LEASE RENEWAL AGREEMENT
LEASE RENEWAL AGREEMENT made as of the
last date endorsed hereon
between NAPPEN & ASSOCIATES, a Pennsylvania limited partnership
t/a 309
DEVELOPMENT COMPANY ("Lessor")
A N D
MICRO MEMORY BANK, INC., a Pennsylvania
corporation ("Lessee").
Basis of Agreement
A. By Lease
Agreement dated December 31, 2000 (together with this
Lease Renewal Agreement on and after April 1, 2006, the "Lease"),
Lessor
demised and let to Lessee, who hired from Lessor that certain
portion of
building situate Lot No. 16, Montgomeryville Industrial Center,
Montgomery
County, Pennsylvania, consisting of 17,500 sq. ft., more or less,
known and
numbered 130 Corporate Drive, Montgomeryville, Pennsylvania 18936
(the
"Premises") for a term expiring March 31, 2006.
B. The parties
desire to extend the term of the Lease for an
additional term of five (5) years, commencing April 1, 2006, and
ending
March 31, 2011 ("Renewal Term").
C. The parties
desire to set forth herein their agreement
regarding the terms of the Lease during the Renewal Term.
NOW,THEREFORE, the parties hereto,
intending to be legally bound
hereby, agree as follows:
1. The term of the
Lease is hereby extended for a Renewal Term of
five (5) years, commencing April 1, 2006, and terminating March 31,
2011,
at 11:59 p.m., unless extended, renewed or previously terminated,
as set
forth in the Lease.
2. During the
Renewal Term, Article 3 of the Lease, entitled
"Minimum Annual Rent" shall be amended and supplemented to read as
follows:
"3. Minimum Annual Rent. The minimum annual rent ("Minimum
Annual Rent") payable by Lessee to Lessor
during the Renewal Term
shall be Ninety Six Thousand Two Hundred
Fifty and 00/100 Dollars
($96,250.00) per year, lawful money of the
United States of America,
payable in monthly installments in advance
during the Renewal Term in
sums of Eight Thousand Twenty and 83/100
Dollars ($8,020.83) on the
first day of each month during the Renewal
Term, commencing April 1,
2006."
3. Article 25 of
the Lease is hereby deleted in its entirety and
the following substituted therefor:
"25. Extensions and Renewals.
A.
Extensions. It is hereby mutually agreed that in the event
Lessee has not given the "Preliminary
Renewal Notice" as defined in
subparagraph 25(B), or has given the
Preliminary Renewal Notice but
has withdrawn the same, Lessee may
terminate this Lease at the end of
the Renewal Term and any subsequent
renewal term or extension term, by
giving to Lessor written notice at least
one hundred eighty (180) days
prior thereto, and Lessor may terminate
this Lease at the end of the
Renewal Term and any subsequent renewal or
extension thereof by giving
to Lessee written notice at least one
hundred fifty (150) days prior
thereto (each an "Expiration Notice"); but
in default of an Expiration
Notice given by either party in the manner
provided herein, this Lease
shall continue for an extension term of
one (1) year, commencing the
day after the expiration of the then
current renewal term or extension
term, as the case may be, upon the terms
and conditions in force
immediately prior to the expiration of the
then-current renewal term
or extension term, as the case may be
(except for the Minimum Annual
Rent, which shall be as computed in
subparagraph 25(C) (iii)), and so
on from year to year, unless terminated by
the giving of an Expiration
Notice within the times and in the manner
aforesaid. In the event that
Lessee or Lessor shall have given an
Expiration Notice and Lessee shall
fail or refuse to completely vacate the
Premises and restore the same
to the condition required in this Lease on
or before the date
designated in the Expiration Notice (the
"Expiration Date"), then it
is expressly agreed that Lessor, by notice
to Lessee given no later
than forty-five (45) days after the
Expiration Date, shall have the
option either:
(i) to
disregard the Expiration Notice as having no force and
effect, whereupon the Expiration Notice shall be null and void, ab
inito,
as if never given; or
(ii) treat
Lessee as Holding Over, in accordance with paragraph
2(B) of the Lease.
All powers granted to Lessor by this Lease
shall be exercised and all
obligations imposed upon Lessee by this Lease shall be performed by
Lessee
during the Renewal Term, as well as during any subsequent extension
or
renewal terms of this Lease.
Notwithstanding anything set forth