Lease No. WT-3189-A-22 (2455)
Supplement No. 1
SUPPLEMENTAL AGREEMENT
THIS AGREEMENT, made as of the llth day of August, 1999 by and
between THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY, (hereinafter called "the
Port Authority") and XXXXX XXXXX TRADING USA INC. (hereinafter called "the
Lessee"),
WITNESSETH, That:
WHEREAS, the Port Authority and the Lessee heretofore and as
of November 17, 1995 entered into an agreement of lease identified by Port
Authority Lease No. WT-3189-A-33 (2455) and hereinafter identified by the above
Port Authority Lease Number covering premises at the Port Authority World Trade
Center in the Borough of Manhattan, City, County and State of New York (which
agreement of lease, as the same may have been heretofore supplemented and
amended, is hereinafter called "the Lease"); and
WHEREAS, the Port Authority and the Lessee desire to extend
the term of the letting under the Lease and to amend the Lease in certain other
respects;
NOW, THEREFORE, for and in consideration of the covenants and
mutual agreements herein contained, the Port Authority and the Lessee hereby
agree as follows:
1. The term of the letting under the Lease is hereby extended
for the period ending on August 31, 2002, unless sooner terminated, or unless
extended.
2. Subject to all the terms, provisions, covenants and
conditions of the Lease, the Port Authority hereby lets to the Lessee and the
Lessee hereby hires and takes from the Port Authority at the Port Authority
World Trade Center in the Borough of Manhattan, City, County and State of New
York the space shown in diagonal hatching on the sketch annexed hereto, marked
"Exhibit A-l" and hereby made a part hereof together with the fixtures,
improvements and other property of the Port Authority located or to be located
therein or thereon, the said space together with the said fixtures, improvements
and other property (hereinafter sometimes collectively called "Area A-l") to be
and become the premises under the Lease from and after September 1, 1999 at
12:01 o'clock A. M. (as such date may be postponed from time to time pursuant to
the provisions of Paragraph 4 of this Agreement) (the said date or postponed
date being hereinafter referred to as the "Effective Date") and continuing,
unless sooner terminated, for the balance of the term of the letting under the
Lease, as extended herein. The Port Authority and the Lessee hereby acknowledge
that Area A-l constitutes non-residential real property.
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3. The Lessee shall use Area A-l for the purposes set forth in
Section 3 of the Lease and for no other purpose whatsoever.
4. If on September 1, 1999 Area A-l is not available or ready
for occupancy or use by the Lessee by reason of the fact that Area A-l or any
part thereof, or any part of the World Trade Center are in the course of
construction, repair, alteration or improvement or by reason of the fact that
the occupant of Area A-l, or a part thereof, failed or refused to deliver
possession or by reason of any causes or conditions beyond the control of the
Port Authority, the Port Authority may postpone the letting of Area A-l and the
Port Authority shall not be subject to any liability for such postponement or
failure to give possession on such date. No such postponement or failure to give
possession of Area A-l on such date shall affect the validity of the Lease or of
this Agreement or the obligations of the Lessee under either the Lease or this
Agreement. Possession of Area A-l shall be tendered by the Port Authority to the
Lessee by notice given at least five (5) days prior to the effective date of the
tender. In the event that notice of tender of Area A-l is not given for
possession thereof to commence on or before September 1, 2000, then the letting
of Area A-l under this Agreement shall be deemed cancelled, and each party shall
and does release and discharge the other party from any and all claims or
demands with respect to Area A-l based on this Agreement, or a breach or alleged
breach thereof.
5. (a) The Lessee shall pay a basic rental, to the Port
Authority for Area A-l for the period from and after the Effective Date
throughout the term of the letting under the Lease, as extended herein, at the
rate of Sixty-nine Thousand Eight Hundred Four Dollars and No Cents ($69,804.00)
per annum, payable in advance in equal monthly installments of Five Thousand
Eight Hundred Seventeen Dollars and No Cents ($5,817.00) each on the Effective
Date and on the first day of each and every calendar month thereafter throughout
the term of the letting under the Lease, as extended herein.
