Exhibit 1
THIS LEASE AGREEMENT, made the 30th day of October 1998,
BETWEEN 000 XXXXX XXXX, X.X.X.
XXXXXXXX
residing or located at 000 Xxxxx Xxxx in the Borough of
Edgewater in the County of Bergen and State of New Jersey,
herein designated as the Landlord,
AND
TENANT REFAC TECHNOLOGY DEVELOPMENT CORPORATION
residing or located at 000 Xxxx 00xx Xxxxxx in the Borough of
Manhattan in the County of New York and State of New York,
herein designated as the Tenant;
WITNESSETH THAT, the Landlord does hereby lease to the
Tenant and the Tenant does hereby rent from the Landlord, the
following described premises:
the entire second floor consisting of approximately 5,000 square
PREMISES feet and 20,000 square feet of the first floor in the building
located at 000 Xxxxx Xxxx, Xxxxxxxxx, Xxx Xxxxxx known as "The
Pier" (the demised premises are shown on Exhibit A attached
hereto and made a part hereto)
FOR A TERM OF ten and one-half years, as provided in Article R1
TERM of Rider No. 2 attached hereto and made a part hereof
TO BE USED AND OCCUPIED ONLY AND FOR NO OTHER PURPOSE THAN
corporate headquarters, offices, graphic design engineering
operations and related operations. See Article R12 on Rider No.
2 attached hereto and made a part hereof.
USE
UPON THE FOLLOWING CONDITIONS AND COVENANTS: 1st: Tenant
covenants and agrees to pay to Landlord as rent for and during
the term hereof as follows: 1st 6 months: $23,958.33 per month
due and payable on the 1st day of each month; months 7-12:
PAYMENT $14,062.50 per month due and payable on the 1st day of each
OF RENT month; month 13-36: $38,020.83 per month due and payable on the
1st day of each month; and, thereafter, commencing the 4th year,
the rent shall be increased yearly pursuant to the percentage
increase in the Consumer Price Index utilizing 2002 as the base
year and adding the percentage increase to the prior year's rent
provided, however, there shall be a ceiling of 2.50% increase
each year.
2nd: The Tenant shall take good care of the premises and
shall at the Tenant's own cost and expense, make all repairs,
including painting and decorating, and shall maintain the
premises in good condition and state of repair, and at the end
REPAIRS or other expiration of the term hereof, shall deliver up the
AND CARE rented premises in good order and condition, wear an tear from a
reasonable use thereof, and damage by the elements, excepted.
The Tenant shall neither encumber nor obstruct the sidewalks,
driveways, yards, entrances, hallways and stairs.
3rd:
,ETC.
DAMAGE
REPAIRS
4th: No alterations, additions or improvements shall be
made, and no climate regulating, air conditioning, cooling,
heating or sprinkler systems, television or radio antennas,
heavy equipment, apparatus and fixtures, shall be installed in
ALTERATIONS or attached to the leased premises, without the written consent
IMPROVE- of the Landlord. Unless otherwise provided herein, all such
MENTS alterations, additions or improvements and systems, when made,
installed in or attached to the said premises, shall belong to
and become the property of the Landlord and shall be surrendered
with the premises and as part thereof upon the expiration or
sooner termination of this lease, without hindrance, molestation
or injury.
5th: The Tenant shall not place or allow to be placed
any signs of any kind whatsoever, upon, in or about the said
premises or any part thereof, except of a design and structure
and in or at such places as may be indicated and consented to by
the Landlord in writing. In case the Landlord or the Landlord's
SIGNS agents, employees or representatives shall deem it necessary to
remove any such signs in order to paint or make any repairs,
alterations or improvements in or upon said premises or any part
thereof, they may be so removed, but shall be replaced at the
Landlord's expense when the said repairs, alterations or
improvements shall have been completed. Any signs permitted by
the Landlord shall at all times conform with all municipal
ordinances or other laws and regulations applicable thereto.
6th: The Tenant shall pay when due all the rents or
charges for water or other utilities used by the Tenant, which
are or may be assessed or imposed upon the leased premises or
which are or may be charged to the Landlord by the suppliers
UTILITIES thereof during the term hereof, and if not paid, such rents or
charges shall be added to and become payable as additional rent
with the installment of rent next due or within 30 days of
demand therefor, whichever occurs sooner.
7th: The Tenant shall promptly comply with all laws,
ordinances, rules, regulations, requirements and directives of
the Federal, State and Municipal Governments or Public
Authorities and of all their departments, bureaus and
subdivisions, applicable to and affecting the said premises,
COMPLIANCE their use and occupancy, for the correction, prevention and
WITH LAWS abatement of nuisances, violations or other grievances in, upon
or connected with the said premises, during the term hereof;
and shall promptly comply with all orders, regulations,
requirements and directives of the Board of Fire Underwriters or
similar authority and of any insurance companies which have
issued or are about to issue policies of insurance covering the
said premises and its contents, for the prevention of fire or
other casualty, damage or injury, at the Tenant's own cost and
expense.
8th: The Tenant, at Tenant's own cost and expense, shall
obtain or provide and keep in full force for the benefit of the
Landlord, during the term hereof, general public liability
insurance, insureing the Landlord against any and all liability
or claims of liability arising out of, occasioned by or
LIABILITY resulting from any accident or otherwise in or about the leased
INSURANCE premises, for injuries to any person or persons, for limits of
not less than $1,000,000.00 for injuries to one person and
$3,000,000.00 for injuries to more than one person, in any one
accident or occurrence, and for loss or damage to the property
of any person or persons, for not less than $50,000.00. The
policy or policies of insurance shall be of a company or
companies authorized to do business in this State and shall be
delivered to the Landlord, together with evidence of the payment
of the premiums therefor, not less than fifteen days prior to
the commencement of the term hereof or of the date when the
INDEMNI- Tenant shall enter into possession, whichever occurs sooner. At
FICATION least fifteen days prior to the expiration or termination date
of any policy, the Tenant shall deliver a renewal or replacement
policy with proof of the payment of the premium therefor. The
Tenant also agrees to and shall save, hold and keep harmless and
indemnify the Landlord from and for any and all payments,
expenses, costs, attorney fees and from and for any and all
claims and liability for losses or damage to property or
injuries to persons occasioned wholly or in part by or resulting
from any acts by the Tenant or the Tenant's agents, employees,
guests, licensees, invitees, subtenants, assignees or
successors, or for any cause or reason whatsoever arising out of
or by reason of the occupancy by the Tenant and the conduct of
the Tenant's business.
10th: The Tenant shall not occupy or use the leased
RESTRICTION premises or any part thereof, nor permit or suffer the same
OF USE to be occupied or used for any purposes other than as herein
limited, nor for any purpose deemed unlawful or extra hazardous,
on account of fire or other casualty.
11th: This lease shall not be a lien against the said
premises in respect to any mortgages that may hereafter be
placed upon said premises. The recording of such mortgage or
mortgages shall have preference and precedence and be superior
MORTGAGE and prior in lien to this lease, irrespective of the date of
PRIORITY recording and the Tenant agrees to execute any instruments,
without cost, which may be deemed necessary or desirable, to
further effect the subordination of this lease to any such
mortgage or mortgages. A refusal by the Tenant to execute such
instruments shall entitle the Landlord to the option of
cancelling this lease, and the term hereof is hereby expressly
limited accordingly.
12th: If the land and premises leased herein, or of
which the leased premises are a part, or any portion thereof,
shall be taken under eminent domain or condemnation proceedings,
or if suit or other action shall be instituted for the taking or
condemnation thereof, or if in lieu of any formal condemnation
proceedings or actions, the Landlord shall grant an option to
purchase and or shall sell and convey the said premises or any
CONDEMNA- portion thereof, to the governmental or other public authority,
TION agency, body or public utility, seeking to take said land and
premises or any portion thereof, then this lease, at the option
EMINENT of the Landlord, shall terminate, and the term hereof shall end
DOMAIN as of such date as the Landlord shall fix by notice in writing;
and the Tenant shall have no claim or right to claim or be
entitled to any portion of any amount which may be awarded as
damages or paid as the result of such condemnation proceedings
or paid as the purchase price for such option, sale or
conveyance in lieu of formal condemnation proceedings; and all
rights of the Tenant to damages, if any, are hereby assigned to
the Landlord. The Tenant agrees to execute and deliver any
instruments, at the expense of the Landlord, as may be deemed
necessary or required to expedite any condemnation proceedings
or to affectuate a proper transfer of title to such governmental
or other public authority, agency, body or public utility
seeking to take or acquire the said lands and premises or any
portion thereof. The Tenant covenants and agrees to vacate the
said premises, remove all the Tenant's personal property
therefrom and deliver up peaceable possession thereof to the
Landlord or to such other party designated by the Landlord in
the aforementioned notice. Failure by the Tenant to comply with
any provisions in this clause shall subject the Tenant to such
costs, expenses, damages and losses as the Landlord may incur by
reason of the Tenant's breach hereof.
