Document:

Exhibit 10(xiv)

 

SECOND AMENDMENT TO LEASE

 

THIS SECOND
AMENDMENT TO LEASE is made as of this l9 th day of September, 2003 between
CLINTON UNITY GROUP, LLC, having its principal mailing address is P.O. Box
5301, Clinton, New Jersey 08809 (hereinafter
“Landlord”), and UNITY BANK, (formerly, First Community Bank) a banking
institution organized under the laws of the State of New Jersey, having its
principal offices at 64 Old Highway 22, Clinton, New Jersey 08809, (hereinafter “Lessee”).

 

WITTNESSETH

 

WHEREAS,
Lessee occupies portions of a commercial office building (hereinafter
“building”), located and situated on property located at 64 Old Highway 22,
Clinton, New Jersey identified on the Town of Clinton Tax Map as Block 22, Lot
22 pursuant to a revised lease dated December 15, 1995 between Lessee and
Landlord, amended by First Amendment to lease dated March 1, 1997 (hereinafter
collectively “the Lease”); and

 

WHEREAS,
Landlord and Lessee are mutually desirous of amending the lease upon the terms,
covenants and condition hereinafter set forth.

 

NOWTHEREFORE,
For and in consideration of One ($1.00) Dollar
and other good and valuable consideration provided by each party to the other,
the receipt and sufficiency of which is hereby acknowledged, Landlord and
Lessee do herein agree to amend the Lease in the manner following:

 

1.             LEASE TERM.
This Lease shall remain in full force and effect until December 31, 2009.

 

2.             LEASED PREMISES. The
lease premises shall consist of all of the first and second floors of the
building as established by the Lease, prior to this amendment, until November 1,2005. On November 1,2005 the leased premises shall consist
of the entire building being all of the first, second and third floors.

 

3. BASE
RENT.

 

3.1  Rent shall continue at its
present rate of $422,256.00 per annum, as established by the Lease prior to
this amendment, through December 31,2003 [$35,188.00 per month].

 

3.2 
The rent to be paid by Lessee to Landlord on and after January 1, 2004
through October 31, 2005 shall be $430,704.36
per annum [$35,892.03 per month].

 

 

3.3  The rent to be paid
by Lessee to Landlord commencing November 1,2005 and continuing for the
remainder of the lease term shall be $553,247.40 per annum [46,103.95 per
month].

 

4.             ADDITIONAL RENT. Lessee
shall pay Landlord as additional rent its’ pro rata share [75%] of common area
maintenance (“CAM”) pursuant to the additional rent provisions as set forth in
Subparagraph 6 of the Lease until November 1,2005. Commencing on November
1,2005 and continuing for the remainder of the lease term PROVIDED, HOWEVER,
Lessee’s obligation to pay rent and Landlord’s obligation to deliver possession
shall be deferred, in the event the existing tenant fails to vacate prior to
November 1, 2005, until such time as the existing tenant surrenders possession
and/or is evicted. Lessee as tenant of the entire building shall be responsible
to pay all CAM.

 

5. OPTION TO RENT ADJACENT
SPACE.

 

5.1 
Landlord herein grants Lessee an option to rent the 3,519 rentable
square feet located on the westerly side of the main corridor of the first
floor of a building located at 54 Old Highway 22, Clinton, New Jersey owned by
Century Development, LLC, and an affiliate of Landlord.

 

5.2 
Lessee shall exercise said option by providing Landlord with written
notice of its election to do so on or before March 31, 2004.

 

5.3 
In the event of exercise, the lease term shall commence on April I, 2004
and terminate on November 1, 2005.

 

5.4 
The rent to be paid by Lessee to Landlord shall be $68,536.04 per annum
(i) calculated at the rate of $19.476X 3,519 per sq. ft., (ii) payable at the
rate of $5,711.34 per month on the first day of each month during the entire
Lease term herewith.

 

5.5 
Lessee shall pay to Landlord as additional rent a sum equal to 17.08% of
the CAM attributable to 54 Old Highway 22, Clinton, New Jersey [estimated to be
$1,708.00 per month].

 

6.             LESSEE PURCHASE
OPTION. The option to purchase as set forth in the Lease is hereby deleted
in its entirety and replaced with the following:

 

(a) Tenant is hereby afforded the option to
purchase the real estate known as Lot 22 in Block 22 as shown on the tax map of
the Town of Clinton for the sum of $5,000,000.00 (the Purchase Option). The
Purchase Options shall be exercised no later than 11 :59 p.m., Eastern Daylight
Time, June 30,2009 (the Exercise Date), TIME BEING OF THE ESSENCE. In the event
the Purchase Option is not exercised by the Exercise Date, the right to
exercise the Purchase Option shall be deemed abandoned.

