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FIRST AMENDMENT TO LEASE

Lease Agreement

FIRST AMENDMENT TO LEASE | Document Parties: VASCULAR SOLUTIONS INC | IRET, Inc | PLYMOUTH, LLC | VASCULAR SOLUTIONS, INC You are currently viewing:
This Lease Agreement involves

VASCULAR SOLUTIONS INC | IRET, Inc | PLYMOUTH, LLC | VASCULAR SOLUTIONS, INC

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Title: FIRST AMENDMENT TO LEASE
Date: 11/16/2007
Industry: Medical Equipment and Supplies     Sector: Healthcare

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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

 

 

A.

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

 

 

B.

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.

 

 

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

 

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:

 

Months

Annual

Monthly

10/1/2008 through 9/30/2010

$62,847.00 ($4.50/sf)

$5,237.25

10/1/2010 through 9/30/2012

$71,924.90 ($5.15/sf)

$5,993.74

10/1/2012 through 9/30/2015

$76,114.70 ($5.45/sf)

$6,342.89

 

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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