STANDARD FORM OF OFFICE
LEASE
AGREEMENT
OF LEASE, made as of this
day of December 1985, between BELLEMEAD DEVELOPMENT
CORPORATION, a Delaware corporation, having an office at
4 Becker Farm Road, Roseland, New Jersey 07068 (the
“Landlord”), and TOTAL RESEARCH CORPORATION, a New
Jersey corporation, having an address at 352 Wall Street,
Princeton, New Jersey 08530 (the “Tenant”).
Landlord
hereby leases to Tenant and Tenant hereby hires from Landlord a
portion of the fourth floor of a certain office building located at
5 Independence Way, Princeton, New Jersey (the
“Premises” or “Demised Premises”), more
particularly shown upon the Rental Plan annexed hereto and made a
part thereof as Exhibit “A,” for a term commencing and
terminating as set forth in Article 37 of the Rider to
Lease.
The
annual minimum rent (the “Minimum Rent”) for the
Premises shall be Three Hundred Six Thousand Dollars ($306,000.00)
payable monthly in advance in equal installments of Twenty-Five
Thousand Five Hundred Dollars ($25,500.00) on the first day of each
calendar month during the term of this Lease. Rent for any partial
month at the commencement or termination of the term of this Lease
shall be appropriately prorated.
Installments
of Minimum Rent payable hereunder shall be paid at the office of
Landlord or at such other place as Landlord may designate from time
to time by written notice to Tenant hereunder.
The
parties hereto, for themselves, their heirs, distributees,
executors, administrators, legal representatives, successors and
assigns, hereby covenant as follows:
Rent . 1. Tenant shall pay the rent as above and as
hereinafter provided.
Occupancy . 2. Tenant shall use and occupy demised premises
for general, executive and administrative offices and for no other
purpose.
Alterations . 3. Tenant shall make no changes in or to the
demised premises of any nature without Landlord’s prior
written consent subject to the prior written consent of Landlord,
and to the provisions of this Article. Tenant at Tenant’s
expense, may make alterations, installations, additions or
improvements which are non-structural and which do not affect
utility services or plumbing and electrical lines in or to the
interior of the demised premises by using contractors or mechanics
first approved by Landlord. All fixtures and all paneling,
partitions, railings and like installations, installed in the
premises at any time, either by Tenant or by Landlord in
Tenant’s behalf, shall, upon installation, become the
property of Landlord and shall remain upon and be surrendered with
the demised premises unless Landlord, by notice to Tenant no later
than twenty days prior to the date fixed as the termination of this
lease, elects to relinquish Landlord’s right thereto and to
have them removed by Tenant, in which event, the same shall be
removed from the premises by Tenant prior to the expiration of the
lease, at Tenant’s expense. Nothing in this Article shall be
construed to give Landlord title to or to prevent Tenant’s
removal of trade fixtures, moveable office furniture and equipment,
but upon removal of any such from the premises or upon removal of
other installations as may be required by Landlord, Tenant shall
immediately and at its expense, repair and restore the premises to
the condition existing prior to installation and repair any damage
to the demised premises or the building due to such removal. All
property permitted or required to be removed by Tenant at
the
end of the term
remaining in the premises after Tenant’s removal shall be
deemed abandoned and may, at the election of Landlord, either be
retained as Landlord’s property or may be removed from the
premises by Landlord at Tenant’s expense. Tenant shall,
before making any alterations, additions, installations or
improvements, at its expense, obtain all permits, approvals and
certificates required by any governmental or quasi-governmental
bodies and (upon completion) certificates of final approval thereof
and shall deliver promptly duplicates of all such permits,
approvals and certificates to Landlord and Tenant agrees to carry
and will cause Tenant’s contractors and sub-contractors to
carry such workman’s compensation, general liability,
personal and property damage insurance as Landlord may require. If
any mechanic’s lien is filed against the demised premises, or
the building of which the same forms a part, for work claimed to
have been done for, or materials furnished to, Tenant, whether or
not done pursuant to this Article, the same shall be discharged by
Tenant within ten days thereafter, at Tenant’s expense, by
filing the bond required by law.
Repairs . 4. Landlord shall maintain and repair the public
portions of the building, both exterior and interior. Tenant shall,
throughout the term of this lease, take good care of the demised
premises and the fixtures and appurtenances therein and at
Tenant’s sole cost and expense, make all non-structural
repairs thereto as and when needed to preserve them in good working
order and condition, reasonable wear and tear, obsolescence and
damage from the elements, fire or other casualty, excepted.
Notwithstanding the foregoing, all damage or injury to the demised
premises or to any other part of the building, or to its fixtures,
equipment and appurtenances, whether requiring structural or
non-structural repairs, caused by or resulting from carelessness,
omission, neglect or improper conduct of Tenant, Tenant’s
servants, employees, invitees or licensees, shall be repaired
promptly by Tenant at its sole cost and expense, to the
satisfaction of
Landlord reasonably exercised. Tenant shall also repair all damage
to the building and the demised premises caused by the moving of
Tenant’s fixtures, furniture or equipment. All of the
aforesaid repairs shall be of quality or class equal to the
original work or construction. If Tenant fails after ten days
notice to proceed with due diligence to make repairs required to be
made by Tenant, the same may be made by the Landlord at the expense
of Tenant and the expenses thereof incurred by Landlord shall be
collectible as additional rent after rendition of a bill or
statement therefor. Tenant shall give Landlord prompt notice of any
defective condition in any plumbing, heating system or electrical
line located in, servicing or passing through the demised premises
and following such notice, Landlord shall remedy the condition with
due diligence but at the expense of Tenant if repairs are
necessitated by damage or injury attributable to Tenant,
Tenant’s servants, agents, employees, invitees or licensees
as aforesaid. Except as specifically provided in Article 9 or
elsewhere in this lease, there shall be no allowance to Tenant for
a diminution of rental value and no liability on the part of
Landlord by reason of inconvenience, annoyance or injury to
business arising from Landlord. Tenant or others making or failing
to make any repairs, alterations, additions or improvements in or
to any portion of the building in the demised premises or in and to
the fixtures, appurtenances or equipment thereof. The provisions of
this Article 4 with respect to the making of repairs shall not
apply in the case of fire or other casualty which are
within Article 9 hereof.
Window Cleaning . 5. Tenant will not clean, nor require,
permit, suffer to allow any window in the demised premises to be
cleaned from the outside in violation of any law or of the rules of
the Board of Standards and Appeals, or of any other board or body
having or asserting jurisdiction.
Requirements of Law, Fire Insurance, Floor Loads . 6. Prior
to the commencement of the lease term, if Tenant is then in
possession, and at all times thereafter, Tenant at Tenant’s
sole cost and expense, shall promptly comply with all present and
future laws, orders and regulations of all state, federal,
municipal and local governments, departments, commissions
boards and any direction of any public officer pursuant to law, and
all orders, rules and regulations of the Board of Fire Underwriters
or any similar body which shall impose any violation, order or duty
upon Landlord or Tenant with respect to the demised premises
whether or not arising out of Tenant’s use or manner of use
of the premises or the building (including the use permitted under
the lease). Nothing herein shall require Tenant to make structural
repairs or alterations unless Tenant has by its manner of use of
the demised premises or method of operation therein, violated any
such laws, ordinances, orders, rules, regulations or requirements
with respect thereto. Tenant may, after securing Landlord to
Landlord’s satisfaction against all damages, interest,
penalties and expenses, including, but not limited to, reasonable
attorneys’ fees, by cash deposit or by surety bond in an
amount and in a company satisfactory to Landlord, contest and
appeal any such laws, ordinances, orders, rules, regulations or
requirements provided same is done with all reasonable promptness
and provided such appeal shall not subject Landlord to prosecution
for a criminal offense or constitute default under any lease or
mortgage under which Landlord may be obligated, or cause the
demised premises or any part thereof to be condemned or vacated.
Tenant shall not do or permit any act or thing to be done in or to
the demised premises which is contrary to law, or which will
invalidate or be in conflict with public liability, fire or other
policies of insurance at any time carried by or for the benefit of
Landlord with respect to the demised premises or the building of
which the demised premises form a part, or which shall or might
subject Landlord to any liability or responsibility to any person
or for property damage,
nor shall
Tenant keep anything in the demised premises except as now or
hereafter permitted by the Fire Department, Board of Fire
Underwriters, Fire Insurance Rating Organization or other authority
having jurisdiction, and then only in such manner and such quantity
so as not to increase the rate for fire insurance applicable to the
building, nor use the premises in a manner which will increase the
insurance rate for the building or any property located therein
over that in effect prior to the commencement of Tenant’s
occupancy. Tenant shall pay all costs, expenses, fines, penalties,
or damages, which may be imposed upon Landlord by reason of
Tenant’s failure to comply with the provisions of this
Article and if by reason of such failure the fire insurance rate
shall, at the beginning of this lease or at any time thereafter, be
higher than it otherwise would be, then Tenant shall reimburse
Landlord, as additional rent hereunder, for that portion of all
fire insurance premiums thereafter paid by Landlord which shall
have been charged because of such failure by Tenant, and shall make
such reimbursement upon the first day of the month following such
outlay by Landlord. In any action or proceeding wherein Landlord
and Tenant are parties, a schedule or “make-up” of rate
for the building or demised premises issued by any body making fire
insurance rates applicable to said premises shall be conclusive
evidence of the facts therein stated and of the several items and
charges in the fire insurance rate then applicable to said
premises. Tenant shall not place a load upon any floor of the
demised premises exceeding the floor load per square foot area
which it was designed to carry and which is allowed by law.
Landlord reserves the right to prescribe the weight and position of
all safes, business machines and mechanical equipment. Such
installations shall be placed and maintained by Tenant, at
Tenant’s expense, in setting sufficient, in Landlord’s
judgment, to absorb and prevent vibration, noise and
annoyance.
Subordination . 7. This lease is subject and subordinate to
all ground or underlying leases and to all mortgages which may now
or hereafter affect such leases or the real property of which
demised premises are a part and to all renewals, modifications,
consolidations, replacements and extensions of any such underlying
leases and mortgages. This clause shall be self-operative and no
further instrument of subordination shall be required by any ground
or underlying lessee or by any mortgagee, affecting any lease or
the real property of which the demised premises are a part. In
confirmation of such subordination, Tenant shall execute promptly
any certificate that Landlord may request. See Paragraph 65
“Rider to Lease.”
Property Loss, Damage, Reimbursement, Indemnity . 8.
Landlord or its agents shall not be liable for any damage to
property of Tenant or of others entrusted to employees of the
building, nor for loss of or damage to any property of Tenant by
theft or otherwise, nor for any injury or damage to persons or
property resulting from any cause of whatsoever nature, unless
caused by or due to the negligence of Landlord, its agents,
servants or employees; nor shall Landlord or its agents be liable
for any such damage caused by other tenants or persons in, upon or
about said building or caused by operations in construction of any
private, public or quasi-public work. Tenant shall not move any
safe, heavy machinery, heavy equipment, bulky matter, or fixtures
into or out of the building without Landlord’s prior written
consent. If such safe, machinery, equipment, bulky matter or
fixtures requires special handling, all work in connection
therewith shall comply with all laws and regulations applicable
thereto and shall be done during such hours as Landlord may
designate Tenant shall indemnify and save harmless Landlord against
and from all liabilities, obligations, damages, penalties, claims,
costs and expenses for which Landlord shall not be reimbursed by
insurance, including reasonable attorneys’ fees, paid,
suffered or incurred as a result of any breach by Tenant,
Tenant’s agents, contractors, employees,
invitees, or
licensees, of any covenant or condition of this lease, or the
carelessness, negligence or improper conduct of the Tenant,
Tenant’s agents, contractors, employees, invitees or
licensees. Tenant’s liability under this lease extends to the
acts and omissions of any subtenant, and any agent, contractor,
employee, invitee or licensee of any sub-tenant. In case any action
or proceeding is brought against Landlord by reason of any such
claim, Tenant, upon written notice from Landlord, will, at
Tenant’s expense, resist or defend such action or proceeding
by counsel approved by Landlord in writing, such approval not to be
unreasonably withheld.
Destruction, Fire and Other Casualty . 9. (a) If the
demised premises or any thereof shall be damaged by fire or other
casualty, Tenant shall give immediate notice thereof to Landlord
and this lease shall continue in full force and effect except as
hereinafter set forth. (b) If the demised premises are
partially damaged or rendered partially unusable by fire or other
casualty, the damages thereto shall be repaired by and at the
expense of Landlord and the rent, until such repair shall be
substantially completed, shall be apportioned from the day
following the casualty according to the part of the premises which
is usable. (c) If the demised premises are totally damaged or
rendered wholly unusable by fire or other casualty, then the rent
shall be proportionately paid up to the time of the casualty and
thenceforth shall cease until the date when the premises shall have
been repaired and restored by Landlord, subject to Landlord’s
right to elect not to restore the same as hereinafter provided.
(d) If the demised premises are rendered wholly unusable or
(whether or not the demised premises are damaged in whole or in
part) if the building shall be so damaged that Landlord shall
decide to demolish it or to rebuild it, then, in any of such
events, Landlord may elect to terminate this lease by written
notice to Tenant given within 90 days after such fire or
casualty specifying a date for the expiration of the lease, which
date shall not be more than 60 days after the giving of such
notice, and upon the date specified in
such notice the
term of this lease shall expire as fully and completely as if such
date were the date set forth above for the termination of this
lease and Tenant shall forthwith quit, surrender and vacate the
premises without prejudice however to Landlord’s rights and
remedies against Tenant under the lease provisions in effect prior
to such termination, and any rent owing shall be paid up to such
date and any payments of rent made by Tenant which were on account
of any period subsequent to such date shall be returned to Tenant.
