Document:

Amendment to LPA

  Exhibit 10.4
 THIRD AMENDMENT
TO AMENDED AND RESTATED AGREEMENT AND CERTIFICATE OF LIMITED PARTNERSHIP
OF
OAKVIEW APARTMENTS, LIMITED PARTNERSHIP
 This Third Amendment to Amended and Restated Agreement and Certificate of Limited Partnership of Oakview Apartments, Limited Partnership (this “Amendment”), is dated for reference purposes only January 1st, 2012, by and between DAVID B. GIBSON, III, an individual (the “Operating General Partner”), O. L. PURYEAR AND SONS CONSTRUCTION CO., INC., an Arkansas corporation (“OLP”), and PROFESSIONAL COUNSELING SERVICE, INC., a Tennessee corporation (“PSC”, together with the Operating General Partner and OLP, collectively, the “General Partner”); REAL ESTATE ASSOCIATES LIMITED VII, a California limited partnership (the “Withdrawing Limited Partner”); and SOUTHLAND PROPERTIES INC., an Arkansas corporation (the “Incoming Limited Partner” and together with the General Partner and the Withdrawing Limited Partner, each a “Party” and any two or more, as the context requires, collectively, the “Parties”), with reference to the following:
 A.         Oakview Apartments, Limited Partnership (the “Partnership”) was formed as a limited partnership under the laws of the State of Arkansas and is being governed pursuant to an Amended and Restated Agreement and Certificate of Limited Partnership, dated as of May 7, 1984, as amended by (i) the First Amendment to Amended and Restated Agreement and Certificate of Limited Partnership, dated May 21, 1987, effective as of May 7, 1984  and (ii)the Second Amendment of Amended and Restated Agreement and Certificate of Limited Partnership dated March 10, 1988 (collectively, the “Partnership Agreement”).
 B.         The Parties desire to enter into this Amendment to provide for, among other things (i) the withdrawal of the Withdrawing Limited Partner from the Partnership as the Limited Partner of the Partnership, (ii) the admission of the Incoming Limited Partner into the Partnership as the Limited Partner, and (iii) other amendments to the Partnership Agreement.
 NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, and for such other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree that the Partnership Agreement is amended as follows:
 1.                  Capitalized terms not defined in this Amendment shall have the meanings set forth in the Partnership Agreement.
 2.                  Effective as of the date that the Withdrawing Limited Partner has received the sum of $1,500.00 from the Operating General Partner and/or the Incoming Limited Partner (the “Effective Date”), which payment the Withdrawing Limited Partner acknowledges shall be treated as a direct acquisition of the “Interest” (as that term is defined below) and in full satisfaction of all obligations and liabilities due the Withdrawing Limited Partner in connection with or in any manner arising out of the Partnership, the Project or any other assets owned by the Partnership:
 (a)               The Withdrawing Limited Partner withdraws from the Partnership and acknowledges that it has no further interest therein and its entire interest in the Partnership, including, but not limited to, its right to and/or interests in all Cash From Operations, Net Refinancing Cash, Cash from Disposition or Partial Disposition and other Partnership distributions, other Partnership funds and assets, and any reimbursements of expenses, repayments of any loans made by the Withdrawing Limited Partner or any Affiliate to the Partnership (collectively, the “Interest”), is transferred to the Incoming Limited Partner;
 (b)               The Incoming Limited Partner is admitted into the Partnership as the Limited Partner; all Profits and Losses, Cash From Operations, Net Refinancing Cash, Cash from Disposition or Partial Disposition and other Partnership assets allocated or to be distributed to the Limited Partner shall be allocated or distributed, as appropriate, to the Incoming Limited Partner; and the Incoming Limited Partner assumes and agrees to perform all of the obligations of the Limited Partner under the Partnership Agreement.
 3.                  Notwithstanding the withdrawal of the Withdrawing Limited Partner, each of the other Partners elects to continue the business of the Partnership.
 4.                  The defined term “Limited Partner” is deleted in its entirety and replaced with the following:
 “Limited Partner” means Southland Properties, Inc., an Arkansas corporation or its successors and assigns.
 5.                  The address for the Limited Partner in Section 13.2.2 of the Partnership Agreement is deleted in its entirety and replaced with the following:
 Southland Properties, Inc.
 710 Meador Drive
 Dumas, Arkansas 71639
 6.                  As a material inducement to the Withdrawing Limited Partner entering into this Amendment, the General Partner represents and warrants to the Withdrawing Limited Partner that the following are true and correct:
 (a)               The Partnership at all times has been and continues to be a limited partnership duly organized, validly existing and in good standing under the laws governing limited partnerships, as adopted in the state of its formation. The Partnership has taken all requisite action in order to conduct lawfully its business in the state in which the Project is situated, and is not qualified or licensed to do business and is not required to be so qualified or licensed in any other jurisdiction. The Partnership has the full power and authority to carry on its business, including without limitation, to own, lease and operate the Project.
 (b)               (i) The execution and delivery of this Amendment by the General Partner and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings, and (ii) assuming the due and proper execution and delivery by the Withdrawing Limited Partner, this Amendment is binding upon and enforceable against the General Partner in accordance with its terms.
