Exhibit 10.16
SECOND AMENDMENT TO LEASE
Second
Amendment to Lease ("Agreement") made this 18th day of June,
2007, by and between 1375 KINGS HIGHWAY/777 COMMERCE DRIVE
ASSOCIATES, LLC and
14 MAMARONECK AVENUE REINVESTMENT ASSOCIATES, LLC ("Landlord"),
each a
Connecticut limited liability company with offices at c/o Celestial
Capital
Group, Inc., 10 East 40th Street, New York, NY 10016 and
COMPETITIVE
TECHNOLOGIES, INC.
("Tenant"), with
offices at 777 Commerce Drive, Fairfield,
Connecticut 06824.
RECITALS
WHEREAS, Landlord and Tenant entered into a lease ("Lease") dated
April 28,
2006 demising
to Tenant 11,025 rentable square feet
(sometimes, "rsf") in the
Building; and
WHEREAS, prior
to the Commencement
Date, the parties agreed to reduce the
rentable square footage of the Demised Premises from 11,025 rsf to
10,939 rsf by
Amendment To
Lease dated July 20, 2006; and
WHEREAS, the
Commencement Date was
September 1, 2006, and the Lease is in
effect on the date hereof; and
WHEREAS, the
parties have agreed to further reduce the rentable
square
footage of the Demised Premises by 317 rsf ("Surrendered Space")
commencing June
1, 2007, so that the
total rentable square footage in the Demised Premises will
be 10,622,
and to amend the Lease accordingly.
NOW,
THEREFORE,
in consideration of the mutual
promises contained herein
and other good and valuable consideration, the parties agree as follows:
1
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1.
Lease Summary and Schedule "A" . A new Lease
Summary and Schedule "A"
(Rent Schedule)
in the form attached hereto shall replace
the existing Lease
Summary and Schedule
"A" to the Lease, effective as of June 1, 2007 ("Effective
Date") through the expiration date of the Term, or the Renewal
Term, as the case
may be. The Rentable Square Feet, Annual
Base Rent, Security Deposit, Tenant's
Share, and
Tenant's Tax Share set
forth in the Lease Summary have been changed
in the new Lease
Summary, as of the Effective Date, to reflect the reduction of
the rentable
square footage of the Demised Premises
from 10,939 rsf to 10,622
rsf. All other terms in the Lease Summary remain the same. Schedule
"A" has been
changed in
its entirety to reflect the new annual and
monthly installment of
Base Rent by reason of the Surrendered Space.
2.
Exhibit "A" (Plan of
Demised Premises). As of the Effective Date, a new
Exhibit "A"
(Plan of Demised
Premises) in the form attached hereto which shows
the Surrendered Space
(also designated as "Supply Room #117") shall replace the
existing Exhibit
"A" (Plan of Demised Premises) to the Lease.
3.
Tenant's Surrender of
the Surrendered Space. On or before June 1, 2007,
Tenant shall
surrender to Landlord the Surrendered Space in the condition
required under
Section 19.01 of the Lease.
4.
Refund of Security Deposit. As of the Effective Date, the
Security
Deposit due
under the Lease shall be
