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Fifth Amendment To Lease

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Date: 11/16/2007
Industry: Medical Equipment and Supplies     Sector: Healthcare

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Exhibit 99.1



THIS FIFTH AMENDMENT TO LEASE (“ Amendment ”) is entered into effective as of this 12 th day of November 2007, between IRET – PLYMOUTH, LLC , a Minnesota limited liability company (“ Landlord ”), and VASCULAR SOLUTIONS, INC. , a Minnesota corporation (“ Tenant ”).






Landlord (as successor in interest to First Industrial, L.P. and to 321 Corporation) and Tenant are parties to a certain “Standard Form Industrial Building Lease (Multi-Tenant)” dated September 3, 2002 (the “ Original Lease ”), which Original Lease has been previously amended by four amendments dated December 26, 2002, June 22, 2004, August 29, 2005, and January 25, 2006 (the Original Lease as amended by the foregoing, collectively, the “ Lease ”). Pursuant to the Lease, Landlord currently leases to Tenant approximately 32,735 square feet (the “ Premises ”) in the building commonly known as “Northgate I,” and located at 6464 Sycamore Court, Maple Grove, Minnesota (the “ Building ”). The Building currently has 79,297 total square feet.




The current term of the Lease is scheduled to expire on September 30, 2008.




Landlord and Tenant desire to amend the Lease as set forth below.


THEREFORE, FOR VALUABLE CONSIDERATION, Landlord and Tenant agree as follows:


1.     Expansion of Premises . As of August 1, 2008 (the “ Expansion Date ”), the Lease is amended to increase the size of the Premises being leased by Tenant to include an additional 46,562 square feet of the Building as reflected on attached Exhibit 1 (the “ Expansion Space ”). As of the Expansion Date, the Premises, which thereafter shall include the Expansion Space, shall equal the entire Building and shall contain a total of 79,297 square feet.


2.     Extension of Term . The term of the Lease is hereby extended for a period of seven (7) years, commencing on October 1, 2008, and continuing through September 30, 2015 (hereinafter, the “ Extension Term ”), unless sooner terminated in accordance with the terms of the Lease.


3.     Rent . Commencing on September 1, 2008, Tenant shall pay Base Rent to Landlord, in advance, without offset or deduction, for the Premises (including the Expansion Space) in strict accordance with the following schedule:





9/1/2008 through 9/30/2010

$685,919.05 ($8.65/sf)


10/1/2010 through 9/30/2012

$725,567.55 ($9.15/sf)


10/1/2012 through 9/30/2015

$765,216.05 ($9.65/sf)



For the month of August 2008, Tenant shall be responsible for and pay to the Landlord the Base Rent and any Additional rent as provided for in Lease for the leased space that excludes the Expansion Space. Notwithstanding anything to the contrary, Tenant may occupy the Expansion Space and shall be entitled to the full abatement of Base Rent and Additional Rent attributable to Tenant’s Proportionate Share of Operating Expenses and Taxes (the “ Abated Rent ) for the Expansion Space only for a period commencing August 1, 2008 and terminating on August 31, 2008. If no uncured Event of Default by Tenant occurs prior to the expiration of the Term (including the Extension Term), Tenant shall have no obligation to pay the Abated Rent. If at any time during the Term an Event of Default occurs, and if said default is not cured as provided in the Lease, then Tenant shall pay to Landlord, in addition to all other amounts owed under the Lease, the Abated Rent.



4.     Pro Rata Share . As of the Expansion Date, Tenant’s Proportionate Share of the Operating Expenses and Taxes shall be increased to 100.00%.


5.     Tenant Improvements . Landlord is providing the Premises (including the Expansion Space) to Tenant in its current “AS IS” condition, without representation or warranty of any kind. Landlord shall have no obligation to make any modifications or alterations to the Premises (including the Expansion Space) except as expressly provided herein, the Lease, and including paragraph 8 (Roof Replacement) below. Landlord acknowledges that Tenant intends to construct certain improvements in the Expansion Space (the “ Tenant Improvements ”). The costs of the Tenant Improvements shall be paid by Tenant; provided, however, that Landlord shall make available to Tenant an allowance of up to Two Hundred Thousand Dollars and no/100 Dollars ($200,000.00) (the “ Allowance ”). After the Expansion Date, upon receipt of paid receipt invoices, lien waivers, and any other information or documentation reasonably requested by Landlord, Landlord shall reimburse Tenant from the Allowance for Tenant’s actual costs relating to the construction of the Tenant Improvements. The Allowance may not be used to offset Rent, or to reimburse Tenant for any costs or expenses not directly related to the construction of the Tenant Improvements. The Tenant Improvements shall be constructed (i) in accordance with the plans and specifications that have been approved by Landlord in writing (which approval shall not be unreasonably withheld, conditioned or delayed), (ii) in a good and workmanlike manner using only new and first-grade materials, (iii) in compliance with all other applicable provisions in the Lease, and (iv) in compliance with all applicable governmental laws, ordinances, rules and regulations. If the cost of the Tenant Improvements exceeds the Allowance, Tenant shall have sole responsibility for the payment of such excess cost. If the cost of the Tenant’s Improvements is less than the Allowance, Tenant shall not be entitled to any payment or credit for such excess amount. To the extent any portion of the Allowance has not been advanced to Tenant by March 1, 2009, the remaining portion of the Allowance as of said date shall be forfeited to Landlord, and Tenant shall be solely responsible for the costs of any Tenant Improvements on and after said date. Tenant’s taking possession of the Expansion Space shall be conclusive evidence as against Tenant that the Expansion Space and Premises were in satisfactory condition when Tenant took possession.


6.     Tenant Inducement . Tenant acknowledges (i) that the Expansion Space is currently subject to a long-term lease between Landlord and

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