Document:

EXHIBIT-10.76

 

PURCHASE AND SALE AGREEMENT

 

FOR

 

175 MCCLELLAN HIGHWAY

 

AND

 

144 ADDISON STREET

 

EAST BOSTON, MASSACHUSETTS

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1 - Definitions

  	
   

  
	
   

  	
  Section
  1.1

  	
  Definitions

  	
   

  
	
  ARTICLE 2 - Agreement;
  Purchase Price

  
	
   

  	
  Section
  2.1.

  	
  Agreement
  to Sell and Purchase

  	
   

  
	
   

  	
  Section
  2.2.

  	
  Purchase
  Price

  	
   

  
	
   

  	
  Section
  2.3.

  	
  Deposits

  	
   

  
	
  ARTICLE 3 - Conditions
  Precedent; Activities Prior to Closing

  
	
   

  	
  Section
  3.1.

  	
  Conditions
  Precedent Favoring Purchaser

  	
   

  
	
   

  	
  Section
  3.2

  	
  Extension

  	
   

  
	
   

  	
  Section
  3.3.

  	
  Conditions
  Precedent Favoring Seller

  	
   

  
	
   

  	
  Section
  3.4.

  	
  Leasing
  and Other Activities Prior to Closing

  	
   

  
	
  ARTICLE 4 Survey and Title Commitment

  
	
   

  	
  Section
  4.1.

  	
  Title
  and Survey

  	
   

  
	
  ARTICLE 5 Due Diligence

  
	
   

  	
  Section
  5.1.

  	
  Access

  	
   

  
	
   

  	
  Section
  5.2.

  	
  Due
  Diligence

  	
   

  
	
   

  	
  Section
  5.3.

  	
  Confidentiality

  	
   

  
	
   

  	
  Section
  5.4.

  	
  Reporting

  	
   

  
	
   

  	
  Section
  5.5

  	
  No
  Suit

  	
   

  
	
   

  	
  Section
  5.6.

  	
  Certain
  Information

  	
   

  
	
  ARTICLE 6 -  Casualty
  Damage or Condemnation

  
	
   

  	
  Section
  6.1.

  	
  Risk
  of Loss

  	
   

  
	
   

  	
  Section
  6.2.

  	
  Condemnation

  	
   

  
	
  ARTICLE 7 - Representations, Warranties and
  Covenants

  
	
   

  	
  Section
  7.1.

  	
  Condition
  of Property

  	
   

  
	
   

  	
  Section
  7.2.

  	
  Purchaser’s
  Representations

  	
   

  
	
   

  	
  Section
  7.3.

  	
  Seller’s
  Representations

  	
   

  
	
   

  	
  Section
  7.4.

  	
  Seller’s
  Knowledge; Purchaser’s Knowledge

  	
   

  
	
  ARTICLE 8 - Closing

  
	
   

  	
  Section
  8.1.

  	
  Closing
  Date

  	
   

  
	
   

  	
  Section
  8.2.

  	
  Seller’s
  Deliveries

  	
   

  
	
   

  	
  Section
  8.3.

  	
  Purchaser’s
  Deliveries

  	
   

  
	
   

  	
  Section
  8.4.

  	
  Costs
  and Prorations

  	
   

  
	
  ARTICLE 9 - Real Estate Commission

  
	
   

  	
  Section
  9.1.

  	
  Indemnity

  	
   

  
	
  ARTICLE 10 - Termination and Default

  
	
   

  	
  Section
  10.1.

  	
  Termination
  without Default

  	
   

  
	
   

  	
  Section
  10.2.

  	
  Purchaser’s
  Default

  	
   

  
	
   

  	
  Section
  10.3.

  	
  Seller’s
  Default

  	
   

  
	
   

  	
  Section
  10.4.

  	
  Breach
  of Representations

  	
   

  
	
  ARTICLE 11 - Miscellaneous

  
	
   

  	
  Section
  11.1.

  	
  Entire
  Agreement

  	
   

  
	
   

  	
  Section
  11.2.