13th: In case of fire or other casualty, the Tenant
shall give immediate notice to the Landlord. If the premises
shall be partially damaged by fire, the elements or other
casualty, the Landlord shall repair the same as speedily as
practicable, but the Tenant's obligation to pay the rent
hereunder shall not cease. If, in the opinion of the Landlord,
the premises be so extensively and substantially damaged as to
render them intenantable, then the rent shall cease until such
time as the premises shall be made tenantable by the Landlord.
However, if, in the opinion of the Landlord, the premises be
totally destroyed or so extensively and substantially damaged as
to require practically a rebuilding thereof, then the rent shall
be paid up to the time of such destruction and then and from
thenceforth this lease shall come to an end.
14th: If the Tenant shall fail or refuse to comply with
and perform any conditions and covenants of the within lease,
the Landlord may, if the Landlord so elects, carry out and
perform such conditions and covenants, at the cost and expense
REIMBURSE- of the Tenant, and the said cost and expense shall be payable on
MENT OF demand, or at the option of the Landlord shall be added to the
LANDLORD installment of rent due immediately thereafter but in no case
later than one month after such demand, whichever occurs sooner,
and shall be due and payable as such. This remedy shall be in
addition to such other remedies as the Landlord may have
hereunder by reason of the breach by the Tenant of any of the
covenants and conditions in this lease contained.
15th: The Tenant agrees that the Landlord and the
Landlord's agents, employees or other representatives, shall
have the right to enter into and upon the said premises or any
part thereof, at all reasonable hours, for the purpose of
INSPECTION examining the same or making such repairs or alterations therein
REPAIR as may be necessary for the safety and preservation thereof.
This clause shall not be deemed to be a covenant by the Landlord
nor be construed to create an obligation on the part of the
Landlord to make such inspection or repairs.
16th: The Tenant agrees to permit the Landlord and the
Landlord's agents, employees or other representatives to show
the premises to persons wishing to rent or purchase the same.
17th: If by reason of the use to which the premises are
put by the Tenant or character of or the manner in which the
Tenant's business is carried on, the insurance rates for fire
INCREASE and other hazards shall be increased, the Tenant shall upon
OF INSURANCE demand, pay to the Landlord, as rent, the amounts by which the
premiums for such insurance are increased. Such payment shall be
paid with the next installment of rent but in no case later than
one month after such demand, whichever occurs sooner.
18th: Any equipment, fixtures, goods or other property
of the Tenant, not removed by the Tenant upon the termination of
REMOVAL this lease, or upon the Tenant's eviction, shall be considered
OF TENANT'S as abandoned and the Landlord shall have the right, without any
PROPERTY notice to the Tenant, to sell or otherwise dispose of the same,
at the expense of the Tenant, and shall not be accountable to
the Tenant for any part of the proceeds of such sale, if any.
19th: If there should occur any default on the part of
the Tenant in the performance of any conditions and covenants
herein contained, or should the Tenant be evicted by summary
proceedings or otherwise, the Landlord, in addition to any other
remedies herein contained or as may be permitted by law, may
without being liable for prosecution therefor, or for damages,
re-enter the said premises and the same have and again possess
and enjoy; and as agent for the Tenant or otherwise, re-let the
premises and receive the rents therefor and apply the same,
first to the payment of such expenses, reasonable attorney fees
and costs, as the Landlord may have been put to in re-entering
and repossessing the same and in making such repairs and
alterations as may be necessary; and second to the payment of
the rents due hereunder. The Tenant shall remain liable for such
rents as may be in arrears and also the rents as may accrue
subsequent to the re-entry by the Landlord, to the extent of the
difference between the rents reserved hereunder and the rents,
if any, received by the Landlord during the remainder of the
unexpired term hereof, after deducting the aforementioned
expenses, fees and costs; the same to be paid as such
deficiencies arise and are ascertained each month.
20th: Upon the occurrence of any of the contingencies
set forth in the preceding clause, or should the Tenant be
adjudicated a bankrupt, insolvent or placed in receivership, or
should proceedings be instituted by or against the Tenant for
bankruptcy, insolvency, receivership, agreement of composition
or assignment for the benefit of creditors, or if this lease or
the estate of the Tenant hereunder shall pass to another by
virtue of any court proceedings, writ of execution, levy, sale,
DEFAULT or by operation of law, the Landlord may, if the Landlord so
elects, at any time thereafter, terminate this lease and the
term hereof, upon giving to the Tenant or to any trustee,
receiver, assignee or other person in charge of or acting as
custodian of the assets or property of the Tenant, five days
notice in writing, of the Landlord's intention so to do. Upon
the giving of such notice, this lease and the term hereof shall
end on the date fixed in such notice as if the said date was the
date originally fixed in this lease for the expiration hereof;
and the Landlord shall have the right to remove all persons,
goods, fixtures and chattels therefrom, by force or otherwise,
without liability for damages.
21st: The Landlord shall not be liable for any damage or
injury which may be sustained by the Tenant or any other person,
as a consequence of the failure, breakage, leakage or
obstruction of the water, plumbing, steam, sewer, waste or soil
pipes, roof, drains, leaders, gutters, valleys, downspouts or
the like or of the electrical, gas, power, conveyor,
refrigeration, sprinkler, airconditioning or heating systems,
elevators or hoisting equipment; or by reason of the elements;
or resulting from the carelessness, negligence or improper
conduct on the part of any other Tenant or any other Tenant's
agents, employees, guests, licensees, invitees, subtenants,
assignees or successors; or attributable to any interference
with, interruption of or failure, beyond the control of the
landlord, of any services to be furnished or supplied by the
Landlord.
22nd: The various rights, remedies, options and
elections of the Landlord, expressed herein, are cumulative, and
the failure or the Landlord to enforce strict performance by the
WAIVER Tenant of the conditions and covenants of this lease or to
LANDLORD exercise any election or option or to resort or have recourse to
any remedy herein conferred or the acceptance by the Landlord of
any installment of rent after any breach by the Tenant, in any
one or more instances, shall not be construed or deemed to be a
waiver or a relinquishment for the future by the Landlord of any
such conditions and covenants, options, elections or remedies,
but the same shall continue in full force and effect.
23rd: This lease and the obligation of the Tenant to pay
the rent hereunder and to comply with the covenants and
conditions hereof, shall not be affected, curtailed, impaired or
excused because of the Landlord's inability to supply any
service or material called for herein, by reason of any rule,
order, regulation or preemption by any governmental entity,
authority, department, agency or subdivision or for any delay
which may arise by reason of negotiations for the adjustment of
any fire or other casualty loss or because of strikes or other
labor trouble or for any cause beyond the control of the
Landlord.
24th: The terms, conditions, covenants and provisions of
this lease shall be deemed to be severable. If any clause or
provision herein contained shall be adjudged to be invalid or
unenforceable by a court of competent jurisdiction or by
operation of any applicable law, it shall not affect the
validity of any other clause or provision herein, but such
other clauses or provisions shall remain in full force and
effect.
25th: All notices required under the terms of this
lease shall be given and shall be complete by mailing such
notices by certified or registered mail, return receipt
requested, to the address of the parties as shown at the head of
this lease, or to such other address as may be designated in
writing, which notice of change of address shall be given in the
same manner.
26th: The Landlord covenants and represents that the
Landlord is the owner of the premises herein leased and has the
right and authority to enter into, execute and deliver this
lease; and does further covenant that the Tenant on paying the
rent and performing the conditions and covenants herein
contained, shall and may peaceably and quietly have, hold and
enjoy the leased premises for the term aforementioned.
27th: This lease contains the entire contract between
the parties. No representative, agent or employee of the
Landlord has been authorized to make any representations or
promises with reference to the within letting or to vary, alter
or modify the terms hereof. No additions, changes or
modifications, renewals or extensions hereof, shall be binding
unless reduced to writing and signed by the Landlord and the
Tenant.
