FIRST LEASE MODIFICATION
EXHIBIT 10.3B
FIRST LEASE MODIFICATION
THIS FIRST LEASE MODIFICATION (Lease Modification), effective this 17th day of August, 2007, by and between ALLEGANY RESEARCH PROPERTIES, LLC, a Maryland limited liability company (Landlord), and INFOSPHERIX, INCORPORATED, a Delaware corporation (Tenant).
WITNESSETH:
EXPLANATION
The Landlord and the Tenant entered into a Lease dated the 6th day of February, 2007, a copy of which is attached hereto, incorporated herein, and marked as Exhibit 2 (the Lease). The Landlord and the Tenant wish to modify the Lease by removing and replacing Exhibit A BUILDING AND PREMISES, Exhibit D MONTHLY RENTS AND TERMS, and Exhibit F COMMON AREA of the Lease. Except for the modification of Exhibits A, D. and F, the Landlord and the Tenant wish to confirm and ratify all other terms of the Lease.
NOW, THEREFORE, In consideration of the agreements hereinafter set forth, the Landlord and the Tenant do hereby agree as follows:
1. The Explanation set forth above is hereby incorporated as a substantive provision of this Lease Modification.
2. Exhibit A BUILDING AND PREMISES, Exhibit D MONTHLY RENTS AND TERMS, and Exhibit F COMMON AREA of the Lease be and are hereby withdrawn from the Lease.
3. Exhibit A BUILDING AND PREMISES, Exhibit D MONTHLY RENTS AND TERMS, and Exhibit F COMMON AREA, which are attached hereto and marked collectively as Exhibit 1 to this Lease Modification, shall be substituted for the withdrawn Exhibits and shall be accepted by the parties as Exhibits A, D, and F of the Lease.
4. Except as set forth by this Lease Modification, the Landlord and the Tenant do hereby ratify and confirm all other terms and conditions of the Lease.
WITNESS the hands and seals of the parties hereto the day and year first above written.
LANDLORD: | ||
ALLEGANY RESEARCH PROPERTIES, LLC | ||
By: | /s/ Mark A. Farris | |
Name: | Mark A. Farris | |
Title: | VP, Carl Belt, Inc. - Managing Member |
STATE OF MARYLAND,
ALLEGANY COUNTY, TO-WIT:
I HEREBY CERTIFY, that on this 28th day of August, 2007, before me, a Notary Public in and for the State and County aforesaid, personally appeared Mark A. Farris, who acknowledged himself to be the Managing Member of ALLEGANY RESEARCH PROPERTIES, LLC, a Maryland limited liability company, and that he, as such Vice President, being authorized so to do, executed the foregoing Lease Modification for the purposes therein contained, by signing the name of the limited liability company by himself as Allegany Research Properties, LLC.
WITNESS my hand and Notarial Seal the date aforesaid.
/s/ Kestion D. Mauzy | ||
NOTARY PUBLIC |
My Commission Expires: August 7, 2011 |
2
TENANT: | ||
INFOSPHERIX, INCORPORATED | ||
By: | /s/ Richard C. Levin | |
Name: | Richard C. Levin | |
Title: | President |
STATE OF MARYLAND,
ALLEGANY COUNTY, TO-WIT:
I HEREBY CERTIFY, that on this 24th day of August, 2007, before me, a Notary Public in and for the State and County aforesaid, personally appeared Richard C. Levin, who acknowledged himself to be the President of INFOSPHERIX, INCORPORATED, a Delaware corporation, and that he, as such , being authorized so to do, executed the foregoing Lease Modification for the purposes therein contained, by signing the name of the limited liability company by himself as INFOSPHERIX.
WITNESS my hand and Notarial Seal the date aforesaid.
