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Restated Lease Indenture

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Exhibit 10.15


RESTATED LEASE INDENTURE
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THIS RESTATED LEASE INDENTURE, effective as of the 30th day of October, 1996, by and between FRANK CRISCITIELLO and ANNE CRISCITIELLO d/b/a PLAZA REALTY PARTNERSHIP, a New Jersey general partnership with a principal office 80 Market Street, Kenilworth, New Jersey 07033 (hereinafter called "Lessor") and CHRISTIE PRODUCTS, INC., a Delaware corporation with a principal place of business at 80 Market Street, Kenilworth, New Jersey 07033 (hereinafter called "Lessee").


W I T N E S S E T H:


WHEREAS, Lessor and Lessee previously entered into a Lease Indenture of Premises located at 80 Market Street, Kennilworth, New Jersey, effective as of October 1, 1996 providing for an initial term of one year, with Lessee having the option to renew said Lease for two (2) additional consecutive twelve-month renewal terms; and


WHEREAS, the parties desire to restate said Lease to change the initial term and renewal terms.


NOW, THEREFORE, said Lease is hereby restated in its entirety as follows:


1. PREMISES/ACCEPTANCE: Lessor, in consideration of the rents hereinafter reserved and of the covenants, agreements and conditions hereinafter contained, does hereby let unto Lessee, and Lessee does hereby hire and take, those premises including all buildings and improvements located thereon, located at 80 Market Street, Kenilworth, New Jersey, as more particularly described in Exhibit A, attached hereto (hereinafter called the "premises" or "demised premises"). Lessor represents that at the time of execution of this Lease all mechanical systems located on the premises are in good working order. Such systems shall include but are not


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Exhibit 10.15


necessarily limited to electricity, heating and plumbing systems, and lighting systems. Lessee acknowledges that it has inspected the premises to its satisfaction and accepts the same in there present condition "as is".


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Exhibit 10.15


2. TERM OF LEASE:


(a) INITIAL TERM. The initial term of this Lease is for thirty-six (36) months, commencing as of the date of closing that certain Asset Purchase Agreement between Christie Enterprises, Inc. and Lessee.


(b) RENEWAL TERM. Provided that (i) Lessee is not then in default with respect to any of its obligations contained herein and (ii) Lessee is not then in default of its obligations to make timely payments of rent, Lessee may renew and extend the term of this Lease for two (2) additional consecutive twelve (12) month renewal terms, by delivery of written notice to the Lessor not later than ninety (90) days prior to the end of the then present term. All obligations, covenants and conditions contained herein shall continue for the said renewal term.


(c) DEFINITIONS. Except as otherwise provided herein, any reference in this Lease to the "term of this Lease" or "Lease term" shall mean the initial term and the renewal term, if any.


(d) LESSEE'S RIGHT TO TERMINATE. Notwithstanding the provisions of (a) and (b) above, Lessee shall have the right to terminate this Lease during the renewal term upon giving at least ninety (90) days advance written notice of its intent to terminate as of a date certain to Lessor.


3. BASE RENT: During the initial and renewal term of this Lease, the Lessee shall pay to the Lessor the annual base rent of ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000.00) as follows:


(a) During the first six (6) months of the initial term, in equal monthly installments of FIVE THOUSAND DOLLARS ($5,000.00) each, payable in advance on the first day of each calendar month;


(b) During the next six (6) months of the initial term, in equal monthly installments of


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Exhibit 10.15


FIFTEEN THOUSAND DOLLARS ($15,000.00) each, payable in advance on the first day of each calendar month;


(c) During the remaining twenty-four (24) months of the initial term, in equal monthly installments of TEN THOUSAND DOLLARS ($10,000.00) each, payable in advance on the first day of each calendar month; and


(d) During each renewal term, if the option(s) to renew is(are) exercised, the monthly base rent shall be TEN THOUSAND DOLLARS ($10,000.00).


