Exhibit 10.42
FIRST AMENDMENT OF LEASE
Agreement made as of this 1st day of July, 1987 by and between Grove
Street Associates of Jersey City Limited Partnership, a New Jersey limited
partnership having an office at 00 Xxxxxxxx Xxxxx, Xxxxxxxx, Xxx Xxxxxx 00000
(hereinafter called "Landlord"), and DLJ Securities Corporation, a New York
corporation having an office at 000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000
(hereinafter called "Tenant").
W I T N E S S E T H
WHEREAS, Landlord and Tenant have heretofore entered into a Lease,
dated July 1, 1987 (the "Lease"), covering certain premises in the building to
be constructed by Landlord at Grove Street, Jersey City, New Jersey (the
"Building"); and
WHEREAS, Landlord and Tenant desire to amend the Lease as set forth
herein.
NOW, THEREFORE, in consideration of the foregoing, the sum of Ten
($10) Dollars 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. (a) 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 a portion of the
mezzanine level and the entire 3rd through 10th floors of the Building
inclusive, as shown on the floor plans annexed hereto as Exhibit B."
(b) The floor plans attached hereto as Exhibit B shall be
deemed for all purposes to be Exhibit B to the Lease.
3. Section 1.04(a)(i)-(iv) is hereby amended to read in its entirety
as follows:
(i) Four Million Five Hundred Thirty-Seven Thousand Five Hundred
Forty-Seven and 50/100 ($4,537,547.50) per year ($378,128.96
per month) for the first five years of the term;
(ii) Five Million Five Hundred Eighty-Five Thousand Five Hundred
Seventy-Four and 60/100 ($5,585,574.60) per year ($465,464.55
per month) for the second five years of the term;
(iii) Six Million Seven Hundred Three Thousand Eight Hundred Sixty
and 50/100 ($6,703,860.50) per year ($588,655.04 per month)
for the third five years of the term; and
(iv) Eight Million Forty-Four Thousand Six Hundred Thirty-Two and
60/100 ($8,044,632.60) per year ($670,386.05 per month) for
the last five years of the term.
4. Section 5.01(e) of the Lease is amended to provide that Tenant's
Proportionate share shall be 47.07%, and that the agreed upon rental square foot
area of the Demised Premises shall be deemed to be 292,745 square feet (subject
to adjustment as provided for in said Section 5.01(e).
5. Section 5.07(k) of the Lease is amended to provide that Tenant's
Operational Proportionate Share shall be 47.59%.
6. Article 41 of the Lease is amended generally to provide that all
references therein to the "10th Floor Space" shall mean the "11th Floor Space"
and that all references therein to the "10th Floor Put" shall mean the "11th
Floor Put".
7. Section 41.02 of the Lease is hereby amended to read in its
entirety as follows:
"41.02. In the event Tenant shall duly elect by giving the Election
Notice to include the 11th Floor space in the Demised Premise as provided above,
then the Fixed Rent shall be increased as of the applicable Effec-
2
tive Date by an amount equal to $653,956.16 per year ($54,496.35 per month) for
the period commencing on the fourth (4th) anniversary of the Commencement Date
and ending on the day next preceding the Effective Date and thereafter at the
per rentable square foot rental rates payable hereunder. The parties agree that
the rentable square foot area of the 11th Floor Space shall be deemed to be
35,464 square feet. Tenant's Proportionate Share, as specified in Section
5.01(e) shall be increased by 5.70% (subject to recomputation in accordance with
Section 5.01(e) of the Lease) and Tenant's Operational Proportionate Share as
specified in Section 5.07(k) shall be increased by 5.76% (subject to
recomputation in the event the Building Office Area shall be increased).
8. Section 41.05 of the Lease is hereby amended to read in its
entirety as follows:
"41.05 In the event that within thirty (30) months after the
Commencement Date Landlord has been unable to lease the 11th Floor Space to a
third party, Landlord may elect at any time thereafter to send a notice to
Tenant (the "11th Floor Put") wherein Landlord directs Tenant to send an
Election Notice within thirty (30) days after the date of the 11th Floor Put. In
the event that Tenant sends the Election Notice in response to the 11th Floor
Put, the effective date for the payment of increased rental in such event (the
"Put Rent C.D.") shall be ninety (90) days after the date of the 11th Floor Put
and the other provisions of this Article 41 shall be in effect as to the 11th
Floor Space and the rental shall be at the rate of (x) $608,916.88 per year
($50,743.07 per month) for the period commencing on the Put Rent C.D. and ending
on the day next preceding the third (3rd) anniversary of the Commencement Date;
(y) $631,613.84 per year ($52,634.49 per month) for the period commencing on the
third (3rd) anniversary of the Commencement Date and ending on the day next
preceding the fourth (4th) anniversary of the Commencement Date; and (z)
$653,956.16 per year ($54,496.35 per month) for the period commencing on the
fourth (4th) anniversary of the Commencement Date and ending on the day next
preceding the Effective Date and thereafter at the per rentable square foot
rental rates payable hereunder."
9. Article 42 of the of the Lease is amended generally to provide
that all reference to the "11th Floor" shall mean "12th Floor".
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10. Subsections (vi), (vii) and (viii) of Section 42.04 are hereby
amended to read in their entirety as follows:
"(vi) "Tenant's Proportionate Share", as such term is used in
Section 5.01(e) hereof, shall be 5.82% (subject to recomputation in accordance
with Section 5.01(e) of the Lease);
(vii) "Tenant's Operational Proportionate Share", as such term is
used in Section 5.07(k) hereof, shall be 5.88% (subject to recomputation in
accordance with Section 5.07(k) of the Lease);
(viii) The agreed rentable square foot area of the 12th Floor shall
be 36,167 square feet;".
11. Section 42.06 of the Lease is hereby amended to read in its
entirety as follows:
"42.06 Notwithstanding anything contained in Section 42.05 hereof,
the 12th Floor Fixed Rent shall in no event be less than an amount equal to (x)
$690,066.36 per year ($57,505.53 per month) for the portion of the 12th Floor
Term occurring from and after the 5th anniversary of the Commencement Date; (y)
$828,224.30 per year ($69,018.69 per month) for the portion of the 12th Floor
Term occurring from and after the 10th anniversary of the Commencement Date; and
(z) not less than $993,869.16 per year ($82,822.43 per month) for the portion of
the 12th Floor Term occurring from and after the 15th anniversary of the
Commencement Date."