Unless Landlord shall serve a termination notice as provided for
herein, Landlord shall make the repairs and restorations subject to
delays due to adjustment of insurance claims, labor troubles and
cause beyond Landlord’s control. After any such casualty,
Tenant shall cooperate with Landlord’s restoration by
removing from the premises as promptly as reasonably possible, all
of Tenant’s salvageable inventory and movable equipment,
furniture, and other property. Tenant’s liability for rent
shall resume five (5) days after written notice from Landlord
that the premises are substantially ready for Tenant’s
occupancy. (e) Nothing contained hereinabove shall relieve Tenant
from liability that may exist as a result of damage from fire or
other casualty. Notwithstanding the foregoing, each party shall
look first to any insurance in its favor before making any claim
against the other party for recovery for loss or damage resulting
from fire or other casualty, and to the extent that such insurance
is in force and collectible and to the extent permitted by law,
Landlord and Tenant each hereby releases and waives as right of
recovery against the other or anyone claiming through or under each
of them by way of subrogation or otherwise. The foregoing release
and waiver shall be in force only if both releasors’
insurance policies contain a clause providing that such a release
or waiver shall not invalidate the insurance and also provided that
such a policy can be obtained without additional premium. Tenant
acknowledges that Landlord will not carry insurance on
Tenant’s furniture and/or furnishings or any fixtures or
equipment, improvements,
or
appurtenances removable by Tenant and agrees that Landlord will not
be obligated to repair any damage thereto or replace the same. See
Paragraph 51 “Rider to Lease.”
Eminent Domain . 10. If the whole or any part of the demised
premises shall be acquired or condemned by Eminent Domain for any
public or quasi-public use or purpose, then and in that event, the
term of this lease shall cease and terminate from the date of title
vesting in such proceeding and Tenant shall have no claim for the
value of any unexpired term of said lease.
Assignment, Mortgage, Etc. . 11. Tenant, for itself, its
heirs, distributees, executors, administrators, legal
representatives, successors and assigns, expressly covenants that
it shall not assign, mortgage or encumber this agreement, nor
underlet, or suffer or permit the demised premises or any part
thereof to be used by others, without the prior written consent of
Landlord in each instance. If this lease be assigned or if the
demised premises or any part thereof be underlet or occupied to
anybody other than Tenant, Landlord may, after default by Tenant,
collect rent from the assignee, under-tenant or occupant, and apply
the net amount collected to the rent herein reserved, but no such
assignment, underletting, occupancy or collection shall be deemed a
waiver of this covenant, or the acceptance of the assignee,
under-tenant or occupant as tenant, or a release of Tenant from the
further performance by Tenant of covenants on the part of Tenant
herein contained. The consent by Landlord to an assignment or
underletting shall not in any wise be construed to relieve Tenant
from obtaining the express consent in writing of Landlord to any
further assignment or underletting. See Paragraph 48
“Rider to Lease.”
Electric Current . 12. Rates and conditions in respect to
submetering or
inclusion, as the case may be, to be added in Rider attached
hereto. Tenant covenants and agrees that at all times its use of
electric current shall not exceed the capacity of existing feeders
to the building or the risers or wiring installation and Tenant may
not use any electrical equipment which, in
Landlord’s opinion, reasonably exercised,
will overload such installations or interfere with the use thereof
by other tenants of the building. The change at any time of the
character of electric service shall in no wise make Landlord liable
or responsible to Tenant, for any loss, damages or expenses which
Tenant may sustain. See Paragraph 40 “Rider to
Lease.”
Access to Premises . 13. Landlord or Landlord’s agents
shall have the right (but shall not be obligated) to enter the
demised premises in any emergency at any time, and, at other
reasonable times, to examine the same and to make such repairs,
replacements and improvements as Landlord may deem necessary and
reasonably desirable to the demised premises or to any other
portion of the building or which Landlord may elect to perform
following Tenant’s failure to make repairs or perform any
work which Tenant is obligated to perform under this lease, or for
the purpose of complying with laws, regulations and other
directions of governmental authorities. Tenant shall permit
Landlord to use and maintain and replace pipes and conduits in and
through the demised premises and to erect new pipes and conduits
therein. Landlord may, curing the progress of any work in the
demised premises, take any necessary materials and equipment into
said premises without the same constituting an eviction nor shall
the Tenant be entitled to any abatement of rent while such work is
in progress nor to any damages by reason of loss or interruption of
business or otherwise. Throughout the term hereof Landlord shall
have the right to enter the demised premises at reasonable hours
for the purpose of showing the same to prospective purchasers or
mortgagees of the building, and during the last six months of the
term for the purpose of showing the same to prospective tenants and
may, during said six month period, place upon the premises the
usual notices “To Let” and “For Sale” which
notices Tenant shall permit to remain thereon without molestation.
If Tenant is not present to open and permit entry into the
premises, Landlord or Landlord’s agents may enter
the same
whenever such entry may be necessary or permissible by master key
or forcibly and provided reasonable care is exercised to safeguard
Tenant’s property and such entry shall not render Landlord or
its agents liable therefor, nor in any event shall the obligations
of Tenant hereunder be affected. If during the last month of the
term Tenant shall have removed all or substantially all of
Tenant’s property therefrom, Landlord may immediately enter,
alter, renovate or redecorate the demised premises without
limitation or abatement of rent, or incurring liability to Tenant
for any compensation and such act shall have no effect on this
lease or Tenant’s obligations hereunder. Landlord shall have
the right at any time, without the same constituting an eviction
and without incurring liability to Tenant therefor to change the
arrangement and/or location of public entrances, passageways,
doors, doorways, corridors, elevators, stairs, toilets, or other
public parts of the building and to change the name, number or
designation by which the building may be known.
Occupancy . 14. Tenant will not at any time use or occupy
the demised premises in violation of the certificate of occupancy
issued for the building of which the demised premises are a part.
Tenant has inspected the premises and accepts them as is, subject
to the riders annexed hereto with respect to Landlord’s work,
if any. In any event, Landlord makes no representation as to the
condition of the premises and Tenant agrees to accept the same
subject to violations whether or not of record.
Bankruptcy . 15. (a) If at the date fixed s the
commencement of the term of this lease or if at any time during the
term hereby demised there shall be filed by or against Tenant in
any court pursuant to any statute either of the United States or of
any state, a petition in bankruptcy or insolvency or for
reorganizations or for the appointment of a receiver or trustee of
all or a portion of Tenant’s property, and within
60 days thereof, Tenant fails to secure a dismissal
thereof, or if
Tenant make an assignment for the benefit of creditors or petition
for or enter into an arrangement, this lease, at the option of
Landlord, exercised within a reasonable time after notice of the
happening of any one or more of such events, may be cancelled and
terminated by written notice to the Tenant (but if any of such
events occur prior to the commencement date, this lease shall be
ipso facto cancelled and terminated) and whether such cancellation
and termination occur prior to or during the term, neither Tenant
nor any person claiming through or under Tenant by virtue of any
statute or of any order of any court, shall be entitled to
possession or to remain in possession of the premises demised but
shall forthwith quit and surrender the premises, and Landlord, in
addition to the other rights and remedies Landlord has by virtue of
any other provision herein or elsewhere in this lease contained or
by virtue of any statute or rule of law, may retain as liquidated
damages, any rent, security deposit or moneys received by him from
Tenant or others on behalf of Tenant. If this lease shall be
assigned in accordance with its terms, the provisions of this
Article 16 shall be applicable only to the party then owning
Tenant’s interest in this lease.
(b)
It is stipulated an agreed that in the event of the termination of
this lease pursuant to (a) hereof, Landlord shall forthwith,
notwithstanding any other provisions of this lease to the contrary,
be entitled to recover from Tenant as and for liquidated damages an
amount equal to the difference between the rent reserved hereunder
for the unexpired portion of the term demised and the fair and
reasonable rental value of the demised premises for the same
period. In the computation of such damages the difference between
any installment of rent becoming due hereunder after the date of
termination and the fair and reasonable rental value of the demised
premised for the period for which such installment was payable
shall be discounted to the date of termination at the rate of four
percent (4%) per annum. If such premises or any part thereof
be
re-let by the
Landlord for the unexpired term of said lease, or any part thereof,
before presentation of proof of such liquidated damages to any
court, commission or tribunal, the amount of rent reserved upon
such re-letting shall be deemed to be the fair and reasonable
rental value for the part or the whole of the premises so re-let
during the term of the re-letting. Nothing herein contained shall
limit or prejudice the right of the Landlord to prove for and
obtain as liquidated damages by reason of such termination, an
amount equal to the maximum allowed by any statute or rule of law
in effect at the time when, and governing the proceedings in which,
such damages are to be proved, whether or not such amount be
greater, equal to, or less than the amount of the difference
referred to above.
Default . 16. (1) If Tenant defaults in fulfilling any
of the
for the payment of rent or additional rent; or if the demised
premises become vacant or deserted; or if the demised premises are
damaged by reason of negligence or carelessness of Tenant, its
agents, employees or invitees; or if any execution or attachment
shall be issued against Tenant or any of Tenant’s property
whereupon the demised premises shall be taken or occupied by
someone other than Tenant; or if Tenant shall default with respect
to any other lease between Landlord and Tenant; or if Tenant shall
fail to move into or take possession of the premises within fifteen
(15) days after the commencement of the term of this lease, of
which fact Landlord shall be the sole judge; then, in any one or
more of such events, upon Landlord serving a written five
(5) days notice upon Tenant specifying the nature of said
default and upon the expiration of said five (5) days, if
Tenant shall have failed to comply with or remedy such default, or
if the said default or omission complained of shall be of a nature
that the same cannot be completely cured or remedied within said
five (5) day period, and if Tenant shall not have diligently
commenced curing such default within such five (5) day period,
and shall not thereafter with reasonable diligence and in
good
faith proceed
to remedy or cure such default, then Landlord may serve a written
three (3) days’ notice of cancellation of this lease
upon Tenant, and upon the expiration of said three (3) days,
this lease and the term thereunder shall end an expire as fully and
completely as if the expiration of such three (3) day period
were the day herein definitely fixed for the end and expiration of
this lease and the term thereof and Tenant shall then quit and
surrender the demised premises to Landlord but Tenant shall remain
liable as hereinafter provided.
(2) If
the notice provided for in (1) hereof shall have been given
and the term shall expire as aforesaid; or if Tenant shall make
default in the payment of the rent reserved herein or any item of
additional rent herein mentioned or any part of either or in making
any other payment herein required; then and in any of such events
Landlord may dispossess Tenant by summary proceedings or otherwise,
and the legal representative of Tenant or other occupant of demised
premises and remove their effects and hold the premises as if this
lease had not been made. If Tenant shall make default hereunder
prior to the date fixed as the commencement of any renewal or
extension of this lease, Landlord may cancel and terminate such
renewal or extension agreement by written notice.
Remedies of Landlord and Waiver of Redemption . 17. In case
of any such default, re-entry, expiration and/or dispossess by
summary proceedings or otherwise. (a) The rent shall become
due thereupon and be paid up to the time of such re-entry,
dispossess and/or expiration, together with such expenses as
Landlord may incur for legal expenses, attorneys’ fees,
brokerage, and/or putting the demised premises in good order, or
for preparing the same for re-rental; (b) Landlord may re-let the
premises or any part or parts thereof, either in the name of
Landlord or otherwise, for a term or terms, which may at
Landlord’s option be less than or exceed the period which
would otherwise have constituted the balance of the term of this
lease
and may grant
concessions or free rent or charge a higher rental then that in
this lease, and/or (c) Tenant or the legal representatives of
Tenant shall also pay Landlord as liquidated damages for the
failure of Tenant to observe and perform said Tenant’s
covenants herein contained, any deficiency between the rent hereby
reserved and/or covenanted to be paid and the net amount, if any,
of the rents collected on account of the lease or leases of the
demised premises for each month of the period which would otherwise
have constituted the balance of the term of this lease. The failure
of Landlord to re-left the premises or any part or parts thereof
shall not release or affect Tenant’s liability for damages.