(b) If the Effective Date is other than the first day of a
calendar month, the installment of basic rental payable on the Effective Date
shall be the amount of the monthly installment stated in subparagraph (a) above
multiplied by a fraction, the numerator of which shall be the number of days
from the Effective Date through and including the last day of the calendar month
in which such Effective Date occurs and the denominator of which shall be the
number of days in that calendar month. If the expiration or termination date of
the letting is other than the last day of a calendar month, the installment of
basic rental payable on the first day of the calendar month in which such
expiration or termination date occurs shall be the amount of the monthly
installment stated in subparagraph (a) above multiplied by a fraction, the
numerator of which shall be the number of days the letting was in effect in the
calendar month in which the expiration or termination date occurs and the
denominator of which shall be the number of days in said month.
(c) On the Effective Date Schedule A annexed to the Lease
shall be deemed deleted and the schedule annexed hereto, made a part hereof and
marked, "Schedule A" shall be deemed inserted in lieu thereof. From and after
the Effective Date, in addition to the basic rental payable in accordance with
subparagraph (a) of this Paragraph 5, the Lessee shall pay additional basic
rental for Area A-l in accordance with Schedule A annexed hereto.
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6. Effective at 11:59 o'clock P.M. on the day preceding the
Effective Date (hereinafter referred to as "the Surrender Date"), the Lessee
hereby surrenders and yields up and does by these presents grant, bargain, sell,
surrender and yield up to the Port Authority, its successors and assigns,
forever, the premises shown in diagonal hatching on Exhibit A annexed to the
Lease (hereinafter referred to as "Area A") and the term of years with respect
thereto under the Lease yet to come, and has given, granted and surrendered and
by these presents does, give, grant and surrender to the Port Authority, its
successors and assigns, all the rights, rights of renewal, licenses, privileges
and options of the Lessee granted by the Lease with respect to Area A all to the
intent and purpose that the said term under the Lease and the said rights of
renewal, licenses, privileges and options may be wholly merged, extinguished and
determined on the Surrender Date with the same force and effect as if the said
term were in and by the provisions of the Lease originally fixed to expire on
such date.
7. All promises, covenants, agreements and obligations of the
Lessee with respect to Area A under the Lease or otherwise which under the
provisions thereof would have matured upon the date originally fixed in the
Lease for the expiration of the term thereof, or upon the termination of the
Lease prior to the said date, or within a stated period after expiration or
termination, shall notwithstanding such provisions, mature upon the Surrender
Date and shall survive the execution and delivery of this Agreement.
8. The Lessee hereby agrees to terminate its occupancy of Area
A and to deliver actual physical possession of the same to the Port Authority on
or before the Surrender date in the condition required by the Lease upon
surrender.
