Exhibit 99.2
FIRST AMENDMENT TO LEASE
THIS AMENDMENT is entered into as of this 12th day
of November, 2007, between IRET –
PLYMOUTH, LLC , a Minnesota limited
liability company (“ Landlord ”), and
VASCULAR SOLUTIONS, INC. , a Minnesota corporation (“ Tenant ”).
RECITALS
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A.
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Landlord and Tenant are parties to a certain
“Standard Commercial Lease” dated December 14, 2006
(the “ Lease ”). Pursuant to the Lease, Landlord currently leases to
Tenant 13,966 square feet (the “ Premises ”) in the building
commonly known as “Plymouth Tech Park II,” and located
at 5025 Cheshire Lane North, Plymouth, Minnesota (the
“ Building ”); and
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B.
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The current term of the Lease is scheduled to expire
on September 30, 2008. However, Landlord and Tenant desire to amend
the Lease, pursuant to the terms as set forth herein.
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THEREFORE, FOR VALUABLE CONSIDERATION, Landlord and
Tenant agree as follows:
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1. 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.
2. Rent . Tenant shall pay Base Rent to
Landlord, in advance, without offset or deduction, in monthly
installments in strict accordance with the following
schedule:
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Months
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Annual
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Monthly
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10/1/2008 through 9/30/2010
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$62,847.00 ($4.50/sf)
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$5,237.25
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10/1/2010 through 9/30/2012
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$71,924.90 ($5.15/sf)
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$5,993.74
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10/1/2012 through 9/30/2015
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$76,114.70 ($5.45/sf)
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$6,342.89
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Tenant shall continue to pay its proportionate share
of common expenses (including taxes and assessments), as provided
for in the Lease. Tenant will make all rent payments to Landlord,
without Landlord’s previous demand, invoice or notice for
payment, at the rent payment address specified by Landlord or at
such other place or in such other manner as Landlord may from time
to time designate in writing.
3. Tenant
Improvements . Landlord is providing the
Premises 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. Landlord acknowledges that Tenant intends to construct
certain improvements in the Premises (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 $28,000.00 (the “
Allowance ”).
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,
(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 h
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