SECOND LEASE MODIFICATION AGREEMENT
Exhibit
10.31
SECOND
LEASE MODIFICATION AGREEMENT
AGREEMENT
made this 14th day of April 2000 between XXXXXX X. DAY REALTY CORP., as agent
for 000 Xxxxx Xxxxxx Associates, LLC (“Owner”), 0 Xxxx 00xx Xxxxxx, Xxx Xxxx,
Xxx Xxxx 00000, and ASSET ALLIANCE CORPORATION (“Tenant”), 000 Xxxxx Xxxxxx, Xxx
Xxxx, Xxx Xxxx 00000;
W
I T N E
S S E T H:
WHEREAS,
the parties are Owner and Tenant respectively under lease dated September 12,
1996, as modified by Lease Modification Agreement dated December 8, 1997 (the
lease as modified is hereinafter referred to as the “Lease”), covering the
entire 22nd Floor at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx (the “Building”) for a
term ending July 31, 2008; and
WHEREAS,
Tenant wishes to lease additional space in the Building;
NOW,
THEREFORE, the parties agree as follows:
1. Owner
hereby leases to Tenant and Tenant hereby leases from Owner Room 2302 in the
Building for a term commencing on substantial completion of Owner’s Work set
forth in the attached Workletter (the “Room 2302 Commencement Date”) and ending
on the same date the Lease shall end.
2. Except
to
the extent otherwise provided in this Agreement, (i) from and after the Xxxx
0000 Xxxxxxxxxxxx Xxxx, Xxxx 0000 shall, for all purposes of the Lease,
constitute part of the demised premises under the Lease, and (ii) Owner and
Tenant agree that all the terms, covenants and conditions of the Lease shall
apply to the leasing of Room 2302.
3. Commencing
on the Room 2302 Commencement Date, Tenant shall pay and Owner shall accept
the
following rent and additional for Room 2302:
(a) Tenant
shall pay annual rental (as set forth on page 1 of the Lease) for Room 2302
of
$98,304 per annum;
(b) Tenant
shall pay real estate tax escalation for Room 2302 pursuant to Article 39 of
the
Lease; the “Base Tax” for Room 2302 shall mean Taxes, as finally determined by
settlement, court decision or otherwise, for the fiscal Tax Year ending June
30,
2000; Tenant’s Share for Room 2302 shall be .435%;
(c) Tenant
shall pay wage formula increase for Room 2302 pursuant to Article 40 of the
Lease; the Wage Rate Multiple for Room 2302 shall be 2048; the “Base Labor Rate”
for room 2302 shall be the Labor Rate at December 31, 2000;
(d) in
the
event Owner exercises Owner’s option, pursuant to Article 41 of the Lease,
Tenant shall pay operating expense escalation for Room 2302 pursuant to Article
41 of the Lease; the “Base Year” referred to therein for Room 2302 shall be
2000; the percentage referred to therein for Room 2302 shall be
.435%;
(e) Tenant
shall pay Heating Costs escalation for Room 2302 pursuant to Article 42 of
the
Lease, in the event Heating Costs for any calendar year shall exceed Heating
Costs for 1999; the percentage referred to therein for Room 2302 shall be
.435%;
(f) Tenant
shall pay local laws escalation for Room 2302 pursuant to Article 43 of the
Lease; the percentage referred to therein for Room 2302 shall be
.435%;
(g) Owner
shall furnish electricity in Room 2302 pursuant to Article 66 of the Lease;
pending an electrical survey, the Electrical Inclusion Factor for Room 2302
shall be $6,144 per annum; the annual rental for Room 2302 referred to in
subparagraph (a) shall be increased by the Electrical Inclusion Factor making
a
total annual rental for Room 2302 of $104,448 per annum payable in advance
on
the first day of each month in equal monthly installments of $8,704; in no
event
shall the Electrical inclusion Factor for Room 2302 be decreased below $6,144
per annum.
4. Owner
agrees, at Owner’s cost and expense, to do the work in Room 2302 set forth in
the attached Workletter. Article 71 of the Lease shall apply to such work in
Room 2302.
5. Articles
67, 68, 69, 73 and 75 of the Lease and the Workletter attached to the Lease
and
the Lease Modification Agreement and paragraphs 4, 7 and 8 of the Lease
Modification Agreement shall not apply to Room 2302. Provided that Tenant is
not
then in default under this Lease and provided that Room 2302 is not further
demised, Tenant may without Owner’s consent sublet all or a portion of Room 2302
to up to four other entities for the use set forth in Article 2 of the Lease
and
subject to the prohibitions set forth in Article 51 of the Lease, provided
that
Tenant gives Owner prior written notice thereof, including the name, address
and
Federal identification number of any such subtenant, and furnishes Owner with
a
copy of the sublease. Such a sublease to Xxxxx Associates, Inc. and Briciloeur
Capital Management, Inc. (which are current tenants) conforming to these
provisions is hereby approved. In connection with any such sublease the other
provisions of Article 62 shall not apply.
