Sample Business Contracts

New Jersey-Bergen-294/298 State Street Lease - 294-298 State Street Corp. and Net2Phone Inc.

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  • Commercial Lease. Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
  • Commercial Sublease. When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
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  • Triple Net Lease. Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
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                                LEASE AGREEMENT

     THIS LEASE, dated the first (1st) day of March 1, 1999, between 294-298
STATE STREET CORPORATION having an office at 190 Main Street, Hackensack, New
Jersey 07601, hereinafter referred to as LANDLORD.


NET2PHONE, INC. having an office at 171 Main Street, Hackensack, New Jersey
07601, herein referred to as TENANT.

     WITNESSTH that the Landlord hereby leases to the Tenant and the Tenant
hereby rents from the Landlord for the term and upon the rate specified, the
leased premises described as follows, 294-298 State Street, situated in the City
of Hackensack, County of Bergen and State of New Jersey, and known and
designated as 5,600 rentable square feet of the entire premises.

1.  The term of this lease is for a three (3) year period, commencing on March
    1, 1999 and ending on February 28, 2002.

2.  Tenant agrees to pay to the Landlord as a base rent for and during the term
    hereof, a monthly rate of $5,600.00, excluding utilities. The Tenant shall
    pay when due all the rents or charges for water, utilities, taxes,
    inspection fees, public area insurance, contracts & services, which are or
    may be assessed or imposed upon the leased premises and common areas and
    which may be charged to the Landlord by the suppliers thereof during the
    term hereof. If not paid, such rents or charges shall be added to and become
    payable as additional rent with installment of rent next due or within 30
    days of demand therefor, whichever occurs sooner. The Tenant shall be
    responsible for general maintenance of the leased premises, including
    general garbage removal.

3.  The base rent payable by Tenant has been calculated on the basis of the
    portion of the leased premises to be occupied by Tenant during each
    applicable period during the term of the lease. In the event that Tenant
    takes occupancy of any additional portion of the leased premises, the Tenant
    shall be responsible to pay the Landlord an increased monthly rent directly
    proportional to the additional space rented.

4.  Payment of rent is due on the first day of each month. Payable to 294-298
    State Street Corporation and mailed to: Attention: mare Knoller, 190 Main
    Street, Hackensack, New Jersey 07601 or as may be otherwise directed by the
    Landlord in writing. Tenant shall pay a late charge of 5% of the monthly
    rent for each payment received by the Landlord after the 5th day of each
    month. Tenant shall pay a late charge of 10% of the monthly rent for each
    rent payment that is received by the landlord after the 10th of each month.
    The late charge shall be due with the current late rent payment.

5.  The Landlord covenants and agrees that the Tenant, on paying the said rental
    and performing covenants and conditions in this lease contained, shall and
    may peaceably and quietly have, hold and enjoy the demised premises for the
    term aforesaid.

6.  The tenant covenants and agrees to use the demised premises for any purpose
    as permissible under local zoning ordinances. Sublease of any portion of the
    demised premises is only permissible with written consent of the Landlord.

7.  The Tenant will comply with all the laws, statutes, ordinances, orders,
    regulations, rules and requirements of every kind and nature relating to the
    premises, or hereafter in effect, of the federal, state, county, municipal,
    or other governmental authorities whether they be usual or usual ordinary or
    extraordinary. The Tenant agrees at his cost and expense to comply with all
    said requirements that pertain to the Tenant and/or his use of the said
    demised premises. The Landlord will be held harmless from all expenses
    and/or damages by reason of any notices, orders, violations, or penalties
    filed against or imposed upon the premises or against the Landlord because
    of the Tenant's non-compliance with said requirements.

8.  The Tenant from and after the date of the commencement of the term of this
    lease will hold the Landlord harmless against any and all claims, suits,
    damages, or causes of action for damages arising after the commencement of
    the term of this lease, and against any orders or decrees of judgments which
    may be entered therein, brought for damages or alleged damages resulting
    from any injury to person and/or property or loss of life sustained in the
    demised premises, during the term hereof.

9.  The Tenant shall during the demised term maintain a general liability policy
    insuring the Tenant and naming the Landlord as additional insured in an
    amount to be agreed upon by the parts but in no event less than
    $500,000/$1,000,000. Tenant shall cause the Landlord to be provided with
    certificates of insurance showing the issuance of the insurance policies
    provided for in this and shall further provide the Landlord with proof of
    payment of the premiums in connection with said property.

