Exhibit 10.51
TENTH AMENDMENT TO LEASE
This Amendment made as of the 31st day December, 1996 is by and between
Grove Street Associates of Jersey City Limited Partnership, a New Jersey limited
partnership having an office at c/o Cali Realty Corporation, 00 Xxxxxxxx Xxxxx,
Xxxxxxxx, Xxx Xxxxxx 00000 (hereinafter called "Landlord"), and Xxxxxxxxx,
Xxxxxx & Xxxxxxxx Securities Corporation, a Delaware corporation having an
office at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (hereinafter called
"Tenant").
WITNESSETH
WHEREAS, Landlord and Tenant have previously entered into a Lease as
described on the attached Schedule #1 covering certain premises in the building
at 0 Xxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxx Xxxxxx (the "Building"); and
WHEREAS, Tenant wishes to lease a portion of the space on the floor
designated as 12A of the Building.
WHEREAS, Landlord and Tenant desire to amend the Lease as set forth
herein.
NOW, THEREFORE, in consideration of the foregoing, the sum of Ten Dollars
($10.00) and other good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, Landlord and Tenant do hereby agree to amend
and modify the Lease as follows:
1. All defined terms used in this Amendment shall have the meanings ascribed
to them in the Lease unless otherwise defined herein.
2. The recitals set forth above are incorporated herein by reference.
3. Landlord hereby leases to Tenant and Tenant hereby hires from Landlord
approximately 6,507 rentable s.f which represents a portion of the
rentable area on the floor designated as 12A of the Building (the "12A
Space") in its "AS-IS" condition as shown cross-hatched on the attached
Exhibit A.
4. The term applicable to the 12A Space shall commence on the full execution
of this Agreement and shall expire on the Expiration Date of the Lease.
5. The first sentence of Section 1.02 of the Lease is hereby amended to read
in its entirety as follows:
"The premises hereby leased to Tenant are described on the attached
Schedule #2."
6. In addition to the fixed rent to be paid to Landlord by Tenant for the
Premises as previously set forth in the Lease, Lessee shall pay Landlord
fixed rent for the 12A Space as follows:
(i) TEN THOUSAND THREE HUNDRED FORTY-SIX AND 13/100 DOLLARS ($10,346.13)
per month for the period commencing March 1, 1997 and ending July
13, 1999;
(ii) TWELVE THOUSAND FOUR HUNDRED SEVENTEEN AND 53/100 DOLLARS
($12,417.53) per month for the period commencing July 14, 1999 to
July 13, 2004;
(iii) FOURTEEN THOUSAND NINE HUNDRED ONE AND 03/100 DOLLARS ($14,901.03)
per month for the period commencing July 14,2004 to July 13, 2009.
The fixed rent shall be payable in the same manner and under the same
terms and conditions as the fixed rent currently provided in the Lease.
7. As of March 1, 1997, Section 5.01(e) of the Lease is amended to provide
that Tenant's Proportionate Share shall be 66.55% (65.5% +1.05%), and that
the agreed upon rentable square foot area of the Demised Premises shall be
deemed to be 413,852 square feet.
8. As of March 1, 1997, Section 5.07(k) of the Lease is amended to provide
that Tenant's Operational Proportionate Share shall be 67.28%
(66.22% +1.06%).
9. On or before March 1, 1997, Landlord shall provide Tenant a check in the
amount of One Hundred Ninety-Five Thousand Two Hundred Ten and 00/100
Dollars ($195,210.00) towards the cost of improving the Premises (the "12A
Improvement Allowance"). All work performed in the 12A Space shall be
governed by the provisions of Article 13 "Tenant's Changes" of the Lease.
At Landlord's request, Tenant shall furnish Landlord with copies of paid
invoices related to work paid for with the 12A Improvement Allowance. From
time to time, upon reasonable notice from Landlord, Tenant shall provide
Landlord with "as-built" drawings or a "CADD" disk containing the
"as-built" information with respect to the 12A Space or any other areas of
the Premises.
10. The garage parking space allocation applicable to the 12A Space is five
(5) spaces. At any time during the Term, Tenant may elect to lease all or
less than all of these spaces by sending written notice to Lessor of its
intention to lease same. Upon Tenant's election to lease the garage
parking spaces, Tenant agrees to pay Lessor the monthly rate Lessor is
then charging other tenants in the Building for each space so leased.
11. The electric current for the 12A Space shall be supplied by Landlord for
use by Tenant during the term. Landlord, at Tenant's expense, shall
install a Building Standard Quad Logic check meter to measure the
electrical consumption of the 12A Space. Tenant shall pay to Landlord,
monthly, as Additional Rent, the cost of providing the electricity
(including the cost of the meter reading service) to the 12A Space at
terms, classifications and rates normally charged to the Building by the
public utilities corporation servicing that part of Jersey City where the
Building is located. All computations shall be made on the basis of
Tenant's metered usage.
