1
Exhibit 10.8
This Lease Agreement, entered into this 17th day of April, 1991, by and
between TATE ENGINEERING, INC. herein called "Landlord" or first party, and IKS
Eastern Service, Inc. herein called "Tenant" or second party, and MORTON G.
THALHIMER, INC., Agent, herein called "Rental Agent";
Witnesseth:
That for and in consideration of the rents and covenants hereinafter
set forth, Landlord hereby leases to Tenant, and Tenant hereby rents from
Landlord, the following described lot, piece or parcel of land, together with
all improvements thereon (the said land improvements thereon herein called the
"Leased Premises") to-wit:
Approximately 600 sq. ft. of office space and approximately 4,200
square feet of warehouse space located at 8131-B Virginia Pine Court
in Chesterfield County, Virginia.
TO HAVE AND TO HOLD said land and improvements thereon and the
privileges and appurtenances there onto belonging unto the Tenant, its
successors and assigns, for the term hereinafter provided, and upon the
following terms and conditions, to which the parties mutually covenant and
agree:
Term
The original term of this lease shall be for one (1) years seventeen
(17) days and shall commence on the 15th day of May, 1991, and shall end on the
last day of May 1992
Rent
During the original term of this lease Tenant covenants to pay a
base annual rental to Landlord of EIGHTEEN THOUSAND AND 00/100 Dollars.
($18,000.00), payable in monthly installments in advance on the first day of
each month in the amount of ONE THOUSAND FIVE HUNDRED AND 00/100
Dollars ($1,500.00). An additional rental may be required by attaching hereto
an addendum executed by all the parties to this lease agreement.
If the original term does not commence on the first day of the Month,
Tenant shall pay for the period from the commencement date to the first day of
the following calendar month a sum equal to one-thirtieth of the monthly rental
due hereunder for each day of such period. All rents thereafter shall be payable
in advance on the first day of each month. All rents due Landlord shall be paid
when due to Morton G. Thalhimer, Inc., P.O. Box 702, Richmond, Virginia 23206 or
to such other place as Landlord may designate in writing to Tenant.
Use of Leased Premises
Tenant shall use the Leased Premises for business office and
manufacturing grind shop.
and in strict accordance with all applicable laws and regulations of
governmental authorities. Tenant shall use the Leased Premises for no other
purpose without the prior written consent of Landlord. Tenant will not use or
permit or suffer the use of the Leased Premises for any unlawful or offensive
business or purpose. Tenant will not, without the prior written consent of
Landlord, use or permit the walls, fences or roof of the Leased Premises to be
used for advertising purposes.
It is covenanted and agreed as follows:
SEE ADDENDUM
1. Condition of Leased Premises
Tenant has examined and knows the present condition of the Leased
Premises and the equipment thereon, if any. No representation has been made to
Tenant, or Tenant's agents, by Landlord, or Landlord's agents, concerning the
condition of the Leased Premises (and the equipment thereon, if any) or any
particular use that can be made thereof. Neither Landlord nor Rental Agent shall
be under any duty to instruct Tenant or others as to the use of any equipment on
the Leased Premises.
2
2. Assignment, Subletting and Mortgaging
Tenant shall not assign this lease nor sublet the Leased Premises,
in whole or in part, without Landlord's prior written consent.* If consent to
assign or sublease is obtained, no such assignment or sublease shall in any way
release or relieve Tenant from any of its covenants or undertakings contained in
this lease agreement, and in all cases under this paragraph, Tenant shall remain
liable on this lease during the original and all renewal terms.
*unless subleased by IKS, Inc., its parent or subsidiaries.
3. Utilities
Tenant shall promptly pay all fuel, water, gas, electricity,
sewerage, telephone and other utility bills as the same become due, it being
understood and agreed that the Tenant shall promptly make all required deposits
for meters and utilities service. Charges for the foregoing shall commence on
the date of the commencement of the original term of this lease. Landlord shall
not be liable for any interruption or failure in the supply of any utility to
the Leased Premises.
