Document:

Exhibit 10.21

 

LEASE

 

BETWEEN

 

CROSS POINT LIMITED PARTNERSHIP,

as Landlord

 

AND

 

FIRST ESSEX BANK, F.S.B.,

as Tenant

 

Dated as of February 24, 1995

 

 

LEASE INDEX

 

	

   

  	

  SCHEDULE

  
	

  Section 1.

  	

  DEMISE AND TERM

  
	

  Section 2.

  	

  RENT

  
	

  Section 3.

  	

  USE

  
	

  Section

  4.

  	

  CONDITION

  OF PREMISES

  
	

  Section 5.

  	

  WORK

  BY TENANT

  
	

  Section 6.

  	

  UTILITIES

  AND OTHER SERVICES

  
	

  Section

  7.

  	

  RULES

  AND REGULATIONS

  
	

  Section 8.

  	

  CERTAIN

  RIGHTS RESERVED TO LANDLORD

  
	

  Section

  9.

  	

  MAINTENANCE

  AND REPAIRS

  
	

  Section 10.

  	

  ALTERATIONS

  
	

  Section 11.

  	

  INSURANCE

  
	

  Section

  12.

  	

  WAIVSK

  AND INDEMNITY

  
	

  Section 13.

  	

  FIRE

  AND CASUALTY

  
	

  Section 14.

  	

  CONDEMNATION

  
	

  Section 15.

  	

  ASSIGNMENT

  AND SUBLETTING

  
	

  Section 16.

  	

  SURRENDER

  
	

  Section

  17.

  	

  DEFAULTS

  AND REMEDIES

  
	

  Section I8.

  	

  HOLDING

  OVER

  
	

  Section

  19.

  	

  ESTOPPEL

  CERTIFICATES

  
	

  Section 20.

  	

  SUBORDINATION

  
	

  Section 21.

  	

  QUIET

  ENJOYMENT

  
	

  Section 22.

  	

  BROKER

  
	

  Section 23.

  	

  NOTICES

  
	

  Section 24.

  	

  MISCELLANEOUS

  
	

  Section 25.

  	

  DIRECTORY;

  SIGNS

  
	

  Section 26.

  	

  PARKING

  
	

  Section

  27.

  	

  COOPERATIVE

  INTERRUPTIBLE SERVICE AGREEMENT

  
	

  Section 28.

  	

  OPTIONS

  TO EXTEND

  
	

  Section 29.

  	

  RIGHT

  OF FIRST OFFER TO LEASE

  
	

   

  	

   

  
	

  EXHIBIT “A”

  	

  FLOOR

  PLAN OF PREMISES

  
	

  EXHIBIT “A-1”

  	

  FLOOR

  PLAN OF ADDITIONAL SPACE

  
	

  EXHIBIT “B”

  	

  LEGAL DESCRIPTION OF FEE LAND

  
	

  EXHIBIT “B-1”

  	

  LEGAL DESCRIPTION OF EASEMENT LAND

  
	

  EXHIBIT “C”

  	

  UTILITIES AND OTHER SERVICES

  
	

  EXHIBIT “D”

  	

  RULES AND REGULATIONS

  

 

ii

 

LEASE

 

THIS

LEASE (this “Lease”) is made as of the 24th day of February, 1995 between CROSS

POINT LIMITED PARTNERSHIP, a Massachusetts limited partnership, having an address

at 900 Chelmsford Street, Lowell, Massachusetts 01851 (“Landlord”) and FIRST

ESSEX BANK, F.S.B. a federal savings association, having an address at P.O. Box

1000 Lawrence, Massachusetts 01842 (“Tenant”), for space in the Building (as defined below).  The following schedule (the “Schedule”) sets

forth certain basic terms of this Lease:

 

SCHEDULE

 

1.             Fee Land:  The parcel of land known and

numbered as 900 Chelmsford Street, Lowell, Massachusetts, located partly in

Lowell and partly in Chelmsford, County of Middlesex, Commonwealth of

Massachusetts, and more particularly described in Exhibit “B” attached hereto

and incorporated herein.

 

2.             Easement Land:  The parcel of land located party in Lowell

and partly in Chelmsford, Country of Middlesex, Commonwealth of Massachusetts,

and more particularly described in Exhibit “B-1” attached hereto and

incorporated herein.

 

3.             Land: Collectively, the Fee Land and the Easement Land.

 

4.             Building: The building

containing approximately 1,203,129 rentable square feet of floor area located

at the Fee Land and all other improvements now located at the Fee Land.

 

5.             Property:  Collectively, the Building, the Land and any

other building or improvements hereafter located at the Fee Land.

 

6.             Premises:  The entire second floor of Tower 2 of the

Building consisting of approximately 31,478 rentable square feet of floor area

(or approximately 26,790 square feet of usable floor area) as shown on the

floor plan attached hereto as Exhibit “A” and incorporated herein.

 

7.             Delivery Date:  The first day as of which the

Premises have been delivered to Tenant free of any other tenants or occupants

in their present “as is” condition as of the date hereof, except broom clean

and free of debris, rubbish or the personal property of the prior tenant of the

Premises (except for such personal property of the prior tenant that Tenant has

requested be left in the Premises for use by Tenant).  If the Delivery Date does not occur on or prior to February 27, 1995, then the Delivery Date

shall be seven (7) days after Landlord notifies Tenant that the Premises are

free of any other tenants

 

1

 

or occupants in their

present “as is” condition as of the date hereof, except broom clean and free of

debris, rubbish or the personal property of the prior tenant of the Premises

(except for such personal property of the prior tenant that Tenant has

requested be left in the Premises for use by Tenant).

 

8.                    Commencement Pate:  The earlier of (i) the date on which Tenant commences its use of the

Premises or (ii) the seventy-fifth day after the Delivery Date, subject

to the provisions of Article 5 of this Lease.

 

	

   

  	

  1.

  	

   

  	

  Expiration Date: 

  The day prior to the fifth anniversary of the Commencement Date.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  2.

  	

   

  	

  Annual Base Rent:  5188,868.00.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  3.

  	

   

  	

  Monthly Base Rent;  $15,733.75.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  4.

  	

   

  	

  Tenants Proportionate Share:  2.62%.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  5.

  	

   

  	

  Base Expense Year: 

  Calendar Year 1995 (i.e., January 1, 1995 - December 31, 1995).

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  6.

  	

   

  	

  Base Tax Year;  Fiscal Year 1995 i.e,, July 1, 1994 - June

  30, 1995).

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  7.

  	

   

  	

  Broker:  Whittier Partners.

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  8.

  	

   

  	

  Address of Landlord:

  	

   

  	

  Cross Point Limited Partnership

  900 Chelmsford Street

  Lowell, Massachusetts 01851

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  9.

  	

   

  	

  Address of Tenant:

  	

   

  	

  First Essex Bank, F.S.B.

  71 Main Street

  Andover, Massachusetts 01810

  Attention: President

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  with a copy to:

  	

   

  	

  Rubin and Rudman

  50 Rowes Wharf

  Boston, Massachusetts 02110

  Attention: Raymond M. Kwasnick

  Esquire

  

 

1.             DEMISE

AND TERM. 

Landlord leases to Tenant and Tenant leases from Landlord the premises

(the “Premises”) described in Item 6 of the Schedule, subject to the covenants

and conditions set forth in this Lease, for a term (the “Term”) commencing on

the date (the “Commencement Date”) described in Item 8 of the Schedule and expiring

on the date (the “Expiration Date”) described in Item 9 of the Schedule, unless

terminated earlier as otherwise provided in this Lease.  Upon the determination of the Commencement

Date, Landlord and Tenant shall memorialize the

 

2

 

Commencement Date and the

Expiration Date in a written instrument.

 

If

the Delivery Date (as defined in Item 7 of the Schedule) does not occur on or

prior to February 27, 1995, then Landlord shall provide to Tenant other space in

the Building which space shall be substantially equivalent to the Premises in

their present “as is” condition as of the date hereof (the “Temporary

Premises”).  Tenant shall have the right

to occupy the Temporary Premises for the period from February 28, 1995 through

the Delivery Date.  Such occupancy shall

be subject to all of the terms and conditions of this Lease except that Tenant

shall be under no obligation to pay Rent in connection with its occupancy of

the Temporary Premises for such period (except for the cost of Tenant’s

electricity usage during such period which cost Tenant shall be responsible for

in accordance with Section 6.A of this Lease and except for the cost of any

cleaning services provided by Landlord which cost Tenant shall be responsible

for).

 

If

the Delivery Date does not occur on or prior to April 1, 1995, then Tenant may

terminate this Lease by written notice thereof to Landlord at any time after

April 1, 1995 but prior to the Delivery Date. 

If Tenant terminates this Lease pursuant to the immediately preceding

sentence, then this Lease shall terminate without recourse to the parties

hereto.  Notwithstanding the foregoing,

Tenant shall have the right to continue to occupy the Temporary Premises for

not greater than ninety (90) days after the effective date of any such

termination.  Such occupancy shall be

subject to all of the terms and conditions of this Lease except that Tenant

shall be under no obligation to pay Rent in connection with its occupancy of

the Temporary Premises for such period (except for the cost of Tenant’s

electricity usage during such period which cost Tenant shall be responsible for

in accordance with Section 6.A of this Lease and except for the cost of any

cleaning services provided by Landlord which cost Tenant shall be responsible

for).  If Tenant continues to occupy all

or any part of the Temporary Premises beyond such ninety (90) day period, such

occupancy shall be subject to all of the terms and conditions of this Lease

including, without limitation, the provisions of Section 2 of this Lease with

respect to the payment of rent and the provisions of Section 18 of this Lease

with respect to holding over (except that the obligation to pay rent during the

period of such holding over shall be at the rate that would have been in effect

had the first day after the end of such ninety (90) day period been the

Commencement Date hereof).

 

2.             RENT.

 

A.                                   Definitions.  For purposes of this Lease,

the following terms shall have the following meanings:

 

3

 

(i)                                     “Base Expense Year” shall mean the year set

forth in Item 13 of the Schedule.

 

(ii)                                  “Base Tax Year” shall mean the year set forth

in Item 14 of the Schedule.

 

(iii)                               “Base Expenses” shall mean the amount of

actual Expenses (as defined below) for the Base Expense Year, with an

appropriate adjustment to such amount to reflect the Expenses that would have

been paid or incurred by Landlord had the Building been at least ninety-five

percent (95%) occupied by tenants for the entire Base Expense Year.

 

(iv)                              “Base Taxes” shall mean the amount of Taxes

(as defined below) for the Base Tax Year.

 

(v)                                 “Controllable Expenses” shall mean the

following and only the following Expenses: 

costs of cleaning services provided to Building tenants; security

expenses; administrative expenses; and salaries, wages, fringe benefits,

worker’s compensation insurance premiums and payroll taxes and union dues of

workers and other on-site employees of Landlord.

 

(vi)                              “Expenses” shall mean all expenses, costs and

disbursements (other than Taxes) paid or incurred by Landlord in connection

with the ownership, management, maintenance, operation, replacement and repair

of the Property including by way of example rather than limitation:  security expenses; legal fees; salaries,

wages, fringe benefits, worker’s compensation insurance premiums and payroll

taxes and union dues of workers and other on-site employees of Landlord; all

insurance premiums, fees and impositions; costs for repairs, maintenance,

service contracts, management fees, governmental permits and overhead expenses;

costs of furnishing water, sewer, gas, fuel, electricity and other utility

services; janitorial service, care of interior and exterior landscaping, snow

removal and trash removal; and the costs of any other items attributable to

operating or maintaining any or all of the Property.  Expenses shall not include: (a) costs of tenant alterations; (b)

costs of capital improvements (except for costs of any capital improvements

made or installed for the purpose of reducing Expenses or made or installed

pursuant to governmental requirement or insurance requirement enacted or

promulgated after the date of this Lease, which costs shall be amortized by

Landlord in accordance with sound accounting and

 

4

 

management principles); (c) costs of non-capital

improvements made or installed pursuant to governmental requirement enacted or

promulgated prior to the date of this Lease; (d) interest and principal payments

on mortgages (except interest on the cost of any capital improvements for which

amortization may be included in the definition of Expenses) or any rental

payments on any ground leases (except for rental payments which constitute

reimbursement for Taxes and Expenses); (e) advertising and promotional

expenses, leasing commissions, attorneys’ fees and other expenses related to

leasing or procuring tenants or negotiating with prospective tenants; (f) any

cost or expenditure for which Landlord is reimbursed, whether by insurance

proceeds or otherwise, except through Adjustment Rent (as defined below); (g)

the cost of any kind of service furnished to any other tenant in the Building

which Landlord does not generally make available to all tenants in the Building;

(h) the costs of repairs required by reason of fire or other casualty; (i)

legal expenses of negotiating leases; (j) attorneys’ fees, costs and

disbursements and other expenses incurred in connection with enforcing leases

except for enforcing lease provisions to the benefit of Building tenants in

general; (k) Landlord’s cost of electricity and other services that are sold to

tenants and for which Landlord is entitled to be reimbursed by tenants as an

additional charge or rental over and above the Base Rent and Adjustment Rent;

(l) depreciation and amortization, except as otherwise provided in this clause

(vi); (m) costs incurred due to violation by Landlord of the terms and

conditions of any lease; (n) overhead and profit increment paid to subsidiaries

or affiliates of Landlord for services on or to the real property, to the

extent only that the costs of such services exceed competitive costs of such

services were they not so rendered by a subsidiary or affiliate; (o) Landlord’s

general overhead except as it directly relates to the operation and management

of the Property; (p) all items and services for which Tenant is separately

charged, reimburses Landlord or pays third persons; (q) costs for sculpture,

paintings or other objects of art; (r) any compensation paid to clerks,

attendants or other persons in commercial concessions operated by Landlord; (s)

any fines or penalties incurred due to violations by Landlord of any

governmental rule or authority; and (t) wages, salaries or other compensated

paid to any executive employees above

 

5

 

the grade of property manager.  Notwithstanding any of the foregoing to the

contrary, the management fee component of Expenses for any calendar year during

the Term (including the Base Expense Year) shall be equal to (i) three and

one-half percent (31⁄2%) of the total Rent payable by Tenant for such calendar

year divided by (ii) the numerical equivalent of Tenant’s Proportionate

Share.  Notwithstanding any of the

foregoing to the contrary, in no event shall the calculation of Expenses for

any calendar year include any amount of Controllable Expenses for such calendar

year in excess of one hundred four percent (104%) of Included Controllable

Expenses, as hereinafter defined, for such calendar year.  For the purposes hereof, “Included

Controllable Expenses” for calendar year 1995 shall be the actual amount of

Controllable Expenses for calendar year 1995, with an appropriate adjustment to

such amount to reflect the Controllable Expenses that would have been paid or

incurred by Landlord had the Building been at least ninety-five percent (95%)

occupied by tenants for the entirety of calendar year 1995.  For each calendar year after calendar year

1995, “Included Controllable Expenses” shall be the lesser of the actual amount

of Controllable Expenses for such calendar year, with an appropriate adjustment

to such amount to reflect the Controllable Expenses that would have been paid

or incurred by Landlord had the Building been at least ninety-five (95%)

occupied by tenants for the entirety of such calendar year, or one hundred four

percent (104%) of Included Controllable Expenses for the immediately preceding

calendar year.  Expenses shall be

determined on a cash or accrual basis, as Landlord may elect, provided that

such method is applied consistently from year to year.  Expenses shall be calculated in accordance

with generally accepted accounting principles.

 

(vii)                           “Rent” shall mean Base Rent, Adjustment Rent

and any other sums or charges due by Tenant hereunder.

 

(viii)                        “Taxes”

shall mean all taxes, assessments, betterments and fees levied upon the

Building, the Fee Land, the Easement Land (but only to the extent that such taxes, assessments and fees are

paid or payable by Landlord to the taxing authority or are reimbursed or

reimbursable by Landlord to a third party which has an interest in the Easement

Land and which is obligated as between Landlord and such third party to pay

taxes, assessments and fees levied up on the Easement Land) or the rents

 

6

 

collected

therefrom, by any governmental entity based, upon the ownership, leasing,

renting or operation of the

Building, the Fee Land or the Easement Land, including all reasonable costs and

expenses of protesting any such taxes, assessments or fees.  Taxes shall not include any penalties or

interest for late payment of taxes by Landlord.  Taxes shall also not include any net income, capital stock,

succession, transfer, franchise, gift, estate ox inheritance taxes; provided,

however, if at any time during the Term, a tax or excise on income is levied or

assessed by any governmental entity, in lieu of or as a substitute for, in

whole or in part, real estate taxes or other ad valorem taxes, such tax

shall constitute and be included in Taxes. 

For the purposes of determining Taxes for any given year, the amount to

be included for such year (a) from special assessments payable in installments

shall be the amount of the installments (and any interest) due and payable

during such year, and (b) from all other Taxes shall at Landlord’s election

either be the amount accrued, assessed or otherwise imposed for such year or

the amount due and payable in such year. 

Landlord agrees to pay any Taxes due and payable during the Term over

the maximum period permitted by law, provided that any interest that is due

because such payments are made over such maximum period shall also be included

as Taxes.  Landlord represents that as

of the date hereof there are no betterments or special assessments included in

Landlord’s calculation of Taxes.

 

(ix)                                “Tenant’s Proportionate Share” shall mean the

percentage set forth in Item 12 of the Schedule which has been determined by dividing the rentable square feet of

floor area in the Premises by the rentable square feet of floor area in the

Building.

 

B.            Components of Rent.  Tenant agrees to pay the following amounts

to Landlord at the office of the Building or at such other place as Landlord

designates:

 

(i)                                     Base rent (“Base Rent”) to be paid in monthly

installments in the amount set forth in Item 11 of the Schedule in advance on

or before the first day of each month of the Term.

 

(ii)                                  Adjustment rent (“Adjustment Rent”) in an

amount equal to Tenant’s Proportionate Share of (a) the increase in Expenses

for any calendar year over the Base Expenses and (b) the increase in Taxes for

any calendar year over the Base Taxes. 

