FIRST AMENDMENT TO LEASE
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THIS FIRST AMENDMENT TO LEASE is dated this __12th_ day of October_____________
1999 by and between CarrAmerica Realty Corporation, a Maryland corporation
("Landlord") and Concord Camera Corp., a New Jersey corporation ("Tenant")
BACKGROUND
1. Landlord and Tenant entered into a certain lease dated as of August 12, 1998
(the "Original Lease") pursuant to which Tenant leases from Landlord suite 650-N
(the "Original Premises") and located in the building known as Presidential
Circle (the "Building") at 0000 Xxxxxxxxx Xxxxxxxxx, Xxxxxxxxx, Xxxxxxx, 00000.
The Original Lease and this First Amendment shall be collectively referred to as
the "Lease".
AT THIS TIME, Tenant and Landlord wish to expand the Original Premises and
extend the term of the lease.
AGREEMENT
1. EXPANSION SPACE:
Xxxxx 000-X consisting 1,924 rentable square feet (the "Expansion
Space") located within the Building.
2. EXPANSION SPACE COMMENCEMENT DATE:
January 4, 2000, but if the Expansion Space is subject to new
construction pursuant to section 5 of this First Amendment, then the Completion
Date, as defined therein, if it is later; Landlord and Tenant shall execute a
Commencement Date Confirmation for the Expansion Space substantially in the form
of Appendix E of the Original Lease promptly following the Expansion Space
Commencement Date
3. EXPANSION SPACE TERMINATION DATE/EXPANSION SPACE TERM:
One hundred and twenty (120) months after the Expansion Space
Commencement Date, or if the Expansion Space Commencement Date is not the first
day of a month, then one hundred and twenty (120) months after the first day of
the following month. The Termination Date, as defined in the Original Lease for
the Original Premises, shall be extended and shall terminate on the Expansion
Space Termination Date
4. EXPANSION SPACE BASE RENT:
Tenant shall pay Base Rent for the Expansion Space according to the
same corresponding per square foot rates as Tenant pays for the Original
Premises. The schedule of Base Rent per square foot in the Original Lease is as
follows:
Per Square Foot
Period Base Rent
------ ---------------
January 4, 1999 to January 31, 2000 $15.70
February 1, 2000 to January 31, 2001 16.33
February 1, 2001 to January 31, 2002 16.98
February 1, 2002 to January 31, 2003 17.66
February 1, 2003 to January 31, 2004 18.37
February 1, 2004 to January 31, 2005 19.10
February 1, 2005 to January 31, 2006 19.87
February 1, 2006 to January 31, 2007 20.66
February 1, 2007 to January 31, 2008 21.49
February 1, 2008 to January 31, 2009 22.35
Because the Expansion Space Term shall extend beyond that shown in the
above schedule, and thus the Original Lease, the Base Rent for the Original
Premises and the Expansion Space shall continue to increase at a rate of 4% per
annum each anniversary.
THIS FIRST AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("Tenant")
5. OPERATING COST SHARE RENT:
During the calendar year 1999, Tenant acknowledges that the estimated
amount of Operating Costs as referred to in Paragraph 2.B & 2.C of the Original
Lease are $9.77 per rentable square foot plus applicable tax. Tenant shall
continue to pay Operating Cost Share Rent according to the terms of the lease
for the Original Premises and the Expansion Space.
6. TENANT IMPROVEMENTS
A. INITIAL IMPROVEMENTS. Landlord shall cause to be performed the
improvements (the "Initial Improvements") in the Expansion Space in accordance
with plans and specifications approved by Tenant and Landlord (the "Plans"),
which approvals shall not be unreasonably withheld. The Initial Improvements
shall be performed at the Tenant's cost, subject to the Landlord's Contribution
(hereinafter defined).
Tenant shall cause the Plans to be prepared by a registered
professional architect, and mechanical and electrical engineer(s). Such
engineer(s) shall be approved in advance by the Landlord. Prior to
close-of-business ten (10) days after full execution and delivery of this First
Amendment to Tenant. Tenant shall furnish the initial draft of the Plans to
Landlord for Landlord's review and approval. Landlord shall within two (2) weeks
after receipt either provide comments to such Plans or approve the same.
