Exhibit 10.9
LEASE AGREEMENT
PARTIES THIS LEASE AGREEMENT, made this 5th day of August, 1986, between
XXXXXX HEIGHTS REALTY CORP. having an office at 0 Xxxxxxxxx
Xxxxx, Xxxxxx Xxxxxx, hereinafter referred to as "Landlord", and
AMBOY BUS CO. a New York corporation having an address at 00 Xxx
Xxxx Xxxxxx, Xxxxxx Xxxxxx, Xxx Xxxx, hereinafter referred to as
"Tenant".
WITNESSETH:
1. Landlord, in consideration of the rents to be paid and the
covenants and agreements to be performed by Tenant, hereby lets
and Tenant hereby leases the parcel or parcels of land with
appurtenances, and improvements thereon thereunto belonging,
DESCRIPTION hereinafter collectively referred to as the "premises", located
at x000 Xxxxx Xxxxxxx Xxxxxxxx, Xxx Xxxx and more particularly
the office building, garage and appurtenances and vacant land as
per the survey attached hereto marked Exhibit A excepting there
from so much of the demised premises as are presently occupied
by Midwood Carting Co. in the rear of the property used as a
tranfer station until such time as Midwood Carting Co. ceases to
be a tenant.
Landlord represents that Midwood is a month to month tenant;
that Midwood is obligated to remove debris from portions of the
premises pursuant to a certain order or orders of the Department
of Environmental Conservation; landlord will not enter a lease
with Midwood and shall deliver occupancy to such portions of the
premises to Tenant within 90 days after such orders are
satisfied or vacated.
AUTHORIZED Primarily for use as a storage, parking, maintenance, and
RENT service establishment of omnibuses including dispatch and
general offices and all other purposes incidental to such
service and for any other lawful purpose not injurious to the
TERM reversion for a term of five (5) years, beginning on the 20th
day of August, 1986 and ending on the 19th day of August, 1991,
RENT at a base rental of $3.50 per square foot for the garage and
office consisting of ______ square feet; $1.25 per square foot
for the first 80,000 square feet of vacant land and $.90 per
square foot for the balance
of the square footage of vacant land comprising the above
described premises but at no time during the initial term of
this lease shall the total rental exceed $310,000 which rent
shall be payable in equal monthly installments of $25,833
payable in advance on the first business day of each month
during the term. It is understood that the rent on vacant land
does not include that portion on which the garage and office are
situated. Tenant will commence to pay rent on that portion of
the premises occupied by Midwood Carting Co. or a portion
thereof, on the first day of the month after Midwood vacates
such premises or a portion thereof, but in no event less than
two (2) weeks after such vacating. Landlord shall use its best
efforts to require Midwood to clear and vacate 50,000 square
feet of land within a period of 18 months including commencing
litigation to compel same.
ADDITIONAL Tenant agrees during the initial term of this lease to pay, as
RENT additional rent, all real estate taxes assessed against the
demised premises in excess of the amount of real estate taxes
assessed in the "base year." The base year for the purpose of
this lease shall be the 1986-87 tax year. The Landlord shall be
responsible for paying the real estate tax on the demised
premises and will, upon receipt of the tax xxxx, notify the
Tenant in writing of the amount of excess that the Tenant shall
be required to pay as additional rent. The tenant shall remit to
the Landlord, within thirty (30) days of the receipt of such tax
xxxx, the additional amount of real estate tax on its part to be
paid.
RIGHT TO LET 2. Landlord covenants and warrants that it has the right to let
AND CONDITION the premises for the aforesaid use and term on the terms and
OF PREMISES conditions herein contained.
POSSESSION 3. Landlord covenants and agrees that the premises will be
delivered to the Tenant at the commencement of the term, free
from all tenancies and occupancies except as set forth in
Schedule B annexed hereto. The Landlord Agrees to assign to the
tenant all of its rights to remove and dispossess any tenant now
in possession on expiration of its lease or if the tenant is an
holdover tenant or a month to month tenancy or hold possession
of the premises under any other legal right and will agree to
execute any and all legal documents necessary to give effect to
this
paragraph. It is specifically understood that the removal of the
tenants and/or occupants by the Tenant herein shall be at
Tenant's cost and expense unless otherwise agreed to by the
Landlord.
