GENERAL SERVICES ADMINISTRATION PUBLIC BUILDING SERVICES SUPPLEMENTAL LEASE AGREEMENT

ADDRESS OF PREMISE

SUPPLEMENTAL AGREEMENT No. 3

DATE

TO LEASE NO. GS-02B-23746

999 Stewart Avenue, Bethpage, NY 11714

THIS AGREEMENT, made and entered into this date by and between Stewart CW NF LLC, as Agent for Stewart CW NF LLC, Stewart J.E.S. NF LLC, Stewart NW NF LLC, and Stewart SK NF LLC, as tenants in common (collectively, the "Landlord's Group")

whose address is

111 Great Neck Road Great Neck, NY 11021-5402

hereinafter called the Lessor, and the UNITED STATES OF AMERICA, hereinafter called the Government:

WHEREAS, the parties hereto desire to amend the above Lease to establish the commencement and termination dates of this Lease; establish the annual rent and the amount of tenant improvement costs; set forth the punch list set of items to be corrected by the Lessor and restate the Commission Paragraph NOW THEREFORE, these parties for the considerations hereinafter mentioned covenant and agree that the said Lease is amended, effective May 1. 2012, as follows:

See Attached

All other terms and conditions of the lease shall remain in force and effect. IN WITNESS WHEREOF, the parties subscribed their names as of the above date.

(Title)

1l I G;"e_o.~ ~e.c.."- ~oo.\\ J

Su I ";e LJ

G-tea+- NeL \( tJ ~ 11 oa..1 J

(Address)

Contracting Officer (Official Title)

1n;tiab'

Gdll . a Lessor

Government

GSAFORM276 Page I of 4

O!S""

SUPPLEMENTAL LEASE AGREEMENT No. 3

GS-028-23746

1. TO HAVE AND TO HOLD the said Premises with their appurtenances for the term beginning on May 1, 2012 through April 30, 2022, subject to termination and renewal rights as may be hereinafter set forth. 2. The Government shall pay the Lessor Full Service Rent in arrears for years 1-10 as per the schedule below. Years 1-5 ~Ma~ 1, 2012 - A~ril 30, 2017) Shell Tl Allowance Security Costs Oeeratin9 Exeense ~as adjusted~ Full Service Rent

$/RSF $14.39 $8.01 $0.14 $7.26 $29.80

$/Year $828, 720.24 $461,507.19 $8,029.45 $418,103.47 $1, 716,360.35

$/Month $69,060.02 $38,458.93 $669.12 $34,841.96 $143,030.03

Years 6-10 May 1, 2017 - April 30, 2022) Shell Tl Allowance Security Costs Operatin!il Exeense (as adjusted) Full Service Rent

$/RSF $14.39 $0.00 $0.00 $7.26 $21.65

$/Year $828,720.24 $0.00 $0.00 $418, 103.47 $1,246,823.71

$/Month $69,060.02 $0.00 $0.00 $34,841.96 $103,901.98

Rent for a lesser period shall be prorated. Rent checks shall be payable to: CW Manager, LLC 111 Great Neck Road Great Neck, NY 11021-5402 3. The Government may terminate this Lease, in whole or in parts, at any time after April 30, 2017 by giving one hundred and twenty (120) days prior notice in writing to the Lessor. No rent shall accrue after the effective date of termination. Said notice shall be computed commencing with the day after the date of mailing. 4. The Lessor and the Government mutually agree that as of the date hereof, the actual cost of the total tenant improvements (Tl) is $2,817,293.61 which includes a net amount of $77,005.61 for approved change order items 3, 4, 7 and 10 as listed below. This cost includes all tenant improvement costs to build the leased premises, including, but not limited to, all architectural and engineering fees, permit and expediter fees, labor, materials, overhead and profit. In accordance with Paragraph 1.5 TENANT IMPROVEMENT RENTAL ADJUSTMENT (AUG 2008) of the Lease and Paragraph 6 of the Supplemental Lease Agreement# 2 the Government shall pay the Lessor $920,559.31 (the difference between $1,896,734.30 and the total approved Tl cost of $2,817,293.61 ) in a one-time lump sum payment. The proposals for the approved change orders 3, 4, 7, and 10 are hereby attached and made a part of this Lease. It is noted that Change Orders 1, 2, 5, 6, and 8 are void. The approved change orders are as follows:

ChangE:! ()rder # ..........}

Description

..................c..gEe.c!i!.fC>.r.~~~L'l~Ui~e.~......

