EX-99.2 3 exh99-2_16594.htm SECOND AMENDMENT TO LEASE www.eXFILE.com 888.775-4789 --- ARKADOS, INC. FORM 8K
EXHIBIT 99.2
 

 
SECOND AMENDMENT TO LEASE
 
 
 
BY AND BETWEEN:
 
BRIDGEVIEW PLAZA ASSOCIATES,
a New Jersey limited partnership,
 
 
Landlord
 
 
-and-
 
 
ARKADOS, INC.,
a Delaware corporation,
 
 
“Tenant”
 
 
DATED:
 
 
LAW OFFICES
 
EPSTEIN, BROWN & GIOIA, LLC
245 Green Village Road
P.O. Box 901
Chatham Township, NJ 07928-0901
(973) 593-4900
Fax (973) 593-4966
 
September 9, 2009

 

 


 
SECOND AMENDMENT TO LEASE dated this 14th day of September, 2009, by and between BRIDGEVIEW PLAZA ASSOCIATES, a New Jersey limited partnership, having an office at Schoolhouse Plaza, 374 Millburn Avenue, 4th Floor, Millburn, New Jersey 07041, hereinafter called the “Landlord”; and ARKADOS, INC., a Delaware corporation, having an address at 220 Old New Brunswick Road, Piscataway, New Jersey 08854, hereinafter called the “Tenant”.
 
W I T N E S S E T H :-
 
 
WHEREAS, the Landlord owns certain lands and premises in the Township of Piscataway, County of Middlesex and State of New Jersey, which lands and premises are commonly known as 220 Old New Brunswick Road, upon which there has been erected a building containing approximately 36,170 square feet, hereinafter called the “Building”; and
 
WHEREAS, the Landlord and Tenant have previously entered into a lease agreement dated May 2, 2006, as amended by First Amendment to Lease dated June 30, 2009, hereinafter collectively called the “Lease”, in connection with the leasing of approximately 6,600 square feet in the Building, hereinafter called the “Leased Premises”; and

 
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WHEREAS, Landlord has served a warrant of removal on Tenant, in accordance with the provisions of the aforementioned First Amendment to Lease; and
 
WHEREAS, Landlord has agreed to redeliver possession of the Leased Premises to Tenant, in accordance with the terms and conditions of this Second Amendment to Lease.
 
NOW, THEREFORE, in consideration of the sum of one ($1.00) DOLLAR and other good and valuable consideration, the parties hereto covenant and agree as follows:
 
1.  Upon the Tenant delivering to Landlord the sum of FORTY THOUSAND AND 00/100 ($40,000.00) DOLLARS, to be applied to Tenants past due Base Rent and additional rent (the “Arrearages”), as shown on the aging report which is annexed hereto as Schedule “A”, Landlord hereby agrees that it shall promptly redeliver possession of the Leased Premises to Tenant.
 
2.  Tenant hereby agrees that it shall pay to Landlord the balance of the Arrearages, all Base Rent and additional rent applicable to the month of September, 2009, and the security deposit set forth in Paragraph 7 of the aforementioned First Amendment to Lease, on or before September 30, 2009.If all of such monies are not paid to Landlord by
 
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said date, Landlord shall have the immediate right to file a complaint in the Superior Court of New Jersey for the dispossession of Tenant for non-payment of rent, without Landlord having any obligation to provide any further notice to Tenant. Landlord agrees, however, that it will not serve a warrant of removal on Tenant until after October 31, 2009, in the event that Landlord has received a judgment for possession prior to said date.
 
3. Landlord and Tenant hereby ratify and confirm the terms and conditions of the Lease, as amended hereby.
 
4. This agreement shall be binding upon the parties hereto, their heirs, successors and assigns.
 
IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed by their proper corporate officers and caused their proper corporate seals to be hereto affixed the day and year first above written.
 
 
WITNESS: 
 
 
/s/ Brian D. Fitzimmon
 
 
ATTEST:
 
 
/s/ Brian D. Fitzimmon
BRIDGEVIEW PLAZA ASSOCIATES
 
 
By:  Douglas Friedrich, GP

 
 
ARKADOS, INC.
 
