FIRST AMENDMENT TO
LEASE (“First Amendment”), made this 1st day of May,
2009, by and between 160 RARITAN CENTER PARKWAY, L.L.C., a New
Jersey limited liability company having an office c/o Adler
Development, LLC, 160 Raritan Center Parkway, Unit 20, Edison, New
Jersey 08818-7808, (“Landlord”); and MAJESCO
ENTERTAINMENT COMPANY, a Delaware corporation, having an office at
160 Raritan Center Parkway, Edison, New Jersey 08818-7808
(“Tenant”).
WHEREAS, Landlord,
as landlord, and Tenant’s predecessor-in-interest, Majesco
Sales, Inc., as tenant, entered into that certain Lease Agreement
(“Original Lease”) dated February 2, 1999 for
21,250 square feet (“Leased Premises”) at 160 Raritan
Center Parkway, Edison, New Jersey (“Building”);
and
WHEREAS, the
Landlord and Tenant have agreed to extend the term of the Lease, as
hereinafter set forth; and
WHEREAS, the
Original Lease as modified by this First Amendment is referred to
as the “Lease”.
NOW, THEREFORE, in
consideration of the sum of TEN ($10.00) DOLLARS and other good and
valuable consideration, the parties, intending to be legally bound,
covenant and agree as follows:
1.
Term. The term of the Lease currently expires
October 31, 2009. Landlord and Tenant hereby extend the term
of the Lease so that the same will continue for a period of five
(5) years three (3) months (the “First Amendment
Term”), from November 1, 2009 through and including
January 31, 2015 (“Expiration Date”).
2. Base
Rent. Until the First Amendment Term, Tenant shall continue to
pay Base Rent in accordance with the Original Lease. Throughout the
First Amendment Term, and subject to the next two sentences, Base
Rent shall be as set forth in the chart below, payable in equal
monthly payments as provided in the Lease. Provided there is then
no Tenant default pursuant to the Lease which has continued beyond
any applicable cure period, and notwithstanding the chart below,
monthly Base Rent shall be abated for the months of
November 2009, December 2012, and January 2014, and
accordingly shall not be payable when otherwise due. If this Lease
terminates prior to its expiration date and Landlord is entitled to
damages from Tenant for any Tenant default under the Lease then, in
addition to all other damages to which Landlord is entitled
Landlord also shall be entitled to recover all previously abated
rent as damages.
[REST OF PAGE INTENTIONALLY
BLANK]
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Time
Period
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Annual Base Rent
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Monthly Base Rent
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November 1, 2009 through November 30,
2009*
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$
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276,249.96
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$
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23,020.83
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December 1, 2009 through November 30,
2012
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$
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276,249.96
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$
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23,020.83
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December 1, 2012 through December 31,
2012*
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$
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284,537.52
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$
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23,711.46
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January 1, 2013 through December 31,
2013
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$
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284,537.52
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$
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23,711.46
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January 1, 2014 through January 31,
2014*
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$
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293,079.96
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$
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24,423.33
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February 1, 2014 through January 31,
2015
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$
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293,079.96
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$
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24,423.33
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*
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The Base Rent
due for these months shall be abated to zero, in accordance with
and subject to this paragraph 2 of this First Amendment.
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3.
Additional Rent. Tenant shall pay throughout the Term, as
same may be extended through the “Renewal Term” (as
defined in paragraph 4 of this First Amendment), in addition to the
Base Rent as herein provided, all Additional Rent and other charges
as in the Lease required.
(i) Provided
the Tenant is not in default pursuant to the terms and conditions
of this Lease beyond any applicable notice and cure period provided
herein at the time of the exercise of the option described in this
paragraph 4 or on January 31, 2015, and provided the Lease
then remains in full force and effect, the Tenant is hereby given
the
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