SECOND AMENDMENT OF LEASE
EXHIBIT
10.9
SECOND AMENDMENT OF
LEASE
This Second Amendment of Lease, made
and entered into this 23rd day of June, 2009 by and between St. Xxxx Properties,
Inc., hereinafter called “Landlord” and Universal Security Instruments, Inc.
hereinafter called “Tenant”.
RECITALS
This
Second Amendment of Lease is made with reference to the following facts and
objectives:
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A.
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By
Lease dated November 4, 2008 and as modified by a First Amendment of Lease
dated March 5, 2009 (collectively referred to as “Lease”) Tenant leased
from Landlord and Landlord leased to Tenant certain real property
consisting of approximately 12,000 square feet of area which are commonly
known as 00000 Xxxxxxxx Xxxxx, Xxxxxx X-X, Xxxxxx Xxxxx, Xxxxxxxx 00000
(the “Premises”).
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B.
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Said
Lease is to expire March 31, 2019.
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C.
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Tenant
desires to acquire additional square footage known as 00000 Xxxxxxxx
Xxxxx, Xxxxx X, Xxxxxx Xxxxx, Xxxxxxxx 00000, consisting of an agreed upon
3,000 square feet (the “Additional
Premises”).
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NOW THEREFORE, in consideration of the
mutual covenants contained herein and in the Lease, Landlord and Tenant agree as
follows:
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1.
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Commencing
September 1, 2009, Tenant’s leased premises shall be increased from 12,000
square feet to 15,000 square feet, (hereinafter referred to as the “Leased
Premises”). Also commencing September 1, 2009, Tenant’s pro-rata share as
defined in the Lease shall be increased from nine and fourteen hundredths
percent (9.14%) to eleven and forty three hundredths percent
(11.43%).
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2.
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The
lease term shall remain the same and expire March 31,
2019.
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3. Effective
on September 1, 2009, the rent for the Leased Premises shall be as
follows:
Annual Rent |
Monthly Rent
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$ |
119,250.00
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$ | 9,937.50 |
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3.
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The
Rent shall increase by three (3%) percent April 1, 2010 and each April 1
thereafter.
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4.
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Tenant
shall provide Landlord with additional Security deposit of $1,687.50
making the total security deposit held by Landlord equal to
$9,937.50.
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5.
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Landlord
shall provide one (1) 8’x10’ opening in the existing warehouse wall to
connect to expansion area. Landlord will tie the existing
lights and sprinkler system for expansion area into Tenant’s existing
space.
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6.
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Tenant
shall be given access to the expansion space as soon as Landlord’s work
has been completed.
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7.
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Tenant
shall have the one time right to give back Suite E and reduce its square
footage back to 12,000 square feet without penalty on September 1, 2011 by
providing Landlord ninety (90) days prior written
notice.
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8.
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All
other terms and conditions of the Lease are hereby ratified and shall
remain in full force and effect.
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IN
WITNESS WHEREOF, Landlord and Tenant have respectively executed this SECOND
AMENDMENT OF LEASE as of the day and year first above written.
Witness:
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LANDLORD: St. Xxxx
Properties, Inc.
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By:
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/s/
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By:
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/s/
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Printed
Name:
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Xxxxxxx
Xxxxxxxxxx
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Title:
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Senior
Vice President
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Witness:
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TENANT: Universal
Security Instruments,
Inc.
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By:
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By:
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/s/
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Printed
Name:
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Xxxxxx
X.
Xxxxxxxxxx
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Title:
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President
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