EXHIBIT 10.7
FIFTH AMENDMENT TO LEASE
THIS AGREEMENT made the 4th day of March, 1996 by and between THE XXXXXX
INVESTMENT COMPANY, having offices at 0000 Xxxxxxx Xxxxxxxx, Xxxxxxxx, Xxx Xxxx
00000, hereinafter referred to as the "LANDLORD" and COMMERCIAL CAPITAL CORP. OF
NEW YORK, having offices at 0000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx 00000,
hereinafter referred to as the "TENANT".
W I T N E S S E T H:
WHEREAS, the parties have heretofore on or about the 1st day of November,
1993, entered into a certain agreement of lease, which was amended the 20th day
of January, 1994, the 23rd day of March, 1994, the 8th day of December, 1995
(3rd Amendment) and the 8th day of December, 1995 (4th Amendment), for certain
premises located at 0000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx and
NOW, THEREFORE, in consideration of One Dollar and other good and valuable
consideration, each in hand paid to the other, the receipt whereof is hereby
acknowledged and in further consideration of the mutual covenants contained
herein, it is agreed as follows:
FIRST: TENANT'S space shall be increased by 15,146 square feet rentable
(Exhibit "A"), making TENANT'S total Demised Premises 52,601 square feet
rentable.
SECOND: LANDLORD, at LANDLORD'S sole cost and expense, shall construct the
Demised Premises as per the floor plan and work letter attached hereto as
Exhibits "A" and "B" respectively.
THIRD: Commencing when the LANDLORD substantially completes the Demised
Premises (approximately the 15th day of March, 1996) TENANT shall pay to the
LANDLORD an Annual Basic Rent to THE XXXXXX INVESTMENT COMPANY at X.X. Xxx 0000,
Xxxxxxxxxx, Xxx,. Xxxx 00000-0000 in equal monthly installments as per the
following schedule:
TERM ANNUAL BASIC RENT MONTHLY BASIC RENT
03/15/96-03/31/96 $931,563.71 $77,630.31
04/04/96-03/31/97 $964,176.33 $80,348.O3
04/01/97-03/31/98 $997,840.97 $83,153.41
04/01/98-03/31/99 $1,032,557.63 $86,046.47
04/01/99-03/31/00 $1,068,326.31 $89,027.19
04 /01/00-03/31/01 $1,105,673.02 $92,139.41
04/01/01-03/31/02 $1,144,071.75 $95,339.31
04/01/02-03/31/03 $1,184,048.51 $98,670.71
04/01/03-03/31/04 $1,225,077.29 $102,089.77
*(Replaces the rent schedule in Section "Second" of the Fourth Amendment to
Lease.)
FOURTH: Section "Third" of the Third Amendment to Lease shall be changed to
read as follows: "...rentable area of the Demised Premises (i.e., 52,601 square
feet)....form a part (i.e., 230,000 square feet), i.e., 22.87%".
FIFTH: Section "Fourth" of the Fourth Amendment to Lease shall be changed
to read as follows: "...TENANT'S Energy Base = $184,103.50..."
SIXTH: Section "Fifth" of the Fourth Amendment to Lease shall be changed to
read as follows:... "pay the sum of $99,941.90 per year in equal monthly
installments of $8,328.49 in advance..."
SEVENTH: Should the TENANT exercise the right to cancel as indicated in
either "Sixth" or "Seventh" of the Third Amendment to Lease, all rents and
additional rents shall be adjusted accordingly.
EIGHTH: The foregoing provisions are intended to modify said lease only in
the foregoing respects and such modifications and the terms hereof as herein set
forth are to be strictly construed. It is further agreed that except as
hereinabove provided all of the terms, covenants and conditions of said lease
dated the 1st day of November, 1993 and amended the 20th day of January, 1994,
the 23rd day of March, 1994 and the 8th day of December, 1995 (Third Amendment)
and the 8th day of December, 1995 (Fourth Amendment), shall continue to remain
in full force and effect as therein written and shall be read and construed
together with this instrument.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and
seals the day and year first above written.
