MODIFICATION OF LEASE
THIS MODIFICATION OF LEASE dated as of the 10th day of January, 2001, by
and between WSG Eatontown LP (hereinafter referred to as "Landlord"), and Xxxxxx
Electronics, Inc. (hereinafter referred to as "Tenant").
WITNESSETH
WHEREAS, Landlord and Tenant are parties to a certain Lease dated September
20, 2000 for retail space (said retail space hereinafter referred to as the
"Demised Premises"), in a shopping center located on Xxxxx 00, Xxxxxxxxx, Xxx
Xxxxxx (the "Building"); and
WHEREAS, Landlord and Tenant have agreed that the actual Demised Premises
delivered to Tenant contains only 7,693 square feet, rather than the 8,000
provided for in the Lease; and
WHEREAS, Landlord and Tenant have agreed to modify the Lease to reflect the
agreed upon reduced square footage of the Demised Premises, pursuant to the
terms and conditions hereof; and
WHEREAS, Landlord and Tenant hereby confirm their respective rights, duties
and obligations under the Lease and hereby modify the Lease, pursuant to the
terms and conditions of this Modification of Lease.
NOW, THEREFORE, in consideration of the mutual covenants herein contained
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Landlord and Tenant hereby agree as follows:
(1) SECTION 1 - Basic Lease Provisions
The following provisions of Section 1.01 are hereby modified as set
forth below:
e) Demised Premises: All references to "eight thousand (8,000) square feet" are
hereby changed to "seven thousand six hundred and ninety-three (7,693) square
feet".
(g) Monthly Rent: The minimum monthly rent under the Lease is hereby changed to
the following:
Rent Commencement Date through 24th month - $15,225.73
25th month through 60th month - $15,386.00
61st month through 120th month - $17,309.25
121st month through 180th month - $19,472.91
181st month through 240th month - $21,907.02
(h) Security Deposit: The security deposit is hereby changed to Thirty Thousand
Four Hundred Fifty One Dollars and Forty Five Cents ($30,451.45). The sum of
$1,215.21 already in Landlord's possession and representing difference between
the new amount of security deposit and the original amount of the security
deposit will be credited against the first month's minimum monthly rent payable
by Tenant hereunder.
(2) SECTION 2 - Defined Terms
The Definition of "Rent Commencement Date" in Section 2 of the
Lease is hereby changed to "January 1, 2001".
(3) FULL FORCE AND EFFECT
Except as expressly modified herein, the Lease shall remain unmodified
and in full force and effect.
WITNESS: WSG EATONTOWN LP
____________________________ BY:___________________________
NAME
TITLE
WITNESS: XXXXXX ELECTRONICS, INC.
/s/ Xxxxxx X. Xxxxxxxxx BY:/s/ Xxxxxxxx X. Xxxx
----------------------- --------------------
NAME:Xxxxxxxx X. Xxxx