4. Insurance and Indemnity
Tenant will indemnify and save harmless Landlord and Rental Agent
from any and all liability, damage, loss, expense, cause of action, suits,
claims, or judgments arising from injury to person or property on the Leased
Premises, or upon the adjoining sidewalks, or otherwise resulting from the use
of the Leased Premises. Tenant covenants that it will keep in force at its own
expense at all times during the original and all renewal terms of this lease in
companies and in form acceptable to Landlord with respect to the Leased Premises
insurance covering Landlord and Tenant and Rental Agent as named insureds with
minimum limits of Five Hundred Thousand Dollars ($500,000.00) on account of
bodily injuries to or death of one person and Five Hundred Thousand Dollars
($500,000) on account of bodily injuries to or death of more than one person as
the result of any one accident or disaster and property damage insurance with
limits of Five Hundred Thousand Dollars ($500,000.00); and Tenant shall deliver
to Landlord or Rental Agent upon the request of either a certificate of
insurance showing the same to be in force and effect.
Unless otherwise indicated by writing endorsed hereon or attached
hereto, Tenant shall keep in full force and effect at its own expense during the
original and all renewal terms of this lease, replacement value fire and
casualty extended coverage insurance with respect to the Leased Premises, and
shall cause Landlord and Landlord's mortgagee, if any, to be named insureds on
such policy.
If Tenant shall not comply with its covenant to maintain insurance
as provided herein, Landlord may, at its option, cause insurance as aforesaid to
be issued and, in such event, Tenant shall promptly pay when due the premiums
for such insurance as additional rent hereunder.
Tenant will pay all excess insurance premiums (i.e., premiums in
excess of the usual premiums for a non-hazardous risk) required to be paid by
Landlord on any buildings on the premises by reason of Tenant's use or occupancy
thereof.
5. Taxes and Assessments
Tenant agrees that as additional rental for the Leased Premises, it
will during each calendar year of the original and all renewal terms, reimburse
Landlord for such part of the cost of all real estate taxes, charges and
assessments levied or assessed during the original and all renewal terms upon
and against the Leased Premises in excess of the cost of such taxes and
assessments charged or assessed upon or against the Leased Premises for the
year 1991; provided, however, that for the first and final calendar years of
the original or renewal terms Tenant shall be liable for the reimbursement of
such excess cost only for the proportionate part of such years that it is in
possession of the Leased Premises.
Tenant further agrees that as additional rental for the Leased
Premises, it will for each calendar year of the original and all renewal terms,
reimburse Land lord for such portion of the cost to Landlord of all taxes or
excises on rents (expressly excluding any federal state or local income taxes)
however described, levied, or assessed by any lawful authority against Landlord
on account of the rental expressly reserved hereunder.
The amount of such additional rentals, if any shall be due and
payable thirty (30) days after notification form Landlord or its Agent, of the
amount due.
Tenant shall promptly pay when due all taxes and assessments levied
by public authority on its trade fixtures, equipment and other property of
Tenant located on or about the Leased Premises and all other taxes occasioned by
its business or use of the Leased Premises.
6. Personal Property
Tenant covenants that the furniture, fixtures and all other personal
property (except that used to sell in the usual course of trade) which Tenant
places on the Leased Premises are owned by Tenant, are fully paid for, and are
not encumbered except as expressly disclosed in writing to Landlord prior to the
execution of this agreement. Except by sale in the usual course of trade, Tenant
shall not remove furniture, fixtures and property from the Leased Premises
without first obtaining the consent of Landlord, which consent shall not be
unreasonably withheld; and in addition to all the other remedies provided by
law, Landlord shall have a lien against all personal property on the Leased
Premises, insurance if any collected therefor, as security for the payment of
the rent and default in obligations hereunder. Tenant shall repair or reimburse
Landlord for the cost of repairing any damages to the Leased Premises resulting
from the installation or removal of personal property of Tenant.
