Exhibit 10.22
Fifth Amendment to Lease with Suburban Station Associates
FIFTH AMENDMENT TO OFFICE LEASE
THIS FIFTH AMENDENT TO OFFICE LEASE, made this 25th day of September, 1996,
by and between SUBURBAN STATION ASSOCIATES (hereinafter called "Landlord") and
ON-SITE SOURCING, INC., a Pennsylvania corporation, (hereinafter called
"Tenant").
WITNESSETH
WHEREAS, by lease dated October 22, 1993, Landlord leased to Tenant all
those certain portions of the Third (3rd) floor of a building known an "One Penn
Center at Suburban Station" located at 0000 XXX Xxxxxxxxx, Xxxxxxxxxxxx, XX, as
well as additional space as referenced in lease amendments one through four,
("Premises") for a term of year upon certain terms an conditions as more fully
set forth in the Lease; and
WHEREAS, as of October 15, 1996 (the "Effective Date"), the Tenant desires
to expand the Premises by adding thereto additional space on the Eighteenth
(18th) floor of the Building (hereinafter referred to as "additional premises")
and to accomplish such expansion by amending the Lease upon the terms and
conditions set forth herein; and
WHEREAS, the parties hereto desire to modify the provisions of the Lease,
upon the terms and conditions more fully hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises herein contained,
the parties hereto, intending to be legally bound hereby, covenant and agree as
follows:
1. Commencing as of the Effective Date and for the balance of the term of the
Lease:
(a) The Premises shall contain an area of Seven Thousand Nine Hundred Seventy
Nine (7,979) square feet including the additional premises which contain One
Thousand Nine Hundred Eighty One (1,981) square feet and are located as shown on
the plan attached hereto as Exhibit "A". The additional premises shall be used
and operated by Tenant for the same use Tenant is permitted to use and operate
the Premises originally demised by the Lease which use is permissible hereunder.
The premises and additional premises are hereinafter referred to collectively as
the "Premises".
2. The Minimum Rent shall be amended commencing October 15, 1996 (provided
construction of the additional premises is complete) and for the balance of the
lease term so that the same shall be as follows:
Year Monthly
10/15/96 - 10/31/00 $110,503.50 $9,208.63
This rent represents the existing base rent plus the rent for the
additional premises of $16.00 per square foot annually. (See Exhibit B)
3. Commencing October 15, 1996, and (provided construction of the additional
premises is complete) for the balance of the term Real Estate Tax Percentage and
Operating Expense Percentage will be amended to 1.2695% and 1.2312%
respectively.
4. Landlord shall, prior to delivering possessions of the additional Tenant
premises to Tenant, perform a reasonable turn-key construction of the additional
premises, not to exceed $15.07 per square foot or $29,853.67 ("Landlord's
Work"). Landlord shall make reasonable efforts to complete Landlord's Work in a
timely manner.
If Tenant requests any changes to the Premises which result in an increase
in costs, (such excess costs hereinafter being referred to as the "Required
Excess Funds"), then Tenant shall pay Landlord any such Required Excess Funds
within fifteen (15) days after receipt of a xxxx(s).
5. Landlord agrees to provide Tenant with a Right of First Offer on the
contiguous space on the 18th floor, subject to rights of existing tenants, if
any. Prior to leasing the ROFO space to a third party, Landlord will provide
Tenant with the terms and conditions it would be willing to lease said space to
Tenant (the Offer Notice). The Offer Notice is applicable only to the entire
space, not a portion thereof. Tenant will have five (5) business days in which
to accept the Offer Notice. If said 5 day time period elapses, Tenant shall
have waived any further right to said space.
7. It is understood and agreed between the parties hereto that said Lease, as
hereby renewed and extended, shall have the same effect as through the period
for which said Lease is renewed and extend was included in and made part of the
original term, and all covenants, conditions, remedies, and terms of the Lease
including any warrant of attorney granted to Landlord and the security payment
provision, if any, shall remain in full force and effect, except as aforesaid.
8. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, executors, administrators, successors
and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed on the day and year first above written.
LANDLORD:
SUBURBAN STATION ASSOCIATES, a
Pennsylvania limited partnership
BY: EVSA ASSOCIATES, LP.
General Partner
BY: EVSA, INC.
General Partner
BY:______________________________
XXXXX XXXXXX
VICE PRESIDENT
TENANT:
ON-SITE SOURCING, INC.
BY:____________________________
Title:___________________________
[CORPORATE SEAL] Attest:__________________________
Title:___________________________
EXHIBIT B
Rent Calculation:
Original Premises 4903 sf x 12.50 psf = $62,287.50
+Additional Premises 1095 sf x $16 psf = $17,520.00
4th Amendment
+ Additional Premises 1981 sf x $16 psf - $31,696.00
Annual $110,503.20
Monthly $ 9,208.63
