Exhibit 10.6.15
STANDARD FORM OF OFFICE LEASE
AGREEMENT OF LEASE, made as of this
day of December 1985, between BELLEMEAD DEVELOPMENT
CORPORATION, a Delaware corporation, having an office at 0 Xxxxxx Xxxx Xxxx, Xxxxxxxx, Xxx Xxxxxx
00000 (the “Landlord”), and TOTAL RESEARCH CORPORATION, a
New Jersey corporation, having an address
at 000 Xxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxxxx 00000 (the “Tenant”).
WITNESSETH:
Landlord hereby leases to Tenant and Tenant hereby hires from Landlord a portion of the fourth
floor of a certain office building located at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx (the
“Premises” or “Demised Premises”), more particularly shown upon the Rental Plan annexed hereto and
made a part thereof as Exhibit “A,” for a term commencing and terminating as set forth in Article
37 of the Rider to Lease.
The annual minimum rent (the “Minimum Rent”) for the Premises shall be Three Hundred Six
Thousand Dollars ($306,000.00) payable monthly in advance in equal installments of Twenty-Five
Thousand Five Hundred Dollars ($25,500.00) on the first day of each calendar month during the term
of this Lease. Rent for any partial month at the commencement or termination of the term of this
Lease shall be appropriately prorated.
Installments of Minimum Rent payable hereunder shall be paid at the office of Landlord or at
such other place as Landlord may designate from time to time by written notice to Tenant hereunder.
The parties hereto, for themselves, their heirs, distributees, executors, administrators,
legal representatives, successors and assigns, hereby covenant as follows:
Rent. 1. Tenant shall pay the rent as above and as hereinafter provided.
Occupancy. 2. Tenant shall use and occupy demised premises for general, executive
and administrative offices and for no other purpose.
Alterations. 3. Tenant shall make no changes in or to the demised premises of any
nature without Landlord’s prior written consent subject to the prior written consent of Landlord,
and to the provisions of this Article. Tenant at Tenant’s expense, may make alterations,
installations, additions or improvements which are non-structural and which do not affect utility
services or plumbing and electrical lines in or to the interior of the demised premises by using
contractors or mechanics first approved by Landlord. All fixtures and all paneling, partitions,
railings and like installations, installed in the premises at any time, either by Tenant or by
Landlord in Tenant’s behalf, shall, upon installation, become the property of Landlord and shall
remain upon and be surrendered with the demised premises unless Landlord, by notice to Tenant no
later than twenty days prior to the date fixed as the termination of this lease, elects to
relinquish Landlord’s right thereto and to have them removed by Tenant, in which event, the same
shall be removed from the premises by Tenant prior to the expiration of the lease, at Tenant’s
expense. Nothing in this Article shall be construed to give Landlord title to or to prevent
Tenant’s removal of trade fixtures, moveable office furniture and equipment, but upon removal of
any such from the premises or upon removal of other installations as may be required by Landlord,
Tenant shall immediately and at its expense, repair and restore the premises to the condition
existing prior to installation and repair any damage to the demised premises or the building due to
such removal. All property permitted or required to be removed by Tenant at the
end of the term remaining in the premises after Tenant’s removal shall be deemed abandoned and may, at the election
of Landlord, either be retained as Landlord’s property or may be removed from the premises by
Landlord at Tenant’s expense. Tenant shall, before making any alterations, additions,
installations or improvements, at its expense, obtain all permits, approvals and certificates
required by any governmental or quasi-governmental bodies and (upon completion) certificates of
final approval thereof and shall deliver promptly duplicates of all such permits, approvals and
certificates to Landlord and Tenant agrees to carry and will cause Tenant’s contractors and
sub-contractors to carry such xxxxxxx’x compensation, general liability, personal and property
damage insurance as Landlord may require. If any mechanic’s lien is filed against the demised
premises, or the building of which the same forms a part, for work claimed to have been done for,
or materials furnished to, Tenant, whether or not done pursuant to this Article, the same shall be
discharged by Tenant within ten days thereafter, at Tenant’s expense, by filing the bond required
by law.
Repairs. 4. Landlord shall maintain and repair the public portions of the building,
both exterior and interior. Tenant shall, throughout the term of this lease, take good care of the
demised premises and the fixtures and appurtenances therein and at Tenant’s sole cost and expense,
make all non-structural repairs thereto as and when needed to preserve them in good working order
and condition, reasonable wear and tear, obsolescence and damage from the elements, fire or other
casualty, excepted. Notwithstanding the foregoing, all damage or injury to the demised premises or
to any other part of the building, or to its fixtures, equipment and appurtenances, whether
requiring structural or non-structural repairs, caused by or resulting from carelessness, omission,
neglect or improper conduct of Tenant, Tenant’s servants, employees, invitees or licensees, shall
be repaired promptly by Tenant at its sole cost and expense, to the
satisfaction of Landlord reasonably exercised. Tenant shall also repair all damage to the building and the demised premises
caused by the moving of Tenant’s fixtures, furniture or equipment. All of the aforesaid repairs
shall be of quality or class equal to the original work or construction. If Tenant fails after ten
days notice to proceed with due diligence to make repairs required to be made by Tenant, the same
may be made by the Landlord at the expense of Tenant and the expenses thereof incurred by Landlord
shall be collectible as additional rent after rendition of a xxxx or statement therefor. Tenant
shall give Landlord prompt notice of any defective condition in any plumbing, heating system or
electrical line located in, servicing or passing through the demised premises and following such
notice, Landlord shall remedy the condition with due diligence but at the expense of Tenant if
repairs are necessitated by damage or injury attributable to Tenant, Tenant’s servants, agents,
employees, invitees or licensees as aforesaid. Except as specifically provided in Article 9 or
elsewhere in this lease, there shall be no allowance to Tenant for a diminution of rental value and
no liability on the part of Landlord by reason of inconvenience, annoyance or injury to business
arising from Landlord. Tenant or others making or failing to make any repairs, alterations,
additions or improvements in or to any portion of the building in the demised premises or in and to
the fixtures, appurtenances or equipment thereof. The provisions of this Article 4 with respect to
the making of repairs shall not apply in the case of fire or other casualty which are within
Article 9 hereof.
Window Cleaning. 5. Tenant will not clean, nor require, permit, suffer to allow any
window in the demised premises to be cleaned from the outside in violation of any law or of the
rules of the Board of Standards and Appeals, or of any other board or body having or asserting
jurisdiction.
Requirements of Law, Fire Insurance, Floor Loads. 6. Prior to the commencement of
the lease term, if Tenant is then in possession, and at all times thereafter, Tenant at Tenant’s
sole cost and expense, shall promptly comply with all present and future laws, orders and
regulations of all state, federal, municipal and local governments, departments, commissions
boards and any direction of any public officer pursuant to law, and all orders, rules and
regulations of the Board of Fire Underwriters or any similar body which shall impose any violation,
order or duty upon Landlord or Tenant with respect to the demised premises whether or not arising
out of Tenant’s use or manner of use of the premises or the building (including the use permitted
under the lease). Nothing herein shall require Tenant to make structural repairs or alterations
unless Tenant has by its manner of use of the demised premises or method of operation therein,
violated any such laws, ordinances, orders, rules, regulations or requirements with respect
thereto. Tenant may, after securing Landlord to Landlord’s satisfaction against all damages,
interest, penalties and expenses, including, but not limited to, reasonable attorneys’ fees, by
cash deposit or by surety bond in an amount and in a company satisfactory to Landlord, contest and
appeal any such laws, ordinances, orders, rules, regulations or requirements provided same is done
with all reasonable promptness and provided such appeal shall not subject Landlord to prosecution
for a criminal offense or constitute default under any lease or mortgage under which Landlord may
be obligated, or cause the demised premises or any part thereof to be condemned or vacated. Tenant
shall not do or permit any act or thing to be done in or to the demised premises which is contrary
to law, or which will invalidate or be in conflict with public liability, fire or other policies of
insurance at any time carried by or for the benefit of Landlord with respect to the demised
premises or the building of which the demised premises form a part, or which shall or might subject
Landlord to any liability or responsibility to any person or for property damage,
nor shall Tenant keep anything in the demised premises except as now or hereafter permitted by the Fire Department,
Board of Fire Underwriters, Fire Insurance Rating Organization or other authority having
jurisdiction, and then only in such manner and such quantity so as not to increase the rate for
fire insurance applicable to the building, nor use the premises in a manner which will increase the
insurance rate for the building or any property located therein over that in effect prior to the
commencement of Tenant’s occupancy. Tenant shall pay all costs, expenses, fines, penalties, or
damages, which may be imposed upon Landlord by reason of Tenant’s failure to comply with the
provisions of this Article and if by reason of such failure the fire insurance rate shall, at the
beginning of this lease or at any time thereafter, be higher than it otherwise would be, then
Tenant shall reimburse Landlord, as additional rent hereunder, for that portion of all fire
insurance premiums thereafter paid by Landlord which shall have been charged because of such
failure by Tenant, and shall make such reimbursement upon the first day of the month following such
outlay by Landlord. In any action or proceeding wherein Landlord and Tenant are parties, a
schedule or “make-up” of rate for the building or demised premises issued by any body making fire
insurance rates applicable to said premises shall be conclusive evidence of the facts therein
stated and of the several items and charges in the fire insurance rate then applicable to said
premises. Tenant shall not place a load upon any floor of the demised premises exceeding the floor
load per square foot area which it was designed to carry and which is allowed by law. Landlord
reserves the right to prescribe the weight and position of all safes, business machines and
mechanical equipment. Such installations shall be placed and maintained by Tenant, at Tenant’s
expense, in setting sufficient, in Landlord’s judgment, to absorb and prevent vibration, noise and
annoyance.
Subordination. 7. This lease is subject and subordinate to all ground or underlying
leases and to all mortgages which may now or hereafter affect such leases or the real property of
which demised premises are a part and to all renewals, modifications, consolidations, replacements
and extensions of any such underlying leases and mortgages. This clause shall be self-operative
and no further instrument of subordination shall be required by any ground or underlying lessee or
by any mortgagee, affecting any lease or the real property of which the demised premises are a
part. In confirmation of such subordination, Tenant shall execute promptly any certificate that
Landlord may request. See Paragraph 65 “Rider to Lease.”
Property Loss, Damage, Reimbursement, Indemnity. 8. Landlord or its agents shall not
be liable for any damage to property of Tenant or of others entrusted to employees of the building,
nor for loss of or damage to any property of Tenant by theft or otherwise, nor for any injury or
damage to persons or property resulting from any cause of whatsoever nature, unless caused by or
due to the negligence of Landlord, its agents, servants or employees; nor shall Landlord or its
agents be liable for any such damage caused by other tenants or persons in, upon or about said
building or caused by operations in construction of any private, public or quasi-public work.
Tenant shall not move any safe, heavy machinery, heavy equipment, bulky matter, or fixtures into or
out of the building without Landlord’s prior written consent. If such safe, machinery, equipment,
bulky matter or fixtures requires special handling, all work in connection therewith shall comply
with all laws and regulations applicable thereto and shall be done during such hours as Landlord
may designate Tenant shall indemnify and save harmless Landlord against and from all liabilities,
obligations, damages, penalties, claims, costs and expenses for which Landlord shall not be
reimbursed by insurance, including reasonable attorneys’ fees, paid, suffered or incurred as a
result of any breach by Tenant, Tenant’s agents, contractors, employees,
invitees, or licensees, of
any covenant or condition of this lease, or the carelessness, negligence or improper conduct of the
Tenant, Tenant’s agents, contractors, employees, invitees or licensees. Tenant’s liability under
this lease extends to the acts and omissions of any subtenant, and any agent, contractor, employee,
invitee or licensee of any sub-tenant. In case any action or proceeding is brought against
Landlord by reason of any such claim, Tenant, upon written notice from Landlord, will, at Tenant’s
expense, resist or defend such action or proceeding by counsel approved by Landlord in writing,
such approval not to be unreasonably withheld.
Destruction, Fire and Other Casualty. 9. (a) If the demised premises or any thereof
shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Landlord
and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the
demised premises are partially damaged or rendered partially unusable by fire or other casualty,
the damages thereto shall be repaired by and at the expense of Landlord and the rent, until such
repair shall be substantially completed, shall be apportioned from the day following the casualty
according to the part of the premises which is usable. (c) If the demised premises are totally
damaged or rendered wholly unusable by fire or other casualty, then the rent shall be
proportionately paid up to the time of the casualty and thenceforth shall cease until the date when
the premises shall have been repaired and restored by Landlord, subject to Landlord’s right to
elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered
wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the
building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, then, in
any of such events, Landlord may elect to terminate this lease by written notice to Tenant given
within 90 days after such fire or casualty specifying a date for the expiration of the lease, which
date shall not be more than 60 days after the giving of such notice, and upon the date specified in
such notice the term of this lease shall expire as fully and completely as if such date were the
date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender
and vacate the premises without prejudice however to Landlord’s rights and remedies against Tenant
under the lease provisions in effect prior to such termination, and any rent owing shall be paid up
to such date and any payments of rent made by Tenant which were on account of any period subsequent
to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as
provided for herein, Landlord shall make the repairs and restorations subject to delays due to
adjustment of insurance claims, labor troubles and cause beyond Landlord’s control. After any such
casualty, Tenant shall cooperate with Landlord’s restoration by removing from the premises as
promptly as reasonably possible, all of Tenant’s salvageable inventory and movable equipment,
furniture, and other property. Tenant’s liability for rent shall resume five (5) days after
written notice from Landlord that the premises are substantially ready for Tenant’s occupancy. (e)
Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of
damage from fire or other casualty. Notwithstanding the foregoing, each party shall look first to
any insurance in its favor before making any claim against the other party for recovery for loss or
damage resulting from fire or other casualty, and to the extent that such insurance is in force and
collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives
as right of recovery against the other or anyone claiming through or under each of them by way of
subrogation or otherwise. The foregoing release and waiver shall be in force only if both
releasors’ insurance policies contain a clause providing that such a release or waiver shall not
invalidate the insurance and also provided that such a policy can be obtained without additional
premium. Tenant acknowledges that Landlord will not carry insurance on Tenant’s furniture and/or
furnishings or any fixtures or equipment, improvements,
or appurtenances removable by Tenant and
agrees that Landlord will not be obligated to repair any damage thereto or replace the same. See
Paragraph 51 “Rider to Lease.”
Eminent Domain. 10. If the whole or any part of the demised premises shall be
acquired or condemned by Eminent Domain for any public or quasi-public use or purpose, then and in
that event, the term of this lease shall cease and terminate from the date of title vesting in such
proceeding and Tenant shall have no claim for the value of any unexpired term of said lease.
Assignment, Mortgage, Etc.. 11. Tenant, for itself, its heirs, distributees,
executors, administrators, legal representatives, successors and assigns, expressly covenants that
it shall not assign, mortgage or encumber this agreement, nor underlet, or suffer or permit the
demised premises or any part thereof to be used by others, without the prior written consent of
Landlord in each instance. If this lease be assigned or if the demised premises or any part
thereof be underlet or occupied to anybody other than Tenant, Landlord may, after default by
Tenant, collect rent from the assignee, under-tenant or occupant, and apply the net amount
collected to the rent herein reserved, but no such assignment, underletting, occupancy or
collection shall be deemed a waiver of this covenant, or the acceptance of the assignee,
under-tenant or occupant as tenant, or a release of Tenant from the further performance by Tenant
of covenants on the part of Tenant herein contained. The consent by Landlord to an assignment or
underletting shall not in any wise be construed to relieve Tenant from obtaining the express
consent in writing of Landlord to any further assignment or underletting. See Paragraph 48 “Rider
to Lease.”
Electric Current. 12. Rates and conditions in respect to submetering or
inclusion, as the case may be, to be added in Rider attached hereto. Tenant covenants and agrees
that at all times its use of electric current shall not exceed the capacity of existing feeders to
the building or the risers or wiring installation and Tenant may not use any electrical equipment
which, in
Landlord’s opinion, reasonably exercised, will overload such installations or interfere
with the use thereof by other tenants of the building. The change at any time of the character of
electric service shall in no wise make Landlord liable or responsible to Tenant, for any loss,
damages or expenses which Tenant may sustain. See Paragraph 40 “Rider to Lease.”
Access to Premises. 13. Landlord or Landlord’s agents shall have the right (but
shall not be obligated) to enter the demised premises in any emergency at any time, and, at other
reasonable times, to examine the same and to make such repairs, replacements and improvements as
Landlord may deem necessary and reasonably desirable to the demised premises or to any other
portion of the building or which Landlord may elect to perform following Tenant’s failure to make
repairs or perform any work which Tenant is obligated to perform under this lease, or for the
purpose of complying with laws, regulations and other directions of governmental authorities.
Tenant shall permit Landlord to use and maintain and replace pipes and conduits in and through the
demised premises and to erect new pipes and conduits therein. Landlord may, curing the progress of
any work in the demised premises, take any necessary materials and equipment into said premises
without the same constituting an eviction nor shall the Tenant be entitled to any abatement of rent
while such work is in progress nor to any damages by reason of loss or interruption of business or
otherwise. Throughout the term hereof Landlord shall have the right to enter the demised premises
at reasonable hours for the purpose of showing the same to prospective purchasers or mortgagees of
the building, and during the last six months of the term for the purpose of showing the same to
prospective tenants and may, during said six month period, place upon the premises the usual
notices “To Let” and “For Sale” which notices Tenant shall permit to remain thereon without
molestation. If Tenant is not present to open and permit entry into the premises, Landlord or
Landlord’s agents may enter
the same whenever such entry may be necessary or permissible by master
key or forcibly and provided reasonable care is exercised to safeguard Tenant’s property and such
entry shall not render Landlord or its agents liable therefor, nor in any event shall the
obligations of Tenant hereunder be affected. If during the last month of the term Tenant shall
have removed all or substantially all of Tenant’s property therefrom, Landlord may immediately
enter, alter, renovate or redecorate the demised premises without limitation or abatement of rent,
or incurring liability to Tenant for any compensation and such act shall have no effect on this
lease or Tenant’s obligations hereunder. Landlord shall have the right at any time, without the
same constituting an eviction and without incurring liability to Tenant therefor to change the
arrangement and/or location of public entrances, passageways, doors, doorways, corridors,
elevators, stairs, toilets, or other public parts of the building and to change the name, number or
designation by which the building may be known.
Occupancy. 14. Tenant will not at any time use or occupy the demised premises in
violation of the certificate of occupancy issued for the building of which the demised premises are
a part. Tenant has inspected the premises and accepts them as is, subject to the riders annexed
hereto with respect to Landlord’s work, if any. In any event, Landlord makes no representation as
to the condition of the premises and Tenant agrees to accept the same subject to violations whether
or not of record.
Bankruptcy. 15. (a) If at the date fixed s the commencement of the term of this
lease or if at any time during the term hereby demised there shall be filed by or against Tenant in
any court pursuant to any statute either of the United States or of any state, a petition in
bankruptcy or insolvency or for reorganizations or for the appointment of a receiver or trustee of
all or a portion of Tenant’s property, and within 60 days thereof, Tenant fails to secure a
dismissal
thereof, or if Tenant make an assignment for the benefit of creditors or petition for or
enter into an arrangement, this lease, at the option of Landlord, exercised within a reasonable
time after notice of the happening of any one or more of such events, may be cancelled and
terminated by written notice to the Tenant (but if any of such events occur prior to the
commencement date, this lease shall be ipso facto cancelled and terminated) and whether such
cancellation and termination occur prior to or during the term, neither Tenant nor any person
claiming through or under Tenant by virtue of any statute or of any order of any court, shall be
entitled to possession or to remain in possession of the premises demised but shall forthwith quit
and surrender the premises, and Landlord, in addition to the other rights and remedies Landlord has
by virtue of any other provision herein or elsewhere in this lease contained or by virtue of any
statute or rule of law, may retain as liquidated damages, any rent, security deposit or moneys
received by him from Tenant or others on behalf of Tenant. If this lease shall be assigned in
accordance with its terms, the provisions of this Article 16 shall be applicable only to the party
then owning Tenant’s interest in this lease.
(b) It is stipulated an agreed that in the event of the termination of this lease pursuant to
(a) hereof, Landlord shall forthwith, notwithstanding any other provisions of this lease to the
contrary, be entitled to recover from Tenant as and for liquidated damages an amount equal to the
difference between the rent reserved hereunder for the unexpired portion of the term demised and
the fair and reasonable rental value of the demised premises for the same period. In the
computation of such damages the difference between any installment of rent becoming due hereunder
after the date of termination and the fair and reasonable rental value of the demised premised for
the period for which such installment was payable shall be discounted to the date of termination at
the rate of four percent (4%) per annum. If such premises or any part thereof be
re-let by the Landlord for the unexpired term of said lease, or any part thereof, before presentation of proof of
such liquidated damages to any court, commission or tribunal, the amount of rent reserved upon such
re-letting shall be deemed to be the fair and reasonable rental value for the part or the whole of
the premises so re-let during the term of the re-letting. Nothing herein contained shall limit or
prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of such
termination, an amount equal to the maximum allowed by any statute or rule of law in effect at the
time when, and governing the proceedings in which, such damages are to be proved, whether or not
such amount be greater, equal to, or less than the amount of the difference referred to above.
Default. 16. (1) If Tenant defaults in fulfilling any of the for the
payment of rent or additional rent; or if the demised premises become vacant or deserted; or if the
demised premises are damaged by reason of negligence or carelessness of Tenant, its agents,
employees or invitees; or if any execution or attachment shall be issued against Tenant or any of
Tenant’s property whereupon the demised premises shall be taken or occupied by someone other than
Tenant; or if Tenant shall default with respect to any other lease between Landlord and Tenant; or
if Tenant shall fail to move into or take possession of the premises within fifteen (15) days after
the commencement of the term of this lease, of which fact Landlord shall be the sole judge; then,
in any one or more of such events, upon Landlord serving a written five (5) days notice upon Tenant
specifying the nature of said default and upon the expiration of said five (5) days, if Tenant
shall have failed to comply with or remedy such default, or if the said default or omission
complained of shall be of a nature that the same cannot be completely cured or remedied within said
five (5) day period, and if Tenant shall not have diligently commenced curing such default within
such five (5) day period, and shall not thereafter with reasonable diligence and in good
faith proceed to remedy or cure such default, then Landlord may serve a written three (3) days’ notice of
cancellation of this lease upon Tenant, and upon the expiration of said three (3) days, this lease
and the term thereunder shall end an expire as fully and completely as if the expiration of such
three (3) day period were the day herein definitely fixed for the end and expiration of this lease
and the term thereof and Tenant shall then quit and surrender the demised premises to Landlord but
Tenant shall remain liable as hereinafter provided.
(2) If the notice provided for in (1) hereof shall have been given and the term shall expire
as aforesaid; or if Tenant shall make default in the payment of the rent reserved herein or any
item of additional rent herein mentioned or any part of either or in making any other payment
herein required; then and in any of such events Landlord may dispossess Tenant by summary
proceedings or otherwise, and the legal representative of Tenant or other occupant of demised
premises and remove their effects and hold the premises as if this lease had not been made. If
Tenant shall make default hereunder prior to the date fixed as the commencement of any renewal or
extension of this lease, Landlord may cancel and terminate such renewal or extension agreement by
written notice.
Remedies of Landlord and Waiver of Redemption. 17. In case of any such default,
re-entry, expiration and/or dispossess by summary proceedings or otherwise. (a) The rent shall
become due thereupon and be paid up to the time of such re-entry, dispossess and/or expiration,
together with such expenses as Landlord may incur for legal expenses, attorneys’ fees, brokerage,
and/or putting the demised premises in good order, or for preparing the same for re-rental; (b)
Landlord may re-let the premises or any part or parts thereof, either in the name of Landlord or
otherwise, for a term or terms, which may at Landlord’s option be less than or exceed the period
which would otherwise have constituted the balance of the term of this lease
and may grant concessions or free rent or charge a higher rental then that in this lease, and/or (c) Tenant or
the legal representatives of Tenant shall also pay Landlord as liquidated damages for the failure
of Tenant to observe and perform said Tenant’s covenants herein contained, any deficiency between
the rent hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents
collected on account of the lease or leases of the demised premises for each month of the period
which would otherwise have constituted the balance of the term of this lease. The failure of
Landlord to re-left the premises or any part or parts thereof shall not release or affect Tenant’s
liability for damages. In computing such liquidated damages there shall be added to the said
deficiency such expenses as Landlord may incur in connection with re-letting, such as legal
expenses, attorneys’ fees, brokerage, advertising and for keeping the demised premises in good
order or for preparing the same for re-letting. Any such liquidated damages shall be paid in
monthly installments by Tenant on the rent day specified in this lease and any suit brought to
collect the amount of the deficiency for any month shall not prejudice in any way the rights of
Landlord to collect the deficiency for any subsequent month by a similar proceeding. Landlord, in
putting the demised premises in good order or preparing the same for re-rental may, at Landlord’s
option, make such alterations, repairs, replacements and/or decorations in the demised premises as
Landlord, in Landlord’s sole judgment, considers advisable and necessary for the purpose of
re-letting the demised premises and the making of such alterations, repairs, replacements and/or
decorations shall not operate or be construed to release Tenant from liability hereunder as
aforesaid. landlord shall in no event be liable in any way whatsoever for failure to re-let the
demised premises, or in the event that the demised premises are re-let, for failure to collect the
rent thereof under such re-letting and in no event shall Tenant be entitled to receive any excess,
if any, of such net rent collected over the sums payable by Tenant to Landlord
hereunder. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof,
Landlord shall have the right of injunction and the right to invoke any remedy allowed at law or in
equity as if re-entry, summary proceedings and other remedies were not herein provided for.
Mention in this lease of any particular remedy, shall not preclude Landlord from any other remedy,
in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or
under any present or future laws in the event of Tenant being evicted or dispossessed for any
cause, or in the event of Landlord obtaining possession of demised premises, by reason of the
violation by Tenant of any of the covenants and conditions of this lease, or otherwise.
Fees and Expenses. 18. If Tenant shall default in the observance or performance of
any term or covenant on Tenant’s part to be observed or performed under or by virtue of any of the
terms or provisions in any article of this lease, then, unless otherwise provided elsewhere in this
lease, Landlord may immediately or at any time thereafter and without notice, perform the
obligation of Tenant thereunder, and if Landlord, in connection therewith or in connection with any
default by Tenant in the covenant to pay rent hereunder, makes any expenditures or incurs any
obligations for the payment of money including but not limited to attorneys’ fees, in instituting,
prosecuting or defending any action or proceeding, such sums so paid or obligations incurred with
interest and costs shall be deemed to be additional rent hereunder and shall be paid by Tenant to
Landlord within five (50) days of rendition of any xxxx or statement to Tenant therefore, and if
Tenant’s lease term shall have expired at the time of making of such expenditures or incurring of
such obligations, such sums shall be recoverable by Landlord as damages.
No Representations by Landlord. 19. Neither Landlord nor Landlord’s agents have made
any representations or promises with respect to the physical condition of the building, the land
upon which it is erected or the demised premises, the rents, leases, expenses of operation or any
other matter or thing affecting or related to the premises except as herein expressly set forth and
no rights, easements or licenses are acquired by Tenant by implication or otherwise except as
expressly set fort in the provisions of this lease. Tenant has inspected the building and the
demised premises and is thoroughly acquainted with their condition, and agrees to take the same “as
is” and acknowledges that the taking or possession of the demised premises by Tenant shall be
conclusive evidence that the said premises and the building of which the same form a part were in
good and satisfactory condition at the time such possession was so taken, except as to latent
defects. All understandings and agreements heretofore made between the parties hereto are merged
in this contract, which alone fully and completely expresses the agreement between Landlord and
Tenant and any executory agreement hereafter made shall be ineffective to change, modify, discharge
or effect an abandonment of it in whole or in part, unless such executory agreement is in writing
and signed by the party against whom enforcement of the change, modification, discharge or
abandonment is sought.
End of Term. 20. Upon the expiration or other termination of the term of this lease,
Tenant shall quit and surrender to Landlord the demised premises, broom clean, in good order and
condition, ordinary wear excepted, and Tenant shall remove all its property. Tenant’s obligation
to observe or perform this covenant shall survive the expiration or other termination of this
lease. If the last day of the term of this lease or any renewal thereof, falls on Sunday, this
lease shall expire at noon on the preceding Saturday unless it be a legal holiday in which case it
shall expire, at noon on the preceding business day.
Quiet Enjoyment. 21. Landlord covenants and agrees with Tenant that upon Tenant
paying the rent and additional rent and observing and performing all the terms, covenants and
conditions, on Tenant’s part to be observed and performed, Tenant may peaceably and quietly enjoy
the premises hereby demised, subject, nevertheless, to the terms and conditions of this lease
including, but not limited to, Article 30 hereof and to the ground leases, underlying leases and
mortgages hereinabove mentioned.
Failure to Give Possession. 22. If Landlord is unable to give possession of the
demised premises on the date of the commencement of the term hereof, because of the holding-over or
retention of possession of any tenant, undertenant or occupants, or if the premises are located in
a building being constructed, because such building has not been sufficiently completed to make the
premises ready for occupancy or because of the fact that a certificate of occupancy has not been
procured or for any other reason, Landlord shall not be subject to any liability for failure to
give possession on said date and the validity of the lease shall not be impaired under such
circumstances, nor shall the same be construed in any wise to extend the term of this lease, but
the rent payable hereunder shall be abated (provided Tenant is not responsible for the inability to
obtain possession) until after Landlord shall have given Tenant written notice that the premises
are substantially ready for Tenant’s occupancy. If permission is given to Tenant to enter into the
possession of the demised premises or to occupy premises other than the demised premises prior to
the date specified as the commencement of the term of this lease, Tenant covenants and agrees that
such occupancy shall be deemed to be under all the terms, covenants, conditions and provisions of
this lease, except as to the covenant to pay rent.
No Waiver. 23. The failure of Landlord to seek redress for violation of, or to
insist upon the strict performance of any covenant or condition of this lease or of any of the
Rules or
Regulations set forth or hereafter adopted by Landlord, shall not prevent a subsequent act
which would have originally constituted a violation from having all the force and effect of an
original violation. The receipt by Landlord of rent with knowledge of the breach of any covenant
of this lease shall not be deemed a waiver of such breach and no provision of this lease shall be
deemed to have been waived b Landlord unless such waiver be in writing signed by Landlord. No
payment by Tenant or receipt by Landlord of a lesser amount than the monthly rent herein stipulated
shall be deemed to be other than on account of the earliest stipulated rent, nor shall any
endorsement or statement of any check or any letter accompanying any check or payment as rent be
deemed an accord and satisfaction and Landlord may accept such check or payment without prejudice
to Landlord’s right to recover the balance of such rent or pursue any other remedy in this lease
provided. No act or thing done by Landlord or Landlord’s agents during the term hereby demised
shall be deemed an acceptance of a surrender of said premises and no agreement to accept such
surrender shall be valid unless in writing signed by Landlord. No employee of Landlord or
Landlord’s agent shall have any power to accept the keys of said premises prior to the termination
of the lease and the delivery of keys to any such agent or employee shall not operate as a
termination of the lease or a surrender of the premises.
Waiver of Trial by Jury. 24. It is mutually agreed by and between Landlord and
Tenant that the respective parties hereto shall and they hereby do waive trial by jury in any
action, proceeding or counterclaim brought by either of the parties hereto against the other
(except for personal injury or property damage) on any matters whatsoever arising out of or in any
way connected with this lease, the relationship of Landlord and Tenant, Tenant’s use of or
occupancy of said premises, and any emergency statutory or any other statutory remedy. It is
further mutually agreed that in the event Landlord commences any summary proceeding for possession
of the premises. Tenant will not interpose any counterclaim of whatever nature or description in
any such proceeding.
Inability to Perform. 25. 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 no wise be affected, impaired or excused because Landlord is unable to fulfill
any of its obligations under this lease or 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 repair,
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 strike or
labor troubles or any cause whatsoever including, but not limited to, government preemption in
connection with a National emergency or by reason of any rule, order or regulation of any
department or subdivision thereof of any government agency or by reason of the conditions of supply
and demand which have been or are affected by war or other emergency.
Bills and Notices. 26. Except as otherwise in this lease provided, a xxxx,
statement, notice communication which Landlord may desire to be required to give to Tenant, shall
be deemed sufficiently given or rendered if, in writing, delivered to Tenant personally or sent by
registered or certified mail addressed to Tenant at the building of which the demised premises from
a part or at the last known residence address or business address of Tenant or left at any of the
aforesaid premises addressed to Tenant, and the time of the rendition of such xxxx or statement and
of the giving of such notice or communication shall be deemed to be the time when the same is
delivered to Tenant, mailed, or left at the premises as herein provided. Any notice by Tenant to
Landlord must be served by registered or certified mail addressed to Landlord at the address first
hereinabove given or at such other address as Landlord shall designate by written notice.
Services Provided by Landlord — Water, Elevators, Heat, Cleaning, Air-Conditioning.
27. As long as Tenant is not in default under any of the covenants of this lease, Landlord shall
provide: (a) necessary elevator facilities on business days from 8 a.m. to 6 p.m. and have one
elevator subject to call at all other times; (b) heat to the demised premises when and as required
by law, on business days from 8 a.m. to 6 p.m.; (c) water for ordinary lavatory purposes, but if
Tenant uses or consumes water for any other purposes or in unusual quantities (of which fact
Landlord shall be the sole judge), Landlord may install a water meter at Tenant’s expense which
Tenant shall thereafter maintain at Tenant’s expense in good working order and repair to register
such water consumption and Tenant shall pay for water consumed as shown on said meter an additional
rent as and when bills are rendered and on Tenant’s default in making such payment, Landlord may
pay such charges and collect the same from Tenant. Such a meter shall also be installed and
maintained at Tenant’s expense if required by Law or Government Order. Tenant, if a water meter is
so installed, covenants and agrees to pay its proportionate share of the sewer rent and all other
rents or charges which are now or hereafter assessed, imposed or may become a lien on the demised
premises or the realty of which they are a part; (d) cleaning service for the demised premises on
business days at Landlord’s expense provided that the same are kept in order by Tenant. If,
however, said premises are to be kept clean by Tenant, it shall be done at Tenant’s sole expense,
in a manner satisfactory to Landlord and no one other than persons approved by Landlord shall be
permitted to enter said premises or the building of which they are a part for such purpose. Tenant
shall pay Landlord the cost of removal of any of Tenant’s refuse and rubbish from the building; (e)
RIDER to be added in respect to and conditions for air-conditioning, cooling and
ventilation if the entire building in which the demised premises is located is serviced by a
central air-conditioning, cooling and ventilating system. Landlord will
furnish the same at Tenant’s expense; (f) Landlord shall have no responsibility or liability for failure to supply the
services agreed to herein. Landlord reserves the right to stop services of the heating, elevators,
plumbing, air-conditioning, power systems or cleaning or other services, if any, when necessary by
reason of accident or for repairs, alterations, replacement or improvements necessary or desirable
in the judgment of Landlord for as long as may be reasonably required by reason thereof or by
reason of strikes, accidents, laws, order or regulations or any other reason beyond the control of
Landlord. If the building of which the demised premises are a part supplies manually-operated
elevator service, Landlord at any time may substitute automatic-control elevator service and upon
ten days’ written notice to Tenant, proceed with alterations necessary therefor without in any wise
affecting this lease or the obligations of Tenant hereunder. The same shall be done with a minimum
of inconvenience to Tenant and Landlord shall pursue the alteration with due diligence. See
Paragraph 39 “Rider to Lease.”