  	
  Binding
  On Successors and Assigns

  	
   

  
															

 

i

 

	
   

  	
  Section
  11.3.

  	
  Assignment
  by Purchaser

  	
   

  
	
   

  	
  Section
  11.4

  	
  Waiver

  	
   

  
	
   

  	
  Section
  11.5.

  	
  Governing
  Law

  	
   

  
	
   

  	
  Section
  11.6.

  	
  Counterparts

  	
   

  
	
   

  	
  Section
  11.7.

  	
  Notices

  	
   

  
	
   

  	
  Section
  11.8.

  	
  Attorneys’
  Fees

  	
   

  
	
   

  	
  Section
  11.9.

  	
  IRS
  Real Estate Sales Reporting

  	
   

  
	
   

  	
  Section
  11.10.

  	
  Time
  Periods

  	
   

  
	
   

  	
  Section
  11.11.

  	
  Modification
  of Agreement

  	
   

  
	
   

  	
  Section
  11.12.

  	
  Descriptive
  Headings; Word Meaning

  	
   

  
	
   

  	
  Section
  11.13.

  	
  Time
  of the Essence

  	
   

  
	
   

  	
  Section
  11.14

  	
  Construction
  of Agreement

  	
   

  
	
   

  	
  Section
  11.15.

  	
  Limitations
  on Liability

  	
   

  
	
   

  	
  Section
  11.16.

  	
  Severability

  	
   

  
	
   

  	
  Section
  11.17.

  	
  No
  Recording

  	
   

  
	
   

  	
  Section
  11.18

  	
  No
  Implied Agreement

  	
   

  

 

ii

 

	
  Exhibits

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Exhibit A

  	
  - Legal Description

  	
   

  
	
   

  	
  Exhibit A-1

  	
  - Real Property Description

  	
   

  
	
   

  	
  Exhibit B

  	
  - Assignment of Leases

  	
   

  
	
   

  	
  Exhibit C

  	
  - Bill of Sale

  	
   

  
	
   

  	
  Exhibit D

  	
  - Deed

  	
   

  
	
   

  	
  Exhibit E

  	
  - Lease Schedule

  	
   

  
	
   

  	
  Exhibit F

  	
  - Syratech Lease

  	
   

  
	
   

  	
  Exhibit G

  	
  - Contract Schedule

  	
   

  
	
   

  	
  Exhibit H

  	
  - Tenant Notice

  	
   

  
	
   

  	
  Exhibit I

  	
  - Estoppel

  	
   

  
	
   

  	
  Exhibit J

  	
  - Due Diligence

  	
   

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS
PURCHASE AND SALE AGREEMENT (this “Agreement”)
dated as of November 26, 2003, by and between Leonard Florence Associates,
Inc., a Massachusetts corporation (“Seller”), and Berkeley Investments, Inc., a
Massachusetts corporation (the “Purchaser”) and Syratech Corporation, a
Massachusetts corporation (“Syratech”) solely for the purposes of Section 11.19
hereof with respect to the property located at 175 McClellan Highway and 144
Addison Street, East Boston, Massachusetts.

 

In consideration of the mutual promises hereinafter set forth and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1

 

Definitions

 

Section 1.1            Definitions.  For purposes of this Agreement, the
following terms shall have the respective meanings set forth below:

 

“Assignment of Leases” shall mean an assignment and assumption
of leases substantially in the form attached hereto as Exhibit B.

 

“Bill of Sale” shall mean a bill of sale and general assignment
substantially in the form attached hereto as Exhibit C.

 

“Budget Lease” shall mean a lease between Leonard Florence
Associates, Inc., and Budget Rent A Car Systems, Inc., dated July 28, 1994, as
amended.

 

“Business Day” shall mean any day of the week other than
Saturday, Sunday, or a day on which banking institutions in Boston,
Massachusetts are obligated or authorized by law or executive action to be
closed to the transaction of normal banking business.

 

“Closing” shall mean the consummation of the purchase and sale
of the Property pursuant to the terms of this Agreement.

