 18, 1995, November 17, 1995 and March 28, 1996, respectively.
WHEREAS, Tenant and Landlord desire to expand Tenant's Lease Premises to include
approximately 5,893 square feet of office space located on the third and fourth
levels of the Building as illustrated by Exhibit A-4 attached hereto and made
part of this Fourth Addendum To Lease and certain provisions of the Lease
Agreement and First, Second and Third Addendums To Lease stated above.
NOW, THEREFORE, it is mutually agreed upon by Landlord and Tenant to modify
certain provisions of the Lease as follows:
1. Effective December 1, 1996, Tenant's lease premises shall be approximately
13,117 rentable square feet.
2. Effective December 1, 1996, Tenant agrees to pay, Base Rent for space leased
on the lower level of the Building, consisting of approximately 1,720 square
feet as follows:
Period $/Sq.ft. Monthly
Month-to-Month Base Rent Base Rent
12/1/96-2/28/97 $12.00 $1,720.00
3/1/97-2/28/98 $12.50 $1,791.67
3/1/98-2/28/99 $13.00 $1,863.33
3/1/99-11/30/99 $13.50 $1,935.00
3. Landlord or Tenant may terminate the obligations of the Lease Agreement,
First, Second and Third Addendums To Lease stated above. related to Tenant's
lower level space of the Building, as stated in Paragraph 2 above, without
penalty, by providing the other with a minimum of thirty (30) days prior written
notice of its desire to terminate said obligations.
4. Effective December 1, 1996, Tenant agrees to pay, Base Rent for space leased
on the first, third and fourth levels of the Building, consisting of
approximately 11,397 square feet as following:
Period $/Sq.ft. Monthly
Month-to-Month Base Rent Base Rent
12/1/96-2/28/97 $13.00 $12,346.75
3/1/97-2/28/98 $13.50 $12,821.63
3/1/98-2/28/99 $14.00 $13,296.50
3/1/99-11/30/99 $14.50 $13,771.38
5. Effective upon the full execution of this Fourth Addendum To Lease, Tenant
hereby exercises it extension option, as stated in Paragraph 1,"TERM", of the
Lease Agreement, with the exception that the term of said extension option
period is modified, in part, to provide for a lease termination date of November
30, 1999.
6. Effective upon the full execution of this Fourth Addendum To Lease, Paragraph
8 of the First Addendum To Lease will become null and void and the Lease, with
the exception of the provisions stated as in Paragraph 3 of this Fourth Addendum
To Lease, shall no longer provide Tenant with a right to early termination of
the Lease.
7. Landlord will patch and paint the walls, doors and trim within Tenant's space
located on the third and fourth levels of the Building. Tenant and Landlord must
agree upon paint color(s) prior to October 17, 1996. Additionally, Landlord will
install, within the third level area of Tenant's demised premises only, new
carpet in the common hallways, receptionist desk area, internal stairway and
private offices. Landlord shall also replace existing VCT flooring in the
receptionist/storage area. Provided Landlord has enough carpet, Tenant agrees to
allow Landlord to install carpet, in the common hallways and internal stairway
of Tenant's third level space, that matches the existing carpet in the suite
adjacent to Tenant's third level space. Carpet to be installed in the private
offices and receptionist area, stated above, shall be a "Patcraft Einstein" 28
ounce grade carpet or equal. If determined by Landlord's contractor, there is an
insufficient amount of the matching carpet stated above, "Patcraft Einstein" 28
ounce carpet or equal will be used as a substitute in the common hallways and
internal stairway mentioned above. Landlord and Tenant must agree upon carpet
selection by October 17, 1996. Landlord shall have the carpet in the large open
section of Tenant's fourth level space professionally stretched. Landlord will
also professionally shampoo the carpet on the entire fourth level and in the
third level conference room. Provided the above dates are adhered to, Landlord
will completed said work prior to December 1, 1996.
8. Effective December 1, 1996, Tenant's parking allowance will be increased from
25 on-site spaces to 41.
9. Effective December 1, 1996, Schedule A-3 of the Second Addendum To Lease will
be replaced by Schedule A-4, attached and made a part of this Fourth Addendum To
Lease .
Except as modified above, all other terms and conditions of the Lease Agreement
and First, Second and Third Addendus To Lease, dated February 22, 1995, August
18, 1995, November 17, 1995 and March 28, 1996, respectively, shall remain
unchanged and in full force and effect.
Agreed to by: Agreed to by:
PATIENT INFOSYSTEMS CONIFER PRINCE STREET ASSOCIATES
FORMERLY DMSI CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxx By: /s/ Dick Crossed
Date: October 25, 1996 Date: October 29, 1996
SCHEDULE A-4
COMMON AREA MAINTENANCE
ADDITIONAL RENT
UTILITIES
Total Square Footage of Building 30,375
Square Footage Covered by Lease 13,117
Tenant's Share Electric 43.2%
ADDITIONAL RENT
Heating and Air Conditioning
The heat pump units serving the leased premises shall be individually gauged and
the monthly charges shall be calculated as set forth on the attached and further
explained as follows:
1. The heat pump units serving the lease premises shall be identified by model
number.
2. The actual heat pump operating hours will be recorded for each month (column
3) and multiplied by the energy use factor (column 4) applicable to the heat
pump model to establish the total energy units (column 5).
3. The total energy units for all heat pumps is then added to the total
auxiliary usage to establish the grand total usage and energy cost (total KWH)
for the building.
4. The grand total usage and energy cost is multiplied by the utility company's
rate per KWH to establish the total cost for kilowatt hours.
5. The total KWH are divided by the total heat pump usage and charges to
establish the heat pump hourly rate (column 6).
6. The monthly tenant charge is the heat pump hourly rate multiplied by the
total energy units (column 5).
7. Tenant will also pay 43.2% of general usage/common area electric.
ADDITIONAL RENT
Real Estate and Insurance Escalation
In addition to the rents set forth in the Lease, and heretofore in this
Schedule, with 1995 as the base year, Tenant shall pay 43.2% of the increase in
real estate taxes and other government levies in lieu of taxes (payable in
October of the following year), and 43.2% of the increase in property and
liability insurance premiums (payable in February of the following year).
