EXHIBIT 10.2
LEASE
AGREEMENT ADDENDUM NO. ONE
WHEREAS, BIV Group, a California
general partnership (“Lessor” or
“Landlord”) and Cholestech Corporation, a California
corporation (“Lessee” or “Tenant”) entered
into a written Lease Agreement on or about July 23, 2001, for
an industrial building containing approximately 68,816 square feet
situated at and commonly known as 3233 Investment Boulevard, in
Hayward, California, 94545-3808; and
WHEREAS, the original term of the
Lease Agreement began April 1, 2002, and runs for a period of
sixty (60) months with the original Term due to expire on
March 31, 2007, providing for one (1) option to extend the
Term of the Lease for a period of three (3) years
(“Lease” or “Lease Agreement”);
WHEREAS, the both parties desire to
extend the original term of the Lease a period of ten (10) years,
so that the term of the Lease will now consist of a fifteen
(15) year period, leaving in place the one (1) option to
extend the Term of the Lease a period of three
(3) years;
NOW, THEREFORE, the parties agree as
follows:
1. Term . The initial
term of the Lease shall be extended a period of ten
(10) years, to commence on April 1, 2007, and expire on
March 31, 2017 (“Initial Extended Term”). The last
paragraph of Paragraph 38 of the Lease is hereby amended to
read as follows: Notwithstanding anything to the contrary contained
in this Paragraph 38 of this Lease, the Basic Rent for the
Option Term may be no less than the Basic Rent during the last year
of the Initial Extended Term of this Lease unless Landlord agrees
in writing. If the establishment of a new Basic Rent for the Option
Term is determined by appraisal as set forth above, and if Tenant
does not, in its sole discretion, approve the Basic Rent
established by such appraisal, then Tenant may by written notice to
Landlord no later than September 30, 2016, rescind the
exercise of its Option to extend the Term of this Lease for three
(3) years. If Tenant properly rescinds the exercise of its
Option to extend the Term of this Lease for three (3) years,
then Landlord agrees that Tenant shall have the right to extend the
term of this Lease for one additional period of up to six
(6) months upon the same terms and provisions of this Lease at
the same Basic Rent as the last month of the Term of this Lease.
Tenant shall notify Landlord of the exact number of full months
(not to exceed six (6) months) that Tenant elects to extend the
Term of this Lease by written notice to Landlord no later than
September 30, 2016.
2. Basic Rent . The
monthly Basic Rent during the Initial Extended Term shall be
payable to Landlord without deduction, offset, prior notice, or
demand, the sum of Six Million, Six-Hundred-Six Thousand, Three
Hundred and Thirty-Six Dollars ($6,606,336.00) as follows:
INITIAL EXTENDED TERM
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Year |
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Lease Period |
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Base Rent/sft |
|
Monthly Rent |
|
Yearly Rent |
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6
|
|
Apr. 1st 2007 - Mar. 31st 2008 |
|
$ |
0.69 |
|
|
$ |
47,483.04 |
|
|
$ |
569,796.48 |
|
|
7
|
|
Apr. 1st 2008 - Mar. 31st 2009 |
|
$ |
0.71 |
|
|
$ |
48,859.36 |
|
|
$ |
586,312.32 |
|
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8
|
|
Apr. 1st 2009 - Mar. 31st 2010 |
|
$ |
0.74 |
|
|
$ |
50,923.84 |
|
|
$ |
611,086.08 |
|
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9
|
|
Apr. 1st 2010 - Mar. 31st 2011 |
|
$ |
0.76 |
|
|
$ |
52,300.16 |
|
|
$ |
627,601.92 |
|
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10
|
|
Apr. 1st 2011 - Mar. 31st 2012 |
|
$ |
0.78 |
|
|
$ |
53,676.48 |
|
|
$ |
644,117.76 |
|
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11
|
|
Apr. 1st 2012 - Mar. 31st 2013 |
|
$ |
0.81 |
|
|
$ |
55,740.96 |
|
|
$ |
668,891.52 |
|
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12
|
|
Apr. 1st 2013 - Mar. 31st 2014 |
|
$ |
0.84 |
|
|
$ |
57,805.44 |
|
|
$ |
693,665.28 |
|
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13
|
|
Apr. 1st 2014 - Mar. 31st 2015 |
|
$ |
0.86 |
|
|
$ |
59,181.76 |
|
|
$ |
710,181.12 |
|
|
14
|
|
Apr. 1st 2015 - Mar. 31st 2016 |
|
$ |
0.89 |
|
|
$ |
61,246.24 |
|
|
$ |
734,954.88 |
|
|
15
|
|
Apr. 1st 2016 - Mar. 31st 2017 |
|
$ |
0.92 |
|
|
$ |
63,310.72 |
|
|
$ |
759,728.64 |
|
3. Additional Rent . The
Operating Expense Cap of $0.20 per square foot set forth in
Paragraph 4 of the Lease Agreement shall remain in effect
through December 31, 2007, at which time the cap shall expire.
There shall be no cap throughout the balance of the Initial
Extended Term, i.e. January 1, 2008, through and including
March 31, 2017, on the expenses of operation, management and
maintenance of the common areas of the complex, premises and
buildin
