EXHIBIT 10.6
This Lease, dated the 12th day of April 1994.
Between RESEARCH PARK
000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxxxx 00000
hereinafter referred to as the Landlord, and
PRINCETON TELECOM CORPORATION
000 Xxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxxxx 00000
hereinafter referred to as the Tenant,
WITNESSETH: That the Landlord hereby demises and leases unto the Tenant, and the
Tenant hereby hires and takes from the Landlord for the term and upon the
rentals hereinafter specified, the premises described as follows, situated in
the Township of Xxxxxxxxxx County of Somerset and State of New Jersey.
General office space consisting of 4,475 square feet, using exterior dimensions,
and being located in Building 000-000 Xxxx Xxxxxx, Xxxxxxxx Xxxx and being more
particularly described as 000 Xxxx Xxxxxx.
SEE ADDENDUM "B" FOR LOCATION OUTLINED IN RED.
The term of this demise shall be for Three (3) Years beginning June 1, 1994
and ending May 31, 1997.
The rent for the demised term shall be -- ONE HUNDRED SIXTY-ONE THOUSAND ONE
HUNDRED DOLLARS ____________________ (161,100.00), which shall accrue at the
yearly rate of
$53,700.00 per year for years 1 through 3.
The said rent is to be payable monthly in advance on the first day of each
calendar month for the term hereof, in instalments as follows:
$4,475.00 per month per year for years 1 through 3
at the office of Research Park, 000 Xxxxxx Xxxxxx, Xxxxxxxxx, XX 00000 or as may
be otherwise directed by the Landlord in writing.
THE ABOVE LETTING IS UPON THE FOLLOWING CONDITIONS:
First. -- The Landlord covenants that the Tenant, on paying the said rental
and performing the covenants and conditions in this Lease contained, shall and
may peaceably and quietly have, hold and enjoy the demised premises for the term
aforesaid.
Second. -- The Tenant covenants and agrees to use the demised premises as a
general office use only,
and agrees not to use or permit the premises to be used for any other purpose
without the prior written consent of the Landlord endorsed hereon.
Third. -- The Tenant shall, without any previous demand therefor, pay to the
Landlord, or its agent, the said rent at the times and in the manner above
provided. In the event of the non-payment of said rent, or any instalment
thereof, at the times and in the manner above provided, and if the same shall
remain in default for ten days after becoming due, or if the Tenant shall be
dispossessed for non-payment of rent, or if the leased premises shall be
deserted or vacated, the Landlord or its agents shall have the right to and may
enter the said premises as the agent of the Tenant, either by force or
otherwise, without being liable for any prosecution or damages therefor, and may
relet the premises as the agent of the Tenant, and receive the rent therefor,
upon such terms as shall be satisfactory to the Landlord, and all rights of the
Tenant to repossess the premises under this lease shall be forfeited. Such re-
entry by the Landlord shall not operate to release the Tenant from any rent to
be paid or covenants to be performed hereunder during the full term of this
lease. For the purpose of reletting, the Landlord shall be authorized to make
such repairs or alterations in or to the leased premises as may be necessary to
place the same in good order and condition. The Tenant shall be liable to the
Landlord for the cost of such repairs or alterations, and all expenses of such
reletting. If the sum realized or to be realized from the reletting is
insufficient to satisfy the monthly or term rent provided in this lease, the
Landlord, at its option, may require the Tenant to pay such deficiency month by
month, or may hold the Tenant in advance for the entire deficiency to be
realized during the term of the reletting. The Tenant shall not be entitled to
any surplus accruing as a result of the reletting. The Landlord is hereby
granted a lien, in addition to any statutory lien or right to distrain that may
exist, on all personal property of the Tenant in or upon the demised premises,
to secure payment of the rent and performance of the covenants and conditions of
this lease. The Landlord shall have the right, as agent of the Tenant, to take
possession of any furniture, fixtures or other personal property of the Tenant
found in or about the premises, and sell the same at public or private sale and
to apply the proceeds thereof to the payment of any monies becoming due under
this lease, the Tenant hereby waiving the benefit of all laws exempting property
from execution, levy and sale on distress or judgment. The Tenant agrees to
pay, as additional rent, all attorney's fees and other expenses incurred by the
Landlord in enforcing any of the obligations under this lease.
Fourth. -- The Tenant shall not sub-let the demised premises nor any portion
thereof, nor shall this lease be assigned by the Tenant without the prior
written consent of the Landlord endorsed hereon, which consent shall not be
unreasonably withheld.
Fifth. -- The Tenant has examined the demised premises, and accepts them in
their present condition (except as otherwise expressly provided herein) and
without any representations on the part of the Landlord or its agents as to the
present or future condition of the said premises. The Tenant shall keep the
demised premises in good condition, and shall redecorate, paint and renovate the
said premises as may be necessary to keep them in repair and good appearance.
The Tenant shall quit and surrender the premises at the end of the demised term
in as good condition as the reasonable use thereof will permit. The Tenant
shall not make any alterations, additions, or improvements to said premises
without the
prior written consent of the Landlord. All erections, alterations, additions and
improvements, whether temporary or permanent in character, which may be made
upon the premises either by the Landlord or the Tenant, except furniture or
movable trade fixtures installed at the expense of the Tenant, shall be the
property of the Landlord and shall remain upon and be surrendered with the
premises as a part thereof at the termination of this Lease, without
compensation to the Tenant. The Tenant further agrees to keep said premises and
all parts thereof in a clean and sanitary condition and free from trash,
inflammable material and other objectionable matter. If this lease covers
premises, all or a part of which are on the ground floor, the Tenant further
agrees to keep the sidewalks in front of such ground floor portion of the
demised premises clean and free of obstructions, snow and ice.
Sixth. - In the event that any mechanics' lien is filed against the premises
as a result of alterations, additions or improvements made by the Tenant, the
Landlord, at its option, after thirty days' notice to the Tenant, may terminate
this lease and may pay the said lien, without inquiring into the validity
thereof, and the Tenant shall forthwith reimburse the Landlord the total expense
incurred by the Landlord in discharging the said lien, as additional rent
hereunder.
Seventh. - The Tenant agrees to replace at the Tenant's expense any and all
glass which may become broken in and on the demised premises. Plate glass and
mirrors, if any, shall be insured by the Tenant at their full insurable value in
a company satisfactory to the Landlord. Said policy shall be of the full
premium type, and shall be deposited with the Landlord or its agent.
Eighth. - The Landlord shall not be responsible for the loss of or damage to
property, or injury to persons, occurring in or about the demised premises, by
reason of any existing or future condition, defect, matter or thing in said
demised premises or the property of which the premises are a part, or for the
acts, omissions or negligence of other persons or tenants in and about the said
property. The Tenant agrees to indemnify and save the Landlord harmless from
all claims and liability for losses of or damage to property, or injuries to
persons occurring in or about the demised premises.
Ninth. - *Utilities and services furnished to the demised premises for the
benefit of the Tenant shall be provided and paid for as follows: water and
sewer by the Landlord; gas by the Landlord; electricity by the Landlord; heat by
the Landlord; refrigeration by the N/A; hot water by the Landlord. Equipment
maintenance, replacement of equipment and yearly service of equipment which
supplies heat, air and electric to the demised premises covered by this lease
are to be paid for by the Landlord. *See Paragraph 39th.
