Exhibit 10.5
EXTENSION OF LEASE
THIS AGREEMENT dated this 15th day of April, 1998, by and between
The Building Center, Inc. ("Landloard"), a New Jersey corporation
with its principal offices at Route 130 and Maple Xxxxxx Xxxx, Xxxx
Xxxxxxx, Xxx Xxxxxx 00000 and New America Network, Inc. ("Tenant")
a Delaware corporation with its principal offices at Xxxxx 000 xxx
Xxxxx Xxxxxx Xxxx, Xxxx Xxxxxxx, Xxx Xxxxxx 00000.
WHEREAS, the parties executed a Lease dated August 15, 1984 as
amended by the Letter Agreement dated December 30, 1995 (as so
amended, the "Lease") by which Landlord demised and leased unto
Tenant the premises described as follows:
Situated in the Township of East Windsor, County of Xxxxxx and
State of New Jersey being a portion of a building located at
Route 130 and Maple Stream Road and being more particularly
known and described as Building #4 (the "Premises").
A copy of the Lease is attached hereto as Exhibit A;
WHEREAS, the term of the Lease expired on August 31, 1989 and
the parties have continued their relationship on a month-to-month
basis in accordance with the terms of the Lease;
WHEREAS, the parties now desire to formally renew the term of
the Lease in accordance with the terms of the Lease and this
Agreement.
Now THEREFORE, in consideration of the mutual covenants
contained herein and for other good and valuable consideration, the
parties hereto agree as follows:
1. Landlord shall demise the Premises to Tenant for an additional
period of one (1) year commencing upon the date of this Agreement
and terminating on April 15, 1999. The Lease shall automatically be
renewed for successive one year periods, provided, however, that
either party may terminate the Lease on ninety (90) days written
notice to the other party.
2. The rent for each one year period shall be $102,000, payable
monthly on the first day of each calendar month in the amount of
$8,500 per month.
3. This extension is granted on the conditions that:
a. Tenant has paid all rents and other charges required by the
provisions of the Lease or as mutually agreed by the parties for
all periods up to and including the date of this Agreement;
b. Tenant shall pay all rents and other charges required by
the Lease and by this Agreement during the entire period of the
extension of the Lease as the charges become due;
Tenant shall comply with all other terms and conditions of
the Lease, which are to remain in full force and effect, and not be
modified, altered or amended in any manner except as provided in
this Agreement.
4. Nothing in this Agreement shall operate to discharge or release
Tenant or the legal representatives or assigns of Tenant from the
duty and obligation to promptly perform each of the terms and
conditions contained in the Lease attached hereto as Exhibit A.
IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written.
ATTEST:
THE BUILDING CENTER, INC.
____________________ By: _________________________
NEW AMERICA NETWORK, INC.
____________________ By: _________________________
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