9. (a) Notwithstanding the provisions of Section 42(a)(2) of
the Lease and subject to all the terms, conditions and provisions of Section
42(f), (g), (h) and (i) of the Lease, the Port Authority may periodically from
and after the Effective Date at such times as the Port Authority may elect,
arrange for a survey of Area A-l by the Port Authority's Engineering Department
or by an independent utility consultant to be selected by the Port Authority for
the purpose of establishing the Lessee's annual consumption of and demand for
electricity (such consumption of and demand for electricity being hereinafter
referred to as "consumption and demand"). Such consumption and demand shall be
based on the wattage of lamps and any other electrical machinery and equipment
and the frequency and duration of the use thereof in Area A-l. The Lessee's
annual consumption and demand shall be divided by the number of "billing
periods" per year established by the public utility company supplying
electricity in the vicinity of Area A-l so as to determine the Lessee's
consumption and demand per billing period. In lieu of such determination of
consumption and demand, the same may be measured by meter which the Port
Authority may at its option, exercised at any time during the term of the
letting, install on or off Area A-l and in the event any such meter fails to
record such, the Lessee's consumption of and demand for electricity for any
period that a meter is out of service will be considered to be the same as the
consumption and demand for a like period either immediately before or
immediately after such interruption as selected by the Port Authority. The Port
Authority shall compute the cost of such consumption and demand either as
determined by the survey or measured by meter based on the greater of (1) the
rates (including the fuel or other adjustment factor, if any) which the Lessee
under the service classification applicable to the Lessee as of the
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date of each billing period would be required to pay if the Lessee had purchased
such electricity directly from the public utility company supplying the same to
commercial buildings in the vicinity or (2) the Port Authority's cost of
obtaining and supplying the same quantity of electricity. From and after the
Effective Date the Lessee shall pay the cost of such consumption and demand for
each such billing period to the Port Authority upon demand therefor and the same
shall be deemed additional rental collectible in the same manner and with like
remedies as if it were made a part of the basic rental reserved hereunder. The
determination of consumption and demand by survey shall be binding and
conclusive on both the Lessee and the Port Authority as to all matters,
including but not limited to the frequency and duration of use of the lamps and
other electrical machinery and equipment in Area A-l. The cost of each such
survey shall be borne by the Port Authority provided that if the Lessee makes
any alterations or improvements to Area A-l in accordance with the provisions of
Section 12 of the Lease, or otherwise which may result in greater consumption or
demand, the Port Authority may direct a new survey to establish the consumption
and demand for electricity in Area A-l and the cost thereof shall be borne by
the Lessee. Any method of measurement used herein shall not preclude the Port
Authority from reverting to the use of any prior method.
(b) Notwithstanding that the Port Authority has agreed to
supply electricity to the Lessee, the Port Authority shall be under no
obligation to provide or continue such service hereunder if the Port Authority
is prevented by law, agreement or otherwise from metering or measuring
consumption and demand as hereinabove set forth or elects not to so meter or
measure the same, then in any such event the Lessee shall make all arrangements
and conversions necessary to obtain electricity directly from the public
utility. Also in such event the Lessee shall perform the construction necessary
for such conversion and if any lines or equipment of the Port Authority are with
the consent of the Port Authority used therefor, the Port Authority may make an
appropriate charge therefor to the Lessee based on its cost and expenses for the
said lines and equipment.
10. The Lessee has thoroughly examined and inspected Area A-l
and has found it to be in good order and repair and has determined Area A-l to
be suitable for its operations hereunder. The Lessee agrees to and shall take
Area A-l in its "as is" condition as of the date hereof and the Lessee
acknowledges that it has not relied upon any representation or statement of the
Port Authority or its Commissioners, officers, employees or agents as to the
condition or as to the suitability of Area A-l. The Lessee further agrees that
the Port Authority shall have no obligation for finishing work or for
preparation of Area A-l for the Lessee's use. The Lessee agrees to perform at
its sole cost and expense all construction and installation work that it may
require to finish off and decorate Area A-l. The Lessee further acknowledges
that facilities for heat, ventilation and air-cooling have heretofore been
installed in Area A-l pursuant to a certain design configuration for Area A-l
and notwithstanding the provisions of Section 42 of the Lease the Port Authority
makes no representations that such heat, ventilation and air-cooling shall
maintain in Area A-l an even and comfortable working temperature, and in the
event any alteration to such facilities shall be required in order to maintain
an even and comfortable working temperature in Area A-l, the cost of the same
shall be borne by the Lessee. The Lessee agrees that no portion of Area A-l will
be used initially or at any time during the term of the letting of Area A-l
which is in a condition unsafe or improper for the conduct of the Lessee's
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operations under the Lease as herein amended so that there is possibility of
injury or damage to life or property.