10. All erections, alterations, additions and improvements, whether temporary or
    permanent in character, which may be made upon the premises either by the
    Landlord or the Tenant, except furniture or movable trade fixtures installed
    at the expense of the Tenant shall be the property of the Landlord and shall
    remain upon and be surrendered with the premises as a part hereof at the
    termination of this lease without compensation to the Tenant. The Tenant
    further agrees to keep said premises and all parts thereof in a clean and
    sanitary condition and free from trash, inflammable material and other
    objectionable material.

11. The Tenant shall not make any alterations, additions, or improvements to
    said premises without the prior written consent of the Landlord. The Tenant
    shall at its own expense modify the leased premises. All Tenant work shall
    be in accordance with accepted professional and government regulatory
    standards. All work shall have been reviewed and approved by the Landlord,
    whose approval shall not be unreasonably withheld or delayed. The Tenant has
    applied for and received the required Hackensack Township permits. The
    Tenants shall take good care of the premise and shall at the Tenant's own

    cost and expense, make all repairs and shall maintain the premises in good
    condition and state of repair, and at the end or other expiration of the
    term hereof, shall deliver up the rented premises in good order and
    condition, wear and tear from reasonable use thereof accepted. Tenant shall
    neither encumber nor obstruct the sidewalks, driveways yards, entrances,
    hallways and stairs.

12.  In the event that any mechanics' lien is filed against the premises as a
     result of alterations, additions, or improvements made by the Tenant, the
     Landlord at its option, after 90 days notice to the Tenant, may terminate
     this lease and may pay the said lien without inquiring into the validity
     thereof, and the Tenant shall forthwith reimburse the Landlord the total
     expense incurred by the Landlord in discharging the said lien as additional
     rent hereunder.

13.  If the Tenant does not exercise the option to renew as per the conditions
     in Paragraph 19 of this Lease, then one (1) month prior to the expiration
     of the demised term, the Landlord or its agent shall have the right to
     place a suitable "For Lease" sign on the premises. Also, during this time
     the Landlord or its agent with reasonable notice shall have the right to
     examine the premises and/or exhibit the suite to perspective tenants. In
     the event Landlord enters into a contract of sale of the leased premises,
     Landlord, may in its sole discretion, terminate this Lease Agreement,
     whereby Landlord agrees to provide Tenant with ninety (90) written notice
     prior to such termination.

14.  The Tenant agrees that in case of a fire or other casualty resulting in
     damage to the premises it will give immediate notice thereof to the
     Landlord, who shall thereupon, with expedition and in good and workmanlike
     manner, after said damage, enter upon and undertake said repair and
     rehabilitation, as is necessary to restore said premises to its original
     condition before such damage, provided that such damage, with reasonable
     dispatch, can be repaired within ninety (90) days from the fire or
     casualty. The Landlord will make every effort to place the Tenant into
     available space within the building during the repairs not to exceed the 90
     day period. In the event that the said demised premises shall at any time
     during the demised term be totally destroyed by fire or other casualty, or
     should be rendered party untenable, and the repair and rehabilitation of
     said demised premises shall be of an extent require more than (90) days
     from the fire or casualty for this completion, then this lease, at the
     option of either the Landlord or Tenant may be terminated and the
     obligation to make rental payments thereupon shall cease as of the date of
     such damage or destruction. Tenant shall not be obligated to make rental
     payments in the event that Landlord is unable to place the Tenant into
     available space in or in close proximity to the Building.

15.  It is further agreed that if the rent herein provided for as well as
     additional sums deemed rent and to be paid by the Tenant shall at any time
     be in arrears and unpaid for more than ten (10) days after the demand,
     Landlord, at his option may void this lease and enter into possession of
     the demised premises and sue for and recover all rent due as herein
     provided for the entire lease term. Tenant in any such proceedings hereby
     waives the right of trial by jury. In the event Landlord shall enter into
     possession of the demised premises after default as above provided,
     Landlord may rent the premises for the unexpired term on behalf of the
     Tenant reserving the right to rent the premises for a

     longer period of time than fixed in the original lease without releasing
     the original Tenant from any liability, applying any monies collected first
     to the expense of resuming or obtaining possession, second to restoring
     premises to a rentable condition and then to the payment of the rent and
     all other charges due and to grow due to the landlord, any surplus to be
     paid to the Tenant who shall remain liable for any deficiency, as measured
     by the term of this lease.

