Document:

ex_139440.htm

Exhibit 10.26

 

SECOND AMENDMENT TO LEASE AGREEMENT

 

THIS SECOND AMENDMENT TO LEASE AGREEMENT (hereinafter referred to as this “Amendment”) is made this _27_ day of ___July___, 2018, by and between ICON DP MD OWNER POOL 2 WEST/NORTHEAST/MIDWEST, LLC, a Delaware limited liability company (“Landlord”), and BIO-KEY INTERNATIONAL, INC., a Delaware corporation (“Tenant”).

 

WITNESSETH:

 

WHEREAS, Landlord and Tenant are party to that certain Lease, dated as of May 4, 2009(the “Original Lease”), as amended by that certain First Amendment to Lease Agreement, dated as of September 12, 2013 (the “First Amendment”, the “Lease”, as may be further amended or modified from time to time), pursuant to which Landlord leases to Tenant certain premises consisting of approximately 5,544 rentable square feet with a common address of 1301 Corporate Center Drive, Suite 1160, Eagan, Minnesota 55121, as more particularly described in the Lease (the “Premises”), and located in the Project commonly known as Eagandale Business Campus I. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Lease.

 

WHEREAS, the Term is scheduled to expire on August 31, 2018 and Landlord and Tenant desire to extend the Term for an additional twelve (12) full calendar months from such expiration date and to amend the terms and conditions of the Lease as hereinafter provided.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of ten dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, and the mutual covenants set forth herein, the parties hereto agree as follows:

 

1.          Extension of Term. The Term is hereby extended for a period of twelve (12) full calendar months, commencing as of September 1, 2018 (the “Extended Term Commencement Date”) and expiring on August 31, 2019 (the “Extended Term”). From and after the date hereof, the “Term” shall be deemed to include the Extended Term.

 

2.          Rent Schedule. Effective as of the Extended Term Commencement Date, the Annual Rent and Monthly Installment of Rent for the Premises payable by Tenant to Landlord during the Extended Term is as follows:

 

	
			Period

				
			Annual Rent

				
			Monthly 

			Installment of Rent

			
	
			From

				
			Through

			
	
			September 1, 2018

				
			August 31, 2019

				
			$40,194.00

				
			$3,349.50

			

 

Except as otherwise set forth in this Amendment, all other terms and conditions with respect to the payment of Monthly Installment of Rent, Taxes, Expenses, or any other sums due and payable by Tenant under the Lease shall remain as set forth thereunder.

 

3.          AS-IS Condition. Tenant hereby acknowledges and agrees that it has accepted the Premises as of the date hereof, and will continue to accept the Premises as of the Extended Term Commencement Date, in AS-IS, WHERE-IS condition without any representation or warranty of any kind made by Landlord in favor of Tenant.

 

1

 

 

4.          Notice. Landlord’s Address as set forth on the Reference Pages of the Original Lease and as amended by Section 5 of the First Amendment are hereby deleted in their entirety and replaced with the following:

 

	
			Landlord:

			 

			c/o GLP US Management LLC

			Two North Riverside Plaza, Suite 2350

			Chicago, IL 60606

			Attention: Lease Administration

			 

			With a copy to:

			c/o GLP US Management LLC

			50 Old Ivy, Suite 250

			Atlanta, GA 30342

			Attention: Regional Director

				 

 

5.          OFAC. Tenant hereby represents and warrants that, to the best of its knowledge, neither Tenant, nor any persons or entities holding any legal or beneficial interest whatsoever in Tenant, are (i) the target of any sanctions program that is established by Executive Order of the President or published by the Office of Foreign Assets Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or (iii) named on the following list that is published by OFAC: “List of Specially Designated Nationals and Blocked Persons.” If the foregoing representation is untrue at any time during the Term, an Event of Default will be deemed to have occurred, without the necessity of notice to the defaulting party.

 

6.          Tenant’s Broker. Tenant represents and warrants that it has dealt with no broker, agent or other person in connection with this transaction and that no broker, agent or other person brought about this transaction. Tenant agrees to indemnify and hold Landlord harmless from and against any claims by any broker, agent or other person claiming a commission or other form of compensation by virtue of having dealt with Tenant with regard to this leasing transaction.

