Document:

Exhibit 10.16

EXHIBIT 10.16

AMENDMENT NO. 3 TO LEASE AGREEMENT

THIS
AMENDMENT NO. 3 TO LEASE AGREEMENT ("Amendment") is made and entered into effective as of
January 1, 2018 (the "Effective Date"), between CETF PROPERTIES,
LLC, a New York limited liability company (the "Landlord") and MTI
INSTRUMENTS INC., a New York incorporated company (the "Tenant").

RECITALS

WHEREAS,
Carl
E. Touhey and Tenant entered into a lease agreement dated as of August 10, 1999
(the "Lease") and amended on September 29, 2009 and May 2, 2014.

WHEREAS,
Carl E. Touhey assigned
the Lease to Landlord as of January 1, 2018, which assignment necessitates an
amendment of the Lease providing for Tenant's direct procurement of cleaning
and janitorial services for the leased premises (the "Lease").

WHEREAS,
the
parties have agreed to amend the Lease as set forth herein.

NOW,
THEREFORE, for One Dollar
($1.00) and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Landlord and Tenant hereby agree, as follows:

1.   Recitals. The foregoing recitals are incorporated
herein as if set forth at length. Capitalized terms not otherwise defined
herein shall have the meanings given to such terms in the Lease. All references
herein to the Lease shall include the Lease as modified by this Amendment.

2.    Modification of Lease
Terms.

a.        The
base rate for the lease term shall be:

1/1/2018
- 11/30/2018 - $196,020.00/year; $16,335.00/month; $11.25/square foot

12/1/2018
- 11/30/2019 - $200,376.00/year; $16,698.00/month; $11.50/square foot

b.        The following
paragraph is added to Article 9:

Tenant,
as a requirement of this Lease, will engage GPM Services, LLC pursuant to the
agreement attached as Schedule A (the "GPM Agreement") to provide the
following services at the Premises: (1) janitorial service and waste disposal;
(2) daily cleaning services on weekdays (including restrooms in Tenant's
premises); (3) restroom supplies; (4) window washing with reasonable frequency,
as determined by Landlord but no less than Spring and Fall; and (5) lighting
replacement during business hours (for building standard lights, but not for
any special tenant lights, which will be replaced at Tenant's sole cost and
expense). Tenant is required to engage GPM Services, LLC at all times during
the term of the Lease. For the convenience of the Tenant, Tenant may make all
payments due under the GPM Agreement directly to Landlord, as nominee for GPM
Services, LLC, on a monthly basis with its regular monthly rental payment.
Landlord agrees to remit such payments to GPM Services, LLC on a timely basis.

c.         Section 16.2 of the
Lease is deleted in its entirety and replaced with the following:

The
Landlord will furnish the premises, at Landlord's cost, with those services
customarily provided in comparable office buildings in the vicinity of the
project, including (1) water and sewer; and (2) snow and ice removal on
sidewalks, parking lot and loading dock area. Landlord may provide, but will
not be obligated to provide, any such services on holidays or weekends.
Landlord will not provide cleaning or janitorial services at the Premises.

d.         Section 19 (d) is
deleted in its entirety and replaced with the following:

Supply any service to
be provided by Landlord to Tenant according to this lease; or
 

 

 

e.       Exhibit D, Item 4 of
the Rules and Regulations is deleted in its entirety and replaced with the
following:

No
Tenant will employ any person or persons other than GPM Services, LLC for the
purpose of cleaning the premises, unless otherwise agreed to by Landlord in
writing. Any breach by GPM Services, LLC of its obligations under the new
Agreement will be considered as a breach of the Landlord under the modified
lease and subject to Lease section 24.4. The Tenant upon 60 day written notice
to Landlord, may elect to provide for cleaning services. In such case the
Landlord shall provide a monthly rent abatement of $1,815.00.

f.         
Exhibit E of the Lease
is deleted in its entirety.

3.   Ratification. Except as amended by this Amendment, the
Lease is hereby ratified, confirmed and approved in all respects.

4.   Provisions
Binding. All rights
and liabilities given to or imposed upon either of the parties to this
Amendment shall extend to and are binding upon the parties hereto and their
respective successors and assigns.

5.   Entire
Agreement. This
Amendment (a) together with the Lease contains the entire agreement between the
Landlord and Tenant with respect to the subject matter hereof and supersedes
all prior agreements and understandings, whether oral or written, between the
parties, (b) may not be modified or amended except by written agreement signed
by the parties, (c) will be governed by the laws of New York, without regard to
principles of conflicts of laws and (d) may be executed by facsimile signature
and in one or more counterparts, each of which will be deemed an original, and
all of which when taken together will constitute one and the same instrument.

[Balance of Page is Blank. Next Page is Signatures]
 
 

 

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

	
		
		

	

 

 

 

Schedule A

Janitorial Service Agreement

This agreement for janitorial services between MTI Instruments
Inc. ("Client") and GPM Services, LLC ("Provider") is made
and entered into as of 01/01/2018.

Client's property located at 325 Washington Ave. Ext., Albany, NY
as identified in a Lease with CETF Properties, LLC, as amended,
("Property") will be serviced by Provider in accordance with the
following terms.

1. 
SCOPE OF SERVICE

Provider will provide cleaning services every weekday, excluding
holidays. The Provider will continue to provide its services in a manner and to
a standard of quality as provided to the Client previously by the original
landlord.

2. 
TERM

Provider will begin cleaning services on 01/01/2018. This
agreement shall terminate coincidental with the termination of the lease with
CETF Properties, LLC, as amended.

3. 
PAYMENT

Payment in the amount of:

$21,780.00/year; $1,815.00/month;
$1.25/square foot.

shall be made monthly, without an invoice from Provider.