 

“Closing Date” shall mean December 15, 2003, as such date may be
extended in accordance with Section 3.2, 6.1. or 6.2.

 

“Closing Statement” shall have the meaning set forth in Section
8.4(a).

 

“Confidential Information” shall mean the existence and terms of
this Agreement and all information concerning the Property and Seller,
excluding information that is available to Purchaser from sources other than
Seller or its agents.

 

“Contracts” shall mean all service or management contracts
affecting the Real Property.

 

 

“Deed” shall mean a quitclaim deed substantially in the form
attached hereto as Exhibit D.

 

“Deposit” shall have the meaning set forth in Section 2.3.

 

“EB Land Use Agreement” shall that certain agreement dated
September 28, 1993 between Seller and East Boston Land Use Council.

 

“Escrow Agent” shall mean the Title Company.

 

“Final Closing Adjustment” shall have the meaning set forth in Section
8.4(f).

 

“Hazardous Materials” shall mean any substance which is or
contains: (i) any “hazardous substance” as now or hereafter defined in the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (42 U.S.C. Section 9601 et seq.) or any regulations promulgated
thereunder; (ii) any “hazardous waste” as now or hereafter defined the Resource
Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.) or regulations
promulgated thereunder; (iii) any substance regulated by the Toxic Substances
Control Act (15 U.S.C. Section 2601 et. seq.); (iv) gasoline, diesel fuel or
other petroleum hydrocarbons; (v) asbestos and asbestos containing materials,
in any form, whether friable or nonfriable; (vi) polychlorinated biphenyls;
(vii) radon gas; and (viii) any additional substances or materials which are
now or hereafter classified or considered to be hazardous or toxic under any
laws, ordinances, statutes, codes, rules, regulations, agreements, judgments,
orders and decrees now or hereafter enacted, promulgated, or amended, of the
United States, the states, the counties, the cities or any other political
subdivisions in which the Real Property is located and any other political
subdivision, agency or instrumentality exercising jurisdiction over the owner
of the Real Property, the Real Property or the use of the Real Property
relating to pollution, the protection or regulation of human health, natural
resources or the environment, or the emission, discharge, release or threatened
release of pollutants, contaminants, chemicals or industrial, toxic or
hazardous substances or waste into the environment (including ambient air,
surface water, ground water or land or soil).

 

“Improvements” shall mean all buildings, structures and other
improvements located on the Land and any building fixtures and building
operating systems.

 

“Intangible Property” shall mean all of Seller’s right, title
and interest, if any, in and to all (a) warranties, guaranties, licenses,
permits and approvals relating to the Property, (b) all Contracts and (c) all
plans and specifications relating to the Improvements, in each case to the
extent the same may be legally assigned by Seller.

 

“Land” shall mean the parcel of land described on Exhibit A
attached hereto, together with the interest of the Seller, if any, in all,
rights and easements belonging to such land, and in and to any streets, alleys
or rights of way adjacent thereto.

 

“Lease Schedule” shall mean the schedule of leases attached
hereto as Exhibit
E.

 

“Leases” shall mean the leases identified in the Lease Schedule
hereto together with any leases hereafter entered into pursuant to the
provisions of Section 3.4.

 

2

 

“Operating Expenses” shall mean all costs, expenses, charges and
fees relating to the ownership, management, operation, maintenance and repair
of the Real Property, including electricity, gas, water and sewer charges,
telephone and other public utilities, condominium fees, periodic charges
payable under Contracts (to the extent assumed by Purchaser), periodic fees
payable under transferable licenses for the operation (as opposed to the construction)
of the Improvements and payments under the EB Land Use Agreement.

 

“Permitted Exceptions” shall mean: (a) the Leases; (b) all
matters of public record as of the date hereof or such later date as Purchaser
may conduct its initial title examination (other than Seller Mortgages or other
monetary liens to the extent provided in Section 3.2), or which would have been
disclosed by an ALTA survey as of the date hereof or such later date as
Purchaser may have obtained a survey and;
(c) all matters, whether or not of record, that arise out of the actions
of Purchaser or its agents, representatives or contractors.

