LEASE
EXHIBIT NO. 10(b)
THIS AGREEMENT, made this 27 day of January, 1999, between
XXXX X. XXXXXX LLC, XXXXXXX XXXXXX XXXX, FIRST HALF REALTY CO., INC. and SECOND
HALF REALTY CO., INC., do Insignia / Xxxxxx X. Xxxxxx Co., Inc., 000 Xxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 ("Landlord") and XXXXXX, INC., 000 Xxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 ("Tenant").
Landlord and Tenant hereby agree that the terms and
provisions of the annexed lease ("Prior Lease") between 330 Realty Company
("Prior Landlord") and Tenant, dated January 31, 1997, in the building known as
000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, are hereby incorporated into this new
lease in their entirety to be effective as of the Commencement Date with the
following modifications:
Premises: Suites 1303 & 1305-07
Tenant's Percentage: 2.78%
Commencement Date: February 1, 1999
Term: Three (3) years
Fixed Annual (Monthly) Rent: See Schedule A
Real Estate Tax Base Year: Calendar year 1999 from January 1,
1999 to December 31, 1999
Operating Expenses: Provision deleted
Security Deposit: $6,289.15
The following provisions shall apply as of the Commencement
Date:
1. Notwithstanding that the Prior Lease has or shall have
expired prior to the Commencement Date, the terms and provisions of the Prior
Lease shall be deemed incorporated in their entirety into this Lease to be
effective as of the Commencement Date as a new direct lease between Landlord and
Tenant, except as modified herein.
2. Except as expressly set forth in this Agreement, (i)
Landlord shall perform no work to the Premises or incur any expense to prepare
same for Tenant's initial or continuing occupancy, as the case may be, and
Tenant agrees to accept same in its "as is" condition on the Commencement Date;
(ii) there shall be no "rent free" period, landlord's contribution, rent
concession or work allowance to Tenant; and (iii) there shall be no Tenant's
right of termination or extension, right of first refusal or right to lease
additional space.
3. Tenant hereby agrees that Tenant shall not look to
Landlord for any claims it may have against the Prior Landlord under the Prior
Lease, including, without limitation, any claims arising
LEASE
due to (i) Prior Landlord's default under the Prior Lease, (ii) any application
by Prior Landlord of any security deposit (or interest thereon), (iii) receipt
of rent by Prior Landlord for any period after the Commencement Date, (iv) any
misapplication by or overpayment to Prior Landlord of rent or (v) any refund of
prior rent previously paid to Prior Landlord.
4. Tenant represents and warrants that Tenant has had no
dealings or communications with any broker or agent other than Insignia/Xxxxxx
X. Xxxxxx Co., Inc. in connection with the subject matter or consummation of
this Agreement, and Tenant covenants and agrees to defend, hold harmless and
indemnify Landlord from and against any and all cost, expense (including
reasonable attorneys' fees) or liability for any compensation, commissions or
charges claimed by any other broker or agent with respect to this Agreement.
It is expressly agreed that if, prior to the Commencement
Date, Tenant shall be in default in any of the covenants, terms and conditions
contained in the Prior Lease by virtue of which Tenant is now in possession of
the Premises, this Agreement shall, at the option of Landlord, be void, null and
of no effect, as though the same had never been made.
IN WITNESS WHEREOF, the parties hereto have executed, or
caused to be executed, these presents by the properly authorized parties and the
appropriate seals thereto duly affixed, the day and year first above written.
XXXXX X. XXXXXXXXXX, as agent for Xxxxxxx
XXXXXX, INC., Tenant
Name: /s/ Xxxxxxx Xxxxxxxx
Title: CFO
Employer ID No. 00-0000000
RENT SCHEDULE
Period Fixed Annual Rental Rate Fixed monthly Rental Rate
------ ------------------------ -------------------------
February 1, 1999 - January 31, 2000 $75,500.00 $6,291.67
February 1, 2000 - January 31, 2001 $77,765.00 $6,480.42
February 1, 2001 - January 31, 2002 $80,097.95 $6,674.83
