LEASE AMENDING AGREEMENT THIS AGREEMENT made as of the 1st day of March, 2011.

 

THIS AGREEMENT made as of the 1st day of March, 2011.

 

 

(the "Tenant")

 

 

(the "Landlord")

 

WHEREAS pursuant to a lease dated the 8th day of October, 1998, as amended by a lease amending agreement made as of the 20th day of March, 2001, (collectively, the "Lease"), the Landlord, by its predecessor, as landlord, leased to the Tenant certain premises containing a rentable floor area of 1,407 square feet, being composed of part of the ground floor of Building 5, Suite 102, of the development municipally known as 2600 Skymark A venue, Mississauga, ON (the Lands and Building being more particularly described in the Lease) for a term now expiring July 31, 2011, at the rents and upon the terms and conditions contained in the Lease.

AND WHEREAS 1713277 ONTARIO INC. is successor in interest and title as owner and landlord of the Lands and Building

AND WHEREAS the Landlord and the Tenant have agreed to extend the Term of the Lease and to certain other amendments to the Lease and to execute this Agreement to give effect thereto;

NOW THEREFORE THIS AGREEMENT WITNESSESS that in consideration of the mutual covenants contained herein and the sum of TWO DOLLARS ($2.00) now paid by each party to the other and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereby covenant and agree as follows:

 

I .	The above recitals are true in substance and in fact.

 

2.	Effective from and after the 1st day of August, 2011, the Lease shall be and is hereby amended as follows:

a)

Section 3.01 is hereby deleted and replace with the following:

 

 

 

b)

Section 4.01 shall be amended by adding the following:

 

Period of Term	Annual Basic Rent	Monthly Basic Rent	Annual Rate Per Sq. Ft of Rentable Area
Lease Years 14-18 Commencing Aug 01, 2011. Ending July 31, 2016.	$20,401.50	$1,700.13	$14.50

 

c)

The Landlord's address in Section 4.05 shall be deleted and replaced with the following: 37 Hartford Trail Brampton, ON L6W 4K2

 

3.	The Landlord and the Tenant hereby acknowledge, confirm and agree that in all other respects the terms of the Lease are to remain in full force and effect, unchanged and unmodified except in accordance with this Agreement.

4.	Except as specifically stated in this Agreement, any expression used in this Agreement has the same meaning as the corresponding expression in the Lease.

5.	This Agreement shall ensure to the benefit of and be binding upon the parties hereto and their respective permitted successors and permitted assigns.

 

 

 

LEASE SUMMARY SCHEDULE

 

Tenant:

Pioneer Transformers Ltd.

 

Landlord:

2600 Skymark Investments Inc.

 

Property:

2600 Skymark Avenue

 

Mississauga Ontario

 

L4W 5L6

 

Unit:

Bldg 5, Suite 102

 

 

Start Date	End Date	Per Annum	Minimum Rent Per Month	PSF	Additional Rent 2006
Aug. 1,2006	July 31, 2009	$18,995.85	$1,582.99	$13.50	$11.90
Aug. 1, 2009	July 31, 2011	$20,401.50	$1,700.13	$14.50

 

Lease Term:	Five (5) years
Area:	1,407	Building Area:	120,656
Pro rata:	1.17%
Renewal Option:	N / A
Deposit:	$2,485.14
Contact Summary
Contact:	Christine Dalpe
Mailing Address:	same as above
Phone Number:	905 ###-###-####
Fax Number:	905 ###-###-####
Email:	***@***

 

 

Please find outlined below the monthly rental payments including estimated operating costs for 2011 calendar year:

Unit	Building 5, Suite 102

 

Property

2600 Skymark Avenue Mississauga, Ontario L4W 5B2

 

Period

January 1, 2011 to July 31, 2011

 

 

Minimum Rent		$	1 700.13
Additional Rent		$	1 485.40
		$	3 185.53
HST (13%)		$	414.12
Total		$	3 599.65

 

Please forward 6 post-dated cheques payable to the Landlord at the address shown below:

1713277 Ontario Inc.

 

37 Hartford Trail

Brampton

Ontario L6W 4K2

Your kind and urgent attention in this matter is greatly appreciated.

 

Regards

Torrence Ernest

President

1713277 Ontario Inc.

Telephone ###-###-####