ex_162359.htm


Exhibit 10.3


 


Seventh amendment of lease


 


THIS SEVENTH AMENDMENT OF LEASE (this “Amendment”) is made and entered into as of this 29th day of October, 2019 (the “Effective Date”) by and between NWP BUILDING 5 LLC, a Massachusetts limited liability company (“Landlord”) and LEMAITRE VASCULAR, INC., a Delaware corporation (“Tenant”).


 


Background


 


A.     Landlord's predecessor-in-interest, the Trustees of Northwest Associates, and Tenant originally entered into a lease dated March 31, 2003, as amended by a First Amendment of Lease dated as of May 21, 2004, and a Second Amendment of Lease dated as of May 21, 2007 and a Third Amendment of Lease dated as of February 26, 2008, and a Fourth Amendment of Lease dated as of October 31, 2008, and a Fifth Amendment of Lease dated March 23, 2010, and a Sixth Amendment of Lease dated December 20, 2013 (the Lease and all amendments are collectively referred to as, the "Lease") with respect to the entire building measuring approximately 27,098 rentable square feet (the "Building") located at 63 Second Avenue, Northwest Park, Burlington, MA; and


 


B.     Pursuant to the Lease, the current Expiration Date is December 31, 2023.


 


C.     The parties now desire to extend the term of the lease for a period of seven (7) additional years, to expire on December 31, 2030, and provide for certain other modifications to the Lease on account of such extension.


 


NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby amend the Lease as follows:


 


1.     Capitalized terms not defined in this Amendment shall have the meanings given them in the Lease. The background recitals set forth above are hereby incorporated herein.


 


2.     The Original Term of the Lease is hereby extended for an additional period of seven (7) years from its current expiration date of December 31, 2023, commencing on January 1, 2024 and expiring on December 31, 2030 (the “Extended Term”). Accordingly, as of the Effective Date, the Expiration Date stated in Section 1.1 of the Lease is changed to December 31, 2030. The Extended Term shall be on all the same terms and conditions contained in the Lease, as hereby amended. Tenant is currently in possession of the Premises and accepts them in their current as-is condition for the Extended Term without any representations or warranties by Landlord as to their condition, and without any obligation on the part of Landlord to perform any work to prepare the Premises for Tenant’s continued use.


 



 




 




 


3.     Commencing January 1, 2024, and continuing throughout the Extended Term, the Annual Fixed Rent Rate and the Monthly Fixed Rent Rate shall be:


 


 


	
			Period

				
			Annual Fixed Rent 


			Rate

				
			Monthly Fixed Rent 


			Rate

			
	
			January 1, 2024 – December 31, 2024

				
			$345,679

				
			$28,807

			
	
			January 1, 2025 – December 31, 2025

				
			$354,321

				
			$29,527

			
	
			January 1, 2026 – December 31, 2026

				
			$363,179

				
			$30,265

			
	
			January 1, 2027 – December 31, 2027

				
			$372,259

				
			$31,022

			
	
			January 1, 2028 – December 31, 2028

				
			$381,565

				
			$31,797

			
	
			January 1, 2029 – December 31, 2029

				
			$391,104

				
			$32,592

			
	
			January 1, 2030 – December 31, 2030

				
			$400,882

				
			$33,407

			



 


Fixed Rent and Additional Rent on account of Tenant’s Percentage of Tax and Operating Costs shall continue to be paid at the same time and in the same manner as currently set forth in Article 4 of the Lease.


 


4.     As of the Effective Date of this Seventh Amendment to the Lease, the Tenant, at Tenant’s sole expense, shall be responsible for any replacement or repairs exceeding $10,000 to the roof and/or house HVAC systems during the term of the Lease. Any such replacement or repair shall be coordinated by the Landlord and use new parts, materials, and units of a similar quality and standard as current conditions. All other capital expenditures shall be performed and charged-back per the Lease.


 


5.     Tenant represents and warrants to Landlord that it has dealt with no broker in connection with the consummation of this Amendment other than The Stevens Group (“Broker”). Tenant shall pay Broker any commission or fee owing in connection with this Amendment, pursuant to a separate agreement between Tenant and Broker. It is understood that Landlord shall have no obligation whatsoever to pay a commission or other fee to Broker in connection with this Amendment. In the event of any brokerage claims by Broker, or any other broker, against Landlord predicated upon dealings with Tenant, Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim.


 


6.     Tenant represents and warrants to Landlord that, to the best of Tenant’s actual knowledge, as of the date hereof, (a) the Lease is and remains in good standing and in full force and effect, (b) Tenant has no claims, defenses, counterclaims, set-offs or defenses against Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction between Landlord and Tenant, and (c) all allowances provided to Tenant, have been paid in full by Landlord to Tenant, and Landlord has no further obligations with respect thereto or to the construction of the Premises.


 



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7.     Landlord and Tenant each represent, as to itself, (a) that it is validly existing and in good standing in the state where it was organized; (b) that it has the authority and capacity to enter into this Amendment and perform all of its obligations hereunder; (c) that all necessary action has been taken in order to authorize it to enter into and perform all of its obligations hereunder; (d)that the person executing this Amendment on its behalf is duly authorized to do so.


 


8.     This Amendment contains the entire agreement of the parties regarding the subject matter hereof. There are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, express or implied, among them, relating to this subject matter, other than as set forth herein.


 


9.     This Amendment shall not be valid and binding until executed and delivered by Landlord, and may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same instrument. Any facsimile, pdf, or other electronic transmittal of original signature versions of this Amendment shall be considered to have the same legal effect as execution and delivery of the original document and shall be treated in all manner and respects as the original document.


 


 


 


 


 


Signatures appear on the following page


 



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Except as amended hereby, the Lease is ratified and confirmed in all respects, and shall continue in full force and effect according to its terms, as amended.


 


Executed under seal as of the Effective Date.


 


	
			 

				
			LANDLORD:

				
			 

			
	 	 	 	 
	
			 

				
			NWP BUILDING 5 LLC,


			A Massachusetts limited liability company,


			by its sole Manager,

				
			 

			
	
			 

				
			 

				
			 

				 	
			 

			
	
			 

				
			 

				
			NW ASSOCIATES LLC,


			a Delaware limited liability company

				
			 

			
	
			 

				
			 

				
			 

				 	
			 

			
	
			 

				
			 

				
			By:

				/s/ Crosby Nordblom	
			 

			
	 	 	 	as Manager and not individually	 
	 	 	 	 	 
	 	 	By:	/s/ Peter Nordblom	 
	 	 	 	as Manager and not individually	 
	 	 	 	 	 
	 	 	By:	/s/ Adele Olivier	 
	 	 	 	as Manager and not individually	 
	 	 	 	 	 
	 	 	 	 	 
	 	
			Being a majority of the Board of Managers of


			Said NW Associates LLC

				 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	TENANT:	 
	 	 	 	 
	 	LEMAITRE VASCULAR, INC. 

			a Delaware corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Joseph P. Pellegrino, Jr.	 
	 	 	Name:	Joseph P. Pellegrino, Jr.	 
	 	 	Title:	Chief Financial Officer	 



 


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