Second Amendment to Sublease for Units #4 and #5 (November 2010–2015)
This amendment updates the sublease agreement between the lessor and lessee for Units #4 and #5, setting the base rent at $0.16 per square foot from November 1, 2010, to October 31, 2011, and establishing a new monthly rent of $4,751.84. The rent will be adjusted annually based on the Consumer Price Index. The amendment also confirms the lessee's exercise of the final five-year extension option, extending the sublease through November 1, 2015. All other obligations under the original sublease remain in effect.
Exhibit 10.16
UNITS #4 AND #5
SUBLEASE AMENDMENT NO. 2
Amendment of Sublease
For the twelve month period of time commencing November 1, 2010, Lessee and Lessor hereby agree that the new Base Rent under the Sublease dated October 2, 2000, as amended on October 14, 2005, shall be $0.16 per square foot of land. Accordingly, Paragraph 60 of said Sublease is hereby amendment and replaced by the following:
| 60. | Establishment of Base Rent During the Second Five Year Option Period. |
Commencing November 1, 2010 and continuing through October 31, 2011, Lessee’s Base Rent shall be $4,751.84 for Units #4 and #5. This rental rate takes into account the 1,000 square feet of Unit #4 that is associated with the common area pump house, and Lessee is not required to pay rent on said common area. On November 1, 2011, the Base Rent shall be adjusted on each anniversary date for the remainder of the Sublease term by any increase in the Consumer Price Index (for Ventura County, if available; otherwise for the Los Angeles/Long Beach metropolitan area) that occurred over the preceding 12 moth period (but not reduced).
Lessor hereby acknowledges and agrees to the last of two five year options to extend the Unit #4 and #5 Sublease for the period of November 1, 2010 through November 1, 2015 and Lessor and Lessee hereby consent to the foregoing Amendment of the Sublease. This Amendment does not release Lessee form liability for any obligations of the Sublease under the Sublease.
