Second Amendment of Lease

Contract Categories: Real Estate - Lease Agreements
EX-10.1 2 ex_241097.htm EXHIBIT 10.1 ex_241097.htm

Exhibit 10.1

 

 

 

Second Amendment of Lease

TEL Instrument Electronics Corp. d/b/a TEL

 

 

 

 

April 12, 2021

 

Lease: LINDSEY BRANCA and the NICHOLAS BRANCA TRUST (“Landlord”)
 

(assignees of the Richard Branca Intentionally Defective Grantor Trust
  and Richard Branca)
  - and -
  TEL INSTRUMENT ELECTRONICS CORP. d/b/a TEL (“Tenant”)
  Dated April 1, 2011 and first amended June 14, 2016.
   
Building: One Branca Road
  East Rutherford, New Jersey

 

 

SECOND AMENDMENT OF LEASE

 

WHEREAS, Richard Branca and the Tenant entered into that certain Lease Agreement, dated April 1, 2011 (the “Lease”), for a portion of One Branca Road, East Rutherford, New Jersey (“Leased Premises”); and

 

WHEREAS, Lindsey Branca and the Nicholas Branca Trust (hereinafter collectively “Landlord”) are the successors in interest to the Richard Branca Intentionally Defective Grantor Trust and Richard Branca; and

 

WHEREAS, Landlord and Tenant desire to modify the Lease to provide, among other things, for an extension of the Lease Term;

 

NOW, THEREFORE, Landlord and Tenant agree as follows:

 

 

1.

DEFINED TERMS: Unless otherwise defined herein, the capitalized terms used herein shall have the meanings assigned to such terms in the Lease.

 

 

2.

EXTENDED LEASE TERM & BASE RENT: The Lease Term shall be extended and the Base Rent modified as follows:

 

TERM

ANNUAL

MONTHLY
     

9/1/2021 - 8/31/2025

$254,840.04

$21,236 .67
     

911/2025 - 8/31/2029

$276,999.96

$23,083.33

 

 

3.

PARKING: Effective September 1, 2021, Tenant's parking shall consist of 43 unassigned car parking spaces and the License Agreement dated April 1, 2011 between Tenant and 405 MHP Partnership shall be deemed null and void.

 

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Second Amendment of Lease

TEL Instrument Electronics Corp. d/b/a TEL

 

 

 

4.

NO BROKER: Tenant represents and warrants to Landlord that no real estate broker represented Tenant in regard to this Second Amendment of Lease.

 

 

5.

MODIFICATION: Except as herein modified, all the terms and conditions of the Lease shall remain unchanged.

 

IN WITNESS WHEREOF, on the day and year first above written, Landlord and Tenant agree to this Amendment of Lease.

 

 

LANDLORD:

 

LINDSEY BRANCA

 

/s/ L Branca                                                

Lindsey Branca

 

 

 

NICHOLAS BRANCA TRUST

 

 

/s/ Richard Branca                                       

Richard Branca, Attorney in Fact

for Bernard Branca, Trustee

 

 

 

LICENSOR :

 

405 MHP PARTNERSHIP

 

 

/s/ Richard Branca                                       

Richard Branca, Partner

{Only in reference to Section 3 above and

said License Agreement.}

 

 

 

TENANT & LICENSEE:

 

TEL INSTRUMENT ELECTRONICS CORP.

d/b/a    TEL

 

/s/ Jeffrey O'Hara                                       

Name: Jeffrey O'Hara

Title: President & CEO 

 

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