 (c)               The Partnership has obtained all necessary consents and approvals for the transactions contemplated by this Agreement, including, but not limited to, the consent of the holders of all Mortgages and all Governmental Agencies.
 7.                  As a material inducement to the Withdrawing Limited Partner entering into this Amendment, the Incoming Limited Partner hereby represents and warrants to the Withdrawing Limited Partner that the following are true and correct :
 (a)               The execution and delivery of this Amendment by the Incoming Limited Partner and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings.
 (b)               Assuming the due and proper execution and delivery by the Withdrawing Limited Partner, this Amendment is binding upon and enforceable against the Incoming Limited Partner in accordance with its terms.
 (c)               No proceeding before any federal, state, municipal or other governmental department, commission, board or agency is pending against the Incoming Limited Partner or, to the knowledge of the Incoming Limited Partner, threatened against the Incoming Limited Partner pursuant to which an unfavorable judgment would restrain, prohibit, invalidate, set aside, rescind, prevent or make unlawful this Amendment or the transactions contemplated hereunder, nor does the Incoming Limited Partner know of any reason to believe any such proceeding will be instituted.
 (d)               The Incoming Limited Partner has incurred no obligation or liability, contingent or otherwise, for brokerage or finders’ fees or agents’ commissions or other similar payment in connection with this Amendment.
 (e)               The Incoming Limited Partner is aware of the restrictions on transfer or encumbrance of the Interest under the Partnership Agreement, as well as the transfer restrictions imposed by the Securities Act of 1933, as amended, and applicable state securities laws (the “Securities Laws”).  The Incoming Limited Partner is able to bear the economic risk of its investment in the Interest, is aware that it must hold the Interest for an indefinite period and that the Interest has not been registered under the applicable Securities Laws and may not be sold or otherwise transferred unless permitted by the terms of the Partnership Agreement and the Interest is registered, or an exemption from the registration requirements is available with respect thereto, under the Securities Laws.  The Incoming Limited Partner is acquiring the Interest for its own account and not with a view to resell, transfer or otherwise dispose thereof.
 (f)                 The Incoming Limited Partner is an Affiliate of the OLP, a General Partner, and knows, therefore, at least as much about the Partnership as the Withdrawing Limited Partner. The Incoming Limited Partner is experienced in financial transactions such as ownership of the Interest and understands the business and operations of the Partnership and its ownership and operation of the Project.  The Incoming Limited Partner has had an opportunity to ask questions about and seek information about the Interest, the Partnership and the Project, and has not relied upon any express or implied representations or warranties from the Withdrawing Limited Partner with regard to the Interest, the Partnership or the Project, except as expressly provided herein.
 8.                  As a material inducement to the General Partner and the Incoming Limited Partner entering into this Amendment, the Withdrawing Limited Partner represents and warrants that the following are true and correct:
 (a)               The Withdrawing Limited Partner has at all times been and continues to be duly organized, validly existing and in good standing under the laws governing limited partnerships, as adopted in the state of its formation.
 (b)               The Incoming Limited Partner shall acquire the Interest free of any rights or claims thereto by any other party claiming by, through or under the Withdrawing Limited Partner.
 (c)               The execution and delivery of this Amendment by the Withdrawing Limited Partner and the performance of the transactions contemplated herein have been duly authorized by all requisite corporate and partnership proceedings and, assuming the due and proper execution and delivery by the General Partner and the Incoming Limited Partner, this Amendment is binding upon and enforceable against the Withdrawing Limited Partner in accordance with its terms.
 (d)               To the Withdrawing Limited Partner’s knowledge, there is no litigation, action, proceeding, investigation or claim pending or threatened against or involving the Interest, or which questions the validity of this Amendment, and, to the Withdrawing Limited Partner’s knowledge, there is no fact or circumstance which could give rise to any such litigation, action, proceeding, investigation or claim.
 9.                  The representations and warranties set forth above in paragraphs 6, 7, and 8 are true and correct as of the Effective Date and shall survive the withdrawal of the Withdrawing Limited Partner from and the admission of the Incoming Limited Partner into the Partnership as herein contemplated.
 10.              Notwithstanding the withdrawal of the Withdrawing Limited Partner, the General Partner acknowledges that from and after the Effective Date matters may arise that relate back to events that occurred prior to the Effective Date (for purposes of illustration and not limitation, audits by the IRS).  The General Partner agrees that as to such matters (i) the General Partner shall conduct itself in a manner which is consistent with the obligations it had as the General Partner immediately prior to the Effective Date and, accordingly, recognize all of the corresponding rights of the Withdrawing Limited Partner as if the Withdrawing Limited Partner had not withdrawn from the Partnership as provided in this Amendment and (ii) that nothing herein shall relieve the General Partner from such pre-existing obligations. Without limiting the generality of the foregoing, the General Partner shall:
 (a)               file on behalf of the Partnership for the current Fiscal Year a United States Partnership Return of Income and such other tax returns and other documents from time to time as may be required by the federal government or by any state or any subdivision thereof within the time(s) prescribed by law for such filings;
 (b)               deliver to the Withdrawing Limited Partner within forty-five (45) days after the end of the current Fiscal Year such tax information, including, without limitation, a copy of Schedule K-1, as shall be reasonably necessary for inclusion by the Withdrawing Limited Partner in its federal income tax returns and required state income tax and other tax returns; and
 (c)               deliver to the Withdrawing Limited Partner the current Fiscal Year certified financial statement of the Partnership as required pursuant to the terms of Section 11.7 of the Partnership Agreement.
 If the General Partner shall fail, for any reason, to prepare and/or deliver to the Withdrawing Limited Partner any of the returns or other information required by this paragraph 10, the Withdrawing Limited Partner shall have the right to cause such returns and other information prepared at the sole cost and expense of the General Partner, plus an administrative fee payable to the Withdrawing Limited Partner in an amount equal to fifteen percent (15%) of the actual out-of-pocket costs incurred by the Withdrawing Limited Partner to have such returns and information prepared. In furtherance of the foregoing, the Withdrawing Limited Partner and its duly authorized representatives shall have the right to inspect and copy such portions of the Partnership’s books of account which are necessary or appropriate for the preparation of such returns and information; provided, however, it is expressly understood and agreed by the Withdrawing Limited Partner that such access is solely for the purpose of preparing such returns or other information that the General Partner failed to prepare and/or deliver as herein provided, and shall not be deemed to grant the Withdrawing Limited Partner any other rights with respect to the Partnership and/or the operation of its business.
 11.              Without limiting the generality of the provisions of paragraph 10,
 (a)               Within five (5) calendar days after the sending or the receipt of any correspondence or communication relating to the Partnership to or from the IRS which could affect the Withdrawing Limited Partner, the General Partner, who is the “tax matters partner” (as that term is defined in the Code) of the Partnership (the “Tax Matters Partner”), shall promptly forward to the Withdrawing Limited Partner a photocopy of all such correspondence or communication(s).
 (b)               The Tax Matters Partner, shall not, with respect to any matter which could affect the Withdrawing Limited Partner, take any of the following actions without the prior written consent or approval of the Withdrawing Limited Partner:
 (i)                  Extend the statute of limitations for assessing or computing any tax liability against the Partnership (or the amount or character of any Partnership tax items);
 (ii)                Settle any audit with the IRS concerning the adjustment or readjustment of any partnership item(s) (within the meaning of Section 6231(a)(3) of the Code);
 (iii)               File a request for an administrative adjustment with the IRS at any time or file a petition for judicial review with respect to any such request;
 (iv)              Initiate or settle any judicial review or action concerning the amount or character of any partnership tax item(s) (within the meaning of Section 6231(a)(3) of the Code); or
 (v)                Intervene in any action brought by any other Partner for judicial review of a final adjustment.
 12.              In the event of any Partnership level proceeding instituted by the IRS pursuant to Sections 6221 through 6233 of the Code which could affect the Withdrawing Limited Partner, the Tax Matters Partner shall consult with the Withdrawing Limited Partner regarding the nature and content of all action and defense to be taken by the Partnership in response to such proceeding. The Tax Matters Partner also shall consult with the Withdrawing Limited Partner regarding the nature and content of any proceeding pursuant to Sections 6221 through 6233 of the Code instituted by or on behalf of the Partnership (including the decision to institute proceedings, whether administrative or judicial, and whether in response to a previous IRS proceeding against the Partnership or otherwise).
 13.              The General Partner approves the withdrawal of the Withdrawing Limited Partner and confirms that there are no unsatisfied conditions or obligations of the Withdrawing Limited Partner under the Partnership Agreement with respect thereto.
 14.              All of the provisions of this Amendment shall survive the withdrawal of the Withdrawing Limited Partner from the Partnership.
 15.              Except as amended by this Amendment, the Partnership Agreement remains in full force and effect without change.
 16.              This Amendment may be executed in counterparts and may be executed by facsimile, each of which shall be deemed to be effective and all of which when taken together, shall constitute one instrument.
 17.              Each provision of this Amendment shall be considered separate and if for any reason any provision or provisions herein are determined to be invalid or contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Amendment which are valid, such provision or provisions shall be deemed void and of no effect.
 18.              The Parties shall execute and deliver such further instruments and do such further acts and things as may be reasonably required to carry out the intent and purposes of this Amendment.
  