7. Repairs and Alterations
Tenant shall keep and maintain the Leased Premises in good repair
and condition; keep in good running order the heating and air-conditioning
systems, electric wiring, toilets, water pipes, water, gas and electric
fixtures; replace all locks, trimmings, glass and plate glass broken during the
tenancy, regardless of the manner in which same may have been broken; unstop
all water fixtures that may become choked and repair all water pipes and
plumbing that may burst. If there be any elevators, escalators, lifts,
machinery or appliances (herein called "equipment") on the Leased Premises,
Tenant shall care for, maintain, and repair same, and shall indemnify and save
harmless Landlord from any liability or claims for damages for injuries to
persons and property arising therefrom. Tenant shall not make any alterations
of, additions to or changes in the Leased Premises or equipment without the
prior written consent of Landlord, which consent shall not be unreasonably
withheld, and all alterations, changes, and improvements, by whomsoever made,
shall be the property of Landlord. Nothing contained in this paragraph shall
be construed as requiring Landlord to make any repairs, except repairs of a
structural nature. Landlord shall maintain and make all necessary structural
repairs to the foundations, load bearing walls, and roofs.
Tenant, in complying with all applicable laws and regulations of
governmental authorities respecting the use of the Leased Premises, shall at
Tenant's expense install all toilets that may be required, and do any work,
except repairs of a structural nature, which may be ordered by such governmental
authorities; but if Tenant, after notice ordering the work, fails to comply with
reasonable promptness, Landlord, without notice to Tenant, may do such work and
collect the cost thereof from Tenant as additional rent hereunder. If Landlord
is required to abate any nuisance on the Leased Premises, Landlord may do so
without notice to Tenant and Tenant shall pay all costs thereof as additional
rent hereunder.
Tenant shall, on the last day of the original or renewal term, or
upon the sooner termination of this lease, peaceably and quietly surrender the
Leased Premises and equipment to Landlord, broom-clean, including all
improvements, alterations, rebuilds, replacements, changes or additions placed
by Tenant thereon, in as good condition and repair as the same were in at the
commencement of the original term, normal wear and tear excepted; provided,
however, Tenant shall not be required to return the Leased Premises and
equipment in as good condition as aforesaid if the same are damaged or destroyed
by fire or otherwise, unless caused by Tenant's fault or negligence which is not
covered by insurance.
8. Destruction of Leased Premises, Condemnation
If the Leased Premises are damaged or destroyed by fire or other
casualty covered by insurance, or condemned by public authority, whether by
eminent domain or otherwise, then (1) if totally destroyed or condemned so that
the Leased Premises are rendered untenantable; this lease shall terminate as of
the date of such destruction or condemnation, and Tenant shall be liable for the
rent only to the date of such destruction or condemnation, and the entire amount
of insurance proceeds and/or condemnation award for the Leased Premises shall
belong to and be payable to Landlord; or (2) if only partially destroyed or
condemned and still tenantable, Landlord shall, within a reasonable time, repair
the Leased Premises with a reasonable reduction of rent from the date of such
partial destruction or condemnation until there be again premises substantially
similar in value to Tenant as the Leased Premises partially destroyed or
condemned. Landlord's obligation to repair or restore the Leased Premises as
stated herein is conditioned upon (a) all insurance proceeds and/or condemnation
award for the Leased Premises being paid to Landlord, which are sufficient to
cover the cost of said repairs and restorations, and (b) there remaining at
least twenty-four (24) months in the then existing term of this lease. If
Landlord does not repair the Leased Premises because either conditions (a) or
(b) are not met, Landlord shall so notify Tenant and this lease shall terminate
as of the date of such partial destruction or condemnation and Tenant shall be
liable for rent only to the date of such partial destruction or condemnation. As
used herein, the date of condemnation and Tenant shall be liable for rent only
to the date of such partial destruction or condemnation. As used herein, the
date of condemnation shall be the date on which legal title vests in the
condemning authority or the date on which Landlord enters into a contract for
the sale for public use upon the threat of condemnation, whichever first occur.