The Landlord shall not be liable for any interruption or delay in any of the
above services for any reason. See Paragraph 41st.
Tenth. - The Landlord, or its agents, shall have the right to enter the
demised premises at reasonable hours in the day or night to examine the same, or
to run telephone or other wires, or to make such repairs, additions or
alterations as it shall deem necessary for the safety, preservation or
restoration of the improvements, or for the safety or convenience of the
occupants or users thereof (there being no obligation, however, on the part of
the Landlord to make any such repairs, additions or alterations), or to exhibit
the same to prospective purchasers and put upon the premises a suitable "For
Sale" sign. For three months prior to the expiration of the demised term, the
Landlord, or its agents, may similarly exhibit the premises to prospective
tenants, and may place the usual "To Let" signs thereon.
Eleventh. - In the event of the destruction of the demised premises or the
building containing the said premises by fire, explosion, the elements or
otherwise during the term hereby created, or previous thereto, or such partial
destruction thereof as to render the premises wholly untenantable or unfit for
occupancy, or should the demised premises be so badly injured that the same
cannot be required within ninety days from the happening of such injury, then
and in such case the term hereby created shall, at the option of Landlord, cease
and become null and void from the date of such damage or destruction, and the
Tenant shall immediately surrender said premises and all the Tenant's interest
therein to the Landlord, and shall pay rent only to the time of such surrender,
in which event the Landlord may re-enter and re-possess the premises thus
discharged from this lease and may remove all parties therefrom. Should the
demised premises be rendered untenantable and unfit for occupancy, but yet be
repairable within ninety days from the happening of said injury, the Landlord
may enter and repair the same with reasonable speed, and the rent shall not
accrue after said injury or while repairs are being made, but shall recommence
immediately after said repairs shall be completed. But if the premises shall be
so slightly injured as not to be rendered untenantable and unfit for occupancy,
then the Landlord agrees to repair the same with reasonable promptness and in
that case the rent accrued and accruing shall not cease or determine. The Tenant
shall immediately notify the Landlord in case of fire or other damage to the
premises.
Twelfth. - The Tenant agrees to observe and comply with all laws, ordinances,
rules and regulations of the Federal, State, County and Municipal authorities
applicable to the business to be conducted by the Tenant in the demised
premises. The Tenant agrees not to do or permit anything to be done in said
premises, or keep anything therein, which will increase the rate of fire
insurance premiums on the improvements or any part thereof, or on property kept
therein, or which will obstruct or interfere with the rights of other tenants,
or conflict with the regulations of the Fire Department or with any insurance
policy upon said improvements or any part thereof. In the event of any increase
in insurance premiums resulting from the Tenant's occupancy of the premises, or
from any act or omission on the part of the Tenant, the Tenant agrees to pay
said increase in insurance premiums on the improvements or contents thereof as
additional rent.
Thirteenth. - No sign, advertisement or notice shall be affixed to or placed
upon any part of the demised premises by the tenant, except in such manner, and
of such size, design and color as shall be approved in advance in writing by the
Landlord.
See Paragraph 42nd
Fourteenth. - This lease is subject and is hereby subordinated to all present
and future mortgages, deeds of trust and other encumbrances affecting the
demised premises or the property of which said premises are a part. The Tenant
agrees to execute, at no expense to the Landlord any instrument which may be
deemed necessary or desirable by the Landlord, to further effect the
subordination of this lease to any such mortgage, deed of trust or encumbrance.
See Paragraph 53rd.
Fifteenth. - In the event of the sale by the Landlord of the demised
premises, or the property of which said premises are a part, the Landlord or the
purchaser may terminate this lease on the thirtieth day of April in any year
upon giving the Tenant notice of such termination prior to the first day of
January in the same year.
Sixteenth. - The rules and regulations regarding the demised premises, affixed
to this lease, if any, as well as any other and further reasonable rules and
regulations which shall be made by the Landlord, shall be observed by the Tenant
and by the Tenant's employees, agents and customers. The Landlord reserves the
right to rescind any presently existing rules applicable to the demised
premises, and to make such other and further reasonable rules and regulations
as, in its judgment, may from time to time be desirable for the safety, care and
cleanliness of the premises, and for the preservation of good order therein,
which rules, when so made and notice thereof given to the Tenant, shall have the
same force and effect as if originally made a part of this lease. Such other
and further rules shall not, however, be inconsistent with the proper and
rightful enjoyment by the Tenant of the demised premises.
Seventeenth. - In case of violation by the Tenant of any of the covenants,
agreements and conditions of this lease, or of the rules and regulations now or
hereafter to be reasonably established by the Landlord, and upon failure to
discontinue such violation within ten days after notice thereof given to the
Tenant, this lease shall thenceforth, at the option of the Landlord, become null
and void, and the Landlord may re-enter without further notice or demand. The
rent in such case shall become due, be apportioned and paid on and up to the day
of such re-entry, and the Tenant shall be liable for all loss or damage
resulting from such violation as aforesaid. No waiver by the Landlord of any
violation or breach of condition by the Tenant shall constitute or be construed
as a waiver of any other violation or breach of condition, nor shall lapse of
time after breach of condition by the Tenant before the Landlord shall exercise
its option under this paragraph operate to defeat the right of the Landlord to
declare this lease null and void and to re-enter upon the demised premises after
the said breach or violation.
Eighteenth. -- All notices and demands, legal or otherwise, incidental to this
lease, or the occupation of the demised premises, shall be in writing. If the
Landlord or its agent desires to give or serve upon the Tenant any notice or
demand, it shall be sufficient to send a copy thereof by registered mail,
addressed to the Tenant at the demised premises, or to leave a copy thereof with
a person of suitable age found on the premises, or to post a copy thereof upon
the door to said premises. Notices for the Tenant to the Landlord shall be sent
by registered mail or delivered to the Landlord at the place hereinbefore
designated for the payment of rent, or to such party or place as the Landlord
may form time to time designate in writing.
Nineteenth. -- It is further agreed that if at any time during the term of
this lease the Tenant shall make any assignment for the benefit of creditors, or
be decreed insolvent or bankrupt according to law, or if a receiver shall be
appointed for the Tenant, then the Landlord may, at its option, terminate this
lease, exercise of such option to be evidenced by notice to that effect served
upon the assignee, receiver, trustee or other person in charge of the
liquidation of the property of the Tenant or the Tenant's estate, but such
termination shall not release or discharge any payment of rent payable hereunder
and then accrued, or any liability then accrued by reason of any agreement or
covenant herein contained on the part of the Tenant, or the Tenant's legal
representatives.
Twentieth. -- In the event that the Tenant shall remain in the demised
premises after the expiration of the term of this lease without having executed
a new written lease with the Landlord, such holding over shall not constitute a
renewal or extension of this lease. The Landlord may, at its option, elect to
treat the Tenant as one who has not removed at the end of his term, and
thereupon be entitled to all the remedies against the Tenant provided by law in
that situation, or the Landlord may elect, at its option, to construe such
holding over as a tenancy from month to month, subject to all the terms and
conditions of this lease, except as to duration thereof, and in that event the
Tenant shall pay monthly rent in advance at the rate provided herein as
effective during the last month of the demised term.