 

“Person” shall mean any individual, estate, trust, partnership,
limited liability company, limited liability partnership, corporation, governmental
agency or other legal entity.

 

“Personal Property” shall mean all equipment, machinery and
other tangible personal property, if any, owned by Seller and located on and
(except the emergency generator located in the basement of the Improvements),
used in connection with the operation of the Real Property (as opposed to the
operation of the business of Syratech or its subsidiaries conducted thereon).

 

“Property” shall mean the Real Property, the Personal Property,
the Intangible Property and the Leases.

 

“Purchase Price” shall mean the purchase price for the Property
as specified in Section 2.2.

 

“Real Estate Taxes” shall mean all taxes, assessments, and other
charges, if any, general, special or otherwise, including all assessments for
public betterments and general or local improvements, levied or assessed upon
or with respect to the ownership of and/or all other taxable interests in the
Real Property imposed by any public or quasi-public authority.

 

“Real Property” shall mean all of the units (and their undivided
interest in all common areas and facilities) of the 144 Addison Street
Condominium formed with respect to the Land and the Improvements thereon and
more particularly described in Exhibit A-1 hereto.

 

“Seller Mortgage” shall mean any mortgage or deed of trust and
all related security documents granted by Seller and encumbering the Property.

 

“Seller Parties” shall mean Seller and Seller’s direct and
indirect owners, and their respective agents, officers, directors, trustees,
partners, members, advisors, managers and employees.

 

“Seller Representations” shall mean the representations and
warranties of Seller set forth in Section 7.3.

 

“Seller’s Broker” shall mean Meredith & Grew, Inc.

 

3

 

“Study Period” shall mean the period commencing on the date
hereof and ending at 5:00 p.m. East Coast time on December 5, 2003, as extended
with respect to environmental matters only as provided in Section 5.2 below.

 

“Syratech Lease” shall mean a lease in the form of Exhibit F
hereto to be executed at Closing.

 

“Survey” shall have the meaning set forth in Section 4.1.

 

“Third-Party Estimate” shall have the meaning set forth in
Section 6.1.

 

“Title Company” shall mean Lawyers Title Insurance Corporation
whose address is c/o LandAmerica Financial Group, Inc., 150 Federal Street,
Boston, Massachusetts 02110; Telephone: (617) 619-4808; Telecopier:  (617) 619-4848; Attention:  Robert J. Capozzi, Esquire; email:
rcapozzi@landam.com.

 

ARTICLE 2

 

Agreement;
Purchase Price

 

Section 2.1.           Agreement
to Sell and Purchase.  Subject to the terms and provisions
hereof, Seller agrees to sell the Property to Purchaser, and Purchaser agrees
to purchase the Property from Seller.

 

Section 2.2.           Purchase
Price.  The Purchase
Price for the Property shall be Fifteen Million Eight Hundred Thousand Dollars
($15,800,000).  Subject to the
adjustments and apportionments as hereinafter set forth, Purchaser shall pay
the Purchase Price on the Closing Date by wire transfer of immediately
available federal funds in accordance with Seller’s directions.

 

Section 2.3.           Deposits.

 

(a)           On
the date hereof, Purchaser is depositing with the Escrow Agent a deposit
(which, together with any additional deposit made pursuant to Section 2.3(b)
and any interest thereon is herein called the “Deposit”) in the amount of Two
Hundred Fifty Thousand Dollars ($250,000). 
The Deposit shall be held in a segregated interest bearing money market
account and shall be applied as provided herein.

 

(b)           If
this Agreement is not terminated pursuant to the provisions of Section 5.2
hereof, Purchaser shall deposit with the Escrow Agent not later than the first
Business Day following the expiration of the Study Period, an additional
deposit in the amount of Two Hundred Fifty Thousand Dollars ($250,000) in
immediately available federal funds.

