Document:

Exhibit 10.26

 

SECOND AMENDMENT TO LEASE AGREEMENT BETWEEN 

BC12 99, LTD., A TEXAS LIMITED PARTNERSHIP, AS 

LANDLORD, AND ACTIVE POWER, INC., AS TENANT

To be attached to and form a part of Lease Agreement made the 27th day of September, 2000  (which together with any amendments, modifications and extensions thereof, is hereinafter called the Lease), between Landlord and Tenant, covering a total of approximately 126,750 square feet and located at 2128 Braker Lane, Austin, Texas, known as Braker 12.

WITNESSETH THAT:

	
1.

	
BASE RENT:

The Lease is hereby extended and renewed for a further term of thirty-two (32) months thereby extending the expiration date to December 31, 2007. Notwithstanding anything to the contrary in the Lease agreement, the Monthly Base Rent effective January 1, 2005 shall be as follows:

 

	
Dates

	 	
Monthly Base 

Rental Rate Per 

Square Foot

	 	 	
Monthly Base Rent

	 
	
January 1, 2005 - December 31, 2007 

	 	
$

	
0.42

	 	 	
$

	
53,235

	 

 

Tenant shall be responsible for its pro rata share of property taxes, common are maintenance, management fees and insurance as provided in the Lease, payable on the first day of each month during the balance of the term.

	
2.

	
SECURITY DEPOSIT:

The existing security deposit is hereby increased by one hundred thousand and no/100 dollars ($100,000), payable no later than January 31, 2005. In addition, the security deposit will be further increased by an additional one hundred thousand and no/100 dollars ($100,000), payable no later than January 31, 2006. Landlord shall have a perfected security interest in the security deposit and shall have the right to assign it to an institutional lender who will be bound by all Lease provisions related to the security deposit. The entire security deposit will be refundable at the end of the Lease term upon Tenant's compliance with the terms, covenants and conditions contained in the Lease.

	
3.

	
RENEWALOPTIONS:

Tenant shall hereby have two (2) renewal options structured as follows:

 

Renewal Option #1*

	
Dates

	 	 	
Monthly Base 

Rental Rate Per 

Square Foot

	 	 	 	
Monthly Base Rent

	 
	
January 1, 2008 - December 31, 2009

	 	$	0.46 	 	 	$	58,305	 

 

Renewal Option #2*

	
Dates

	 	 	
Monthly Base 

Rental Rate Per 

Square Foot

	 	 	 	
Monthly Base Rent

	 
	
January 1, 2010 - December 31, 2011

	 	$	0.50 	 	 	$	63,375	 

*Each option is exercisable with a minimum of two hundred and forty (240) days written notice from Tenant to Landlord. In the event Tenant elects to waive either renewal option and evaluate alternate facilities within a twenty five (25) mile radius of Braker 12, then Tenant shall in good faith keep Landlord timely apprised of other buildings it is considering and the terms of the leases being considered. Landlord shall have the opportunity to present a final proposal to Tenant to induce Tenant to remain in Braker 12 (or, if Braker 12 is not comparable to the type of  building or space tenant is then considering, Landlord may propose space in other buildings owned by Landlord or an affiliate) before Tenant commits to Lease space from another landlord. Tenant agrees to negotiate in good faith with Landlord. However, Tenant shall be under no obligation to accept any proposal presented in accordance with these terms.

 

	
4.

	
PARKING:

Tenant shall hereby continue to lease the parking area described in Section 5.B. of the Lease during the ongoing term of the Lease. The base rent shall hereby be fixed at three thousand forty and no/100 dollars ($3,040) per month for one hundred and sixty (160) parking spaces. Landlord shall not unreasonably withhold or delay its consent to allow Tenant to sublease these parking spaces. In the event Tenant does sublease these spaces, Landlord will receive fifty percent (50%) of any profit realized by Tenant (net of customary costs to consummate the sublease).

	
5.

	
COMMISSIONS:

Hill Partners, Inc. shall hereby receive a commission equal to two percent (2%) of the difference between (a) the total Base Rent described herein for the initial renewal term; less, (b) the Base Rent that would have otherwise been due to Landlord for the period from January 1, 2005 through April 30, 2005 pursuant to the Lease. The commission shall be paid within ten (10) days from the date of execution of this lease amendment and the Landlord's receipt of the additional security deposit installment due in January 2005.

	6.	Except as herein modified and amended the Lease shall remain in full force and effect and all terms, provisions, covenants and conditions thereof are hereby ratified and confirmed.

 

DATED AS OF THE 8th DAY OF November, 2004.

