|
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. Reimbursement of Prepayment Fee . In connection with
accommodating Super Vision’s desire to t
|