28th: If in any calendar year during the term and of any
renewal or extension of the term hereof, the annual municipal
taxes assessed against the land and improvements leased
hereunder or of which the premises herein leased are a part,
shall be greater than the municipal taxes assessed against the
said lands and improvements for the calendar year 2002, which is
hereby designated as the base year, then, in addition to the
rent herein fixed, the Tenant agrees to pay a sum equal to
eighteen and one-half (18.5%) percent of the amount by which
said tax exceeds the annual tax for the base year, inclusive of
any increase during any such calendar year. The said sum shall
be considered as additional rent and shall be paid in as many
equal installments as there are months remaining in the calendar
year in which said taxes exceed the taxes for the base year, on
the first day of each month in advance, during the remaining
months of that year. If the term hereof shall commence after the
first day of January or shall terminate prior to the last day of
December in any year, then such additional rent resulting from a
tax increase shall be proportionately adjusted for the fraction
of the calendar year involved.
29th: If any mechanics' or other liens shall be created
or filed against the leased premises by reason of labor
performed or materials furnished for the Tenant in the erection,
construction, completion, alteration, repair or addition to any
building or improvement, the Tenant shall upon demand, at the
Tenant's own cost and expense, cause such lien or liens to be
satisfied and discharged of record together with any Notices of
Intention that may have been filed. Failure so to do, shall
entitle the Landlord to resort to such remedies as are provided
herein in the case of any default of this lease, in addition to
such as are permitted by law.
30th: The Tenant waives all rights of recovery against
the Landlord or Landlord's agents, employees or other
representatives, for any loss, damages or injury of any nature
whatsoever to property or persons for which the Tenant is
insured. The Tenant shall obtain from Tenant's insurance
carriers and will deliver to the Landlord, waivers of the
subrogation rights under the respective policies.
SEE RIDER TO LEASE ATTACHED HERETO AND MADE A PART HEREOF, AND
RIDER NO. 2 ALSO ATTACHED HERETO AND MADE A PART HEREOF:
The Landlord may pursue the relief or remedy sought in
any invalid clause, by conforming the said clause with the
provisions of the statutes or the regulations of any
governmental agency in such case made and provided as if the
particular provisions of the applicable statutes or regulations
were set forth herein at length.
In all references herein to any parties, persons,
entities or corporations the use of any particular gender or the
plural or singular number is intended to include the appropriate
gender or number as the text of the within instrument may
require. All the terms, covenants and conditions herein
contained shall be for and shall inure to the benefit of and
shall bind the respective parties hereto, and their heirs,
executors, administrators, personal or legal representatives,
successors and assigns.
IN WITNESS WHEREOF, the parties hereto have hereunto set
their hands and seals, or caused these presents to be signed by
their proper corporate officers and their proper corporate seal
to be hereto affixed, the day and year first above written.
000 XXXXX XXXX,X.X.X.
SIGNED, SEALED AND DELIVERED /s/ Xxxxxx Xxxxxxx
IN THE PRESENCE OF -------------------------------
OR ATTESTED BY By:Xxxxxx Xxxxxxx Landlord
Member - Manager
----------------------------
REFAC TECHNOLOGY DEVELOPMENT
CORPORATION Tenant
/s/ Xxxxxx X. Xxxxxxx President
-------------------------------
Xxxxxx X. Xxxxxxx President
33rd: Tenant shall pay the Landlord a late charge of
FIVE (5%) PERCENT if rent is not paid by the fifth (5th) day
after it is due. Said late charge shall be deemed as additional
rent.
34th: In the event that the Landlord is required to
institute any court proceedings as a result of the within
tenancy upon Tenant's failure to pay rent at end of the fifteen
(15) days, subsequent to the period when said rent is due, or as
a result of a specific fault caused by the Tenant, the Tenant
shall pay, as additional rent, the sum of Five Hundred ($500.00)
Dollars representing reimbursement of the Landlord's attorney's
fees.
35th: Tenant represents that it was not introduced to
the subject premises through the efforts of any real estate
broker and Tenant agrees to indemnify and to hold the Landlord
harmless in the event of any claims for real estate commissions
resulting from Tenant's actions.
36th: In the event the Tenant is not in default in the
terms and conditions of the within Lease, the Tenant shall have
two (2) five (5) year options to extend the term of the within
Lease. In the event the option periods are exercised, the
options shall be under the same terms and conditions provided
however, the rent for each renewal term shall be the sum of
(i)$47,916.67 per month as increased by Consumer Price Index
increases previously accrued under this Lease plus (ii) the
percentage increase between the Consumer Price Index for the
last year of the expiring term and the Consumer Price Index for
the first year of the applicable renewal term*. Said option
shall be exercised by mail by return receipt requested *but not
more than 2.50% per year.
37th: Landlord shall obtain all necessary approvals and
permits required for the construction and use of the subject
premises.
38th: Landlord shall assign 50 parking spaces for the
use by the Tenant to be located under the subject building.
Tenant shall also have the right to utilize up to 30 other
parking spaces at the subject site in common with the other
tenants, in the parking area located on the south side of the
building.
39th: In the event additional space becomes available in
The Pier building located at 000 Xxxxx Xxxx, Xxxxxxxxx, Xxx
Xxxxxx, Landlord shall notify Tenant and Tenant shall have a
period of ten (10) business days in which to notify Landlord of
its desire to rent said space. This provision shall not pertain
to the initial rental of space in The Pier building and shall
only apply to a vacancy occurring after the initial rental.
40th: Tenant shall have the right to locate two (2)
signs on the subject premises, which signs shall be subject to
the approval of the Landlord as to location, type, design and
size, provided Tenant receives the requisite governmental
approvals for the same.
41st: Tenant shall have the right to sublease or assign
all or any portion of the demised premises at any time or from
time to time with the approval of the Landlord, which approval
shall not be unreasonably withheld.
000 XXXXX XXXX X.X.X., Xxxxxxxx
/s/ Xxxxxx Xxxxxxx
Dated: 10/30/98 -------------------------------------
By: Xxxxxx Xxxxxxx
Member-Manager
REFRAC TECHNOLOGY DEVELOPMENT
CORPORATION, Tenant
Dated: 10/31/98 /s/ Xxxxxx X. Xxxxxxx
-------------------------------------
By: Xxxxxx X. Xxxxxxx, President
STATE OF NEW JERSEY, COUNTY OF |SS.: BE IT REMEMBERED,
that on 19 , before me, the subscriber,
personally appeared
who, I am satisfied, the person named in and who executed
the within Instrument, and thereupon acknowledged that signed,
sealed and delivered the said as act and deed, for the uses and
purposes therein expressed.
----------------------------------------
STATE OF NEW JERSEY, COUNTY OF |SS.: BE IT REMEMBERED,
that on 19 , before me, the subscriber,
personally appeared
who, being by me duly sworn on oath, deposes and makes proof to my
satisfaction, that he is the Secretary of
the Corporation named in the within
Instrument; that is the
President of said Corporation; that the execution, as well as the making of this
Instrument, has been duly authorized by a proper resolution of the Board of
Directors of the said Corporation; that deponent well knows the corporate seal
of said Corporation; and that the seal affixed to said Instrument is the proper
corporate seal and was thereto affixed and said Instrument signed and delivered
by said President as and for the voluntary act and deed of
said Corporation, in presence of deponent, who thereupon subscribed name
thereto as attesting witness.
Sworn to and subscribed before me, )
the date aforesaid )
---------------------------------------------- ------------------------------
LEASE
============================
TO
============================
Dated, , 19
============================
Expires,
Rent, $
Prepared by:
ASSIGNMENT OF LEASE
For one dollar and other good and valuable consideration, the Tenant as
Assignor, assigns this Lease and all the Assignor's rights and privileges
therein, including any and all monies deposited with the Landlord as security,
subject to all the terms, covenants and conditions contained therein; and the
Assignee accepts this Assignment of Lease and assumes and agrees to comply with
and be bound by the terms, covenants and conditions in said Lease contained. The
signature of the Landlord hereto is evidence of the Landlord's consent to and
acceptance of this Assignment of Lease.
------------------------------- -------------------------------------
Assignee Assignor
-------------------------------------
Landlord
EXHIBIT 1(a)
RIDER NO. 2 TO LEASE BETWEEN
000 XXXXX XXXX, L.L.C., AS LANDLORD
AND REFAC TECHNOLOGY DEVELOPMENT
CORPORATION, AS TENANT
This Rider No. 2 is attached to and made part of a Lease between
Landlord and Tenant consisting of a printed form of lease consisting of certain
preambles and Articles 1st through 32nd and a Rider consisting of Articles 33rd
through 42nd (the "INITIAL RIDER"). This Rider No. 2 is intended to modify said
printed form (and all typewritten inserts thereto) and said Initial Rider. In
the event of any conflict between said printed form (and the typewritten inserts
thereto) and said Initial Rider, the provisions of this Rider No. 2 shall
supercede and control.
