THIRD AMENDMENT OF LEASE
Exhibit 10.1.2
THIRD AMENDMENT OF LEASE
This THIRD AMENDMENT OF LEASE (this "Amendment") is made as of the 15th day of July 2022, between VITAMIN REALTY ASSOCIATES LLC (the LESSOR"), a New Jersey limited liability company, and MANHATTAN DRUG COMPANY, INC (the LESSEE"), a New Jersey corporation, having an address at 000 Xxxx Xxxxxx, Xxxxxxxx, Xxx Xxxxxx 00000.
WITNESSETH
WHEREAS, pursuant to that certain Lease dated January 10, 1997, (the "Lease") by and between Vitamin Realty Associates LLC, (LESSOR) and LESSEE, LESSOR leased to LESSEE certain premises consisting of approximately 58,521 rentable square feet of warehouse space on the first floor of the building known as 000 Xxxx Xxxxxx, Xxxxxxxx, Xxx Xxxxxx (the "Building", approximately 14,563 rentable square feet of office space on the second floor of the building and approximately 10,800 rentable square feet of space on the third floor of the building (collectively the "Demised Premises"); and
WHEREAS, XXXXXX and XXXXXX have previously agreed orally to substitute space on the second floor of the building to replace equivalent space on the first floor of the building that was leased to other tenants; and
WHEREAS, XXXXXX and XXXXXX in the AMENDMENT OF LEASE dated April 28, 2000, agreed to amend the Lease to provide that LESSOR will lease to LESSEE a total of approximately 40,471 rentable square feet of warehouse space on the first floor of the building, approximately 23,627 rentable square feet of office space on the second floor of the building, and approximately 10,800 rentable square feet of space on the third floor of the building; and
WHEREAS, XXXXXX and XXXXXX have agreed to amend the Lease to provide that LESSOR will lease to LESSEE a total of approximately 40,471 rentable square feet of warehouse space on the first floor of the building, approximately 24,890 rentable square feet of office space on the second floor of the building, and Approximately 10,800 rentable square feet of space on the third floor of the building; and
WHEREAS, XXXXXX and XXXXXX have agreed to amend the Lease to provide that LESSOR will lease to LESSEE a total of approximately 79,750 rentable square feet of warehouse space on the first floor of the building, and approximately 36,935 rentable square feet of office space on the second floor of the building; and
WHEREAS, XXXXXX and XXXXXX have agreed to amend the Lease to include a provision for Additional Rent for property tax increases to the LESSOR in excess of 2.5% of the base annual property taxes; and
WHEREAS all capitalized terms defined in the Lease and not otherwise defined herein shall have their respective meanings set forth in the Lease.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration; the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree that the Lease is hereby amended as follows:
1. (a) Commencing as of July 1, 2022 (the "Amendment Commencement Date"), LESSOR shall demise to LESSEE and LESSEE shall lease from LESSOR, the space depicted in Schedule A, attached hereto (the "Amended Space"). For all purposes of the Lease, and this Amendment, the term "Demised Premises" shall, as of the Amendment Commencement Date, mean the Amended Space.
(b) XXXXXX and XXXXXX each hereby agrees that the Demised Premises shall, as of the Amended Commencement Date, consist of a total of 79,750 rentable square feet of warehouse space on the first floor of the building, and a total of 36,935 rentable square feet of space on the second floor of the Building.
2. (a) Schedule B of the Lease is hereby superseded and replaced with Schedule B annexed hereto.
(b) XXXXXX's Proportionate Share with respect to the Demised Premises shall be 74% as of the Amendment Commencement Date.
(c) LESSEE shall pay LESSEE’s Proportionate Share of any increase in the annual property taxes of $390,100 (“Property Taxes”) in excess of 2.5% or $9,752.50 as Additional Rent. For purposes of clarity, if Property Taxes increase by $15,000 per annum, LESSEE would owe Additional Rent for Property Taxes in the amount of $3,883.15, ($15,000 less $9,752.50 times 74%).
3. XXXXXX agrees that it has inspected the Demised Premises, and agrees to occupy any additional portions thereof in their "AS IS" condition.
4. XXXXXX and LESSEE each represents to each other that it has not dealt with any broker or agent with respect to the Demised Premises or this Lease and each shall indemnify and hold harmless the other from and against any and all liabilities, claims, suits, demands, judgments, costs, interests and expenses to which it may be subject or suffer by reason of any claim made by the other person, firm or corporation for any commission, expense or other compensation as a result of the execution and delivery of this Lease and based on alleged conversations or negotiations by said person, firm or corporation with either XXXXXX or LESSEE as the case may be.
5. As hereby modified and amended, the Lease shall remain in full force and effect.
6. This Amendment and the Lease embody and constitute the entire understanding between the parties with respect to the subject matter hereof, and all prior agreements, representations, and statements, oral or written, relating to the subject matter hereof are merged into this Amendment.
7. Neither this Amendment nor any provision contained herein may be amended, modified, or extended except by an instrument signed by the party against whom enforcement of such amendment, modification or extension is sought.
8. This amendment may be executed in counterparts, each of which shall be deemed a duplicate original hereof.
IN WITNESS WHEREOF, this THIRD AMENDMENT has been executed by XXXXXX and XXXXXX as of the day and year first written above.
| VITAMIN REALTY ASSOCIATES LLC | |
| By: /s/ E Xxxxxx Xxx | |
| Name: E Xxxxxx Xxx | |
| Title: Managing Member | |
| MANHATTAN DRUG COMPANY, INC | |
| By: /s/ Xxxx X Xxxx | |
| Name: Xxxx X Xxxx | |
| Title: Chief Financial Officer |
SCHEDULE B
BASIC RENT
The Basic Rent shall be payable in equal monthly installments, in advance, on the Basic Rent Payment Dates. The Basic Rent for the Term shall be as follows:
(a) (i) for the period from the Commencement Date to, but not including, the fifth anniversary of the Commencement Date, the Basic Rent shall be $346,000.00 per annum, payable in equal monthly installments of $28,833.33; and
(ii) for the period from the Second Amendment Commencement Date to, but not including the fifth anniversary of the Second Amendment Commencement Date, the Basic Rent shall be $533,127.00 per annum, payable in monthly installments of $44,427.25; and
(iii) for the period from the Third Amendment Commencement Date to and including the Termination Date, the Basic Rent shall be $842,268.75 per annum, payable in monthly installments of $70,189.06 and shall include the LESSE’s Proportionate Share of the LESSOR’s monthly operating expenses; and
(b) Paragraph b is intentionally omitted; and
(c) Paragraph c is intentionally omitted
