Document:

exhibit_10-26.htm

 

Exhibit 10.26

 

SECOND AMENDMENT TO OFFICE LEASE

 

This SECOND AMENDMENT TO OFFICE LEASE ("Amendment") is made and entered into as of the 18th day of June, 2014, by and between LOGAN BUILDING LLC, a Delaware limited liability company ("Landlord"), and VISUALANT, INC., a Washington corporation ("Tenant").

 

Landlord (as successor to Harbor Properties, Inc.) and Tenant are parties to that certain Office Lease dated July 11, 2012, as amended by Amendment No. 1 to Lease dated June 14, 2013 (as so amended, the "Lease"), concerning 2,244 rentable square feet on the 4th floor of the Logan Building in Seattle, Washington.  Capitalized terms used and not otherwise defined herein shall have the meanings given in the Lease.

Landlord and Tenant desire to amend the Lease to include certain additional space within the Premises, and in certain other respects, and therefore agree as follows:

	
  

	
I.

	
Additional Premises; Extension of Term; Rent.

 

	 	
A.

	
CommencementDate For and Description of Additional Premises and Premises. "Additional Premises Commencement Date" shall mean June 18, 2014. Effective as of the Additional Premises Commencement Date, the additional space comprising 441 rentable square feet on the fourth floor of the Building and identified as Suite 406 on Exhibit A attached hereto ("Additional Premises") will be added to and included within the Premises that are the subject of the Lease, so that from and after the Additional Premises Commencement Date: (i) the Premises will include Suites 406, 420 and 450 as shown on Exhibit A attached hereto, comprising a total of 2,685 rentable square feet, and (ii) all references to "Premises" in the Lease will refer to the Premises as expanded by the inclusion of the Additional Premises; provided, however, that the calculation of Base Rent with respect to the Additional Premises for the period from the Additional Premises Commencement Date through August 31, 2014 shall be governed by Section I(D) below. Tenant shall continue to have a single suite address of Suite 420 for the entire Premises.

 

	 	
B. 

	
Tenant's Share.  Effective as of the Additional Premises Commencement Date, Tenant's Share under the Lease shall be 2.35%.

 

	 	
C. 

	
Prepaid Rent.   Simultaneously with execution of this Amendment, Tenant shall (i) deliver a check payable to Landlord in the amount of $937.13 (constituting $937.13 in Base Rent and $0 in Additional Rent) in payment of prepaid Rent for the Additional Premises applicable to the period from the Additional Premises Commencement Date through the end of the month in which the Additional Premises Commencement Date occurs.

 

	 	
D. 

	
Rent.  Effective as of the Additional Premises Commencement Date, the Base Rent payable for the Additional Premises (which shall be in addition to the Base Rent payable with respect to Suite 420 and Suite 450 pursuant to the Lease) shall be as follows:

  

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Additional Premises Base Rent:

	  	  	 	Annual Rate	 	 	Annual	 	 	Monthly
	
Period

	  	 	per SF	 	 	Base Rent	 	 	Base Rent
	  	  	 	 	 	 	 	 	 	 	 
	  	Additional Premises Commencement Date - 8/31/2014	 	$25.50	 	 	$11,245.50	 	 	$937.13

 

	
  

	
II.

	
Miscellaneous.

 

	
  

	
A.

	
Tenant hereby accepts the Additional Premises in its current AS IS condition. Landlord shall have no obligation to perform any tenant improvements or provide any allowance for tenant improvements in the Additional Premises.

 

	
  

	
B.

	
Landlord will continue to hold the existing Security Deposit. No additional Security Deposit is being required in connection with the Additional Premises.

 

	
  

	
C.

	
Landlord and Tenant hereby acknowledge and confirm that the Lease, as amended by this Amendment, is valid and binding and in full force and effect, enforceable against each of them in accordance with its terms.

 

	
  

	
D.

