Exhibit 10.49
EIGHTH AMENDMENT TO LEASE
This Amendment made as of the 4th day of April, 1996 is by and between
Grove Street Associates of Jersey City Limited Partnership, a New Jersey limited
partnership having an office at c/o Cali Realty Corporation, 00 Xxxxxxxx Xxxxx,
Xxxxxxxx, Xxx Xxxxxx 00000 (hereinafter called "Landlord"), and Xxxxxxxxx,
Xxxxxx & Xxxxxxxx Securities Corporation, a Delaware corporation having an
office at 000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (hereinafter called "Tenant").
WITNESSETH
WHEREAS, Landlord and Tenant have previously entered into a Lease, First
Amendment of the Lease and Side Letter Amendment executed in connection
therewith, all dated July 1, 1987, a Side Letter Agreement dated June 19, 1989,
a Second Amendment to Lease dated March 12, 1992, a Third Amendment to Lease
dated December 27, 1992, a Side Letter Agreement dated September 29, 1993, a
Fourth Amendment to Lease dated December 23, 1993, a Fifth Amendment to Lease
dated May 1, 1994, a Sixth Amendment to Lease dated March 9, 1995, a Seventh
Amendment to Lease dated June 16, 1995 (collectively the "Lease"), covering
certain premises in the building at 0 Xxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxx Xxxxxx
(the "Building"); and
WHEREAS, Tenant wishes to lease all of the space on the 14th and 15th
floors of the Building.
WHEREAS, Landlord and Tenant desire to amend the Lease as set forth
herein.
NOW, THEREFORE, in consideration of the foregoing, the sum of Ten ($10.00)
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. Landlord hereby leases to Tenant and Tenant hereby hires from Landlord
73,200 rentable s.f. which represents all of the rentable area on the 14th
and 15th floors of the Building (the "14th & 15th Floors").
3. The term applicable to the 14th and 15th Floors shall commence on June 1,
1996 and shall expire on the Expiration Date of the Lease.
4. 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 4,800 rentable s.f. on the lobby
level, the entire mezzanine A level, 3rd through 11th floors of the
Building inclusive, 14th and 15th floors totaling 407,345 rentable s.f.
and 9,994 rentable s.f. on the mezzanine B level (8,194 s.f. - kitchen and
1,800 s.f. - Storage Space #1) 3,747 s.f. - Storage Space #2, 4,809
rentable s.f. of temporary office space on the 12th floor, Temporary
Storage Space #1 of 794 s.f. and Temporary Storage Space #2 of 112 s.f."
5. In addition to the fixed rent to be paid to Landlord by Tenant for the
Premises as set forth in the Lease, Lessee shall pay Landlord fixed rent
for the 14th and 15th Floors in the amount of One Million Three Hundred
Thirteen Thousand Nine Hundred Forty and 00/100 Dollars ($1,313,940.00)
per year, which shall be payable on the first day of each calendar month
in the amount of One Hundred Nine Thousand Four Hundred Ninety-Five and
00/1 00 Dollars ($109,495.00) for the period commencing June 1, 1996 and
ending July 13, 2009. The fixed rent shall be payable in the same manner
and under the same terms and conditions as the fixed rent currently
provided in the Lease.
6. As of June 1, 1996, Section 5.01(e) of the Lease is amended to provide
that Tenant's Proportionate Share shall be 65.5% (53.73% + 11.77%), and
that the agreed upon rentable square foot area of the Demised Premises
shall be deemed to be 407,345 square feet.
7. As of June 1, 1996, Section 5.07(k) of the Lease is amended to provide
that Tenant's Operational Proportionate Share shall be 66.22% (54.32% +
11.90%).
8. On or before June 1, 1996, Landlord shall provide Tenant a check in the
amount of Two Million Nine Hundred Twenty-Eight Thousand and 00/100
Dollars ($2,928,000.00) towards the cost of improving the Premises (the
"Improvement Allowance"). All work performed in the Premises shall be
governed by the provisions of Article 13 "Tenant's Changes" of the Lease.
At Landlord's request, Tenant shall furnish Landlord with copies of paid
invoices related to work paid for with the Improvement Allowance.
9. The garage parking space allocation applicable to the 14th and 15th floors
of the Building is sixty-one (61) spaces. At any time during the Term,
Tenant may elect to lease all or less than all of these spaces by sending
written notice to Lessor of its intention to lease same. Upon Tenants
election to lease the garage parking spaces, Tenant agrees to pay Lessor
the monthly rate Lessor is then charging other tenants in the Building for
each space so leased.
10. The fixed annual sum of Seventy Thousand and 00/100 Dollars ($70,000),
payable on a monthly basis, shall be deemed Tenants Proportionate Share of
management fee charges included within Operating Expenses for the 14th and
15th floors from June 1, 1996 through December 31, 1999. Landlord and
Tenant further understand and agree that each shall cooperate and
negotiate in good faith with the other in an attempt to agree upon the
amount of management fee charges to be included in Tenant's Actual Share
of Operating Expenses, for each calendar year from and including 2000
through the remaining term of the Lease, provided, however, that in no
event shall such amount be less that $70,000 per year for the 14th and
15th floors.
11. Tenant acknowledges the Landlord and/or its mechanical/elevator
contractor(s) require access to the low-rise elevator machine room located
on the 14th floor of the Premises. Access will be required through either
or both the east and west doors of the elevator machine room on a daily
basis to perform preventive maintenance, cleaning and repair of the
equipment located therein. Tenant agrees that it is a condition to this
Eighth Amendment to Lease that Tenant provides such unimpeded access to
Landlord and its agents.
12. Tenant represents and warrants that this Lease and the undersigned's
execution of same has been duly authorized and approved by the
corporation's Board of Directors. The undersigned officer of the
corporation represents and warrants he is an officer of the corporation
with authority to execute this Lease on behalf of the corporation.
Landlord represents and warrants that this Amendment and the undersigned's
execution of same has been duly authorized and approved by all necessary
partnership and corporate actions. The undersigned officer of the
corporate general partner of Landlord represents and warrants that he is
an officer of the corporation with authority to execute this Amendment on
behalf of the corporate general partner of Landlord, and that the
corporate general partner of Landlord is authorized to execute this
Amendment on behalf of Landlord.
EXCEPT as modified herein, the Lease dated July 1, 1987 and all amendments
and sideletters applicable thereto covering the Premises shall remain in full
force and effect as if the same had been set forth in full herein and Tenant and
Landlord hereby ratify and confirm all of the terms and conditions thereof.
Tenant acknowledges that it has no offsets, defenses or counterclaims to its
obligations under the Lease as amended hereby.
THIS Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective legal representatives, successors and
permitted assign.
GROVE STREET ASSOCIATES OF XXXXXXXXX, XXXXXX & XXXXXXXX
JERSEY CITY LIMITED PARTNERSHIP SECURITIES CORPORATION
(Landlord) (Tenant)
By: Cali Sub IV, Inc.
General Managing Partner
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxx, President & Xxxxxx X. Xxxxxx, Vice President
Chief Executive Officer Director of Administration