THE XXXXXX INVESTMENT COMPANY
By: /S/ XXXXX XXXXXX
COMMERCIAL CAPITAL CORP. OF NEW YORK
By: /S/ XXXX X. XXXXXX
2
SIXTH AMENDMENT TO LEASE
THIS AGREEMENT made the 28th day of August, 1997, by and between THE
XXXXXX INVESTMENT COMPANY, having offices at 0000 Xxxxxxx Xxxxxxxx, Xxxxxxxx,
Xxx Xxxx 00000, hereinafter referred to as the "LANDLORD" and DELTA FUNDING
CORPORATION, having offices at 0000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx 00000,
hereinafter referred to as the "TENANT".
W I T N E S S E T H:
WHEREAS, the parties have heretofore on or about the lst day of November,
1993, entered into a certain agreement of lease, which was amended the 20th day
of January, 1994, the 23rd day of March, 1994, the 8th day of December, 1995
(3rd Amendment), the 8th day of December, 1995 (4th Amendment) and the 4th day
of March, 1996, for certain premises located at 0000 Xxxxxxxx Xxxx, Xxxxxxxx,
Xxx Xxxx and
NOW, THEREFORE, in consideration of One Dollar and other good and valuable
consideration, each in hand paid to the other, the receipt whereof is hereby
acknowledged and in further consideration of the mutual covenants contained
herein, it is agreed as follows:
FIRST: TENANT shall take two units on a month-to-month basis consisting of
2,404 square feet located on the second floor and 5,817 square feet located on
the first floor.
SECOND: Commencing the 21st day of April, 1997, TENANT shall pay an
additional monthly rent of $4,400.00 representing the rent for the 2,404 square
feet. No other escalations or charges shall apply.
THIRD: Commencing the 5th day of May, 1997, TENANT shall pay an additional
monthly rent of $10,664.00 representing the rent for the 5,817 square feet. No
other escalations shall apply.
FOURTH: TENANT and LANDLORD acknowledge that both units are being occupied
on a month-to-month basis in anticipation of the TENANT taking additional space
in the building located on the third floor and, upon occupancy of the third
floor space, TENANT shall surrender both temporary units.
FIFTH: The foregoing provisions are intended to modify said lease only in
the foregoing respects and such modifications and the terms hereof as herein set
forth are to be strictly construed. It is further agreed that except as
hereinabove provided all of the terms, covenants and conditions of said lease
dated the lst day of November, 1993 and amended the 20th day of January, 1994,
the 23rd day of March, 1994, the 8th day December, 1995 (Third Amendment), the
8th day of December, 1995 (Fourth Amendment) and the 4th day of March, 1996,
shall continue to remain in full force and effect as therein written and shall
be read and construed together with this instrument.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals the day and year first above written.
THE XXXXXX INVESTMENT COMPANY
By: /S/ XXXXX XXXXXX
DELTA FUNDING CORPORATION
By: /S/ XXXX X. XXXXXX
2
SEVENTH AMENDMENT TO LEASE
THIS AGREEMENT made the 29th day of October, 1997, by and between THE
XXXXXX INVESTMENT COMPANY, having offices at 0000 Xxxxxxx Xxxxxxxx, Xxxxxxxx,
Xxx Xxxx 00000, hereinafter referred to as the "LANDLORD" and DELTA FUNDING
CORPORATION, having offices at 0000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx 00000,
hereinafter referred to as the "TENANT".
W I T N E S S E T H :
WHEREAS, the parties have heretofore on or about the 1st day of November,
1993, entered into a certain agreement of lease, which was amended the 20th day
of January, 1994, the 23rd day of March, 1994, the 8th day of December, 1995
(3rd Amendment), the 8th day of December, 1995 (4th Amendment), the 4th day of
March, 1996 and the 28th day of August, 1997, for certain premises located at
0000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx and
NOW, THEREFORE, in consideration of One Dollar and other good and valuable
consideration, each in hand paid to the other, the receipt whereof is hereby
acknowledged and in further consideration of the mutual covenants contained
herein, it is agreed as follows:
FIRST: TENANT'S Demised Premises shall be increased by 57,482 square feet
rentable (Third floor) as noted on Exhibit "A" attached hereto, (the "Third
Floor Additional Space") making TENANT'S total Demised Premises 118,304 square
feet rentable.