	
This Amendment may be executed in multiple counterparts which, when taken together, shall constitute a single instrument. Legal delivery of this Amendment may be accomplished by facsimile or email or other electronic transmission of signatures.

 

	
  

	
E.

	
The recitals in the opening paragraphs of this Amendment are incorporated into and are a part of this Amendment.

 

	
  

	
F.

	
Tenant warrants that it has had no dealings with any broker except Scott Driver & Company (Tenant's Broker") in connection with this Amendment, and covenants to indemnify and hold harmless Landlord from all damages, liability and expense (including reasonable attorney fees) arising from any claims or demands of any other broker or finder for any commission alleged to be due such brokers or finders as a result of their relationship to Tenant in connection with this Amendment. Landlord will pay a commission to Tenant's Broker pursuant to separate written agreement.

 

[Remainder of page intentionally left blank; signatures appear on following page]

  

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IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be executed the day and date first above written.

 

	 	 	 	 Please see signature page	 	 
	 	LANDLORD: 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	TENANT: 	 	 VISUALANT, INC.,	 	 
	 	 	 	 a Washington corporation	 	 
	 	 	 	 	 	 
	 	 	 By: /s/	 Mark Scott	 	 
	 	 	 Name:	 Mark Scott	 	 
	 	 	 Title:	  CFO	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

Landlord:

LOGAN BUILDING LLC,

a Delaware limited liability company

	
  

	
By:

	
Unico Boutique Office Portfolio LP, 

a Delaware limited partnership,

Manager

 

	
  

	
By:

	
Unico Boutique Office Portfolio GP LLC, 

a Delaware limited liability company, 

General Partner

 

	 	
By: 

	
Unico Investment Group LLC,

a Delaware limited liability company, 

Member

 

By: /s/ Brian Pearce

Name: Brian Pearce

Title: Senior Vice President

 

 

3exhibit_10-27.htm

 

Exhibit 10.27

 

THIRD AMENDMENT TO OFFICE LEASE

 

This THIRD AMENDMENT TO OFFICE LEASE (“Amendment”) is made and entered into as of the 18th day of December, 2014, by and between LOGAN BUILDING LLC, a Delaware limited liability company (“Landlord”), and VISUALANT, INC., a Washington corporation (“Tenant”).

 

Landlord (as successor to Harbor Properties, Inc.) and Tenant are parties to that certain Office Lease dated July 11, 2012, as amended by Amendment No. 1 to Lease dated June 14, 2013 and by Second Amendment to Office Lease date June 18, 2014 (as so amended, the “Lease”), concerning 2,685 rentable square feet on the 4th floor of the Logan Building in Seattle, Washington.  Capitalized terms used and not otherwise defined herein shall have the meanings given in the Lease.

 

The Term of the Lease expired August 31, 2014 (“Expiration Date”) and, since the Expiration Date, Tenant has continued to occupy the Premises as a holdover tenant pursuant to Section 23 of the Lease.  Landlord and Tenant desire to amend the Lease to provide for the orderly surrender of the Premises by Tenant and to memorialize the Parties’ agreement regarding the holdover Rent to be paid by Tenant, and therefore agree as follows:

 

I. Term; Surrender of Premises: Rent.

 

	
  

	
A.

	
Reinstatement of Term.  The Term of the Lease is hereby reinstated and extended until February 28, 2015.  From and after the date hereof, the term “Expiration Date” shall mean February 28, 2015.

 

	
  

	
B.

	
Phased Surrender of Premises.  As of the date hereof, the Premises includes Suites 406, 420 and 450 as shown on Exhibit A attached hereto.   Tenant will (i) surrender Suite 406 and Suite 450 on or before December 31, 2014; and (ii) surrender Suite 420 on or before February 28, 2015, all in accordance with Section 22 of the Lease and the other applicable terms and conditions of the Lease.

 

	
  

	
C.

