AMENDMENT AND MODIFICATION OF LEASES
AMENDMENT AND MODIFICATION OF LEASES made as of June 13, 1995 by
and between BUCHBINDERS RESTAURANT INC., with offices c/o Buchbinder & Xxxxxx,
Xxx Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 dated as of the 1st day of January,
1986 ("Buchbinders") and 000 XXXXX XXXXXX XX, dated as of the 1st day of April,
1986 ("377 Third"), which two leases together may hereinafter be referred to as
"The Leases", and ARK 27TH ST., INC., with offices at 00 Xxxxx Xxxxxx, Xxx Xxxx,
Xxx Xxxx 00000 ("Tenant").
W I T N E S S E T H:
WHEREAS, Buchbinders and Tenant entered into a certain agreement
of lease dated as of January 1, 1986 whereby premises 000 Xxxxx Xxxxxx and a
portion of 000 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx were leased to Tenant as
described in such lease.
WHEREAS, 377 Third and Tenant entered into a certain agreement of
lease dated as of April 1, 1986 whereby store and basement at 000 Xxxxx Xxxxxx,
Xxx Xxxx, Xxx Xxxx were leased to Tenant.
WHEREAS, the parties wish to modify and extend The Leases, it is
hereby agreed as follows:
1. The term of The Leases shall be extended for a five-year
period commencing January 1, 1996 through December 31, 2000.
2. The aggregate base rental payable pursuant to The Leases shall
be at the rate of $200,000.00 per annum, payable in monthly installments of
$16,666.67.
3. Paragraph 2(a) of Buchbinders is hereby amended whereby the
figure "5%" is deleted and replaced with 10%, which overage shall be payable in
each calendar year where the aggregate gross receipts of both premises exceed
$1,900,000.00.
4. In lieu of the tax contribution called for under The Leases,
Tenant shall pay as tax contribution any increase in taxes over and above the
fiscal tax year 1994/95 as follows:
000 Xxxxx Xxxxxx - 100%
000 Xxxx 00xx Xxxxxx - 25%
000 Xxxxx Xxxxxx - 50%
5. Tenant shall pay for any increase in vault taxes over and above
fiscal tax year ending May 31, 1995 with regard to the premises covered by The
Leases.
6. Tenant shall pay for all water & sewer charges as a result of any
meter servicing premises 000 Xxxxx Xxxxxx and 000 Xxxxx Xxxxxx, as well as 000
Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx.
7. Except as hereby extended and amended all of the terms, covenants
and conditions of The Leases shall remain in full force and effect.
IN WITNESS WHEREOF Buchbinders, 377 Third and Tenant have duly executed
this Amendment as of the day and year first above written.
BUCHBINDERS RESTAURANT, INC.
By:_______________________________
000 XXXXX XXXXXX XX.
By:_______________________________
ARK 27TH ST., INC.
By:_______________________________