Document:

Exhibit 10.27 - 100 Potrero Avenue Leases: Waiver & Extension

Exhibit 10.27*
WAIVER AND EXTENSION
THIS WAIVER AND EXTENSION (this “Agreement”) is made by the undersigned as of September 29, 2013.
WHEREAS, Dolby Laboratories, Inc., a California corporation (the “Tenant”), and certain of the undersigned are parties to (i) that certain Lease Agreement dated as of December 31, 2005, as amended, relating to certain premises commonly known as 100 Potrero Avenue, San Francisco, California, as more particularly described in such Lease Agreement, (ii) that certain Lease Agreement dated as of December 31, 2005, relating to certain premises commonly known as 130 Potrero Avenue, San Francisco, California, as more particularly described in such Lease Agreement and (iii) that certain Lease Agreement dated as of December 31, 2005, relating to certain premises commonly known as 140 Potrero Avenue, San Francisco, California, as more particularly described in such Lease Agreement (each a “Lease” and collectively, the “Leases”).  Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the applicable Lease.  In addition, all of the undersigned (other than the Tenant) are collectively referred to herein as the “Landlord Parties”
WHEREAS, Section 30(a) of each Lease provides that Tenant may exercise the Extension Option by providing written notice to Landlord no less than 12 months prior to the Expiration Date of the Term (the “Option Deadline”).
WHEREAS, the Expiration Date of the Term of each of the Leases is December 31, 2013 (the “Original Expiration Date”).
WHEREAS, the Ray and Dagmar Dolby Real Estate Investments, L.P., an original party to certain of the Leases, has dissolved.
WHEREAS, with respect to each applicable Lease, each of the Landlord Parties, pursuant to a Waiver dated December 20, 2012, a Waiver dated February 27, 2013, a Waiver dated April 26, 2013 and a Waiver dated June 29, 2013 (collectively, the “Prior Waivers”) previously waived the Option Deadline with respect to the first Option Term, and desires to continue to waive the Option Deadline with respect to the first Option Term (in the event that Tenant exercises the Extension Option with respect to the first Option Term) as specified below.
WHEREAS, Section 30(b) of each Lease provides that if Tenant exercises the Extension Option, the Landlord shall send to Tenant a notice setting forth the Prevailing Market Rental for the Premises for the Option Term (the “Landlord Notice”) on or before the date that is 270 days prior to the Expiration Date of the Term (the “Landlord Deadline”).
WHEREAS, with respect to each applicable Lease, Tenant previously waived, pursuant to the Prior Waivers, the Landlord Deadline with respect to the first Option Term and desires to continue to waive the Landlord Deadline with respect to the first Option Term (in the event that Tenant exercises the Extension Option with respect to the first Option Term) as specified below.
WHEREAS, Section 24 of each Lease provides that no provision of such Lease may be waived except by a written instrument signed by the party against which the enforcement of the waiver is sought.
WHEREAS, the parties desire to extend the term of each Lease to April 30, 2014 (the “Extended Expiration Date”).
NOW, THEREFORE,
1.Each Lease is hereby amended to change the Expiration Date thereunder from the Original Expiration Date to the Extended Expiration Date.  During the period from the Original Expiration Date through the Extended Expiration Date, Tenant shall continue to pay Base Rent at the rate applicable to the month in which the Original Expiration Date occurs.

1

2.With respect to each applicable Lease, each of the Landlord Parties hereby irrevocably waives the Option Deadline with respect to the first Option Term; provided, however, that if Tenant wishes to exercise the Extension Option with respect to such first Option Term, Tenant must do so by no later than March 31, 2014.
3.With respect to each applicable Lease, Tenant hereby irrevocably waives the Landlord Deadline with respect to the first Option Term; provided, however, that if Tenant exercises the Extension Option with respect to such first Option Term, the Landlord must deliver the Landlord Notice on or before the date that is 30 days after Tenant exercises the Extension Option.
4. Nothing herein shall be construed as requiring Tenant to exercise the Extension Option under any of the Leases.
This Agreement may be executed in any number of counterparts, each of which when executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
[Signature Page Follows]

2

IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed as of the date first written above by a duly authorized signatory.

