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EXHIBIT 10.3(b)
RIDER TO AGREEMENT OF LEASE
Dated this 28 of November, 1999 by and between RDL Realty, as Landlord and
Xxxxxxxxxx.Xxx Inc. as Tenant.
1. Upon the signing of this two year lease, all other leases made or
executed by the above parties shall be null and void and shall have no
effect upon either party.
2. The term "Lease Year" shall be the period of duration commencing on
the first day of the term of this lease and ending on the anniversary
of said date. Tenant shall, at the end of the original lease term,
have the option of renewing said lease, for an additional term of one
(1) year or two (2) years.
The "Annual Base Rent Rate" shall be the rent charged to the Tenant by
Landlord for the first and second year Tenant occupies the premises as per the
lease terms ($48,000.00).
3. The Annual Base Rent Rate payable by Tenant during the terms of this
lease shall be:
$48,000.00, payable at the rate of $4,000.00 per month, as and
for, the first and second years of the lease term.
Thereafter each successive year, the Annual Base Rent Rate payable by the
Tenant to the Landlord shall be the previously charged Annual Base Rent Rate
plus 5% of the Annual Base Rent Rate, payable in equal monthly payments.
$50,400.00 payable at the rate of $4,200.00 per month as and for
the third year of the lease term;
$52,920.00 payable at the rate of $4,410.00 per month as and for
the fourth year of the lease term;
4. The rent payments shall be due on the first day of the month. If the
rent is paid on or after sixteenth day of the month, a charge of --
shall be due and owed to the Landlord from Tenant and said shall be
considered additional rent.
5. At the end of the original two (2) year lease term, if the Tenant
elects to accept the optional lease period of two years, this lease
and its terms shall remain in full force and effect and Tenant then
agrees to abide by all the lease terms and regulations contained
therein for the full lease term including the payment of the rental
amounts stated above. Tenant must give notice to Landlord 60 days
prior to the expiration of the original lease term stated herein,
whether it will accept the option to renew and for the period such
option shall apply. Notice must be in
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writing and mailed to Landlord at its current business address by
certified mail return receipt requested or by personal delivery.
6. Should the Tenant hold over in possession after the expiration or
sooner termination of the original lease term or of any extended
term of this lease, such holding over shall not be deemed to extend
the term or renew the lease, but such holding over thereafter shall
continue upon the covenants and conditions herein set forth except
that the charge for use and occupancy of such holding over for each
calendar month or part thereof (even if such part shall be a small
fraction of a calendar month) shall be the sum of:
1/12 of the highest annual base rent rate as set forth in
paragraph three of this Rider, multiplied by 1.5.
The aforesaid provision of this Rider shall survive the expiration
or sooner termination of this lease. The sum stated above, if due and owing
shall be promptly paid by Tenant, without the right to any offset.
7. All other obligations of the Tenant under this Rider to pay a sum of
money in addition to the stated rent, shall be deemed to be
additional rent and the Landlord shall have the same rights and
remedies for non-payment thereof as upon a default in the payment of
the annual base rent.
8. Tenant shall make no alterations or modifications to the rented
premises without the prior written consent of Landlord. Landlord
shall not unreasonably withhold such consent.
9. The terms of this Rider may only be modified in writing signed by
both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement,
By: /s/ Xxxxx Tommissetti By: /s/ C. Xxxxxxxx Xxxxxxx
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LANDLORD, RDL REALTY TENANT, XXXXXXXXXX.XXX
DATED: NOVEMBER 28, 1999
