Re: NJSMU Lease Dear Dan: This will confirm an extension of the rental agreement between the New Jersey State Medical Underwriters (NJSMU) and the Medical Society of New Jersey (MSNJ) regarding leased space. Effective June 1, 1998, the triple net...
1
Exhibit 10.2
[Letterhead of Medical Society of New Jersey]
June 26, 1998
Xxxxxx Xxxxxxxx, President
New Jersey State Medical Underwriters, Inc.
Two Princess Road
Lawrenceville, NJ 08648
Re: NJSMU Lease
Dear Xxx:
This will confirm an extension of the rental agreement between the New Jersey
State Medical Underwriters (NJSMU) and the Medical Society of New Jersey (MSNJ)
regarding leased space. Effective June 1, 1998, the triple net payment per
square foot for office space and warehouse space is $16.20 and $7.00,
respectively.
The terms of this new lease will remain in effect for a period of one year until
May 31, 1999. The space utilized by NJSMU and rental payment is computed as
follows:
Lease Space
-----------
Total
First Floor Sq. Ft. Sq. Ft.
----------- ------- -------
Office Area 14,353
House of Delegates 6,468 20,821
------
Second Floor
------------
Office Area 25,740
------
Total Office Area 46,561
Warehouse Area 2,555
------
Total Leased Space 49,116
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-2-
Rental Amount
46,561 sq. ft. x $16.20 per sq. ft. = $754,288.20
2,555 sq. ft. x $7.00 per sq. ft. = 17,885.00
-----------
Total Annual Rental Payment $772,173.20
The total amount of leased space covered under the rental agreement is 49,116
square feet resulting in a monthly rental payment of $64,347.77. All other
aspects of the basic lease remain unchanged.
Please indicate your recognition of this change by signing below.
Sincerely,
/s/ Xxxxxxx X. Xxxxxxx
Xxxxxxx X. Xxxxxxx
Executive Director/
General Counsel
Accepted NJSMU Accepted MSNJ
By /s/ Xxxxxx Xxxxxxxx By /s/ Xxxxxxx X. Xxxxxxx
----------------------- -------------------------
Xxxxxx Xxxxxxxx Xxxxxxx X. Xxxxxxx
President Executive Director/
General Counsel
PDW:
cc: Xxxx X. Xxxxx