	
		
	RAY DOLBY TRUST UNDER THE DOLBY FAMILY TRUST INSTRUMENT DATED MAY 7, 1999
By: /s/ Dagmar Dolby
Name: Dagmar Dolby
Title: Trustee

	DOLBY FAMILY TRUST INSTRUMENT DATED MAY 7, 1999
By: /s/ Dagmar Dolby
Name: Dagmar Dolby
Title: Trustee

	RAY DOLBY 2002 TRUST A DATED APRIL 19, 2002
By: /s/ Dagmar Dolby
Name: Dagmar Dolby
Title: Trustee

	RAY DOLBY 2002 TRUST B DATED APRIL 19, 2002
By: /s/ Dagmar Dolby
Name: Dagmar Dolby
Title: Trustee

	DOLBY LABORATORIES, INC.
a California corporation

By:/s/ Andy Sherman
Name: Andy Sherman
Title: Executive Vice President and General Counsel
	 

3uree_ex103.htm

Exhibit 10.3

 

AMENDMENT N0.1 TO REPURCHASE OPTION AGREEMENT

 

This AMENDMENT NO. 1 (the "Amendment") to the REPURCHASE OPTION AGREEMENT (the "Agreement") originally dated as of ________, between U.S. Rare Earths, Inc., a Nevada corporation (the "Company"), and ____________ (the "Seller") is dated as of September 30, 2013.

Capitalized terms not defined herein shall have the meanings assigned to them in the Agreement.

 

WITNESSETH:

 

WHEREAS, on _________, the Company and the Seller entered into the Agreement; WHEREAS, the parties now desire to amend the Agreement as further set forth herein;

 

NOW, THEREFORE, in consideration of and for the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Agreement is hereby amended as follows:

 

	
1.  

	
Section 1 of the Agreement shall be deleted in its entirety and replaced with the following:

 

"Repurchase Option. The Seller hereby irrevocably grants to the Company the right and option (the "Repurchase Option") to repurchase up to _________ Shares at the Price Per Share, in whole or in part, at any time on or before 5:30 pm New York City time on December 31, 2013 (the "Expiration Date")."

	
2.  

	
Upon execution of this Amendment, the Company shall exercise the Repurchase Option with respect to __________ Shares at the Price Per Share, it being understood that the remaining __________ Shares shall remain subject to the Repurchase Option according to the terms of the Agreement, as amended by Section 1 of this Amendment.

 

	
3.  

	
Any undefined capitalized terms used herein, shall bear such meaning ascribed to them in the Agreement.

 

	
4.  

	
This Amendment shall be construed and interpreted in accordance with the laws of the State of New York without giving effect to the conflict of laws rules thereof or the actual domiciles of the parties.

 

	
5.  

	
Except as amended hereby, the terms and provisions of the Agreement shall remain in full force and effect, and the Agreement is in all respects ratified and confirmed.

 

	
6.  

	
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute a single Amendment.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first stated above.

 

 

U.S. RARE EARTHS, INC.

By: ________________________

Name:

Title:

Seller

By:_________________________uree_ex104.htm

Exhibit 10.4

 

FORM OF AMENDMENT NO.1 TO ESCROW AGREEMENT

This AMENDMENT NO. 1 (the “Amendment”) to the ESCROW AGREEMENT (the "Agreement") originally dated as of ________, between U.S. Rare Earths, Inc., a Nevada  corporation (the “Company”), _____________ (the “Seller”) and Manhattan Transfer Register Company, as Escrow Agent hereunder (“Escrow Agent”) is dated as of September 30, 2013.

 

WITNESSETH:

WHEREAS, on __________, the Company, the Seller and Escrow Agent entered into the Agreement;

WHEREAS, the parties now desire to amend the Agreement as further set forth herein;

NOW, THEREFORE, in consideration of and for the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Agreement is hereby amended as follows:

	
1.

	
The second recital of the Agreement shall be deleted in its entirety and replaced with the following:

 

“WHEREAS, the Seller has granted to the Company a right and option (the “Repurchase Option”) to repurchase, in whole or in part, up to such number shares of Common Stock owned by the Seller set forth opposite his, her or its name on Exhibit A (the "Shares") at a purchase price of $1.00 per Share (the “Price Per Share”) at any time on or before 5.30 pm New York City time on December 31, 2013 (the “Expiration Date”), in accordance with the terms of a Repurchase Option Agreement, as such may be amended from time to time, between the Company and each Seller dated as of the date hereof (the “Repurchase Option Agreement”); and “

 

	
3.

	
Any undefined capitalized terms used herein, shall bear such meaning ascribed to them in the Agreement.

 

	
4.

	
This Amendment shall be construed and interpret­ed in accordance with the laws of the State of New York without giving effect to the conflict of laws rules thereof or the actual domiciles of the parties.

 

	
5.

	
Except as amended hereby, the terms and provisions of the Agreement shall remain in full force and effect, and the Agreement is in all respects ratified and confirmed.

	
6.

	
This Amendment may be executed in one or more counter­parts, each of which shall be deemed an original and all of which taken together shall constitute a single Amendment.

 

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first stated above.

 

	 	
U.S. RARE EARTHS, INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ 	 
	 	 	Name: 	 
	 	 	Title :	 
	 	 	 	 

	 	
Seller:

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

	 	
Manhattan Transfer Registrar Co., 

as Escrow Agent

	 
	 	 	 	 
	 	
By: 

	/s/ 	 
	 	Title:	Partner

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