FIRST LEASE MODIFICATION AGREEMENT
AGREEMENT, made as of this 17th day of January, 1995, between MID-CITY
ASSOCIATES, a partnership with an office at 00 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx
Xxxx 00000 (hereinafter called 'Landlord'), and ANDOVER TOGS, INC. a New York
corporation with an office at Xxx Xxxx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000
(hereinafter called 'Tenant').
W I T N E S S E T H:
WHEREAS, Landlord and Tenant are respectively the landlord and tenant
under that certain lease, dated as of August 18, 1994, covering the entire
rentable area of the 46th floor, certain storage space on the Intermediate
Level, and Storage Rooms 10B, 10C, 10E and 10F, in the building known as Xxx
Xxxx Xxxxx, Xxx Xxxx, Xxx Xxxx (which lease, as same may have been modified and
amended, is hereinafter called the 'Lease'); and
WHEREAS, in accordance with Subdivision B(c)1 of Article 48, Storage
Room 10B has been combined with Storage Room 10C to create as single storage
Room 10B/C, and Storage Room 10E has been combined with Storage Room 10F to
create a single Storage Room 10E/F; and
WHEREAS, Landlord has requested that the Lease be modified so that: (i)
Landlord, at its expense, may remove the entrance doors to the B and F sides of
Storage Rooms 10B/C, and 10E/F and replace said doors with building standard
demising walls; and (ii) Tenant's option to delete any of the tenth floor
storage spaces under Subdivision B(d) of Article 48 shall be limited to either
the combined Storage Room 10B/C and/or the combined Storage Room 10E/F (with
Tenant no longer having the right to delete any one of the storage rooms
originally demised under the Lease, i.e., 10B, 10C, 10E or 10F); and
WHEREAS, Tenant has agreed to such modifications, subject to the terms
and conditions hereinafter set forth.
NOW THEREFORE, in consideration of the mutual promises herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree that the
Lease shall be deemed to be, and the same hereby is, modified as follows:
1. (a) Tenant agrees that Landlord may, at its expense, remove the
entrance doors to the B and F sides of the now combined Storage Rooms 10B/C and
10E/F and replace said doors with building standard demising walls.
(b) In consideration of Tenant's agreements herein, Landlord
agrees that, at its expense, it will install a building standard
air-conditioning diffuser in the C side of Storage Room 10B/C.
(c) Tenant agrees that it will cooperate with Landlord by
providing Landlord with such access to Storage Rooms 10B/C and 10E/F as is need
for Landlord to effect the foregoing work. Landlord will seek to minimize any
interference with Tenant's business. Tenant understands, however, that such work
will be effected on Landlord's business days, during Landlord's business hours.
Landlord will also effect such work in a good and workmanlike manner and in
accordance with applicable law.
2. In further consideration for Tenant's agreements herein, Landlord
agrees that Tenant shall be entitled to a rent credit in the amount of
$2,071.91, which rent credit shall be applied, until depleted, against the fixed
annual rent (without electricity) next due under this Lease.
3. Subdivision B(d) of Article 48 shall be deemed to be, and hereby is,
deleted from the lease, and the following new Subdivision B(d) shall be
substituted in its place and stead:
'(d) If and so long as Tenant is not in default beyond any
grace period in its obligation to pay any rent or additional
rent under this Lease, Tenant shall have the option to delete
from the Tenth Floor Storage Space the combined Storage Room
10B/C and/or the combined Storage Room 10E/F (the 'Deletion
Storage Space'), upon ninety (90) days' prior written notice
to Landlord. (Any Storage Room remaining after the exercise of
such deletion right by Tenant are hereinafter collectively
called the 'Remaining Tenth Floor Storage Space'). Such
deletion shall be deemed effective as of the last day of the
calendar month in which last day of the aforedescribed ninety
(90) day notice period occurs (the 'Deletion Date'). Time
shall be of the essence in connection with the exercise by
Tenant of any election in accordance with the terms hereof. On
or before the Deletion Date, Tenant shall vacate the Deletion
Storage Space and surrender broom clean possession thereof to
Landlord in accordance with the provisions of this Lease, as
if the Deletion Date were the date set forth in this Lease for
the expiration of the leasing of the Deletion Space. From and
after the Deletion Date, for the Remaining Tenth Floor Storage
Space: the fixed annual rental rate (without electricity)
shall be reduced by an amount equal to $15 per rentable square
foot for each rentable square foot of Deletion Storage Space
being deleted by Tenant hereunder; 'The Percentage' for
purposes of calculating tax and operating expense escalation
under Article 45 shall be reduced in accordance with the terms
of said Article, based on the number of rentable square feet
of the Remaining Tenth Floor Storage Space; Tenant shall
accept and continue possession of the Remaining Tenth Floor
Storage Space in its then 'as is' condition, and Tenant
acknowledges that Landlord shall have no obligation to do any
work in and to such space to make it suitable and ready for
Tenant's
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continued occupancy and use; and all other provisions of this
Lease shall be deemed to be, and hereby are, appropriately
modified with respect to the Remaining Tenth Floor Storage
Space; otherwise, the Remaining Tenth Floor Storage Space
shall continue to be leased pursuant to all of the applicable
terms, covenants and conditions of the Lease, as herein
modified, including, without limitation, the 'base tax year',
the 'base year' and the 'comparative years' for purposes of
Article 45 tax and operating expense escalation, and the ERIF
under Section 27.04. Tenant, however, shall remain liable to
Landlord for any rent, additional rent or other obligations
payable or accruing with respect to the Deletion Storage Space
prior to the Deletion Date and the surrender to Landlord of
the Deletion Storage Space.'
4. Except as herein modified, all of the terms, covenants and
conditions of the Lease are and shall remain in full force and effect and are
hereby ratified and confirmed.
5. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective legal representatives, successors and
permitted assigns.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.
WITNESS: (As to Landlord) MID-CITY ASSOCIATES
By: Helmsley-Spear, Inc., Agent
By:
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Name: Xxxxxx X. North
Title: Vice President
WITNESS: (As to Tenant) ANDOVER TOGS, INC.
By:
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Name:
Title:
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