 

7.          No Offer. Submission of this Amendment by Landlord is not an offer to enter into this Amendment, but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord and Tenant have fully executed and delivered this Amendment.

 

8.          Authority. Tenant represents and warrants to Landlord that Tenant has been and is qualified to do business in the state in which the Premises is located, that the entity has the full right and authority to enter into this Amendment, and that all persons signing on behalf of the entity were authorized to do so by appropriate actions. 

 

9.          Severability. If any clause or provision of this Amendment is illegal, invalid or unenforceable under present or future laws, then and in that event, it is the intention of the parties hereto that the remainder of this Amendment shall not be affected thereby. It is also the intention of the parties to this Amendment that in lieu of each clause or provision of this Amendment that is illegal, invalid or unenforceable, there be added, as a part of this Amendment, a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable.

 

10.        Counterparts and Delivery. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one Amendment. Execution copies of this Amendment may be delivered by facsimile or email, and the parties hereto agree to accept and be bound by facsimile signatures or scanned signatures transmitted via email hereto, which signatures shall be considered as original signatures with the transmitted Amendment having the binding effect as an original signature on an original document. Notwithstanding the foregoing, Tenant shall, upon Landlord’s request, deliver original copies of this Amendment to Landlord at the address set forth in such request. Neither party may raise the use of a facsimile machine or scanned document or the fact that any signature was transmitted through the use of a facsimile machine or email as a defense to the enforcement of this Amendment.

 

11.        Conflict; Ratification. Insofar as the specific terms and provisions of this Amendment purport to amend or modify or are in conflict with the specific terms, provisions and exhibits of the Lease, the terms and provisions of this Amendment shall govern and control. Landlord and Tenant hereby agree that (a) this Amendment is incorporated into and made a part of the Lease, (b) any and all references to the Lease hereinafter shall include this Amendment, and (c) the Lease, and all terms, conditions and provisions of the Lease, are in full force and effect as of the date hereof, except as expressly modified and amended hereinabove.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]

 

2

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly authorized, executed and delivered as of the day and year first set forth above.

 

	
			LANDLORD:

				
			 

			
	 	 
	
			ICON DP MD OWNER POOL 2

			WEST/NORTHEAST/MIDWEST, LLC,

			a Delaware limited liability company

				 
	 	
			 

				 	
			 

				
			 

			
	 	
			By: 

				
			GLP US Management LLC,

				
			 

			
	 	
			 

				
			a Delaware limited liability company,

				
			 

			
	 	
			 

				
			as agent for Landlord

				
			 

			
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

 

	TENANT:	 
	 	 	 
	BIO-KEY INTERNATIONAL, INC.,	 
	a Delaware corporation	 
	 	 	 
	By	 	 
	Name:	Cecilia C. Welch	 
	Title:	CFOex_139441.htm

Exhibit 10.27

 

FOURTH AMENDMENT TO LEASE

 

 

 

THIS FOURTH AMENDMENT TO LEASE (the “Fourth Amendment”) made this June ____, 2018, by and between MARLEN HOLDINGS, LLC with an office at 555 Industrial Way East, Eatontown, NJ 07724 (“Landlord”), and BIO-KEY INTERNATIONAL INC. with an office at Allaire Office Park, Highway 138, Building A, Suite 102, Wall, New Jersey 07719 (hereinafter called “Tenant”).

 

WITNESSETH

 

WHEREAS, pursuant to that Lease dated June 2, 2004 as amended by the that First Amendment to Lease date August 2004, that Second Amendment to Lease dated January 2009, and that Third Amendment to Lease dated June 2013 (the Lease and following three amendments being collectively referred to herein as the “Lease”) Victor AOP, Inc. (successor in interest to Landlord) leased office space to Tenant comprised of 4,517 rentable square feet at Allaire Office Park in Building A, Suite 102 pursuant to terms and conditions as more particularly described in the Lease; and

 

WHEREAS, Landlord and Tenant now wish to amend the Lease by this Fourth Amendment for the purposes of (i) extending the term of the Lease as amended hereby with respect to the Premises for an additional term of five (5) years and (ii) implementing such other modifications to the Lease as are herein agreed to;

 

NOW, THEREFORE, in consideration of the sum of Ten ($10.00) Dollars and other good and valuable consideration exchanged by Landlord and Tenant, the receipt and sufficiency of which are hereby expressly acknowledged, it is AGREED as of the date hereof:

 

1.        Recitals; Defined Terms.   The recitals set forth above shall be incorporated into the terms of this Fourth Amendment. For the purposes of this Fourth Amendment, words and phrases used herein with initial capital case letters and not otherwise defined in this Fourth Amendment shall have the respective meanings ascribed to them in the Lease.

