AMENDMENT TO LEASE
THIS AGREEMENT made the 13th day of January, 2004 by
and between INDUSTRIAL & RESEARCH ASSOCIATES CO.
having offices at 7600 Jericho Turnpike, Woodbury, New York
11797 hereinafter referred to as the "LANDLORD" and
RESEARCH FRONTIERS INCORPORATED with offices at 240
Crossways Park Drive, Woodbury, New York 11797 hereinafter
referred to as the "TENANT".
W I T N E S S E T H
WHEREAS, the parties have heretofore on or about the 7th day
of November, 1986 entered into a certain Agreement of Lease, which
was amended the 26th day of November, 1991, the 11th day of March,
1994 and the 14th day of July, 1998 for certain premises located at 240
Crossways Park Drive,Woodbury, New York 11797
NOW, THEREFORE, in consideration of One Dollar and other
good and valuable consideration, each in hand paid to the other, the
receipt whereof is hereby acknowledged and in further consideration
of the mutual covenants contained herein, it is agreed as follows:
FIRST: Commencing the 1st day of February, 2004 or if later,
when LANDLORD gives notice to the TENANT that the
LANDLORD has substantially completed the work set forth on the
Work Letter attached hereto as Exhibit "B", TENANT'S Demised
Premises shall be expanded by 1,395 rentable square feet as shown on
the Floor Plan attached and marked Exhibit "A" making the total
rentable area occupied by TENANT, 9,503 rentable square feet. All
work shall be completed in good workmanlike order and in compliance
with all applicable laws, regulations, ordinances and building codes.
"Substantially complete" shall mean to be so completed as to allow
TENANT to lawfully occupy the premises and continue its normal
course of business without interference by the LANDLORD'S
workmen. All "Punch List" items (consisting of minor decorative
items) shall be completed within thirty (30) days of occupancy of the
Demised Premises. This Lease Amendment shall commence on
February 1, 2004. The term of the Lease shall be extended for a period
of ten (10) years and shall terminate on January 31, 2014.
SECOND: LANDLORD, at LANDLORD'S sole cost and
expense shall complete all work as outlined in Exhibit "B".
THIRD: Commencing the 1st day of October, 2003 through
January 31, 2004, TENANT shall continue to pay to LANDLORD at
the same rate of $113,512.00 for Annual Basic Rent payable in equal
monthly installments of $9,459.33. These figures are based on the base
rate of $14.00 per square foot for 8,108 rentable square feet.
FOURTH: Commencing the 1st day of February, 2004,
TENANT shall pay an Annual Basic Rent in equal monthly
installments based upon the following figures:
8,108 rentable square feet - $12.00 per rentable square foot
1,395 rentable square feet - $14.00 per rentable square foot
The average of these figures is $12.30 per rentable square foot on
a net, net basis.
TERM ANNUAL BASIC RENT MONTHLY BASIC RENT
2/01/04 - 1/31/05 $116,886.90 $ 9,740.58
2/01/05 - 1/31/06 $119,262.65 $ 9,938.55
2/01/06 - 1/31/07 $121,638.40 $10,136.53
2/01/07 - 1/31/08 $124,014.15 $10,334.51
2/01/08 - 1/31/09 $126,389.90 $10,532.49
2/01/09 - 1/31/10 $128,765.65 $10,730.47
2/01/10 - 1/31/11 $131,141.40 $10,928.45
2/01/11 - 1/31/12 $133,517.15 $11,126.43
2/01/12 - 1/31/13 $135,892.90 $11,324.41
2/01/13 - 1/31/14 $138,268.65 $11,522.39
FIFTH: Notwithstanding anything in the Lease to the contrary,
TENANT may elect without further obligation or liability to leave in
the Demised Premises, at the expiration or termination of the Lease
Term, any office equipment, machinery or fixtures used in connection
with TENANT'S business and such equipment, machinery or fixtures
left behind by TENANT shall be deemed to be abandoned by the
TENANT and shall, at LANDLORD'S option, become the property of
the LANDLORD or the same may be disposed of by the LANDLORD,
in which case, TENANT shall be responsible for the reasonable costs
of repairing the holes or other damage to the Demised Premises
resulting from such removal.
SIXTH: The foregoing provisions are intended to modify said
Lease only in the foregoing respects and such modifications and the
terms hereof as herein set forth are to be strictly construed. It is further
agreed that, except as hereinabove provided, all of the terms, covenants
and conditions of said Lease dated the 7th day of November, 1986 and
amended the 26th day of November, 1991, the 11th day of March,
1994 and the 14th day of July, 1998 shall continue to remain in full
force and effect as therein written and shall be read and construed
together with this instrument.
IN WITNESS WHEREOF, the parties hereto have hereunto set
their hands and seals the day and year first above written.
INDUSTRIAL & RESEARCH ASSOCIATES CO.
BY:____________________________________
RESEARCH FRONTIERS INCORPORATED
BY:____________________________________
Joseph M. Harary, President