Document:

THIRD AMENDMENT TO LEASE - Kissimmee, Florida

Exhibit

10.27

 

FOURTH AMENDMENT TO LEASE

 

Kissimmee, Florida

 

THIS AMENDMENT is

made this 25th  day of March 2002, by and between UNITED DEVELOPMENT COMPANY LIMITED, a

Florida limited partnership having a principal place of business at 2175 Partin

Settlement Road, Kissimmee, Florida 32743 (hereinafter called

"Landlord") and UFP TECHNOLOGIES, INC.,  a Delaware corporation

having a principal place of business at 172 East Main Street, Georgetown,

Massachusetts 01833 (hereinafter called "Tenant"). 

 

WHEREAS, Landlord

and Tenant entered into and executed a lease dated as of April 1, 1986, as

extended and amended on August 1, 1991, August 1, 1996, and August 26, 1998

(the "Lease") for the Premises (as hereinafter defined) as more

particularly described therein; 

 

WHEREAS, Landlord

and Tenant mutually desire to amend and further extend the lease; 

 

NOW, THEREFORE, in

consideration of the mutual covenants herein set forth and of ONE DOLLAR and

other good and valuable consideration, Landlord and Tenant hereby agree to amend

and do hereby amend the, effective as of January 1, 2002, Lease as follows: 

 

1.                       The

definition of "Premises" in Section 1.02 is deleted in its entirety

and replaced with the following: 

 

Premises.

Approximately 49,400 sq. feet of space in the Building.  The Land and Building together are sometimes

referred to as the "Property." 

 

2.                       Article 3

of the Lease is deleted in its entirety and replaced with the following: 

 

Term.  The current extension of the Term of this

Lease commenced on January 1, 2002, and shall end at midnight, December 31,

2006, both dates inclusive. 

 

3.                       Section

4.02 of the Lease is deleted in its entirety and replaced with the following: 

 

Computation of

Basic Rent.  The Basic Rent for the

current extension of the Lease Term shall be the sum of $149,600 per annum. 

 

4.                       Section

6.04 is deleted in its entirety and replaced with the following: 

 

Increases in Taxes.  Tenant shall pay to Landlord during the

Lease Term, as Additional Rent, within thirty (30) days of written demand

therefor from Landlord, Tenant's Share of the amount by which the Taxes

assessed against the Property during any tax fiscal year (as reduced by

abatements) exceeds twenty-five thousand dollars ($25.000). If any extension

Term shall terminate without fault of the Tenant prior to the end of the then

current tax fiscal year, then said amount payable by Tenant shall be prorated. 

 

 

 

5.                       Article 8

is deleted in its entirety and replaced with the following: 

 

ARTICLE 8

EXTERIOR MAINTENANCE

 

8.01           Tenant shall at

Tenant's expense perform all needed periodic maintenance and minor repairs to

the exterior of the Building and the structural elements thereof (including but

not limited to foundation, walls, roof, and the like). Tenant shall at Tenant's

expense perform all needed landscaping. 

 

8.02           Landlord shall at

Landlord's expense perform all replacements of and major repairs to the

Building and the structural elements thereof (including but not limited to

foundation, walls, roof, and the like). 

 

6.                       Section

15.01 is deleted in its entirety and replaced with the following: 

 

Insurance.  Tenant shall, as Additional Rent, take out and maintain

throughout the Term the following insurance protecting Landlord and Tenant as

named insureds and with such additional insureds as Landlord from time to time 

may designate, in such amounts and with such insurance companies as

Tenant deems appropriate, subject to Landlord's reasonable approval: (a)

commercial general liability insurance with so-called "broad form"

endorsement insuring Landlord and Tenant against all claims and demands for

injury to or death of any person or damage to or loss of property which may be

claimed to have occurred on or about the Property, with an initial combined

single limit of at least $2,000,000; (b) workers' compensation insurance with

statutory limits covering all of Tenant's employees working on the Property;

and (c) fire and casualty insurance with extended coverage on all buildings and

improvements now existing or hereafter erected upon the Property. Policies for

all such insurance shall, in case of loss, be first payable to the holders of

any mortgages on the property under a standard non-contributing mortgagee's

clause, and shall be deposited with the holder of such mortgage or with

Landlord, as Landlord may elect. 

 

7.                       Lease

cancellation option.  UFP shall have

the option to cancel the lease, provided it gives one hundred twenty (120) days

written notice and pays a fee equal to five (5) months lease payments.

 

Except as

specifically amended hereby,  the Lease remains in full force and

effect.

 

EXECUTED as a

sealed instrument as of the date first written above. 

 

	

  TENANT: UFP TECHNOLOGIES, INC.

  	

  LANDLORD: UNITED DEVELOPMENT COMPANY

  LIMITED

  
	

  BY:

  	

  /s/Ronald J. Lataille

  	

   

  	

  BY:

  	

  /s/Richard L. Bailly

  	

   

  
	

   

  	

  Name: Ronald J. Lataille

  	

   

  	

  Name: Richard L. Bailly

  
	

   

  	

  Its:       Chief Financial

  Officer

  	

   

  	

  Its:       General PartnerTHIRD AMENDMENT TO LEASE - Decatur, Alabama

Exhibit 10.28

 

FOURTH AMENDMENT TO LEASE

 

Decatur, Alabama

 

THIS AMENDMENT is

made this 25th day of March 2002 by and between UNITED DEVELOPMENT COMPANY LIMITED,  a

Florida limited partnership having a principal place of business at 2175 Partin

Settlement Road, Kissimmee, FL 32743 (hereinafter called “Landlord”) and UFP

TECHNOLOGIES, INC., a Delaware corporation having a principal place

of business at 172 East Main Street, Georgetown, MA 01833 (hereinafter called

“Tenant”).

