ADDENDUM TO CLIENT LEASE [RENT SUBSIDY]

 

 

 

    THIS LEASE, is made and entered into this 1^st Day of February, 2007, by and between FLAGSHIP ENTERPRISE CENTER, INC., an Indiana not-for-profit corporation Altairnano Technologies, Inc., a Nevada Corporation, and Tenant an Indiana Limited Liability Corporation (hereinafter called "Tenant").

 

Witnesseth That:

 

 

    Section 1.01. Lease and Description of Premises. Landlord, for and in consideration of the rent, covenants, agreements and conditions stated herein, does hereby lease to Tenant and Tenant does hereby lease from Landlord the following described premises (hereinafter referred to as the "Leased Premises") situated in the Flagship Enterprise Center Building located at 2701 Enterprise Drive, Flagship Business Park, Anderson, Indiana 46013 (hereinafter referred to as "Building") and including all that certain space, which is on the second floor of the Flagship Enterprise Center Building which is designated Lab #8 consisting of 1375 square feet of space as shown in Exhibit "A." Because of the special nature of Landlord's building, Landlord has the option, in its sole discretion, to require Tenant to move to comparable space in the Building during the term of this Lease. Tenant may cancel with 30 day notice.

 

 

 

 

 

 

	1st 12 months		2nd 12 months
Stipulated Fair Market	$ 22.00	Stipulated Fair Market	$ 23.00
Rent*		Rent*
70% Rent Subsidy*	$ 15.40	20% Rent Subsidy*	$ 4.60
Monthly Rent*	$ 6.60	Monthly Rent*	$ 18.40

 

 

During the first 12 months of this Lease, Tenant shall pay to Landlord, with respect to each calendar year or fractional calendar year, as the case may be, total rental payments in the monthly sum of Nine Hundred Forty Five Dollars ($ 945.00), being the sum of: (a) Subsidized Rent of Seven Hundred Fifty Six Dollars ($ 756.00) [being the product of $ 6.60, the subsidized annual rent per square foot, and 1375 square feet, the area of the Leased Premises, divided by 12 months]; and (b) common area monthly rent of One Hundred Eighty Nine Dollars ($ 189.00), representing a surcharge of twenty-five percent (25%) of the basic monthly rent to cover the Landlord's cost of maintaining and improving the common areas within the building.

 

During subsequent 12 Month periods of this Lease, by similar calculation, Tenant shall pay to Landlord, with respect to each calendar year or fractional calendar year, as the case may be, total rental payments as follows:

 

 

2^nd 12 Months:     $ 2,635.00 / Month

 

 

 

IN WITNESS WHEREOF, the said parties have hereunto set their hands and seals this 1st, day of February, 2007.

 

Altairnano Technologies, Inc.		Flagship Enterprise Center
LESSEE		LESSOR
BY:		BY:
Ed Dickerson		Art Patterson, Executive Director