Twenty-first. -- If the property or any part thereof wherein the demised
premises are located shall be taken by public or quasi-public authority under
any power of eminent domain or condemnation, this lease, at the option of the
Landlord, shall forthwith terminate and the Tenant shall have no claim or
interest in or to any award of damages for such taking.
Twenty-second. -- The Tenant has this day deposited with the Landlord the sum
of $8,950.00 as security for the full and faithful performance by the Tenant of
all the terms, covenants and conditions of this lease upon the Tenant's part to
be performed, which said sum shall be returned to the Tenant after the time
fixed as the expiration of the term herein, provided the Tenant has fully and
faithfully carried out all of said terms, covenants and conditions on Tenant's
part to be performed. In the event of a bona fide sale, subject to this lease,
the Landlord shall have the right to transfer the security to the vendee for the
benefit of the Tenant and the landlord shall be considered released by the
Tenant from all liability for the return of such security; and the Tenant agrees
to look to the new Landlord solely for the return of the said security, and it
is agreed that this shall apply to every transfer or assignment made of the
security to a new Landlord. The security deposited under this lease shall not
be mortgaged, assigned or encumbered by the Tenant without the written consent
of the Landlord.
Twenty-third. -- Any dispute arising under this lease shall be settled by
arbitration. Then Landlord and tenant shall each choose an arbitrator, and the
two arbitrators thus chosen shall select a third arbitrator. The findings and
award of the three arbitrators thus chosen shall be final and binding on the
parties hereto.
Twenty-fourth. -- No rights are to be conferred upon the Tenant until this
lease has been signed by the Landlord, and an executed copy of the lease has
been delivered to the Tenant.
Twenty-fifth. -- The foregoing rights and remedies are not intended to be
exclusive but as additional to all rights and remedies the Landlord would
otherwise have by law.
Twenty-sixth. -- All of the terms, covenants and conditions of this lease
shall inure to the benefit of and be binding upon the respective heirs,
executors, administrators, successors and assigns of the parties hereto.
However, in the event of the death of the Tenant, if an individual, the Landlord
may, at its option, terminate this lease by notifying the executor or
administrator of the Tenant at the demised premises.
Twenty-seventh. -- This lease and the obligation of Tenant to pay rent
hereunder and perform all of the other covenants and agreements hereunder on
part of Tenant to be performed shall in nowise be affected, impaired or excused
because Landlord is unable to supply or is delayed in supplying any service
expressly or impliedly to be supplied or is unable to make, or is delayed in
making any repairs, additions, alterations or decorations or is unable to supply
or is delayed in supplying any equipment or fixtures if Landlord is prevented or
delayed from so doing by reason of governmental preemption in connection with
the National Emergency declared by the President of the United States or in
connection with any rule, order or regulation of any department or subdivision
thereof of any governmental agency or by reason of the conditions of supply and
demand which have been or are affected by the war.
Twenty-eighth. -- This instrument may not be changed orally.
Twenty-ninth. -- See Addendum "A" attached hereto and made a part hereof.
Thirtieth. -- See Addendum "A" attached hereto and made a part hereof.
Thirty-first. -- Intentionally left blank.
IN WITNESS WHEREOF, the said Parties have hereunto set their hands and seals
the day and year first above written. RESEARCH PARK
Witness: By: /s/ Xxxxxxx X. Xxxxx (SEAL)
------------------------------------
Xxxxxxx X. Xxxxx Landlord
/s/ Xxxxxx Xxxxxx By
-------------------------------- ------------------------------------
ATTEST: PRINCETON TELECOM CORPORATION
By: /s/ X.X. Xxxxxxxxxxxx (SEAL)
-------------------------------- ------------------------------------
Name: Xxxxxx Xxxxxx Tenant
Title: Name: X.X. Xxxxxxxxxxxx
Title: President
GUARANTY
In consideration of the execution of the within lease by the Landlord, at
the request of the undersigned and in reliance of this guaranty, the undersigned
hereby guarantees unto the Landlord, its successors and assigns, the prompt
payment of all rent and the performance of all of the terms, covenants and
conditions provided in said lease, hereby waiving all notice of default, and
consenting to any extensions of time or changes in the manner of payment or
performance of any of the terms and conditions of the said lease the Landlord
may grant the Tenant, and further consenting to the assignment and the
successive assignments of the said lease, and any modifications thereof,
including the sub-letting and changing of the use of the demised premises, all
without notice to the undersigned. The undersigned agrees to pay the Landlord
all expenses incurred in enforcing the obligations of the Tenant under the
within lease and in enforcing this guaranty.
Witness:_____________________ ___________________(SEAL)
_____________________ ___________________(SEAL)
Date:________________________
LEASE
==========================================
RESEARCH PARK
Landlord
to
PRINCETON TELECOM CORPORATION
TENANT
==========================================
Premises leased: General office space consisting of 4,475
square feet, using exterior dimensions, and being located in
building 000-000 Xxxx Xxxxxx, Xxxxxxxx Xxxx and being more
particularly described as 000 Xxxx Xxxxxx.
From: June 1, 1994
---------------------------
To: May 3, 1997
---------------------------
ASSIGNMENT AND ACCEPTANCE OF ASSIGNMENT
For value received the undersigned Tenant hereby assigns all of said Tenant's
right, title and interest in and to the within lease from and after
_____________________unto_______________________ heirs, successors, and assigns,
the demised premises to be used and occupied for __________________ and for no
other purpose, it being expressly agreed that this assignment shall not in any
manner relieve the undersigned assignor from liability upon any of the covenants
of this lease.
Witness:_________________________ _________________________(SEAL)
_________________________ _________________________(SEAL)
Date:____________________________
In consideration of the above assignment and the written consent of the
Landlord thereto, the undersigned assignee,
hereby assumes and agrees from and after_____________________to make all
payments and to perform all covenants and conditions provided in the within
lease by the Tenant therein to be made and performed.
Witness:_________________________ __________________________(SEAL)
_________________________ __________________________(SEAL)
Date:____________________________
CONSENT TO ASSIGNMENT
The undersigned Landlord hereby consents to the assignment of the within lease
to______________________ on the express conditions that the original
Tenant______________________, the assignor, herein, shall remain liable for the
prompt payment of the rent and the performance of the covenants provided in the
said lease by the Tenant to be made and performed, and that no further
assignment of said lease or sub-letting of any part of the premises thereby
demised shall be made without the prior written consent of the undersigned
Landlord.
______________________
Landlord
Date:______________________ By____________________
ADDENDUM "A" TO LEASE
---------------------
32nd - It is understood and agreed that the Tenant will provide its own
janitorial service for the leased premises, which also includes the bathrooms.
33rd - It is understood and agreed that the Landlord is responsible for building
structural defects. The Tenant is responsible for trash removal and shall obtain
a dumpster for same at Tenant's sole cost. Further, should the Tenant not
maintain the building or remove the trash, then in that event, the Landlord is
hereby authorized to make the necessary repairs and remove the trash, then add
the cost of same plus 15% to the following month's rent which will be considered
part of that month's rent under the terms of this lease.