 

WHEREAS, Landlord

and Tenant entered into and executed a lease dated as of June 15, 1990, as

extended and amended on December 31, 1992, January 1, 1996, and August 26,

1998, (the “Lease”) for the Premises as more particularly described therein;

 

WHEREAS, Landlord

and Tenant mutually desire to further amend and extend the lease and to make

provisions for, without limitation, the construction of an addition to the

Building as more specifically described below;

 

NOW, THEREFORE, in

consideration of the mutual covenants herein set forth and of ONE DOLLAR and

other good and valuable consideration, Landlord and Tenant hereby agree to

amend and do hereby amend the Lease, effective as of January 1, 2002, as

follows:

 

1.          The

definitions of  “Adjusted Basic Rent”

and “Basic Rent” in Section 1.02 are deleted in their entirety.

 

2.          The

definition of “Building” in Section 1.02 is deleted in its entirety and

replaced with the following:

 

Building.  The building

containing approximately 47,250 square feet of space (and any additions thereto

or expansions thereof).

 

3.          Article

3. of the Lease is deleted in its entirety and replaced with the following:

 

Term.  The current

extension of the Term of this Lease commenced on January 1, 2002, and shall end

at midnight, December 31, 2006.

 

4.          Section

4.02 of the Lease is deleted in its entirety and replaced with the following:

 

Computation of Basic Rent. The Basic Rent for the current

extension of the Lease Term shall be the sum of $94,500 per annum.

 

5.          Section

6.02 is deleted in its entirety and replaced with the following:

 

Increases in Taxes. Tenant shall pay to Landlord during the Lease Term,

as Additional Rent, within thirty (30) days of written demand therefor from

Landlord, the Taxes assessed against the Property during any tax fiscal year

(as reduced by abatements). If any extension Term shall terminate without fault

of the Tenant prior to the end of the then current tax fiscal year, then said

amount payable by Tenant shall be prorated.

 

 

6.          Article

8 is deleted in its entirety and replaced with the following:

 

ARTICLE 8

EXTERIOR

MAINTENANCE

 

8.01            Tenant

shall at Tenant’s expense perform all needed periodic maintenance and minor

repairs to the exterior of the Building and the structural elements thereof

(including but not limited to foundation, walls, roof, and the like). Tenant

shall at Tenant’s expense perform all needed landscaping.

 

8.02            Landlord

shall at Landlord’s expense perform all replacements of and major repairs to

the Building and the structural elements thereof (including but not limited to

foundation, walls, roof, and the like).

 

7.          Section

15.01 is deleted in its entirety and replaced with the following:

 

Insurance.  Tenant

shall, as Additional Rent, take out and maintain throughout the Term the

following insurance protecting Landlord and Tenant as named insureds and with

such additional insureds as Landlord from time to time may designate, in such

amounts and with such insurance companies as Tenant deems appropriate, subject

to Landlord’s reasonable approval: (a) commercial general liability insurance

with so-called “broad form” endorsement insuring Landlord and Tenant against

all claims and demands for injury to or death of any person or damage to or

loss of property which may be claimed to have occurred on or about the

Property, with an initial combined single limit of at least $2,000,000; (b)

workers’ compensation insurance with statutory limits covering all of Tenant’s

employees working on the Property; (c) at all times during the course of any

construction or renovation of any improvements or alterations on the Property,

completed value form, “all physical loss,” builder’s risk insurance on all work

being performed on the Property; and (d) fire and casualty insurance with

extended coverage on all buildings and improvements now existing or hereafter

erected upon the Property. Policies for all such insurance shall, in case of

loss, be first payable to the holders of any mortgages on the property under a

standard non-contributing mortgagee’s clause, and shall be deposited with the

holder of such mortgage or with Landlord, as Landlord may elect.

 

8.          Lease

cancellation option.  UFP shall have

the option to cancel the lease, provided it gives one hundred twenty (120) days

written notice and pays a fee equal to five (5) months lease payments.

 

Except as specifically amended hereby, the Lease remains in full force

and effect.

 

EXECUTED as a sealed instrument as of the date

first written above.

 

	

  TENANT: UFP TECHNOLOGIES, INC.

  	

  LANDLORD: UNITED DEVELOPMENT COMPANY

  LIMITED

  
	

   

  	

  BY:

  	

  /s/  Ronald J. Lataille

  	

   

  	

  BY:

  	

  /s/  Richard L. Bailly

  	

   

  
	

   

  	

  Name:

  	

  Ronald J. Lataille

  	

   

  	

  Name:

  	

  Richard L. Bailly

  
	

   

  	

  Its:

  	

  Chief Financial Officer

  	

   

  	

  Its:

  	

  General Partner

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