In computing such liquidated damages there shall be added to the
said deficiency such expenses as Landlord may incur in connection
with re-letting, such as legal expenses, attorneys’ fees,
brokerage, advertising and for keeping the demised premises in good
order or for preparing the same for re-letting. Any such liquidated
damages shall be paid in monthly installments by Tenant on the rent
day specified in this lease and any suit brought to collect the
amount of the deficiency for any month shall not prejudice in any
way the rights of Landlord to collect the deficiency for any
subsequent month by a similar proceeding. Landlord, in putting the
demised premises in good order or preparing the same for re-rental
may, at Landlord’s option, make such alterations, repairs,
replacements and/or decorations in the demised premises as
Landlord, in Landlord’s sole judgment, considers advisable
and necessary for the purpose of re-letting the demised premises
and the making of such alterations, repairs, replacements and/or
decorations shall not operate or be construed to release Tenant
from liability hereunder as aforesaid. landlord shall in no event
be liable in any way whatsoever for failure to re-let the demised
premises, or in the event that the demised premises are re-let, for
failure to collect the rent thereof under such re-letting and in no
event shall Tenant be entitled to receive any excess, if any, of
such net rent collected over the sums payable by Tenant to
Landlord
hereunder. In
the event of a breach or threatened breach by Tenant of any of the
covenants or provisions hereof, Landlord shall have the right of
injunction and the right to invoke any remedy allowed at law or in
equity as if re-entry, summary proceedings and other remedies were
not herein provided for. Mention in this lease of any particular
remedy, shall not preclude Landlord from any other remedy, in law
or in equity. Tenant hereby expressly waives any and all rights of
redemption granted by or under any present or future laws in the
event of Tenant being evicted or dispossessed for any cause, or in
the event of Landlord obtaining possession of demised premises, by
reason of the violation by Tenant of any of the covenants and
conditions of this lease, or otherwise.
Fees and Expenses . 18. If Tenant shall default in the
observance or performance of any term or covenant on Tenant’s
part to be observed or performed under or by virtue of any of the
terms or provisions in any article of this lease, then, unless
otherwise provided elsewhere in this lease, Landlord may
immediately or at any time thereafter and without notice, perform
the obligation of Tenant thereunder, and if Landlord, in connection
therewith or in connection with any default by Tenant in the
covenant to pay rent hereunder, makes any expenditures or incurs
any obligations for the payment of money including but not limited
to attorneys’ fees, in instituting, prosecuting or defending
any action or proceeding, such sums so paid or obligations incurred
with interest and costs shall be deemed to be additional rent
hereunder and shall be paid by Tenant to Landlord within five
(50) days of rendition of any bill or statement to Tenant
therefore, and if Tenant’s lease term shall have expired at
the time of making of such expenditures or incurring of such
obligations, such sums shall be recoverable by Landlord as
damages.
No Representations by Landlord . 19. Neither Landlord nor
Landlord’s agents have made any representations or promises
with respect to the physical condition of the building, the land
upon which it is erected or the demised premises, the rents,
leases, expenses of operation or any other matter or thing
affecting or related to the premises except as herein expressly set
forth and no rights, easements or licenses are acquired by Tenant
by implication or otherwise except as expressly set fort in the
provisions of this lease. Tenant has inspected the building and the
demised premises and is thoroughly acquainted with their condition,
and agrees to take the same “as is” and acknowledges
that the taking or possession of the demised premises by Tenant
shall be conclusive evidence that the said premises and the
building of which the same form a part were in good and
satisfactory condition at the time such possession was so taken,
except as to latent defects. All understandings and agreements
heretofore made between the parties hereto are merged in this
contract, which alone fully and completely expresses the agreement
between Landlord and Tenant and any executory agreement hereafter
made shall be ineffective to change, modify, discharge or effect an
abandonment of it in whole or in part, unless such executory
agreement is in writing and signed by the party against whom
enforcement of the change, modification, discharge or abandonment
is sought.
End of Term . 20. Upon the expiration or other termination
of the term of this lease, Tenant shall quit and surrender to
Landlord the demised premises, broom clean, in good order and
condition, ordinary wear excepted, and Tenant shall remove all its
property. Tenant’s obligation to observe or perform this
covenant shall survive the expiration or other termination of this
lease. If the last day of the term of this lease or any renewal
thereof, falls on Sunday, this lease shall expire at noon on the
preceding Saturday unless it be a legal holiday in which case it
shall expire, at noon on the preceding business day.
Quiet Enjoyment . 21. Landlord covenants and agrees with
Tenant that upon Tenant paying the rent and additional rent and
observing and performing all the terms, covenants and conditions,
on Tenant’s part to be observed and performed, Tenant may
peaceably and quietly enjoy the premises hereby demised, subject,
nevertheless, to the terms and conditions of this lease including,
but not limited to, Article 30 hereof and to the ground
leases, underlying leases and mortgages hereinabove
mentioned.
Failure to Give Possession . 22. If Landlord is unable to
give possession of the demised premises on the date of the
commencement of the term hereof, because of the holding-over or
retention of possession of any tenant, undertenant or occupants, or
if the premises are located in a building being constructed,
because such building has not been sufficiently completed to make
the premises ready for occupancy or because of the fact that a
certificate of occupancy has not been procured or for any other
reason, Landlord shall not be subject to any liability for failure
to give possession on said date and the validity of the lease shall
not be impaired under such circumstances, nor shall the same be
construed in any wise to extend the term of this lease, but the
rent payable hereunder shall be abated (provided Tenant is not
responsible for the inability to obtain possession) until after
Landlord shall have given Tenant written notice that the premises
are substantially ready for Tenant’s occupancy. If permission
is given to Tenant to enter into the possession of the demised
premises or to occupy premises other than the demised premises
prior to the date specified as the commencement of the term of this
lease, Tenant covenants and agrees that such occupancy shall be
deemed to be under all the terms, covenants, conditions and
provisions of this lease, except as to the covenant to pay
rent.
No Waiver . 23. The failure of Landlord to seek redress for
violation of, or to insist upon the strict performance of any
covenant or condition of this lease or of any of the Rules
or
Regulations set
forth or hereafter adopted by Landlord, shall not prevent a
subsequent act which would have originally constituted a violation
from having all the force and effect of an original violation. The
receipt by Landlord of rent with knowledge of the breach of any
covenant of this lease shall not be deemed a waiver of such breach
and no provision of this lease shall be deemed to have been waived
b Landlord unless such waiver be in writing signed by Landlord. No
payment by Tenant or receipt by Landlord of a lesser amount than
the monthly rent herein stipulated shall be deemed to be other than
on account of the earliest stipulated rent, nor shall any
endorsement or statement of any check or any letter accompanying
any check or payment as rent be deemed an accord and satisfaction
and Landlord may accept such check or payment without prejudice to
Landlord’s right to recover the balance of such rent or
pursue any other remedy in this lease provided. No act or thing
done by Landlord or Landlord’s agents during the term hereby
demised shall be deemed an acceptance of a surrender of said
premises and no agreement to accept such surrender shall be valid
unless in writing signed by Landlord. No employee of Landlord or
Landlord’s agent shall have any power to accept the keys of
said premises prior to the termination of the lease and the
delivery of keys to any such agent or employee shall not operate as
a termination of the lease or a surrender of the
premises.
Waiver of Trial by Jury . 24. It is mutually agreed by and
between Landlord and Tenant that the respective parties hereto
shall and they hereby do waive trial by jury in any action,
proceeding or counterclaim brought by either of the parties hereto
against the other (except for personal injury or property damage)
on any matters whatsoever arising out of or in any way connected
with this lease, the relationship of Landlord and Tenant,
Tenant’s use of or occupancy of said premises, and any
emergency statutory or any other statutory remedy. It is further
mutually agreed that in the event Landlord commences any summary
proceeding for possession
of the
premises. Tenant will not interpose any counterclaim of whatever
nature or description in any such proceeding.
Inability to Perform . 25. This lease and the obligation of
Tenant to pay rent hereunder and perform all of the other covenants
and agreements hereunder on part of Tenant to be performed shall in
no wise be affected, impaired or excused because Landlord is unable
to fulfill any of its obligations under this lease or to supply or
is delayed in supplying any service expressly or impliedly to be
supplied or is unable to make, or is delayed in making any repair,
additions, alterations or decorations or is unable to supply or is
delayed in supplying any equipment or fixtures if Landlord is
prevented or delayed from so doing by reason of strike or labor
troubles or any cause whatsoever including, but not limited to,
government preemption in connection with a National emergency or by
reason of any rule, order or regulation of any department or
subdivision thereof of any government agency or by reason of the
conditions of supply and demand which have been or are affected by
war or other emergency.
Bills and Notices . 26. Except as otherwise in this lease
provided, a bill, statement, notice communication which Landlord
may desire to be required to give to Tenant, shall be deemed
sufficiently given or rendered if, in writing, delivered to Tenant
personally or sent by registered or certified mail addressed to
Tenant at the building of which the demised premises from a part or
at the last known residence address or business address of Tenant
or left at any of the aforesaid premises addressed to Tenant, and
the time of the rendition of such bill or statement and of the
giving of such notice or communication shall be deemed to be the
time when the same is delivered to Tenant, mailed, or left at the
premises as herein provided. Any notice by Tenant to Landlord must
be served by registered or certified mail addressed to Landlord at
the address first hereinabove given or at such other address as
Landlord shall designate by written notice.
Services Provided by Landlord — Water, Elevators, Heat,
Cleaning, Air-Conditioning . 27. As long as Tenant is not in
default under any of the covenants of this lease, Landlord shall
provide: (a) necessary elevator facilities on business days
from 8 a.m. to 6 p.m. and have one elevator subject to
call at all other times; (b) heat to the demised premises when
and as required by law, on business days from 8 a.m. to
6 p.m.; (c) water for ordinary lavatory purposes, but if
Tenant uses or consumes water for any other purposes or in unusual
quantities (of which fact Landlord shall be the sole judge),
Landlord may install a water meter at Tenant’s expense which
Tenant shall thereafter maintain at Tenant’s expense in good
working order and repair to register such water consumption and
Tenant shall pay for water consumed as shown on said meter an
additional rent as and when bills are rendered and on
Tenant’s default in making such payment, Landlord may pay
such charges and collect the same from Tenant. Such a meter shall
also be installed and maintained at Tenant’s expense if
required by Law or Government Order. Tenant, if a water meter is so
installed, covenants and agrees to pay its proportionate share of
the sewer rent and all other rents or charges which are now or
hereafter assessed, imposed or may become a lien on the demised
premises or the realty of which they are a part; (d) cleaning
service for the demised premises on business days at
Landlord’s expense provided that the same are kept in order
by Tenant. If, however, said premises are to be kept clean by
Tenant, it shall be done at Tenant’s sole expense, in a
manner satisfactory to Landlord and no one other than persons
approved by Landlord shall be permitted to enter said premises or
the building of which they are a part for such purpose. Tenant
shall pay Landlord the cost of removal of any of Tenant’s
refuse and rubbish from the building; (e) RIDER to be added in
respect to
and conditions for air-conditioning, cooling and ventilation if the
entire building in which the demised premises is located is
serviced by a central air-conditioning, cooling and ventilating
system. Landlord will
furnish the
same at Tenant’s expense; (f) Landlord shall have no
responsibility or liability for failure to supply the services
agreed to herein. Landlord reserves the right to stop services of
the heating, elevators, plumbing, air-conditioning, power systems
or cleaning or other services, if any, when necessary by reason of
accident or for repairs, alterations, replacement or improvements
necessary or desirable in the judgment of Landlord for as long as
may be reasonably required by reason thereof or by reason of
strikes, accidents, laws, order or regulations or any other reason
beyond the control of Landlord. If the building of which the
demised premises are a part supplies manually-operated elevator
service, Landlord at any time may substitute automatic-control
elevator service and upon ten days’ written notice to Tenant,
proceed with alterations necessary therefor without in any wise
affecting this lease or the obligations of Tenant hereunder. The
same shall be done with a minimum of inconvenience to Tenant and
Landlord shall pursue the alteration with due diligence. See
Paragraph 39 “Rider to Lease.”
Captions . 28. The captions are inserted only as a matter of
convenience and for reference and in no way define, limit or
describe the scope of this lease, nor the intent of any provision
therein.
Definitions . 29. The term “office” or
“offices”, wherever used in this lease, shall not be
construed to mean premises used as a store or stores, for the sale
or display, at any time, of goods, wares, merchandise of any kind,
or as a restaurant, shop, booth, bootblack or other stand, barber
shop, or for other similar purposes or for manufacturing. The term
“Landlord” as used in this lease means only the owner,
the mortgagee in possession, for the time being of the land and
building (or the owner of a lease of the building or of the land
and building) which the demised premises from a part, so that in
the event of any
or sales of said land and building or of
said lease, or
in the event of lease of said building, or of the land and
building, the said Landlord shall be and hereby is entirely freed
and relieved of all covenants and obligations of Landlord
hereunder, and it shall be deemed and construed without further
agreement between the parties or their successors in interest or
between the parties and the purchaser, at any such sale, or the
sublessee of the building, or of the land and building, that the
purchaser of the lease of the building has assumed and agreed to
carry out any and all covenants and obligations of Landlord,
hereunder. The words “re-enter” and
“re-entry” as used in this lease are not restricted to
their technical legal meaning. The term “business days”
as used in this lease shall exclude Saturdays (except such portion
thereof as is covered by specific hours in Article 28 hereof),
Sundays and all days set forth on Exhibit
“E”.
Adjacent Excavation — Shoring . 30 If an excavation
shall be made upon land adjacent to the demised premises, or shall
be authorized to be made, Tenant shall afford to the person causing
or authorized to cause such excavation, license to enter upon the
demised premises for the purpose of dong such work as said person
shall deem necessary to preserve the wall or the building of which
demised premises form a part from injury or damage and to support
the same by proper foundations without any claim for damages or
indemnity against Landlord, or diminution or abatement of
rent.
