Document:

exhibit10-20.htm

Exhibit 10.20

 

LEASE EXTENSION AND MODIFICATION AGREEMENT II

 

     This Lease Extension and Modification Agreement is made and entered into as of the 18th day of July, 2011, between KINGFISHER, LLC, a New York limited liability company having its principal place of business at PO Box 370, 1133 Route 295, East Chatham, New York 12060 (“Landlord”) and MTI MICROFUEL CELLS, Inc., a New York corporation having its principal place of business at 431 New Karner Road, Albany, New York 12205 (“Tenant”), as Assignee of MECHANICAL TECHNOLOGY, INCORPORATED (“Original Tenant”). 

 

PRELIMINARY STATEMENT

 

     The Landlord and Original Tenant entered into a Lease Agreement (“Lease”) dated April 2, 2001, as amended by the following amendments thereto. First Amendment to Lease dated March 13, 2005, Second Amendment to Lease dated December 12, 2005, Third Amendment to Lease dated August 7, 2006, Fourth Amendment to Lease dated August 6, 2007, Fifth Amendment to Lease dated March 31, 2009, Sixth Amendment to Lease executed by Landlord, Original Tenant and Tenant dated January 1, 2010, Seventh Amendment to Lease between Landlord and Tenant dated July 28, 2010 and Lease Extension and Modification Agreement dated April 14, 2011, for that certain premises at 431 New Karner Road, Albany, New York, consisting of 20,000 Net Usable Square Feet.

 

     Landlord and Tenant desire to extend certain provisions of the Lease Extension and Modification Agreement dated April 14, 2011(hereinafter the “Agreement”) for an additional 2 months as hereinafter set forth. 

 

     NOW, THEREFORE, the Landlord and Tenant agree to the following: 

 

	 	1.	Section 1 of the Agreement shall remain as is.
	     	       	 
	 	2.	Section 2 of the Agreement shall be deleted and replaced with the following:
	 	 
	 	 	Tenant will pay Base Rent for the period beginning January 1, 2011 thru July 31, 2011. The Base Rent based on the current Net Usable Square Footage at $10.50 per square foot is $17,500 per month plus Tenant’s proportionate share of taxes, insurance and other building operating expenses as set forth in the original Lease making in all currently the sum of $23,451.57 per month including Base Rent and Additional Rent. The Base Rent and Additional Rent will be payable by Tenant at the rate of $5,000 per month beginning January 1, 2011 and including July 31, 2011. The balance of the Base Rent and Additional Rent shall be deferred until August 1, 2011.
	 	 
	 	3.	Section 3 of the Agreement shall be deleted and replaced with the following:
	 	 
	 	 	On August 1, 2011, the unpaid portion of the rent, i.e. Base Rent plus Additional Rent of $23,451.57 per month less the $5,000 per month paid January through July of 2011 shall be due and payable in full without interest.
	 	 
	 	4.	Section 4 of the Agreement shall be deleted and replaced with the following:
	 	 
	 	 	Beginning August 1, 2011 and continuing monthly through the extended term of the Lease, i.e. May 31, 2013, Tenant will pay Landlord Base Rent of $17,500 per month plus all additional rent items currently set forth in the original Lease Agreement.

 

	 	5.	Section 5 of the Agreement shall be deleted and replaced with the following:
	 	 
	 	 	
Notwithstanding the provisions of paragraphs 1 through 4 above Tenant shall have a single option to terminate this Lease exercisable during the month of August, 2011, only in the event Tenant does not receive either a Department of Energy grant of $1,000,000 or greater for which Tenant has already applied, or a Department of Defense Contract of $1,000,000 or greater as to which the Tenant has submitted a bid. Tenant agrees to use its best efforts in order to obtain either or both of the Department of Energy grant and Department of Defense contract. In the event Tenant terminates this Lease as provided herein during the month of August, 2011, then in such event Tenant’s sole rental obligation to Landlord for Base Rent and Additional Rent during the period from January 1, 2011 through July 31, 2011, shall be the sum of $5,000 per month for each and every month of such period. Other than the rental obligation, Tenant shall continue to abide by and be obligated to perform all of the other terms and provisions of the Lease. 

 

In the event the Tenant is awarded either the Department of Energy grant already applied for or the Department of Defense Contract already bid upon, then in such event Tenant shall pay Landlord not only the $5,000 per moth payments between January 1, 2011 and July 31, 2011 but also the additional monthly rental balance set forth in paragraph 2 above on August 1, 2011 and the remaining Base rent and Additional Rent provided for in paragraph 4 above commencing on August 1, 2011, through the extended term of the Lease, and otherwise perform all other terms and provisions of the Lease.

