Exhibit 10.2
LEASE MODIFICATION AND EXTENSION AGREEMENT
THIS LEASE MODIFICATION AND EXTENSION AGREEMENT ("Agreement") is made
and entered into this 6th day of June, 1997, between DRESCO III, Inc., a
Delaware corporation (hereinafter called "Lessor"), and Modern Controls, Inc., a
Minnesota corporation (hereinafter called "Tenant").
W I T N E S S E T H:
WHEREAS, Lessor and Tenant entered into a lease agreement (the "Lease
Agreement") dated July 29, 1994, wherein Lessor leased to Tenant the premises
addressed as 0000 Xxxxx Xxxxxx Xxxxx, Xxxxxxxx Xxxx, Xxxxxxxxx ("Demised
Premises") consisting of approximately 47,208 square feet of area; and
WHEREAS, the lease term ("Lease Term") as defined within the Lease
Agreement is to expire on June 30, 2000; and
WHEREAS, Lessor and Tenant have agreed to extend the Lease Term for an
additional 60 months ending June 30, 2005, upon terms and conditions set forth
herein.
NOW, THEREFORE, in consideration of the mutual promises of the parties
hereto and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Lease Agreement shall be amended as follows:
1. Recitals. The above recitals shall constitute an integral part of
this Agreement.
2. Capitalized Terms. Capitalized terms set forth in this Agreement
shall have the same meaning as in the Lease Agreement, unless specifically
modified and amended herein.
3. Lessor. The current owning entity is DRESCO III.
4. Lease Term. The Lease Term shall be amended to provide for a sixty
(60) month extension, commencing July 1, 2000, and expiring June 30, 2005
("Extended Lease Term"), unless sooner terminated as provided within the Lease
Agreement.
5. Base Rent. The Base Rent provision of the Lease Agreement shall be
amended as follows:
MONTHS PSF RATE ANNUALLY MONTHLY
------ -------- -------- -------
7/1/00 - 6/30/01 $4.90 $231,319.20 $19,276.60
7/1/01 - 6/30/02 $5.00 $236,040.00 $19,670.00
7/1/02 - 6/30/03 $5.00 $236,040.00 $19,670.00
7/1/03 - 6/30/04 $5.25 $247,842.00 $20,653.20
7/1/04 - 6/30/05 $5.25 $247,842.00 $20,653.20
Prior to the Extended Lease Term, Tenant shall pay Base Rent as provided in the
Lease Agreement.
6. Survival of Other Terms and Conditions. Except as modified herein,
all other terms and conditions of the Lease Agreement shall remain in full force
and effect and nothing herein shall be construed to relieve either Lessor or
Tenant of any obligations as set forth therein.
7. Entire Agreement. The Lease Agreement, this Agreement, and the
Exhibits attached thereto constitute the entire understanding of the parties
hereto with respect to the transaction and contemplated thereby, and supersede
all prior agreements and understandings between the parties with respect to the
subject matter. No representations, warranties, undertakings or promises,
whether oral, implied, written or otherwise, have been made by either party
hereto to the other unless expressly stated in the above-referenced documents or
unless mutually agreed to in writing between the parties hereto after the date
hereof, and neither party has relied on any verbal representations, agreements,
or understandings not expressly set forth herein.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.
LESSOR: DRESCO III TENANT: MODERN CONTROLS, INC.
By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxx
Xxxxx X. Xxxxxx Xxxxxx X. Xxxxx
Its: Senior Vice President Its: Chief Financial Officer
CONSULT YOUR ATTORNEY: This document has been prepared for approval by your
attorney. No representation or recommendation is made by Broker as to the legal
sufficiency, legal effect, or tax consequence of this document or the
transaction to which it relates. These are questions for your attorney and
financial advisors.
