Exhibit 10.16
FIRST AMENDMENT TO
LEASE
THIS FIRST AMENDMENT
(“Amendment”) is made effective as of August 1,
2008, by and between Sam-Cher Holdings, Inc. (“Lessor”)
and Vision Direct Inc., successor to International Vision Direct,
Inc. and International Vision Direct Corp. (“Lessee”)
to the Standard Industrial Lease dated May 2, 2003 by and
between the parties (the “Lease”). Capitalized terms
used but not defined herein have the meanings ascribed to them in
the Lease.
WHEREAS, Lessee provided timely
written notice to Lessor of its intent not to renew the Lease on
the expiration of the current term on its current terms and
conditions and the parties agreed at that time to amend certain of
the terms and conditions of the Lease;
WHEREAS, the parties now desire to
extend the term of the Lease and otherwise modify the Lease as set
forth herein;
NOW, THEREFORE , the parties
hereto, in consideration of the mutual promises and covenants
contained herein and in the Lease and for other good and valuable
consideration receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound hereby, agree as
follows:
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1.
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Section 3
of the Lease is hereby amended and restated in its entirety as
follows:
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“3. Term .
3.1. Term . The term of this
Lease will be on a month-to-month basis, commencing on
August 1, 2008.
3.2. Termination . The Lessee
will each have the right to terminate the Lease on sixty
(60) days’ written notice to the other
party.”
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2.
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Section 4.1 of the Lease is hereby amended
and restated in its entirety as follows:
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“4.1 Base Rent . Lessee
will pay Lessor, as Base Rent for the Premises, without any offset
or deduction, except as may be otherwise expressly provided in
thi