12. Part G of Exhibit C to the Lease is amended to provide that
Landlord's Share shall be $5,951,940.00.
13. Intentionally Omitted.
14. Except as modified herein, all of the terms and conditions of
the Lease, shall remain in full force and effect and, as modified hereby, the
Lease is hereby ratified and confirmed in all respects.
IN WITNESS WHEREOF, Landlord and Tenant have duly executed this
First Amendment of Lease as of the day
4
and year first above written.
LANDLORD:
GROVE STREET ASSOCIATES OF
JERSEY CITY
By: Grove Street Urban
Renewal Corp., General Partner
By:
------------------------------------
(Vice) President
TENANT:
DLJ SECURITIES CORPORATION
By:
------------------------------------
Xxxxxxx X. Xxxxxxx,
Chairman, Financial
Services Group
0
XXXXXXXXXXXXXXXX
XXXXX XX XXX XXXX )
: ss.:
COUNTY OF NEW YORK )
On this 1st day of July, 1987, before me personally came X. X.
Demsteakis, to me known to be the individual who executed the foregoing
instrument; and, who, being duly sworn by me, did depose and say that he resides
at 0000 Xxxxx Xxxx, Xxxxx Xxxxxx, Xxx Xxxxxx; that he is the Vice-President of
Grove Street Urban Renewal Corp. the corporation described in and which executed
the foregoing instrument as the general partner of GROVE STREET ASSOCIATES OF
JERSEY CITY, a New Jersey partnership, that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by order of the Board of Directors of said corporation;
and, that he signed his name thereto by like order.
-------------------------------
Notary Public
6
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 1st day of July, 1987, before me personally came Xxxxxxx X.
Xxxxxxx, to me known, who being by me duly sworn, did depose and say that he
resides at 00 Xxxxxxxxxx, Xxxxxx, Xxx Xxxxxx; that he is the Chairman, Financial
Services Group of DJL SECURITIES CORPORATION, the corporation described in and
which executed the foregoing instrument, as Tenant, and that he signed his name
thereto by order of the Board of Directors of said corporation.
-------------------------------
Notary Public
7
DLJ Securities Corporation
000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
June 19, 0000
Xxxxx Xxxxxx Associates
of Jersey City Limited Partnership
c/o Cali Associates
00 Xxxxxxxx Xxxxx
Xxxxxxxx, Xxx Xxxxxx 00000
Re: Lease, First Amendment of Lease and side letter agreement
executed in connection therewith, all dated July 1, 1987
(collectively, the "Lease"), by and between Grove Street
Associates of Jersey City Limited Partnership, as landlord
("Landlord"), and DLJ Securities Corporation, as tenant
("Tenant"), covering certain premises located at the
International Financial Tower, Jersey City, NJ
Gentlemen:
Reference is made hereby to the Lease. All capitalized and
non-capitalized terms used in this letter which are not separately defined
herein but are defined in the Lease shall have the meaning given to any such
term in the Lease.
As you know, we are in receipt of Landlord's Preliminary Notice,
dated February 13, 1989 (the "First Preliminary Notice"), and revised
Preliminary Notice, dated May 5, 1989 (the "Revised Preliminary Notice"). The
First Preliminary Notice and the Revised Preliminary Notice are hereinafter
referred to as the "Landlord Preliminary Notices". In response to the First
Preliminary Notice, we delivered to you Tenant's Objection Notice,
Grove Street Associates
of Jersey City Limited Partnership
June 19, 1989
Page Two
dated March 13, 1989 (the "First Objection Notice"). In response to the Revised
Preliminary Notice, we delivered to you a second Tenant's Objection Notice,
dated June 2, 1989 (the "Second Objection Notice). The First Objection Notice
and the Second Objection Notice are herein referred to as the "Tenant Objection
Notices".
1. During our meetings on March 8, 1989 and May 25, 1989, you
advised us that you desire to have Tenant occupy the Demised Premises prior to
when the Demised Premises are deemed ready for occupancy pursuant to Article 4
of the Lease and we have advised you that we would be willing to do so under
certain conditions more fully hereinafter set forth. Accordingly, this letter
shall confirm our agreement that the Lease is hereby modified and supplemented
as follows (any conflict between the terms hereof and the terms of the Lease
shall be resolved in favor of this letter agreement):
(i) Landlord estimates that the Delivery Date under the Lease
shall be July 14, 1989. Landlord hereby agrees to withdraw the
Landlord Preliminary Notices and Tenant hereby agrees to
withdraw the Tenant Objection Notices. Landlord and Tenant
agree that notwithstanding anything in the Lease to the
contrary, Landlord shall not be required to respond to the
Second Objection Notice, extend the Delivery Date set forth in
the Revised Preliminary Notice or suffer or incur any
liability for failure to complete the work set forth in the
Tenant Objection Notices on or before July 14, 1989, except as
otherwise set forth herein.
(ii) On or before July 14, 1989, Landlord shall (a) substantially
complete construction of the Demised Premises, including the
cafeteria seating area and servery, and the Tenant Lobby Space
(as hereinafter defined), in accordance with Tenant's Plans,
Grove Street Associates
of Jersey City Limited Partnership
Page Three
June 19, 1989
except that (x) subject to the provisions of subparagraphs (v)
and (vi) hereof, Landlord shall use diligent efforts to
substantially complete the kitchen facilities and Tenant's
Mezzanine "B" Storage Space (exclusive of the cafeteria
seating area and servery), the parking garage and the
installation of Tenant's Cooling Towers by July 14, 1989
(subject to Tenant delays as set forth in Section 4.02 of the
Lease and Part D of Exhibit C to the Lease), and (y) the 10th
Floor Space shall be delivered in the condition described in
subparagraph (iv) below; and (b) substantially complete the
installation of carpeting in the finished portion (referred to
as Phase 1) of the Building's main lobby area.