11. (a) Without limiting any other right of termination under
this Agreement, the Port Authority shall have the right to terminate this
Agreement and the letting hereunder without cause, at any time on one hundred
eighty (180) days' notice to the Lessee. In the event of termination pursuant to
this Paragraph 11, this Agreement and the letting hereunder shall cease and
expire as if the effective date of termination stated in the notice were the
date originally fixed herein for the expiration of the term of the letting.
(b) Notwithstanding the foregoing provision, the Port
Authority shall, within thirty (30) days after giving the notice referred to in
subparagraph (a), tender to the Lessee an agreement, which shall constitute an
offer to amend this Agreement, providing for the letting to the Lessee of other
space at the World Trade Center, consisting of a single block of space,
substantially similar in size to Area A-l but the configuration of such and its
location within the Facility shall be solely within the discretion of the Port
Authority. Such agreement shall contain an exhibit depicting such other space,
the effective date upon which the letting of such space shall commence, a
statement of the number of rentable square feet comprising such space and the
annual basic rental payable for such space which shall be computed at the same
annual per rentable square foot rate as the basic rental set forth in this
Agreement. In addition to the annual basic rental payable for such space the
agreement will provide that the Lessee will continue to pay additional basic
rental as provided in the Schedule A attached to this Agreement based on the
number of square feet in such space. The agreement will also provide that the
Lessee will surrender, vacate and yield up to the Port Authority Area A-l on the
date preceding the effective date the letting of such space shall commence and
that the Port Authority will, (1) finish the space or cause the same to be
finished at no cost to the Lessee substantially in the same manner and to the
same extent as Area A-l, (2) arrange for or, at the Port Authority's option,
reimburse the Lessee for its reasonable expenditures for moving the Lessee's
property from Area A-l to such other space, (3) reimburse the Lessee for its
reasonable expenditures for installing telephone equipment in such space
substantially equivalent to the Lessee's present installation and (4) reimburse
all reasonable payments made by the Lessee in connection with office stationery
no longer usable by the Lessee as a result of its move to such other space. All
terms, conditions and provisions of this Agreement as so amended will remain in
force and effect as to such space which shall be and become the premises from
the effective date of the letting of such space through the balance of the term
of the letting under this Agreement. The Lessee shall within twenty (20) days
after delivery to it of such agreement by the Port Authority, execute,
acknowledge and deliver the same to the Port Authority. Upon the delivery of a
fully executed and acknowledged copy of the agreement by the Port Authority to
the Lessee, the notice theretofore served pursuant to subparagraph (a) hereof
shall be deemed null and void and of no further force or effect. In the event
the Lessee does not accept the Port Authority's offer by delivering the
agreement executed and acknowledged by it to the Port Authority within the time
specified herein, then the offer contained therein shall be deemed withdrawn and
the notice terminating the letting served in accordance with the provisions of
subparagraph (a) hereof shall be and remain fully effective and the Port
Authority shall have no further obligation to offer other space to the Lessee
either at the World Trade Center or elsewhere. If the agreement is
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executed by the parties hereto the provisions of this Paragraph 11 shall be of
no further force and effect.
(c) The provisions of subparagraph (b) of this Paragraph 11
shall be independent of and shall not be deemed a condition precedent or
prerequisite to the exercise of the right of termination by the Port Authority
under subparagraph (a) hereof.
(d) The Lessee acknowledges that it has been advised by the
Port Authority that any failure of the Lessee to surrender, vacate and yield up
to the Port Authority Area A-l on the day preceding the effective date of
termination set forth in subparagraph (a) hereof or on the day preceding the
effective date of the letting of the space to which the Lessee is moved as
referred to in subparagraph (b) hereof, will or may cause the Port Authority
injury, damage or loss. The Lessee hereby assumes the risk of such injury,
damage or loss and hereby agrees that it shall be responsible for the same and
shall pay the Port Authority for the same whether such are foreseen or
unforeseen, special, direct, consequential or otherwise and the Lessee hereby
expressly agrees to indemnify and hold the Port Authority harmless against any
such injury, damage or loss. The foregoing shall not constitute or be deemed to
constitute the sole and exclusive remedy of the Port Authority for such failure
of the Lessee.
