EXHIBIT 10.3
THIRD LEASE MODIFICATION AND EXTENSION AGREEMENT
THIS THIRD LEASE MODIFICATION AND EXTENSION AGREEMENT (this " Agreement" ) is made and entered into as of the 26 th day of January, 2005, by and between AMB PROPERTY, L.P., a Delaware limited partnership (the " Lessor" ) and MEDWAVE, INC., a Delaware corporation (the " Lessee" );
WITNESSETH:
WHEREAS, Lessor; the successor in title to Round Lake LLC, and Lessee are the parties to that certain Office/Warehouse Lease dated April 10, 1997, as amended by that certain Lease Modification and Extension Agreement dated March 29, 2002 and that certain Second Lease Modification and Extension Agreement dated April 12, 2004 (collectively, the " Lease" ), wherein Lessor leased to Lessee and Lessee leased from Lessor that certain premises containing approximately 5,964 square feet, commonly known as 4382-84 Round Lake Boulevard, Arden Hills,
Minnesota and designated as Bays 5 and 6, which premises is more particularly depicted on the site plan attached hereto as Exhibit A (the " Original Premises" ); and
WHEREAS, in addition to extending the term of the Lease, Lessor desires to lease to Lessee and Lessee desires to lease from Lessor, both the Original Premises and that certain premises adjacent to the Original Premises containing 7,073 square feet designated as Bays 7 and 8 and depicted on attached Exhibit A (the " Expansion Area" ).
NOW, THEREFORE, in consideration of the above and the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties hereto, the parties agree as follows:
Extension . The Term of the Lease is hereby extended for a period of three (3) years commencing June 1, 2007 and ending on June 30, 2010 (the " Extended Term" ).
Expansion/Improvements.
ullet Commencing on February 1, 2005 (the " Expansion Date" ), through and including June 30, 2010, Lessor shall lease to Lessee and Lessee shall lease from Lessor both the Original Premises and the Expansion Area for an aggregate square footage of 13,037, and which shall be collectively deemed the " Premises" for all purposes under the Lease. In the event Lessor for any reason is unable to deliver possession of the Expansion Area by February 1, 2005, Lessor shall not be deemed in default under the Lease and the Expansion Date shall be deemed the date that possession of the Expansion Area is delivered to Lessee. As a condition to the achievement of the Expansion Date, prior to the Expansion Date Lessee shall deliver to Lessor (i) copies of insurance certificates covering both the Original Premises and the Expansion Area in accordance with the requirements of Paragraph 16 of the Lease, provided that the insurance limits be increased to reflect not less than $1,000,000 for injury/death to any one person, $3,000,000 for injury/deat ...