MODIFICATION OF AMENDMENT AND EXTENSION TO LEASE
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MODIFICATION OF AMENDMENT AND EXTENSION TO LEASE, dated as of the 14th
day of April 1994, between CARVEN ASSOCIATES, a New York limited partnership
with offices at 142 West 57th Street, New York, New York 10019 (the
"Landlord"), and AnnTaylor, Inc., a Delaware corporation having an office at
142 West 57th Street, New York, New York 10019 (the "Tenant").
WITNESSETH
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WHEREAS, under date of March 17, 1989, Landlord and Tenant entered into a
lease as amended pursuant to a First Amendment To Lease dated November 14,
1990, as further amended pursuant to an Extension and Amendment to Lease
dated October 1, 1993, together, collectively referred to as the "Lease"
affecting the entire second (2nd), third (3rd), fourth (4th), fifth (5th)
floors and sixth (6th) floors (the "Original Premises"), deemed to comprise
70,825 rentable square feet, in the commercial condominium unit (the
"Building") of which the Premises form a part known by the street address
of 142 West 57th Street, New York, New York;
WHEREAS, Tenant desires that the entire fourteenth (14th) floor, deemed
to comprise 13,850 rentable square feet, be added to the space demised under
the Lease*
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties agree as follows:
1. Landlord hereby leases to Tenant, and Tenant hereby hires from
Landlord, the entire fourteenth (14th) floor of the Building, substantially as
shown by outlining and crosshatching in Exhibit A annexed hereto and made a
part hereof (the "Additional Space"), upon and subject to all of the executory
terms, covenants, conditions and limitations contained in the Lease, except as
otherwise provided for herein, for a term to commence on April 17, 1994 (the
"Effective Date") and to end on the Expiration Date (as defined in Paragraph
37 of the Lease and modified pursuant to Paragraph 1 of the Extension and
Amendment to Lease) unless sooner terminated pursuant to any of the terms,
covenants or conditions of the Lease or pursuant to law.
2. As of the Effective Date the Lease shall be deemed amended as
follows:
a. The Premises shall include the Additional Space cross hatched on
Exhibit A for all purposes of the Lease;
b. The Fixed Rent as defined in Schedule A of the Lease as increased
pursuant to the First Amendment to Lease and the Extension and Amendment to
Lease shall be increased as of June 17, 1994 (i) by Four Hundred Seventy
Thousand Nine Hundred ($470,900.) Dollars per annum for the period from the
Effective Date to and including July 31, 1999 (ii) and by Five Hundred Twelve
Thousand Four Hundred Fifty ($512,450.) Dollars per annum for the period
from August l, l999 to and including the Expiration Date inclusive, which
amounts shall be payable in equal monthly installments in advance on the first
day of each and every calendar month during the term of this Lease.
c. Tenant's Percentage (as defined in Section 39 A(vi) of the Lease)
shall be increased by 6.16%.
d. Tenant's Operating Expense Percentage (as defined in Section
40A (iii) of the Lease) shall be increased by 6.16%.
e. Landlord shall not be obligated to perform any work or
construction in the Additional Space in order to make it ready for Tenant's
occupancy. Tenant represents that it has inspected the Additional Space and
agrees to accept same absolutely "as is".
*which Premises shall be deemed to comprise a total of 84,675 rentable
square feet;
f. Tenant shall obtain electric for the fourteenth (14th) floor in
accordance with Paragraph 46B of the Lease, for which Landlord has or will
supply meter pans for separate meters for the floor.
3. Landlord and Tenant covenant, warrant and represent to each other
that no broker except Manhattan Pacific Management Co., Inc. (the "Broker")
was instrumental in bringing about or consummating this Agreement and that
neither party had any conversations or negotiations with any broker except the
Broker concerning the leasing of the Premises. Landlord and Tenant each agree
to indemnify the other against and hold the other harmless from any claims for
any brokerage commissions and all costs, expenses and liabilities in
connection therewith, including, without limitation, attorney's fees and
expenses arising out of any breach of the covenants, warranties and
representations contained in this Paragraph 3 made by Landlord or Tenant, as
the case may be. Landlord shall pay any brokerage commissions due the Broker
as per a separate agreement between Landlord and Broker.
4. The terms of this Amendment cannot be changed orally, but only by an
instrument in writing executed by the party sought to be changed.
5. Except as herein expressly modified, the Lease is unmodified and is
ratified and confirmed in all respects.
6. The terms, covenants and provisions contained in this Agreement are
binding on and shall inure to the benefit of the parties hereto and their
respective heirs, successors and assigns.
IN WITNESS WHEREOF, Landlord and Tenant have respectively executed this
Agreement as of the day and year first above written.
LANDLORD:
CARVEN ASSOCIATES
By: Carven Investors, Inc.
By: /s/ Robert Johnson
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TENANT:
AnnTaylor, Inc.
By: /s/ Craig Sorrels
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Craig Sorrels
Senior Vice President, Real Estate
Store Planning & Construction