Document:

Exhibit 10.7 Second Amendment to Lease Agreement

EXHIBIT 10.7
SECOND AMENDMENT TO LEASE AGREEMENT

This Second Amendment to Lease Agreement (the “Second Amendment”) is made this 27th day of January 2012 by and between BURTON HILLS IV INVESTMENTS, INC., a Tennessee Corporation, successor by assignment to BURTON HILLS IV PARTNERS, a Tennessee general partnership (hereinafter called “Landlord”) and SYMBION, INC., a Delaware corporation, successor by merger to Symbion Inc., a Tennessee corporation (hereinafter called “Tenant”).
WITNESSETH:
Whereas, the parties entered into that certain Lease Agreement dated June 20, 2001, as modified by that certain Commencement Date Agreement dated December 19, 2002 (collectively, the “Original Lease”), whereby Landlord leased to Tenant the space described therein consisting of 39,852 rentable square feet on the fourth and fifth floors (the “Original Leased Premises”) in Burton Hills IV Office Building, 40 Burton Hills Boulevard, Nashville, Tennessee (the “Building”);
Whereas, the parties entered into that certain First Amendment to Lease Agreement (the “First Amendment”) dated February 9th, 2004, whereby Landlord leased to Tenant an additional 3,920 rentable square feet on the fourth floor for a total premises (the “Revised Leased Premises”) of 43,772 rentable square feet.
Whereas the parties desire to enter into this Second Amendment to Lease Agreement in order to set forth the specific terms and conditions by which the Original Lease and the First Amendment (collectively the “Lease”) shall be further amended in order increase the term of the Lease by a period of 5 years.
Now, therefore in consideration of the premises and mutual covenants herein contained and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree to amend the Lease as follows:

		
	1.
	Revised Lease Term.  Landlord and Tenant Agree to extend the Lease term outlined in Section 1.02 Letter F of the Original Lease for a period of 60 months (the “Extension Period”).  The effective date of the Extension Period shall begin January 1, 2013 and end at midnight on December 31st 2017.

		
	2.
	Revised Minimum Rent for the Extension Period.  Section 1.02 D shall be amended to include the following Minimum Annual Rent for the Extension Period.

	
				
	Lease Year
	Rent/Rentable Square Foot
	Minimum Annual
Rent
	Monthly Rent Installments

	11 (Jan. 1- Dec 31 2013)
	$28.50
	$1,247,502.00
	$103,958.50

	12 (Jan. 1- Dec 31 2014)
	$29.36
	$1,284,927.06
	$107.077.26

	13 (Jan. 1- Dec 31 2015)
	$30.24
	$1,323,474,87
	$110,289.57

	14 (Jan. 1- Dec 31 2016)
	$31.14
	$1,363,179.12
	$113.598.26

	15 (Jan. 1- Dec 31 2017)
	$32.08
	$1,404,074.49
	6/21/117

		
	3.
	Carpet Allowance for 4th floor.  Landlord shall provide an allowance not to exceed $19,100 for the costs associated with replacing the carpet on the 4th floor of the Premises.  Carpet installation shall be done based on Tenant schedule.

		
	4.
	Landlord's share of operating Expenses.  Effective January 1, 2013 Section 3.02 Item A number 4 shall be changed to the following: The Base Year Expense Stop shall be an amount equal to the Operating Expenses (as measured per square foot) actually incurred during the calendar year 2012, grossed up to an annualized ninety-five percent (95%) or greater occupancy and for fully assessed annual taxes.”

		
	5.
	Controlling Provision.  To the extent the provisions of this Second Amendment are inconsistent with the Lease, the terms of this Second Amendment shall control.

		
	6.
	Authority. Landlord and Tenant affirm and covenant that each has the authority to enter into this Second Amendment and to abide by the terms hereof, and that the signatories hereto are authorized representatives of their respective entities empowered by their respective entities to execute this Second Amendment.

		
	7.
	Force and Effect.  Except as if expressly amended and modified herein, all other terms, covenants and conditions of the Lease shall remain in full force and effect.

