Exhibit 10.30
LEASE MODIFICATION
THIS AGREEMENT is entered into this 27th day of February, 2002 by and
between NJTT, L.L.C. ("Landlord") and TECH LABORATORIES, INC. ("Tenant").
RECITALS
WHEREAS, a lease was entered into dated May 1, 1992 between Xxxxxxx
Xxxxx, Xx. ("Xxxxx"), as landlord, and Foresee Corporation ("Foresee"), as
tenant, for certain premises identified in said lease as 000 Xxxxxxx Xxxxxx,
Xxxxx Xxxxxxx, Xxx Xxxxxx 00000 (the "Lease" and the "Premises," respectively);
and
WHEREAS, Tenant has exercised the option contained in the Lease as
evidenced by a certain document entitled "Modification of Lease" dated June 26,
1997 (the "Modification Agreement"); and
WHEREAS, the Lease was assigned by Foresee to Tenant; and
WHEREAS, the Lease was subsequently transferred by Xxxxx to Landlord
and Landlord is the current owner of the Premises; and
WHEREAS, the term under the Lease will terminate on April 30, 2002 and
the parties desire to extend such term and amend the terms of the Lease.
NOW, THEREFORE, in consideration of the promises and covenants
contained herein, the parties agree as follows:
1. The terms of the Lease is hereby extended until April 30, 2007.
Tenant shall have no further option or right to extend the term without the
express written consent and agreement of Landlord.
2. The Rent for the extended term is as follows:
a. May 1, 2002 through April 30, 2003 $4,700.00 per month.
b. May 1, 2003 through April 30, 2004 $4,700.00 per month.
c. May 1, 2004 through April 30, 2005 $4,800.00 per month.
d. May 1, 2005 through April 30, 2006 $4,800.00 per month.
e. May 1, 2006 through April 30, 2007 $4,900.00 per month.
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3. Tenant will reimburse Landlord for any increase in the amount of
real estate taxes and fire and hazard insurance for the Premises over the
amounts for same for the Year 2002. Such amounts due to Landlord shall be
payable as Additional Rent within fifteen (15) days of receipt of an invoice
from Landlord.
4. Paragraph 37 of the Lease is hereby deleted and of no further force
and effect.
5. The parties acknowledge and agree that a true copy of the Lease and
the Modification Agreement is attached hereto and that such agreements, as
modified by this agreement, represent the entire agreement between the parties.
IN WITNESS WHEREOF, the parties have executed this Agreement on the
date and year first written above.
NJTT, L.L.C., Landlord
By: /s/ XXXXXXX XXXXXXX
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XXXXXXX XXXXXXX, Managing Member
TECH LABORATORIES, INC., Tenant
By: /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx, President
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