 

(c)           The
Escrow Agent shall not be liable for any action or non-action taken in good
faith in connection with the performance of its duties hereunder but shall be
liable only for its willful default or misconduct.  Notwithstanding anything in this Agreement to the contrary,
should any dispute arise with respect to the Deposit, the Escrow Agent shall
retain the same until such dispute has been settled (i) by mutual agreement of
the parties or (ii) by final order, decree

 

4

 

or judgment of a court of
competent jurisdiction (and no such order, decree or judgment shall be deemed
final unless the time of appeal has expired and no appeal has been perfected)
and the Escrow Agent shall make payment of the Deposit (and interest thereon)
as the parties may have mutually agreed or in accordance with such final order,
decree or judgment.  In no event shall
the Escrow Agent be under any duty whatsoever to institute or defend any such
proceeding.

 

ARTICLE 3

 

Conditions
Precedent; Activities Prior to Closing

 

Section 3.1.           Conditions
Precedent Favoring Purchaser. 
Purchaser’s obligations under this Agreement are subject to the timely
fulfillment of the conditions set forth in this Section 3.1 on or before the
Closing Date.

 

(a)           Seller
shall have delivered all of the items set forth in Section 8.2 hereof.

 

(b)           On
the Closing Date, the Property shall be free of all tenants and occupants
except the tenants under the Leases and in the same condition as it is at the
end of the Study Period, reasonable wear and tear and the matters covered by
the provisions of Article 6 excepted.

 

(c)           On
the Closing Date, good and marketable title to the Real Property shall be
conveyed to Purchaser subject only to the Permitted Exceptions and Real Estate
Taxes which are not yet due and payable.

 

(d)           On
the Closing Date, there shall exist no pending or threatened action, suit or
proceeding with respect to Seller before or by any court or administrative
agency which seeks to restrain or prohibit, or to obtain damages or a discovery
order with respect to, this Agreement or the consummation of the transaction
contemplated hereby.

 

(e)           On
the Closing Date, there shall exist no actions, suits, arbitrations, claims,
attachments, proceedings, assignments for the benefit of creditors, insolvency,
bankruptcy, reorganization or other proceedings, pending or threatened against
Seller that could affect Seller’s ability to perform its respective obligations
under this Agreement or that could affect the Property.

 

(f)            No
material adverse change shall have occurred in the financial condition of
Syratech or the tenant under the Budget Lease since the date of this Agreement.

 

(g)           On
the Closing Date, there shall exist no default continuing after applicable
grace periods by the landlord or tenant under the Budget Lease.

 

(h)           On
the Closing Date, the representations set forth in clauses (a), (c) through
(f), (g) (as it relates solely to the Leases to Budget Rent-A-Car Systems,
Inc.) (h) (i), (j), (k), (l), (m) and (n) of Section 7.3 shall be true and
correct in all material respects.  For
the purposes of determining whether a particular matter is material pursuant to
clauses (i), (k) and (m) of Section 7.3, the sum of the cost of the cure of a
violation under clause (i), as reasonably estimated by an independent
contractor or engineer obtained by Seller plus the economic cost of

 

5

 

any deviation from the
representation made pursuant to clauses (k) and (m) of Section 7.3 as
reasonably determined by Buyer’s professional consultants, shall exceed $75,000
in the aggregate.

 

(i)            On
the Closing Date, Seller shall deliver estoppel certificates with respect to
the Leases to Budget Rent A Car Systems, Inc. and Galante Enterprises, Inc.,
substantially in the form of Exhibit I hereto which are not inconsistent with
the information set forth in the Lease Schedule and which, in the case of the
Leases to Budget Rent-A-Car Systems, Inc. shall not claim any default on the
part of Seller.