COVENANT TO 4. Tenant shall make all repairs necessary to keep the premises
REPAIR AND and the buildings and appurtenances situated thereon in as good
TAKE CARE OF order and condition as when delivered to it, Tenant represents
PREMISES that it has inspected the office building and garage prior to
occupancy and is satisfied with the conditions of the structure
and the exterior of the building including the roof and agrees
to accept same as is.
COVENANT TO 5. Tenant shall pay the specified rent subject to Paragraph One
PAY RENT (1) and upon expiration of the term remove all personal property
not attached to the premises and such personal property that may
be attached that can be readily removed provided the Tenant
restores the premises to good condition and peacefully yield up
the premises to the Landlord.
ASSIGNMENT 6. Tenant shall not assign this Lease. The Tenant shall not
sublet the premises without the written consent of the Landlord,
which consent shall not be unreasonably withheld. Should the
Tenant sublet the whole of the demised premises, then this lease
shall terminate and the Landlord shall have the right to enter
into a lease with the proposed subleasee upon such terms and
conditions as the Landlord may specify. Any such sublease shall
bind the sublessor to perform all of the obligations of the
Tenant the same as required by the primary lease. In the event
the sublessee should default in the performance of any
obligation on its part required to be performed which under the
primary lease is the obligation of the Tenant, then such
default, unless cured by the Tenant within fifteen (15) days,
after the Landlord notifies the Tenant of such default such
default will be considered a default under this lease. Tenant
will supply Landlord with a fully executed copy of the
sub-lease.
MAJOR CHANGES 7. Tenant shall have the right, with the written consent of the
IN PREMISES Landlord, which consent shall not be unreasonably withheld, at
its sole cost and expense, to make additions and related
modifications to the existing building(s) and to the premises at
any time after the commencement of and during the term of this
Lease, subject only to the restriction that such improvements
shall be constructed in accordance with all applicable laws,
statutes, ordinances, rulings and codes and Tenant shall not
permit any mechanic's liens to remain on the premises for a
period in excess of thirty (30) days from date of filing
thereof. Tenant in such event shall furnish all appropriate
insurance and insure Landlord against loss or damages and will
hold harmless and indemnify Landlord against any liability on
account thereof. Upon termination of this Lease, title to all
such improvements shall vest in Landlord.
LANDLORD'S 8. Landlord warrants and represents that the premises may be
REPRESENTATION used for the purposes herein set forth in Pargraph One (1) of
OF LAWFUL USE this lease. If any judicial decree, law, ordinance, ruling,
order or regulation of the United States, State, municipal or
other governmental unit or agency which now exists or is
hereafter enacted or created which prohibits, restricts or
alters the proposed use of the premises by Tenant or its
subtenant for any one or more of the foregoing purposes, or
creates or levies any fine or penalty, Tenant may, at its
option, terminate this Lease and all of its liability hereunder
shall cease from and after the date of such law, ordinance,
ruling, regulation, prohibition or penalty becomes effective and
prepaid rental or other sums prepaid by Tenant shall be
apportioned and paid to Tenant.
FIRE AND 9. (a) If the premises shall be so damaged by fire, casualty or
OTHER CASUALTY other cause of happening so as to render the premises unfit for
Tenant's proposed use, then this Lease shall terminate at the
option of Tenant and, if terminated, Tenant's obligation to pay
rent shall cease and any unearned rent paid in advance shall be
refunded to Tenant.
(b) If the demised premises shall be partially destroyed by
fire, casualty, or other cause or happening, but not to such an
extent as to render the premises unfit for Tenant's proposed
use, then the premises shall be with reasonable dispatch
restored by Landlord and a portion of the rent specified shall
xxxxx until the premises shall have been restored. If the
parties are unable to agree on the amount of such abatement of
rent, then such dispute shall be settled by arbitration in
accordance with the rules of the American Arbitration
Association, with each
party paying one-half (1/2) of the cost thereof. In determining
what constitutes reasonable dispatch consideration shall be
given to delays caused by strikes, adjustment of insurance and
other causes beyond the Landlord's control.
