EXHIBIT 10.3j
THIRD LEASE MODIFICATION AGREEMENT
THIS THIRD LEASE MODIFICATION AGREEMENT made as the 1st day of December
2002, by and between Sy Syms, an individual residing at 625 Park Avenue, New
York, New York 10021 ("Lessor") and Syms Corp., a New Jersey Corporation with
its principal place of business at Syms Way, Secaucus, New Jersey 07094
("Leasee").
RECITALS
1. As of the 21st day of June 1977, Lessor (formerly known as Sy Merns) and
Lessee (formerly known as Syms Haberdashery, Inc.) entered into a Lease
Agreement for lease of premises located in Elmsford, County of Westchester,
State of New York, more particularly described therein (the "Original Lease").
2. The Original Lease was amended on July 26, 1983 and subsequently as of
January 1, 1991 (the Original Lease, as amended, is hereinafter referred to as
the "Lease").
3. Lessor and Lessee are desirous of amending the Lease so as to extend the
term thereof, and to increase the rental provided for therein;
NOW THEREFORE, in consideration of the mutual promises and covenants
hereinafter contained, IT IS HEREBY AGREED AS FOLLOWS:
1. TERM: Paragraph 4 of the Lease is hereby modified and amended so as to
provide as follows:
A. Extension of Term: The term of the Lease is hereby extended from
December 1, 2002 to and including November 30, 2010;
B. First Extension Option: Lessee shall have the option to extend the
Lease for an additional period of five years upon six months' prior written
notice to Lessor for the period December 1, 2010 - November 30, 2015;
C. Second Extension Option: Provided that Lessee has exercised its first
extension option, Lessee shall have the right to extend the Lease for one final
additional period of five years upon six months' prior written notice to the
Lessor for the period December 1, 2015 - November 30, 2020.
If Lessee fails to timely notify Lessor of its option to extend the term of
this Lease, Lessor shall notify Lessee of its right to extend the term of the
Lease in accordance with the provisions hereof and shall afford Lessee thirty
days from the date of such notice in which to exercise the option.
2. RENT: Paragraph 5A of the Lease is hereby modified and amended so as to
provide as follows:
A. Commencing December 1, 2002, through and including November 30, 2010,
and, in the event Lessee exercises its options to extend the Lease as
hereinabove set forth, through and including the option periods, as fixed rent
for the Demised Premises an annual rental of $796,500.00 payable in advance in
equal monthly installments of $66,375.00, and annually for the balance of the
Lease term payable in advance in equal monthly installments on the first day of
each month through the end of the initial Term on November 30, 2010. In the
event Lessee exercises its options to extend the Term of this Lease for the
First or Second Extension Options the fixed rent during both of the Extension
Options shall be at an annual rental of $885,000.00, payable in equal monthly
installments of $73,750.00 on the first day of each month in advance.
3. SURVIVAL: Except as expressly modified herein, all terms, covenants and
conditions of the Lease shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Third Lease
Modification Agreement as of the date first above written.
WITNESS:
/s/ Sy Syms
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SY SYMS
ATTEST: SYMS CORP.
By: /s/ Antone F. Moreira
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ANTONE F. MOREIRA, VP &
CHIEF FINANCIAL OFFICER
STATE OF )
) SS:
COUNTY OF )
On the _________ day of ______________________________, ____________,
before me personally came Sy Syms, to me known to be the individual described in
and who executed the foregoing instrument and acknowledged that he executed
same.
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STATE OF )
) SS:
COUNTY OF )
On the _________ day of ______________________________, ____________,
before me personally came ____________________________________________, to me
personally known, who, being by me duly sworn, did depose and say that he
resides at _______________________________________; that he is the
__________________________________ of SYMS CORP., the corporation described in
and which executed the foregoing instrument, and that he executed the foregoing
instrument in the name of said corporation and that he signed his name by order
of the board of directors of said corporation as and for the act and deed of
said corporation.
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