EIGHTH AMENDMENT OF LEASE
Eighth Amendment of Lease dated September 3, 1997 by and between Net Realty
Holding Trust, c/o Net Properties Management, Inc., 000 Xxxxxxxx Xxxxxx, Xxxxxx,
Xxxxxxxxxxxxx 00000 (hereinafter "Landlord") and First Lehigh Bank, 000 Xxxx
Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxxx 00000 (hereinafter "Tenant").
WHEREAS, Xxxxxx X. Xxxxx and the Estate of Xxxxxx X. Xxxxx, Landlord's
predecessor in interest, and The Savings Fund Society of Germantown and its
Vicinity entered into a lease dated July 31, 1974 (hereinafter the "Lease") with
respect to the premises occupied by Tenant and located at Lehigh Shopping
Center, Union Boulevard and Pennsylvania Avenue, Xxxxxxxxx, Xxxxxxxxxxxx 00000;
and
WHEREAS, The Savings Fund Society of Germantown and its Vicinity assigned
its interest in the Lease to Tenant by Assignment dated September 30, 1986; and
WHEREAS, the Lease was amended by a First Amendment of Lease dated January
20, 1975, and a Second Amendment of Lease dated June 22, 1984, and a Third
Amendment of Lease dated July 11, 1989, and a Fourth Amendment of Lease dated
August 6, 1991, and a Fifth Amendment of Lease dated August 26, 1991, and a
Sixth Amendment of Lease dated August 18, 1993, and a Seventh Amendment of Lease
dated September 15, 1995; and
WHEREAS, the parties desire to revive and amend the terms of said Lease;
NOW THEREFORE, in consideration of the mutual covenants set forth herein,
the Lease is hereby amended as follows:
1. The term of the Lease is hereby extended for a two (2) year period
commencing September 1, 1997 and terminating August 31, 1999.
2. The Lease is hereby amended to provide that Tenant's minimum rent
shall be as follows for the period indicated:
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Period Monthly Annual
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September 1, 1997 - August 31, 1999 $2,479.17 $29,750.00
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Notwithstanding the foregoing, Tenant shall have a concession for the
payment of minimum rent for the period beginning September 1, 1997 and
ending October 31, 1997, provided that Tenant fully and faithfully
complies with all of its obligations as set forth in the Lease. In the
event that Tenant fails to so comply, the rent concession shall
terminate and come to an end, and Tenant shall immediately become
responsible for the payment of minimum rent without any concession or
deduction whatsoever.
3. Tenant acknowledges that Landlord has relied on the representations
set forth in the ERISA Certificate, signed by Tenant simultaneously
herewith and, in the event Tenant fails to sign the ERISA Certificate
or any of the representations set forth by Tenant in the ERISA
Certificate are found to be untrue, Landlord shall have the right to
terminate the Lease by giving Tenant thirty (30) days written notice
and, upon such termination, the Lease shall terminate and come to an
end without any further liability between Landlord and Tenant except
Tenant shall be responsible for any penalties or damages incurred by
Landlord as a result of Tenant's failure to comply with its
obligations under this paragraph.
4. Except as otherwise provided herein, all other terms and conditions of
the Lease shall be deemed to be incorporated herein and made part of
this agreement and shall continue in full force and effect.
First Lehigh Bank
8-22-97
5. The submission of this Amendment for examination does not constitute
an offer to lease the Premises and shall vest no right in either
party. This Amendment shall become effective only upon execution and
legal delivery thereof by Landlord and Tenant. This Amendment may be
executed in more than one counterpart, and each such counterpart shall
be deemed to be an original document.
Net Realty Holding Trust
Witnesses for Landlord:
/s/ [CLIENT SUPPLY] By: /s/ Xxxxxx X. Xxxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxxx
/s/ [CLIENT SUPPLY] Authorized Representative
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First Lehigh Bank
Witnesses for Tenant:
/s/ [CLIENT SUPPLY] By: /s/ Xxxxxx X. Xxxxxxxx
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Name: /s/ Xxxxxx X. Xxxxxxxx
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/s/ [CLIENT SUPPLY] Its: Executive Vice President
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