(c) Notwithstanding the provisions set forth in
subparagraphs (a) and (b) above, in the event of any such loss,
Tenant shall not be obligated to replace or rebuild such
improvements as it may have placed on the premises during the
term hereof. In the event that the Tenant elects not to
reconstruct or replace such improvements, applicable insurance
proceeds shall belong to Tenant and Tenant shall promptly remove
all debris, walls, footings and any vestige of such
improvements, fill any excavations with clean fill sand and
level the area upon which such improvements were located to
prevailing grade levels.
CONDEMNATION 10. (a) If all of the premises shall be condemned or taken by
AND UNSAFE lawful authority or if such portion of the premises be so
CONDITION condemned or taken making it unreasonable or imprudent to use
the remaining portion for its intended use, this Lease shall
terminate at Tenant's option as of the date when possession is
required to be given in such condemnation or taking. The rent
shall be prorated to such date and all further rights and
liabilities of the parties under this Lease shall terminate.
(b) If a portion of the demised premises shall be condemned
or taken and such taking does not make it unreasonable or
imprudent to use the remaining portion for the purposes for
which the premises were leased, this Lease shall continue as to
the part not so taken, and Landlord shall, forthwith at its
expense, restore and reconstruct the original buildings and
improvements situated on the premises to substantially the same
extent, quality, condition and functional character, as existed
prior to such condemnation or taking, to the extent possible on
the real property thus remaining excluding any improvements
added by Tenant. The rent specified in Paragraph One (1) shall
be reduced as of the date of condemnation or taking to an amount
determined by multiplying said rent by a fraction the numerator
of which is the value of the premises immediately after such
condemnation or taking and denominator of which is the value
immediately before such condemnation or
taking. Said rent, as reduced, shall be increased as of the date
restoration is completed to an amount which bears the same
proportion to said rent, as reduced, as the value of the
premises immediately after completion of restoration bears to
the value immediately after such condemnation or taking. Changes
in value occurring during the period of restoration not related
to such restoration shall be disregarded in computing said
increase. Said rent, as increased, shall not exceed the rent set
out in Paragraph One (1). Improvements added by Tenant that are
condemned or taken shall be restored by Tenant at its option.
(c) If any lawful authority shall declare the premises
unsafe and/or order demolition or removal of any structure
covered by this Lease so as to render the premises unfit for
Tenant's proposed used, then this Lease at Tenant's option shall
terminate and the Landlord shall not be required to reconstruct
any structure demolished or removed. If such declaration or
order does not render 50% or more of the premises unfit for
Tenant's proposed use, then Landlord shall promptly comply with
such declaration or order and commence reconstruction of any
premises demolished or removed but only as to Landlord's
improvements and not as to any improvements or additions made by
Tenant and a portion of the rent specified shall xxxxx until
such compliance and reconstruction is complete. The rent to be
paid during the abatement period shall be reduced to an amount
which bears the same proportion to the rent specified as the
square footage of the portion of the premises demolished or
removed bears to the square footage of the entire demised
premises of the building thereon.
If the parties are unable to agree on the amount of their shares
of awards or the amount of adjustments of rent provided for in
this Paragraph Eleven (11), then such dispute shall be settled
by arbitration in accordance with the rules of the American
Arbitration Association, with each party paying one-half (1/2)
of the cost thereof. Improvements added by Tenant shall be
disregarded in computing such adjustments of rent.
RIGHT OF ENTRY 11. Landlord may, during the term of this Lease, at reasonable
OF LANDLORD times and during usual business hours, enter the premises to
view them, and except, in the event of renewal or extension,
may, at any time within two (2) months next preceding the
expiration of
the specified term, during normal business hours, show the
premises to others for the purpose of rental
"FOR SALE" or sale and may affix to any suitable parts of the
AND "TO LET" premises a notice for lease or sale thereof, provided
SIGNS such sign or notice shall not interfere with the usual and
ordinary conduct to Tenant's business operations.
