Exhibit 10.2
LEASE TERMINATION
AGREEMENT
THIS LEASE TERMINATION AGREEMENT
(this “Agreement”) is entered into by and between Super
Vision International, Inc., a Delaware corporation (“Super
Vision”) and Max King Realty, Inc., a Delaware corporation
(“Landlord”) effective as of the 29th day of November,
2006.
BACKGROUND
A. Super Vision and Landlord have
entered into that certain Lease dated September 27, 1996, as
amended by that certain First Amendment to Lease dated
March 27, 1998 (the “Lease”).
B. The Lease term expires in June
2012 and, as of June 30, 2006, the remaining minimum payments
by Super Vision under the Lease were approximately
$4,294,394.
C. Super Vision has moved some of
its manufacturing operations to other locations and no longer
requires the leasehold covered by the Lease.
D. The Landlord is willing to
accommodate Super Vision’s desire to terminate its
obligations under the Lease by terminating the Lease, repaying the
indebtedness secured by the Leased premises and selling the Leased
premises to an unrelated third party. To accommodate Super
Vision’s desire to terminate its obligations under the Lease,
the Landlord will incur a prepayment penalty of approximately
$332,846.00 on the loan secured by the Leased premises.
E. Super Vision and the Landlord
desire to terminate all of their rights, duties and obligations to
each other under the Lease, and release each other from all further
responsibilities and liabilities under the Lease, upon the terms
and conditions set forth herein.
NOW, THEREFORE, for and in
consideration of the foregoing premises, and other good and
valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties, intending to be legally bound, do
hereby agree as follows:
1. Termination of Lease . The
Lease, and any written or oral amendments, supplements or
modifications thereto, and any independent prior, contemporaneous,
or subsequent written or oral agreements between Super Vision and
the Landlord and their affiliates, successors or assigns relating
thereto, or to the leasehold thereunder, are hereby terminated.
Each of Super Vision and the Landlord agrees that all things done
and to be done under the Lease and any other independent, prior,
contemporaneous, or subsequent written or oral agreements or
understandings relating thereto, or to the leasehold thereunder,
shall be deemed to have been done, paid, performed and satisfied,
as the case may be. Each of Super Vision and the Landlord agree
that neither Super Vision on the one hand, nor the Landlord, on the
other hand, shall have any claim against the other for any sums
owed, or to be owed, or for any performance to have been rendered
or to be rendered, or for any reason or cause whatsoever relating
to, arising out of, or in connection with the Lease.
2. Reimb
