LEASE EXTENSION AGREEMENT
LEASE EXTENSION AGREEMENT
THIS AGREEMENT, made and entered into this _ day of December 2013, by and between SUNSHINE HOLDINGS, INC. (hereinafter referred to as Landlord) and LIBERATOR MEDICAL SUPPLY, INC. (hereinafter referred to as Tenant), as follows:
WHEREAS, the parties have entered into Business Leases for the following properties, to-wit: 2979, 2943, 2945 & 2947, 2931 & 2941, 2933 & 2939, 2937, and 2935 all on SE Gran Park Way, Stuart, FL 34997; all of the Leases expire on July 31, 2014, and
WHEREAS, the parties are desirous of extending the term of all of said Leases for a second lease extension and make the modifications as set forth herein below.
NOW, THEREFORE, in consideration of mutual covenants and promises herein contained and TEN DOLLARS AND NO CENTS and other good and valuable consideration, in hand paid, the parties agree as follows:
1
TERM. The terms of the Leases shall be extended for sixty (60) months and shall terminate on the 31st day of July 2019.
2.
RENT. The Tenant shall pay the Landlord the base rent as set forth in each Lease for the present term and commencing on the first (1st) day of August, 2014 the monthly rent for the next twelve (12) months shall be reduced as shown on the attached Exhibit "A" with rent increases of three (3%) percent per year as shown on the attached Exhibit "A"; plus applicable Florida sales tax. All base rents due Sunshine Holdings Inc. are shown on the attached exhibit “A” rent schedule.
3.
GUARANTY. The personal Guaranty of MARK LIBRATORE shall no longer be required as of August 1, 2012.
4.
NOTICE OF TERMINATION OR EXTENSION. Tenant agrees to provide Landlord with a minimum of one hundred twenty (120) days written notice of Tenant's intention to vacate the premises at the end of the extension term or Tenant's desire to
/s/ PMG
/s/ ML
Initials
Initials
Paul M. Glafenhein
Mark Libratore
negotiate an additional extension. In the event that the Landlord does not receive said notice, then Landlord shall be free to seek or entertain other tenants and Tenant hereby consents to allow Landlord to show the premise(s) during reasonable business hours with minimal interruption to Tenant.
5.
INCORPORATION BY REFERENCE. In all other terms and respects, the above-referred Leases shall remain in full force and effect, binding unto the parties except as changed herein and incorporated by reference hereto.
6
REALTOR. Both parties represent to each other that there was no real estate agent/broker involved in the Lease Extension Agreement and they further agree to indemnify each other from any liability or expense arising out of a claim made for a commission by any real estate agent/broker.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the date and year first above-written.
Signed, sealed, and delivered
LANDLORD
In the presence of:
SUNSHINE HOLDINGS, INC.
/s/
By: /s/ Paul M. Glafenhein 12/5/13
Paul M. Glafenhein,
Date
President
/s/
TENANT
LIBERATOR MEDICAL SUPPLY, INC.
By: /s/ Mark Libratore
Mark Libratore,
Date
President
EXHIBIT "A"
Base Rent Schedule for Second Lease Extension For Liberator
Medical Supply Inc.
FIVE-YEAR LEASE EXTENSION
25,268 S.F. | 2979 S.E. Gran Park Way August 1, 2014 thru July 31, 2015 | BASE RENT $18,870.00 |
| August 1, 2015 thru July 31, 2016 | $19,436.00 |
| August 1, 2016 thru July 31,2017 | $20,019.00 |
| August 1, 2017 thru July 31,2018 | $20,620.00 |
| August 1, 2018 thru July 31, 2019 | $21,238.00 |
(Original Lease Commencement Date: April 19, 2005)
5,832 S.F. | 2943-2945 & 2947 S.E.Gran Park Way |
|
| August 1, 2014 thru July 31, 2015 | $4,359.00 |
| August 1, 2015 thru July 31, 2016 | $4,486.00 |
| August 1, 2016 thru July 31, 2017 | $4,622.00 |
| August 1, 2017 thru July 31,2018 | $4,763.00 |
| August 1, 2018 thru July 31,2019 | $4,904.00 |
(Original Lease Commencement Date: September 1, 2008)
3,456 S.F. | 2931 - 2941 S.E.Gran Park Way |
|
| August 1, 2014 thru July 31, 2015 | $2,583.00 |
| August 1, 2015 thru July 31, 2016 | $2,658.00 |
| August 1, 2016 thru July 31, 2017 | $2,739.00 |
| August 1, 2017 thru July 31, 2018 | $2,822.00 |
| August 1, 2018 thru July 31, 2019 | $2,906.00 |
(Original Lease Commencement Date: May 1, 2009)
/s/ PMG
/s/ ML
Initials
Initials
Paul M. Glafenhein
Mark Libratore
Continued Page Two of Exhibit “A”
EXHIBIT "A"
3,456 S.F. | 2933 -2939 S.E. Gran Park Wav |
|
| August 1, 2014 thru July 31, 2015 | $2,583.00 |
| August 1, 2015 thru July 31, 2016 | $2,658.00 |
| August 1, 2016 thru July 31, 2017 | $2,739.00 |
| August 1, 2017 thru July 31, 2018 | $2,822.00 |
| August 1, 2018 thru July 31, 2019 | $2,906.00 |
(Original Lease Commencement Date: October 1, 2009)
1,728 S.F. | 2937 S.E. Gran Park Way August 1, 2014 thru July 31, 2015 | $1,292.00 |
| August 1, 2015 thru July 31, 2016 | $1,329.00 |
| August 1, 2016 thru July 31,2017 | $1,369.00 |
| August 1, 2017 thru July 31,2018 | $1,411.00 |
| August 1, 2018 thru July 31,2019 | $1,453.00 |
(Original Lease Commencement Date: April 1, 2010)
1,728 S.F. | 2935 S.E. Gran Park Wav August 1, 2014 thru July 31, 2015 | $1,292.00 |
| August 1, 2015 thru July 31, 2016 | $1,329.00 |
| August 1, 2016 thru July 31,2017 | $1,369.00 |
| August 1, 2017 thru July 31,2018 | $1,411.00 |
| August 1, 2018 thru Jul y 31, 2019 | $1,453.00 |
(Original Lease Commencement Date: July 1, 2013)
ACCEPTANCE OF EXHIBIT “A”
LANDLORD
TENANT
SUNSHINE HOLDINGS, INC.
LIBERATOR MEDICAL SUPPLY, INC.
/s/ Paul M. Glafenhein 12/5/13
/s/ Mark Libratore
Paul M. Glafenhein, Date
Mark Libratore,
Date
President
President