Landlord shall be deemed to have approved such Plans if it does not timely
provide comments on such Plans. If Landlord provides Tenant with comments to the
initial draft of the Plans, Tenant shall provide revised Plans to Landlord
incorporating Landlord's comments within one week after receipt of Landlord's
comments. Landlord shall within one week after receipt then either provide
comments to such revised Plans or approve such Plans. Landlord shall be deemed
to have approved such revised Plans if Landlord does not timely provide comments
on such Plans. The process described above shall be repeated, if necessary,
until the Plans have been finally approved by Landlord. Tenant hereby agrees
that the Plans for the Initial Improvements shall comply with all applicable
Governmental Requirements. Landlord's approval of any of the Plans (or any
modifications or changes thereto) shall not impose upon Landlord or its agents
or representatives any obligation with respect to the design of the Initial
Improvements or the compliance of such Initial Improvements or the Plans with
applicable Governmental Requirements.
Landlord, with consultation of Tenant, shall select a contractor to
perform the construction of the Initial Improvements. Such contractor shall be
selected by a competitive bid process between three contractors selected by
Landlord, with consultation of Tenant. Landlord shall use commercially
reasonable efforts to cause the Initial Improvements to be substantially
completed, except for minor "Punch List" items, on or before the Expansion Space
Commencement Date specified in Section 2 of this First Amendment, subject to
Tenant Delay (hereafter defined) and Force Majeure.
Landlord, or an agent of Landlord, shall provide project management
services in connection with the construction of the Initial Improvements and the
Change Orders (hereinafter defined). Such project management services shall be
performed, at Tenant's cost, for a fee of five percent (5%) of all costs related
to the preparation of the Plans and the construction of the Initial Improvements
and the Change Orders.
B. CHANGE ORDERS. If, prior to the Expansion Space Commencement Date,
Tenant shall require improvements or changes (individually or collectively,
"Change Orders") to the Expansion Space in addition to, revision of, or
substitution for the Initial Improvements, Tenant shall deliver to Landlord for
its approval plans and specifications for such Change Orders. If Landlord does
not approve of the plans for Change Orders, Landlord shall advise Tenant of the
revisions required. Tenant shall revise and redeliver the plans and
specifications to Landlord within five (5) business days of Landlord's advice or
Tenant shall be deemed to have abandoned its request for such Change Orders.
Tenant shall pay for all preparations and revisions of plans and specifications,
and the construction of all Change Orders, subject to Landlord's Contribution.
C. LANDLORD'S CONTRIBUTION. Landlord shall contribute an amount not to
exceed $26,551.20 ("Landlord's Contribution") toward the costs incurred for the
Initial Improvements and Change Orders. Landlord has no obligation to pay for
costs of the Initial Improvements or Change Orders in excess of Landlord's
Contribution. If the cost of the Initial Improvements and/or Change Orders
exceeds the Landlord's Contribution, Tenant shall pay such overage to Landlord
prior to commencement of construction of the Initial Improvements and/or Change
Orders.
D. COMMENCEMENT DATE DELAY. Expansion Space Commencement Date shall be
delayed until the Initial Improvements have been substantially completed as
evidenced by a certificate of occupancy issued by the appropriate governmental
authority (the "Completion Date"), except to the extent that the delay shall be
caused by any one or more of the following (a "Tenant Delay"):
(a) Tenant's request for Change Orders whether or not any such Change
Orders are actually performed; or
(b) Contractor's performance of any Change Orders; or
THIS FIRST AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("Tenant")
(c) Tenant's request for materials, finishes or installations requiring
unusually long lead times; or
(d) Tenant's delay in reviewing, revising or approving plans and
specifications beyond the periods set forth herein; or
(e) Tenant's delay in providing information critical to the normal
progression of the project. Tenant shall provide such information as soon as
reasonably possible, but in no event longer than one week after receipt of such
request for information from the Landlord; or
(f) Tenant's delay in making payments to Landlord for costs of the
Initial Improvements and/or Change Orders in excess of the Landlord's
Contribution; or
(g) Any other act or omission by Tenant, its agents, contractors or
persons employed by any of such persons. If the Commencement Date is delayed for
any reason, then Landlord shall cause Landlord's Architect to certify the date
on which the Initial Improvements would have been completed but for such Tenant
Delay, or were in fact completed without any Tenant Delay.