Prior to each

 

7

 

calendar

year, Landlord shall reasonably estimate the amount of Adjustment Rent due for

such year, and Tenant shall pay Landlord one-twelfth of such reasonable

estimate on the first day of each month during such year.  Such estimate may be revised by Landlord

whenever it obtains information relevant to making such estimate more

accurate.  Within one hundred twenty

(120) days after the end of each calendar year, Landlord shall deliver to

Tenant a report setting forth the actual Expenses and Taxes for such calendar

year and a statement of the amount of Adjustment Rent that Tenant has paid and

is payable for such year.  Such report

shall be certified as accurate by Landlord’s chief financial officer.  Within thirty (30) days after receipt of

such report, Tenant shall pay to Landlord the amount of Adjustment Rent due for

such calendar year minus any payments of Adjustment Rent made by Tenant for

such year.  If Tenant’s estimated

payments of Adjustment Rent exceed the amount due Landlord for such calendar

year, Landlord shall apply such excess as a credit against Tenant’s other

obligations under this Lease or promptly refund such excess to Tenant if the

Term has already expired or terminated, but only to the extent that such excess

exceeds any amounts due from Tenant to Landlord hereunder, in either case

without interest to Tenant.

 

C.             Payment of Rent.  The following provisions

shall govern the payment of Rent:  (i)

if this Lease commences or ends on a day other than the first day or last day

of a calendar year, respectively, the Rent for the year in which this Lease so

begins or ends shall be prorated and the monthly installments shall be adjusted

accordingly; (ii) all Rent shall be paid to Landlord without offset or

deduction (except as otherwise expressly provided in this Lease), and the

covenant to pay Rent shall be independent of every other covenant in this

Lease; (iii) if during all or any portion of any calendar year during the Term

the Building is not at least ninety-five percent (95%) occupied by tenants,

Landlord may elect to make an appropriate adjustment of Expenses for such

calendar year to determine the Expenses that would have been paid or incurred

by Landlord had the Building been at least ninety-five percent (95%) occupied

by tenants for the entire calendar year and the amount so determined shall be deemed

to have been the Expenses for such calendar year; (iv) any sum due from Tenant

to Landlord which is not paid when due shall bear interest from the date due

until the date paid at the annual rate of the prime rate then in effect for the

First National Bank of Boston plus four percent (4%), but in no event higher

than the maximum rate permitted by law (the “Default Rate”); and, in addition,

Tenant shall pay Landlord a late charge for any Rent payment which is paid more

than five (5) days after its due date

 

8

 

equal to five percent (5%)

of such payment; (v) if changes are made to this Lease or the Building changing

the number of square feet contained in the Premises or in the Building,

Landlord shall make an appropriate adjustment to Tenant’s Proportionate Share;

(vi) Tenant shall have the right to inspect Landlord’s accounting records

relative to Expenses and Taxes during normal business hours at any time within

one hundred twenty (120) days following the furnishing to Tenant of the annual

statement of Adjustment Rent; and, unless Tenant shall take written exception

to any item in any such statement within such one hundred twenty (120) day

period, such statement shall be considered as final and accepted by Tenant;

(vii) upon request of Tenant, Landlord shall furnish Tenant a copy of the most

current invoice for Taxes that has been received by Landlord from the taxing

authority; (viii) in the event of the termination of this Lease prior to the

determination of any Adjustment Rent, Tenant’s agreement to pay any such sums

and Landlord’s obligation to refund any such sums (to the extent that Tenant is

not in default hereunder) shall survive the termination of this Lease; (ix) no

adjustment to the Rent by virtue of the operation of the rent adjustment

provisions in this Lease shall result in the payment by Tenant in any year of

less than the Base Rent shown on the Schedule; (x) each amount owed to Landlord under this Lease for which the

date of payment is not expressly fixed shall be due within thirty (30) days of

Tenant’s receipt of the statement showing such amount is due; (xi) if Landlord

fails to give Tenant an estimate of Adjustment Rent prior to the beginning of

any calendar year, Tenant shall continue to pay Adjustment Rent at the rate for

the previous calendar year until Landlord delivers such estimate; and (xii) if,

after Tenant shall have made any payment of Adjustment Rent to Landlord

pursuant to Section 2.B., Landlord shall receive a refund of any portion of

Taxes paid by Tenant with respect to any tax period during the Term of this

Lease as a result of abatement of such Taxes by legal proceedings, settlement

or otherwise, Landlord shall credit to Tenant Tenant’s Proportionate Share of

such refund (less the proportional pro rata reasonable expenses, including

reasonable attorneys’ fees and appraisers’ fees incurred by Landlord in

connection with obtaining such refund), as it relates to Taxes paid by Tenant

to Landlord with respect to any such period for which a refund is

obtained.  Landlord represents to Tenant

that Landlord has not filed for an abatement of Taxes for fiscal year 1995.

 

3.             USE.  Tenant agrees that it shall occupy and use

the Premises only as business offices and uses ancillary thereto, including,

without limitation, use of the Premises by Tenant as its operations center for

its banking operations, and for no other purposes.  Landlord represents to Tenant that, to the best of Landlord’s

knowledge, as of the date hereof the uses described in the immediately

preceding sentence are allowed under applicable zoning laws.  Tenant shall comply with all federal, state

and local laws, ordinances and regulations and all

 

9

 

covenants, conditions

applicable to Tenant’s use or occupancy of the Premises; provided, however,

Tenant shall not be obligated to make any repairs, alterations, replacements or

additions required under applicable laws, ordinances, orders or regulations for

office buildings generally (as opposed to being required because of Tenant’s

particular use of the Building or Premises or by any alterations made by Tenant

therein) but rather such repairs, alterations, replacements or additions shall

be made by Landlord and the costs with respect thereto shall be included as

Expenses to the extent permitted pursuant to Section 2 hereof.  Without limiting the foregoing, Tenant shall

not cause, nor permit, any hazardous or toxic substances to be brought upon, produced,

stored, used, discharged or disposed of in, on or about the Premises without

the prior written consent of Landlord (except that Landlord hereby consents to

the use and storage of such amounts and types of hazardous toxic substances as

are typically used and stored in a business office) and then only in compliance

with all applicable environmental laws.

 

4.             CONDITION

OF PREMISES. Tenant hereby accepts the Premises in their “as is” condition as

of the date hereof except that the Premises shall be broom clean and free of

debris, rubbish and the personal property of the prior tenant of the Premises

(except for such personal property of the prior tenant that Tenant has

requested be left in the Premises for use by Tenant).  Tenant’s taking possession of the Premises shall be conclusive

evidence that the Premises were in good order and satisfactory condition when

Tenant took possession, except for latent defects and such matters, if any, as

Tenant advises Landlord of in writing within ten (10) days after Tenant takes

possession of the Premises.  No

agreement of Landlord to alter, remodel, decorate, clean or improve the

Premises or the Building (or to provide Tenant with any credit or allowance for

the same), and no representation regarding the condition of the Premises or the

Building, have been made by or on behalf of Landlord or relied upon by Tenant.

 

Landlord

represents to Tenant that Landlord has not received, during its period of

ownership of the Building and the Fee Land, any written notice (i) from any

governmental agency that the Building or the Fee Land or any part thereof is in

violation of any applicable laws, ordinances and regulations regarding

hazardous materials or substances, (ii) from any governmental agency that the

Building is in violation of the ADA (as defined below), or (iii) from any

occupant of the Building with regard to adverse environmental air quality

within the Building.

 

5.             WORK

BY TENANT.  On

or before March 3, 1995, Tenant shall provide to Landlord for its approval

final drawings, prepared by an architect that has been

approved by Landlord (which approval shall not be unreasonably withheld), of

all

 

10

 

improvements

that Tenant proposes to install in the Premises; such drawings shall include

the partition layout, ceiling plan, electrical outlets and switches, telephone

outlets, drawings for any modifications to the mechanical and plumbing systems

of the Building, and detailed plans and specifications for the construction of

the improvements called for in this Section 5 in accordance with all applicable

governmental laws, codes, rules and regulations.  Further, if any of Tenant’s proposed construction will affect the

Building’s HVAC, electrical, mechanical, or plumbing systems, then the drawings

pertaining thereto shall be prepared by an engineer acceptable to Landlord in

its reasonable discretion.  Landlord

shall approve or disapprove such drawings within ten (10) days of their receipt

by Landlord.  If Landlord disapproves

such drawings, Landlord shall specify the reasons for such disapproval in

reasonable particularity, and Tenant shall make conforming revisions thereto

and resubmit such drawings to Landlord for re-review in accordance with the

same procedure set forth above, except that Landlord must complete its review and

notify Tenant of its approval or disapproval of such revised drawings within

five (5) days of their receipt by Landlord. 

Landlord and Tenant shall initial the drawings after the same have been

finally approved by Landlord.  If

Landlord fails to give Tenant notice as aforesaid either approving or

disapproving Tenant’s initial drawings or resubmitted drawings within the time

periods specified above, Landlord shall be deemed to have approved such initial

drawings or resubmitted drawings, as applicable.  Landlord’s approval of Tenant’s drawings shall not be

unreasonably withheld, provided that (a) they comply with all applicable

governmental laws, codes, rules and regulations, (b) such drawings are

sufficiently detailed to allow construction of the improvements in a good and

workmanlike manner, and (c) the improvements depicted thereon conform to the

rules and regulations promulgated from time to time by the Landlord for the

construction of tenant improvements.  As

used herein, “Drawings” shall mean the final drawings approved by Landlord, as

amended from time to time by any approved changes thereto, and “Improvements”

shall mean all improvements to be constructed in accordance with and as

indicated on the Drawings.  Approval by

Landlord of the Drawings shall not be a representation or warranty of Landlord

that such Drawings are adequate for any use, purpose, or condition, or that

such drawings comply with any applicable law or code, but shall merely be the

consent of Landlord to the Drawings. 

All changes in the Drawings must receive the prior written approval of

Landlord.  Upon completion of the

Improvements, Tenant shall furnish Landlord with an accurate, reproducible

“as-built” plan of the Improvements as constructed, which plan shall be

incorporated into this Lease by this reference for all purposes.

 

The

Improvements shall be constructed only by contractors and subcontractors

approved in writing by Landlord, which approval shall not be unreasonably

withheld.  All contractors and

 

11

 

subcontractors shall be

required to procure and maintain insurance against such risks, in such amounts,

and with such companies as Landlord may reasonably require.  Certificates of such insurance reasonably

satisfactory to Landlord must be received by Landlord before the work is

commenced.  The Improvements shall be

constructed in a good and workmanlike manner that is free of defects and is in

substantial conformance with the Drawings, and shall be performed in such a

manner and at such times as to maintain harmonious labor relations and not to

interfere with or delay Landlord’s other contractors, the operation of the

Building, and the occupancy thereof by other tenants of the Building.  All contractors and subcontractors of Tenant

shall contact Landlord and schedule time periods during which they may use

Building facilities in connection with their work (E.G., elevators, excess

electricity, etc.).  Landlord agrees to

cooperate with Tenant in its construction of the Improvements in such manner as

Tenant may reasonably request (including, without limitation, making available

the service elevators at such times as Tenant may reasonably request).  Landlord agrees that Tenant shall not be

charged a fee for Landlord’s supervision of Tenant’s construction of the

Improvements or for Tenant’s use of the Building elevators in connection

therewith, but Landlord may impose a reasonable charge for any excessive or

special usage by Tenant of any Building services or systems.  Except as otherwise provided in this Section

5, the work performed by or on behalf of Tenant pursuant to this Section 5

shall be subject to the requirements and conditions set forth in Section 9 of

this Lease.

 

Tenant

shall bear the entire cost of performing the above-described work, including,

without limitation, design of the Improvements and preparation of the Drawings,

costs of construction labor and materials, electrical usage during

construction, additional janitorial services, general tenant signage, related

taxes and insurance costs.

 

Before

Tenant may occupy the Premises to conduct its business therein, Tenant shall,

at its sole cost and expense, obtain and deliver to Landlord a valid, permanent

certificate of occupancy from the City of Lowell with respect to Tenant’s construction

of the Improvements and Tenant’s permitted use of the Premises.  Notwithstanding anything herein to the

contrary, Tenant may occupy the Premises on the basis of a valid, temporary

certificate of occupancy from the City of Lowell provided that Tenant promptly

satisfies the requirements for the issuance of a permanent certificate of

occupancy, unless such requirements relate to any condition or conditions

existing in the Building outside of the Premises or on the Land, in which event

satisfaction of such requirements shall be the responsibility of Landlord.

 

12

 

If

Tenant is unable to obtain a building permit from the City of Lowell for

construction of the Improvements due solely to a condition or conditions

existing in the Building outside of the Premises or on the Land and, therefore,

outside the control of Tenant, Tenant shall provide written notice thereof to

Landlord, which notice shall describe in detail the condition or conditions in

question and shall include appropriate documentation of the existence of such

condition or conditions by the City of Lowell. 

If Landlord does not rectify such condition or conditions such that a

building permit for construction of the Improvements can be issued by the City of Lowell within ten (10) days of

receipt of Tenant’s notice of the existence of such condition or conditions,

then Tenant may terminate this Lease by written notice thereof to Landlord at

any time after the end of such ten (10) day period but prior to Landlord’s

rectifying such condition or conditions. 

If Tenant so terminates this Lease, this Lease shall terminate without

recourse to the parties hereto.  If at

the time Tenant so terminates this Lease, Tenant is presently occupying the

Temporary Premises pursuant to the provisions of Section 1 hereof, Tenant may

continue to occupy the Temporary Premises for an additional ninety (90) days

after delivery of such termination notice, subject to the provisions of the

third paragraph of Section 1 hereof with respect to any holding over after the

end of such ninety (90) day period.

 

The

following are herein referred to collectively and individually as “Landlord’s

Delays” (subject to the limitation that any of the following delays shall not

be deemed a “Landlord’s Delay” if it occurs concurrently with any act or

omission of Tenant or its agents, employee or contractors which also causes a

delay in the construction of the Improvements):

 

(i)    any act or omission of Landlord or its

agents/ employees, or contractors of which Tenant notifies Landlord will cause

a delay in the construction of the Improvements;

 

(ii)   Tenant is unable to obtain a building permit from the City of Lowell

for construction of the Improvements due solely to a condition or conditions

existing in the Building outside of the Premises or on the Land; or

 

(iii)  Tenant is unable to obtain a certificate of occupancy from the City of

Lowell in connection with the completion of the Improvements due solely to a

condition or conditions existing in the Building outside of the Premises or on

the Land.

 

If,

as a result of Landlord’s Delays, Tenant is unable to substantially complete

construction of the Improvements on or prior to the date which is the

seventy-fifth day after the Delivery Date and provided that Tenant has

exercised diligent efforts to complete construction of the Improvements in a

timely

 

 

13

 

manner, then the

Commencement Date shall be extended beyond such date by the number of days of

delay in construction of the Improvements attributable to Landlord’s Delays but

in no event shall the Commencement Date be extended beyond the date of receipt

by Tenant of a certificate of occupancy from the City of Lowell in connection

with the completion of the Improvements.

 

6.             UTILITIES

AHD OTHER SERVICES

 

A.            Utilities and Services Furnished

by Landlord.  Landlord agrees to

furnish or cause to be furnished to the Premises, the utilities and services

described in Exhibit “C” attached hereto and incorporated herein (hereinafter

referred to collectively as “Landlord’s Services”), subject to the conditions

and in accordance with the standards set forth in this Section 6 and in Exhibit

“C”.

 

All

costs and expenses incurred by Landlord in connection with furnishing Landlord’s

Services shall be included as part of Expenses pursuant to Section 2 hereof

except for the cost of furnishing electrical energy to the Premises.  With respect to electrical energy, Landlord

has installed a separate meter for electrical energy to the Premises.  Tenant shall obtain all of its electrical

energy from Landlord and shall pay all of Landlord’s charges for Tenant’s

electrical energy usage (such obligation to commence

on the Delivery Date and at all times thereafter until the end of the Term),

which charges shall be based upon meter readings and shall not include any

mark-up above what Landlord is charged for Tenant’s electrical energy usage by

the electric utility company.

 

B.            Special and Additional Usage.  Landlord may impose a reasonable charge for

any utilities and services, including without limitation, heating and air

conditioning, electricity, and water, provided by Landlord by reason of: (i)

any use of the Premises at any time other than the hours set forth above or in

Exhibit “C”; (ii) any use beyond what Landlord agrees herein or in Exhibit “C”

to furnish; or (iii) special electrical, cooling and ventilating needs created

by Tenant’s telephone equipment, computers, electronic data processing

equipment and other similar equipment or uses. 

Upon request of Tenant, Landlord shall provide to Tenant appropriate

back-up documentation supporting any such charge.  The charge to Tenant for such additional utilities and services

shall not include any mark-up above what Landlord is charged for such utilities

or services by the applicable utility company or service vendor unless and in

such amount as such mark-up is commercially reasonable, provided, however,

there shall be no mark-up above what Landlord is charged for additional

cleaning services by the applicable service vendor.

 

14

 

C.            Cooperation; Payment of Charges.  Tenant agrees to cooperate fully at all

times with Landlord and to abide by all reasonable regulations and requirements

which Landlord may prescribe for the use of the above utilities and

services.  Tenant agrees to pay any

reasonable charge imposed by Landlord pursuant to Section 6(b) above and any

failure to pay any excess costs as described above shall constitute a breach of

the obligation to pay Rent under this Lease and shall entitle Landlord to the

rights herein granted for such breach and shall entitle Landlord to immediately

discontinue providing such additional or special service.  Tenant’s use of electricity shall at no time

exceed the capacity of the service to the Premises or the electrical risers or

wiring installation.

