FIRST LEASE MODIFICATION AGREEMENT
FIRST
LEASE MODIFICATION AGREEMENT
(the
“Modification Agreement”) made as of the _____ day of February, 2005, by and
between 00
XXXXXX XXXX ASSOCIATES, LLC,
a New
York limited liability company, having and address at c/o AmTrust Realty Corp.,
000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Landlord"), and AMTRUST
FINANCIAL SERVICES, INC.,
a New
York corporation having an office at 00 Xxxxxx Xxxx, Xxx Xxxx, Xxx Xxxx 00000
(the "Tenant").
WITNESSETH:
WHEREAS,
by
Standard Form of Office Lease, The Real Estate Board of New York, Inc. 8/99,
with Rider of even date therewith attached thereto, dated June 28, 2002 (the
"Lease"), Landlord demised to Tenant certain premises on the 6th
Floor
(the "Existing Premises") in the building known as 00 Xxxxxx Xxxx, Xxx Xxxx;
and
WHEREAS,
the
Existing Premises consist of approximately 5,564 rentable square feet and Tenant
seeks to have the Existing Premises increased by approximately 3,153 rentable
square so that thereafter it shall consist of approximately 8,807 rentable
square feet (the “New Premises”); and
WHEREAS,
Landlord has agreed to modify and increase the Existing Premises to create
the
New Premises subject to the terms and conditions hereinafter set forth (the
New
Premises is herein, as of the Lease Modification Commencement Date the
“Premises”).
NOW,
THEREFORE,
in
consideration of the premises, the mutual covenants and agreements hereinafter
set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby mutually acknowledged, Landlord and Tenant do hereby agree
that the Lease shall be and hereby is modified and amended as follows:
Commencing
on the date of substantial completion of Landlord’s Work (the “Lease
Modification Commencement Date”), presently estimated to be February 15,
2005:
1. The
Premises are set forth on "Exhibit “A” attached to this Modification
Agreement.
2. That
portion of the first page of the Lease which reads “5,654 rentable square feet”
is hereby modified and amended to read “8,807 rentable square feet”.
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3. That
portion of the first page of the Lease which reads “and ending July 31, 2005,
and then $197,890.00 for the period running from August 1, 2005, through July
31, 2008,” is hereby deleted and the following inserted in its place and stead
“and ending on the date preceding the Lease Modification Commencement Date,
$290,631.00 for the period running from the Lease Modification Commencement
Date
and ending July 31, 2005, and then $308,245.00 for the period running from
August 1, 2005, through July 31, 2008,”.
4.
Subparagraphs
51 (2)(a)(i) and (ii) of the Lease are hereby deleted in their entirety and
the
following inserted in their place and stead:
(i) One
Hundred Eighty-Six Thousand Five Hundred Eighty-Two and 00/100($186,582.00)
Dollars per annum during the period commencing on the Commencement Date and
ending on the day preceding the Lease Modification Commencement Date;
(ii) Two
Hundred Ninety Thousand Six Hundred Thirty-One00/100($290,631.00) Dollars during
the period commencing on the Lease Modification Commencement Date and ending
on
July 31, 2005; and,
(iii) Three
Hundred Eight Thousand Two Hundred Forty-Five 00/100($308,245.00) Dollars per
annum during the period commencing on August 1, 2005 and ending on the
Expiration Date.
4.
Subparagraph
52. (1) (j) of the Lease is hereby modified and amended by deleting “.56” in the
first line thereof, and “5,564” in the second line thereof and substituting
“.88” and “8,807” respectively, in their place and stead.
5. Landlord
agrees, at its sole cost and expense, to modify the Existing Premises to create
the New Premises (as of the Lease Modification Commencement Date, the
“Premises”) by erecting a demising wall within the Existing Premises, as set
forth on Schedule A hereto, to create the New Premises using Landlord’s building
standard materials (the “Landlord’s Work”). In the event that Tenant elects to
use materials other than Landlord’s building standard materials, all costs and
expenses in connection therewith, in excess of what the Landlord would have
paid
using building standard materials, shall be paid by Tenant.
6.
Tenant
represents and warrants that it has not consulted or negotiated with any broker
in connection with this Modification Agreement and Tenant hereby agrees to
indemnify, hold harmless and defend Landlord from any claim or liability for
commissions or fees arising from related to or connected with any person, firm
or corporation claiming to have dealt with Tenant in connection with the
Modification Agreement.
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7.
Except
to
the extent herein amended and modified, the Lease shall remain unamended and
full force and effect.
IN
WITNESS WHEREOF,
the
parties hereto have hereunto set their hands and seals as of the day and year
first above written.
| 00 XXXXXX XXXX ASSOCIATES, LLC | ||
| Landlord | ||
| |
|
|
| By: | ||
|
Xxxxxx Xxxx, Manager |
||
| AMTRUST FINANCIAL SERVICES, INC. | ||
| Tenant | ||
| |
|
|
| By: | ||
|
Name: Xxxxxxx Xxxxx |
||
| Title: Secretary and General Counsel | ||
Shared
documents/59 Maiden lane with AmTrust Fin/ Agreement 1-26-05
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