Exhibit 10.45
FOURTH AMENDMENT TO LEASE
1.0 PARTIES
1.1 THIS AGREEMENT made the 23rd day of December, 1993, by and between GROVE
STREET ASSOCIATES OF JERSEY CITY LIMITED PARTNERSHIP ("Landlord") whose
address is c/o Cali Associates, 00 Xxxxxxxx Xxxxx, Xxxxxxxx, Xxx Xxxxxx
00000 and XXXXXXXXX, XXXXXX & XXXXXXXX SECURITIES CORPORATION ("Tenant")
whose address is 0 Xxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxx Xxxxxx 00000.
2.0 STATEMENT OF FACTS
2.1 The parties have previously entered into a Lease, First Amendment of the
Lease and side letter agreement executed in connection therewith, all
dated July 1, 1987, a Side Letter Agreement dated June 19, 1989, a Second
Amendment to Lease dated March 12, 1992, a Third Amendment to Lease dated
December 27, 1992 and a Side Letter Agreement dated September 29, 1993
(collectively, the "Lease") applicable to 334,145 of gross rentable square
feet of office space and 9,994 rentable square feet of storage space (the
"Premises") at 0 Xxxxxxxx Xxxxx, Xxx Xxxxxx ("Xxxxxxxx").
2.2 Tenant wishes to lease 3,747 additional rentable square feet of storage
space ("Storage Space").
2.3 The parties desire to amend certain terms of the Lease to reflect this
leasing of Storage Space as set forth below.
3.0 AGREEMENTS
NOW, THEREFORE, in consideration of the Premises and the covenants
hereinafter set forth, Landlord and Tenant agree as follows:
3.1 All capitalized and non-capitalized terms used in this Agreement which are
not separately defined herein but are defined in the Lease shall have the
meaning given to any such term in the Lease.
3.2 Landlord hereby leases to Tenant and Tenant hereby hires from Landlord,
approximately 3,747 rentable s.f. of additional Storage Space ("Storage
Space #2") in its "AS-IS" condition on the Mezzanine B floor of the
Building as shown cross-hatched on the attached Exhibit A. Landlord makes
no representation or warranty that Storage Space #2 is fit for a
particular purpose other than for use as storage space.
3.3 The term applicable to Storage Space #2 shall commence on the Effective
Date (as hereinafter defined) and shall expire on the Expiration Date of
the Lease.
3.4 In addition to the fixed rent to be paid to Landlord by Tenant applicable
to the Premises as set forth in the Lease, Tenant shall pay Landlord, from
and after the Effective Date to July 13, 1994, fixed rent applicable to
Storage Space #2 at the monthly rate of THREE THOUSAND ONE HUNDRED
TWENTY-TWO AND 50/100 DOLLARS ($3,122.50), from July 14, 1994 to July 13,
1999, fixed rent at the monthly rate of THREE THOUSAND EIGHT HUNDRED
FORTY-THREE AND 80/100 DOLLARS ($3,843.80), from July 14, 1999 to July 13,
2004, fixed rent at the monthly rate of FOUR THOUSAND SIX HUNDRED ELEVEN
AND 93/100 DOLLARS ($4,611.93) and from July 14, 2004 to July 13, 2009,
fixed rent at the monthly rate of FIVE THOUSAND FIVE HUNDRED THIRTY-SIX
AND 19/100 DOLLARS ($5,536.19). The fixed rent is payable in advance, on
the first day of each calendar month during the term.
3.5 Landlord acknowledges receipt from Tenant of the sum of THREE THOUSAND,
ONE HUNDRED TWENTY-TWO AND 50/100 DOLLARS ($3,122.50) by check, subject to
collection, for fixed basic rent for the first month of the term
applicable to Storage Space #2.
3.6 There shall be no increase in Tenant's Proportionate Share or Tenant's
Operational Proportionate Share as a result of Tenant's leasing of Storage
Space #2.
3.7 The Effective Date of this Agreement shall be the day Landlord delivers
Storage Space #2 in the manner described in paragraph 3.8 herein.
3.8 Tenant acknowledges a portion of Storage Space #2 is improved with
offices, a bathroom and its own HVAC equipment and the balance of the
Storage Space #2 is unimproved. From and after the Effective Date, Tenant
shall be responsible for the repair and maintenance of all electrical,
plumbing and mechanical items contained in the improved portion of Storage
Space #2.
3.9 With respect to Storage Space #2, Landlord shall, at Tenant's expense
perform the work as described on Exhibit A attached hereto prior to the
Effective Date. Tenant, at its option, may pay all of the cost of
improving Storage Space #2 within ten (10) days of the Effective Date or
it may pay Landlord the cost in four (4) equal monthly payments as
set forth on Exhibit B, attached hereto, beginning with the second month
of the term, all as additional rent.
3.10 From and after the Effective Date and for the remainder of the Lease term,
Tenant shall grant Landlord and its authorized agents and contractors an
access easement through Storage Space #2 to the doors as shown on the
attached Exhibit A to service the mechanical areas located adjacent to
Storage Space #2.