If the improvement shall be damaged or destroyed by any hazard not
covered by insurance, Landlord shall have the option to cancel this lease by
giving written notice of such cancellation to Tenant within thirty (30) days
after the happening of such damage or destruction, but if such option not be
exercised, then Landlord at its own expense shall proceed with due diligence to
repair or restore the improvements to their condition as existed before such
damage or destruction with rent being reduced pro rata in proportion to the
decrease in usefulness of the premises during repair and restoration; provided,
however that the cost of repairing to any damage or destruction not covered by
insurance which is caused by Tenant's fault or negligence shall forthwith be
paid to Landlord by Tenant.
3
Tenant shall give immediate written notice to Landlord, or Rental Agent, of any
damage, destruction or condemnation of the leased premises whether it be total
or partial.
9. Notices
Wherever in this lease it shall be required or permitted that notice
or demand be given or served by either party to this lease to or on the other,
such notices or demands shall be given or served and shall not be deemed to have
been duly given or served unless in writing and forwarded by registered or
certified mail addressed as follows:
TO LANDLORD: TO TENANT:
c/o Demised Premises
and c/o
Morton G. Thalhimer, Inc.
P.O. Box 702
Richmond, Virginia 23206
Such addresses may be changed from time to time by either party by serving
notice as above provided.
10. Notice of Termination and Holding Over
Should Tenant desire to vacate or should Landlord desire possession
of the Leased Premises at the end of the original lease or any extension or
renewal thereof, either party shall give the other written notice of such
termination at least THREE (3) MONTHS prior to the end of the then existing term
of this lease.
If notice of termination is given as hereinabove set forth, no
holding over by Tenant nor acceptance of rent by Landlord or Rental Agent, shall
operate as a renewal or extension of this lease without the written consent of
Landlord. In the event no such notice of termination is given, then this lease
shall continue in full force and effect from year to year, subject to all the
rents, covenants, and conditions herein set forth, except for any such
provisions containing obligations of Landlord to make alterations or repairs to
the Leased Premises. If Tenant holds over or remains in possession or occupancy
of the Leased Premises after the termination of this lease, Tenant's occupancy
shall be illegal notwithstanding the fact that Tenant shall be liable to
Landlord, so long as Tenant or any of its property remains on the Leased
Premises, for all rentals due hereunder together with any damages sustained by
Landlord as a result of Tenant's failure to vacate.
11. Inspection by Landlord
Tenant shall permit Landlord, its agents, or employees to impact
the Leased Premises and all parts thereof during business hours and to enforce
and carry out any provision of the lease agreement and for the further purpose
of showing the Leased Premises to prospective tenants and purchasers and
representatives of lending institutions. During the last three (3) months of the
original term and all renewals or extensions thereof, Landlord shall have the
right to place "For Rent" signs in conspicuous places on the Leased Premises and
to otherwise advertise the Leased Premises for rent, in addition to having the
rights of entry and inspection set forth herein.
12. Default by Tenant
The happening of any of the following encumbered events shall
constitute a default for which Landlord, in addition to other rights or remedies
it may have, shall have the immediate right of re-entry without service of
notice or resort to legal process and without Landlord being guilty of trespass,
or becoming liable for any law or damage which may be occasioned thereby: (a)
failure of Tenant to pay any rent due hereunder within thirty (30) days after
written notice to Tenant of such failure; (b) vacation of the Leased Premises
by Tenant or advertising by Tenant in any manner that would indicate or lead the
public to believe that Tenant was going out of business or intending to vacate
the Leased Premises; (c) the filing by, on behalf of or against Tenant, of any
petition or pleading to declare Tenant insolvent or unable to pay its debts or
meet his obligations under the laws of the United States or any state; or a
receiver of the property of Tenant is appointed; or the levy of execution or
either taking of property, assets or the leasehold interest of Tenant by process
of law or otherwise in satisfaction of any judgment, debt or claim against
Tenant; or (d) failure of Tenant to perform any of the other terms conditions or
covenants of this lease agreement for more than thirty (30) days after written
notice of such failure shall have been given to Tenant.
