Exhibit 10.2
GUARANTY
WHEREAS , SAI PROPERTY MANAGEMENT, LLC , a New
Jersey limited liability company with an address at 2 Henderson
Drive, West Caldwell, New Jersey (the “Landlord”) is
simultaneously herewith entering into a Lease with MICROWAVE
CONCEPTS, INC., a Delaware Corporation with an address at 2
Henderson Drive, West Caldwell, New Jersey (hereinafter the
“Tenant”) for approximately 22,000 square feet at the
property located at 2 Henderson Drive, West Caldwell, New Jersey
(the “Lease”); and
WHEREAS , the Landlord requires that Micronetics, Inc.,
a Delaware corporation with an address at 26 Hampshire Drive,
Hudson, NH 03051 (hereinafter the “Guarantor”), the
parent company of Tenant, guarantee the full faith and performance
of the terms and conditions of the Lease on behalf of Tenant;
and
WHEREAS , the Guarantor has consented to guarantee the
terms and conditions of the Lease as hereinafter set
forth.
NOW, THEREFORE, to induce the
Landlord to enter into said Lease, the Guarantor hereby agrees as
follows:
1. (a) During the Term of the Lease,
and thereafter including any renewals periods, the Guarantor
unconditionally guarantees to the Landlord and the successors and
assigns of the Landlord, the full and punctual performance and
observance by the Tenant of all of the terms, covenants and
conditions in said Lease contained on Tenant’s part to be
kept, performed or observed.
(b) If, at any time during the Lease
Term, Tenant shall default in the performance or observance of any
of the terms, covenants or conditions in the Lease, beyond
applicable notice and grace periods the Guarantor, upon written
notice from Landlord, will keep, perform and observe such terms,
covenants or conditions in place and stead of the
Tenant.
(c) The liability of the Guarantor
hereunder shall be enforceable against the Guarantor without the
necessity for any suit or proceedings on the Landlord’s part
of any kind or nature whatsoever against the Tenant.
2. Any act of the Landlord, or the
successors or assigns of the Landlord, consisting of a waiver of
any of the terms or conditions of said Lease, or the giving of any
consent to any manner or thing relating to said Lease, or the
granting of any indulgences or extensions of time, to the Tenant,
may be done without notice to the Guarantor and without releasing
the obligations of the Guarantor hereunder.
3. The obligations of the Guarantor
hereunder shall not be released by Landlord’s receipt,
application or release of security given for the performance and
observance of covenants and conditions in said Lease contained on
the Tenant’s part to
be performed or observed; nor by any
modification of such Lease, but in the case of any such
modification, the liability of the Guarantor shall be deemed
modified in accordance with the terms of any such modification of
the Lease
4. The liability of the Guarantor
hereunder shall in no way be affected by (a) the release or
discharge of the Tenant in any creditors’ receivership,
bankruptcy or other proceedings; (b) the impairment,
limitation or modification of the liability