4. 
ACCESS REQUIREMENT

Client will provide Provider access to the Property, and to all
areas of the Property scheduled to be cleaned at the scheduled time.

5. 
APPLICABLE LAW AND VENUE

The terms of this agreement will be governed by the laws of the
State of New York.

6. 
ASSIGNMENT

The rights and obligations created for Client under this agreement
may not be assigned to any other party without the written consent of the
Client, which shall not be unreasonably withheld.

7. 
INDEMNIFICATION

Each party agrees to indemnify and hold harmless the other party
and its employees, members, landlord, successors, and assigns, from any claims,
liabilities, losses, damages, and expenses asserted against the other party and
arising out of the indemnifying party's negligence, willful misconduct, and negligent
performance of, or failure to perform, any of its duties or obligations under
this agreement. The provisions of this indemnification are solely for the
benefit of the parties hereto and not intended to create or grant any rights,
contractual or otherwise, to another person or entity.

8. 
FORCE MAJEURE

Provider
and any of its employees or agents shall not be deemed to be in breach of this
agreement for any delay or failure in performance caused by reasons out of its
reasonable control, including acts of God or a public enemy; natural
calamities; failure of a third party to perform; changes in the laws or
regulations; actions of any civil, military or regulatory authority; power
outage or other disruptions of communication methods or any other cause which
would be out of the reasonable control of Provider.

 
 
 

9.
SEVERANCE

In the event that one or more of the provisions of this
agreement shall be found unenforceable, illegal or invalid, it shall not affect
any other provisions of this agreement, and this agreement shall be construed
as if the provision found to be unenforceable, illegal or invalid had never
been contained in the agreement, or the unenforceable, illegal or invalid provision shall be
construed, amended and/or reformed to be made enforceable, legal and valid.

10. WAIVER OF
CONTRACTUAL RIGHT

The failure of either party to enforce any provision of this
agreement shall not be construed as a waiver or limitation of that party's
right to subsequently enforce and compel strict compliance with every provision
of this agreement.

11. ENTIRE AGREEMENT

This agreement contains the entire agreement
of the parties, and there are no other promises or conditions in any other
agreement whether oral or written concerning the subject matter of this
agreement. This agreement supersedes any prior written or oral agreements
between the parties.

IN WITNESS WHEREOF, the parties hereto have caused this agreement
to be executed by their duly authorized representatives as of the date first above
written.Exhibit 10.17

EXHIBIT 10.17

 

AMENDMENT NO. 4

TO LEASE AGREEMENT

BETWEEN

MTI INSTRUMENTS INC.

AND

CETF PROPERTIES, LLC

This Amendment to Lease is made and entered into this 4th day of December 2019 by and between MTI Instruments Inc.
("Tenant"), and CETF Properties, LLC ("Landlord").

Whereas, Tenant and the
Landlord entered into a Lease on August 10, 1999 with respect to a portion of
the building known as 325 Washington Avenue Extension, Albany, NY 12205 (the
"Lease"), as amended on September 29, 2009, May 2, 2014 and January
1, 2018.

Whereas, the parties
hereto wish to further amend the Lease as hereinafter provided.

Now, therefore, in
consideration of One Dollar ($1.00) each to the other paid, receipt of which is
hereby acknowledged, the Lease is amended as follows:

1)      The Lease term shall be extended for five
(5) years from December 1, 2019 - November 30, 2024.

2)      The Tenant shall pay
monthly rent to the Landlord according to the following schedule:

12/1/2019 - 11/30/2024 - $200,376.00/year; $16,698.00/month;
$11.50/sf

3)        Landlord agrees to perform the improvements
outlined in Exhibit B at no cost to the Tenant.

Whereas
the parties have entered into a Janitorial Service Agreement on 1/1/2018, the
term of that Agreement is extended to coincide with this Amendment. The payment
amount is:

12/1/2019 - 11/30/2024: $21,780.00/year; $1,815.00/month;
$1.25/square foot

In all other respects the
Lease, as amended, shall remain in full force and effect, and is hereby
ratified and confirmed.

 

 

 

 

 

 

EXHIBIT A

 

2

 

 

 

EXHIBIT B

WORKLETTER

This Exhibit is attached
to and forms a part of the certain Amendment dated December 4, 2019 ("the
Amendment") pursuant to which the Landlord has leased to Tenant space in
the building known as 325 Washington Avenue Extension, Albany, NY 12205:

The Landlord will
make, at Landlord's sole cost, the following alterations to the premises:

	
	
	Modify floor plan of
the 'Oven Room' as shown on Exhibit A to include approximately 20 linear feet
of new walls, sheet rocked, taped and painted, install six (6) GFI electrical
outlets 4' off finished floor. Move up to three (3) light switches and convert
to 3-way if necessary. Tenant is responsible for moving all furniture and
equipment.

	
	
	Paint office area two
(2) colors chosen by Tenant from Landlord supplied samples.

	
	
	Replace the office
carpet to match the carpet in the Northwest corner using Interface Flooring
Systems, style Cubic, color Construction.

	
	Clean, strip, and wax
entire production area VCT floor with approved polish for conductive area.

	
	
	Add three (3)
programmable thermostats to the office area.

	
	Add three (3) portable
eye wash stations in agreed upon locations in the production area.

	
	
	Clean the HVAC vents
where needed throughout the office area.

	
	Install a new
countertop with sink in break room.

	
	Add 2 dedicated
outlets in break room area.

	
	Relocate or remove air
exhaust vents in the production area.

	
	
	Relocate or remove
electrical wires hanging from the ceiling in the production area.

	

 

	
	

 

 

 
  

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