SECOND: LANDLORD, at LANDLORD'S sole cost and expense, shall construct the
Third Floor Additional Space as per the Floor Plan and Work Letter attached
hereto as Exhibits "A" and "B" respectively (the "Third Floor Work").
THIRD: Commencing when the LANDLORD substantially completes the Third Floor
Work and delivers possession of the Third Floor Additional Space to TENANT (the
"Third Floor Commencement Date," which is approximately six weeks after the
execution of this Lease Amendment) and continuing to and until LANDLORD
completes the Second Floor Work and delivers possession to the TENANT as set
forth in Paragraph FIFTH below, TENANT shall pay an additional monthly rent of
$100,597.50 and an additional monthly electric payment of $9,101.32.
FOURTH: LANDLORD, at LANDLORD'S sole cost and expense, shall renovate the
space on the Second floor as noted on the Floor Plan and Work Letter attached
hereto as Exhibits "A-1" and "B-1" respectively the "Second Floor Work").
FIFTH: When the LANDLORD substantially completes the Second Floor Work and
delivers possession to the TENANT (approximately fourteen weeks after the
execution of this Lease Amendment assuming that the TENANT relocates its
employees from the area affected by such work) as noted in "Fourth" above (the
"Completion Date"), the term of the lease shall be extended and shall be for a
period of ten (10) years from the "Completion Date" and TENANT shall pay an
Annual Basic Rent to the LANDLORD, THE XXXXXX INVESTMENT COMPANY at X.X. Xxx
0000, Xxxxxxxxxx, Xxx Xxxx 00000-0000, in equal monthly installments as per the
following schedule:
TERM ANNUAL BASIC RENT MONTHLY RENT
Lease Year 1 $2,484,384.00 $207,032.00
Lease Year 2 $2,571,928.96 $214,327.41
Lease Year 3 $2,661,840.00 $221,820.00
Lease Year 4 $2,755,300.16 $229,608.35
Lease Year 5 $2,852,309.44 $237,692.45
Lease Year 6 $2,951,684.80 $245,973.73
Lease Year 7 $3,054,609.28 $254,550.77
Lease Year 8 $3,161,082.88 $263,423,57
Lease Year 9 $3,272,288.64 $272,690.72
Lease Year 10 $3,387,043.52 $282,253.63
(Replaces all previous rent schedules, including the rent schedule as noted in
Second and Third of the Sixth Amendment to Lease). Notwithstanding anything to
the contrary contained herein, if LANDLORD fails to substantially complete the
Second Floor Work and deliver possession of the entire Demised Premises on the
Second Floor to TENANT within forty-five (45) days after the Third Floor
Commencement Date, the TENANT shall be entitled to a rent credit in the amount
of $1,596.90 per day from the forty sixth (46th) day after the Third Floor
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Commencement Date until such time as LANDLORD substantially completes the Second
Floor Work (and delivers possession of Second Floor to the TENANT).
SIXTH: When the rent schedule as noted in "Fifth" above commences on the
Completion Date, Section "Fourth" of the Fifth Amendment to Lease shall be
changed to read as follows: "...rentable area of the Demised Premises (i.e.,
118,304 square feet)...form a part (i.e., 230,000 square feet), i.e., 51.44%."
SEVENTH: When the rent schedule as noted in "Fifth" above commences on the
Completion Date, Section "Fifth" of the Fifth Amendment to Lease shall be
changed to read as follows: "...TENANT'S Energy Base = $393,704.50..."
EIGHTH: When the rent schedule as noted in "Fifth" above commences on the
Completion Date Section "Sixth" of the Fifth Amendment to Lease shall be changed
to read as follows: "...pay the sum of $213,725.30 per year in equal monthly
installments of $17,810.44 in advance..."
NINTH: When the rent schedule as noted in "Fifth" above commences on the
Completion Date, Section 3.2 of the Basic Lease shall be changed to read as
follows: "...over the 1997/98 School Tax and the 1997 Town Tax..."
