Exhibit 10.2
LEASE
DATED AS OF APRIL 21, 2005
BETWEEN
399 EXTERIOR STREET ASSOCIATES LLC, as Lessor
AND
AMBOY BUS CO., INC. as Lessee
LEASE
This Lease (this "Lease") dated as of April 21, 2005 by and between 399 Exterior
Street Associates LLC, a Delaware Jersey limited liability company with offices
at 119 West 57th Street, Penthouse South, New York, New York 10019 (the
"Lessor") and Amboy Bus Co., Inc., a New York corporation with offices at 399
Exterior Street, Bronx, New York 10451 (the "Lessee").
In consideration of the terms and provisions set forth herein, and other good
and valuable consideration, Lessor and Lessee hereby covenant and agree as
follows:
ARTICLE ONE
LEASE PROPER; DEMISED PREMISES
SECTION 1.01.
LESSOR HEREBY LEASES AND DEMISES UNTO LESSEE, AND LESSEE
HEREBY TAKES AND HIRES FROM LESSOR, THE PREMISES DESCRIBED IN SCHEDULE A
ATTACHED HERETO AND MADE A PART HEREOF, TOGETHER WITH ALL EASEMENTS, RIGHTS AND
APPURTENANCES THERETO (COLLECTIVELY THE "DEMISED PREMISES") INCLUDING THE
BUILDINGS, STRUCTURES, FIXTURES AND IMPROVEMENTS CONSTRUCTED THEREON (THE
"IMPROVEMENT" OR "IMPROVEMENTS").
SECTION 1.02.
THIS LEASE SHALL COMMENCE ON THE DATE HEREOF AND SHALL
CONTINUE UNTIL THE LAST DAY OF THE MONTH OF MAY, 2025 (THE "DEMISED TERM").
SECTION 1.03.
THE DEMISED PREMISES ARE LEASED SUBJECT TO ALL EXISTING
LIENS, ENCUMBRANCES, COVENANTS, RESTRICTIONS, EASEMENTS, AGREEMENTS, LEASES
(INCLUDING THE BILLBOARD LEASE REFERRED TO IN SECTION 32.01 HEREOF) AND
RESERVATIONS, IF ANY, ANY STATE OF FACTS AN ACCURATE SURVEY MIGHT SHOW, AND
ZONING RULES, RESTRICTIONS AND REGULATIONS NOW IN EFFECT OR HEREAFTER ADOPTED BY
A GOVERNMENTAL AUTHORITY HAVING JURISDICTION WHICH RELATE TO THE DEMISED
PREMISES.
ARTICLE TWO
RENT DURING DEMISED TERM
SECTION 2.01.
LESSEE COVENANTS AND AGREES TO PAY TO LESSOR PROMPTLY
WHEN DUE WITHOUT NOTICE OR DEMAND FIXED RENT FOR THE DEMISED TERM WHICH SHALL BE
PAYABLE IN ADVANCE IN EQUAL MONTHLY INSTALLMENTS COMMENCING ON MAY 1, 2005 AND
CONTINUING THEREAFTER ON THE FIRST DAY OF EACH MONTH DURING THE DEMISED TERM AS
MORE PARTICULARLY SET FORTH IN SCHEDULE B HERETO. IF ANY RENT DATE SHALL FALL ON
A SATURDAY, SUNDAY OR HOLIDAY, THE RENTAL PAYMENT WILL BE MADE ON THE NEXT
SUCCEEDING BUSINESS DAY.
IF THE DEMISED TERM SHALL COMMENCE ON ANY DAY OTHER
THAN THE FIRST DAY OF A CALENDAR MONTH, THE RENT FOR SUCH MONTH SHALL BE
PRORATED ON A DAILY BASIS BASED UPON THE ACTUAL NUMBER OF DAYS IN THE MONTH AND
SHALL BE PAYABLE ON THE DATE HEREOF.
SECTION 2.02.
ALL AMOUNTS PAYABLE UNDER SECTION 2.01 OF THIS ARTICLE,
AS WELL AS ALL OTHER AMOUNTS PAYABLE BY LESSEE TO LESSOR UNDER THE TERMS OF THIS
LEASE, SHALL BE DEEMED TO BE RENT AND SHALL BE PAYABLE IN LAWFUL MONEY OF THE
UNITED STATES WHICH SHALL BE LEGAL TENDER, EACH PAYMENT OF FIXED RENT TO BE PAID
TO LESSOR AT THE LESSOR'S ADDRESS SET FORTH IN THIS LEASE, OR AT SUCH OTHER
PLACE WITHIN THE CONTINENTAL LIMITS OF THE UNITED STATES AS LESSOR SHALL FROM
TIME TO
TIME DESIGNATE BY NOTICE TO LESSEE.
ALL RENT