FIRST AMENDMENT OF LEASE
FIRST AMENDMENT OF LEASE dated as of July 27, 1994 between 5 XXXXXX
ASSOCIATES, a New Jersey limited partnership, having an address c/o Bellemead
Management Co., Inc., 0 Xxxxxx Xxxx Xxxx, Xxxxxxxx, Xxx Xxxxxx 00000
(hereinafter called "Landloard") and NEW JERSEY MORTGAGE AND INVESTMENT CORP., a
New Jersey Corporation having an address at 0 Xxxxxx Xxxx Xxxx, Xxxxxxxx, Xxx
Xxxxxx 00000 (hereinafter called "Tenant").
WITNESSETH:
WHERAS:
A. Landlord and Tenant heretofore entered into a certain lease dated April
2, 1993 (said lease, as the same may be amended from time to time, is
hereinafter called the "Lease") with respect to premises on the first (1st)
floor of that certain office building ("Building") known as and located at 0
Xxxxxx Xxxx Xxxx, Xxxxxxxx, Xxx Xxxxxx
B. Tenant is desirous of increasing the size of the Demised Premises by the
addition of some 4,507 rentable square feet ("Additional Space") on the first
(1st) floor of the Building; and
C. The parties hereto desire to further modify the Lease in certain
respects.
NOW THEREFORE, in consideration of the premises and mutual covenants
hereinafter contained, the parties hereto modify said Lease as follows:
1. All terms contained in this First Amendment of Lease that are defined in
the Lease, shall, for the purposes hereof, have the same meaning ascribed to
them in the Lease.
2. The Demised Premises shall be expanded to incorporate the Additional
Space on or about August 1, 1994 (the "Estimated Additional Space Commencement
Date"). Notwithstanding the above, the Additional Space commencement date (the
"Additional Space Commencement Date") shall be the date upon which the work
required to be performed by the Landload pursuant Paragraph 6 hereof (the
"Additional Space Work") shall be substantially completed. The
Additional Space Work shall be deemed to be substantially completed for all
purposes hereunder, on the date upon which:
(i) Landlord has procured a temporary or permanent Certificate of
Occupancy, permitting occupancy of the Additional Space by the
Tenant; and (ii) The Landlord's architects shall have certified
that Landlord has substantially performed the Additional Space
Work. Substantial completion shall be deemed to have occurred even
though minor details of work remain to be done, provided such
details do not materially interfere with the Tenant's use of the
Additional Space.
As of the Additional Space Commencement Date, Exhibit A (Rental Plan) to
the Lease shall be modified by incorporating the attached Schedule A so that for
all times after the Additional Space Commencement Date, the original Exhibit A
to the Lease and Schedule A attached hereto shall collectively be deemed to be
the new Exhibit A (Rental Plan) to the Lease.
3. The Lease is hereby amended to provide that Tenant shall pay an annual
Minimum Rent as follows:.
TWO HUNDRED FORTY EIGHT THOUSAND SIX HUNDRED NINETY AND 00/100 DOLLARS
($248,690.00) for the period commencing on the Additional Space
Commencement Date and ending on the Termination Date (July 31, 1998),
payable in advance, on the first day of each calendar month in equal
monthly installments of TWENTY THOUSAND SEVEN HUNDRED TWENTY FOUR AND
17/100 DOLLARS ($20,724.17).
At all times prior to the Additional Space Commencement Date, Tenant shall
continue to pay the Minimum Rent and Adjusted Minimum Rent stated in the Lease.
4. At all times after the Additional Space Commencement Date, Section 36.2
of the Lease shall be modified to provide that the Demised Premises shall
contain 15,304 square feet and that the Occupany Percentage shall be 12.93%.
5. At all times after the Additional Space Commencement Date, Section 43.1
of the Lease shall be modified so that Tenant's License for Allotted Parking
shall be for forty nine (49) cars, of which fourteen (14) spaces shall be
designated for Tenant's sole use.
