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FIFTH AMENDMENT TO LEASE AGREEMENT

Lease Agreement

FIFTH AMENDMENT TO LEASE AGREEMENT | Document Parties: iGo, INC | IS Capital, LLC | Mobility Electronics, Inc You are currently viewing:
This Lease Agreement involves

iGo, INC | IS Capital, LLC | Mobility Electronics, Inc

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Title: FIFTH AMENDMENT TO LEASE AGREEMENT
Date: 10/31/2008
Industry: Computer Peripherals     Sector: Technology

FIFTH AMENDMENT TO LEASE AGREEMENT, Parties: igo  inc , is capital  llc , mobility electronics  inc
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Exhibit 10.1

FIFTH AMENDMENT TO LEASE AGREEMENT

      THIS FIFTH AMENDMENT TO LEASE AGREEMENT (“Fifth Amendment”) is made as of the 25 th day of August, 2008 (for reference purposes only), by and between MOUNTAIN VALLEY COMMUNITY CHURCH , a non-profit corporation, successor-in-interest to I.S. Capital, LLC (“Lessor”), and iGo, INC. , an Arizona corporation, formerly known as Mobility Electronics, Inc. (“Lessee”).

RECITALS

     A. Lessor’s predecessor-in-interest and Lessee (under the prior name of Mobility Electronics, Inc.) entered into a Standard Multi-Tenant Office Lease dated July 17, 2002, including the Addendum to Lease and Second Addendum to Lease of even date, as amended by First Amendment to Lease Agreement dated effective as of February 1, 2003, by Second Amendment to Lease Agreement dated effective as of January 15, 2004, by Third Amendment to Lease Agreement dated effective as of October 6, 2004, and by Fourth Amendment to Lease Agreement dated effective as of October 1, 2006 (collectively, the “Lease”), for premises in the “Perimeter Center” located at 17800 N. Perimeter Drive, Scottsdale, Arizona 85255.

     B. The defined “Premises” under the Lease includes approximately 18,682 of space located on the second floor of the “Building”, suites 200 and 201; approximately 2,056 square feet of space located on the first floor of the Building, and, as added by the Second Amendment to Lease Agreement (“Second Amendment”), approximately 3,797 square feet of space as defined under that Second Amendment (the “Second Amendment Space”). The total existing Premises as of the date of this Fifth Amendment is approximately 24,535 square feet.

     C. The Original Term of the Lease expires on September 30, 2008, subject to Lessee’s exercise of a five-year extension. Lessee does not wish to exercise the five-year extension; rather, Lessee desires to extend the Lease Term for a period of five (5) years and five (5) months, with additional options to extend, on the 20,748 square feet only (“20,748 Square Feet”), excluding the Second Amendment Space, subject to the terms and conditions of this Fifth Amendment.

     D. Lessor is willing to accommodate Lessee’s requests, subject to the terms and conditions of this Fifth Amendment.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows:

1


 

AGREEMENT

     1. Lessor and Lessee acknowledge the accuracy of the Recitals.

     2. All capitalized terms shall have the definition as set forth in the Lease, unless specifically stated otherwise herein.

     3. Section 1.3 of the Lease is hereby amended to extend the Lease Term through February 28, 2014 as to the 20, 748 Square Feet only, excluding the Second Amendment Space. The Lease shall expire as to the Second Amendment Space on September 30, 2008, and Lessee shall surrender such space in accordance with the terms and conditions of the Lease. Therefore, effective as of October 1, 2008 (“Effective Date”), the term “Premises” shall mean the 20,748 Square Feet.

     4. As of the Effective Date, Section 1.5 of the Lease and Paragraph 1 of the Addendum to Lease shall be amended such that Lessee shall pay Base Rent in accordance with the following schedule, together with applicable rental tax thereon:

 

 

 

 

 

 

 

 

 

                  Months

 

PSF

 

Monthly Base Rent

10/01/08 - 07/31/09

 

$

10.00

 

 

$

17,290.00

 

08/01/09 - 02/28/10

 

$

20.00

 

 

$

34,580.00

 

03/01/10 - 02/28/11

 

$

20.50

 

 

$

35,444.50

 

03/01/11 - 02/28/12

 

$

21.00

 

 

$

36,309.00

 

03/01/12 - 02/28/13

 

$

21.50

 

 

$

37,173.50

 

03/01/13 - 02/28/14

 

$

22.00

 

 

$

38,038.00

 

     5. As of the Effective Date, Lessee’s pro rata share of operating expenses under Section 1.6 shall be 41.48%.

     6. As of the Effective Date, Section 1.9 of the Lease shall be amended to deleted the Base Year “2003” and substitute therefor the Base Year “2009.”

     7. As of the Effective Date, Section 4.2 of the Lease shall be amended to limit the annual increase of Lessee’s Share of controllable Operating Expenses to a cap (non-cumulative) of five percent (5%) per annum. The term “controllable” shall exclude property taxes, building insurance and utilities.

     8. Lessor and Lessee agree that the Security


 
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