. . . .....................

Amount

.............................................

·...................... ~ ....................;.. l:''l/'~g..IJ\'Ci!E:lL~~'l8.~ .......................... ·············~·····~··· ······-·····················.....c ............

.. .. ...!...... ...............i~C.
10

Initials:~ Lessor

1

Sprinkler pipe relocation TOTAL COST

(})Jt SUPPLEMENTAL LEASE AGREEMENT No. 3 ~ Page2of4

$77,005.61

GSAFORM276

GS-028-23746

After inspection and acceptance of the work by the Government, a properly executed invoice shall be submitted at: http://www.finance.gsa.gov -OR­ a properly executed original invoice shall be forwarded to: General Services Administration Greater Southwest Region (7BCP) P.O. Box 17181

Fort Worth, TX 76102-0181

For an • • • • •

invoice to be considered proper, it must: Be received after the execution of this SLA, Reference the Pegasys Document Number (PON) specified on this form (PS0021425), Include a unique, vendor-supplied, invoice number, Indicate the exact payment amount requested, and Specify the payee's name and address.

Payment will be made pursuant to Clause 23 of the General Clauses, Prompt Payment after GSA's designated billing office receives a properly executed invoice or acceptance of the work by the Government, whichever is later. 5. The Lessor and the Broker have agreed to a cooperating lease commission o . for the first three (3) years of the firm term and• for the last two (2) years of the firm term value of this lease. The total amount of the commission is - · The Lessor shall pay the Broker no additional commissions associated with this lease transaction. In accordance with the "Broker Commission and Commission Credit" Paragraph 1.3, the Broker has agreed to forego of the commission that it is entitled to receive in connection with this lease transaction ("Commission Credit"). The Commission Credit i s - The Lessor agrees to pay the Commission less the Commission Credit to the Broker in accordance with the "Broker Commission and Commission Credit" Paragraph 1.3 in the SFO attached to and forming a part of this lease. Per SFO Amendment #1, should the Government utilize Option #1 of Paragraph 11.2 "Special Requirements", then the Government will reimburse the Lessor for all unamortized leasing

commissions.

Notwithstanding Paragraph 3 of this Standard Form 2, the shell rental payments due and owing under this lease shall be reduced to fully recapture this Commission Credit. The reduction in shell rent shall commence with the first month of the rental payments and continue as indicated in this schedule for adjusted Monthly Rent: First Month's Rental Payment of $143,030.03 minus the prorated Commission Credit o f - equals

Adjusted First Month's Rent.

Second Month's Rental Payment of $143,030.03 minus the prorated Commission Credit o f - equals Adjusted Second Month's Rent. Third Month's Rental Payment of $143,030.03 minus the prorated Commission Credit o f - e q u a l s

Adjusted Third Month's Rent.

6. The Lessor agrees that all deficiencies annotated in Attachment "E" dated April 25, 2012, attached hereto and made a part hereof this Supplemental Lease Agreement, will be corrected within ten (10) business days after furniture is installed. Failure to provide corrective action to these deficiencies will prompt the Government to exercise its rights pursuant to Clause 15 of the General Clauses and provide for said corrective action and offset the costs to the Lessor by deducting such costs from monthly rental payments.

Initials:

/.:....__j_f)/'

~

GSAFORM276

Government

Page 3 of4

SUPPLEMENTAL LEASE AGREEMENT No. 3 GS-028-23746

7. Except as modified in this Agreement, all terms and conditions of the Lease shall remain in full force and effect, and in the event that any of the terms and conditions of this Agreement conflict with any terms and conditions of the Lease or any previous supplemental lease agreements, the terms and conditions of this Agreement shall control and govern.

Intt;ol"~ Lesso

Government

GSAFORM276 Page 4 of4