Should Landlord elect to re-enter as herein provided, or should
Landlord take possession pursuant to legal proceeding or pursuant to any
provisions under law, Landlord may either terminate this lease or it may from
time to time without terminating this lease, make such alterations and repairs
as may be necessary in order to relet the Leased Premises, and relet the Leased
Premises or any part thereof for such term or terms (which may be for a term
extending beyond the original or renewal terms of this lease) and at such rent
and upon such other terms and conditions as Landlord, in its sole discretion,
may deem advisable. Upon each such reletting all rent received by Landlord from
such reletting shall be applied, first, to the payment of any indebtedness other
than rent due hereunder from Tenant to Landlord; second, to the payment of any
costs and expenses for such reletting, including brokerage fees and
attorney's fees and costs of alterations and/or repairs; third, to the payment
of rent due and unpaid hereunder, and the residue, if any, shall be held
by Landlord and applied in payment of future rent as the same may become due and
payable hereunder. If the Leased Premises are not relet as aforesaid, or if the
rent received from such reletting during any month be less than that to be paid
during the month by Tenant hereunder, Tenant shall promptly pay the rental due
hereunder or any such deficiency as the case may be to Landlord. Such deficiency
shall be calculated and paid monthly. No such re-entry or taking possession
of the Leased Premises by the Landlord shall be construed as an election
on its part to terminate this lease unless a written notice of such election
be given to Tenant or unless the termination be decreed by a court of
competent jurisdiction. Notwithstanding any such reletting without termination.
Landlord may at any time thereafter elect to terminate this lease for such
previous breach. Tenant will pay Landlord and Rental Agent respectively all
expenditures incurred by them in enforcing the provisions of this lease
including reasonable fees of attorneys and others employed by Landlord or Rental
Agent.
All of the foregoing remedies shall be in addition to any other
rights Landlord may have at law or in equity and waiver of one default shall not
be deemed to be a waiver of any subsequent default.
13. Rental Agent
In consideration of Rental Agent's services in procuring this
lease and as a covenant running with the land, Landlord covenants with, and for
the benefit of Rental Agent, as follows: Rental Agent is to receive a commission
of six per cent (6%) of the rent during the original term and all renewals or
extensions thereof or any new lease of the Leased Premises between any person
and "Tenant, its successors or assigns"(such phrase used herein to include such
entity in which Tenant, its successors or assigns, may have an interest a
stockholder, partner, lender of money or otherwise); and no sale, transfer,
assignment, cancellation or release including a sale or conveyance to Tenant,
its successors or assigns, shall affect Rental Agent's right to such commission
which is hereby made a lien on the Leased Premises and all equipment thereon, if
any Rental Agent shall have the right to collect all rents due hereunder so
that its commission may be paid in installments as the rent is received, and
retained by Rental Agent before remitting the rent (less commissions) to
Landlord; but if any act be done to deprive Rental Agent of its right to collect
the rent, then the whole amount of its commission then unpaid shall, at Rental
Agent's option, immediately become due and payable.
Landlord further covenants with and for the benefit of Rental Agent
as a covenant running with the land, that if Tenant, its successors or assigns,
shall at any time during the original term and all renewals or extensions
thereof, (during any new lease of the Leased Premises between any person and
Tenant, its successors or assigns,) purchase the Leased Premises, then in
consideration of Rental Agent's consummating this lease, Rental Agent shall
receive on the date the Leased Premises are transferred, a commissions of six
percent (6%) of the gross amount of the purchase price. Such a sales commission
shall be in addition to the rental commissions provided for in the immediately
preceeding paragraph and is hereby made a lien on the Leased Premises and all
equipment thereon, if any.
Landlord hereby authorizes Rental Agent to institute legal
proceedings for the recovery of any rent due under the provisions of this lease
agreement and to employ an attorney for that purpose and to charge all costs and
fees to Landlord, including a charge of Twenty-Five Dollars ($25.00) by Rental
Agent for its services in that regard.