Rules and Regulations . 31. Tenant and Tenant’s
servants, employees, agents, visitors, and licensees shall observe
faithfully, and comply strictly with, the Rules and Regulations and
such other and further reasonable Rules and Regulations as Landlord
or Landlord’s agents may from time to time adopt. Notice of
any additional rules or regulations shall be given in such manner
as Landlord may elect. In case Tenant disputes the reasonableness
of any additional Rule or Regulation hereafter made or adopted by
Landlord or Landlord’s agents, the parties
hereto agree to
submit the question of the reasonableness of such Rule or
Regulation for the decision to the Newark Office of the American
Arbitration Association, whose determination shall be final and
conclusive upon the parties hereto. The right to dispute the
reasonableness of any additional Rule or Regulation upon
Tenant’s part shall be deemed waived unless the same shall be
asserted by service or a notice, in writing upon Landlord within
ten (10) days after the giving of notice thereof. Nothing in
this lease contained shall be construed to impose upon Landlord any
duty or obligation to enforce the Rules and Regulations or terms,
covenants or conditions in any other lease, as against any other
tenant and Landlord shall not be liable to Tenant for violation of
the same by any other tenant, its servants, employees, agents,
visitors or licensees.
Security . 32. Tenant has deposited with Landlord the sum of
$25,500.00 as security for the faithful performance and observance
by Tenant of the terms, provisions and conditions of this lease; it
is agreed that in the event Tenant defaults in respect of any of
the terms, provisions and conditions of this lease, including, but
not limited to, the payment of rent and additional rent, Landlord
may use, apply or retain the whole or any part of the security so
deposited to the extent required for the payment of any rent and
additional rent or any other sum as to which Tenant is in default
or for any sum which Landlord may expend or may be required to
expend by reason of Tenant’s default in respect of any of the
terms, covenants and conditions of this lease, including but not
limited to, any damages or deficiency in the reletting of the
premises, whether such damages or deficiency accrued before or
after summary proceedings or other re-entry by Landlord. In the
event that Tenant shall fully and faithfully comply with all of the
terms, provisions, covenants and conditions of this lease, the
security shall be returned to Tenant after the date fixed as the
end of the Lease and after delivery of entire possession o the
demised
premises to
Landlord. In the event of a sale of the land and building or
leasing of the building, of which the demised premises form a part,
Landlord shall have the right to transfer the security to the
vendee or lessee and Landlord shall thereupon be released by Tenant
from all liability for the return of such security and Tenant
agrees to look to the new Landlord solely for the return of said
security; and it is agreed that the provisions hereof shall apply
to every transfer or assignment made of the security to a new
Landlord. Tenant further covenants that it will not assign or
encumber or attempt to assign or encumber the monies deposited
herein as security and that neither Landlord nor its successors or
assigns shall be bound by any such assignment, encumbrance,
attempted assignment or attempted encumbrance.
Successors and Assigns . 33. The covenants, conditions and
agreements contained in this lease shall bind and inure to the
benefit of Landlord and Tenant and their respective heirs,
distributees, executors, administrators, successors, and except as
otherwise provide in this lease, their assigns.
34.
This Lease consists of this printed portion containing Articles 1
— 34 and each of the following attached hereto and made a
part hereof: (a) Rider to Lease containing paragraphs 36 thru
65; and (b) the following Exhibits: Exhibit A (Rental
Plan), Exhibit B (Work Letter), Exhibit C (Legal
Description — Site Plan), Exhibit D (Cleaning Service
Rider), Exhibit E (Legal Holidays), Exhibit F
(Preliminary Plans), Exhibit G (Itemized List) and
Exhibit H (Non-Disturbance and Attornment Agreement) and
Exhibit I (Parking).
IN
WITNESS WHEREOF, Landlord and Tenant have respectively signed this
Lease on the day and year first above written.
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BELLEMEAD
DEVELOPMENT CORPORATION
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By:
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Title
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TOTAL RESEARCH
CORPORATION
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By:
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Title
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RULES AND REGULATIONS ATTACHED
TO
AND MADE A PART OF THIS LEASE
IN ACCORDANCE WITH ARTICLE 32
1.
The sidewalks, entrances, driveways, passages, courts, elevators,
vestibules, stairways, corridors or halls shall not be obstructed
or encumbered by any Tenant or used for any purpose other than for
ingress to and egress from the demised premises and for delivery of
merchandise and equipment in a prompt and efficient manner using
elevators and passageways designated for such delivery by Landlord.
There shall not be used in any space, or in the public hall of the
building, either by Tenant or by jobbers or others in the delivery
or receipt of merchandise, any hand trucks, except those equipped
with rubber tires and sideguards. If said premises are situate on
the ground floor of the building, Tenant thereof shall further, at
Tenant’s expense, keep the sidewalks and curb in front of
said premises clean and free from ice, snow, dirt and
rubbish.
2.
The water and wash closets and plumbing fixtures shall not be used
for any purposes other than those for which they were designed or
constructed and no sweepings, rubbish, rags, acids or other
substances shall be deposited therein, and the expense of any
breakage, stoppage, or damage resulting from the violation of this
rule shall be borne by the Tenant, who, or whose clerks, agents,
employees or visitors, shall have caused it.
3.
No carpet, rug or other article shall be hung or shaken out of any
window of the building and no Tenant shall sweep or throw or permit
to be swept or thrown from the demised premises, any dirt or other
substances into any of the corridors or halls, elevators, or out of
the doors or windows or stairways of the building, and Tenant shall
not use, keep or permit to be used or kept any foul or noxious gas
or substance in the demised premises, or permit or suffer
the
demised
premises to be occupied or used in a manner offensive or
objectionable to Landlord or other occupants of the building by
reason of noise, odors and/or vibrations, or interfere in any way
with other tenants or those having business therein, nor shall any
animals or birds be kept in or about the building. Smoking or
carrying lighted cigars or cigarettes in the elevators of the
building is prohibited.
4.
No awnings or other projections shall be attached to the outside
walls of the building without the prior written consent of
Landlord.
5.
No sign, advertisement, notice or other lettering shall be
exhibited, inscribed, painted or affixed by any Tenant on any part
of the outside of the demised premises of the building or on the
inside of the demised premises if the same is visible from the
outside of the premises without the prior written consent of
Landlord, except that the name of Tenant may appear on the entrance
door of the premises. In the event of the violation of the
foregoing by any Tenant, Landlord may remove same without any
liability, and may charge the expense incurred by such removal to
Tenant or Tenants violating this rule. Interior signs on doors an
directory tables shall be inscribed, painted or affixed for each
Tenant by Landlord at the expense of such Tenant, and shall be of a
size, color and style acceptable to Landlord.
6.
No Tenant shall mark, paint, drill into, or in any way deface any
part of the demised premises or the building of which they form a
part. No boring, cutting or stringing of wires shall be permitted,
except with the prior written consent of Landlord, and as Landlord
may direct. No Tenant shall lay linoleum, or other similar floor
covering, so that the same shall come in direct contract with the
floor of the demised premises, and if linoleum or other similar
floor covering is desired to be used an interlining of
building’s deadening felt shall be first affixed
to
the floor by a
paste or other material, soluble in water, the use of cement or
other similar adhesive material being expressly
prohibited.
7.
No additional locks or bolts of any kind shall be placed upon any
of the doors or windows by any Tenant, nor shall any changes be
made in existing locks or mechanism thereof. Each Tenant must, upon
the termination of his Tenancy, restore to Landlord all keys of
stores, offices and toilet rooms, either furnished to, or otherwise
procured by such Tenant, and in the event of the loss of any keys
so furnished, such Tenant shall pay to Landlord the cost
thereof.
8.
Freight, furniture, business equipment, merchandise and bulky
matter of any description shall be delivered to and removed from
the premises only on the freight elevators and through the service
entrances and corridors and only during hours and in a manner
approved by Landlord. Landlord reserves the right to inspect all
freight to be brought into the building and to exclude from the
building all freight which violates any of these Rules and
Regulations or the lease of which these Rules and Regulations are a
part.
9.
No Tenant shall obtain for use upon the demised premises ice,
drinking water, towel and other similar services, or accept
barbering or bootblacking services in the demised premises, except
from persons authorized by Landlord and at hours and under
regulations fixed by Landlord. Canvassing, soliciting and peddling
in the building is prohibited and each Tenant shall cooperate to
prevent the same.
10.
Landlord reserves the right to exclude from the building between
the hours of 6:00 p.m. and 8:00 a.m. and at all hours on
Sundays and legal holidays, all persons who do not present a pass
to the building signed by Landlord. Landlord will furnish passes to
persons for whom any Tenant requires same in writing. Each Tenant
shall be responsible for all persons for whom he requests such pass
and shall be liable to Landlord for all acts of such
persons.
11.
Landlord shall have the right to prohibit any advertising by any
Tenant which, in Landlord’s opinion, tends to impair the
reputation of the building or its desirability as a building for
offices, and upon written notice from Landlord, Tenant shall
refrain from or discontinue such advertising.
12.
Tenant shall not bring or permit to be brought or kept in or on the
demised premises, any inflammable, combustible or explosive fluid,
material, chemical or substance, or cause or permit any odors of
cooking or other processes, or any unusual or other objectionable
odors to permeate in or emanate from the demised
premises.
13.
If the building contains central air-conditioning and ventilation,
Tenant agrees to keep all windows closed at all times and to abide
by all rules and regulations issued by the Landlord with respect to
such services. If Tenant requires air-conditioning or ventilation
after the usual hours, Tenant shall give notice in writing to the
building superintendent prior to 3:00 p.m. in the case of
services required on weekdays and prior to 3:00 p.m. on the
day prior in the case of after hours service required on weekends
or on holidays.
ADDENDA TO “PRINTED
PORTION” OF LEASE
(STANDARD FORM OF OFFICE LEASE)
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BELLEMEAD
DEVELOPMENT CORPORATION
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TOTAL RESEARCH
CORPORATION
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H portion of
the fourth floor
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5 Independence
Way
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Princeton, New
Jersey 08540
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The
Paragraphs of the Printed Portion of the Lease listed below are
amended as follows there indicated by the corresponding footnotes
in the Body of the Printed Portion:
PARAGRAPH 3,
PAGE ONE OF PRINTED PORTION
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1.
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except for decorative
changes
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2.
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which consent or approval shall not
be unreasonably withheld.
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3.
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or
decorative
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4.
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which consent or approval shall not
be unreasonably withheld.
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5.
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except decorative
changes,
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PARAGRAPH 6,
PAGE TWO OF PRINTED PORTION
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6.
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Landlord represents that the Floor
Load per square foot is 100 pounds live load.
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PARAGRAPH 7,
PAGE TWO OF PRINTED PORTION
PARAGRAPH 8,
PAGE TWO OF PRINTED PORTION
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8.
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Except for normal office
equipment,
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9.
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reasonably
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PARAGRAPH
13, PAGE TWO OF PRINTED PORTION
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10.
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Upon reasonable notice to Tenant
except for an emergency for which no notice need be
given,
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PARAGRAPH
17, PAGE THREE OF PRINTED PORTION
PARAGRAPH
18, PAGE THREE OF PRINTED PORTION
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12.
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reasonable
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13.
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reasonable
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PARAGRAPH
20, PAGE FOUR OF PRINTED PORTION
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14.
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except for “punch list”
items
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PARAGRAPH
26, PAGE FOUR OF PRINTED PORTION
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15.
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except for Landlord’s gross
negligence.
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PARAGRAPH
28, PAGE FOUR OF PRINTED PORTION
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16.
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and
kitchen
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17.
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HVAC will be provided as set forth
in the Work Letter.
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18.
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Landlord represents that it will use
reasonable efforts to provide the HVAC to the premises as set forth
in the Work Letter.
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PARAGRAPH
33, PAGE FIVE OF PRINTED PORTION
IN
WITNESS WHEREOF, Landlord, by its proper corporate officers, has
signed this Lease and this Addenda to the “Printed
Portion” of the Lease, and Tenant, by its proper corporate
officers, has signed this Lease and this Addenda to the
“Printed Portion” of the Lease as of the 2nd day of
December, 1985.
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LANDLORD:
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BELLEMEAD
DEVELOPMENT CORPORATION
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By:
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TENANT:
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TOTAL RESEARCH
CORPORATION
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By:
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TABLE OF CONTENTS
FOR RIDER TO LEASE
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BELLEMEAD
DEVELOPMENT CORPORATION
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TOTAL RESEARCH
CORPORATION
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H portion of
the fourth floor
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5 Independence
Way
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Princeton, New
Jersey 08540
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36.