(e) In the event the Lessee should become entitled to
reimbursement pursuant to the provisions of subdivisions (2), (3) or (4) of
subparagraph (b) above, the Lessee shall submit to the Port Authority a
statement signed by a responsible officer of the Lessee certifying the amount
due to the Lessee together with such documentation, records, paid bills and
invoices to substantiate the amount due the Lessee. After examination and
approval of such certified statement and any other documentation as may be
reasonably requested by the Port Authority, the Port Authority will determine
the amount due to the Lessee and will grant the Lessee a credit in such amount
against the Lessee's rental obligations next becoming due.
12. The Lessee represents and warrants that no broker has been
concerned in the negotiation of this Agreement or the letting or the extension
hereunder and that there is no broker who is or may be entitled to be paid a
commission in connection therewith. The Lessee shall indemnify and save harmless
the Port Authority of and from any and all claims for commission or brokerage
made by any and all persons, firms or corporations whatsoever for services in
connection with the negotiation and execution of this Agreement or the letting
or the extension hereunder.
13. Neither the Commissioners of the Port Authority nor any of
them, nor any agent, officer or employee thereof shall be charged personally by
the Lessee with any liability or held liable to it under any term or provision
of this Agreement or because of its execution or attempted execution or because
of any breach thereof.
14. As hereby amended all the terms, provisions, covenants,
agreements and conditions of the Lease shall remain in full force and effect.
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15. This Agreement and the Lease which it supplements
constitute the entire agreement between the Port Authority and the Lessee on the
subject matter, and may not be changed, modified, discharged or extended except
by instrument in writing duly executed on behalf of both the Port Authority and
the Lessee. The Lessee agrees that no representations or warranties shall be
binding upon the Port Authority unless expressed in writing in the Lease or in
this Agreement.
IN WITNESS WHEREOF, the Port Authority and the Lessee have set
forth their hands and seals as the day and year first above written.
THE PORT AUTHORITY OF NEW YORK
ATTEST: AND NEW JERSEY
/s/ By:/s/
------------------------------- -------------------------------
(Secretary) (Title) Director of Real Estate
(Seal)
ATTEST: XXXXX XXXXX TRADING USA INC.
/s/ By: /s/ Xxx X. Xxxx
------------------------------- -------------------------------
(Secretary)
(Title) President
--------------------------------
(Corporate Seal)
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[GRAPHICAL REPRESENTATION OF THE LAYOUT OF THE OFFICE SPACE]
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SCHEDULE A
1. For the purposes of this Schedule A, the following provisions shall
apply:
(a) "Taxes" shall mean real estate taxes and assessments which may be
imposed from time to time by the United States of America, the State of New York
or any municipality or other governmental authority, upon the Port Authority
with respect to the buildings, structures, facilities or land at the World Trade
Center or with respect to the rentals or income therefrom in lieu of or in
addition to any tax or assessment which would otherwise be a real estate tax or
assessment and taxes shall include any payments in lieu of real estate taxes or
assessments which may be agreed upon between the Port Authority and any of the
foregoing governmental authorities, other than payments in lieu of taxes
described in paragraph (b) below.
(b) "Payments in lieu of taxes" shall mean such payments as the Port
Authority has agreed to pay the City of New York under an agreement dated 1967
as it may have been or may be hereafter supplemented or amended (hereinafter
called the "City Agreement").
(c) The "annual per rentable square foot factor" referred to in this
Schedule was initially fixed at $1.25 in the City Agreement and provision was
made in paragraph 7(3) of the City Agreement for changes therein from time to
time to reflect changes in the tax rate and changes in assessed valuations.
(d) "Tax base" shall mean the annual per rentable square foot factor
finally established to be the annual per rentable square foot factor to be used
in computing payments in lieu of taxes for the tax year beginning July 1, 2000.