Captions. 28. The captions are inserted only as a matter of convenience and for
reference and in no way define, limit or describe the scope of this lease, nor the intent of any
provision therein.
Definitions. 29. The term “office” or “offices”, wherever used in this lease, shall
not be construed to mean premises used as a store or stores, for the sale or display, at any time,
of goods, wares, merchandise of any kind, or as a restaurant, shop, booth, bootblack or other
stand, xxxxxx shop, or for other similar purposes or for manufacturing. The term “Landlord” as
used in this lease means only the owner, the mortgagee in possession, for the time being of the
land and building (or the owner of a lease of the building or of the land and building) which the
demised premises from a part, so that in the event of any or sales of said land and
building or of
said lease, or in the event of lease of said building, or of the land and building,
the said Landlord shall be and hereby is entirely freed and relieved of all covenants and
obligations of Landlord hereunder, and it shall be deemed and construed without further agreement
between the parties or their successors in interest or between the parties and the purchaser, at
any such sale, or the sublessee of the building, or of the land and building, that the purchaser of
the lease of the building has assumed and agreed to carry out any and all covenants and obligations
of Landlord, hereunder. The words “re-enter” and “re-entry” as used in this lease are not
restricted to their technical legal meaning. The term “business days” as used in this lease shall
exclude Saturdays (except such portion thereof as is covered by specific hours in Article 28
hereof), Sundays and all days set forth on Exhibit “E”.
Adjacent Excavation — Shoring. 30 If an excavation shall be made upon land adjacent
to the demised premises, or shall be authorized to be made, Tenant shall afford to the person
causing or authorized to cause such excavation, license to enter upon the demised premises for the
purpose of dong such work as said person shall deem necessary to preserve the wall or the building
of which demised premises form a part from injury or damage and to support the same by proper
foundations without any claim for damages or indemnity against Landlord, or diminution or abatement
of rent.
Rules and Regulations. 31. Tenant and Tenant’s servants, employees, agents,
visitors, and licensees shall observe faithfully, and comply strictly with, the Rules and
Regulations and such other and further reasonable Rules and Regulations as Landlord or Landlord’s
agents may from time to time adopt. Notice of any additional rules or regulations shall be given
in such manner as Landlord may elect. In case Tenant disputes the reasonableness of any additional
Rule or Regulation hereafter made or adopted by Landlord or Landlord’s agents, the parties
hereto agree to submit the question of the reasonableness of such Rule or Regulation for the decision to
the Newark Office of the American Arbitration Association, whose determination shall be final and
conclusive upon the parties hereto. The right to dispute the reasonableness of any additional Rule
or Regulation upon Tenant’s part shall be deemed waived unless the same shall be asserted by
service or a notice, in writing upon Landlord within ten (10) days after the giving of notice
thereof. Nothing in this lease contained shall be construed to impose upon Landlord any duty or
obligation to enforce the Rules and Regulations or terms, covenants or conditions in any other
lease, as against any other tenant and Landlord shall not be liable to Tenant for violation of the
same by any other tenant, its servants, employees, agents, visitors or licensees.
Security. 32. Tenant has deposited with Landlord the sum of $25,500.00 as security
for the faithful performance and observance by Tenant of the terms, provisions and conditions of
this lease; it is agreed that in the event Tenant defaults in respect of any of the terms,
provisions and conditions of this lease, including, but not limited to, the payment of rent and
additional rent, Landlord may use, apply or retain the whole or any part of the security so
deposited to the extent required for the payment of any rent and additional rent or any other sum
as to which Tenant is in default or for any sum which Landlord may expend or may be required to
expend by reason of Tenant’s default in respect of any of the terms, covenants and conditions of
this lease, including but not limited to, any damages or deficiency in the reletting of the
premises, whether such damages or deficiency accrued before or after summary proceedings or other
re-entry by Landlord. In the event that Tenant shall fully and faithfully comply with all of the
terms, provisions, covenants and conditions of this lease, the security shall be returned to Tenant
after the date fixed as the end of the Lease and after delivery of entire possession o the demised
premises to Landlord. In the event of a sale of the land and building or leasing of the building,
of which the demised premises form a part, Landlord shall have the right to transfer the security
to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for
the return of such security and Tenant agrees to look to the new Landlord solely for the return of
said security; and it is agreed that the provisions hereof shall apply to every transfer or
assignment made of the security to a new Landlord. Tenant further covenants that it will not
assign or encumber or attempt to assign or encumber the monies deposited herein as security and
that neither Landlord nor its successors or assigns shall be bound by any such assignment,
encumbrance, attempted assignment or attempted encumbrance.
Successors and Assigns. 33. The covenants, conditions and agreements contained in
this lease shall bind and inure to the benefit of Landlord and Tenant and their respective heirs,
distributees, executors, administrators, successors, and except as otherwise provide in this lease,
their assigns.
34. This Lease consists of this printed portion containing Articles 1 — 34 and each of the
following attached hereto and made a part hereof: (a) Rider to Lease containing paragraphs 36 thru
65; and (b) the following Exhibits: Exhibit A (Rental Plan), Exhibit B (Work Letter), Exhibit C
(Legal Description — Site Plan), Exhibit D (Cleaning Service Rider), Exhibit E (Legal Holidays),
Exhibit F (Preliminary Plans), Exhibit G (Itemized List) and Exhibit H (Non-Disturbance and
Attornment Agreement) and Exhibit I (Parking).
IN WITNESS WHEREOF, Landlord and Tenant have respectively signed this Lease on the day and
year first above written.
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BELLEMEAD DEVELOPMENT CORPORATION
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TOTAL RESEARCH CORPORATION
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IMPORTANT — PLEASE READ
RULES AND REGULATIONS ATTACHED TO
AND MADE A PART OF THIS LEASE
IN ACCORDANCE WITH ARTICLE 32
1. The sidewalks, entrances, driveways, passages, courts, elevators, vestibules, stairways,
corridors or halls shall not be obstructed or encumbered by any Tenant or used for any purpose
other than for ingress to and egress from the demised premises and for delivery of merchandise and
equipment in a prompt and efficient manner using elevators and passageways designated for such
delivery by Landlord. There shall not be used in any space, or in the public hall of the building,
either by Tenant or by jobbers or others in the delivery or receipt of merchandise, any hand
trucks, except those equipped with rubber tires and sideguards. If said premises are situate on
the ground floor of the building, Tenant thereof shall further, at Tenant’s expense, keep the
sidewalks and curb in front of said premises clean and free from ice, snow, dirt and rubbish.
2. The water and wash closets and plumbing fixtures shall not be used for any purposes other
than those for which they were designed or constructed and no sweepings, rubbish, rags, acids or
other substances shall be deposited therein, and the expense of any breakage, stoppage, or damage
resulting from the violation of this rule shall be borne by the Tenant, who, or whose clerks,
agents, employees or visitors, shall have caused it.
3. No carpet, rug or other article shall be hung or shaken out of any window of the building
and no Tenant shall sweep or throw or permit to be swept or thrown from the demised premises, any
dirt or other substances into any of the corridors or halls, elevators, or out of the doors or
windows or stairways of the building, and Tenant shall not use, keep or permit to be used or kept
any foul or noxious gas or substance in the demised premises, or permit or suffer the
demised premises to be occupied or used in a manner offensive or objectionable to Landlord or
other occupants of the building by reason of noise, odors and/or vibrations, or interfere in any
way with other tenants or those having business therein, nor shall any animals or birds be kept in
or about the building. Smoking or carrying lighted cigars or cigarettes in the elevators of the
building is prohibited.
4. No awnings or other projections shall be attached to the outside walls of the building
without the prior written consent of Landlord.
5. No sign, advertisement, notice or other lettering shall be exhibited, inscribed, painted or
affixed by any Tenant on any part of the outside of the demised premises of the building or on the
inside of the demised premises if the same is visible from the outside of the premises without the
prior written consent of Landlord, except that the name of Tenant may appear on the entrance door
of the premises. In the event of the violation of the foregoing by any Tenant, Landlord may remove
same without any liability, and may charge the expense incurred by such removal to Tenant or
Tenants violating this rule. Interior signs on doors an directory tables shall be inscribed,
painted or affixed for each Tenant by Landlord at the expense of such Tenant, and shall be of a
size, color and style acceptable to Landlord.
6. 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 Landlord, and as Landlord may direct. No
Tenant shall lay linoleum, or other similar floor covering, so that the same shall come in direct
contract with the floor of the demised premises, and if linoleum or other similar floor covering is
desired to be used an interlining of building’s deadening felt shall be first affixed to
the floor by a paste or other material, soluble in water, the use of cement or other similar
adhesive material being expressly prohibited.
7. No additional locks or bolts of any kind shall be placed upon any of the doors or windows
by any Tenant, nor shall any changes be made in existing locks or mechanism thereof. Each Tenant
must, upon the termination of his Tenancy, restore to Landlord all keys of stores, offices and
toilet rooms, either furnished to, or otherwise procured by such Tenant, and in the event of the
loss of any keys so furnished, such Tenant shall pay to Landlord the cost thereof.
8. Freight, furniture, business equipment, merchandise and bulky matter of any description
shall be delivered to and removed from the premises only on the freight elevators and through the
service entrances and corridors and only during hours and in a manner approved by Landlord.
Landlord reserves the right to inspect all freight to be brought into the building and to exclude
from the building all freight which violates any of these Rules and Regulations or the lease of
which these Rules and Regulations are a part.
9. No Tenant shall obtain for use upon the demised premises ice, drinking water, towel and
other similar services, or accept barbering or bootblacking services in the demised premises,
except from persons authorized by Landlord and at hours and under regulations fixed by Landlord.
Canvassing, soliciting and peddling in the building is prohibited and each Tenant shall cooperate
to prevent the same.
10. Landlord reserves the right to exclude from the building between the hours of 6:00 p.m.
and 8:00 a.m. and at all hours on Sundays and legal holidays, all persons who do not present a pass
to the building signed by Landlord. Landlord will furnish passes to persons for whom any Tenant
requires same in writing. Each Tenant shall be responsible for all persons for whom he requests
such pass and shall be liable to Landlord for all acts of such persons.
11. Landlord shall have the right to prohibit any advertising by any Tenant which, in
Landlord’s opinion, tends to impair the reputation of the building or its desirability as a
building for offices, and upon written notice from Landlord, Tenant shall refrain from or
discontinue such advertising.
12. Tenant shall not bring or permit to be brought or kept in or on the demised premises, any
inflammable, combustible or explosive fluid, material, chemical or substance, or cause or permit
any odors of cooking or other processes, or any unusual or other objectionable odors to permeate in
or emanate from the demised premises.
13. If the building contains central air-conditioning and ventilation, Tenant agrees to keep
all windows closed at all times and to abide by all rules and regulations issued by the Landlord
with respect to such services. If Tenant requires air-conditioning or ventilation after the usual
hours, Tenant shall give notice in writing to the building superintendent prior to 3:00 p.m. in the
case of services required on weekdays and prior to 3:00 p.m. on the day prior in the case of after
hours service required on weekends or on holidays.
ADDENDA TO “PRINTED PORTION” OF LEASE
(STANDARD FORM OF OFFICE LEASE)
Dated December 2, 1985
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LANDLORD:
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BELLEMEAD DEVELOPMENT CORPORATION |
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TENANT:
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TOTAL RESEARCH CORPORATION |
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PREMISES:
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H portion of the fourth floor |
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0 Xxxxxxxxxxxx Xxx |
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Xxxxxxxxx, Xxx Xxxxxx 00000 |
The Paragraphs of the Printed Portion of the Lease listed below are amended as follows there
indicated by the corresponding footnotes in the Body of the Printed Portion:
PARAGRAPH 3, PAGE ONE OF PRINTED PORTION
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except for decorative changes |
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which consent or approval shall not be unreasonably withheld. |
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or decorative |
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which consent or approval shall not be unreasonably withheld. |
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except decorative changes, |
PARAGRAPH 6, PAGE TWO OF PRINTED PORTION
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Landlord represents that the Floor Load per square foot is 100 pounds live load. |
PARAGRAPH 7, PAGE TWO OF PRINTED PORTION
PARAGRAPH 8, PAGE TWO OF PRINTED PORTION
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Except for normal office equipment, |
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reasonably |
PARAGRAPH 13, PAGE TWO OF PRINTED PORTION
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Upon reasonable notice to Tenant except for an emergency for which no notice need be given, |
PARAGRAPH 17, PAGE THREE OF PRINTED PORTION
11.
PARAGRAPH 18, PAGE THREE OF PRINTED PORTION
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reasonable |
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reasonable |
PARAGRAPH 20, PAGE FOUR OF PRINTED PORTION
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except for “punch list” items |
PARAGRAPH 26, PAGE FOUR OF PRINTED PORTION
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except for Landlord’s gross negligence. |
PARAGRAPH 28, PAGE FOUR OF PRINTED PORTION
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and kitchen |
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HVAC will be provided as set forth in the Work Letter. |
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Landlord represents that it will use reasonable efforts to provide the HVAC to the premises
as set forth in the Work Letter. |
PARAGRAPH 33, PAGE FIVE OF PRINTED PORTION
IN WITNESS WHEREOF, Landlord, by its proper corporate officers, has signed this Lease and this
Addenda to the “Printed Portion” of the Lease, and Tenant, by its proper corporate officers, has
signed this Lease and this Addenda to the “Printed Portion” of the Lease as of the 2nd day of
December, 1985.
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WITNESS:
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LANDLORD:
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BELLEMEAD DEVELOPMENT CORPORATION |
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By:
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WITNESS:
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TENANT:
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TOTAL RESEARCH CORPORATION |
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TABLE OF CONTENTS
FOR RIDER TO LEASE
RIDER TO LEASE
Dated: December 2, 1985
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LANDLORD:
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BELLEMEAD DEVELOPMENT CORPORATION |
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TENANT:
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TOTAL RESEARCH CORPORATION |
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PREMISES:
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Xxxxxxxxx, Xxx Xxxxxx 00000 |
36. DEFINITIONS; DEMISED PREMISES; ADJUSTED MINIMUM RENT
36.1 Definitions. For purposes of this Article, the following terms shall have the meanings
set forth below:
(1) Assessed Valuation shall mean the assessed valuation of the Real Estate for the First Tax
Year, as such assessed valuation is or may be ultimately determined by final administrative or
judicial proceedings, or by abatement by an appropriate taxing authority;
(2) Base Tax Rate shall mean the real estate tax rate in effect on the date of this Lease;
(3) First Operating Year shall mean the calendar year ending December 31, 1986. Operating
Year shall mean any calendar year thereafter;
(4) First Tax Year shall mean the calendar year in which the Building is assessed as a
completed building. Tax Year shall mean any calendar year thereafter;
(5) Land shall mean the land described in Exhibit C to this Lease;
(6) Occupancy Percentage shall mean the percentage of Tenant’s occupancy of the entire
Building;
(7) Real Estate Tax Base shall mean the amount determined by multiplying the Assessed
Valuation by the Base Tax Rate;
(8) Taxes shall mean all real estate taxes, charges and assessments imposed upon the Land,
Building and other improvements thereon (collectively, the “Real Estate”). If and to the extent
that due to change in the method of taxation or assessment, any franchise, capital stock, capital
gains, rent, income, profit or any other tax or charge shall be substituted in whole or in part for
the current ad valorem Taxes now or hereafter imposed upon the Real Estate, such franchise, capital
stock, capital gains, rent, income, profit or other tax or charge shall be deemed included in the
term “Taxes” for the purposes of this Article;
36.2 The Demised Premises shall be deemed to contain a floor area of 17,000 square feet and
the building of which the Demised Premises form a part (“Building”) shall be deemed to contain a
total floor area of 113,244 square feet. Tenant’s Occupancy Percentage shall be 15.0 percent.
Landlord represents that of the 17,000 rentable square feet, 14,500 square feet will be usable by
Tenant. Of the total floor area (113,244 square feet), the Building contains 96,574 usable square
feet. The foregoing representation is Landlord’s best estimate of the usable square feet in the
Demised Premises and is not intended to have any significance (i) in calculating the Occupancy
Percentage or Adjusted Minimum Rent, or (ii) under any of the terms and provisions of this Lease.
36.3 Adjusted Minimum Rent shall mean the Minimum Rent as increased in accordance with this
Article to reflect any increase in Taxes and Building Operating Costs. Tenant shall pay such
increases as additional rent as hereinafter provided.
36.4 Taxes.
(1) If the Taxes for any Tax Year during the term of this Lease shall be greater than the Real
Estate Tax Base, then Tenant shall pay to Landlord, as additional rent, an amount equal to the
Occupancy Percentage of such excess.
(2) Upon the issuance by the respective taxing authorities having jurisdiction over the Real
Estate of a xxxx or bills for the taxes imposed upon the Real Estate for the First Tax Year,
Landlord shall submit a copy of such xxxx or bills to Tenant. Thereafter, on or about each
anniversary of said date, Landlord shall submit to Tenant a copy of the latest tax xxxx or bills
for the Taxes for each subsequent Tax Year indicating each change in the Taxes and the effective
date of such change together with a statement (the “Tax Statement”) which shall indicate the
amount, if any, required to be paid by Tenant as additional rent. Within the additional rent as
set forth therein. Any payments due pursuant to this Article for a period of less than a full Tax
Year, either at the commencement or at the end of the term of this Lease, shall be ratably
apportioned.
(3) If, at any time after the execution of this Lease, the taxing jurisdiction in which the
Real Estate is located should change its method of valuating the Real Estate for the First Tax Year
as part of a general revaluation program (“Revaluation”), notwithstanding, for the purposes of
computing the Real Estate Tax Base pursuant to Section 36.1(7) Landlord may, at its option, use one
of the following methods:
(a) The Assessed Valuation shall be the amount for which the Real Estate would have been
assessed for the First Tax Year if there had been no Revaluation, and the Base Tax Rate shall be as
defined in Section 36.1(2) above, or
(b) The Assessed Valuation shall be the actual amount assessed, and the Base Tax Rate shall be
the real estate tax rate as subsequently reduced by the taxing jurisdiction in connection with the
Revaluation.
Landlord shall inform the Tenant as to which of the above two methods Landlord has elected at
such time as Landlord submits the Tax Statement to Tenant.
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36.5 Building Operating Costs.
(1) Tenant hereby agrees that for each Operating Year during the Term of this Lease for which
the total Building Operating Costs (as hereinafter defined) shall exceed the Building Operating
Costs for the First Operating Year, Tenant shall pay to Landlord, as additional rent, an amount
equal to the Occupancy Percentage of such excess within 30 days after presentation of Landlord’s
statement (the “Operating Statement”) therefor. Landlord shall present its Operating Statement
within 90 days after the commencement of each such Operating Year (“Billing Date”). Tenant shall
thereafter, for the balance of that Operating Year and for that portion of the next Operating Year
until the Billing Date during such year, make monthly payments of 1/12th of such increase to
reflect the change as at the Billing Date, which amounts shall be credited for the account of
Tenant against the annual payment due on the succeeding Billing Date. The Operating Statement
shall indicate (i) the initial additional amount required to be paid by Tenant as additional rent
as in this Article provided; (ii) the Tenant’s new Adjusted Minimum Rent; and (iii) the manner in
which such adjustment is computed.
(2) The “Building Operating Costs” shall include each and every reasonable expense incurred in
connection with the ownership, administration, management, operation and maintenance of the Real
Estate, including but not limited to, wages, salaries and fees paid to persons either employed by
Landlord or engaged as independent contractors in the operation of the Real Estate and such other
typical items of expense as indicated below. All such costs shall be reflected on a comparative
statement (the “Statement”) which shall be exhibited to the Tenant upon request.
(3) The expenses referred to in this Article shall be determined in accordance with generally
accepted accounting principles and each Statement furnished shall be certified by Landlord as true
and correct. Tenant or its representatives shall have the right, at its own expense, upon
reasonable notice and during reasonable hours, to inspect the books of Landlord for the purpose of
verifying the information contained in any Statement, provided prior written request for such
inspection shall be made by Tenant within thirty days after receipt of such Statement.
(4) Some of the typical items of expense which comprise or may comprise the Building Operating
Costs and to be included in the Statement are or may be: (a) General repairs and maintenance; (b)
utility costs, including but not limited to, cost of electricity to power HVAC units serving the
entire Building (both tenant and common areas), cost of oil or other fuel required to heat the
entire Building, cost of electricity to light the common areas; (c) cleaning costs, including but
not limited to, window cleaning, general interior office cleaning, cleaning of common areas; (d)
service contracts, including but not limited to, contracts for elevator service, HVAC service,
rubbish removal, carting, janitorial and watchman services and snow removal; (e) costs of
landscaping; (f) cost of insurance; (g) fees and/or salaries of superintendents, engineers,
custodians; and (h) towel service for common lavatories. Building Operating Costs shall exclude
salaries of personnel above the grade of building manager.
(5) Anything to the contrary contained in this Article 36 notwithstanding, if the average
occupancy of the Building is less than ninety-five percent (95%) during the First Operating Year,
then Landlord shall make a determination (“Landlord’s Determination”) of what
3
the Building Operating Costs for such year would have been if during the entire year the
average tenant occupancy of the Building were ninety-five percent (95%). Landlord’s Determination
shall be binding and conclusive upon Tenant and shall for all purposes of this Lease be deemed to
be the Building Operating Costs for the First Operating Year. Landlord shall notify Tenant of
Landlord’s Determination within ninety (90) days following the last day of the First Operating
Year. Thereafter, if for any subsequent Lease Year the average tenant occupancy of the Building is
below ninety-five percent (95%), the Building Operating Costs for any such year shall be adjusted
by Landlord to the amount that such Building Operating Costs would have been if the average tenant
occupancy during that year had been ninety-five percent (95%).
36.6 If, pursuant to any Tax Statement or Operating Statement showing Taxes or Building
Operating Costs for any year subsequent to the First Tax Year or First Operating Year,
respectively, there shall be an additional amount payable or a refund due with respect to Taxes
and/or Building Operating Costs for the period covered by such statement(s), the amount payable by
the Tenant to the Landlord as additional rent or the amount due to the Tenant as a refund, shall be
calculated and paid accordingly. If such calculation takes place and/or any payment in connection
therewith becomes payable after the expiration of the term of this Lease, this provision shall be
deemed to have survived such expiration. However, it is agreed by the parties that any refund
shall not in any way operate to reduce the Minimum Rent.
36.7 Any increase in additional rent under this Article shall be prorated for the final
Operating Year if such Operating Year covers a period of less than twelve (12) full months.
Tenant’s obligation to pay additional rent under this Article for the final Operating Year shall
survive the expiration of the term of this Lease.
36.8 In the event that the payment of any sum required to be paid by Tenant to Landlord under
this Lease (including, without limiting the generality of the foregoing, Minimum Rent, Adjusted
Minimum Rent, or payment made by Landlord under any provision of this Lease for which Landlord is
entitled to reimbursement by Tenant) shall become overdue for 15 days beyond the date on which they
are due and payable as provided in this Lease, then a delinquency service charge equal to four
percent (4%) of the amount over due shall become immediately due and payable to Landlord as
liquidated damages for Tenants’ failure to make prompt payment. Further, such delinquency service
charge shall be payable o the first day of the month next succeeding the month during which such
late charges become payable as additional rent, together with interest on the amounts overdue from
the date on which they became due and payable. In the event of nonpayment of any delinquency
service charges and interest provided for above, Landlord shall have, in addition to all other
rights and remedies, all the rights and remedies provided for herein and by law in the case of
nonpayment of rent. No failure by Landlord to insist upon the strict performance by Tenant of
Tenant’s obligations to pay late charges shall constitute a waiver by Landlord of its rights to
enforce the provisions of this Section 36.8 in any instance thereafter occurring. The provisions
of this Section 36.8 shall not be construed in any way to extend any notice period provided for in
this Lease.
4
|
37. |
|
COMMENCEMENT OF TERM; ESTIMATED COMMENCEMENT DATE; COMMENCEMENT DATE AND
TERMINATION DATE; RENT COMMENCEMENT DATE |
37.1 The parties intend that the Lease shall commence on or about March 1, 1986 provided that
the following shall have occurred: (i) Tenant shall have executed this Lease by December 6, 1985,
and (ii) the Plans shall have been approved by December 16, 1985 (the “Estimated Commencement
Date”). Notwithstanding the above, the commencement date (“Commencement Date”) as defined, fixed
and ascertained in this Article shall be the date upon which the work required to be performed by
the Landlord pursuant to the Work Letter attached hereto as Exhibit “B” (the “Work”), shall be
substantially completed. The Work shall be deemed to be substantially completed (“Substantial
Completion”) for all purposes hereunder, on the earlier of the date upon which:
A. (i) Landlord has procured a temporary or permanent Certificate of Occupancy, permitting
occupancy of the Demised Premises by the Tenant; and (ii) the Landlord’s architects shall have
certified that Landlord has substantially performed the Work. Substantial Completion shall be
deemed to have occurred even though minor details of work remain to be done, provided such details
do not materially interfere with the Tenant’s use of the Demised Premises,
or
B. Tenant shall have taken possession of all or any part of the Demised Premises.
37.2 On or after determination of the Commencement Date as above provided, Landlord shall
deliver to Tenant a notice (“Commencement Date Notice”) fixing the Commencement Date and
termination date which shall be a data five (5) years and seven (7) months after the Commencement
Date (“Termination Date”).
37.3 The date upon which Tenant’s obligation for the payment of the Minimum Rent and Adjusted
Minimum Rent hereunder shall commence (“Rent Commencement Date”) shall be deemed to be nineteen
months after the Commencement Date.
37.4 If, prior to the Commencement Date, Tenant shall enter the Demised Premises to make any
installations of its equipment, fixtures and furnishings, Landlord shall have no liability or
obligation for the case or preservation of Tenant’s property.
37.5 Landlord agrees to provide access to the telephone company during the course of
construction, to permit Tenant’s installations of telephones. However, the parties agree that the
failure of the telephone company to complete the telephone installation and to provide service
shall not delay or defer the determination of the Commencement Date or the Rent Commencement Date
and the obligation of Tenant to pay rent therefrom.
37.6 Anything contained in this Article 37 to the contrary notwithstanding, if for any reason
the Premises are not ready for occupancy on the Estimated Commencement Date, this Lease shall
nevertheless continue in full force and effect; the Commencement Date shall be
5
postponed until substantial completion has occurred and the Rent Commencement Date shall be
postponed for a like number of days. The Termination Date shall be adjusted to provide the full
term set forth in Section 37.2 hereinabove. Anything contained in this Article 37 to the contrary
notwithstanding, Landlord agrees that in the event the Demised Premises are not substantially
complete on or prior to the “Outside Date” as hereinafter defined, Tenant shall have the option to
terminate and cancel this Lease; provided, however, that Tenant shall have served written notice of
its election under this Article to cancel and terminate the Lease within five (5) days following
said Outside Date. For purposes of this Article, Outside Date shall be defined as May 1, 1986,
subject to an extension for any delays which are attributable to Tenant, its agents, or its
employees. If Tenant shall fail to deliver notice to terminate and cancel this Lease, this Lease
shall remain in full force and effect. The rights granted to Tenant in this paragraph to terminate
the Lease are conditioned upon Tenant’s execution of the Lease by December 6, 1985 and delivery of
the Plans to Landlord by December 16, 1985.
38. LANDLORD’S WORK; LANDLORD’S WORK LETTER
38.1 Annexed hereto as Exhibit “B” and made a part hereof is Landlord’s work letter (the “Work
Letter”). Tenant agrees that it shall either approve Landlord’s drawings or provide to Landlord on
or before the 16th day of December, 1985, such drawings and specifications (the “Plans”), a
preliminary version of which is attached hereto as Exhibit “F”, required by Landlord for Tenant’s
layout, partitioning, electrical, reflecting ceiling and other installations for the approval and
acceptance of Landlord. Landlord shall furnish and install in accordance with such Plans, so much
of the work required by Tenant by the above Plans as allowed by Landlord’s Work Letter, and
attached itemized list in Exhibit “G” (the “Item List”) at no additional cost to Tenant. To the
extent Tenant’s final drawings require work, the cost of which is not in excess of 104% of the cost
contemplated by the Work Letter or the Item List, such work shall be reduced to an “Extra or Change
Order” to be executed by both Landlord and Tenant, which shall indicate the work required, the cost
thereof, and the additional time required, if any, for completion. Tenant shall be responsible for
any delays in completing the Demised Premises by reason of Tenant’s failure to furnish Landlord
with the requisite approvals and drawings.
38.2 Anything contained in this Article 38 and the Work Letter to the contrary
notwithstanding, Landlord agrees to credit (the “Relocation Credit”) toward the cost of relocation
expenses an amount equal to $5,000. The Relocation Credit shall only be applicable toward the cost
of relocation expenses and Landlord shall remit to Tenant an amount equal to the Relocation Credit
within thirty (30) days after the Commencement Date.
39. HEATING, AIR-CONDITIONING AND VENTILATION; LEGAL HOLIDAYS; “AFTER HOURS”
39.1 Notwithstanding the provisions of subsections (b) and (e) of Article 28 of this Lease,
but subject to all of the other terms, covenants and conditions of said Article 28, Landlord shall
provide and furnish appropriate heat, air-conditioning or ventilation to the Demised Premises
between the hours of 8:00 a.m. and 6:00 p.m., Monday through Friday, other than Legal Holidays
(which are listed on Exhibit “E”), attached to this Lease.
6
39.2 At all other times not otherwise provided for in Section 39.1 above, Landlord agrees that
it shall, upon prior written request from Tenant, provide after-hours air-conditioning, ventilation
or heating, as the case may be, for which Tenant shall pay to Landlord as additional rent
hereunder, a sum equal to $75.00 per hour for providing heat, and $75.00 per hour for providing
air-conditioning, that being intended to cover Landlord’s cost for the power or fuel required to
provide the same. In the event that during the term of this Lease, or any renewal hereof, the
Landlord’s cost for providing after-hours heating or air-conditioning shall increase by virtue of
utility rate increases or unit fuel cost increases, the above-specified hourly charges shall be
adjusted from time to time to reflect said increases. In addition to the foregoing, should there
be any charges incurred by Landlord for additional attendant engineers or similar additional
requirements as may be imposed from time to time by the State Labor Department, local authorities,
union requirements, or the like, Tenant agrees to reimburse Landlord for its out-of-pocket expenses
incurred in connection therewith, related to the after-hours use by Tenant.
40. ELECTRIC CURRENT
40.1 Landlord’s obligation to supply current shall be limited to the current required to power
the Building standard heating, ventilation and air-conditioning systems and the power for the
lighting of common areas.
40.2 Tenant shall arrange to purchase and pay for all of the electric current requirements for
light and power used in connection with Tenant’s operations within the Demised Premises. Landlord
shall furnish and install an electric meter for the measurement of the consumption of Tenant’s
electric current as herein provided.
40.3 At the request of Landlord, prior to occupancy of the Demised Premises, Tenant shall
execute any and all applications for service, or forms required by the local utility company
supplying electric current to the Building for the metering of all electric current and power
required for the operation of the electrical equipment of any nature whatsoever and lights within
or serving the Demised Premises.
41. LIABILITY INSURANCE
41.1 Tenant agrees to provide on or before the Commencement Date a Certificate of Insurance
confirming to Landlord insurance coverage under a comprehensive general liability policy to
confirm, among other things, (i) personal injury coverage, and (ii) coverage for Tenant’s
contractual duty of indemnification under this Lease in an amount not less than $1,000,000.00
combined single limit per occurrence and containing a provision that such insurance shall not be
cancelled except upon 90 days’ prior written notice to Landlord.
42. FIRE INSURANCE — WAIVER OF SUBROGATION
42.1 Landlord and Tenant each hereby releases the other, its respective officers, directors,
employees and agents from any and all liability or responsibility to the other or anyone claiming
through or under either of them by way of subrogation or otherwise, for any loss or damage to
property caused by fire or any of the extended coverage casualties, even if such fire or other
casualty shall have been caused by the fault or negligence of the other party or anyone for
7
whom such party may be responsible. Landlord agrees that it shall carry and maintain in fore
and effect at all times during the term of this Lease a Standard Fire Insurance policy with
Standard Extended or Additional Extended Coverage and vandalism and malicious mischief
endorsements. Tenant shall maintain a Standard Fire Insurance policy with the aforesaid Extended
Coverage and vandalism endorsements covering the replacement value of all Tenant’s personal
property, equipment and improvements located in the Demised Premises.
43. PARKING FACILITIES
43.1 So long as Tenant is not in default under this Lease, Landlord hereby grants to Tenant
the license (the “License”) to park 70 cars (“Allotted Parking”), for use solely by Tenant and
Tenant’s employees, guests and invitees in the parking area or areas serving the Building (the
“Designated Parking Area”).
43.2 The use of any more than the Allotted Parking after notice from Landlord, by Tenant, its
employees, licensees or invitees (“Over-use”) shall be deemed a material event of default under
this Lease, and Landlord may immediately suspend or revoke the License and/or exercise such
remedies as are provided in Articles 17 and 18 of the “Printed Portion” of this Lease. Landlord
shall not be responsible to Tenant for enforcing the License or for violation of the License by
other tenants of the Building, by third parties, or guests or visitors to the Building.
43.3 In the event the number of parking spaces in the Designated Parking Area is reduced by
circumstances beyond the control of Landlord, the Allotted Parking shall be reduced accordingly.
43.4 Landlord shall designate two (2) of the Allotted Parking in reasonable proximity to the
Building for reserve parking by Tenant.
44. ACCESS AND COMMON AREA
44.1 Anything to the contrary contained in this Lease notwithstanding, Landlord and all
tenants, including Tenant hereunder, of this Building, shall have a mutual right of access for
emergency purposes through such areas where the same may be required including the Demised Premises
and the demised premises of any other tenant in the Building.
44.2 Tenant shall have the right of nonexclusive use, in common with others, of (a) automobile
parking areas and driveways (subject to Article 43 hereof); (b) footways, and (c) such elevator and
other facilities as may be constructed and designated from time to time by Landlord in the
Building, all to be subject to the terms and conditions of the Lease and to reasonable rules and
regulations for the use thereof as prescribed from time to time by Landlord.
