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Exhibit 10.52 (h)
THIRD LEASE MODIFICATION AND EXTENSION AGREEMENT
THIS AGREEMENT made this 18th day of January, 1989, by and between
TETERBORO ASSOCIATES, a New Jersey limited partnership having its principal
office at ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ("Landlord") and MISS
▇▇▇▇▇, INC., having an office at ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ("Tenant").
W I T N E S S E T H:
WHEREAS, on April 1, 1975, Empire Carpet Corporation ("Empire") and
Tenant entered into a lease for premises o located at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ (said lease and the Lease Modification and Extension
Agreement, the Amendment to Lease and all letters o amending said lease
hereinafter mentioned being hereinafter referred to as the "Lease"; and
WHEREAS, by letter dated January 17, 1978, the Lease was extended
for a three-year period commencing April 1, 1978; and
WHEREAS, by letter dated February 17, 1981, the Lease was extended
for an additional five-year period commencing April 1, 1981; and
WHEREAS, by letter dated March 5, 1982, the Lease was amended to
provide that the premises initially demised include an additional 9,600 square
feet of warehouse space; and
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WHEREAS, by letter dated August 15, 1983, the Lease was amended to
provide that the premises initially demised include an additional 21,600 square
feet of warehouse space (i.e., a total of 52,800 square feet -- the "Initial
Space"); and
WHEREAS, the Lease was assigned by ▇▇▇▇▇▇▇▇▇ World Industries, Inc.
(as successor-in-interest to Empire) to Landlord by Assignment dated March 7,
1984; and
WHEREAS, by Lease Modification and Extension Agreement dated January
24, 1985, the Lease was extended through March 31, 1991 and was modified in
various, other respects; and
WHEREAS, by Lease Amendment dated August 8, 1985, the Lease was
amended to provide that the Initial Space include an additional 50,400 square
feet of warehouse space (the "Additional Space") (i.e., a total of 103,200
square feet) and was modified in various respects; and
WHEREAS, by Second Lease Modification and Extension Agreement dated
December 18, 1986, the Lease was amended to add to the Initial Space and the
Additional Space some 67,500 square feet of space (the "Expansion Space") (i.e.,
a total of 170,700 square feet) (the Initial Space, Additional Space and
Expansion Space hereinafter collectively referred to as the "Demised Premises"),
extended through December 31, 1992 and was modified in various other respects.
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NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained the parties do hereby agree as
follows:
1. Section 2 of the Lease is hereby amended to provide that the term
of the Lease is extended for a period of four years so that the term of the
Lease shall, expire at midnight on December 31, 1996.
2. Section 4 of the Lease is hereby deleted and amended and restated
as follows:
(a) Tenant covenants to pay Landlord, without previous
demand therefor, a minimum annual rental ("Minimum Rent") with
respect to the Initial Space of $237,600.00, payable in equal
monthly installments of $19,800, based upon the payment of
$4.50 per square foot, in advance on the first day of each
month commencing on April 1, 1986, provided, however that the
Minimum Rent for the Initial Space shall be increased five
(5%) per cent per annum as follows:
Minimum Rent for Initial
Commencing Premises shall be
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April 1, 1987 $249,480.00
April 1, 1988 261,954.00
April 1, 1989 275,051.70
April 1, 1990 288,804.29
April 1, 1991 303,244.50
April 1, 1992 318,406.73
April 1, 1993 334,327.07
April 1, 1994 351,043.42
April 1, 1995 368,595.59
April 1, 1996 290,269.03*
* - prorated for 9 months
(b) Tenant covenants to pay Landlord, without previous demand
therefor, a Minimum Rent with respect to the Additional Space
of $244,440.00, payable in equal
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monthly installments of $20,370.00, based upon the payment of
$4.85 per square foot in advance on the first day of each
month commencing on April 1, 1986; provided, however, that the
Minimum Rent for the Additional Space shall be increased five
(5%) percent per annum as follows:
The Minimum Rent for the
Commencing Additional Premises shall be
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April 1, 1987 $256,662.00
April 1, 1988 269,495.10
April 1, 1989 282,969.85
April 1, 1990 297,118.34
April 1, 1991 311,974.26
April 1, 1992 327,572.97
April 1, 1993 343,951.62
April 1, 1994 361,149.20
April 1, 1995 379,206.66
April 1, 1996 298,625.24*
* - prorated for 9 months
(c) Tenant covenants to pay Landlord, without previous demand
therefore, a Minimum Rent with respect to the Expansion Space
of $371,250.00, payable in equal monthly installments of
$30,937.50, based upon the payment of $5.50 per square foot,
in advance on the first day of each month commencing on
January 1, 1987, provided, however that the Minimum Rent for
the Expansion Space shall be increased five (5%) percent per
annum as follows:
The Minimum Rent for the
Commencing Expansion Space shall be
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April 1, 1988 $389,812.50
April 1, 1989 409,303.12
April 1, 1990 429,768.28
April 1, 1991 451,256.69
April 1, 1992 473,819.52
April 1, 1993 497,510.50
April 1, 1994 522,386.03
April 1, 1995 548,505.33
April 1, 1996 431,542.95*
* - prorated for 9 months
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Accordingly, pursuant to the foregoing, the gross Minimum Rent
payable in respect of the Demised Premises shall be as follows:
1. 4/1/88 - 3/31/89 : $ 921,261.60
2. 4/1/89 - 3/31/90 : $ 967,324.67
3. 4/1/90 - 3/31/91 : $1,015,690.91
4. 4/1/91 - 3/31/92 : $1,066,475.45
5. 4/1/92 - 3/31/93 : $1,119,799.22
6. 4/1/93 - 3/31/94 : $1,175,789.19
7. 4/1/94 - 3/31/95 : $1,234,578.65
8. 4/1/95 - 3/31/96 : $1,296,307.58
9. 4/1/96 - 12/31/96 : $1,020,437.22
3. Tenant represents that it has dealt with no brokers in connection
with the transaction contemplated hereby and will indemnify Landlord from the
claims of any brokers arising by reason of the execution of this Third Lease
Modification and Extension Agreement on the consummation of the transaction
contemplated hereby.
4. Except as herein amended, all of the terms and conditions of the
Lease are ratified and confirmed.
IN WITNESS WHEREOF, the parties have executed this
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agreement as of the day and year first above written.
ATTEST: TETERBORO ASSOCIATES
By: ▇▇▇▇▇ Realty Corp.
General Partner
/s/ ▇▇▇▇▇▇▇▇ Sudner By: /s/ C. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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ATTEST: MISS ▇▇▇▇▇, INC
/s/ [ILLEGIBLE] By: /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
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