(e) "Tax year" shall mean the twelve-month period established by The
City of New York as a tax year for real estate tax purposes.
(f) "Wage rate" shall mean the cost for an hour's work by a xxxxxx
engaged to work a 40-hour work week in a Class A office building in the City of
New York which hourly cost shall be limited solely to the hourly wage rate for
porters as that rate is established from time to time by collective bargaining
agreement between the Realty Advisory Board on Labor Relations, Incorporated,
acting on behalf of various building owners and Local 32B-32J, Service Employees
International Union, AFL-CIO, (which collective bargaining agreement is
hereinafter referred to as "the Contract"), plus a proper proportion of fringe
benefits and other payroll costs. As used herein:
(1) "Xxxxxx" or "porters" shall mean those employees engaged
in the general maintenance and operation of office buildings and
classified as "Others" by the Contract.
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(2) "Fringe benefits" shall mean the items of cost which an
employer would be obligated to pay or would incur pursuant to the
Contract on the basis of wages paid to a xxxxxx engaged to work a 40-
hour work week in Class A office building in New York City who is
entitled to receive on an annual basis the maximum entitlement under
the Contract, including, without limitation, vacation allowances, sick
leave, holiday pay, birthdays, jury duty, medical checkup, lunch time,
relief time, other paid time off, bonuses, union assessments allocable
to pension plans and welfare and training funds, and health, life,
accident, or other such types of insurance.
(3) "Other payroll costs" shall mean taxes payable pursuant to
law by an employer upon the basis of wages paid to a xxxxxx engaged to
work a 40 hour work week in a Class A office building in New York City,
including, without limitation, F.I.C.A., New York State Unemployment
Insurance and Federal Unemployment Insurance.
If at any time during the term of the letting under the Lease
the Contract shall require regular employment of porters on days or during hours
when overtime or other premium pay rates are in effect pursuant to the Contract
the hourly wage rate for porters under the Contract for the applicable period
shall be determined by dividing the weekly wage an employer would be obligated
to pay a xxxxxx engaged to work a 40-hour work week in a Class A office building
in New York City under the Contract by 40.
If either the Realty Advisory Board on Labor Relations,
Incorporated or Local 32B-32J, Service Employees International Union, AFL-CIO
shall cease to exist or a collective bargaining agreement shall cease to be
negotiated between the Realty Advisory Board on Labor Relations, Incorporated
and Local 32B-32J, Service Employees International Union, AFL-CIO, or if the job
classification "Others" shall be renamed or abolished in any subsequent
collective bargaining agreement entered into between the Realty Advisory Board
on Labor Relations, Incorporated and Local 32B-32J, Service Employees
International Union, AFL-CIO, then the wage rate to be used in applying the
provisions of this Schedule shall be the wage rate for those employees engaged
in the general maintenance and operation of Class A office buildings either
pursuant to any subsequent collective bargaining agreement between the Realty
Advisory Board on Labor Relations, Incorporated and Local 32B-32J, Service
Employees International Union, AFL-CIO, or if there is no such agreement, then
pursuant to such agreement as the Port Authority shall select.
(g) "Basic wage rate" shall mean the wage rate in effect on
January 1, 2000.
(h) "Rentable square feet in the premises" shall mean 1,939
square feet.
(i) "Lease" shall mean the agreement of lease to which this
schedule is attached.
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2. From and after each July 1, following the commencement date of the
letting under the Lease, the Lessee shall pay an additional basic rental under
the Lease at the annual rate computed by multiplying the rentable square feet in
the premises by the excess over the tax base of the total of (i) the annual per
rentable square foot amount of taxes for the tax year beginning on that July 1;
and (ii) the annual per rentable square foot factor used in computing payments
in lieu of taxes for the tax year beginning on that July 1. If taxes become
payable on a basis other than an annual amount per rentable square foot, the
Port Authority will allocate those taxes to the rentable square feet of space in
the World Trade Center and will notify the Lessee of the amount of such
allocation.
