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Exhibit 10.2(b)
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE is made as of the 27th day of August, 1999, by and
between COMMERCE CENTER AT PRINCETON LLC, a limited liability company organized
and existing under the laws of the State of New Jersey, having its principal
place of business at P. O. Xxx 0000, Xxxxxxxxx, Xxx Xxxxxx 00000 ("Landlord")
and SECURE COMMERCE SERVICES, INC. (OPERATING UNDER THE TRADE NAME OF PAYTRUST),
a corporation organized and existing under the laws of the State of New Jersey,
having its principal place of business located at 00 Xxxxxx Xxxxx, Xxxxxxxxx,
Xxx Xxxxxx 00000 ("Tenant").
WITNESSETH
WHEREAS, Tenant is a tenant in Suite E-10 at Princeton Commerce Center
under a lease dated November 16, 1998 as amended by First Amendment dated
January 13, 1999 ("Old Lease"); and
WHEREAS, Tenant has entered into a second lease ("New Lease") dated June
2, 1999 for the rental of Suite B-30 ("Original Leased Premises"); and
WHEREAS, Tenant has agreed to surrender its current space (Suite E-10)
upon completion of its new space (Suite B-30) and for the Old Lease to terminate
as of the Commencement Date of the New Lease; and
WHEREAS, now Tenant desires to retain possession of Suite E-10 to be
called the "Additional Leased Premises" and to incorporate such space under the
terms of the New Lease;
NOW THEREFORE, in consideration of the recitals above and the provisions
that follow, and the sum of ONE ($1.00) DOLLAR, each party in hand paid to the
other, the receipt and sufficiency of which consideration is hereby
acknowledged, the parties hereto, intending to be legally bound thereby, agree
as follows:
1. Upon the Commencement Date of the New Lease, Tenant shall retain
possession of Suite E-10 and such occupancy shall be governed by the
New Lease.
2. Suite E-10 shall be delivered in its AS IS condition with no further
improvements by Landlord. A schematic design plan of the Additional
Leased Premises is attached to this First Amendment.
3. Exhibit A to the New Lease shall be modified in its entirety and
replaced by the new Exhibit A (amended) attached to this First
Amendment to Lease.
4. All other terms and conditions of the New Lease shall remain in
effect.
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IN WITNESS WHEREOF, the parties hereby have caused this First Amendment to
Lease to be duly executed and acknowledged as of the day and year first above
written.
WITNESS: LANDLORD
COMMERCE CENTER AT PRINCETON LLC
/s/ [illegible] By: /s/ Xxxxx Xxxxxx
---------------------- -----------------------------
WITNESS: TENANT
SECURE COMMERCE SERVICES, INC.
/s/ Xxxxx Xxx By: /s/ Flint X. Xxxx
---------------------- -----------------------------
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EXHIBIT A (AMENDED)
PRINCETON COMMERCE CENTER
LEASE TERMS
The Property is identified as 00 Xxxxxx Xxxxx, Xxxx Xxxxxxx Township,
Xxxxxx County, New Jersey, and further identified on the official tax map of
West Windsor Township as Xxx 0, Xxxxx 7.03.
a. Leased Premises: Suite B-30 consisting of approximately 6,200
rentable square feet ("Original Leased Premises") and Suite
E-10 consisting of approximately 1,625 rentable square feet
("Additional Leased Premises"). Together, both suites shall be
considered the Leased Premises.
b. Commencement Date shall be the date (estimated to be
September 1, 1999) on which Landlord provides Tenant
written notice that the Original Leased Premises are
Ready-for-Occupancy. Ready-for-Occupancy date shall be
defined as the date when all of the following conditions
have been satisfied: (1) Landlord has delivered possession
of the Original Leased Premises to Tenant; (2) construction
has been substantially completed in accordance with the
Tenant's Work Letter excepting only minor "punch list"
items which Landlord shall diligently complete as soon as
reasonably possible; and, if required to comply with state
or local law, (3) a temporary or final certificate of
occupancy has been issued.