34th - The Tenant upon vacating the demised premises will leave the premises as
it found them subject to normal wear and tear.
35th - It is understood and agreed that a late charge of 5% of the current
month's rent will be paid by the Tenant should its rent not be received by the
Landlord on or before the 10th day of the month for which the rent covers;
further, a second late charge of 5% of the current month's rent will be paid by
the Tenant if its rent is not received by the 20th day of the month for which
the rent covers; thus making a total of 10%.
36th - It is understood and agreed that this lease can be cancelled at the
option of the Landlord should the Tenant be thirty (30) days or more in arrears
with its rent, any other monies due the Landlord or should the Tenant not keep
the premises in a neat and tidy condition, that is to say, the Tenant shall not
place trash, cartons, etc. to the rear of the premises. Tenant is obligated to
obtain or share a dumpster from a local disposal company and bear the cost of
same.
37th - Tenant agrees to pay as rent in addition to the minimum rental herein
reserved any and all sums which may become due by reason of the failure of the
Tenant to comply with all the covenants of this lease and pay any and all
damages, costs and expenses which the landlord might suffer or incur by reason
of any default of the Tenant or failure on its part to comply with the covenants
of this lease and also any and all damages of the demised premises caused by any
act or neglect of the Tenant.
38th - All required fire extinguishers will be the responsibility of the Tenant.
39th - The Landlord will assume the cost of replacing any air conditioning
compressor or boiler that cannot be repaired. This cost will be added to the
common area maintenance charge for the entire Park. The Landlord shall be
responsible for all other heating and air conditioning repairs, maintenance,
and replacement of parts including the total cost of same, as set forth in
Paragraph 9.
40th - All Tenant renovations must be done in a good, work-
ADDENDUM "A" (Continued)
------------------------
manlike and orderly fashion and shall be of such nature as to not adversely
affect the safety or structural soundness of the building.
41st - No diminution or abatement of rent, or other compensation shall be
claimed or allowed for inconvenience or discomfort arising from the making of
repairs or improvements to the building, its appliances or services.
42nd - Signage is confined to Tenant's front entrance door and/or exterior glass
door only. All signs must use one color for lettering and may not exceed an
overall size of 4" high by 20" in length unless Tenant requests and receives
prior written approval from Landlord. No sign may be fastened, attached or
adhered to any door in such a manner as to mar or damage said door.
43rd - The sidewalks, entrances, passages, stairway or halls shall not be
obstructed by any Tenant or used for any purpose other than ingress and egress
to and from the demised premises.
44th - No awnings, air conditioning units or other projections shall be attached
to the outside of the building or windows without the prior written consent of
the Landlord.
45th - The skylights, windows and doors that reflect or admit light and air into
the halls, or other public places in the building shall not be covered or
obstructed by any Tenant.
46th - The water and wash closets and other plumbing fixtures shall not be used
for any purpose other than those for which they were constructed and no rubbish,
rags, chemicals or other substance shall be thrown therein. All damages
resulting from any misuse of fixtures shall be borne by the Tenant who, or whose
employees, agents, visitors or licensees shall have caused the same.
47th - No Tenant shall xxxx, paint, drill into or in any way deface any part of
the demised premises or the building of which they form a part. No boring,
cutting or stringing of wires shall be permitted except with the prior written
consent of the Landlord.
48th - Chair mats must be used under all desks and chairs. Tenant shall be
responsible for any damage to the carpet should it not utilize the above chair
mats.
49th - No Tenant shall make, or permit to be made, any unseemly or disturbing
noises, objectionable odors or disturb or interfere with occupants of this or
neighboring premises or those having business with them. No Tenant shall permit
animals to be brought or kept on the premises.
50th - Equipment or machinery shall be placed in approved settings to absorb or
prevent any noise, odor or annoyance.
51st - No Tenant shall place a load upon any floor of the building exceeding the
floor loads per square foot area which such floor was designed to carry and all
floor loads shall be evenly distributed. The Landlord reserves the right to
prescribe the weight and position of all safes, which must be placed so as to
distribute the weight.
-2-
ADDENDUM "A" (Continued)
------------------------
52nd - Canvassing, soliciting and peddling in the building is prohibited and
each Tenant shall cooperate to prevent the same.
53rd - This lease is subject and is hereby subordinated to all present and
future mortgages, deeds of trust and other encumbrances affecting the demised
premises or the property of which said premises are a part. The Tenant agrees to
execute, at no expense to the Landlord, any instrument which may be deemed
necessary or desirable by the Landlord to further effect the subordination of
this lease to any such mortgage, deed of trust or encumbrance.
54th - Tenant understands that the square foot figures quoted in this lease are
determined by measuring the area using exterior dimensions. Front to rear
dimensions are measured from outside wall to outside wall and side to side
dimensions are middle of wall to middle of wall, except in circumstances where a
side wall is an exterior wall and measurements are then taken from the outside
of the walls. Common areas are included on a percentage basis and include common
hallways, lobbies, stairways, etc.
55th - Tenant agrees to supply Landlord with its most current financial
statements at the time of or prior to the full execution of this lease. Landlord
has five (5) days to re view the financial statements and either terminate or
continue with this lease. If the Landlord does not respond within the five (5)
day period, the Landlord's option to terminate this lease, based on the
financial statements, is voided.
56th - Tenant shall obtain and keep in full force and effect during the term of
this lease at its own cost and expense Public Liability Insurance, such
insurance to afford protection in an amount of not less than $1,000,000. for
injury or death to any one person, $1,000,000. for injury or death arising out
of any one occurrence, and $1,000,000. for damage to property, protecting and
naming the Landlord and the Tenant as insureds against any and all claims for
personal injury, death or property damage occurring in, upon, adjacent, or
connected with the Demised Premises and any part thereof. Tenant shall pay all
premiums and charges therefore and upon failure to do so Landlord may, but shall
not be obligated to, make such payments and in such latter event the Tenant
agrees to pay the amount thereof to Landlord on demand and said sums shall be
deemed to be additional rent and in each instance collectible on the first day
of any month following the date of notice to Tenant in the same manner as though
it were rent originally reserved hereunder, together with interest thereon at
the rate of three points in excess of prime rate from the Chase Manhattan Bank,
N.A., as same may change from time to time (the "Interest Rate"). Tenant will
use its best efforts to include in such public liability insurance policy a
provision to the effect that same will be non-cancelable, except upon reasonable
advance written notice to Landlord. The original insurance policies or
appropriate certificates shall be deposited with the Landlord together with any
renewals, replacements or endorsements to the end that said insurance shall be
in full force and effect for the benefit of the Landlord during the term of this
lease. In the event Tenant shall fail to produce and place such insurance, the
Landlord may, but shall not be obligated to, procure and place same, in which
event the amount of the premium paid shall be refunded by Tenant to the Landlord
upon demand and shall in each instance be collectible on the first day of the
month or any subsequent month following the date of pay-
-3-
ADDENDUM "A" (Continued)
------------------------
ment by Landlord, in the same manner as though said sums were additional rent
reserved hereunder together with interest thereon at the rate of three points in
excess of prime rate of the Chase Manhattan Bank, N.A., as same may change from
time to time.
