LEASE AMENDING AGREEMENT THIS AGREEMENT made as of the 1st day of March, 2011.
THIS AGREEMENT made as of the 1st day of March, 2011.
BETWEEN:
PIONEER TRANSFORMERS LTD.
(the "Tenant")
AND:
1713277 ONTARIO INC.
(the "Landlord")
WHEREAS pursuant to a lease dated the 8th day of October, 1998, as amended by a lease amending agreement made as of the 20th day of March, 2001, (collectively, the "Lease"), the Landlord, by its predecessor, as landlord, leased to the Tenant certain premises containing a rentable floor area of 1,407 square feet, being composed of part of the ground floor of ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇, of the development municipally known as ▇▇▇▇ ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ (the Lands and Building being more particularly described in the Lease) for a term now expiring July 31, 2011, at the rents and upon the terms and conditions contained in the Lease.
AND WHEREAS 1713277 ONTARIO INC. is successor in interest and title as owner and landlord of the Lands and Building
AND WHEREAS the Landlord and the Tenant have agreed to extend the Term of the Lease and to certain other amendments to the Lease and to execute this Agreement to give effect thereto;
NOW THEREFORE THIS AGREEMENT WITNESSESS that in consideration of the mutual covenants contained herein and the sum of TWO DOLLARS ($2.00) now paid by each party to the other and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereby covenant and agree as follows:
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I .
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The above recitals are true in substance and in fact.
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2.
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Effective from and after the 1st day of August, 2011, the Lease shall be and is hereby amended as follows:
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a)
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Section 3.01 is hereby deleted and replace with the following:
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"The Term of this Lease shall be eighteen (18) years, commencing August 1, 1998, and ending July 31, 2016, unless the Term is otherwise terminated as provided for in this Lease."
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b)
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Section 4.01 shall be amended by adding the following:
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Period of Term
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Annual Basic Rent
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Monthly Basic Rent
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Annual Rate Per Sq. Ft of Rentable Area
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Lease Years 14-18
Commencing Aug 01, 2011. Ending July 31, 2016.
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$20,401.50
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$1,700.13
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$14.50
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c)
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The Landlord's address in Section 4.05 shall be deleted and replaced with the following:
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3.
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The Landlord and the Tenant hereby acknowledge, confirm and agree that in all other respects the terms of the Lease are to remain in full force and effect, unchanged and unmodified except in accordance with this Agreement.
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4.
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Except as specifically stated in this Agreement, any expression used in this Agreement has the same meaning as the corresponding expression in the Lease.
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5.
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This Agreement shall ensure to the benefit of and be binding upon the parties hereto and their respective permitted successors and permitted assigns.
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IN WITNESS WHEREOF each of the parties have executed this Assignment as of the date first written above.
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Tenant:
PIONEER TRANSFORMERS LTD.
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Per:
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/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Title: Vice-President
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Per:
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/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
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Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Secretary
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I/We have authority to bind the Corporation
Landlord:
1713277 ONTARIO INC.
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Per:
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/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
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Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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Title: President
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I/We have authority to bind the Corporation
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LEASE SUMMARY SCHEDULE
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Tenant:
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Pioneer Transformers Ltd.
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Landlord:
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2600 Skymark Investments Inc.
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Property:
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▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Unit:
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▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇
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Lease Details
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Start
Date
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End
Date
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Per
Annum
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Minimum Rent Per Month
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PSF
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Additional Rent 2006
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Aug. 1,2006
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July 31, 2009
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$18,995.85
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$1,582.99
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$13.50
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$11.90
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Aug. 1, 2009
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July 31, 2011
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$20,401.50
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$1,700.13
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$14.50
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Lease Term:
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Five (5) years
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Area:
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1,407
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Building Area:
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120,656
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Pro rata:
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1.17%
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Renewal Option:
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N / A
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Deposit:
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$2,485.14
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Contact Summary
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Contact:
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Mailing Address:
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same as above
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Phone Number:
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▇▇▇.▇▇▇.▇▇▇▇
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Fax Number:
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▇▇▇.▇▇▇.▇▇▇▇
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Email:
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______@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
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PIONEER TRANSFORMERS LIMITED
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Please find outlined below the monthly rental payments including estimated operating costs for 2011 calendar year:
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▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇
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Property
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Period
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January 1, 2011 to July 31, 2011
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Minimum Rent
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$ | 1 700.13 | ||
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Additional Rent
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$ | 1 485.40 | ||
| $ | 3 185.53 | |||
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HST (13%)
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$ | 414.12 | ||
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Total
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$ | 3 599.65 |
Please forward 6 post-dated cheques payable to the Landlord at the address shown below:
1713277 Ontario Inc.
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Your kind and urgent attention in this matter is greatly appreciated.
Regards
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President
1713277 Ontario Inc.
Telephone ▇▇▇ ▇▇▇ ▇▇▇▇