45. INTENTIONALLY DELETED
46. BROKER
46.1 Tenant represents that Xxxxxx Xxxxxx & Associates, Inc. is the only real estate broker
responsible for bringing about, or negotiating, this Lease and said broker is the only broker with
whom it has dealt in connection with the Demised Premises.
8
46.2 In reliance upon the foregoing representation, Landlord agrees to pay a commission to
said broker in accordance with a separate agreement between them, and Tenant agrees to defend,
indemnify and hold harmless the Landlord, its affiliates and/or subsidiaries from any expense or
liability (including attorney’s fees) arising out of any claim from commission by any other broker
claiming or alleging to have acted on behalf of or to have dealt with Tenant.
47. CLEANING SERVICES
47.1 Landlord shall provide services for maintenance of the grounds, common areas and parking
areas and such other cleaning services within the Demised Premises as are set forth on the
“Cleaning Service Rider” annexed hereto and made a part hereof as Exhibit “D”.
48. ASSIGNMENT AND SUBLETTING
48.1 Supplementing the provisions of Article 11, and except as provided in Section 48.8 if the
Tenant shall desire to assign this Lease, sublet or underlet all or any portion of the Demised
Premises, it shall first submit in writing to the Landlord a notice setting forth in reasonable
detail:
(a) the identity and address of the proposed assignee or sublessee;
(b) in the case of a subletting, the terms and conditions thereof;
(c) the nature and character of the business of the proposed assignee or sublessee and its
proposed use for the Demised Premises;
(d) evidence that the proposed assignee or sublessee is a United States citizen or citizens or
a corporation qualified to do business in the State of
New Jersey and organized and existing under
the laws of one of the States of the United States;
(e) banking, financial and other credit information relating to the proposed assignee or
sublessee reasonably sufficient to enable Landlord to determine the proposed assignee’s or
sublessee’s financial responsibility; and
(f) in the case of a subletting of only a portion of the Demised Premises, plans and
specifications for Tenant’s layout, partitioning, and electrical installations for the portion of
the Demised Premises to be sublet.
48.2 If the nature and character of the business of the proposed assignee or sublessee, and
the proposed use and occupancy of the Demised Premises, or any portion thereof, by the proposed
assignee or sublessee, is in keeping and compatible with the dignity and character of the Building,
then, subject to compliance with the requirements of Article 11 and this Article 48, anything to
the contrary in Article 11 notwithstanding, Landlord agrees not unreasonably to withhold or delay
its consent to any such proposed assignment or subletting, provided that Tenant shall, by notice in
writing as described in Section 48.1, advise Landlord of its intention to assign this Lease or to
sublease all or any part of the Demised Premises, from, on and after a stated date (which shall not
be less than 60 days after date of Tenant’s notice).
9
48.3 INTENTIONALLY DELETED.
48.4 In addition to the foregoing requirements: (a) no sublease shall result in an occupancy
of the Demised Premises by more than four tenants, including the Tenant hereunder, (b) no sublease
shall be for a term of less than one year, unless the unexpired term of this Lease shall be less
than two years at the commencement of the sublease, (c) no assignee or sublessee shall be an
existing tenant of or any party then negotiating for space in the Building, or any other building
in the office park of which the Building is a part (i) owned by Landlord, Bellemead Development
Corporation (“Bellemead”) or any partnership in which Bellemead or an affiliate of Bellemead is a
partner or (ii) managed by Bellemead or an affiliate of Bellemead (“Affiliated Building”), (d) no
sublease shall result in the occupancy of less than 2000 square feet of space, (e) Tenant shall not
be in default under any of the terms and conditions of this Lease at the time of any notice or
request for consent under the terms of this Article or at the effective date of such assignment or
subletting and (f) no subletting or assignment shall be for a rental rate less than that currently
being charged by Landlord for comparable space in the Building or any Affiliated Building.
Furthermore, anything to the contrary in Section 48.2 notwithstanding, Landlord shall not consent
to any sublease unless Tenant agrees at the time of the proposed sublease and in the Tenant’s
notice required in Section 48.2 to pay over to Landlord fifty percent (50%) of all rents (of
whatever nature) payable by the prospective sublessee to Tenant pursuant to such sublease which
exceeds the pro rata share of the then Adjusted Minimum Rent allocable to the
sublease premises payable by Tenant hereunder.
48.5 Any sublease must provide (a) it shall be subject and subordinate to all of the terms and
conditions of this Lease, (b) that notwithstanding Article 2 hereof, the use of the Demised
Premises thereunder shall be restricted exclusively to [executive and administrative office use],
(c) that the term thereof shall not extend beyond a date which is one day prior to the expiration
date of the then current Initial Term or Renewal Term hereof, (d) no sublessee shall be permitted
to further sublet all or any part of the Demised Premises without Landlord’s prior written consent,
and (e) in the event of cancellation or termination of this Lease for any reason whatsoever or of
the surrender of this Lease whether voluntary, involuntary or by operation of law, prior to the
expiration date of such sublease, including extensions and renewals granted thereunder, that, at
Landlord’s option, the subtenant shall make full and complete attornment to Landlord for the
balance of the term of the sublease, which attornment shall be evidenced by an agreement in form
and substance satisfactory to Landlord which the subtenant shall execute and deliver at any time
within five (5) days after request of the Landlord, its successors and assigns. The subtenant
shall waive the provisions of any law now or hereafter in effect which may give the subtenant any
right of election to terminate the sublease or to surrender possession of the Premises in the event
any proceeding is brought by Landlord to terminate this Lease.
48.6 Each of the following events shall be deemed to constitute an assignment of this Lease
and shall require the prior written consent of Landlord not to be unreasonably withheld in each
instance:
(a) Any assignment or transfer of this Lease by operation of law;
(b) Any hypothecation, pledge or collateral assignment of this Lease;
10
(c) Any involuntary assignment or transfer of this Lease in connection with bankruptcy,
insolvency, receivership or otherwise;
(d) Any assignment, transfer, disposition, sale or acquiring of a controlling interest in
Tenant to or by any person, entity or group of related persons or affiliated entities, whether in a
single transaction or in a series of related transactions; and
(e) Any issuance of an interest or interests in Tenant (whether stock, partnership interests
or otherwise) to any person; entity or group of related persons or affiliated entities, whether in
a single transaction or in a series of related or unrelated transactions, such that following such
issuance, such person, entity or group shall hold a controlling interest in Tenant.
For purposes of the immediately preceding sentence, a “controlling interest” of Tenant shall mean
eighty percent (80%) or more of the aggregate issued and outstanding equitable interests (whether
stock, partnership interests or otherwise) thereof.
48.7 Any provision of Article 11 and Sections 48.1, 48.2, 48.5 and 48.6 to the contrary
notwithstanding, but subject to Sections 48.4, 48.5 and 48.8:
(a) Any corporate Tenant shall have the right, without the consent of Landlord, to assign this
Lease or sublet all or any part of the Demised Premises to any corporation controlling, controlled
by or under common control with Tenant, provided that no such assignee shall further assign
this Lease and no such sublessee shall assign or encumber its sublease or further sublet all or any
part of the Demised Premises to any person other than a corporation controlling, controlled by or
under common control with Tenant, except in accordance with the provisions of Article 11 and this
Article 48, and provided, further, that any event resulting in such assignee or
sublessee ceasing to be a corporation controlling, controlled by or under common control with
Tenant shall be deemed to be an assignment of this Lease requiring the prior consent of Landlord,
and Tenant shall thereupon be required to comply with all provisions of Article 11 and this Article
48 applicable thereto. For purposes of the immediately foregoing, “control”, means ownership of at
least fifty-one percent (51%) of the issued and outstanding voting stock of such corporation.
(b) Any corporate Tenant shall also have the right, without the consent of Landlord, to assign
this Lease to any corporation succeeding to Tenant by merger or consolidation in accordance with
applicable statutory provisions for merger or consolidation of corporations or by purchase of all
or substantially all of Tenant’s assets, provided that immediately after such merger,
consolidation or purchase, the shareholders’ equity (capital stock, additional paid-in capital and
retained earnings) of the successor corporation or the purchasing corporation, as the case may be,
shall at least equal the shareholders’ equity of Tenant immediately prior to such merger,
consolidation or purchase and shall be so certified by the chief financial officer of the assignee.
Effective upon the making of an assignment permitted under the immediately preceding sentence, the
assignor shall be released from further liability under this Lease.
11
It is Landlord’s intent to permit assignment of this Lease and subletting pursuant to this Section
48.7 exclusively as an accommodation to the bona fide and legitimate business needs of Tenant; and
notwithstanding the provisions hereof, no assignment of this Lease or sublease of the Demised
Premises without Landlord’s consent hereunder shall be permitted where the sole or primary purpose
of such assignment or subletting is to permit occupancy of the Demised Premises by a third party in
avoidance of Landlord’s consent, or in the case of a corporation’s purchasing all of substantially
all of Tenant’s assets where this Lease constitutes all or a substantial portion of such assets.
Tenant shall promptly give Landlord prior notice of any assignment of this Lease or subletting
permitted under this Section 48.7, accompanied by all documentation required to establish
compliance with the requirements of subsection (a) and (b) above and shall also promptly provide
Landlord with a copy of any material executed instrument of merger, consolidation or assignment or
the executed sublease, as the case may be.
48.8 It is a condition to the effectiveness of any assignment otherwise complying with Article
11 and this Article 48 that the assignee execute, acknowledge and deliver to Landlord an agreement
in form and substance satisfactory to Landlord whereby the assignee assumes all obligations of
Tenant under this Lease, and agrees that the provisions of Article 11 and this Article 48 shall
continue to be binding upon it in respect of all future assignments and deemed assignments of this
Lease. No assignment of this Lease shall release the assignor from its continuing obligations to
Landlord under this Lease, except as expressly herein provided, and Tenant and any subsequent
assignor shall continue to remain jointly and severally liable (as primary obligor) for all
tenant’s obligations hereunder.
48.9 Tenant shall be responsible for obtaining all permits and approvals required by any
governmental or quasi-governmental agency for any work or otherwise required in connection with any
assignment of this Lease or any sublease, and Tenant shall deliver copies of the same to Landlord
prior to the commencement of work if work is to be done. Tenant is furthermore responsible for and
is required to reimburse Landlord for all reasonable costs including legal fees which Landlord
incurs in reviewing any proposed assignment of this Lease or any sublease and any permits,
approvals and applications for the construction within the Demised Premises. Tenant’s failure to
obtain any of the above-mentioned permits and approvals or to submit same and a duplicate original
counterpart of the assignment or sublease to Landlord within fifteen days of the data of issuance
or execution of such item(s) shall constitute a default under this Lease.
48.10 If Landlord reasonably withholds its consent of any proposed assignment or sublease,
Tenant shall indemnify, defend and hold harmless Landlord against and from all loss, liability,
damage, cost and expense (including reasonable attorneys’ fees and disbursements) resulting from
any claims that may be made against Landlord by the proposed assignee or sublessee or by any
brokers or other persons claiming a commission or similar compensation in connection with the
proposed assignment or sublease.
48.11 If Landlord consents to any proposed assignment or sublease and Tenant fails to
consummate the assignment or sublease to which Landlord consented within 45 days after the giving
of such consent, Tenant shall be required again to comply with all of the provisions and
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conditions of this Article 48 before assigning this Lease or subletting all or part of the
Demised Premises.
48.12 Tenant, its sublessees, and their respective successors and assigns acknowledge and
agree that the restriction that Landlord’s consent to a proposed assignment of this Lease or to a
subletting under certain circumstances shall not be unreasonably withheld and shall not be intended
or construed as an agreement or covenant on the part of the Landlord, but rather as a qualification
on Tenant’s covenant not to assign this Lease or sublet, and they further agree that under no
circumstances shall Landlord be liable in damages or subject to liability of any other kind or
nature whatever by reason of Landlord’s failure or refusal to grant its consent to any proposed
assignment of this Lease or subletting of the Demised Premises, the sole and exclusive recourse
being a declaratory judgment on the question of Landlord’s reasonableness.
48.13 The joint and several liability of the named Tenant and any immediate or remote
successor in interest of the named Tenant for the due performance and observance of all covenants
and conditions to be performed and observed by Tenant shall not be impaired by any agreement of
Landlord extending the time for such performance or observance or by Landlord’s waiving or failing
to enforce any provision of this Lease.
49. TENANT’S COOPERATION; REASONABLE MODIFICATIONS; ESTOPPEL CERTIFICATE
49.1 If, in connection with obtaining financing for the Building and/or the Real Estate, or
otherwise upon the interest of the Landlord, as lessee, under any ground or underlying lease, any
lending institution shall request reasonable modifications of this Lease as a condition of such
financing, Tenant covenants not unreasonably to withhold or delay its agreement to such
modification, upon Landlord’s request, provided that such modification does not materially or
adversely affect the rights of Tenant under this Lease.
49.2 Tenant agrees at any time and from time to time, upon not less than ten days’ prior
written request, that Tenant shall execute, acknowledge and deliver to Landlord, or its designee, a
statement in writing certifying: that this Lease is unmodified and is in full force and effect (or
if there have been modifications, the specifics thereof and that the Lease is in full force and
effect as modified); the dates to which the Minimum Rent (or Adjusted Minimum Rent) and additional
rent have been paid; and the amount of all rents paid in advance, if any. It is intended hereby
that any such statement delivered pursuant to this Article may be relied upon by a prospective
purchaser of the Landlord’s interest or a mortgagee of Landlord’s interest, or any assignee of any
mortgage upon Landlord’s interests in the Real Estate. The foregoing obligation shall be deemed a
substantial obligation of the tenancy, the breach of which shall give Landlord those remedies
herein provided for an even of default.
50. LIMITATION OF LIABILITY; DEFINITION OF “LANDLORD”
50.1 Notwithstanding anything to the contrary herein provided, each and every term, covenant,
condition and provision of this Lease is hereby made specifically subject to the provisions of this
Article 50. The term “Landlord” as used in this Lease means only the owner or lessor for the time
being of the Building, so that in the event of any conveyance of such
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interest and the transfer to the transferee of any funds then being held under this Lease by
such owner, Landlord shall be and hereby is entirely freed and relieved of any and all obligations
of Landlord hereunder thereafter accruing, and it shall be deemed without further agreement between
the parties and such grantee(s) that the grantee has assumed and agreed to observe and perform all
obligations of Landlord hereunder. It is specifically understood and agreed that notwithstanding
anything to the contrary herein provided or otherwise provided at law or in equity, there shall be
absolutely no personal liability in excess of its interest in the Real Estate to the Landlord or
any successor in interest thereto (whether the same be an individual, joint venture, tenancy in
common, firm or partnership, general, limited or otherwise) or on the part of the members of any
firm, partnership or joint venture or other unincorporated Landlord with respect to any of the
terms, covenants and/or conditions of this Lease; in the event of a breach or default by Landlord,
or any successor in interest thereof, of any of its obligations under this Lease, Tenant shall look
solely to the then Landlord for the satisfaction of each and every remedy of Tenant, such
exculpation of personal and additional liability which is in excess of such interest in the Real
Estate to be absolute and without any exception whatsoever.
51. STATUTORY WAIVER; NOTICE BY TENANT
51.1 Tenant waives the benefit of
New Jersey Revised Statutes, Title 46, Chapter 8, Sections 6
and 7. Tenant agrees that it will not be relieved of the obligations to pay the Minimum Rent,
Adjusted Minimum Rent or any additional rent in case of damage to or destruction of the Building,
except as provided in Article 9 of the printed portion of this Lease.
51.2 Tenant shall give Landlord immediate notice in case of fire or accident within the
Demised Premises, or, within the Building if involving Tenant, its servants, agents, employees,
invitees or licensees.
52. CORPORATE AUTHORITY
52.1 Tenant represents that the officer(s) executing and delivering this Lease has (have) been
duly authorized to enter into this Lease and that the execution and delivery of this Lease by
Tenant do not and shall not violate any provision of any by-law, agreement, order, judgment,
governmental regulation or any other obligation to which Tenant is a party or is subject.
52.2 Upon execution hereof, Tenant shall deliver an appropriate certification by its secretary
and assistant secretary to the above effect.
53. PERSONAL PROPERTY TAXES
53.1 Tenant agrees to pay all taxes imposed on the personal property of Tenant in connection
with its use and occupancy of the Demised Premises, and to hold Landlord harmless therefrom.
54. BUILDING CHANGES
54.1 This Lease shall not be affected or impaired by any change to any lawns, sidewalk or
streets adjacent to or around the Building, except (i) as provided in the provisions of this
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Lease dealing with condemnation, or (ii) if such changes completely impair Tenant’s ability to
enter or leave the Building.
55. HOLDING OVER
55.1 If Tenant holds over in the Demised Premises beyond the Termination Date or prior
expiration of the term hereof, Tenant shall become a tenant from month-to-month at two times the
Adjusted Minimum Rent then payable hereunder and otherwise upon all the other terms and conditions
of this Lease, and shall continue to be such month-to-month tenant until such tenancy shall be
terminated by Landlord or such possession shall cease. Nothing contained in this Lease shall be
construed as a consent by Landlord to the occupancy or possession by Tenant of the Premises beyond
the Termination Date or prior expiration of the term hereof, and Landlord, upon the Termination
Date or prior expiration of the term hereof shall be entitled to the benefit of all legal remedies
that now may be in force or may be hereafter enacted for summary possession of the Demised
Premises.
56. RESTRICTIVE COVENANT – FOOD SERVICE
56.1 Tenant hereby covenants and agrees (anything to the contrary contained in this Lease,
notwithstanding) that it shall not use the Demised Premises or any portion thereof, for the service
of food to the public other than Tenant’s employees, guests and invitees, nor shall it maintain any
facilities for the sale or consumption of food to and by the public without, in each case,
obtaining the prior written consent of the Landlord. The consent of the Landlord required
hereunder shall be given solely in the discretion of the Landlord.
56.2 Landlord represents to Tenant, and Tenant acknowledges, that pursuant to agreements made
or to be made by and between the Landlord and third parties for the operation of a restaurant,
cafeteria, coffee-cart and similar food services for this Building and/or other buildings in the
office park in which this Building is located, no tenant of this Building, including Tenant, or of
any buildings in the office park in which this Building is located shall prepare, contract for,
serve or otherwise make available a food service facility in competition with such third parties.
Any breach of this restriction by the Tenant shall be deemed a material event of default under the
terms of this Lease, and Landlord may, in its discretion, exercise such remedies as it may deem
appropriate to terminate this Lease, prevent a violation of this covenant, and recover any damages
to which it may be exposed by virtue of a breach by the Tenant.
57. NOTICES
57.1 All notices, demands and requests which may or are required to be given by either party
hereunder to the other, shall be in writing. All notices, demands and requests by Landlord to
Tenant shall be deemed to have been properly given if sent by registered or certified mail, return
receipt requested, postage prepaid, addressed to Tenant at:
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TENANT:
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Total Research Corporation |
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0 Xxxxxxxxxxxx Xxx |
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Xxxxxxxxx, Xxx Xxxxxx 00000 |
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with a copy to:
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Levy & Levy, P.A. |
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0 Xxxxxx Xxxx |
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Xxxxx 000 |
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Xxxxxx Xxxx, Xxx Xxxxxx 00000 |
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Attn: Wm. X. Xxxx, Esq. |
or to such other address as Tenant may from time to time designate by notice to Landlord.
All notices, demands and requests by Tenant to Landlord shall be deemed to have been properly
given if sent by registered or certified mail, return receipt requested, postage prepaid, addressed
to Landlord at:
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LANDLORD:
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Bellemead Development Corporation |
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0 Xxxxxx Xxxx Xxxx |
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Xxxxxxxx, Xxx Xxxxxx 00000 |
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with a copy to: |
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Xxxxxxx Xxxxxxxx, Esq. |
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Xxxxxxx Xxxxxxx & Xxxxxxxx |
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Xxx Xxxxxxx Xxxx Xxxxx |
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Xxx Xxxx, Xxx Xxxx 00000 |
or to such other address as Landlord may from time to time designate by notice to Tenant.
All notices referred to hereunder shall be deemed given and received two days after the date
said notice is mailed by United States registered or certified mail as aforesaid, in any post
office or branch post office regularly maintained by the United States Government, unless said
notice was personally served upon an officer of Landlord or Tenant, in which case such notice shall
be deemed given when delivered.
58. SEVERABILITY OF PROVISION
58.1 If any term or provision of this Lease or the application thereof to any party or
circumstance shall to any extent be invalid or unenforceable, the remainder of this Lease or the
application of such term or provision to parties or circumstances other than to those with respect
to which it is held invalid or unenforceable, shall not be affected thereby, and each term and
provision of this Lease shall be valid and enforced to the fullest extent permitted by law.
59. NO OFFER OR AGREEMENT
59.1 No employee or agent of Landlord, no broker, and no agent of any broker has authority to
make or agree to make a lease or any other agreement or undertaking in connection herewith,
including, but not limited to the modification, amendment of cancellation of a lease. The mailing
or delivery of this document by the Landlord or its agent to Tenant, its agent or attorney shall
not be deemed an offer by the Landlord to lease the Demised Premises on the
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terms herein. This Lease shall not be effective, nor shall Tenant have any rights with
respect thereto unless and until Landlord shall accept this Lease and execute and deliver the same
to Tenant.
60. RENEWAL OPTION
60.1 Subject to the provisions of Section 60.2 below, Tenant shall have the option to renew
this Lease for one additional term of five (5) years (the “Renewal Term”), which Renewal Term shall
commence upon the expiration of the term described in Article 37 of this Lease (the “Initial
Term”). The terms, covenants and conditions during the Initial Term, including but not limited to
the definitions of First Tax Year and First Operating Year as set forth in Article 36 hereof, shall
be projected and carried over into the Renewal Term, except as specifically set forth hereinafter.
(a) The Minimum Rent shall be the greater of (i) Market Rent (as defined in clause (b) below)
or (ii) the Adjusted Minimum Rent as of the last day of the Initial Term.
(b) “Market Rent” shall mean the fair market rent for the Demised Premises, as of the date one
year prior to the expiration of the Initial Term (the “Determination Date”), based upon the rents
generally in effect for comparable office space in the area in which the Real Estate is located
multiplied by the CPI Ratio. Market Rent (for the purposes of determining the Minimum Rent only
during the Renewal Term) shall be determined on what is commonly known as a “gross” basis; that is,
in computing Market Rent it shall be assumed that all real estate taxes and customary services are
included in such additional charges. Notwithstanding the foregoing, the Minimum Rent for the
Renewal Term shall be thereafter increased from time to time as provided in this Lease, and the
First Tax Year and First Operating Lease Year for the Renewal Term shall be defined as provided in
Article 36 hereof.
(c) Landlord shall notify Tenant (“Landlord’s determination of the Market Rent within 60 days
of the Determination Date. If Tenant disagrees with Landlord’s determination, Tenant shall notify
Landlord (“Tenant’s Notice of Disagreement”) within fifteen (15) days of receipt of Landlord’s
Determination Notice. Time shall be of the essence with respect to Tenant’s Notice of
Disagreement, and the failure of Tenant to give such notice within the time period set forth above
shall conclusively be deemed an acceptance by Tenant of the Market Rent as determined by landlord
and a waiver by Tenant of any right to dispute such Market Rent. If Tenant timely gives its
Tenant’s Notice of Disagreement, then the Market Rent shall be determined as follows: Landlord and
Tenant shall, within thirty (30) days of the date on which Tenant’s Notice of Disagreement was
given, each appoint an Appraiser for the purpose of determining the Market Rent. An Appraiser
shall mean a duly qualified impartial real estate appraiser having at least 10 years’ experience in
the area in which the Demised Premises are located. In the even that the two Appraisers so
appointed fail to agree as to the Market Rent within a period of 30 days after the appointment of
the second Appraiser, such two Appraisers shall forthwith appoint a third Appraiser who shall make
a determination within 30 days thereafter. If such two Appraisers fail to agree upon such third
Appraiser within 10 days following the last 30 day period, such third Appraiser shall be appointed
by a Judge of the Superior Court of the State of
New Jersey. Such two Appraisers or three
Appraisers, as the case may be, shall proceed with all reasonable dispatch to determine the Market
Rent. The decision
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of such Appraisers shall be final; such decision shall be in writing and a copy shall be
delivered simultaneously to Landlord and to Tenant. If such Appraisers fail to deliver their
decision as set forth above prior to the commencement of the Renewal Term, Tenant shall pay
Landlord the Adjusted Minimum Rent at the rate as of the last day of the Initial Term, until such
decision is so delivered. If the Market Rent as determined above is in excess of the actual rent
paid, then Tenant, upon demand, shall pay to Landlord the difference between the actual rent paid
and the Market Rent from the commencement of the Renewal Term. Landlord and Tenant shall each be
responsible for and shall pay the fee of the Appraiser appointed by them respectively, and Landlord
and Tenant shall share equally the fee of the third Appraiser.
(d) For purposes of this Article 60, the following definitions shall apply:
(i) “CPI” shall mean the Consumer Index for All Urban Customers “All Items” for the
Philadelphia Area, as published by the United States Department of Labor, Bureau of Labor
Statistics, or such other index similar in nature, as may be available in the event that said CPI
is no longer published;
(ii) “CPI Ratio” shall mean a fraction the numerator of which is the CPI in the month in which
the Determination Date falls and the denominator of which is the CPI in the month twelve months
prior to the Determination Date.
60.2 Tenant’s option to renew, as provided in Section 60.1 above, shall be conditioned upon
and subject to each of the following:
(a) Tenant shall notify Landlord in writing of its exercise of its option to renew at least 9
months, but not more than 12 months, prior to the expiration of the Initial Term;
(b) At the time Landlord receives Tenant’s notice as provided in (a) above, and at the
expiration of the Initial Term, Tenant shall not be in default under the terms or provisions of
this Lease;
(c) Tenant shall have no further renewal option other than the option to extend for the one
Renewal Term as set forth in Section 60.1 above;
(d) This option to renew shall be deemed personal to the Tenant and may not be assigned
without the express consent of Landlord;
(e) Landlord shall have no obligation to do any work or perform any services for the Renewal
Term with respect to the Demised Premises which Tenant agrees to accept in its then “as is”
condition.
61. RIGHT OF FIRST OFFER
61.1 Tenant shall have a right of first offer (the “Right of First Offer”) with respect to any
rentable area ( the “Offer Area”) as it becomes available on the fourth floor in the Building
offered by Landlord for lease to anyone other than the tenant then occupying the Offer Area. If
Landlord desires to lease the Offer Area to anyone other than the tenant then occupying the Offer
Area, Landlord shall notify Tenant in writing (the “Offer Notice”) of the terms and conditions
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upon which Landlord shall offer to lease the Offer Area. Tenant shall have a Right of First
Offer with respect to Landlord’s offer to lease the Offer Area as set froth in the Offer Notice, to
be exercised by giving written notice thereof to Landlord within 30 days of the receipt of the
Offer Notice during which time Landlord will not lease such space. If Tenant does not exercise the
Right of First Offer with respect to the Offer Area as provided in the preceding sentences or if
Tenant waives in writing the Right of First Offer with respect to the Offer Area, Tenant shall have
no further rights to the Offer Area in connection with Landlord’s then offer to lease same as set
forth in the Offer Notice. If Tenant does so exercise the Right of First Offer, Landlord and
Tenant shall endeavor in good faith and without delay to negotiate and execute a lease in
connection therewith upon substantially the same terms and conditions in this Lease, except as
provided in the Offer Notice which will contain provisions, without limitation, for rent, term,
renewals, rights of first offer, if any, and security. If Landlord and Tenant area unable to so
negotiate and execute a lease within 30 days, for the Offer Area, Tenant’s exercise of the Right of
First Offer shall be null and void and Tenant shall have no further rights to the Offer Area in
connection with Landlord’s then offer to lease same as set forth in the Offer Notice. Tenant shall
not have a Right of First Offer (i) for less than the entire Offer Area, or (ii) if Tenant is in
default under any of the material terms and conditions of this Lease beyond any applicable grace
period, or if this Lease is not then in full force and effect. The Right of First Offer is not
assignable and shall be deemed personal to Tenant hereunder.
62. TENANT’S SPECIAL SECURITY
62.1 Supplementing the requirement, if any, of paragraph 33 of the Printed Portion of this
Lease, an amount (“Tenant’s Special Security”) equal to one monthly installment of Minimum Rent
shall be deposited by Tenant with Landlord upon the execution of this Lease as security for the
faithful performance and observance by Tenant of the terms, conditions and provisions of this
Lease. Landlord agrees to hold Tenant’s Special Security in a money market account at a commercial
bank, savings bank or savings and loan institution authorized to do business in the State of
New
Jersey. Provided Tenant is not then in default in any of its obligations hereunder, Landlord
agrees to return Tenant’s Special Security, together with all interest earned thereon, upon receipt
of the first monthly installment of Minimum Rent due on the Rent Commencement Date.
63. EXECUTION OF LEASE
63.1 Landlord’s obligation to the provisions of this Lease are contingent upon Tenant’s
execution and delivery of this Lease by December 6, 1985.
64. SUBSTITUTE SECURITY
64.1 Tenant, in lieu of cash, may deliver to Landlord an irrevocable negotiable Letter of
Credit (the “Letter of Credit”) issued by an drawn on a bank of trust company in form and content
reasonably acceptable to Landlord for the account of Landlord, in the amount of $25,500.00. The
Letter of Credit shall be for one year and shall be renewed by Tenant each and every year until the
termination of this Lease. Each renewal shall be delivered to Landlord not less than 60 days
before the expiration of the then current Letter of Credit. Failure to deliver such new Letter of
Credit on or before said date shall be a material breach of this Lease and
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Landlord shall have the right, among other remedies provided hereunder, to present the
existing Letter of Credit for payment.
65. SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT
65.1 This Lease, including any options for renewal contained herein or executed in connection
herewith, shall be subject and subordinate to any ground lease, underlying lease and/or all
mortgages made or given by Landlord, which now or hereafter affect the real property of which the
Demised Premises forms a part, and to all renewals, modifications, consolidations, replacements and
extensions thereof.
65.2 Landlord shall request from the lessor under any ground or underlying lease and/or
mortgagees holding any mortgage affecting the Building or the Demised Premises, an agreement
substantially in the form of Exhibit H attached hereto.
65.3 Tenant hereby agrees that within ten days following request by any such Landlord or by
the holder of any mortgage, described in this Article, it shall execute, acknowledge and deliver an
agreement in form substantially similar to that described in Section 65.2 of this Article.
65.4 Tenant agrees to provide Landlord upon request, a consolidation balance sheet and profit
and loss statement of operations for the most current past year, compiled for the confidential use
of Landlord, when required in good faith by Landlord, in connection with a sale of the Building or
Demised Premises, mortgage applications, renewals thereof or inquires by the present mortgagee or
future mortgagee.
IN WITNESS WHEREOF, Landlord has signed this Lease and this Rider, and Tenant, by its proper
corporate officers, has signed this Lease and this Rider this 2nd day of December, 1985.
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LANDLORD: BELLEMEAD DEVELOPMENT |
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CORPORATION |
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By: |
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WITNESS: |
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TENANT: TOTAL RESEARCH CORPORATION |
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By: |
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WITNESS: |
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00
XXXXXX XXXXX PLAN
[Diagram not shown]
Exhibit “A”- (Rental Plan)
to be attached to and made part of the Lease by and between BELLEMEAD DEVELOPMENT CORPORATION and
TOTAL RESEARCH CORPORATION, covering a portion of the Fourth Floor of 0 Xxxxxxxxxxxx Xxx,
Xxxxxxxxx, Xxx Xxxxxx 00000
THE PREMISES NOT TO SCALE
EXHIBIT “B” Lease Dated December 2, 1985.
By and Between, Landlord, BELLEMEAD DEVELOPMENT CORPORATION and TOTAL RESEARCH CORPORATION, Tenant.
WORK LETTER
Gentlemen:
You (hereinafter called “Tenant”) and we (hereinafter called “Landlord”) are executing
simultaneously, with this letter agreement, a written lease covering the space, as more
particularly described in said Lease (and hereinafter called “the demised premises”), in the
building to be known as .
To induce Tenant to enter into said lease which is hereby incorporated by reference to the
extent that the provisions of this agreement may apply thereto and in consideration of mutual
covenants hereinafter contained, Landlord and Tenant mutually agree as follows:
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All such plans and specifications are expressly subject to Landlord’s written approval, which
Landlord covenants it will not unreasonably withhold. Tenant covenants and agrees to comply,
at Tenant’s sole cost and expense, with the regulations of appropriate governmental agencies
in such form as Landlord may direct. |
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A. |
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PREPARATION OF PLANS & SPECIFICATIONS |
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Tenant shall, as hereinafter set forth, submit to Landlord
preliminary plans and specifications (“Tenant’s Plans & Specifications”), which
“Tenant Plans & Specifications” shall contain information sufficient to enable |
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Landlord to prepare plans and specifications (the “Construction Documents”). |
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Landlord shall, based upon Tenant’s Plans and Specifications
submitted to Landlord by Tenant, prepare the “Construction Documents.” |
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There shall be no cost to Tenant for preparation of that
portion of the Construction Documents which are prepared in accordance with
those standards of construction hereinafter set forth in paragraph “B” (General
Construction), “C” (Electrical Construction), and “D” (Heating, Ventilating and
Air-Conditioning). |
Landlord has purchased and shall install at no additional cost to Tenant the
following Standards of Construction.
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FLOORS |
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Floors will be finished in vinyl asbestos tile, or yarn dyed continuous
filament Olefin treated for static resistance and color fastness 24-ounce
(minimum weight) carpet. Wall base will be 4” high vinyl in building
standard colors. |
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CEILINGS |
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Ceilings will be 2’0” x 4’0” x 5/8” acoustic nubby, lay-in tile installed
with exposed splines in existing ceiling grid. Ceiling heights to be
minimum of 8’ 4”. |
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Partitions within Tenant spaces will extend
from floor to hung ceiling and will be studded with 3-5/8” metal studs,
1/2” thick, taped and painted, gypsum wallboard on both sides without
insulation. |
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There will be no jogs, curves or angles in any
partition. |
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Internal partitions shall be mutually agreed
and Landlord shall allow for a reasonable amount. For the purposes of
this paragraph, 60 linear feet of partitions for every 1,000 s.f. of
useable area will be provided. |
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DOORS AND FRAMES |
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Interior doors and frames shall be factory prefinished. Building standard
door size 3’-0” x 8’-0” x 1-3/4” solid core wood doors (maximum one door for
000 xxxxxx xxxx xx xxx xxxxxxx xxxx). |
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HARDWARE |
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Locksets with one key and exposed closer will be provided on entrance door.