DEFINITIONS; DEMISED PREMISES; ADJUSTED MINIMUM RENT
36.1
Definitions. For purposes of this Article, the following terms
shall have the meanings set forth below:
(1) Assessed
Valuation shall mean the assessed valuation of the Real Estate for
the First Tax Year, as such assessed valuation is or may be
ultimately determined by final administrative or judicial
proceedings, or by abatement by an appropriate taxing
authority;
(2) Base
Tax Rate shall mean the real estate tax rate in effect on the date
of this Lease;
(3) First
Operating Year shall mean the calendar year ending
December 31, 1986. Operating Year shall mean any calendar year
thereafter;
(4) First
Tax Year shall mean the calendar year in which the Building is
assessed as a completed building. Tax Year shall mean any calendar
year thereafter;
(5) Land
shall mean the land described in Exhibit C to this
Lease;
(6) Occupancy
Percentage shall mean the percentage of Tenant’s occupancy of
the entire Building;
(7) Real
Estate Tax Base shall mean the amount determined by multiplying the
Assessed Valuation by the Base Tax Rate;
(8) Taxes
shall mean all real estate taxes, charges and assessments imposed
upon the Land, Building and other improvements thereon
(collectively, the “Real Estate”). If and to the extent
that due to change in the method of taxation or assessment, any
franchise, capital stock, capital gains, rent, income, profit or
any other tax or charge shall be substituted in whole or in part
for the current ad valorem Taxes now or hereafter imposed upon the
Real Estate, such franchise, capital stock, capital gains, rent,
income, profit or other tax or charge shall be deemed included in
the term “Taxes” for the purposes of this
Article;
36.2
The Demised Premises shall be deemed to contain a floor area of
17,000 square feet and the building of which the Demised Premises
form a part (“Building”) shall be deemed to contain a
total floor area of 113,244 square feet. Tenant’s Occupancy
Percentage shall be 15.0 percent. Landlord represents that of
the 17,000 rentable square feet, 14,500 square feet will be usable
by Tenant. Of the total floor area (113,244 square feet), the
Building contains 96,574 usable square feet. The foregoing
representation is Landlord’s best estimate of the usable
square feet in the Demised Premises and is not intended to have any
significance (i) in calculating the Occupancy Percentage or
Adjusted Minimum Rent, or (ii) under any of the terms and
provisions of this Lease.
36.3
Adjusted Minimum Rent shall mean the Minimum Rent as increased in
accordance with this Article to reflect any increase in Taxes and
Building Operating Costs. Tenant shall pay such increases as
additional rent as hereinafter provided.
(1) If
the Taxes for any Tax Year during the term of this Lease shall be
greater than the Real Estate Tax Base, then Tenant shall pay to
Landlord, as additional rent, an amount equal to the Occupancy
Percentage of such excess.
(2) Upon
the issuance by the respective taxing authorities having
jurisdiction over the Real Estate of a bill or bills for the taxes
imposed upon the Real Estate for the First Tax Year, Landlord shall
submit a copy of such bill or bills to Tenant. Thereafter, on or
about each anniversary of said date, Landlord shall submit to
Tenant a copy of the latest tax bill or bills for the Taxes for
each subsequent Tax Year indicating each change in the Taxes and
the effective date of such change together with a statement (the
“Tax Statement”) which shall indicate the amount, if
any, required to be paid by Tenant as additional rent. Within the
additional rent as set forth therein. Any payments due pursuant to
this Article for a period of less than a full Tax Year, either at
the commencement or at the end of the term of this Lease, shall be
ratably apportioned.
(3) If,
at any time after the execution of this Lease, the taxing
jurisdiction in which the Real Estate is located should change its
method of valuating the Real Estate for the First Tax Year as part
of a general revaluation program (“Revaluation”),
notwithstanding, for the purposes of computing the Real Estate Tax
Base pursuant to Section 36.1(7) Landlord may, at its option,
use one of the following methods:
(a) The
Assessed Valuation shall be the amount for which the Real Estate
would have been assessed for the First Tax Year if there had been
no Revaluation, and the Base Tax Rate shall be as defined in
Section 36.1(2) above, or
(b) The
Assessed Valuation shall be the actual amount assessed, and the
Base Tax Rate shall be the real estate tax rate as subsequently
reduced by the taxing jurisdiction in connection with the
Revaluation.
Landlord
shall inform the Tenant as to which of the above two methods
Landlord has elected at such time as Landlord submits the Tax
Statement to Tenant.
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36.5
Building Operating Costs.
(1) Tenant
hereby agrees that for each Operating Year during the Term of this
Lease for which the total Building Operating Costs (as hereinafter
defined) shall exceed the Building Operating Costs for the First
Operating Year, Tenant shall pay to Landlord, as additional rent,
an amount equal to the Occupancy Percentage of such excess within
30 days after presentation of Landlord’s statement (the
“Operating Statement”) therefor. Landlord shall present
its Operating Statement within 90 days after the commencement
of each such Operating Year (“Billing Date”). Tenant
shall thereafter, for the balance of that Operating Year and for
that portion of the next Operating Year until the Billing Date
during such year, make monthly payments of 1/12th of such increase
to reflect the change as at the Billing Date, which amounts shall
be credited for the account of Tenant against the annual payment
due on the succeeding Billing Date. The Operating Statement shall
indicate (i) the initial additional amount required to be paid
by Tenant as additional rent as in this Article provided;
(ii) the Tenant’s new Adjusted Minimum Rent; and
(iii) the manner in which such adjustment is
computed.
(2) The
“Building Operating Costs” shall include each and every
reasonable expense incurred in connection with the ownership,
administration, management, operation and maintenance of the Real
Estate, including but not limited to, wages, salaries and fees paid
to persons either employed by Landlord or engaged as independent
contractors in the operation of the Real Estate and such other
typical items of expense as indicated below. All such costs shall
be reflected on a comparative statement (the
“Statement”) which shall be exhibited to the Tenant
upon request.
(3) The
expenses referred to in this Article shall be determined in
accordance with generally accepted accounting principles and each
Statement furnished shall be certified by Landlord as true and
correct. Tenant or its representatives shall have the right, at its
own expense, upon reasonable notice and during reasonable hours, to
inspect the books of Landlord for the purpose of verifying the
information contained in any Statement, provided prior written
request for such inspection shall be made by Tenant within thirty
days after receipt of such Statement.
(4) Some
of the typical items of expense which comprise or may comprise the
Building Operating Costs and to be included in the Statement are or
may be: (a) General repairs and maintenance; (b) utility
costs, including but not limited to, cost of electricity to power
HVAC units serving the entire Building (both tenant and common
areas), cost of oil or other fuel required to heat the entire
Building, cost of electricity to light the common areas;
(c) cleaning costs, including but not limited to, window
cleaning, general interior office cleaning, cleaning of common
areas; (d) service contracts, including but not limited to,
contracts for elevator service, HVAC service, rubbish removal,
carting, janitorial and watchman services and snow removal;
(e) costs of landscaping; (f) cost of insurance;
(g) fees and/or salaries of superintendents, engineers,
custodians; and (h) towel service for common lavatories.
Building Operating Costs shall exclude salaries of personnel above
the grade of building manager.
(5)
Anything to the contrary contained in this Article 36
notwithstanding, if the average occupancy of the Building is less
than ninety-five percent (95%) during the First Operating Year,
then Landlord shall make a determination (“Landlord’s
Determination”) of what
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the Building
Operating Costs for such year would have been if during the entire
year the average tenant occupancy of the Building were ninety-five
percent (95%). Landlord’s Determination shall be binding and
conclusive upon Tenant and shall for all purposes of this Lease be
deemed to be the Building Operating Costs for the First Operating
Year. Landlord shall notify Tenant of Landlord’s
Determination within ninety (90) days following the last day
of the First Operating Year. Thereafter, if for any subsequent
Lease Year the average tenant occupancy of the Building is below
ninety-five percent (95%), the Building Operating Costs for any
such year shall be adjusted by Landlord to the amount that such
Building Operating Costs would have been if the average tenant
occupancy during that year had been ninety-five percent
(95%).
36.6
If, pursuant to any Tax Statement or Operating Statement showing
Taxes or Building Operating Costs for any year subsequent to the
First Tax Year or First Operating Year, respectively, there shall
be an additional amount payable or a refund due with respect to
Taxes and/or Building Operating Costs for the period covered by
such statement(s), the amount payable by the Tenant to the Landlord
as additional rent or the amount due to the Tenant as a refund,
shall be calculated and paid accordingly. If such calculation takes
place and/or any payment in connection therewith becomes payable
after the expiration of the term of this Lease, this provision
shall be deemed to have survived such expiration. However, it is
agreed by the parties that any refund shall not in any way operate
to reduce the Minimum Rent.
36.7
Any increase in additional rent under this Article shall be
prorated for the final Operating Year if such Operating Year covers
a period of less than twelve (12) full months. Tenant’s
obligation to pay additional rent under this Article for the final
Operating Year shall survive the expiration of the term of this
Lease.
36.8
In the event that the payment of any sum required to be paid by
Tenant to Landlord under this Lease (including, without limiting
the generality of the foregoing, Minimum Rent, Adjusted Minimum
Rent, or payment made by Landlord under any provision of this Lease
for which Landlord is entitled to reimbursement by Tenant) shall
become overdue for 15 days beyond the date on which they are
due and payable as provided in this Lease, then a delinquency
service charge equal to four percent (4%) of the amount over due
shall become immediately due and payable to Landlord as liquidated
damages for Tenants’ failure to make prompt payment. Further,
such delinquency service charge shall be payable o the first day of
the month next succeeding the month during which such late charges
become payable as additional rent, together with interest on the
amounts overdue from the date on which they became due and payable.
In the event of nonpayment of any delinquency service charges and
interest provided for above, Landlord shall have, in addition to
all other rights and remedies, all the rights and remedies provided
for herein and by law in the case of nonpayment of rent. No failure
by Landlord to insist upon the strict performance by Tenant of
Tenant’s obligations to pay late charges shall constitute a
waiver by Landlord of its rights to enforce the provisions of this
Section 36.8 in any instance thereafter occurring. The
provisions of this Section 36.8 shall not be construed in any
way to extend any notice period provided for in this
Lease.
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37.
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COMMENCEMENT OF TERM; ESTIMATED
COMMENCEMENT DATE; COMMENCEMENT DATE AND TERMINATION DATE; RENT
COMMENCEMENT DATE
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37.1
The parties intend that the Lease shall commence on or about
March 1, 1986 provided that the following shall have occurred:
(i) Tenant shall have executed this Lease by December 6,
1985, and (ii) the Plans shall have been approved by
December 16, 1985 (the “Estimated Commencement
Date”). Notwithstanding the above, the commencement date
(“Commencement Date”) as defined, fixed and ascertained
in this Article shall be the date upon which the work required to
be performed by the Landlord pursuant to the Work Letter attached
hereto as Exhibit “B” (the “Work”), shall
be substantially completed. The Work shall be deemed to be
substantially completed (“Substantial Completion”) for
all purposes hereunder, on the earlier of the date upon
which:
A. (i) Landlord
has procured a temporary or permanent Certificate of Occupancy,
permitting occupancy of the Demised Premises by the Tenant; and
(ii) the Landlord’s architects shall have certified that
Landlord has substantially performed the Work. Substantial
Completion shall be deemed to have occurred even though minor
details of work remain to be done, provided such details do not
materially interfere with the Tenant’s use of the Demised
Premises,
B. Tenant
shall have taken possession of all or any part of the Demised
Premises.
37.2
On or after determination of the Commencement Date as above
provided, Landlord shall deliver to Tenant a notice
(“Commencement Date Notice”) fixing the Commencement
Date and termination date which shall be a data five (5) years
and seven (7) months after the Commencement Date
(“Termination Date”).
37.3
The date upon which Tenant’s obligation for the payment of
the Minimum Rent and Adjusted Minimum Rent hereunder shall commence
(“Rent Commencement Date”) shall be deemed to be
nineteen months after the Commencement Date.
37.4
If, prior to the Commencement Date, Tenant shall enter the Demised
Premises to make any installations of its equipment, fixtures and
furnishings, Landlord shall have no liability or obligation for the
case or preservation of Tenant’s property.
37.5
Landlord agrees to provide access to the telephone company during
the course of construction, to permit Tenant’s installations
of telephones. However, the parties agree that the failure of the
telephone company to complete the telephone installation and to
provide service shall not delay or defer the determination of the
Commencement Date or the Rent Commencement Date and the obligation
of Tenant to pay rent therefrom.
37.6
Anything contained in this Article 37 to the contrary
notwithstanding, if for any reason the Premises are not ready for
occupancy on the Estimated Commencement Date, this Lease shall
nevertheless continue in full force and effect; the Commencement
Date shall be
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postponed until
substantial completion has occurred and the Rent Commencement Date
shall be postponed for a like number of days. The Termination Date
shall be adjusted to provide the full term set forth in
Section 37.2 hereinabove. Anything contained in this
Article 37 to the contrary notwithstanding, Landlord agrees
that in the event the Demised Premises are not substantially
complete on or prior to the “Outside Date” as
hereinafter defined, Tenant shall have the option to terminate and
cancel this Lease; provided, however, that Tenant shall have served
written notice of its election under this Article to cancel and
terminate the Lease within five (5) days following said
Outside Date. For purposes of this Article, Outside Date shall be
defined as May 1, 1986, subject to an extension for any delays
which are attributable to Tenant, its agents, or its employees. If
Tenant shall fail to deliver notice to terminate and cancel this
Lease, this Lease shall remain in full force and effect. The rights
granted to Tenant in this paragraph to terminate the Lease are
conditioned upon Tenant’s execution of the Lease by
December 6, 1985 and delivery of the Plans to Landlord by
December 16, 1985.
38.
LANDLORD’S WORK; LANDLORD’S WORK LETTER
38.1
Annexed hereto as Exhibit “B” and made a part hereof is
Landlord’s work letter (the “Work Letter”).
