EXHIBIT 10.30
SECOND AMENDMENT TO LEASE
THIS SECOND AMENDMENT TO LEASE is dated this 3rd day of January 2000 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.
2. By the First Amendment dated October 12, 1999 Landlord and
Tenant expanded the original premises to include suite 630-N
(the "Expansion Space"). The Original Premises and the Expansion
Space shall be collectively referred to as the "Premises". The
Original Lease and the First Amendment shall be collectively
referred to as the "Lease".
AT THIS TIME, Tenant and Landlord wish to expand the Premises and extend the
term of the lease.
AGREEMENT
1. SECOND EXPANSION SPACE:
Xxxxx 000-X consisting 3,113 rentable square feet (the "Second Expansion
Space") located within the Building.
2. SECOND EXPANSION SPACE COMMENCEMENT DATE:
June 1, 2000, but if the Second Expansion Space is subject to new
construction pursuant to section 5 of this Second Amendment, then the Second
Expansion Space Completion Date, as defined therein, if it is later; Landlord
and Tenant shall execute a Commencement Date Confirmation for the Second
Expansion Space substantially in the form of Appendix E of the Original Lease
promptly following the Second Expansion Space Commencement Date.
3. SECOND EXPANSION SPACE TERMINATION DATE/SECOND EXPANSION SPACE TERM:
One hundred and twenty (120) months after the Second Expansion Space
Commencement Date, or if the Second 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 Lease for
the Premises, shall be extended and shall terminate on the Second Expansion
Space Termination Date.
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THIS SECOND AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("Tenant")
4. SECOND EXPANSION SPACE BASE RENT:
Tenant shall pay Base Rent for the Second 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:
Period Per Square Foot
------ ---------------
Base Rent
---------
January 4, 1999 to January 31, 2000 $ 15.70
February 1, 2000 to January 31, 2001 16.33
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 Second Expansion Space Term shall extend beyond that shown
in the above schedule, and thus the Original Lease, the Base Rent for the
Original Premises, the Expansion Space and Second Expansion Space shall continue
to increase at a rate of 4% per annum each anniversary.
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, the Expansion Space and the Second Expansion Space.
6. TENANT IMPROVEMENTS
A. INITIAL IMPROVEMENTS. Landlord shall cause to be performed the
improvements (the "Initial Improvements") in the Second 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 Second 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
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THIS SECOND AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("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 Second
Expansion Space Commencement Date specified in Section 2 of this Second
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 Second Expansion Space Commencement
Date, Tenant shall require improvements or changes (individually or
collectively, "Change Orders") to the Second 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 $42,959.40 ("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.
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THIS SECOND AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("Tenant")
D. COMMENCEMENT DATE DELAY. Second 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
(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 Second Expansion Space 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 SECOND EXPANSION SPACE
TERM. Landlord at its discretion may permit Tenant and its agents to enter the
Second Expansion Space prior to the Second Expansion Space Commencement Date to
prepare the Second 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
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THIS SECOND AMENDMENT TO LEASE is by and between CarrAmerica Realty Corporation,
a Maryland corporation ("Landlord") and Concord Camera Corp., a New Jersey
corporation ("Tenant")
(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 Second Expansion Space prior to the
Second 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 Second 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 SECOND EXPANSION SPACE
Subject to the terms described in Section 31 of the Original Lease.
Total Parking Spaces Twelve (12)
Garage Parking Spaces * Four (4)
Surface Parking Spaces Eight (8)
* 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 and conditions of the
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 Lease
and is not obligated to make or pay for any additional tenant improvements
except for those tenant improvements specifically set forth in this Second
Amendment; (iii) Tenant represents and warrants to Landlord that there are no
assignees, sublessees or transferees of the 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, the Expansion Space, or the Second 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 Second Expansion Space
Commencement Date until the Second Expansion Space Termination Date, the
Original Premises, the Expansion Space and the Second Expansion Space shall
consist of 15,182 rentable square feet; the square footage of the Original
Premises, Expansion Space, Second Expansion Space and the Building set forth in
the this Second Amendment and the Lease are conclusively deemed to be the actual
square footage thereof, without regard to any subsequent remeasurement of the
Original Premises, Expansion Space, Second Expansion Space or the Building; (vi)
Tenant is not entitled to any future rental abatement, concession, credit or
reduction; (vii) except for this Second Amendment, the Lease has not been
modified in any respect; and (viii) by this Second Amendment the Lease is
currently scheduled to terminate on Second Expansion Space Termination Date.
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THIS SECOND 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 Second Amendment.
LANDLORD:
CARRAMERICA REALTY CORPORATION,
a Maryland corporation
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Witness By:
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Print Name:
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Title:
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Witness Date:
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TENANT:
CONCORD CAMERA CORP., a New Jersey
corporation
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Witness By:
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Print Name:
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Title:
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Witness Date:
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