ALTERATIONS 12. If any alterations or improvements, except painting or wall
OR IMPROVE- papering, are made at Tenant's expense or if Tenant shall
MENTS BY install or acquire ownership of previously installed shelving,
TENANT, TRADE lighting fixtures, removable partitions, trade fixtures,
FIXTURES, INC. machinery and equipment or advertising signs, they shall remain
Tenant's property and may be removed prior to termination of
Tenant's occupancy; provided, however, that Tenant shall repair
any damage occasioned by removal thereof and shall, at
Landlord's option, restore or replace any structural parts or
improvements which may previously have been removed by Tenant.
LANDLORD'S 13. If Tenant shall fail to observe or perform any of its
REMEDIES IN obligations under this Lease and shall fail to cure its default
EVENT OF within thirty (30) days after notice from Landlord to do so or
DEFAULT, if Tenant shall be adjudicated bankrupt or become insolvent or
BANKRUPTCY, shall make an assignment for the benefit of creditors, then in
OR INSOLVENCY any of said events, Landlord may lawfully enter into and upon
OF TENANT the premises or any part thereof and repossess the same and
expel the Tenant and persons claiming under and through it, and
remove any effects, forcibly if necessary, without being guilty
of trespass and without prejudice to any remedies which may be
available for arrears or rent or for Tenant's breach of
covenent. Upon entry as aforesaid, this Lease shall terminate
and wholly expire, and Tenant covenants that in the event of
such termination it will indemnify Landlord against all loss of
rent, which Landlord may incur by reason of such termination
during the residue of the specified term.
INDEMNIFICA- 14. Tenant agrees to indemnify Landlord against any actions or
TION OF CLAIMS claims which may be asserted or brought by third parties
AGAINST LAND- against Landlord and which are based upon Tenant's negligent
LORD acts or omissions in connection with its use and occupancy of
the premises.
OPTION TO 15. The Tenant is hereby granted an option to renew the lease
RENEW after the initial term thereof for an additional period or five
(5) years upon the same terms and conditions except that the
rent reserved as base rent as herein set forth in Paragraph One
(1) shall be increased by the percentage increase of the
Consumer Price Index from the inseption of the lease to the time
of the renewal or by an additional 15% of the annual rent so
reserved, whichever is less. The Tenant agrees to pay during
such renewal term of five (5) years as additional rent, real
estate taxes assessed against the demised premises in excess of
the real estate taxes in the base year which for the purposes of
this lease shall be the year 1986/1987. The Landlord shall be
responsible for paying all of the real estate taxes on the
demised premises and will promptly, upon receipt of the tax
xxxx, notify the Tenant in writing, of the amount of excess that
the Tenant shall be required to pay as additional rent. The
Tenant shall remit to the Landlord, within thirty (30) days of
the receipt of such tax xxxx, the additional amount of real
estate taxes on its part required to be paid.
The Tenant is hereby granted an option to renew for a second
additional period of five years. Upon the same terms and
conditions except that the rent reserved as base rent as herein
set forth in Paragraph 1 shall be increased by percentage
increase of the Consumer Price Index from the inception of the
lease to the time of renewal. The Tenant agrees to pay during
such renewal term of five years as additional rent, real estate
taxes assessed against the demised premises in excess of real
estate taxes in the base year which for the purpose of this
lease shall be the year 1986/1987. The procedure for paying such
taxes shall be the same as previously set forth in this
paragraph.
Tenant shall be responsible for the payment of all utilities, to
wit: gas, electric, water, fuel, on the demised premises and
shall maintain the buildings thereon at its own cost and
expense.
The Consumer Price Index referred to in this Paragraph 15, shall
be the Consumer Price Index for the New York Metropolitan area.
Any option to renew must be exercised in writing 60 days prior
the expiration date of this lease or any additional term thereof
by notice to the Landlord at 0 Xxxxxxxxx Xxxxx, Xxxxxx Xxxxxx,
Xxx Xxxx.
