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EXHIBIT
10.14
FIRST AMENDMENT TO LEASE
AGREEMENT
This First Amendment to Lease
Agreement (the “ First Amendment ” ),
dated effective as of January ,
2007 (the “ Effective Date ” ), is made
by and between Jackson Brewery Millhouse, L.L.C., a Louisiana
limited liability company (the “ Landlord
” ), and Odyssey Marine Exploration, Inc., a Nevada
corporation (the “ Tenant ” )
INTRODUCTION
A. Landlord and Tenant are
parties to that certain Lease Agreement (the “ Original
Lease ” ), dated June 1, 2005, pursuant to which
Landlord leased to Tenant the Premises located on the first and
third levels of the Jackson Brewery Millhouse building in New
Orleans, Louisiana. Pursuant to the first paragraph of
Section 3.4 of the Original Lease, Tenant exercised its option
to terminate the Original Lease effective as of January 31,
2007.
B. Landlord and Tenant have
agreed to extend the Term of the Original Lease on a limited basis
through May 30, 2007 with respect to the portion of the
Premises located on Level 3 of Landlord’s Building and to
reduce the monthly rent payable to $6,000.00 per month. Landlord
and Tenant have also agreed to make certain other changes to the
Original Lease as set forth in this First Amendment.
NOW, THEREFORE, the Original
Lease is hereby amended as follows.
1. Term and Termination
Date . The Original Lease shall be extended from
January 31, 2007 and continue on a month to month basis. This
First Amendment to Lease may be terminated by either party at will
and without cause provided that Tenant agrees to give Landlord 30
days notice of termination of this Amendment to the Lease. Because
Tenant will require time to acquire new space should Landlord
terminate, Landlord agrees to give Tenant 60 days written notice of
Landlord’s intent to terminate.
2. Premises .
The portion of the Premises located on Level 1 of the
Landlord’s Building shall be released from the Original Lease
effective as of January 31, 2007. Only the portion of the
Premises located on Level 3 of Landlord’s Building shall
remain part of the Premises after January 31, 2007.
3. Rent . The
Rent payable by Tenant under the Lease shall remain unchanged
through Janua
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