Exhibit 10.16
LEASE AGREEMENT
THIS AMENDMENT, made this 18th day of July 2007, between 9
Portland Partners (a Pennsylvania Partnership) hereafter referred
to as “Lessor”, and Nocopi Technologies, Inc.,
hereafter referred to as “Lessee.”
WHEREAS, Lessee and Lessor, or their predecessors, have
heretofore entered into a Lease Agreement dated March 19, 2003
for the warehouse space known as Unit “C”, in the
building known as 9 Portland Street, West Conshohocken, Pa. which
consists of 5,000 square feet, for a period initially extending,
until March 31, 2008;
WHEREAS, the parties hereto are desirous of extending and
modifying the terms of said lease as hereafter set
forth;
NOW, THEREFORE, in consideration of the promises and mutual
covenants, the parties hereto intending to be legally bound, do
covenant and agree as follows:
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1. |
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Lessee and Lessor agree that the term of the above mentioned
Lease Agreement shall be extended for a period of Five
(5) years beginning April 1, 2008 and ending on
March 31, 2013. |
| |
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2. |
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It is agreed that the minimum rent due under this Lease (See
Paragraph 30 of the original Lease Agreement) shall be
modified to add the following: |
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| Term |
|
Monthly |
|
Annually |
| 4/1/2008 — 3/31/2009 |
|
$3,290.25 |
|
$39,483.00 |
| 4/1/2009 — 3/31/2010 |
|
$3,333.33 |
|
$39,999.96 |
| 4/1/2010 — 3/31/2011 |
|
$3,437.50 |
|
$41,250.00 |
| 4/1/2011 — 3/31/2012 |
|
$3,541.67 |
|
$42,500.04 |
| 4/1/2012 — 3/31/2013 |
|
$3,645.83 |
|
$43,749.96 |
The total
Minimum
