Exhibit 10.24
First AMENDMENT TO LEASE
THIS AMENDMENT TO LEASE is made and entered into as of March 23, 2023, by and between 2000 Gold L.P. ("Lessor") and
STAAR Surgical Company, a Delaware corporation (“Lessee").
WHEREAS, on or about August 10, 2017 a lease was entered into by and between Lessor and Lessee relating to certain real property commonly known as (street address, city, state, zip): 1911 Walker Avenue & 1900 Myrtle Avenue, Monrovia. CA 91606 (the Premises"), and
WHEREAS, Lessor and Lessee ☑ have ☐ have not previously amended said Lease, and
WHEREAS, the Lessor and lessee now desire to amend said Lease,
NOW, THEREFORE, for payment of TEN DOLLARS and other good and valuable consideration to Lessor, the receipt and sufficiency of which is hereby acknowledged, the parties mutually agree to make the following additions and modifications to the Lease:
☑ TERM: The Expiration Date is hereby ☐ advanced ☑ extended to October 31, 2030 .
☐ AGREED USE: The Agreed Use is hereby modified to: .
☑ BASE RENT ADJUSTMENT: Monthly Base Rent shall be as follows: November 1, 2023 - October 31- 2024 equals $1.34 NNN per square foot per month. subject to the terms of the Existing Lease and shall increase by the greater of three and a half percent (3.5%) and the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for CPI U (All Urban consumers) for Los Angeles (from the calendar month which is 2 full months prior to the applicable CPI Increase Date) on each anniversary of the Extended Term Lease Commencement Date (November 1, 2023), however each annual increase shall not exceed five percent (5%).
☑ OTHER: Security Deposit shall be increased to $72,288. Lessor is currently holding a Security Deposit equal to $41,000. Within fourteen (14) days of execution of this Amendment, Lessee shall deliver the additional Security Deposit of $31,288 to Lessor.
Building Improvement Allowance: Landlord shall provide Tenant an allowance of $15,000 on January 1st of each year of the Extended Term per the terms of the Lease.
This Amendment shall not be construed against the party preparing it, but shall be construed as if all parties jointly prepared this Amendment and any uncertainty and ambiguity shall not be interpreted against any one party. Signatures to this Amendment accomplished by means of electronic signature or similar technology shall be legal and binding.
All other terms and conditions of this Lease shall remain unchanged and shall continue in full force and effect except as specifically amended herein.
EXECUTED as of the day and year first above written.
By Lessor: | By Lessee: |
2000 Gold L.P. | STAAR Surgical Company, a Delaware corporation |
By: /s/ Michael Tang | By: /s/ Justin Reed |
Name Printed: Michael Tang | Name Printed: Justin Reed |
Title: General Partner | Title: Sr Director Global Facilities & Engineering |
Phone: | Phone: |
Fax: | Fax: |
Email: | Email: |
By: | By: |
MT JR
INITIALS INITIALS
© 2017 AIR CRE. All Rights Reserved. Last Edited:3/23/2023 12:53 PM
ATL-1.02, Revised 10-22-2020 Page 1 of 2
Name Printed: | Name Printed: |
Title: | Title: |
Phone: | Phone: |
Fax: | Fax: |
Email: | Email: |
Address: | Address: |
Federal ID No: | Federal ID No: |
AIR CRE • https://www.aircre.com • 213-687-8777 • contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in writing
MT JR
INITIALS INITIALS
© 2017 AIR CRE. All Rights Reserved. Last Edited:3/23/2023 12:53 PM
ATL-1.02, Revised 10-22-2020 Page 2 of 2
OPTION(S) TO EXTEND TERM
STANDARD LEASE ADDENDUM
Dated: March 23, 2023
By and Between
Lessor: 2000 Gold L.P.
Lessee: STAAR Surgical Company, a Delaware corporation
Property Address: 1911 Walker Avenue & 1900 Myrtle Avenue, Monrovia, CA 91606
(street address, city, state, zip)
Paragraph Exhibit A: OPTION(S) TO EXTEND TERM. Subject to the terms, conditions and provisions of Paragraph 39, Lessor grants Lessee one (1) option(s) to extend the term of the Lease ("Extension Option(s)"), with each Extension Option being for a term of sixty (60) months, commencing when the prior term expires ("Option Term(s)"). In order to exercise an Extension Option, Lessee must give written notice of such election to Lessor and Lessor must receive such notice at least nine (9) but not more than twelve (12) months prior to the date that the applicable Option Term would commence, time being of the essence. If timely and proper notification of the exercise of an Extension Option is not given by Lessee and/or received by Lessor, such Extension Option shall automatically expire. Except as specifically modified, the terms, conditions and provisions of the Lease shall apply during Option Terms but the amount of Rent during Option Terms shall be established by using the method(s) selected below (check method(s) to be used and fill in appropriately):
☐ I. Consumer Price Index.
☐ II. Fixed Percentage. During the Option Term(s) which start(s) on , the monthly Base Rent shall be increased on and every months thereafter during such Option Term(s) ("Option Term Percentage Increase Date(s)") by percent ( %) of the monthly Base Rent scheduled to be paid for the month immediately preceding the applicable Option Term Percentage Increase Date.
☑ Ill. Fair Market Value.
MT JR
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© 2017 AIR CRE. All Rights Reserved. Last Edited:3/23/2023 12:55 PM
OE-7.02, Revised 01-13-2022 Page 2 of 2
judge with competent jurisdiction over the Parties to appoint the Neutral Valuator.
☐ IV. Fixed Rental Adjustment(s) ("FRA").
The monthly Base Rent shall be increased to the following amounts on the dates set forth below:
On (fill in FRA Adjustment Date(s)): | The new Base Rent shall be: |
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☐ V. Continuation of Original Term Adjustments.
The monthly Base Rent during the Option Term(s) which start(s) on shall be increased in accordance with the same formula provided in the Lease to be used to calculate increases in the Base Rent during the Original Term of the Lease.
BROKER'S FEE: For each adjustment in Base Rent specified above, the Brokers shall be paid a Brokerage Fee in accordance with paragraph 15 of the Lease or if applicable, paragraph 9 of the Sublease.
AIR CRE • https://www.aircre.com • 213-687-8777 • contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in writing.
MT JR
INITIALS INITIALS
© 2017 AIR CRE. All Rights Reserved. Last Edited:3/23/2023 12:55 PM
OE-7.02, Revised 01-13-2022 Page 2 of 2