Tenant agrees that it shall either approve Landlord’s
drawings or provide to Landlord on or before the 16th day of
December, 1985, such drawings and specifications (the
“Plans”), a preliminary version of which is attached
hereto as Exhibit “F”, required by Landlord for
Tenant’s layout, partitioning, electrical, reflecting ceiling
and other installations for the approval and acceptance of
Landlord. Landlord shall furnish and install in accordance with
such Plans, so much of the work required by Tenant by the above
Plans as allowed by Landlord’s Work Letter, and attached
itemized list in Exhibit “G” (the
“Item List”) at no additional cost to Tenant. To
the extent Tenant’s final drawings require work, the cost of
which is not in excess of 104% of the cost contemplated by the Work
Letter or the Item List, such work shall be reduced to an
“Extra or Change Order” to be executed by both Landlord
and Tenant, which shall indicate the work required, the cost
thereof, and the additional time required, if any, for completion.
Tenant shall be responsible for any delays in completing the
Demised Premises by reason of Tenant’s failure to furnish
Landlord with the requisite approvals and drawings.
38.2
Anything contained in this Article 38 and the Work Letter to
the contrary notwithstanding, Landlord agrees to credit (the
“Relocation Credit”) toward the cost of relocation
expenses an amount equal to $5,000. The Relocation Credit shall
only be applicable toward the cost of relocation expenses and
Landlord shall remit to Tenant an amount equal to the Relocation
Credit within thirty (30) days after the Commencement
Date.
39.
HEATING, AIR-CONDITIONING AND VENTILATION; LEGAL HOLIDAYS;
“AFTER HOURS”
39.1
Notwithstanding the provisions of subsections (b) and
(e) of Article 28 of this Lease, but subject to all of
the other terms, covenants and conditions of said Article 28,
Landlord shall provide and furnish appropriate heat,
air-conditioning or ventilation to the Demised Premises between the
hours of 8:00 a.m. and 6:00 p.m., Monday through Friday, other than
Legal Holidays (which are listed on Exhibit “E”),
attached to this Lease.
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39.2
At all other times not otherwise provided for in Section 39.1
above, Landlord agrees that it shall, upon prior written request
from Tenant, provide after-hours air-conditioning, ventilation or
heating, as the case may be, for which Tenant shall pay to Landlord
as additional rent hereunder, a sum equal to $75.00 per hour for
providing heat, and $75.00 per hour for providing air-conditioning,
that being intended to cover Landlord’s cost for the power or
fuel required to provide the same. In the event that during the
term of this Lease, or any renewal hereof, the Landlord’s
cost for providing after-hours heating or air-conditioning shall
increase by virtue of utility rate increases or unit fuel cost
increases, the above-specified hourly charges shall be adjusted
from time to time to reflect said increases. In addition to the
foregoing, should there be any charges incurred by Landlord for
additional attendant engineers or similar additional requirements
as may be imposed from time to time by the State Labor Department,
local authorities, union requirements, or the like, Tenant agrees
to reimburse Landlord for its out-of-pocket expenses incurred in
connection therewith, related to the after-hours use by
Tenant.
40.1
Landlord’s obligation to supply current shall be limited to
the current required to power the Building standard heating,
ventilation and air-conditioning systems and the power for the
lighting of common areas.
40.2
Tenant shall arrange to purchase and pay for all of the electric
current requirements for light and power used in connection with
Tenant’s operations within the Demised Premises. Landlord
shall furnish and install an electric meter for the measurement of
the consumption of Tenant’s electric current as herein
provided.
40.3
At the request of Landlord, prior to occupancy of the Demised
Premises, Tenant shall execute any and all applications for
service, or forms required by the local utility company supplying
electric current to the Building for the metering of all electric
current and power required for the operation of the electrical
equipment of any nature whatsoever and lights within or serving the
Demised Premises.
41.1
Tenant agrees to provide on or before the Commencement Date a
Certificate of Insurance confirming to Landlord insurance coverage
under a comprehensive general liability policy to confirm, among
other things, (i) personal injury coverage, and
(ii) coverage for Tenant’s contractual duty of
indemnification under this Lease in an amount not less than
$1,000,000.00 combined single limit per occurrence and containing a
provision that such insurance shall not be cancelled except upon
90 days’ prior written notice to Landlord.
42.
FIRE INSURANCE — WAIVER OF SUBROGATION
42.1
Landlord and Tenant each hereby releases the other, its respective
officers, directors, employees and agents from any and all
liability or responsibility to the other or anyone claiming through
or under either of them by way of subrogation or otherwise, for any
loss or damage to property caused by fire or any of the extended
coverage casualties, even if such fire or other casualty shall have
been caused by the fault or negligence of the other party or anyone
for
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whom such party
may be responsible. Landlord agrees that it shall carry and
maintain in fore and effect at all times during the term of this
Lease a Standard Fire Insurance policy with Standard Extended or
Additional Extended Coverage and vandalism and malicious mischief
endorsements. Tenant shall maintain a Standard Fire Insurance
policy with the aforesaid Extended Coverage and vandalism
endorsements covering the replacement value of all Tenant’s
personal property, equipment and improvements located in the
Demised Premises.
43.1
So long as Tenant is not in default under this Lease, Landlord
hereby grants to Tenant the license (the “License”) to
park 70 cars (“Allotted Parking”), for use solely by
Tenant and Tenant’s employees, guests and invitees in the
parking area or areas serving the Building (the “Designated
Parking Area”).
43.2
The use of any more than the Allotted Parking after notice from
Landlord, by Tenant, its employees, licensees or invitees
(“Over-use”) shall be deemed a material event of
default under this Lease, and Landlord may immediately suspend or
revoke the License and/or exercise such remedies as are provided in
Articles 17 and 18 of the “Printed Portion” of this
Lease. Landlord shall not be responsible to Tenant for enforcing
the License or for violation of the License by other tenants of the
Building, by third parties, or guests or visitors to the
Building.
43.3
In the event the number of parking spaces in the Designated Parking
Area is reduced by circumstances beyond the control of Landlord,
the Allotted Parking shall be reduced accordingly.
43.4
Landlord shall designate two (2) of the Allotted Parking in
reasonable proximity to the Building for reserve parking by
Tenant.
44.
ACCESS AND COMMON AREA
44.1
Anything to the contrary contained in this Lease notwithstanding,
Landlord and all tenants, including Tenant hereunder, of this
Building, shall have a mutual right of access for emergency
purposes through such areas where the same may be required
including the Demised Premises and the demised premises of any
other tenant in the Building.
44.2
Tenant shall have the right of nonexclusive use, in common with
others, of (a) automobile parking areas and driveways (subject
to Article 43 hereof); (b) footways, and (c) such
elevator and other facilities as may be constructed and designated
from time to time by Landlord in the Building, all to be subject to
the terms and conditions of the Lease and to reasonable rules and
regulations for the use thereof as prescribed from time to time by
Landlord.
45.
INTENTIONALLY DELETED
46.1
Tenant represents that Joseph Hilton & Associates, Inc. is the
only real estate broker responsible for bringing about, or
negotiating, this Lease and said broker is the only broker with
whom it has dealt in connection with the Demised
Premises.
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46.2
In reliance upon the foregoing representation, Landlord agrees to
pay a commission to said broker in accordance with a separate
agreement between them, and Tenant agrees to defend, indemnify and
hold harmless the Landlord, its affiliates and/or subsidiaries from
any expense or liability (including attorney’s fees) arising
out of any claim from commission by any other broker claiming or
alleging to have acted on behalf of or to have dealt with
Tenant.
47.1
Landlord shall provide services for maintenance of the grounds,
common areas and parking areas and such other cleaning services
within the Demised Premises as are set forth on the “Cleaning
Service Rider” annexed hereto and made a part hereof as
Exhibit “D”.
48.
ASSIGNMENT AND SUBLETTING
48.1
Supplementing the provisions of Article 11, and except as
provided in Section 48.8 if the Tenant shall desire to assign
this Lease, sublet or underlet all or any portion of the Demised
Premises, it shall first submit in writing to the Landlord a notice
setting forth in reasonable detail:
(a) the
identity and address of the proposed assignee or
sublessee;
(b) in
the case of a subletting, the terms and conditions
thereof;
(c) the
nature and character of the business of the proposed assignee or
sublessee and its proposed use for the Demised Premises;
(d) evidence
that the proposed assignee or sublessee is a United States citizen
or citizens or a corporation qualified to do business in the State
of New Jersey and organized and existing under the laws of one of
the States of the United States;
(e) banking,
financial and other credit information relating to the proposed
assignee or sublessee reasonably sufficient to enable Landlord to
determine the proposed assignee’s or sublessee’s
financial responsibility; and
(f) in
the case of a subletting of only a portion of the Demised Premises,
plans and specifications for Tenant’s layout, partitioning,
and electrical installations for the portion of the Demised
Premises to be sublet.
48.2
If the nature and character of the business of the proposed
assignee or sublessee, and the proposed use and occupancy of the
Demised Premises, or any portion thereof, by the proposed assignee
or sublessee, is in keeping and compatible with the dignity and
character of the Building, then, subject to compliance with the
requirements of Article 11 and this Article 48, anything
to the contrary in Article 11 notwithstanding, Landlord agrees
not unreasonably to withhold or delay its consent to any such
proposed assignment or subletting, provided that Tenant shall, by
notice in writing as described in Section 48.1, advise
Landlord of its intention to assign this Lease or to sublease all
or any part of the Demised Premises, from, on and after a stated
date (which shall not be less than 60 days after date of
Tenant’s notice).
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48.3
INTENTIONALLY DELETED.
48.4
In addition to the foregoing requirements: (a) no sublease
shall result in an occupancy of the Demised Premises by more than
four tenants, including the Tenant hereunder, (b) no sublease
shall be for a term of less than one year, unless the unexpired
term of this Lease shall be less than two years at the commencement
of the sublease, (c) no assignee or sublessee shall be an
existing tenant of or any party then negotiating for space in the
Building, or any other building in the office park of which the
Building is a part (i) owned by Landlord, Bellemead
Development Corporation (“Bellemead”) or any
partnership in which Bellemead or an affiliate of Bellemead is a
partner or (ii) managed by Bellemead or an affiliate of
Bellemead (“Affiliated Building”), (d) no sublease
shall result in the occupancy of less than 2000 square feet of
space, (e) Tenant shall not be in default under any of the
terms and conditions of this Lease at the time of any notice or
request for consent under the terms of this Article or at the
effective date of such assignment or subletting and (f) no
subletting or assignment shall be for a rental rate less than that
currently being charged by Landlord for comparable space in the
Building or any Affiliated Building. Furthermore, anything to the
contrary in Section 48.2 notwithstanding, Landlord shall not
consent to any sublease unless Tenant agrees at the time of the
proposed sublease and in the Tenant’s notice required in
Section 48.2 to pay over to Landlord fifty percent (50%) of
all rents (of whatever nature) payable by the prospective sublessee
to Tenant pursuant to such sublease which exceeds the pro
rata share of the then Adjusted Minimum Rent allocable to
the sublease premises payable by Tenant hereunder.
48.5
Any sublease must provide (a) it shall be subject and
subordinate to all of the terms and conditions of this Lease,
(b) that notwithstanding Article 2 hereof, the use of the
Demised Premises thereunder shall be restricted exclusively to
[executive and administrative office use], (c) that the term
thereof shall not extend beyond a date which is one day prior to
the expiration date of the then current Initial Term or Renewal
Term hereof, (d) no sublessee shall be permitted to further
sublet all or any part of the Demised Premises without
Landlord’s prior written consent, and (e) in the event
of cancellation or termination of this Lease for any reason
whatsoever or of the surrender of this Lease whether voluntary,
involuntary or by operation of law, prior to the expiration date of
such sublease, including extensions and renewals granted
thereunder, that, at Landlord’s option, the subtenant shall
make full and complete attornment to Landlord for the balance of
the term of the sublease, which attornment shall be evidenced by an
agreement in form and substance satisfactory to Landlord which the
subtenant shall execute and deliver at any time within five
(5) days after request of the Landlord, its successors and
assigns. The subtenant shall waive the provisions of any law now or
hereafter in effect which may give the subtenant any right of
election to terminate the sublease or to surrender possession of
the Premises in the event any proceeding is brought by Landlord to
terminate this Lease.
48.6
Each of the following events shall be deemed to constitute an
assignment of this Lease and shall require the prior written
consent of Landlord not to be unreasonably withheld in each
instance:
(a) Any
assignment or transfer of this Lease by operation of
law;
(b) Any
hypothecation, pledge or collateral assignment of this
Lease;
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(c) Any
involuntary assignment or transfer of this Lease in connection with
bankruptcy, insolvency, receivership or otherwise;
(d) Any
assignment, transfer, disposition, sale or acquiring of a
controlling interest in Tenant to or by any person, entity or group
of related persons or affiliated entities, whether in a single
transaction or in a series of related transactions; and
(e) Any
issuance of an interest or interests in Tenant (whether stock,
partnership interests or otherwise) to any person; entity or group
of related persons or affiliated entities, whether in a single
transaction or in a series of related or unrelated transactions,
such that following such issuance, such person, entity or group
shall hold a controlling interest in Tenant.
For purposes of
the immediately preceding sentence, a “controlling
interest” of Tenant shall mean eighty percent (80%) or more
of the aggregate issued and outstanding equitable interests
(whether stock, partnership interests or otherwise)
thereof.