6. Tenant agrees that it shall either approve Landlord's drawings for the
Additional Space or provide to Landlord on or before the date hereof, such
drawings and spcifications required by Landlord for Tenant's layout,
partitioning, electrical,
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reflecting ceiling and other installations for the approval and acceptance of
Landlord. Landlord shall furnish and install in accordance with such drawings,
the Additional Space Work described below at a cost to Tenant of $5,400.15. The
Additional Space Work shall consist of those items enumerated on Schedule B
attached hereto and made a part hereof. To the extent Tenant's drawings require
work in addition to the Additional Space Work, such work shall be reduced to an
"Extra" or "Change Order" to be excuted by both Landlord and Tenant, which shall
indicate the work required, the cost thereof to be paid by Tenant, and the
additional time required, if any, for completion. Tenant shall be responsible
for any delays in completing the Additional Space or Demised Premises by reason
of Tenant's failure to cooperate with Landlord, Tenant's delays in submitting
any drawings or specifications, or in supplying information, or in approving
drawings, specifications or estimates, or in giving autorizations, or by reason
of any changes by Tenant in any designations previously made by Tenant, or by
reason of any similar acts or omissions of Tenant or by reason of any cause or
factor beyond Landlord's reasonable control, including but not limited to
strikes or other labor disputes, accidents, orders or regulations of any
federal, state, county or municipal authority, delays due to adjustment of
insurance claims, lack of availability of materials, parts or services, acts of
God, fire, earthquake, floods, explosion, action of the elements, war,
hostilities, invasion, insurrection, riot, mob violence, sabotage or by reason
of any other cause, whether similar or not to the foregoing, that is beyond the
reasonable control of Landlord.
7. If for any reason Tenant does not renew the Lease for an additional term
of five (5) years or more, Tenant shall pay to Landlord the sum of TWO THOUSAND
TWO HUNDRED EIGHTY AND 00/10O DOLLARS ($2,280.00) as a penalty (the "Penalty").
The Penalty shal1 be payable six (6) months prior to the termination date of the
Lease.
8. As of the Additional Space Commencement Date, Articles, 34 and 62 of the
Lease shall be modified so that Tenant's security
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deposit shall be $20,724.17, in the form of cash or a letter of credit in
accordance with Section 62.2 of the Lease.
9. Tenant covenants, represents and warrants that no real estate broker
other than Xxxxx, Xxxxxxx & Tolstoi, P.A. is responsible for bringing about or
negotiating this First Amendment of Lease and Tenant has not dealt with any
other broker in connection with the consummation of this First Amendment of
Lease. In accordance with the foregoing representation, Tenant covenants and
agrees to pay, defend, hold harmless and indemnify Landlord and its directors,
officers, partners, and their affiliates and/or subsidiaries from and against
any and all cost, expenses, including attorney's fees (in settlement, at trial
or on appeal), court costs and disbursements or liability for any commission
or other compensation claimed by any broker or agent other than Xxxxx, Xxxxxxx &
Tolstoi, P.A. acting through or on behalf of Tenant with respect to this First
Amendment of Lease. Landlord shall pay Xxxxx, Xxxxxxx & Tolstoi, P.A. a one time
commission in the amount of $25,104 within thirty (30) days after the
Additional Space Commencement Date. There shall be no additional commissions
payable and no additional protection granted to Xxxxx, Xxxxxxx Tolstoi, P.A.
whatsoever.
10. Subject to the rights of existing tenants, Article 67 of the Lease is
hereby modified so that the Option Space described therein shall include the
balance of the space located on the first (1st) floor of the Building.
11. Except as modified by this First Amendment of Lease, the Lease and all
covenants, agreements, terms and conditions therof shall remain in full force
and effect and are hereby in al1 respects ratified and confirmed. The terms and
provisions of the Lease, as modified hereby, shall govern the Tenant's occupancy
and use of the Demised Premises as increased by the Additional Space.
12. Tenant represents that the undersigned officer of Tenant has been duly
authorized on behalf of Tenant to enter into this First Amendment of Lease in
accordance with the terms, covenats and conditions set forth herein, and, upon
Landlord's request,
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Tenant shall deliver appropriate evidence of the accuracy of the foregoing
representation.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
of Lease as of the day and year first above written.
Signed, sealed and delivered LANDLORD:
IN THE PRESENCE OF OR 5 XXXX ASSOCIATES
ATTESTED BY: By: 5 Xxxxxx Farm Corp.
General Partner
/s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxx Xxxxxxxx
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Xxxxxx X. Xxxxxxx Xxxxx Xxxxxxxx
Assistant Secretary Vice President
TENANT:
NEW JERSEY MORTGAGE AND
INVESTMENT CORP.
/s/ Xxxx Xxxxx By: /s/ Xxxx Xxxxx
-------------------------------- ---------------------------------
Xxxx Xxxxx Xxxx Xxxxx
Secretary President
The undersigned is executing this First Amendment of Lease for the sole
purpose of consenting to the terms of Paragraph 9 hereof.
XXXXX, XXXXXXX TOLSTOI, P.A.
By: /s/ Xxxxx, Xxxxxxx Tolstoi
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Name: __________________
(Please Print)
Title: _________________
(Please Print)
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