AMENDMENT #3
TO LEASE BY AND BETWEEN
THE ESTATE OF ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, AS LANDLORD
AND
EVEREST MEDICAL CORPORATION (A MINNESOTA CORPORATION),
AS TENANT
THIS AMENDMENT TO LEASE, is entered into and made as of the 11th day of
September, 1997, by and between The Trustees Under the Will and of the Estate of
▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Deceased, acting in their fiduciary and not their individual
capacities as "Landlord," and Everest Medical Corporation (a Minnesota
corporation) as "Tenant."
WITNESSETH:
WHEREAS, Landlord's predecessor in interest, ▇▇▇▇▇▇▇ Center III Limited
Partnership, and Everest Medical Corporation are the parties to that certain
lease agreement dated on or about November 20, 1989 ("Lease"), and subsequently
amended on December 7, 1992 ("Amendment #1"), and further amended on December 9,
1993 ("Amendment #2"), now collectively known as the Lease with regard to the
lease of approximately 17,985 square feet in the building owned by Landlord and
located at ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ (the "Premises"); and
WHEREAS, Landlord and Tenant desire to set forth their agreement to
expand the Premises, extend the Term, and make other modifications to the Lease;
NOW THEREFORE, in consideration of the rents reserved and of the
covenants and agreements herein set forth, it is agreed that the Lease be hereby
amended from and after the date hereof as follows:
1. Term: The term of the Lease as extended in Amendment #2 shall be
further extended for a period of eighty-four (84) months (the "Second
Extension") commencing on the date of Landlord's delivery to Tenant of the
Expansion Premises, as defined below in paragraph 2 (the "Effective Date") which
date is expected to occur on December 1, 1997. Following the Effective Date,
Landlord and Tenant shall each confirm in writing the Effective Date and the new
expiration date of the Lease.
2. Premises. As of the Effective Date, the Premises shall be expanded
to incorporate that portion of the building that consists of 5,578 rentable
square feet (the "Expansion Premises") as shown on the attached Exhibit A2, and
thereafter, the Premises shall be deemed to contain a total of 23,563 rentable
square feet.
3. Base Rent: Commencing on the Effective Date, the Base Rent due under
the Lease shall be as follows:
Effective Date through and including Month 36 $13,647.00 per month
Month 37 through and including Month 60 $14,137.80 per month
Month 61 through and including Month 84 $14,628.69 per month
4. Proportionate Share: As of the Effective Date, Tenant's
proportionate share as defined in Article 4 of the Lease will increase to
78.73%.
5. Termination of Lease Provisions: Upon execution of this Amendment
#3, Article 32 of the Rider to Lease Agreement dated September 20, 1989, and
Article 3 and Article 4 of Amendment #2 to the Lease dated December 9, 1993,
shall become null and void.
6. Improvements: Upon execution of this Amendment #3, Landlord shall
commence and pursue diligently to complete those improvements to the Premises
and Expansion Premises that are defined in the attached Exhibit B (the "Work").
Such Work shall be at Landlord's sole cost and expense not to exceed $129,777
(the "Tenant Improvement Allowance"). In the event the Work shall cost in excess
of the Tenant Improvement Allowance, Tenant shall reimburse Landlord for such
costs in excess of the Tenant Improvement Allowance upon presentation of an
invoice from Landlord.
Except as is hereinabove set forth, all terms, provisions and covenants
of the Lease shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date and year first above written.
TENANT: LANDLORD:
Everest Medical Corporation The Trustees Under the Will and of The
(a Minnesota Corporation) Estate of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Deceased,
Acting in Their Fiduciary and Not Their
Individual Capacities
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇. ▇▇▇▇▇▇
Its: Chief Executive Officer Its: Director - Mainland Properties
By: /s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Its: Senior Asset Manager