48.7
Any provision of Article 11 and Sections 48.1, 48.2, 48.5
and 48.6 to the contrary notwithstanding, but subject to
Sections 48.4, 48.5 and 48.8:
(a) Any
corporate Tenant shall have the right, without the consent of
Landlord, to assign this Lease or sublet all or any part of the
Demised Premises to any corporation controlling, controlled by or
under common control with Tenant, provided that no such
assignee shall further assign this Lease and no such sublessee
shall assign or encumber its sublease or further sublet all or any
part of the Demised Premises to any person other than a corporation
controlling, controlled by or under common control with Tenant,
except in accordance with the provisions of Article 11 and
this Article 48, and provided , further , that
any event resulting in such assignee or sublessee ceasing to be a
corporation controlling, controlled by or under common control with
Tenant shall be deemed to be an assignment of this Lease requiring
the prior consent of Landlord, and Tenant shall thereupon be
required to comply with all provisions of Article 11 and this
Article 48 applicable thereto. For purposes of the immediately
foregoing, “control”, means ownership of at least
fifty-one percent (51%) of the issued and outstanding voting stock
of such corporation.
(b) Any
corporate Tenant shall also have the right, without the consent of
Landlord, to assign this Lease to any corporation succeeding to
Tenant by merger or consolidation in accordance with applicable
statutory provisions for merger or consolidation of corporations or
by purchase of all or substantially all of Tenant’s assets,
provided that immediately after such merger, consolidation
or purchase, the shareholders’ equity (capital stock,
additional paid-in capital and retained earnings) of the successor
corporation or the purchasing corporation, as the case may be,
shall at least equal the shareholders’ equity of Tenant
immediately prior to such merger, consolidation or purchase and
shall be so certified by the chief financial officer of the
assignee. Effective upon the making of an assignment permitted
under the immediately preceding sentence, the assignor shall be
released from further liability under this Lease.
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It is
Landlord’s intent to permit assignment of this Lease and
subletting pursuant to this Section 48.7 exclusively as an
accommodation to the bona fide and legitimate business needs of
Tenant; and notwithstanding the provisions hereof, no assignment of
this Lease or sublease of the Demised Premises without
Landlord’s consent hereunder shall be permitted where the
sole or primary purpose of such assignment or subletting is to
permit occupancy of the Demised Premises by a third party in
avoidance of Landlord’s consent, or in the case of a
corporation’s purchasing all of substantially all of
Tenant’s assets where this Lease constitutes all or a
substantial portion of such assets.
Tenant
shall promptly give Landlord prior notice of any assignment of this
Lease or subletting permitted under this Section 48.7,
accompanied by all documentation required to establish compliance
with the requirements of subsection (a) and (b) above and
shall also promptly provide Landlord with a copy of any material
executed instrument of merger, consolidation or assignment or the
executed sublease, as the case may be.
48.8
It is a condition to the effectiveness of any assignment otherwise
complying with Article 11 and this Article 48 that the
assignee execute, acknowledge and deliver to Landlord an agreement
in form and substance satisfactory to Landlord whereby the assignee
assumes all obligations of Tenant under this Lease, and agrees that
the provisions of Article 11 and this Article 48 shall
continue to be binding upon it in respect of all future assignments
and deemed assignments of this Lease. No assignment of this Lease
shall release the assignor from its continuing obligations to
Landlord under this Lease, except as expressly herein provided, and
Tenant and any subsequent assignor shall continue to remain jointly
and severally liable (as primary obligor) for all tenant’s
obligations hereunder.
48.9
Tenant shall be responsible for obtaining all permits and approvals
required by any governmental or quasi-governmental agency for any
work or otherwise required in connection with any assignment of
this Lease or any sublease, and Tenant shall deliver copies of the
same to Landlord prior to the commencement of work if work is to be
done. Tenant is furthermore responsible for and is required to
reimburse Landlord for all reasonable costs including legal fees
which Landlord incurs in reviewing any proposed assignment of this
Lease or any sublease and any permits, approvals and applications
for the construction within the Demised Premises. Tenant’s
failure to obtain any of the above-mentioned permits and approvals
or to submit same and a duplicate original counterpart of the
assignment or sublease to Landlord within fifteen days of the data
of issuance or execution of such item(s) shall constitute a default
under this Lease.
48.10
If Landlord reasonably withholds its consent of any proposed
assignment or sublease, Tenant shall indemnify, defend and hold
harmless Landlord against and from all loss, liability, damage,
cost and expense (including reasonable attorneys’ fees and
disbursements) resulting from any claims that may be made against
Landlord by the proposed assignee or sublessee or by any brokers or
other persons claiming a commission or similar compensation in
connection with the proposed assignment or sublease.
48.11
If Landlord consents to any proposed assignment or sublease and
Tenant fails to consummate the assignment or sublease to which
Landlord consented within 45 days after the giving of such
consent, Tenant shall be required again to comply with all of the
provisions and
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conditions of
this Article 48 before assigning this Lease or subletting all
or part of the Demised Premises.
48.12
Tenant, its sublessees, and their respective successors and assigns
acknowledge and agree that the restriction that Landlord’s
consent to a proposed assignment of this Lease or to a subletting
under certain circumstances shall not be unreasonably withheld and
shall not be intended or construed as an agreement or covenant on
the part of the Landlord, but rather as a qualification on
Tenant’s covenant not to assign this Lease or sublet, and
they further agree that under no circumstances shall Landlord be
liable in damages or subject to liability of any other kind or
nature whatever by reason of Landlord’s failure or refusal to
grant its consent to any proposed assignment of this Lease or
subletting of the Demised Premises, the sole and exclusive recourse
being a declaratory judgment on the question of Landlord’s
reasonableness.
48.13
The joint and several liability of the named Tenant and any
immediate or remote successor in interest of the named Tenant for
the due performance and observance of all covenants and conditions
to be performed and observed by Tenant shall not be impaired by any
agreement of Landlord extending the time for such performance or
observance or by Landlord’s waiving or failing to enforce any
provision of this Lease.
49.
TENANT’S COOPERATION; REASONABLE MODIFICATIONS; ESTOPPEL
CERTIFICATE
49.1
If, in connection with obtaining financing for the Building and/or
the Real Estate, or otherwise upon the interest of the Landlord, as
lessee, under any ground or underlying lease, any lending
institution shall request reasonable modifications of this Lease as
a condition of such financing, Tenant covenants not unreasonably to
withhold or delay its agreement to such modification, upon
Landlord’s request, provided that such modification does not
materially or adversely affect the rights of Tenant under this
Lease.
49.2
Tenant agrees at any time and from time to time, upon not less than
ten days’ prior written request, that Tenant shall execute,
acknowledge and deliver to Landlord, or its designee, a statement
in writing certifying: that this Lease is unmodified and is in full
force and effect (or if there have been modifications, the
specifics thereof and that the Lease is in full force and effect as
modified); the dates to which the Minimum Rent (or Adjusted Minimum
Rent) and additional rent have been paid; and the amount of all
rents paid in advance, if any. It is intended hereby that any such
statement delivered pursuant to this Article may be relied upon by
a prospective purchaser of the Landlord’s interest or a
mortgagee of Landlord’s interest, or any assignee of any
mortgage upon Landlord’s interests in the Real Estate. The
foregoing obligation shall be deemed a substantial obligation of
the tenancy, the breach of which shall give Landlord those remedies
herein provided for an even of default.
50.
LIMITATION OF LIABILITY; DEFINITION OF
“LANDLORD”
50.1
Notwithstanding anything to the contrary herein provided, each and
every term, covenant, condition and provision of this Lease is
hereby made specifically subject to the provisions of this
Article 50. The term “Landlord” as used in this
Lease means only the owner or lessor for the time being of the
Building, so that in the event of any conveyance of such
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interest and
the transfer to the transferee of any funds then being held under
this Lease by such owner, Landlord shall be and hereby is entirely
freed and relieved of any and all obligations of Landlord hereunder
thereafter accruing, and it shall be deemed without further
agreement between the parties and such grantee(s) that the grantee
has assumed and agreed to observe and perform all obligations of
Landlord hereunder. It is specifically understood and agreed that
notwithstanding anything to the contrary herein provided or
otherwise provided at law or in equity, there shall be absolutely
no personal liability in excess of its interest in the Real Estate
to the Landlord or any successor in interest thereto (whether the
same be an individual, joint venture, tenancy in common, firm or
partnership, general, limited or otherwise) or on the part of the
members of any firm, partnership or joint venture or other
unincorporated Landlord with respect to any of the terms, covenants
and/or conditions of this Lease; in the event of a breach or
default by Landlord, or any successor in interest thereof, of any
of its obligations under this Lease, Tenant shall look solely to
the then Landlord for the satisfaction of each and every remedy of
Tenant, such exculpation of personal and additional liability which
is in excess of such interest in the Real Estate to be absolute and
without any exception whatsoever.
51.
STATUTORY WAIVER; NOTICE BY TENANT
51.1
Tenant waives the benefit of New Jersey Revised Statutes, Title 46,
Chapter 8, Sections 6 and 7. Tenant agrees that it will
not be relieved of the obligations to pay the Minimum Rent,
Adjusted Minimum Rent or any additional rent in case of damage to
or destruction of the Building, except as provided in
Article 9 of the printed portion of this Lease.
51.2
Tenant shall give Landlord immediate notice in case of fire or
accident within the Demised Premises, or, within the Building if
involving Tenant, its servants, agents, employees, invitees or
licensees.
52.1
Tenant represents that the officer(s) executing and delivering this
Lease has (have) been duly authorized to enter into this Lease
and that the execution and delivery of this Lease by Tenant do not
and shall not violate any provision of any by-law, agreement,
order, judgment, governmental regulation or any other obligation to
which Tenant is a party or is subject.
52.2
Upon execution hereof, Tenant shall deliver an appropriate
certification by its secretary and assistant secretary to the above
effect.
53.
PERSONAL PROPERTY TAXES
53.1
Tenant agrees to pay all taxes imposed on the personal property of
Tenant in connection with its use and occupancy of the Demised
Premises, and to hold Landlord harmless therefrom.
54.1
This Lease shall not be affected or impaired by any change to any
lawns, sidewalk or streets adjacent to or around the Building,
except (i) as provided in the provisions of this
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Lease dealing
with condemnation, or (ii) if such changes completely impair
Tenant’s ability to enter or leave the Building.
55.1
If Tenant holds over in the Demised Premises beyond the Termination
Date or prior expiration of the term hereof, Tenant shall become a
tenant from month-to-month at two times the Adjusted Minimum Rent
then payable hereunder and otherwise upon all the other terms and
conditions of this Lease, and shall continue to be such
month-to-month tenant until such tenancy shall be terminated by
Landlord or such possession shall cease. Nothing contained in this
Lease shall be construed as a consent by Landlord to the occupancy
or possession by Tenant of the Premises beyond the Termination Date
or prior expiration of the term hereof, and Landlord, upon the
Termination Date or prior expiration of the term hereof shall be
entitled to the benefit of all legal remedies that now may be in
force or may be hereafter enacted for summary possession of the
Demised Premises.
56.
RESTRICTIVE COVENANT – FOOD SERVICE
56.1
Tenant hereby covenants and agrees (anything to the contrary
contained in this Lease, notwithstanding) that it shall not use the
Demised Premises or any portion thereof, for the service of food to
the public other than Tenant’s employees, guests and
invitees, nor shall it maintain any facilities for the sale or
consumption of food to and by the public without, in each case,
obtaining the prior written consent of the Landlord. The consent of
the Landlord required hereunder shall be given solely in the
discretion of the Landlord.
56.2
Landlord represents to Tenant, and Tenant acknowledges, that
pursuant to agreements made or to be made by and between the
Landlord and third parties for the operation of a restaurant,
cafeteria, coffee-cart and similar food services for this Building
and/or other buildings in the office park in which this Building is
located, no tenant of this Building, including Tenant, or of any
buildings in the office park in which this Building is located
shall prepare, contract for, serve or otherwise make available a
food service facility in competition with such third parties. Any
breach of this restriction by the Tenant shall be deemed a material
event of default under the terms of this Lease, and Landlord may,
in its discretion, exercise such remedies as it may deem
appropriate to terminate this Lease, prevent a violation of this
covenant, and recover any damages to which it may be exposed by
virtue of a breach by the Tenant.
57.1
All notices, demands and requests which may or are required to be
given by either party hereunder to the other, shall be in writing.
All notices, demands and requests by Landlord to Tenant shall be
deemed to have been properly given if sent by registered or
certified mail, return receipt requested, postage prepaid,
addressed to Tenant at:
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TENANT:
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Total Research
Corporation
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5 Independence
Way
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Princeton, New
Jersey 08540
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Levy &
Levy, P.A.
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1 Cherry
Hill
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Suite 625
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Cherry Hill,
New Jersey 08002
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Attn: Wm. N.
Levy, Esq.
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or to such
other address as Tenant may from time to time designate by notice
to Landlord.
All notices,
demands and requests by Tenant to Landlord shall be deemed to have
been properly given if sent by registered or certified mail, return
receipt requested, postage prepaid, addressed to Landlord
at:
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LANDLORD:
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Bellemead
Development Corporation
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4 Becker Farm
Road
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Roseland, New
Jersey 07068
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Sanford
Grossman, Esq.
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Simpson Thacher
& Bartlett
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One Battery
Park Plaza
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New York, New
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or
to such other address as Landlord may from time to time designate
by notice to Tenant.
