EXHIBIT 10.15
AGREEMENT OF LEASE
AGREEMENT OF LEASE made as of this 30th day of April, 1997, between MAN
YUN REAL ESTATE CORPORATION, as Owner or Landlord and RAZORFISH, INC., as
Tenant.
W I T N E S S E T H :
WHEREAS, Landlord and Tenant have entered a Lease (the "Main Lease")
and Side Letter during October, 1996, and a Second Side Letter dated November
20, 1996, (the Side Letter and Second Letter are collectively referred to herein
as the "Side Letters") for the third floor of a building known as 000 Xxxxx
Xxxxxx, Xxx Xxxx xxxx, Xxx Xxxx (the "Building"), and
WHEREAS, the Main Lease gave Tenant the right of first refusal to lease
any contiguous floor, and
WHEREAS, Landlord and Tenant have agreed on the Tenant's exercise of
its right of first refusal to lease the entire 4th floor (the "4th floor
promises") in the Building on the terms and conditions of the Main Lease, except
as herein modified,
NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein set forth, and other good and valuable consideration, it is agreed as
follows:
1. Adoption of Main Lease. Except as specifically modified in this
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Agreement, all the terms and conditions of the Main Lease (including, but not
limited to the Real Estate Tax escalation Rider and paragraphs 52 and 53) and
the Side Letter referred to above are incorporated herein by reference and the
terms of said Main Lease and Side Letters shall apply to the Tenant's leasing of
the 4th floor premises.
2. Term. The term of the lease on the 4th floor premises shall
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commence May 1, 1997, and end December 31, 2001.
3. Base Rent. The base rent shall be 115% of the rent set forth in the
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Main Lease, more particularly, rent for the first lease year, May 1, 1997
through April 30, 1998, is $201,097 per year, payable in equal monthly
installments of $16,758.08.
4. Security. Paragraph 34 of the Main Lease is modified to provide the
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security for the 4th floor is $33,516.16.
5. No Landlord's Work. Paragraph 38 of the Main Lease is deleted, and
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there shall be no landlord's work.
6. Rent Commencement Rate. Paragraph 40 of the Main Lease is deleted but
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Tenant shall commence paying rent December 6, 1997.
7. Permitted Subleases. In addition to the subleasing permitted under
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paragraph 44 of the Main Lease, the Tenant may sublease the fourth floor for
periods of ten days or less during the first three months of the term for use as
a motion picture location, social functions, or similar use. Landlord will not
unreasonably withhold or delay its consent to such use; provided, however, the
Landlord and the Building shall be protected by appropriate insurance covering
each particular use. All other terms and conditions of the Main Lease and
particularly paragraph 44 shall to the subleasing described in this paragraph.
8. Additional Clauses Deleted From Rider to Main Lease.
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The following clauses being part of the Rider to the Main Lease are
deleted:
Paragraph 41 - Tenant's Plans and Specifications,
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Paragraph 42 - Tenant's Possessions, Tenant acknowledges that the
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Premises are now ready for its possession,
Paragraph 43 -Right of First Refusal.
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9. Breach of Leases. Any breach under this Lease shall be also a breach
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under the Main Lease, and vice versa.
IN WITNESS WHEREOF, the parties have set their hands as of the day and year
first above written.
MAN YUN REAL ESTATE CORPORATION RAZORFISH, INC.
/s/ Xxx Xxxx /s/ Xxxxxxx X. Xxxxxx
By: ___________________________ By: _______________________
MAN YUN REAL ESTATE CORPORATION
00 Xxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
April 30, 1997
Razorfish, Inc.
000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, XX 00000
Re: Lease for entire Fourth floor at 000 Xxxxx Xxxxxx
Ladies and Gentlemen:
This letter is to confirm our understanding pertaining to the lease we are
simultaneously entering for the entire fourth floor at 000 Xxxxx Xxxxxx, Xxx
Xxxx Xxxx.
First, in consideration for the terms and conditions of the lease, you
shall "build out" the entire space of the fourth floor and all plans,
specifications, and all filing fees and approvals required by New York or
otherwise, shall be at your own cost and expense.
Second, the work shall be done by the building contractor, with whom we
both have worked in the past and have confidence.
Third, the "build out" must be of a character and quality that equals or
exceeds the work done on the third floor so that the fourth floor will be a
first class office space.
Fourth, the "build out" must be done in a single phase, and not in parts,
and must be commenced on or before April 1, 1998, and be substantially completed
within a reasonable time thereafter, and in any event, no later than August 1,
1998.
Fifth, your plans and specifications are subject to our reasonable
approval, which will not be unreasonably withheld or delayed.
Sixth, your plans and specifications must be presented to us on or before
March 1, 1998.
Lastly, it is understood that the obligations assumed by you pursuant to
this letter are a significant part of our agreement, and a breach of this letter
shall be a breach of the lease.
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If I have correctly set forth our understanding, please sign the original
and one copy of this letter and return it to me with the lease. The two signed
copies are for your use.
Very truly yours,
MAN YUN REAL ESTATE CORPORATION
/s/ Xxx Xxxx
By: _______________________________
Xxx Xxxx, President
AGREED:
RAZORFISH, INC..
/s/ Xxxxxxx X. Xxxxxx
By: ________________________________