Landlord must substantially complete the aforesaid items in
the manner herein provided prior to Tenant's acceptance of the
Demised Premises. Tenant acknowledges that, subject to the
provisions of Section 4.03 of the Lease (as modified hereby),
the entire Demised Premises (exclusive of the Data Center,
Kitchen facilities, Mezzanine "B" Storage Space and the 10th
Floor Space) have been substantially completed in accordance
with Tenant's Plans, except for the items set forth on Exhibit
A attached hereto (the "Demised Premises Completion List"). In
the event of any conflict between the terms of Exhibit
[ILLEGIBLE] and the terms of this letter agreement, the terms
of this letter agreement shall control. Landlord must
substantially complete the items set forth on the Demised
Premises Completion List prior to the Actual Delivery Date (as
hereinafter defined). In addition to the foregoing:
(a) Attached hereto as Exhibit B is a list of incomplete
items prepared by Tenant with respect to the Tenant Lobby
Space, Mezzanine A Space and Tenant Mezzanine B Space (the
"Exhibit B Incomplete Items"). In the event of any conflict
between the terms of Exhibit [ILLEGIBLE] and the terms of this
letter agreement, the terms of this letter agreement shall
control. Landlord agrees to use its best
Grove Street Associates
of Jersey City Limited Partnership
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June 19, 1989
efforts to continuously proceed with and to substantially
complete the Exhibit B Incomplete Items prior to the Actual
Delivery Date.
(b) Attached hereto as Exhibit C is a list of incomplete
items prepared by Tenant with respect to the 4th through 8th
floors, inclusive, of the Demised Premises (the "Exhibit C
Punch List"). Landlord shall use its diligent efforts to
substantially complete the items set forth therein on or
before the Actual Delivery Date, except that, Landlord hereby
agrees to continuously proceed with and to use its best
efforts to complete the Exhibit C Punch List items pertaining
to the 8th floor, prior to July 14, 1989, including, without
limitation, millwork, painting and spackling in a good and
workmanlike manner and free from defects and utilizing normal
standards for fine workmanship in the industry.
Provided that Landlord shall comply with its obligations
pursuant to (a) and (b) above, the completion of the Exhibit B
Incomplete Items or the Exhibit C Punch List items shall not
be a condition to Tenant's acceptance of the Demised Premises
on July 14, 1989. Following the Actual Delivery Date, Landlord
shall diligently proceed with the completion of the Exhibit B
Incomplete Items and the Exhibit C Punch List Items, as
required. Tenant agrees that it will accept the Demised
Premises on the Actual Delivery Date notwithstanding the fact
that: (1) despite Landlord's diligent efforts, the parking
garage servicing the building (the "Garage") has not been
substantially completed and no Certificate of Occupancy shall
have been obtained therefor; (2) the 10th Floor Space has not
been sub-
Grove Street Associates
of Jersey City Limited Partnership
Page Five
June 19, 1989
stantially completed; (3) despite Landlord's diligent efforts,
the kitchen facilities (exclusive of the cafeteria seating
area and servery) and Tenant's Mezzanine "B" Storage Space
have not been substantially completed and no Certificate of
Occupancy shall have been obtained therefor; and (4) there
shall be a temporary wall erected in a portion of the Tenant
Lobby Space taking away not more than 100 square feet
(Landlord agrees to remove the temporary wall and install the
permanent wall no later than September 15, 1989, all at
Landlord's sole cost and expense). The "Actual Delivery Date"
shall be (a) the later of (i) July 14, 1989, or (ii) such date
on which the Demised Premises are ready for occupancy in
accordance with the provisions hereof, or (b) the date on
which the Actual Delivery Date would be deemed to have
occurred under Section 4.02 of the Lease or under Part D of
Exhibit C to the Lease, or (c) the day Tenant, or anyone
claiming under or through Tenant, first occupies the Demised
Premises (exclusive of the Data Center) for business,
whichever of (a), (b) or (c) occurs earlier. As used herein,
the term "Tenant's Plans" shall be deemed to include the
addenda to blue prints dated April 22, 1989.
(iii) It is expressly understood and agreed by Landlord that, in
addition to the conditions precedent to Landlord's delivery of
the Demised Premises as set forth in subparagraph (ii) above,
Tenant shall not be required to accept delivery of the Demised
Premises until after the Data Center Acceptance Date (as
hereinafter defined). Tenant shall be deemed to have accepted
delivery of the Data Center ("Data Center Acceptance Date") at
such time as all Preliminary Instal-
Grove Street Associates
of Jersey City Limited Partnership
Page Six
June 19, 1989
lations and the electrical and mechanical components of
Landlord's Supplementary Work with respect to the Data Center
are operating within the design conditions for which they
were designed for a period of three (3) consecutive weeks.
Tenant agrees to commence running and testing of such work
upon substantial completion of the Data Center and reasonable
assurance that the Data Center can accept such testing. Tenant
acknowledges that the Data Center testing has been completed
except for the testing of the Data Center cooling system.
Tenant agrees that provided Tenant's Cooling Towers are fully
installed by June 5th, the testing of the cooling system shall
commence on that date. If all Preliminary Installations and
the electrical and mechanical components of Landlord's
Supplementary Work with respect to the Data Center cooling
system operate for a period of twelve consecutive days as
evidenced by the acceptance thereof by CFS - DESCO, Inc.,
Tenant shall be deemed to have accepted the remainder of the
Data Center and shall acknowledge same to Landlord.
(iv) Landlord shall substantially complete the Preliminary
Installations with respect to the 10th Floor Space (excepting
items (v) and (vi) comprising a portion thereof, but including
the installation of lighting in the elevator lobby area of the
10th Floor Space of the same quality as that installed in the
3rd through 9th floors and core bathrooms as per Tenant's
Plans (Corian tops in restrooms excepted), and without any
upgrade) on or prior to July 14, 1989. In addition, upon
receipt and approval of Tenant's Plans for the 10th Floor
Space by Landlord and Tenant's delivery of a building permit
to Landlord for the construction
Grove Street Associates
of Jersey City Limited Partnership
Page Seven
June 19, 1989
of the 10th Floor Space as shown on Tenant's Plans, Landlord
shall diligently commence and substantially complete the 10th
Floor Space in accordance with Tenant's Plans and shall upon
completion thereof provide to Tenant a Certificate of
Occupancy for said Space. Tenant agrees to provide to Landlord
Tenant's Plans for the 10th Floor Space on or about August 1,
1989. Tenant acknowledges that no portion of Landlord's Share
is allocable to the 10th Floor Space and all Supplementary
Work to be performed therein shall be at the sole expense of
the Tenant.
