On October 31, 2013, Franklin Credit Management Corporation entered into an amendment to its lease for its office space, which, pursuant to the terms thereof, extended the lease on the 25 floor of 101 Hudson Street, Jersey City, NJ through December 31, 2019, at an annual base rate of: $1,168,377 for the year 2014 (a reduction of $2 per square foot based on 33,866 gross rentable square feet); $1,185,310 for 2015; $1,202,243 for 2016; $1,219,176 for 2017; $1,236,109 for 2018; and, $1,253,042 for 2019. In addition, the company did not extend its lease for its 37th floor office space, and the Company will receive a four month credit for the monthly base rent on the 37th floor and other typical concessions, over the term of the agreement and subject to certain conditions. All other terms remain substantially unchanged.