Document:

ex10_16.htm

Exhibit 10.16

 

AMENDMENT OF LEASE

 

AMENDMENT OF LEASE, made as of this 17th day of March, 2008, by and between SOVA MERRITT LLC, having an office at 2209 Avenue M, Brooklyn, New York 11210 ("Landlord"), and THE WINTHROP CORPORATION, having an office at 440 Wheelers Farms Road, Milford, Connecticut 06460 ("Tenant").

 

WHEREAS, 440 Wheelers Farm Road, L.L.C., Landlord's predecessor-in-interest, and Tenant previously entered into a certain Agreement of Lease dated as of July 16, 1999 and a letter agreement dated as of the same date, both as amended by that letter agreement dated as of January 7, 2000, and as further amended by that Premises Relocation and Lease Amendment Agreement dated as of October 8, 2003 and the Lease Amendment Agreement dated March, 2005 (all of the aforesaid documents shall be referred to, collectively, as the "Lease") pursuant to which Landlord leased to Tenant a portion of the premises located at and known as 440 Wheelers Farms Road, Milford, Connecticut (the "Demised Premises"), which Demised Premises are particularly described in the Premises Relocation and Lease Amendment Agreement;

 

WHEREAS, Landlord and Tenant desire by this Amendment of Lease (hereinafter referred to as the "Amendment") to amend and modify certain provisions of the Lease to modify certain monetary and other provisions of the Lease;

 

NOW THEREFORE, in consideration of the sum of Ten ($10.00) Dollars and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows:

 

	
  

	
1.

	
The effective date of this Amendment shall be as of the date hereof.

 

	
  

	
2.

	
The phrase "Expiration Date" is hereby amended so that same shall mean "November 30, 2013".

 

	
  

	
3.

	
The Fixed Rent for the period between December 1, 2008 through November 30, 2013 shall be as follows:

 

 

	
Lease Year

	
Premises RSF

	
Annual Rate/RSF

	
Annual Fixed

Rent

	
Monthly Fixed

Rent

	
12/1/08-11/30/09

	
17,811

	
$12.00

	
$213,732.00

	
$17,811.00

	
12/1/09-11/30/10

	
17,811

	
$12.00

	
$213,732.00

	
$17,811.00

	
12/1/10-11/30/11

	
17,811

	
$12.00

	
$213,732.00

	
$17,811.00

	
12/1/11-11/30/12

	
17,811

	
$13.00

	
$231,543.00

	
$19,295.25

	
12/1/12-11/30/13

	
17,811

	
$13.00

	
$231,543.00

	
$19,295.25

  

  

  

 

	
  

	
4.

	

Upon the effective date hereof, Tenant may perform improvements to the Premises. As an inducement to Tenant to perform such improvements, Landlord shall pay Tenant One Hundred Six Thousand Eight Hundred Sixty Six and No/00 ($106,866.00) Dollars (the "Credit Amount") by December 1, 2008.

 

	
  

	
5.

	
To the extent Tenant performs improvements to the Premises, Landlord shall, upon Tenant's completion thereof, but not before Tenant's submission to Landlord of sufficient proof of the actual construction or completion, as the case may be, of the improvements claimed by Tenant, the lien-free completion thereof and the obtaining of all necessary, required, and/or appropriate certificates, consents, or other approvals required to be issued by any governmental and/or quasi-governmental entity, reimburse Tenant for the amount of the sums actually expended for such improvements. For the avoidance of doubt, repairing the HVAC system, removing existing demising walls, erecting new demising walls, painting the walls, cleaning, repairing or replacing the carpet or other floor coverings within the Demised Premises and the purchase and external installation of a generator serving the Demised Premises shall be eligible for reimbursement from Landlord pursuant to this Section. However, in no event shall such reimbursement exceed Eighty Nine Thousand Fifty Five and No/00 ($89,055.00) Dollars (the "Improvement Reimbursement Amount"). To the extent Tenant elects not to undertake such capital improvements, Tenant shall not be entitled to any payment from Landlord or any reduction in Base Rent on account of the unused Improvement Reimbursement Amount. Notwithstanding the foregoing, in the event that the total costs of such improvements actually paid by Tenant is less than the Improvement Reimbursement Amount, and upon written notice by Tenant to Landlord that it shall not undertake any further capital improvements, Tenant may instruct Landlord to apply any unused portion of the Improvement Reimbursement Amount towards a reduction in Base Rent which shall be pro rated equally over the remaining term of the Lease, however in no event shall such application to a reduction in Base Rent exceed Thirty Thousand and No/00 ($30,000) Dollars. Nothing contained herein shall relieve Tenant of its obligations to fully comply with all of the provisions of the Lease, including but not limited to, Articles 4, 5 and 6 thereof.

 

	
  

	
6.

	
Tenant covenants, warrants and represents that no broker was instrumental in consummating this Amendment and no conversations or negotiations were had with any broker authorized by Tenant to represent it concerning this Amendment. Tenant agrees to indemnify, defend, and hold and save Landlord harmless against any and all liability from any claims of any broker or finder who claims to have dealt with Tenant (including, without limitation, attorneys' fees and costs incurred in connection with the defense of any such claims). Based upon such covenant, warranty and representation, Landlord has agreed to enter into this Amendment with Tenant.