(v) Landlord shall use diligent efforts to substantially complete
the Garage, including the installation of the Cooling Towers
by July 14, 1989. From and after the Actual Delivery Date and
until such time as the Garage shall be substantially completed
and available for Tenant's parking, Landlord shall arrange to
be provided to Tenant, at Landlord's sole cost and expense, an
aggregate of 188 parking spaces (the "Substitute Parking
Spaces") at Harborside Financial Center and/or Exchange Place
Centre or at such other parking facility designated by
Landlord and acceptable to Tenant. To the extent required by
the owner or operator of such parking facility, Tenant agrees
to execute and to use reasonable efforts to cause its
employees to execute such reasonable parking agreement as such
owner or operator may require, provided that same does not
impose upon Tenant or its employees any liability for the
payment of parking fees. Tenant and its employees will observe
and comply with all reasonable rules, regulations and
procedures required by such owner or operator. The parking
spaces shall be located in a manned parking facility which
affords (a) 24 hour access
Grove Street Associates
of Jersey City Limited Partnership
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June 19, 1989
with respect to no less than fifty (50) of the Substitute
Parking Spaces, and (b) access between the hours of 7:00 a.m.
and 8:00 p.m. with respect to the balance of the Substitute
Parking Spaces. Provided that Tenant receives reasonable
assurance that the garage owner or operator maintains garage
keepers and liability insurance, in amounts customary for the
Jersey City, New Jersey area, Landlord shall have no
responsibility or liability for any injury to any person or
property by or as a result of the use of any parking facility
by Tenant or its employees, whether by theft, collision or
otherwise.
Section 45.03 of the Lease is modified to reduce the number of
Free Spaces from 50 to 40 based upon the tentative calculation
that Tenant's mechanical equipment will displace 10 additional
spaces beyond the 3 set forth in the Lease. A final
calculation and adjustment shall be computed upon completion
of the striping plan for the Garage. In addition, Landlord
agrees that upon completion of the Garage, the initial parking
fee for Tenant's parking spaces (other than the "Free Spaces")
shall be $160.00 per month parking space leased by Tenant.
Landlord may from time to time modify the parking fee charged
to Tenant provided that such rate is in line with current
market conditions and is the same rate charged to other
tenants in the Building. Tenant may from time to time decrease
the number of paid parking spaces leased by Tenant, provided
that, at any time during the term of Lease, upon written
notice to Landlord that Tenant desires to lease additional
parking spaces in the Garage (the "Parking Request Notice"),
Tenant shall have the right of first offer, on the terms and
conditions hereinafter set forth, with respect to the leasing
of any parking space in the Garage, when
Grove Street Associates
of Jersey City Limited Partnership
Page Nine
June 19, 1989
and if same become available for leasing, up to an aggregate
of 150 paid parking spaces (in addition to the Free Spaces).
If, after receipt of the Parking Request Notice any parking
spaces become available for leasing, Landlord shall send
written notice thereof to Tenant (the "Parking Availability
Notice"), which notice shall specify: (a) the date of expected
availability of the parking space(s), and (b) the rate at
which Landlord is willing to lease the parking space(s) (said
rate shall be in line with current market conditions and shall
be the same rate then charged to other tenants in the
Building). If Tenant shall desire to exercise the right of
first offer with respect to the parking space(s) described in
the Parking Available Notice, Tenant shall send Landlord
written notice thereof on or before the fifteenth (15) day
next succeeding the day upon which Landlord shall have sent
the Parking Availability Notice to Tenant and Tenant shall
lease such spaces from Landlord on the date of availability of
such spaces on the terms set forth in the Parking Availability
Notice. In the event Tenant shall fail to respond to the
Parking Availability Notice within the time period herein
provided or Tenant shall indicate that it does not desire to
rent said spaces on the terms contained therein, the Tenant
shall have forfeited Tenant's rights to said spaces and
Landlord shall be free to lease said spaces and any subsequent
spaces which may become available to such party and on such
terms as Landlord may determine until Tenant shall deliver
another Parking Request Notice to Landlord.
(vi) Landlord agrees to use diligent efforts to substantially
complete the kitchen facility in accordance with Tenant's
Plans by July 14, 1989. For a period of
Grove Street Associates
of Jersey City Limited Partnership
Page Ten
June 19, 1989
ten (10) days following substantial completion of the kitchen
facility by Landlord in accordance with Tenant's Plans
(including issuance of a Certificate of Occupancy for the
kitchen facility, together with evidence of the issuance of
all required permits applicable to all Preliminary
Installations and Landlord's Supplementary Work with respect
to the kitchen facility, including health, fire and safety,
but specifically excluding licenses or permits applicable to
the operator or operation of the kitchen facility), and
provided that the Actual Delivery Date shall have occurred,
Landlord shall reimburse Tenant for amounts actually incurred
or accrued by Tenant under the catering contract to provide
catered meals to Tenant's employees working at the Demised
Premises. The total cost of such meals shall not exceed $4,402
per day. Landlord hereby approves the selection of Corporate
Food Service to provide Tenant's catering and the form of
catering contract attached hereto as Exhibit D.
(vii) Landlord shall use diligent efforts to substantially complete
the sidewalks surrounding the Building (excluding the
sidewalks within twenty-five (25 )feet of the PATH station
stairwell which shall be completed by October 1, 1989) by
August 1, 1989. Prior to completion of the sidewalks, Landlord
shall maintain, at its own expense, the covered construction
walkway currently running west from the entrance of the
building to the southeast xxxxxx xx Xxxxx Xxxxxx and
Xxxxxxxxxxx Xxxxxxxx Avenue. Landlord shall coordinate with
Tenant the closing of Xxxxx Street as may be required to
complete the sidewalk construction so as not to unreasonably
Grove Street Associates
of Jersey City Limited Partnership
Page Eleven
June 19, 1989
interfere with Tenant's use of its loading dock.
(viii) Landlord shall reimburse Tenant for amounts actually incurred
or accrued by Tenant on account of Tenant's Equipment and
Related Costs (as hereinafter defined), for the period from
April 15, 1989 through May 31, 1989, up to a maximum amount
equal to the first Six Hundred Thousand ($600,000) Dollars of
costs so incurred or accrued. As used herein, "Tenant's
Equipment and Related Costs" shall mean costs attributable to
(a) cleaning and providing security guards with respect to the
Demised Premises, (b) the repair of damage to the furniture
and equipment heretofore delivered to the Demised Premises,
(c) extending the computer and equipment leases at the 000
Xxxxxxxx Premises (as hereinafter defined), and (d) keeping
Tenant's voice and data communication system activated at the
Demised Premises.
