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Exhibit 10.52 (j)
FIFTH LEASE MODIFICATION AND EXTENSION AGREEMENT
FIFTH LEASE MODIFICATION AND EXTENSION AGREEMENT (this "Agreement")
made this 30 day of May, 1995, by and between TETERBORO ASSOCIATES, a New
Jersey limited partnership, having its principal office at 00 Xxxx Xxxxxx,
Xxxxxxxxxx, Xxx Xxxxxx 00000 (the "Landlord") and MISS XXXXX, INC., having an
office at 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx (the "Tenant").
W I T N E S S E T H:
WHEREAS, on April 1, 1975, Empire Carpet Corporation ("Empire") and
Tenant entered into a lease for premises located at 000 Xxxxx Xxxxxx, Xxxxxxxxx,
Xxx Xxxxxx (the "Initial Lease"); and
WHEREAS, by letters dated January 17, 1978 and February 17, 1981,
the Initial Lease was extended to March 30, 1986; and
WHEREAS, the Initial Lease as so extended was further modified by
letters dated March 5, 1982 and August 15, 1983 adding a total of 31,200 square
feet of warehouse space to the space initially demised; and
WHEREAS, the Initial Lease as so extended and modified was assigned
by Xxxxxxxxx World Industries, Inc. (as successor-in-interest to Empire) to
Landlord by Assignment dated March 7, 1984; and
WHEREAS, the Initial Lease as so extended and modified was further
modified and extended pursuant to Lease Modification and Extension Agreement
dated January 24, 1985, pursuant to which, inter alia, the lease term was
further extended to March 31, 1991; and
WHEREAS, by Lease Amendment dated August 8, 1985, the Initial Lease
as so amended and modified was further modified to add an additional 50,400
square feet of warehouse space to the space previously demised and was modified
in various other respects; and
WHEREAS, by Second Lease Modification and Extension Agreement dated
December 18, 1986, the Initial Lease as so amended and modified was further
modified to add an additional 67,500 square feet of warehouse space to the space
previously demised, for a total of 170,700 square feet comprising and
constituting the "Warehouse Space", extending the term of the lease through
December 31, 1992 and was modified in various other respects; and
WHEREAS, by Third Lease Modification and Extension Agreement dated
January 18, 1989, the Initial Lease as so amended and modified was further
modified to extend the term of the lease
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through December 31, 1996 and was modified in various other respects; and
WHEREAS, by Fourth Lease Modification and Extension Agreement dated
June, 1991, the Initial Lease as so amended and modified was further modified to
extend the term of the lease through December 31, 2001 and was modified in
various other respects (the Initial Lease as so modified and extended as
described in this and the foregoing "WHEREAS" clauses is hereinafter referred to
as the "Lease"); and
WHEREAS, the parties are desirous of amending the Lease in order to
provide for the leasing by Landlord to Tenant of an additional 21,600 square
feet of space (the "Expansion Space") as designated on Exhibit A attached hereto
and made a part hereof and which space is adjacent to the Warehouse Space and is
presently occupied by Novo Corp. (Bonded Warehouse) ("Novo").
NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto do hereby agree as follows:
1. The foregoing recitals are incorporated herein by reference.
2. Landlord leases to Tenant, and Tenant rents from Landlord, in
addition to the Warehouse Space, the Expansion Space. It is understood that the
term of the Lease for the Expansion Space shall commence on January 1, 1996 (the
"Commencement Date"), and thereafter be coincidental with the term of the Lease,
that is, ending December 31, 2001. Tenant agrees to accept the Expansion Space
on the Commencement Date in its then "AS IS" condition, Landlord having no
obligation to make any restoration or repair, except the space will be delivered
vacant, broom-clean with all systems in good operating condition. Landlord
agrees to use its best efforts to obtain possession of the Expansion Space when
the Novo lease expires on December 31, 1995. If Landlord has not obtained
possession of the Expansion Space by January 1, 1996, then the Commencement Date
shall be extended until Landlord can deliver possession of the Expansion Space
to Tenant but not later than May 1, 1996. If Landlord has not obtained
possession of the Expansion Space by May 1, 1996, either Landlord or Tenant can
cancel this Agreement by written notice to the other.
3. Section 1 of the Lease is amended to provide that, effective as
of the Commencement Date, the phrase "the Demised Premises" shall be deemed to
mean and refer to the aggregate leased space constituting the Warehouse Space
and the Expansion Space, except as the context otherwise requires.
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4. Section 4 of the Lease is amended to provide that in addition to
the Minimum Rent currently provided for, Tenant covenants to pay Landlord,
without previous demand therefor, a minimum annual rental (the "Minimum Rent")
for the Expansion Space, effective as of the Commencement Date, payable in equal
monthly installments, in advance on the first day of each and every month during
the Lease term, as follows:
Commencing Minimum Rent Minimum Rent
(per annum) (per month)
---------- ------------ ------------
January 1, 1996 -
December 31, 1998 $150,336.00 $12,528.00
January 1, 1999 -
December 31, 1999 $154,872.00 $12,906.00
January 1, 2000 -
December 31, 2001 $159,408.00 $13,284.00
Notwithstanding the foregoing, the Minimum Rent for the months of January,
February, March and April, 1996 (if possession of the Expansion Space is
delivered by then) shall be One Hundred ($100.00) Dollars per month.
5. Section 4A(c) of the Lease is hereby amended and restated as
follows:
Tenant's proportionate share is agreed to be 88.21% based on the
ratio of square footage of the Demised Premises (192,300 square
feet) to the square footage of the entire building (218,000 square
feet).
6. The thirteenth (13th) line of Section 10 of the Lease is hereby
amended and restated as follows:
term hereof (i.e. Tenant agrees to pay 88.21% of
7. The amount of the Letter of Credit that the Tenant shall maintain
on deposit with the Landlord pursuant to the Lease shall by increased to Eight
Hundred Twenty-Five Thousand Dollars ($825,000) (U.S.). Tenant shall deliver
such increased Letter of Credit to Landlord at such time as Tenant is required
to either furnish a new letter of credit or extend or replace the existing
Letter of Credit under the Lease.
8. Landlord and Tenant represent to each other that they have dealt
with no brokers in connection with the transaction contemplated hereby and will
indemnify each other from the claims of any brokers arising by reason of the
execution of this Agreement or the consummation of the transaction contemplated
hereby.
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9. Paragraph 14 of the Fourth Lease Amendment is hereby deleted.
10. Except as herein amended, all of the terms and conditions of the
Lease are hereby ratified and confirmed and shall be deemed to apply to the
Demised Premises, as expanded by the Expansion Space.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first set forth hereinabove.
TETERBORO ASSOCIATES
By: Xxxxx Realty Corp.,
General Partner
By: /s/ C. Xxxxxxxx Xxxxxx
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Name:
Title:
MISS XXXXX, INC.
By: /s/ [ILLEGIBLE]
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Name:
Title: V.P. Finance
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