 

 

(b) Notice of the exercise of the Purchase Option shall be sent to the
Landlord, to the address reflected herein, by certified mail, return receipt
requested. The notice of the exercise of the Purchase Option must be postmarked
by the Exercise Date and shall be accompanied by a deposit check in the amount
of$250,000.00 payable to the order of the seller’s attorney, Benbrook &
Benbrook.

 

(c) Closing of title shall take place on or about January 2,2010 at the
main office of Unity Bank 64 Old Highway 22, Clinton, NJ 08809. The following
items shall be adjusted as of 11:59 p.m. of the day immediately preceding the
date of closing: rents, tenant securities, taxes, sewer charges, if any and all
other customarily adjusted items. The balance of the purchase price shall be
paid by wire transfer to an account designated by the Landlord.

 

(d) At closing the Landlord, as Seller, shall provide a Deed, Affidavit
of Title, Consent of Members, FIRPT A Affidavit and such other documents as the
title company utilized by the Tenant shall reasonably require.

 

(e) The title to be conveyed by Landlord
shall be good and marketable title and such title as will be insurable by a
reputable title insurance company subject to easements and restrictions of
record, applicable zoning regulations and such facts as shall be demonstrated
by accurate survey, PROVIDED, HOWEVER, in
the event seller cannot convey title pursuant to the standards as set forth
herein, Seller’s sole obligation shall be to return the deposit to Buyer at
which time this said option agreement shall be deemed to be null and void
unless Buyer, within ten days of written notice from Seller, of Seller’s
inability to convey such title as provided for herein, notify Seller in writing
that Buyer is prepared to accept such title as Seller can convey without
abatement of the purchase price.

 

7.             CONFLICT IN TERMS. In the event of a conflict between the terms
and conditions of the lease and this amendment it is understood and agreed that
the terms and conditions of this amendment shall supercede and prevail.

 

8.  RATIFICATION.
Except as altered by this second amendment the lease is ratified and
confirmed in its entirety.

 

IN WITNESS
WHEREOF, the parties hereunto set their hands and seals, or caused these
presents to be signed by their proper corporate officers and caused their
proper corporate seal to be affixed hereto.

 

	
   

  	
   

  	
   

  	
  LANDLORD:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  CLINTON UNITY GROUP, L.L.C.

  
	
   

  	
   

  	
   

  	
  A New Jersey Limited Liability Company

  
	
  Witness:

  	
   

  	
   

  	
   

  
	
  /s/ David Dallas

  	
   

  	
  By:

  	
  /s/ Robert Van Volkenburgh

  
	
   

  	
   

  	
   

  	
  Robert Van Volkenburgh, Member

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Linda B. McDermott

  	
   

  	
   

  	
  /s/ David Dallas

  
	
   

  	
   

  	
   

  	
  David Dallas, Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  LESSEE:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  UNITY BANK

  
	
  Witness:

  	
   

  	
   

  	
   

  
	
  /s/ Linda B. McDermott

  	
   

  	
  By:

  	
  /s/ Anthony J. Feraro President/CEO

  
	
  Linda B. McDermott

  	
   

  	
   

  	
  Anthony J. Feraro, President/

  
	
   

  	
   

  	
   

  	
  Chief Executive OfficerExhibit 10(xv)

 

CONTRACT OF SALE

 

THIS AGREEMENT
made this 23 day of October,
2003

 

BETWEEN PREMIERE DEVELOPMENT
II, LLC., hereinafter referred to as “Seller”, whose address is P.O. Box 5301,
Clinton, New Jersey 08809;

 

AND UNITY BANK, (formerly,
First Community Bank) a banking institution organized under the laws of the State of New Jersey, hereinafter referred to as “Buyer”, whose
address is 64 Old Highway 22, Clinton, New Jersey 08809.

 

WITNESSETH:

 

SALE OF PREMISES

 

1.1 Seller hereby agrees to
sell and convey by Deed of Bargain
& Sale, with Covenant Versus Grantor’s Acts, and Buyer hereby agrees to
purchase real property located and situated in the Township of Scotch Plains, County of Union, State of New Jersey, identified on the Scotch Plains Township Tax
Map as Block 8401, Lot 1, being all of the
lands situate and located in Scotch Plains Township as described in Exhibit A.

 

1.2 This sale includes all of the right, title and interest of the Seller in and to any easements,
rights of way, privileges, appurtenances
and rights to the same belonging to and inuring to the benefit of the premises.

