EXHIBIT 10.03
SECOND LEASE MODIFICATION AGREEMENT
THIS SECOND LEASE MODIFICATION AGREEMENT, made this 24th day of February,
1994, between XXXXX 00XX XXXXXX ASSOCIATES, a New Jersey partnership, having an
office at 000 Xxxxx Xxxxx, Xxxxxxxx, Xxx Xxxxxx 00000 (hereinafter referred to
as "Landlord") and G & G SHOPS OF WOODBRIDGE, INC., a New Jersey corporation
having an office at 0000 Xxxx Xxxx Xxxxxx, Xxxxx Xxxxxx, Xxx Xxxxxx (hereinafter
referred to as "Tenant").
W I T N E S S E T H :
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WHEREAS, by Agreement of Lease dated November 28, 1988, as amended by
Lease Addendum dated April 10, 1990 (collectively the "Lease") Landlord leased
to Tenant and Tenant hired from LandLord 165,450 square feet of floor space
located at 0000 Xxxx Xxxx Xxxxxx in North Bergen, New Jersey (hereinafter the
"Demised Premises"); and
WHEREAS, Landlord and Tenant wish to modify the Lease to reflect an
extention of the term of the Demised Premises, and amend the Lease accordingly;
NOW, THEREFORE, for and in consideration set forth herein, the parties
agree as follows:
1. Article 1.01 M (Expiration Date) of the Lease is hereby replaced
to provide that the Expiration Date with respect to the Demised Premises shall
be August 31, 1999. However, if the Term is extended by Tenant's effective
exercise of Tenant's right, if any; to extend the Term, the "Expiration Date"
shall be changed to the last day off the latest Extended Period as to which
Tenant shall have effectively exercised its right to extend the Term. For the
purposes of this definition, the earlier termination of this Lease shall not
affect the "Expiration Date."
2. Article 1.10 N (Fixed Rent) of the Lease is hereby amended and
shall be reduced from Six and 00/100 Dollars ($6.00) per square foot per annum
to Five and 00/100 Dollars ($5.00) per square foot per annum, effective July 1,
1994 and shall remain at this rent rate until August 31, 1999.
3. Tenant shall have one (1) option to extend the Term of the Lease
for a period of five (5) years commencing on September 1, 1999 (the "First
Extended Period") at an annual Fixed Rent of Six and 00/100 Dollars per square
foot multiplied by the Floor Space of the Demised Premises, provided that Tenant
shall provide Landlord with notice of its intention to extend the Term prior to
August 31, 1998, time being off the essence. Tenant shall have a second option
to extend the Term of the Lease for an additional period of five (5) years
commencing on September 1, 2004 (the
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"Second Extended Period") at an annual Fixed Rent of ninety percent (90%) of the
Fair Market Value (as determined pursuant to Section R2.3 (a) of the Rider to
Lease), provided that Tenant shall provide Landlord with notice of its intention
to extend the Term prior to August 31, 2003, time being of the essence. Except
as modified in this paragraph 3, the provisions contained in paragraph R2 of the
Rider to the Lease shall govern with respect to Tenant's option to renew for the
Extended Period.
4. Tenant shall have an option to terminate the Lease effective as
of August 3l, 1997 (the "Termination Date"). Such Option to terminate shall be
conditioned on Tenant providing Landlord with prior notice of same no later than
August 31, 1996, time being of the essence, and Tenant shall be responsible to
pay a termination fee equal to three (3) months' Fixed Rent on the Termination
Date.
5. Except as provided herein, all of the terms and conditions of the
Lease dated November 28, l988, as amended on April 10, 1990 and as amended above
are in full force and effect and are confirmed as if fully set forth herein.
IN WITNESS WHEREOF, the parties hereto have caused this Second Lease
Modification Agreement to be duly executed as of the day and year first above
written.
XXXXX-83RD STREET ASSOCIATES
("Landlord")
BY: XXXXX MOUNTAIN INDUSTRIES, INC.
("General Partner")
By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
Executive Vice President
G & G SHOPS OF WOODBRIDGE, INC.
("Tenant")
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Senior Vice President
ACCEPTED AND AGREED:
G & G SHOPS, INC.
("Guarantor")
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Senior Vice President
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