		
	8.
	Successors and Assigns.  The conditions, covenants and agreements contained herein shall be binding upon the parties hereto and their respective successors and assigns.

In witness whereof, the parties hereto have executed this Second Amendment to Lease Agreement as of the day and year first above written.
                        	
			
	LANDLORD:

	 
	 
	 

	BURTON HILLS IV INVESTMENTS, INC.

	 
	 
	 

	By:
	 
	/s/ Alex S. Palmer

	 
	 
	 

	TITLE:
	 
	President

	 
	 
	 

	TENANT:
	 
	 

	 
	 
	 

	SYMBION, INC.

	 
	 
	 

	By:
	 
	/s/ Richard E. Francis, Jr.

	 
	 
	 

	Title:
	 
	Chief Executive Officerexhibit10-1.htm

 

EXHIBIT 10.1

 

AGREEMENT AND ASSIGNMENT

 

THIS AGREEMENT AND ASSIGNMENT (the “Agreement”) is made and entered into as March 15, 2012, by and between Omnitek Engineering Corp.  (“Seller”) and Tuva Co., LLC (the “Buyer”).

 

W I T N E S S E T H:

 

Whereas, the Seller is the owner of 80,000 shares of the common stock (the “Shares”) of Performance Stores, Inc. (the “Company”)

 

Whereas, between February 2003 and July 2004 the Seller loan an aggregate of $125,600 to the Company (the “Loan”) of which $25,600 was repaid in March 2005, and since that date no further amounts have been repaid and the Seller has since written-off the balance of said loan.

Whereas, the Seller desires to sell and the Buyer desires to purchase the Shares and the Loan upon the terms and provisions more specifically set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, agree as follows:

 

1.             Sale and Transfer of the Shares.  At the Closing (as hereinafter defined) and subject to the terms and conditions of this Agreement, the Sellers shall sell, convey and deliver to the Buyer and the Buyer hereby purchases and accepts from the Seller, the Shares.

 

2.             Purchase and Sale of Loan.  At the Closing, and subject to the terms and conditions herein set forth, the Seller shall sell, convey and deliver to the Buyer, and the Buyer shall purchase and accept from the Seller, the Loan.

3.             Purchase Price. The purchase price of the Shares and the Loan shall be an aggregate amount of five thousand dollars ($5,000) payable by to Seller by Buyer at Closing.

 

4.             Closing. The Closing of the transaction described in this Agreement shall take place on such date as mutually determined by the parties hereto (the “Closing”), which Closing is expected to be on or before March 15, 2012, unless extended by mutual consent of the parties hereto.

 

5.             Deliveries.

 

(a)           Seller’s Deliveries.  At the Closing, the Seller shall deliver to Buyer the following:

 

(i)           the original certificate representing the Shares along with a duly executed Stock Assignment separate from the certificate in form satisfactory to the Buyer; and

 

(ii)          the duly executed the Assignment of the Loan in form satisfactory to the Buyer.

 

(b)           Buyer’s Deliveries.  At the Closing, the Buyer shall deliver to the Seller, the following:

 

(i)           the purchase price by check payable to the Seller.

 

 

  

  

  

 

6.             Representation and Warranties of the Seller. The Sellers represent and warrant that:

 

(a)            The Seller has all necessary power and authority to execute, deliver and perform this Agreement and to consummate the transactions provided for herein. This Agreement has been duly authorized, executed and delivered by the Seller and constitutes a valid and binding obligation of the Seller enforceable in accordance with its terms. The execution, delivery and performance of this Agreement by the Seller does not and will not violate any provision of any law, regulation or order, or conflict with or result in the breach of, or constitute a default under, any material agreement or instrument to which the Seller is a party or by which the Seller may be bound or affected.

(b)            The Loan is being sold and assigned without recourse against Seller and without any representations or warranties of Seller, except as set forth herein.

(c)            The Seller is vested with a full and absolute title to said Loan and has the authority to assign and transfer the same.

(d)            The unpaid principal amount of the Loan has been advanced to, or on behalf of, the Company, the Company received consideration for the Loan.