 

2.  PURCHASE
PRICE AND METHOD OF PAYMENT:

 

2.1 Buyer herein agrees to
pay Seller as the purchase price for the
premises the sum of Seven Hundred
Fifty Thousand ($750,000.00) Dollars payable in the manner following:

 

(a) Upon execution and delivery of Contract a cash deposit of $25,000.00 which said deposit is to be
paid over to seller and shall be deemed to be non-refundable irrespective of whether closing of title is accomplished except in
circumstances wherein (i) is unable to convey title pursuant to the terms and
conditions of this Contract or (ii) Seller is found to be in material breach of
Contract that prevents closing.

 

(b) Upon execution and
delivery of this Contract an additional cash deposit of $50,000.00 to be held
in escrow by Benbrook & Benbrook, in an interest bearing account, interest
to follow principle, until closing of title and passage of Deed.

 

(c) The balance of the
purchase price, by way of wire transfer to an account designated by Seller, at
closing of title and passage of Deed.

 

3. MARKET ABLE TITLE

 

Seller shall convey good and
marketable title subject only to (i) the exceptions 1-5 as set forth on New
Jersey Title Insurance Company policy #020-6011 Schedule B annexed hereto, (ii)
applicable zoning regulations and (iii) such facts as demonstrated by accurate
survey.

 

4. CLOSING OF TITLE

 

Closing of title shall take
place at the offices of Unity Bank, 64 Old Highway 22, Clinton, New Jersey on
January 2, 2004

 

 

5. SELLER’S REPRESENTATIONS

 

5.1 Seller is the sole legal
owner of the Premises in fee simple and the Premises is not subject to any
lease (except that of Buyer) option, right of first refusal or agreement of
sale. Seller has the full power and authority to execute, deliver and perform
this Contract and all agreements and documents referred to in this Contract.
The person who has executed this Contract on behalf of Seller has the authority
to do so.

 

5.2 Based upon information,
knowledge and belief, Seller represents that there is no action, suit or
proceeding pending or threatened against or affecting Seller or the Premises or
relating to or arising out of the ownership of the Premises, including without
limitation, general or special assessment proceedings of any kind, or
condemnation or eminent domain actions or proceedings of any kind.

 

5.3 Neither the entering
into of this Contract, the consummation of the sale, nor the conveyance of the
Premises to Buyer, has or will constitute a violation or breach of any of the
terms of any Contract or other instrument to which Seller is a party or to
which Seller is subject.

 

5.4 Based upon information,
knowledge and belief, Seller represents that no portion of the Premises
contains any substance which may be classified as a hazardous, toxic, chemical
or radioactive substance, or a contaminant or pollutant (together, “Hazardous
Substances”) under applicable federal, state or local law, ordinance, rule or
regulation (“Applicable Law”) or which may require any cleanup, remediation or
other corrective action pursuant to such Applicable Laws. Seller has not used
any portion of the Premises, nor permitted any other person or entity to use
the Premises for the purpose of storage, generation, manufacture, disposal,
transportation or treatment of any such Hazardous Substances in violation of
Applicable Laws.

 

5.7 No notice by any
governmental or other public authority has been served upon Seller, or anyone
on Seller’s behalf, relating to violations of any applicable housing, building,
safety, fire or other ordinances or any of the Applicable Laws.

 

5.8 Seller shall notify
Buyer in the event that any of Seller’s representations, to Seller’s knowledge,
become untrue prior to closing.

 

5.9 Seller’s representations
shall not be deemed to have survived closing of title and passage of Deed
unless it is established that Seller engaged in intentional misconduct with
respect thereto.

 

6. ISRA

 

6.1 This Contract is herein
made expressly contingent upon Seller providing Buyer with a letter of
non-applicability for the Premises from the New Jersey Department of
Environmental Protection pursuant to the Industrial Site Recovery Act. Seller
shall make application for said letter of nonapplicability within ten (10) days
of expiration of Buyer’s due diligence as set forth in Paragraph “1 of this
Contract without Contract termination. The inability of Seller to provide the
appropriate letter from the New Jersey Department of Environmental Protection
shall be cause for the Buyer to terminate this Contract and receive the return
of its deposit monies.

 

7. ENVIRONMENTAL DUE DILLIGENCE
AND “AS IS” CONVEYANCE

 

7.1 The parties herein
acknowledge and represent that Buyer already occupies premises as Lessee and is
relying upon the knowledge of the land and all improvements situated thereon
resulting from said occupancy. Seller is conveying the property in an “As Is”
condition without warranty, guaranty or representations expressed or implied as
to the quality or condition of the land and improvements situated thereon.

