LEASE MODIFICATION AGREEMENT
AGREEMENT, made as of the 10th day of February, 1997, between
SOUNDVIEW PLAZA ASSOCIATES, a Connecticut partnership with an office c/o W&M
Properties of Connecticut, Inc., Xxx Xxxxxxx Xxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000
(hereinafter called "Landlord"), and GANTOS, INC., a Michigan corporation with
an office at 0000 Xxxxxxxxx Xxxxxxxxx, X.X. Xxx 000, Xxxxx Xxxxxx, Xxxxxxxx
00000 (hereinafter called "Tenant").
W I T N E S S E T H:
WHEREAS, Landlord and Tenant are the landlord and tenant,
respectively, under that certain agreement of lease, dated as of January 23,
1997, covering approximately 19,750 rentable square feet on the fifth floor of
the building known as Soundview Plaza, Stamford, Connecticut, which lease has
been modified by two letter agreements, each dated January 23, 1997 (which
lease, as modified through the date hereof is hereinafter called the "Lease");
and
WHEREAS, pursuant to one of the aforedescribed letter agreements, the
parties acknowledged and agreed that the rentable square foot area of the
premises demised under the Lease might change as a result of the development of
space plans for said premises and the initial alteration work therein, and that
the parties would execute and deliver a lease modification agreement
memorializing any such change; and
WHEREAS, as a result of such space planning by Tenant, the rentable
square foot area of the premises demised under the Lease has increased to 23,110
square feet; and
WHEREAS, the parties wish to modify the Lease so as to reflect such
increase in the square foot area of the premises demised thereunder, in
accordance with the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises contained
herein, and for other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the Landlord and Tenant hereby agree
as follows:
1. Section 1.01 of the Lease shall be deemed to be, and hereby is,
modified so that the fixed annual rental rates (excluding electricity) shall be
as follows:
(a) $398,647.50 per annum for the first lease year;
(b) $415,980.00 per annum for the second lease year;
(c) $433,312.50 per annum for the third lease year;
(d) $450,645.00 per annum for the fourth lease year;
(e) $467,997.50 per annum for the fifth lease year;
(f) $485,310.00 per annum for the sixth lease year; and
(g) $502,642.50 per annum for the seventh lease year.
2. Section 1.05 of the Lease shall be deemed to be, and hereby is,
modified so that the rentable square foot area of the originally demised
premises shall be deemed to be 23,110 square feet.
3. Section 4.03 of the Lease shall be deemed to be, and hereby is,
modified so that Landlord will provide Tenant with ten (10) assigned parking
spaces and with access to the parking area for the parking of up to sixty (60)
additional automobiles, at no charge.
4. Subdivision (a)(ii) of Section 5.01 of the Lease shall be deemed
to be, and hereby is, modified so that the term "The Percentage", for purposes
of computing tax escalation, shall be deemed to mean 12.97%.
5. Subdivision (a)(iii) of Section 6.01 of the Lease shall be deemed
to be, and hereby is, modified so that the term "The Percentage", for purposes
of computing expense escalation, shall be deemed to mean 12.97%.
6. Section 7.02 of the Lease shall be deemed to be, and hereby is,
modified so that the reference in the third grammatical sentence to the rentable
square foot area of the premises demised under the Lease shall be changed to
23,110 square feet.
7. Section 35.01 of the Lease shall be deemed to be, and hereby is,
modified so that the amount of the security deposit shall be increased by
$57,801.20 to a total of $272,582.45, which additional amount shall be delivered
by Tenant to Landlord simultaneously with the execution and delivery of this
Agreement by Tenant.
8. Subdivision II of the Work Letter (Exhibit D) attached to the
Lease shall be deemed to be, and hereby is, modified, so that sum of $493,750
referred to in the last paragraph thereof shall be increased to a total of
$577,750.
9. The attached Exhibit A-2 shall be deemed to be, and hereby is,
substituted in place and instead of the Exhibit A-2 originally attached to
the lease.
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10. Except as herein modified, all of the terms, covenants and
conditions of the Lease are and shall remain in full force and effect and are
hereby ratified and confirmed.
11. 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 WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.
WITNESS: (As to Landlord) SOUNDVIEW PLAZA ASSOCIATES
By: W&M Properties of
Connecticut, Inc., Agent
/s/ XxXxx X. XxXxxxx By: /s/ Xxxxxxx X. Xxxxxx
------------------------------ --------------------------------
Xxxxxxx X. Xxxxxx
Senior Vice President
WITNESS: (As to Tenant) GANTOS, INC.
/s/ Xxxxxxx Xxxxx By: /s/ Xxxxxx X. Xxxxx
------------------------------ --------------------------------
Name: Xxxxxx X. Xxxxx
Title: President and C.E.O.
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W & M PROPERTIES OF CT, INC. SOUNDVIEW PLAZA
ONE STATION PLACE 0000 X. XXXX XXXXXX
XXXXXXXX, XX 00000 XXXXXXXX, XX 00000
(000) 000-0000
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LONG ISLAND SOUND