 

(e)             The Company is in default under the Loan for failure to make any payments when due, and as of the date hereof there is currently due and owing unpaid principal of 100,000; and accrued interest thereon.

 

(f)             The Loan is free of usury, no settlement, payment or compromise has been made with respect to the Loan and no special promise or consideration has been made to the Borrower.

 

(g)            The Seller has good and marketable title to the Shares free and clear of all liens and encumbrances.

(h)           The Seller hereby represent and warrant to the Buyer that the Shares constitute “restricted securities” within the meaning of Rule 144 of the Securities Act and may not be sold, pledged, or otherwise disposed of by the Buyer without restriction under the Securities Act and applicable state securities laws, except to the extent any Buyer is an affiliate within the meaning of the Securities Act.

(i)             Seller hereby represents and warrants to the Buyer that certificate representing the Shares will be duly endorsed upon their transfer to the Buyers.

7.             Representation and Warranties of the Buyer. The Buyer represents and warrants that:

(a)            The Buyer has all necessary power and authority to execute, deliver and perform this Agreement and to consummate the transactions provided for herein.  This Agreement has been duly executed and delivered by the Buyer and constitutes a valid and binding obligation of the Buyer enforceable in accordance with its terms.  The execution, delivery and performance of this Agreement by the Buyer does not and will not violate any provision of any law, regulation or order, or result in the breach of, or constitute a default under, any material agreement or instrument to which any Buyer is a party or by which any Buyer may be bound or affected.

 

(b)            The Buyer’s purchase of the Shares hereunder has not been solicited by means of general solicitation or by advertisement.

(c)            Buyer acknowledges that the Loan is being sold and assigned without recourse against Seller and without any representations or warranties of Seller, except as set forth herein.

(d)            The Buyer is fully aware that no payments have been made under the Loan and that the Loan maybe uncollectible.

 

  

  

  

 

 

8.             Entire Agreement. This Agreement constitutes the complete understanding between the parties hereto with respect to the subject matter hereof, and no alteration, amendment or modification of any of the terms and provisions hereof shall be valid unless made pursuant to an instrument in writing signed by each party.  This Agreement supersedes and terminates any and all prior agreements or understandings between the parties regarding the subject matter hereof.

 

9.             Fees and Costs. The Seller and the Buyer shall each bear their own fees and costs incurred in connection with this Agreement.

 

10.           Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, executors, successors and assigns.

 

11.           Governing Law. This Agreement has been made in and shall be construed and enforced in accordance with the laws of the State of Nevada.

 

12.           Survival of Representations and Warranties. All representations and warranties made by the Seller and the Buyer shall survive the Closing.

 

13.           Jurisdiction and Venue. Any claim or controversy arising out of or relating to the interpretation, application or enforcement of any provision of this Agreement, shall be submitted for resolution to a court of competent jurisdiction in the State of Nevada.  The parties hereby consent to personal jurisdiction and venue in Nevada.

 

14.           Construction and Severability. In the event any provision in this Agreement shall, for any reason, be held to be invalid or unenforceable, this Agreement shall be construed as though it did not contain such invalid or unenforceable provision, and the rights and obligations of the parties hereto shall continue in full force and effect and shall be construed and enforced in accordance with the remaining provisions hereof.

 

15.           Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

16.           Paragraph Headings.  The paragraph headings contained in this Agreement are for convenience only and shall not affect in any manner the meaning or interpretation of this Agreement.

 

17.           Rule of Construction Relating to Ambiguities. All parties to this Agreement acknowledge that they have each carefully read and reviewed this Agreement with their respective counsel and/or other representative, and therefore, agree that the rule of construction that ambiguities shall be construed against the drafter of the document shall not be applicable.

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	SELLER	 
	 	 	 
	 	OMNITEK ENGINEERING CORP.	 
	 	 	 
	
 

	/s/ Werner Funk	 
	 	By: Werner Funk	 
	 	Its: President	 
	 	 	 
	 	BUYER	 
	 	 	 

	 	TUVA CO., LLC	 
	 	 	 
	
 

	/s/ George G. Chachas	 
	 	By: George G. Chachas 	 
	 	Its: Manager

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