	
Expansion Premises; Surrender of Expansion Premises. As an accommodation by Landlord, Landlord agrees that Tenant may elect by written notice delivered to Landlord on or before December 26, 2014, to expand the Premises that are subject to the Lease to include, effective as of January 1, 2015 (“Expansion Date”), those premises located on the 8th floor of the Building, known as Suite 810, comprising approximately 612 rentable square feet and located as shown on Exhibit A attached hereto (the “Expansion Premises”).  If Tenant so elects, then from and after the Expansion Date, for all purposes under the Lease the term “Premises” shall include the Expansion Premises.  Tenant hereby approves of and accepts the Relocation Premises in its current AS IS condition; Landlord shall have no obligation to construct or pay for any improvements within the Expansion Premises.  If Tenant elects to include the Expansion Premises within the Premises, as described above, then Tenant will surrender the Expansion Premises on or before February 28, 2015, in accordance with Section 22 of the Lease and the other applicable terms and conditions of the Lease.

 

	
  

	
D.

	
Tenant’s Share.  With each surrender of a portion of the Premises, and with any expansion of the Premises, Tenant’s Share under the Lease shall be adjusted to equal the ratio that the rentable area of the Premises (after giving effect to such surrender or expansion, as applicable) bears to the total rentable area of the Building.

 

  

1

  

	 	
E. 

	
Rent.  From and after December 1, 2014 (or, with respect to the Expansion Premises, January 1, 2015), the Base Rent payable for each portion of the Premises (as described below) shall be as follows:

 

Suite 406 Base Rent:

 

	
Period

	  	
Monthly

Base Rent

	  
	
12/1/2014 – 12/31/2014

	  	
$1,171.41

	  

 

Suite 420 Base Rent:

 

	
Period

	  	
Monthly

Base Rent

	  
	
12/1/2014 – 2/28/2015

	  	
$2,535.00

	  

 

Suite 450 Base Rent:

 

	
Period

	  	
Monthly

Base Rent

	  
	
12/1/2014 – 12/31/2014

	  	
$2,640.31

	  

 

Suite 810 Base Rent (if Tenant elects to expand as provided above):

 

	
Period

	  	
Monthly

Base Rent

	  
	
1/1/2015 – 2/28/2015

	  	
$1,625.63

	  

 

II.  Miscellaneous.

 

	
  

	
A.

	
Landlord will continue to hold the existing Security Deposit.  No additional Security Deposit is being required in connection with the Relocation Premises.

 

	
  

	
B.

	
Landlord and Tenant hereby acknowledge and confirm that the Lease, as amended by this Amendment, is valid and binding and in full force and effect, enforceable against each of them in accordance with its terms.

 

	
  

	
C.

	
This Amendment may be executed in multiple counterparts which, when taken together, shall constitute a single instrument.  Legal delivery of this Amendment may be accomplished by facsimile or email or other electronic transmission of signatures.

 

	
  

	
D.

	
The recitals in the opening paragraphs of this Amendment are incorporated into and are a part of this Amendment.

 

  

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E. 

	
Tenant warrants that it has had no dealings with any broker in connection with this Amendment, and covenants to indemnify and hold harmless Landlord from all damages, liability and expense (including reasonable attorney fees) arising from any claims or demands of any broker or finder for any commission alleged to be due such brokers or finders as a result of their relationship to Tenant in connection with this Amendment.

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be executed the day and date first above written.

LANDLORD:                                                   LOGAN BUILDING LLC,

            a Delaware limited liability company

By: Unico Boutique Office Portfolio LP, a Delaware limited partnership, Manager

By: Unico Boutique Office Portfolio GP LLC, a Delaware limited liability company, General Partner

By: Unico Investment Group LLC, a Delaware limited liability company, Member

By: /s/ Brian Pearce

Name: Brian Pearce

Title: Senior Vice President

TENANT:                                                          VISUALANT, INC.,

            a Washington corporation

By: /s/ Mark Scott

Name: Mark Scott

Title: CFO

 

 

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