3.11 In consideration of Tenant's execution of this Fourth Amendment to Lease
and provided Tenant is not in default of this Lease, Landlord hereby
waives the right to collect three and one-half (3 1/2) monthly
installments of fixed basic rent applicable to Storage Space #2 beginning
on the second month of the term as defined herein, but Tenant shall
nevertheless pay to Landlord all additional rent due under this Agreement.
EXCEPT as modified herein, the Lease dated July 1, 1987 and all amendments and
side letters applicable thereto covering the Premises shall remain in full force
and effect and Tenant and Landlord hereby ratify and confirm all of the terms
and conditions thereof.
THIS AGREEMENT shall be binding upon and inure to the benefit of the parties
hereto and their respective legal representatives, successors and permitted
assigns.
IN WITNESS THEREOF, Landlord and Tenant have hereunto set their hands and seals
the date and year first above written and acknowledge one to the other they
possess the requisite authority to enter into this transaction and to sign this
Agreement.
GROVE STREET ASSOCIATES OF XXXXXXXXX, XXXXXX & XXXXXXXX
JERSEY CITY LIMITED PARTNERSHIP SECURITIES CORPORATION
(Landlord) (Tenant)
By: Grove Street Urban Renewal Corp.,
General Partner
By: /s/ Xxxxxx Xxxxxxxxx By: /s/ Xxxxxx Xxxxxx
-------------------------------- -------------------------------
Xxxxxx Xxxxxxxxx, Vice President
Its: Vice President
------------------------------
EXHIBIT-A
[FLOOR PLAN OMITTED]
EXHIBIT B
WORKLETTER
DESCRIPTION OF WORK UNIT COST
* Remove the fencing
between Storage Space
#1 and Storage Space
#2 as required by
Tenant; Supply and
install a floor to
ceiling chain link
fence to be used as a
demising wall. Supply
and install chain link
entrance gates with
panic bar lock. Supply
and install emergency
exit signs as required
for secondary egress. Lump Sum $1,000.00
* Supply and install
surface mounted
ceiling lights in the
unimproved area of
Storage Space #2. Lump Sum $1,185.00
* Supply and install
sprinkler heads in the
unimproved area of
Storage Space #2 in
accordance with
building code for
storage space use. N/A N/A
* Connect all existing
electrical wiring and
any new electrical
wiring required for
Storage Space #2 to
Tenant's electrical
meter located on Floor
Mezzanine B of the
Building. Lump Sum $2,500.00
* Demolish existing
sheet rock walls on
portion of existing
office area. 115 LF $1,150.00
* Demolish existing
acoustical ceiling. 966 LF $400.00
* Remove existing
carpeting. 966 LF $180.00
* Cost of dumpster for
construction debris. Lump Sum $400.00
* Scar-patch six (6)
areas of existing
walls. Lump Sum $250.00
* Supply and install new
acoustical ceiling. 966 LF $1,352.00
* Cut and cap electrical
wires resulting from
wall demolition.
Re-install light
fixtures into new
ceiling. All lights
operated by one (1)
switch. Lump Sum $500.00
* Reinstall HVAC
diffusers. Lump Sum $200.00
* Remove existing 3'0" x
7'0" door and frame.
Enlarge opening to 6'0
x 7'0". Supply and
install 3'0" x 7'0"
hollow metal doors,
frame and hardware.
Supply and install
flush bolt on inactive
door and cylindrical
lock an active door.
Key lockset to match
the other Pershing
Storage area locks. Pair $1,170.00
----------
SUBTOTAL $10,287.00
OVERHEAD, GENERAL
CONDITIONS
AND SUPERVISION: $2,057.00
----------
TOTAL COST $12,344.00
----------
LANDLORD'S ALLOWANCE: 0.00
NET COST TO BE
PAID BY TENANT (within
Ten (10) days at the
Effective Date or $12,344.00
----------
OR
Four (4) equal monthly
payments. $3,086.00
----------
* Note: All painting shall be performed by Tenant at Tenant's expense
-END-
[LETTERHEAD OF CALI ASSOCIATES]
February 25, 1994
Xx. Xxxxxx X. Xxxxxx
Vice President
PERSHING
0 Xxxxxxxx Xxxxx
Xxxxxx Xxxx, Xxx Xxxxxx 00000
RE: Fourth Amendment to Lease - December 23, 0000
Xxxxxxxx: Xxxxx Xxxxxx Associates of Jersey City Limited Partnership
Tenant: Donaldson, Lufkin, & Xxxxxxxx Securities Corporation
Dear Xxx:
Storage Space #2 was delivered to you on January 1, 1994 in the manner set forth
in the referenced agreement.
Accordingly, the Effective Date of the Fourth Amendment to Lease shall be
January 1, 1994.
Please sign a duplicate original of this letter acknowledging the establishment
of the Effective Date and return it to me at your earliest convenience.
Sincerely,
CALI ASSOCIATES
/s/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
Senior Leasing Director
JGN/jbh
Encl.
AGREED AND ACCEPTED:
Donaldson, Lufkin, & Xxxxxxxx Securities Corporation
By: /s/ Xxxxxx X. Xxxxxx
--------------------------------
Xxxxxx X. Xxxxxx, Vice President
