Contract
Exhibit 10.16
0000 Xxxxxxxx Realty Co.
c/o 000 Xxxx 00xx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
November 18, 2005
Xxxx Xxxxxxx
President and Chief Operating Officer
The Princeton Review, Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
| Re: | Landlord: | 0000 Xxxxxxxx Realty Co. (“Landlord”) | ||
| Tenant: | The Princeton Review, Inc. (“Tenant”) | |||
| Lease: | Any and all leases and amendments to lease agreements between the Landlord and Tenant (“Leases”) | |||
| Premises: | The 2nd, 3rd and 4th Floors as demised under the Leases between Landlord and Tenant in the building known as 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx |
Dear Xx. Xxxxxxx:
This is to advise you as officer of the Tenant, that Leases between the Landlord and the Tenant shall hereby be extended through and including December 31, 2014. All terms and conditions of the Leases shall remain in full force and effect including but not limited to all additional rent items in the Leases such as Real Estate Tax Charges, Water Charges and Miscellaneous charges. As of January 1, 2006 the minimum annual base rent provisions of the Leases shall be deleted in their entirety and shall be replaced with the following:
From January 1, 2006 to December 31, 2006, $743,948.00 per annum
($61,995.66 per month)
From January 1, 2007 to December 31, 2007, $758,348.00 per annum
($63,195.66 per month)
From January 1, 2008 to December 31, 2008, $772,748.00 per annum
($64,395.66 per month)
From January 1, 2009 to December 31, 2009, $787,148.00 per annum
($65,595.66 per month)
From January 1, 2010 to December 31, 2010, $801,548.00 per annum
($66,795.66 per month)
Xx. Xxxx Xxxxxxx
The Princeton Review, Inc.
November 18, 2005
Page 2
From January 1, 2011 to December 31, 2011, $815,948.00 per annum
($67,995.66 per month)
From January 1, 2012 to December 31, 2012, $830,348.00 per annum
($69,195.66 per month)
From January 1, 2013 to December 31, 2013, $844,748.00 per annum
($70,395.66 per month)
From January 1, 2014 to December 31, 2014, $859,148.00 per annum
($71,595.66 per month)
As review and summary of the foregoing, the minimum annual base and additional rent charges are attached hereto as a proposed rent xxxx that is for your reference only of an estimate of your rent xxxx for January 1, 2006. Please note that nothing in the attachment changes any of the terms of the lease(s).
Your signature as an officer of Tenant at the foot of this letter signifies Tenant’s agreement and consent with the foregoing.
Thank you.
Very truly yours,
0000 XXXXXXXX REALTY CO.
/s/ Xxxxxxx X. Xxxxx
By: Xxxxxxx X. Xxxxx
Its: General Partner
Agreed and Accepted by:
THE PRINCETON REVIEW, INC.
/s/ Xxxx Xxxxxxx
By: Xxxx Xxxxxxx
Its: President and COO
Date: 11/22/05
JAN. 1, 2006 RENT XXXX
| Rent |
$ | 61,995.66 | |
| Water |
226.50 | ||
| Misc. |
1,165.68 | ||
| RE Tax |
7,657.72 | ||
| Elec. |
by meter | ||
