Exhibit 10.69
LEASE TERMINATION
AGREEMENT
THIS LEASE TERMINATION AGREEMENT
(this “Agreement”) made as of this 12th day of
March 2009 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
(“Landlord”) and THE CHILDREN’S PLACE SERVICES
COMPANY, LLC, a Delaware limited liability company, having an
office at 2 Emerson Lane, Secaucus, New Jersey
(“Tenant”);
WHEREAS by an Agreement of Lease
dated May 3, 2006, as amended by Lease Modification Agreement
dated November 27, 2006, Letter Agreement dated
January 17, 2007, and Consent to License dated January 1,
2008 (collectively, “the Lease”), Landlord leased
certain Demised Premises (as that term is defined in the Lease) at
2 Emerson Lane, Secaucus, New Jersey 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 1.01 M., the Lease shall terminate and Tenant shall
vacate the Demised Premises as of May 31, 2009 with the same
effect as though said date were the Expiration Date set forth in
the Lease. Tenant shall vacate and surrender the Demised
Premises on the aforesaid 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 set forth in said Lease. It is agreed that
all adjustments for charges detailed hereunder shall be made as of
May 31, 2009. Notwithstanding anything herein contained
to the contrary, Tenant shall pay to Landlord, upon execution of
this Agreement, the sum of Six Hundred Fifty Thousand and No/100
Dollars ($650,000.00), in good funds, as an Additional Charge under
the Lease, same representing the balance due Landlord in connection
with the completion of the construction of the Parking Garage (as
that term is defined in the Lease).
3.
Tenant warrants that in
consideration of Landlord’s 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
paragraphs 2 and 6(i)