Standard latchsets and door stops will be provided for all interior doors. |
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WINDOWS |
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Windows solar reflected butted glass with interior adjustable blinds. The
Tenant may add decorative draperies provided and installed at his own cost. |
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PAINTING |
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All partitions painted two coats flat latex finish Colors are selected from
Landlord’s Standard Con-Lux Color Chart. One color per room. Dark colors
and additional accent colors per room will be charged for. |
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ELECTRICAL CONSTRUCTION |
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WIRING |
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Facilities sufficient for 1.5 xxxxx per square feet of useable area
connected load at 110-120 V single phase for general use and facilities
sufficient for 2.5 xxxxx per square feet of useable area connected load at
265/460 V or 277/460 V, 3-phase for fluorescent lighting. |
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LIGHTING |
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Furnish and install one 2’-0” x 4’-0” recessed fluorescent unit containing
four 40 watt rapid start lamps with 11/2 x 11/2 x 1 silver parabolic plastic
cube louver and return air frames for every 80 s.f. of net useable area.
Cost of lamps and ballast not included beyond initial installation. |
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ELECTRICAL OUTLETS |
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Furnish and install one duplex electrical receptacle outlet for every 200
square feet of useable area to be located on interior partitions at a height
of 18” above finished floor. |
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TELEPHONE OUTLETS |
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Tenant shall make arrangements with and pay for installation to the
Telephone Company for its required installation with the demised premises
and will cause Telephone Company work to be performed at a |
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time compatible with Landlord’s work. Telephone installation to be in
compliance with the National Electric Code -#300-22 and all other code
requirements.
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5. |
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SWITCHES |
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Tenant area lighting to be controlled by switches within the area. |
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D. |
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HEATING, VENTILATING AND AIR-CONDITIONING |
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1. |
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Furnish and install a complete year-round heating, ventilating,
and air-conditioning system to provide interior conditions to 78 degrees F. dry
bulb and 50% relative humidity when outside conditions are 95degrees F. dry
bulb and 75 degrees F. wet bulb, and 70 degrees F. inside when outside
temperatures are 0 degrees F. The air-conditioning system will include a
reasonable amount of duct work and diffusers for the building standard
partition allowances and shall provide not less than 0.15 cubic feet of outside
air per minute per square feet of useable floor area, provided that in any
given room or area of Tenant’s demised premises, the occupancy does not exceed
one person (1) per each 150 square feet of useable floor area and total
electric load does not exceed 3 xxxxx per square feet for all purposes,
including lighting and power. |
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2. |
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Where required by code, Landlord has furnished and installed
full floor sprinkler systems. Landlord shall, at his expense, alter existing
systems, to maintain code, to the extent as required by the partition
allowance, as set forth in Paragraph B. |
5
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1. |
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Landlord further agrees to approve or perform, at Tenant’s
request, upon submission by Tenant of acceptable plans and specifications any
additional or non-standard work over and above that specified in Paragraphs B,
C and D hereof. Such “extra work” shall be performed by Landlord, at Tenant’s
sole expense, as a Tenant extra. Prior to commencing any such work requested
by Tenant, Landlord will submit to Tenant written estimates of the cost of any
such work. If Tenant shall fail to approve in writing any such estimate within
five (5) working days the same shall be deemed disapproved in all respects by
Tenant and Landlord shall not be authorized or obligated to proceed thereon.
Tenant agrees to pay Landlord, promptly upon being billed therefor. Tenant
agrees that the same shall be collectable as additional rent pursuant to the
Lease and in default of payment thereof, Landlord shall (in addition to all
other remedies) have the same rights as in the event of default of payment of
rent. |
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2. |
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Tenant may, at its option, after occupancy of premises, employ
its own subcontractors for finishing trades work, such as carpentry, millwork,
cabinet work, carpeting and draperies as may be initially furnished and
installed by Tenant in the demised premises, provided such subcontractors work
in harmony with, and do not interfere with the labor employed by the Landlord,
its contractors, and otherwise comply with the provisions of the |
6
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Lease, and provided Tenant’s subcontractors accept the administrative
supervision of Landlord’s representatives. |
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3. |
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Workmen’s Compensation, public liability insurance and property
damage insurance, with a Hold Harmless provision, all in amounts and with
companies reasonably satisfactory to Landlord, shall be maintained by such
finish trades subcontractors; certificates of such insurance shall be furnished
to Landlord, prior to commencement of work, for review and approval. |
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4. |
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No credit is intended nor shall be allowed for any unused
portion of work allowed by the Landlord. |
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5. |
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It is agreed that notwithstanding the date provided in the
Lease for commencement thereof, Tenant’s obligation for the payment of rent
under the Lease shall not commence until Landlord shall have substantially
completed all work to be performed by Landlord as hereinbefore set forth in
Paragraphs B, C, and D hereof provided, however, that if Landlord shall be
delayed in substantially completing the work to be done by Landlord as a result
of: |
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a. |
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Tenant’s failure to furnish plans and
specifications in accordance with Paragraph F hereof or approvals of
cost estimates; or |
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b. |
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Tenant’s request for materials, finishes or
installations other than Landlord’s standard; or |
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c. |
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Tenant’s changes in the said plans; or |
7
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d. |
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The performance by a person, firm or
corporation employed by Tenant and the completion of the said work by
the said person, firm, or corporation, then the commencement of the
term of said Lease, and the payment of rent thereunder shall accelerate
by the number of days of such delay. |
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F. |
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SCHEDULE OF DELIVERY OF TENANT’S DRAWINGS |
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1. |
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Tenant shall furnish Landlord for its approval the following
complete descriptive information and drawings including both Basic Construction
and Finish Work on or before the dates listed below: |
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1. |
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The location and extent to floor
loading and floor openings in excess of building standard. |
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2. |
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The special air-conditioning
needs by location and general description of need. |
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3. |
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Location and description of
special plumbing requirements. |
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4. |
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Estimated total electrical load
including lighting for entire space. |
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5. |
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Location and description of
special floor loading areas as libraries, computer rooms, and
file rooms. |
Show amount and location of areas requiring loads in excess of building
standard.
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1. |
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Partition locations, and type. |
8
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2. |
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Door locations, size and type |
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3. |
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Reflected ceiling plans. |
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4. |
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Location of electrical outlets and telephone outlets. |
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5. |
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Any structural architectural installations. |
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6. |
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Air-conditioning loads. |
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7. |
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Specific plumbing requirements,
including plans and sections. |
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8. |
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Cabinet work and any other
information affecting other trades. |
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9. |
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Non-building standard ceiling
heights and/or materials, and any other information not
delineated in 1(c) below. |
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10. |
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Location of electrical and telephone room. |
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1. |
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Decorative plans including paint
schedule, floor coverings, draperies, wall coverings. |
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2. |
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Non-structural architectural detailing. |
If Tenant fails to furnish such drawings and information within the time
prescribed (or any further information within 5 days after written demand),
Landlord may complete the Demised Premises in a manner satisfactory to
Landlord.
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2. |
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FILING OF PLANS |
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Upon receipt of tenant approved drawings and executed construction proposal,
Landlord shall without delay file all necessary plans and obtain |
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all necessary approvals and permits in connection with the Finish Work. No
construction work will proceed without the insurance or required permits. |
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3. |
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BILLING |
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Landlord or its agent may submit statements to Tenant for sums due it
hereunder monthly, for the work performed to date and/or for materials
delivered to job site during the previous month and the same shall be
payable by Tenant to Landlord or its designee within five days thereafter. |
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4. |
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SUBSTITUTIONS |
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All finish work shall require the installation of new materials at least
comparable to the quality installed in building. Tenant may substitute
material, equipment, and fixtures for those specified for Basic Construction
with written consent of Landlord. Tenant shall pay Landlord the cost to
Landlord for such substitute items which are in excess of such substitution
item plus additional xxxx-up for Landlord’s expenses and profit in the
handling of the substitution. Tenant may also request Landlord to omit the
installation of any item not therefore installed and provided such omission
shall not delay Landlord’s work. Landlord shall not be obligated to install
the same. Tenant shall be entitled to any credit for any such item omitted
against any additional item or any item of a different kind of character. |
10
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G. |
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ENTRY OF DEMISED PREMISES BY TENANT |
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Landlord may elect to permit Tenant and its agent to enter the demised premises
prior to the date specified for the commencement of the term of said Lease in order
that Tenant may perform or have performed such work within the premises as tenant
may desire to perform or have performed at the same time that Landlord’s contractors
are working in the space. The foregoing approval to enter prior to commencement of
the term, however, is conditioned upon Tenant’s workmen and mechanics working in
harmony and not interfering with the labor employed by Landlord, Landlord’s
mechanics or contractors or by any other Tenant or their contractors and compliance
with the terms of the Lease. If at any time such entry shall cause disharmony or
interference therewith, this license may be withdrawn by Landlord upon forty-eight
(48) hours’ written notice to Tenant, and further provided that, Workmen’s
Compensation and public liability insurance and property damage insurance, with Hold
Harmless provision, all in amounts and with companies and on forms satisfactory to
us, shall be provided and at all times maintained by your contractors engaged in the
performance of the work, and before proceeding with the work, certificates of such
insurance shall be furnished to us.
Such entry shall be deemed to be under all of the terms, covenants, provisions and
conditions of the said Lease except as to the covenant to pay rent. Landlord shall
not be liable in any way for any injury, loss or damage which may occur to any
Tenant’s decorations or installations so made prior to the commencement of the term
of the Lease, the same being solely at Tenant’s risk. |
11
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The provisions of this Work Letter are specifically subject to the provisions of the
Lease. |
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If the foregoing correctly sets forth our understanding, kindly sign two copies of
this letter agreement where indicated. |
12
EXHIBIT C
BEGINNING at a point on the Westerly sideline and 30’ from the centerline of Independence Way, said
point being distant six hundred thirty-seven and nineteen hundredths feet (637.19’) Easterly from
the intersection of the projection of the Westerly sideline of Independence Way with the projection
of the Southerly sideline of U.S. Route 1, and from said point of beginning running; thence (1)
along the Westerly sideline of Independence Way along a curve to the right having a radius of four
hundred ninety and zero hundredths feet (490.00’) an arc length of eight hundred sixty-nine and
fifty-two hundredths feed (869.52’) to a point; thence (2) still along the Westerly sideline of
Independence Way, South forty-two degrees, forty-five minutes, fifty-five seconds West (S-42° -45’
-55” –W) a distance of one hundred seventy and sixty-nine hundredths feed (170.69’) to a point;
thence (3) along the lands of Lot 3,93 in Block 80.01, North forty-seven degrees, fourteen minutes,
five seconds West (N-47° -14’ -05” –W) a distance of three hundred forty-eight and twenty-three
hundredths (348.23’) to a point; thence (4) still along the lands of Lot 3.03 in Block 80.01, North
seventy-eight degrees, eighteen minutes, nine seconds West (N-78° -18’ -09°W) a distance of two
hundred eighty-one and twenty-five hundredths feet (281.25’) to a point; thence (5) along the lands
of Lot 3.05 in Block 80.01, North forty-two degrees, forty-five minutes, fifty-five seconds East
(N-42° -45’ -55”E) a distance of seven hundred ninety-five and seventy hundredths feet (795.70’) to
the point and place of beginning.
Containing 8.1465 acres of land.
The above described lands are known as Lot 3.04 in Block 88.01 on the South Brunswick Township
Tax Map and on the “Final Plat (Section Three) Princeton Corporate Center” as filed in the
Middlesex County Clerk’s office on October 14, 1983 as Map No. 4621.
13
LANDLORD: BELLEMEAD DEVELOPMENT CORPORATION
TENANT: TOTAL RESEARCH CORPORATION
EXHIBIT “D”
CLEANING SERVICE RIDER
General Cleaning Office Area
Cleaning Services provided five (5) days per week.
Cleaning hours Monday through Friday, between 5:30 p.m. and before 8:00 a.m. of the following day.
On the last day of the week the work will be done after 5:30 p.m. Friday, but before 8:00 a.m. on
Monday.
No cleaning on holidays.
Furniture will be dusted and desk tops will be wiped clean. However, desks with loose papers on
the top will not be cleaned.
Window xxxxx and baseboards to be dusted and washed when necessary.
Office wastepaper baskets will be emptied.
Cartons or refuse in excess of that which can be placed in wastepaper baskets will not be removed.
Tenants are required to place such unusual refuse in trash cans or a spot designated by the
Landlord.
Cleaner will not remove nor clean tea or coffee cups or similar containers; also, if such liquids
are spilled in wastebaskets, the wastebaskets will be emptied but not otherwise cleaned.
Vinyl asbestos tile floors will be swept daily and damp-mopped as needed.
14
CLEANING SERVICE RIDER
Carpets will be swept daily and vacuumed weekly.
All closet shelving, coat racks, etc., will be dusted weekly.
Seat cushions on chairs, sofas, etc., will be vacuumed weekly.
Lavatories
All lavatory floors to be swept and washed with disinfectant nightly.
Tile walls and dividing partitions to be washed and disinfected weekly.
Basins, bowls, urinals to be washed and disinfected daily.
Mirrors, shelves, plumbing work, bright work, and enamel surfaces cleaned nightly.
Waste receptacles and wash dispensaries to be filled with appropriate tissues, towels and soap
supplied by landlord.
Main Lobby Elevators, Building Exterior & Corridors
Wipe and wash all floors in Main Lobby nightly.
Wipe and/or vacuum elevator floor nightly.
Polish floors weekly in elevator.
Elevator cab to be wiped clean daily and thoroughly cleaned and polished weekly.
Lobby entrance doors, windows to be washed weekly.
Windows will be cleaned when necessary but not less than once every eight weeks, inside and
outside.
15
CLEANING SERVICE RIDER
Miscellaneous Services
Sweep sidewalk in front of building entrances daily.
Remove snow and ice from sidewalks when accumulation reaches 3” or more.
Remove snow from parking areas when accumulation reaches 3” or more.
Keep stairways clean at all times.
Keep Custodian’s Rooms and Mechanical Rooms clean and in orderly condition at all times.
Work Excluded
Cleaning services do not include the washing nor polishing, nor waxing of furniture, files,
cabinets, wastebaskets or other personal property of Tenant. When such work is necessary, Tenant
may make necessary arrangements for same directly with Landlord’s cleaning employees, or if
preferred, with outsiders.
16
EXHIBIT “E”
LEGAL HOLIDAY
New Year’s Day
Washington’s Birthday
Memorial Day
Independence Day
Labor Day
Thanksgiving
Christmas
Xxxxxx Xxxxxx Xxxx’x Birthday (Future Holiday)
17
EXHIBIT “G”
To Lease between BELLEMEAD DEVELOPMENT CORPORATION and
TOTAL RESEARCH CORPORATION
“Tenant Construction Allowance”
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Item 1 928 lineal feet of building standard partition in excess of
Workletter allowance of 869 lineal feet |
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$ |
32,480.00 |
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Item 2 28 doors and frames in excess of Workletter allowance of 36 |
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$ |
12,180.00 |
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Item 3 6 double doors and 1 pocket door |
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6,031.00 |
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Item 4 Sound equipment & wiring to a maximum of |
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1,000.00 |
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Item 5 28 feet of modular closet shelf |
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700.00 |
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Item 6 Telephone mounting backboard |
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300.00 |
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Item 7 Kitchen cabinets, sink, stove and microwave, dishwasher,
refrigerator, plumbing and exhaust system |
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10,597.00 |
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Item 8 One-way mirror as shown |
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5,300.00 |
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Item 9 Insulated walls as shown |
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680.00 |
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Item 10 22 lineal feet of woodwork writing ledger and 9 feet of woodwork
countertop |
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1,550.00 |
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Item 11 330 square feet of raised floor |
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6,600.00 |
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Item 12 7 dedicated and 58 building standard electrical outlets |
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7,500.00 |
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Item 13 22 down lights |
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3,300.00 |
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Item 14 6 dedicated circuits with isolated grounds in Computer Room
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4,725.00 |
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Item 15 Upgraded HVAC |
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10,450.00 |
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Item 16 11/2 ton air-conditioning unit in Computer Room |
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4,500.00 |
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18
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Item 17 5,576 sq. ft. of Type 1 vinyl |
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8,922.00’ |
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Item 18 409 square yards of upgraded appraisal carpet |
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7,127.00 |
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Item 19 30 Computer drops |
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N/C |
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$ |
123,942.00 |
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19
EXHIBIT “H”
NON-DISTURBANCE AND
ATTORNMENT AGREEMENT
This
NON-DISTURBANCE and ATTORNMENT AGREEMENT is made on , ___ by
and between , a corporation with offices at
(the “MORTGAGEE”), and ,
a corporation with offices at (the
“TENANT”)
Recitals
A. MORTGAGEE is the holder of that certain mortgage (the “Mortgage”), dated
and recorded on in Mortgage Book
, Page in the office of the Clerk of , relating to the
premises known as and more particularly described on Exhibit A attached
hereto (“Premises”); and
B. TENANT has entered into that certain lease agreement (“Lease”) dated
for (“Leased Premises”)
with (“LANDLORD”); and
C. The Lease provides that it shall be subordinate to any mortgage on the Premises; and
20
D. TENANT desires certain assurances that its possession of the Leased Premises shall not be
disturbed, and MORTGAGEE is willing to grant certain assurances upon the terms and conditions
hereinafter set forth.
Agreement
In consideration of the mutual covenants herein contained and intending to be legally bound
hereby, the parties agree as follows:
A. In the event of a default under the Mortgage, or should it become necessary to foreclose
the Mortgage, the MORTGAGEE shall not join the TENANT in any foreclosure proceedings, nor shall
TENANT’s leasehold estate under the Lease be disturbed or terminated, so long as TENANT is not in
default under any of the terms, covenants and conditions of this Lease.
B. In the event that the holder of such Mortgage or any of its successors or assigns, shall
hereafter succeed to the interest of the Landlord under the Lease, the MORTGAGEE agrees to be bound
to the TENANT under all of the terms, covenants and conditions of the Lease, and the TENANT agrees
that from and after such event it shall attorn to and recognize such successor as TENANT’s Landlord
under the Lease. Upon such attornment:
(1) The Lease shall continue in full force and effect as a Lease directly between such
successor landlord and the TENANT hereunder, upon and subject to all of the terms, covenants and
conditions thereunder. All rights and obligations under the Lease shall continue as though the
interest of landlord had not been terminated;
(2) TENANT shall have all of the remedies provided in the Lease against the MORTGAGEE for the
breach of any agreement contained in the Lease that TENANT might
21
have had under the Lease against the Landlord hereunder, as if the MORTGAGEE had not succeeded to
the interest of the Landlord; except that MORTGAGEE shall not be:
i. liable for any act or omission of any prior landlord (including
the Landlord); or
ii. subject to any offsets or defenses which TENANT might have
against any prior landlord (including the Landlord); or
iii. bound by any rent or additional rent which TENANT might have
paid for more than or in advance of the current month to any prior
landlord (including the Landlord); or
iv. liable to TENANT for the return of any security deposit made
hereunder, unless the MORTGAGEE shall have actually received the
same and shall be entitled to retain and apply the same pursuant to
the terms of the Lease; or
v. bound by any amendment or modification of the Lease made without
its consent; and
(3) The provisions of the Mortgage shall govern with respect to the disposition of proceeds of
insurance or condemnation or eminent domain awards.
C. The foregoing provisions shall be self operative, however, TENANT agrees to execute and
deliver to MORTGAGEE any instrument that may be necessary to evidence such attornment within ten
(10) days after the MORTGAGEE shall give notice and demand to TENANT requesting the execution and
delivery of such instrument, accomplished by a draft of the proposed instrument. Should TENANT
fail or refuse to do so, TENANT hereby irrevocably appoints Landlord its attorney-in-fact to
execute such instrument on behalf of TENANT.
22
D. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first above written.
The terms of the aforementioned Agreement are hereby consented and agreed to:
23
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STATE OF
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: |
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ss.: |
COUNTY OF
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BE
IT REMEMBERED, that on this ___ day of 198_, before me the subscriber personally appeared
who, I am satisfied, is the person who signed the within instrument as
, the corporation named therein and he thereupon acknowledged that
the said instrument made by the corporation and sealed with its corporate seal, was signed, sealed
with the corporate seal and delivered by him as such officer and is the voluntary act and deed of
the corporation, made by virtue of authority from its Board of Directors.
24
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STATE OF
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ss.: |
COUNTY OF
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BE IT REMEMBERED, that on this ___
day of 198_, before me the subscriber personally appeared
who, I am satisfied, is the person who signed the within instrument as
, the corporation named therein and he thereupon acknowledged that
the said instrument made by the corporation and sealed with its corporate seal, was signed, sealed
with the corporate seal and delivered by him as such officer and is the voluntary act and deed of
the corporation, made by virtue of authority from its Board of Directors.
Prepared by:
The within instrument should be recorded and returned to:
25
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STATE OF
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ss.: |
COUNTY OF
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BE
IT REMEMBERED, that on this ___ day of 198_, before me the subscriber personally appeared
who, I am satisfied, is the person who signed the within instrument as
, the corporation named therein and he thereupon acknowledged that
the said instrument made by the corporation and sealed with its corporate seal, was signed, sealed
with the corporate seal and delivered by him as such officer and is the voluntary act and deed of
the corporation, made by virtue of authority from its Board of Directors.
26
[Diagram Not Shown]
4 STORY OFFICE BUILDING
EXHIBIT “I” to Lease between
BELLEMEAD DEVELOPMENT CORPORATION
and TOTAL RESEARCH CORPORATION
“Two Designated Parking Spaces to be lettered
TOTAL RESEARCH”
27
[Diagram Not Shown]
KEY PLAN
SCHEDULE A
FLOOR PLAN OF 19,401 RSF “ADDITIONAL SPACE”
SHOWN AS
XXXXX 0x, 0, 0, 0, 0 & 0 XX THE KEY PLAN ABOVE
28
[Diagram Not Shown]
KEY PLAN
SCHEDULE B
FLOOR PLAN OF 8,278 RSF “SURRENDER SPACE”
SHOWN AS UNITS 1 & 5 IN THE KEY PLAN ABOVE
29
IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment of Lease to be
executed on the day and year first written above.
Signed, sealed and delivered
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WITNESSED BY: |
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LANDLORD: |
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5 INDEPENDENCE
ASSOCIATES LIMITED PARTNERSHIP |
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By: |
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Xxxxxx X. Xxxxxx |
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Name:
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General
Partner |
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(Please Print) |
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ATTESTED BY: |
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TENANT: |
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TOTAL RESEARCH CORPORATION |
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By: |
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Xxxxx Xxxxxxx |
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Name:
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Chairman
and |
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(Please Print)
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Chief Executive Officer |
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Title: Corporate Secretary |
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APPLY CORPORATE SEAL HERE |
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ATTESTED BY: |
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AGENT FOR LANDLORD: |
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BELLEMEAD MANAGEMENT CO., INC. |
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By: |
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Xxxx Xxxxxxx Xxxx
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Xxxxx X. Xxxxxxxx |
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Assistant Secretary
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Vice
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APPLY CORPORATE SEAL HERE |
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30
FIRST AMENDMENT OF LEASE
THIS AGREEMENT is made this
day of
, 1988, between 5 INDEPENDENCE
ASSOCIATES LIMITED PARTNERSHIP, a
New Jersey limited partnership, having an address of x/x
Xxxxxxxxx, 0 Xxxxxx Xxxx Xxxx, Xxxxxxxx, Xxx Xxxxxx 00000 (“Landlord”) and TOTAL RESEARCH
CORPORATION, a
New Jersey corporation, having an address at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx
Xxxxxx 00000 (“Tenant”).
INTRODUCTION
Landlord and Tenant have previously entered into a certain Agreement of Lease with Rider to
Lease dated December 2, 1985 (the “Lease”) for a portion of the fourth (4th) floor (the
“Demised Premises”) in the building located at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx 00000
(“Building”).
Tenant is desirous of increasing the size of the Demised Premises by the addition of some 12,
000 xxxxxx xxxx xx xxx xxxxxx (0xx xxxxx) (“Additional Space”) as illustrated on Exhibit
A attached hereto and made a part hereof. The parties hereto desire to modify the Lease in certain
respects.
AGREEMENT
Landlord and Tenant hereby agree as follows:
1. The Demised Premises shall include the Additional Space on a date (“Additional Space
Commencement Date”) which shall be the day when either (i) Substantial Completion (as defined in
Section 37.1 of the Rider to Lease) of the Additional Space occurs or (ii) Tenant or anyone
claiming under or through Tenant first occupies the Additional Space for the conduct of its
business, whichever occurs earlier.
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[MISSING PARAGRAPH 2]
provide that the termination date of the Lease shall be December 31, 1991 (“Termination Date”).
3. The Additional Space shall be completed and prepared for Tenant’s occupancy in the manner,
and subject to the terms, conditions and covenants act forth on Exhibit B. attached hereto and made
a part hereof. The services, materials and work to be so furnished, installed and performed in the
Additional Space by Landlord are hereinafter referred to as “Tenant’s Work”.
4. In connection with Tenant’s Work, Tenant shall prepare a final plan or final set of plans
and specifications (“Final Plan”) which shall contain complete information and dimensions necessary
for the construction and finishing of the Additional Space and for the engineering in connection
therewith.
5. Landlord shall grant Tenant an allowance in the amount of SIX and 00/100 DOLLARS ($6.00)
per useable square foot contained within the Additional Space less TWENTY TWO THOUSAND FIVE
HUNDRED FIFTY FOUR AND 00/100 DOLLARS ($22,554.00) pursuant to that certain letter agreement
between Landlord and Tenant dated October 16, 1986 said allowance shall be
applied in reduction of Tenant’s obligation to pay Landlord all costs and expenses incurred by
Landlord in performing Tenant’s “extra work” (defined in Paragraph E.1. of Exhibit B). The
difference between the cost of Tenant’s Work and said allowance shall be paid by Landlord to Tenant
to be applied toward moving, decorating and telephone installation, and shall be reimbursed to
Tenant by Landlord within thirty (30) days following the Additional Space Commencement Date.
6. The Agreement of Lease is hereby amended to provide that Tenant shall pay to Landlord an
annual minimum rent (“Minimum Rent”) at the rate of FIVE HUNDRED TWENTY SIX THOUSAND SEVEN HUNDRED
SIXTEEN AND 00/100 DOLLARS
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($526,716.00), payable in advance in equal monthly installments of FORTY THREE THOUSAND EIGHT
HUNDRED NINETY THREE AND 00/100 DOLLARS ($43,893.00).
7. Article 37.3 of the Rider to Lease is hereby amended to provide that the Rent Commencement
Date shall be January 1, 1988.
8. Article 36.2 of the Rider to Lease shall be deemed as of the Additional Space Commencement
Date to provide that (i) the 29,262 square feet, and (ii) the Occupancy Percentage shall be 26
percent.
9. The first sentence of Article 33 is hereby deleted and the following shall be deemed
inserted as the new first sentence of Article 33: “Tenant has deposited with Landlord the sum of
$87,786.00 as security for the faithful performance and observance by Tenant of the terms,
provisions and conditions of this Leases:”
10. The first sentence of Article 64.1 is hereby deleted and the following shall be deemed
inserted as the new first sentence of Article 64.1: “Tenant, in lieu of cash, may deliver to
Landlord an irrevocable negotiable Letter of Credit (the “Letter of Credit”) issued by and drawn on
a bank or trust company in form and content reasonable acceptable to Landlord for the account of
Landlord, in the amount of $87,786.00.”
11. The following Article 65 shall hereby be added to the Rider of Lease:
65. ADDITIONAL SECURITY
65.1 Supplementing the requirements of paragraph 33 of the Printed Portion of this Lease and
Section 64.1 of the Rider to Lease, Tenant shall deposit with Landlord no later than February 1,
1987 an additional sum in the amount of $131,689.00 as further security (“Additional Security”) for
the faithful performance of observance by Tenant of the terms, provisions and conditions of this
Lease.
65.2 Tenant, in lieu of cash, may deliver to Landlord an irrevocable negotiable Letter of
Credit (“Letter of Credit for Additional Security”) issued by and drawn on a bank or trust company
in form of content reasonably acceptable to Landlord for the account of Landlord, in the amount of
$131,689.00. The Letter of Credit for Additional Security shall be for one year
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and shall be renewed by Tenant each and every year until the termination of this Lease. Each
renewal shall be delivered to Landlord not less than 60 days before the expiration of the then
current Letter of Credit for Additional Security. Failure to deliver such new Letter of Credit for
Additional Security on or before said date shall be a material breach of this Lease and Landlord
shall have the right, among other remedies provided hereunder, to present for payment the existing
Letter of Credit for Additional Security.
65.3 At Tenant’s election, Tenant may, in lieu of delivering $131,689.00 or the Letter of
Credit for Additional Security, furnish Landlord no later than December 7, 1986 a personal
guarantee in form satisfactory to Landlord (“Personal Guarantee”) executed individually by the
President and Chief Executive Officer of Tenant (“Guarantor”) as security for the faithful
performance and observance by Tenant of the terms, conditions and provisions of this Lease.
65.4 In the event Tenant achieves a net worth, computed in accordance with generally accepted
accounting principles, of no less than $3,000,000.00, and delivers proof satisfactory to Landlord
of such net worth (Minimum Net Worth), then Landlord shall either, as the case may be, (i) return
to Tenant any undisbursed remainder of the Additional Security, (ii) excuse Tenant from its
obligation of maintaining for the account of Landlord the Letter of Credit for Additional Security
or (iii) relieve the Guarantor from performing under the terms of the Personal Guarantee. If, in
Landlord’s reasonable opinion, Tenant’s net worth falls below Minimum Net Worth, Landlord may
require Tenant, on demand, to deliver either (i) Additional Security, (ii) a Letter of Credit for
Additional Security or (iii) a Personal Guarantee.
12. Tenant represents that it has had no dealings or communications with any real estate
broker or agent in connection with this First Amendment of Lease other than Xxxxxx Xxxxxx &
Associates, Inc. Tenant agrees to pay, defend, indemnify, and hold Landlord, its partners and
their affiliates and/or subsidiaries harmless from and against any and all costs, expenses or
liability (including reasonable attorney’s fees) arising out of any inaccuracy or alleged
inaccuracy of the immediately foregoing representation.
13. Tenant represents that the undersigned officer of the Tenant corporation has been duly
authorized on behalf of the Tenant corporation has been duly authorized on behalf of the Tenant
corporation to enter into this First Amendment of Lease in accordance with the terms, covenants and
conditions set forth herein, and, upon Landlord’s request, Tenant shall deliver an appropriate
certification by the Secretary of the corporation to the foregoing effect.
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14. Tenant agrees to accept the Additional Space in its condition and state of repair as of
the Additional Space Commencement Date.
15. Except as expressly amended hereby, the Lease and all terms, covenants and conditions
thereof, shall remain in full force and effect.
16. Notwithstanding anything to the contrary contained in the Lease, Landlord shall provide
and furnish appropriate heat, air-conditioning or ventilation to the Demised Premises between the
hours of 8:00 AM and 7:00 PM Monday through Friday during the months of June, July, August and
September other than Legal holidays (which are listed on Exhibit “E” of the Lease).
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment of Lease to be
executed on the day and year first written above.
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SIGNED, sealed and delivered |
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5 INDEPENDENCE
ASSOCIATES LIMITED PARTNERSHIP |
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IN THE PRESENCE OF
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By: |
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OR ATTESTED BY:
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Xxxxxx X. Xxxxxx,
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General
Partner |
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TOTAL RESEARCH CORPORATION |
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By: |
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,
President |
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35
SECOND AMENDMENT OF LEASE
This SECOND AMENDMENT OF LEASE is made as of the 27
th day of November, 1990 between
5 INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a
New Jersey limited partnership, having an address
c/o Bellemead Management Co., Inc., 280 Corporate Center, 0 Xxxxxx Xxxx Xxxx, Xxxxxxxx, Xxx Xxxxxx
00000 (hereinafter called “Landlord”) and TOTAL RESEARCH CORPORATION, a
New Jersey corporation,
having an office at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx 00000 (hereinafter called “Tenant”).
W I T N E S S E T H:
WHEREAS:
A. Bellemead Development Corporation, predecessor-in-interest to Landlord, and Tenant
heretofore entered into a certain lease dated December 2, 1985, as amended on July 31, 1986 and
January 5, 1987 (said lease as it was or may hereafter be amended is hereinafter called the
“Lease”) with respect to a portion (“Demised Premises”) of the building known as Independence Way,
Princeton,
New Jersey (“Building”), for a term ending on December 31, 1991 or on such earlier date
upon which said term may expire or be terminated pursuant to any conditions of limitation or other
provisions of the Lease or pursuant to law;
B. Tenant is desirous of increasing the size of the Demised Premises by the addition of some
5,278 rentable square feet (“Additional Space I”) on the third (3rd) floor of the
Building as illustrated on Schedule A, attached hereto and made a part hereof;
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C. Tenant is also desirous of further increasing the size of the Demised Premises by the
addition of some 3,000 rentable square feet (“Additional Space II”) on the third (3rd)
floor of the Building as illustrated on Schedule B, attached hereto and made a part hereof; and
D. The parties desire to amend the Lease in certain other respects.
NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter contained,
the parties hereto modify the Lease as follows:
1. All defined terms contained in this First Amendment of Lease, shall, for the purposes
hereof, have the same meaning ascribed to them in the Lease.
2. The Demised Premises shall be deemed expanded to include Additional Space I on the date
occurring five (5) days after Landlord sends Tenant a notice stating that Additional Space I is
free of any occupants (the date occurring five (5) days after Landlord sends Tenant said notice is
hereinafter referred to as “Additional Space I Commencement Date”). As of the Additional Space I
Commencement Date, the attached Schedule A shall be added to and become a part of Exhibit A to the
Lease. On or about the Additional Space I Commencement Date, Landlord shall deliver to Tenant a
notice (‘Additional Space I Commencement Date Notice”) confirming, among other things, the
inclusion of Additional Space I within the Demised Premises as of the Additional Space I
Commencement Date. Tenant shall acknowledge receipt of the Additional Space I Commencement Date
Notice by signing a copy of same and returning it to Landlord within five (5) days after Tenant’s
receipt thereof.
3. The Demised Premises shall be deemed further expanded to include Additional Space II on
February 1, 1992 (hereinafter referred to as “Additional Space II Commencement Date”). As of the
Additional Space II Commencement Date, the attached Schedule B shall be added to and become a part
of Exhibit A to the Lease. On or about the Additional Space II
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Commencement Date, Landlord shall deliver to Tenant a notice (“Additional Space II
Commencement Date Notice”) confirming, among other things, the inclusion of Additional Space II
within the Demised Premises as of the Additional Space II Commencement Date. Tenant shall
acknowledge receipt of the Additional Space II Commencement Date Notice by signing a copy of same
and returning it to Landlord within five (5) days after Tenant’s receipt thereof.