 

D.            Failure, Stoppage or Interruption of Service; No Release from

Obligations.  Landlord shall not be

liable for, and Tenant shall not be entitled to any abatement or reduction of

Rent by reason of, Landlord’s failure to furnish any of the foregoing services

when such failure is caused by accident, breakage, repairs, riots, strikes,

lockouts or other labor disturbance or labor dispute of any character, governmental

regulation, moratorium or other governmental action, inability by exercise of

reasonable diligence to obtain electricity, water or fuel, or by any other

cause beyond Landlord’s immediate control or for stoppages or interruptions of

any such services for the purpose of making necessary repairs or

improvements.  Failure, stoppage or

interruption of any such service shall not be construed as an actual or

constructive eviction or as a partial eviction against Tenant, or release

Tenant from the prompt and punctual performance by Tenant of the covenants

contained herein or operate to abate Rent.

 

Notwithstanding

the foregoing provisions of this Section 6.D or anything else in this Lease to

the contrary, in the event of an interruption of an essential Building service,

if such interruption is (i) within Landlord’s reasonable control, (ii) not due

in whole or in part to any act or omission of Tenant or any agent, contractor,

employee or invitee of Tenant, and (iii) of such a substantial or serious

nature that it effectively prevents Tenant from using all or substantial

portion of the Premises for more than ten (10) consecutive days, then the Rent

shall be equitably abated from and after such tenth consecutive day until such

interruption is ended.

 

Notwithstanding the

foregoing provisions of this Section 6.D or anything else in this Lease to the

contrary, in the event of an interruption of an essential Building service, if

such interruption is (i) not within Landlord’s reasonable control, (ii) not due

in whole or in part to any act or omission of Tenant or any agent, contractor,

employee or invitee of Tenant and (iii) of such a substantial or serious nature

that it effectively prevents Tenant from using all or substantial portion of

the

 

15

 

Premises for more than

thirty (30) consecutive days, then the Rent shall be equitably abated from and

after such thirtieth consecutive day until such interruption is ended.

 

Notwithstanding

the foregoing provisions of this Section 6.D or anything else in this Lease to

the contrary, in the event of an interruption of an essential Building service,

if such interruption is (i) not due in whole or in part to any act or omission

of Tenant or any agent, contractor, employee or invitee of Tenant and (ii) of

such a substantial or serious nature that it effectively prevents Tenant from

using all or substantial portion of the Premises for more than one hundred

eighty (180) consecutive days, then Tenant shall have the right to terminate the

Lease at any time after such one hundred eighty (180) day period but prior to

the date such interruption is ended.  If

Tenant terminates this Lease pursuant to the provisions of the immediately

preceding sentence, then this Lease shall terminate without recourse to the

parties hereto.

 

E.             Limitation and Unavailability of

Service.  Anything hereinabove to

the contrary notwithstanding, Landlord and Tenant agree that Landlord’s

obligation to furnish heat, electricity, air conditioning and/or water to the

Premises shall be subject to and limited by all laws, rules, and regulations of

any governmental authority affecting the supply, distribution, availability,

conservation or consumption of energy, including, but not limited to, heat,

electricity, gas, oil and/or water. 

Landlord shall abide by all such governmental laws, rules and

regulations and, in so doing, Landlord shall not be in default in any manner

whatsoever under the terms of this Lease, and Landlord’s compliance therewith

shall not affect in any manner whatsoever Tenant’s obligation to pay the full

Rent set forth in this Lease, except as otherwise provided in Section 6.D

above.  Notwithstanding any of the

foregoing to the contrary, except in emergency situations, Landlord shall

provide Tenant reasonable prior notice of any action to be taken by Landlord

which would materially adversely interfere with the performance of Landlord’s

Services or otherwise interfere with Tenant’s permitted use of the Premises.

 

F.             Load Bearing Capacity.  Tenant shall not place a load upon any floor

of the Premises which exceeds the load per square foot which such floor was

designed to carry (which capacity is 100 pounds per square foot, live load) and

which is allowed by law.  Landlord

reserves the right to prescribe in a reasonable manner the weight and position

of all safes and heavy installations which Tenant wishes to place in the

Premises so as to properly distribute the weight thereof.

 

G.            Unreasonable Noise or Vibration.  Business machines and mechanical equipment

belonging to Tenant which cause unreasonable noise or vibration that may be

transmitted to the structure of

 

16

 

the

Building or to any leased space to such a degree as to be objectionable to

Landlord or to any tenants in the Building shall be placed and maintained by

Tenant, at Tenant’s expense, on vibration eliminators or other devices

sufficient to eliminate such unreasonable noise or vibration.

 

H.            Telephone.  Subject to applicable codes, Landlord has or

will cause to be installed telephone riser cables (collectively the “riser

cables”) from the outside of the Building to the telephone room serving the

floor upon which the Premises are located. 

Tenant shall have the right to use the riser cables by installing telephone

lines (the “telephone lines”) from the Premises to the telephone room located

on the floor or floors on which the Premises are located, if and to the extent

such telephone lines are not now in place. 

Landlord makes no representations or warranties with respect to the

capacity, suitability or design of the riser cables, telephone rooms or

telephone lines.  If there is more than

one tenant on a floor, Landlord shall allocate hook-ups to the telephone room

based on the proportion of rentable square feet that each tenant occupies on

the floor.  The installation and hook-up

of telephone lines by Tenant shall be subject to all of the terms and

conditions of this Lease, including, without limitation, Section 10 of this

Lease.  Except as otherwise provided in

Section 6.D above, Landlord shall not be liable for, and Tenant waives all

claims with respect to, any damages or losses sustained by Tenant or by any

occupant of the Premises, including, without limitation, any compensatory,

property or consequential damages, resulting from the operation or maintenance

of the riser cables, telephone rooms and telephone lines, including, without

limitation, (i) any damage to Tenant’s telephone lines, telephones or other

equipment connected to the telephone lines, or (ii) interruption or failure of,

or interference with, telephone or other service coming through the telephone

lines to the Premises.

 

7.             RULES

AND REGULATIONS. 

Tenant shall observe and comply and shall cause its subtenants,

assignees, invitees, employees, contractors and agents to observe and comply,

with the rules and regulations listed on Exhibit “D” attached hereto and

incorporated herein with such reasonable modifications and additions thereto as

Landlord may make and notify Tenant of from time to time.  Landlord shall not be liable for failure of

any person to obey such rules and regulations. 

Landlord shall not be obligated to enforce such rules and regulations

against any person, and the failure of Landlord to enforce any such rules and

regulations shall not constitute a waiver thereof or relieve Tenant from

compliance therewith.  Subject to the

foregoing, Landlord shall not discriminate against Tenant in enforcing such

rules and regulations.  If there are any

conflicts between the provisions of the rules and regulations and the other

provisions of this Lease, the other provisions of this Lease shall govern.  If another occupant of the Building violates

any Building rules

 

17

 

and

regulations applicable to such occupant and Tenant’s use of the premises is

materially adversely affected as a result of such violation.  Landlord shall use reasonable efforts to

enforce the applicable rules and regulations against such occupant provided

that Tenant notifies Landlord of such violation and agrees to reimburse

Landlord for its reasonable cost of enforcing such rules and regulations

against such occupant.  If Landlord

collects from such occupant all or any portion of such reasonable cost of

enforcement prior to Tenant’s reimbursement to Landlord, then the amount of

such reimbursement due and payable by Tenant to Landlord shall be reduced by

the amount so collected by Landlord from such occupant.  If Landlord collects from such occupant all

or any portion of such reasonable cost of enforcement after Tenant’s

reimbursement to Landlord, then Landlord shall credit to Tenant against future

payments of Rent the amount 30 collected by Landlord from such occupant.  Nothing herein shall obligate Landlord to

use any efforts to collect any such costs against such occupant, and Landlord

shall have no such obligation hereunder.

 

8.             CERTAIN

RIGHTS RESERVED TO LANDLORD. 

Landlord reserves the following rights, each of which Landlord may

exercise without notice to Tenant (except as provided below) and without

liability to Tenant, and the exercise of any such rights shall not be deemed to

constitute an eviction or disturbance of Tenant’s use or possession of the

Premises and shall not give rise to any claim for set-off or abatement of rent

or any other claim:  (a) to change the

name or street address of the Building or the suite number of the Premises; (b)

to install, affix and maintain any and all signs on the exterior or interior of

the Building; (c) to make repairs, decorations, alterations, additions, or

improvements, whether structural or otherwise, in and about the Building, and

for such purposes (upon reasonable prior notice to Tenant except in an

emergency situation) to enter upon the Premises, temporarily close doors,

corridors and other areas in the Building and interrupt or temporarily suspend

services or use of common areas, and Tenant agrees to pay Landlord for overtime

and similar expenses incurred with respect to work to be done within the

Premises at the request of Tenant if such work is done other than during

ordinary business hours at Tenant’s request; (d) to retain at all times, and to

use in appropriate instances, keys to all doors within and into the Premises;

(e) to grant to any person or to reserve unto itself the exclusive right to

conduct any business or render any service in the Building; (f) to show or

inspect the Premises at reasonable times and upon reasonable prior notice; (g)

to install, use and maintain in and through the Premises, pipes, conduits,

wires and ducts serving the Building, provided that such pipes, conduits, wires

and ducts shall be located above ceiling surfaces, below floor surfaces or

within perimeter walls of the Premises except in the case of minor and

insubstantial encroachments beyond such areas, in which event such pipes,

conduits, wires and ducts shall be located as

 

18

 

close to those areas as

practicable (Landlord agrees to use reasonable efforts to locate such pipes,

conduits, wires and ducts above ceiling surfaces, below floor surfaces or

within perimeter walls of the Premises); and (h) to take any other action which

Landlord deems reasonable in connection with the operation, maintenance or

preservation of the Building, provided that such other action does not

unreasonably interfere with Tenant’s access or use of the Premises except in an

emergency situation.  Landlord agrees

that, in exercising any rights reserved to Landlord in this Section 8 or elsewhere

in this Lease, Landlord shall use reasonable efforts to minimize any

interference with Tenant’s access to or permitted use of the Premises.

 

9.             MAINTENANCE

AND REPAIRS. 

Subject to Landlord’s obligations expressly set forth in this Lease,

Tenant, at its expense, shall maintain and keep the Premises in good order and

repair at all times during the Term, reasonable wear and tear, damage caused by

fire or other casualty, damage caused by taking or damage caused by the

negligence or willful misconduct of Landlord or its agents, employees or contractors

excepted.  In addition, Tenant shall

reimburse Landlord for the cost of any repairs to the Building necessitated by

the acts or omissions of Tenant, its subtenants, assignees, invitees,

employees, contractors and agents, to the extent Landlord is not reimbursed for

such costs under its insurance policies. 

Subject to the preceding sentence, Landlord shall perform any

maintenance or make any repairs to the Building as Landlord shall desire or

deem necessary for the safety, operation or preservation of the Building, or as

Landlord may be required or requested to do by any governmental authority or by

the order or decree of any court or by any other proper authority.

 

Landlord,

throughout the Term, shall keep and maintain, or cause to be kept and maintained

the structural components of the Building (including, without limitation, the

roof and the roof membrane), all common areas of the Property, and all Building

systems (excluding only those non-standard portions of Building systems which

are (a) located within a tenant’s premises and (b) service only such tenant’s

premises and (c) are required by the terms of such tenant’s lease to be

maintained by such tenant) in a neat, safe and orderly condition and shall make

all necessary repairs thereto.  Landlord

shall also make all repairs, replacements, additions, alterations and

improvements to the Building (including the Premises) and the common areas of

the Property which are required by any law, statute, code, ordinance, by-law,

order, judgment, decree, rule or regulation of any governmental authority

except such of the foregoing as are required because of a specific nongeneral

business office use made of the Premises by Tenant hereunder.  Except as otherwise provided in this Lease,

the cost of all such repairs,

 

19

 

replacements,  alterations,  additions and improvements 

shall be borne by  Landlord and

shall be  included as part of Expenses.

 

10.           ALTERATIONS.

 

A.            Requirements.  Tenant shall not make any replacement,

alteration, improvement or addition to or removal from the Premises

(collectively an “alteration”) without the prior written consent of Landlord,

which consent shall not be unreasonably withheld or delayed.  In the event Tenant proposes to make any alteration,

Tenant shall, prior to commencing such alteration, submit to Landlord for prior

written approval:  (i) detailed plans

and specifications; (ii) sworn statements, including the names, addresses and

copies of contracts for all contractors; (iii) all necessary permits evidencing

compliance with all applicable governmental rules, regulations and

requirements; (iv) certificates of insurance in form and amounts required by

Landlord, naming Landlord and any other parties designated by Landlord as additional

insureds; and (v) all other documents and information as Landlord may

reasonably request in connection with such alteration.  Neither approval of the plans and

specifications nor supervision of the alteration by Landlord shall constitute a

representation or warranty by Landlord as to the accuracy, adequacy,

sufficiency or propriety of such plans and specifications or the quality of

workmanship or the compliance of such alteration with applicable law.  Tenant shall pay the entire cost of the

alteration.  Each alteration shall be

performed in a good and workmanlike manner, in accordance with the plans and

specifications approved by Landlord, and shall meet or exceed the standards for

construction and quality of materials established by Landlord for the Building.  In addition, each alteration shall be

performed in compliance with all applicable governmental and insurance company

laws, regulations and requirements. 

Each alteration shall be performed by union contractors if required by

Landlord and in harmony with Landlord’s employees, contractors and other

tenants.  Each alteration, whether

temporary or permanent in character, made by Landlord or Tenant in or upon the

Premises (excepting only Tenant’s furniture, equipment and trade fixtures)

shall become Landlord’s property and shall remain upon the Premises at the

expiration or termination of this Lease without compensation to Tenant;

provided, however, that Landlord shall have the right to require Tenant to

remove such alteration at Tenant’s sole cost and expense in accordance with the

provisions of Section 16 of this Lease (provided that with respect to any

alteration, Landlord notifies Tenant prior to the installation of such

alteration that such removal will be required and if Landlord does not so notify Tenant then Tenant shall

have no obligation to remove such alteration). 

Notwithstanding anything herein to the contrary, Tenant shall remove

from the Premises any cables or wires installed by Tenant in the Premises.

 

20

 

Tenant

acknowledges that the Premises may constitute a place of public accommodation

or a commercial facility under Title III of the Americans with Disabilities Act

(the “ADA”) and that the ADA is applicable to both an owner and a lessee of a

place of public accommodation or commercial facility.  Tenant further acknowledges that under the ADA any structural

alteration to the Premises must comply with accessibility standards set forth

in the rules promulgated by the Department of Justice at 28 C.F.R. 36,101 et.

seq.  in the event Tenant makes any

structural alteration to the Premises which would require compliance with Title

III of the ADA and the accessibility standards promulgated by the Department of

Justice, Tenant agrees to design and build such structural alterations so as to

comply with the ADA and the accessibility standards.  Notwithstanding any of the foregoing to the contrary, Landlord

shall be responsible for any and all alterations to the Building outside of the

Premises required to comply with the ADA and the accessibility standards.  Nothing contained herein shall be construed

to modify the requirement that any alteration to the Premises must have the

prior written approval of Landlord, and such approval, if given, shall not be

construed to be a waiver by Landlord of Tenant’s obligations and agreements as

set forth in this Section 10.

 

Notwithstanding

anything in this Section 10 to the contrary, Landlord’s consent shall not be

required with respect to any alterations which satisfy all of the following

criteria (hereinafter referred to as “Permitted Alterations”):

 

(i)                                     the value of the work to be performed is less

than $50,000.00;

 

(ii)                                  such work otherwise complies with all other

provisions of this Lease;

 

(iii)                               such work does not affect the Building

structure or Building systems; and

 

(iv)                              such work does not involve any changes

visible from the exterior of the Premises.

 

Although

Landlord’s consent shall not be required for any Permitted Alteration, all of

the other provisions of this Section 10 shall apply to any such Permitted

Alteration, except that Tenant shall, at least ten (10) days prior to

commencing any such Permitted Alteration, submit to Landlord detailed plans and

specifications for such Permitted Alteration but Landlord approval of such

plans and specifications shall not be required.

 

B.            Liens.  Upon completion of any alteration, Tenant

shall promptly furnish Landlord with sworn owner’s and contractors statements

and full and final waivers of lien covering all labor and materials included in

such alteration.  Tenant shall not

 

21

 

permit any mechanic’s lien

to be filed against the Building, or any part thereof, arising cut of any

alteration performed, or alleged to have been performed, by or on behalf of

Tenant.  If any such lien is filed, Tenant shall within five (5)

days after Landlord has delivered to Tenant notice of the filing have such lien

released of record or deliver to Landlord a bond in form, amount, and issued by

a surety reasonably satisfactory to Landlord, indemnifying Landlord against all

costs and liabilities resulting from such lien and the foreclosure or attempted

foreclosure thereof.  If Tenant fails to

have such lien so released or to deliver such bond to Landlord within such five

(5) day period, Landlord, without investigating the validity of such lien, may

pay or discharge the same; and Tenant shall reimburse Landlord upon demand for

the amount so paid by Landlord, including Landlord’s reasonable expenses and

attorneys’ fees.

 

11.           INSURANCE.

 

A.            Tenant’s Insurance.  Tenant, at its expense, shall maintain at

all times during the Term the following insurance policies:  (a) fire insurance, including extended

coverage, vandalism, malicious mischief, sprinkler leakage and water damage

coverage and demolition and debris removal, insuring the full replacement cost

of all equipment, furniture and other personal property owned or used by Tenant

and located in the Premises; (b) commercial general liability insurance, contractual

liability insurance and property damage insurance with respect to the Property

and the Premises, with limits to be set by Landlord from time to time but in

any event not less than $2,000,000.00 combined single limit for personal

injury, sickness or death or for damage to or destruction of property for any

one (1) occurrence and not less than $3,000,000.00 combined single limit for

personal injury, sickness or death or for damage or destruction of property for

total claims in the aggregate during any one (1) policy year; and (c) insurance

against such other risks and in such other amounts as Landlord may from time to

time reasonably require.  The form of

all such policies and deductibles thereunder shall be subject to Landlord’s

prior reasonable approval. All such policies shall be issued by insurers

reasonably acceptable to Landlord and licensed to do business in the State in

which the Premises are located and shall contain a waiver of any rights of

subrogation thereunder.  In addition,

the policies (except for the policy described in (a) above) shall name Landlord

and any other parties reasonably designated by Landlord as additional insureds,

the policies shall require at least thirty (30) days’ prior written notice to

Landlord and such other parties designated by Landlord of termination or

modification which restricts the coverage provided by such policy(s) and the

policies shall be primary and not contributory.  Tenant shall at least fifteen (15) days prior to the Commencement

Date, and within fifteen (15) days prior to the expiration of each such policy,

deliver to Landlord certificates

 

22

 

evidencing the foregoing

insurance or renewal thereof, as the case may be.