 
/s/ Larry Crawford, CFO, Secretary
 
 
 
                                                                
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STATE OF NEW JERSEY )
            )  SS.:
COUNTY OF ESSEX          )
 
BE IT REMEMBERED, that on this 9 day of September, 2009, before me, the subscriber, [illegible] personally appeared who, I am satisfied, is a General Partner on behalf of BRIDGEVIEW PLAZA ASSOCIATES, a New Jersey limited partnership, the Partnership mentioned in the within Instrument, and thereupon he acknowledged that he signed, sealed and delivered the same as the act and deed of the partnership,for the uses and purposes therein expressed.
 
 
Sworn and subscribed
 
9 day of September, 2009
THOMAS MICHAEL KURIC
NOTARY PUBLIC OF NEW JERSEY
ID # 2383281
Commission Expires 3/9/2014
 
/s/ Thomas Kuric
 
 
STATE OF NEW JERSEY )
            )  SS.:
COUNTY OF ESSEX          )
 
BE IT REMEMBERED, that on this 9 day of September 2009, before me, the subscriber, Mary Crawford personally appeared Larry Crawford, who, I am satisfied, is the person who signed the within Instrument as CFO, Secretary of ARKADOS, INC., a Delaware corporation, the Corporation named therein, and he thereupon acknowledged that the said instrument made by the corporation and sealed with its corporate seal, was signed and sealed with the corporate seal and delivered by him as such officer, and is the voluntary act and deed of the corporation, made by virtue of authority from its Board of Directors.
 
Sworn and subscribed
 
9 day of September, 2009
/s/ Thomas M. Kuric
 
THOMAS MICHAEL KURIC
NOTARY PUBLIC OF NEW JERSEY
ID # 2383281
Commission Expires 3/9/2014

 
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Schedule A
COMMERCE MANAGEMENT CORP.
 
 
 
Aging Report
(Detailed)
 
 
 
 
 
as of 09/03/2009
Property :        Bridgeview Plaza
61                     Piscataway, N.J. 08854
 
Unit
Type
 
Unit Reference                  Occupant                    Deposits
     Number                             Name                           Held
 
Balance
Due
 
AGED
1- 30
DAYS
 
AGED
31- 60
DAYS
 
AGED
61-90
DAYS
 
AGED OVER
90
DAYS
CUBA
 
4
                Arkados, Inc.                   0.00
 
52,375.51
 
12,506.61
 
9,914.13
 
10,501.25
 
19,453.52
   
Phone:
(732) 465-9300
                   
     
CHARGE
CODE
CHARGE
DESCRIPTION
 
CHARGE
DATE
               
RTE
 
REALTY TAX 6/01/07-5/31/08
 
05/15/2009
             
668.45
ELE
 
ELECTRIC
 
06/01/2009
             
875.00
ESC
 
ESCALATION
 
06/01/2009
             
400.00
RNT
 
Monthly Rent
 
06/01/2009
             
8,387.50
ESC
 
ESCALATION 6/1/08-5/31/09
 
06/02/2009
             
9,122.57
LAT
 
LATE RENT FEE - JUNE
 
06/10/2009
         
838.75
   
ELE
 
ELECTRIC
 
07/01/2009
         
875.00
   
ESC
 
ESCALATION
 
07/01/2009
         
400.00
   
RNT
 
Monthly Rent
 
07/01/2009
         
8,387.50
   
ELE
 
ELECTRIC
 
08/01/2009
     
875.00
       
ESC
 
ESCALATION
 
08/01/2009
     
400.00
       
RNT
 
Monthly Rent
 
08/01/2009
     
8,639.13
       
LAT
 
AUGUST LATE RENT FEE
 
08/11/2009
 
863.91
           
INT
 
INTEREST ON PAST DUE ITEMS
 
08/21/2009
 
1,728.57
           
ELE
 
ELECTRIC
 
09/01/2009
 
875.00
           
ESC
 
ESCALATION
 
09/01/2009
 
400.00
           
RNT
 
Monthly Rent
 
09/01/2009
 
8,639.13