57th - It is understood and agreed by all parties hereto that Hilton Realty Co.
of Princeton is the Broker in this lease and shall receive the recognized real
estate commission covering all monies to be paid on this lease from the
Landlord, and furthermore, shall receive a real estate commission on any and all
renewals of this lease. It is hereby agreed that the Tenant is not obligated to
pay any commission involved in the leasing of the premises. It is also known to
all parties that Xxxxxx X. Xxxxx and Xxxxxxx X. Xxxxx are partners in Hilton
Realty Co. of Princeton.
58th - Landlord and Tenant each acknowledge that the commencement date is based
upon Landlord's present best estimate of said date, but shall in no manner be
construed as a firm date and Landlord's inability to deliver possession on or
about the date set forth herein shall not give rise to Tenant having any right
to claim any damages whatsoever that may result from a postponement of the
anticipated commencement date.
59th - The Tenant agrees to accept the space "AS IS", except Landlord agrees to
supply the following: New carpeting throughout; fresh paint throughout (Tenant
understands that certain areas will be painted over existing wallpaper and
Tenant agrees to accept same); new ceiling tiles and light lenses, where
necessary; mini blinds; windows shall be cleaned and in good repair; walls and
doorways as shown on Addendum "B" attached hereto and made a part hereof.
Further, the Landlord agrees to replace the wallpaper, ceiling tiles, and toilet
seats in three of the four bathrooms (all except the bathroom marked with an
"X", which the Tenant agrees to lease "AS IS"). The Tenant shall be
responsible for any replacement of light bulbs as may become necessary during
the term of this lease. Landlord agrees to have all lighting systems in
operational order upon occupancy by Tenant.
60th - Commencing six (6) months after the beginning of this lease, the Tenant
shall be granted a right of first refusal to lease the adjacent space to the
south of the 4,475 square feet area called for herein, or any other vacant space
in the building. Should Landlord receive a signed letter of intent on vacant
space, Landlord shall give notice to Tenant that Landlord has received a letter
of intent to lease the area and Tenant shall have five (5) working days in which
to formally notify Landlord of Tenant's intent to exercise its right of refusal
or to relinquish same. Should Landlord not receive notice back from Tenant
within said five (5) day period, Landlord shall deem Tenant's right of first
refusal for the space to be void and of no effect. Should Tenant exercise its
right to lease the space, Tenant agrees to enter into a lease for the space
within ten (10) days of Landlord's receipt of Tenant's notice exercising
Tenant's right to lease the space. The rent and other terms for the additional
space shall be as stated in the letter of intent executed by the third party.
Notwithstanding the above, the Landlord and Tenant agree that the lease period
shall be a minimum of three (3) years and that the existing lease between the
Landlord and Tenant shall be extended to provide a lease term of a minimum of
three (3) years to correspond with the lease term of the additional space. All
of the above notices shall
-4-
ADDENDUM "A" (Continued)
------------------------
be sent by certified mail with return receipt requested. Attached hereto as
Addendum "D" is the list of tenant expirations for the building in which this
leased premises is located.
61st - Landlord and Tenant understand and agree that the Landlord, upon Tenant's
reaching a total leased area of 7,979 square feet in the building, shall improve
the exterior area of building 151-175 as seen on the attached diagram labeled
Addendum "C".
62nd - The Landlord agrees to supply the Tenant with three (3) reserved spaces
as shown on the attached diagram labeled Addendum "B-2".
63rd - The Landlord understands that the Tenant is desirous of occupying the
space called for herein prior to the June 1, 1994 commencement date found on the
front page of the lease and Landlord agrees to use its best efforts in
accommodating Tenant with an earlier occupancy date. Should Landlord be
successful in completing the improvements, as called for above, and Tenant
occupies prior to June 1, 1994, the rent shall be pro rated and paid by Tenant
as due upon occupancy.
64th - The Landlord agrees to provide the space to the Tenant on or before May
31, 1994, providing the Tenant has executed this lease on or before April 1,
1994. Assuming the Tenant executes this lease timely, the Landlord agrees that
should it not have the premises ready for the Tenant's occupancy on or before
May 31, 1994, due to no fault of the Tenant, the Landlord agrees to provide
two (2) days of free rent for each day past May 31, 1994, the premises is not
delivered. The Landlord and Tenant agree that the above applies to interior
improvements only and not for any exterior improvements.
65th - Notwithstanding the above, Tenant agrees to accept the electric service
which supplies electric to the demised space called for herein, in an "AS IS"
condition.
-5-
[BLUE PRINT "A"]
-6-
[BLUE PRINT "B"]
-7-
[BLUE PRINT "C"]
-8-
RIDER 2
-------
BUILDING 000-000 XXXX XXXXXX
----------------------------
CONSULTATION ON CHURCH UNION 1,790 Square Feet
-----------------
0xx Xxxxx-000 Xxxx Xxxxxx
Lease Expires May 31, 1999
NETTECH SYSTEMS 4,720 Square Feet
-----------------
0xx Xxxxx-000 Xxxx Xxxxxx
04/01/94- 03/31/96- No Option
VACANT 2,770 Square Feet
-----------------
0xx Xxxxx-000 Xxxx Xxxxxx
Leased by Tenant 6/95
XXXXXX & XXXXXX 1,865 Square Feet
-----------------
0xx Xxxxx-000 Xxxx Xxxxxx
03/01/94- 02/28/94
Two -One Year Options
VACANT 7504 Square Feet
----------------
0xx Xxxxx-000 Xxxx Xxxxxx
APPLIED ENGINEERING & TECHNOLOGY Square Feet Increased prior to signed
-------------------------------------
0xx Xxxxx-000 Xxxx Xxxxxx
02/01/94- 09/30/98- No Options
XXXXX XXXXXXXX, ATTORNEY 734 Square Feet
---------------
0xx Xxxxx-000 Xxxx Xxxxxx
07/01/93- 06/30/94
One-One Year Option
Leased by Tenant 6/95
[BLUE PRINT "D"]
-10-
ADDENDUM "C" TO LEASE
BETWEEN: RESEARCH PARK
(Landlord)
AND: PRINCETON TELECOM CORPORATION
(Tenant)
DATED: April 12, 1994
LOCATION: 000 Xxxx Xxxxxx, Xxxxxxxxx, XX
The Landlord and Tenant agree to amend the above referenced lease and any
addendums thereto, as follows:
1. Upon Tenants expanding its leased area beyond 6,000 square feet, Landlord
agrees to allow Tenant to locate a sign at the entryway to 000 Xxxx Xxxxxx. Said
sign shall be approved by Landlord for size, color, style and location prior to
any installation of same and shall be allowed only after Tenant has expanded its
leased area into the space now occupied by the attorney at 000 Xxxx Xxxxxx.
2. In reference to Paragraph 36, the Tenant is not obligated to obtain a
dumpster so long as Tenant removes all its trash from the site.
3. The Landlord agrees to supply occupancy of the 4,475 square foot space called
for above within thirty (30) days of signing the lease. The Landlord agrees that
should it not have the space ready for the Tenant's occupancy within said thirty
(30) days, due to no fault of the Tenant, the Landlord agrees to provide two (2)
days of free rent for each day past the thirty (30) days that the premises is
not delivered. The Tenant understands that the Landlord shall have forty-five
(45) days from the signing of the lease to complete the improvements to the
kitchen area, including plumbing. Such free rent credit shall be deducted from
the first lease payment.