TENTH: When the rent schedule as noted in "Fifth" above commences on the
Completion Date, Section 3.4B of the Basic Lease shall be changed to read as
follows: "...KWH shall be increased above 14.87 cents per KWH..."
ELEVENTH: LANDLORD agrees that TENANT will expand into an additional 3,250
square foot rentable on the Second floor as noted on Exhibit "A-2" attached
hereto. As part of this expansion, LANDLORD agrees to renovate a total of 9,172
square feet rentable as noted on Exhibit "A-2" based upon plans to be submitted
to the LANDLORD by TENANT'S architect. LANDLORD will provide a work letter
allowance of $20.00 per useable square foot and will present TENANT with a
detailed line-item bid for said work. Should the TENANT not use the work letter
allowance in the space (9,172 square feet), TENANT shall be entitled to a $20.00
per useable square foot construction credit towards work in any other area that
TENANT desires (or a credit against rent based upon $16.53 per usable square
foot). Upon such expansion, the Annual Basic Rent for such expansion space shall
be based upon $20.10 per square foot (adjusted by a 3.5% increase on April 1,
1999 and each anniversary date thereafter) and electric of $1.90 per square
foot. All additional rents shall be adjusted accordingly.
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Notwithstanding anything to the contrary contained herein, from the Third
Floor Commencement Date, the TENANT shall be entitled to a rent credit in the
amount of $220.72 per day until such time as the LANDLORD delivers the entire
9,172 square feet as noted in ELEVENTH.
TWELFTH: TENANT shall have the option to surrender and, after occupancy of
the 9,172 square feet on the second floor as noted in 11th above, LANDLORD will
have the option to recapture 5,817 square feet located on the first floor
provided that either party gives the other sixty (60) days notice of its
intention to surrender or recapture, whichever the case may be. Upon such
surrender/recapture the rent schedule as noted in FIFTH above shall be replaced
with the following:
TERM ANNUAL BASIC RENT MONTHLY RENT
Lease Year 1 $2,362,227.00 $196,852.25
Lease Year 2 $2,445,467.38 $203,788.95
Lease Year 3 $2,530,957.50 $210,913.13
Lease Year 4 $2,619,822.23 $218,318.52
Lease Year 5 $2,712,061.57 $226,005.13
Lease Year 6 $2,806,550.65 $233,879.22
Lease Year 7 $2,904,414.34 $242,034.53
Lease Year 8 $3,006,777.51 $250,564.79
Lease Year 9 $3,111,390.42 $259,282.54
Lease Year 10 $3,220,502.81 $268,375.23
(NOTE: THE TERM AS NOTED ABOVE WILL BE BASED ON THE SAME DATES AS THE TERM
AS NOTED IN FIFTH. THE ABOVE SCHEDULE WILL NOT AFFECT THE TERM AS NOTED IN
FIFTH)
THIRTEENTH: When the rent schedule as noted in TWELFTH commences, SIXTH of
this Amendment shall be changed to read as follows "...rentable area of the
Demised Premises (i.e. 112,487 square feet) ...form a part (i.e. 230,000 square
feet) i.e. 48.91%.
FOURTEENTH: When the rent schedule as noted in TWELFTH commences, SEVENTH
of this Amendment shall be changed to read as follows"...TENANT'S Energy Base =
$374,346.08.
4
FIFTEENTH: When the rent schedule as noted in TWELFTH commences, EIGHTH of
this Amendment shall be changed to read as follows"...pay the sum of $203,216.44
per year in equal monthly installments of $16,934.76 in advance..."
SIXTEENTH: Provided that the Lease is in full force and effect, TENANT
shall have the right of first refusal to rent any space that becomes available
on the Second floor of 0000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx (including
priority over existing Tenants whose leases expire or terminate or are due to
expire or terminate). LANDLORD shall notify the TENANT of the availability of
any such space and TENANT will respond within fifteen (15) days as to TENANT'S
desire to lease same. TENANT shall be entitled to a work letter equal to $2.00
per square usable foot per lease year (i.e., 10 years = $20.00 work letter). The
Annual Basic Rent for such expansion space shall be based upon $20.10 per square
foot adjusted by a 3.5% increase on April 1, 1999 (and each anniversary date
thereafter) and electric of $1.90 per square foot. All additional rents shall be
adjusted proportionately.