(ix) Landlord shall reimburse Tenant for amounts actually incurred
or accrued by Tenant on account of Tenant's Equipment and
Related Costs for the period from June 1, 1989 through June
30, 1989, up to a maximum amount equal to the first Six
Hundred Thousand ($600,000) Dollars of costs so incurred or
accrued. Tenant hereby acknowledges that, provided that the
Actual Delivery Date shall occur or be deemed to occur on or
before July 14, 1989, Landlord shall have no obligation to
reimburse Tenant for amounts incurred or accrued by Tenant on
account of Tenant's Equipment and Related Costs for the period
from July 1, 1989 through July 14, 0000.
Xxxxx Xxxxxx Associates
of Jersey City Limited Partnership
Page Twelve
June 19, 1989
2. Landlord and Tenant hereby agree that subject to the rent
abatement provisions hereinafter provided, the Rent Commencement Date shall
be forty seven (47) days following the Actual Delivery Date (said forty seven
(47) day period being herein referred to as "Tenant's Free Rent Period").
Notwithstanding the foregoing, Landlord has requested that Tenant commence
the payment of fixed rent on the date that Landlord's permanent mortgage is
placed on the Property notwithstanding that such date may occur during
Tenant's Free Rent Period. Tenant hereby agrees to the foregoing on the
condition that if the Rent Commencement Date shall occur prior to the
expiration of Tenant's Free Rent Period, then on the Rent Commencement Date
Landlord shall pay to Tenant an amount equal to the fixed rent abatement for
the remainder of Tenant's Free Rent Period. For purposes of the preceding
sentence, the parties hereby agree that Tenant's Free Rent Period has a cash
equivalent of $607,199.71. Notwithstanding the foregoing, and in addition to
the rent concession period described in Paragraph 4 below, Tenant shall be
entitled to a rent abatement equal to one (1) day's fixed rent for each day
after August 1, 1989 that Landlord fails to substantially complete
installation of the Tenant's Cooling Towers in accordance with Tenant's
Plans. (Subject to Tenant delays as set forth in Section 4.02 of the Lease
and Part D of Exhibit C to the Lease) The remedies set forth in this letter
supersede all the remedies specifically set forth in the Lease for Landlord's
failure to complete the Demised Premises by the Delivery Date, including,
without limitation, the remedies set forth in Section 3.01(c) and 4.01 of the
Lease, but Tenant specifically retains the right to bring an action for
specific performance to enforce Landlord's obligation to complete the Demised
Premises and the Building in accordance with the provisions of the Lease as
modified by this letter.
3. All sums payable by Landlord pursuant to subparagraphs (vi),
(viii) or (ix) of Paragraph 1 hereof or payable by Landlord pursuant to
Paragraph 7 hereof, shall be paid to Tenant within thirty (30) days of receipt
by Landlord of a statement setting forth: (a) the amount actually paid by Tenant
or then due and owing by Tenant in accordance with Tenant's contractual
obligations therefor and for which Tenant is seeking payment and the item and
period to which such statement relates, and (b) that Tenant approves the payment
of the amounts set forth
Grove Street Associates
of Jersey City Limited Partnership
Page Thirteen
June 19, 1989
in the applicable statement. Each statement submitted by Tenant pursuant to the
provisions of this Paragraph 3 shall be accompanied by vendor invoices or other
supporting evidence with respect thereto.
4. Landlord hereby acknowledges that Tenant has prepaid the sum of
Three Hundred Thirty Three Thousand Nine Hundred Ninety Four ($333,994) Dollars
towards the first month's "fixed rent", which prepaid rent shall apply to the
first month of the lease term, as measured from the Rent Commencement Date, but
Tenant shall nevertheless pay such additional rent as is reserved under the
Lease. Tenant agrees to promptly pay to Landlord the remainder of the first
month's rent for the Demised Premises upon delivery by Landlord of an invoice
therefor. Notwithstanding anything to the contrary contained in the Lease,
Landlord and Tenant hereby acknowledge and agree that DLJ shall be obligated to
pay only one-half of the "fixed rent" provided for in the Lease with respect to
the entire Demised Premises (including the portions thereof leased to Tenant
pursuant to the provisions of Paragraph 6 hereof), for each of the second
through seventh months, inclusive, of the lease term, as measured from the Rent
Commencement Date, but Tenant shall nevertheless pay such additional rent as is
reserved under the Lease. The foregoing rent concession period shall be in lieu
of the free rent period described in Paragraph 2 of the July 1st Letter
Agreement (as hereinafter defined).
5. Except as hereby modified, Landlord hereby confirms its
obligations under Paragraph 3 of that certain letter agreement, dated July 1,
1987 (the "July 1st Letter Agreement"), between Landlord and Tenant relating the
000 Xxxxxxxx Lease (as defined in the July 1st Letter Agreement). Landlord and
Tenant hereby agree to modify the July 1st Letter Agreement as follows:
(i) In the event that the Actual Delivery Date shall occur or be
deemed to have occurred on or before July 14, 1989, Landlord
and Tenant agree that Tenant shall have until July 31, 1989 to
surrender and vacate its leased premises at 000 Xxxxxxxx, Xxx
Xxxx, Xxx Xxxx (the "120 Broadway Premises") and Landlord
shall be responsible for the
Grove Street Associates
of Jersey City Limited Partnership
Page Fourteen
June 19, 1989
excess rental charges therefor in accordance with the July 1st
Letter Agreement up to and including July 31, 1989, but not
thereafter whether or not Tenant shall have vacated or
surrendered said premises, and
(ii) In the event that the Actual Delivery Date shall occur after
July 14, 1989, Landlord and Tenant agree that Tenant shall
have four (4) weeks from the Actual Delivery Date to surrender
and vacate its 000 Xxxxxxxx Premises, and Landlord shall be
responsible for the excess rental charges therefor in
accordance with the July 1st Letter Agreement up to and
including said four (4) week period, but not thereafter
whether or not Tenant shall have vacated or surrendered said
premises.