4. Notwithstanding anything to the contrary contained in the Lease, the date set forth in the
Lease for the expiration of the term thereof is hereby modified so that the Termination Date shall
be December 31, 1996.
5. The Lease is hereby amended to provide that the Minimum Rent, on an annual basis, shall be:
(i) FIVE HUNDRED TWENTY SIX THOUSAND SEVEN HUNDRED SIXTEEN AND
00/100 DOLLARS ($526,716.00) for the period commencing on January 1,
1988 and ending one (1) day prior to the date occurring four (4)
months after the Additional Space I Commencement Date, payable in
advance on the first day of each calendar month in equal monthly
installments of FORTY THREE THOUSAND EIGHT HUNDRED NINETY THREE AND
00/100 DOLLARS ($43,893.00);
(ii) SIX HUNDRED TWENTY ONE THOUSAND SEVEN HUNDRED TWENTY AND 00/100
DOLLARS ($621,720.00) for the period commencing on the date
occurring four (4) months after the Additional Space I Commencement
Date and ending one (1) day prior to the Additional Space II
Commencement Date, payable in advance on the first day of each
calendar month in equal monthly installments of FIFTY ONE THOUSAND
EIGHT HUNDRED TEN AND 00/100 DOLLARS ($51,810.00); and
(iii) SIX HUNDRED SEVENTY FIVE THOUSAND SEVEN HUNDRED TWENTY AND
00/100 DOLLARS ($675,720.00) for the period commencing on the
Additional Space II Commencement Date and ending on the Termination
Date, payable in advance on the first day of each calendar month in
equal
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monthly installments of FIFTY SIX THOUSAND THREE HUNDRED TEN AND
00/100 DOLLARS ($56,310.00).
6. Section 36.2 of the Lease shall be amended as of the Additional Space I Commencement Date
to provide that (i) the Demised Premises shall be deemed to contain a floor area of 34,540 square
feet and (ii) the Occupancy Percentage shall be 30.5 percent.
7. Section 36.2 of the Lease shall be further amended as of the Additional Space II
Commencement Date to provide that (i) the Demised Premises shall be deemed to contain a floor area
of 37,540 square feet and (ii) the Occupancy Percentage shall be 33.15 percent.
8. As of the date hereof, delete from Section 57.1 of the Lease the phrase “with a copy to:
Xxxxxxx Xxxxxxxx, Esq., Simpson, Thacher & Xxxxxxxx, Xxx Xxxxxxx Xxxx Xxxxx, Xxx Xxxx, Xxx Xxxx
00000.”
9. As of the date hereof, Article 60 shall be deleted from the Lease.
10. If, on the date hereof, Landlord receives from Tenant security in the form of (y)
$100,000.00 cash or (z) a $100,000.00 Letter of Credit, then, in either case, Landlord shall, on
the date hereof, (i) release Guarantor from any obligation or liability arising under that certain
Guaranty Agreement dated October 26, 1990 stemming from events that occur after the date hereof and
(ii) return to Tenant any original Letter(s) of Credit of which Landlord has actual possession.
Should Landlord receive from tenant on the date hereof the aforementioned security, either in the
form of cash or Letter of Credit, Security presented in the form of cash will be returned to Tenant
with interest upon presentation of a Letter of Credit in form and substance satisfactory to
Landlord, Article 33 of the Lease shall govern the disposition of said security; if said security
is received in the form of a Letter of Credit, Section 64.1 of the Lease shall govern the term and
mandatory renewals of said Letter of Credit.
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11. Tenant represents that it has had no dealings or communications with any real estate
broker or agent, other than
of Xxxxxx Xxxxxx & Associates, Inc., in
connection with this Second Amendment of Lease. Tenant agrees to pay, defend indemnify and hold
Landlord, its partners, directors, officers and their affiliates and/or subsidiaries harmless from
and against any and all costs, expenses or liability (including attorney’s fees, court costs and
disbursements) for any commission or other compensation claimed by any broker or agent, other than
of Xxxxxx Xxxxxx Associates, Inc., with respect to this Second Amendment of
Lease.
12. Tenant represents that the undersigned officer of the Tenant corporation has been duly
authorized on behalf of the Tenant corporation to enter into this Second Amendment of Lease in
accordance with the terms, covenants and conditions set forth herein, and, upon Landlord’s request,
Tenant shall deliver an appropriate certification by the Secretary of the Tenant corporation to the
foregoing effect.
13. Guarantor consents to the terms of this Second Amendment of Lease and agrees that, subject
to Paragraph 10 hereof, the Guaranty Agreement of Guarantor dated October 26, 1990 remains in full
force and effect and is hereby in all respects ratified and confirmed by Guarantor.
14. As an inducement for Tenant to sign this Second Amendment of Lease, Landlord agrees that
on the date Landlord delivers to Tenant a fully executed Second Amendment of Lease that has been
signed, dated, witnesses, attested and sealed by Landlord, Tenant, Guarantor and Agent for
Landlord, Landlord shall give Tenant a check in the amount of ONE HUNDRED THOUSAND AND 00/100
DOLLARS ($100,000).
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15. Landlord shall give Tenant on the date Landlord receives said Additional Space I
Commencement Date Notice a check for FIFTY THOUSAND AND 00/100 DOLLARS ($50,000.00). Tenant agrees
that Landlord may deduct and retain from said check any amount due Landlord, including, but not
limited to, Minimum Rent, Adjusted Minimum Rent, additional rent, delinquency service charges,
interest or any payment made by Landlord for which Landlord is entitled to reimbursement by Tenant.
16. Landlord shall give Tenant on January 1, 1992 a check for ONE HUNDRED THOUSAND AND 00/100
DOLLARS ($100,000.00). Tenant agrees that Landlord may deduct and retain from said check any
amount due Landlord, including, but not limited to, Minimum Rent, Adjusted Minimum Rent, additional
rent, delinquency service charges, interest or any payment made by Landlord for which Landlord is
entitled to reimbursement by Tenant.
17. Tenant agrees to accept Additional Space I in its “as is” physical condition and state of
repairs as of the Additional Space I Commencement Date, except that Landlord shall, at its expense,
promptly repair any extraordinary damage that the tenant occupying Additional Space I on the date
hereof caused while vacating Additional Space I.
18. Tenant agrees to accept Additional Space II in its “as is” physical condition and state of
repairs as of the Additional Space II Commencement Date, except that Landlord shall, at its
expense, promptly repair any extraordinary damage that the tenant occupying Additional Space II on
the date hereof caused while vacating Additional Space II.
19. Except as expressly amended by this Second Amendment of Lease, that certain letter
agreement dated July 31, 1986 and that certain First Amendment of Lease dated January 5, 1987, the
Lease and all terms, covenants and conditions thereof, shall remain n full force and effect and are
hereby in all respects ratified and confirmed.
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20. Until Tenant (i) breaches any monetary term of the Lease, (ii) assigns the Lease to any
person or entity, except one that complies with Section 48.7 of the Lease or (iii) sublets all or
any part of the Demised Premises to any person or entity, except one that complies with
Section 48.7 of the Lease, Landlord shall, beginning as soon as reasonably practicable after
landlord receives a written demand from Tenant, display, at Landlord’s expense, the name of Tenant,
I Tenant’s standard logo type, on two (2) Building standard monuments each located on a driveway
leading to the Building. Except as otherwise provided in the immediately preceding sentence,
Landlord shall solely determine the size, material composition, design, color and location of any
such monuments and all text appearing on said monuments.
21. (a) Subject to the provisions of subsection (b) below, Tenant shall have a one time option
to increase on the Inclusion Date [hereinafter defined in subsection (b)(4)] the Demised Premises
by addition thereto Additional Space III (hereinafter defined). The foregoing expansion of the
Demised Premises shall be upon the terms and conditions of the lease, (including but not limited to
the definitions of the First Tax year and First Operating Year as set forth in Article 36 thereof),
except as specifically set forth hereinafter. Additional Space III shall either be the area shown
on Schedule C or the area shown on Schedule D, as Tenant shall select in the notice referenced in
subsection (b)(2) hereof. The Minimum Rent payable for Additional Space III shall be $18.00 per
rentable square foot contained within Additional Space III. As an accommodation to Tenant,
Landlord agrees that Minimum Rent on Additional Space III for the period commencing on the
Inclusion Date and ending four (4) months thereafter shall be waived. Except for this abatement,
Adjusted Minimum Rent for Additional Space III shall be due on the Inclusion Date and subsequent
installments shall be due as provided in the Lease.
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(b) Tenant’s one time option to increase the Demised Premises by adding thereto Additional
Space III as provided in subsection (a) above, shall be strictly conditioned upon and subject to
each of the following:
(1) Tenant may only exercise its one time option to add Additional Space III if Tenant has
been in continuous occupancy of the Demised Premises;
(2) By no later than January 31, 1991, Landlord shall receive from Tenant a written notice
(i) exercising this one time option and (ii) selecting the area shown either on Schedule C or D as
Additional Space III. Tenant’s failure to strictly comply with the immediately preceding sentence
shall conclusively be deemed a rejection of this one time option. By no later than February 28,
1991, Tenant shall have submitted to Landlord, in form and substance satisfactory to landlord,
detailed drawings and specifications (“Additional Space III Drawings”) for certain renovation work
in Additional Space III (“Additional Space III Renovation Work”). Tenant shall solicit fixed price
bona fide bids from one or more general contractors, first approved in writing by Landlord,
(“Approved Outside Contractor”), to perform Additional Space Iii Renovation Work. Subject to the
balance of this subsection (b)(2), Tenant may elect to have said Approved Outside Contractor
perform the Additional Space III Renovation Work. Tenant shall submit to Landlord by no later than
March 15, 1991 a single fixed bona fide bid from an Approved Outside Contractor to perform the
Additional Space III Renovation Work. Within ten (10) days after Landlord receives the Approved
Outside Contractor’s bid to perform the Additional Space III Renovation Work, Landlord shall have
the right to irrevocably appoint itself as Tenant’s general contractor and have Landlord perform
for Tenant the work described in the Additional Space III Drawings at a cost to Tenant not to
exceed 98% of the Approved Outside Contractor’s bid to perform said work [subject to the
Construction Credit hereinafter defined in
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subsection (b)(4)] within a time period (subject to delays beyond the reasonable control of
Landlord) not to exceed 110% of the estimated completion date (if any) recited in the Approved
Outside Contractor’s bid. If Landlord so desires to appoint itself as Tenant’s general contractor
and have Landlord perform for Tenant the Additional Space III Renovation Work at a cost to Tenant
not to exceed 98% of the Approved Outside Contractor’s bid to perform said work (subject to the
Construction Credit) within a time period (subject to delays beyond the reasonable control of
Landlord) not to exceed by more than five days the estimated completion date (if any) recited in
the Approved Outside Contractor’s bid, Landlord shall so notify Tenant in writing within ten (10)
days after Landlord receives said Approved Outside Contractor’s bid. If Landlord fails to timely
deliver said written notice to Tenant, Landlord shall not be deemed Tenant’s appointed general
contractor and Tenant shall be solely responsible for the Additional Space III Renovation Work; all
work not performed by Landlord shall be subject to the prior written approval of Landlord, which
approval shall not be unreasonably withheld or delayed;
(3) At all times before the Inclusion Date, Tenant shall not have breached any of the monetary
terms of this Lease;
(4) The Demised Premises shall be deemed to include Additional Space III on a date (“Inclusion
Date”) which shall e the later of (i) April 1, 1991 or (ii) the day Tenant or anyone claiming under
or through Tenant first occupies all or any part of Additional Space III. Tenant agrees to accept
Additional Space III in its “as is” physical condition and state of repair as of the Inclusion
Date, except that Landlord shall, at its expense, promptly repair any extraordinary damage that the
tenant occupying Additional Space III on the date hereof caused while vacating Additional Space
III. If the Additional Space III Drawings have been approved on a timely basis, Landlord [subject
to the terms of subsection (b)(2) hereof] shall furnish and install in
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accordance with said Additional Space III Drawings so much of the Additional Space III Renovation
Work as allowed by a credit (“Construction Credit”) to Tenant of $15.00 for each rentable square
foot contained within Additional Space III to be applied against Landlord’s invoice for the
Additional Space III Renovation Work. All or any portion of the Construction Credit that remains
unexpended by a date occurring sixty (60) days after the Inclusion Date shall be paid by Landlord
to Tenant in the form of a check within ninety (90) days after the Inclusion Date on the express
condition that (i) Landlord receive from Tenant a written demand for said check within sixty (60)
days after the Inclusion Date and (ii) Tenant has not been in monetary breach of any term of the
Lease on or before the date on which Landlord remits said check to Tenant. If Tenant requests,
after the Additional Space III Drawings have been approved, any changes, additions or deletions to
same and Landlord consents in writing to said change, additions or deletions, then, such
modifications shall be reduced to an “Extra” or “Change Order” to be executed by both Landlord and
Tenant, which shall indicate the work required and the cost thereof to be paid entirely by Tenant
on demand as additional rent;
(5) Within ten (10) days after the Inclusion Date, Tenant shall deposit with Landlord such
additional sums as may be required by Landlord to increase the security deposit, if any, then held
by Landlord proportionate to the increase in Minimum Rent; and
(6) Tenant shall, upon Landlord’s request, executed and deliver a Lease amendment prepared by
Landlord reflecting the inclusion of Additional Space III within the Demised Premises.
22. As of the date hereof, delete Article 61 of the Lease and insert the following as the new
Article 61 of the Lease;
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61. RIGHT OF FIRST OFFER
61.1 Landlord agrees that if any part of the Building shall become
available for leasing during the term, then, before offering said
space (the “Option Space”) to any other party (except the occupant
thereof or any party who has a prior right on the Option Space),
Landlord will first offer to Tenant the right to include the Option
Space within the Demised Premises on the Inclusion Date (hereinafter
defined) upon all of the terms and conditions of this Lease, as if
the Option Space had been part of the Demised Premises on the
Commencement Date, except as specifically set forth hereinafter.
The Inclusion Date shall be the date on which Tenant exercised its
option pursuant to the terms of this Article.
(a) The Minimum Rent payable with respect to the Option Space shall
commence on the Inclusion Date and shall be in the Market Rent (as
defined in clause (b) below) which shall in no event be less than
(ii) the product of 91) the Adjusted Minimum Rent per square foot
with respect to the Demised Premises on the date Landlord’s offer is
made and (2) the rentable square foot area of the Option Space.
(b) “Market Rent” shall mean the fair market rent for the Option
Space as of the Inclusion Date based upon the rents generally in
effect for comparable “as is” space in the area in which the
Building is located. Market Rent (for the purposes of determining
the Minimum Rent for the Option Space only) shall be determined on
what is commonly known as “gross” basis; that is, in computing
Market Rent it shall be assumed that all real estate taxes and
expenses for customary services are included in such Market Rent and
are not passed through to the Tenant as separate additional charges.
Notwithstanding the foregoing, the Minimum Rent for the Option
Space shall be thereafter increased from time to time as provided in
this Lease.
(c) Landlord shall notify Tenant (“Landlord’s Determination Notice”)
of Landlord’s determination of the Market Rent after Tenant
exercises its option to include the Option Space within the Demised
Premises on the Inclusion Date. If Tenant disagrees with Landlord’s
determination, Tenant shall notify Landlord (“Tenant’s Notice of
Disagreement”) within fifteen (15) days after receipt of Landlord’s
Determination Notice. Time shall be of the essence with respect to
Tenant’s Notice of Disagreement, and the failure of Tenant to give
such notice within the time period set forth above shall
conclusively be deemed an acceptance by Tenant of the Market Rent
as determined by Landlord and waiver by Tenant of
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any right to dispute such Market Rent. If Tenant timely gives its
Tenant’s Notice of Disagreement, then the market Rent shall be
determined as follows: Landlord and Tenant shall, within thirty
(30) days after the date on which Tenant’s Notice of Disagreement
was given, each appoint an Appraiser (hereinafter defined) for the
purpose of determining the Market Rent. An Appraiser shall mean a
duly qualified impartial real estate appraiser having at least ten
(10) years experience in the area in which the Building is located.
In the event that the two (2) Appraisers so appointed fail to agree
as to the Market Rent within a period of thirty (30) days after the
appointment of the second Appraiser, such two (2) Appraisers shall
forthwith appoint a third Appraiser who shall make a determination
within thirty (30) days thereafter. If such two (2) Appraisers fail
to agree upon such third Appraiser within ten (10) days following
the last thirty (30) day period, such third Appraiser shall be
appointed by a presiding Judge of the Superior Court of the State of
New Jersey for the County in which the Building is located. Such
two (2) Appraisers or three (3) Appraisers, as the case may be,
shall proceed with all reasonable dispatch to determine the Market
Rent. The decision of such Appraisers shall be final; such decision
shall be in writing and a copy shall be delivered simultaneously to
landlord and to Tenant. Tenant shall pay Landlord Adjusted Minimum
Rent on the Option Space at the rate set forth in
Section 61.1(a)(ii) hereof until such decision is so delivered. If
the Market Rent as determined above is in excess of actual rent
paid, then Tenant, upon demand, shall pay to Landlord the difference
between the actual rent paid and the Market Rent from the Inclusion
Date. Landlord and Tenant shall each be responsible for and shall
pay the fee of the Appraiser appointed by them respectively, and
Landlord and Tenant shall share equally the fee of the third
Appraiser. Promptly upon determination of the market Rent, Tenant
shall execute and deliver a lease amendment in a form satisfactory
to Landlord reflecting the inclusion of the Option Space within the
Demised Premises on the Inclusion Date.
61.2 Landlord shall make the foregoing offer in writing, and Tenant
shall have the right to exercise such option with respect to the
Option Space if Tenant shall not have breached any monetary term or
provision of the Lease and the Tenant named on the first and last
page of the Lease (or an entity in compliance with Section 48.7 of
the Lease) is in occupancy of the entire Demised Premises. Tenant
may only exercise such option by written notice received by Landlord
within seven (7) days after Landlord makes such offer to Tenant.
Tenant shall accept the Option Space in its “as is” physical
condition as of the Inclusion Date and agrees that Landlord will not
be required to do any work or perform any services therein. If
Tenant does not accept the offer made by
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Landlord pursuant to the provisions of this Article 61 with respect
to the Option Space, Landlord shall be under no further obligation
to Tenant with respect to the Option Space or any part thereof or
any space that includes all or any part of the Option Space and
Tenant shall have forever waived and relinquished its right to the
Option Space and any part thereof and any space that includes all or
any part of the Option Space and Landlord shall at any and all times
thereafter be entitled to lease such space in whole or in part, or
in whole or in parts in conjunction with any other space, to others
at such rental and upon such terms and conditions as landlord, in
its sole discretion may desire whether such rental terms, provisions
and conditions are the same as those offered to Tenant or more or
less favorable. Tenant agrees not to acquire the Option Space
pursuant to this Article 61 for the primary purpose of subletting or
otherwise disposing of the same or any part thereof to others.
61.3 If the Option Space shall not be available for Tenant’s
occupancy on the Inclusion Date for any reason including the holding
over of the prior tenant, then landlord and Tenant agree that the
failure to have such Option Space available for occupancy by Tenant
shall in no way affect the validity of this Lease or the inclusion
of the Option Space within the Demised Premises as of the Inclusion
Date or the obligations of landlord and Tenant hereunder, nor shall
the same be construed in any way to extend the term of this Lease;
but the Adjusted Minimum Rent for the Option Space shall be xxxxx
(if Tenant is not responsible in whole or in part for Landlord’s
inability to obtain possession of the Option Space) until the Option
Space is available for Tenant’s occupancy. Within ten (10) days
after Tenant’s exercise of this option for the Option Space, Tenant
shall deposit with landlord such additional sums as may be required
by Landlord to increase the security deposit, if any, then held by
landlord proportionate to the increase in Minimum Rent. Tenant’s
rights under this Article shall be deemed person to the Tenant named
on the first and last page of this Lease and to any entity in
compliance with Section 48.7 of the Lease.
23. Supplementing and modifying Article 3 of the Lease, Tenant agrees that with regard to any
alteration, installation, improvement or change to the Demised Premises (i) that requires the prior
written consent of Landlord and (ii) which landlord reasonably determines would cost in excess of
$25,000.00 to perform (any work that meets conditions (i) and (ii) hereof is hereinafter called
“Bid Work”)k Tenant shall solicit fixed price bona fide bids from one or
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more Approved Outside Contractors [hereinbefore defined in Paragraph 21(b)(2)] to perform said Bid
Work. Subject to the balance of this Paragraph 23, Tenant may elect to have said Approved Outside
Contractor perform the Bid Work. Tenant shall promptly submit to Landlord a single fixed bona fide
bid from an Approved Outside Contractor to perform the Bid Work with detailed plans and
specifications describing the Bid Work (the “Plans”). Within ten (10) days after Landlord receives
the Approved Outside Contractor’s bid to perform the Bid Work, together with the Plans, Landlord
shall have the right to irrevocably appoint itself as Tenant’s general contractor and have Landlord
perform for Tenant the Bid Work described in the Plans at a cost to Tenant not to exceed 98% of the
Approved Outside Contractor’s bid to perform same and within a time period (subject to delays
beyond the reasonable control of Landlord) not to exceed by more than five days of the estimated
completion date (if any) recited in the Approved Outside Contractor’s bid. If Landlord so desires
to appoint itself as Tenant’s general contractor and have Landlord perform for Tenant the Bid Work
as shown in the Plans at a cost to Tenant not to exceed 98% of the Approved Outside Contractor’s
bid to perform same and within a time period (subject to delays beyond the reasonable control of
Landlord) not to exceed by more than five days of the estimated completion date (if any) recited in
the Approved Outside Contractor’s bid, Landlord shall so notify Tenant in writing within ten (10)
days after Landlord receives said Approved Outside Contractor’s bid together with the Plans. If
Landlord fails to timely deliver said written notice to Tenant, Landlord shall not be deemed
Tenant’s appointed general contractor and Tenant shall be solely responsible for performance of the
Bid Work.
24. For any of the above paragraphs in which drawings are to be rendered by Tenant, they shall
be prepared by Landlord at Landlord’s expense from specifications provided by Tenant.
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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment of Lease to be
executed on the day and year first written above.
SIGNED, sealed and delivered
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WITNESSED BY: |
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LANDLORD: |
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5 INDEPENDENCE
ASSOCIATES LIMITED PARTNERSHIP |
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By: |
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Name:
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Xxxxxx X. Xxxxxx |
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(Please Print)
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General Partner |
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ATTESTED BY: |
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TENANT: |
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TOTAL RESEARCH CORPORATION |
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By: |
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Name:
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Xxxxx Xxxxxxx, President |
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Title:
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Assistant Corporate Secretary |
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APPLY CORPORATE SEAL HERE |
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GUARANTOR: |
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XXXXX XXXXXXX |
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By: |
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Name:
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Xxxxx Xxxxxxx |
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ATTESTED BY: |
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AGENT FOR LANDLORD: |
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BELLEMEAD MANAGEMENT CO., INC. |
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By: |
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Xxxx Xxxxxxx Xxxx |
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Xxxxx X. Xxxxxxxx |
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Assistant Secretary |
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Vice President |
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APPLY CORPORATE SEAL HERE
50
[No Diagram Shown]
Third Floor Plan
SCHEDULE “A”
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[No Diagram Shown]
Third Floor Plan
SCHEDULE “B”
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[No Diagram Shown]
First Floor Plan
SCHEDULE “C”
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[No Diagram Shown]
First Floor Plan
SCHEDULE “D”
54
THIRD AMENDMENT OF LEASE
This THIRD AMENDMENT OF LEASE is made as of the day of December, 1995 between 5
INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a New Jersey limited partnership, having an address
c/o Bellemead Management Co., Inc. 280 Corporate Center, 0 Xxxxxx Xxxx Xxxx, Xxxxx Xxxxx, Xxxxxxxx,
Xxx Xxxxxx 00000-0000 (hereinafter called “Landlord”) and TOTAL RESEARCH CORPORATION, a New Jersey
corporation, having an office at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx 00000 (hereinafter
called “Tenant”).
W I T N E S S E T H
:
WHEREAS:
A. Bellemead Development Corporation, predecessor-in-interest to Landlord, and Tenant
heretofore entered into a certain lease dated December 2, 1985, as amended on July 31, 1986,
January5, 1987 and November 27, 1990 (said lease as it was or may hereafter be amended is
hereinafter called the “Lease”) with respect to a portion (“Demised Premises”) of the building
known as 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx (“Building”), for a term ending on December 31,
1996 or on such earlier date upon which said term may expire or be terminated pursuant to any
conditions of limitation or other provisions of the Lease or pursuant to law; and
B. Tenant is desirous of (i) increasing the size of the Demised Premises by the addition of
19,401 rentable square feet (“Additional Space”) on the second (2nd) floor of the
Building, as illustrated on Schedule A, attached hereto and made a part hereof, (ii) reducing the
size of the Demised Premises by surrendering 8,278 rentable square feet (“Surrender Space”) on the
third (3rd) floor of the Building, as illustrated on Schedule B, attached hereto and
made a part hereof and (iii) extending the term so that it expires on the last day of the month in
which month
55
occurs the tenth (10th) anniversary of the Additional Space Commencement Date
(hereinafter defined in Paragraph 2).
NOW, THEREFORE, in consideration of the promises and mutual covenants hereinafter contained,
the parties hereto modify the Lease as follows:
1. DEFINED TERMS. Except as specifically provided otherwise in this Third Amendment
of Lease, all defined terms contained in this Third Amendment of Lease, shall, for the purposes
hereof, have the same meaning ascribed to them in the Lease.
2. ADDITIONAL SPACE COMMENCEMENT DATE. The Demised Premises shall be deemed expanded
to include the Additional Space on the earlier of (“Additional Space Commencement Date”) (i) the
date Tenant takes possession of all or any part of the Additional Space or (ii) the date by when
the work described in Paragraph 3 hereof is substantially completed by Landlord. If the date
referred to in subsection (ii) of this Paragraph occurs prior to July 1, 1996 and Tenant
does not take possession of all or any part of the Additional Space prior to the date referred to
in subsection (ii) of this Paragraph, then, notwithstanding the first sentence of this Paragraph,
the Additional Space Commencement date shall be July 1, 1996. The work described in Paragraph 3
hereof shall be deemed substantially completed by Landlord on the date by when both of the
following conditions have been met: (a) Landlord has procured, if required, a temporary or
permanent certificate of occupancy, permitting occupancy of the Additional Space by Tenant and (b)
the Landord’s architect shall determine that Landlord has substantially performed the work
described in Paragraph 3 hereof. Substantial completion by Landlord of the work described in
Paragraph 3 hereof shall be deemed to have occurred even though minor details of work remain to be
done, provided such details do not materially interfere with the Tenant’s use of the Additional
Space. As of the Additional Space Commencement Date, the
56
attached Schedule A shall be added to and become a part of Exhibit A (Rental Plan) to the
Lease. On or about the Additional Space Commencement Date, Landlord may deliver to Tenant a notice
(“Additional space Commencement Date Notice”) confirming, among other things, the inclusion of
Additional Space within the Demised Premises as of the Additional Space Commencement Date. If
Tenant receives the Additional Space Commencement Date Notice, Tenant shall sign same and return it
fully executed to Landlord within five (5) days after Tenant’s receipt thereof. Tenant’s failure
to timely return a fully executed unamended original counterpart of the Additional Space
Commencement Date Notice shall constitute Tenant’s express consent with and agreement to all the
terms contained in the Additional Space Commencement Date Notice as prepared by Landlord.
3. CONSTRUCTION CREDIT IF LANDLORD PERFORMS WORK. Tenant shall provide to Landlord on
or before January 31, 1996 such final drawings and specifications (that have first been approved in
writing by Landlord) for Tenant’s layout, partitioning, electrical, reflecting ceiling and all
other installments (“Final Plans”). Landlord shall furnish and install in accordance with the
final Plans so much of the work as allowed by a construction credit of $966,575.00 (“Construction
Credit”). To the extent the Final Credit, such work shall be memorialized as an “Extra” or “Change
Order” to be executed by both Landlord and Tenant, which shall indicate the work required, the cost
thereof to be paid by Tenant upon demand, and the additional time required, if any, for completion.
4. CONSTRUCTION CREDIT IF LANDLORD DOES NOT PERFORM WORK. (A) If Tenant desires to
have the work shown in the Final Plans performed by someone other than Landlord, then, Tenant shall
give Landlord, on or before February 15, 1996, a written notice specifically referencing this
Paragraph. Together with said written notice, Tenant shall also
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submit to Landlord, on or before February 15, 1996, a single fixed price bona fide bid
(containing an estimated completion date) from a general contractor, that has first been approved
in writing by Landlord, (“Approved Contractor”) to perform the work shown in the Final Plans
(“Approved Bid”). Within ten (10) days after Landlord receives the Approved Bid, Landlord shall
have the right to irrevocably appoint itself as Tenant’s general contractor and have Landlord
perform for Tenant the work shown in the Final Plans at a cost to Tenant [subject to Paragraph
4.(B) hereof] not to exceed 98% of the Approved Bid within a time period (subject to delays beyond
the reasonable control of Landlord) not to exceed by more than five (5) days the estimated
completion date recited in the Approved Bid, Landlord shall so notify Tenant in writing within ten
(10) days after Landlord receives said Approved Bid. If Landlord fails to timely deliver said
written notice to Tenant, Landlord shall not be deemed Tenant’s appointed general contractor and
Tenant shall be solely responsible for all work shown in the Final Plans; all work not performed by
Landlord shall be subject to the prior written approval of Landlord, shall be subject to the prior
written approval of Landlord, which approval shall not be unreasonably withheld or delayed.
(B) If (i) Landlord has not appointed itself as Tenant’s general contractor to perform the
work shown in the Final Plans, (ii) Tenant has unconditionally accepted in writing the Approved
Bid, and (iii) Landlord receives from Tenant a fully executed original counterpart of the Approved
Bid signed by Tenant and the Approved Contractor, then, provided Tenant has not breached any term
of the Lease, Landlord shall issue checks to the Approved Contractor aggregating a total sum
(“Total Outside Contractor Payment”) not to exceed the Construction Credit. The Total Outside
Contractor Payment shall be disbursed in individual progress payments not more often than once
during any calendar month. Within thirty (30) days after
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Landlord receives from Tenant (1) an invoice issued by the Approved Contractor pursuant to the
Approved Bid, (2) a fully executed and acknowledged waiver of construction liens in form
satisfactory to Landlord and (3) a fully executed and acknowledged statement, in form satisfactory
to Landlord, showing all subcontractors with whom the Approved Contractor has entered into
subcontracts, the amount of each such subcontract and the amount requested for each subcontractor,
Landlord shall, only if it ascertains that the billed work has been completed, remit a check to
Tenant payable to the Approved Contractor for the amount shown on the invoice. Tenant agrees that
Landlord shall in no way be responsible for the accuracy of said invoices or for the quality or
completeness of the work performed to the Additional Space. Tenant expressly agrees that Landlord
may deduct from the Total Outside Contractor Payment. Landlord’s estimate of any expenses Landlord
may incur to repair any damage to the Building caused by Tenant’s acts or omissions or those of the
Approved Contractor.
(C) By no later than thirty (30) days after the date, as determined by Landlord, by when the
Approved Contractor has substantially completed the work shown in the Final Plans, Tenant shall
deliver to Landlord all of the following documents:
(i) final, unconditional lien waivers from the Approved Contractor and all subcontractors who
performed any of the work shown in the Final Plans, Tenant shall deliver to Landlord all of the
following documents:
(ii) a statement from Tenant’s architect certifying that all work shown in the Final Plans has
been completed;
(iii) a permanent or temporary certificate of occupancy for the Additional Space;
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(iv) all certificates, permits and/or licenses required by governmental and quasi-governmental
authorities evidencing completion of the work shown in the Final Plans and legal occupancy of the
Additional Space by the Tenant; and
(v) an “as built” plan.
(D) If Landlord has not appointed itself as Tenant’s general contractor to perform the work
shown in the Final Plans, then, notwithstanding anything contained to the contrary in Paragraph 2
hereof, the Additional Space Commencement Date shall be the earlier of (i) the date Tenant takes
possession or all or any part of the Additional Space or (ii) July 1, 1996. Any work shown in the
Final Plans not performed by Landlord shall be subject to all of the terms, conditions and
covenants contained in Article 3 of the Lease.
5. (A) RENTAL CREDIT/CASH DEMAND NOTICE. Provided (a) Tenant has not breached any
term of the Lease and (b) Landlord receives from Tenant a written notice, no later than December
31, 1996 but no earlier than July 1, 1996, specifically referencing this Paragraph (“Credit Demand
Notice”), Tenant shall receive a rental credit (only to the extent of the portion of the
Construction Credit that is unexpended as of the date Landlord received the Credit Demand Notice,
but in no event more than $364,972.50 to be applied in the manner set forth in Paragraph 5.(B)
below. Said rental credit is hereinafter referred to as the “Rental Credit”. If the Credit Demand
Notice is timely received and contains a request that Landlord give Tenant in cash a specified
dollar amount from the unexpended portion of the Construction Credit, then, provided (i) Tenant has
not breached any term of the lease, (ii) the specified dollar amount is $100,000.00 or less and
(iii) the specified dollar amount is not greater than the unexpended portion of the Construction
Credit, Landlord shall once give Tenant, within thirty (30) days after Landlord’s receipt of the
Credit Demand Notice, a check equal to the specified
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dollar amount in which case the Rental Credit shall be reduced by the specified dollar amount.
Upon Landlord’s receipt of the Credit Demand Notice, Landlord shall immediately be no longer
obligated to either (1) perform work in the Demised Premises under Paragraph 3 hereof or (2)
disburse any further installments of the Total Outside Contractor Payment under Paragraph 4.(B)
hereof. Notwithstanding anything contained to the contrary elsewhere in this Paragraph, if the
portion of the Construction Credit which is unexpended as of the date Landlord received the Credit
Demand Notice exceeds $364,972.50, then, said excess portion of the Construction Credit shall be
null and void and forever forfeited.
(B) If conditions (a) and (b) of Paragraph 5.(A) above are strictly met, then, Tenant shall
receive the Rental Credit which shall be utilized in twelve (12) equal installments only against
twelve (12) consecutive monthly installments of Minimum Rent. The first of said twelve (12)
consecutive monthly installments of Minimum Rent shall be the monthly installment of Minimum Rent
for the calendar month immediately following the calendar month in which Landlord received the
Credit Demand Notice. Tenant may apply only one-twelfth (1/12) consecutive monthly installments of
Minimum Rent. The Rental Credit, or any remaining part thereof, shall be null and void and forever
forfeited if not fully utilized as required by this Paragraph 5.(B). If at any time during the
aforementioned twelve (12) month period Tenant breaches the Lease, then, the remaining part of the
Rental Credit shall be null and void and forever forfeited.
