Exhibit 10.45

 

SECOND LEASE MODIFICATION AGREEMENT

 

THIS LEASE EXTENSION AND MODIFICATION AGREEMENT (the “Agreement”) is made as of
April 15, 2003, by and between PTF FOR OPERATING ENGINEERS, LLC (“Lessor”), and
MONTEREY PASTA COMPANY, a DELAWARE CORPORATION, (“Lessee”):

 

WITNESSETH

 

WHEREAS, by written Lease Agreement dated January 1, 2000 (the “Lease”), Lessor
leased to Lessee and Lessee leased from Lessor that part of the premises
commonly known as Space 38, 340 El Camino Real South, situated in the County of
Monterey and State of California, as more fully described in the Lease, for the
term, at the rent and upon the other terms as set forth in the Lease; and later
modified and extended by the “Lease Extension and Modification Agreement” dated
January 25, 2002 to expand the Premises to include Space 35 A and Space 35B for
a total of approximately 87,141 square feet; and

 

WHEREAS, the Lease shall terminate as of May 31, 2007, and

 

WHEREAS, the parties now wish to modify the Lease, all as hereinafter provided.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
herein contained and for other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, it is hereby mutually agreed as
follows:

 

1.                    Expansion: Effective June 1, 2003 (“Effective Date”) the
Premises shall be expanded to add Space 29A consisting of approximately 10,904
square feet, after which expansion the Premises shall consist of approximately
98,045 square feet, as outlined in “Exhibit A” attached hereto.

 

2.                    The base monthly rent to paid by Lessee to Lessor for the
remaining term of the Lease shall be as follows:

 

June 1, 2003 through May 31, 2004:  $31,912.00 (Thirty One Thousand Nine Hundred
Twelve Dollars and no cents)

 

June 1, 2004 through May 31, 2005:  $32,851.00(Thirty Two Eight Hundred Fifty
One Dollars and no cents)

 

June 1, 2005 through May 31, 2006:  $33,833.00(Thirty Three Thousand Eight
Hundred Thirty Three Dollars and no cents)

 

June 1, 2006 through May 31, 2007:  $34,827.00(Thirty Four Thousand Eight
Hundred Twenty Seven Dollars and no cents)

 

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3.                    Security Deposit: Security Deposit referenced on Page 1 of
the original Lease shall be increased to $33,095.00.

 

4.                    Lessor represents and warrants that it has full power and
authority to enter into this Agreement and to modify and extend the Lease and
that Lessor does not need the consent of any lender holding a mortgage or a deed
of trust on the Premises or any other party.

 

5.                    The Lease, except as herein modified and extended, as in
all other respects fully ratified and confirmed.

 

6.                    Lessee acknowledges that the premises shall be delivered
to Lessee in “as is” condition.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.

 

 

Lessor:

 

 

 

 

 

PTF for Operating Engineers LLC

Witness:

 

 

 

 

 

By: McMorgan and Company LLC, Its
Manager

 

 

 

Name:

/s/ PATRICK MURRAY

 

 

 

Patrick Murray, Senior Vice President

 

 

 

AND

 

 

 

Lessee:

 

 

 

Monterey Pasta Company, a Delaware
Corporation

 

 

 

 

By:

/s/ JAMES M. WILLIAMS

 

By:

/s/ STEPHEN L. BRUNKMAN

 

 

 

Its:

CEO

 

Its:

CFO

 

(President, Vice President, or Chairman)

(Secretary, CFO or Treasurer)

 

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