16.  This lease is subject and is hereby subordinated to all present and future
     mortgages, deeds of trust and other encumbrances affecting the demised
     premises or the property of which said premises are a part. The tenant
     agrees to execute, at no expense to the Landlord, any instrument which may
     be deemed necessary or desirable by the Landlord to further effect the
     subordination of this lease to any such mortgage, deed or trust or
     encumbrance. Tenant may not in any manner or form encumber this lease and
     the leasehold hereby created. Regardless of the terms of this Paragraph,
     Landlord will seek to obtain from any mortgage the right to quiet enjoyment
     of the Tenant as long a the Tenant attorns to said mortgagee.

17.  If the property or any substantial part hereof within the demised premises
     are located shall be taken by public or quasi-public authority under any
     power or eminent domain or commendation, this lease at the option of the
     landlord shall forthwith terminate and the Tenant shall have no claim or
     interest in or to any award or damages from the Landlord for such taking.
     The Tenant is not precluded from the maintaining its own action against the
     condemning authority if said Tenant's rights are legislatively protected.

18.  The Tenant has this day deposited with the Landlord the sum of $5,600.00
     (Five thousand sic hundred dollars) as security for the full and faithful
     performance by the Tenant of all the terms, covenants and conditions of
     this lease upon the Tenant's part to be performed, which said sum shall be
     returned to the Tenant after the time fixed as the expiration of the term
     herein or any renewal option thereof, provided the Tenant has fully and
     faithfully carried out all of said terms, covenants and conditions on
     Tenant's part to be performed. In the event of a bona fide sale, subject to
     this lease, the Landlord shall have the right to transfer the security to
     the purchaser for the benefit of the Tenant and the Landlord shall be
     considered released by the Tenant from all liability for the return of the
     said security; and the Tenant agrees to look to the new Landlord solely for
     the return of the said security, and it is agreed that this shall apply to
     every transfer or assignment made of the security of a new Landlord.

19.  Provided that the Tenant is not in default under this Lease, Tenant shall
     have the option to renew this lease for an additional three year term by
     notifying the Landlord in writing, by certified or overnight mail, notice
     of its election to do so at least one (1) month prior to the date of the
     expiration of the then current term. The new rent to be payable during the
     renewal term shall be the current annual rental amount plus the Consumer
     Price Index (CPI) which shall begin to accrue as of the effective date of
     this lease. All other terms and conditions of the original lease shall
     remain in effect in full force and effect.

20.  The Tenant accepts the premises in "AS IS" condition.

21.  No sign, advertisement or notice shall be affixed to or placed upon any
     part of the demised premises by the Tenant, except in such manner and of
     such size, design and color as shall be approved in advance in writing by
     the Landlord, such approval not to be unreasonably withheld.

22.  The rules and regulations regarding the demised premises which are part of
     this lease, shall be observed by the Tenant and by the Tenant's employees,
     agents and customers.

23.  Landlord represents and warrants that landlord and his agents knows of
     nothing concerning the premises which are subject matter of this leasehold
     agreement that would prohibit use of the premises by the Tenant for the
     uses and purposes intended and further that all of the mechanical equipment
     and structure in question, at time of the delivery of the premises to the
     Tenant, is sound and in good working order. Moreover, the electrical lines
     and plumbing likes contained within the building are in proper working
     order as of the time of the initial occupancy herein specified.

24.  All of the terms, covenants and conditions of this lease shall inure to the
     benefit of and be binding upon the respective heirs, executors,
     administrators, successors and assigns of the parties hereto.

IN WITNESS WHEREOF, the said parties have hereunto set their hands and seals the
days and year first above written.

                                 294-298 STATE STREET CORPORATION
                                 By   /s/ Howard Jonas
                                 Howard Jonas, President
                                 NET2PHONE INC.
                                 By   /s/ Howard Balter
                                 Howard Balter, Chief Executive Officer