 

	
 

	
BC12 99, LTD., A TEXAS LIMITED PARTNERSHIP

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	 			
	WITNESS:	
ORI, INC. , IT'S 

GENERAL PARTNER:

	
	 			
		SANFORD L. GOTTESMAN, President	
	 			
	
 

	
By:

		
 

	 	Title:	President	

	
WITNESS:

	
 

	
 

	 	ACTIVE POWER, INC.:	
	 			
	
 

	
 

		
 

	
 

	
By:

	
DAVID S. GINO

	
 

	 	Title:	CFO/COOExhibit 10.27

 

THIRD AMENDMENT TO THE LEASE AGREEMENT BETWEEN

BC 12 99, LTD., A TEXAS LIMITED PARTNERSHIP, AS LANDLORD, AND ACTIVE POWER,

INC., AS TENANT

To be attached to and form a part of Lease made the 27th day of September, 2000 (which together with any amendments, modifications and extensions thereof, is hereinafter called the Lease), between Landlord and Tenant, covering a total of approximately 126,750 square feet and located at 2128 Braker Lane, Austin, Texas, known as Braker 12.

1.          WITNESSETH that the Tenant's current monthly base rental is as listed below:

	
Months

	 	
Monthly Base P.S.F.

Rate

	 	 	
Monthly Base Rent

	 
	
January I, 2005- December 31, 2007

	 	
$

	
0.42

	 	 	
$

	
52,235.00

	 

 

2.          The Lease is hereby extended and renewed for a further term of Twenty-Four (24) months to commence on the 1st day  of January, 2008 and will expire on the 31st day of December, 2009 on condition that Landlord and Tenant comply with all terms, covenants and conditions contained in the Lease, and the monthly base rental shall be as listed below:

 

	
Months

	 	
Monthly Base P.S.F.

Rate

	 	 	
Monthly Base Rent

	 
	
January 1, 2008- December 31  2008

	 	
$

	
0.43

	 	 	
$

	
54,502.50

	 
	
January 1, 2009- December 31, 2009

	 	
$

	
0.45

	 	 	
$

	
57,037.50

	 

These amounts shall be in addition to Tenant's  proportionate share of common area maintenance, property taxes, management fees, and insurance as currently provided in the Lease

The Tenant shall accept the space in its current "as is" condition.

3.           Once Tenant has executed this Third Amendment to the Lease, Landlord will waive the additional security deposit that was due no later than January 31, 2005, in the amount of One Hundred Thousand Dollars and 00/!00 ($100,000)

Except as herein and hereby modified and amended the Agreement of Lease shall remain in full force and effect and all the terms, provisions, covenants and conditions thereof are hereby ratified and confirmed.

DATED AS OF THE 27th DAY OF March, 2006.

 

	
 

	
LANDLORD:

	
BC12 99, LTD., A TEXAS LIMITED PARTNERSHIP

 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ORI, INC., ITS GENERAL PARTNER:

	
 

	 			
	 	
By:

	/s/ Ron Greene	
	 	Name:	RON GREENE	
	 	Title:	CFO	

 

	
 

	
TENANT:

	
 

	
 

	
 

	
 

	
 

	
 

	
ACTIVE, INC.

	
 

	
 

	
 

	
 

	
 

	 	
By:

	  	
	 	Title:	CHIEF FINANCIAL OFFICERExhibit 10.28

 

FOURTH AMENDMENT TO LEASE AGREEMENT

THIS FOURTH ,AMENDMENT TO LEASE AGREEMENT (this "AMENDMENT") is entered into as of the 24th day of February, 2011, by and between Levy Braker 12 Associates.  LLC.  successor  in interest  to BC 12 99, LTD..  a Texas  Limited  Partnership (the "Landlord") and Active Power  Inc. (the "Tenant").

WITNESSETH

WHEREAS, Landlord and Tenant previously entered into a Lease, dated the 27th day of September, 2000 (which together with any amendments, modifications and extensions thereof, is hereinafter referred to as the "Lease")  pursuant to which Landlord leased to Tenant certain premises located at 2128 Braker Lane, Austin, Texas 78758 known as Braker 12, containing approximately 126,750 square feet of space ("Existing Premises").

WHEREAS,  Landlord and Tenant desire to extend the terms of the Lease for the

Premises on the terms and conditions set forth below:

NOW THEREFORE,  in consideration  of Ten Dollars ($10.00) and other good and valuable consideration,  the receipt and sufficiency  of which  is hereby acknowledged,  the Landlord and Tenant agree as follows:

 

	I.	The Term of the Lease is hereby extended for five (5) years, commencing on January l, 2012 ("Commencement Date  of  Extension  Term")  and  continuing  through  and  including December 3 1, 2016 ("the Extension Term").