 

2.        Demised Premises.   The parties agree that Premises shall consist of 4,517 rentable square feet which is presently occupied by the Tenant. The Landlord will provide the following improvements:

 

	 	
			a)

				
			Paint offices where indicated on the floor plan attached hereto as Exhibit “A”,

			
	 	
			b)

				
			Clean carpets where indicated on the floor plan attached hereto as Exhibit “A”;

			
	 	c)	Clean all windows and blinds;
	 	d)	Repair laminate on kitchen counter;
	 	e)	Repair kitchen sink pump;
	 	f)	Make good faith effort to balance climate control in the suite including the conference room.

 

 

 

 

Other than the above referenced improvements, Landlord shall not be required to make or cause any improvements to the Premises. Tenant acknowledges that the Premises is suitable for the Permitted Use as stated in the Lease.

 

3.         Commencement Date/ Expiration Date. The parties hereby confirm the Lease without regard to this Fourth Amendment expires on August 31, 2018. The parties herein that the Lease shall now be extended for an additional five (5) years and the Commencement Date for the extended term shall be September 1, 2018 and the Expiration Date thereof shall be August 31, 2023.

 

4.         Base Rent. With respect to the Premises, Tenant shall pay Base Rent in accordance with the following”

 

	Period	Annual	Monthly	Per Square Foot Rent
	 	 	 	 
	9/1/18-8/31/19	$118,932.61	$9,911.05	$26.33
	 	 	 	 
	9/1/19-8/31/20	$122,501.04	$10,208.42	 $27.12
	 	 	 	 
	9/1/20-8/31/21	$126,159.81	 $10,513.32	$27.93
	 	 	 	 
	9/1/21-8/31/22 	$129,954.09	$10,829.51	$28.77
	 	 	 	 
	9/1/22-8/31/123	$133,838.71	$11,153.23	$29.63

 

5.         Janitorial Services. Tenant shall be responsible for and pay directly for all janitorial service within the Premises.

 

6.         Brokerage.    Landlord and Tenant agree that the only broker or real estate agent entitled to a commission in connection with this transaction is Quinn & Paslawsky Commercial Realty Tenant shall indemnify and hold harmless Landlord against any claims judgments, expenses (including legal fees) and costs against Landlord arising out of any assertion by any other broker or real estate agent other than Quinn & Paslawsky Commercial Realty. Landlord shall pay Quinn & Paslawsky Commercial Realty a commission pursuant to a separate commission agreement.

 

7.         Continuation of Lease. Landlord and Tenant agree that, except as provided herein, nothing herein shall modify the terms and conditions of the Lease with respect to the Premises and that all the other terms and conditions of the Lease shall apply to this Fourth Amendment. If any inconsistency exists or arises between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall prevail. This Amendment shall be governed by the laws of the State in which the Premises is located.

 

2

 

 

8.         Ratification. Tenant hereby ratifies and confirms its obligations under the Lease, and represents and warrants to Landlord that it has no defenses thereto. Additionally, Tenant further confirms and ratifies that, as of the date hereof, the Lease is and remains in good standing and in full force and effect, and Tenant has no claims, counterclaims, set-offs or defenses against Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction between Landlord and Tenant.

 

9.          Counterparts. This Amendment may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute one document. A facsimile or email copy of a signature on this Amendment shall be binding as original.

 

 

 

IN WITNESS WHEREOF, Landlord and Tenant have executed this Fourth Amendment the day and year first above written.

 

	
			 

				
			LANDLORD: 

				
			 

			
	 	 	 
	 	MARLEN HOLDINGS LLC	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			    Name

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	TENANT:	 
	 	 	 
	 	BIO-KEY INTERNATIONAL INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

3

 

 

EXHIBIT “A”

 

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]