All
notices referred to hereunder shall be deemed given and received
two days after the date said notice is mailed by United States
registered or certified mail as aforesaid, in any post office or
branch post office regularly maintained by the United States
Government, unless said notice was personally served upon an
officer of Landlord or Tenant, in which case such notice shall be
deemed given when delivered.
58.
SEVERABILITY OF PROVISION
58.1
If any term or provision of this Lease or the application thereof
to any party or circumstance shall to any extent be invalid or
unenforceable, the remainder of this Lease or the application of
such term or provision to parties or circumstances other than to
those with respect to which it is held invalid or unenforceable,
shall not be affected thereby, and each term and provision of this
Lease shall be valid and enforced to the fullest extent permitted
by law.
59.
NO OFFER OR AGREEMENT
59.1
No employee or agent of Landlord, no broker, and no agent of any
broker has authority to make or agree to make a lease or any other
agreement or undertaking in connection herewith, including, but not
limited to the modification, amendment of cancellation of a lease.
The mailing or delivery of this document by the Landlord or its
agent to Tenant, its agent or attorney shall not be deemed an offer
by the Landlord to lease the Demised Premises on the
16
terms herein.
This Lease shall not be effective, nor shall Tenant have any rights
with respect thereto unless and until Landlord shall accept this
Lease and execute and deliver the same to Tenant.
60.1
Subject to the provisions of Section 60.2 below, Tenant shall
have the option to renew this Lease for one additional term of five
(5) years (the “Renewal Term”), which Renewal Term
shall commence upon the expiration of the term described in
Article 37 of this Lease (the “Initial Term”). The
terms, covenants and conditions during the Initial Term, including
but not limited to the definitions of First Tax Year and First
Operating Year as set forth in Article 36 hereof, shall be
projected and carried over into the Renewal Term, except as
specifically set forth hereinafter.
(a) The
Minimum Rent shall be the greater of (i) Market Rent (as
defined in clause (b) below) or (ii) the Adjusted Minimum
Rent as of the last day of the Initial Term.
(b) “Market
Rent” shall mean the fair market rent for the Demised
Premises, as of the date one year prior to the expiration of the
Initial Term (the “Determination Date”), based upon the
rents generally in effect for comparable office space in the area
in which the Real Estate is located multiplied by the CPI Ratio.
Market Rent (for the purposes of determining the Minimum Rent only
during the Renewal Term) shall be determined on what is commonly
known as a “gross” basis; that is, in computing Market
Rent it shall be assumed that all real estate taxes and customary
services are included in such additional charges. Notwithstanding
the foregoing, the Minimum Rent for the Renewal Term shall be
thereafter increased from time to time as provided in this Lease,
and the First Tax Year and First Operating Lease Year for the
Renewal Term shall be defined as provided in Article 36
hereof.
(c) Landlord
shall notify Tenant (“Landlord’s determination of the
Market Rent within 60 days of the Determination Date. If
Tenant disagrees with Landlord’s determination, Tenant shall
notify Landlord (“Tenant’s Notice of
Disagreement”) within fifteen (15) days of receipt of
Landlord’s Determination Notice. Time shall be of the essence
with respect to Tenant’s Notice of Disagreement, and the
failure of Tenant to give such notice within the time period set
forth above shall conclusively be deemed an acceptance by Tenant of
the Market Rent as determined by landlord and a waiver by Tenant of
any right to dispute such Market Rent. If Tenant timely gives its
Tenant’s Notice of Disagreement, then the Market Rent shall
be determined as follows: Landlord and Tenant shall, within thirty
(30) days of the date on which Tenant’s Notice of
Disagreement was given, each appoint an Appraiser for the purpose
of determining the Market Rent. An Appraiser shall mean a duly
qualified impartial real estate appraiser having at least
10 years’ experience in the area in which the Demised
Premises are located. In the even that the two Appraisers so
appointed fail to agree as to the Market Rent within a period of
30 days after the appointment of the second Appraiser, such
two Appraisers shall forthwith appoint a third Appraiser who shall
make a determination within 30 days thereafter. If such two
Appraisers fail to agree upon such third Appraiser within
10 days following the last 30 day period, such third
Appraiser shall be appointed by a Judge of the Superior Court of
the State of New Jersey. Such two Appraisers or three Appraisers,
as the case may be, shall proceed with all reasonable dispatch to
determine the Market Rent. The decision
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of such
Appraisers shall be final; such decision shall be in writing and a
copy shall be delivered simultaneously to Landlord and to Tenant.
If such Appraisers fail to deliver their decision as set forth
above prior to the commencement of the Renewal Term, Tenant shall
pay Landlord the Adjusted Minimum Rent at the rate as of the last
day of the Initial Term, until such decision is so delivered. If
the Market Rent as determined above is in excess of the actual rent
paid, then Tenant, upon demand, shall pay to Landlord the
difference between the actual rent paid and the Market Rent from
the commencement of the Renewal Term. Landlord and Tenant shall
each be responsible for and shall pay the fee of the Appraiser
appointed by them respectively, and Landlord and Tenant shall share
equally the fee of the third Appraiser.
(d) For
purposes of this Article 60, the following definitions shall
apply:
(i) “CPI”
shall mean the Consumer Index for All Urban Customers “All
Items” for the Philadelphia Area, as published by the United
States Department of Labor, Bureau of Labor Statistics, or such
other index similar in nature, as may be available in the event
that said CPI is no longer published;
(ii) “CPI
Ratio” shall mean a fraction the numerator of which is the
CPI in the month in which the Determination Date falls and the
denominator of which is the CPI in the month twelve months prior to
the Determination Date.
60.2
Tenant’s option to renew, as provided in Section 60.1
above, shall be conditioned upon and subject to each of the
following:
(a) Tenant
shall notify Landlord in writing of its exercise of its option to
renew at least 9 months, but not more than 12 months, prior to
the expiration of the Initial Term;
(b) At
the time Landlord receives Tenant’s notice as provided in
(a) above, and at the expiration of the Initial Term, Tenant
shall not be in default under the terms or provisions of this
Lease;
(c) Tenant
shall have no further renewal option other than the option to
extend for the one Renewal Term as set forth in Section 60.1
above;
(d) This
option to renew shall be deemed personal to the Tenant and may not
be assigned without the express consent of Landlord;
(e) Landlord
shall have no obligation to do any work or perform any services for
the Renewal Term with respect to the Demised Premises which Tenant
agrees to accept in its then “as is”
condition.
61.1
Tenant shall have a right of first offer (the “Right of First
Offer”) with respect to any rentable area ( the “Offer
Area”) as it becomes available on the fourth floor in the
Building offered by Landlord for lease to anyone other than the
tenant then occupying the Offer Area. If Landlord desires to lease
the Offer Area to anyone other than the tenant then occupying the
Offer Area, Landlord shall notify Tenant in writing (the
“Offer Notice”) of the terms and conditions
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upon which
Landlord shall offer to lease the Offer Area. Tenant shall have a
Right of First Offer with respect to Landlord’s offer to
lease the Offer Area as set froth in the Offer Notice, to be
exercised by giving written notice thereof to Landlord within
30 days of the receipt of the Offer Notice during which time
Landlord will not lease such space. If Tenant does not exercise the
Right of First Offer with respect to the Offer Area as provided in
the preceding sentences or if Tenant waives in writing the Right of
First Offer with respect to the Offer Area, Tenant shall have no
further rights to the Offer Area in connection with
Landlord’s then offer to lease same as set forth in the Offer
Notice. If Tenant does so exercise the Right of First Offer,
Landlord and Tenant shall endeavor in good faith and without delay
to negotiate and execute a lease in connection therewith upon
substantially the same terms and conditions in this Lease, except
as provided in the Offer Notice which will contain provisions,
without limitation, for rent, term, renewals, rights of first
offer, if any, and security. If Landlord and Tenant area unable to
so negotiate and execute a lease within 30 days, for the Offer
Area, Tenant’s exercise of the Right of First Offer shall be
null and void and Tenant shall have no further rights to the Offer
Area in connection with Landlord’s then offer to lease same
as set forth in the Offer Notice. Tenant shall not have a Right of
First Offer (i) for less than the entire Offer Area, or
(ii) if Tenant is in default under any of the material terms
and conditions of this Lease beyond any applicable grace period, or
if this Lease is not then in full force and effect. The Right of
First Offer is not assignable and shall be deemed personal to
Tenant hereunder.
62.
TENANT’S SPECIAL SECURITY
62.1
Supplementing the requirement, if any, of paragraph 33 of the
Printed Portion of this Lease, an amount (“Tenant’s
Special Security”) equal to one monthly installment of
Minimum Rent shall be deposited by Tenant with Landlord upon the
execution of this Lease as security for the faithful performance
and observance by Tenant of the terms, conditions and provisions of
this Lease. Landlord agrees to hold Tenant’s Special Security
in a money market account at a commercial bank, savings bank or
savings and loan institution authorized to do business in the State
of New Jersey. Provided Tenant is not then in default in any of its
obligations hereunder, Landlord agrees to return Tenant’s
Special Security, together with all interest earned thereon, upon
receipt of the first monthly installment of Minimum Rent due on the
Rent Commencement Date.
63.1
Landlord’s obligation to the provisions of this Lease are
contingent upon Tenant’s execution and delivery of this Lease
by December 6, 1985.
64.1
Tenant, in lieu of cash, may deliver to Landlord an irrevocable
negotiable Letter of Credit (the “Letter of Credit”)
issued by an drawn on a bank of trust company in form and content
reasonably acceptable to Landlord for the account of Landlord, in
the amount of $25,500.00. The Letter of Credit shall be for one
year and shall be renewed by Tenant each and every year until the
termination of this Lease. Each renewal shall be delivered to
Landlord not less than 60 days before the expiration of the
then current Letter of Credit. Failure to deliver such new Letter
of Credit on or before said date shall be a material breach of this
Lease and
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Landlord shall
have the right, among other remedies provided hereunder, to present
the existing Letter of Credit for payment.
65.
SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT
65.1
This Lease, including any options for renewal contained herein or
executed in connection herewith, shall be subject and subordinate
to any ground lease, underlying lease and/or all mortgages made or
given by Landlord, which now or hereafter affect the real property
of which the Demised Premises forms a part, and to all renewals,
modifications, consolidations, replacements and extensions
thereof.
65.2
Landlord shall request from the lessor under any ground or
underlying lease and/or mortgagees holding any mortgage affecting
the Building or the Demised Premises, an agreement substantially in
the form of Exhibit H attached hereto.
65.3
Tenant hereby agrees that within ten days following request by any
such Landlord or by the holder of any mortgage, described in this
Article, it shall execute, acknowledge and deliver an agreement in
form substantially similar to that described in Section 65.2
of this Article.
65.4
Tenant agrees to provide Landlord upon request, a consolidation
balance sheet and profit and loss statement of operations for the
most current past year, compiled for the confidential use of
Landlord, when required in good faith by Landlord, in connection
with a sale of the Building or Demised Premises, mortgage
applications, renewals thereof or inquires by the present mortgagee
or future mortgagee.
IN
WITNESS WHEREOF, Landlord has signed this Lease and this Rider, and
Tenant, by its proper corporate officers, has signed this Lease and
this Rider this 2nd day of December, 1985.
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LANDLORD:
BELLEMEAD DEVELOPMENT
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By:
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TENANT: TOTAL
RESEARCH CORPORATION
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By:
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20
Exhibit
“A” - (Rental
Plan)
to be attached
to and made part of the Lease by and between BELLEMEAD DEVELOPMENT
CORPORATION and TOTAL RESEARCH CORPORATION, covering a portion of
the Fourth Floor of 5 Independence Way, Princeton, New Jersey
08540
THE PREMISES NOT TO SCALE
EXHIBIT
“B” Lease Dated December 2, 1985.
By and Between,
Landlord, BELLEMEAD DEVELOPMENT CORPORATION and TOTAL RESEARCH
CORPORATION, Tenant.
You
(hereinafter called “Tenant”) and we (hereinafter
called “Landlord”) are executing simultaneously, with
this letter agreement, a written lease covering the space, as more
particularly described in said Lease (and hereinafter called
“the demised premises”), in the building to be known as
.
To
induce Tenant to enter into said lease which is hereby incorporated
by reference to the extent that the provisions of this agreement
may apply thereto and in consideration of mutual covenants
hereinafter contained, Landlord and Tenant mutually agree as
follows:
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1.
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All
such plans and specifications are expressly subject to
Landlord’s written approval, which Landlord covenants it will
not unreasonably withhold. Tenant covenants and agrees to comply,
at Tenant’s sole cost and expense, with the regulations of
appropriate governmental agencies in such form as Landlord may
direct.
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A.
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PREPARATION OF PLANS &
SPECIFICATIONS
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1.
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Tenant shall, as hereinafter set
forth, submit to Landlord preliminary plans and specifications
(“Tenant’s Plans & Specifications”), which
“Tenant Plans & Specifications” shall contain
information sufficient to enable
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1
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Landlord to
prepare plans and specifications (the “Construction
Documents”).
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2.
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Landlord shall, based upon
Tenant’s Plans and Specifications submitted to Landlord by
Tenant, prepare the “Construction
Documents.”
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3.
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There shall be no cost to Tenant for
preparation of that portion of the Construction Documents which are
prepared in accordance with those standards of construction
hereinafter set forth in paragraph “B” (General
Construction), “C” (Electrical Construction),
and
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