 

	
2.

	
The Monthly Base Rent for the Existing Premises during the Extension Term, due and payable in accordance with the Lease, shall be as follows:

 

	
January I, 2012 through December 31,2012:

	 	
$

	
0.45 per square foot

	 
	
January 1, 2013 through December 31, 2013:

	 	
$

	
0.52 per square foot

	 
	
January 1, 2014 through December 31, 2014:

	 	
$

	
0.53 per square foot

	 
	
January 1, 2015 through December 31, 2015:

	 	
$

	
0.55 per square foot

	 
	January 1, 2016 through December 31, 2016:  	 	
$

	
0.56 per square foot

	 

 

Note: Landlord will agree to reduce the base rent due under the current lease from $6.00 psf to $5.50 psf effective for the first ful1 month following the date of execution by all parties of the lease renewal (as per the terms proposed herein) through the end of the current lease term, which expires 12/31/2011.

	
3.

	
Landlord at Landlord's expense shall repair and I or replace all ceiling tiles, ceiling grids, damaged walls, and light fixtures all caused by the settling of the slab. Tenant understands that based on an engineer's study, the slab has settled in the specific area and there is no need to support or raise the slab at this time.

	
4.

	
Tenant shall be allowed to fence the East side of the building for the purpose of securing the outside area. Landlord shall be financially responsible for half(50%) of the construction costs up to $3,000.00  maximum expense for the Landlord. Tenant agrees to pay the remaining portion of the cost for the security fence. Tenant, not Landlord, is solely responsible for coordinating and overseeing construction of the fence. Landlord will reimburse Tenant up to $3,000 within thirty (30) days upon receipt of a copy of the paid invoice for this project.

	
5.

	
Landlord shall cap the controllable expenses for Braker 12 at six (6%) percent annum. Controllable expenses are defined as those costs associated with maintaining common area, and exclude Insurance, taxes and utilities, and any associated cost to those expenses.

 

	
6.

	
Landlord will agree to bear the financial responsibility for 66.7% of the replacement cost for any HVAC unit up to a maximum cost to Landlord of$350,000 during the amended term of this lease which is amended to expire 12/3 I /2016. Tenant will need to submit a copy of the paid invoice identifying the replacement of the HVAC unit in order to be reimbursed. Landlord will have thirty (30) days to inspect the installation and process payment for reimbursement once Landlord receives a copy of the paid invoice. Tenant will be responsible for any maintenance and repairs of HVAC units and must maintain a routine HVAC maintenance contract for all units with a qualitied HVAC contractor.

	
7.

	
Landlord,  not  Tenant,  will  pay HPI  Corporate  Services,  LLC a commission  equal  to two percent  (2%)  of the aggregate  Base  Rental  payable  to Landlord  for  the Premises  over the renewal term only, adjusted  by deducting  the difference  between the current  2011  rent and the adjusted  2011  rent further  reduced  by the $350,000  HVAC  allowance.  Thus, the  Base Rental  commission  calculation  starts  1/1/2012  thru  12/31/2016,  and  this  amount  will  be reduced  by the 2011  rent adjustment  and the $350,000  HVAC allowance.  The commission will be paid 50% within 30 days upon execution of the lease and the remaining 50% within 30 days of the renewal period 1/1/2012.

 

	
8.

	
Insofar as the specific terms and provisions of this Fourth 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 Fourth Amendment shall govern and control;  in all other respects,  the terms, provisions and exhibits of the Lease shall remain unmodified and in full force and effect

	
9.

	
Any obligation or  liability whatsoever of  BC  12 99, LTD., a Texas Limited Partnership which may arise at any time under the Lease or this Fourth Amendment or any obligation or liability which may be incurred by it pursuant to any other instrument, transaction   or undertaking contemplated hereby, shall not be personally binding upon, nor shall resort for the enforcement thereof be had to the property of its trustees, directors, shareholders, officers, employees, or agents regardless of  whether such obligation or liability is in the nature of contract, tort or otherwise.

 

IN WITNESS  WHEREOF, the parties hereto have signed this Fourth Amendment to Lease Agreement as of the day and year first above written.

 

	
Tenant

	
 

	
Landlord

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Active Power, Inc.

	
 

	
Levy Braker 12 Associates, LLC

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	By:			By:	Glen Una Management Company	
	Title:	CHIEF FINANCIAL OFFICER		Title:	Its General Partner	
	 					
	 			By:	  	
	 				
Shaun Brannon, Authorized Signer

	
	 					
	Date:   2/21/2011		Date: 2/24/2011

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