SUBORDINATION 16. This Lease and all rights of Tenant hereunder are and shall
OF MORTGAGE be subject and subordinate to the lien of any mortgage or
mortgages constituting a first lien on the premises, or any part
thereof, at the date hereof, and to any mortgage or mortgages,
consolidated or otherwise, constituting a first lien on the
premises, hereafter placed on the premises, or any part thereof,
and made to and accepted by a savings bank, bank, trust or
insurance company, or other reputable institution, private or
public, authorized to make mortgage loans in the State of New
York, and to any and all renewals, modifications, consolidations
or extensions of any such mortgage or mortgages. Tenant shall,
upon demand, at any time or times, execute, acknowledge and
deliver to Landlord, any and all instruments that may be
necessary or proper to subordinate this Lease and all rights of
Tenant hereunder to the lien of any such mortgage or mortgages.
The subordination of this Lease to any such existing or new
mortgage is expressly conditioned upon the existing or new
mortgagee, simultaneously with the making of this Lease or of
such new mortgage, entering into an agreement, in recordable
form, but its terms binding upon the mortgagee, its successors
and assigns whereby the mortgagee agrees that in the event that
it should become necessary to foreclose said mortgage, it will
cause the sale of said premises to be made subject to this
Lease, provided that the Tenant is not in default under any of
the terms, conditions or covenants of this Lease at the time of
such foreclosure and, in the event of condemnation or damage by
fire, casualty or other causes as covered by fire and extended
coverage insurance, the condemnation award or proceeds of such
insurance shall be used for reconstruction or otherwise
disbursed as provided herein.
TENANT'S 17. At any time during the term of this Lease, including any
RIGHT OF renewal or extension hereof, Tenant may, at its option,
TERMINATION terminate this Lease. In the event that Tenant so elects to
terminate, it shall notify Landlord or such termination by
Registered or Certified United States Mail, Return Receipt
Requested, and this Lease shall cease and terminate ninety (90)
days
following the postdate of such notice of termination.
Not more than fifteen (15) days prior to the Lease termination
date, as provided hereinabove, and as consideration for such
cancellation, Tenant shall pay to Landlord the present value of
the remainder of the base rent due for the balance of the lease
term then in effect, including taxes, insurance, special
assessment or any other additional sums payable hereunder and
excluding any increase in basic rental which may be effective
subsequent to the termination date. Upon delivery of such funds,
Landlord shall execute a termination agreement releasing and
absolving Tenant from any and all obligations, past or future,
under and pursuant to this Lease. Any prepaid or unpaid rent,
taxes, insurance, special assessments or similar items shall be
prorated as of the termination date with payment to Landlord or
Tenant, as the case may be.
NOTICES 18. All notices to be given hereunder by either party shall be
in writing and given by personal delivery, certified or
registered mail to Landlord or to an officer of the Tenant, and
the date of any notice by certified or registered mail shall be
deemed to be the date of registration thereof.
MEMORANDUM 19. For the purposes of recording some of the basic terms and
OF LEASE conditions of this Lease, Landlord and Tenant agree to execute,
as soon as the commencement date of the original term has been
determined, a short form of lease. It is understood that such
short form of Lease is for purposes of recordation only and is
not intended and shall not in any way modify, amend, supersede
or otherwise affect this Lease. Tenant agrees not to record this
lease or memorandum of lease for a period of three (3) years
after execution of this lease.
SURRENDER 20. Tenant shall, on the last day of the term hereof or of any
extension or renewal thereof or upon any earlier termination of
this Lease, surrender and deliver up the premises into the
possession of the Landlord in the same order, condition and
repair as when delivered to Tenant, wear and tear, damage by
fire, explosion or the element excepted.
QUIET 21. Landlord covenants that if and so long as Tenant pays the
ENJOYMENT rent, additional rent and other sum or sums of money and charges
as herein provided and upon performance of all of the covenants,
conditions and agreements aforesaid, Tenant shall and may
preaceably and quietly have, hold and enjoy the premises for the
term aforesaid, subject, however, to the terms of this Lease.
