Exhibit 10.18
SECOND
AMENDMENT TO LEASE
THIS SECOND
AMENDMENT TO LEASE (“ Amendment ”) is effective
as of July 1, 2007 by and between Aerospace/Defense, Inc. ,
a South Carolina corporation (hereinafter call the “
Landlord ”) and Force Protection Industries,
Inc. and Force Protection, Inc. , Nevada corporations
(collectively, the “ Tenant ”).
RECITALS
A.
By Industrial Lease effective as of September 2, 2003, the Landlord
leased unto Tenant certain premises within Building No. 3 situated
in an industrial project (the “ Project ”)
located in Ladson (Charleston County), South Carolina, which
instrument was amended by Letter executed on July 18, 2006. The
Industrial Lease as amended by the July 18, 2006 Letter shall
hereinafter be referenced as the “ Lease .”
By the execution of this Amendment, the parties intend to
amend the Lease according to the terms of Subsection 27K of the
Lease. Each capitalized term used and not otherwise defined or
modified herein shall have the meaning ascribed thereto in the
Lease.
B.
The Landlord and Tenant now wish to enter into this Agreement to
amend the Lease according to the terms, provisions and conditions
hereinafter set forth.
NOW, THEREFORE, in
consideration of the mutual promises given one to the other, the
parties do hereby covenant and agree to amend and modify the Lease
as follows:
1.
All the Recitals set forth above in the “ Recitals
” clauses are hereby made an integral part of this
Agreement.
2.
Section 2 ( TERM ) of the
Lease is modified to read as follows:
“2.
TERM .
A.
The term of this Lease shall expire on July 14, 2008 (“
Initial Term ”). The Initial Term and any extension
thereof are hereinafter referred to collectively as the “
Term ”.
B.
For purposes of this Lease, the term “ Lease Year
” shall refer to a period of twelve (12) consecutive months
beginning October 15 of each calendar year.
C.
The Initial Term of this Lease and any extension thereof may be
extended at the option of the Tenant for four (4) separate and
successive periods of five (5) years each (each an “
Option Period ”) commencing on the day following the
expiration date of the Initial Term or the last day of the
then-current Option Period, as the case may be. Tenant may exercise
the option by notice in writing to Landlord served at least six (6)
months and not more than twelve (12) months prior to the end of the
last year of the Initial Term or the then-current Option Period, as
the case may be. It shall be a condition of the exercise of any
option to renew that Tenant shall not be in default in the
performance of any terms, covenants, or conditions of this Lease at
the time Tenant gives
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