c. Term (Article 1): Five years (estimated to be August 31, 2004)
from the Commencement Date.
d. Base Rent (Section 2.01): The monthly amount of Base Rent
shall be as follows:
First Year $11,737.50
Second Year $12,063.54
Third Year $12,389.58
Fourth Year $12,715.63
Fifth Year $13,041.67
Receipt of Tenant's first month's Base Rent for the Original
Leased Premises is hereby acknowledged.
e. Estimated Monthly Tenant Utility Cost (Section 3.05): N/A for
direct meter.
f. Cost of Living Index: N/A
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g. Tenant's Proportionate Share (Section 3.01): 11.8%
h. Security Deposit: $ 55,000.00. The security deposit shall be
placed in escrow with Ridolfi, Friedman, Frank, Edelstein, and
Backinoff to be released to Landlord upon issuance of
construction permits. The security deposit shall be returned
within 30 days of the end of the Lease, subject to the
provisions of the Lease.
i. Landlord Contribution (Exhibit B): Landlord will provide a
turnkey installation of the Original Leased Premises as
more fully described in Exhibit B and the attached
Schematic Floor Plan including new offices, walls,
ceilings, carpet, bathrooms, lighting, doors, and a service
kitchen (including plumbing but excluding equipment).
Tenant shall pay $12,500.00 directly to Landlord upon lease
execution and an additional $12,500.00 into the security
deposit escrow with Xxxxxxx, Xxxxxxxx, Xxxxx, Xxxxxxxxx and
Backinoff (to be released to Landlord upon submission of
construction documents and an application for a building
permit to the township of West Windsor) for its share of
the cost of the installation and shall pay the cost of any
delays or upgrades, extras, or changes in the Schematic
Floor Plan, if such delays, upgrades, extras or changes are
caused by Tenant. The Additional Leased Premises shall be
delivered in AS IS condition.
j. Permitted Use (Section 6.01): general office use
k. Landlord's Notice Address:
X.X. Xxx 0000
Xxxxxxxxx, Xxx Xxxxxx 00000
l. Tenant's Notice Address:
at the Leased Premises
m. Parking Spaces (Section 20.17): not to exceed 31 cars,
unassigned
n. Broker (Section 20.01): Commercial Property Network, Inc.
o. Renewal Term (Section 17.01): N/A
p. Base Year Operating Expenses (Section 3.01): During the first
year of occupancy, Tenant shall pay for no Operating Expenses.
Base Year Operating Expenses shall be equal to $4.02 per
square foot. Commencing with the second lease year, Tenant
shall pay its proportionate share of any increases in
Operating Expenses over the Base Year Operating Expenses.
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q. Termination of Exiting Lease: Tenant occupies suite E-10
under a lease dated November 16, 1998 and amended as of
January 13, 1999, and upon Commencement Date of this Lease,
the existing lease shall terminate. From the Commencement
Date, suite E-10 shall be considered Additional Leased
Premises and Tenant shall be permitted to remain in
occupancy of such space. Until the Commencement Date of
this Lease, Tenant shall remain liable for fulfilling all
of its responsibilities under such existing lease. As of
the Commencement Date, the lease for suite E-10 will
terminate. Any prepaid rent and security deposit shall be
applied first to any outstanding invoices under the
previous lease and then, after the Commencement Date of
this Lease, to the Base Rent required under this new lease.
x. Xxxxx in Completion of Construction: Landlord shall
undertake completion of construction of the Original Leased
Premises on or before the sixtieth day after issuance of
all required building permits. For every two business days
of delay beyond the sixtieth day, base rent for the
Original Leased Premises shall xxxxx for one day. Delays
caused by Tenant (change orders, delays in approving plans,
interference with contractors working for Landlord, etc.)
shall extend the sixty day period.
s. Finish schedule: Within five days of receipt of all security
deposits, first month's rent and Tenant's contribution toward
the cost of construction, Landlord shall provide Tenant with a
summary of all interior finishes.
[GRAPHIC OF ADDITIONAL LEASED PREMISES]
