Exhibit 10.7
FIRST AMENDMENT TO OFFICE
LEASE
THIS FIRST AMENDMENT TO OFFICE
LEASE dated this 26 th day of July 2004
by and between ROBEAR WEST
TRENTON ASSOCIATES, L.P. ( hereinafter called
“Landlord”) and
ROLLER BEARING COMPANY OF
AMERICA, INC. (hereinafter called “Tenant” ).
BACKGROUND
A.
Landlord and Tenant are the parties to a certain Office Lease dated
January 10, 1999 (the “Lease” ) pursuant to
which Landlord leases to Tenant and Tenant leases from Landlord
approximately 93,015 rentable square feet (the “Demised Premises” ) at
the building located at the corner of Silvia Street and Sullivan
Way, in the Township of Ewing, County of Mercer, State of New
Jersey (the “Building” ).
B.
Tenant desires to Tenant now desires to terminate the Lease only as
it relates to a portion of the original Demised Premises consisting
of approximately 7,300 rentable square feet of floor area described
as the “Surrender
Space” on Exhibit “A-1”
attached hereto and made a part hereof (the “Surrender Space” ) so
that the Demised Premises shall thereafter consist of approximately
85,715 rentable square feet of floor area described as the
“Reconfigured
Premises” on Exhibit “A-1”
(the “Reconfigured
Premises” ), and Landlord desires to terminate the
Lease only as it relates to the Surrender Space upon the terms and
conditions set forth herein.
C.
Landlord and Tenant desire to reduce the Demised Premises as set
forth in the terms provided herein.
NOW, THEREFORE, in
consideration of the Reconfigured Premises herein continued and
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Landlord and Tenant, intending to
be legally bound hereby agree as follows:
1.
CAPITALIZED TERMS.
Except otherwise defined herein, capitalized terms used herein
shall have the same meanings assigned to such terms under the
Lease.
2.
SURRENDER SPACE. Upon
the terms and conditions set forth herein, Landlord and Tenant
hereby terminate the Lease only as it relates to the Surrender
Space effective as of the date that the Landlord has re-leased the
Surrender Space and Landlord is collecting the Annual Base Rent on
such space (the “Surrender Space Termination Date”). In
furtherance of the foregoing:
A.
On the Surrender Space Termination Date: (i) this Lease shall
terminate as it relates only to the Surrender Space as if the
Surrender Space Termination Date was the date originally stipulated
for the expiration of the Term as it relates to the Surrender
Space; (ii) Tenant shall surrender vacant possession of the
Surrender Space in broom-clean condition; and (iii) except for
those provisions which survive the expiration or earlier
termination of the Lease, the Lease shall be of no further force
and effect as it relates to the Surrender Space; provided, however,
that nothing
herein shall relieve Tenant of any obligations
which accrue hereunder prior to the Surrender Space Termination
Date.
B.
Effective on the Surrender Space Termination Date: (i) the
description of the “Demised Premises” set
forth on Exhibit “A”
attached to the Lease is hereby amended and replaced with the
description of the “Reconfigured Premises”
set forth on Exhibit “A-1”
attached hereto; (ii) the first sentence of Section 2 of
the Fundamental Lease Provisions) of the Lease is hereby amended by
replacing “Ninety-Three Thousand Fifteen rentable square feet
(93,015 rsf)” with Eighty-Five Thousand Seven Hundred Fifteen
rentable square feet (85,715 rsf)”; (iii) Section 4 of
the Fundamental Lease Provisions) of the Lease is hereby amended by
replacing “Fifty-Nine and Fifty-Five hundredths percent
(59.55%)” with “Fifty-Four and Eight-Eight hundredths
percent (54.88%)”; and (iv) Tenant’s obligation to
pay Annual Base Rent shall be adjusted to reflect the reduced
rentable square footage of the Reconfigured Premises (which is more
specifically set forth in Section 3 hereinbelow) and all other
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