 

B.            Landlord’s Insurance.  Landlord shall take out and maintain in

force throughout the Term, in a company or companies authorized to do business

in Massachusetts, (i) casualty insurance on the Building in an amount equal to

the full replacement value of the Building (exclusive of foundations), covering

all risks of direct physical loss or damage and so-called “extended coverage”

risks and (ii) commercial general liability insurance with respect to the

Building in such amounts as Landlord may from time to time deem necessary or

desirable. This insurance may be maintained in the form of a blanket policy

covering the Building as well as other properties owned by Landlord so long as

the blanket policy does not reduce the limits nor diminish the coverage

required herein.  Landlord’s casualty

insurance on the Building shall also cover the full replacement cost of the

Improvements and any other alterations to the Premises made by Tenant provided

that Landlord is furnished with an accurate, reproducible “as-built” plan of

the Improvements and any other alterations as constructed.  Landlord shall have no obligation to

maintain such insurance coverage with respect to the Improvements or any other

alterations unless and until Landlord is furnished with such “as-built”

plan.  Tenant shall pay to Landlord within

tan (10) days of receipt of invoice therefor, any additional charge to Landlord

from its insurance company in connection with the inclusion of the Improvements

and any other alterations in Landlord’s casualty insurance policy.

 

12.           WAIVER

AND INDEMNITY.

 

A.            Waiver.  Tenant releases Landlord, its property

manager and their respective agents and employees from, and waives all claims

for, damage or injury to person or property and loss of business sustained by

Tenant and resulting from the Building or the Premises or any part thereof or

any equipment therein becoming in disrepair, or resulting from any accident in

or about the Building.  This paragraph

shall apply particularly/ but not exclusively, to flooding, damage caused by

Building equipment and apparatus, water, snow, frost, steam, excessive heat or

cold, broken glass, sewage, gas, odors, excessive noise or vibration or the

bursting or leaking of pipes, plumbing fixtures or sprinkler devices.

 

In

any case in which Tenant shall be obligated under any provision of this Lease

to pay to Landlord any loss, cost, damage, liability or expense suffered or

incurred by Landlord, Landlord shall allow Tenant as an offset against the

amount thereof (i) the net proceeds of any insurance received by Landlord or to

be received by Landlord for or on account of such loss, cost, damage, liability

or expense, provided that the allowance of such offset does not invalidate or

prejudice the

 

23

 

policy or polices under

which such proceeds were payable, and (ii) if such loss, cost, damage,

liability or expense shall have been, caused by a peril against which Landlord

has agreed to procure insurance coverage under the terms of this Lease, the

amount of such insurance coverage, whether actually procured by Landlord.  Any subtenant or assignee of Tenant (as

allowed pursuant to the provisions of Section 15 of this Lease) shall have the

benefit of the provisions of this paragraph provided that such subtenant or

assignee agrees directly with Landlord that Landlord will have the benefit of

the next following paragraph as between Landlord and such subtenant or assignee

as opposed to Tenant.

 

In

any case in which Landlord shall be obligated under

any provision of this Lease to pay to Tenant any loss, cost, damage, liability

or expense suffered or incurred by Tenant, Tenant shall allow Landlord as an

offset against the amount thereof (i) the net proceeds of any insurance

received or to be received by Tenant for or on account of such loss, cost,

damage, liability or expense, provided that the allowance of such offset does

not invalidate the policy or policies under which such proceeds were payable,

and (ii) if such loss, cost, damage, liability or expense shall have been

caused by a peril against which Tenant has agreed to procure insurance coverage

under the terms of this Lease, the amount of such insurance coverage, whether

actually procured by Tenant.

 

B.            Indemnity  Tenant agrees to indemnify, defend and hold

harmless Landlord, its property manager and their respective agents and

employees, from and against any and all claims, demands,

actions, liabilities, damages, costs and expenses (including attorneys’ fees),

for injuries to any persons and damage to or theft or misappropriation or loss of

property (i) occurring in or about the Property if caused by the misconduct or

negligence of Tenant or its agents, contractors, invitees or employees or (ii)

resulting from any activity, work, or thing done, permitted or suffered by

Tenant in the Premises (including, without limitation, any alteration by

Tenant). Without limiting the foregoing, Tenant shall indemnify, defend and

hold Landlord harmless from any claims, liabilities, damages, costs and

expenses arising out of the use or storage of hazardous or toxic materials in

the Building by Tenant.  If any such

proceeding is filed against Landlord or any such indemnified party, Tenant

agrees to defend Landlord or such party in such proceeding at Tenant’s sola

cost by legal counsel reasonably satisfactory to Landlord, if requested by

Landlord (Landlord agreeing that legal counsel selected by Tenant’s insurer

shall be satisfactory to Landlord). 

Notwithstanding anything in this Section 12.B to the contrary, no Tenant

indemnification of Landlord, its property manager or their respective agents

and employees contained in this Section 12.S shall apply to any claim, demand,

action, liability, damage, coat or expense

 

24

 

(including attorneys’ fees)

to the extent such arises from or is caused by the willful misconduct or

negligence of Landlord or its agent

s, contractors or employees.

 

Landlord

agrees to indemnify, hold harmless and defend Tenant from and against all

claims, damages, expenses (including, without limitation, reasonable attorneys’

fees and reasonable investigative and discovery costs), liabilities and

judgments, on account of injury to persons, loss of life, or damage to property

occurring in or about the Property, caused by the tortious misconduct or negligence

of Landlord or its agents, contractors, servants or employees; provided,

however, Landlord does not indemnify Tenant against any injury, loss of life or

damage to property to the extent such arises from or is caused by the

misconduct or negligence of Tenant or its agents, contractors, servants or

employees.  If any such proceeding is

filed against Tenant, Landlord agrees to defend Tenant in such proceeding at

Landlord’ s sole cost by legal counsel reasonably satisfactory to Tenant, if

requested by Tenant (Tenant agreeing that Legal counsel selected by Landlord’s

insurer shall be satisfactory to Tenant).

 

13.           FIRE

AND CASUALTY.

 

A.            Obligation to Repair or Rebuild.  If the Premises or the Building shall be

damaged or destroyed by fire or other casualty, Tenant shall promptly notify

Landlord of any damage or destruction to the Premises which Tenant has

knowledge or is aware of, and Landlord, subject to its mortgagee’s consent and

to the conditions set forth in this Section 13, shall repair, rebuild or

replace such damage and restore the Premises and/or the Building, subject to

Section 13.f below, to substantially the same condition in which they were

immediately prior to such damage or destruction; provided, however, that

Landlord shall only be obligated to restore such damage which is covered by its

fire and all risk insurance policies.

 

B.            Commencement and Completion of

Work.  The work shall be commenced

promptly and completed’ with due diligence, taking into account the time

required by Landlord to effect a settlement with, and procure insurance

proceeds from, the insurer, and for delays beyond Landlord’s reasonable

control..

 

C.            Application of Proceeds.  The net amount of any insurance proceeds

(excluding proceeds received pursuant to any rental interruption coverage

obtained by Landlord), recovered by reason of the damage or destruction of the

Building in excess of the cost of adjusting the insurance claim and collecting

the insurance proceeds (such excess amount being hereinafter called the “net insurance

proceeds”) shall be applied towards the reasonable cost of restoration.  If the net insurance proceeds are more than

adequate to complete such restoration, the amount

 

25

 

by which the net insurance proceeds

exceed the cost of restoration will be retained by Landlord.

 

D.            Tenant’s Personal Property and

Alterations.  Landlord’s obligation

or election to restore the Premises under this Section 13 shall not include the

repair, restoration or replacement of the furniture or any other personal

property owned by or in the possession of Tenant.  In addition Landlord shall not be under any obligation to repair,

restore or replace the Improvements or any other alterations made by or on

behalf of Tenant unless and until Landlord is furnished an accurate

reproducible “as-built” plan of the Improvements or any other alterations, as constructed.

 

E.             Abatement of Rent.  Tenant will receive an abatement of Rent to

the extent and during the time the Premises are rendered untenantable due to

fire or other casualty, such Rent to abate in such proportion as the part of

the Premises thus destroyed or rendered untenantable bears to the total

Premises from the date of such damage or destruction and until the earlier of  (i) Landlord obtains a certificate of

occupancy with respect to completion of such repairs or (ii) Tenant recommences

use of such part of the Premises and, in cases in which the Premises are being

restored by Landlord, to be conditioned upon Tenant not occupying such part of

the Premises for the conduct of business. If the Premises are so slightly

damaged by such fire or other casualty as not to be rendered in any part

untenantable, Landlord shall make the repairs it deems necessary with

reasonable promptness and the payment of Rent shall not be affected thereby.

Tenant shall, at its own cost and expense, remove such of its furniture and

furnishings and other belongings from the Premises as Landlord shall require in

order to repair and restore the Premises.

 

F.             Landlord’s Option Not to

Restore.  Notwithstanding the

foregoing provisions, if there is substantial destruction of the Property, or

if, in the judgment of Landlord’s architect, any damage cannot be repaired and

the Premises cannot be made tenantable within one hundred twenty (120) days of

such damage, Landlord shall have the option not to restore, and may elect to

terminate this Lease by sending a written notice of such termination to Tenant,

the notice to specify a termination date no less than thirty (30) days after

its transmission.  Landlord shall notify

Tenant in writing within sixty (60) days after the data of such damage or

destruction of such architect’s estimate of the period of time required to

repair and restore the Premises to a tenantable condition.  If such period of time exceeds one hundred

fifty (150) days, Tenant shall also have the right to terminate this Lease by

written notification to Landlord of such termination within fifteen (15) days

of delivery of Landlord’s notice to Tenant,

 

26

 

G.            Tenant’s Right to Terminate.  Notwithstanding anything herein to the

contrary, if Landlord fails to make the Premises tenantable within one hundred

eighty (180) days from the date of the damage, then Tenant may terminate this

Lease by notice to Landlord at any time after the end of such one hundred

eighty (180) day period but prior to the date that the Premises are again made

tenantable.

 

14.           CONDEMNATION.  If the Premises or the Building is rendered

untenantable by reason of a condemnation (or by a deed given in lieu thereof),

then either party may terminate this Lease by giving written notice of

termination to the other party within thirty (30) days after such condemnation,

in which event this Lease shall terminate effective as of the date of such

condemnation.  If this Lease so

terminates, Rent shall be paid through and apportioned as of the date of such

condemnation.  If such condemnation does

not render the Premises or the Building untenantable, this Lease shall continue

in effect and Landlord shall promptly restore the portion not condemned to the

extent reasonably possible to the condition existing prior to the

condemnation.  In such event, however,

Landlord shall not be required to expend an amount in excess of the proceeds

received by Landlord from the condemning authority.  Landlord reserves all rights to compensation (except for any

awards payable directly to Tenant for relocation expenses and except for any

award for alterations to the Premises paid for by Tenant except to the extent

any such award diminishes the award payable to Landlord on account of any such

condemnation) for any condemnation. 

Tenant hereby assigns to Landlord any right Tenant may have to such

compensation (except as provided in the immediately preceding sentence), and

Tenant shall make no claim against Landlord or the condemning authority for

compensation (except as provided in the immediately preceding sentence) for

termination of Tenant’s leasehold interest under this Lease or interference

with Tenant’s business.

 

15.           ASSIGNMENT AND SUBLETTING.

 

A.            Landlord’s Consent.  Tenant shall not, without the prior written

consent of Landlord:  (i) assign,

convey, mortgage or otherwise transfer this Lease or any interest hereunder, or

sublease the Premises, or any part thereof, whether voluntarily or by operation

of law; or (ii) permit the use of the Premises by any person other than Tenant

and its employees.  Any such transfer,

sublease or use described in the preceding sentence (a “Transfer”) occurring

without the prior written consent of Landlord shall be void and of no

effect.  Landlord’s consent to any

Transfer shall not constitute a waiver of Landlord’s right to withhold its

consent to any future Transfer. 

Landlord may require as a condition to its consent to any assignment of

this Lease that the assignee execute an instrument in which such assignee

assumes the obligations of Tenant hereunder. 

For the

 

27

 

purposes of this paragraph,

the transfer (whether direct or indirect) of all or a majority of the capital

stock in a corporate Tenant (other than the shares of the capital stock of a

corporate Tenant whose stock is publicly traded) or the merger, consolidation

or reorganization of such Tenant and the transfer of all or any general

partnership interest in any partnership Tenant shall be considered a

Transfer.  Notwithstanding anything in

this Section 15.A to the contrary, Landlord consent shall not be required in

connection with a Transfer to a Successor Affiliate (as defined below) provided

that (a) the Successor Affiliate has a tangible net worth computed in

accordance with generally accepted accounting principles at least equal to the

net worth of Tenant as of the date which is one (1) year prior to the effective

date of the proposed Transfer, or, in the event of a sublease of less than all

of the Premises, the Successor Affiliate and Tenant have an aggregate tangible

net worth computed in accordance with generally accepted accounting principles

at least equal to the net worth of Tenant as of the date which is one (1) year prior to the effective date

of the proposed Transfer, (b) proof satisfactory to Landlord of such, net worth

shall have been delivered to Landlord at least ten (10) days prior to the

effective date of such Transfer, and (c) the Successor Affiliate agrees

directly with Landlord, by written instrument satisfactory to Landlord, to be

bound by all of the obligations of Tenant hereunder.  Notwithstanding anything in this Section 15.A to the contrary,

Landlord consent shall not be required in connection with a transfer to a

“Related Affiliate” (as defined below) provided that prior to the effective

date of such Transfer the Related Affiliate agrees directly with Landlord, by

written instrument satisfactory to Landlord, to be bound by all of the

obligations of Tenant hereunder.  The

phrase “Related Affiliate” shall mean any entity which controls, is controlled

by or is under common control with Tenant. 

The phrase “Successor Affiliate” shall mean any entity which succeeds to

Tenant’s business by merger, consolidation or other form of corporate

reorganization.

 

B.            Standards for Consent.  If Tenant desires the consent of Landlord to

a Transfer, Tenant shall submit to Landlord, at least ten (10) business days

prior to the proposed effective date of the Transfer, a written notice which

includes such information as Landlord may require about the proposed Transfer and the

transferee.  If Landlord does not

terminate this Lease, in whole or in part, pursuant to Section 15.C, Landlord

shall not unreasonably withhold its consent to any assignment or sublease.  Landlord shall not be deemed to have

unreasonably withheld its consent if, in the reasonable judgment of

Landlord:  (i) the transferee is of a

character or engaged in a business which is not in keeping with the standards

or criteria used by Landlord in leasing the Building; (ii) the financial

condition of the transferee is such that it may not be able to perform its

obligations in connection with this Lease (or, in the case of a

 

28

 

sublease, the financial

condition of the transferee is such that it may not be able to perform its

obligations in connection with such sublease); (iii) the purpose for which the

transferee intends to use the Premises or portion thereof is in violation of

the terms of this Lease or the lease of any other tenant in the Building; (iv)

the transferee is a tenant of the Building (except if there is no other space

reasonably comparable to the Premises from the perspective of the transferee

available for lease by Landlord in the Building at the time that Landlord

receives the above-referenced notice from Tenant, in which event the transferee

may be a tenant of the Building); (v) the rent to be charged the transferee is

less than the then fair market rental value of comparable space in the Building

(if Landlord has, within six (6) months of Tenant’s request for consent to a

Transfer, entered into a lease for comparable premises in the Building, then

fair market rental value shall be deemed to be the rent set forth in such

lease) (if Tenant is actively marketing the Premises for sublease or

assignment, Landlord agrees, upon request of Tenant, to quote Tenant the fair

market rental value of comparable premises in the Building); or (vi) any other

reasonable basis.  If Landlord

wrongfully withholds its consent to any Transfer, Tenant’s sole and exclusive

remedy therefor, shall be to seek specific performance of Landlord’s obligation

to consent to such Transfer.

 

C.            Recapture.  Landlord shall have the right to terminate

this Lease as to that portion of the Premises covered by a Transfer.  Landlord may exercise such right to

terminate by giving notice to Tenant at any time within ten (10) business days

after the date on which Tenant has furnished to Landlord all of the items

required under Section 15.B above.  If

Landlord exercises such right to terminate, Landlord shall be

entitled to recover possession of, and Tenant shall surrender such portion of,

the Premises on the effective date of the proposed Transfer.  In the event Landlord exercises such right

to terminate, Landlord shall have the right to enter into a lease with the

proposed transferee without incurring any liability to Tenant on account

thereof.  Tenant shall pay to Landlord

any reasonable attorneys’ fees and expenses incurred by Landlord in connection

with any proposed Transfer, whether or not Landlord consents to such Transfer.

 

D.            No Release.  In no event shall any Transfer (including

any Transfer to a Related Affiliate or a Successor Affiliate) release or

relieve Tenant from its obligations to fully observe or perform all of the

terms, covenants and conditions of this Lease on its part to be observed or

performed (including liability arising during any renewal term of this Lease or

with respect to any expansion space included in the Premises).  It is agreed that the liabilities and

obligations of Tenant hereunder are enforceable either before, simultaneously

with or after

 

29

 

proceeding against any

assignee, sublessee or other transferee of Tenant.

