Document:

EX-10.35

 Exhibit 10.35 

FIRST AMENDMENT TO OPEN-END MORTGAGE DEED TO SECURE PRESENT 

AND FUTURE LOANS UNDER CHAPTER 25 OF TITLE 34 

OF THE RHODE ISLAND GENERAL LAWS, 

ASSIGNMENT OF LEASES AND RENTS, 

SECURITY AGREEMENT AND 
 FIXTURE
FILING 
 by 
 ASTRONOVA, INC.,

 a Rhode Island corporation, 

as Mortgagor 
 and 

BANK OF AMERICA, N.A., 
 a national
banking association, 
 as Mortgagee 

This document serves as a Fixture Filing under the Rhode Island Uniform Commercial Code. 

Mortgagor’s Organizational Identification Number is 000001534. 

Property Commonly Known As: 600 East Greenwich Avenue 

(a/k/a Assessor’s Plat 30, Lots 46, 40, 48, 24, 64 and 37) 

City/County: West Warwick, Kent County 

State: Rhode Island 

 FIRST AMENDMENT TO OPEN-END MORTGAGE DEED TO
SECURE PRESENT AND 
 FUTURE LOANS UNDER CHAPTER 25 OF TITLE 34 OF THE RHODE ISLAND 

GENERAL LAWS, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT 

AND FIXTURE FILING 
 This
FIRST AMENDMENT TO OPEN-END MORTGAGE DEED TO SECURE PRESENT AND FUTURE LOANS UNDER CHAPTER 25 OF TITLE 34 OF THE RHODE ISLAND GENERAL LAWS, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING
(this “Agreement”) is made as of the 24th day of March, 2021 (the “Effective Date”), by ASTRONOVA, INC., a Rhode Island corporation (herein referred to as
“Mortgagor”), whose address is 600 East Greenwich Avenue, West Warwick, Rhode Island 02893, to BANK OF AMERICA, N.A., a national banking association (“Mortgagee”), whose address is 100 Westminster Street, RI-536-10-01, Providence, RI 02903. 

Recitals 
 WHEREAS,
Mortgagor delivered that certain Open-End Mortgage Deed To Secure Present And Future Loans Under Chapter 25 Of Title 34 Of The Rhode Island General Laws, Assignment Of Leases And Rents, Security Agreement And
Fixture Filing, with an Effective Date of July 30, 2020, to Mortgagee, and recorded in the Land Evidence Records in the Town of West Warwick, Rhode Island in Book 2485, Page 3313 (the “Mortgage”), to secure, singly and
collectively: (i) that certain Term Note of even date therewith made by Mortgagor payable to the order of Mortgagee in the principal face amount of Sixteen Million Seven Hundred Thirty-Two Thousand and
No/100 Dollars ($16,732,000.00); and, (ii) that certain Revolving Note of even date therewith made by Mortgagor, payable to the order of Mortgagee in the principal face amount of Ten Million and No/100 Dollars ($10,000,000.00), as the same may
from time to time be extended, renewed, amended, restated, replaced, supplemented or otherwise modified. 
 WHEREAS, Mortgagor and Mortgagee
have agreed to certain amendments to the Loan, as that term is defined by the Mortgage (collectively, the “Amendment”) and as a condition precedent to amending the Loan, Mortgagee has required that Mortgagor execute and deliver this
First Amendment to Open-End Mortgage Deed to Secure Present and Future Loans Under Chapter 25 of Title 34 of The Rhode Island General Laws, Assignment of Leases and Rents, Security Agreement and Fixture Filing

 WHEREAS, all things necessary to make this Agreement the valid and legally binding obligation of Mortgagor in accordance with its terms,
for the uses and purposes herein set forth, have been done and performed. 
 WHEREAS, capitalized terms used in this Agreement without
definition shall have the respective meanings attributed thereto in the Loan Agreement. 
 Grants and Agreements 

Now, therefore, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by Mortgagor, and in order to
induce Mortgagee to amend the Loan to Mortgagor and enter into the Amendment, Mortgagor agrees as follows: 

