New York-New York-601 West 26th Street Lease [Amendment No. 1] - 601 West Associates LLC and ScreamingMedia.com Inc.
FIRST
LEASE MODIFICATION AGREEMENT
AGREEMENT, made as of the 18th day of June, 1999, by and between 601 West
Associates LLC, having an address at 601 West 26th Street, Suite 900, New York,
New York 10001 ("Lessor"), and Screamingmedia.com, Inc., having an address c/o
55 Broad St., 23rd Floor, New York, New York 10004 ("Lessee").
W I T N E S S E T H:
By lease dated _______, 1999 (which lease, together with all exhibits thereto
are hereinafter referred to as the "Lease"), Lessor leased to Lessee the
following space: Ninth Floor North East (the "Premises") in the building known
as 601 West 26th Street, New York, New York (the "Building").
Lessee desires to rent the space known as 13 North East Columns 1 through 10
instead of Ninth Floor North East.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and
other good and valuable consideration by each party to the other paid, the
receipt and sufficiency whereof are hereby acknowledged, the parties hereby
covenant and agree as follows:
1. Landlord hereby leases to Tenant the following space: 13th Floor North
East Columns 1-10 (as shown on Exhibit A attached hereto), so that as
of this date the term "Premises" or "Demised Premises" in the
"Witnesseth" section of the Lease shall mean 13th Floor North East
Columns 1-10. Tenant hereby surrenders any and all rights it may have
had in and to the Ninth Floor North East space.
2. Article 43 of the Lease is hereby amended so that Sections 43.1.1 (i)
through (iii) and 43.2 are deleted and replaced with the following:
43.1.1 A fixed rental ("Fixed Rental") at an annual rate of:
(i) $523,940.00 per lease year ($43,661.67 per month) for
each lease year during the period commencing on the
Commencement Date (defined in Article 42 above) arid
continuing thereafter to and including March 31,
2002;
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(ii) $576,334.00 per lease year ($48,027.83 per month) for
each lease year during the period commencing April 1,
2002 and continuing thereafter to and including March
31, 2006;
(iii) $628,728.00 per lease year ($52,394.00 per month) for
each lease year during the period commencing April 1,
2006 and continuing thereafter to and including March
31, 2009 (the "Termination Date").
43.2 Provided that Tenant is not then in default under the terms of
this Lease, Tenant shall be entitled to a one-time,
non-recurring credit against the obligation to pay Fixed
Rental, in the amount of $238,308.35 (the "Credit"), to be
applied as follows: (i) $130,985.01 against the Fixed Rental
due commencing on the Commencement Date and continuing
thereafter through the end of the third month following the
Commencement Date. If the Commencement Date is a date other
than the first day of a month, then this portion of the Credit
shall be prorated, and the balance shall be applied against
the Fixed Rental due for the fourth month following the
Commencement Date, (ii) $43,661.67 against the Fixed Rental
due for March 2000, (iii) $43,661.67 against the Fixed Rental
due for April 2000, and (iv) $20,000.00 against the Fixed
Rental due for May 2000. Notwithstanding the foregoing, the
Credit shall not be applied against any Additional Rental,
electricity charges, or other like sums from time to time
payable by Tenant pursuant to this Lease, which amounts shall
be paid without abatement in accordance with the terms of this
Lease.
3. Tenant hereby authorizes and directs Greenstein Starr Gerstein &
Rinaldi LLP to release from escrow and deliver to Landlord a check in
the amount of $57,500.00 payable to Hellerstein, Inc. in consideration
of Hellerstein, Inc. surrendering its lease for part of the Premises.
Landlord shall not deliver the check to Hellerstein, Inc. until such
time as Hellerstein, Inc. has delivered to Landlord a fully executed
surrender of lease for the portion of the Premises occupied by it.
4. The definition of Tenants Proportionate Share at Article 48, Section
48.5 is hereby changed from 0.50% to 1.25%.
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5. The amount of the security deposit required under Article 32 is
$174,646. Simultaneously herewith, Tenant shall deliver to Landlord
either a check or a letter of credit in the amount of $104,646
representing the difference between the new security deposit, and the
amount of the security already held by Landlord.
6. The Other Space defined in Article 83 of the Lease shall mean space on
the thirteenth floor of the Building, and not the ninth floor.
7. Tenant shall deliver to Landlord, as Additional Rent, the sum of
Eighteen Thousand Dollars ($18,000.00) in exchange for which Landlord
shall pay for acquiring and installing a water cooled air conditioning
unit or units aggregating 60 tons in the Premises and for bringing a
condenser water line from Landlord's facility to the Premises. The
Landlord's installation shall include the electrical, plumbing and
condenser water hookups. Tenant shall be responsible, at its sole cost
and expense for the distribution of the cooled air throughout the
Premises, and for the installation of all ductwork. Landlord shall
supply the Premises with temporary air conditioning service commencing
August 1, 1999.
8. Item 7 of Exhibit B "Landlord's Work" is hereby modified to provide
that Landlord shall increase the electrical service to the Premises
from 300 amperes to 600 amperes.
9. Item number 5 of Exhibit B "Landlord's Work" is hereby deleted in its
entirety.
10. Tenant shall pay to Landlord as Additional Rent for the use of
Landlord's condenser water, an annual fee of $250.00 per ton capacity
of the HVAC unit. The fee shall be payable on April 1st of each year
during the term of this Lease. The fee for the first lease year shall
be paid April 1,2000.
11. Tenant shall not core drill at Column 2 of the Premises, or from any
point east of said Column.
12. Except as herein specifically modified, all of the terms, covenants and
conditions of the Lease are and shall remain the same, in full force
and effect, and are hereby ratified and confirmed.
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13. This First Lease Modification Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective legal
representatives, successors and assigns.
14. A facsimile copy of the signatures of the parties hereto shall be
binding.
IN WITNESS WHEREOF, the parties hereto have executed this Second Lease
Modification Agreement as of the day and year first above written.
LESSOR:
601 WEST ASSOCIATES LLC
BY: SLB MANAGER LLC, A NY
LIMITED LIABILITY COMPANY
By: /s/ Mark Karasick
Name: Mark Karasick
Title: Managing Member
LESSEE:
SCREAMINGMEDIA.NET, INC.
By: /s/ Alan S. Ellman
Name: Alan S. Ellman
Title: President
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EXHIBIT A
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DEXCRIPTION OF PERMISES