	     	       	 
	 	6.	Except as modified herby, all of the terms and provisions of the Lease Agreement and all prior Amendments are hereby ratified and confirmed by the parties in all respects.
	 	 	 
	 	
IN WITNESS WHEREOF, Landlord and Tenant have signed this Lease Extension and Modification Agreement as of the day and year first above written. 

 

Landlord:

KINGFISHER, LLC 

 

	     /S/ EDWARD L. HOE, JR.
	By:  	Edward L. Hoe, Jr., Member Manager

Tenant:

MTI MICROFUEL CELLS INC. 

 

	     /S/ PENG K. LIM
	By:  	Peng K. Lim, Chief Executive Officerex10_1.htm

Exhibit 10.1

 

	  	
Asset Purchase Agreement

Harris-Furlong 6

	 

This Asset Purchase Agreement (the “Agreement”) is made and entered into as of the 9th day of August 2011 (the “Effective Date”) by and between Twin Cities Technical, LLC, a North Dakota limited liability company, and Irish Oil & Gas, Inc., a Nevada Corporation (collectively, the “Seller”), and Ante 5, Inc., a Delaware corporation (“Buyer”), for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged by the parties to this Agreement.

	
1.

	
Purchase and Sale of Assets: Seller agrees to sell, convey, assign, transfer and deliver to Buyer and Buyer agrees to purchase from Seller all of Seller’s right, title and interest in and to the mineral leases and assets described in Appendix A (collectively referred to as the “Assets”).

	
2.

	
Lease Obligations:  Except in the case of an Authorization for Expenditures (“AFE”s) and Joint Interest Billings (“JIB”s), seller is solely liable and obligated to perform and pay all obligations associated with the Assets that arise, accrue or become payable before the Closing.  Buyer is solely liable and obligated to perform and pay all obligations associated with the Assets that arise or accrue on or after the Closing Date.  In the event the Seller receives prior to the Closing an AFE or JIB associated with the Assets, Seller shall promptly notify Buyer of such receipt and, if instructed to do so by Buyer, execute the AFE or pay the JIB, for which Buyer will reimburse Seller after the Closing.

	
3.

	
Purchase Price:  In consideration for Seller’s conveyance, assignment, transfer and delivery of the Assets to Buyer, Buyer agrees to pay to Seller the following consideration (the “Purchase Price”):  cash in the amount of $1,413,658.62.

	
4.

	
The Closing: Closing of the purchase and sale of the Assets (the “Closing”) will occur no later than September 10th, 2011, (the “Closing Date”) as long as [a] Buyer is satisfied in its sole but reasonable discretion with its due diligence of the Assets and the form of any proposed assignments of those Assets, [b] no material adverse change has occurred to the Assets between the date of this Agreement and Closing Date, and [c] all representations and warranties of Seller made in this Agreement shall be true and correct as of the Closing Date.  At the Closing, Seller shall deliver to Buyer such bills of sale, deeds, assignments and other instruments of sale, conveyance, assignment and transfer as are sufficient to vest in Buyer the absolute, legal and equitable title to the Assets.  At the Closing, Buyer shall deliver to Seller the Purchase Price on the Closing Date.  All parties to this Agreement hereby agree to execute all documents and take all other actions reasonably necessary or appropriate in order to affect all the transactions contemplated herein.

 

  

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5.

	
Representations and Warranties of Seller:  Seller represents and warrants to Buyer that as of the Closing Date [a] Seller has full power and authority to enter into this Agreement and to perform its obligations hereunder, [b] Appendix A is a full and accurate description of the Assets that Buyer is purchasing and all agreements represented as associated with the Assets are binding, in full force and effect, are not in default, and are assignable to Buyer without consent by a third party, [c] Seller has disclosed to Buyer in Appendix A or another attached Appendix any and all debts, liabilities or other obligation of any nature, including but not limited to any unpaid AFEs and JIBs associated with the Assets, [d] the execution of this Agreement will not result in creating any new liability or other obligation of any nature on the Assets, [e] Seller has, and will convey to Buyer at Closing, good and marketable title to all Assets, free and clear of mortgages, liens, leases, pledges, charges, encumbrances, equities or claims, [f] Buyer will be delivered no less than the net revenue interest as listed for each mineral leases in Appendix A, [g] to the best of Seller’s knowledge, there is no basis that would cause the prohibition of customary oil and gas drilling on the Assets, and [h] if any of the Assets are found to be defective as a result of a breach by the Seller of any of its representations, warranties and covenants in this Agreement (“Defective Mineral Asset”s), Seller covenants to promptly replace, at no cost to Buyer, Defective Mineral Assets with comparable new mineral Assets having the same or greater value as the Defective Mineral Asset (“Replacement Mineral Asset”s). In the event that the parties disagree on what is a comparable Replacement Mineral Asset, the final determination will be made by a mutually agreed upon consulting geologist.  If the Seller is unable to replace the Defective Mineral Asset, then the indemnification amount will be equal to the Purchase Price associated with the Defective Mineral Asset.  Upon Buyer’s inclusion of a Replacement Mineral Asset, Buyer will assign the Defective Mineral Asset back to the Seller.

