AGREEMENT OF LEASE BETWEEN

JOSEPH RUBENFELD, LANDLORD

AND

KOREA FIRST BANK OF NEW YORK, TENANT

TABLE OF CONTENTS

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    THIS INDENTURE, made as of the 10th day of April, between JOSEPH RUBENFELD, residing at 118 East 60th Street, New York, party of the first part, hereinafter referred to as Landlord, and KOREA FIRST BANK OF NEW YORK, a New York corporation, having an office at 29 West 30th Street, New York, N.Y. 10001, party of the second part, hereinafter referred to as Tenant.

W I T N E S S E T H:

    That Landlord hereby demises and leases to Tenant, and Tenant hereby hires and takes from Landlord, the premises described in Schedule A hereto annexed and made part hereof with same force and effect as though herein at length set forth, which premises are hereinafter called "The Demised Premises"; said Premises are known as and by the street address 138-02 Northern Boulevard, Flushing, New York 11354, Block 5010, Lot 20.

    SUBJECT to the estates, interest, liens, charges, encumbrances and matters set forth in Schedule B hereto annexed and made part hereof with the same force and effect as though herein at length set forth:

    TO HAVE AND TO HOLD the demised premises pursuant to this net lease for the term of thirty (30) years to commence on April 10, 1992 (hereinafter referred to as the "Commencement Date"), and to end on March 31, 2022 (the "Expiration Date"), both dates inclusive (unless such term shall be sooner terminated as hereinafter provided) at the minimum annual rental rate of: (i) As provided in Paragraph No. 1 hereafter, from the Commencement Date through and including the Expiration Date, payable in equal monthly installments in advance on the first day of each and every month during the term, together with the additional rent hereinafter reserved, all of which shall be payable to Landlord at Landlord's address above-stated or at such other place or to such other person as Landlord shall by notice direct, in lawful money of the United States, which shall be legal tender in payment of all debts and dues, public and private, at the time of payment, without setoff or deduction whatsoever.

    The Tenant shall have the option to extend the term of this lease for a period of eighteen (18) years ten (10) months from the time that the first thirty year period ends on March 31, 2022. The rents for the option period shall be computed in the same manner as for the first thirty (30) year period as they were agreed upon at the execution of the lease.

    Possession shall be given and the rental term shall commence as of the date of the execution of this lease. This lease and all its terms and conditions is expressly conditioned upon and subject to the initial approval or notice of approval of both the New York State Banking Department and the Federal Deposit Insurance Corporation.

It is hereby mutually covenanted and agreed by and between the parties hereto that this lease is made upon the foregoing and upon the following agreements, terms, covenants and conditions:

    1.  Minimum Rent and Adjustments.  The minimum annual rental rate reserved in this lease and payable hereunder shall be adjusted as of the times and in the manner set forth in this Article.

(a)

The minimum annual rental rate for the first year of the term of this lease commencing April 10, 1992 shall be at the annual rate of One Hundred Ninety Thousand Dollars ($190,000.00), ($15,833.33 per month). Actual payment of rent shall commence on October 1, 1992 (see 1(b) below). Tenant shall be entitled to a rental credit for the first ten days of October, 1992, so that the actual rent due for October, 1992 shall be $10,725.80


 

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