R1. (a) The Lease shall commence upon the completion of "Landlord's
Work," (as hereinafter defined) and shall expire on the date which is ten (10)
years and six (6) months thereafter. Landlord shall provide Tenant with at least
ten (10) business days notice of the date upon which Landlord's Work shall be
completed.
(b) As used herein, "Landlord's Work" shall consist of both:
(A) the "Leasehold Improvements" as described and shown on
(i) the Space Definition Schedule (last revised August
31, 1998) attached hereto as Exhibit B-1,
(ii) the Revised Budgetary Worksheet (dated September
17, 1998) attached hereto as Exhibit B-2, and
(iii) Tenant's Preliminary Fit-out Plans Nos. PP-04 and
PP-04-F which have been initialed by the parties; and
(B) the "Base Building Work" which shall mean all work,
materials, services, utilities, equipment and conditions necessary or reasonably
inferable to
(i) perform all obligations and provide all services
required of Landlord under this Lease,
(ii) complete the Building as a complete architectural
whole and provide for the lawful use and occupancy of
the Premises, Building and complex for the purposes
herein provided as improved by the Leasehold
Improvements, with a level of services, decor and
finishes no less than that of other buildings in the
complex,
(iii) make the Leasehold Improvements functional within
the Building and capable of performing to their full
potential,
(iv) provide the HVAC required to be provided under
Paragraph 5 of the Space Definition Schedule attached
hereto as Exhibit B-1,
(v) provide electrical service with panels and two (2)
sub-panels at locations designated by Tenant with
sufficient amperage and appropriate voltage for the safe
and lawful operation of Tenant's equipment, light and
other power requirements in the Premises with sufficient
reserve capacity and adequate metering for the
measurement of Tenant's consumption and demand of
electricity,
(vi) install rough plumbing with appropriate shut-offs
at locations designated by Tenant,
(vii) provide all sprinkler connections, loops and heads
required under all codes applicable to the Premises as
improved by the Leasehold Improvements,
(viii) install operable windows with finished aluminum
xxxxx on the interior of the Premises,
(ix) install sheetrocked perimeter walls, soffits, xxxxx
and raceway furring, primed and ready for final Tenant
specified finishes, and
(x) finish lower level parking area in manner similar to
other building(s) in the complex.
The foregoing items (B)(i) - (x) shall be deemed to constitute Base
Building Work and not Leasehold Improvements for all purposes of this Lease
notwithstanding that any or all of such items may be described in said Space
Definition Schedule, or Tenant's plans for the Leasehold Improvements.
(c) Landlord guarantees to Tenant that Landlord's Work will be
performed in a good and workmanlike manner and free of defects. In the event any
defects in Landlord's Work shall be revealed, Landlord, at its expense, will
repair or replace the same promptly upon notice from Tenant.
(d) The cost of performing Landlord's Work and all labor,
materials, utilities, supplies, permits, inspections and approvals, certificates
and general conditions required in connection therewith shall be borne and paid
for by Landlord, except that Tenant shall reimburse Landlord for $716,000.00 of
the cost of the Leasehold Improvements, payable as follows: (i) $100,000.00 to
be paid by Tenant to the "Escrow Agent" upon the execution and delivery of this
lease to be held and disbursed as provided in Article R34 hereof: and (ii)
$616,000.00 upon Landlord's completion of Landlord's Work and delivery of
possession of the Demised Premises to Tenant in accordance with all the terms
and conditions of this lease together with all required permits, licenses and
certificates of occupancy required for Tenant's lawful use and occupancy of the
same for the purposes herein provided (including, without limitation, applicable
parking rights).
(e) As used herein, "completion" of Landlord's Work shall mean
the delivery to Tenant of a permanent Certificate of Occupancy (and any other
permits, certificates or approvals required) for the lawful occupancy of the
Premises by Tenant for the purposes herein provided (including without
limitation, applicable parking rights) and the performance of all items of
Landlord's Work in move-in condition, subject nevertheless to completion of
punchlist items which do not interfere with Tenant's use or occupancy of the
Premises. There will be held back from the sum to be paid upon completion of
Landlord's Work a sum reasonably estimated by the parties to be necessary to
complete any remaining punchlist items, which Landlord agrees to complete as
soon as reasonably possible.
2
(f) Landlord and Tenant have agreed upon an initial budget of
the cost of the Leasehold Improvements as set forth in the Space Definition and
Revised Budgetary Worksheet attached hereto as Exhibits B-1 and B-2,
respectively. In the event the cost expended for labor and materials for the
Leasehold Improvements shall exceed $716,000 (after application of all
applicable credits and cost savings as hereinafter provided) due to Tenant
ordering additional work or upgrading materials from that set forth in, or
reasonably inferable from said Exhibits (herein, a "Tenant Overage"), then such
Tenant Overage shall be paid for by Tenant. In the event the cost of the
Leasehold Improvements is less than $716,000, then Tenant shall be entitled to
the savings. Tenant shall be allowed to make substitutions, deletions and
additions to the Leasehold Improvements and shall receive to the benefit of all
cost savings, credits and discounts. Tenant may also apply any cost savings,
credits and discounts and re-allocate the same to any other item, category or
overage incurred in connection with the Leasehold Improvements, subject to
Tenant's obligation to pay any Tenant Overage as above provided. The cost of the
Leasehold Improvements shall in all cases be computed with respect to Landlord's
actual out-of-pocket cost without any xxxx-up or overhead.
(g) Prior to Landlord entering into any contracts or sub-
contracts for the performance or furnishing of any of the Leasehold
Improvements, Landlord agrees to obtain bids for all of the Leasehold
Improvements from not less than two (2) contractors and/or sub-contractors
reasonably acceptable to Tenant. Once all bids for the Leasehold Improvements
are obtained, Landlord and Tenant shall meet to review the same and Tenant shall
have the right to approve and/or disapprove such bids and, if Tenant so elects,
to revise Tenant's plans, in which event, if the Tenant so elects, the
revised items shall be re-bid as herein provided. All of such rights shall be
exercised in a manner not to delay the progress of the Leasehold Improvements.
(h) Landlord agrees to provide Tenant and its agents,
employees, and designees with sufficient access to the Premises, upon request,
from time to time, for confirming the performance of Landlord's Work in
accordance with the terms hereof.
(i) Landlord agrees that it will use best efforts to complete
Landlord's Work on or before March 31, 1999.
(j) In the event Landlord's Work is not completed on or before
April 30, 1999, then Tenant, at Landlord's expense, upon written notice to
Landlord, shall have right to terminate this lease and/or perform Landlord's
Work and deduct the cost of performing the same, plus interest at the rate of
12% per cent per annum, from the rents thereafter becoming payable under this
lease, until such sums and interest are fully recovered. Mention in this lease
of any particular remedy shall not preclude Tenant from the exercise of any
other remedy.
R2. (a) Landlord warrants and represents to Tenant that the only
permits required for the performance of Landlord's Work, other than a building
permit are described on Exhibit C and Landlord has obtained all of said permits,
all of which are in full force and effect. Landlord represents to Tenant that it
has adequate parking to permit the as-of right development of the Building and
the occupancy thereof by Tenant, including without limitation, the parking
rights granted to Tenant hereunder. Landlord has deposited with the "ESCROW
AGENT" (as hereinafter defined) the sum of $800,000, which as of the date hereof
Landlord believes to be adequate to complete the Leasehold Improvements as
provided herein. Said sum shall be disbursed by the Escrow Agent from time to
time, directly to Landlord's contractors upon receipt of invoices approved by
both Landlord and Tenant for completed portions of the Leasehold
Improvements. Approval of such invoices by Tenant shall not be deemed to
constitute Tenant's acceptance of such work nor any acknowledgment that the same
complies with any terms or conditions of this Lease. By execution of this
3
Lease, Escrow Agent acknowledges receipt of said sum and agrees to hold and
disburse the same and act as Escrow Agent as herein provided.
(b) It is a condition to this lease (herein, the "Work Commencement
Condition") that within thirty (30) days after submission of Tenant's plans
suitable for filing to the extent of the Leasehold Improvements (herein, the
"Outside Date"), Landlord shall obtain all required permits and authorizations
from any and all applicable federal, state, county, local, municipal and/or
other required governmental agencies and authorities permitting Landlord to
perform Landlord's Work and that Landlord has actually commenced and
adequately staffed Landlord's Work with appropriately trained personnel and
ordered all required materials to permit the timely completion of the same. In
the event Landlord shall not timely satisfy the Work Commencement Condition,
then Tenant may terminate this lease upon written notice to Landlord and the
"Escrow Agent" (as hereinafter defined) and Tenant shall be entitled to the
return of all monies previously paid or deposited hereunder.