22. That if the said premises, or any part thereof shall be
deserted or become vacant during said term, or if any default be
made in the payment of the said rent or any part thereof, or if
any default be made in the performance of any of the covenants
herein contained, the Landlord or representatives may re-enter
the said premises by force, summary proceedings or otherwise,
and remove all persons therefrom, without being liable to
prosecution therefor, and the Tenant hereby expressly waives the
service of any notice in writing of intention to re-enter, and
the Tenant shall pay at the same time as the rent becomes
payable under the terms hereof a sum equivalent to the rent
reserved herein, and the Landlord may rent the premises on
behalf of the Tenant, reserving the right to rent the premises
for a longer period of time than fixed in the original lease
without releasing the original Tenant from any liability,
applying any moneys collected, first to the expense of resuming
or obtaining possession, second to restoring the premises to
rentable condition, and then to the payment of the rent and all
other charges due and to grow due to the landlord, any surplus
to be aid to the Tenant, who shall remain liable for any
deficiency.
23. That the Landlord is exempt from any and all liability for
any damage or injury to person or property caused by or
resulting from steam, electricity, gas, water, rain, ice or
snow, or any leak or flow from or into any part of said building
or from any damage or injury resulting or arising from any other
cause or happening whatsoever unless said damage or injury be
caused by or be due to the negligence of the Landlord.
24. The Tenant has this day deposited with the Landlord the sum
of $ 25,833.00 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 said security, and it is agreed that this shall apply
to every transfer or assignment made of the security to a new
Landlord.
25. That the security deposited under this lease shall not be
mortgaged, assigned or encumbered by the Tenant without the
written consent of the Landlord.
26. It is expressly understood and agreed that in case the
demised premises shall be deserted or vacated, or if default be
made in the payment of the rent or any part thereof as herein
specified, or if, without the consent of the Landlord, the
Tenant shall sell, assign or mortgage this lease or if default
be made in the performance of any of the covenants and
agreements in this lease contained on the part of the Tenant to
be kept performed, or if the Tenant shall fail to comply with
any of the statutes, ordinances, rules, orders, regulations and
requirements of the Federal, State and City Government or of any
and all their Departments and Bureaus, applicable to said
premises, or hereafter established as herein provided, or if the
Tenant shall file a petition in bankruptcy or be adjudicated a
bankrupt, or make an assignment for the benefit of crditors to
take advantage of any insolvency act, the Landlord may, if the
Landlord so elects, at any time thereafter temrinate this lease
and the term hereof, on giving to the Tenant five days' notice
in writing of the Landlord's intention so to do, and this lease
and the term hereof shall expire and come to an end on the date
fixed in such notice as if the said date were the date
originally fixed in this lease for hte expiration hereof. Such
notice may be given by mail to the Tenant addressed to the
demised premises.
27. That the Tenant will not nor will the Tenant permit
undertenants or other persons to do anything in said premises,
or bring anything into said premises, or permit anything to be
brought into said premises or to be kept therein, which will in
any way increase the rate of fire insurance on said demised
premises, nor use the demised premises or any part thereof, nor
suffer or permit their use for any business or purpose which
would cause an increase in the rate of fire insurance on said
building, and the Tenant agrees to pay on demand any such
increase.
28. The failure of the Landlord to insist upon a strict
performance of any of the terms, conditions and covenants
herein, shall not be deemed a waiver of any rights or remedies
that the Landlord may have, and shall not be deemed a waiver of
any subsequent breach or default in the terms, conditions and
covenants herein contained. This instrument may not be changed,
modified or discharged orally.
29. In the event that the relation of the Landlord and Tenant
may cease or terminate by reason of the re-entry of the Landlord
under the terms and covenants contained in this lease or by the
ejectment of the Tenant by summary proceedings or otherwise, or
after the abandonment of the premises by the Tenant, it is
hereby agreed that the Tenant shall remain liable and shall pay
in monthly payments the rent which accrues subsequent to the
re-entry by the Landlord, and the Tenant expressly agrees to pay
as damages for the breach of the covenants herein contained, the
difference between the rent reserved and the rent collected and
received, if any, by the Landlord during the remainder of the
unexpired term, such difference or deficiency between the rent
herein reserved and the rent collected if any, shall become due
and payable in monthly payments during the remainder of the
unexpired term, as the amounts of such difference of deficiency
shall from time to time be ascertained; and the Tenant waives
and will waive all rights to trial by jury in any summary
proceedings hereafter instituted by the Landlord against the
Tenant in respect to the demised premises or in any action
brought to recover rent or damages hereunder.