 

(j)            The
representations set forth in Section 7.3 shall have been true and correct when
made

 

Section 3.2.           Extension.  If the conditions set forth in this Section 3.1
or any other condition of Closing shall not have been fulfilled (or waived by
Purchaser) on or before the Closing Date, Seller shall use reasonable efforts
to cause such conditions to be fulfilled and shall have the right, exercisable
by written notice to extend the Closing Date from time to time for a period of
up to sixty (60) days in the aggregate to provide additional time for the
fulfillment of such conditions. The term “reasonable efforts” shall in no event
require Seller to expend more than $100,000 (inclusive of costs, including lien
bonds, and reasonable attorney’s fees) or to commence litigation; provided that
such $100,000 limit shall not apply to Seller Mortgages or liens which Seller
is not disputing in good faith. If at the end of the extended period the Seller
despite the use of reasonable efforts, shall have failed to fulfill any
previously unfulfilled conditions, Purchaser may elect to either waive the
condition and proceed to Closing or to terminate this Agreement by notice to
Seller given on or before the extended Closing Date, in which event, the
Deposit shall be refunded to Purchaser and this Agreement shall terminate and
neither party shall have any further obligation hereunder except with respect
to matter expressly surviving the termination of this Agreement.

 

Section 3.3.           Conditions
Precedent Favoring Seller. 
In addition to any other condition precedent in favor of Seller as may
be expressly set forth elsewhere in this Agreement, Seller’s obligations under
this Agreement are expressly subject to the timely fulfillment of the conditions
set forth in this Section 3.3 on or before the Closing Date.

 

(a)           Purchaser
shall have delivered all of those items set forth in Section 8.3 hereof.

 

(b)           On
the Closing Date, there shall exist no pending or threatened action, suit or
proceeding with respect to Purchaser (or its assignee) before or by any court
or administrative agency which seeks to restrain or prohibit, or to obtain
damages or a discovery order with respect to, this Agreement or the
consummation of the transaction contemplated hereby.

 

(c)           Payment
of the Purchase Price.

 

Section 3.4.           Leasing
and Other Activities Prior to Closing .

 

(a)           Commencing on the date
of this Agreement and continuing until the date that is two (2) Business Days
prior to the expiration of the Study Period, Seller may not enter into new

 

6

 

leases of space in the Real
Property or any amendments, expansions or renewals of the Leases, or accept the
termination of any Lease except upon the expiration of the scheduled term
thereunder, without, in each case, obtaining the prior written consent of
Purchaser, which shall not be unreasonably withheld.  Commencing two (2) Business Days prior to the end of the Study
Period, Seller shall not enter into any new leases or any amendments,
expansions or renewals or terminations of the Leases without Purchaser’s
approval which approval Purchaser may withhold in its sole discretion. Seller
shall deliver to Purchaser either a copy of any lease or modification that it
intends to enter into or a summary of the proposed terms thereof indicating the
name of the tenant, location and size of the premises, the term of the lease
(and any extension options), rent, landlord’s construction obligation or
construction contribution, free rent period, base amounts for tax and operating
escalations and any expansion options. Purchaser’s approval under this Section
3.4 shall be deemed granted if not denied within five (5) Business Days after
Purchaser’s receipt of such form of lease (or modification) or summary thereof
with specific reasons therefor.

 

(b)           During the term of this
Agreement Seller (i) shall not enter into any new Contract or modify any
existing Contract which new Contract (or modification) would be binding on
Purchaser or the Property after Closing, (ii) shall maintain in effect its
existing policies of insurance and (iii) shall not remove any Personal Property
from the Real Property except in the ordinary course of business.  Not later than the end of the Study Period,
Buyer shall notify Seller which Contracts it desires to assume and Seller
shall, within thirty (30) days after the Closing, at its expense, terminate all
other Contracts.

 

(c)           Seller shall request
estoppel certificates from all tenants under the Leases (other than Travaglini
Insurance Agency) in the form of Exhibit I hereto, but, except as provided in
Section 8.2, the delivery thereof shall not be a condition of Closing. Upon the
receipt of completed forms, Purchaser shall initially request and, if not
received, request a second time subordination and non-disturbance agreements
with respect to any Leases requested by Purchaser or its lender (other than
Travaglini Insurance) but the delivery thereof shall not be a condition of
Closing.

 

ARTICLE 4

 

Survey
and Title Commitment

 

Section 4.1.           Title and Survey.  Promptly after the date of this Agreement,
Purchaser shall conduct such title examinations and obtain such surveys as it
may desire.

