THIRD LEASE MODIFICATION AGREEMENT
THIS THIRD LEASE MODIFICATION AGREEMENT, made this 26 day of October,
1998 by and between XXXXX MOUNTAIN PARSIPPANY, a New Jersey general partnership
having an office at 000 Xxxxx Xxxxx, Xxxxxxxx, Xxx Xxxxxx 00000 (hereinafter
referred to as "Landlord") and XXXXXXX RADIO CORP., a Delaware corporation
having an office at 0 Xxxxx Xxxx, Xxxxxxxxxx, XX 00000-0000 (hereinafter
referred to as "Tenant").
WITNESSETH:
WHEREAS, by Agreement of Lease dated March 26, 1993, as amended by
First Lease Modification Agreement dated July 23, 1993, Landlord leased to
Tenant and Tenant hired from Landlord approximately 40,646.75 square feet of
Floor Space located on the second floor of 9 Xxxxx Road in Parsippany, New
Jersey (hereinafter the "Original Demised Premises"); and
WHEREAS, pursuant to that certain Second Lease Modification Agreement
dated May 15, 1998, Landlord and Tenant agreed, inter alia, to reduce the square
footage being leased by Tenant by 21,430.75 square feet such that the Tenant,
after said reduction, leased a total of 19,216 square feet of Floor Space on the
second floor of the Building located at 0 Xxxxx Xxxx, Xxxxxxxxxx, Xxx Xxxxxx
(said 19,216 square feet of Floor Space hereinafter referred to as the "Reduced
Demised Premises"; the Lease of March 26, 1993, First Lease Modification
Agreement dated July 23, 1993, and Second Lease Modification Agreement dated May
15, 1998, hereinafter collectively referred to as the "Lease") and to extend the
Term of the Lease through and including July 31, 2003; and
WHEREAS, Landlord and Tenant wish to further modify the Lease (a) to
reflect an increase in the area of the Reduced Demised Premises and (b) to
extend the Term of the Lease such that the Term of the Lease as it relates to
all the Floor Space Leased by Tenant shall run for a period of five (5) years
commencing on the Commencement Date of the Additional Premises (as those terms
are defined hereinbelow) and amend the Lease accordingly;
NOW, THEREFORE, for and in consideration of the Lease, the mutual
covenants herein contained and the consideration set forth herein, the parties
agree as follows:
1. All terms set forth herein are as defined in the Lease unless otherwise
specifically described hereinbelow.
2. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, an
additional two thousand two hundred ninety three (2293) square feet of Floor
Space which Floor Space is outlined in red on the attached Exhibit A (the
"Additional Premises"); The Floor Space encompassed by both the Reduced Demised
Premises (19,216 square feet) and the Additional Premises (2293 square feet)
shall constitute and be hereinafter referred to collectively as the "Demised
Premises". All reference in the Lease to the Demised Premises shall be deemed to
refer to the Demised Premises as defined in the preceding sentence.
3. The Commencement Date of the Additional Premises shall be October 2, 1998.
4. The Term of the Lease of the Demised Premises (i.e., the Reduced Demised
Premises and the Additional Premises) shall be for a period of five (5) years,
commencing on the Commencement Date of the Additional Premises and expiring on
the date that is the day before the fifth anniversary of the Commencement Date
of the Additional Premises if the Commencement Date of the Additional Premises
is the first day of the month, or the fifth anniversary of the last day of the
month in which the Commencement Date of the Additional Premises occurs if the
Commencement Date of the Additional Premises is not the first day of a month.
5. Effective upon the Commencement Date of the Additional Premises, Tenant shall
pay Landlord, as and for Fixed Rent for said Additional Premises, at a rate of
Twenty Three dollars ($23.00) per square foot of Floor Space of the Additional
Premises per annum throughout the Term.
6. Effective upon the Commencement Date of the Additional Premises, Tenant's
Fraction shall be increased by one percent (1%) to reflect the Additional
Premises such that Tenant's Fraction shall, in total, be eleven percent (11%).
7. Tenant shall pay Landlord, as Additional Rent, the sum of Eight thousand and
no/100 dollars ($8,000.00) as its sole contribution to Landlord's Work; said sum
to be paid upon execution of this third Lease Modification Agreement. The term
"Landlord's Work", as it relates to the Additional Premises shall mean the
relocation of the demising wall demising the Demised Premises so as to include
the Additional Premises.
8. Effective upon the Commencement Date of the Additional Premises, the number
of Tenant's reserved parking spaces will be increased to nine (9).
9. Both parties represent that no broker was instrumental in bringing about or
consummating this Third Lease Modification Agreement and that neither party had
conversations or negotiations with any broker concerning this Third Lease
Modification. Tenant agrees to indemnify and hold harmless Landlord against and
from any claims for any brokerage commissions and all costs, expenses and
liabilities in connection therewith, including, without limitation, reasonable
attorneys' fees and expenses, arising out of any conversations or negotiations
had by Tenant with any broker.
10. Except as provided herein, all of the terms and conditions of the Lease as
amended above are in full force and effect and are confirmed as if fully set
forth herein.
IN WITNESS WHEREOF, the parties hereto have caused this Third Lease
Modification Agreement to be duly executed as of the day and year first above
written.
ATTEST: XXXXX MOUNTAIN PARSIPPANY
BY: XXXXX MOUNTAIN INDUSTRIES, INC.
By: /s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
Executive Vice President
ATTEST: XXXXXXX RADIO CORP.
/s/ Xxx Xxxxx By: /s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx
Chief Financial Officer