  
 [Signatures on following page(s)]
  

  EXECUTED to be effective as of the Effective Date.
  
 	 GENERAL PARTNER:
	 /s/David B. Gibson, III

	  
	 DAVID B. GIBSON, III, an Individual

	  
	  

	  
	 O. L. PURYEAR AND SONS CONSTRUCTION

	  
	 CO., INC., an Arkansas corporation

	  
	  

	  
	 By:  /s/Glynn A. Puryear

	  
	     Name:  Glynn a. Puryear

	  
	     Title:  President

	  
	  

	  
	 PROFESSIONAL COUNSELING SERVICE,

	  
	 INC., a Tennessee corporation

	  
	  

	  
	 By:  /s/David B. Gibson, III

	  
	     Name:  David B. Gibson, III

	  
	     Title:  President

	  
	  

	  
	  

	 INCOMING LIMITED PARTNER:
	 SOUTHLAND PROPERTIES, INC., an

	  
	 Arkansas corporation

	  
	  

	  
	 By:  /s/Annette Cowen

	  
	     Name:  Annette Cowen

	  
	     Title:  President

	  
	  

	  
	  

	 WITHDRAWING LIMITED PARTNER:
	 REAL ESTATE ASSOCIATES LIMITED VII,

	  
	 a California limited partnership

	  
	  

	  
	 By:  NATIONAL PARTNERSHIP INVESTMENTS,

	  
	 LLC,

	  
	 a California limited liability company,

	  
	 its corporate general partner

	  
	  

	  
	 By:  BETHESDA HOLDINGS I, LLC

	  
	 a Delaware limited liability company,

	  
	 its member

	  
	  

	  
	 By:  AIMCO/BETHESDA HOLDINGS, INC.,

	  
	 a Delaware corporation,

	  
	 its member

	  
	  

	  
	 By:  /s/John Bezzant

	  
	     Name:  John Bezzant

	  
	     Title:  Executive Vice President

  
  
 [SIGNATURE PAGE-OAKVIEW APARTMENTS]ex_10-45.htm

EXHIBIT 10.45

 

 

 

6/1/2011

LEASE RENEWAL AGREEMENT

 

LEASE RENEWAL AGREEMENT made as of the last date endorsed hereon between NAPPEN & ASSOCIATES, a Pennsylvania limited partnership t/a 309 DEVELOPMENT COMPANY ("Lessor")

 

AND

 

PHOTOMEDEX, INC., a Nevada corporation duly registered in the Commonwealth of Pennsylvania ("Lessee").

 

Basis of Agreement

 

A.  By Lease Agreement dated July 10, 2006 (together with this Lease Renewal Agreement on and after August 1, 2011, the "Lease"), Lessor demised and let to Lessee's predecessor by merger, who hired from Lessor that certain premises situate Lot No. 14, Bethlehem Pike Industrial Center, Montgomery Township, Montgomery County, Pennsylvania, consisting of 42,000 sq. ft., more or less, known and numbered 147 Keystone Drive, Montgomeryville, Pennsylvania 18936 (the "Premises") for a term expiring July 31, 2011.

 

B.  The parties desire to extend the term of the Lease for an additional term of two (2) years, commencing August 1, 2011, and ending July 31, 2013 ("Renewal Term").

