THIS FIRST AMENDMENT TO LEASE, dated as of
May 22, 2007 (this “Amendment”), between CABOT
INDUSTRIAL PROPERTIES, L.P. , a Delaware limited partnership
(“Landlord”) and QUANEX CORPORATION , a Delaware
corporation (“Tenant”), for certain premises located in
the building located at 2270 Woodale Drive, Mounds View, Minnesota
(the “Building”).
A. Landlord and Tenant entered into that
certain Multi-Tenant Industrial Net Lease dated for reference as of
August 28, 2002 (the “Lease”) for approximately
124,269 rentable square feet in the Building (the
“Premises”).
B. Tenant and Landlord wish to extend the
Term of the Lease, now scheduled to expire on February 29,
2008.
C. All terms, covenants and conditions
contained in this Amendment shall have the same meaning as in the
Lease, and, shall govern should a conflict exist with previous
terms and conditions.
NOW, THEREFORE, in consideration of the
foregoing recitals and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant hereby agree as follows:
1. Term . The term of the Lease is
hereby extended for a period of three (3) years commencing
March 1, 2008 and ending February 28, 2011
(“Extension Period”).
2. Rent . From and after
March 1, 2008 through the remainder of the Lease Term as
hereby extended, Rent shall be payable in the following amounts,
all of which are net of Tenant electricity:
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Period
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Rentable Square
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Annual Rent
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Monthly
Installment
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from
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to
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Footage
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Per Square Foot
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Annual Rent
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of Rent
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3/1/2008
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2/28/2011
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124,269
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$4.40
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$546,783.60
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$45,565.30
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3. Additional Rent . Tenant shall
continue to pay in equal monthly installments its proportionate
share of Taxes and Expenses. Effective with the commencement of the
Extension Period, Section 4.2 of the Lease is modified to
replace “cumulative annual compound rate of five percent
(5%)” with “non-cumulative annual rate of six percent
(6%) over the immediate preceding Lease Year’s Controllable
Expenses.” in the first sentence thereof and the second
sentence thereof is hereby deleted. Tenant’s proportionate
share of the 2007 estimate of said Taxes and Expenses is $2.55 per
rentable square foot.
4. Condition of Premises . Landlord
will perform improvements to the Premises in accordance with the
space plan dated
from Tushie Montgomery Architects. Except for the aforesaid
improvements, Tenant acknowledges that Landlord shall have no other
obligation to perform any construction or make any additional
improvements or alterations, or to afford any allowance to Tenant
for improvements or alterations, in connection with this Amendment.
Tenant acknowledges and agrees that all construction and
improvements obligations of Landlord u
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