6. Subject to the terms and conditions contained in the Lease (as
modified hereby), Landlord hereby leases to Tenant, and Tenant hereby hires from
Landlord, the following additional premises at the Building (a) those portions
of the lobby level of the Building indicated by cross-hatching on the floor plan
annexed hereto as Exhibit E (the "Tenant Lobby Space"), and (b) the portion of
the mezzanine level B indicated by cross hatching on the floor plan annexed
hereto as Exhibit F (the "Tenant Mezzanine B Space"). With respect to the Tenant
Lobby Space, Landlord and Tenant hereby agree that (a) the rentable square foot
area of the Tenant Lobby Space shall be deemed to be 4,800 rentable square feet,
(b) the rental payable for the Tenant Lobby Space throughout the term of the
Lease shall be computed at the rate of $20.00 per square foot for years 1-5
only; $24.62 per square foot for years 6-10; $29.55 per square foot for years
11-15; and $35.45 per square foot for years 16-20, (c) Tenant's Proportionate
Share shall be increased by 0.77% and Tenant's Operational Proportionate Share
shall be increased by 0.78%, (d) $150,000.00 of the Work Cost over the original
Landlord's Share for the Tenant Lobby Space shall be borne by Landlord, and (e)
the provisions of Section 9.13 of the Lease shall not apply to
Grove Street Associates
of Jersey City Limited Partnership
Page Fifteen
June 19, 1989
any proposed subletting of all or any portion of the Tenant Lobby Space. In
addition to the foregoing, in the event that Tenant shall cease using all or any
material portion of the Tenant Lobby Space in connection with the operation of
Tenant's business for a period of 120 consecutive days (any cessation of use
based upon casualty or other damage excepted), then upon thirty (30) days prior
written notice to Tenant, Landlord shall have the right, upon the terms provided
herein, to terminate the Lease with respect to that portion of the Tenant Lobby
Space in which Tenant has ceased operations. If Landlord shall deliver to Tenant
the notice described in the preceding sentence, and provided that Tenant does
not resume the use of the affected portion of the Tenant Lobby Space within the
prescribed thirty (30) day period, the Lease shall terminate with respect to the
affected portion of the Tenant Lobby Space effective as of the thirtieth (30th)
day next succeeding the day upon which Landlord shall have delivered the notice
of termination to Tenant. If the Landlord exercises its option to terminate the
Lease with respect to all or a portion of the Tenant Lobby Space, the parties
agree that (i) Tenant's right to use and occupy the remainder of the Demised
Premises shall be unaffected by any such termination, (ii) effective as of the
date of termination, the fixed rent and additional rent with respect to the
Tenant Lobby Space shall be adjusted, based upon the proportion that the
rentable area of the Tenant Lobby Space remaining bears to the total rentable
area of the Tenant Lobby Space, and (iii) Landlord shall, at no expense to
Tenant, make such alterations as may be reasonably required to physically
separate that portion of the Tenant Lobby Space affected by the termination from
the balance of the Tenant Lobby Space, in compliance with any laws and
requirements of any public authorities relating to such separation. In addition,
with respect to the Work Cost for the HVAC system servicing the Tenant Lobby
Space and Mezzanine A, Landlord shall bear an additional $35,000.00 of the Work
Cost over the original Landlord's Share for the Tenant Lobby Space and an
additional $25,000.00 of the Work Cost over the original Landlord's Share for
Mezzanine A. With respect to the Tenant Mezzanine B Space, Landlord and Tenant
hereby agree that (x) the rentable square foot area of the Tenant Mezzanine B
Space shall be deemed to be 8,194 rentable square feet (y) the rental payable
for
Grove Street Associates
of Jersey City Limited Partnership
Page Sixteen
June 19, 1989
the Tenant Mezzanine B Space throughout the term of the Lease shall be computed
at the rate of $10.00 per square foot for years 1-5 only; $12.31 per square foot
for the years 6-10; $14.77 per square foot for years 11-15; and $17.73 per
square foot for years 16-20, and (z) there shall be no increase in Tenant s
Proportionate Share or Tenant's Operational Proportionate Share as a result of
Tenant's leasing of the Tenant Mezzanine B Space.
7. In the event that the Actual Delivery Date shall not have
occurred or be deemed to have occurred on or before July 14, 1989, Landlord
shall indemnify Tenant for any additional costs actually incurred or accrued by
Tenant for Tenant's Equipment and Related Costs up to a maximum amount equal to
Eight Hundred Thousand ($800,000) Dollars per month. Such indemnity shall cover
the period from July 1, 1989 until the Actual Delivery Date.
8. Until the Tenant's Cooling Towers have been completed and are in
operation, Tenant shall have the right to use the water towers servicing the
Building, free of charge, for Tenant's cooling systems and for such period
Landlord shall to the extent required by Landlord's or Tenant's union contracts
with respect to the operation of Landlord's or Tenant's cooling systems, as the
case may be, provide operating and/or standby engineers, at Landlord's expense,
to monitor the Landlord's equipment in the base building system and Tenant's
equipment used in diverting water from the water tower servicing the Building to
Tenant's cooling system. For such period, Tenant's Cooling Towers shall serve as
a back-up to Landlord's Cooling Towers and Landlord shall, at its expense,
provide such manpower to enable Tenant's Cooling Towers to be activated in the
event of a failure of Landlord's Cooling Towers. Upon completion of the
installation of the Tenant's Cooling Towers, (a) Tenant shall have the right to
non-exclusive use of up to 400 tons of cooling tower capacity as maybe available
in Landlord's mechanical penthouse as a back-up system to Tenant's water cooling
system, and the connection for same shall be made by Landlord at Landlord's
expense and (b) Tenant shall pay
Grove Street Associates
of Jersey City Limited Partnership
Page Seventeen
June 19, 1989
to Landlord a fee for such usage based on the actual costs incurred by Landlord
for the water consumed by Tenant, treatment of such water, maintenance of the
system and utilities. Tenant acknowledges that prior to the execution and
delivery hereof, Landlord has cause the P-11 water pump servicing Tenant's water
cooling system to be connected to Tenant's P-1 or P-2 water pumps to provide
back up protection against equipment failure.
9. In addition to the fixed rent abatement provided for in Paragraph
2 above, Tenant shall be entitled to an abatement of one day's total garage
parking fees actually payable by Tenant for each day after September 1, 1989
that Landlord fails to substantially complete the entire Lobby area of the
Building and all sidewalks surrounding the Building (exclusive of the area
surrounding the PATH stairwell).
