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This Extension
No. 1 to Lease is made, for reference purposes only, this 11th
day of October, 2008, between 600 Rockford LLC
(“Landlord”) and Rockford Corporation
(“Tenant”) , with reference to the
following:
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A.
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Reynolds Development Co., a DBA of
Jerome A. Reynolds and/or Cathy E. Reynolds (“Prior
Landlord”) and Tenant entered into an Industrial Lease
dated May 1, 2003 (“Lease”) for the rental
of the Premises (as defined in the Lease).
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B.
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On
May 3, 2007, Landlord purchased from Prior Landlord, its
rights, title and interest in the Premises.
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C.
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On
September 30, 2008 Tenant exercised its option to extend the
Lease referenced in Paragraph 23 of the Lease, subject to
Landlord agreeing to (1) fund or reimburse Tenant $125,000
(“Improvement Funds”) for Tenant’s making
leasehold improvements or alterations on the Premises
(“Improvements”) , and (2) provide Tenant
with an additional 5-year option under the same terms and
conditions contained in Paragraph 23 of the Lease. On the same
date, Landlord agreed to the exercise of Tenant’s option to
extend with these two additional conditions.
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D.
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It
is the desire of Landlord and Tenant to formalize the terms of the
Tenant’s exercise of its option to extend the Lease via this
Extension No. 1.
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1.
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Exercise of Option to
Extend
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Pursuant to Paragraph 23 of
Lease, Tenant hereby exercises its option to extend the Lease for a
period of five (5) years (“Extension
Period”). The covenants and conditions between Landlord
and Tenant during this Extension Period shall be the same as those
contained in the Lease, except that the monthly base rent during
the first year of the Extension Period shall be the same as the
monthly base rent for September 2009 under the Lease, plus 3%,
and the base rent for each subsequent year of the Extension Period
shall be subject to a 3% annual increase from the base rent for the
previous year. Thus, the base rent schedule for this Extension
No. 1 shall be as follows:
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