  
 Page 1 

 1. Amendments to Mortgage. The Mortgage is hereby amended as follows:

 A. Article I is hereby amended by deleting the following definitions in their entirety and replacing them with the
following: 
 “Loan Agreement” means the Amended and Restated Credit Agreement dated as of July 30, 2020 between
Mortgagor and Mortgagee as amended by that certain First Amendment to the Credit Agreement dated as of March ____, 2021 between Mortgagor, Mortgagee, ANI APS, a Danish private liability company; and, Trojan Label APS, a Danish private
liability company, which amends certain of the terms and conditions regarding the Loan, as the same may from time to time be extended, amended, restated, supplemented or otherwise modified. 

“Note” means, singly and collectively, (i) that certain Term Note dated as of July 30, 2020 made by Mortgagor
payable to the order of Mortgagee in the principal face amount of Sixteen Million Two Hundred Thirty-Two Thousand and No/100 Dollars ($16,232,000.00)(the “Original Term Note”), the principal
balance of which as of the Effective Date is Ten Million and No/100 Dollars ($10,000,000.00) and (ii) that certain Revolving Note dated as of July 30, 2020 made by Mortgagor payable to the order of Mortgagee in the principal face amount of
Ten Million and No/100 Dollars ($10,000,000.00)(the “Original Revolving Note”), as amended and restated in its entirety by that certain Amended and Restated Revolving Note dated as of March _____, 2021 made by Mortgagor payable to
the order of Mortgagee in the principal face amount of Twenty-Two Million Five Hundred Thousand and No/100 Dollars ($22,500,000.00), as the same may from time to time be extended, renewed, amended, restated,
replaced, supplemented or otherwise modified. 
 B. Section 8.16(c) of the Mortgage shall be deleted in its
entirety and replaced with the following: 
 Future Advances; Rhode Island Open-End Mortgage.
This Mortgage permits and secures any and all current and future advances to Mortgagor evidenced by (or pursuant to) any one or more of the following: the Note, the Loan Agreement, and the other Loan Documents, such other note or notes as may be
signed by Mortgagor payable to Lender and such other agreement(s) as may be entered into by Mortgagor with Lender, and signed by Borrower. The unpaid principal balance of indebtedness outstanding under this Mortgage shall at no time exceed Thirty-Two Million Five Hundred Thousand and 00/100 Dollars ($32,500,000.00). Borrower will accept notices pursuant to R.I.G.L.
§34-25-10(B) and §34-25-11 at the address and in the manner specified in
Section 8.8 of this Mortgage. 
 C. The Mortgage is further amended so that the term “Mortgage”
shall collectively refer to the Mortgage and this Agreement, “Loan Agreement” shall refer collectively to the Loan Agreement as defined by this Agreement, and the term “Note” shall refer to the Note as defined by this Agreement.

 2. Ratification. With the amendments thereto made hereby, the Mortgage and all of the terms, covenants and conditions and other
provisions thereof are hereby ratified, reconfirmed and readopted. All references to the Mortgage in the other Loan Documents shall be deemed to refer to the Mortgage as amended hereby. To the extent the terms of this Agreement are inconsistent with
the other Loan Documents, the terms hereunder shall control. 

  
 Page 2 

 3. No Novation. Mortgagor further agrees that this Agreement and the other documents
executed in connection with the Amendment are not intended to be, nor shall they be construed to create, a novation or accord and satisfaction of any of the Original Term Note (as defined in this Agreement), the Original Revolving Note (as defined
in this Agreement), or the indebtedness evidenced thereby. 
 4. General Provisions. 

4.1 Changes: This Agreement may not be changed orally but only by a writing signed by the parties hereto and dated subsequent to the
date hereof. 
 4.2 Governing Law: This Agreement shall be governed by, and construed, interpreted and enforced in accordance with the
provisions of Section 8.11 of the Mortgage without reference to its principles of conflicts of law. 
 4.3 Binding Effect: This
Agreement shall be binding upon and inure to the benefit of the parties and their respective administrators, executors, personal representatives, heirs, successors and assigns. 

