FOURTH AMENDMENT OF LEASE
FOURTH AMENDMENT OF LEASE (this Fourth Amendment) made as of this 10th day of March, 2016, by and between 90 FIFTH OWNER LLC, having an office c/o RFR Realty LLC, 390 Park Avenue, New York, New York 10022 (Landlord), and URBAN COMPASS, INC., D/B/A COMPASS, having an office at 90 Fifth Avenue, New York, New York 10011 (Tenant).
W I T N E S S E T H :
WHEREAS, Landlord and Tenant have previously entered into a Lease, dated as of July 23, 2014 (the Original Lease), which Original Lease was amended by First Amendment of Lease dated as of October 6, 2014 (the First Amendment), Second Amendment of Lease dated as of April 9, 2015 (the Second Amendment), and Third Amendment of Lease dated as of October 26, 2015 (the Third Amendment, and together with the Original Lease, the First Amendment and the Second Amendment, the Lease) pursuant to which Landlord leased to Tenant and Tenant did hire from Landlord the entire 3rd, 4th, 5th, 6th, 7th, 8th and 9th floors (the Premises), as more particularly described in the Lease, in the building known as 90 Fifth Avenue, New York, New York (the Building), upon and subject to all of the terms, covenants and conditions as are more particularly described in the Lease;
WHEREAS, the parties hereto desire to modify and amend the Lease in certain respects as provided herein.
NOW, THEREFORE, in consideration of these premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:
1. All terms not otherwise defined herein shall have the meanings assigned to them in the Lease.
2. Landlord and Tenant acknowledge and agree that the Commencement Date of the Lease with respect to the third (3rd) and fourth (4th) floor premises originally demised by the Original Lease is December 8, 2014 and accordingly, notwithstanding the provisions of Subsection 1E(ii) of the Lease (as amended), the Minimum Rent Abatement Period for the portions of the Premises located on the third (3rd) and fourth (4th) floors of the Building ran from January 1, 2015 through July 31, 2015.
3. Landlord and Tenant further acknowledge that: (a) the Additional Premises Commencement Date (with respect to the fifth (5th) and sixth (6th) floors), occurred on April 15, 2015; (b) the 7th Floor Commencement Date occurred on April 9, 2015; and (c) the Expansion Premises Commencement Date (with respect to the eighth (8th) and ninth (9th) floors), occurred on October 26, 2015.
4. The eleventh (11th) through the thirteenth (13th) paragraphs of Exhibit B of the Second Amendment are hereby deleted in their entirety, and shall be replaced with the following:
Subject to the provisions of this Exhibit B, Landlord shall reimburse Tenant for the 7th Floor Work Costs paid by Tenant in an amount not to exceed $819,130.00 (the Landlords 7th Floor Contribution) (other than Soft Costs in excess of fifteen (15%) percent of the total amount of Landlords 7th Floor Contribution (the 7th Floor Soft Cost Contribution Cap)). Landlords obligation to make any payment of Landlords 7th Floor Contribution (each, a 7th Floor Disbursement) are subject to the following: