Modification and Ratification of Lease Agreement between Jackson-Shaw Technology II, Ltd. and TestChip Technologies, Inc.

Summary

This agreement modifies and confirms the existing lease between Jackson-Shaw Technology II, Ltd. (landlord) and TestChip Technologies, Inc. (tenant) for a warehouse space in Plano, Texas. The main change is to the rent schedule: from October 1, 2001 to March 31, 2002, rent is reduced to $8,578 per month; from April 1, 2002 to September 30, 2003, rent increases to $20,014 per month; and from October 1, 2002 to March 31, 2006, rent is set at $17,155 per month. All other lease terms remain unchanged.

EX-10.23 9 a2082561zex-10_23.htm EX-10.23
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EXHIBIT 10.23

MODIFICATION AND RATIFICATION OF LEASE

This Modification and Ratifaction of Lease Agreement is made and entered into between JACKSON-SHAW TECHNOLOGY II, LTD. (Lessor or Landlord) and TESTCHIP TECHNOLOGIES, INC. (Lessee or Tenant) for and in consideration of One Dollar ($1.00) and other good and vaulable consideration, the receipt of which is hereby acknowledged.

W I T N E S S E T H:

1. Lessor and Lessee hereby confirm and ratify, except as modified below, all of the terms, conditions and covenants in that certain written Lease Agreement dated August 7, 2000, between Lessor and Lessee, for the rental of the following described property:

Being a warehouse facility containing approximately 18,298 square feet out of a 83,286 square foot facility located at 2600 Technology Drive, Suite 700, Plano, Texas.

2. Lessor warrants that Lessee has accepted and is now in possession of the deminsed premises and that the Lease Agreement is valid and presently in full force and effect.

3. Lessor and Lessee agree that beginning October 1, 2001, the monthly rental payments set out in the Lease Agreement shall be changed from $17,155.00 per month to $8,578.00 per month in advance for the sixth month period October 1, 2001 through March 31, 2002. Beginning April 1, 2002 through September 30, 2003, the rental shall be $20,014.00 per month in advance. Beginning October 1, 2002 through March 31, 2006 the rental shall be $17,155.00 per month in advance.

SIGNED at Dallas, Texas, this 31 day of October, 2001.

		LESSOR:
		DAVID R. KENNINGTON d/b/a KENNINGTON PROPERTIES
		By:		/s/
		Title:		Property Manager
		LESSEE:
		TESTCHIP TECHNOLOGIES, INC.
		By:		/s/
		Title:		CFO

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MODIFICATION AND RATIFICATION OF LEASE
W I T N E S S E T H