LEASE MODIFICATION AGREEMENT
Exhibit
10.30
AGREEMENT
made this 8th day of December 1997 between XXXXXX X. DAY REALTY CORP., as agent
for 000 Xxxxx Xxxxxx Associates (“Owner”), 0 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx
Xxxx 00000 and ASSET ALLIANCE CORPORATION (“Tenant”), 000 Xxxxx Xxxxxx, Xxx
Xxxx, Xxx Xxxx 00000;
WITNESSETH:
WHEREAS,
the parties are Owner and Tenant respectively under lease dated
September 12, 1996 (the “Lease”) covering a portion of the 16th Floor (the
“16th Floor Space”) at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx (the “Building”);
and
WHEREAS,
Tenant wishes to move to larger space on another floor of the
Building;
NOW,
THEREFORE, the parties agree as follows:
1. Owner
hereby leases to Tenant and Tenant hereby leases from Owner the entire 22nd
Floor (the “22nd Floor Space”) in the Building for a term to commence on the
date (the “22nd Floor Commencement Date”) five days after Owner has completed
Owner’s work in the 22nd Floor Space referred to in paragraph 4 below to
Tenant’s reasonable satisfaction and to end on the last day of the month in
which occurs the date ten years after the Commencement Date, at an annual rental
rate (in lieu of the amount set forth on page 1 of the Lease) of $376,600 per
annum.
2. Except
to
the extent otherwise provided in this Agreement, (i) from and after the 22nd
Floor Commencement Date, the 22nd Floor Space, shall for all purposes of the
Lease constitute part of the demised premises under the Lease, and (ii) Owner
and Tenant agree that all the terms, covenants and conditions of the Lease
shall
apply to the leasing of the 22nd Floor Space.
3. On
execution of this Agreement, Tenant agrees to deposit the sum of $44,350.90
as
security to be held under Articles 34 and 48 of the Lease in addition to the
security presently held by Owner.
4. Owner
agrees, at Owner’s cost and expense, to do the work in the 22nd Floor Space set
forth in the Workletter attached hereto at a cost not to exceed $376,600.
Article 71 shall apply to such work in the 22nd Floor Space.
5. Tenant
agrees that the term of the Lease with respect to the 16th Floor Space shall
end
on the 22nd Floor Commencement Date, as if such date was the date set forth
in
the lease for the end of the term with respect to the 16th Floor Space. Each
party releases any claim it may have against the other for rent or escalations
for the 16th Floor Space for the period ending on the date of this Agreement.
Owner agrees it will not assert any claim against Tenant for repairs and
restoration of the 16th Floor Space by reason of any damage to the 16th Floor
Space arising in connection with Tenant’s move to the 22nd Floor
Space.
6. Commencing
on the 22nd Floor Commencement Date,
(a) Tenant
shall pay real estate tax escalation for the 22nd Floor Space pursuant to
Article 39 of the Lease; the “Base Tax” shall mean Taxes, as finally determined
by settlement, court decision or otherwise, for the fiscal Tax Year ending
June
30, 1998; Tenant’s share for the 22nd Floor Space shall be 2.285%;
(b) Tenant
shall pay wage formula increase for the 22nd Floor Space pursuant to Article
40
of the Lease; the Wage Rate Multiple for the 22nd Floor Space shall be 10,760;
the “Base Labor Rate” for the 22nd Floor Space shall be the Labor Rate at
December 31, 1998;
(c) in
the
event Owner exercises Owner’s option pursuant to Article 41 of the Lease, Tenant
shall pay operating expense escalation for the 22nd Floor Space pursuant to
Article 41 of the Lease; the “Base Year” referred to therein shall be 1998; the
percentage referred to therein shall be 2.285%;
(d) Tenant
shall pay Heating Costs escalation for the 22nd Floor Space pursuant to Article
42 of the Lease; the percentage referred to therein shall be
2.285%;
(e) Tenant
shall pay Local Laws escalation for the 22nd Floor Space pursuant to Article
43
of the Lease; the percentage referred to therein shall be
2.285%;
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(f) Owner
shall furnish electricity for the 22nd Floor Space pursuant to Article 66 of
the
Lease; pending an electrical survey, the Electrical Inclusion Factor for the
22nd Floor Space shall be $31,742 per annum; the annual rental referred to
in
paragraph 1 above shall be increased by the Electrical Inclusion Factor making
a
total annual rental of $408,342 per annum payable in advance on the first day
of
each month in equal monthly installments of $34,028.50; in no event shall the
Electrical Inclusion Factor be decreased below $31,742 per annum.
7. Article
67 of the Lease shall not apply to the 22nd Floor Space. Provided that Tenant
shall have performed all the terms, covenants and conditions of the Lease on
the
part of Tenant to be performed, Tenant shall receive a credit in the amount
of
$31,383.33 per month against the annual rental due for the first six months
of
the 22nd Floor Term and Tenant shall receive an additional credit (if a
subtenant has not then taken possession of the cross-hatched space on the floor
plan attached hereto) in the amount of $8,779.17 per month for the period
commencing at the end of said six months and ending on the earlier of the date
12 months after the 22nd Floor Commencement Date or the date a subtenant takes
possession of all or substantially all of such cross hatched space.
