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EX-10.12
2
hyln-20211231xex1012.htm
EX-10.12
FIRST AMENDMENT TO INDUSTRIAL LEASE
This First Amendment to Industrial Lease (the "Amendment") is made and entered into by and between IGX BRUSHY CREEK, LLC, a Texas limited liability company ("Landlord") and HYLIION INC., a Delaware corporation ("Tenant"), and is dated for reference purposes only as of December 1, 2020 (the "Amendment Date").
RECITALS:
WHEREAS, Landlord and Tenant entered into that certain Industrial Lease dated as of February 5, 2018 (the "Existing Lease"), pursuant to which Tenant has leased from Landlord certain premises consisting of approximately 83,470 square feet of space in Building 2 of the Brushy Creek Corporate Center located at 1200 BMC Drive, Cedar Park, Texas 78613, as such leased premises are more particularly described in the Existing Lease (the "Existing Premises").
WHEREAS, the Term of the lease is scheduled to expire on the Termination Date, which is January 31, 2026, and Landlord and Tenant now desire to modify the Existing Lease in order to expand the leased premises, and to make certain other modifications to the terms of the Existing Lease. all as more specifically set forth herein below.
AGREEMENT:
NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby
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accordance with ADDENDUM 1, up to the amount of the Expansion Allowance (as defined in said ADDENDUM 1). Tenant, at Tenant's sole expense, shall obtain all necessary licenses, permits and approvals of any kind relating in any way to Tenant's Work prior to the commencement thereof.
5. Tenant's Pro Rata Share.
a. Expansion Premises. From and after the Expansion Commencement Date, Tenant's pro rata share shall be 45.04% (i.e. 104,112 square feet of space in the Premises divided by a total of 231.180 square feet of space in the Buildings comprising the Project), which calculation is subject to adjustment from time to time as deemed appropriate by Landlord. Notwithstanding the foregoing, Landlord reserves the right to calculate the pro rata share for each tenant at the Project on a building by building basis.
b. Cap on Additional Expenses. Notwithstanding anything to the contrary contained in the Lease, the calculation of the cap on increases in Controllable Additional Expenses
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refer to the Expansion Commencement Date.
7. Base Rent.
a. Expansion Premises Rent Commencement; Abatement. Tenant's obligation to pay Rent with respect to the Expansion Premises shall commence on the Expansion Commencement Date, provided, however, that the first month's payment of Base Rent for the Expansion Premises shall be abated. Such abatement shall not include Tenant's obligation to pay Additional Expenses, and Tenant shall be required to pay Additional Expenses during the entire Term applicable to the Expansion Premises. - If there is an Event of Default that continues beyond any applicable cure period, then Landlord shall be entitled to recover all Base Rent that was abated, as provided herein. All such Rent shall be payable in accordance with the terms of the Lease.
b. Base Rent Amount. Base Rent for the Existing Premises shall continue to be paid in accordance with the schedule set forth on page 2 of the Existing Lease. Base Rent
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each month in an amount calculated on a per square foot rate equal to the per square foot Base Rent rate payable with respect to the Existing Premises (as such rate increases in accordance with the rent schedule set forth in the Existing Lease), and shall be calculated on the basis of 20,642 square feet. The initial monthly installment of Base Rent for the Expansion Premises shall be in the amount of $22,998.63 (i.e. 20,642 square feet multiplied by $13.37, and divided by 12).
8. Access Devices. Promptly after the date hereof, Tenant shall deliver to Landlord's property manager keys, access codes or cards, or other appropriate access devices to all doors leading to the Premises. Thereafter, Tenant shall ensure that Landlord or Landlord's property manager shall promptly receive updated keys, access codes or cards, or other appropriate access devices any time locks or other security devices