Exhibit
10.20
FIRST AMENDMENT TO
LEASE
This FIRST
AMENDMENT TO LEASE (this “ Amendment ”)
dated as of March 20, 2008 is entered into by and between BEAR
STREET ASSOCIATES, LLC , a Texas limited liability company
(“ Landlord ”), and AMERICAN MEDICAL
TECHNOLOGIES, INC. , a Delaware corporation
(“ Tenant ”).
1.1 Reference
is made to that certain Lease dated April 13, 2006 (as amended from
time-to-time, the “ Lease ”) between Sepulveda
Group, LLC, a California limited liability company
(predecessor-in-interest to Landlord) and Tenant, pursuant to which
Tenant leases from Landlord certain premises located in Nueces
County, Texas, as more specifically described in the Lease (the
“ Premises ”). Capitalized terms used
in this Amendment but not defined shall have the meaning given in
the Lease.
1.2 Landlord
has entered into or is contemplating entering into an agreement to
sell the real property on which the Premises is located (the
“ Property ”) to Magnum Oil Tools or Lynn
Frazier (or a party affiliated with one of these parties) (“
Buyer ”).
1.3 Tenant
has requested that Landlord modify the Lease, and Landlord is
willing to so modify the Lease, upon and subject to the sale of the
Property to Buyer and other terms set forth herein.
1.4 Accordingly,
for good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereto agree as
follows.
2.
Amendment . The parties agree to amend the
Lease as follows.
3.
Effectiveness . This Amendment is
contingent upon and shall be effective only upon the closing of the
sale of the Property to Buyer as established by the recordation the
deed transferring the Property from Lender to Buyer in the official
records of Nueces County, Texas (the “ Sale
”). The “ Sale Date ” shall be
the date that the deed transferring the Property from Bear Street
Associates, LLC to Buyer is recorded in the official records of
Nueces County, Texas.
4.
Early Termination . Subject to the closing
of the Sale, the Lease shall terminate on the date (the “
Termination Date ”) which is the earlier of (a) thirty
(30) days following written notice of termination from Tenant to
the current landlord under the Lease (the “ Termination
Notice ”), or (b) ninety (90) days after the Sale
Date. In no event may a Termination Notice be sent prior
to the Sale Date. Landlord shall use commercially
reasonable efforts to provide Tenant with twenty (20) days prior
written notice of the Sale Date.
5.
Obligations of Tenant . Nothing in this
Amendment shall affect Tenant’s obligations under the Lease
prior to the Termination Date. Tenant shall be obligated
for the payment of rent, utilities, insurance, real estate taxes,
operating expenses and any other obligation of Tenant under the
Lease through and including the Termination