10. As soon as reasonably practicable following the Actual Delivery
Date, Landlord shall deliver to Tenant a detailed written accounting of
Landlord's computation of the Tenant's Share of all Work Costs incurred by
Landlord through the date of such accounting and for which Landlord is seeking
reimbursement from Tenant (the "Landlord's Accounting Statement"). The parties
agree to use their best efforts to resolve any disputes relative to amounts due
to Landlord as set forth on Landlord's Accounting Statement within thirty (30)
days following Tenant's receipt thereof. Within sixty (60) days following
Tenant's receipt of the Landlord's Accounting Statement, Tenant agrees to pay to
Landlord such amounts as the parties mutually determine to be due and owing by
Tenant. The parties specifically retain their respective rights under the Lease
in the event that the parties shall fail to resolve any dispute with respect to
the Landlord's Accounting Statement.
11. Section 4.03 of the Lease is modified to reduce from ninety (90)
days to thirty (30) days the period within which Tenant shall give to Landlord
the notice specified in said Section 4.03. Except as modified hereby, the
provisions of Section 4.03 of the Lease shall apply with respect to the taking
of possession of the Demised Premises by Tenant and the condition thereof.
Grove Street Associates
of Jersey City Limited Partnership
Page Eighteen
June 19, 1989
12. Promptly following the Actual Delivery Date the parties shall
enter into a confirmation agreement setting forth (a) the Actual Delivery Date,
(b) the rent commencement date, (c) the entire Demised Premises, (d) the fixed
rents payable with respect to the entire Demised Premises, (e) Tenant's
Proportionate Share and Tenant's Operational Proportionate Share with respect to
the entire Demised Premises, and (f) the parking charges with respect to
Tenant's spaces (other than the Free Spaces) at the Garage. If the parties
cannot agree as to item (a) above, such date shall be determined by arbitration
in the manner provided in Article 34 of the Lease. In addition, if requested by
Landlord, following the date hereof prior to the Actual Delivery Date, Tenant
shall join in the execution of confirmatory agreement with respect to items (c)
through (f) above, inclusive.
13. Attached hereto as Exhibit G is a copy of the Certificate of
Occupancy delivered by Landlord to Tenant with respect to the Demised Premises.
14. The provisions hereof shall be binding upon and inure to the
benefit of the respective parties hereto and their successors and assigns.
15. Except as amended hereby, the Lease shall remain in full force
and effect.
16. The terms and provisions of this letter agreement may not be
changed orally but only by a written agreement signed by the parties hereto.
Grove Street Associates
of Jersey City Limited Partnership
Page Nineteen
June 19, 1989
If the foregoing accurately reflects our understanding, kindly
execute the enclosed copy of this letter, where indicated, and return same to
the undersigned.
Very truly yours,
DLJ Securities Corporation
By: /s/ [ILLEGIBLE]
------------------------------------
(Vice) President
ACCEPTED AND AGREED TO
THIS 19 DAY OF JUNE, 1989:
GROVE STREET ASSOCIATES OF JERSEY
CITY LIMITED PARTNERSHIP
By: GROVE STREET URBAN RENEWAL
CORPORATION, a corporation,
General Partner
By: /s/ Xxxxxx Xxxxxxxxx
--------------------------------
Xxxxxx Xxxxxxxxx, Vice President
By: /s/ Xxxxx X. Xxxxxxxxxx
--------------------------------
Xxxxx X. Xxxxxxxxxx, Secretary
DLJ Securities Corporation
000 Xxxxxxxx
Xxx Xxxx, XX 00000
June 19, 0000
Xxxxx Xxxxxx Associates of
Jersey City Limited Partnership
c/o Cali Associates
00 Xxxxxxxx Xxxxx
Xxxxxxxx, XX 00000
Re: Letter Agreement, dated June 11, 1989 (the "Letter
Agreement"), with respect to that certain Lease, dated July 1,
1987, as amended, by and between Grove Street Associates of
Jersey City Limited Partnership, as landlord ("Landlord"), and
DLJ Securities Corporation, as tenant ("Tenant"), covering
certain premises located at the building known as
International Financial Tower, Jersey City, New Jersey
Gentlemen:
Reference is hereby made to the Letter Agreement. This letter shall
confirm our understanding that notwithstanding anything to the contrary
contained in subsection (iii) of Paragraph 1 of the Letter Agreement, Tenant
agrees that in the event Tenant's cooling towers are not operable by July 14,
1989, and provided that Landlord has otherwise complied with its obligations
under the Letter Agreement, Tenant will accept delivery of the Demised Premises
(as defined in the Letter Agreement) utilizing Landlord's cooling towers. The
foregoing Agreement is made on the express condition that:
Grove Street Associates of
Jersey City Limited Partnership
June 19, 1989
Page Two
1. The Landlord's cooling towers remain in continuous operation
between the date hereof and Tenant's actual move-in date; and
2. The Landlord makes every effort to complete Tenant's cooling
towers by July 14, 1989 and to allow Tenant adequate time to test Tenant's
entire cooling and related electrical system by said date.
Except as provided herein, the terms and conditions of the Letter
Agreement shall remain in full force and effect.
If the foregoing accurately reflects our understanding, kindly
execute the enclosed copy of this letter where indicated and return same to
undersigned.
Very truly yours,
DLJ Securities Corporation
By: /s/ [ILLEGIBLE]
------------------------------------
[ILLEGIBLE]
ACCEPTED AND AGREED TO
this 10th day of June, 1989:
Grove Street Associates of
Jersey City Limited Partnership
By: Grove Street Urban Renewal Corp.,
a general partner
By: /s/ Xxxxxx Xxxxxxxxx
-----------------------------
Name: Xxxxxx Xxxxxxxxx
Title: President
By: /s/ Xxxxx X. Xxxxxxxxxx
-----------------------------
Name: Xxxxx X. Xxxxxxxxxx
Title: Secretary
Prepared by:
/s/ Xxxxxxxx Xxxxxxxxx
----------------------------------------
Xxxxxxxx Xxxxxxxxx
Skadden, Arps, Slate,
Xxxxxxx & Xxxx
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
FIRST AMENDMENT TO MEMORANDUM
OF LEASE
This First Amendment to Memorandum of Lease is made as of this 19th day of
June, 1989, by and between GROVE STREET ASSOCIATES OF JERSEY CITY LIMITED
PARTNERSHIP, a New Jersey limited partnership, having an office at 00 Xxxxxxxx
Xxxxx, Xxxxxxxx, Xxx Xxxxxx 00000 ("Landlord") and DLJ SECURITIES CORPORATION, a
New York corporation, having an office at 000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000
("Tenant").