 

16.           SURRENDER.  Upon the expiration or earlier termination

of the Term or Tenant’s right to possession of the premises, Tenant shall

return the Premises to Landlord in good order and condition, reasonable wear

and tear damage caused by taking or fire or other casualty and damage caused by

the negligence or willful misconduct of Landlord or its agents, contractors or

employees excepted.  If Landlord

requires or permits Tenant to remove any alterations pursuant to Section

10, then such removal shall be done in a good and workmanlike manner; and upon

such removal Tenant shall restore the Premises to its condition prior to the

installation of such alterations.  If

Tenant does not remove such alterations after request to do so by Landlord,

Landlord may remove the same and restore the Premises; and Tenant shall pay the

cost of such removal and restoration to Landlord upon demand.  Tenant shall also remove its furniture,

equipment, trade fixtures and all other items of personal property from the

Premises prior to the expiration or earlier termination of the Term or Tenant’s

right to possession of the Premises.  If

Tenant does not remove such items, Tenant shall be conclusively presumed to

have conveyed the same to Landlord without further payment or credit by

Landlord to Tenant; or at Landlord’s sole option such items shall be deemed

abandoned, in which event Landlord may cause such items to be removed and

disposed of at Tenant’s expense, without notice to Tenant (except that Landlord

shall give Tenant ten (10) days prior written notice to remove such items with

respect to a termination of the Lease not involving a default by Tenant) and without

obligation to compensate Tenant.

 

17.           DEFAULTS

AND REMEDIES.

 

A.            Default.  The occurrence of any of the following shall

constitute a default (a “Default”) by Tenant under this Lease:

 

(i)                                     Tenant fails to pay any Rent when due and

such failure is not cured within five (5) business days after notice from

Landlord;

 

(ii)                                  Tenant fails to perform any other provision

of this Lease and such failure is not cured within thirty (30) days (or within

ten (10) days if the failure to perform involves a hazardous condition) after

receipt by Tenant of written notice from Landlord (except that if such failure

to perform is not cured within such thirty (30) day period (or ten (10) day

period, as applicable) because of governmental restrictions or any other cause

beyond the reasonable control of Tenant, then such thirty (30) day period (or

ten (10) day period, as applicable) may be extended for a reasonable time,

provided that

 

30

 

there

shall be no extension of time beyond such thirty (30) day period (or ten (10)

day period, as applicable) for the curing of any such failure to perform

unless, not more than twenty (20) days (or five (5) days with respect to any

failure to perform involving a hazardous condition) after receipt of the notice

from Landlord of Tenant’s failure to perform, Tenant (i) in writing shall

specify the cause on account of which the failure to perform cannot be cured

during such period and shall advise Landlord of its intention duly to institute

all steps necessary to cure the failure to perform, and (ii) shall as soon as

may be reasonable duly institute and thereafter diligently and in good faith

prosecute to completion all steps necessary to cure such failure to perform);

 

(iii)                               the leasehold interest of Tenant is levied upon or attached under process of law;

 

(iv)                              Tenant or any guarantor

of this Lease dies or dissolves; or

 

(v)                                 any voluntary or involuntary proceedings are

filed by or against Tenant or any guarantor of this Lease under any bankruptcy/ insolvency or similar laws and, in the case

of any involuntary proceedings, are not dismissed within ninety (90) days after

filing,

 

B.            Right of Re-Entry.  Upon the occurrence of a Default, Landlord

may elect to terminate this Lease, or, without terminating this Lease,

terminate Tenant’s right to possession of the Premises.  Upon any such termination, Tenant shall

immediately surrender and vacate the Premises and deliver possession thereof to

Landlord.  Tenant grants to Landlord the

right to enter and repossess the Premises and to expel Tenant and any others

who may be occupying the Premises and to remove any and all property therefrom,

without being deemed in any manner guilty of trespass and without relinquishing

Landlord’s rights to Rent or any other right given to Landlord hereunder or by

operation of law.

 

C.            Reletting.  If Landlord terminates Tenant’s right to

possession of the Premises without terminating this Lease, Landlord may relet

the Premises or any part thereof.  In

such case, Landlord shall use reasonable efforts to relet the Premises on such

terms as Landlord shall reasonably deem appropriate; provided, however,

Landlord may first lease Landlord’s other available space and shall not be

required to accept any tenant offered by Tenant or to observe any instructions

given by Tenant about such reletting. 

Tenant shall reimburse Landlord for the reasonable costs and expenses of

reletting the Premises

 

31

 

including, but not limited

to, all brokerage, advertising, legal, alteration, and other expenses incurred

to secure a new tenant for the Premises. 

In addition, if the consideration collected by Landlord upon any such

reletting, after payment of the expenses of reletting the Premises which have

not been reimbursed by Tenant, is insufficient to pay monthly the full amount

of the Rent, Tenant shall pay to Landlord the amount of each monthly deficiency

as it becomes due.  If such

consideration is greater than the amount necessary to pay the full amount of

the Rent, the full amount of such excess shall be retained by Landlord and

shall in no event be payable to Tenant.

 

D.            Termination of Lease.  If Landlord terminates this

Lease, Landlord may recover from Tenant and Tenant shall pay to Landlord, on

demand, as and for liquidated and final damages, an accelerated lump sun amount

equal to the amount by which Landlord’s reasonable estimate of the aggregate

amount of Rent owing from the data of such termination through the Expiration.  Date plus Landlord’s estimate of the

aggregate expenses of reletting the Premises, exceeds the fair market rental

value of the Premises for the same period (after deducting from such fair

market rental value the time needed to relet the Premises and the amount of

concessions which would normally be given to a new tenant), both discounted to

present value at the rate of five percent (5%) per annum.

 

E.             Other Remedies.  Landlord may but shall not be

obligated to perform any obligation of Tenant under this Lease with respect any

condition existing outside of the Premises or visible from outside of the

Premises if such obligation has not been completely performed by Tenant within

ten (10) days of written notice by Landlord to Tenant that such obligation has

not been performed by Tenant (but no such notice shall be required prior to

Landlord’s performance of such obligation if Tenant’s failure to perform such

obligation has resulted in an emergency or hazardous situation); and, if

Landlord so elects, all costs and expenses paid by Landlord in performing such

obligation, together with interest at the Default Rate, shall be reimbursed by

Tenant to Landlord on demand.  Any and

all remedies set forth in this Lease: 

(i) shall be in addition to any and all other remedies Landlord or

Tenant may have at law or in equity, (ii) shall be cumulative, and (iii) may be

pursued successively or concurrently as Landlord or Tenant may elect.  The exercise of any remedy by Landlord or

Tenant shall not be deemed an election of remedies or preclude such party from

exercising any other remedies in the future.

 

F.             Bankruptcy.  If Tenant becomes bankrupt, the bankruptcy

trustee shall not have the right to assume or assign this Lease unless the trustee complies with, all requirements of the

United States Bankruptcy Code; and Landlord expressly reserves all of its

rights, claims, and remedies thereunder.

 

32

 

G.            Waiver of Trial by Jury.  Landlord and Tenant waive trial by jury in

the event of any action, proceeding or counterclaim brought by either Landlord

or Tenant against the other in connection with this Lease,

 

18.           HOLDING

OVER.  If Tenant retains possession of the

Premises after the expiration or earlier termination of the Term or Tenant’s

right to possession of the Premises, Tenant shall pay Rent during such holding

over at the greater of (i) one hundred fifty percent (150%) of the fair market

rental value of the Premises or (ii) one hundred fifty percent (150%) of the

rate in effect immediately preceding such holding over computed on a monthly

basis for each month or partial month that Tenant remains in possession.  Tenant shall also pay, indemnify and defend

Landlord from and against all claims and damages, consequential as well as

direct, sustained by reason of Tenant’s holding over (except that Tenant shall

be under no obligation to pay, indemnify and defend Landlord from and against

any consequential claims or damages unless and until Tenant retains possession

of the Premises more than sixty (60) days after the expiration or earlier

termination of the Term).  The

provisions of this Section do not waive Landlord’s right of re-entry or right

to regain possession by actions at law or in equity or any other rights

hereunder, and any receipt of payment by Landlord shall not be deemed a consent

by Landlord to Tenant’s remaining in possession or be construed as creating or

renewing any lease or right of tenancy between Landlord and Tenant.

 

19.           ESTOPPEL

CERTIFICATES. Tenant agrees that, from time to time upon not less than ten (10)

days’ prior request by Landlord, Tenant shall execute and deliver to Landlord a

written certificate certifying:  (i)

that this Lease is unmodified and in full force and effect (or if there have

been, modifications, a description of such modifications and that this Lease as

modified is in full force and effect); (ii) the dates to which Rent has been

paid; (iii) that Tenant is in possession of the Premises, if that is the case;

(iv) to the best of Tenant’s knowledge, that Landlord is not in default under

this Lease, or, if Tenant believes Landlord is in default, the nature thereof

in detail; (v) to the best of Tenant’s knowledge, that Tenant has no off­sets

or defenses to the performance of its obligations under this Lease (or if

Tenant believes there are any off-sets or defenses, a full and complete

explanation thereof) ; and (vi) such additional matters as may be reasonably

requested by Landlord, it being agreed that such certificate may be relied upon

by any prospective purchaser, mortgagee or other person having or acquiring an

interest in the Building.  Landlord

agrees that, from time to time upon not less than ten (10) days’ prior request

by Tenant, Landlord shall execute and deliver to Tenant a written certificate

certifying with respect to any matters relating to this Lease as Tenant may

reasonably request.

 

33

 

20.           SUBORDINATION.  This

Lease is and shall be expressly subject and subordinate at all times to (a) any

present or future ground, underlying or operating lease of the Building, and

all amendments, renewals and modifications to any such lease, and (b) the lien

of any present or future mortgage or deed of trust encumbering fee title to the

Building and/or the leasehold estate under any such lease.  If any such mortgage or deed of trust be

foreclosed, or if any such lease be terminated, upon request of the mortgagee,

beneficiary or lessor, as the case may be, Tenant will attorn to the purchaser

at the foreclosure sale or to the lessor under such lease, as the case may

be.  The foregoing provisions are

declared to be self-operative and no further instruments shall be required to

effect such subordination and/or attornment; provided, however, that Tenant agrees

upon request by any such mortgagee, beneficiary, lessor or purchaser at

foreclosure, as the case may be, to execute such subordination and/or

attornment instruments as may be required by such person to confirm such

subordination and/or attornment on the form customarily used by such party.  Notwithstanding the foregoing to the

contrary, any such mortgagee, beneficiary or lessor may elect to give the

rights and interests of Tenant under this Lease (excluding rights in and to

insurance proceeds and condemnation awards) priority over the lien of its

mortgage or deed of trust or the estate of its lease, as the case may be.  In the event of such election and upon the

mortgagee, beneficiary or lessor notifying Tenant of such election, the rights

and interests of Tenant shall be deemed superior to and to have priority over

the lien of said mortgage or deed of trust or the estate of such lease, as the

case may be, whether this Lease is dated prior to or subsequent to the date of

such mortgage, deed of trust or lease. 

In such event, Tenant shall execute and deliver whatever instruments may

be required by such mortgagee, beneficiary or lessor to confirm such

superiority on the form customarily used by such party.  Upon request by Tenant, Landlord shall

obtain on behalf of Tenant a so-called nondisturbance agreement from the lessor

or holder under any such lease, mortgage or deed of trust, by which such lessor

or holder agrees in substance not to disturb Tenant’s possession under this

Lease so long as Tenant is not in default hereunder.  Such nondisturbance agreement shall be in form and content

satisfactory to Tenant, in its reasonable discretion.

 

21.           QUIET

ENJOYMENT.  As

long as no Default exists, Tenant shall peacefully and quietly have and enjoy

the Premises for the Term, free from interference by Landlord or anyone

claiming by, through or under Landlord, subject, however, to the provisions of

this Lease.

 

22.           BROKER.  Tenant represents to Landlord that Tenant has dealt only with, the

broker set forth in Item 15 of the Schedule (the “Broker”) in connection with

this Lease and that, insofar as Tenant

knows, no other broker negotiated this Lease or is

 

34

 

entitled to any commission

in connection herewith.  Tenant agrees

to indemnify, defend and hold Landlord, its property manager and their

respective employees harmless from and against any claims for a fee or

commission made by any broker, other than the Broker, claiming to have acted by

or on behalf of Landlord in connection with this Lease.  Landlord agrees to indemnify, defend and

hold Tenant harmless from and against any claims for a fee or commission made

by any broker, other than the Broker, claiming to have acted by or on behalf of

Landlord in connection with this Lease. 

Landlord agrees to pay the Broker a commission in accordance with a

separate agreement between Landlord and the Broker.

 

23.           NOTICES.  All notices and demands to be given by one

(1) party to the other party under this Lease shall be given in writing, mailed

or delivered to Landlord or Tenant, as the case may be, at the address of each

party set forth in the Schedule or at such other address as either party may

hereafter designate.  Notices shall be

delivered by hand or by United States certified or registered mail, postage

prepaid, return receipt requested, or by a nationally recognized overnight, air

courier service.  Notices shall be

considered to have been given upon the earlier to occur of actual receipt or

two (2) business days after posting in the united States mail.

 

24.           MISCELLANEOUS.

 

A.            Successors and Assigns.  Subject to Section 15 of this Lease, each

provision of this Lease shall extend to, bind and inure to the benefit of

Landlord and Tenant and their respective legal representatives, successors and

assigns; and all references herein to Landlord and Tenant shall be deemed to

include all such parties.

 

B.            Entire Agreement.  This Lease, and the riders and exhibits, if

any, attached hereto which are hereby made a part of this Lease, represent the

complete agreement between Landlord and Tenant; and Landlord has made no

representations or warranties except as expressly set forth in this Lease.  No modification or amendment of or waiver

under this Lease shall be binding upon Landlord or Tenant unless in writing

signed by Landlord and Tenant.

 

C.            Time of Essence.  Time is of the essence of this Lease and

each and all of its provisions.

 

D.            Execution and Delivery.  Submission of this instrument for

examination or signature by Tenant does not constitute a reservation of space

or an option for lease, and it is not effective until execution and delivery by

both Landlord and Tenant,  Execution and

delivery of this Lease by Tenant to Landlord shall constitute an irrevocable

offer by Tenant to lease

 

35

 

the Premises on the terms

and conditions set forth herein, which offer may not be revoked for ten (10)

days after such delivery.

 

E.             Severability.  The

invalidity or unenforceability of any provision of this Lease shall not affect

or impair any other provisions of this Lease.

 

F.             Governing Law.  This Lease shall be governed by and

construed in accordance with the laws of The Commonwealth of Massachusetts.

 

G.            Attorneys’ Fees.  Tenant shall pay to Landlord all costs and

expenses, including reasonable attorneys’ fees, incurred by Landlord in enforcing this Lease against Tenant with regard to any failure by

Tenant to perform any of its covenants or obligations under the lease.  In addition, Tenant shall pay to Landlord

all costs and expenses, including reasonable attorneys’ fees, incurred by

Landlord as a result of any litigation to which Landlord becomes a party as a

result of this Lease, provided that Landlord prevails in such litigation.  Landlord shall pay to Tenant all costs and

expenses, including reasonable attorneys’ fees, incurred by Tenant in enforcing

this Lease against Landlord with regard to any failure by Landlord to perform

any of its covenants or obligations under this Lease.  In addition, Landlord shall pay to Tenant all costs and expenses,

including reasonable attorneys’ fees, incurred by Tenant as a result of any

litigation to which Tenant becomes a party as a result of this Lease, provided

that Tenant prevails in such litigation.

 

H.            Joint and Several Liability.  If Tenant is comprised of more than one (1)

party, each such party shall be jointly and severally liable for Tenant’s

obligations under this Lease.

 

I.              Force Majeures.  Landlord shall not be in

default hereunder and Tenant shall not be excused from performing any of its

obligations hereunder if Landlord is prevented from performing any of its

obligations hereunder due to any accident, breakage, strike, shortage of

materials, acts of God or other causes beyond Landlord’s reasonable control

(but specifically excluding financial inability to perform).  Tenant shall not be in default hereunder and

Landlord shall not be excused from performing any of its obligations hereunder

if Tenant is prevented from performing any of its obligations hereunder due to

any accident, breakage/ strike, shortage of materials, acts of God or other

causes beyond Tenant’s reasonable control (but specifically excluding financial

inability to perform).  Notwithstanding

anything in this Section 24.1 to the contrary, the provisions of this

Section 24.1 shall not operate to extend any of the time periods set forth in

the second, third and fourth paragraphs of Section 6.D above, the time periods

set forth in Sections 13.F and 13.G above, and the time periods set forth in

the second and third paragraphs of Section 1 above.

 

36

 

J.

            Captions.  The headings and titles in this Lease are

for convenience only and shall have no effect upon the construction or

interpretation of this Lease.

 

K.            No Waiver.  No receipt of money by Landlord from Tenant

after termination of this Lease or after the service of any notice or after the

commencing of any suit or after final judgment for possession of the Premises

shall renew, reinstate, continue or extend the Term or affect any such notice

or suit.  No waiver of any default of

Landlord or Tenant shall be implied from any omission by the other party to

take any action on account of such default if such default persists or be

repeated, and no express waiver shall affect any default other than the default

specified in the express waiver and then only for the time and to the extent

therein stated.

 

L.             No Recording.  Tenant shall not record this Lease.  Landlord and Tenant shall, upon request of

either, execute and deliver a notice of this Lease in such recordable form as

may be permitted by applicable law.

 

M.           Definition of Landlord; Landlord’s

Liability.  The word “Landlord” is

used herein to include the Landlord named above as well as its successors and

assigns, each of whom shall have the same rights, remedies, powers, authorities

and privileges as it would have had it originally signed this Lease as

Landlord.  Any such person, whether or

not named herein, shall have no liability hereunder after it ceases to hold

title to the Premises except for obligations which may have theretofore

accrued.  Neither Landlord nor any

principal, employee or partner of Landlord nor any owner of the Property,

whether disclosed or undisclosed, shall have any personal liability with

respect to any of the provisions of this Lease or the Premises, and neither

Landlord nor any principal, employee or partner of Landlord shall have any

personal liability to Tenant for any liability of or claim against Landlord

under this Lease beyond the equity of the Landlord in the Building.

