Exhibit 10.70
LEASE TERMINATION
AGREEMENT
THIS LEASE TERMINATION AGREEMENT
(this “Agreement”) made as of this 12th day of March,
2009 between HARTZ MOUNTAIN ASSOCIATES, 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 915 Secaucus Road,
Secaucus, New Jersey (“Tenant”);
WHEREAS by an Agreement of Lease
dated June 30, 1998, as amended by Letter Agreement dated
June 30, 1998, Lease Modification Agreement dated
November 20, 1998, Second Lease Modification Agreement dated
November 19, 2004, Consent to Assignment and Assumption of
Lease Agreement dated October 30, 2004, Lease Termination
Agreement dated May 3, 2006, and Agreement dated
November 27, 2006 (collectively, “the Lease”),
Landlord leased certain Demised Premises (as that term is defined
in the Lease) at 915 Secaucus Road, 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 N., the Lease shall terminate and Tenant shall
vacate the Demised Premises as of January 31, 2010 (the
“New Expiration Date”) 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 New
Expiration Date in accordance with Article 24 of the
Lease.
2.
Notwithstanding the provisions of
Articles 1.01 O. and 3 of the Lease, but on the express condition
that Tenant shall not be in default of the 500 Plaza Drive Lease
(defined below) beyond the applicable notice and cure periods, if
any, so established in the 500 Plaza Drive Lease, Tenant’s
obligation for the payment of Fixed Rent under the Lease shall be
suspended (and Tenant shall not be obligated to pay same) effective
February 1, 2009 and continuing through the New Expiration
Date (subject, however, to Tenant’s obligation to re-commence
payment of the Fixed Rent due under the Lease during any period of
time prior to the New Expiration Date that Tenant is in default of
the 500 Plaza Drive Lease). Except as expressly provided herein
with respect to the Fixed Rent, Tenant agrees to continue 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 the Lease. It
is agreed that all adjustments for charges detailed
