Exhibit 10.42
FIRST AMENDMENT OF
LEASE
THIS FIRST AMENDMENT OF LEASE dated as of February 27, 2009
by and between FORSGATE INDUSTRIAL COMPLEX , a limited
partnership with an address at 400 Hollister Road, Teterboro, New
Jersey 07608 (hereinafter called “Landlord”)
and MOVADO GROUP, INC. , a New York corporation, having its
principal offices at 650 From Road, Paramus, New
Jersey 07652 (hereinafter called
“Tenant”).
W I T N E S S E T
H:
WHEREAS , Landlord and Tenant entered into a Lease dated May
22, 2000 (the “Lease”), for approximately 99,962 square
feet in a building (the “Premises”) located on property
more commonly known as 105 State Street, Moonachie, New Jersey;
and
WHEREAS, Tenant and Landlord desire to amend the Lease
to, among other things, extend the term of the Lease.
NOW THEREFORE , for ten dollars and other good and valuable
consideration, the parties agree as follows:
1. The term of the
Lease is hereby extended. Accordingly, Paragraph 1(d) of
the Lease shall be deleted and replaced with the following
language:
“To
commence on June 1, 2000 and to terminate on July 31,
2019.”
2. Effective on April
1, 2009, Fixed Rent shall be as set forth below and, accordingly,
Paragraph 1(e) of the Lease shall be amended as follows:
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“Tenant
shall pay to the Landlord as Fixed Rent for the demised premises
commencing on March 1, 2009 to and through July 31, 2014, the sum
of SEVEN HUNDRED FORTY-NINE THOUSAND SEVEN HUNDRED FIFTEEN AND
NO/100 ($749,715.00) DOLLARS per annum, payable in equal monthly
installments of SIXTY-TWO THOUSAND FOUR HUNDRED SEVENTY-SIX AND
25/100 ($62,476.25) DOLLARS, and commencing September 1, 2014
through August 31, 2019, the sum of EIGHT HUNDRED NINETY-FOUR
THOUSAND SIX HUNDRED SIXTY THOUSAND AND NO/100 ($894,660.00)
DOLLARS per annum, payable in equal monthly installments of
SEVENTY-FOUR THOUSAND FIVE HUNDRED FIFTY-FIVE THOUSAND AND NO/100
($74,555.00) DOLLARS.
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Provided the
Lease is in full force and effect and Tenant is not in default
after any required notice and beyond any applicable cure period,
Fixed Rent shall abate from March 1, 2009 to and through July 31,
2009.”
3. The second
paragraph of Paragraph 4 and Exhibit Y shall be
deleted. The Deferred Rent schedule shall no longer be
applicable.
4. Paragraph 35 of
the Lease shall be deleted and replaced with the
following:
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