Exhibit 10.49
THIRD AMENDMENT TO
LEASE
THIS AMENDMENT is made this 20
day of August, 2008 by and between CLINTON BASE COMPANY, LLC, a
limited liability company whose address for the purpose of this
Amendment is 1003 31 st Avenue, Camanche, IA 52730
(hereinafter called “Landlord”) and MOULDED FIBRE
TECHNOLOGY, INC., a corporation whose address for the purpose of
this Amendment is 1521 Windsor Drive, Clinton, IA 52732
(hereinafter called “Tenant”).
WHEREAS, Landlord and Tenant entered
into and executed a lease dated as of March 11, 2004, as
amended by an Amendment to Lease Agreement dated April 6,
2005, and as amended by an Amendment to Lease Agreement dated
May 19, 2004 (hereinafter collectively referred to as the
“lease”) for the premises as more particularly
described therein;
WHEREAS, Landlord and Tenant
mutually desire to amend the lease to expand the improvements of
premises described therein, as more specifically stated
below;
NOW, THEREFORE, in consideration of
the mutual covenants herein set forth and of ONE DOLLAR and other
good and valuable consideration. Landlord and Tenant agree to amend
and do hereby amend the lease, effective as of August 1, 2008,
as follows:
1.
Section 41 of the lease is deleted in its entirety and
replaced with the following:
Condition of Premises/Landlord’s
Construction . A Ceco
metal building (known as “Building No. 3”) and two
“runways” have been constructed by Landlord and/or
Payne & Associates, Inc. upon the demised premises
and accepted by Tenant. The existing building (i.e., Building
No. 3) contains 30,000 square feet (or more) and the two
runways contain 2,080 square feet (or more) (for a total of 32,080
square feet or more). The ‘“runways” for
“Building No. 3” are connected to “Building
No. 2”.
Landlord (and/or Payne &
Associates, Inc.) shall complete a 30,000 square foot addition
on the easterly side of Building No. 3, which addition is
approximately shown as “New Building” on a plan
attached hereto as Exhibit A . The New Building
shall be a Ceco metal building with components and construction to
be substantially identical to those of the existing Building
No. 3 (except that it will not include any
“runways”), constructed in a “mirror image”
fashion, and including components and related improvements listed
on Exhibit B attached hereto
(“Landlord’s Construction”).
Landlord covenants to complete the New Building
and associated access way, parking, loading drive, and landscaping
(i.e., “Landlord’s Construction”) and deliver
them to Tenant with a certificate of occupancy (temporary or
final), and subject to only minor matters, if any (to be noted on a
written punch list, pertaining to the immediately
aforementioned matters in Exhibit B attached hereto, jointly
prepared by the parties pursuant to a walk-through inspection of
the premises by their representatives, with the process of
completing the matters identified on the