4. In reference to paragraph 59, Landlord agrees to replace the carpet
throughout the 4,475 square foot area, except the right front office area where
there currently exists an upgraded blue carpet, which Tenant agrees to accept
and Landlord agrees to shampoo and clean. The fixtures in the bathrooms shall
be clean and operational, except for the bathroom marked with an "X" on
Addendum "B", which shall be accepted by the Tenant in an "AS IS" condition.
Landlord shall install new ceiling tiles in three bathrooms and supply the
ceiling tiles to Tenant for the 4th bathroom marked with the "X". Mini blinds
shall be supplied on all windows in the leased area, except the three (3) front
windows located on the right side which currently have verticle blinds. Tenant
agrees to accept the verticle blinds as exist.
5. All holes shall be spackled and painted. Landlord shall remove all telephone
jacks and spackle prior to painting.
6. All baseboard-hot water heat registers will be repaired, where necessary, and
all registers will be painted.
7. All offices which currently have hinges shall have doors installed.
8. All lights shall be in good working order.
9. The Tenant agrees to select upgraded doors for the closet, as shown on the
plan within five (5) days of the signing of the lease. The cost of the upgraded
doors, over and above the cost of Landlord's standard door, shall be paid for by
the Tenant and installed by the Landlord.
ADDENDUM "C" (Continued)
------------------------
10. Should Tenant make changes to the electrical system, Tenant understands that
it shall be responsible for same and Landlord shall not be responsible for the
electric equipment subsequent thereto.
11. Landlord and Tenant understand that Landlord has paid for the cost of
Architectural sketches outlining improvements to the north end exterior of
building at 000-000 Xxxx Xxxxxx, which are attached hereto as Rider 1. The
improvements include the following:
1. Railing at first floor roof line
2. Landscaping on north side of the building
3. Dry-vit on second floor facing north
4. Exterior lighting on either side of front entrance
5. New double doors
6. Replace electric room door with tinted glass door if allowed by code
7. Facia to be wrapped with new material chosen by Landlord
The above improvements shall be installed by Landlord upon the expansion of
Tenant into a minimum of 7,200 square feet and shall be paid for by the
Landlord. The above improvements shall commence only after Princeton Telecom has
leased a total area of greater than 7,200 square feet, including the 7,200
square foot area presently leased by the attorney. The improvements shall be
completed in 90 days provided they commence between May 1 and Sept. 1.
12. The Landlord hereby grants unto the Tenant an option to lease all other
space, either occupied or vacant, within the building at 000-000 Xxxx Xxxxxx.
The Tenant is hereby supplied a list of lease expirations, including options,
representing existing tenants who occupy space in the building at 151-175. The
Tenant must serve written notice, sent Certified Mail, Return Receipt Requested
to Landlord eight (8) months prior to the expiration of any lease for which
space Tenant is desirous of leasing. The above list is attached hereto as Rider
2. It is understood by Landlord and Tenant that at any time during the term of
this lease, should Tenant exercise its option to expand into any available space
within the building, as specifically outlined in paragraph 60th of Addendum "A"
and paragraph 12 of Addendum "C", a new three (3) year term shall commence upon
the occupancy by the Tenant of the expansion space. It is further understood
that the rent shall be paid by Tenant based upon the then current rent of the
original three (3) year lease term if the expansion takes place during said
original three (3) year term. Upon the expiration of the original three (3) year
term, the rent 91-3 shall increase from $12.00 per square foot to $13.75 per
square foot and the rent shall continue to be based upon $13.75 per square foot
for the fourth, fifth and sixth years starting from the original lease
commencement date. For example, should the Tenant elect to lease additional
space at the end of the second year, the rent shall be $12.00 per square foot
for the entire leased area for year one (1) of the new three (3) year term and
$13.75 per square foot for the entire leased area for years two (2) and three
(3). For any rental term after the end of the sixth year, the rent shall be
based upon the then current market rent at Research Park. The Tenant agrees that
should it exercise its right to expand within the building at any time during
the term of this lease, it must take on the additional area(s) on a suite-by-
suite basis. Landlord agrees to repaint any of the expansion areas and further
agrees to replace the carpet and paint the 734 square foot area presently
occupied by the attorney at 000 Xxxx Xxxxxx.
-2-
ADDENDUM "C" (Continued)
------------------------
13. The Landlord and Tenant understand that there currently exists a lease
between the Landlord and an attorney for 734 square feet located at 000 Xxxx
Xxxxxx, to the North End single floor structure of the building. Landlord has an
option to relocate the attorney, should the Landlord be successful in leasing to
an adjacent Tenant an area of 6,000 square feet or more. Upon notice from
Princeton Telecom that it is desirous of expanding its 4,475 square foot leased
area beyond the 6,000 square foot threshold referenced above, Landlord shall
notify the attorney that Landlord is exercising its option to relocate. Should
the cost to relocate the attorney be greater than $2,500.00 or should the
attorney file a law suit against Landlord affecting Landlord's option to
relocate, the Tenant agrees delay its expansion into the 734 square foot area
occupied by the attorney until the lease with the attorney expires on June 30,
1995. There shall be no liability to the Landlord if the Tenant is not permitted
to occupy the 734 square feet until June 30, 1995, due to the actions of the
attorney presently occupying the space.
14. In reference to paragraph 39th of Addendum "A" it is understood that the
Tenant is not responsible for paying any common area maintenance as it is
included in the rent.
15. Notwithstanding what is stated in paragraph Third of the lease, the Landlord
waives its lien rights against the Tenant's furniture, fixtures and other
personal items belonging to the Tenant.
16. In reference to paragraph Fifteenth of the lease, it is hereby deleted.
17. In reference to paragraph Seventeenth, the "ten days" stated in the third
line is deleted and "30 days" is inserted in its place.
18. Notwithstanding the above, the security deposit of $6,712.50 shall be due
upon the signing of this lease.
Where the above conflicts with the above referenced Lease and any Addendums
thereto, this Addendum "C" shall supersede. Where no conflicts occur, the above
Lease and any Addendums thereto shall remain in full force and effect.
WITNESS: RESEARCH PARK
(Landlord)
/s/ Altitea Xxxxxx /s/ Xxxxxxx X. Xxxxx
----------------------------- ------------------------------
Xxxxxxx X. Xxxxx
ATTEST: PRINCETON TELECOM CORPORATION
(Tenant)
/s/ X.X. Xxxxxxxxxxxx
----------------------------- ------------------------------
Name: Altitea Xxxxxx Name: X.X. Xxxxxxxxxxxx
Title: Title: President
DATED: April 12, 1994.