30. Landlord states that it has a report of the New York Testing
Laboratory, that the land fill is non-toxic in nature.
INSURANCE 31. (a) Tenant is to maintain, throughout the term of the lease
both bodily injury and property damage liability insurance for
the mutual benefit of the Landlord and Tenant, naming the
Landlord as an additional insured against claims for bodily
injury, death or property damage occurring on, in or about the
premises, sidewalks, adjoining streets, property and
passageways. Such insurance shall be a general, all risk
liability policy of not less than $1,000,000 per person for
bodily injury or wrongful death and not less than $100,000
property damage.
b) All insurance policies maintained by the Tenant shall name
the Landlord and Tenant as insureds as their respective
interests may appear. Such insurance shall be written by
companies of recognized financial standing. All insurance
maintained by Tenant shall provide that no cancellation,
reduction or other material changes thereof shall be effective
until at least ten (10) days after receipt of written notice
thereof by Landlord, and Tenant will, at the Landlord's request,
furnish to Landlord certificates of such insurance.
c) Tenant is to maintain, throughout the term of the lease, fire
insurance covering the premises in an amount equal to the fair
market value of the building and structures thereon presently
and in the event the tenant makes improvements or constructs
additional structures on the premises, the tenant shall supply
coverage of such additional structures in an amount not less
than the replacement value. The policy shall name Landlord as an
insured under the policy as its interest may appear. The tenant
shall furnish to the Landlord, at Landlord's request,
certificates of insurance.
32. Tenant has inspected said premises and is thoroughly
acquainted with its condition and is leasing said premises "as
is" and in their present condition.
IN WITNESS WHEREOF, the parties hereto have executed this Lease in person or by
a duly authorized officer on the day and year stated in the commencement.
SIGNED, SEALED AND DELIVERED LANDLORD; Xxxxxx Heights Realty
IN THE PRESENCE OF: Corp.
BY: [ILLEGIBLE]
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______________________________ ITS: Vice Pres.
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TENANT:
______________________________ BY: [ILLEGIBLE]
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ITS: Pres.
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AMBOY BUS CO., INC.
0 Xxxxx Xxxxxx
Xxxxxx Xxxxxx, Xxx Xxxx 00000
May 10, 1996
CERTIFIED MAIL
RETURN RECEIPT REQUESTED
Xxxxxx Heights Realty Corp.
Xxx Xxxxxxxxx Xxxxx
Xxxxxx Xxxxxx, Xxx Xxxx 00000
Re: Lease Agreement dated August 5, 1986
between Xxxxxx Heights Realty Corp.
as Landlord and Amboy Bus Co., Inc. as Tenant
Gentlemen:
Reference is made to the above-captioned lease and more particularly to
paragraph 15 thereof entitled "Option to Renew". Please be advised that the
tenant hereby exercises its option to renew the lease for an additional period
of five years.
Very truly yours,
AMBOY BUS CO., INC.
By: /s/ Xxxxxxx Xxxxx
----------------------------
Xxxxxxx Xxxxx, President
DG/cz
cc: Xxxxxxx Xxx Xxxxxx, Esq.
AMBOY BUS CO., INC.
00 Xxxxxxx Xxxxxx
Xxxxxx Xxxxxx, Xxx Xxxx 00000
December 26, 1989
CERTIFIED MAIL
RETURN RECEIPT REQUESTED
Xxxxxx Heights Realty Corp.
Xxx Xxxxxxxxx Xxxxx
Xxxxxx Xxxxxx, Xxx Xxxx 00000
Re: Lease Agreement dated August 5, 1986
between Xxxxxx Heights Realty Corp.
as Landlord and Amboy Bus Co., Inc. as Tenant
Gentlemen:
Reference is made to the above-captioned lease and more particularly to
paragraph 15 thereof entitled "Option to Renew". Please be advised that the
tenant hereby exercises its option to renew the lease for an additional period
of five years.
Very truly yours,
AMBOY BUS CO., INC.
By: /s/ Xxxxxxx Xxxxx
----------------------------
Xxxxxxx Xxxxx
President
cc: Xxxxx Xxxxxxx, Esq.
