AMENDMENT TO BOWFLEX, INC.
LEASE EXTENSION
AUGUST 27,1996
The certain Lease between Ogden Business Park, a Washington General Partnership,
Lessor, and Bowflex, Inc., Lessee, dated May 1, 1992, for the Premises located
at 2200 NE 65th Avenue, Building 1, Vancouver, WA 98661 (approximately 17,325
square feet, of which 4,100 square feet is office), is hereby extended and
amended as follows:
1 a. Current lease expires April 30, 1997.
b. Expiration of said Lease is extended to April 30, 2002.
2. Monthly rental is increased as follows:
a. May 1, 1997 to April 30, 1998: $4,851.00 + Triple Net
b. Rent Adjustment. The rent to be paid by Lessee to Lessor during the
term hereof, or any extended or renewed term, shall be adjusted on
April 30, 1998 (the end of the base year) and automatically without
notice on April 30th of each year thereafter during the term hereof
and during any extended or renewed term hereof, which date is sometime
referred to herein as the adjustment date. The intervals between
adjustment dates are sometimes referred to herein as adjustment
intervals. On each adjustment date, the rent shall be adjusted as
provided below in this paragraph provided, however, that the monthly
rent as adjusted, shall not be less than $4,851.00. The rental
adjustment shall be limited to a six percent maximum annual increase
after the base year. During each adjustment interval, rent shall be
paid at the adjusted rate from the preceding adjustment date until the
next adjustment date or until the sooner expiration of the term
hereof, or as the same may be extended.
Such adjustments shall be made so that the rent payable hereunder each
month during the next adjustment interval shall bear the same
relationship to the sum set forth in Section 2.a. of the lease as the
Consumer Price Index, U. S. City Average, of the Bureau of Labor
Statistics of the U. S. Department of Labor (U. S. Index of All Items
for All Urban Consumers - 1982-84 equals 100), sometimes referred to
herein as the Index. If publication of said Index is discontinued or
if said Index or the base thereof is changed, then there shall be used
in lieu thereof such Index as may be adopted by agreement of the
parties hereto.
3. The current lease dated May 1, 1992, states that common area expenses for
the Premises shall not exceed more than six percent of previous year
charges for common area excluding base year. The six percent cap shall be
terminated and Lessee shall pay Lessor for their pro-rata share of actual
common area expenses incurred as of May 1, 1997.
4. Lessee, at Lessee's expense, shall be allowed, with Lessor's prior
approval, to remodel and/or expand office area of Premises. Lessor shall
not charge office rental surcharge for said office expansion. Lessor
reserves the right, at Lessor's sole discretion, to have Lessee remove, at
Lessee's expense, additional office buildout constructed during lease
extension.
5. OPTION TO EXTEND TERM: If Lessee has not been in material default of lease
terms, then Lessee shall have an option to extend the terms hereof for an
additional period of five (5) years which said option shall be exercised by
giving written notice to Landlord not less than 120 days prior to the
termination of the term hereof. Upon the exercise of said option by
Lessee, the term of this Lease shall be extended for the additional period
of five (5) years upon all of the terms, covenants and conditions herein
contained, provided, however, that the monthly rental due and payable
hereunder shall increase at the Consumer Price Index as stated in paragraph
2.b., not to exceed six (6%) percent per year.
Amendment to Lease Extension
Ogden Business Park, Lessor
Bowflex, Inc., Lessee
August 27, 1996
Page 2
All other provisions, terms, and conditions of the Lease remain the same.
BC/sj
bowflxle.doc
AGREED AND ACCEPTED AGREED AND ACCEPTED
LESSEE: Bowflex, Inc. LESSOR: Ogden Business Park Partnership
By: /s/ Brian R. Cook By:
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Brian Cook D. H. Christensen
Date: 8/28/96 Date:
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By:
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Dean Henry
Date:
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