SIXTH MODIFICATION OF LEASE
Exhibit 10.15
SIXTH MODIFICATION OF LEASE
This
Sixth Modification of Lease ("Fifth Modification") is dated
December 9, 2016, between Fair Center Office Associates, LLC
("LANDLORD") and Information Analysis, Inc.
("TENANT").
RECITALS
R-1
LANDLORD and TENANT
entered into that particular Lease as of December 20, 1996, as modified
(the ”Lease”).
R-2
TENANT is currently
leasing from LANDLORD approximately four thousand four hundred thirty-four
(4,434) square feet of rentable area on the second (2nd)
floor of the Fair Center Office Building, having a street address
of ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇,
▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ hereinafter referred to in this
Sixth Modification as the Premises.
R-3
LANDLORD and TENANT
wish to amend the Lease as provided herein.
In
consideration of the mutual promises contained herein, and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as
follows:
1)
Modification of Lease. LANDLORD
and TENANT agree that the Lease is hereby modified as
follows:
A)
Term: The term of the Lease for the
Premises shall be renewed and extended for an additional
four (4) years and
one (1) month
(“Premises Extension Term”) commencing June 1, 2017 (“Lease
Extension Commencement Date”), and expiring four (4) years and one (1) month thereafter at
midnight on June 30,
2021 (“Extension Term Expiration
Date”).
B)
Concessions: Notwithstanding any
provision in this Lease to the contrary, LANDLORD shall ▇▇▇▇▇ the
first month’s rent. The rent commencement date shall be
July 1,
2017.
C)
Rent: The rental rate for the first year
of the Premises Extension Term shall be twenty-three and 00/100 dollars
($23.00) per square foot, full service, to be paid in twelve
(12) monthly installments of eight thousand four hundred
ninety-eight and 50/100 dollars ($8,498.50) (the “Base
Monthly Rent”). Effective on each anniversary of the Lease
Extension Commencement Date, the Base Monthly Rent shall be
increased by three percent
(3%).
D)
Additional Rent: Operating Expenses and Real
Estate Taxes: Commencing on June 1, 2018, TENANT shall pay,
as additional rent, for its Proportionate Share of any Operating
Expenses and real estate taxes for the Land and Building in excess
of the 2017 base
year operating expenses for the Building. TENANT’s
Proportionate Share for the Premises (Suite 201) is hereby
estimated to be 4,434/63,919 or 6.93%.
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E)
Broker Leasing Commission: LANDLORD and TENANT acknowledge
that ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ has been retained by the TENANT as
Broker and that any commission due will be pursuant to a separate
agreement.
F)
Tenant Improvements: LANDLORD shall
deliver and TENANT shall accept the Premises in “As-Is”
condition, with the exception of the following Tenant Improvements
to be completed by LANDLORD, at LANDLORD’S sole cost and
expense:
●
New building
standard carpet, color to be selected by Tenant;
●
New building
standard paint, color to be selected by Tenant;
●
Approximately
fifteen (15) to twenty (20) additional (or relocated) duplexes,
locations to be determined by TENANT; and
●
“White-Board”
paint to be provided for one (1) wall in current conference
room.
2)
Reaffirmation of Lease. Except
as modified herein, the Lease is hereby reaffirmed and
ratified.
IN
WITNESS WHEREOF, the parties have executed the Sixth Modification
of Lease intending same to be effective the date indicated in the
first paragraph of this Sixth Modification of Lease, having
executed the Sixth Modification of Lease on the date indicated
below to their
name.
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LANDLORD: Fair Center Office Associates, LLC |
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By:
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Printed
Name:
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TENANT: Information Analysis, Inc. |
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Witness:
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By: |
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Printed
Name:
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Title:
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Date:
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