Document:

Unassociated Document

 

LEASE AMENDING AGREEMENT

 

THIS AGREEMENT made as of the 1st day of March, 2011.

 

BETWEEN:

 

PIONEER TRANSFORMERS LTD.

(the "Tenant")

 

AND:

 

1713277 ONTARIO INC.

(the "Landlord")

 

WHEREAS pursuant to a lease dated the 8th day of October, 1998, as amended by a lease amending agreement made as of the 20th day of March, 2001, (collectively, the "Lease"), the Landlord, by its predecessor, as landlord, leased to the Tenant certain premises containing a rentable floor area of 1,407 square feet, being composed of part of the ground floor of Building 5, Suite 102, of the development municipally known as 2600 Skymark A venue, Mississauga, ON (the Lands and Building being more particularly described in the Lease) for a term now expiring July 31, 2011, at the rents and upon the terms and conditions contained in the Lease.

AND WHEREAS 1713277 ONTARIO INC. is successor in interest and title as owner and landlord of the Lands and Building

AND WHEREAS the Landlord and the Tenant have agreed to extend the Term of the Lease and to certain other amendments to the Lease and to execute this Agreement to give effect thereto;

NOW THEREFORE THIS AGREEMENT WITNESSESS that in consideration of the mutual covenants contained herein and the sum of TWO DOLLARS ($2.00) now paid by each party to the other and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereby covenant and agree as follows:

 

	
I .

	
The above recitals are true in substance and in fact.

 

	
2.

	
Effective from and after the 1st day of August, 2011, the Lease shall be and is hereby amended as follows:

	
  

	
a)

	
Section 3.01 is hereby deleted and replace with the following:

 

"The Term of this Lease shall be eighteen (18) years, commencing August 1, 1998, and ending July 31, 2016, unless the Term is otherwise terminated as provided for in this Lease."

 

  

  

  

 

	
  

	
b)

	
Section 4.01 shall be amended by adding the following:

 

	
Period of Term

	
Annual Basic Rent

	
Monthly Basic Rent

	
Annual Rate Per Sq. Ft of Rentable Area

	
Lease Years 14-18

Commencing Aug 01, 2011. Ending July 31, 2016.

	
$20,401.50

	
$1,700.13

	
$14.50

 

	
  

	
c)

	
The Landlord's address in Section 4.05 shall be deleted and replaced with the following: 

37 Hartford Trail

Brampton, ON

L6W 4K2

 

	
3.

	
The Landlord and the Tenant hereby acknowledge, confirm and agree that in all other respects the terms of the Lease are to remain in full force and effect, unchanged and unmodified except in accordance with this Agreement.

	
4.

	
Except as specifically stated in this Agreement, any expression used in this Agreement has the same meaning as the corresponding expression in the Lease.

	
5.

	
This Agreement shall ensure to the benefit of and be binding upon the parties hereto and their respective permitted successors and permitted assigns.

 

IN WITNESS WHEREOF each of the parties have executed this Assignment as of the date first written above.

 

	 	

Tenant:

PIONEER TRANSFORMERS LTD.

 

	 
	 	 	 	 
	
 

	

Per: 

	/s/ James A. Wilkins	 
	 	 	

Name: James A. Wilkins

	 
	 	 	

Title: Vice-President

	 

 

	 	 	 	 
	
 

	

Per: 

	/s/ Raymond Haddad	 
	 	 	

Name: Raymond Haddad

	 
	 	 	

Title: Secretary

	 

 

	 	
I/We have authority to bind the Corporation

 

Landlord:

1713277 ONTARIO INC.

	 
	 	 	 	 
	
 

	

Per: 

	/s/ Torrence Ernest	 
	 	 	

Name: Torrence Ernest

	 
	 	 	

Title: President

	 
	 	 	 
	 	

I/We have authority to bind the Corporation

	 
	 	 	 	 

 

 

  

  

  

 

﻿LEASE SUMMARY SCHEDULE

 

	
Tenant:

	
Pioneer Transformers Ltd.

 

	
Landlord:

	
2600 Skymark Investments Inc.

 

	
Property:

	
2600 Skymark Avenue

 

Mississauga Ontario

 

L4W 5L6

 

	
Unit:

	
Bldg 5, Suite 102

 

Lease Details

 

	
Start

Date

	
End

Date

	
Per

Annum

	
Minimum Rent Per Month

	
PSF

	
Additional Rent 2006

	  	  	  	  	  	  
	
Aug. 1,2006

	
July 31, 2009

	
$18,995.85

	
$1,582.99

	
$13.50

	
$11.90

	
Aug. 1, 2009

	
July 31, 2011

	
$20,401.50

	
$1,700.13

	
$14.50

	  

 

	
Lease Term:

	
Five (5) years

	  	  
	  	  	  	  
	
Area:

	
1,407

	
Building Area:

	
120,656

	  	  	  	  
	
Pro rata:

	
1.17%

	  	  
	  	  	  	  
	
Renewal Option:

	
N / A

	  	  
	  	  	  	  
	
Deposit:

	
$2,485.14

	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	
Contact Summary

	  	  	  
	  	  	  	  
	
Contact:

	
Christine Dalpe

	  	  
	  	  	  	  
	
Mailing Address:

	
same as above

	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	
Phone Number:

	
905.625.0868

	  	  
	  	  	  	  
	
Fax Number:

	
905.625.6589

	  	  
	  	  	  	  
	
Email:

	
______@pioneertransformers.com

	  

 

  

  

  

 

PIONEER TRANSFORMERS LIMITED

612, Chemin Bernard

Granby

Quebec J2G 8E5

Please find outlined below the monthly rental payments including estimated operating costs for 2011 calendar year:

	
Unit

	
Building 5, Suite 102

 

	
Property

	
2600 Skymark Avenue 

Mississauga, Ontario

L4W 5B2

 

	
Period

	
January 1, 2011 to July 31, 2011

 

 

	
Minimum Rent

	 	$	1 700.13	 
	
Additional Rent

	 	$	1 485.40	 
	  	 	$	3 185.53	 
	
HST (13%)

	 	$	414.12	 
	
Total

	 	$	3 599.65	 

 

Please forward 6 post-dated cheques payable to the Landlord at the address shown below:

1713277 Ontario Inc.

 

37 Hartford Trail

Brampton

Ontario L6W 4K2

Your kind and urgent attention in this matter is greatly appreciated.

 

Regards

Torrence Ernest

President

1713277 Ontario Inc.

Telephone 905 453 9128Unassociated Document

 

Exhibit 10.34

 

SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT ("Amendment"), dated as of November 24, 2010, amends and supplements that certain Loan and Security Agreement dated as of January 2, 2008, as amended to date (as so amended, the "Loan Agreement"), between JEFFERSON ELECTRIC, INC., a Delaware corporation ("Borrower"), and JOHNSON BANK ("Bank").

 

RECITALS

 

Borrower and Bank desire to amend and supplement the Loan Agreement as provided below.

 

AGREEMENTS

 

In consideration of the promises and agreements set forth in the Loan Agreement, as amended hereby, the parties agree as follows:

 

1.           Definitions and References.  Capitalized terms not otherwise defined herein have the meanings assigned in the Loan Agreement.  All references to the Loan Agreement contained in the Loan Documents shall, upon fulfillment of the conditions specified in Section 3 below, mean the Loan Agreement as amended by this Amendment.

 

2.           Amendment to Loan Agreement.  Section 5.21 of the Loan Agreement is amended in its entirety to read as follows:

 

5.21           Tangible Net Worth Plus Subordinated Debt Plus Deferred Tax.  Borrower shall achieve, as of the following dates, a Tangible Net Worth plus Indebtedness contractually subordinated to Bank in a manner satisfactory to Bank plus deferred income tax (calculated in accordance with Financial Accounting Standards Board, Statement of Financial Accounting Standards No. 109) of not less than the following amounts:

 

	
Date

	
Amount

	
June 30, 2010

	
($4,500,000)

	
September 30, 2010  

	
($4,300,000)

	
December 31, 2010

	
($4,000,000)

	
March 31, 2011

	
($3,800,000)

	
June 30, 2011

	
($3,600,000)

	
September 30, 2011

	
($3,400,000)

3.           Closing Conditions.  This Amendment shall become effective upon the execution and delivery by Borrower and Bank of this Amendment.

 

  

  

  

 

4.           No Waiver.  Borrower agrees that nothing contained herein shall be construed by Borrower as a waiver by Bank of Borrower's compliance with any representation, warranty or covenant contained in the Loan Agreement and that no waiver of any provision of the Loan Agreement by Bank has occurred.  Borrower further agrees that nothing contained herein shall impair the right of Bank to require strict performance by Borrower of the Loan Agreement.

 

5.           Representations and Warranties.  Borrower represents and warrants to Bank that:

 

(a)           The execution and delivery of this Amendment are within its corporate power, have been duly authorized by proper corporate action on the part of Borrower, are not in violation of any existing law, rule or regulation of any governmental agency or authority, any order or decision of any court, the charter documents of Borrower or the terms of any agreement, restriction or undertaking to which Borrower is a party or by which it is bound, and do not require the approval or consent of any governmental body, agency or authority or any other person or entity; and

 

(b)           The representations and warranties of Borrower contained in the Loan Documents are true and correct in all material respects as of the date of this Amendment (except to the extent that such representations and warranties specifically refer only to another date).

 

6.           Costs and Expenses.  Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses paid or incurred by Bank in connection with the negotiation, preparation, execution and delivery of this Amendment and all documents, instruments and agreements related hereto and thereto, including the reasonable fees and expenses of Bank's counsel.

 

7.           Full Force and Effect.  The Loan Agreement, except as otherwise expressly amended hereby, remains in full force and effect.

 

8.           Execution in Counterparts.  This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

[remainder of page intentionally left blank]

 

  

2

  

 

9.           Facsimile Signatures.  Facsimile copies of any party's signature hereto shall be deemed effective execution of this Amendment by such party.

 

JEFFERSON ELECTRIC, INC.

BY /s/ Thomas Klink                                                                

      Its President                                                

JOHNSON BANK

BY /s/ Kenneth Pinckney                                                      

      Its Vice President                                                           

3

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