In connection with all acts done or suffered by Rental Agent for
Landlord concerning the Leased Premises, Landlord further agrees to indemnify
and save Rental Agent harmless from all fines, judgments, suits, claims,
demands, and actions of any kind (including any costs and attorney's fees), and
from liability for injury suffered by an employee or contractor (not in the
permanent employ of Rental Agent) engaged by Rental Agent for the benefit of
Landlord.
14. Successors and Assigns
All parties hereto agree that all of the provisions hereof shall
bind and inure to the benefit of the parties hereto, their heirs, legal
representatives, successors and assigns.
15. Applicable Law, Construction
This lease agreement shall be construed in accordance with the laws
of the State of Virginia.
Whenever used the singular number shall include the plural, the
plural the singular, and the use of any gender shall include all other genders.
16. Final Understanding
This lease agreement represents the final understanding between
Landlord, Tenant and Rental Agent, and the obligations of each party hereunder
cannot be changed or modified unless by writing signed by the parties whose
obligations are to be modified and endorsed hereon or attached hereto.
4
WITNESS the following signatures and seals:
TATE ENGINEERING, INC. (SEAL)
-----------------------------------------
Landlord
By: /s/ Charles E. Olinter Sr. V.P. (SEAL)
-----------------------------------------
Landlord
INTERNATIONAL KNIFE AND SAW, INC. (SEAL)
-----------------------------------------
Tenant
By: /s/ William Underhill V.P. (SEAL)
-----------------------------------------
Tenant
MORTON G. THALHIMER, INC. (Rental Agent)
By: /s/ AVP
-----------------------------
Guaranty
In consideration of Landlord agreeing to lease to Tenant the Leased
Premises, the undersigned, hereby waiving the obligations of the homestead
exemption laws as to this lease agreement, jointly and severally if there be
more than one undersigned, guarantee the payment of rent and the performance of
all the provisions of this lease agreement by Tenant, its successors and assigns
and agree that the mere nonpayment of rent and nonperformance of said provisions
by Tenant or its successors and assigns shall create an immediate liability on
the part of the undersigned to Landlord and its successors and assigns and to
Rental Agent. Landlord and Rental Agent need not first exhaust their legal
remedies against Tenant or its successors and assigns before proceeding against
the undersigned. Neither Landlord nor Rental Agent is required to notify the
undersigned of any default of Tenant under the provisions of this lease
agreement.
WITNESS the following signatures and seals:
/s/ William R. Underhill V.P. (SEAL)
-----------------------------------------
Guarantor
(SEAL)
-----------------------------------------
Guarantor
ATTEST:
- -----------------------------------------
STATE OF )
) To-wit: [Landlord]
OF )
I, the undersigned, a Notary Public in and for the -------------------
aforesaid in the State of Virginia, do hereby certify that -------------------
and ---------------------, whose names are signed to the foregoing lease
bearing date on the ---------------------- day of -------------------------,
19---, have acknowledged the same before me in my ------------------------ and
State aforesaid.
Given under my hand this ------------------------ day of -----, 19---
My commission expires: ---------------------------
STATE OF ) To-wit: [Tenant]
) ---------------------------------
OF ) Notary Public
I, the undersigned, a Notary Public in and for the ------------------
aforesaid in the State of Virginia, do hereby certify that -------------------
and ---------------------------, whose names are signed to the foregoing lease
bearing date on --------------------------- day of ---------------------------,
19---, have acknowledged the same before me in my ---------------------------
and State aforesaid.
Given under my hand this ------------------------ day of -----, 19---
My commission expires: --------------------------
STATE OF VIRGINIA ) To-wit: [Rental Agent]
) ---------------------------------
CITY OF ) Notary Public
I, the undersigned, a Notary Public in and for the City aforesaid in
the State of Virginia, do hereby certify that ---------------------------, and
- --------------------------- Of Morton G. Thalhimer, Inc, whose names are signed
to the foregoing lease bearing date on the --------------------------- Day of
- ---------------------------, 19---, have acknowledged the same before me in my
City and State aforesaid.
