FIRST LEASE MODIFICATION

Contract Categories: Real Estate - Lease Agreements
EX-10.3.B 3 dex103b.htm FIRST LEASE MODIFICATION 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AND PREMISES,” Exhibit D “MONTHLY RENTS AND TERMS,” and Exhibit F “COMMON AREA” of the Lease be and are hereby withdrawn from the Lease.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which are attached hereto and marked collectively as Exhibit 1 to this Lease Modification, shall be substituted for the withdrawn Exhibits and shall be accepted by the parties as Exhibits A, D, and F of the Lease.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

 

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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   

 

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EXHIBIT 1

EXHIBIT A

Revised 08/17/07

BUILDING & PREMISES

 

 

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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.

 

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DESCRIPTION OF AREAS “A,” “B,” “C” & “D” in Exhibit D

Revised 08/17/07

 

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EXHIBIT F

Revised 08/17/07

COMMON AREA

 

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EXHIBIT 2

OFFICE LEASE

Filed separately as an exhibit to this Registration Statement

 

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