FIFTH MODIFICATION TO LEASE
Exhibit
10.1
FIFTH
MODIFICATION TO LEASE
THIS
FIFTH MODIFICATION TO LEASE, made this 18th
day of
December, 2003, between EY
Partners LLC,
a
Delaware limited liability company (“Landlord”), having an office at ▇▇
▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ and Audible,
Inc.
(“Tenant”), having an office at ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇.
WITNESSETH:
WHEREAS,
by Office Lease, dated May 29, 2001 (the “Lease”) between Passaic Investment
LLC, Sixty-Five Willowbrook Investment LLC and Wayne Investment LLC, (“Prior
Owners”) and Tenant, Landlord leased to Tenant 22,767 rentable square feet
located at ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ in Wayne, New Jersey (the “Demised
Premises”);
WHEREAS,
Landlord, as successor-in-interest to Prior Owners and Tenant wish to modify
the
Lease in accordance with the terms and conditions set fort in this Fifth
Modification to Lease and amend the Lease accordingly.
NOW
THEREFORE, for and in consideration of the Lease, the mutual covenants herein
contained and the consideration set forth herein, the parties agree to modify
the Lease as follows:
|
1.
|
Demised
Premises:
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22,767
rentable square feet of Floor Space located on the third floor of
the
building.
|
|
2.
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Commencement
Date:
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The
Commencement Date for this Fifth Lease Amendment Agreement shall
be
January 1, 2004.
|
|
3.
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Expiration
Date:
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Lease
shall expire on December 31, 2008.
|
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4.
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Term:
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The
Term of the Lease shall be five (5) years with a cancellation option
after
twenty-four (24) months with a six (6) month notification to Landlord.
Notification shall be given after July 1, 2005 to exercise option.
If
Cancellation Option is exercised Tenant agrees to pay $100,000.00
at the
time of cancellation notice.
|
|
5.
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Rent:
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As
of the Commencement Date of the Fifth Lease Amendment Agreement the
annual
rate per rentable square foot multiplied by the floor space of the
Demised
Premises shall be:
|
|
1/1/04-12/31/04
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$14.50/sq
ft. /
$330,121.50
|
|
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1/1/05-12/31/05
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$15.50/sq
ft /
$352,888.50
|
|
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1/1/06-12/31/06
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$16.50/sq
ft. /
$375,655.50
|
|
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1/1/07-12/31/07
|
$17.50/sq
ft. /
$398,422.50
|
|
|
1/1/08-12/31/08
|
$17.50/sq
ft. /
$398,422.50
|
|
|
6.
|
Refurbishing:
|
Landlord
shall provide a one-tine service of new paint (building grade materials
and color) and a one-tine carpet cleaning.
|
|
7.
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Base
Year:
|
For
Taxes and Operating Expenses the base year shall be the calendar
year
commencing January 1, 2004.
|
|
8.
|
Option
to Renew:
|
One
(1) renewal option for a Three (3) year extension at 95% of fair
market
value.
|
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9.
|
Parking:
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Landlord
will increase the amount of reserved spaces from (20) to twenty-six
(26).
(See Appendix B for location)
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|
10.
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Commission:
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The
Broker Commission shall be paid by Tenant, Audible,
Inc.
|
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11.
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Ratification
of Lease:
|
Except
as provided herein, see Appendix A, all the terms and condition of
the
Lease are in full force and effect.
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IN
WITNESS HEREOF, the parties hereto have caused the Fifth Amendment to Lease
to
be duly executed as of the date and year above written.
LANDLORD: TENANT:
EY
Partners, LLC, a Delaware limited liability company
By:
E&Y Willowbrook, Inc., its Manager Audible,
Inc.
By:
/s/
Yoram Mousaieff /s/
▇▇▇▇▇▇ ▇▇▇▇▇▇
Name:
Yoram Mousaieff Name:
▇▇▇▇▇▇ ▇▇▇▇▇▇
Title:
Managing Partner Title:
CFO