EXHIBIT 10.23
"Old AT&T Space"
LEASE EXTENSION & AMENDMENT
We, the undersigned hereby agree to renew and extend that Lease dated May 6,
1994 (and amended by way of letter agreement dated July 14, 1994)) between
Sunbeam Properties, Inc. ("Lessor") and SANO Corporation ("Lessee") for the
Premises located at ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, for an additional
period, to commence on September 1, 2004 and to expire on May 31, 2006. The
monthly rent during said term is to be as follows:
$25,864.20 per month plus State Sales Tax from September 1, 2004 thru August 31, 2005;
$26,536.67 per month plus State Sales Tax from September 1, 2005 thru May 31, 2006.
Said rental payments are in addition to all other payments due under the Lease
including but not limited to Additional Rent as described in Paragraph 28 of the
Lease.
Lessor shall continue to hold the security deposit of $36,671.25 during this
Lease Extension pursuant to the terms of the Lease.
As additional terms and conditions of this Lease Extension, both parties hereby
agree to the following:
(1) Delete Lease Paragraph 38 ("First Renewal Option") and replace Lease
Paragraph 39 ("Second Renewal Option") with the following:
Thirty-Ninth: RENEWAL OPTIONS. (a) FIRST
RENEWAL OPTION. Provided that there are no defaults under this Lease at the time
that the option herein set forth is exercised by Lessee, this Lease may be
renewed or extended for one (1) additional term of five (5) years by Lessee
given written notice to Lessor of its intent to renew not less that s ' ix (6)
months prior to the expiration of the then current term. All conditions and
covenants of the Lease shall continue in full force and effect during such
additional term except that the monthly rent described in the Witnesseth
Paragraph on page 1 shall be as follows:
$27,465.45 per month plus State Sales Tax from June 1, 2006 thru May 31, 2007;
$28,426.74 per month plus State Sales Tax from June 1, 2007 thru May 31, 2008;
$29,421.68 per month plus State Sales Tax from June 1, 2008 thru May 31, 2009;
$30,451.44 per month plus State Sales Tax from June 1, 2009 thru May 31, 2010;
$31,517.24 per month plus State Sales Tax from June 1, 2010 thru May 31, 2011.
(b) SECOND RENEWAL OPTION. Provided that
there are no defaults under this Lease at the time that the Second Renewal
Option herein set forth is exercised by Lessee, this Lease may be renewed or
extended for one (1) additional term of five (5) years by Lessee given written
notice to Lessor of its intent to renew not less that six (6) months prior to
the expiration of the First Renewal Option term. All conditions and covenants of
the Lease shall continue in full force and effect during such additional term
except that the monthly rent described in the Witnesseth Paragraph on page 1
shall be as follows:
$32,620.34 per month plus State Sales Tax from June 1, 2011 thru May 31, 2012;
$33,762.05 per month plus State Sales Tax from June 1, 2012 thru May 31, 2013;
$34,943.73 per month plus State Sales Tax from June 1, 2013 thru May 31, 2014;
$36,166.76 per month plus State Sales Tax from June 1, 2014 thru May 31, 2015;
$37,432.59 per month plus State Sales Tax from June 1, 2015 thru May 31, 2016.
(c) THIRD RENEWAL OPTION. Provided that there
are no defaults under this Lease at the time that the option herein set forth is
exercised by Lessee, this Lease may be renewed or extended for one (1)
additional term of five (5) years by Lessee giving written notice to Lessor of
its interest to renew not less than six (6) months prior to the expiration of
the then current term. All conditions and covenants of the Lease shall continue
in full force and effect during such additional term except that the monthly
rent described in the Witnesseth Paragraph on page 1 of the Lease shall be
the then prevailing market rate for similar space. Notwithstanding anything to
the contrary contained hereinabove, in the event Lessee and Lessor do not
mutually execute a Lease Renewal within ninety (90) days of the expiration of
the then current term of this Lease, Lessee's renewal option as described herein
shall be null and void.
(d) FOURTH RENEWAL OPTION. Provided that
there are no defaults under this Lease at the time that the option herein set
forth is exercised by Lessee, this Lease may be renewed or extended for one (1)
additional term of five (5) years by Lessee giving written notice to Lessor of
its interest to renew not less than six (6) months prior to the expiration of
the then current term. All conditions and covenants of the Lease shall continue
in full force and effect during such additional term except that the monthly
rent described in the Witnesseth Paragraph on page 1 of the Lease shall be the
then prevailing market rate for similar space. Notwithstanding anything to the
contrary contained hereinabove, in the event Lessee and Lessor do not mutually
execute a Lease Renewal within ninety (90) days of the expiration of the then
current term of this Lease, Lessee's renewal option as described herein shall be
null and void.
(e) CO-RENEWAL REQUIREMENT. Notwithstanding
anything to the contrary contained herein, Lessors execution of any option to
renew this Lease shall only be valid if it simultaneously executes both
(i) the option for the
concurrent renewal term under the lease for ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ between Sano
Corporation and Sunbeam Properties, Inc.; and
(ii) the option for the
concurrent renewal under the lease for ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ between Sano
Corporation and Sunbeam Properties, Inc.
(2) Delete Paragraph 37 ("Delayed Occupancy")
(3) Delete Paragraph 40 ("Right of First Refusal on Contiguous Space")
(4) Delete Paragraph 43 ("Cancellation")
(5) Lessee and Lessee each represents and warrants that no broker due a
commission, fee or other sum which is now or in the future may be due and
payable with regard to this Lease Extension and Amendment. Lessor and Lessee
agree to indemnify and hold each other harmless from any and all liability for
the payment of any such commissions, fees and other sums.
All other terms and conditions of the Lease (and the letter agreement dated July
14, 1994) shall remain unchanged.
The provisions of this Lease Extension Agreement shall bind and inure to the
benefit of the parties hereto, their heirs, executors, administrators,
successors and assigns.
IN WITNESS WHEREOF, the Parties hereto have hereunto executed this
instrument for the Purpose herein expressed. the day and year above written.
Signed, sealed and delivered in the presence of.
LESSOR: SUNBEAM PROPERTIES, INC.
/S/ ▇▇▇▇▇▇▇ ▇▇▇▇ by: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
------------------------------- --------------------------------
Witness Sign Name ▇▇▇▇▇▇ ▇. ▇▇▇▇▇/Vice President
▇▇▇▇▇▇▇ ▇▇▇▇ September 16,, 1996
------------------------------ --------------------------------
Witness Print Name Date
/S/ ▇▇▇▇▇ ▇▇▇▇
-------------------------------
Witness Sign Name
▇▇▇▇▇ ▇▇▇▇
-------------------------------
Witness Print Name
LESSEE: SANO CORPORATION
/S/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ by: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------- --------------------------------
Witness Sign Name ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, President
▇▇▇▇▇▇▇ ▇▇▇▇▇▇ September 11, 1996
------------------------------ --------------------------------
Witness Print Name Date
/S/ ▇▇▇▇▇▇-▇▇▇ ▇▇▇▇▇▇▇▇
-------------------------------
Witness Sign Name
▇▇▇▇▇▇-▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------
Witness Print Name