Exhibit 10.14
FIRST AMENDMENT TO LEASE
DATED: JANUARY , 2000
THIS AGREEMENT dated this day of January, 2000 by and between JB
SQUARED LLC, a New York limited liability company having an office at Xxxxx 000,
00 Xxxxxxxx Xxx, Xxxx Xxxxxxxx, Xxx Xxxx 00000, (hereinafter "Lessor") and
INTERNET COMMERCE CORPORATION, a New York corporation having an office at 00
Xxxxxxxx Xxx, Xxxx Xxxxxxxx, Xxx Xxxx 00000 (hereinafter "Lessee").
W I T N E S S E T H:
WHEREAS, Lessor and Lessee entered into a Lease dated June 1, 1999
(the "Lease") for premises located at 45 Research Way in East Satauket, New
York, which was agreed to be comprised of approximately 4,117 rentable square
feet ("existing space"); and
WHEREAS, the Lessee wishes to amend the lease so as to add
additional space to the Premises, change the Base Rent, additional rent, and
otherwise modify certain terms of the Lease, as provided for herein, and Lessor
is agreeable to such amendments; and
WHEREAS, the parties are desirous of modifying and amending the
lease for the Leased Premises;
NOW, THEREFORE, in consideration of the mutual promises herein
contained and the sum of One ($1.00) Dollar each to the other in hand paid, the
Lessor and Lessee hereby agree as follows, effective upon Lessor's completing
the work to be performed by Lessor for the new space (as hereinafter defined).
1. Premises. The Premises as provided in the Lease is hereby
amended to include an additional 4,774 square feet of rentable space on the
second floor, more particularly outlined on Exhibit A1 attached hereto ("new
space").
2. Term. The term of the Lease for the new space shall commence
whenever Lessor completes the work to be performed by Lessor and Lessor obtains
a certificate of occupancy for the new space (there being no particular time for
such work to be completed) (the "New Space Commencement Date") and terminating
on June 30, 2004.
3. Base Rent for the new space shall be nineteen ($19.00) Dollars
per rentable square foot per annum payable in equal monthly installments in
advance at the same time and under the same conditions as the Base Rent for the
existing space (however, Base Rent, other charges and other liabilities and
responsibilities for the existing space shall continue for Lessee in accordance
with the terms of the existing lease). The Base Rent for the new space shall
increase at the same times and by the same percentages as for the existing
space. The Base Rent shall commence on the New Space Commencement Date.
Commencing on the New Space Commencement Date and on the first day
of each month thereafter, Lessee shall pay its Percentage share of Additional
Rent, as provided in the existing Lease. Lessee's Proportionate Share, for the
existing space and new space, from and after the New Space Commencement Date,
shall be increased to and be Seventeen and 78/100 (17.78%) percent. Lessee shall
arrange for electricity for the new space with the utility providing same and
shall arrange for metering of the consumption at the new space. All charges for
the meter and for electrical service at the existing space and new space shall
be paid for by Lessee.
4. Lessee Work Allowance. Lessor will provide a work allowance of
Twenty ($20.00) Dollars per rentable square foot of the new space for the work
to be performed by Lessor for Lessee in accordance with the attached work
letter. Any costs in excess of such allowance shall be paid by Lessee to Lessor
not later than the Commencement Date for the new space.
5. Security Deposits. Paragraph 26 of the Lease is amended so that
the full letter of credit in the amount of $100,000.00 shall be maintained until
July 1, 2001. At that time, provided Lessee is not then in default under the
Lease, as amended hereby, the Letter of Credit, on the next renewal thereof, may
be reduced by $30,000.00 to $70,000.00, and there shall be further reductions of
$30,000.00 on each July 1, thereafter, provided Lessee is not in default under
the Lease, as amended hereby, on each such anniversary.
6. The terms of the Exhibit, Right of First Offer shall not be
applicable to the new space.
7. Brokerage. The Lessee and the Lessor each represents to the other
that it has not had any dealings with any brokers or agents in connection with
the negotiations of this lease amendment except for CB Xxxxxxx Xxxxx and Xxx
Xxxx whose commission shall be paid by Lessor. Each party hereby indemnifies and
agrees to defend and hold the other harmless from any claims, demands,
liabilities, and expenses, including the defense thereof, and including
attorney's fees of any other broker wherein it is claimed that such broker was
in any way a procuring cause of this lease amendment and dealt with the party
against whom the claim is made. The provisions of this paragraph shall survive
termination of the Lease as amended hereby.
8. Other Terms and Conditions. All of the terms and conditions of
the Lease, except as expressly herein amended, shall remain in full force and
effect and shall apply to the Leased Premises, as amended and changed by this
Amendment. Any reference to Lease shall mean the Lease as amended by this
Amendment.
-2-
IN WITNESS WHEREOF, the parties have executed this Amendment as of
the day and year first above written.
Signed, sealed and delivered Lessor
in the presence of:
______________________________ JB SQUARED LLC
/s/: By: /s/: Xxxxxx X. Xxxxxxxx
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A member
Lessee:
______________________________ INTERNET COMMERCE CORPORATION
______________________________
By: /s/: Xxxxxxx Xxxxx
--------------------------
Title: Chief Operating Officer
1/24/2000
