First Amendment to Standard Industrial/Commercial Single-Tenant Lease – Net between Pacific Equity Partners, LLC and STAAR Surgical Company (September 11, 2020)
This amendment extends the lease between Pacific Equity Partners, LLC (landlord) and STAAR Surgical Company (tenant) for the property covered by their original 2012 agreement. The new expiration date is October 31, 2025. The amendment sets out a schedule of base rent payments for the extended term, including one month of free rent, followed by annual increases. All other terms of the original lease remain unchanged. The amendment allows for electronic signatures and may be executed in counterparts.
Exhibit 10.40
FIRST AMENDMENT DATED SEPTEMBER 11, 2020 ("FIRST AMENDMENT") TO STANDARD INDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE – NET DATED AUGUST 8, 2012 ("LEASE") BETWEEN PACIFIC EQUITY PARTNERS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY ("LESSOR"), AND STAAR SURGICAL COMPANY, A DELAWARE CORPORATION ("LESSEE")
This First Amendment modifies and amends the Lease as follows:
| 1. | Expiration Date |
The Expiration Date as defined in Section 1.3 of the Lease is hereby extended from October 31, 2020 to October 31, 2025 ("Extended Lease Term").
| 2. | Base Rent |
The Base Rent due for the extended term will be as follows:
| Period | Monthlv Base Rent Due |
| 11/01/2020 - 11/30/2020 | Free Rent |
| 12/01/2020 - 10/31/2021 | $23,959 |
| 11/01/2021 - 10/31/2022 | $24,558 |
| 11/01/2022 - 10/31/2023 | $25,172 |
| 11/01/2023 - 10/31/2024 | $25,801 |
| 11/01/2024 - 10/31/2025 | $26,446 |
| 3. | Other Terms and Conditions |
All other terms and conditions of the Lease shall remain unchanged and in full force and effect.
| 4. | Counterparts |
This First Amendment may be executed by facsimile, PDF and/or electronic transmission, and in counterparts and a fully executed facsimile or PDF copy of this First Amendment shall be deemed to be an original for all purposes.
Signatures On Following Page
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| AGREED & ACCEPTED: | |
| LESSOR: | |
| Pacific Equity Partners, LLC, a California limited liability company | |
| By: | /s/ Adam Milstein |
| Name: | Adam Milstein |
| Title: | Chief Financial Officer |
| Dated: |
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| By: | /s/ Robert Neal |
| Name: | Robert Neal |
| Title: | Executive Vice President |
| Dated: | 10/1/2020 |
| LESSEE: | |
| Staar Surgical Company, a Delaware corporation | |
| By: | /s/ Graydon Hansen |
| Name: | Graydon Hansen |
| Title: | Chief Manufacturing Officer |
| Dated: | 2020/09/30 |
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