4.4 Entire Agreement. This Agreement constitutes the entire agreement of the parties pertaining to the subject matter hereof and all
prior negotiations and representations relating thereto are merged herein. The terms and conditions set forth in this Agreement are the product of joint draftsmanship by all parties, each being represented or having the opportunity to be represented
by counsel, and any ambiguities in this Agreement or any documentation prepared pursuant to or in connection with this Agreement shall not be construed against any of the parties because of draftsmanship. This Agreement is not intended to modify and
does not modify the rights, remedies and obligations of the parties pursuant to any loan or security agreement, guaranty or debt instrument, except to the extent expressly set forth herein. This Agreement shall inure to the benefit of, and be
binding upon, the representatives, successors and assigns of the parties hereto, respectively. The parties each acknowledge that they have read and understand this Agreement, that they have had the ability to consult with an attorney of their own
choosing, and that they execute this Agreement voluntarily. 
 [Remainder of Page Intentionally Blank; Signatures Follow] 

  
 Page 3 

 IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be executed as of the date first
written above. 
  

			
	MORTGAGOR:
	
	 ASTRONOVA, INC.,
 a Rhode Island
corporation

		
	By:	 	 /s/ David S. Smith

	Name:	 	David S. Smith
	Title:	 	VP, CFO

 STATE OF NEW YORK 
 COUNTY
OF   Westchester     
 In Harrison, NY, on this 23rd day
of March, 2021, before me personally appeared David S. Smith, the V.P., CFO of AstroNova, Inc., a Rhode Island corporation, to me known and known by me to be the party executing the foregoing instrument on behalf of said corporation, and
acknowledged said instrument and the execution thereof to be his/her free act and deed in said capacity and the free act and deed of said corporation. 
  

	
	 /s/ Philip M.
Smith                

	Notary Public
	Print Name Philip M. Smith
	My Commission Expires                                 
                               
	
	[SEAL]

 
			
	MORTGAGEE:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Nicholas Storti

	Name:	 	Nicholas Storti
	Title:	 	Senior Vice President

 STATE OF RHODE ISLAND 

COUNTY OF   Providence         

In Johnston, on this 24 day of March, 2021, before me personally appeared Nicholas Storti, the Senior Vice President of Bank of America, N.A., to me known
and known by me to be the party executing the foregoing instrument on behalf of said corporation, and acknowledged said instrument and the execution thereof to be his/her free act and deed in said capacity and the free act and deed of said
corporation. 
  

	
	 /s/ Sandugash
Yedgeyeva                

	Notary Public
	Print Name Sandugash Yedgeyeva
	My Commission Expires 06/17/2023
	
	[SEAL]ex_240270.htm

EXHIBIT 10.1

 

SECOND AMENDMENT TO LEASE AGREEMENT

 

THIS SECOND AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is entered into as of April 7, 2021 (the “Effective Date”) by and between EXETER 804 EAST GATE 2018, LLC, a Delaware limited liability company (“Landlord”), and INTEST CORPORATION, a Delaware corporation (“Tenant”).

 

WHEREAS, Tenant and Landlord (as a successor-in-interest to Exeter 804 East Gate, LLC, a New Jersey limited liability company (“Prior Landlord”)) are parties to that certain Lease Agreement dated May 10, 2010 (the “Original Lease”), as confirmed by that certain Commencement Date Memorandum dated February 14, 2011 executed by Prior Landlord and Tenant setting forth certain information with respect to the Original Lease (the “Commencement Date Memorandum”), and as amended by that certain First Amendment to Lease Agreement dated as of September 22, 2020 (the “First Amendment” and together with the Original Lease and the Commencement Date Memorandum, collectively, the “Existing Lease”), pursuant to which Tenant leases from Landlord and Landlord leases to Tenant approximately 54,897 rentable square feet (inclusive of 4,382 rentable square feet of mezzanine space) (the “Existing Premises”) located at 804 East Gate Drive, Mount Laurel, New Jersey 08054. The Existing Lease and this Amendment are herein referred to as, collectively, the “Lease”.