/s/ Karen L. Hoggins |
NOTARY PUBLIC |
My Commission Expires: 1-1-08 |
3
EXHIBIT 1
EXHIBIT A
Revised 08/17/07
BUILDING & PREMISES
4
EXHIBIT D
Revised 08/17/07
MONTHLY RENTS AND TERMS
Fiscal Year: 1 Oct. 30 Sept. |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Year Rent: |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Old Area | 9,633 | Old Area | 3,471 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Add Area 30 Bay | | 2,355 | Add Area | 3,143 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Area #C | 9,325 | sq. ft. | Area #B | 9,994 | sq. ft. | Revised Area #D | 11,988 | sq. ft. | Area #A | 6,614 | sq. ft. | |||||||||||||||||||||||||||||||||||||||||||||
Dining | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Final | Area #1 | 9,325 | sq. ft. | Area #2 | 9,994 | sq. ft. | Area #3* | 12,988 | sq. ft. | Area #4 | 6,614 | sq. ft. | Total Area * | |||||||||||||||||||||||||||||||||||||||||||
38,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal | Rent | Area #1 | Rent | Area #2 | Rent | Area #3 | Rent | Area #4 | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Year | Year | Term | Per S.F. | Rent | Term | Per S.F. | Rent | Term | Per S.F. | Rent | Term | Per S.F. | Rent | Base Rent | ||||||||||||||||||||||||||||||||||||||||||
1 | 2007 | 10 | $ | 15.88 | $ | 148,081 | 10 | $ | 15.88 | $ | 158,705 | 10 | $ | 15.88 | $ | 206,249 | 7 | $ | 15.88 | $ | 105,030 | $ | 618,065 | |||||||||||||||||||||||||||||||||
2 | 2008 | $ | 16.36 | $ | 152,523 | $ | 16.36 | $ | 163,466 | $ | 16.36 | $ | 212,437 | $ | 16.36 | $ | 106,151 | $ | 535,607 | |||||||||||||||||||||||||||||||||||||
3 | 2009 | $ | 16.85 | $ | 157,099 | $ | 16.85 | $ | 168,370 | $ | 16.85 | $ | 218,810 | $ | 16.85 | $ | 111,427 | $ | 655,706 | |||||||||||||||||||||||||||||||||||||
4 | 2010 | $ | 17.35 | $ | 161,812 | $ | 17.35 | $ | 173,421 | $ | 17.35 | $ | 225,374 | $ | 17.35 | $ | 114,769 | $ | 675,377 | |||||||||||||||||||||||||||||||||||||
5 | 2011 | $ | 17.87 | $ | 166,666 | $ | 17.87 | $ | 178,624 | $ | 17.87 | $ | 232,136 | $ | 17.87 | $ | 118.213 | $ | 695,638 | |||||||||||||||||||||||||||||||||||||
6 | 2012 | $ | 18.41 | $ | 171,666 | $ | 18.41 | $ | 183,982 | $ | 18.41 | $ | 239,100 | $ | 18.41 | $ | 121,759 | $ | 716,507 | |||||||||||||||||||||||||||||||||||||
7 | 2013 | $ | 18.98 | $ | 176,816 | $ | 18.96 | $ | 189,502 | $ | 18.96 | $ | 246,273 | $ | 18.96 | $ | 125,412 | $ | 738,003 | |||||||||||||||||||||||||||||||||||||
8 | 2014 | $ | 19.53 | $ | 182,121 | $ | 19.53 | $ | 195,187 | $ | 19.53 | $ | 253,661 | $ | 630,969 | |||||||||||||||||||||||||||||||||||||||||
9 | 2015 | $ | 20.12 | $ | 187,585 | $ | 20.12 | $ | 201,042 | $ | 20.12 | $ | 261,271 | $ | 649,898 | |||||||||||||||||||||||||||||||||||||||||
10 | 2016 | $ | 20.72 | $ | 193,212 | $ | 20.72 | $ | 207,074 | $ | 20.72 | $ | 269,109 | $ | 669,395 |
* | Area #3 includes 1,000 sq. ft. of rentable area in the dining room which is rentable area located outside of the Premises. |
5
DESCRIPTION OF AREAS A, B, C & D in Exhibit D
Revised 08/17/07
6
EXHIBIT F
Revised 08/17/07
COMMON AREA
7
EXHIBIT 2
OFFICE LEASE
Filed separately as an exhibit to this Registration Statement
8