R3. [DELETED PRIOR TO EXECUTION]
R4. Article 2nd shall be deemed modified to provide that Landlord, at
its expense, will provide the following services to the Demised Premises:
1. Two (2) self-service passenger elevators on a 24 hour per day,
7 days per week basis, with the northeast elevator to be desig-
nated exclusively for Tenant's private use and the southwest
elevator to be for shared or common Building use;
2. Heat pursuant to a radiant system located on the first floor of
the Building and HVAC as specified in Paragraph 5 of the Space
Definition Schedule attached hereto as Exhibit B-1;
3. Dumpster for rubbish removal and removal of all rubbish in said
dumpster on an appropriate periodic basis;
4. Snow removal, maintenance and repair of roads servicing the
Building and parking areas and striping thereof;
5. Cleaning of roads, common areas of the Building, and common areas
surrounding the same;
6. Lighting of common areas of the Building, parking areas and roads
thereof, and
7. Water for Tenant's use, lavatory and cleaning purposes.
R5. Article 3rd of the lease shall be deemed modified to add that
landlord, at its expense, shall obtain and maintain fire and extended coverage
insurance against loss or damage to the Building on a full replacement cost
basis. In the event of any loss or damage to the premises by fire or other
casualty, the rents payable hereunder shall be proportionately paid up to the
time of the casualty and shall xxxxx until the date when the premises shall be
repaired and restored by Landlord.
R6. Article 2nd shall be deemed modified to provide that Tenant's
repair obligations shall be limited to non-structural items to the interior of
the Premises, unless the need for such repairs is caused by the Tenant and
subject nevertheless to the provisions of Article 30th hereof. All other
repairs, interior or exterior, structural and non-structural, are
4
to be performed by the Landlord at its expense, except Landlord shall not be
required to replace bulbs for Tenant's light fixtures.
R7. Article 4th shall be deemed modified to provide that Tenant may,
without Landlord's consent; make interior, non-structural alterations and
install one (1) twenty-four (24") inch satellite dish on the roof of the
Building which Landlord shall permit to remain thereon without molestation or
disturbance. To the extent Landlord's consent is otherwise required under this
Article 4th, the same will not be unreasonably withheld or delayed. To the
extent Landlord shall fail to respond to any request for Landlord's consent
pursuant to this Article within ten (10) business days of Landlord's receipt
thereof, Landlord"s consent shall be deemed given. Landlord acknowledges that
Tenant shall install various items of equipment and trade fixtures and
personalty in and to the Premises and to the extent any Landlord's lien is
deemed to attach to said items, by statute or otherwise, Landlord hereby
irrevocably waives any such lien.
R8. Article 5th shall be deemed modified to provide that if the
Landlord removes any of the Tenant's signs, the same shall be replaced as
promptly as possible. Article 5th is also subject to the provisions of Article
40th, as modified by this Rider No. 2.
R9. Article 6th shall be modified to provide that the Tenant shall
receive a minimum of thirty (30) days written notice before being required to
pay any item of additional rent.
R10. Article 7th shall be deemed modified to provide that Landlord, at
its expense, shall comply with all laws applicable to the premises and Building
for the lawful occupancy of the premises for the purposes provided in this
lease, including without limitation, the parking of vehicles as provided in
Article 38th. The provisions of Article 7th notwithstanding, Tenant's obligation
to comply with laws, orders, rules, regulations and directives shall be limited
to circumstances where Tenant created the condition requiring such compliance.
R11. Article 8th shall be deemed modified to provide that Landlord
shall similarly obtain and keep in full force and effect during the term hereof
general public liability insurance insuring the Landlord and Tenant against any
and all liability or claims of liability arising out of, occasioned by or
resulting from any accident or otherwise in or about the Building or remainder
of the project for damage to property or injuries to any person or persons with
combined single limit coverage of $3,000,000 on a per occurrence basis. Landlord
shall similarly save, hold and indemnify the Tenant from and against any and all
payments, expenses, costs, attorneys' fees from any and all claims of liability
for losses or damages to property or injuries to person occasioned wholly or in
part from any accident occurring in or about the Building, any part of the
project or access thereto, except to the extent caused by the negligence of
Tenant. Tenant's obligation to provide policies of insurance to Landlord under
this article shall be deemed satisfied by Tenant providing certificates thereof
to the Landlord.
R12. In Article 10th, the Landlord represents and warrants to Tenant
that the premises may lawfully be used for the purposes set forth in this lease,
including without limitation, the parking of vehicles as provided in Article
38th, and Landlord, at its expense, will obtain and maintain all necessary
permits, certificates and approvals required therefor.
R13. Article 11th shall be deemed modified to provide that it is a
condition to this lease (herein, the "Non-Disturbance Condition") that on or
before the Outside Date, Landlord shall obtain for the benefit of Tenant a non-
disturbance agreement from the holders of all present mortgages and ground and
underlying leases affecting the Building, in form and
5
substance reasonably satisfactory to Tenant to the effect that this lease will
not be terminated, and Tenant's rights pursuant to this lease will not be
disturbed by reason of any default under any mortgage or ground or underlying
lease affecting the Building. Landlord represents that the only mortgages and
underlying or ground leases affecting the Building as of the date hereof are one
(1) mortgage in the principal amount of approximately $5,000,000.00 held by
Provident Savings Bank. In the event the Non-Disturbance Condition is not
satisfied on or before the Outside Date, then Tenant shall have the right to
terminate this lease upon written notice to Landlord and the Escrow Agent and
Tenant shall be entitled to the return of all monies previously paid or
deposited hereunder. Further, this lease shall not be subordinate to any
mortgage or ground or underlying lease hereafter affecting the Building unless
Tenant shall obtain a satisfactory non-disturbance agreement from the holder
thereof or lessor thereunder.
R14. Article 12th shall be deemed modified to provide that in the
event of a taking by condemnation or eminent domain, this lease shall only
terminate as of the date of vesting of title in the governmental authority.
Further, in such event, Tenant shall be entitled to make a claim for its moving
expenses, leasehold improvements to the extent paid for by Tenant and
unamortized value of the leasehold estate.
R15. Article 13th shall be deemed modified to provide that in the
event of a fire or other casualty, the Landlord shall, within thirty (30) days
thereof, provide Tenant with an estimate of the amount of time required to
restore the premises from a reputable architect and if the same exceeds four (4)
months or is not actually completed within such time, Tenant, in addition to all
other rights and/or remedies hereunder or at law or in equity, shall have the
right to terminate the lease upon written notice to Landlord.
R16. Article 14th shall be deemed modified to provide that if the
Landlord shall fail or refuse to comply with and perform any conditions and
covenants of this lease after thirty (30) days from Tenant's written notice to
Landlord thereof, the Tenant may, if Tenant so elects, carry out and perform
such conditions and covenants at the cost and expense of the Landlord, and such
cost and expense shall be payable on demand, and if not paid by the Landlord
within thirty (30) days of said demand, may be offset by the Tenant, with
interest from the date of expenditure thereof, with interest at the rate of
twelve (12%) percent per annum, until said cost with interest is fully
recovered. This remedy shall be in addition to such other remedies as Tenant may
have hereunder, or at law or in equity, by reason of breach by the Landlord, of
any of the covenants and conditions in this lease contained. In addition, if a
failure by Landlord to render services or perform its obligations under the
Lease renders the premises unsuitable for the conduct of Tenant's business for a
period of ten (10) consecutive business days or more, then Tenant shall receive
a rent abatement from the period beginning upon which the premises were rendered
unusable until the date said services are restored.
R17. Article 15th and 16th shall be deemed modified to provide that
the Landlord's rights thereunder shall only be exercised in a manner to avoid
interference with the conduct of Tenant's business. Further, the Landlord's
right to show the premises set forth in Article 16th shall be limited to the
last six (6) months of the term.
R18. In Article 18th, the Landlord's rights shall be exercised only
upon thirty (30) days prior written notice to Tenant and the Tenant's subsequent
failure to remove the items identified in said notice. Any of said rights shall
be exercised at Landlord's sole expense.
R19. In Article 19th Landlord's recovery of the sums set forth in this
Article are conditioned upon Landlord using commercially reasonable efforts to
mitigate its damages referred to therein. Further, nothing contained therein or
elsewhere in this lease is to be
6
deemed to constitute or permit an acceleration of rent.
R20. The provisions of Article 20th shall only apply in the event such
bankruptcy, receivership or insolvency is not stayed within six months of the
date of filing thereof.
R21. The provisions of Article 21st shall not apply to the extent any
item described therein is the result of Landlord's willful acts or negligence.