 

WHEREAS, upon the terms and conditions set forth in the First Amendment, Landlord and Tenant agreed to amend the Existing Lease (as defined in the First Amendment) to, among other things, reduce the Existing Premises by approximately 21,247 rentable square feet, as shown on Exhibit “A” attached to the First Amendment (inclusive of 4,382 rentable square feet of mezzanine space) (the “Surrendered Premises”), commencing on May 1, 2021 (the “Extension Term Commencement Date”).

 

WHEREAS, Landlord and Tenant now desire to amend the Existing Lease upon the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration, the parties hereto, intending to be legally bound hereby, covenant and agree as follows:

 

1.        Definitions; Recitals. Any capitalized terms used and not otherwise defined herein shall have the meaning given to such terms in the Existing Lease. The above recitals are true and correct and are hereby incorporated into this Amendment as if set forth herein at length.

 

2.        Extension of Term for Surrendered Premises. The Term with respect to the Surrendered Premises is hereby extended for a period of three (3) months (the “Surrendered Premises Extension Term”), with such Surrendered Premises Extension Term commencing on the Extension Term Commencement Date and continuing until 11:59 pm (local time) on July 31, 2021.

 

3.        Partial Surrender/Reduction of Existing Premises.

 

(a)        As used in the Lease, “Reduced Premises Commencement Date” shall mean August 1, 2021.

 

 

 

 

(b)        Section 3 of the First Amendment is hereby amended such that (i) each reference to “Extension Term Commencement Date” is deleted and replaced with “Reduced Premises Commencement Date”, (ii) each reference to “April 30, 2021” is replaced with “July 31, 2021”, and (iii) the phrase “throughout the Extension Term” in the beginning of Section 3(b) of the First Amendment is deleted and replaced with “throughout the remainder of the Extension Term.”

 

4.        Surrendered Premises. Landlord and Tenant acknowledge that, notwithstanding anything to the contrary contained in the Existing Lease, the rentable square feet of the Surrendered Premises include 4,382 rentable square feet attributable to the mezzanine space located therein and that, (i) for purposes of calculating the Minimum Annual Rent with respect to the Surrendered Premises, such 4,382 rentable square feet of mezzanine space has been excluded, and (ii) for purposes of calculating the Tenant’s Share with respect to the Surrendered Premises, such 4,382 rentable square feet of mezzanine space has been included.

 

5.        Minimum Annual Rent. From and after the Effective Date and through April 30, 2021, Tenant shall continue to pay Minimum Annual Rent for the Existing Premises in the amounts and as prescribed in the Existing Lease. Commencing on the Extension Term Commencement Date and throughout the Extension Term, Tenant shall pay Minimum Annual Rent for the Remaining Premises in the amounts and as prescribed in the Existing Lease. Commencing on the Extension Term Commencement Date and throughout the Surrendered Premises Extension Term, Tenant shall pay Minimum Annual Rent for the Surrendered Premises at the time and in the manner specified in the Existing Lease, in the following amounts:

 

	
			Period

				
			Annual

				
			Monthly 

			
	
			May 1, 2021 – July 31, 2021

				
			N/A

				
			$9,627.10

			

 

6.         Annual Operating Expenses; Utilities and Other Charges. In addition to the Minimum Annual Rent as set forth above, Tenant shall remain obligated for the payment to Landlord or such other party as may expressly and specifically be required under the Lease of (a) Annual Operating Expenses as set forth in Section 5 and Section 6 of the Original Lease (as modified hereby), (b) all utilities and services supplied to the Premises as set forth in Section 7 of the Original Lease and (c) any other charges or amounts due under the Lease, in accordance with the provisions of the Lease. For the avoidance of doubt, prior to the Reduced Premises Commencement Date, the Annual Operating Expenses payable by Tenant under the Existing Lease shall include Tenant’s Share of the estimated Operating Expenses attributable to the 4,382 rentable square feet of mezzanine space located within the Surrendered Premises.

