Full Press Release Details
SECOND AMENDMENT OF LEASE
This is a Second Amendment of Lease (this "Amendment")
is dated as of this 15th day of August, 2022, by and between TVP, LLC, with a mailing address of P.O. Box 66749, Falmouth, Maine 04105
(hereinafter the "Landlord"), and ImmuCell Corporation with a mailing address of 56 Evergreen Drive, Portland, Maine 04103
(hereinafter the "Tenant").
WHEREAS, the parties entered into an Indenture
of Lease dated September 12, 2019, as amended by First Amendment of Lease dated June 15, 2020 (the "Original Lease"); and,
WHEREAS, the Original Lease covers the following
The Demised Premises deemed to consist of approximately +/- 14,300
square feet of floor area situated on the land at 175 Industrial Way, Portland, Maine, as more particularly described in the Original
WHEREAS, the parties now wish to amend the Original
Lease to expand the Demised Premises and extend the Term;
NOW THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that
the Lease is hereby amended as follows:
| +/-14,300 SF | +/-15,400 SF | |||||||||||
| Monthly Base Rent | Monthly Base Rent | Total Monthly Base Rent | ||||||||||
| Year 1 | $ | 10,331 | $ | 17,774 | $ | 28,105 | ||||||
| Year 2 | $ | 10,331 | $ | 17,774 | $ | 28,105 | ||||||
| Year 3 | $ | 10,538 | $ | 18,130 | $ | 28,667 | ||||||
| Year 4 | $ | 10,748 | $ | 18,492 | $ | 29,241 | ||||||
| Year 5 | $ | 10,963 | $ | 18,862 | $ | 29,825 | ||||||
| Year 6 | $ | 11,183 | $ | 19,239 | $ | 30,422 | ||||||
| Year 7 | $ | 11,406 | $ | 19,624 | $ | 31,030 | ||||||
| Year 8 | $ | 11,634 | $ | 20,017 | $ | 31,651 | ||||||
| Year 9 | $ | 11,867 | $ | 20,417 | $ | 32,284 | ||||||
| Year 10 | $ | 12,104 | $ | 20,825 | $ | 32,930 | ||||||
| Year 11 | $ | 12,347 | $ | 21,242 | $ | 33,588 | ||||||
| Year 12 | $ | 12,593 | $ | 21,667 | $ | 34,260 | ||||||
| Year 13 | $ | 12,845 | $ | 22,100 | $ | 34,945 | ||||||
| Year 14 | $ | 13,102 | $ | 22,542 | $ | 35,644 | ||||||
| Year 15 | $ | 13,364 | $ | 22,993 | $ | 36,357 | ||||||
| Year 16 | $ | 13,632 | $ | 23,453 | $ | 37,084 | ||||||
| Year 17 | $ | 13,904 | $ | 23,922 | $ | 37,826 | ||||||
| Year 18 | $ | 14,182 | $ | 24,400 | $ | 38,582 | ||||||
| Year 19 | $ | 14,466 | $ | 24,888 | $ | 39,354 | ||||||
| Year 20 | $ | 14,755 | $ | 25,386 | $ | 40,141 |
"Provided said Tenant is not in default beyond any
applicable grace period in the performance of any of the terms and conditions of the Lease, the Tenant may, at its option, exercised by
written notice to Landlord, given not less than 365 days prior to the expiration of the then current term, extend the Lease for One (1)
Ten (10) year period under the same terms and conditions of the original lease except that Basic Rent for the option period shall be increased
by 2.5% annually over the preceding lease year.
In all other respects, the terms and conditions of the Lease are hereby
ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto have hereunto
set their hands and seals on the day and year first above written.
| LANDLORD: | ||||
| TVP, LLC | ||||
| Witness: | /s/ Daniel Catlin | By: | /s/ Richard McGoldrick | |
| Richard McGoldrick, Manager |
| TENANT: | ||||
| ImmuCell Corporation | ||||
| Witness: | /s/ Elizabeth S. Toothaker | By: | /s/ Elizabeth L. Williams | |
| Elizabeth L. Williams, Duly Authorized |