SIXTH MODIFICATION TO LEASE
Exhibit
10.2
SIXTH
MODIFICATION TO LEASE
THIS
SIXTH MODIFICATION TO LEASE, made this 23rd
day of
March, 2005, between EY
Partners, LLC
a
Delaware limited company (“Landlord”), having an office at 00 Xxxxxxxxxxx
Xxxxxxxxx, Xxxxx, Xxx Xxxxxx and Audible,
Inc.
(“Tenant”), having an office at Willowbrook Boulevard, New Jersey.
WITNESSETH:
WHEREAS,
BY Office Lease, dated May 29, 2001 (the “Lease”) between Passaic Investment
LLC, Sixty-Five Willowbrook Investment LLC and Wayne Investment LLC (“Prior
Owners”) and Tenant, Landlord lease to Tenant 22,767 rentable square feet
located at 00 Xxxxxxxxxxx Xxxxxxxxx in Wayne, New Jersey (the “Demised
Premises”);
WHEREAS,
Landlord, as successor-in-interest to Prior Owners and Tenant wish to modify
the
Lease in accordance with the terms and conditions set forth in this Sixth
Modification to Lease and amend the Lease accordingly.
NOW
THEREFORE, for and in consideration of the Lease, the mutual covenants herein
contained and the consideration set forth herein, the parties agree to modify
the Lease as follows:
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1.
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Additional
Demised Premises:
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The
premise consists of 7605 rentable square feet on the second floor
of the
building.
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2.
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Commencement
Date:
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The
Commencement Date shall be upon receipt of stamped plans by landlord
which
is to occur within 10 days after this the Sixth Modification of Lease
is
signed.
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3.
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Expiration
Date:
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Lease
shall expire on December 31, 2008. Tenant agrees to modify its
cancellation option contained in the Fifth Modification To Lease
as
follows: Tenant shall have the right to cancel this lease anything
after
July 1, 2006 by giving Landlord six (6) month’s prior written notice.
Tenant agrees to pay Landlord $100,000 together with the cancellation
notice.
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4.
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Term:
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The
Term of the Lease shall be through December 31, 2008.
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5.
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Rent:
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As
of the Commencement Date of the Fourth Lease Amendment Agreement
the
annual rate per rentable square foot multiplied by the floor space
of the
Demised Premises shall be:
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3/1/05-12/31/05
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$16.50/sq.
ft.
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1/1/06-12/31/06
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$17.50/sq.
ft.
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1/1/07-12/31/07
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$18.50/sq.
ft.
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6.
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Refurbishing:
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Tenant
accepts the additional premises on a as is. There is no work to be
done by
Landlord.
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7.
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Base
Year:
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For
Taxes and Operating Expenses the base year shall be the calendar
year
commencing January 1, 2005.
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8.
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Tenant
Electric:
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Tenant
electric is separately metered and will be directly billed to
Tenant.
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9.
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Rent
Commencement:
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Ninety
(90) days after receipt of architectural places which shall be Ninety
days
and 2 weeks from this the Sixth Lease Modification dated
signature.
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10.
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Tenant
Percentage Share:
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Tenant
percentage Share as it relates to Operating and tax increase be 5.77%
based upon the building six of 131,708 square footage.
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11.
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Parking:
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Landlord
will provide 30 spaces of which six (6) shall be
reserved.
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12.
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Commission:
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The
Broker Commission if applicable shall be paid by Tenant, Audible
Inc.
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13.
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Ratification
of Lease:
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Except
as provided herein, all the terms and conditions of the Lease and
Amendments are in full force and
effect.
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IN
WITNESS HEREOF, the parties hereto have caused the Sixth Amendment to Lease
to
be duly executed as of the date and year above written.
LANDLORD: TENANT:
EY
Partners, LLC, a Delaware limited liability company
By: E&Y
Willowbrook Inc., its Manager Audible,
Inc.
By:
/s/
Yoram Mousaieff /s/
Xxxxxx Xxxxxx
Name:
Yoram Mousaieff Name:
Xxxxxx Xxxxxx
Title:
Managing Partner Title:
CFO