 

C.  The parties desire to set forth herein their agreement regarding the terms of the Lease during the Renewal Term.

 

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.  The term of the Lease is hereby extended for a Renewal Term of two (2) years, commencing August 1, 2011, and terminating July 31, 2013, at 11:59 p.m., unless, extended previously terminated, as set forth in the Lease.

 

2.  During the Renewal Term, Article 3 of the Lease, entitled "Minimum Annual Rent" shall be amended and supplemented to read as follows:

 

"3. Minimum Annual Rent. The minimum annual rent ("Minimum Annual Rent") payable by Lessee to Lessor during the Renewal Term shall he Two Hundred Forty Five Thousand Seven Hundred and 00/100 Dollars ($245,700.00) per year, lawful money of the United States of America, payable in monthly installments in advance during the Renewal Term in sums of Twenty Thousand Four Hundred Seventy Five and 00/100 Dollars ($20,475,00) on the first day of each month during the Renewal. Term, commencing August 1, 2011."

 

 

  

1

  

 

3.  Lessor shall replace two (2) metal steps at the Premises at an estimated cost of $5,600.00. The actual cost for such replacement shall be split equally by the parties and Lessee shall pay its share to Lessor as Additional Rent upon completion of the work.

 

4.  Article 25 of the Lease is hereby deleted in its entirety and the following substituted

therefor:

 

25. Extensions.

 

A. Extensions. It is hereby mutually agreed that Lessee may terminate this

 

Lease at the end of the Renewal Term and any subsequent extension term, by giving to Lessor written notice at least six (6) months prior thereto, and Lessor may terminate this Lease at the end of the Renewal Term and any subsequent extension thereof by giving to Lessee written notice at least five (5) months prior thereto (each an "Expiration Notice"); but in default of an Expiration Notice given by either party in the manner provided herein, this Lease shall continue for an extension term of one (1) year, commencing the day after the expiration of the then current Renewal Term or extension term, as the case may be, upon the terms and conditions in force immediately prior to the expiration of the then-current Renewal Term or extension term, as the case may be (except for the Minimum Annual Rent, which shall be as computed in subparagraph 25(B), and so on from year to year, unless terminated by the giving of an Expiration Notice within the times and in the manner aforesaid. In the event that Lessee or Lessor shall have given an Expiration Notice and Lessee shall fail or refuse to completely vacate the Premises and restore the same to the condition required in this Lease on or before the date designated in the Expiration Notice (the "Expiration Date"), then it is expressly agreed that Lessor, by notice to Lessee, shall have the option either:

 

(i) to disregard the Expiration Notice as having no force and effect, whereupon the Expiration Notice shall be null and void, ab initio, as if never given; or

 

(ii) treat Lessee as Holding Over, in accordance with paragraph 2(B) of the Lease.

 

All powers granted to Lessor by this Lease shall be exercised and all obligations imposed upon Lessee by this Lease shall be performed by Lessee during the Renewal Term, as well as during any subsequent extension terms of this Lease.

 

Notwithstanding anything set forth in subparagraph 25(A) to the contrary, if the term of this Lease is not previously terminated, the term of this Lease shall end absolutely, without further notice, at 11:59 p.m. on the day previous to the 29th anniversary of the Lease Commencement Date set forth in the Lease.

 

  

2

  

 

B. Computation of Minimum Annual Rent in the event of Extension.

 

 

For extensions of this Lease under subparagraph 25(A), the Minimum

 

Annual Rent during a one-year Extension Term shall be One Hundred Five Percent (105%) of the Minimum Annual Rent for the previous Lease Year, payable in equal monthly installments on the first day of each month during the Extension Term."

 

THE FOLLOWING PARAGRAPH 5 SETS FORTH AN ACKNOWLEDGEMENT AND CONFIRMATION OF WARRANT OF AUTHORITY IN ARTICLE 23(M) OF THE LEASE FOR ANY PROTHONOTARY OR ATTORNEY OF COURT OF RECORD TO CONFESS JUDGMENT AGAINST THE LESSEE. IN GRANTING THIS WARRANT OF ATTORNEY TO CONFESS JUDGMENT AGAINST THE LESSEE, THE LESSEE, FOLLOWING CONSULTATION WITH (OR DECISION NOT TO CONSULT) SEPARATE COUNSEL FOR THE LESSEE AND WITH KNOWLEDGE OF THE LEGAL EFFECT THEREOF, HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS THE LESSEE HAS OR MAY HAVE TO  PRIOR NOTICE AND AN OPPORTUNITY FOR HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES OF AMERICA, THE COMMONWEALTH OF PENNSYLVANIA OR ELSEWHERE. IT IS SPECIFICALLY ACKNOWLEDGED BY THE LESSEE THAT THE LESSOR HAS RELIED ON THIS WARRANT OF ATTORNEY IN EXECUTING THIS LEASE RENEWAL AGREEMENT AND AS AN INDUCEMENT TO GRANT FINANCIAL ACCOMMODATIONS HEREUNDER TO THE LESSEE.

