THIS THIRD
AMENDMENT TO LEASE (the “ Third Amendment ”) is
entered into as of this 25th day of February, 2008, by and between
PLYMOUTH PROPERTIES REALTY LLC, a Delaware limited liability
company, with an address in care of Great Point Investors LLC, Two
Center Plaza, Suite 410, Boston, MA 02108 (“
Landlord ”), and ZAREBA SYSTEMS, INC., a Minnesota
corporation, with an address of 13705 26 th Avenue N., Suite 102, Plymouth, MN
55441-3644, formerly known as Water Instruments, Inc. (“
Tenant ”).
WHEREAS, Plymouth
Properties Realty Corp., as landlord (“ Predecessor
”), and Tenant, entered into a Lease Agreement dated
January 4, 2002, as amended by Amendment of Lease Agreement
dated March 18, 2002, and by Amendment of Lease Agreement
dated April 30, 2004 (the “ Second Amendment
”) (as amended, the “ Lease ”), whereby
Tenant is leasing from Landlord approximately 6,895 rentable square
feet of floor area (the “ Existing Premises ”)
in the building commonly known as Annapolis Business Centre, 13705
26 th
Avenue N., Plymouth, Minnesota (the
“ Building ”); and
WHEREAS, Landlord
has succeeded to the rights of Predecessor, as landlord under the
Lease; and
WHEREAS, Tenant
has changed its name from “Water Instruments, Inc.” to
“Zareba Systems, Inc.”; and
WHEREAS, Tenant
and Landlord have agreed to extend the Term of the Lease for a
period of thirty-eight (38) months commencing on
February 1, 2008 and expiring on March 31, 2011;
and
WHEREAS, Landlord
and Tenant desire to amend the Lease, upon the terms and provisions
set forth herein, to extend the Term as set forth herein, and to
make other modifications to the terms and provisions of the
Lease.
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 hereto, Landlord and
Tenant agree as follows:
1. Capitalized
terms not otherwise expressly defined herein shall have the
meanings ascribed to them in the Lease. The term “
Lease ”, as used in the Lease shall include the Lease,
as amended by this all amendments thereto, including this Third
Amendment.
2. (a) Tenant
acknowledges that Predecessor has transferred its interest in the
Lease, as landlord, to Landlord. As of November 1, 2004, all
references in the
Lease to
Predecessor and its address (including but not limited to Section
3(f) and Section 24 of the Lease) are hereby deleted and
replaced with the following:
“Plymouth
Properties Realty LLC
c/o Great Point Investors LLC
Two Center Plaza, Suite 410
Boston, MA 02108
Attn: Joseph A. Versaggi
United
Properties LLC
3500 American Boulevard West
Suite 200
Bloomington, MN 55431
Attn: Lisa Dongoske
Rent payments
to be sent to:
(a) by regular mail to:
Plymouth
Properties Realty LLC
14577 Collections Center Drive
Chicago, IL 60693
(b) by
overnight mail to:
Bank of America
Lockbox Services
14577 Collections Center Drive
Chicago, IL 60693”
(b) All
references in the Lease to “Water Instruments, Inc.”
are deleted in their entirety and replaced with, “Zareba
Systems, Inc.”
3.
Term . Notwithstanding any provisions of the Lease to the
contrary, the Term of the Lease shall expire on March 31,
2011.
4. Base
Rent . Paragraph 3(a) of the Lease, last amended by paragraph 3
of the
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