SECOND AMENDMENT TO LEASE
This Second Amendment to Lease is made and entered into between MERIT INDUSTRIAL
PROPERTIES LIMITED PARTNERSHIP ("Lessor") and AMX CORPORATION ("Lessee") for
and in consideration of One Dollar ($1.00) and other good and valuable
consideration, receipt of which is hereby acknowledged.
This Amendment to Lease shall modify that certain written Lease Agreement
dated January 2, 1992 and the Amendment to Lease dated August 1, 1994 between
Lessor and Lessee (the "Lease"), for the rental of the following described
Premises:
11945 AND 00000 XXXXXXXXXX XXXXX
XXXXXX, XXXXX 00000
34,524 SQUARE FEET
The sole intent of this Second Amendment to Lease is to modify the Lease by
incorporating the following provisions:
1. PREMISES:
The Premises shall be increased from 34,524 square feet to 48,672 square
feet by Lessor leasing to Lessee that 14,148 square foot space (the
"Expansion Space") known as 00000 Xxxxxxxxxx Xxxxx. Lessee accepts the
Expansion Space in "as-is" condition, and Lessor shall not be required to
make any leasehold improvements to the Premises except as provided below
in Article 5, Leasehold Improvements Allowance.
2. TERM:
The term of the Lease for the Expansion Space shall be twenty-four (24)
months, commencing on February 1, 1997 and ending on January 31, 1999. The
term of the Lease for 11945 and 11995 Forestgate shall be extended sixteen
(16) months so that the end date of the term for the total 48,672 square
feet of Premises is January 31, 1999.
3. BASE RENT:
Lessee agrees to pay Lessor monthly Base Rent for the total 48,672
square feet of Premises according to the following schedule:
MONTHS BASE RENT
------ ---------
February 1997 through September 1997 $22,848.00
October 1997 through January 1999 $25,350.00
4. ESCROW PAYMENTS:
Lessee agrees to pay its proportionate share of expenses for the total
48,672 square feet of Premises as defined in Paragraph 2.C of the Lease
Agreement.
5. LEASEHOLD IMPROVEMENTS ALLOWANCE:
Lessor agrees to pay to Lessee a Leasehold Improvements Allowance not to
exceed Twenty-four thousand and no/100 Dollars ($24,000.00), subject to
the following terms and conditions:
(a) Lessee shall have the right to make Leasehold Improvements to the
Leased Premises in such manner and to such extent as Lessee deems
necessary, subject to Lessor's written consent, such consent not to be
unreasonably withheld or delayed.
(b) All work shall be performed in a good and workmanlike manner and in
compliance with all applicable laws, rules, codes, ordinances and
regulations. Lessee shall hold Lessor harmless from all liability, claims,
demands, or causes of action for damage to persons or property arising
out of or in connection with the work performed by Lessee, its employees,
agents, contractors or subcontractors.
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(c) Within five (5) business days after notification from Lessee of
substantial completion of the finish-out work, Lessor's designated
representative shall inspect the Leased Premises. Lessor will pay to
Lessee (or a contractor engaged by Lessee) $24,000.00 or the actual cost
of the finish out work, whichever is less, within ten (10) days after the
inspection by Lessor's representative, provided that the following
conditions are met:
(i) The finish-out work is completed, and
(ii) Lessee furnishes Lessor with receipts or other evidence
substantiating the actual cost of the work, and
(iii) Lessee furnishes Lessor with lien releases from all outside
contractors and subcontractors that performed work in the Leased Premises.
(d) Lessee may elect to make two separate, partial applications to
Lessor for payment of the $24,000.00 Leasehold Improvements. In no
event shall the total amount paid by Lessor exceed $24,000.000.
(e) In the event that Lessor fails to pay Lessee on a timely basis,
Lessee may withhold payment of Base Rent until sums owing to Lessee are
paid in full.
(f) In the event that Lessee has not used all the Leasehold Improvements
allowance within four (4) months after the Commencement Date, or upon
notice from Lessee to Lessor than no additional allowance will be utilized
for Leasehold Improvements, the remaining balance shall be credited against
the next scheduled Base Rent payment.
All other terms and conditions of the original Lease Agreement dated January 2,
1992 and the Amendment to Lease dated August 1, 1994 shall remain in effect and
unchanged.
AGREED AND ACCEPTED this 19th day of February, 1997.
LESSOR: MERIT INDUSTRIAL PROPERTIES LIMITED PARTNERSHIP
By: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx
Title: Authorized Agent
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LESSEE: AMX CORPORATION
By: /s/ Xxxxx Xxxx
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Title: President
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