Exhibit 10.57
NIEMAND INDUSTRIES, INC.
c/o Gibraltar Packaging Group, Inc.
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P. O. ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
April 6, 2001
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, President
TEKPAK, Inc.
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▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇
Re: Lease Between Niemand Industries, Inc. and TEKPAK, Inc.
Dear Merrell:
We are sending this letter to you pursuant to the Lease dated February 1,
2000 (the "Lease") between Niemand Industries, Inc. ("Landlord") and TEKPAK,
Inc. ("Tenant").
As you know, TEKPAK has an option to purchase the Premises, pursuant to the
terms set forth in Exhibit B of the Lease. Paragraph 1 of that Exhibit B defines
the Purchase Price as $1,400,000, to be reduced by the value of the
approximately 136 acres at the rear of the Premises (the "Rear Parcel") in the
manner defined therein. This letter will confirm our agreement that,
notwithstanding anything to the contrary in that Section 1 of Exhibit B, (i)
Niemand shall be entitled to sell approximately 7.73 acres more than the
approximately 136 acres described above, and such additional 7.73 acres shall be
included in the definition of the "Rear Parcel", (ii) so long as the presently
contemplated sale of the Rear Parcel closes, the value of the Rear Parcel will
be deemed to be $269,457, and that, as a result, the Purchase Price for the
Premises, in the event of your election to exercise the option set forth in
Exhibit B to the Lease, will be $1,130,543, and (ii) Section 24.01 of the Lease
is hereby amended to provide as follows:
Section 24.01 Option To Purchase. Tenant shall have the option to
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purchase the Premises on the terms set forth in Exhibit B attached hereto
and made a part hereof. Tenant shall exercise said option by written notice
to Landlord no later than ninety (90) days prior to the expiration of the
Term.
In addition, we have agreed that, notwithstanding anything contained in
Section 6.01 of the Lease to the contrary, Tenant shall not be required to
maintain "all risk" insurance on the buildings and improvements on the Premises
any longer. This change relates only to the replacement cost of the buildings
and improvements and to the possible loss of rents to Landlord. Landlord will
obtain such coverage and will provide Tenant with a certificate of such
insurance. If Tenant desires any other coverage on the Premises, it should
maintain such coverage on its own.
I trust that the foregoing sets forth our understandings. If so, please
confirm by signing a copy of this letter and returning it to me.
Very truly yours,
NIEMAND INDUSTRIES, INC.
/s/ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇, Vice President
Agreed this __ day of April,
2001.
TEKPAK, Inc.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, President
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