8. Articles
68, 69, 73 and 75 and the Workletter attached to the Lease shall not apply
to
the 22nd Floor Space. Tenant may sublease the portion of the 22nd Floor Space
shown cross-hatched on the attached floor plan after obtaining Owner’s consent
in accordance with Article 62 of the Lease except that Article 62(c), (f) and
(1) shall not apply to such subleasing; Article 62(d)6 shall be modified to
provide: As a result of said subletting the cross-hatched space shall be
occupied by more than one entity (or, if not further demised, by more than
five
entities) or the noncross-hatched space shall be occupied by more than two
entities; Article 70 shall be modified to refer to 10 listings, in lieu of
8.
9. This
Agreement is offered to Tenant for signature by the managing agent of the
Building solely in its capacity as such agent and subject to Owner’s acceptance
and approval. Tenant shall affix its signature hereto with the understanding
that such act shall not, in any way, bind Owner or its agent until such time
as
this Agreement shall have been approved and executed by the managing agent
or
the Owner and delivered to Tenant.
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10. Tenant
covenants, warrants and represents that there was no broker except
Xxxxxx X. Day Realty Corp. instrumental in consummating this Agreement and
that no conversations or negotiations were had with any broker except Xxxxxx
X.
Day Realty Corp. concerning the terms of this Agreement. Tenant agrees to hold
Owner harmless against any claims for a brokerage commission arising out of
any
conversations or negotiations had by Tenant with any broker except Xxxxxx X.
Day
Realty Corp.
11. Except
as
specifically modified herein, Owner and Tenant ratify, confirm, accept and
agree
to all of the terns, covenants and conditions of the Lease.
12. This
Agreement shall inure to the benefit of and bind the parties hereto, their
legal
representatives, successors and assigns.
IN
WITNESS WHEREOF, the parties have hereunto set their hands and seals the day
and
year first above written.
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By:
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/s/Xxxxxxx
Xxxxxxxx
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By:
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/s/Xxxxxx
X. Xxxxx
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November
10, 1997
Asset
Alliance Corporation
000
Xxxxx
Xxxxxx
00xx
Xxxxx
Xxx
Xxxx,
XX
WORK
LETTER
Landlord
agrees, at it’s sole expense and without charge to tenant shall cause to be
prepared the following architectural drawings and specifications:
A. GENERAL
CONSTRUCTION:
1. DEMOLITION:
As
per
plan (entire space including stairs between 21 & 22)
2. PARTITIONS:
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a)
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Building
standard partitioning as per approved Preliminary Plan # c-1 dated
November 5, 1997
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b)
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Half
glass partitions as per plan
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3. DOORS,
FRAMES & HARDWARE:
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a)
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All
wood doors as per plan C-1 dated November 5, 1997 including wood
&
glass.
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b)
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Lever
hardware to match 16th floor style, finish &
quality
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c)
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Closet
interior shelves and hang bars.
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4. CEILINGS:
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a)
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All
new Xxxx Fine Line suspended ceiling system with white 2x2 cirrus
acoustical lay-in tiles.
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b)
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Sheet
rock ceiling and soffits as per plan RC-1 dated November 5,
1997.
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5. AIR
CONDITIONING:
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a)
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Modify
air distribution button system to conform to new
layout
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b)
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Furnish
and install new 7 1/2 ton air condition supplemental air conditioning
system with all required ductwork, diffuser, return and thermostat.
This
system to cool south end of floor (room 16, 18, 19 & 26 thru
40)
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6. LIGHTING
/ ELECTRIC:
All
new
lighting as per plan RC-1 dated November 5, 1997 - including all pendants,
wall
sconces and under/over cabinet lights.
7. POWER
/
ELECTRIC:
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a)
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All
new outlets as per plan ET-1 dated November 5,
1997
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b)
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Electric
strike at entry door and relocate TV security system from 16th
floor
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8. PAINTING:
All
walls, sheet rock soffits & fascias to be painted in tenants choice of
colors, flat finish ceiling, eggshell finish on walls, semigloss on metal &
wood trim. One prime coat and two finish coats.
9. FLOOR
COVERING:
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a)
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All
new carpet in colors selected by tenant. Quality and specifications
to be
equal to present 16th floor space.
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b)
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New
wood floor in tenants finish selection for reception #2, 3, 4, 6,
6A, 23,
24, 25, 36, 36A and 40. (Corridors and conference room
border)
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10. WINDOW
TREATMENTS:
Tenants
color selection solar veil shades to match style and quality on 16th
floor.
11. ELEVATOR
LOBBY AND TOILETS:
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a)
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Ceiling
2x2 Xxxx Fine Line
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b)
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Cove
lighting at core wall (including Xxxx & accent
lights)
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c)
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Clean,
replace toilets floor tiles
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d)
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Wood
panels and chair rail (to match office
interior)
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e)
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Carpet
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f)
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Painting
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NOTE:
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All
work done by landlord and or tenant shall comply with the New York
State
Building Department Code
Requirements.
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Any
additional equipment or work over and above that specifies in the Work Letter
must receive approval of lessor, in advance, and shall be performed at lessees
expense.
B. WORK
AT
TENANT’S SOLE COST AND EXPENSE:
(Unless
specified in above Work Letter)
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Furniture
and files
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Telephone
and data wiring and equipment
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3.
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All
custom cabinetwork & millwork (including new and retrofitted desks,
cabinets and conference table, radiator enclosures, wainscot, chair
rail
and base and corridor arches)
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