3. In addition to additional basic rental payable under paragraph 2
above, from and after the commencement date of the letting under the Lease, the
Lessee shall pay additional basic rental under the Lease at an annual rate equal
to $0.01 for each $0.01, or major fraction thereof, that the wage rate in effect
on the commencement date of the letting and each wage rate thereafter
established from time to time during the term of the letting exceeds the basic
wage rate, multiplied by the rentable square feet in the premises.
4. If the imposition or allocation of taxes or the establishment of an
annual per rentable square foot factor to be used in computing payments in lieu
of taxes for any tax year or the establishment of a wage rate to be effective
for any period of time is delayed for any reason whatsoever, the Lessee shall
nevertheless continue to pay the additional basic rental at the annual rate then
in effect subject to retroactive adjustments at such time as the taxes are
imposed or allocated or the said per rentable square foot factor or wage rate
shall have been established.
5. After imposition and allocation of taxes for any tax year and the
establishment for each tax year of the annual per rentable square foot factor
used in computing payments in lieu of taxes and after the effective date of each
wage rate in excess of the basic wage rate; the Port Authority will compute the
annual rate or rates of additional basic rental payable by the Lessee under
paragraph 2 or 3 above and will notify the Lessee of the amounts thereof.
Additional basic rental accruing under paragraph 2 or 3 above shall be computed
separately and each amount thereof shall be payable by the Lessee to the Port
Authority in advance in monthly installments, each installment being equal to
l/12 of the annual rate except that if at the time the Port Authority gives
notice to the Lessee under this paragraph, additional basic rental shall have
accrued for a period prior to the notice, the Lessee shall pay such additional
basic rental in full for such period, within ten days after such notice.
6. If after an amount of additional basic rental shall have been fixed
under paragraphs 2 or 3 above for any period, taxes are imposed or the amount of
taxes or the annual per rentable square foot factor in regard to payments in
lieu of taxes or the wage rate used for computing such additional basic rental
shall be changed or adjusted, then the additional basic rental payable for that
period shall be recomputed and from and after notification of the imposition,
change or adjustment, the Lessee shall make payments based upon the recomputed
additional basic rental and upon demand the Lessee shall pay any excess in
additional basic rental as recomputed over amounts of additional basic rental
theretofore actually paid. If such change or adjustment results in a reduction
in the amount of additional basic rental for any period
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prior to notification, the Port Authority will credit the Lessee with the
difference between the additional basic rental as recomputed for that period and
amounts of additional basic rental actually paid.
/s/
--------------------------------
For the Port Authority
/s/
--------------------------------
For the Lessee
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(Port Authority Acknowledgment)
STATE OF NEW YORK )
ss:
COUNTY OF NEW YORK )
On the 18 day October, 1999, before me personally came Xxxxxxx
Nanning to me known, who being by me duly sworn, did depose and say that she
resides in 000 X. 00 Xxxxxx, Xxx Xxxx, XX 00000; that she is the Director of
Real Estate of the Port Authority of New York and New Jersey, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by order of the Commissioners of
said corporation; and that he signed his name thereto.
/s/ Xxxxxx Xxxxxxxx
---------------------------------
(notarial stamp and seal
(CORPORATE ACKNOWLEDGMENT)
STATE OF QUEENS )
SS.:
COUNTY OF QUEENS )
On the 14th day of Sept., 1999, before me personally came Gui
Xxxx Xx, to me known, who, being by me duly sworn, did depose and say that she
resides at 000-00 00xx, Xxxxxx Xxxxx, XX 00000, WTC. Ste. 2201; that she is the
Secretary of Xxxxx Xxxxx Trading USA Inc., one of the corporations described in
and which executed the foregoing instrument; that she knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by order of the Board of Directors of said corporation,
and that he signed his name thereto by like order.
/s/ Xxxxxxxx Xxxxxxx
---------------------------------
(notarial stamp and seal)
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