 

ARTICLE 5

 

Due
Diligence

 

Section 5.1.           Access.  (a) 
During the Study Period (as extended with respect to environmental
matters only, as provided in Section 5.2 below), Purchaser, personally or
through its authorized agents or representatives, shall be entitled upon
reasonable advance notice to Seller to enter upon the Property during normal business
hours (with due regard to the rights of tenants) and shall have the right to
make such investigations, including but not limited to appraisals,

 

7

 

engineering studies, soil
tests, environmental studies and underwriting analyses, as Purchaser deems
necessary or advisable, subject to the following limitations:  (a) such access shall not violate any law or
agreement to which Seller is a party or otherwise expose Seller to a material
risk of liability; (b) Purchaser shall give Seller notice at least one (1)
Business Day (which notice may be verbal) before conducting any inspections,
and a representative of Seller shall have the right to be present when
Purchaser or its representatives conducts its or their investigations; (c)
Purchaser shall promptly repair any damage to the Property or any portion
thereof resulting therefrom to substantially the same condition as existed
immediately prior to such investigations; (d) before Purchaser or its agents
enter onto the Property, Purchaser shall deliver to Seller a certificate of
insurance, evidencing commercial general liability insurance (including
property damage, bodily injury, death and contractual liability) issued by an
insurance company having a rating of least “A-VII” by A.M.  Best Company, with combined limits of at
least One Million Dollars ($1,000,000) and, in the case of invasive testing, at
least Three Million Dollars ($3,000,000); and (e) Purchaser shall: (i) use
reasonable efforts to perform all on-site due diligence reviews on an
expeditious and efficient basis; and (ii) indemnify, hold harmless and defend
the Seller Parties against, and hold the Seller Parties harmless from, all
loss, liability, claims, costs (including reasonable attorneys’ fees), liens
and damages caused by the activities of Purchaser or its agents or contractors
under this paragraph; provided that Purchaser’s indemnification obligations
shall not extend to any loss, liability, claims, costs (including reasonable
attorneys’ fees), liens and damages which arise out of conditions discovered by
Purchaser and pre-existing Purchaser’s investigation of the Property, or to the
extent caused by the negligence of any of the Seller Parties.  The foregoing repair and indemnification
obligations shall survive the Closing or termination of this Agreement and the
foregoing indemnity obligation shall survive the Closing.

 

(b)           Seller
has provided to Purchaser copies of the Leases, the Contracts, the EB Land Use
Agreement, operating expense information, site plans, surveys, environmental
reports, title policies and commitments and other information regarding the
Property.  Seller will cooperate
reasonably with Purchaser in making available, to the extent in its possession,
additional records and other documents relative to the Property.  Such items may be examined at all reasonable
times during normal business hours upon prior reasonable notice to Seller.

 

Section 5.2.           Due Diligence.  (a) Purchaser shall have through the end of
the Study Period to physically inspect the Property, review economic data,
conduct appraisals, perform examinations of the physical condition of the
Improvements, examine title, examine the Real Property for the presence of
Hazardous Materials and compliance with law, and to otherwise conduct such due
diligence review of the Property and all records and other materials related
thereto as Purchaser, in its absolute discretion, deems appropriate.  If, between the date of this Agreement and
the end of the Study Period, Purchaser shall, for any reason or no reason in
Purchaser’s sole discretion, determine that it does not wish to purchase the
Property, Purchaser shall be entitled to terminate this Agreement by giving
notice thereof to Seller prior to the expiration of the Study Period, and
thereupon the Deposit shall promptly be returned to Purchaser and, except for
matters specifically surviving the termination of this Agreement, Seller and
Purchaser shall have no further obligations or liabilities to each other
hereunder.  If Purchaser fails to give
such notice prior to the expiration of the Study Period, it shall conclusively
be deemed to have elected to waive its right to terminate this Agreement under
this

 

8

 

Section 5.2(a) and
shall be obligated to purchase the Property in its condition “AS IS” as of the
end of the Study Period, except as otherwise provided in paragraph (b) below.