W I T N E S S E T H :
WHEREAS, Landlord and Tenant have heretofore entered into that
certain Lease, as amended by First Amendment and side letter agreement, all
dated July 1, 1987 (collectively, the "Original Lease"), a memorandum of which
was duly recorded on 5th day of August, 1987, in the Office of the Register of
Deeds, Xxxxxx County, New Jersey in Book 3783 at Page 076 (said memorandum being
herein referred to as the "Memorandum of Lease"), by the terms of which Original
Lease Landlord leased to Tenant certain demised premises (the "Original Demised
Premises") more particularly described in Memorandum of Lease, which consists of
a portion of the building (the "Building") located on the land more particularly
described in Exhibit "A" annexed hereto and made a part hereof;
WHEREAS, pursuant to the provisions of that certain letter
agreement, dated June 19, 1989 (the Original Lease as amended by said letter
agreement is hereinafter collectively referred to as the "Lease"), Landlord has
leased to Tenant certain additional premises at the Building consisting of a
portion of the lobby level of
the Building and a portion of mezzanine level B of the Building (collectively,
the "Additional Premises"); and
WHEREAS, the parties desire to amend the Memorandum of Lease to
reflect the leasing of the Additional Premises by Tenant (the Original Demised
Premises and the Additional Premises are hereinafter collectively referred to as
the "Demised Premises").
NOW THEREFORE, for and in consideration of the sum of One ($1.00)
Dollar and other good and valuable consideration in hand paid by each of the
parties hereto to the other, the receipt and sufficiency of which is hereby
acknowledged, Landlord and Tenant confirm, agree and amend the Memorandum of
Lease as follows:
1. Description of Demised Premises
The description of the Original Demised Premises, which is annexed
to the Memorandum of Lease as Exhibit "A", shall be of no further force or
effect and lieu thereof, the description of the Demised Premises which is
attached hereto as Exhibit "B" shall be deemed to be Exhibit A to the Memorandum
of Lease.
2. Memorandum of Lease in Full Force and Effect.
Except as amended hereby, the Memorandum of Lease shall remain in
full force and effect.
2
IN WITNESS WHEREOF, Landlord and Tenant have each signed this First
Amendment to Memorandum of Lease as of the 19th day of June, 1989.
GROVE STREET ASSOCIATES
OF JERSEY CITY LIMITED
PARTNERSHIP, Landlord
By: Grove Street Urban
Renewal Corp., General
Partner
By: /s/ Xxxxxx Xxxxxxxxx
--------------------------------
(Vice) President
Name: Xxxxxx Xxxxxxxxx
DLJ SECURITIES CORPORATION,
Tenant
By: /s/ Xxxxx X. Xxxxx
------------------------------------
Senior Vice President
Name: Xxxxx X. Xxxxx
3
ACKNOWLEDGEMENTS
STATE OF NEW JERSEY )
) ss.:
COUNTY OF UNION )
On the 10th day of July, 1989, before me personally came Xxxxxx
Xxxxxxxxx, to me known to be the individual who executed the foregoing
instrument; and, who, being duly sworn by me, did depose and say that he resides
at 00 Xxxxxxxx Xx., Xxxxxxxx;* that he is a (Vice) President of Grove Street
Urban Renewal Corp., the corporation described in and which executed the
foregoing instrument as the general partner of GROVE STREET ASSOCIATES OF JERSEY
CITY LIMITED PARTNERSHIP, a New Jersey limited partnership, as Landlord, and
that he signed his name thereto by order of the Board of Directors of said
corporation.
* New Jersey
/s/ Xxxxxxx Xxxxxx
----------------------------------------
Notary Public
XXXXXXX XXXXXX
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires May 18, 0000
XXXXX XX XXX XXXXXX )
) ss.:
COUNTY OF XXXXXX )
On this 10th day of July, 1989, before me personally came Xxxxx
X. Xxxxx, to me known, who being by me duly sworn, did depose and say that he
resides in ONE-PERSHING PLAZA*, that he is a Senior Vice President of DLJ
SECURITIES CORPORATION, the corporation described in and which executed the
foregoing instrument, as Tenant, and that he signed his name thereto by order
of the Board of Directors of said corporation.
* Xxxxxx, New Jersey
/s/ [ILLEGIBLE]
----------------------------------------
ATTORNEY-AT-LAW of
THE STATE OF NEW JERSEY
4
EXHIBIT "A"
DESCRIPTION OF THE LAND
BEGINNING at a point on the southerly right-of-way line of Grove
Street where the northerly right-of-way line of Xxxxx Street intersects it, as
shown on a map entitled "Boundary and Topographic Survey, Grove Street Property,
Block 203, Xxxx 0 Xxxx 00, Xxxxxx Xxxx, Xxxxxx Xxxxxx, X.X.," Sheet 1 of 1,
prepared by Xxxxxxxx & Xxxxx Engineering Co., and dated December 5, 1985.
1) N. 37(degree)-45' E, 210.00 feet along the southerly line of
Grove Street to the southerly line of Xxxxxxxxxxx Xxxxxxxx
Drive; thence,
2) Along the southerly line of Xxxxxxxxxxx Xxxxxxxx Drive, S
52(degree)-15'-00" E, 308.62 feet to the westerly line of
Newark Avenue; thence,
3) Along the westerly line of Newark Avenue, S 25(degree)-36'-37"
E, 135.44 feet to the northerly line of Xxxxxxxxx Street;
thence,
4) Along the northerly line of Xxxxxxxxx Street, S
64(degree)-23'-33" W, 167.00 feet to the northerly line of
Xxxxx Street; thence,
5) Along the northerly line of Xxxxx Street, N 52(degree)-15'-W,
" W, 355.00 feet to the point of beginning.
The above described area encompasses Block 203, Lots 1 through 27,
on the Tax Map of the City of Jersey City.
5
EXHIBIT "B"
DEMISED PREMISES
Part of the lobby level, mezzanine level, mezzanine level B and the
entire 3rd through the 10th floors of the Building inclusive, together with all
fixtures and equipment which at the commencement, or during the term, of the
Lease are thereto attached, except items not deemed to be included therein and
removable by Tenant as provided in Article 14 of the Lease.
6
