LEASE MODIFICATION
Exhibit 10(h)(v)
AGREEMENT made this 22nd day of September 2010, by and between CityView Plaza, LLC, a New York Limited Liability Company with its principal place of business c/o Xxxx Realty Corp., 00-00 00xx Xxxxxx, Xxxx Xxxxxx Xxxx, Xxx Xxxx 00000 (hereinafter referred to as “Landlord”) and American Medical Alert Corp., a New York Corporation with its principal place of business at 00-00 00xx Xxxxxx, Xxxx Xxxxxx Xxxx, Xxx Xxxx (hereinafter referred to as “Tenant”);
WITNESSETH:
WHEREAS, Landlord’s predecessor in interest and Tenant are parties to a certain lease, dated January 14, 2002 and Lease Amendment and Modification, dated January 14, 2002 (hereinafter collectively, the “Lease”), pursuant to which Tenant leased from Landlord approximately 11,000 square feet on the first floor of the building known as 00-00 00xx Xxxxxx, Xxxx Xxxxxx Xxxx, Xxx Xxxx (hereinafter referred to as the “Building”); and
WHEREAS, Tenant desires to lease an additional 2,600 square feet of space on the first floor of the Building contiguous to that of the original space; and
WHEREAS, Landlord and Tenant desire to modify the terms of the Lease in connection therewith.
NOW, THEREFORE, in consideration of their mutual promises and covenants each to the other, and for other good and valuable consideration, the parties hereto agree as follows:
1. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord approximately 2,600 square feet of additional space on the first floor of the Building as depicted on the floor plan attached hereto as Schedule “A” (hereinafter referred to as the “Additional Space”).
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2. Except as otherwise set forth herein, the Demised Premises, as referred to under the Lease with respect to all first floor space in the Building rented by Tenant is hereby modified to include the Additional Space.
3. “Tenant’s Proportionate Share” for the first floor space, inclusive of the Additional Space, is 7.77%.
4. The term of the Lease with respect to the Additional Space only shall be for a period of five (5) years and shall commence on the “Commencement Date”, as herein defined, and terminate five (5) years after the Commencement Date (“Termination Date or Expiration Date”). The Commencement Date shall be the date on which Landlord substantially completes the work to be performed by Landlord to the Additional Space (“Landlord’s Work”) (the parties understand and agree that the Additional Space is currently occupied by another tenant and Landlord can not commence Landlord’s Work until such time as such tenant surrenders possession). The term “substantially completed” shall mean completion of the work as set forth at Schedule “B” hereto (“Landlord’s Work”) but for minor insubstantial details of construction and mechanical adjustments (i.e. so-called “punch list” items). Immediately following the determination of the Commencement Date, Landlord and Tenant shall execute an agreement setting forth both the Commencement Date and Term Expiration Date of this lease with respect to the Additional Space however, this shall not be a condition thereof. If the term of this Lease begins on a date other than the first day of a month, the Tenant shall pay pro rata portion of the rent from such date through and including the last day of such month. Each succeeding Lease Year shall end on the anniversary date of the end of the previous Lease Year.
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5. The basic annual rent to be paid by Tenant with respect to the Additional Space only is as follows:
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LEASE YEAR
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ANNUAL RENT
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MONTHLY RENT
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1st
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$ | 65,000.00 | $ | 5,416.67 | ||||
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2nd
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$ | 65,000.00 | $ | 5,416.67 | ||||
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3rd
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$ | 65,000.00 | $ | 5,416.67 | ||||
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4th
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$ | 66,950.00 | $ | 5,579.17 | ||||
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5th
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$ | 68,952.00 | $ | 5,746.00 | ||||
6. Provided Tenant fully performs and complies with all of the terms, conditions, provisions and covenants in this Lease on Tenant’s part to be observed and performed, Tenant shall have the option to extend the term of the Lease with respect to the Additional Space such that it runs concurrent with that of the original first floor space it occupies, such that the term for the Additional Space terminates on March 31, 2018. In order to do so, Tenant must give to Landlord an irrevocable written notice of its election to exercise said option not less than six (6) months prior to the expiration of the initial term. If Tenant exercises such option, the basic annual rent to be paid by Tenant with respect to the Additional Space only is as follows:
For the first year of the option period (or any portion thereof) - $71,032.00 ($5,919.33/monthly);
For the second year of the option period (or any portion thereof) - $73,164.00 ($6,097.00/monthly);
For the third year of the option period (or any portion thereof) - $75,348.00 ($6,279.00/monthly).
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It is understood and agreed that in any and all events the term of the Lease with respect to the Additional Space shall expires on or before March 31, 2018.
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7.
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Tenant agrees to pay all utilities and additional rent associated with the Additional Space. Specifically, Tenant shall pay 100% of the electric xxxx for the HVAC cooling system servicing the Additional Space and its revised Proportionate Share (with respect to all first floor space rented) of the gas xxxx for the Building. All other electricity will be provided and paid for on a sub-metered basis.
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8.
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Tenant shall deposit with Landlord upon execution of this Agreement, the sum of $10,833.34, as and for security deposit for the Additional Space.
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9.
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Tenant shall pay to Landlord upon execution of this Agreement the sum of $5,416.67, representing the first monthly installment of basic annual rent for the Additional Space.
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10.
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Landlord agrees to prepare and complete the Additional Space on a “built to suit” basis, as described at Schedule “B” thereof.
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11.
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In all other respects, the Lease shall remain in full force and effect and no other modifications, amendments or revisions shall be deemed effective or binding unless said modifications, amendments or revisions are in writing executed by all of the parties hereto. It is further understood and agreed that a default hereunder shall be considered a default under the Lease with respect to the other first floor space rented by Tenant and vice versa.
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IN WITNESS WHEREOF, the parties hereto have hereunto set their hand and seal the day and year first above written.
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CityView Plaza, LLC
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by:
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/s/ Xxxxxxxxxx Xxxxxxxx
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| Name: Xxxxxxxxxx Xxxxxxxx | ||
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by:
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/s/ Xxxx Rhian
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| Name: Xxxx Rhian | ||
| Title: President/Chief Executive Officer | ||
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