Exhibit 10.17
THIRD
AMENDMENT TO LEASE
THIS THIRD
AMENDMENT TO LEASE (“ Amendment ”) 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 July 13, 2004, the Landlord
leased unto Tenant certain premises within Building No. 2 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 and by
Second Amendment to Lease effective as of February 1, 2007 (the
“ Second Amendment ”). The Industrial Lease as
amended by the July 18, 2006 Letter and the Second Amendment 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 Amendment 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(c) of the Lease is modified to read as follows:
“(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 ore 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 any such notice to renew this Lease. All
terms and conditions of this Lease shall be applicable to the
Option Periods referred to in this Section 2(c).”
3.
The Lease is amended by adding a new Section 6A entitled “
GENERAL ASSISTANCE ” immediately following Section 6
to read as follows:
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