Exhibit 10.16
LEASE MODIFICATION AGREEMENT
THIS LEASE MODIFICATION
AGREEMENT, made this 27 th day
of November, 2006 by and between HARTZ MOUNTAIN METROPOLITAN
, a New Jersey general partnership, having an office at 400 Plaza
Drive, P.O. Box 1515, Secaucus, New Jersey 07096-1515 (hereinafter
referred to as “Landlord”) and THE CHILDREN’S
PLACE SERVICES COMPANY, LLC , a Delaware limited
liability company, having an office at 2 Emerson Lane, Secaucus,
New Jersey (hereinafter referred to as “Tenant”).
WITNESSETH:
WHEREAS, by Lease
dated May 3, 2006, Landlord leased to Tenant and Tenant hired from
Landlord 245,200 square feet of Floor Space located at 2 Emerson
Lane, Secaucus, New Jersey (hereinafter the “Original Demised
Premises”); and
WHEREAS, Landlord
and Tenant wish to modify the Lease to, inter alia ,
increase the Floor Space leased by Tenant at 2 Emerson Lane,
Secaucus, New Jersey, and amend the Lease accordingly;
NOW, THEREFORE, for
and in consideration of the Lease, the mutual covenants herein
contained and the consideration set forth herein, the parties agree
as follows:
1.
Preamble. The foregoing preambles are hereby incorporated by
reference herein and made a part hereof.
2.
Additional Premises: Landlord agrees to lease to Tenant and
Tenant agrees to hire from Landlord the Additional Premises, which
Additional Premises constitute 37,974 square feet of Floor Space,
and which Additional Premises are outlined in red on Exhibit A
annexed hereto and made apart hereof. Effective upon the
Commencement Date of the Additional Premises (defined below), the
“Demised Premises,” as that term is used throughout the
Lease, shall be deemed to include both the Original Demised
Premises and the Additional Premises and shall constitute a total
of 283,174 square feet of Floor Space.
3.
Term of Lease of Additional Premises : The Term of the Lease
of the Additional Premises shall commence on January 1, 2008 (the
“Additional Premises Commencement Date”) and shall
expire on the Expiration Date set forth in Article 1.01 M. of the
Lease.
4.
Fixed Rent for the Additional Premises. The Fixed Rent for
the Additional Premises shall be an amount at the annual rate set
forth below; each multiplied by the Floor Space of the Additional
Premises.
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Year 1
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$
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12.00 per square foot
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Year 2
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$
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12.36 per square foot
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|
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Year 3
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$
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12.73 per square foot
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|
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Year 4
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$
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13.11 per square
foot
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1
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Year 5
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$
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13.51 per square foot
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Year 6
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$
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13.85 per square foot
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Year 7
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$
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14.19 per square foot
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Year 8
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$
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14.55 per square foot
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Year 9
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$
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14.91 per square foot
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Year 10
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$
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15.29 per square foot
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Year 11
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$
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15.67 per square foot
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Year 12
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$
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16.06 per square foot
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Year 13
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$
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16.46 per square foot
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|
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Year 14
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$
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16.87 per square foot
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Year 15
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$
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17.30 per square
foot
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5.
Permitted Uses : The Additional Premises shall be used for
the Permitted Uses set forth in Article 1.01 Y of the Lease. So
long as permitted by applicable Legal Requirements, all or a
portion of the Additional Premises may also be used for the retail
sale of infant’s, children’s and pre-teen clothing and
footwear and related accessories, including toys.
6.
Tenant’s Fraction : Effective upon the Commencement
Date of the Additional Premises, Tenant’s Fraction shall be
deemed to be 100%; Article 1.01 KK. of the Lease shall be deemed so
amended.
7.
Building Fraction : Effective upon the Commencement Date
of