SEVENTEENTH: Article XXXII of the Basic Lease shall be replaced with the
following:
Provided that the Lease is in full force and effect the TENANT shall have
the right of First Refusal for any space that becomes vacant on the First and
Fourth floor of the buildings.
(1) TENANT'S right of First Refusal shall only be for the first seven years
of the initial Lease Term or the first two years of the option period as noted
in NINETEENTH of this Amendment.
(2) TENANT shall notify LANDLORD of TENANT'S desire for additional space
specifying the amount of square footage. LANDLORD will respond within ten (10)
days of notification from TENANT as to what space will be available during the
next twelve (12) month period.
(3) TENANT shall be entitled to a Work Letter allowance equal to $2.00 per
rentable square foot per lease year.
(4) The rent and additional rent shall be adjusted accordingly.
(5) Nothing herein shall give the TENANT the right of First
Refusal with reference to any existing TENANT'S on the First and Fourth Floors
of the building.
EIGHTEENTH: Section 7.1 of the Basic Lease shall be changed to read as
follows"...which may be applicable to TENANT'S particular use and occupancy of
the Demised Premises..."
5
NINETEENTH: Article XXXI of the Basic Lease shall be replaced with the
following:
"Section 31.1 Provided that the Lease is in full force and effect, TENANT
shall have the option to renew lease for one five year period.
The Annual Basic Rent for the option period shall be 90% of fair market
value (as detailed below). During the option period, the initial yearly rent
shall not be less nor more than 10% more than the rent paid in the last year of
the initial term, as extended herein.
TENANT shall notify the LANDLORD of its intention to exercise its option
twelve (12) months prior to the end of the term of this lease, as extended
herein.
To determine fair market value for the option period, LANDLORD and TENANT
shall immediately following notice to the LANDLORD of TENANT'S intention to
exercise the renewal option (the "Renewal Notice") meet to determine the then
current market value rent for the Demised Premises for the option period.
In the event that LANDLORD and TENANT are unable to agree on the market
value rent for the option period within ninety days of the date of the Renewal
Notice, then within ten (10) days of the expiration of said ninety day period,
LANDLORD and TENANT shall each select an independent third party, unaffiliated
M.A.I. real estate appraiser familiar with commercial leasing in the area
(having at least ten (10) years experience) and notify the other of their
selection and the said two appraisers shall meet within ten (10) days after
their selection to determine the Market Value Rent for the ensuing five year
term. In the event that the two appraisers are unable to agree on the Market
Value Rent, they shall pick a Third appraiser whose determination of the Market
Value Rent shall be conclusive upon the parties. In the event that the two
appraisers are unable to select a Third appraiser, the question of determining
Market Value Rent shall be submitted to the AMERICAN ARBITRATION ASSOCIATION in
Nassau County for decision under their rules then obtaining. The term "market
value rent" for the purposes of this section shall be deemed to mean the fair
market rental rate for like space similarly situated in comparable buildings
reasonably proximate to the Building in the same geographical area as of the
commencement of the five year period for which the Basic Annual Rent is being
determined, taking into consideration the escalations and the base periods
thereof as provided for in this lease and all other relevant factors (e.g., no
work letter, no brokerage commission, no free rent period, if applicable).
6
TWENTYITH: The foregoing provisions are intended to modify said lease only
in the foregoing respects and such modifications and the terms hereof as herein
set forth are to be strictly construed. It is further agreed that except as
herein above provided all of the terms, convenants and conditions of said lease
dated the 1st day of November, 1993 and amended the 20th day of January, 1994,
the 23rd day of March, 1994, the 8th day of December, 1994 (3rd Amendment), the
8th day of December, 1995 (4th Amendment), the 4th day of March, 1996 and the
28th day of August, 1997, shall continue to remain in full force and effect as
therein written and shall be read and construed together with this instrument.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and
seals the day and year first above written.
THE XXXXXX INVESTMENT COMPANY
By: /S/ XXXXX XXXXXX
DELTA FUNDING CORPORATION
By: /S/ XXXX X. XXXXXX
7