4. SECURITY DEPOSIT: This Lease does not contain any provision for a security deposit.


5. LATE CHARGES: In order to cover the extra expense involved in handling delinquent payment, Lessee agrees to pay a "late charge" of five (5%) percent of any installment of rent or additional rent which is paid more than twenty (20) days after the same shall become due.


6. PUBLIC UTILITIES: The Lessee shall pay all charges for utility services furnished, used or consumed in connection with the premises including but not limited to heat, hot water, gas, fuel oil, water, electricity and telephone.


7. USE: The Lessee shall use and occupy premises solely for the purpose of operating any business permitted by local or state planning and zoning regulations, ordinances or statutory and in connection therewith Lessee shall procure at its expense all permits, licenses or other required authorizations. Lessor makes no representation that the intended use by Lessee is allowable by municipal, state or federal regulations.


The Lessee will comply with, and will cause its servants, agents, business visitors, and invitees to comply with all laws, statutes, municipal ordinances, rules and regulations of public


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Exhibit 10.15


authorities applicable to the use of the property and to the conduct of its business thereon and will indemnify and save the Lessors harmless from all loss, damage, fines, penalties, and costs for violations thereof or non-compliance therewith.


8. ASSIGNMENT AND SUBLET: Lessee shall not sublet the premises in any manner or otherwise assign, mortgage or encumber this Lease without the prior written consent of the Lessor, which consent shall not be unreasonably withheld; no such sublet, assignment, mortgage or encumbrance shall release Lessee from the obligations to fully perform and fulfill Lessee's covenants herein.


9. QUIET ENJOYMENT: The Lessor covenants and agrees that the Lessee, upon paying the rent and all of the charges herein provided for, and observing and keeping the covenants, agreements, and conditions of this Lease on its part to be kept, shall lawfully and quietly hold, occupy and enjoy the property during the term of this Lease without hindrance or molestation from anyone claiming by, through, or under the Lessor, subject, however, to the matters herein set forth.


10. SUBORDINATION: Notwithstanding any provision contained herein, this Lease shall be subject and subordinate to the lien of any and all existing or future mortgages affecting the premises or any future extensions, modifications, renewals, replacements or amendments thereof and, to that effect, the Lessee shall, upon request of the Lessor, execute and deliver in appropriate form for recording on the land records a proper instrument evidencing such subordination. The foreclosure of any mortgage referred to in this paragraph shall not, by operation of law or otherwise, result in the cancellation of this Lease or the obligations of the Lessee hereunder and Lessee agrees to attorn to and recognize any purchaser of the mortgaged premises in foreclosure (including the mortgagee) as Lessor hereunder in the event that any of said parties shall succeed to Lessor's interest


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in the premises.


11. MAINTENANCE AND REPAIR:


(a) Lessee, at Lessee's expense, shall be responsible for the performance of maintenance of all parking areas and sidewalks and the removal of debris and litter of whatever kind and trash hauling or carting service to the demised premises. The Lessee shall provide for sanding and removal of snow and ice from all parking areas and all sidewalks and care and maintenance of all lawn areas, shrubs and trees located on the premises. The Lessee shall keep the premises in good condition and repair and shall, at Lessee's expense, make all necessary repairs to the interior of the demised premises including replacement of all damaged and/or broken glass and service of all electrical, mechanical, plumbing, heating, air conditioning systems, and all other services relating to the use of the premises.


(b) Lessor shall at its sole cost and expense keep and maintain in good repair the exterior of all structures and buildings on the demised premises, including but not limited to, the roof, walls, all exterior service pipes and mains which service the demised premises and shall make all repairs and replacements to the mechanical, plumbing, heating, air conditioning systems servicing the premises.


12. ALTERATIONS/MECHANICS' LIENS: As of the effective date hereof, Lessor represents and warrants that the demised premises are in compliance with all applicable federal, state, and municipal statutes, regulations, and ordinances.


The Lessee will make no interior or exterior alterations or additions in or to the property unless it shall have first obtained the written consent of the Lessor thereto. If any alterations or additions shall be made by the Lessee, they will become and be the property of the Lessor and will


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Exhibit 10.15


be surrendered with the proper
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