LEASE MODIFICATION AGREEMENT
This Lease Modification Agreement is made and entered into this 30th day of
September, 1996, between XXXXXXX X. XXXXXXXXX (the "Lessor") and DECORATOR
INDUSTRIES, INC., a Pennsylvania corporation licensed to do business as a
foreign corporation in Wisconsin (the "Lessee").
W I T N E S S E T H:
WHEREAS, Lessor is the owner of certain real property located in Xxxxx
County, Wisconsin, of which Lessee is presently a tenant under Lease Agreement
dated December 31, 1983, and Assignment thereof from Liberia Manufacturing
Corporation effective October 1, 1985, as modified by a Lease Modification
Agreement dated May 20, 1988 (the "Lease"); and
WHEREAS, Lessee has requested Lessor to promptly build an addition to said
premises for additional storage space increasing the size of the building not
less than 2,400 square feet (the "Addition"), which Lessor has agreed to do upon
the terms and conditions hereafter set forth.
NOW, THEREFORE, in consideration of the foregoing recitals, of the mutual
covenants and agreements herein contained, and other good and valuable
consideration, the parties do hereby agree as follows:
1. Lessor will, at his sole cost and expense, proceed promptly to
construct an Addition containing not less than 2,400 square feet to
the said premises, which does not provide for heat or electricity
except for minimal lighting, to be built in accordance with the plans
and specifications attached hereto and made a part hereof. The
materials and workmanship to be incorporated in the Addition are to be
new and of first quality. The Addition shall become part of the
leased premises.
2. The Lessor agrees to complete the Addition in accordance with this
Lease Modification Agreement and the plans and specifications on or
before December 1, 1996, to the satisfaction of the Lessee ("Full
Completion").
3. Upon the first day of the month following Full Completion of the
Addition, Lessee shall pay to Lessor as rent for said leased premises
the sum of $4,316.67 per month and the sum of $4,316.67 on or before
the first day of each and every consecutive month thereafter during
the term of this Lease Modification Agreement.
Exhibit 10H.2
4. The Term of this Lease Modification shall be for ten (10) years
commencing December 1, 1996 or the first day of the month following
full completion of the Addition to the satisfaction of Lessee.
5. In the event the Lessee provides written notice to Lessor that it
requires heat and electricity in the Addition suitable for its
manufacturing operations, the Lessor shall promptly provide same at
its sole cost and expense.
6. After the premises have been fully assessed for real estate tax
purposes to include the Addition, Lessee shall pay to Lessor within
ninety (90) days following submission of paid bills therefore, all
increases in annual real estate taxes on the leased premises in excess
of $8,200.
7. During the construction of the Addition, Lessor shall do all things
necessary to permit Lessee to have the complete and full enjoyment of
the leased premises without disruption, dust or dirt affecting
Lessee's inventory or property or any other obstruction or hindrance
whatsoever.
8. Except as modified hereby, the Lease shall continue in full force and
effect. In addition to any other obligation which Lessor has to
repair in the Lease, Lessor shall be obligated to make all
replacements or repairs to the Addition.
IN WITNESS WHEREOF, the parties have caused these presents to be signed and
sealed the day and year first above written.
WITNESS:
/s/ Xxxxxxx X. Xxxxxxxxx (SEAL)
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Xxxxxxx X. Xxxxxxxxx
ATTEST: DECORATOR INDUSTRIES, INC.
By /s/ Xxxxxxx X. Xxxxxxx
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Secretary President
(SEAL)