-3-
ADDENDUM "D" TO LEASE
BETWEEN: RESEARCH PARK (Landlord)
AND: PRINCETON TELECOM CORPORATION (Tenant)
DATED: April 12, 1994
LOCATION: 000 Xxxx Xxxxxx, Xxxxxxxxx, XX
The Landlord and Tenant agree to amend the above-referenced lease and any
addendums thereto, as follows:
1. As contemplated by paragraph 12 of Addendum "C", Tenant hereby elects to
lease an additional 2,770 square feet commencing on June 5, 1995 as shown on
Section III of Addendum "B-1". Addendum "B-1" annexed hereto and incorporated
herein hereby supersedes Addendum "B" attached to the lease as it pertains to
the additional space to be leased by Tenant in accordance with this Addendum
"D". Landlord hereby waives the requirement that Tenant furnish Landlord with
eight (8) months prior notice sent Certified Mail-Return Receipt Requested to
elect its option to lease the additional 2,770 square feet.
Notwithstanding anything to the contrary set forth in paragraph 11 of Addendum
"C" to the lease, Landlord at Landlord's sole cost shall by June 5, 1995:
a. Install two openings between the existing and new space to code and relocate
one wall as shown on Addendum "B-1". Carpeting to be patched, not replaced
as necessary.
b. Paint the additional 2,770 square feet of interior space;
c. Replace broken or stained ceiling tiles as necessary;
d. Existing bathroom to be delivered in good condition and repair;
e. Landlord shall have one additional day beyond June 5, 1995 to deliver
possession of the additional 2,770 square feet with the above work completed
for each day after May 17, 1995 tenant does not deliver the signed lease to
Landlord.
2. It is further understood that when Landlord delivers possession of the
additional 2,770 square feet, Tenant shall put the electric in its name and pay
the electric charges for such space which shall be separately metered until the
later of (1) 90 days after Landlord delivers possession of the 734 square feet,
plus one extra day for each day after June 5, 1995 that Landlord delivers the
additional 2,770 square feet to Tenant subject to paragraph 1.e above, or (ii)
Landlord substantially completes the improvements set forth in paragraph 4
below, on which date the electric charges will be included in the rent which
shall increase to $12.00 per square foot per year on the total 7,979 square feet
which equals $7,979.00 per month until further increased as set forth below
(7,979 square feet x $12.00 per square foot per year).
The rent of $12.00 per square foot on the 7,979 square feet (the original space
and the additional 3,504 square feet)
shall increase to $13.75 per square foot per year commencing September 1, 1997
through and including September 30, 1998, which shall accrue at the yearly rate
of One Hundred and Nine Thousand Seven Hundred and Eleven 20/100 Dollars
($109,711.20) payable monthly in advance on the first day of each calendar month
in equal monthly installments of Nine Thousand One Hundred and Forty-Two and
60/100 Dollars ($9,142.60).
3. As contemplated in paragraph 13 of Addendum "C", the lease between Landlord
and an attorney for 734 square feet located at 000 Xxxx Xxxxxx is scheduled to
expire by its terms on June 30, 1995. Tenant is desirous of expanding its
premises into the 734 square feet commencing on July 10, 1995 or earlier at
Landlord's option as shown on Section I of Addendum "B-1" annexed hereto and
incorporated herein.
4. Notwithstanding anything to the contrary in paragraph 11 and paragraph 12 of
Addendum "C", Landlord, at Landlord's sole cost, will only install those
improvements to the premises and the north end exterior of the building at 151-
000 Xxxx Xxxxxx (shown on Rider 1 attached to Addendum "C" and reattached to and
incorporated herein as Rider 1) as set forth below:
a. Recarpet and paint the 734 square feet interior space with new carpet of
Landlord's standard style and color (color to be cbosen by Tenant) on or
before July 10, 1995;
b. Install double glass doors entering the premises by July 10, 1995;
c. Relandscape the north side of the building in Landlord's reasonable
discretion on or before July 10, 1995;
d. Install Dry-vit on the second floor of the north side of the building;
e. Install an opening and a walkway and step between the existing and the
additional 734 square foot space in connection with the grade change between
the two spaces as shown on Section I of Addendum "B-1" on or before July 10,
1995;
f. Install a railing at the first floor roof line;
g. Install exterior lighting on either side of the front entrance;
h. Replace the electric room door with a tinted glass door if allowed by
code;
i. Facia on the north end of the building to be wrapped with new material
chosen by Landlord;
j. Install a wall in the existing bathroom area servicing the adjacent
tenant to furnish Tenant with one additional bathroom to be delivered in
good condition and repair as shown on Section III of Addendum "B-1";
k. Replace broken or stained ceiling tiles as necessary;
l. Except as set forth above, Tenant agrees to accept the additional 734
square feet and 2,770 square feet "AS IS".
-2-
ADDENDUM "D" (Continued)
------------------------
5. Commencing on the date Landlord delivers possession of the 734 square feet
to Tenant, the rent shall increase from $4,475.00 per month to $5,209.00 per
month ($12.00 per square foot x 5,209 square feet) until further increased
pursuant to paragraph 2 above.
6. Landlord will not in any event be liable, nor will Tenant be entitled to any
abatement or setoff or deduction for rent, nor will the obligations of Tenant
under the lease be affected in any manner whatsoever, for inconvenience,
annoyance, disturbance, loss of business or other damage of Tenant or any other
occupant of the premises, or any part thereof, by reason of Landlord performing
the work contemplated herein.
7. As contemplated by paragraph 60th of Addendum "A" and paragraph 12 of
Addendum "C" to the lease, a new three (3) year term shall commence on October
1, 1995.
8. Upon Tenant's occupancy of both the 2,770 square feet and the 734 square
feet Tenant shall deposit an additional $3,504.00 security deposit which
represents an addtional on month's security deposit on the additional 3,504
square feet (734 square feet + 2,770 square feet x $12.00 per square foot per
year divided by 12 months) for a total security deposit of $12,454.00.
9. Tenant reserves the right to confirm the measurement of the additional 2,770
square foot and 734 square foot spaces pursuant to Paragraph 54th of Addendum
"A" to the lease. If such additional spaces do not conform to the standard of
measurement set forth in Paragraph 54th of Addendum "A" to the lease, the rent
will be adjusted accordingly.
Where the above conflicts with the above referenced lease and any Addendums
thereto, this Addendum "D" shall supercede. Where no conflicts occur, the above
lease and any addendums thereto shall remain in full force and effect.
WITNESS: RESEARCH PARK
(Landlord)
/s/Xxxxxxx X. Xxxxx
________________________ ________________________
Xxxxxxx X. Xxxxx
ATTEST: PRINCETON TELECOM CORPORATION
(Tenant)
/s/X.X. Xxxxxxxxxxxx
________________________ ________________________
Name: Xxxxxx Xxxxxx Name: X.X. Xxxxxxxxxxxx,
Title: 5/19/95 Title: President
ADDENDUM "E" DATED July 3rd, 1997 TO LEASE
BETWEEN: RESEARCH PARK (LANDLORD)
AND: PRINCETON TELECOM CORPORATION (TENANT)
DATED: April 12, 1994, as amended through Addendum "D"
dated May 19, 1995
LOCATION: 000 Xxxx Xxxxxx
Xxxxxxxx and Tenant agree to amend the above referenced lease as follows:
1. As contemplated by paragraph 12 of Addendum "C" to the Lease, Tenant hereby
elects to lease an additional 1,790 square feet by expanding its premises into
the adjacent space ("Additional Space") known as 000 Xxxx Xxxxxx shown in blue
on Addendum "B-2" annexed hereto and incorporated herein. Addendum "B-2" is
in addition to Addendum "B-1" attached to Addendum "D" to the Lease as it
relates to the Additional Space to be leased by Tenant as set forth herein.