 

7.2 Buyer shall have the
right to terminate this Contract by written notice to Seller on or before the

 

 

30th day subsequent to the execution of this Contract, TIME BEING OF
THE ESSENCE, in Buyer’s sole discretion if any phase I environmental study or
other environmental study or audit obtained by Buyer from a qualified
environmental consultant demonstrates environmental contamination violative of
Federal or State regulations PROVDIED,
HOWEVER, Seller shall have sixty (60) days within which to notify
Buyer that Seller will at Sellers sole cost and expense remediate the
environmental contamination as may be required to obtain a No Further Action
Letter from the State of New Jersey Department of Environmental Protection.

 

8. CLOSING ADJUSTMENTS

 

8.1 All real estate taxes,
rents and tenant securities, if any, shall be adjusted between the parties as
of the date of closing of title and passage of Deed.

 

9.
MUNICIPAL ASSESSMENTS

 

9.1
Seller has not received notice of the imposition of any special assessment as
of the date of this Contract. Buyer shall be responsible to pay any special
assessments for municipal improvements imposed suvsequent to the date of this
Contract.

 

10. RISK OF
LOSS

 

10.1 Responsibility for the
risk of loss with respect to the Premises shall remain with Seller until
closing of title and passage of Deed, with the exception that Buyer shall be
responsible for any damage caused by it as tenant in possession.

 

11.
REAL EST ATE COMMISSION

 

11. 1 Buyer and Seller each
herein warrant and represent that they have not dealt with any real estate
broker with respect to this transaction, that no real estate broker is entitled
to a commission as a result of the transaction constituting the subject matter
of this Contract, and each party agrees to hold harmless and indemnify the
other party from all damages, including reasonable attorneys’ fees, arising out
of any claim for commissions by reason of alleged dealings between any claimant
broker and said party.

 

12. EFFECT
OF CONDEMNATION

 

12.1 If prior to closing of
title the Premises or any material part thereof is condemned, Buyer shall have
the option of (i) terminating this Contract in which event Buyer shall receive
back all deposit monies paid and the Contract shall be null and void, or (ii)
proceeding with closing of title, in which event all condemnation proceeds paid
or payable to Seller with respect to lands to be conveyed to Buyer shall be
paid to Buyer by Seller in the event Seller has not received said proceeds,
said payment or assignment to be accomplished at closing of title and passage
of Deed.

 

13. LEASE

 

13.1 The existing Lease
between Seller and Buyer shall be deemed to merge with Deed in the event of
closing of title is accomplished pursuant to the terms and conditions of this
Contract, but shall remain in full force and effect if for any reason closing
of title does not occur.

 

14. MISCELLANEOUS

 

14.1 This Contract shall
inure to the benefit of and be binding upon the parties’ respective heirs,
administrators, executors, personal representative, successors and assigns.
Buyer shall not have the right to assign the Contract absent prior written
consent of Seller.

 

 

14.2 This Contract
constitutes the entire agreement between the parties and may not be modified
except by an instrument in writing, signed by all parties hereto.

 

14.3 This Contract and all
matters pertaining thereto shall be governed by and construed in accordance
with the laws of the State of New Jersey. All litigation between the parties
shall be submitted exclusively to the jurisdiction of the Courts of the State
of New Jersey; excepting, however, bankruptcy petitions and other matters over
which the State Court have no jurisdiction.

 

14.4 Neither party shall
record this Contract or any abstract or momorandum threrof.

 

14.5 All notices required
under or pertaining to this Contract shall be made by the respective parties
through attorneys by certified mail, personal delivery, facsimile, e-mail or
regular mail. All written notice shall be deemed received upon being mailed or
transmitted.

 

TO THE BUYER:

 

Anthony Feraro, President
Unity Bank

64 Old Highway 22, Clinton,
New Jersey 08809.

 

Copy to:

 

John DeNoia, Esquire

Law Firm of John DeNoia

843 Rahway Avenue,
Woodbridge, New Jersey 07095

 

TO THE SELLERS:

 

Premiere Development II,
LLc.

c/o Robert Van Volkenburgh,
Member P.O. Box 5301

Clinton, New Jersey 08809

 

Copy to:

 

Benbrook & Benbrook 1734
Route 31 N, Suite 1 Clinton, New Jersey 08809

 

14.6 The individuals signing
this Contract on behalf of Buyer and Seller represent that they are fully
authorized to sign this Contract and obligate their principal.

 

IN WITNESS WHEREOF the
parties hereto have set their hands and seals the day and year first above
written.

 

	
   

  	
   

  	
   

  	
  PREMIERE DEVELOPMENT II LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Van Volkenburgh

  
	
   

  	
   

  	
   

  	
  Robert Van Volkenburgh

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David D. Dallas

  
	
   

  	
   

  	
   

  	
  David D. Dallas

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Dallas

  
	
   

  	
   

  	
   

  	
  Robert Dallas

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  UNITY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Anthony Feraro

  
	
   

  	
   

  	
   

  	
  Anthony Feraro

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