	
6.

	
Referrals & Broker Fees:  Seller has not agreed to pay brokerage or finder fees or other fees or commissions with respect to the transactions contemplated by this Agreement.

	
7.

	
Other:  Waiver: If any party waives rights hereunder resulting from a breach by the other party of any provisions herein, such waiver is not to be construed as a continuing waiver of other breaches of the same or other provisions of this Agreement.  Resort to any remedies referred to herein shall not be construed as a waiver of any other rights and remedies to which such party is entitled under this Agreement or otherwise.  Successors & Assigns:  Each covenant and representation of this Agreement shall inure to the benefit of and be binding upon each of the parties, their personal representatives, assigns and other successors in interest.  Entire & Sole Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all other agreements, representations, warranties, statements, promises and undertakings, whether oral or written, with respect to the subject matter of this Agreement.  This Agreement may be modified or amended only by a written agreement signed by the parties.  Governing Law & Venue: This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.  The venue for any action hereunder shall be in the appropriate forum in the State of North Dakota.  Counterparts: This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Attorney Fees and Costs: In the event that either party must resort to legal action in order to enforce or defend the provisions of this Agreement, the prevailing party shall be entitled to receive reimbursement from the non-prevailing party for reasonable attorneys’ fees and other costs incurred in commencing, defending or enforcing this Agreement, including but not limited to post judgment costs.  Remedies: Except as otherwise expressly provided herein, none of the remedies set forth in this Agreement are intended to be exclusive, and each party shall have all other remedies now or hereafter existing at law, in equity, by statute or otherwise.  The election of any one or more remedies shall not constitute a waiver of the right to pursue other available remedies. Severability: In the event that any provision or part of this Agreement is held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall not affect the validity or enforceability of any other provision or part of this Agreement.

 

  

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9.

	
Termination:  This Agreement will be effective on the date first above written and extend until the Closing Date unless Seller and Buyer by mutual written agreement either terminate this Agreement prior to, or extend the term of this Agreement beyond, the Closing Date.

	
10.

	
Private & Confidential:  Seller agrees to not disclose to any third party the transactions contemplated by this Agreement (“Confidential Information”) unless disclosure is required in order for Seller to comply with applicable laws.  This confidentiality requirement does not apply to Confidential Information that has become public knowledge.  This confidentiality requirement survives the Closing Date.

	
  

	
IN WITNESS WHEREOF, this Agreement is entered into as of the date first above written.

	
SELLER, Irish Oil & Gas, Inc.

	  	
SELLER, Twin Cities 

Technical, LLC

	  	
BUYER, Ante5, Inc.

	
/s/ Tim Furlong

 

 

	  	
/s/ Terry L. Harris

	  	
/s/ Bradley Berman

	
Tim Furlong, Vice President

	  	
Terry L. Harris, President

	  	
Bradley Berman, CEO

	
 

Irish Oil & Gas, Inc.

Attn:  Tim Furlong

PO Box 2356

Bismarck, ND 58502

 

	  	
 

Twin Cities Technical, LLC

Attn:  Terry L. Harris

P.O. Box 2323

Bismarck, ND 58502

 

	  	
 

Ante5, Inc.

Attn:  Bradley Berman

10275 Wayzata Blvd., Suite 310

Minnetonka, MN 55305

 

	
Telephone: (701) 751-3141

	  	
Telephone: (701) 223-4866

	  	
Telephone: (952) 426-1851

	  	  	  	  	  
	
Email: tim@irishog.com

	  	
Email: tharris123@gmail.com

	  	
Email: bberman@ante5oil.com

  

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APPENDIX A to Harris-Furlong 6

LIST OF ASSETS

 

 

 

 

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