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ONVI > SEC Filings for ONVI > Form 8-K on 9-Apr-2013All Recent SEC Filings

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Form 8-K for ONVIA INC


Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 Entry into a Material Definitive Agreement.

On April 4, 2013, Onvia, Inc., a Delaware corporation ("Onvia") entered into a First Amendment to Lease with GRE 509 Olive LLC for its corporate offices located at 509 Olive Way, Seattle, Washington 98101 (the "Amendment"). The Amendment, among other things, extends the lease term for an additional sixty-five (65) months with a new expiration date of April 30, 2021. In addition, the Amendment reduces the rental area of the premises to approximately 29,606 square feet, after surrender of 5,394 square feet 30 days after the execution of the Amendment. Onvia has an additional right to surrender up to 8,898 square feet on or after November 30, 2014 in exchange for the payment of a space reduction fee. The annual gross base rent begins at $26.50 per square foot and increases incrementally to $32.50 by the end of the lease term, with four months of abated rent. In addition to base rent, Onvia will be responsible for its proportionate share of annual incremental increases in the building's operating expenses, insurance, and real estate taxes over the 2013 base year. Upon execution of the Amendment, Onvia provided a $100,000 security deposit, which will be increased to $125,000 on January 1, 2014 and $150,000 on January 2015. Onvia has a one-time right to terminate the amended lease in its entirety on or after December 1, 2017 in exchange for payment of a termination fee.

The above description is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.       Description

10.1              First Amendment to Lease, dated as of April 4, 2013, by and
                  between Onvia, Inc. and GRE 509 Olive LLC.

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