 

25.           DIRECTORY;

SIGNS. 

Landlord will place Tenant’s name and suite number on the Building

standard directory.  Except for signs

which are located wholly within the interior of the Premises and which are not

visible from the exterior of the Premises, no signs shall be placed, erected,

maintained or painted by Tenant at any place upon the Premises or the Property,

except with Landlord’s prior written approval, which approval shall not be

unreasonably withheld or delayed.

 

26.           PARKING.  Tenant shall be permitted to use at no cost

to Tenant one hundred ten (110) vehicular parking spaces (the “Parking Spaces”)

in the parking lot located on the Land (collectively, the “Parking Lot”) during

the Lease Term, subject to such reasonable terms, conditions and regulations as

are from

 

37

 

time to time applicable to

patrons of the Parking Lot,  Such

Parking Spaces shall be available for Tenant’s use on an unassigned,

non-reserved basis except that five (5) such spaces shall be reserved for the

exclusive use of Tenant.  Landlord may,

pursuant to Section 7 hereof, establish reasonable rules and regulations

regarding Tenant’s use of the Parking Spaces.

 

27.           COOPERATIVE

INTERRUPTIBLE SERVICE AGREEMENT. 

Landlord has entered into that certain Cooperative Interruptible Service

Agreement dated March 21, 1994 with Massachusetts Electric

Company,  If Landlord shall be required

to pay a penalty or extra fee under such Agreement because of Landlord’s

election not to allow interruption of electrical service to the Building after

request thereof by Massachusetts Electric Company, Tenant shall reimburse

Landlord for Tenant’s Proportionate Share of the amount of such penalty or

extra fee.  Such reimbursement shall be

made by Tenant to Landlord within thirty (30) days of receipt by Tenant of a

statement setting forth the total amount of the penalty or extra fee and

Tenant’s Proportionate Share thereof.

 

28.           OPTIONS

TO EXTEND.

 

A.            Tenant’s First Extension Option.  On the condition that Tenant is hot in

Default of its covenants and obligations under this Lease at the time of option

exercise, Tenant shall have the option (“Tenant’s First Extension Option”) to

extend the Term for an additional term of five (5) years (herein referred to as

the “First Additional Term”), said First Additional Term to commence

immediately after the expiration of the initial Term.  If Tenant desires to extend the Term as aforesaid, it shall give

notice thereof (the “First Extension Notice”) to Landlord no later than six (6)

months prior to the end of the initial Term. 

If Tenant fails timely to give such notice, then Tenant shall have no

right to extend the Term (time being of the essence with respect to exercise of

Tenant’s First Extension Option).  Upon

the timely giving of such notice, the Lease Term shall be deemed extended upon

all of the same terms and conditions of this Lease, except that the Annual Base

Rant during said First Additional Term shall be at the rate of 100% of the then

current fair market annual rent for five (5) year leases of comparable premises

(in shell condition) in comparable buildings in the general vicinity of the

Building (with respect to age, quality and location) (but in no event less than

the Annual Base Rent in effect during the last twelve (12) months of the initial Term), as determined in accordance

with the following paragraph  (the

“First Additional Term Annual Base Rent”). 

The First Additional Term Annual Base Rent shall be payable in equal

monthly installments in advance on or before the first day of each calendar

month during the First Additional Term. 

Notwithstanding the fact that Tenant’s exercise of the herein option to

extend the Term shall be self-executing, as aforesaid, upon the request of

Landlord, Tenant shall promptly execute a lease amendment reflecting said First

Additional Term

 

38

 

and the First Additional

Term Annual Base Rent thereof after Tenant exercises the herein option.  Upon the commencement of the First Additional

Term, the word “Term” wherever it appears in this Lease shall include the First

Additional Term.

 

Landlord

shall notify Tenant of its good faith determination of the First Additional

Term Annual Base Rent within thirty (30) days of receipt of the First Extension

Notice (the “First Additional Term Rental Notice”).  Tenant may rescind its exercise of Tenant’s First Extension

Option by written notice to Landlord no later than ten (10) days after receipt

of the First Additional Term Rental Notice. 

If Tenant so rescinds its exercise of Tenant’s First Extension option

then the Term shall expire at the end of the initial Term with no further right

to extend the Term of this Lease.  If

Tenant does not so rescind its exercise of Tenant’s First Extension Option but

does not accept Landlord’s determination of First Additional Term Annual Base

Rent and if Landlord and Tenant cannot agree on the First Additional Term

Annual Base Rent within thirty (30) days after Tenant’s receipt of the First

Additional Term Rental Notice, then Landlord and Tenant shall, not later than

sixty (60) days after Landlord receives Tenant’s First Extension Notice, each

retain a real estate professional with at least ten (10) years’ continuous

experience in the business of appraising or marketing commercial real estate in

the Lowell, Massachusetts area who shall, within thirty (30) days of his or her

selection, prepare a written report summarizing his or her conclusion as to the

First Additional Term Annual Base Rent. 

Landlord and Tenant shall simultaneously exchange such reports; provided,

however, that if one (1) party has not obtained such a report within ninety

(90) days after Landlord receives Tenant’s First Extension Notice, then the

determination set forth in the other party’s report shall be final and binding

upon the parties.  If both parties

receive reports within such time and the lesser of the two (2) determinations

is within ten (10%) percent of the higher determination, then the average of

these determinations shall be deemed to be the First Additional Term Annual

Base Rent.  If these determinations

differ by more than ten (10%) percent, then Landlord and Tenant shall mutually

select a person with the qualifications stated above (the “Final Professional”)

to resolve the dispute as to the First Additional Term Annual Base Rent.  If Landlord and Tenant cannot agree upon the

designation of the Final Professional within thirty (30) days of the exchange

of the first valuation reports, either party may apply to the American Arbitration

Association, the Greater Boston Real Estate Board, or any successor thereto for

the designation of a Final Professional. 

Within ten (10) days of the selection of the Final Professional,

Landlord and Tenant shall each submit to the Final Professional a copy of their

respective real estate professional’s determination of the First Additional

Term Annual Base Rent,  The Final

Professional shall not perform his or her own valuation but rather shall,

within thirty (30) days after

 

39

 

such submissions, select the

submission which is closest to the determination of the First Additional Term

Annual Base Rent which the Final Professional would have made acting

alone.  The Final Professional shall give

notice of his or her selection to Landlord and Tenant and such decision shall

be final and binding upon Landlord and Tenant. 

Each party shall pay the fees and expenses of its real estate

professional and counsel, if any, in connection with any proceeding under this

paragraph, and the losing party shall pay the fees and expenses of the Final

Professional.

 

B.            Tenant’s Second Extension Option,  On the condition that Tenant is not in

Default of its covenants and obligations under this Lease at the time of option

exercise, and provided that Tenant has exercised Tenant’s First Extension

Option, Tenant shall have the option (“Tenant’s Second Extension Option”) to

extend the term of the Lease for an additional term of five (5) years (herein

referred to as the “Second Additional Term”), said Second Additional Term to

commence immediately after the expiration of the First Additional Term.  If Tenant desires to extend the Term as

aforesaid, it shall give notice thereof (the “Second Extension Notice”) to

Landlord no later than six (6) months prior to the expiration of the First

Additional Term.  If Tenant fails timely

to give such notice, then Tenant shall have no further right to extend the

Lease Term (time being of the essence with respect to exercise of Tenant’ s

Second Extension Option).  Upon the

timely giving of such notice, the Lease Term shall be deemed extended upon all

of the same terms and conditions of this Lease, except that the Annual Base

Rent during said Second Additional Term shall be at the rate of 100% of the then

current fair market annual rent for five (5) year leases of comparable premises

(in shell condition) in comparable buildings in the general vicinity of the

Building (with respect to age, quality and location) (but in no event less than

the Annual Base Rent in effect during the last twelve (12) months of the First

Additional Term) , as determined in accordance with the following paragraph

(the “Second Additional Term Annual Base Rent”) ,  The Second Additional Term Annual Base Kent shall be payable in

equal monthly installments in advance on or prior to the first day of each

calendar month during the Second Additional Term.  Notwithstanding the fact that Tenant’s exercise of the herein

option to extend the Term shall be self-executing, as aforesaid, upon the

request of Landlord, Tenant shall promptly execute a lease amendment reflecting

said Second Additional Term and the Second Additional Term Annual Base Rent

thereof after Tenant exercises the herein option.  Upon the commencement of the Second Additional Term, the word

“Term” wherever it appears in this shall include the Second Additional Term.

 

Landlord

shall notify Tenant of its good faith determination of the Second Additional

Term Annual Base Rent within thirty (30) days of receipt of the Second Extension

Notice (the “Second

 

40

 

Additional Term Rental

Notice”).  Tenant may rescind its

exercise of Tenant’s Second Extension Option by written notice to Landlord no

later than ten (10) days after receipt of the Second Additional Term Rental

Notice.  If Tenant so rescinds its

exercise of Tenant’s Second Extension Option, then the Term shall expire at the

end of the Second Additional Term with no further right to extend the Term of

this Lease.  If Tenant does not so

rescind its exercise of Tenant’s Second Extension Option but does not accept

Landlord’s determination of Second Additional Term Annual Base Rent and if

Landlord and Tenant cannot agree on the Second Additional Term Annual Base Rent

within thirty (30) days after Tenant’s receipt of the Second Additional Term

Rental Notice, then Landlord and Tenant shall, not later than sixty (60) days

after Landlord receives Tenant’s Second Extension Notice, each retain a real

estate professional with at least ten (10) years’ continuous experience in the

business of appraising or marketing commercial real estate in the Lowell,

Massachusetts area who shall, within thirty (30) days of his or her selection,

prepare a written report summarizing his or her conclusion as to the Second

Additional Term Annual Base Rent, 

Landlord and Tenant shall simultaneously exchange such reports; provided,

however, that if one (1) party has not obtained such a report within

ninety (90) days after Landlord receives Tenant’s Second Extension Notice, then

the determination set forth in the other party’s report shall be final and

binding upon the parties.  If both

parties receive reports within such time and the lesser of the two (2)

determinations is within ten (10%) percent of the higher determination, then

the average of these determinations shall be deemed to be the Second Additional

Term Annual Base Rent.  If these

determinations differ by more than ten (10%) percent, then Landlord and Tenant

shall mutually select a person with the qualifications stated above (the “Final

Professional”) to resolve the dispute as to the Second Additional Term Annual

Base Rent.  If Landlord and Tenant

cannot agree upon the designation of the Final Professional within thirty (30)

days of the exchange of the first valuation reports, either party may apply to

the American Arbitration Association, the Greater Boston Real Estate Board, or

any successor thereto for the designation of a Final Professional.  Within ten (10) days of the selection of the

Final Professional/ Landlord and Tenant shall each submit to the Final

Professional a copy of their respective real estate professional’s

determination of the Second Additional Term Annual Base Rent  The Final Professional shall not perform his

or her own valuation but rather shall, within thirty (30) days after such

submissions, select the submission which is closest to the determination of the

Second Additional Term Annual Base Rent which the Final Professional would have

made acting alone.  The Final

Professional shall give notice of his or her selection to Landlord and Tenant

and such decision shall tie final and binding upon Landlord and Tenant.  Each party shall pay the fees and expanses

of its real estate professional and counsel, if any, in connection with any

proceeding under this paragraph, and the

 

41

 

losing party shall pay the fees and expenses of the

Final Professional.

 

29.           RIGHT OF FIRST OFFER TO

LEASE.  Subject to the

rights of the Building’s tenants on the date of the execution of this Lease,

before leasing the space depicted on 

Exhibit “A-1 attached hereto and incorporated herein (the “Additional

Space”) to other parties, Landlord shall first offer to lease to Tenant the

Additional Space in an “as is” condition; such offer shall be in writing and

shall specify the rent to be paid for the Additional Space and the date on

which the Additional Space shall be included in the Premises (the “Offer

Notice”).  The rental rate specified by

Landlord in the Offer Notice shall at the rate of 100% of the then current fair

market rental rate for five (5) year leases of comparable premises (in shell

condition) in comparable buildings in the general vicinity of the Building

(with respect to age, quality and location) (but in no event less than the per

rentable square foot rental rate then in effect for the remainder of the

Premises).  Tenant shall notify Landlord

in writing whether Tenant elects to lease the entire Additional Space at the rental

rate set forth in the Offer Notice, within five (5) days after Landlord

delivers to Tenant the Offer Notice. If Tenant timely elects to lease the

Additional Space, then Landlord and Tenant shall execute an amendment to this

Lease, effective as of the date the Additional Space is to be included in the

Premises, on the same terms as this Lease except that (a) the rentable area of

the Premises shall be increased by the rentable area in the Additional Space

(and Tenant’s Proportionate Share shall be adjusted accordingly), (b) the Base

Rent shall be increased by the amount specified for such space in the Offer

Notice, and (c) Landlord shall not provide to Tenant any allowances (e.g.,

moving allowance, construction allowance, and the like) or other tenant

inducements.  If Tenant fails or is

unable to timely exercise its right hereunder, then such right shall lapse,

time being of the essence with respect to the exercise thereof, and Landlord

may lease the Additional Space to third parties on such terms as Landlord may

elect.  If Landlord fails to enter into

any such third party lease within six (6) months after Tenant has elected not

to lease the Additional Space, then such space shall again be subject to

Tenant’s rights under this Section 28. Notwithstanding any of the foregoing to

the contrary, Landlord shall have no obligation to first offer to lease to

Tenant the Additional Space in accordance with this Section 28 if at the time

Landlord would have sent to Tenant the Offer Notice, Tenant is then in Default

of any of its conditions or obligations under this Lease.  If Tenant is so then in Default, Landlord

may proceed to lease the Additional Space to any third party without Tenant

having any prior rights to lease the Additional Space.

 

IN WITNESS WHEREOF,

Landlord and Tenant have executed this

 

42

 

Lease as of the day and year first above written.

 

	

   

  	

  LANDLORD:

  	 

	

   

  	

   

  	 

	

   

  	

  CROSS POINT LIMITED PARTNERSHIP

  	 

	

   

  	

   

  	 

	

   

  	

  By: 

  	

  ONE INDUSTRIAL AVENUE

  	 

	

   

  	

   

  	

  CORP . , its Operating

  	 

	

   

  	

   

  	

  General Partner

  	 

	

   

  	

   

  	 

	

   

  	

   

  	 

	

   

  	

   

  	

  By: /s/ Luis A. Alvarado

  	 

	

   

  	

   

  	

  Name: Luis A. Alvarado

  
	

   

  	

   

  	

  Title: Executive Vice President

  
	

   

  	

  TENANT:

  	 

	

   

  	

   

  	 

	

  Witness:

  	

  FIRST ESSEX BANK, F.S.B.,

  	 

	

  /s/ Sabrina R. Lo Giodice

  	

   

  	

  By: /s/ William F. Burke

  	 

	

  Name: Sabrina R. Lo Giodice

  	

   

  	

  Name: William F. Burke

  	 

	

   

  	

   

  	

  Title: S.V.P.

  	 

 

43

 

EXHIBIT “A”

 

FLOOR

PLAN OF PREMISES

 

[See attached plan

entitled “The Towers Tenant

Measurement Plan Tower 2 Second Floor”, dated

May 23, 1994, prepared by ADD, Inc.]

 

44

 

[GRAPHIC APPEARS HERE]

 

 

EXHIBIT “A-l”

 

FLOOR PLAN OF ADDITIONAL  SPACE

 

[See

attached floor plan entitled “The Towers Tenant

Measurement Plan Tower 1 Second Floor”, dated

May 23, 1994, prepared by ADD, Inc.]

 

45

 

[GRAPHIC APPEARS HERE]

 

 

EXHIBIT “B”

 

LEGAL DESCRIPTION OF FEE LAND

 

A certain parcel of land

situate partly in Lowell and partly in Chelmsford in the County of Middlesex,

Commonwealth of Massachusetts, bounded and described as follows:

 

Northwesterly by Chelmsford Street seven hundred

sixty-one and 07/100 (761.07) feet;

 

Northerly by the southerly line forming the junction

of said Chelmsford Street and Industrial Avenue, one hundred one and 41/100

(101.41) feet;

 

Northeasterly by the southwesterly line of said

Industrial Avenue, eight hundred ninety and 19/100 (890.19) feet;

 

Southeasterly by land now or formerly of Trustees of

the New York, New Haven and Hartford Railroad Company Debtor, twelve hundred

ninety-three and 24/100 (1293,24) feet; and

 

Westerly eleven and 12/100 (11.12) feet;

 

Northwesterly three hundred twenty-four and 83/100

(324.83) feet;

 

Northerly eleven and 06/100 (11.06) feet;

 

Northwesterly one hundred eighty-six and 60/100

(186.60) feet; and

 

Southwesterly two hundred sixteen (216) feet, by land

now or formerly of Massachusetts Electric Company.

 

All of said boundaries are determined by the Land

Court to be located as shown on plan 33375-A, drawn by Dana F. Perkins &

Sons Inc., Surveyors, dated July 6, 1964 and October 1965, as modified and

approved by the Court, filed in the Land Registration Office, a copy of a

portion of which is filed with Certificate of Title No. 14864.

 

Together with the benefit of all appurtenant rights,

easements, covenants, restrictions and reservations of record, if any, insofar

as the same are now in force and applicable.

 

For reference to title see Certificate of Title No.

31319 filed with Middlesex North Registry District of the Land Court.