6. DELAYS. Tenant shall be responsible for any delays in completing the work
described in Paragraph 3 hereof by reason of Tenant’s failure to cooperate with Landlord, Tenant’s
delays in submitting any drawings or specifications, or in supplying information, or in approving
drawings, specifications or estimates, or in giving authorizations, or by reason of any
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“Extra” or “Change Order” designated by Tenant, or by reason of any changes by Tenants in any
designations previously made by Tenant, or by reason of any similar acts or omissions of Tenant.
If the Additional Space Commencement Date does not occur on or before July 1, 1996 by virtue of any
of the reasons set forth in the immediately preceding sentence, then, the Additional Space
Commencement Date shall be deemed, notwithstanding anything contained to the contrary in Paragraph
2 hereof, to have occurred on July 1, 1996.
7. SURRENDER SPACE. The “Requested Surrender Date” is herein defined as the date
falling thirty (30) days after the Additional Space Commencement Date. Tenant shall deliver the
Surrender Space to Landlord by the Requested Surrender Date in the same physical condition and
state of repair that would apply to the Surrender Space as if the Requested Surrender Date were the
Termination Date. The earliest date after the Requested Surrender Date by when Tenant has
delivered to Landlord the Surrender Space in the physical condition and state of repair as required
hereunder is hereinafter called the “Actual Surrender Date”. If the Actual Surrender Date fails to
occur by the Requested Surrender Date, then, Tenant shall be deemed a holdover tenant for the
Surrender Space and shall be liable to Landlord under Article 55 of the Lease as if June 30, 1996
were the Termination Date. As of the Actual Surrender Date, Exhibit A (Rental Plan) to the Lease
shall be deemed to have excluded therefrom the Surrender Space. Nothing in this Paragraph shall be
deemed to constitute a release or discharge of Tenant with respect to any outstanding and
unsatisfied obligation or liability whether unbilled or calculated, accrued or incurred under the
Lease, such as, but not limited to, Minimum Rent, Adjusted Minimum Rent, additional rent and other
charges payable by Tenant in connection with the Surrender Space, up to and including the Actual
Surrender Date.
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8. TERMINATION DATE. Notwithstanding anything to the contrary contained in the Lease,
the date set forth in the Lease for the expiration of the term thereof is hereby modified so that
the Termination Date shall be the last day of the month in which month occurs the tenth
(10th) anniversary of the Additional Space Commencement Date.
9. MINIMUM RENT. The Lease is hereby amended to provide that the Minimum Rent, on an
annual basis, shall be:
(i) SEVEN HUNDRED NINETY FIVE THOUSAND ONE
HUNDRED FIFTY THREE AND 42/100 DOLLARS
($795,153.42) for the period commencing on the
Additional Space commencement Date and ending
on the third (3rd) anniversary of
the Additional Space Commencement Date,
payable in advance on the first day of each
calendar month in equal monthly installments
of SIXTY SIX THOUSAND TWO HUNDRED SIXTY TWO
AND 79/100 DOLLARS ($66,262.79);
(ii) ONE MILLION SEVENTEEN THOUSAND FIFTY SIX
AND 70/100 DOLLARS ($1,017,056.70) for the
period commencing on the day immediately
following the third (3rd)
anniversary of the Additional Space
Commencement Date and ending on the seventh
(7th) anniversary of the Additional
Space Commencement Date, payable in advance on
the first day of each calendar month in equal
monthly installments of EIGHTY FOUR THOUSAND
SEVEN HUNDRED FIFTY FOUR AND 73/100 DOLLARS
($84,754.73); and
(iii) ONE MILLION SEVENTY THOUSAND FIVE
HUNDRED EIGHTY SIX AND 00/100 DOLLARS
($1,070,586.00) for the period commencing on
the day immediately following the
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seventh (7th) anniversary of the
Additional Space Commencement Date and ending
on the Termination Date, payable in advance on
the first day of each calendar month in equal
monthly installments of EIGHTY NINE THOUSAND
TWO HUNDRED FIFTEEN AND 50/100 DOLLARS
($89,215.50).
10. ADDITIONAL SPACE LEASE AMENDMENT. Section 36.2 of the Lease shall be amended as
of the Additional Space Commencement Date to provide that (i) the Demised Premises shall be deemed
to contain a floor area of 48,663 square feet and (ii) the Occupancy Percentage shall be 43%. If,
however, the Actual Surrender Date does not occur by the Additional Space Commencement Date, then,
(a) for the period beginning on the Additional Space Commencement Date, then, (a) for the period
beginning on the Additional Space Commencement Date and ending on the day prior to the Actual
Surrender Date, Section 36.2 of the Lease shall be amended to provide that (A) the Demised Premises
shall be deemed to contain a floor area of 56,941 square feet and (B) the Occupancy Percentage
shall be 50.3% and (b) for the period beginning on and at all times after the Actual Surrender
Date, Section 36.2 of the Lease shall be amended as set forth in the first sentence of this
Paragraph.
11. FIRST TAX YEAR. For purposes of computing the additional rent accruing after the
Additional Space Commencement Date that is due Landlord under Section 36.4(1) of the Lease, as of
the Additional Space Commencement Date, (A) Section 36.1(4) of the Lease shall be deleted and
replaced with the following new Section 36.1(4): “The First Tax Year shall mean the calendar year
ending December 31, 1996. Tax Year shall mean any calendar year thereafter;” and (B) Section
36.1(2) of the Lease shall be deleted and replaced with the following new Section 36.1(2) of the
Lease shall be deleted and replaced with the following new Section
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36.1(2): “The Base Tax Rate shall mean the real estate tax rate in effect on the date of the
Third Amendment of Lease; “
12. FIRST OPERATING YEAR. For purposes of computing the additional rent accruing
after the Additional Space Commencement Date that is due Landlord under Section 36.5(1) of the
Lease, as of the Additional Space Commencement Date, Section 36.1(3) of the Lease shall be deleted
and replaced with the following new Section 36.1(3): “First Operating Year shall mean the calendar
year ending December 31, 1996. Operating Year shall mean any calendar year thereafter.”
13. PARKING. As of the Additional Space Commencement Date, Tenant’s Allotted Parking
referenced in Section 43.1 of the Lease shall be for one hundred fifty eight (158) cars.
Supplementing Section 43.4 of the Lease, by no later than the Additional Space Commencement Date,
Landlord shall xxxx once, at Tenant’s expense but subject to the Construction Credit, the words
“TOTAL VISITOR” on one (1) parking space in the Designated Parking Area. Such marking shall not
increase Tenant’s Allotted Parking. Supplementing Section 43.2 of the Lease, any Over-use shall be
deemed a material event of default under the Lease and Landlord may immediately suspend or revoke
the License, remove Tenant’s designations and markings from any parking space so inscribed and/or
exercise such remedies as are provided in Articles 17 and 18 of the “Printed Portion” of the Lease.
Supplementing Section 43.2 of the Lease, Landlord shall not be responsible to Tenant if all or any
of Tenant’s designated and/or marked parking spaces are used by anyone other than Tenant or its
visitors.
14. RENEWAL OPTION. As of the date hereof, the following Article 60 shall be deemed
added to and made a part of the Lease:
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60. RENEWAL OPTION
60.1 Subject to the provisions of Section 60.2 below, Tenant shall have
the option to renew this Lease for two (2) additional terms of five (5)
years each (each such renewal term is herein after referred to as a “Renewal
Term”). If Tenant exercises the first renewal option, the first Renewal
Term shall commence upon the expiration of the term ending on the last day
of the month in which month occurs the tenth (10th) anniversary
of the Additional Space Commencement Date (the “Initial Term”). If Tenant
exercises the first renewal option and the second renewal option, the second
Renewal Term shall commence upon the expiration of the first Renewal Term
shall commence upon the expiration of the first Renewal Term. The terms,
covenants and conditions during the Initial Term, including but not limited
to the definitions of the First Tax Year and First Operating Year as set
forth in Article 36 thereof, shall be projected and carried over into each
of the Renewal Terms, except as specifically set forth hereinafter.
(a) The Minimum Rent for the first Renewal Term shall be the greater of
(i) Market Rent [as defined in clause (b) below] or (ii) the Adjusted
Minimum Rent as of the last day of the Initial Term. The Minimum Rent for
the second Renewal Term shall be the greater of (i) Market Rent or (ii) the
Adjusted Minimum Rent as of the last day of the first Renewal Term.
(b) “Market Rent” shall mean the fair market rent for the Demised
Premises, as of the commencement date for the first or second Renewal Term,
as the case may be (the “Determination Date”), based upon the rents
generally in effect for comparable office space in the area in which the
Real Estate is located. Market Rent (for the purposes of determining the
Minimum Rent only during each Renewal Term) shall be determined on what is
commonly known as “gross” basis; that is, in computing Market Rent, it shall
be assumed that all real estate taxes and customary services are included in
such Market Rent and are not passed through to the Tenant as separate
additional charges. Notwithstanding the foregoing, the Minimum Rent for
each Renewal Term shall be thereafter increased fro tie to time a s provided
in this Lease and the first time to time as provided in this Lease and the
First Tax Year and First Operating Year for each Renewal Term shall be
defined as provided in Article 36 hereof.
(c) Landlord shall notify Tenant (“Landlord’s Determination Notice”) of
Landlord’s determination of the Market Rent within sixty (60) days of the
Determination Date. If Tenant disagrees with Landlord’s determination
Tenant shall notify Landlord (“Tenant’s Notice of Disagreement”) within
fifteen (15) days of receipt of Landlord’s
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Determination Notice. Time shall be of the essence with respect to
Tenant’s Notice of Disagreement, and the failure of Tenant to give such
notice within the time period set forth above shall conclusively be deemed
an acceptance by Tenant of the Market Rent as determined by Landlord and a
waiver by Tenant of any right to dispute such Market Rent. If Tenant timely
gives its Tenant’s Notice of Disagreement, then, the Market Rent shall be
determined as follows: Landlord and Tenant shall, within 30 days of the
date on which Tenant’s Notice of Disagreement was given, each appoint
Appraiser (hereinafter defined) for the purpose of determining the Market
Rent. An Appraiser shall mean a duly qualified impartial real estate
appraiser having at least (10) years experience in the area in which the
Demised Premises are located. In the event that the two (2) Appraisers so
appointed fail to agree as to the Market Rent within a period of thirty (30)
days after the appointment of the second Appraiser, such two (2) Appraisers
so appointed fail to agree as to the Market Rent within a period of thirty
(30) days after the appointment of the second Appraiser, such two (2)
Appraisers shall forthwith appoint a third Appraiser who shall make a
determination within thirty (30) days thereafter. If such two Appraisers
fail to agree upon such third Appraiser within ten (10) days following the
last thirty (30) day period, such third Appraiser shall be appointed by a
presiding Judge of the Superior Court of the State of New Jersey for the
County in which the Real Estate is located. Such two (2) Appraisers or
three (3) Appraiser, as the case may be, shall proceed with all reasonable
dispatch to determine the Market Rent. The decision of such Appraisers
shall be final; such decision shall be in writing and a copy shall be
delivered simultaneously to Landlord and to Tenant. If such Appraisers fail
to deliver their decision as set forth above prior to the commencement of
any Renewal Term, Tenant shall pay Landlord the Adjusted Minimum Rent at the
rate as of the last day of the Initial Term or the last day of the first
Renewal Term, as the case may be, until such decision is so delivered. If
the Market Rent as determined above is in excess of the actual rent paid,
then Tenant, upon demand, shall pay to Landlord the difference between the
actual rent paid and the Market Rent from the commence of the Renewal Term.
Landlord and Tenant shall each be responsible for and shall pay the fee of
the Appraiser appointed by them respectively, and Landlord and Tenant shall
share equally the fee of the third Appraiser. Promptly upon determination
of the Market Rent, Tenant shall execute and deliver a Lease amendment
prepared by Landlord setting forth the terms of the Renewal Term.
60.2 Tenant’s option to renew, as provided in Section 60.1 above, shall
be strictly conditioned upon and subject to each of the following:
(a) Tenant shall notify Landlord in writing of Tenant’s exercise of its
option to renew at least nine (9) months, but not more than twelve
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(12) months, prior to the expiration of the Initial Term or the first
Renewal Term, as the case may be;
(b) At the time Landlord receives Tenant’s notice as provided in (a)
above, and at the expiration of the Initial Term or the first Renewal Term,
as the case may be, Tenant shall not have been in default under the terms or
provisions of this Lease and Tenant shall not have assigned this Lease or
subleased all or any portion of the Demised Premises. The conditions
contained in this Section 60.2(b) may be waived by Landlord at its sole
discretion and may not be used by Tenant as a means to negate the
effectiveness of Tenant’s exercise of this option to renew;
(c) Tenant shall have no further renewal option other than the option
to extend for the two (2) Renewal Terms as set forth in Section 60.1 above;
(d) This option to renew shall be deemed personal to the Tenant named
on the first and last page of the Lease and may not otherwise be assigned;
(e) Landlord shall have no obligation to do any work or perform any
services for the Renewal Term with respect to the Demised Premises or the
Building which Tenant agrees to accept in their then “as is” condition; and
(f) No later than ten (10) days prior to the commencement of any
Renewal Term, Tenant shall deposit with Landlord such additional sums as may
be required to increase any security deposit then held by Landlord
proportionate to the increase in the Minimum Rent then due under the Lease.
15. BROKERAGE. Tenant represents that it has had no dealings or communications with
any real estate broker or agent, other than Xxxxxx X. Xxxxxxx, Inc., in connection with this Third
Amendment of Lease. Tenant agrees to defend indemnify and hold Landlord, its affiliates and/or
subsidiaries and the partners, directors, officers of Landlord and its affiliates and/or
subsidiaries harmless from and against any and all costs, expenses or liability (including
attorney’s fees, court costs and disbursements) for any commission or other compensation claimed by
any broker or agent, other than Xxxxxx X. Xxxxxxx, Inc., with respect to this Third Amendment of
Lease.
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16. CORPORATE AUTHORITY. Tenant represents that the undersigned officer of the Tenant
corporation has been duly authorized on behalf of the Tenant corporation to enter into this Third
Amendment of Lease in accordance with the terms, covenants and conditions set forth herein, and,
upon Landlord’s request, Tenant shall deliver an appropriate certification by the Secretary of the
Tenant corporation to the foregoing effect.
17. TEMPORARY OCCUPANCY LICENSE. Solely as an accommodation to Tenant, Landlord
hereby grants to Tenant, without Landlord assuming any responsibilities, obligations, liabilities
or duties, a revocable license covering the period that commences today and ends on the earlier of
June 30, 1996 or the Additional Space Commencement Date, that permits Tenant to occupy any portion
of the second (2nd) floor of the Building that is vacant, empty and unleased by any
party, in its “as-is” physical condition and state of repair, pursuant to all the responsibilities,
obligations, liabilities and duties that Tenant has undertaken in the Lease as if said space were
part of the Demised Premises, except for the obligation to pay Minimum Rent on said space.
18. AFTER-HOURS HVAC. Supplementing and modifying the first sentence of Section 39.2
of the Lease, with regard to any after-hours air-conditioning, ventilation or heating supplied to
all or any part of the Demised Premises on or after July 1, 1996, Tenant shall pay to Landlord, as
additional rent, a sum equal to $35.00 per hour.
19. CONDITION OF ADDITIONAL SPACE. Tenant agrees to accept the Additional Space in
its “as is” physical condition and state of repairs as of the Additional Space Commencement Date.
20. LEASE RATIFICATION. Except as expressly amended by this Third Amendment of Lease,
that certain Second Amendment of Lease dated November 27, 1990, that
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certain letter agreement dated July 31, 1986 and that certain First Amendment of Lease dated
January 5, 1987, the Lease and all terms, covenants and conditions thereof, shall remain in full
force and effect and are hereby in all respects ratified and confirmed.
21. GROUND MONUMENT SIGNAGE. As of the date hereof, Paragraph 20 of the Second
Amendment of Lease dated November 27, 1990 between the parties shall be deemed null and void and
without any legal force or binding effect. Until Tenant (i) breaches any monetary term of the
Lease, (ii) assigns the Lease to any person or entity, except one that complies with Section 48.7
of the Lease or (iii) sublets an aggregate of 5,000 or more rentable square feet of the Demised
Premises in one or more transactions to any person or entity, except one that complies with Section
48.7 of the Lease, Landlord shall, beginning as soon as reasonably practicable after Landlord
receives a written demand from Tenant (but in no event sooner than July 1, 1996), display, at
Landlord’s expense, the name of Tenant on a single Building standard ground monument located in a
location on the Real Estate to be established by Landlord and Tenant in writing. Landlord shall
solely determine the size, material composition, design, style and color of (a) such ground
monument and (b) all text appearing on said ground monument. The design, style and color of
Tenant’s logo, however, shall be solely determined by Tenant exercising reasonable and tasteful
discretion.
22. NO ORAL CHANGES. This Third Amendment of Lease may not be changed orally, but
only by a writing signed by both Landlord and Tenant.
23. NO DEFAULT. Tenant confirms that (i) Landlord has complied with all of its
obligations contained in the Lease and (ii) no event has occurred and no condition exists which,
with the passage of time or the giving of notice, or both, would constitute a default by Landlord
under the Lease.
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24. EXPANSION OPTION A. As of the date hereof, the following Article 66 shall be
deemed added to and made a part of the Lease:
66. EXPANSION OPTION A
66.1 Subject to the provisions of Section 66.2 below, Tenant shall have
the option to increase on Expansion Space A Inclusion Date (hereinafter
defined) the Demised Premises by adding thereto Expansion Space A
(hereinafter defined). Except as otherwise provided herein, the foregoing
expansion of the Demised Premises shall be upon all the terms and conditions
of this Lease. The configuration and location in the Building of Expansion
Space A shall be solely determined by Landlord and the rentable square foot
area of Expansion Space A shall also be solely established by Landlord but
shall be between 4,000 and 5,500 rentable square feet. Expansion Space A
Inclusion Date shall be determined solely by Landlord but shall be after
June 30, 1998 and before January 2, 2,000. The minimum Rent payable for
Expansion Space A shall be determined solely by Landlord to reflect fair
market rent. Tenant’s obligation to pay Minimum Rent for Expansion Space A
shall commence on Expansion Space A Inclusion Date. Tenant shall, upon
Landlord’s request, execute and deliver a lease amendment prepared by
Landlord reflecting the inclusion of Expansion Space A within the Demised
Premises. If Tenant has properly exercised this option and the exercise of
said option remains binding upon Landlord, then, prior to Expansion Space A
Inclusion Date, Landlord shall advise Tenant of (1) the configuration,
location in the Building and rentable square foot area of Expansion Space A,
*2) Expansion Space A Inclusion Date and (3) the Minimum Rent applicable for
Expansion Space A. Tenant shall be strictly bound by the terms of said
advice.
66.2 Tenant’s option to increase the Demised Premises by adding
thereto Expansion Space A, as provided in Section 66.1 above, shall be
strictly conditioned upon and subject to each of the following:
(a) Tenant may only exercise its option to add Expansion Space A to the
Demised Premises if Tenant has been in continuous occupancy of the entire
Demised Premises, as same are constituted on the date hereof;
(b) No later than October 1, 1997 but no earlier than July 1, 1997,
Tenant shall notify Landlord in writing of Tenant’s exercise of its option
to add Expansion Space A to the Demised Premises;
(c) At all times before Expansion Space A Inclusion Date, Tenant shall
not have breached any of the terms of this Lease and Tenant
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shall not have assigned this Lease or subleased for the balance of the
Lease term all or any part of the Demised Premises. The conditions
contained in this Section 66.2(c) may be waived by Landlord at its sole
discretion and may not be used by Tenant as a means to negate the
effectiveness of Tenant’s exercise of this option to expand;
(d) The option to increase the Demised Premises as set forth in this
Article 66 shall be deemed personal to the Tenant named on the first and
last page of this Lease and may not be assigned;
(e) Landlord shall have no obligation to perform any work to Expansion
Space A which Tenant agrees to accept in its “as is” physical condition as
of Expansion Space A Inclusion Date. Landlord, however, agrees that in the
event it approves in writing, on or before the Expansion Space A Inclusion
Date, drawings and specifications prepared by Tenant, at its expense, for
certain renovation work in Expansion Space A (the “Renovation A Work”) to be
performed by Bellemead Construction Corporation (“BCC”) at Tenant’s expense,
Landlord shall give Tenant, upon BCC’s completion of the Renovation A Work
(the “Payment A Date”), a credit to be applied only against BCC’s invoice to
Tenant for the Renovation A Work. Said credit (“Renovation A Credit”) shall
equal the product of $10.00 and the rentable square foot area of Expansion
Space A as solely determined by Landlord, subject to Section 66.1 hereof.
All or any portion of the Renovation A Credit that is not utilized by Tenant
as of ninety (90) days after the Expansion Space A Inclusion Date shall be
forever forfeited and may not be applied against any payment of Minimum
Rent, Adjusted Minimum Rent or additional rent due under the Lease.
Landlord’s obligation to grant the Renovation A Credit to Tenant shall be
strictly conditioned upon Tenant not having breached any term of the Lease
on or before the Payment A Date; and
(f) If Expansion Space A shall not be available for Tenant’s occupancy
on Expansion Space A Inclusion Date, for any reason, including the holding
over of the prior tenant, then, Landlord and Tenant agree that the failure
to have such Expansion Space A available for occupancy by Tenant shall in no
way affect the validity of the Lease or the deemed inclusion of Expansion
Space A within the Demised Premises as of the Expansion Space A Inclusion
Date, or the obligations of Tenant hereunder, nor shall the same be
construed in any way to extend the term of this Lease.
25. EXPANSION OPTION B. As of the date hereof, the following Article 67 shall be
deemed added to and made a part of the Lease:
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67. EXPANSION OPTION B
67.1 Subject to the provisions of Section 67.2 below, Tenant shall have
the option to increase on Expansion Space B Inclusion Date (hereinafter
defined) the Demised Premises by adding thereto Expansion Space B
(hereinafter defined). Except as otherwise provided herein, the foregoing
expansion of the Demised Premises shall be upon all the terms and conditions
of this Lease. The configuration and location in the Building of Expansion
Space B shall be solely determined by Landlord and the rentable square foot
area of Expansion Space B shall also be solely established by Landlord but
shall be between 4,000 and 5,000 rentable square feet. Expansion Space B
Inclusion Date shall be determined solely by Landlord but shall be after
June 30, 2001 and before January 2, 2003. The Minimum Rent payable for
Expansion Space B shall be determined solely by Landlord to reflect fair
market rent. Tenant’s obligation to pay Minimum Rent for Expansion Space B
shall commence on Expansion Space B Inclusion Date. Tenant shall, upon
Landlord’s request, execute and deliver a Lease amendment prepared by
Landlord reflecting the inclusion of Expansion Space B within the Demised
Premises. If Tenant has properly exercised this option and the exercise of
said option remains binding upon Landlord, then, prior to Expansion Space B
Inclusion Date, Landlord shall advise Tenant of (1) the configuration,
location in the Building and rentable square foot area of Expansion Space B,
(2) Expansion Space B Inclusion Date and (3) the Minimum Rent applicable for
Expansion Space B. Tenant shall be strictly bound by the terms of said
advice.
67.2 Tenant’s option to increase the Demised Premises by adding thereto
Expansion Space B, as provided in Section 67.1 above, shall be strictly
conditioned upon and subject to each of the following:
(a) Tenant may only exercise its option to add Expansion Space B to the
Demised Premises if Tenant has been in continuous occupancy of the entire
Demised Premises, as same are constituted on the date hereof;
(b) No later than October 1m 2000 but no earlier than July 1, 2000,
Tenant shall notify Landlord in writing of Tenant’s exercise of its option
to add Expansion Space B to the Demised Premises;
(c) At all times before Expansion Space B Inclusion Date, Tenant shall
not have breached any of the terms of this Lease and Tenant shall not have
assigned this Lease or subleased all or any part of the Demised Premises.
The conditions contained in this Section 67.2(c) may be waived by Landlord
at its sole discretion and may not be used by
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Tenant as a means to negate the effectiveness of Tenant’s exercise of
this option to expand;
(d) The option to increase the Demised Premises as set forth in this
Article 67 shall be deemed personal to the Tenant named on the first and
last page of this Lease and may not be assigned;
(e) Landlord shall have no obligation to perform any work to Expansion
Space B which Tenant agrees to accept in its “as is” physical condition as
of Expansion Space B Inclusion Date. Landlord, however, agrees that in the
event it approves in writing, on or before the Expansion Space B Inclusion
Date, drawings and specifications prepared by Tenant, at its expense, for
certain renovation work in Expansion Space B(the “Renovation B Work”) to be
performed by BCC at Tenant’s expense, Landlord shall give Tenant, upon BCC’s
completion of the Renovation B Work (the “Payment B Date”), a credit to be
applied only against BCC’s invoice to Tenant for the Renovation B Work.
Said credit (“Renovation B Credit”) shall equal the product of $5.00 and the
rentable square foot area of Expansion Space B as solely determined by
Landlord, subject to Section 67.1 hereof. All or any portion of the
Renovation B Credit that is not utilized by Tenant as of ninety (90) days
after the Expansion Space B Inclusion Date shall be forever forfeited and
may not be applied against any payment of Minimum Rent, Adjusted Minimum
Rent or additional rent due under the Lease. Landlord’s obligation to grant
the Renovation B Credit to Tenant shall be strictly conditioned upon Tenant
not having breached any term of the Lease on or before the Payment B Date;
and
(f) If Expansion Space B shall not be available for Tenant’s occupancy
on Expansion Space B Inclusion Date, for any reason, including the holding
over of the prior tenant, then, Landlord and Tenant agree that the failure
to have such Expansion Space B available for occupancy by Tenant shall in no
way affect the validity of the Lease or the deemed inclusion of Expansion
Space B within the Demised Premises as of Expansion Space B Inclusion Date,
or the obligations of Tenant hereunder, nor shall the same be construed in
any way to extend the term of this Lease.
26. CONTRACTION OPTION. (A) Subject to the provisions of Section (B) below and
Paragraph 27 hereof, Tenant shall have a one-time option to terminate the Lease effective as of
either June 30, 1999 or June 30, 2001 with regard only to the Contraction Space (hereinafter
defined in Paragraph 28), and the term of the Lease, with regard solely to the Contraction Space,
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shall expire in the same manner and with the same effect as if June 30, 1999 or June 30, 2001, as
the case may be, were the date set forth in the Lease for the expiration of the term hereof.
(B) Tenant’s option to terminate the Lease, with regard only to the Contraction Space, as
provided in Paragraph 26(A) above, shall be strictly conditioned upon and subject to each of the
following:
1. If Tenant desires to terminate the Lease with regard only to the
Contraction Space, Landlord must simultaneously receive (i) Contraction
Space Floor Plan (hereinafter defined in Paragraph 27), (ii) written notice
stating that Tenant desires to exercise this option and (iii) in the case
only of a June 39, 1999 termination date, a certified bank check drawn on a
New Jersey banking institution payable to the direct order of Landlord for
an amount equal to the produce of $8.50 and the rentable square foot area of
the Contraction Space as shown in a Contraction Space Floor Plan which has
first been approved in writing by Landlord. Both items described in
subsection (i) and (ii) of this Paragraph 26.(B)1., in the case of a June
30, 2001 termination date, must be received by Landlord no later than
October 31, 2000 but no sooner than August 1, 2000. All three (3) items
described in subsection (i), (ii) and (iii) of this Paragraph 26.(B).1, in
the case of a June 30, 1999 termination date, must be received by Landlord
no later then October 31, 1998 but not sooner than August 1, 1998;
2. At all times prior to Landlord’s receipt of the Contraction Space Floor
Plan and Tenant’s notice described in Paragraph 26.(B)1. above, and all
times prior to the applicable termination date, either June 30, 1999 or June
30, 2001, Tenant shall not have been in breach of any of the terms and
provisions of the Lease. The conditions contained in this Paragraph
26.(B)2. may be waived by Landlord at its sole discretion and may not be
used by Tenant as a means to negate the effectiveness of Tenant’s exercise
of this option;
3. This option to terminate the Lease with regard only to the Contraction
Space shall be deemed personal to the Tenant named on the first and last
page of this Third Amendment of Lease and may not assigned; and
4. Tenant’s exercise of its termination option in accordance with the terms
and provisions of this Paragraph 26 shall not constitute a release or
discharge of Tenant with respect to any outstanding and unsatisfied
obligation or liability, whether unbilled or calculated, accrued or incurred
under the Lease, such as, but not limited to, Minimum Rent, Adjusted
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Minimum Rent, additional rent and other charges payable by Tenant for the
Contraction Space up to and including June 30, 2001 in the case of a June
30, 2001 termination date or June 30, 1999 in the case of a June 30, 1999
termination date.
27. CONTRACTION SPACE. The precise rentable square foot area, location and
configuration of the Contraction Space has not been agreed upon by Landlord and Tenant as of the
date hereof. Landlord and Tenant, however, hereby agree that the rentable square foot area of the
Demised Premises, as they are constituted on the date Landlord receives the notice referred to in
Paragraph 26.(B)1.(ii) hereof. Together with the notice referred to in Paragraph 26.(B)1.(ii)
hereof, Tenant shall furnish Landlord, for its written approval, a detailed floor plan
(“Contraction Space Floor Plan”) marking the precise rentable square foot area, location and
configuration of the Contraction Space Tenant desires to surrender. The Contraction Space Floor
Plan, in a form approved in writing by Landlord, shall control the precise rentable square foot
area, location and configuration of the Contraction Space Tenant desires to surrender. Landlord
shall not unreasonably withhold, delay or condition its written approval to the Contraction Space
Floor Plan so long as the Contraction Space depicted therein (i) complies with all applicable
building codes and (ii) depicts a single self-contained unit of space whose layout has not
irregularities that might adversely affect the marketability of the Contraction Space. If Landlord
gives Tenant a written notice unconditionally approving the Contraction Space Floor Plan, then, at
a time solely determined by Landlord and at Landlord’s expense, Landlord shall demise, using
Building standard means, methods, materials and labor, the Contraction Space from the ret of the
Demised Premises. Upon Landlord’s demand, Tenant shall cooperate with Landlord and comply with any
directives of Landlord for the purpose of assisting Landlord in satisfying its obligation to Tenant
under the immediately preceding sentence. Until Landlord gives Tenant
a written notice unconditionally approving the
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Contraction Space Floor Plan, then, the option to
surrender the Contraction Space shall be deemed not to have been exercised by Tenant.
28. SURRENDER OF CONTRACTION SPACE. So long as Tenant has properly exercised this
contraction option and that exercise remains binding and enforceable, (i) Tenant shall deliver the
Contraction Space to Landlord by either June 30, 1999 or June 30, 2001, as the case may be, in the
same physical condition and state of repair that would apply to the Contraction Space as if either
June 30, 1999 or June 30, 2001, as the case may be, were the Termination Date. The date (falling
only on or after June 30, 1999 or June 30, 2001, as the case may be) by when Tenant has delivered
to Landlord the Contraction Space in the physical condition and state of repair as required
hereunder is hereinafter called the “Actual Contraction Date.” If the Actual Contraction Date does
not occur before either July 1, 1999 or July 1, 2001, as the case may be, then, Tenant shall be
deemed a holdover tenant for the Contraction Space and shall be liable to Landlord under Article 55
of the Lease as if either June 30, 1999 or June 30, 2001, as the case may be, were the Termination
Date. If, however, it has been adjudged that the Actual Contraction Date failed to occur before
either July 1, 1999 or July 1, 2001, as the case may be, solely due to the gross negligence of
Landlord, then, notwithstanding the immediately preceding sentence, for each day during the period
either July 1, 1999 through the Actual Contraction Date or July 1, 2001 through the Actual
Contraction Date, as the case may be, Tenant shall pay 100%, not 200%, of the Adjusted Minimum Rent
for said period. Nothing in this Paragraph shall be deemed to constitute a release or discharge of
Tenant with respect to any outstanding and unsatisfied obligation or liability, whether unbilled or
calculated, accrued or incurred under the Lease, such as, but not limited to, Minimum Rent,
Adjusted Minimum Rent,
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additional rent and other charges payable by Tenant in connection with the Contraction Space,
up to and including the Actual Contraction Date.
29. CONTRACTION SPACE LEASE AMENDMENT. On or about the Actual Contraction Date,
Landlord shall deliver to Tenant a notice (a) establishing the Actual Contraction Date, (b)
modifying Section 36.2 of the Lease as of the Actual Contraction Date to reflect Landlord’s
determination of the reduced rentable square foot area of the Demised Premises, (c) revising
Section 36.2 of the Lease as of the Actual Contraction Date to reflect Landlord’s determination of
the reduced Tenant’s Occupancy Percentage, (d) changing the Allotted Parking referred to in Section
43.1 of the Lease as of the Actual Contraction Date so that Tenant’s Allotted Parking reflects
Landlord’s then applicable Building standard ratio of parking spaces to each 1,000 rentable square
feet within the Demised Premises, (e) reducing the Minimum Rent as of the Actual Contraction Date
by an amount equal to the product of (1) $16.34 and the rentable square foot area of the
Contraction Space for the period (if any) beginning on the Actual Contraction Date and ending on
the third (3rd) anniversary of the Additional Space Commencement Date, (2) $20.90 and
the rentable square foot area of the Contraction Space for the period beginning on the day
immediately following the third (3rd) anniversary of the Additional Space Commencement
Date and ending on the seventh (7th) anniversary of the Additional Space Commencement
Date and (3) $22.00 and the rentable square foot area of the Contraction Space for the period
beginning on the day immediately following the seventh (7th) anniversary of the
Additional Space Commencement Date and ending on the Termination Date; and reciting other pertinent
modifications to the Lease that Landlord deems necessary. As of the Actual Contraction Date,
Exhibit A (Rental Plan) to the Lease shall be deemed modified to exclude the contraction Space.
Tenant shall accept the terms of the notice
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referred to in the first sentence of this Paragraph by signing a copy of said notice and
returning it to Landlord within five (5) days after Tenant’s receipt thereof. Tenant’s failure to
timely return a fully executed unamended original counterpart of said notice shall constitute
Tenant’s express consent with an agreement to all the terms contained in the notice as prepared by
Landlord.