Further, said Article is also subject to the provisions of Articles 8th and
14th, as modified herein.
R22. In Article 25th, copies of notices of default to the Tenant or
the exercise of any right or remedy by the Landlord are to be simultaneously and
in the same manner sent to Xxxxxxx and Xxxxxxxxxx, LLP, Xxx Xxxx Xxxxxx - 00xx
Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attn: Xxxxxxx Xxxxxxx, Esq. or other such
attorneys or address as Tenant may designate in writing.
R23. Article 28th is hereby modified to provide that the base year for
Real Estate Tax increases will be the later of the calendar year 2002 or the
first year that the Building and all other buildings comprising part of said tax
lot are fully assessed.
Landlord represents to the Tenant that Tenant's Proportionate Share
set forth in Article 28th has been computed by dividing the rentable square foot
area of the premises, i.e. 25,000 by the rentable square foot area of the
Building and all other buildings comprising part of said tax lot, i.e., 135,000.
Landlord also represents there are currently no abatements, exemptions, or other
incentives in effect or anticipated which would reduce the taxes for the Base
Year.
R24. The provisions of Article 23rd are to be mutual with respect to
both the performance of the Landlord's obligations by the Landlord and the
performance of the Tenant's obligations by the Tenant.
R25. Article 29th shall be deemed modified to provide that Tenant
shall receive thirty (30) days prior written notice before being required to
satisfy or bond mechanics' liens.
R26. Article 30th shall be deemed modified to provide that the waivers
and delivery of waivers of subrogation shall also to be given and delivered by
the Landlord to the Tenant. The parties agree to obtain waiver of subrogation
provisions in their respective insurance policies and hereby release and waive
all right of recovery against the other party with respect to any loss or damage
with respect to the premises resulting from fire or other casualty by way of
subrogation or otherwise. Each party agrees to look first to the proceeds of the
insurance policies to be carried by it for the recovery of any loss to be
covered by such insurance.
R27. In Article 33rd, the reference to the fifth day is changed to the
tenth day.
R28. In Article 35th, Landlord similarly represents that it did not
utilize any broker in consummating this lease and will similarly indemnify the
Tenant from the claims of any broker resulting from Landlord's actions.
R29. Article 36th shall be deemed modified to add "after the giving of
any required notice of expiration of any applicable grace or cure period" after
the word "default."
7
R30. In Article 38th, Landlord agrees to restrict parking in the
garage underneath the Building in which the Demised Premises are located to
tenants of the building and their visitors and to restrict parking in the
balance of the complex now known as 000 Xxxxx Xxxx to tenants of the complex and
their visitors.
R31. In Article 39th, in the event Tenant shall timely notify Landlord
of its desire to lease said space, Landlord and Tenant will negotiate in good
faith for a period of ten (10) days thereafter to arrive at mutually agreeable
terms as to the leasing of said space. In the event no agreement is reached
within such ten (10) day period, Landlord shall be under no further obligation
to lease such space to Tenant.
R32. Article 40th shall be deemed modified to provide that Tenant will
be permitted to place two (2) signs with two (2) names each on and around the
Building and the roads, entrances and parking facilities serving the same,
subject to compliance with all applicable laws. To the extent Landlord's consent
is provided for under Article 40th, such consent shall not be unreasonably
withheld or delayed and Landlord hereby approves of signage which is similar to
that existing for the pediatric center as of the date of execution of this
lease.
R33. In Article 41st, Landlord's consent is not to be required with
respect to a sublease which does not affect thirty-three (33%) percent or more
of the demised premises. Further, Tenant shall have the right upon notice to
Landlord but without Landlord's consent, to assign the lease or sublease the
demised premises, from time to time, to any parent, affiliate and successor
entity, whether by merger or otherwise. Consents otherwise requiring Landlord's
consent shall not be unreasonably withheld or delayed. Landlord's failure to
respond to any request for its consent to an assignment or subletting for a
period of ten (10) business days of Landlord's receipt of such request, Landlord
shall be deemed to have consented to the same.
R34. (a) Upon the execution and delivery of this lease, Tenant has
delivered the sum of $100,000.00 (the "Escrow Sum") to Xxxxxxx Xxxxxxx, Esq.
(the "Escrow Agent") to be held and disbursed on and subject to the terms of
this Article R34. In the event either (i) the Work Commencement Condition is not
satisfied on or before the Outside Date or (ii) the Non-Disturbance Condition is
not satisfied on or before the Outside Date, and Tenant exercises its option to
terminate this lease as herein provided, then the Tenant shall notify the Escrow
Agent thereof in writing and upon receipt of said notice, the Escrow Agent shall
refund the Escrow Sum, with any interest accrued thereon, to the Tenant with
interest accrued thereon.
(b) In the event that both the Work Commencement Condition and
Non-Disturbance Condition shall be timely satisfied, then Tenant shall notify
the Escrow Agent thereof in writing and upon receipt of said notice, the Escrow
Agent shall thereupon remit the Escrow Sum to the Landlord with interest accrued
thereon.
(c) Unless and until the Escrow Agent shall receive a notice from the
Tenant under (a) or (b) above, the Escrow agent shall continue to hold the
Escrow Sum in escrow as provided herein.
(d) The Escrow Agent's duties to act and serve as escrow agent are
further subject to the escrow terms set forth in Exhibit D attached hereto and
made a part hereof.
8
IN WITNESS WHEREOF, the parties have executed this lease and Rider as
of the date and year first written above.
LANDLORD: 000 XXXXX XXXX, L.L.C.
By: /s/ Xxxxxx Xxxxxxx
----------------------------
Xxxxxx Xxxxxxx
Member-Manager
TENANT: REFAC TECHNOLOGY
DEVELOPMENT CORPORATION
By: /s/ Xxxxxx X. Xxxxxxx
----------------------------
Xxxxxx X. Xxxxxxx, President
Escrow Terms Agreed To:
-----------------------------------
Xxxxxxx Xxxxxxx, Esq.
9
Edgewater: Preliminary specifications rev. August 31, 1998
(revisions noted in italics)
SPACE DEFINITION:
area legend location approx. sq. ft
--------------------------------------------------------------------------------
Upper Level 3rd floor Mezzanine Level 5,000. sf
Front Office Area 2nd floor area beneath Upper Level 5,000. sf
Studio Area 2nd floor (bet. Front Office & Shop) 8,500. sf
Shop Area 2nd floor, rear of space 6,500. sf
----------
Approx. Total: 25,000. sf
1. INTERIOR WALL & PARTITION SYSTEMS:
Type 'A' wall system: all walls in Upper Level and Front Office (except
bathrooms). Floor to ceiling tempered glass wall system w/custom aluminum
-------------------------------------------------------------
& steel support & suspension fittings (as on attached sketch) and wood
----------------------------------------------------------------------
doors, frames and transom. Glass to be fitted with a frosted-film from 3"
-------------------------------------------------------------------------
aff to 6'-0" aff and clear above to ceiling. Frost finish to be an
------------------------------------------------------------------
applied film, on office side of glass. Type "A" doors: solid core wood
----------------------------------------------------------------------
(Ash) with wood frame and transom above. Approximate quantities based on
----------------------------------------
preliminary planning: wall system - 275 LF; doors - 15 nos.
Type 'B' wall system: all walls in Studio. Wing walls perpendicular to
building walls of 5/8" gypsum board and 4" or 6" metal stud to +6'-8" aff
(door height) w/continuous clear glass transom (hollow metal frame,
storefront or butt-glazed) above to continuous structural channels
running the full length of Studio at underside of roof trusses (bottom
chord).
Acoustic damping material inside stud wall. Type "B" doors: 'storefront'
style aluminum frame clear glass sliders 6'-8" high or full height,
approx. 7'-O" in width w/adjacent 7'-O" wide clear sidelight and cont.
glass transom above. Powder coat finish. Color(s) to be determined.
Approximate quantities based on preliminary planning: wall system - 400
LF; sliding doors - 10 nos; sidelights -10 nos.
Type 'C' wall system: conventional 5/8" gypsum board & 3 1/2" metal stud
wall, type X, w/acoustic damping material inside. Approximate quantities
based on preliminary planning: 400 LF.
Type 'D' wall system: walls indicated in Shop Area. Glazed aluminum
storefront to underside of roof trusses. Powder coat finish. Color(s) to
be determined. Approximate quantities based on preliminary planning:
storefront 150 LF; glazed swinging doors - 10 nos;
Page 1 of 5
2. OTHER GLASS & GLAZING:
Furnish and install new glass panes to fit truss openings, looking from 3rd
floor down to 2nd floor.