 

46

 

EXHIBIT “B-1”

 

LEGAL DESCRIPTION OF EASEMENT

LAND

 

(Parkwood Parcel)

 

Those two parcels of land

with the buildings thereon situated in Lowell in the County of Middlesex and

Commonwealth of Massachusetts, bounded and described as follows:

 

PARCEL”A”:

 

Northwesterly by the Southeasterly line of Reiss Ave.,

three hundred seventy-six and 20/100 (376.20) feet:

 

Northeasterly Twenty-five

(25) feet;

 

Southeasterly three

hundred (300) feet; and

 

Southeasterly again nine

hundred six and 40/100 (906.40) feet by Lot 4;

 

Southwesterly three

hundred thirteen and 51/100 (313.51) feet;

 

Northwesterly one hundred

seventy-three and 2/100 (173.02) feet; and

 

Southwesterly four

hundred twelve and 77/100 (412.77) feet, by land now or formerly of New England

Power Co.; and

 

Northwesterly by land now

or formerly of Joada Realty Corp., six hundred sixty-four and 62/100 (664.62)

feet;

 

Easterly by the Westerly

line of Raiss Ave., forty-two and 12/100 (42.12) feet; and

 

Northerly by the end of

Reiss Ave., fifty-three and 13/100 (53.13) feet.

 

All of said boundaries

are determined by the Land Court to be located as shown on subdivisions plan

10641B, which is filed with Certificate of Title No. 17355, the same being

compiled from a plan drawn by Dana F. Perkins $ Sons, Inc., Surveyors, dated

April 30, 1970, and additional data on file in the Land Registration Office,

all as approved by the Court, and said land is shown as Lot three (3) on said

plan.

 

47

 

Together with the benefit

of all appurtenant rights, easements, covenants, restrictions and reservations

of record, if any, insofar as the same are now in force and applicable.

 

For reference to title

see Certificate of Title No. 22535, filed with the Middlesex North Registry

District of the Land Court.

 

PARCEL 

“B”:

 

BEGINNING at a point

marking the intersection of the southeasterly line of land of the Penn Central

Company and the southwesterly line of land taken by the Commonwealth of

Massachusetts in connection with the State Highway known as Route 495 and the

Lowell Connector, as established by 1958 and 1960 taxings; and thence running

by the land last named

 

South 59° O5’ 36” East

188.58 feet,

 

South 44° O5’ 16” East

105.37  feet,

 

Southerly by a curve to

the right (with a radius of 91 feet) an arc distance of 27.31 feet,

 

South 00° 24’ 41” West

338.13 feet,

 

Southwesterly by a curve

to the right (with a radius of 91 feet) an arc distance of 72.27 feet and

 

South 44° 05’ 16” East

50.00 feet to land designated a Lot 4 on Land Court Registration Plan No.

30641B; thence running by the land last named

 

South 45° 54’ 44” West

100.00 feet to land designated as Lot 3 on said Plan No, 30641B; thence running

by the land last named

 

South 45° 54’ 44” West

172.00 feet,

 

Southwesterly by a curve

to the left (with a radius of 300 feet) an arc distance of 204.20 feet,

 

North 86° 05’ 00” West

53.13 feet,

 

Northerly by a curve to

the right (with a radius of 350 feet) an arc distance of 42.12 feet and

 

North 89° 44’ 30” West

664.61 feet to the boundary line between the City of Lowell and the Town of

Che1ms ford; thence running by the line last named

 

48

 

North 17° 55’ 20” West

181.71 feet to said southeasterly line of said land of the Penn Central

Company; and thence running by the land last named

 

North 56° 03’ 05” East

488.54 feet and

 

Northeasterly by a curve

to the left (with a radius of 2897.93 feet) an arc distance of 460.49 feet to

the point and place of beginning.

 

Together with the benefit

of all appurtenant rights, easements, covenants, restrictions and reservations

of record, if any, insofar as the same are now in force and applicable.

 

For reference to title

see deeds recorded with Middlesex North District Registry of Deeds in Book

2293, Page 293 and Book 2293, Page 296.

 

(Railroad Parcel)

 

A certain parcel of land

with the buildings thereon situated partly in Lowell and partly in Chelmsford,

Middlesex County, Massachusetts, and bounded and described as follows:

 

Beginning at a point

located 165.08 feet on a curve to the right having a radius of 4,750.00 feet

from sta. 1285-02.50 located on centerline of location, Lowell Secondary

Branch, Boston and Main Corporation, thence running on a curve to the left a

distance of 198.85 feet to a point; thence turning and running

 

North 57°09’30” East

1,417.96 feet to a point; thence turning and running

 

on a curve to the left

having a radius of 2,831.93 feet a distance of 466.97 feet to a point; thence

turning and running

 

South 57°53’11” East

44.54 feet to a point; thence turning and running

 

South 46°56’05” West

39.74 feet to a point; thence turning and running

 

South 57°53’11” East

23.45 feet to a point; thence turning and running

 

on a curve to the right

having a radius of 2,897.33 feet a distance of 460.49 feet to a point; thence

turning and running

 

49

 

South 57°09’30” West

982.63 feet to a point; thence turning and running

 

South 49°27’00” East 8.65

feet to a point; thence turning and running

 

South 43°17’30” West 600.00

feet to the point of beginning,

 

be all of said

measurements more or less, however, otherwise bounded and described, said

parcel containing an area of 2.125 acres in the Town of Chelrasford, and 1.452

acres in the City of Lowell, or a total of 3.577 acres, more or less, and being

shown upon plan marked;

 

“Plan of Land

in

LOWELL & CHELMSFORD

MASSACHUSETTS

Robert W. Meserve, et al.

Trustees of the Property of the

Boston and Maine Corporation to

Wang Laboratories, Inc.

 

Scale:  1” - 60’ 

August 19, 1980

 

Dana F. Perkins

and Assoc, Inc. Civil Engineers

and Surveyors Reading - Lowell, Mass.”

 

recorded with Middlesex

North Registry of Deeds in Plan Book 134, Page 70.

 

Together with the benefit

of all appurtenant rights, easements, covenants, restrictions and reservations

of record, if any, insofar as the same are now in force and applicable.

 

For reference to title

see deed recorded with Middlesex North Registry of Deeds in Book 2490, Page 24.

 

(Reiss Avenue parcel)

 

A certain parcel of land

with the buildings thereon situated in Lowell in the County of Middlesex,

Commonwealth of Massachusetts, bounded and described as follows:

 

Northwesterly by the

Southeasterly line of Reiss Ave., fifty (50) feet;

 

Northeasterly

eighty-seven and 75/100 (87.65) feet;

 

50

 

Southeasterly two hundred

seven and 90/100 (207.90) feet and;

 

Northwesterly two hundred

seventy-five and 50/100 (275.50) feet by Lot 5;

 

Southeasterly by curved

line by several lines measuring together one thousand one hundred eighty-nine

and 93/IOO (1189.93) feet;

 

Southeasterly again by a

curved line three hundred ten and 29/100 (310.29) feet and;

 

Southwesterly by two

lines measuring together five hundred ninety and 38/100 (590.38) feet by State

Highway {Route 495), no access;

 

Southwesterly again by

land now or formerly of New England Power Company, four hundred forty-four and

73/100 (444.73) feet and;

 

Northwesterly nine

hundred six and 40/100 (906.40) feet; Northwesterly again three hundred (300)

feet and; Southwesterly twenty-five (25) feet by Lot 3.

 

All of said boundaries

are determined by the Land Court to be located as shown on subdivision plan

30641-C, which is filed with Certificate of Title No. 20536, the same being

compiled from a plan drawn by Dana F. Perkins & Sons, Inc., Arthur E.

Fosse, Surveyor, dated November 11, 1974 and additional data on file in the

Land Registration Office, all as approved by the Court, and said land is shown

as Lot six (6} on said plan.

 

Together with the benefit

of all appurtenant rights, easements, covenants, restrictions and reservations

of record, if any, insofar as the same are now in force and applicable.

 

For reference to title

gee Certificate of Title No. 25059 filed with Middlesex North Registry District

of the Land Court.

 

51

 

EXHIBIT “C”

 

UTILITIES

AND OTHER SERVICES

 

I.              CLEANING

 

A.            Office

Area

 

Daily:      (Monday through Friday, inclusive,

holidays excepted).

 

1.             Empty and clean all waste receptacles and ash trays and

remove waste material from the Premises and wash receptacles as necessary.

 

2.             Sweep and dust mop all

uncarpeted areas using a dust-treated mop.

 

3.             Vacuum all rugs and carpeted areas.

 

4.             Hand dust and wipe clean with treated cloths all

horizontal surfaces including furniture, office equipment, window sills, door

ledges, chair rails, and convector tops, within reach, but excluding active

work areas.

 

5.             Wash clean all water fountains.

 

6.             Remove and dust under all desk equipment and telephones

and replace same.

 

7.             Hand dust all grill work within normal reach.

 

8.             Upon completion of cleaning, all lights will be turned

off and doors locked, leaving the Premises in an orderly condition,

 

Weekly:

 

1.             Dust exposed coat racks and the like.

 

2.             Remove all finger marks from private entrance doors,

light switches and doorways.

 

Quarterly:

 

Render high dusting not reached in daily cleaning to include:

 

1.             Dusting all pictures, frames, charts, graphs and similar

wall hangings.

 

52

 

2.             Dusting all vertical surfaces, such as walls, partitions

/ doors and ducts.

 

3.             Dusting of all pipes, ducts, and high moldings,

 

4.             Dusting of all horizontal blinds.

 

B.            Lavatories

 

Daily:  (Monday through Friday, inclusive, holidays

excepted.)

 

1.             Sweep and damp mop floors.

 

2.             Clean all mirrors, powder shelves, dispensers and

receptacles, bright work, flushometers, piping and toilet seat hinges.

 

3.             Wash both sides of all toilet seats.

 

4.             Wash all basins, bowls and urinals.

 

5.             Dust and clean all powder room fixtures.

 

6.             Empty and clean paper towel and sanitary disposal

receptacles.

 

7.             Remove waste paper and refuse,

 

8.             Refill tissue holders, soap dispensers, towel

dispensers, vending sanitary dispensers; materials to be furnished by Landlord.

 

9.             A sanitizing solution will be used in all lavatory

cleaning.

 

Monthly:

 

1.             Machine scrub lavatory floors.

 

2.             Wash all partitions and tile walls in lavatories.

 

C.            Main Lobby,

Elevators, Building Exterior and Corridors

 

Daily:      (Monday through Friday, inclusive, holidays

excepted.)

 

1.             Sweep and wash all floors.

 

2.             Wash all rubber mats.

 

53

 

3.             Clean elevators, wash or vacuum floors, wipe down walls

and doors.

 

3.             Spot clean any metal work inside lobby.

 

4.             Spot clean any metal work surrounding Building Entrance

doors.

 

Monthly: All resilient tile floors in public areas to be treated

equivalent to spray buffing,

 

D.            Window Cleaning

 

Windows of exterior walls will be washed three (3) times annually.

 

E.             Common Areas

 

Landlord shall keep

repaired and maintain all common areas of the Property and any sidewalks,

parking areas, curbs and access ways adjoining the Property in a clean and

orderly condition.  Snow and ice will be

removed from exterior sidewalks, parking areas and curbs and access ways

adjoining the Property, as necessary.

 

II.            HEATING,

VENTILATING, AIR-CONDITIONING

 

Landlord shall furnish

space heating and cooling as normal seasonal changes may require to provide

reasonably comfortable space temperature and ventilation for occupants of the

Premises under normal business operation, Monday through Friday, inclusive,

from 8:00 a.m. to 6:00 p.m. and Saturday from 8:00 a.m. to 1:00 p.m., holidays

excepted (hereinafter referred to as “Normal Business Hours”)

 

The HVAC system will be

operated during such hours so as to maintain inside conditions as follows:

 

A.            During the summer, not more than 78 degrees Fahrenheit

(plus or minus 2 degrees) and 50% relative humidity when the outside

temperature does not exceed 88 degrees Fahrenheit dry bulb and 74 degrees

Fahrenheit wet bulb; and

 

B.            During the winter, not less than 72 degrees Fahrenheit

(plus or minus 2 degrees) (no humidity control) when the outside temperature is

not less than 9 degrees Fahrenheit dry bulb (no wet bulb).

 

The air-conditioning

system is based upon an occupancy of not more than one person per 150 square

feet or usable floor area, and upon a combined lighting and standard electrical

load not to exceed 7 watts per square foot of usable floor area.  If

 

54

 

Tenant exceeds this condition or introduces into the

Premises equipment which overloads the system, and/or in any other way causes

the system not adequately to perform their proper functions, and the system is

damaged thereby, Landlord shall give notice thereof to Tenant and Tenant shall

pay the reasonable cost of repairing such damage (within ten (10) days of

receipt of invoice therefor) and Tenant shall immediately cease the act or omission

causing such damage; provided, however, that if Landlord agrees that the system

may be supplemented to prevent the recurrence of the problem, Landlord shall

give notice thereof to Tenant, and Tenant may elect to have such supplemental

work performed, at Tenant’s sole cost and expense, by notice to Landlord within

30 days of receipt of Landlord’s notice,

 

III.           WATER

 

Cold water at

temperatures supplied by the City of Lowell water mains for lavatory, toilet

and other approved purposes and hot water for lavatory purposes only from

regular Building supply at prevailing temperatures; provided, however, if

Tenant requires, uses or consumes water far any purpose (e.g.,

kitchen purposes, shower facilities, etc.) other than lavatory and toilet

purposes, Landlord may, at Tenant’s sole cost and expense, install a meter or

meters to measure the water so supplied, in which case Tenant shall, upon

Landlord’s request, reimburse Landlord for the cost of the water (including

heating and cooling thereof) consumed in such areas and the sewer use charges

resulting therefrom.

 

IV.           ELEVATORS

 

Landlord shall provide

elevator service; provided, however, that Landlord shall, from time to time,

have the right to remove elevators from service as may be required for

servicing or maintaining the elevators or the Building or removing freight, but

at all times there shall be at least one (1) elevator available for use by

Tenant for access to the Premises.

 

V.            ELECTRICAL

SERVICE

 

Landlord shall furnish

electric energy in accordance with base Building electrical capacity limits and

load limits of 10 watts per square foot, exclusive of HVAC.

 

VI.           BUILDING SECURITY

 

Landlord shall provide a

security system for all portions of the Building excluding the Premises.  Landlord shall provide at least two (2)

security guards in the Building during Normal Business Hours and at least one

(1) roving security guard during all other hours.  Tenant shall have access to the Premises only through an entrance

or entrances designated by Landlord from time

 

55

 

to time on a 24 hours per

day, 7 days per week basis. Tenant shall have access to the Parking Lot on a 24

hours per day, 7 days per week basis. 

Tenant shall be solely responsible for all security within the Premises.

 

56

 

EXHIBIT “D”

 

RULES AND

REGULATIONS

 

1.             Tenant shall not make any room-to-room canvas to solicit

business from other tenants in the Building and shall not exhibit, sell or

offer to sell, use, rent or exchange any item or services in or from the

Premises unless ordinarily included within Tenant’s use of the Premises as

specified in the Lease.

 

2.             Tenant shall not make any use of the Premises which may

be dangerous to person or property or which shall increase the cost of

insurance or require additional insurance coverage.

 

3.             Tenant shall not paint, display, inscribe or affix any

sign, picture, advertisement, notice, lettering or direction or install any

lights on any part of the outside or inside of the Building, other than the

Premises, and then not on any part of the inside of the Premises which can be

seen from outside the Premises, except as approved by Landlord in writing,

which approval shall not be unreasonably withheld or delayed

 

4.             Tenant shall not use the name of the Building in

advertising or other publicity, except as the address of its business, and

shall not use pictures of the Building in advertising or publicity.

 

5.             Tenant shall not obstruct or place objects on or in

sidewalks, entrances, passages, courts, corridors, vestibules, halls, elevators

and stairways in and about the Building. Tenant shall not place objects against

glass partitions or doors or windows or adjacent to any open common space which

would be unsightly from the Building corridors or from the exterior of the

Building.

 

6.             Bicycles shall not be permitted in the Building other

than in a location designated by Landlord.

 

7.             Tenant shall not allow any animals, other than seeing

eye dogs, in the Premises or the Building.

 

8.             Tenant shall not disturb other tenants or make excessive

noises, cause disturbances, create excessive vibrations, odors or noxious fumes

or use or operate any electrical or electronic devices or other devices that

emit excessive sound waves or are dangerous to other tenants of the Building or

that would interfere with the operation of any devise or equipment or radio or

television broadcasting or reception from or within the Building or elsewhere,

and shall not place or install any projections, antennae, aerials or similar

devices outside of the Building or the Premises.

 

57

 

9.             Tenant shall not waste electricity or water and shall

cooperate fully with Landlord to assure the most effective operation of the

Building’s heating and air conditioning systems, and shall refrain from

attempting to adjust any controls except for the thermostats within the

Premises.  Tenant shall keep all doors

to the Premises closed.

 

10.           Unless Tenant installs new doors to

the Premises, Landlord shall furnish two (2) sets of keys for all doors to the

Premises at the commencement of the Term. Tenant shall furnish Landlord with

duplicate keys for any new or additional locks on doors installed by Tenant.

When the Lease is terminated, Tenant shall deliver all keys to Landlord and

will provide to Landlord the means of opening any safes, cabinets or vaults

left in the Premises.

 

11.           Tenant shall not install any signal,

communication, alarm or other utility or service system or equipment without

the prior written consent of Landlord.

 

12.           Tenant shall not use any draperies or

other window coverings instead of or in addition to the Building standard

window coverings designated and approved by Landlord for exclusive use

throughout the Building.

 

13.           Landlord may require that all person

who enter or leave the Building identify themselves to watchmen, by

registration or otherwise.  Landlord,

however, shall have no responsibility or liability for any theft, robbery or

other crime in the Building. Tenant shall assume full responsibility for

protecting the Premises, including keeping all doors to the

Premises locked after the close of business.

 

14.           Tenant shall not overload floors; and

Tenant shall obtain Landlord’s prior written approval as to size, maximum

weight, routing and location of business machines, safes, and heavy objects.