-2-
6. This
Agreement is offered to Tenant for signature by the managing agent of the
Building solely in its capacity as such agent and subject to Owner’s acceptance
and approval. Tenant shall affix its signature hereto with the understanding
that such act shall not, in any way, bind Owner or its agent until such time
as
this Agreement shall have been approved and executed by the managing agent
or
the Owner and delivered to Tenant.
7. Tenant
covenants, warrants and represents that there was no broker except Xxxxxx X.
Day
Realty Corp. instrumental in consummating this Agreement and that no
conversations or negotiations were had with any broker except Xxxxxx X. Day
Realty Corp. concerning the terms of this Agreement. Tenant agrees to hold
Owner
harmless against any claims for a brokerage commission arising out of any
conversations or negotiations had by Tenant with any broker except Xxxxxx X.
Day
Realty Corp.
8. Except
as
specifically modified herein, Owner and Tenant ratify, confirm, accept and
agree
to all of the terms, covenants and conditions of the Lease.
9. This
Agreement shall inure to the benefit of and bind the parties hereto, their
legal
representatives, successors and assigns.
-3-
IN
WITNESS WHEREOF, the parties have hereunto set their hands and seals the day
and
year first above written.
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(Owner)
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By:
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/s/Xxxxxxx
Xxxxxxxx
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ASSET
ALLIANCE CORPORATION
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(Tenant)
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By:
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/s/Xxxxxx
X. Mintzf
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-4-
Xxxxxxx
Design Group Inc.
000
Xxxx
00xx Xxxxxx
Xxx
Xxxx,
XX 00000
000-000-0000
000-000-0000
FAX
February
15, 2000
Asset
Alliance Corporation
000
Xxxxx
Xxxxxx
00xx
Xxxxx
Xxx
Xxxx,
XX 00000
WORK
LETTER
Landlord
agrees, as it’s sole expense and without charge to tenant, shall cause to be
prepared the following architectural drawings and specifications:
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A.
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GENERAL
CONSTRUCTION:
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1.
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DEMOLITION:
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As
per
plan.
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2.
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PARTITIONS:
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a)
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Building
standard portioning as per approved Preliminary Plan # P-1 dated,
February
15, 2000
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3.
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DOORS,
FRAMES & HARDWARE:
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a)
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All
wood doors and frames as per Plan # P-1, dated February 15, 2000
including
wood and glass to match 22nd floor.
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b)
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Level
hardware to match floor style, finish and
quality.
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c)
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Closet
interior shelves and hang bars.
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d)
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Saddles
at each door.
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4.
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CEILINGS:
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a)
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All
new Xxxx Fine Line suspended ceiling system with white 2x2 cirrus
acoustical lay-in tiles.
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5.
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AIR
CONDITIONING:
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a)
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Modify
air distribution button system to conform to new
layout.
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b)
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Furnish
and install new 7 1/2 ton air condition supplemental air conditioning
system with all required ductwork, diffuser, return and thermostat.
This
system to be installed in adjacent tenant space with thermostatic
control
within Asset Alliance space.
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6.
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LIGHTING/ELECTRIC:
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a)
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All
new lighting to match fixtures on 22nd floor - including all pendants,
wall sconces and under/lower cabinet
lights.
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All
Switches Dimmers
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7.
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POWER/ELECTRIC:
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a)
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As
new outlets as per Plan in each area and in
reception.
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b)
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Electric
strike at entry door. Electric door and security
lock.
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8.
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PAINTING:
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a)
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All
walls to be painted in tenants choice of colors, flat furnish ceiling,
eggshell finish on walls, semigloss on metal & wood trim. One prime
coat and two finish coats.
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b)
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New
vinyl wallcovering in Corridor/Reception Area to match 22nd
floor.
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9.
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FLOOR
COVERING:
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a)
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All
new carpet in colors selected by tenant. Quality and specifications
to be
equal to present 22nd floor spaces. Carpet includes same as 22nd
floor.
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10.
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WINDOW
TREATMENTS:
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a)
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Tenants
color selection solar veil shades to match style and quality on 22nd
floor.
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11.
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KITCHEN
SHELVES AND CABINETS
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a)
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Chair
Rail in office common areas.
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b)
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Base
moulding in offices and
hallways.
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12.
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MILLWORK:
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a)
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Wood
base and Chair Rail in Reception Area to match 22nd floor in detail
and
finish.
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13.
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HALLWAY
CHAIR RAIL AND WALL COVERING TO MATCH 22ND FLOOR PAINTING INCLUDED
(ELEVATORS)
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NOTE:
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All
work done by landlord and or tenant shall comply with the New York
State
Building Department Code
Requirements.
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Any
additional equipment or work over and above that is specified in the Work Letter
must receive approval of lessor, in advance, and shall be performed at lessee’s
expense.
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B.
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WORK
AT TENANT’S SOLE COST AND
EXPENSE:
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(Unless
specified in above Work Letter)
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1)
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Furniture
and files
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2)
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Telephone
and data wiring and equipment.
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3)
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All
custom cabinetwork and millwork (including new and retrofitted desks,
cabinets and conference table, radiator enclosure, wainscot, chair
rail
and base and corridor arches).
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