30. SPACE PLANNING REIMBURSEMENT. Tenant hereby represents that it has, as of the
date hereof, spent in excess of $50,000.00 on the space planning services of Xxxxx Xxxxxxx Xxxxx
relating solely to the Additional Space. Provided (i) Landlord receives from Tenant, no later than
ten (10) days prior to the date hereof, written documentation in form and content satisfactory to
landlord evidencing the veracity of Tenant’s representation contained in the first (1st)
sentence of this Paragraph and (ii) Tenant has not breached any term of the Lease, then, on the
date hereof, Landlord shall pay Tenant $50,000.00.
31. FIRST-CLASS BUILDING. Landlord shall endeavor to operate and maintain the
Building in a first-class manner and any costs arising from such first-class operation and
maintenance Tenant agrees to pay pursuant to Article 36 of the Lease or other applicable provisions
of the Lease.
32. SUBLETTING. As of the Additional Space commencement Date, the last five (5) lines
of Section 48.4 of the Lease shall be deemed deleted and replaced by the following language:
48.2 to pay over to Landlord as additional rent hereunder fifty percent
(50%) of all consideration (of whatever nature) payable by the prospective
sublessee or assignee to Tenant pursuant to such sublease or assignment
which exceeds (said excess is hereinafter referred to as “Profit”) the
pro rata share of the Adjusted Minimum Rent allocable to the
Demised Premises, in the case of an assignment, or to the subleased premises
in the case of a sublease, payable by Tenant hereunder. In computing the
Profit, tenant may deduct therefrom, to the extent documented as hereinafter
provided, those bona fide, out-of-pocket, actual, reasonable and necessary
costs negotiated at arms-length directly incurred by Tenant in effectuating
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a sublease or assignment paid to only (A) entities unaffiliated with Tenant
for brokerage and legal services and (B) Bellemead Construction Corporation
for construction work. For purposes of computing Profit, the costs referred
to in the immediately preceding sentence shall be amortized over the term of
the sublease or the remaining term of the Lease in the event of an
assignment. Tenant shall promptly provide Landlord with (i) an affidavit
sworn to by Tenant setting forth in detail the permitted deductions from
Profit and (ii) proof of payment for said permitted deductions from Profit.
33. BUILDING PURCHASE OPTION. If Landlord receives a bona fide good faith offer in
writing from a Qualified Purchaser (hereinafter defined) to purchase a fee simple absolute interest
in only the Real Estate, Landlord shall (provided Tenant has not breached any term of the Lease,
sublet all or any part of the Demised Premises and/or assigned the Lease) give Tenant in writing a
notice inviting Tenant (“Invitation Notice”) to submit a contract of sale for landlord’s execution
covering the Real Estate. If Landlord and Tenant fail to execute and unconditionally deliver to
each other a fully binding contract of sale for the Real Estate within ten (10) days after Landlord
gives Tenant the Invitation Notice, Tenant shall have no further rights and Landlord shall have no
further obligations under this Paragraph. A Qualified Purchaser shall mean any person or entity,
except (1) any person or entity who may acquire the Real Estate through a sale in foreclosure or a
deed given in lieu of foreclosure, (2) any governmental entity that may acquire the Real Estate by
exercise of the power of eminent domain, (3) an affiliate, subsidiary, related entity, parent,
partner or stockholder of Landlord and (4) a joint venture, syndicate or partnership (general,
limited or otherwise) in which any interest is held by Landlord, its affiliate, subsidiary, related
entity, parent, partner or stockholder. The entitlement to an Invitation Notice shall be deemed
personal to Tenant named on the first and last page of this Third Amendment of Lease and may not be
assigned.
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FOURTH AMENDMENT OF LEASE
This FOURTH AMENDMENT OF LEASE is made as of the 12 th day of December 1996 between 5
INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a New Jersey limited partnership, having an address
c/o Bellemead Management Co., Inc., 280 Corporate Center, 0 Xxxxxx Xxxx Xxxx, Xxxxx Xxxxx,
Xxxxxxxx, Xxx Xxxxxx 00000-0000 (hereinafter called “Landlord”) and TOTAL RESEARCH CORPORATION, a
New Jersey corporation, having an office at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx 0000X
(hereinafter called “Tenant”).
W I T N E S S E T H :
WHEREAS:
A. Bellemead Development Corporation, predecessor-in-interest to Landlord, and Tenant
heretofore entered into a certain lease dated December 2, 1985, as amended on July 31, 1986,
January 5, 1987, November 27, 1990 and December 27, 1995 (said lease as it was or may hereafter be
amended is hereinafter called the “Lease”) with respect to a portion (“Demised Premises”) of the
building known as 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx (“Building”); and
B. Landlord and Tenant are desirous of amending the Lease in certain respects.
NOW, THEREFORE, in consideration of the promises and mutual covenants hereinafter contained,
the parties hereto modify the Lease as follows:
1. DEFINED TERMS . Except as specifically provided otherwise in this Fourth Amendment of
Lease, all defined terms contained in this Fourth Amendment of Lease, shall, for the purposes
hereof, have the same meaning ascribed to them in the Lease.
2. CREDIT DEMAND NOTICE . As of the date hereof, the date “December 31, 1996”, found on lines
3-4 of Paragraph 5.(A) to the Third Amendment of Lease dated as of December 27, 1995 between
Landlord and Tenant, shall be deemed changed to “March 31, 1997”.
3. CORPORATE AUTHORITY . Tenant represents that the undersigned officer of the Tenant
corporation has been duly authorized on behalf of the Tenant corporation to enter into this Fourth
Amendment of Lease in accordance with the terms, covenants and conditions set forth herein, and,
upon Landlord’s request, Tenant shall deliver an appropriate certification by the Secretary of the
Tenant corporation to the foregoing effect.
4. LEASE RATIFICATION . Except as expressly amended by this Fourth Amendment of Lease, that
certain Third Amendment of Lease dated December 27, 1995, that certain Second Amendment of Lease
dated November 27, 1990, that certain letter agreement dated July 31, 1986 and that certain First
Amendment of Lease dated January 5, 1987, the Lease, and all terms, covenants and conditions
thereof, shall remain in full force and effect and is hereby in all respects ratified and
confirmed.
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5. NO ORAL CHANGES . This Fourth Amendment of Lease may not be changed orally, but only by a
writing signed by both Landlord and Tenant.
6. NO DEFAULT . Tenant confirms that (i) Landlord has complied with all of its obligations
contained in the Lease and (ii) no event has occurred and no condition exists which, with the
passage of time or the giving of notice, or both, would constitute a default by Landlord under the
Lease.
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FIFTH AMENDMENT OF LEASE
This
FIFTH AMENDMENT OF LEASE is made as of the ___ day of February, 1998 between 5
INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a New Jersey limited partnership, (“Landlord”) having
an address at PW/MS Management Co., Inc., x/x Xxxx & Xxxxxxxxx, XXX, Xxxx Xxxxxx at Xxxxxx County,
000 Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxx, Xxx Xxxxxx 00000-0000 and TOTAL RESEARCH CORPORATION, a
New Jersey corporation, having an office at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx 00000
(hereinafter called “Tenant”).
W I T N E S S E T H:
WHEREAS:
A. Bellemead Development Corporation, predecessor-in-interest to Landlord, and Tenant
heretofore entered into a certain lease dated December 2, 1985, as amended on July 31, 1986,
January 5, 1987, November 27, 1990, December 27, 1995 and December 12, 1996 (said lease as it was
or may hereafter be amended is hereinafter called the “Lease”) with respect to a portion (“Demised
Premises”) of the building known as 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx (“Building”), for a
term ending on July 31, 2006 or on such earlier date upon which said term may expire or be
terminated pursuant to any conditions of limitation or other provisions of the Lease or pursuant to
law; and
B. Tenant is desirous of increasing the size of the Demised Premises by the addition of 2,500
rentable square feet (“Additional Space”) on the first (1st) floor of the Building, as
illustrated on Schedule A, attached hereto and made a part hereof.
NOW, THEREFORE, in consideration of the promises and mutual covenants hereinafter contained,
the parties hereto modify the Lease as follows:
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1. DEFINED TERMS. Except as specifically provided otherwise in this Fifth Amendment
of Lease, all defined terms contained in this Fifth Amendment of Lease, shall, for the purposes
hereof, have the same meaning ascribed to them in the Lease.
2. ADDITIONAL SPACE COMMENCEMENT DATE. The Demised Premises shall be deemed expanded
to include the Additional Space on (“Additional Space Commencement Date”) March 1, 1998 As of the
Additional Space commencement Date, the attached Schedule A shall be added to and become a part of
Exhibit A (Rental Plan) to the Lease. On or about the Additional Space Commencement Date, Landlord
may deliver to Tenant a notice (“Additional Space Commencement Date Notice”) confirming, among
other things, the inclusion of the Additional Space Commencement Date. If Tenant receives the
Additional Space Commencement Date Notice, Tenant shall sign same and return it fully executed to
Landlord within five (5) days after Tenant’s receipt thereto. Tenant’s failure to timely return a
fully executed unamended original counterpart of the Additional Space commencement Date Notice
shall constitute Tenant’s express consent with and agreement to all the terms contained in the
Additional Space Commencement Date Notice as prepared by Landlord.
3. CONDITION OF ADDITIONAL SPACE. As of the Additional Space Commencement Date,
Tenant shall be deemed to have accepted the Additional Space in its then “as is” physical condition
and state of repair. In that regard, Landlord shall have no obligation to do any work or perform
any services with respect to the Additional Space or grant Tenant any construction allowance,
except that Landlord, at its expense, shall once, using Building standard means, methods, materials
and manpower, (i) patch and paint those walls of the Demised Premises, as selected by Landlord and
(ii) clean areas of carpeting in the Demised Premises, as determined by Landlord.
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4. MINIMUM RENT. The Lease is hereby amended to provide that the Minimum Rent, on an
annual basis, shall be:
(i) SEVEN HUNDRED NINETY FIVE THOUSAND ONE HUNDRED FIFTY THREE AND
42/100 DOLLARS ($795,153.42) for the period commencing on July 1,
1996 and ending on February 28, 1998, payable in advance on the
first day of each calendar month in equal monthly installments of
SIXTY SIX THOUSAND TWO HUNDRED SIXTY TWO AND 79/100 DOLLARS
($66,262.79);
(ii) EIGHT HUNDRED FORTY SEVEN THOUSAND SIX HUNDRED FIFTY THREE AND
42/100 DOLLARS ($847,653.42) for the period commencing on March 1,
1998 and ending on June 30, 1999, payable in advance on the first
day of each calendar month in equal monthly installments of SEVENTY
THOUSAND SIX HUNDRED THIRTY SEVEN AND 79/100 DOLLARS ($70,637.79);
(iii) ONE MILLION SIXTY NINE THOUSAND FIVE HUNDRED FIFTY SIX AND
70/100 DOLLARS ($1,069,556.70) for the period commencing on July 1,
1999 and ending on the last day of February in 2003, payable in
advance on the first day of each calendar month in equal monthly
installments of EIGHTY NINE THOUSAND ONE HUNDRED TWENTY NINE AND
73/100 DOLLARS ($89,129.73);
(iv) ONE MILLION SEVENTEEN THOUSAND FIFTY SIX AND 70/100 DOLLARS
($1,017,056.70) for the period commencing on March 1, 2003 and
ending on June 30, 2003, payable in advance on the first day of each
calendar month in equal monthly installments of EIGHTY FOUR THOUSAND
SEVEN HUNDRED FIFTY FOUR AND 73/100 DOLLARS ($84,754.73); and
(v) ONE MILLION SEVENTY THOUSAND FIVE HUNDRED EIGHTY SIX AND 00/100
DOLLARS ($1,070,586.00) for the period commencing on July 1, 2003
and ending on July 31, 2006, payable in advance on the first day of
each calendar month in equal monthly installments of EIGHTY NINE
THOUSAND TWO HUNDRED FIFTEEN AND 50/100 DOLLARS ($89,215.50).
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5. SIZE OF ADDITIONAL SPACE. Section 36.2 of the Lease shall be amended as of the
date hereof to provide that, only for the period beginning on the Additional Space Commencement
Date until the Actual Surrender Date (hereinafter defined in Paragraph 6), (i) the Demised Premises
shall be deemed to contain a floor area of 51,163 square feet and (ii) the Occupancy Percentage
shall be 46%. For the period beginning on the day following the Actual Surrender date until July
31, 2006, Section 36.2 of the Lease shall be amended to provide that (a) the Demised Premises shall
be deemed to contain a floor area of 48,663 square feet and (b) the Occupancy Percentage shall be
43%.
6. SURRENDER OF ADDITIONAL SPACE. Tenant shall deliver the Additional Space to
Landlord by January 31, 2003 in the same physical condition and state of repair that would apply to
the Additional Space as if January 31, 2003 were the Termination Date. January 31, 2003 is
hereinafter referred to as the “Schedule Surrender Date.” The earliest date after the Schedule
surrender Date by when Tenant has delivered to Landlord the Additional Space in the physical
condition and state of repair as required hereunder is hereinafter called the “Actual Surrender
Date.” If the Actual Surrender Date fails to occur by the Schedule Surrender Date, then, Tenant
shall be deemed a holdover tenant at sufferance for the Additional Space and shall be liable to
landlord under Article 55 of the Lease as if the Schedule surrender Date were the Termination Date.
As of the Actual Surrender Date, Exhibit A to the Lease shall be deemed to have excluded therefrom
the Additional Space. Nothing in this Fifth Amendment of Lease shall be deemed to constitute a
release or discharge of Tenant with respect to any outstanding and unsatisfied obligation or
liability, whether unbilled or calculated, accrued or incurred under the Lease, such as, but not
limited to, Minimum Rent, Adjusted Minimum Rent, additional rent
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and other charges payable by Tenant in connection with the Additional Space, up to and including the
Actual Surrender Date.
7. PARKING. For the period commencing on the Additional Space commencement Date and
ending on the Schedule Surrender Date, Tenant’s Allotted Parking referenced in Section 43.1 of the
Lease shall be for one hundred sixty eight (168) cars.
8. BROKERAGE. Tenant represents that it has had no dealings or communications with
any real estate broker or agent in connection with this Fifth Amendment of Lease. Tenant agrees to
defend indemnify and hold Landlord, its affiliates and/or subsidiaries and the partners, directors,
officers of Landlord and its affiliates and/or subsidiaries harmless from and against any and all
costs, expenses or liability (including attorney’s fees, court costs and disbursements) for an
commission or other compensation claimed by any broker or agent with whom Tenant dealt or
communicated relating to this Fifth Amendment of Lease.
9. CORPORATE AUTHORITY. Tenant represents that the undersigned officer of the Tenant
corporation has been duly authorized on behalf of the Tenant corporation to enter into this Fifth
Amendment of Lease in accordance with the terms, covenants and conditions set forth herein, and,
upon Landlord’s request, Tenant shall deliver an appropriate certification by the Secretary of the
Tenant corporation to the foregoing effect.
10. LEASE RATIFICATION. Except as expressly amended by this Fifth Amendment of Lease,
that certain Fourth Amendment of Lease dated December 12, 1996, that certain Third Amendment of
lease dated December 27, 1995, that certain Second Amendment of Lease dated November 27, 1990, that
certain letter agreement dated July 31, 1986 and that certain First Amendment of Lease dated
January 5, 1987, the Lease, and all terms, covenants and
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conditions thereto, shall remain in full force and effect and is hereby in all respects ratified
and confirmed.
11. NO ORAL CHANGES. This Fifth Amendment of Lease may not be changed orally, but
only by a writing signed by both Landlord and Tenant.
12. NO DEFAULT. Tenant confirms that (i) Landlord has complied with all of its
obligations contained in the Lease and (ii) no event has occurred and no condition exists which,
with the passage of time or the giving of notice, or both, would constitute a default by Landlord
under the Lease.
13. SECURITY. Tenant shall deposit with Landlord on the date hereof the sum of FOUR THOUSAND
THREE HUNDRED SEVENTY FIVE AND 00/100 DOLLARS ($4,375.00) as additional security for the faithful
performance and observance by Tenant of the terms, provisions and conditions of the Lease. As of
the earliest date after the date hereof on which Landlord first holds a security deposit form
Tenant equal to ONE HUNDRED FOUR THOUSAND THREE HUNDRED SEVENTY FIVE AND 00/100 DOLLARS
($104,375.000), the first (1st) sentence of Article 33 of the Lease shall be deemed to
read as follows:
Tenant has deposited with landlord the sum of ONE HUNDRED FOUR
THOUSAND THREE HUNDRED SEVENTY FIVE AND 00/100 DOLLARS ($104,375.00)
as security for the faithful performance and observance by Tenant of
the terms, provisions and conditions of the Lease.
In the event Landlord applies or retains any portion or all of the security deposited, Tenant shall
forthwith deposit with Landlord a sum so that at all times the amount held by Landlord as security
shall not be less than ONE HUNDRED FOUR THOUSAND THREE HUNDRED SEVENTY FIVE AND 00/100 DOLLARS
($104,375.00).
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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment of Lease to be
executed on the day and year first written above.
SIGNED, sealed and delivered
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WITNESSED BY: |
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LANDLORD: |
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5 INDEPENDENCE ASSOCIATES
LIMITED PARTNERSHIP |
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By:
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Xxxxxx X. Xxxxxx |
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Name: |
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General Partner |
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(Please Print) |
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ATTESTED BY: |
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AGENT FOR LANDLORD: |
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PW/MS MANAGEMENT CO., INC.
By: Xxxx & Wentworth, LLC |
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By:
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Xxxx Xxxxxxx Xxxx, Esq.
Secretary |
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Xxxxxx X.
Xxxxxx
Senior Vice President |
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ATTESTED BY: |
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TENANT: |
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TOTAL RESEARCH CORPORATION |
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Name:
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(Please Print)
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Title:
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Corporate Secretary
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APPLY CORPORATE SEAL HERE |
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SIXTH AMENDMENT OF LEASE
This SIXTH AMENDMENT OF LEASE is made as of the day of September, 1999 between 5 INDEPENDENCE
ASSOCIATES LIMITED PARTNERSHIP, a New Jersey limited partnership (“Landlord”) having an address at
PW/MS Management Co., Inc., x/x Xxxx & Xxxxxxxxx, XXX, Xxxx Xxxxxx at Xxxxxx County, 000 Xxxxxx
Xxxxx, Xxxxx 000, Xxxxxxx Xxxx, Xxx Xxxxxx 00000-0000 and TOTAL RESEARCH CORPORATION, a New Jersey
corporation, having an office at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx 00000 (hereinafter
called “Tenant”).
W I T N E S S E T H:
WHEREAS:
A. Bellemead Development Corporation, predecessor-in-interest to Landlord, and Tenant
heretofore entered into a certain lease dated December 2, 1985, as amended on July 31, 1986,
January 5, 1987, November 27, 1990, December 27, 1995, December 12, 1996 and February 19, 1998
(said lease as it was or may hereafter be amended is hereinafter called the “Lease”) with respect
to a portion (“Demised Premises”) of the building known as 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx
Xxxxxx (“Building), for a term ending on July 31, 2006 or on such earlier date upon which said term
may expire or be terminated pursuant to any conditions of limitation or other provisions of the
Lease or pursuant to law; and
B. Tenant is desirous of increasing the size of the Demised Premises by the addition of 4,563
rentable square feet (“Growth Space”) on the first (1st) floor of the Building, as
illustrated on Schedule A, attached hereto and made a part hereof.
NOW, THEREFORE, in consideration of the promises and mutual covenants hereinafter contained,
the parties hereto modify the Lease as follows:
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1. DEFINED TERMS. Except as specifically provided otherwise in this Sixth Amendment
of Lease, all defined terms contained in this Sixth Amendment of Lease, shall, for the purposes
hereof, have the same meaning ascribed to them in the Lease.
2. GROWTH SPACE COMMENCEMENT DATE. The Demised Premises shall be deemed expanded to
included the Growth Space on the earlier of (“Growth Space Commencement Date”) (i) the day Tenant
occupies all or any part of the Growth Space of (ii) three (3) days after the date, as established
by Landlord and communicated by Landlord to Tenant, on which Landlord has substantially completed
the work described on (a) the Space Plan, attached hereto as Schedule B, and made a part hereof and
(b) the Leasehold Improvement Specifications, attached hereto as Schedule B-1and made a part
hereof. If substantial completion of the work described on Schedules B and B-1 hereof is postponed
by reason of any delays beyond the reasonable control of Landlord (including, but not limited to,
delays caused by Tenant and extras and change orders requested by Tenant), then, the date by when
Landlord shall have substantially completed such work shall be deemed to be the date, as determined
by Landlord, by when such work would have been substantially completed but for those delays beyond
the reasonable control of Landlord (including, but not limited to, delays caused by Tenant and
extras and change orders requested by Tenant). As of the Growth Space Commencement Date, the
attached Schedule A shall be added to and become a part of Exhibit A (Rental Plan) to the Lease.
On or about the Growth Space Commencement Date, landlord may deliver to Tenant a notice (“Growth
Space Commencement Date Notice”) confirming among other things, the inclusion of the Growth Space
within the Demised Premises as of the Growth Space Commencement Date. If Tenant receives the
Growth Space Commencement Date Notice, Tenant shall sign same and return it fully executed to
Landlord within five (5) days after
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Tenant’s receipt thereof. Tenant’s failure to timely return a fully executed unamended
original counterpart of the Growth Space Commencement Date Notice shall constitute Tenant’s express
consent with and agreement to all the terms contained in the Growth Space Commencement Date Notice
as Prepared by Landlord.
3. CONDITION OF GROWTH SPACE. As of the Growth Space Commencement Date, Tenant shall
be deemed to have accepted the Growth Space in its then “as is” physical condition and state of
repair. In that regard, Landlord shall have no obligation to do any work or perform any services
with respect to the Growth Space or grant Tenant any construction allowance, except that Landlord,
at its expense, shall once, using Building standard means, methods, materials and manpower, perform
the work described on Schedules B and B-1. Tenant agrees that, as of the date hereof, Tenant owes
Landlord $33,046.00 as additional rent. If Landlord performs any additional work or work differing
from that shown on Schedules B and B-1, Tenant shall pay Landlord’s entire charge therefor as
additional rent and upon Landlord’s demand. Tenant shall pay landlord said $33,046 as additional
rent in two 92) installments. The first (1st) installment of $11,015.00 shall be due as
additional rent from Tenant to landlord on the date hereof. The second (2nd) and final
installment of $22,031.00 shall be due as additional rent from Tenant to Landlord on the date,
established by Landlord, when the work described in Schedules B and B-1 is substantially complete.
If Tenant fails to pay Landlord the first (1st) of said two (2) installments when due,
then, the second (2nd) and final installment shall be automatically accelerated and
immediately due and payable at once. If less than all the work shown on Schedules B and B-1 is
performed, Tenant shall forever forfeit its entitlement to the unperformed work and waive and
release Landlord from any claim for a credit associated with such unperformed work.
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4. MINIMUM RENT. The Lease shall be deemed amended to provide that the Minimum Rent,
on an annual basis is:
(i) ONE MILLION SIXTY NINE THOUSAND FIVE HUNDRED FIFTY SIX AND
70/100 DOLLARS ($1,069,556.70) for the period commencing on July 1,
1999 and ending on the day immediately preceding the Growth Space
Commencement Date, payable in advance on the first day of each
calendar month in equal monthly installments of EIGHTY NINE THOUSAND
ONE HUNDRED TWENTY NINE AND 73/100 DOLLARS ($89,129.73);
(ii) ONE MILLION ONE HUNDRED EIGHTY THREE THOUSAND ONE HUNDRED
SEVENTY FIVE AND 46/100 DOLLARS ($1,183,175.46) for the period
commencing on the Growth Space Commencement Date and ending on
February 28, 2003, payable in advance on the first day of each
calendar month in equal monthly installments of NINETY EIGHT
THOUSAND FIVE HUNDRED NINETY SEVEN AND 96/100 DOLLARS ($98,597.96);
(iii) If the Scheduled Surrender Date occurs on or before June 30,
2003, then
(a) for the period beginning on March 1, 2003 and
ending on the day immediately preceding the
Scheduled Surrender Date, the annual Minimum Rent
shall be ONE MILLION ONE HUNDRED THIRTY THOUSAND SIX
HUNDRED SEVENTY FIVE AND 46/100 DOLLARS
($1,130,675.46), payable in advance on the first day
of each calendar month in equal monthly installments
of NINETY FOUR THOUSAND TWO HUNDRED TWENTY TWO AND
96/100 DOLLARS ($94,222.96);
(b) for the period beginning on the Scheduled
Surrender Date and ending on June 30, 2003, the
annual Minimum Rent shall be ONE MILLION SEVENTEEN
THOUSAND FIFTY SIX AND 70/100 DOLLARS
($1,017,056.70), payable in advance on the first day
of each calendar month in equal monthly installments
of EIGHTY FOUR THOUSAND SEVEN HUNDRED FIFTY FOUR AND
73/100 DOLLARS ($84,754.73);
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(c) for the period beginning on July 1, 2003 and
ending on July 31, 2006, the annual Minimum Rent
shall be ONE MILLION SEVENTY THOUSAND FIVE HUNDRED
EIGHTY SIX AND 00/100 DOLLARS ($1,070,586.00),
payable in advance on the first day of each calendar
month in equal monthly installments of EIGHTY NINE
THOUSAND TWO HUNDRED FIFTEEN AND 50/100 DOLLARS
($89,215.50).
(iv) If the Scheduled Surrender Date occurs after June 30, 2003, then
(a) for the period beginning on July 1, 2003 and
ending on the day immediately preceding the Schedule
Surrender Date, the annual Minimum Rent shall be ONE
MILLION ONE HUNDRED EIGHTY FOUR THOUSAND TWO HUNDRED
FOUR AND 76/100 DOLLARS ($1,184,204.76), payable in
advance on the first day of each calendar month in
equal monthly installments of NINETY EIGHT THOUSAND
SIX HUNDRED EIGHTY THREE AND 73/100 DOLLARS
($98,683.73); and
(b) for the period beginning on the Scheduled
Surrender Date and ending on July 31, 2006, the
annual Minimum Rent shall be ONE MILLION SEVENTY
THOUSAND FIVE HUNDRED EIGHTY SIX and 00/100 DOLLARS
($1,070,586.00), payable in advance on the first day
of each calendar month in equal monthly installments
of EIGHTY NINE THOUSAND TWO HUNDRED FIFTEEN AND
50/100 DOLLARS ($89,215.50).
5. SIZE OF GROWTH SPACE. (A) Section 36.2 of the Lease shall be amended as of the date
hereof to provide that, only for the period beginning on the Growth Space Commencement Date until
the Actual Surrender Date [hereinafter defined in Paragraph 6.(B) hereof], (i) the Demised Premises
shall be deemed to contain a floor area of 55,726 square feet and (ii) the Occupancy Percentage
shall be 49.21%. For the period beginning on the day following the Actual Surrender Date until
July 31, 2006, Section 36.2 of the Lease shall be
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amended to provide that (a) the Demised Premises shall be deemed to contain a floor area of 51,163
square feet and (b) the Occupancy Percentage shall be 46%.
(B) Notwithstanding anything contained to the contrary in subsection (A) hereof, on the day
that the 2,500 rentable square foot unit is delivered, as required by Section 6 of that certain
Fifth Amendment of Lease dated as of February 19, 1998 between Landlord and Tenant, (i) the floor
area of the Demised Premises shall be deemed reduced by 2,500 square feet and (ii) the Occupancy
Percentage shall be deemed reduced by 2.2%, which represents the quotient of 2,500 and 113,244.
6. SURRENDER OF GROWTH SPACE. (A) The Scheduled Surrender Date shall mean the date
falling forty-two (42) months after the Growth Space Commencement Date. If, however, (i) any
sublease or other shared occupancy agreement encumbering all or any part of the Demised Premises as
of the date hereof is extended, renewed, expanded or modified, or (ii) any assignee, subtenant or
other user or tenant, who is not in occupancy of all or any part of the Demised Premises as of the
date hereof, takes occupancy of all or any part of the Demised Premises after the date hereof,
then, at Landlord’s sole option, Landlord may at any time change the definition of the Scheduled
Surrender Date so that it means the date falling sixty (60) months, not forty-two (42) months,
after the Growth Space Commencement Date. If Landlord so exercises its option described in the
preceding sentence, Tenant shall be strictly bound by the changed definition of the Schedule
Surrender Date.
(B) Tenant shall deliver the Growth Space to Landlord by the Scheduled Surrender Date in the
same physical condition and state of repair that would apply to the Growth Space as if the
Scheduled Surrender Date were the Termination Date. The earliest date after the Schedule Surrender
Date by when Tenant has delivered to Landlord the Growth Space in the physical
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condition and state of repair as required hereunder is hereinafter called the “Actual Surrender
Date.” If the Actual Surrender Date fails to occur by the Schedule Surrender Date, then, Tenant
shall be deemed a holdover tenant at sufferance for the Growth Space and shall be liable to
Landlord under Article 55 of the Lease as if the Schedule Surrender Date were the Termination Date.
As of the Actual Surrender Date, Exhibit A to the Lease shall be deemed to have excluded therefrom
the Growth Space shown on Schedule A hereof. Nothing in this Sixth Amendment of Lease shall be
deemed to constitute a release or discharge of Tenant with respect to any outstanding and
unsatisfied obligation or liability, whether unbilled or calculated, accrued or incurred under the
Lease, such as, but not limited to, Minimum Rent, Adjusted Minimum Rent, additional rent and other
charges payable by Tenant in connection with the Growth Space, up to and including the Actual
Surrender Date.
7. PARKING. For the period commencing on the Growth Space Commencement Date and ending on the
Scheduled Surrender Date, Tenant’s Allotted Parking referenced in Section 43.1 of the Lease shall
be for one hundred eighty six (186) cars.
8. BROKERAGE. Tenant represents that it has had no dealings or communications with any real
estate broker or agent in connection with this Sixth Amendment of Lease, except Xxxx &Wentworth
Real Estate Advisors, LLC. Tenant agrees to defend indemnify and hold Landlord, its affiliates
and/or subsidiaries and the partners, directors, officers of Landlord and its affiliates and/or
subsidiaries harmless from and against any and all costs, expenses or liability (including
attorney’s fees, court costs and disbursements) for any commission or other compensation claimed by
any broker or agent (except Xxxx & Wentworth Real Estate Advisors, LLC) with whom Tenant dealt or
communicated relating to this Sixth Amendment of Lease.
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9. CORPORATE AUTHORITY. Tenant represents that the undersigned officer of the Tenant
corporation has been duly authorized on behalf of the Tenant corporation to enter into this Sixth
Amendment of Lease in accordance with the terms, covenants and conditions set forth herein, and,
upon landlord’s request, Tenant shall deliver an appropriate certification by the Secretary of the
Tenant corporation to the foregoing effect.
10. LEASE RATIFICATION. Except as expressly amended by this Sixth Amendment of Lease,
that certain Fifth Amendment of Lease dated February 19, 1998, that certain Fourth Amendment of
Lease dated December 12, 1996, that certain Third Amendment of Lease dated December 27, 1995, that
certain Second Amendment of Lease dated November 27, 1990, that certain letter agreement dated July
31, 1986 and that certain First Amendment of Lease dated January 5, 1987, the Lease, and all terms,
covenants and conditions thereof, shall remain in full force and effect and is hereby in all
respects ratified and confirmed.
11. NO ORAL CHANGES. This Sixth Amendment of Lease may not be changed orally, but
only by a writing signed by both Landlord and Tenant.
12. NO DEFAULT. Tenant confirms that (i) Landlord has complied with all of its
obligations contained in the Lease and (ii) no event has occurred and no condition exists which,
with the passage of time or the giving of notice, or both, would constitute a default by Landlord
under the Lease.
13. SECURITY. Tenant shall deposit with Landlord on the date hereof the sum of NINE THOUSAND
FOUR HUNDRED SIXTY EIGHT AND 23/100 DOLLARS ($9,468.23) as additional security for the faithful
performance and observance by Tenant of the terms, provisions and conditions of the Lease. As of
the earliest date after the day hereof on which Landlord first holds a security deposit from Tenant
equal to ONE HUNDRED FOURTEEN
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THOUSAND FOUR HUNDRED SIXTY EIGHT AND 23/100 DOLLARS ($114,468.23), the first (1st)
sentence of Article 33 to the Lease shall be deemed to read as follows:
Tenant has deposited with Landlord the sum of ONE HUNDRED FOURTEEN THOUSAND FOUR
HUNDRED SIXTY EIGHT AND 23/100 DOLLARS ($114,468.23) as security for the faithful
performance and observance by Tenant of the terms, provisions and conditions of the
Lease.
In the event Landlord applies or retains any portion or all of the security deposited,
Tenant shall forthwith deposit with Landlord a sum so that all times the amount held by
Landlord as security shall not be less than ONE HUNDRED FOURTEEN THOUSAND FOUR HUNDRED
SIXTY EIGHT AND 23/100 DOLLARS ($114,468.23).
14. NOTICES. Supplementing and modifying Section 57.1 of the Lease, on and after the
date hereof, all notices or demands to Landlord from tenant shall be invalid unless, and
shall be valid only if, in writing, sent postage prepaid via certified mail, return receipt
requested and addressed to landlord as follows:
5 INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP
PW/MS Management Co., Inc.
x/x Xxxx & Xxxxxxxxx, XXX
Xxxx Xxxxxx xx Xxxxxx Xxxxxx
000 Xxxxxx Xxxxx, Xxxxx 000
Xxxxxxx Xxxx, Xxx Xxxxxx 00000-0000
Attention: Xxxx Xxxxxxx Xxxx, Esq.
General Counsel
15. NON-BINDING DRAFT. The mailing or delivery of this document or any draft of this
document by Landlord or its agent to Tenant, its agent or attorney shall not be deemed an offer by
the Landlord on the terms set forth in this Document or draft, and this document or draft may be
withdrawn or modified by Landlord it its agent any time and for any reason. The purpose of this
section is to place Tenant on notice that this document or draft shall not be effective, nor shall
Tenant have any rights with respect hereto, unless and until Landlord shall execute and accept this
document. No representations or promises shall be binding on the parties
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hereto except those representations and promises contained in a fully executed copy of this
document or in some future writing signed by Landlord and Tenant.
16. NO BUILDING CAFETERIA. Tenant agrees and understands that Landlord shall have no
obligation whatsoever to make available for Tenant’s use in the Building a cafeteria, restaurant or
any other kind of eating establishment or food service. To the extent any such cafeteria,
restaurant, eating establishment or food service existed, exists today or may exist hereafter in
the Building, Tenant agrees that Landlord shall have no obligation whatsoever to assure that such
operation remains open. Tenant agrees that the absence in the Building of, or the closure of, a
cafeteria, restaurant, eating establishment or food service in the Building shall not (i)
constitute a breach or default by Landlord under the Lease, (ii) render landlord responsible for
any damages that Tenant may sustain or inconvenience that it may suffer, (iii) entitle Tenant to
any compensation from Landlord or to any rental abatement, diminution or set-off under the Lease,
(iv) release Tenant from its obligations under the Lease and/or (v) constitute an actual,
constructive or partial eviction of Tenant.