12. With respect to the Tenth Lease Amendment, Article 32 "Broker" is hereby
deleted and the following shall apply to the leasing of the 12A Space:
"Landlord and Tenant represent and warrant to each other that no broker
brought about this transaction, and the parties agree to indemnify and
hold each other harmless from any and all claims of any broker (claiming
to have dealt with the indemnifying party) arising out of or in connection
with the negotiations of or entering into of this Amendment by Tenant and
Landlord. Landlord represents that there is no commission due to Xxxxxxx
and Wakefield in connection with this transaction pursuant to any prior
agreement between Landlord and Xxxxxxx and Xxxxxxxxx.
13. Tenant represents and warrants that this Lease and the undersigned's
execution of same has been duly authorized and approved by the
corporation's Board of Directors. The undersigned officer of the
corporation represents and warrants he is an officer of the corporation
with authority to execute this Lease on behalf of the corporation.
Landlord represents and warrants that this Amendment and the undersigned's
execution of same has been duly authorized and approved by all necessary
partnership and corporate actions. The undersigned officer of the
corporate general partner of Landlord represents and warrants that he is
an officer of the corporation with authority to execute this Amendment on
behalf of the corporate general partner of Landlord, and that the
corporate general partner of Landlord is authorized to execute this
Amendment on behalf of Landlord.
EXCEPT as modified herein, the Lease dated July 1, 1987 and all amendments
and sideletters applicable thereto covering the Premises shall remain in full
force and effect as if the same had been set forth in full herein and Tenant and
Landlord hereby ratify and confirm all of the terms and conditions thereof.
Tenant acknowledges that it has no offsets, defenses or counterclaims to its
obligations under the Lease as amended hereby.
THIS Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective legal representatives, successors and
permitted assigns.
GROVE STREET ASSOCIATES OF XXXXXXXXX, LUFKIN & XXXXXXXX
JERSEY CITY LIMITED PARTNERSHIP SECURITIES CORPORATION
(Landlord) (Tenant)
By: Cali Sub IV, Inc.
General Managing Partner
By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------------------------- -------------------------------
Xxxxx X. Xxxxxx Xxxxxx X. Xxxxxx, Vice President
Vice President - Leasing Director of Administration
EXHIBIT A
[FLOOR PLAN OMITTED]
SCHEDULE #1 TO LEASE DATED JULY 1, 0000
XXXXXXXX: Xxxxx Xxxxxx Associates of Jersey City Limited Partnership
TENANT: Xxxxxxxxx, Lufkin & Xxxxxxxx Securities Corporation
DESCRIPTION OF THE LEASE
DATE OF DOCUMENT DOCUMENT
July 1, 1987 Lease
July 1, 1987 First Amendment of the Lease
July 1, 1987 Side Letter Amendment
June 19, 1989 Side Letter Agreement
March 12, 1992 Second Amendment to Lease
December 27, 1992 Third Amendment to Lease
September 29, 1993 Side Letter Agreement
December 23, 0000 Xxxxxx Xxxxxxxxx to Lease
May 1, 1994 Fifth Amendment to Lease
March 9, 1995 Sixth Amendment to Lease
June 16, 1995 Seventh Amendment to Lease
April 4, 1996 Eighth Amendment to Lease
April 4, 1996 Ninth Amendment to Lease
END
SCHEDULE #2 to Lease dated July 1, 0000
Xxxxxxxx: Xxxxx Xxxxxx Associates of Jersey City Limited Partnership
Tenant: Xxxxxxxxx, Lufkin & Xxxxxxxx Securities Corporation
Description of the LEASED PREMISES
OFFICE STORAGE TEMPORARY
FLOOR(S) SPACE SPACE SPACE
-------- ----- ----- -----
2-9 256,925
10 35,820
-------
2-10 292,745
Lobby 4,800
-------
Lobby, 2-10 297,545
11 36,600
-------
Lobby, 2-11 334,145
Storage(kitchen) 8,194
Storage Space #1 1,800
Storage Space #2 3,747
Temporary Space-12th Floor 4,809
Storage-Temporary #1 794
Storage-Temporary #2 112
14&15 73,200
-------
Subtotal 407,345
12A 6,507 0 0
------- ------ -----
TOTAL S.F. AREAS 413,852 13,741 5,715
======= ====== =====
TENANT IMPROVEMENT - WORK LETTER ESTIMATES
Description: DLJ 3/1/97 6 50 7
----------------------------
(30 characters) Tenant Name/Lease Date/S.F. (Rentable)
Property Manager: Xxx Xxxxx
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Date: 1/31/97
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Property: O.C.
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Tenant ID: PE
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Phase (YR): 97
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Bldg (Job #): 99
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(start @ 99)
Budget
GL# Description Estimated Cost)
--- ----------- -----------------
5530 PARTITIONS
-----------------
5540 DOORS AND HARDWARE
-----------------
5533 ELECTRICAL
-----------------
5535 VENTILATION
-----------------
5565 PAINTING AND VINYL WALL COVER
-----------------
5564 FLOOR AND CARPET
-----------------
5574 FIRE SPRINKLER
-----------------
5561 CABINETS
-----------------
5532 PLUMBING
-----------------
5510 GENERAL CONDITIONS
-----------------
5524 MISCELLANEOUS
TOTAL $l95,210.00
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Work Completed Tenant to complete
All bills submitted Dated: 1/31/97
