Amendment No. 1 to Unit #7 Sublease Agreement Between Lessor and Lessee
This amendment updates the sublease for Unit #7, originally dated August 1, 2005, between the lessor and lessee. For the period from November 1, 2010, to October 31, 2011, the base rent is set at $2,319.20 per month, calculated at $0.16 per square foot. After this period, the rent will be adjusted annually based on changes in the Consumer Price Index. The amendment also confirms the lessee's exercise of the first five-year extension option, extending the sublease through November 1, 2015. All other obligations under the original sublease remain in effect.
Exhibit 10.17
UNIT #7
SUBLEASE AMENDMENT NO. 1
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 August 1, 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 First Five Year Option Period. |
Commencing November 1, 2010 and continuing through October 31, 2011, Lessee’s Base Rent shall be $2,319.20 for Unit #7. 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 first of two five year options to extend the Unit #7 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.
