EXHIBIT 10.12
FIRSTAMENDMENTTOLEASE
ThisFirstAmendmenttoLeasedatedthis 23rd dayofJuly,2014,byandbetweenBedfordRealtyCompany,LLC,anIllinoisLimitedLiability Company(“Landlord”)andOneUpInnovations,Inc., aGeorgia corporation (“Tenant”).WhereasthroughtheLease AgreementdatedSeptember26,2005,(the“Lease”)LandlordleasestoTenantcertain real property commonly knownas2745BankersIndustrialDrive,Doraville, Georgia (the“Premises”).
WHEREAS,LandlordandTenantwishtomakecertainotheramendmentstotheLease.
NOW,THEREFORE, for good and valuable consideration, including the mutual promisescontainedinthisAmendment,which Landlord and Tenant acknowledgeissufficient, the parties herebyagreeasfollows:
1. | TERM:The Term oftheLeaseisextended forfive(5) years andwillexpireon December31,2020. |
2. | RENT:Paragraph 2ofthe Lease is herebyamended andtheBase Rentshallbeas follows: |
August1, 2014– November30,2014: $0permonth
December1, 2014– December31,2014: $29,415.00permonth
January1, 2015– December31,2015: $30,297.45permonth
January1, 2016– December31,2016: $31,206.37permonth
January1, 2017– December31,2017: $32,142.56permonth
January1, 2018– December31,2018: $33,106.84permonth
January1, 2019– December31,2019: $34,100.05permonth
January1, 2020– December31,2020: $35,123.05permonth
Tenant’s estimated realestatetax payments pursuantto Paragraph28ofthe Lease shallbe due andpayable during thefreerentperiod.
3. | TENANT IMPROVEMENTS: |
A. Tenantshallperformtheimprovementslistedintheattachedproposals containedinExhibit A(“Improvements”)within six(6) monthsoftheexecutionof thisAmendment.
Tenantacknowledges thesavings fromthe four(4)monthrental abatementin theamountof $117,660.00shallbe appliedto the coststo completethe Improvements. IfTenantfails to completethe Improvementswithinthesix(6) monthperiod,Tenantshall reimburseLandlordfortheunusedportionoftherentalabatement.
Allworktobe performedby a qualified andlicensedcontractor. AllImprovementsaretobe constructedinagoodand workmanlike manner,andin accordancewith allapplicablelaws,regulations,andcodes.Tenantshallindemnify, defend(withattorneys reasonably acceptableto Landlord),and holdLandlord harmlessfromandagainstanyandallliability,losses,damages, costsand expense,whicharise directlyor indirectly fromlien claimsaffecting the PremisesarisingoutofTenant’sorTenant’scontractor’sworkorthatofsubcontractororsuppliers.
Upon completionofthe Improvements,Tenant shallprovideto Landlord a copyof allreceipts, afinalcontractor’s affidavit and finallienwaiver fromallcontractors,andany subcontractorsormaterialmeninvolved inthe work,and a copyof anypermits orotherapprovals requiredin connectionwith theImprovements.
Oncecompleted,theImprovements shallbecomepartofthePremisesandshallnotberemovedatthe timeofTenant’svacating thePremises.
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B. At Landlord’ssole costandexpense,Landlord shallrepair195+/-SFofconcretearea inthePremises.LandlordshallbeginworkassoonasreasonablypossibleafterfullexecutionoftheAmendment.
4. NO FURTHER MODIFICATION:Exceptasexpresslyprovided above, eachand alloftheremainingtermsandconditionsof theLeaseshall remaininfullforceandeffect.
IN WITNESSWHEREOF,theparties herein haveexecutedthis First AmendmenttotheLeaseasofthe lastdayand yearwritten below.
LANDLORD: | TENANT: |
BEDFORDREALTYCOMPANY,LLC | ONEUPINNOVATIONS,INC. |
anIllinoisLimitedLiabilityCompany | aGeorgiacorporation |
By:/s/ Perry Kusakabe | By:/s/ Louis S. Friedman |
Name:Perry Kusakabe | Name: Louis S. Friedman |
TitleVP – Assoc. General Counsel | Title: President & CEO |
Date:July 30,2014 | Date:July 23,2014 |