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SECOND AMENDMENT TO LEASE AND AGREEMENT

Lease Agreement

SECOND AMENDMENT TO LEASE AND AGREEMENT | Document Parties: MATERIAL SCIENCES CORP | Carey Management LLC | MSC ENGINEERED MATERIALS AND SOLUTIONS GROUP, INC | WP Carey & Co LLC You are currently viewing:
This Lease Agreement involves

MATERIAL SCIENCES CORP | Carey Management LLC | MSC ENGINEERED MATERIALS AND SOLUTIONS GROUP, INC | WP Carey & Co LLC

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Title: SECOND AMENDMENT TO LEASE AND AGREEMENT
Date: 5/14/2009
Industry: Misc. Fabricated Products     Sector: Basic Materials

SECOND AMENDMENT TO LEASE AND AGREEMENT, Parties: material sciences corp , carey management llc , msc engineered materials and solutions group  inc , wp carey & co llc
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Exhibit 10(j)

EXECUTION ORIGINAL

SECOND AMENDMENT TO LEASE AND AGREEMENT

THIS SECOND AMENDMENT TO LEASE AGREEMENT (this “ Second Amendment ”) dated as of April 23, 2007, by and between CORPORATE PROPERTY ASSOCIATES and CORPORATE PROPERTY ASSOCIATES 4 as successor by merger with CORPORATE PROPERTY ASSOCIATE 2 , a Delaware limited liability company (collectively “ Landlord ”), with an address at c/o W.P. Carey & Co. LLC, 50 Rockefeller Plaza, 2 nd Floor, New York, NY 10020, and MSC ENGINEERED MATERIALS AND SOLUTIONS GROUP, INC. , an Illinois corporation (“ Tenant ”) with an address at 2200 Pratt Boulevard, Elk Grove Village, Illinois 60007.

W I T N E S S E T H :

WHEREAS , Line 6 Corp., as landlord, and Tenant, as tenant, entered into a certain Lease and Agreement (the Original Lease) dated as of December 1, 1980 with respect to certain parcels of real property situate in Walbridge, Ohio (the “ Leased Premises ”);

WHEREAS , Line 6 Corp. assigned its interest in the Lease to Corporate Property Associates and Corporate Property Associates 2;

WHEREAS , Corporate Property Associates and Corporate Property Associates 2 entered into that certain First Amendment to Lease and Agreement dated as of May 30, 1986 (such amendment together with the original Lease hereinafter referred to as the “Lease”);

WHEREAS , Landlord and Tenant desire to amend the Primary Term and Renewal Terms of the Lease and certain other matters described herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, Landlord and Tenant hereby agree as follows:

 

1

Terms and Basic Rent Payments . Schedule B to the Lease is hereby deleted and the following is inserted in lieu thereof:

Terms and Basic Rent Payments

1. Terms. The Interim Term shall commence on the date of delivery hereof and end on December 31, 1980. The Primary Term shall commence on January 1, 1981 and end on April 30, 2012 (the “Primary Term Expiration Date”). Provided that if, on or prior to the Primary Term Expiration Date or any other Renewal Date (as hereinafter defined) this Lease shall not have been terminated pursuant to any provision hereof, then on the Primary Term Expiration Date and on the third (3rd), sixth (6th), ninth (9th) and twelfth (12th) anniversaries of the Primary Term Expiration Date (the Primary Term Expiration Date and each such anniversary being referred to herein as a “Renewal Date”), the Term shall be deemed to have been automatically extended for an additional period of three (3) years (each such extension, a “Renewal Term”), unless Tenant shall notify Landlord in writing in recordable form at least six (6) months prior to the next Renewal Date that Tenant is terminating this Lease as of the next Renewal Date. Any such extension of the Term shall be subject to all of the provisions of this Lease, including increases in Basic Rent pursuant to this Schedule B, as the same may be amended, supplemented or modified (except that Tenant shall not have the right to any additional Renewal Terms other than as expressly provided above).


2. Basic Rent. (a) Landlord hereby waives the escalation in Basic Rent in the amount of $88,620.94 which increase commenced on January 1, 2006.

(b) Commencing on April 1, 2007, subject to the adjustments provided for in Paragraphs (3) below, Basic Rent payable in respect of the Term (including any Renewal Term) shall be $ 560,513.16 per annum, payable monthly in arrears on each Basic Rent Payment Date, in equal installments of $ 42,209.43 each.

3. CPI Adjustments to Primary Basic Rent . (a) The Basic Rent shall be subject to adjustment, in the manner hereinafter set forth, for increases in the index known as United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers, United States City Average, All Items, (1982-84=100) (“ CPI ”) or the successor index that most closely approximates the CPI. If the CPI shall be discontinued with no successor or comparable successor index, Landlord and Tenant shall attempt to agree upon a substitute index or formula, but if they are unable to so agree, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing in New York City. Any decision or award resulting from such arbitration shall be final and binding upon Landlord and Tenant and judgment thereon may be entered in any court of competent jurisdiction. In no event will the Basic Rent as adjusted by the CPI adjustment be less than the Basic Rent in effect for the one (1) year period immediately preceding such adjustment.

(b) Effective Dates of CPI Adjustments . Basic Rent shall not be adjusted to reflect changes in the CPI until May 1, 2008 (the “ First New Basi


 
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