3. DOORS, FRAMES & HARDWARE; WINDOWS:
Entry & conference room doors: type A
------
Other glass doors: part of wall systems (see above).
Other doors: metal doors w/powder coat finish in hollow metal frames.
Custom colors in certain areas.
Roll-up door: full height, 8'-0" wide in Storage Rm.
Hardware for all doors, equal to: Xxxxxx latchsets w/FSB lever handles;
locksets & closers at entry doors, Front Office and Upper Level; trim:
Schlage D series; butt hinges: Xxxxxxx XX 13 179 (brushed s.s. fin);
silencers: pneumatic rubber; acoustic seals: Xxxxx; wall stops; floor
stops; roller catch & strike; and, all access panels to mechanical &
electrical devices.
Window blinds: provide and install Xxxxxx Shade System in all south and
east facing windows, in approved color; provide additional roll-down Xxxxxx
black-out shades in all conference room windows.
4. Ceilings:
Front Office Area and Upper Level: dropped ceiling throughout; 2x2
perforated metal ceiling (by Steel Ceilings, Inc.); aluminum panels;
natural finish; concealed spline; w/2" mineral fiber acoustical blanket
above.
Studio Area and Shop Area: (where open to underside of decking)
underside/interior surfaces of decking to be covered with perforated
aluminum corrugated panels, natural finish, attached to metal furring
strips with 2" mineral fiber acoustical blanket between decking and
corrugated panel material.
Shop Areas: where indicated only: 2x2 suspended ceiling w/acoustical tiles.
Decking above Storage Room: provide and install structural columns and
metal decking adequate for heavy storage w/suitable access stair.
Other: special ceiling extension from Front Office into Studio area,
approx. 20' long x 10' wide; details to be determined.
Skylights: existing skylights to be refurbished (broken or discolored panes
replaced with wireglass to match, mullions cleaned, primed and repainted,
recaulked, etc.) and returned to move-in condition.
Page 2 of 5
5. HEATING, VENTILATING & AIR CONDITIONING:
Air conditioning to provide summer inside temperature of 74 degrees dry
bulb/50% relative humidity, when outside temperature is 95 degrees dry
bulb and 75 degrees wet bulb; winter inside temp. of 72 degrees dry bulb,
outside temp. 16 degrees dry bulb.
Ductwork: for Studio and Shop areas, exposed branch ducts shall be round or
oval section, proprietary system w/factory applied enamel finish (not
spiral wound), manufacturer and layout to be approved by client prior to
final selection and installation. Provide return duct system where
required. Provide for separate interior and perimeter zones as required.
6. FLOORING:
Provide suitable level base subflooring or underlayment as required for
flush transitions between floor surfaces. New carpet throughout, except
Shop area, including all required flash patching for glue-down carpet.
Front Office Area and Upper Level: furnish and install $50.00/Yd.
(installed) grade carpet w/padding where specified by tenant
Studio Area: furnish and install $20.00/Yd grade carpet
Shop Area: furnish and install $8.00 grade vinyl composition tile
7. PLUMBING FIXTURES:
Lavatory: Polished Stainless Steel under granite counter
Urinal: Wall hung, white vitreous china.
Urinal flush valve: brushed s.s. fin: Xxxxx royal #180 or equal
Water Closet: wall-mounted vitreous china, w/white solid plastic seat.
Water Closet flush valve: brushed s.s. fin: Xxxxx royal #115-3 or equal
8. TOILET ROOM FINISHES
Executive Bathrooms: polished granite flooring, granite slab base &
wainscotting, glass or ceramic tile walls (or equal, client design); single
slab 3cm polished granite counter top w/4" high granite splash and 4"
apron; 1/4" polished silver mirror w/brushed s.s. trim; ceiling hung,
brushed s.s. toilet partitions and screens w/brushed s.s. trim and
hardware. Fluorescent strip fixtures in perf. metal or gyp. bd. cove
w/acrylic eggcrate diffusers at fixture wall and above lavatories.
Downlight in toilet vestibule. Brushed s.s. toilet accessories and lever
latchset. Painted gyp. board ceilings. Also, 0xx Xxxxx: glass, glass tile
and s.s. single-stall shower and fittings.
Studio Bathrooms: ceramic tile floor; ceramic tile wall; single slab 3cm
polished granite counter top w/4" high granite splash and 4" apron (or
similar in s.s. & glass, tenant design); 1/4" polished silver mirror
w/brushed s.s. trim; ceiling hung, brushed s.s. toilet partitions and
screens w/brushed s.s. trim and hardware.
Page 3 of 5
8. Toilet Room Finishes (continued)
Fluorescent strip fixtures in perf, metal or gyp. bd. cove at fixture wall
and above lavatories. Downlight in toilet vestibule. Brushed s.s. toilet
accessories and lever latchset. Painted gypsum board ceilings.
Shop: sink & h/c water in Lab and adjacent wall in Mock-up Room
9. Lighting and Light Switches:
Fixtures to include lamps, lamp holders and all accessories. Front Office
Area and Upper Level fixtures: combination of 2'X'2 fluorescent and
incandescent downlight style fixtures. Quantity, type and layout to be
determined by tenant. Sliding dimmer switches for incandescent fixtures.
Low voltage dimmers for low voltage fixtures. Provide dedicated fixtures
on emergency power per code. Door Exit fixtures fully recessed.
Studio and Shop Areas fixtures: pendant uplighting (indirect) suitable for
computer and print-intensive workplaces, Lightolier 'Lytespread LV' 3 lamp
system or approved equal. Estimated four or five continuous runs required.
Rocker type switches w/brushed s.s. plates. Brushed s.s. duplex outlet
plates.
10. Railings and Handrails: to be determined.
11. Architectural Woodwork:
AWI (American Wood Institute) custom grade. Scope to be determined.
12. Wall Coverings and Paint:
Provide and install vinyl wallcovering (tenant selection) on all exposed
wall surfaces. Paint elsewhere to be two finish coats (or more for Uniform
Appearance) over primer, all new work. Two finish coats over existing
paint, existing walls, door frames, base, etc (enamel). Walls: eggshell;
Trim: Xxxx. Xxxxx 'Satin Imperial'; Ceilings: Flat. Exposed, overhead
trusses to be painted semi-gloss accent color (color to be determined by
tenant). Paint manufacturer: Xxxx. Xxxxx enamel or approved equal. Base:
Straight base at carpet, install prior to carpet. Manufacturer: Xxxxx.
13. Signage and Graphics:
To be determined.
14. Power & Signal Service:
Provide and install continuous raceways along entire length of North and
South interior walls, suitable for power, telephone and computer network
cabling. Provide conduits for extending raceway service (flush with floor)
to
Page 4 of 5
approximately 4 'hubs' in the center of the Front Office and Upper Level
spaces, 4 'hubs' in the center of the Studio and 6 locations in the Shop
areas (locations and power service requirements to be determined).
15. KITCHEN/LUNCHROOM:
Provide and install custom designed and fabricated kitchen cabinets and
countertop on East wall of Lunchroom; design, materials specifications and
appliances by tenant.
16. SPRINKLERS:
Sprinkler heads to be chrome pendant, recessed in Front Office & Upper
Level, layout to be approved by tenant.
17. LIFE SAFETY SYSTEMS
Fire Extinguishers: ABC type, recessed cabinet mounted.
Smoke detectors:
Smoke evacuation(?):
Security system:
18. OTHER/MISCELLANEOUS
- Provide and install exhaust systems (roof penetrations, caps, ductwork and
one large exhaust fan) at two (2) locations; in the Paint Booth area and
Model Shop. Paint Booth equipment supplied by tenant (OSHA and EPA)
approved).
- Parking Level Entrances at East staircases and elevator: scope of work to
be determined
Page 5 of 5
EXHIBIT D
---------
Escrow Terms
------------
1. Escrow Agent shall have no responsibility for determining the due
authorization, execution and delivery of any of the items delivered to Escrow
Agent pursuant to this Agreement or the genuineness of any of the signatures
thereon. Escrow Agent may rely and shall be protected in acting or refraining
from acting upon any written notice, instruction or request finished to it
hereunder and believed by it to be genuine and to have been signed by the proper
party or parties.
2. Escrow Agent undertakes to perform only such duties as are
expressly set forth herein and shall not be bound in any way by any other
agreement between whether or not Escrow Agent has knowledge thereof.
3. Landlord and Tenant acknowledge that Escrow Agent is serving as
escrow agent hereunder solely as an accommodation to Landlord and Tenant.
Landlord and Tenant agree that Escrow Agent shall not be liable to any of them
for any matter or thing arising out of the performance by Escrow Agent of its
obligations hereunder, except for willful misfeasance.