 

LESSEE EXPRESSLY WARRANTS AND REPRESENTS THAT THE FOLLOWING WARRANT OF ATTORNEY TO CONFESS JUDGMENT HAS BEEN AUTHORIZED EXPRESSLY BY PROPER ACTION OF THE BOARD OF DIRECTORS OF LESSEE.

 

LESSEE AND LESSOR HEREBY CONSENT TO THE JURISDICTION OF THE COURT OF COMMON PLEAS OF MONTGOMERY COUNTY PENNSYLVANIA OR THE FEDERAL DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA FOR ANY PROCEEDING IN CONNECTION WITH THE LEASE, AND HEREBY WAIVE OBJECTIONS AS TO VENUE AND CONVENIENCE OF FORUM IF VENUE IS IN MONTGOMERY COUNTY, PENNSYLVANIA OR IN THE FEDERAL DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA. IN ANY ACTION OR SUIT UNDER THE LEASE, SERVICE OF PROCESS MAY BE MADE UPON LESSOR OR ANY LESSEE BY MAILING A COPY OF THE PROCESS BY FIRST CLASS MAIL TO THE RECIPIENT AT THE RESPECTIVE ADDRESS SET FORTH IN PARAGRAPH 26 OF THE LEASE.  LESSOR AND LESSEE HEREBY WAIVE ANY AND ALL OBJECTIONS TO SUFFICIENCY OF SERVICE OF PROCESS IF DULY SERVED IN THIS MANNER

 

5, Article 23(M) of the Lease is amended and supplemented to read as follows:

 

"23(M). Upon the occurrence of any event of default which is not cured within any period of time herein provided, Lessee with understanding of the RELINQUISHMENT OF CERTAIN RIGHTS, to which Lessee would otherwise be entitled as a matter of law and due process, including the right to notice and judicial hearing, hereby authorizes and empowers any attorney of any court of record in the

 

  

3

  

 

Commonwealth of Pennsylvania as attorney for Lessee, as well as for all persons claiming under, by or through Lessee, to appear for Lessee and enter in any competent court, in accordance with the then applicable rules of such court, an action in ejectment for possession of the Premises, without any stay of execution or appeal, against Lessee and all persons claiming under, by or through Lessee and therein CONFESS JUDGMENT FOR THE RECOVERY BY LESSOR OF POSSESSION OF THE PREMISES, for which this Lease (or a copy of thereof) shall be sufficient warrant, whereupon if Lessor so desires, a writ of possession may be issued forthwith, without any prior writ or proceeding whatsoever. It is hereby expressly agreed that if for any reason, after such action has been commenced, the same shall be discontinued, marked satisfied of record or terminated, or possession of the Premises remain in or be restored to Lessee, Lessor shall have the right for the same default, or any subsequent default, to bring one or more actions in the manner herein set forth to recover possession of the Premises."

 

6.      Effectiveness. The furnishing of the form of this agreement shall not constitute an offer and this agreement shall become effective upon and only upon its execution by and delivery to each party hereto.

 

7.  All references to "Lessee" in the Lease shall mean .”PHOTOMEDEX, INC., a Nevada corporation.  In all other respects, the terms and conditions of the Lease not inconsistent with the terms hereof are hereby ratified and confirmed and shall remain in full force and effect during the Renewal Term.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, intending to be legally bound, as of the day and year last below written.

 

	
Dated:  6/6/11

	  	
NAPPEN & ASSOCIATES,

a Pennsylvania limited partnership

t/a 309 DEVELOPMENT COMPANY

	  	  	
 

By:/s/ Robert W. Nappen                    

	  	  	
Robert W. Nappen

Managing General Partner

	
Dated:

	  	
 

PHOTOMEDEX, INC.

A Nevada corporation

	  	
 

	
 

By:/s/ Michael R. Stewart                    

	  	  	
Title: EVP / COO                                           

	  	  	  
	
(CORPORATE SEAL)

	  	
Attest: /s/ Davis Woodward              

	  	  	
Title: Corporate Counsel                                

	  	  	  

 

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