Lease Termination and Occupancy Agreement between Altairnano Inc. and Flagship Enterprise Center, Inc. for 3019 Enterprise Drive, Anderson, IN
Altairnano Inc. and Flagship Enterprise Center, Inc. have agreed to terminate Altairnano's lease for the FEC Accelerator Building at 3019 Enterprise Drive, Anderson, Indiana, effective April 30, 2016. Instead of paying the remaining lease payments through June 30, 2017, Altairnano will pay a lump sum of $140,000 by April 30, 2016. Altairnano staff may continue to use the facility without basic rent until the building is leased to a new tenant, but must cover utilities and maintenance. Altairnano will receive 30 days' notice to vacate once a new lease is signed.
Exhibit 10.22.1
LEASE AND OCCUPANCY AGREEMENT
3019 ENTERPRISE DRIVE, ANDERSON, IN
March 11, 2016
Altairnano Inc., sole tenant of the FEC Accelerator Building (hereafter called “A1”), located at 3019 Enterprise Drive, Anderson, Indiana, because of a change in business plans, wishes to terminate its lease on A1. The current lease extends to June 30, 2017.
Upon consideration of the terms of the lease, and the change in the status of Altairnano, Inc., the Flagship Enterprise Center has proposed, and Altairnano has accepted, a termination of the existing lease, effective April 30, 2016, under the following conditions:
| 1. | Altairnano is contractually bound, after April 30, to pay a monthly lease of $20,000 through June 30, 2017. |
| 2. | Flagship has proposed, and Altairnano has accepted, in lieu of the fourteen payments remaining under the Lease, dated January 27, 2015, to accept a total cash settlement of $140,000.00, being half (50%) of the remaining payments of $280,000.00. The total settlement is due and payable on or before April 30, 2016. |
| 3. | Flagship agrees to allow use of the A1 facility to the remaining Altairnano staff, without further basic rent, until the lease of the building. Altairnano will continue to be responsible for paying all utilities and ground maintenance costs, and will keep the building clean and accessible for real estate showings. |
| 4. | Upon lease of A1, Altairnano will be given a thirty (30) day notice to vacate the building. |
The Agreement supersedes all previous agreements or arrangements.
FLAGSHIP ENTERPRISE CENTER, INC.
| /s/ Charles E. Stately |
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| Charles E. Staley, President & CEO |
| Date 3/14/2016 | |
ALTAIRNANO, INC.
| /s/Karen Werner |
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| Interim CFO |
| Date 3/10/2016 | |
