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EXHIBIT 10.32
Xxxxx House, Inc.
Post Office Box 1470
Xxxxxx station
New York, New York 10028
Landlord
EXTENSION OF LEASE
Date January 3, 1997
Tenant(s): Mersa Corporation Re: LEASE
000 Xxxxx Xx. Xxxxx Xx.0 Dated: January 3, 1997
New York, NY 10002 Expires on January 31, 1997
Apt.-office-etc.: Store No. 1
Dear Xxxxxx(s):
The LEASE referred to above expires shortly. If you wish to extend
your LEASE the annual rent for the premises commencing on February 1, 1997 will
be $ payable $ monthly in advance for an extended term
of
PLEASE REFER TO ADDENDUM
In connection with the foregoing, additional security will be required
in the amount of $0 making the total security of $ REFER TO LEASE
If prior to the commencement of the extended term you default in any
of the terms, covenants and conditions of the LEASE this agreement shall, at
the option of the Landlord, be null and void.
All other terms, covenants and conditions of the LEASE shall remain in
full force and effect for the duration of the extended term.
If you wish to extend the term of the LEASE please sign this agreement
where indicated (x) and return two copies to the Landlord together with a check
in the amount of the additional security within days of the above
date.
If you intend to vacate the premises please sign your name under the
words "Tenant(s) will vacate the premises at the end of the present term" and
return two copies to the Landlord.
SIGN HERE TO EXTEND LEASE
Tenant(s): X /s/ MERSA CORPORATION This EXTENSION AGREEMENT
does not become binding until
the return to you of a copy
X /s/ Xxxxxx Xxxxxxx signed by the Landlord.
Tenant(s) will vacate the premises at
the end of the term
______________________________________ Agent
______________________________________ By /s/
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ADDENDUM TO EXTENSION OF LEASE DATED JANUARY 3, 1997
FOR: 000 XXXXX XXXXXX, XXX XXXX 00000 (AKA: STORE #1)
Tenant covenants to pay to Owner the following sums:
FIVE YEAR RENT PLAN
Year Increase Monthly Rent Yearly Rent
1. Feb. 1, 1997 - Jan. 31, 1998 5% $1,300.00 $15,600.00
2. Feb. 1, 1998 - Jan. 31, 1999 5% $1,365.00 $16,380.00
3. Feb. 1, 1999 - Jan. 31, 2000 5% $1,433.25 $17,199.00
4. Feb. 1, 2000 - Jan. 31, 2001 5% $1,504.91 $18,058.95
5. Feb. 1, 2001 - Jan. 31, 2002 5% $1,580.16 $18,961.90
TOTAL: $70,599.85
The foregoing amounts shall be payable in equal monthly installments, as set
forth above, in advance, without previous demand therefor, and without any
offset, counterclaim, or deduction whatsoever, on the first day of each and
every calendar month throughout the term of this lease, except that the first
installment or Fixed Rent shall be paid upon the execution of the lease.
Tenant shall also pay as "Additional Rent" any other sums of money as shall
become due and payable hereunder (as in the Original LEASE agreement), the
default for which Owner shall have the same rights and remedies as for the
default in the payment of Fixed Rent.
Notwithstanding the above, tenant must always maintain a security deposit,
which is presently in terms with the original LEASE agreement.
/s/
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Tenant: New York Payroll Co. Landlord: Xxxxx House, Inc.
Agent
MERSA CORP.
/s/ X. Xxxxxxx
1/17/97 1/13/97
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