4. In the event of (a) Escrow Agent shall receive contradictory
instructions hereunder, or (b) there shall be any dispute regarding any matter
arising under this Agreement or (c) there shall be any uncertainty as to the
meaning or applicability of the provisions hereof or of any notice or
instructions received by Escrow Agent or the action to be taken by Escrow Agent
in response thereto, then Escrow Agent shall, at its option, either (i) retain
the items delivered to Escrow Agent in escrow in accordance with the terms
hereof pending (A) its receipt of non-contradictory instructions, or (B)
resolution of any such dispute or (C) clarification of any such uncertainty or
(ii) deposit the items delivered to Escrow Agent with any appropriate court in
the County of New York and, upon making such deposit, Escrow Agent shall
thereupon be released from all further obligations hereunder.
5. Landlord and Tenant jointly and severally agree to indemnify and
hold Escrow Agent harmless from and against any and all costs, claims or
damages that may be asserted against or incurred by Escrow Agent arising out of
or in connection with this Agreement or Escrow Agent's action or failure to act
hereunder, including, without limitation, costs and expenses (including
attorneys' fees) of defending itself against a claim of liability arising
hereunder, excepting, however, all costs, claims or damages arising out of
willful misfeasance.
6. All notices and communications hereunder shall be in writing and
shall be deemed to be duly given if delivered by hand or shall be deemed to be
duly given (a) when given by hand, or (b) two (2) business days after being
mailed by registered or certified mail, return receipt requested, postage
prepaid, at a branch of the United States Postal Service regularly maintained in
the city in which the party giving such notice or communication is located,
addressed as follows:
If to Landlord: 000 Xxxxx Xxxx, LLC
000 Xxxxx Xxxx, Xxxxx 000
Xxxxxxxxx, Xxx Xxxxxx 00000
14
REVISED BUDGETARY WORKSHEET: Edgewater Construction
September 17, 1998
CATEGORY/ITEM DESCRIPTION QUANTITY COST.EST
----------------------------------------------------------------------------------------------------------------------------------
1. INTERIOR WALL & PARTITION SYSTEMS: (NOTE: *= XXX XXXXXXX ALLOWANCE; NIB NOT IN BUDGET; THD = TO BE DETERMINED)
Type A glazed wall system w/custom fittings ($29.50sf) 275 lf 73,012.*
Type A solid core doors, frame & transom ($950 ea) 15 14,250.*
Type B sliding door units & sidelites 10 30,000.*
glass transom over walls 400 lf 23,600.*
Type C conventional drywall ($32/1f) 400 lf 12,800.*
Type D storefront 150 lf 33,750.*
premium for powder coat - 6,750.*
storefront doors 10 12,700.*
premium for powder coat - 2,240.*
----------
Sub-Total, Walls w/doors: $209,102.*
2. DOORS, FRAMES, HARDWARE AND WINDOWS
Doors: other hollow metal 7 3,500.*
Door: other double door into storage room 1 pr. 600.*
Doors: other other custom wood in exec. areas 8 7,500. nib
Window Shades Xxxxxx Shades in South and East windows tbd 15,000.nib
----------
Sub-Total, Doors & Windows: $26,600.
3. CEILINGS
Metal hung ceiling exec off; 2x2 perf. metal/$7.50 per sf (approx. 10,000 sf) 12,000 sf 67,500.*
2x2 hung mineral ceiling shop areas + bathrooms, etc. (3,000 sf) 3,000 sf 9,000.*
Studio/Mock-up ceiling corrugated, perf. alum. panels on decking; $7.50/sf 12,000 sf 60,000.*
entrance area to be determined tbd 1,500.*
-------
Sub-Total, Ceilings: $138,000.
4. HVAC premium for round, painted ductwork tbd 21,500.*
exhaust fan service, vents and installation tbd 5, 000. nib
-----------
Sub-Total, HVAC: $26,500.
1 of 3
5. FLOORING
Exec offices high quality carpet/$50 per yard (approx. 10,000 sf) 1,000 yds $ 50,000.*
Studio/Mock-up industrial carpet/$15 per yard (approx. 11,000 sf) 1,200 yds 18,000.nib
Shop/Storage vinyl tile/epoxy paint/$2/ft (various; 3,000 sf) 3,000 sf 6,000.nib
Exec Bathroom granite flooring 400 sf 4,000.nib
Stairways carpet/wood/or granite tile? tbd 5,000.nib
3rd Fl. Balcony ceramic tile? - inc.
----
Sub-Total, Flooring: $ 83,000.
6. PLUMBING & FIXTURES
Studio & Shop 1 sink each in shop, lab, mock-up, janitor 4 4,000.*
Lunchroom hot, cold & waste service (sink + dishwasher) 1 1,000.*
------
Sub-Total, Plumbing 5,000.
7. LIGHTING, SWITCHES & OUTLETS
3rd fl lighting, sw & outlets 56 outlets, 36 sw, 45 2x2, 48 hi hats - 23,100.*
2nd fl off lighting, sw & out. 56 outlets, 36 sw, 45 2x2, 48 hi hats - 23,100.*
Studio Area uplights, 85, 8'-0" fixtures ($204/fix) 85 17,353.*
additional for more suitable fixtures - 15,000. nib
Studio Area 2x4 lay in fluorescent fixtures; 20 sw 36 36,000.*
--------
Sub-Total, Lighting: $ 114,553.
8. POWER & SIGNAL SERVICE
all perimeter walls raceway for power, computer & telephones ? 4,900.*
additional for appropriate raceway tbd 10, 000. nib
offices & studio power & signal hubs 18 9,900.*
220v service/3 phase for machine shop tbd 5,000. nib
----------
Sub-Total, Power & Signal: $ 29,800.
2 of 3
9. PAINT & WALLCOVERING
Vinyl Wallcovering all drywall surfaces in office areas ($9/yd) 400 yds 3,600.*
Vinyl Wallcovering (other areas beyond the 400 yds?) tbd 5,000. nib
Studio paint painted walls in studio, shop & storage areas - 9,000.*
-------
Sub-Total, Paint & Wallcovering:. $17,600.*
10 OTHER:
Stairwells & Main Garage Entry scope & finishes to be determined tbd 20,000.nib
Millwork elevator lobby areas tbd 10,000.nib
Signage corporate signage; exterior/interior tbd 5,000.nib
Executive Bathrooms finishes & fixtures beyond building standard tbd 20,000.nib
Miscellaneous other items not yet identified tbd 10,000.nib
----------
Sub-Total, Other $65,000.
RUNNING TOTAL: $715,155.
*contingency, extra's, etc. (to be determined) + contingency: ?.
Grand Total: $.
3 of 3
EXHIBIT A
---------
DEMISED PREMISES
----------------
FOLLOW THIS COVER PAGE
10
EXHIBIT A
Page 1 of 2
[FLOOR MAP APPEARS HERE]
EXHIBIT A
Page 2 of 2
[FLOOR MAP APPEARS HERE]
EXHIBIT B-1
-----------
SPACE DEFINITION SCHEDULE
-------------------------
(FOLLOWS THIS COVER PAGE)
11
EXHIBIT B-2
-----------
REVISED BUDGETARY WORKSHEET
` ---------------------------
(FOLLOWS THIS COVER PAGE)
12
EXHIBIT C
---------
COPIES OF EXISTING PERMITS
--------------------------
1. Site Plan Approval from the Borough of Edgewater Planning Board.
2. Site Plan Approval from the Bergen County Planning Board.
3. Approval from the New Jersey Department of Environmental Protection.
4. Dept. of Army Permit No. 97-08410
5. Edgewater Building Permit No. 97/144, dated 8/26/97.
13
with a copy to:
Xxxxxxx Xxxxxxx, Esq.
000 Xxxxxx Xxxxxx
Xxxxxxxxx Xxxxxx, Xxx Xxxxxx 00000
If to Tenant: REFAC Technology Development Corporation
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
Attn: President
-----------------
with a copy to:
XXXXXXX & ZUCKERBROD, LLP
Xxx Xxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxxxxx Xxxxxxx, Esq.
If to Escrow Agent: Xxxxxxx Xxxxxxx, Esq.
000 Xxxxxx Xxxxxx
Xxxxxxxxx Xxxxxx, Xxx Xxxxxx 00000
or to such other address as any of the above may furnish to the other parties in
writing.
7. Each party hereto agrees not to assign any of its respective
rights nor to delegate any of its respective duties under this Agreement without
the written consent of the other parties.
8. This Agreement shall be construed in accordance with and
governed by the laws of the State of New York.
