MODIFICATION AGREEMENT, DATED THIS 22nd DAY OF JULY 1997, AMENDING AND
MODIFYING A CERTAIN LEASE, DATED THE 1st OF JULY 0000, XXXXXXX XXXXXX XXXX
ASSOCIATES, HAVING AN OFFICE AT 00-00 XXXXXX XXXXXX, XXXXXX XXXXX, XXX
XXXX, AS LANDLORD, AND ROOM PLUS FURNITURE OF FOREST HILLS, INC., AS
TENANT, HAVING AN OFFICE AT 00 XXXXXXXX XXXXXX, XXXXXXXX, XXX XXXXXX
00000, LOCATED IN THE GROUND FLOOR STORE IN THE BUILDING KNOWN AS 00-00
XXXXXX XXXXXX, XXXXXX XXXXX, XXX XXXX.
Agreement made this 22nd day of July 1997, between Austin Mall Associates,
LLC, having an office at 00-00 Xxxxxx Xxxxxx, Xxxxxx Xxxxx, XX, as Landlord, and
Room Plus Furniture of Forest Hills, Inc., as Tenant, having a store at 00
Xxxxxxxx Xxxxxx, Xxxxxxxx, Xxx Xxxxxx 00000.
W I T N E S S E T H
WHEREAS, the Landlord, by Lease dated the 1st day of July 1992, leased to
the Tenant the demised premises consisting of store space in the building
described in the aforementioned lease, and
WHEREAS, the parties desire to continue the Lease on all the same terms and
conditions as stated therein and as modified, except as herein modified and
stated following:
NOW, THEREFORE, in consideration of mutual covenants herein and in the said
above-mentioned Lease, the parties do hereby agree:
1. The term of the Lease shall be extended for five years. The Lease
will now expire on February 28, 2003.
2. The annual rent payable for March 1st 1998 through February 28th 2003
shall be as follows:
A. The Fixed Annual Rent payable per annum under this Lease
Modification shall be payable in monthly installments, on the first
day of each month as follows:
For the period commencing from March 1st 1998 until the first
anniversary date of this Lease Extension, the Fixed Annual Rent shall
be payable at the rate of $91,819.40 per annum and shall, for each
succeeding lease year thereafter until the expiration or earlier
termination of the Lease Extension be payable at the annual rate
payable for the next preceding year plus an amount obtainable by
multiplying the Fixed Annual Rent For the next preceding year by the
Annual C.P.I. increase.
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Definitions:
Price Index:
The Consumer Price Index for all Urban Consumers (presently
denominated "CPI-U"), All Items, New York, NY - Northeastern NJ,
published by the Bureau of Labor Statistics of the United Sates
Department of Labor or its successor. If at any time said Consumer
Price Index is no longer issued, then the term "Price Index" shall
mean an index selected by the parties hereto comparable to said
Consumer Price Index.
Annual C.P.I. Increase:
Annual C.P.I. Percentage by which the Price Index for the lease year
in question exceeds the Price Index of the next preceding lease year.
Lease Year:
The twelve (12) month period commencing with the Commencement Date of
this Lease Extension and each twelve (12) month period thereafter.
Example:
For example, if the C.P.I. index increases 5% from March 1st 1998
through February 28th 1999, then the Annual Rent for March 1st 1999
through February 29th 2000 shall be $91,819.40 x 105% = $96,410.37.
If the C.P.I. Index then increases between March 1st 1999 and
February 29th 2000 by 3% then the rent for the period March 1st 2000
through February 28th 2001 shall be $96,410.37 x 103% = $99,302.68.
3. In the event the Tenant is not in default of this lease, then 1/2 of
the base rent for March 1998 and 1/2 of the base rent for February
1999 shall be abated.
4. If Tenant shall keep, observe and perform all of the terms,
covenants and conditions of this Lease on Tenant's part to be kept,
observed and performed, Tenant shall have the right to extend this
Lease for a period of 5 years commencing at the termination of this
Lease from March 1st 2003 through February 29th 2008 provided Tenant
shall notify Landlord in writing by certified or registered mail,
return receipt requested, not less than 1 (one) year prior to the
expiration of the then existing term hereof that Tenant desires such
extension, provided, further, that said Lease as extended shall be
upon the same terms, conditions and covenants as are contained
herein, except as to the duration of the term hereof and the
amount of annual rental, and upon expiration of such
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extension period, there shall be no further option or extension. The
annual rental for said extension period shall continue to increase
annually based on the C.P.I. Formula in paragraph 2 hereinabove with
Annual C.P.I. Increase for each year during the extension period.
5. Paragraph 61 of the lease is hereby modified by removing the figure
$20,633.33 from the paragraph and putting $3,000 in its place. It is
the intention of the parties that the Tenant will have a $3,000
credit only towards the last month rent under the lease.
6. Tenant has informed Landlord that the name of the company has
changed to Rooms Plus, Inc.
All the other terms and conditions of the Lease dated July 1, 1992 shall
remain in full force and effort during the extension period.
IN WITNESS WHEREOF, the parties hereto have HEREOF, their respective
corporate and authorized signatures to be hereunto affixed the day and year
first above written, namely as of the 19th day of August, 1997.
WITNESS FOR OWNER AUSTIN MALL ASSOCIATES, LLC
By: /s/ Xxxx Xxxxxx
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XXXX XXXXXX
WITNESS FOR TENANT ROOMS PLUS, INC.
/s/ Xxxx X. Xxxxxx By: /s/ Xxxx Xxxxxx
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XXXX XXXXXX
Chairman
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