 

7.         Condition of Premises. Tenant shall lease the Premises (including the Surrendered Premises through the end of the Surrendered Premises Extension Term) during the term of the Lease (including the Surrendered Premises Extension Term) upon the terms and conditions of the Existing Lease (as modified hereby). Tenant shall accept the Premises (including the Surrendered Premises) in its “AS IS, WHERE IS, WITH ALL FAULTS” condition, without representation or warranty from Landlord and Tenant shall not be entitled to any allowances, credits, options or other concessions with respect to the term of the Lease (including the Surrendered Premises Extension Term) or the Premises (including the Surrendered Premises).

 

 

 

 

8.        Parking. Section 9 of the First Amendment is hereby amended such that the reference to “Extension Term Commencement Date” is deleted and replaced with “Reduced Premises Commencement Date”.

 

9.        Status of Lease Obligations. Tenant acknowledges and certifies that as of the Effective Date, Landlord has performed all covenants and obligations on the part of Landlord to be performed under the Existing Lease and Tenant has no claims or right of offset against Landlord.

 

10.       Brokers. Tenant represents and warrants to Landlord that Tenant has dealt with no broker, agent or other intermediary in connection with this Amendment, and that insofar as Tenant knows, no broker, agent or other intermediary negotiated this Amendment. Tenant agrees to indemnify, defend and hold harmless Landlord and its affiliates, partners, members, employees, agents, their partners, members, shareholders, directors, officers, and trustees from and against any claims made by any broker, agent or other intermediary, with respect to a claim for any broker’s commission or fee or similar compensation brought by any person in connection with this Amendment, provided that Landlord has not in fact retained such broker, agent or other intermediary.

 

11.       Miscellaneous. Any inconsistencies or conflicts between the terms and conditions of the Existing Lease and the terms and conditions of this Amendment shall be resolved in favor of the terms and conditions of this Amendment. Except as specifically modified and amended hereby, the Existing Lease is hereby ratified and confirmed and shall remain in full force and effect. This Amendment may be executed in multiple counterparts, each of which shall be an original and, when taken together, shall constitute one original instrument. This Amendment shall be binding on the parties hereto and their respective successors and assigns.

 

12.       Consent/Approval. Landlord represents and warrants to Tenant that, as of the Effective Date, there is no mortgage or deed of trust encumbering the Property, other than that certain mortgage in favor of Wells Fargo Bank, National Association (“Lender”) dated effective as of December 21, 2018, and recorded on January 8, 2019 with the office of the County Clerk of Burlington County, New Jersey as Instrument No. 5433079 in Book OR13370, at Page 2647. Landlord has obtained Lender’s prior written consent to this Amendment (the “Lender Consent”) and has delivered such Lender Consent to Tenant. Each party represents to the other that it has the full right and authority to bind itself without the consent or approval of any person or entity (other than Lender, for which the Lender Consent has been delivered) and that it has full power, capacity, authority and legal right to execute and deliver this Amendment and to perform all of its obligations hereunder.

 

[Remainder of page left intentionally blank.]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written.

 

	
			 

				
			LANDLORD:

				
			 

			
	 	 	 
	
			 

				
			EXETER 804 EAST GATE 2018, LLC, a Delaware limited liability company

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			Exeter Operating Partnership IV, L.P., a Delaware limited partnership, its sole member

				
			 

			

 

	
			 

				
			By:

				
			Exeter Operating Partnership IV GP LLC, a Delaware limited liability company, its sole general partner

				
			 

			

 

	
			 

				
			By:

				
			Exeter Industrial REIT IV LLC, a Delaware limited liability company, its sole member

				
			 

			

 

 

	 	By:	/s/ Thomas J. Meehan	 
	 	 	Name:  Thomas J. Meehan
	 	 	Title:    Vice President	 

 

 

 

[SIGNATURES CONTINUED ON NEXT PAGE]

 

 

 

 

	
			 

				
			TENANT:

				
			 

			
	 	 	 
	 	INTEST CORPORATION, a Delaware corporation	 
	
			 

				
			 

				
			 

				
			 

			

 

	
			 

				
			By: 

				
			/s/ Hugh T. Regan, Jr.

				
			 

			
	
			 

				
			 

				
			Name:  Hugh T. Regan, Jr.

				
			 

			
	
			 

				
			 

				
			Title:    Treasurer & CFO

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