Exhibit 10.2
LEASE TERMINATION AGREEMENT
THIS LEASE TERMINATION AGREEMENT made as of
this 3 rd day
of May, 2006 between HARTZ MOUNTAIN ASSOCIATES, a New Jersey
general partnership, having an office at 400 Plaza Drive, Secaucus,
New Jersey 07094 (“Landlord”) and THE CHILDREN’S
PLACE SERVICES COMPANY, LLC., a limited liability corporation,
having an office at 915 Secaucus Road, Secaucus, New Jersey
(“Tenant”);
WHEREAS, by
Agreement of Lease dated June 30, 1998, as amended by Letter
Agreement dated June 30, 1998, Lease Modification Agreement dated
November 20, 1998 and Second Lease Modification Agreement dated
November 19, 2004 (collectively “the Lease”), Landlord
leased certain demised premises at 915 Secaucus Road, Secaucus, New
Jersey (the “Demised Premises”) to The Children’s
Place Retail Stores, Inc.; and
WHEREAS,
pursuant to that certain Assignment and Assumption of Lease
Agreement dated as of October 30, 2004, the tenant’s interest
under the Lease was assigned to Tenant; and
WHEREAS, the
parties are desirous of providing for the termination of the Lease
Term prior to the date provided in said Lease;
NOW,
THEREFORE, in consideration of Ten and 00/100 Dollars ($10.00) in
hand paid by Tenant to Landlord, the receipt and sufficiency of
which are hereby acknowledged and the mutual promises set forth
herein, it is agreed that:
1.
Notwithstanding the provisions of Article 1.01N (“Expiration
Date”), the Lease shall terminate on the date which is the
later of (i) March 1, 2007 or (ii) the date Tenant actually vacates
and surrenders the Demised Premises to Landlord by notice to that
effect (said date, the “Termination Date”). Tenant
shall vacate and surrender the Premises on the Termination Date in
accordance with Article 24 of the Lease.
2.
Tenant agrees to promptly satisfy all accounts owing by reason of
its occupancy of the Demised Premises plus all applicable utility
charges, real property taxes, maintenance charges, and the cost of
any repairs by reason of Tenant’s occupancy or removal of its
goods and equipment from the Demised Premises as otherwise required
pursuant to the terms and conditions of the Lease. It is agreed
that all adjustments for charges detailed hereunder shall be made
as of the Termination Date.
3.
Tenant warrants that in consideration of Landlord’s early
termination of the Lease, it shall vacate the Demised Premises in
accordance with Paragraph 1 of this Agreement. In the event that
Tenant shall not, for any reason so vacate the Demised Premises,
Landlord shall not be precluded from pursuing Tenant for any
further damages arising therefrom. If Tenant shall vacate the
Demised Premises as provided herein and pay to Landlord all sums
owing pursuant to paragraph 2 hereof, Landlord shall thereafter
return to Tenant the Letter of Credit held as and for its security
deposit in the amount of $175,000.00 as provided for in Article 8
of the Lease.
1
4.
This agreement shall inure to th