17. NO EXPANSION OPTIONS. As of the date hereof, (i) any rights of first offer,
rights of first refusal, rights of first negotiation or any other expansion options, rights
privileges or opportunities (hereinafter collectively referred to as “Expansion Rights”) that
Tenant may have under the Lease or otherwise shall be deemed without legal force, (ii) any exercise
or attempted exercise of any Expansion Rights by Tenant shall be deemed ineffective and (iii) all
of Landlord’s duties, liabilities, obligations, responsibilities and commitments incidental to such
Expansion Rights shall be deemed null and void.
18. AFTER-HOURS HVAC. Supplementing and modifying the first (1st) sentence
of Section 39.2 of the Lease, with regard to any after-hours air conditioning, ventilation or
heating:
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(a) supplied at any time between October 1 and March 31 to all or any part of the Demised Premises
on or after the date hereof, Tenant shall pay to Landlord, as additional rent and upon Landlord’s
demand, a sum equal to $75.00 an hour [subject to the last two (2) sentences of Section 39.2 to the
Lease] and (b) supplied at any time between April 1 and September 30 to all or any part of the
Demised Premises on or after the date hereof, Tenant shall pay Landlord, as additional rent and
upon landlord’s demand, a sum equal to $55.00 an hour [subject to the last two (2) sentences of
Section 39.2 to the Lease].
19. DISCOUNTED AFTER-HOURS HVAC. Notwithstanding the provisions of Paragraph 18
hereof, at all times after the date hereof, Landlord shall not charge Tenant more than $35.00 an
hour [subject to the last two (2) sentences of Section 39.2 to the Lease] for the first one hundred
(100) hours of after-hours air conditioning, ventilation or heating, as the case may be during each
calendar year. If all or any part of aid one hundred (100) hours of discounted after-hours air
conditioning, ventilation or heating, as the case may be, is not furnished to Tenant in any
calendar year, the credits associated with said discounted hours (a) shall be null and void, (b)
shall not apply to any subsequent calendar year, 9c) shall not apply after the expiration or
earlier termination of the Lease and (d) shall not reduce the Minimum Rent, Adjusted Minimum Rent
or additional rent payable under the Lease.
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IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment of Lease to be
executed on the date and year first written above.
SIGNED and delivered
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ATTESTED BY: |
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LANDLORD: |
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5 INDEPENDENCE ASSOCIATES LIMITED
PARTNERSHIP |
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By: |
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PW/MS OP SUB I, LLC |
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By: |
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Xxxx & Xxxxxxxxx
Real Estate Advisors, LLC |
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By: |
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Xxxx Xxxxxxx Xxxx, Esq. |
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Xxxxxx X. Xxxxxx |
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Corporate Secretary |
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Senior Vice President |
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ATTESTED BY: |
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AGENT FOR LANDLORD: |
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PW/MS MANAGEMENT CO., INC. |
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Xxxx & Wentworth Real Estate Advisors, LLC |
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By: |
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Xxxx Xxxxxxx Xxxx, Esq. |
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Xxxxxx X. Xxxxxx |
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Corporate Secretary |
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Senior Vice President |
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APPLY CORPORATE SEAL HERE |
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TENANT: |
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TOTAL RESEARCH CORPORATION |
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Xxxx Xxxxxxx |
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Chief Financial Officer |
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Name: |
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(please print)
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Title:
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Corporate Secretary |
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APPLY CORPORATE SEAL HERE |
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101
SCHEDULE A
Floor Plan of 4,563 Rentable Square Foot Growth Space
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SCHEDULE A
Rental Plan — Growth Space
FIRST FLOOR PLAN
[No Diagram Shown]
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SCHEDULE B
Space Plan
[No Diagram Shown]
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SEVENTH AMENDMENT OF LEASE
This SEVENTH AMENDMENT OF LEASE is made as of the 15 th day of December, 2000 between 5
INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a New Jersey limited partnership, having an address
c/o P/W Management Co., Inc., x/x Xxxx & Xxxxxxxxx, XXX, Xxxx Xxxxxx at Xxxxxx County, 000 Xxxxxx
Xxxxx, Xxxxx 000, Xxxxxxx Xxxx, Xxx Xxxxxx 00000-0000 (hereinafter called “ Landlord ”) and TOTAL
RESEARCH CORPORATION, a New Jersey corporation, having an office at 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx,
Xxx Xxxxxx 00000 (hereinafter called “ Tenant ”).
WITNESSETH:
WHEREAS:
A. Bellemead Development Corporation, predecessor-in-interest to Landlord, and Tenant
heretofore entered into a certain lease dated December 2, 1985, as amended on July 31, 1986,
January 5, 1987, November 27, 1990, December 27, 1995, December 12, 1996, February 19, 1998, June
15, 1998, September 28, 1999 and January 17, 2000 (said lease as it was or may hereafter be amended
is hereinafter called the “
Lease ”) with respect to a portion (“ Demised Premises ”) of the
building known as 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx, Xxx Xxxxxx (“ Building ”); and
B. Tenant is desirous of (i) reducing the size of the Demised Premises by surrendering 9,702
rentable square feet (“ Surrender Space ”) on the second (2 nd ) floor of the Building, as
illustrated on Schedule A attached hereto and made a part hereof and (ii) extending the term with
respect to 4,563 rentable square feet (“ Growth Space ”) on the first (1 st ) floor of the
Building, as illustrated on Schedule B attached hereto and made a part hereof, so that it expires
on May 31, 2004 (“ Growth Space Termination Date ”).
NOW, THEREFORE, in consideration of the promises and mutual covenants hereinafter contained,
the parties hereto modify the Lease as follows:
1. DEFINED TERMS . Except as specifically provided otherwise in this Seventh Amendment of
Lease, all defined terms contained in this Seventh Amendment of Lease, shall, for the purposes
hereof, have the same meaning ascribed to them in the Lease.
2. SURRENDER SPACE. The “Requested Surrender Date ” is herein defined as December 31, 2000. Tenant
shall deliver possession of the Surrender Space to Landlord by the Requested Surrender Date in the
same physical condition and state of repair that would apply to the Surrender Space as if the
Requested Surrender Date were the Termination Date with respect thereto. The earliest date after
the Requested Surrender Date by when Tenant has delivered to Landlord the Surrender Space in the
physical condition and state of repair as required hereunder is
hereinafter called the“ Actual Surrender Date ”. If the Actual Surrender Date fails to occur by the Requested Surrender Date, then
Tenant shall be deemed a holdover tenant for the Surrender Space and shall be liable to Landlord
under Article 55 of the Lease as if December 31, 2000 were the Termination Date with respect to the
Surrender Space. As of the Actual Surrender Date,
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Exhibit A (Rental Plan) to the Lease shall be deemed to have excluded therefrom the Surrender
Space. Nothing in this Paragraph shall be deemed to constitute a release or discharge of Tenant
with respect to any outstanding and unsatisfied obligation or liability, whether unbilled or
calculated, accrued or incurred under the Lease, such as, but not limited to, Minimum Rent,
Adjusted Minimum Rent, additional rent and other charges payable by Tenant in connection with the
Surrender Space for the period up to and including January 15, 2001.
Tenant shall not have any legal or equitable right or interest in or to the Surrender Space
after the Requested Surrender Date. As of the date hereof, Tenant hereby releases Landlord from and
against all claims, demands, liabilities, costs and expenses arising out of the Lease in connection
with the Surrender Space which Tenant ever had, now has or shall hereafter have against Landlord.
In consideration for Landlord’s agreement to accept the Surrender Space Tenant agrees to pay to
Landlord a fee (the ‘ Termination Fee ”) in the amount of Fifty-Nine Thousand Two Hundred
Eighty-One Dollars (59,281 which Termination Fee shall be due in immediately available funds
immediately upon execution of this Agreement as a condition precedent to Landlord’s obligation to
accept the Surrender Space. Notwithstanding anything to the contrary contained herein or in the
Lease, Landlord and Tenant agree that as additional consideration for Landlord’s agreement to
accept the Surrender Space, Tenant agrees to pay to Landlord the full installment of Minimum Rent,
Adjusted Minimum Rent, additional rent and other charges payable by Tenant in connection with the
Surrender Space due for the period up to and including January 15, 2001; any amounts so paid by
Tenant (including any payments made in advance) shall not be refunded to Tenant after the Actual
Surrender Date. Tenant acknowledges and agrees that the foregoing shall not serve to minimize or
limit Tenant’s liability as a holdover Tenant in the event Tenant were to fail to tender possession
of the Surrender Space to Landlord on or prior to the Requested Surrender Date.
3. TERMINATION DATE . Notwithstanding anything to the contrary contained in the Lease, the
date set forth in the Lease for the expiration of the term thereof with respect to the Growth Space
is hereby modified so that the Termination Date therefor shall be May 31, 2004, which date shall be
deemed the “ Scheduled Surrendered Date ” with respect to the Growth Space for all purposes under
the Lease.
4. MINIMUM RENT . The Lease is hereby amended to provide that the Minimum Rent, on an annual
basis, shall be:
(i) ONE MILLION SIXTY-NINE THOUSAND FIVE HUNDRED FIFTY-SIX AND 70/100 DOLLARS ($1,069,556.70) for
the period commencing on July 1, 1999 and ending on November 30, 1999, payable in advance on the
first day of each calendar month in equal monthly installments of EIGHTY-NINE THOUSAND ONE HUNDRED
TWENTY-NINE AND 73/100 DOLLARS ($89,129,73);
(ii) ONE MILLION ONE HUNDRED EIGHTY-THREE THOUSAND ONE HUNDRED SEVENTY-FIVE AND 46/100 DOLLARS
($1,183,175.46) for the period commencing on December 1, 1999 and ending on January 15, 2001,
payable in advance on the first day of each calendar month in equal monthly installments of
NINETY-EIGHT THOUSAND FIVE HUNDRED NINETY-SEVEN AND 96/100 DOLLARS ($98,597.96);
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(iii) NINE HUNDRED EIGHTY THOUSAND FOUR HUNDRED THREE AND 72/100 DOLLARS ($980,403.72) for the
period commencing on January 16, 2001 and ending on February 28, 2003 (which date shall be the
Scheduled Surrender Date under the Fifth Amendment of Lease), payable in advance on the first day
of each calendar month in equal monthly installments of EIGHTY-ONE THOUSAND SEVEN HUNDRED AND
31/100 DOLLARS ($81,700.31);
(iv) NINE HUNDRED TWENTY-SEVEN THOUSAND NINE HUNDRED THREE AND 72/100 DOLLARS ($927,903.72) for the
period commencing on March 1, 2003 and ending on June 30, 2003, payable in advance on the first day
of each calendar month in equal monthly installments of SEVENTY-SEVEN THOUSAND THREE HUNDRED
TWENTY-FIVE AND 31/100 DOLLARS ($77,325.31);
(v) NINE HUNDRED SEVENTY THOUSAND SEVEN HUNDRED SIXTY AND 76/100 DOLLARS ($970,760.76) for the
period commencing on July 1, 2003 and ending on May 31, 2004, payable in advance on the first day
of each calendar month in equal monthly installments of EIGHTY THOUSAND EIGHT HUNDRED NINETY-SIX
AND 73/100 DOLLARS ($80,896.73); and
(vi) EIGHT HUNDRED FIFTY-SEVEN THOUSAND ONE HUNDRED FORTY-TWO AND 00/100 DOLLARS ($857,142.00) for
the period commencing on June 1, 2004 and ending on July 31, 2006, payable in advance on the first
day of each calendar month in equal monthly installments of SEVENTY-ONE THOUSAND FOUR HUNDRED
TWENTY-EIGHT AND 50/100 DOLLARS ($71,428.50).
5. DEMISED PREMISES LEASE AMENDMENT . Section 36.2 of the Lease shall be amended as follows:
(i) as of the Actual Surrender Date to provide that (a) the Demised Premises shall be deemed to
contain a floor area of 46,024 square feet and (b) the Occupancy Percentage shall be 40.7%;
(ii) as of March 1, 2003 to provide that (a) the Demised Premises shall be deemed to contain a
floor area of 43,524 square feet and (b) the Occupancy Percentage shall be 38.5%; and
(iii) as of June 1, 2004 to provide that (a) the Demised Premises shall be deemed to contain a
floor area of 38,961 square feet and (b) the Occupancy Percentage shall be 34.4%.
6. FIRST TAX YEAR . For purposes of computing the additional rent accruing after the Actual
Surrender Date that is due Landlord under Section 36.4(1) of the Lease, the terms of the Lease
shall continue in effect without modification hereby.
7. FIRST OPERATING YEAR . For purposes of computing the additional rent accruing after the
Actual Surrender Date that is due Landlord under Section 36.5(1) of the Lease, the terms of the
Lease shall continue in effect without modification hereby.
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8. PARKING . As of the Actual Surrender Date, Tenant’s Allotted Parking referenced in Section
43.1 of the Lease shall be for one hundred forty-seven (147) cars.
9. BROKERAGE . Tenant represents that it has had no dealings or communications with any real
estate broker or agent in connection with this Seventh Amendment of Lease, except Xxxx & Wentworth
Real Estate Advisors, LLC. Tenant agrees to defend indemnify and hold Landlord, its affiliates
and/or subsidiaries and the partners, directors, officers of Landlord and its affiliates and/or
subsidiaries harmless from and against any and all costs, expenses or liability (including
attorney’s fees, court costs and disbursements) for any commission or other compensation claimed by
any broker or agent (except Xxxx & Xxxxxxxxx Real Estate Advisors, LLC) with respect to this
Seventh Amendment of Lease.
10. CORPORATE AUTHORITY . Tenant represents that the undersigned officer of the Tenant
corporation has been duly authorized on behalf of the Tenant corporation to enter into this Seventh
Amendment of Lease in accordance with the terms, covenants and conditions set forth herein, and,
upon Landlord’s request, Tenant shall deliver an appropriate certification by the Secretary of the
Tenant corporation to the foregoing effect.
11. LEASE RATIFICATION . Except as expressly amended by this Seventh Amendment of Lease, that
certain letter agreement dated January 17, 2000, that certain Sixth Amendment of Lease dated
September 28, 1999, that certain letter agreement dated June 15, 1998, that certain Fifth Amendment
of Lease dated February 19, 1998, that certain Fourth Amendment of Lease dated December 12, 1996,
that certain Third Amendment of Lease dated December 27, 1995, that certain Second Amendment of
Lease dated November 27, 1990, that certain letter agreement dated July 31, 1986 and that certain
First Amendment of Lease dated January 5, 1987, the Lease and all terms, covenants and conditions
thereof, shall remain in full force and effect and are hereby in all respects ratified and
confirmed.
12. NON-BINDING DRAFT . The mailing or delivery of this document or any draft of this
document by Landlord or its agent to Tenant, its agent or attorney shall not be deemed an offer by
the Landlord on the terms set forth in this document or draft, and this document or draft may be
withdrawn or modified by Landlord or its agent at any time and for any reason. The purpose of this
section is to place Tenant on notice that this document or draft shall not be effective, nor shall
Tenant have any rights with respect hereto, unless and until Landlord shall execute and accept this
document. No representations or promises shall be binding on the parties hereto except those
representations and promises contained in a fully executed copy of this document or in some future
writing signed by Landlord and Tenant.
13. NO EXPANSION, PURCHASE OR CONTRACTION OPTIONS . As of the date hereof, (i) any rights of
first offer, rights of first refusal, rights of first negotiation, purchase rights, contraction
rights or any other expansion, contraction or purchase options, rights, privileges or opportunities
(hereinafter collectively referred to as “Expansion Rights”) that Tenant may have under the Lease
or otherwise shall be deemed without legal force, (ii) any exercise or attempted exercise of any
Expansion Rights by Tenant shall be deemed ineffective and (iii) all of Landlord’s duties,
liabilities, obligations, responsibilities and commitments incidental to such Expansion Rights
shall be deemed null and void. The parties acknowledge and agree that this
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provision shall not affect the scheduled surrender of the Growth Space as described herein or the
scheduled surrender of certain space totaling 2,500 rentable square feet as described in the Lease.
14. NO ORAL CHANGES . This Seventh Amendment of Lease may not be changed orally, but only by
a writing signed by both Landlord and Tenant.
15. RELEASE . Tenant hereby waives, releases and forever discharges any claims which it may
have against Landlord as a result of the surrender of the Surrender Space, except for claims or
liabilities arising hereunder or under the Lease through the Requested Surrender Date. Tenant
further agrees to indemnify, defend and hold Landlord harmless from and against any and all losses,
claims or expenses relating to the occupancy by Tenant or its sublessee of the Surrender Space.
This provision shall survive the surrender of the Surrender Space.
16. NO DEFAULT . Tenant confirms that (i) Landlord has complied with all of its obligations
contained in the Lease and (ii) no event has occurred and no condition exists which, with the
passage of time or the giving of notice, or both, would constitute a default by Landlord under the
Lease.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment of Lease to be
executed on the day and year first written above.
Signed, sealed and delivered
LANDLORD:
5 INDEPENDENCE ASSOCIATES
LIMITED PARTNERSHIP
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By: |
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PW/MS OP SUBI, LLC |
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By: |
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Xxxx & Wentworth, Real Estate Advisor, LLC |
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By:
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/s/ Xxxxxx X. Xxxxxx
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Title: Senior Vice President |
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WITNESSED BY:
/s/ Xxxx Xxxxxxx
Xxxx
ATTORNEY AT LAW
OF NEW JERSEY
APPLY CORPORATE SEAL HERE
TENANT:
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TOTAL RESEARCH CORPORATION
By: /s/ Xxxxx X. Xxxxxxx
Title: Chief Administration Officer
ATTESTED BY:
/s/ Xxxx X.
Xxxxx
APPLY CORPORATE SEAL HERE
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SCHEDULE A
Surrender Space
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SCHEDULE B
Growth Space
XXXXX XXXXX XXXX
0 XXXXXXXXXXXX XXX
XXXXXXXXX, XX
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EIGHTH AMENDMENT OF LEASE AND PARTIAL SURRENDER AGREEMENT
THIS
EIGHTH AMENDMENT OF LEASE AND PARTIAL SURRENDER AGREEMENT (this “ Agreement ”) dated as of the
20 th day of February, 2004, between 5 INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP, a New Jersey
limited partnership, having an address c/o PW/MS Management Co., Inc., The Xxxx Company, LLC, Park
Avenue at Xxxxxx County, 000 Xxxxxx Xxxxx, Xxxxxxx Xxxx, Xxx Xxxxxx
00000-0000 (“ Landlord ”) and
XXXXXX INTERACTIVE, INC., a Delaware corporation, having an address at 000 Xxxxxxxxx Xxxxx,
Xxxxxxxxx, Xxx Xxxx 00000-0000 (“ Tenant ”).
WITNESSETH:
WHEREAS:
A. Bellemead Development Corporation, predecessor-in- interest to Landlord, and Total Research
Corporation, predecessor-in-interest to Tenant, heretofore entered into a certain lease dated
December 2, 1985, as amended on July 31, 1986, January 5, 1987, November 27, 1990, December 27,
1995, December 12, 1996, February 19, 1998, June 15, 1998, September 28, 1999, January 17, 2000 and
December 15, 2000 (said lease as it was or may hereafter be amended is hereinafter called the “
Lease ”) with respect to a portion of the building commonly known as 0 Xxxxxxxxxxxx Xxx, Xxxxxxxxx,
Xxx Xxxxxx;
B. Tenant desires to (i) surrender to Landlord a portion of the Demised Premises, as shown on
Exhibit A attached hereto (the
“ Surrender Premises
”), and (ii) remain obligated under the Lease
for the balance of the Demised Premises, as shown on Exhibit B attached hereto (the “ Retained
Premises ”);
C. Landlord is willing to accept Tenant’s surrender of the Surrender Premises, subject,
however, to the terms and conditions contained herein;
D. The term of the Lease with respect to the Demised Premises, excluding the Growth Space (as
defined in the Sixth Amendment of Lease dated as of September 28, 1999) , is set to expire on July
31, 2006 and the term of the Lease with respect to the Growth Space is set to expire on May 31,
2004; and
E. Landlord and Tenant desire to extend the Term of the Lease with respect to the Retained
Premises, excluding the Growth Space, so that its scheduled expiration date is February 28, 2011,
subject, however, to the terms and conditions contained herein.
NOW THEREFORE, in consideration of the promises and mutual covenants hereinafter contained,
the parties hereto agree as follows:
1. Defined Terms. All terms contained in this Agreement that are defined in the Lease, shall,
for the purposes hereof, have the same meaning ascribed to them in the Lease.
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2. Surrender. (a) Subject to the provisions of this Agreement, the Lease and the term and
estate granted thereunder with respect to the Surrender Premises shall terminate and expire as of
January 31, 2004 (the “ Surrender Date ”), as fully and completely as if the Surrender Date were
the date originally fixed in the Lease as the Termination Date with respect to the Surrender
Premises, and Tenant shall surrender the Surrender Premises on the Surrender Date to Landlord as
fully and completely as if the Surrender Date were the date originally fixed in the Lease as the
Termination Date with respect to the Surrender Premises, and Landlord shall accept the Surrender
Premises on the Surrender Date, to have and to hold the same for the unexpired residue of the term
of the Lease. After the Surrender Date, Tenant shall have no further rights, obligations or
liabilities of any kind or nature under the Lease with respect to the Surrender Premises, except as
expressly provided in this Agreement.
(b) On or before the Surrender Date, Tenant shall, with respect to the Surrender Premises,
comply with all of the terms and conditions of the Lease which are applicable to the surrender and
termination of the Lease, including, but not limited to, the provisions of Article 21 of the Lease.
In the event that Tenant fails to surrender the Surrender Premises to Landlord on the Surrender
Date in accordance with the terms of this Agreement, then Tenant’s occupancy of the Surrender
Premises shall be deemed a holdover tenancy for the period commencing on the Surrender Date to and
including the date on which Tenant surrenders the Surrender Premises to Landlord in accordance with
the terms of this Agreement and such occupancy shall be subject to the terms of Paragraph 55 of the
Lease. Landlord acknowledges that the condition of the Surrender Premises, as of the date of this
Agreement, satisfies the requirements of Article 21 of the Lease and Landlord accepts the Surrender
Premises in their “AS IS” physical condition as of the date of this Agreement.
(c) Effective as of the Surrender Date, the term “Demised Premises” as used in the Lease,
shall be deemed to mean and consist of the Retained Premises and the Demised Premises shall be
deemed to consist of 33,675 rentable square feet.
3. Extension of Term. (a) The term of the Lease with respect to the Retained Premises,
excluding the Growth Space, is hereby extended so that the Termination Date shall be February 28,
2011. Landlord and Tenant acknowledge and agree that the term of the Lease with respect to the
Growth Space shall expire on May 31, 2004, as set forth in the Sixth Amendment of Lease.
(b) During the term of the Lease, as extended hereby, Tenant shall continue to perform all of
its obligations under the Lease, as amended hereby, including, without limitation, the payment of
Minimum Rent, Adjusted Minimum Rent, costs of electricity and all other charges under the Lease, as
amended hereby.
4. Minimum Rent. (a) Without limiting Tenant’s obligation to pay Minimum Rent in accordance
with the terms of the Lease prior to the Surrender Date, effective as of the Surrender Date, the
Lease is hereby amended to provided that Tenant shall pay to Landlord Minimum Rent in the following
amounts:
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Time Period |
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Monthly Minimum Rent |
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Annual Minimum Rent |
2/1/2004 to 5/31/2004 |
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70,118.23 |
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841,418.70 |
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6/1/2004 to 7/31/2006 |
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$ |
60,650.00 |
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$ |
727,800.00 |
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8/1/2006 to 1/31/2009 |
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$ |
61,863.00 |
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$ |
742,356.00 |
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2/1/2009 to 2/28/2011 |
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$ |
65,502.00 |
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$ |
786,024.00 |
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(b) Notwithstanding anything to the contrary contained in subparagraph (a), provided Tenant is
not in default under the Lease, as amended hereby, as of the Surrender Date, Tenant shall be
entitled to a credit in the amount of $9,319.48 against the next monthly installment of Minimum
Rent due after the Surrender Date. If Tenant is in default beyond the expiration of any applicable
cure or grace period under the Lease, as amended hereby, as of the Surrender Date, then Tenant
shall have no right to any rent credit pursuant to this subparagraph (b).
5. Adjusted Minimum Rent. (a) During the term of the Lease, as extended hereby, Tenant shall
pay Adjusted Minimum Rent and all other sums due under the Lease, as amended hereby.
(b) The term “Occupancy Percentage” as used in the Lease shall mean (i) 29.74%, during the
period commencing on the Surrender Date and ending on May 31, 2004, inclusive; and (ii) 25.70%,
effective as of June 1, 2004.
(c) Effective as of the Surrender Date, for purposes of computing Adjusted Minimum Rent with
respect to the Retained Premises, excluding the Growth Space, after the Surrender date, the terms “
First Tax Year ” and “First Operating Year” shall each mean the calendar year ending December 31,
2004. For purposes of calculating Adjusted Minimum Rent with respect to the Growth Space, the terms
“First Tax Year” and “First Operating Year” shall not be amended hereby and shall continue to have
their respective meanings as in effect prior to the date of this Agreement.
(d) Nothing in this Agreement shall be construed to affect Tenant’s obligation to reimburse
Landlord for increases in Taxes and Building Operating Costs with respect to the Surrender Premises
for the period up to and including the Surrender Date based upon a reconciliation of same by
Landlord after the Surrender Date, pursuant to the terms of the Lease.
6. Condition of Demised Premises.
(a) Tenant acknowledges that it is in occupancy of the Retained Premises and hereby accepts
the Retained Premises in their “AS IS” physical condition and state of repair as of the Surrender
Date, subject, however, to the terms of this Paragraph 6. Landlord shall have no obligation to do
any work, perform any services or grant any construction allowances in connection with this
Agreement or the extension of the term of the Lease, except as set forth in this Paragraph 6.
(b) Within sixty (60) days after the date of this Agreement, Landlord shall shampoo the
carpets in the Retained Premises (“ Landlord’s Work ”). After Landlord commences Landlord’s Work,
Landlord shall complete Landlord’s Work in a reasonably diligent manner. Tenant shall cooperate
with Landlord in connection with Landlord’s Work, including,
without limitation, moving, at Tenant’s cost and expense, such employees, personal property and trade fixtures in the
Retained Premises as Landlord may reasonably request. Tenant acknowledges and agrees that the
performance of Landlord’s Work may result in inconvenience to Tenant and agrees that
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Landlord’s
Work and the resulting inconvenience shall not constitute an actual or constructive eviction, in
whole or in part, or entitle Tenant to any abatement of Minimum Rent or Adjusted Minimum Rent, or
relieve Tenant from any of its obligations under the Lease, as amended hereby, or impose any
liability upon Landlord or its agents.
(c) Landlord shall reimburse Tenant in an amount equal to the lesser of (i) Tenant’s
out-of-pocket expenses actually paid in connection with painting the Retained Premises, or (ii)
$10,000.00 (such lesser amount being referred to herein as the “
Painting Allowance ”) . Provided
Tenant is not in default beyond the expiration of any applicable cure or grace period under the
Lease (as amended hereby) , Landlord shall pay the Painting Allowance to Tenant within fifteen (15)
days after Tenant submits to Landlord invoices evidencing Tenant’s out-of-pocket expenses actually
paid in connection with painting the Retained Premises.
7. Parking . Effective as of the Surrender Date, Paragraph 43.1 of the Lease is hereby
amended to provide that Tenant’s Allotted Parking shall be reduced to (a) 118 spaces during the
period commencing on the Surrender Date and ending on May 31, 2004, inclusive; and (b) 102 spaces
effective as of June 1, 2004.
8. Security Deposit . Landlord hereby agrees that as of the date of this Agreement, the
amount required as security under the Lease shall be reduced to $88,600.00; provided, however, that
there shall be no reduction as of the date of this Agreement if Tenant is in default beyond the
expiration of any applicable cure or grace period under the Lease, as amended hereby, as of the
date of this Agreement; and provided, further, the amount of security required under the Lease
shall never be less than $88,600.00. In the event that Tenant is in default beyond the expiration
of any applicable cure or grace period under the Lease, as amended hereby, as of the date of this
Agreement, then the security deposit shall not be reduced by the scheduled amount, and said
reduction shall be deemed forever waived even though the default in question is subsequently cured.
For the purposes hereof, the term “security” or “security deposit” shall mean the amount of
security required under the Lease, as amended hereby, as of the date in question.
9. Landlord’s Notice Address . (a) Effective as of the date of this Agreement, Landlord’s
address for notices as set forth in Paragraph 57 of the Lease shall be:
5 Xxxxxxxxxxxx Xxx Xssociates
c/o PW/MS Management Co., Inc.
The Xxxx Company, LLC
Park Avenue at Xxxxxx County
100 Xxxxxx Xxxxx
Xxxxxxx Xxxx, Xxx Xxxxxx 00000-0000
With a copy to:
Xxxx Xxxxxxx Xxxx, Esq.
General Counsel
The Xxxx Company, LLC
Park Avenue at Xxxxxx County
100 Xxxxxx Xxxxx
Xxxxxxx Xxxx, Xxx Xxxxxx 00000-0000
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(b) Effective as of the date of this Agreement, Tenant’s address for notices as set forth in
Paragraph 57 of the Lease shall be:
Xxxxx Xxxxxx
Chief Financial Officer
Xxxxxx Interactive, Inc.
60 Xxxxxxxxx Xxxxx
Xxxxxxxxx, Xxx Xxxx 00000-0000
With a copy to:
Xxxxxxx X. Xxxx, Esq.
Xxxxxx Beach LLP
99 Xxxxxxx Xxxx
Xxxxxxxxx, Xxx Xxxx 00000
10. Overtime HVAC . The first sentence of Paragraph 39.2 of the Lease is hereby supplemented and
amended to provide that, with regard to any after-hours air conditioning, ventilation or heating:
(a) supplied at any time between October 1 and March 31 to all or any part of the Retained Premises
after the date of this Agreement, Tenant shall pay to Landlord, as additional rent and upon
Landlord’s demand, a sum equal to $55.00 per hour (subject to the last two (2) sentences of
Paragraph 39.2 of the Lease), and (b) supplied at any time between April 1 and September 30 to all
or any part of the Retained Premises on or after the date of this Agreement, Tenant shall pay to
Landlord, as additional rent and upon Landlord’s demand, a sum equal to $75.00 per hour (subject to
the last two (2) sentences of Paragraph 39.2 of the Lease) . The charges for after-hours
air-conditioning, ventilation or heating set forth in this Paragraph 10 remain subject to the
provisions of Paragraph 19 of the Sixth Amendment of Lease dated as of September 28, 1999.
11. Ratification . Except as expressly amended by this Agreement, the Lease, and all terms,
covenants and conditions thereof, shall remain in full force and effect and is hereby in all
respects ratified and confirmed.
12. Brokers . Tenant hereby represents and warrants to Landlord that Tenant has not dealt
with any broker, agent or finder in connection with this Agreement other than Triad Properties LLC
(the “ Broker ”). Tenant shall indemnify and hold the Landlord harmless from and against any claim
or claims for brokerage or other commissions or fees asserted by any broker, agent or finder, other
than the Broker, claiming to have dealt with such party in connection with this Agreement. This
provision shall survive the Surrender Date and the expiration or earlier termination of the Lease.
13. Merger . All prior oral or written understandings and agreements between the parties with
respect to the subject matter of this Agreement are merged into this Agreement, which alone fully
and completely expresses the agreement of the parties.
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14. Counterparts . This Agreement may be executed in any number of counterparts, each of
which, when so executed and delivered, shall constitute an original, fully enforceable counterpart
for all purposes.
15. Governing Law . This Agreement shall be governed by and construed in accordance with the
laws of the State of New Jersey.
16. Non-Binding Draft . The mailing or delivery of this document or any draft of this
document by Landlord or its agent to Tenant, its agent or attorney shall not be deemed an offer by
the Landlord on the terms set forth in this document or draft, and this document or draft may be
withdrawn or modified by Landlord or its agent at any time and for any reason. The purpose of this
paragraph is to place Tenant on notice that this document or draft shall not be effective, nor
shall Tenant have any rights with respect hereto, unless and until Landlord shall execute and
accept this document.
17. No Default. Tenant hereby agrees that there are, as of the date hereof, regardless of the
giving of notice or the passage of time, or both, no defaults or breaches on the part of Landlord
under the Lease, as amended hereby.
18. Corporate Authority. Tenant represents that the undersigned corporate officer of the
Tenant corporation has been duly authorized on behalf of the Tenant corporation to enter into this
Agreement in accordance with the terms, covenants and conditions set forth herein, and upon
Landlord’s request, Tenant shall deliver evidence, in form and substance satisfactory to Landlord,
to the foregoing effect.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day
and year first written above.
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Signed and delivered |
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WITNESSED BY: |
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LANDLORD: |
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5 INDEPENDENCE ASSOCIATES LIMITED PARTNERSHIP |
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By: |
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PW/MS OP SUB I, LLC |
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By: |
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The Xxxx Real Estate |
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Advisors Company, LLC |
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/s/ Xxxx Xxxxxxx Xxxx, Esq.
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By:
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/s/ Xxxx Xxxxxx |
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Xxxx Xxxxxxx Xxxx, Esq.
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Name: Xxxx Xxxxxx |
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Title: President |
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ATTESTED BY: |
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AGENT FOR LANDLORD: |
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PW/MS MANAGEMENT CO., INC. |
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/s/ Xxxx Xxxxxxx Xxxx, Esq.
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By: /s/ Xxxx Xxxxxx
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Xxxx Xxxxxxx Xxxx, Esq.
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Name: Xxxx Xxxxxx |
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Corporate Secretary
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Title : President |
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APPLY CORPORATE SEAL HERE |
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ATTESTED BY: |
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TENANT: |
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XXXXXX INTERACTIVE, INC, |
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By:
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/s/ Xxxx X. Xxxxxx
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Name : Xxxxx X Xxxxxx
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Name: Xxxx X. Xxxxxx |
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(Please Print)
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(Please Print) |
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Title: Corporate Secretary
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Title: VP. Chief Privacy Officer |
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APPLY CORPORATE SEAL HERE
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(Please Print) |
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119
EXHIBIT A
SURRENDER PREMISES
Surrender Premises
SEXXXX XXXXX XXXX
0 XXXXXXXXXXXX XXX
XXXXXXXXX, XX
120
EXHIBIT B
RETAINED PREMISES
FOXXXX XXXXX XXXX
0 XXXXXXXXXXXX XXX
XXXXXXXXX, XX
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