Tenant shall not install or operate machinery or any mechanical devices of a

nature not directly related to Tenant’s ordinary use of the Premises.

 

15.           In no event shall Tenant bring into

the Building inflammables such as gasoline, kerosene, naphtha and benzene, or

explosives or firearms or any other articles of an intrinsically dangerous

nature.

 

16.           Furniture, equipment and other large

articles may be brought unto the Building only at the time and in the manner

designated by Landlord.  Tenant shall

furnish Landlord with a list of furniture, equipment and other large articles

which are to be removed from the Building, and Landlord may require permits

before allowing anything to be moved in or out of the Building. Movements of

Tenant’s property into or out of the Building and

 

58

 

within the Building are entirely at the risk and responsibility of

Tenant.

 

17.           No person or contractor, unless

approved in advance by Landlord (which approval shall not be unreasonably

withheld or delayed), shall be employed to do janitorial work, interior window

washing, cleaning, decorating or similar services in the Premises.

 

18.           Tenant shall not use the Premises for

lodging, cooking (except for microwave reheating and coffee makers) or

manufacturing or selling any alcoholic beverages or for any illegal purposes.

 

19.           Tenant shall cooperate and

participate in all reasonable security programs affecting the Building.

 

20.           Tenant shall not loiter, eat, drink,

sit or lie in the lobby or other public areas in the Building.  Tenant shall not go onto the roof of the

Building or any other non-public areas of the Building (except the Premises),

and Landlord reserves all rights to control the public and non-public areas of

the Building.  In no event shall Tenant

have access to any electrical, telephone, plumbing or other mechanical closets

without Landlord’s prior written consent.

 

21.           Tenant shall not use the freight or

passenger elevators, loading docks or receiving areas of the Building except in

accordance with regulations for their use established by Landlord.

 

22.           Tenant shall not dispose of any

foreign substances in the toilets, urinals, sinks or other washroom facilities,

nor shall Tenant permit such items to be used other than for their intended

purposes; and Tenant shall be liable for all damage as a result of a violation

of this rule.

 

23.           If Tenant designates non-smoking

areas in the Premises, Tenant shall also designate sufficient smoking areas in

the Premises for its employees, and in no event shall Tenant allow its

employees to use the public areas of the Building as smoking areas.

 

59

 

FIRST

AMENDMENT TO LEASE

 

This First Amendment to

Lease (“Amendment”) is entered into as of this 15th day of December,

1999 by and between Cross Point Limited Partnership, a Massachusetts limited

partnership, having an address at 900 Chelmsford Street,  Lowell, Massachusetts 01851 (“Landlord”),

and First Essex Bank, F.S.B., a federally chartered savings bank, having an

address at 900 Chelmsford Street, Lowell, Massachusetts 01851 (“Tenant”).

 

WITNESSETH:

 

WHEREAS, Landlord’s

predecessor in interest and Tenant entered into a Lease dated as of February

24, 1995 (as amended hereby, the “Lease”), whereby Tenant is leasing

from Landlord approximately 31,478 rentable square feet of space on the second

floor of the building known as Tower 2 located at 900 Chelmsford Street,

Lowell, Massachusetts (the “Building”);

 

WHEREAS Tenant desires to

exercise Tenant’s First Extension Option, as provided in Section 28.A of the

Lease, so as to extend the term of the Lease for an additional term of five

years; and

 

WHEREAS, Landlord and

Tenant desire to amend the Lease to extend the Term of the Lease and make other

modifications to the terms and provisions of the Lease.

 

NOW, THEREFORE, in

consideration of the mutual promises herein contained and other good and

valuable consideration, the receipt and sufficiency of which is hereby

acknowledged by the parties hereto, Landlord and Tenant agree as follows:

 

1.             Capitalized and defined terms not otherwise expressly

defined herein shall have the meanings ascribed thereto in the Lease,

 

2.             The text of Schedule Item 8 to the Lease is hereby

deleted in its entirety and is replaced with the following: “Commencement

Date: May 13, 1995”.

 

3.             The text of Schedule Item 9 to the Lease is hereby

deleted in its entirety and is replaced with the following; “Expiration Date:

May 12, 2005”.

 

4,             The text of Schedule Item 10 to the Lease is hereby

deleted in its entirety and is replaced with the following:

 

	

  “Annual Base Rent:

  	

  Commencement Date to May 12, 2000: $1 83,868.00

  
	

   

  	

  May 13, 2000 to May 12, 2001: $519,387.00

  (Sl6.50sf/yr)

  
	

   

  	

  May 13, 2001 to May 12, 2002; $550,865.00

  ($l7.50/sf/yr)

  
	

   

  	

  May 13, 2002 to May 12, 2003: $582,343.00

  ($l8.50/sf/yr)

  
	

   

  	

  May 13, 2003 to May 12, 2004: $613,821.00

  ($19.50/sf/yr)

  
	

   

  	

  May 13, 2004 to May 12, 2005: $645,299.00

  ($20.50/sf/yr)”

  

 

 

5.             The text of Schedule Item 11 to the Lease is hereby

deleted in its entirety and is replaced with the following:

 

	

  “Monthly Base Rent:

  	

  Commencement Date to May 12, 2000: $15,738.75

  
	

   

  	

  May 13, 2000 to May 12, 2001; $43,282.25

  
	

   

  	

  May 13, 2001 to May 12, 2002: $45,905.42

  
	

   

  	

  May 13, 2002 to May 12, 2003; $48,528.58

  
	

   

  	

  May 13, 2003 to May 12, 2004: $51,151.75

  
	

   

  	

  May 13, 2004 to May 12, 2005: $53,774.92”

  

 

6.             Schedule Item 13 to the Lease is hereby deleted in its

entirety and is replaced with the following; “Base Expense Year: For the

period commencing on the Commencement Date and ending on May 12, 2000, the Base

Expense Year shall be Calendar Year 1995 (i.e., January1, 1995 — December

31, 1995); for the period commencing May 13, 2000, the Base Expense Year shall

be Calendar Year 2000 (i.e., January 1, 2000 — December 31, 2000)”.

 

7.             Schedule Item 14 to the Lease is hereby deleted in its

entirety and is replaced with the following: 

“Basis Tax Year: For the period commencing on the Commencement

Date and ending on May 12, 2000, the Base Tax Year shall be Fiscal Year 1995

(i.e., July 1, 1994 — June 30, 1995); for the period commencing May 13, 2000,

the Base Tax Year shall be Fiscal Year 2000 (i.e., July 1, 1999 — June 30,

2000), Landlord represents that it has not filed for an abatement of Taxes for

fiscal year 2000.”

 

8.             The text of Section 2.C of the Lease which refers to

“The First National Bank of Boston” is hereby amended to refer to “Fleet

National Bank (or any successor thereto by acquisition, merger or otherwise)”.

 

9.             Section 28 of the Lease is hereby amended by inserting

the following language at

the end of Section 28.A:

 

“Landlord and Tenant

acknowledge that the Tenant’s First Extension Option referenced hereinabove has

been exercised by Tenant, as evidenced by the Amendment, As of the date of the

Amendment, Tenant therefore has one remaining option to extend the Lease, as

set forth in Tenant’s Second Extension Option (Section 28.B) below.”

 

10.           The text of Section 29 of the Lease

(Right of First Offer) is hereby deleted in its entirety and of no further

force and effect.

 

11.           The Lease is hereby amended by

inserting the following language as a new Section 30 of the Lease:

 

“30. PATRIOT ROOM

USE FEE WAIVER.     Landlord, during the Term of the

Lease and subject to all other applicable terms of this Section 30 and the

Lease, will waive the use fees otherwise applicable to Tenant’s use of the

so-called “Patriot Room” located in the Cross Point Conference Center (the

“Patriot Room”), for purposes of conducting special meetings and conferences of

Tenant’s employees and invitees therein. Landlord agrees to waive such use fees

for Tenant’s use of the Patriot Room on up to six occasions per lease year, and

the

 

2

 

availability of

the Patriot Room and Tenant’s use thereof shall at all times be expressly

subject to all other rules, regulations, policies and procedures established by

Landlord from time to time in relation thereto. For purposes hereof, an

“occasion” shall mean a calendar day or any portion thereof, and a “lease year”

shall mean the consecutive twelve month period commencing with each anniversary

of the Commencement Date occurring during the Term.

 

12.           The Lease is hereby amended by

inserting the following language as a new Section 31:

 

“31.           LANDLORD’S CLEANING

OBLIGATION. Notwithstanding anyprovision of this Lease to the contrary, on one

occasion during each lease year (as defined in Section 30 above) of the First

Additional Term, Landlord shall, within a reasonable period after receipt of

written request therefor from Tenant and at Landlord’s sole cost and expense,

cause a reputable cleaning company to spot clean portions of the carpeting in

the Premises so as to attempt to remove any stains thereon and restore to a

reasonably neat and clean appearance any significantly soiled areas of such

carpeting. Landlord (and/or its agent) shall use reasonable efforts to clean

such affected areas of carpeting, but in no event shall Landlord (and/or its

agent) be obligated to clean the entirety of Tenant’s carpeting, nor replace

any portions of Tenant’s carpeting.”

 

13.           Tenant represents to Landlord that

Tenant has dealt with no broker or leasing representative in connection with

this Amendment, and that no broker is entitled to any commission in connection

herewith, except for Meredith & Grew (“M&G”) pursuant to a separate

agreement between Tenant and M&G pursuant to which Tenant shall be solely

obligated to pay M&G directly any commissions payable to M&G with respect

to this Amendment.  Tenant agrees to

indemnify, defend and hold Landlord, its property manager and their respective

employees harmless from and against any claims for a fee or commission made by

any broker (including M&G) claiming to have acted by or on behalf of Tenant

in connection with this Amendment. Landlord represents to Tenant that Landlord

has dealt with no broker or leasing representative in connection with this

Amendment other than M&G, and that no broker is entitled to any commission

from Landlord in connection herewith. Landlord agrees to indemnify, defend and

hold Tenant harmless from and against any claims for a fee or commission made

by any broker (other than M&G) claiming to have acted by or on behalf of

Landlord in connection with this Amendment.

 

14.           It is mutually agreed that all

covenants, conditions and agreements set forth in the Lease (as hereby amended)

shall remain binding upon the parties and inure to the benefit of the parties

hereto and their respective permitted successors and assigns.

 

15.           Except as modified hereby, all other

terms and conditions of the Lease shall remain unchanged and in full force and

effect and are hereby ratified and confirmed by the parties hereto.

 

16.           Any inconsistencies or conflicts

between the terms and provisions of the Lease and the terms and provisions of

this Amendment shall be resolved in favor of the terms and provisions of this

Amendment.

 

3

 

17.           This Amendment shall not be modified

except in writing signed by both parties hereto.

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on

the date first indicated above.

 

	

  Landlord:

  	

  CROSS POINT LIMITED PARTNERSHIP

  
	

   

  	

  By:

  	

  YBCP, L.L.C., its general partner

  
	

   

  	

  By:

  	

  BRE Cross Point LLC, its managing member

  
	

   

  	

  By:

  	

  /s/

  	

  Daniel J. Steinberg

  	

   

  
	

   

  	

  Name:

  	

  Daniel J. Steinberg

  
	

   

  	

  Title:

  	

  Vice President

  
								

 

	

  Tenanat:

  	

   

  	

  FIRST ESSEX BANK, F.S.B.

  
	

   

  	

  /s/ Kristine Anctil

  	

   

  	

  By:

  	

  /s/  Wayne C.

  Golon

  	

   

  
	

   

  	

  Witness

  	

  Name: Wayne C. Golon

  
	

   

  	

   

  	

  Title: 

  Executive Vice President

  
	

   

  	

   

  	

   

  
	

   

  	

  /s/ Francis J. Gosselin

  	

   

  	

  By:

  	

  /s/ William F. Burke

  	

   

  
	

   

  	

  Witness:

  	

  Name: William F. Burke

  
	

   

  	

   

  	

  Title: Treasurer

  
								

 

4Exhibit 10.1

 

June 28, 2002

 

Ms Carla Marcinowski

40 Joy Street, #9

Boston, MA  02114

 

Re:  Separation Agreement and

Release

 

Dear Carla:

 

This letter will confirm our

mutual understanding with respect to the arrangements we have made in

connection with your resignation as an officer of Lightbridge, Inc. (the

“Company”) and the termination of your employment.

 

1.             Resignation as

Officer.

 

You hereby agree to resign as an officer of the Company effective June

30, 2002.  Notwithstanding your

resignation as an officer, your status as an employee will not terminate until

your “Termination Date” as described in paragraph 2 below. However, you need

not report to work after June 30, 2002. This Agreement shall not constitute a

contract of employment

 

2.             Salary Continuation.

 

Your base

salary (less required deductions) and all benefits other than disability (less

usual employee contributions) will continue to be paid on the normal payroll

cycle from the date hereof through the earlier of March 31, 2003 or the date on

which you commence new employment (the “Termination Date”).  You will promptly notify the Company if you

commence new employment at any time prior to March 31, 2003.

 

3.                                       Bonus.

 

At the Termination Date and subject to approval by the Company’s Board

of Directors, you will be paid the final installment of your bonus pursuant to

the 2000 Officer Bonus Plan.  You will

not be paid any other bonuses or commissions.

 

4.                                       Accrued Paid

Vacation and Time Off.

 

All accrued

but unused vacation time earned through the Termination Date will be paid on

that date.

 

5.             Voicemail,

Computer, and Return of Company Property.

 

Use of voicemail will be provided through the Termination Date. Network

access will be provided through the July 31, 2002.  [Per C. Cournoyer will retain PC]. All other property and

materials of the Company will be returned by you to the Company promptly after

the date hereof.

 

6.             COBRA Group

Insurance Coverage.

 

As of the Termination Date, you and your family members will be

eligible to continue your group health insurance coverage in accordance with

the federal COBRA law.  Information

about your rights under this law and forms for electing continuation coverage

will be provided to you by a separate letter on or about the Termination

Date.  If you or any of your family

members elect to continue this coverage, you will be responsible for all of the

premium payments.

 

7.             Outplacement/Career

Counseling Assistance.

 

To assist you in regard to outplacement/career counseling, the Company

will pay up to $10,000.00 for outplacement/career counseling services that are

provided to you by an agency prior to the earlier of March 31, 2003, or the

date you commence new employment. 

Appropriate invoices for services should be submitted promptly to the

Company.

 

 

8.             Confidential

Information.

 

You understand and agree that the Company’s confidential information

belongs exclusively to the Company, and that the confidential information of

the Company’s customers or of other organizations with which the Company does

business remains their exclusive property. 

You agree that you will not use or disclose any such confidential

information, whether for your benefit or for the benefit of another, and that

you will hold and treat such information as confidential information, unless

you have specific prior written authorization from the Company to disclose

it.  Attached hereto and incorporated

herein is a confidentiality and non-competition agreement that was signed by

you on and which remains in effect according to its terms.

 

9.             Non-Disparagement.

 

You agree that you will not make any disparaging statements about the

Company or any of its subsidiaries, affiliates, officers, directors or

employees, or its business or prospects. The Company agrees that it will not

make any disparaging statements about you.

 

10.           Release and

Waiver.

 

This letter

and the attached agreement referenced in paragraph 8 contain the entire

agreement between you and the Company (and supersede any prior communications,

written or oral) with respect to your employment by the Company and the

termination of such employment, and with respect to all matters pertaining

thereto.  This letter shall be in

complete and final settlement of any and all causes of action or claims that

you have had, now have or may now have, in any way related to or arising out of

or in connection with such employment and/or its termination or pursuant to any

federal, state or local employment laws, regulations, executive orders or other

requirements, including without limitation Massachusetts General Laws c. 151B

(“Unlawful Discrimination”), Title VII of the Civil Rights Act of 1964, and the

Age Discrimination in Employment Act of 1967. 

In consideration of the pay and benefits that you will receive under

this letter agreement, you hereby release, waive and discharge any and all such

causes of action or claims (including without limitation claims for attorney’s

fees and costs) against the Company, its parent, subsidiary and affiliated

organizations, and their respective past, present and future directors,

officers, agents, employees, successors and assigns, and you hereby agree that,

to the extent permitted by law, neither you nor any of your heirs or personal

representatives will ever assert in any forum any such cause of action or

claim.

 

11.                                 For a period of seven

(7) days following your execution of this letter agreement, you may revoke your

agreement, and this letter agreement shall not become effective or enforceable

until this seven (7) day revocation period has expired.  No payments provided for by this letter

agreement would be made until after this seven-day period has expired without

your revoking your agreement.  You

understand and acknowledge that the terms of your employment and the Company’s

usual severance policies or practices would have provided you less severance

pay and benefits than those provided to you under this Agreement.

 

12.                                 All payments to be

made to you in accordance with the terms of this letter agreement, and the

performance by the Company of its other obligations hereunder shall be

conditioned on your compliance with your obligations hereunder.

 

13.                                 The parties intend

this letter agreement to be governed by the laws of The Commonwealth of

Massachusetts.

 

In signing this letter

agreement, you acknowledge that you understand its provisions, that your

agreement is knowing and voluntary, that you have been afforded a full and

reasonable opportunity of at least 21 days to consider its terms and to consult

with or seek advice from an attorney or any other person of your choosing, and

that you have been advised by the Company to consult with an attorney prior to

executing this letter agreement.

 

2

 

If you agree to the foregoing,

would you kindly sign and return the enclosed copy of this letter, whereupon

this letter and such copy will constitute a binding agreement between you and

the Company on the basis set forth above.

 

Very truly yours,

 

	

  /s/

  Christine Cournoyer

  	

   

  	

   

  
	

   

  	

   

  
	

  Christine

  Cournoyer-President & COO

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  
	

  Carla

  Marcinowski

  	

   

  
	

   

  	

   

  
	

  /s/ Carla

  Marcinowski

  	

   

  	

   

  

 

 

3

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