Given under my hand this ------------------------ Day of -----, 19---
My commission expires: ---------------------------
STATE OF ) To-wit: [Guarantors]
) ---------------------------------
OF ) Notary Public
I the undersigned, a Notary Public in and for the City aforesaid in the
State of Virginia, do hereby certify that --------------------------- and
- --------------------------- Guarantors, whose names are signed to the foregoing
lease bearing date on the --------------------------- day of
- ---------------------------, 19---, have acknowledged the same before me in my
- --------------------------- and State aforesaid.
Given under my hand this ------------------------ day of -----, 19---
My commission expires: ---------------------------
---------------------------
Notary Public
5
ADDENDUM ATTACHED HERETO AND MADE A PART HEREOF LEASE DATED APRIL 17, 1991, BY
AND BETWEEN TATE ENGINEERING, INC., LANDLORD, AND INTERNATIONAL KNIFE AND SAW,
INC., TENANT, ON PREMISES KNOWN AS 8131-B VIRGINIA PINE COURT, CHESTERFIELD,
VIRGINIA.
- --------------------------------------------------------------------------------
It is covenanted and agreed as follows:
1. Upon signing this Lease, Tenant shall deposit with Landlord an amount
equal to one month's rent to be held by Landlord as a security deposit.
Said deposit stated above shall not be unreasonably withheld by
Landlord, provided, Tenant has faithfully performed all the terms and
conditions stated herein.
2. Tenant shall be obligated to obtain Landlord's permission for
additional improvements made to the premises through the lease term and
any renewals.
3. Tenant must be responsible for its own trash removal.
4. Landlord shall be responsible for warehouse heat and all costs
associated with operating the gas space heaters.
5. Landlord, at its expense, shall move warehouse fence to accommodate
approximately 4,200 square feet of warehouse area and replace damaged
ceiling tiles in the office area.
6. Tenant and Landlord mutually agree to share the truck height dock and
drive-in loading dock located on the sides of the building.
7. In the event this lease is renewed at the end of the original lease
term, base rent shall increase three percent (3%) per annum.
WITNESS the following signatures:
TATE ENGINEERING, INC.
By: /s/ Charles E. Olinter Sr. V.P.
-------------------------------
INTERNATIONAL KNIFE AND SAW,
INC.
By: /s/ William R. Underhill V.P.
-------------------------------
6
ADDENDUM ATTACHED HERETO AND MADE A PART OF LEASE DATED THE 17TH DAY OF APRIL,
1991 BY AND BETWEEN IKS EASTERN SERVICES, INC., TENANT, AND TATE ENGINEERING,
INC., LANDLORD, FOR PREMISES KNOWN AS 8131-B VIRGINIA PINE COURT, CHESTERFIELD
COUNTY, VIRGINIA.
- ------------------------------------------------------------------------------
IT IS COVENANTED AND AGREED AS FOLLOWS:
1. Landlord and Tenant agree to extend the above referenced lease until
May 31, 1997.
2. In consideration of the rents to be paid by Tenant and other covenants
of Tenant contained in Lease Agreement, Landlord does hereby lease to
Tenant additional space of approximately 2,250 square feet. The total
square feet now leased by Tenant shall be approximately 7,399 square
feet (together with the right to use the parking area, sidewalks,
appurtenances herein called Leased Premises).
3. The monthly rental schedule shall be as follows:
PERIOD RENTAL RATE
------ -----------
June 1, 1995 - May 31, 1997 $2,355.00
4. In addition to the monthly rent, Tenant agrees to pay Landlord $150.00
per month for additional 400 AMP electrical service located in
expansion space.
Except as hereby amended, all other terms and conditions of the lease shall
remain unchanged and are hereby reaffirmed.
WITNESS THE FOLLOWING SIGNATURES:
TATE ENGINEERING, INC., "Landlord"
By: /s/
-----------------------------
Title: Senior Vice President
-----------------------------
Date: 1/31/95
-----------------------------
IKS EASTERN SERVICES, INC., "Tenant"
By: /s/ Ray Connell
-----------------------------
Title: Vice President-Operations
-----------------------------
Date: 1-27-95
-----------------------------