 

  

  

  

 

	
  

	
7.

	

Except as modified and amended hereby, the Lease shall remain in full force and effect and the terms and provisions thereof are hereby ratified and confirmed.

 

	
  

	
8.

	

This Amendment shall not be binding upon Landlord unless and until same be approved by the holder of the mortgage encumbering 440 Wheelers Farms Road, Milford, Connecticut.

 

	
  

	
9.

	

This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, administrators, successors and assigns.

 

	
  

	
10.

	

This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.

 

 

Name: Peter M. Donovan

Title: Chairman & CEO

 

	
STATE OF NEW YORK

	
)

	  	
) ss.:

	
COUNTY OF KINGS

	
)

 

On the 20th day of March, 2008, before me, the undersigned, personally appeared Poznanski, Abraham personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that she executed the same in her capacity(ies), and that by her signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

  

  

  

 

 

	
 

	

	
 

Maroussia D. Dimitrov

Notary Public, State of New York

No. 01D16031950

Qualified in Kings County

 Commission Expires 10/12/2009

	 

 

 

 

 

 

 

  

  

  

 

	
STATE OF CONNECTICUT 

	
)   ss.:  

	
	
COUNTY OF NEW HAVEN

	 	 

 

Personally appeared Peter M Donovan Px signer and sealer of the foregoing instrument, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he/she executed the same for the purposes therein contained in the capacity therein stated, before me, on this (9 -day of March, 2008.

	

HELEN B. IWASCZYSZYN

NOTARY PUBLIC

My Commission Expires Aug. 31, 2010

	  	

Name:

Notary Public/Commissioner of

the Superior Courtex10_17.htm

Exhibit 10.17

 

MODIFICATION

OF

AMENDMENT TO SECURITY AGREEMENT

 

This Modification of Amendment to Security Agreement ("Modification") is entered into as of the ____ day of March, 2005, between The Winthrop Corporation ("TWC") and Merritt Acquisitions LLC, as successor in interest to 440 Wheelers Farm Road, LLC ("Secured Party").

 

WITNESSETH:

 

WHEREAS, the parties hereto wish to modify that certain Amendment to Security Agreement between TWC and the Secured Party, dated as of the 8th day of October, 2003 (the "Security Amendment");

 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows, notwithstanding anything to the contrary contained in the Security Agreement, dated as of the 16th day of July, 1999 (the "Security Agreement"), the Security Amendment, or any other agreements between the parties:

 

1.             General Definitions. Capitalized terms used but not separately defined herein shall have their respective meanings assigned to them in the Security Agreement.

 

2.             Effective Date. The "Effective Date" herein shall mean the date of this Modification.

 

3.             Various Changes. On the Effective Date, the following changes to the Security Amendment shall automatically become effective for the balance of the Security Agreement term (as hereinafter revised):

 

(a)     The last date in Subsection 3(a) of the Security Amendment is hereby deleted and replaced with "November 30, 2008."

 

(b)     Subsection 3(b) of the Security Amendment is hereby deleted in its entirety.

 

(c)     The text of Subsection 3(c) of the Security Amendment is hereby deleted and replaced with the following new text:

 

9. SAFEKEEPING AGREEMENT. Contemporaneous with the execution of this Modification, the Secured Party and TWC have entered into a modification of the Amendment to the Procedural and Safekeeping Agreement, dated as of the 5th day of January, 2004 (the "Safekeeping Amendment"), which modification shall hereinafter be referred to as the "Safekeeping Modification." TWC and Secured Party shall use commercially reasonable efforts to cause IBT to execute the Safekeeping Modification within thirty (30) days of the Effective Date (time being of the essence). If IBT fails to execute the Safekeeping Modification within thirty (30) days of the Effective Date, TWC and Secured Party shall (i) use commercially reasonable efforts to execute a new safekeeping agreement with an escrow agent reasonably satisfactory to TWC and the Secured Party, (ii) direct IBT to transfer the Collateral by wire transfer to the replacement escrow account, and (iii) terminate the Procedural and Safekeeping Agreement and the Safekeeping Amendment.

 

  

  

  

 

(d)     A new Subsection 3(d) shall be added to the Security Amendment, which shall provide as follows: Schedule A of the Security Agreement is hereby amended to delete the words 1300,000 (THREE HUNDRED THOUSAND DOLLARS)" and to substitute therefor the following words: "$32,209 (THIRTY-TWO THOUSAND TWO HUNDRED NINE DOLLARS)."

 

(e)     Section 4 of the Security Amendment is deleted in its entirety and the following Section 4 is substituted therefor:

 

4. Miscellaneous. As modified hereby, the Security Agreement shall continue in full force and effect, the parties hereby ratifying and confirming the Security Agreement, as amended by the Security Amendment and modified by this Modification. Except as hereby modified, the terms of the Security Agreement shall continue to apply during the balance of the term of same (as herein modified). This Modification shall bind and enure to the benefit of TWC and Secured Party and their respective successors and assigns.

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Modification as of the date first set forth above.

 

	
The Winthrop Corporation

	
Merritt Acquisitions, LLC

	  	
(successor in interest to 440 Wheelers Farm Road LLC)

		  	  
	  	
By:

	  	
Title:

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