Landlord hereby waives the requirement that Tenant furnish Landlord with eight
(8) months prior notice of its election to lease the Additional Space.
2. The Tenant hereby extends its lease term for the current 7,979 square foot
area and the additional 1,790 square foot area referenced above, for a total
leased area of 9,769 square feet. The new five (5) year term referenced herein
shall commence September 1, 1997 and terminate August 31, 2002.
3. The rent for the entire 9,769 square feet area consisting of the 7,979 square
foot space and the additional 1,790 square foot space shall be as follows:
First Year - September 1, 1997 - August 31, 1998 $99,643.80
annually/$8,303.65 per month;
Second Year - September 1, 1998 - August 31, 1999 $104,528.30
annually/$8,710.69 per month;
Third Year - September 1, 1999 - August 31, 2000 $109,412.80
annually/$9,117.73 per month;
Fourth Year - September 1, 2000 - August 31, 2001 $114,297.30
annually/$9,524.77 per month;
Fifth & Final Year - September 1, 2001 - August 31, 2002 $119,181.80
annually/$9,931.82 per month.
All of the above rent figures are gross and are inclusive of rent, taxes,
insurance and maintenance, however all utilities including electric, heat, air
conditioning and service for same shall be placed in the name of the Tenant, no
later than September 1, 1997. The Tenant shall be responsible for heating and
air conditioning repairs, maintenance, and replacement of parts including the
total cost of same except if such repairs are due to the negligence of the
Landlord, its employees, contractors or agents. Should the compressor and/or
boiler need replacement, the Landlord shall be responsible for same.
4. Tenant agrees to accept the total area of 9,769 square fee in an "AS IS". The
Landlord agrees to give the Tenant a credit of $2,500.00 off its first month
rent as referenced above and due September 1, 1997, in lieu of any work Tenant
ADDENDUM "E" (Continued)
------------------------
plans in the 1,790 square foot space. All improvements to be completed and paid
for by Tenant at its sole cost.
Tenant agrees that any improvements Tenant constructed to the current 7,979
square foot premises or any improvements that Tenant may construct to the
existing 7,979 square foot area and the additional 1,790 square foot space, as
permitted in the Lease, shall be constructed to meet all code and other
governmental requirements, at Tenant's expense. Tenant agrees to secure
Landlord's approval in writing prior to the commencement of any work in its
space.
5. Tenant acknowledges that Landlord, at its cost, relocated the prior Tenant
who occupied the 1,790 square foot space, Consultation in Church Union, to
another space in Research Park. In consideration for same and as an inducement
for Consultation in Church Union to relocate, Landlord paid Consultation in
Church Union's relocation expense in the amount of $1,500.00. Princeton Telecom
agrees to reimburse the Landlord $1,500.00 for this above referenced cost upon
the signing of this addendum.
6. Landlord and Tenant acknowledge that paragraph 60 concerning the right of
first refusal in Addendum "A" to Lease and paragraph 13 of Addendum "C" to
Lease are intentionally deleted due to Tenant having either taken such space or
having previously decided not to take the space and said space had been relet to
another Tenant. Landlord and Tenant further agree that Rider 2 to the Lease is
revised to reflect that the only remaining space available to Tenant from this
date forward with respect to Tenant's option to lease other space in the
building at 000-000 Xxxx Xxxxxx, is as follows:
(1) Nettech Systems - 4,720 square feet
Xxxxxx Xxxxx
000 Xxxx Xxxxxx
4/01/94-6/30/97 - Currently in a six (6) months extension
due to expire 12/31/97- no option to extend the lease
exists.
(2) Applied Engineering & Technology -
1,313 square feet
Xxxxxx Xxxxx
000 Xxxx Xxxxxx
Lease Expires 3/31/99 - no option to extend the lease
exists.
(3) American Civil Liberties Union Foundation -
Second Floor
000 Xxxx Xxxxxx
Occupying 730 Square Feet
Lease expiring 3/31/98 - Tenant has two (1) one year
options. First option period 4/1/98 through 3/31/99;
second option period 4/l/99 through 3/31/2000. Three (3)
months notice required.
(4) Xxxxxxx Xxxxx, Architect
000 Xxxx Xxxxxx
Xxxxxx Xxxxx
Xxxxxxxxx occupying 1,035 square feet, one year lease term
which expires 4/15/98, Tenant has one - (1) year option.
-2-
ADDENDUM "E" (Continued)
------------------------
There currently exists a vacant space of 1,167 square feet on the second with an
address of 000 Xxxx Xxxxxx.
7. The Tenant shall be granted a right of first refusal to lease the space as
referenced above currently occupied and/or vacant in the building. The Tenant
shall have five (5) working days in which to formally notify Landlord of Tenants
intent to exercise its right of first refusal or to relinquish same, after
receiving written notice from Landlord, certified mail, return receipt
requested, that Landlord has received an offer from a prospective Tenant for
said space referenced above. Should Landlord not receive return notice from
Tenant within said five (5) days period, Landlord shall deem Tenants right of
first refusal for the space to be void and of no effect. Should Tenant exercise
its right to lease the space, Tenant agrees to enter into a lease for the space
within ten (10) days of Landlord's receipt of Tenants notice exercising Tenant's
right to lease the space. Should Tenant choose to exercise its right of first
refusal to lease the space referenced herein, the rent and term shall coincide
with the then-current rent as spelled out in Paragraph 3 above, increase
annually as shown further in Paragraph 3 and the term of the additional space
shall run concurrent and expire August 31, 2002. The space shall be leased in an
"AS IS" condition.
8. Tenant has as of this date previously deposited with the Landlord $10,216.50,
which shall be held by Landlord as the security deposit as referenced in
paragraph 22nd of the lease above.
9. Upon the signing of this addendum the landlord shall release the keys for the
1,790 square foot space as called for above to tenant. It is contemplated that
the Tenant will be completing improvements to the 1,790 square foot space which
should take approximately three weeks. Upon Tenants occupancy of the 1,790
square foot space again, which is contemplated to be approximately three weeks
after the signing of this agreement, Tenant agrees to commence paying rent for
the 1,790 square foot space which shall be based upon a monthly rent of
$1,521.50. The Tenant agrees to immediately place the electric and gas meters
which service the 1,790 square foot space into its name and pay for same.
Where the above conflicts with the above referenced Lease and any Addenda
thereto, this Addendum "E" shall supersede. Where no conflicts occur, the above
Lease and any Addenda thereto shall remain in full force and effect.
WITNESS: RESEARCH PARK
/s/ X.X. Xxxx By: /s/ Xxxxxxx X. Xxxxx
---------------------------- -------------------------------
Xxxxxxx X. Xxxxx
WITNESS: PRINCETON TELECOM CORPORATION
/s/ Xxxxxxxx X. Xxxx By: X.X. Xxxxxxxxxxxx
---------------------------- -------------------------------
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[BLUE PRINT "E"]
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