LEASE MODIFICATION AND EXTENSION AGREEMENT
THIS LEASE MODIFICATION AND EXTENSION AGREEMENT, prepared this 28th day
of March, 1995 between CHERRY HILL INDUSTRIAL SITES, INC., a New Jersey
Corporation having its principal office at 0000 Xxxxxxxxxx Xxxx, Xxxxxx Xxxx,
Xxx Xxxxxx 00000 (hereinafter referred to as LANDLORD), and SCIENCE DYNAMICS
CORPORATION, having an office at Xxxxxxxx 00, Xxxxxxxxxx Xxxx, Xxxxxx Xxxx
Industrial Center, Xxxxxx Xxxx, XX 00000 (hereinafter referred to as TENANT).
FOR AND IN CONSIDERATION of the mutual promises and covenants herein
contained, the parties do hereby agree to modify and extend that certain
Lease Agreement between the LANDLORD and TENANT dated August 8, 1990 and
executed August 19, 1990 (hereinafter referred to as the CURRENT LEASE) for
the Premises consisting of building #37 (approximately 00,000 xxxxxx xxxx xx
xxxxx xxxx) and adjoining land (together identified as Block 468.03, Lot 6 on
the Cherry Hill tax maps) located in the Cherry Hill Industrial Center,
Cherry Hill, New Jersey (as shown and defined on exhibit A attached hereto
and made a part hereof), as follows:
1. The CURRENT lease was to expire on August 31, 1995. This Lease
modification and extention agreement shall commence May 1, 1995 and
continue for a 10 year term, 120 months (inclusive) terminating on
April 30, 2005.
2. The RENT indicated in para 3, page 1 of the CURRENT LEASE is
modified as follows:
a. Commencing May 1, 1995 and continuing for 5 years (60 months)
through April 30, 2000 (inclusive), monthly rent installments
shall be $14,536.75 ($174,441.00 per year).
b. Commencing May 1, 2000 and continuing for 5 years (60 months)
through April 30, 2005 (inclusive), monthly rent installments
shall be $15,153.00 ($181,836.00 per year).
c. The Term rental for the 10 year period (the sum of 2a and 2b)
is $1,781,385.00
3. It is understood that any references to the Environmental
Responsibility Act, N.J.S.A. 13:1K-6 et seq. and or references to
related matters within the CURRENT LEASE are subject to successor
legislation and regulations.
4. LANDLORD and TENANT agree that neither party is in default of any of
the covenants of the CURRENT LEASE.
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5. All other covenants, terms and conditions of the CURRENT LEASE shall
remain in force and unmodified and shall be incorporated into this
LEASE MODIFICATION AND EXTENSION Agreement as if they were set forth
in total herein.
IN WITNESS WHEREOF, LANDLORD and TENANT have respectively signed and
sealed this Lease Modification and Extension Agreement as of the date
written.
CHERRY HILL INDUSTRIAL SITES, INC.
/s/L. Ruby By: /s/ Xxxx Xxxxx
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Witness as to Landlord Xxxx Xxxxx, President
SCIENCE DYNAMICS CORPORATION
/s/Xxx X. Xxxxxxx By:/s/Xxxxxx X. Xxxxx
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Witness as to Tenant
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