LEASE MODIFICATION AGREEMENT
THIS LEASE MODIFICATION AGREEMENT, made this 10th day of March, 2004 by
and between 1000 SECAUCUS ROAD, L.L.C. (as successor in interest to Hartz
Mountain Associates), a New Jersey limited liability company, having an office
at 400 Plaza Drive, P.O. Box 1515, Secaucus, New Jersey 07096-1515 (hereinafter
referred to as "Landlord"), and G-III LEATHER FASHIONS, INC., a New York
corporation having an office at 512 Seventh Avenue, New York, New York 10018
(hereinafter referred to as "Tenant").
WITNESSETH:
WHEREAS, by Lease dated September 21, 1993, as amended (the "Lease"),
Landlord leased to Tenant and Tenant hired from Landlord 107,186 square feet of
Floor Space located at 1000 Secaucus Road in Secaucus , New Jersey (hereinafter
the "Demised Premises") (all capitalized terms not expressly defined herein
shall have their respective meanings as set forth in the Lease);
WHEREAS, the original Term of the Lease expired on February 28, 2000;
WHEREAS, Tenant exercised the first of two (2) options to extend the
Term for one (1) period of five (5) years commencing March 1, 2000 through
February 28, 2005 (the "First Extended Period");
WHEREAS, Tenant desires to amend the Lease to extend the First Extended
Period for six (6) additional months through August 31, 2005; and
NOW, THEREFORE, for and in consideration of the Lease, the mutual
covenants herein contained and the consideration set forth herein, the parties
agree as follows:
1. Preamble. The foregoing preambles are hereby incorporated by
reference herein and made a part hereof.
2. Extension of First Extended Period. Effective as of the date hereof,
the First Extended Period is hereby extended for a period of six ( 6) months
commencing March 1, 2005 and expiring August 31, 2005 ("Extension Period").
Tenant's obligations during the Extension Period shall be the same as are in
effect immediately preceding the commencement of such Extension Period,
including, without limitations, the amount of monthly Fixed Rent due from
Tenant. The Second Extended Period is null and void and of no further force or
effect.
3. Binding Effect. Except as modified herein, the terms, conditions and
covenants of the Lease shall remain in full force and effect during the First
Extended Period as extended hereby and shall be binding upon and inure to the
benefit of Landlord, Tenant and their respective successors and permitted
assigns. The paragraph headings herein contained are for convenience and shall
not be deemed to govern or control the substance hereof.
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4. Governing Law. This Lease Modification Agreement shall be governed
and construed under the laws of the State of New Jersey.
5. Inconsistency. Except as modified herein, the terms, conditions and
covenants of the Lease shall remain unchanged and otherwise in full force and
effect, and are hereby ratified and reaffirmed. In the event of any
inconsistency between this Lease Modification Agreement and the Lease, the terms
herein shall control.
IN WITNESS WHEREOF, the parties hereto have caused this Lease
Modification Agreement to be duly executed as of the day and year first above
written.
("LANDLORD")
1000 SECAUCUS ROAD, L.L.C.
("SOLE MEMBER")
BY: HARTZ MOUNTAIN ASSOCIATES
("GENERAL PARTNER")
BY: HARTZ MOUNTAIN INDUSTRIES, INC.
By: /s/ Irwin A. Horowitz
---------------------
Irwin A. Horowitz
Executive Vice President
("TENANT")
G-III LEATHER FASHIONS, INC.
By: /s/ Wayne Miller
----------------
Name: Wayne S. Miller
Title: Chief Operating Officer
G-III Apparel Group Ltd., as Guarantor, hereby agrees that notwithstanding the
terms and conditions of the foregoing Lease Modification Agreement, its
obligations under its Guaranty dated September 21, 1993 shall remain in full
force and effect
("Guarantor")
G-III APPAREL GROUP LTD.
By: /s/ Wayne Miller
----------------
Name: Wayne S. Miller
Title: Chief Operating Officer
Copyright(C) Hartz Mountain Industries, Inc. 2003. All Rights Reserved. No
portion of this document may be reproduced without the express written consent
of Hartz Mountain Industries, Inc.
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