EXHIBIT 10.2
SUBLEASE
AGREEMENT,
made this 31 st day of March, 2005 between Insignia
Systems, Inc., a Minnesota corporation having an office at 6470
Sycamore Court, Maple Grove, MN 55369 (hereinafter referred to as
“Sublessor”) and Vascular Solutions, Inc., a Minnesota
corporation, having an office at 6464 Sycamore Court, Maple Grove,
MN 55369 (hereinafter referred to as
“Sublessee”).
WITNESSETH:
WHEREAS,
pursuant to Lease dated October 31, 2002, between 321 Corporation,
a Minnesota Limited Liability Company, and assigned to
IRET-Plymouth, a Minnesota Limited Liability Company (the
“Landlord”), as landlord, and Insignia Systems, Inc.,
as tenant, a copy of which lease is attached hereto as Exhibit A
(hereinafter referred to as the “Lease”), covering a
portion of the building known as Northgate I, located at 6464-6470
Sycamore Court, Maple Grove, MN 55369, (hereinafter referred to as
the Leasehold); and
WHEREAS,
Sublessee desires to sublease from Sublessor and Sublessor desires
to sublease unto Sublessee those portions of the Leasehold
indicated on Exhibit B containing approximately 10,227 square feet
(hereinafter referred to as the Premises); and,
NOW,
THEREFORE, in consideration of the Premises and the mutual
undertakings, covenants, promises, and agreements of the parties,
IT IS AGREED AS FOLLOWS:
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Providing all
of the terms and conditions contained within this Agreement are
fulfilled, Sublessor shall sublease unto Sublessee and Sublessee
shall accept the sublease of the Premises, subject to the rents as
set forth herein and the other terms, conditions and provisions of
this Sublease. The commencement dates for the Sublease, the
portions of the Premises to be subleased, and the alterations to be
made by Sublessee, are as follows:
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Commencing
April 1, 2005, 1,183 square feet designated on the attached Exhibit
B as “Phase I”. Sublessee will, at its expense, make
the following alterations and improvements: construct an insulated
wall on the east side of the Phase I space; construct one
8’6” x 12’ office as part of the Phase I
improvements, including painted walls, VCT flooring, drop ceiling
and standard lighting and electrical/data; the existing double
doorway will be removed and the opening closed off with standard
framing/drywall construction compatible with the construction and
materials already in place in the space; one 230 volt, 10 amp, 3
phase electrical circuit will be reallocated to the Phase I space;
all utilities to the Phase I space will be separately metered to be
billed to Sublessee, which includes any work necessary to separate
HVAC;
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Commencing on
October 1, 2005, (or such earlier date as is mutually agreed upon),
an additional 9,044 square feet, comprised of 8,676 square feet
designated on the attached Exhibit “B” as “Phase
II” and an undivided one-half interest in the electrical
panel room of 368 square feet designated on the attached Exhibit B
as “Shared Space.” Sublessee will at its expense
construct the following alterations and improvements: construct a
wall on the east side of Phase II to separate Phase II from the
Sublessor’s space with standard framing/drywall construction
compatible with the construction and materials already in place in
the space, including relocation of any existing electrical to new
wall; all utilities to the Phase II space will be separately
metered to be billed to Sublessee; the necessary portion of ceiling
tiles now in the Phase II space will be removed and delivered to
Sublessor’s new production area; the ceiling tiles now in the
Sublessor’s new production area will be removed and replace
tiles taken from the Phase II s
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