Second Amendment to Lease Agreement (994 Innovators Way, Simi Valley, CA 93065) dated as of June 1, 2021, by and between the Company and Hillside Associates II, LLC, and related agreements
SECOND AMENDMENT TO LEASE AGREEMENT
(994 Innovators Way, Simi Valley, CA 93065)
THIS SECOND AMENDMENT TO LEASE AGREEMENT (this "Second Amendment") dated for reference as of June 1, 2021, is entered into by and between HILLSIDE ASSOCIATES II, LLC, a California limited liability company, as Lessor, and AEROVIRONMENT, INC., a Delaware corporation, as Lessee, with reference to the following:
A.Lessor and Lessee have entered into that certain AIR Commercial Real Estate Association Standard Industrial/Commercial Lease - Net, dated April 21, 2008, as addended, and as amended by that certain First Amendment to Lease Agreement, dated December 1, 2013 (the "First Amendment"), for the premises formerly known as 994 Flower Glen Street, Simi Valley, CA 93065 and now commonly known as 994 Innovators Way, Simi Valley, CA 93065, more particularly described therein (collectively, the "Lease") . Each initially capitalized term not defined in this Second Amendment shall have the meaning ascribed to such term in the Lease. Each sectional reference below shall mean and refer to the corresponding section of the Lease.
B.Lessor and Lessee desire and intend to amend the Lease on the terms and conditions set forth hereinbelow.
NOW, THEREFORE, in consideration of the terms and provisions contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee hereby amends the Lease as follows:
All other conditions under the Lease applicable to Lessee's termination and/or vacation of the Premises shall remain in full force and effect and shall be satisfied by Lessee.
IN WITNESS WHEREOF, Lessor and Lessee hereby execute this Second Amendment as of the date and year first written above.
Dated this 15 day of June, 2021.
HILLSIDE ASSOCIATES, II, LLC,
a California limited liability company
a Delaware corporation
MID VALLEY PROPERTIES,
/s/ Margaret Kestly
/s/ Ken Karklin
Margaret Kestly, Authorized Agent
ADDENDUM TO OPTION TO RENEW
RENT ESCALATIONS FIXED INCREASE
994 Innovators Way, Simi Valley, CA. 93065, formerly 994 Flower Glen Street, Simi
Valley, CA 93065
THIS ADDENDUM is attached to and integrated as part of that certain Option to Renew and that certain Lease Agreement dated June 1, 2021, by and between Hillside Associates II, LLC, Lessor, and AeroVironment Inc., a Delaware Corporation, Lessee, and constitutes additional Agreements and Conditions contained herein, which Addendum shall prevail in the event of any conflict between the Agreements and Conditions contained herein and those in said Option to Renew.
RENT ESCALATIONS NOTICE:
On each anniversary date of the renewal term, the monthly rental payment shall be increased by Three percent (3%). Lessor’s failure to request payment of the rental increase when due shall not constitute a waiver of the right to any adjustment provided for herein or the right to demand payment or seek enforcement of any rental increase, including but not limited to the filing of an unlawful detainer action.
Initials MK/ KK
OPTION TO RENEW
994 Innovators Way, Simi Valley, CA 93065, formerly 994 Flower Glen Street, Simi Valley, CA 93065
Provided Lessee has never been in default in any of the agreements, covenants, terms or conditions of this Lease, Lessee shall have the Option to Renew the term of this Lease for ONE (1) FIVE (5)YEAR TERM following the expiration of the initial term (herein called "renewal term") provided written notice is delivered to Lessor at least NINE (9) months before the expiration of the initial term of this Lease (or, as to any successive renewals, written notice to Lessor at least three months (3) prior to the expiration of the immediately preceding term). The terms and conditions of this Lease shall remain in full force and effect during the renewal term, except that:
The parties hereto have executed this Option to Renew on the date set forth below:
Hillside Associates II, LLC
By Mid Valley Properties,
A Delaware CORPORATION
/s/ Margaret Kestly
/s/ Ken Karklin
Margaret M. Kestly, Authorized Agent
Kenneth Karklin, Sr. Vice President & COO
Initials MK / KK