E. ACCESS BY TENANT PRIOR TO COMMENCEMENT OF EXPANSION SPACE TERM.
Landlord at its discretion may permit Tenant and its agents to enter the
Expansion Space prior to the Expansion Space Commencement Date to prepare the
Expansion Space for Tenant's use and occupancy. Any such permission shall
constitute a license only, conditioned upon Tenant's:
(a) working in harmony with Landlord and Landlord's agents,
contractors, workmen, mechanics and suppliers and with other tenants and
occupants of the Building;
(b) obtaining in advance Landlord's approval of the contractors
proposed to be used by Tenant and depositing with Landlord in advance of any
work (i) security satisfactory to Landlord for the completion thereof, and (ii)
the contractor's affidavit for the proposed work and the waivers of lien from
the contractor and all subcontractors and suppliers of material; and
(c) furnishing Landlord with such insurance as Landlord may require
against liabilities which may arise out of such entry.
Landlord shall have the right to withdraw such license for any reason
upon twenty-four (24) hours' written notice to Tenant. Landlord shall not be
liable in any way for any injury, loss or damage which may occur to any of
Tenant's property or installations in the Expansion Space prior to the Expansion
Space Commencement Date. Tenant shall protect, defend, indemnify and save
harmless Landlord from all liabilities, costs, damages, fees and expenses
arising out of the activities of Tenant or its agents, contractors, suppliers or
workmen in the Expansion Space or the Building. Any entry and occupation
permitted under this Section shall be governed by Section 5 and all other terms
of the Lease.
7. ADDITIONAL PARKING FOR THE EXPANSION SPACE
Subject to the terms described in Section 31 of the Original Lease.
Total Parking Spaces Seven (7)
Garage Parking Spaces * Two (2)
Surface Parking Spaces Five (5)
* Initial monthly rate of $40.00 per parking space.
8. STATUS OF LEASE
Landlord and Tenant hereby acknowledge and agree that: (i) as of the
date hereof, Landlord has complied with all of the terms an conditions of the
Original Lease, and that Tenant has no rights to any credit, claim, cause of
action, offset or similar charge against Landlord, the Base Rent and/or the
Additional Rent, each of same, if any, existing as of the date hereof, now being
waived by Tenant; (ii) Landlord has fully performed all of its obligations under
the Original Lease and is not obligated to make or pay for any additional tenant
improvements except for those tenant improvements specifically set forth in this
First Amendment; (iii) Tenant represents and warrants to Landlord that there are
no assignees, sublessees or transferees of the Original Lease, or any part
hereof, or any person or firm (other than Tenant) occupying or having the right
in the future to occupy the Original Premises or the Expansion Space, or any
part thereof; not previously approved by Landlord (iv) Tenant has no right to
any credit, claim, cause of action, offset or similar charge against Landlord or
against the Rent or any other charges due to Landlord under the Lease; (v)
Landlord and Tenant confirm that from the Expansion Space Commencement Date
until the Expansion Space Termination Date, the Original Premises and the
Expansion Space shall consist of 12,069 rentable square feet; the square footage
of the Original Premises, Expansion Space and the Building set forth in the this
First Amendment and the Original lease are conclusively deemed to be the actual
square footage thereof, without regard to any subsequent remeasurement of the
Original Premises, Expansion Space or the Building; (vi) Tenant is not entitled
to any future rental abatement, concession, credit or reduction; (vii) except
for this First Amendment, the Original Lease has not been modified in any
respect; and (viii) by this First Amendment the Lease is currently scheduled to
terminate on Expansion Space Termination Date.
THIS FIRST AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("Tenant")
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment.
LANDLORD:
CARRAMERICA REALTY CORPORATION., a
Maryland corporation
___________________
Witness By: ____________________________________
Print Name: _____________________________
Title:___________________________________
___________________
Witness
Date:___________________________________
TENANT:
Concord Camera Corp., a New Jersey
corporation
___________________
Witness By: ____________________________________
Print Name: _____________________________
Title:___________________________________
___________________
Witness
Date:___________________________________