 

(b)           Notwithstanding
the foregoing, Seller hereby agrees that the Study Period shall be extended to
December 15, 2003, in order to allow Purchaser to conduct additional due
diligence with respect to the environmental condition of the Property.  If Purchaser shall not be satisfied with the
environmental condition of the Property in its sole and absolute discretion,
Purchaser shall be entitled to terminate this Agreement at any time prior to
December 15, 2003 by giving notice thereof to Seller, and thereupon the Deposit
shall promptly be returned to Purchaser and, except for matters specifically
surviving the termination of this Agreement, Seller and Purchaser shall have no
further obligations or liabilities to each other hereunder.  If Purchaser fails to give such notice prior
to the expiration of the Study Period as so extended, it shall conclusively be
deemed to have elected to waive its right to terminate this Agreement under
this Section 5.2(b) and shall be obligated to purchase the Property in its
condition “AS IS” as of the end of the Study Period as so extended.

 

Section 5.3.           Confidentiality.  Purchaser shall hold all Confidential
Information in confidence and shall not at any time disclose or permit the
disclosure of the Confidential Information to any Person without Seller’s prior
written consent.  Purchaser further
agrees to use the Confidential Information only for purposes of evaluating the
Property in connection with its purchase thereof in accordance with the terms
of this Agreement.  Notwithstanding the
foregoing (i) Purchaser may disclose the Confidential Information to its
agents, representatives, legal counsel, accountants, potential lenders and
investors, and similar third parties that need to review the Confidential
Information in connection with Purchaser’s purchase of the Property in
accordance with the terms of this Agreement all of whom shall agree to hold
such Information pursuant to the provisions of this Section 5.3, (ii) Purchaser
may disclose the Confidential Information to the extent that such disclosure is
required by law or court order, provided that Purchaser first shall provide
written notice thereof to Seller and (iii) Purchaser may disclose that it is a
party to this Agreement in connection with any discussion with potential
tenants regarding the potential leasing of space at the Property.  If this Agreement is terminated before the Closing,
Purchaser promptly shall return to Seller the Confidential Information which
has been provided by Seller and shall not retain copies thereof.  Neither Seller nor Purchaser shall make any
public announcements prior to Closing concerning the sale of the Property
pursuant to this Agreement without first obtaining the prior written consent of
the other.  At Seller’s request,
Purchaser shall provide Seller with complete copies of all third party
engineering and environmental reports obtained by Purchaser in connection with
the Property; provided that if such termination results from failure of Seller
to satisfy the conditions of Section 3.1 or any default of Seller, Seller
reimburses Purchaser for the actual cost paid therefor.  The provisions of this paragraph shall
survive the Closing or termination of this Agreement.

 

Section 5.4.           Reporting.  In the event that Purchaser’s due diligence
reveals any condition that in Purchaser’s judgment requires disclosure to any
governmental agency or authority, Purchaser shall promptly notify Seller
thereof.  In such event, Seller, and not
Purchaser or anyone acting on Purchaser’s behalf, shall make such disclosures
as the Seller deems appropriate in accordance with applicable law.  Notwithstanding the foregoing, Purchaser may
disclose matters concerning the Property to a governmental authority if,
Purchaser reasonably

 

9

 

believes it is required by law
to make such disclosure, and (b) Purchaser gives Seller reasonable prior notice
(which may be verbal) of the proposed disclosure.

 

Section 5.5            No Suit.  In view of the fact that Purchaser is
relying on its own due diligence in connection with the purchase of the
Property, Purchaser hereby agrees not to initiate or join in any legal
proceeding against Seller (other than a claim based on any indemnity or
representation made by Seller herein to the extent permitted hereby),  relating to the condition of the Property or
the violation by the Property of any applicable law, rule or regulation
(including any claim with respect to Hazardous Materials) which existed as of
the date of Closing.

 

Section 5.6.           Certain Information.  Subject to Section 7.3, Purchaser
understands and agrees that the documents, reports and other information which
has been, or may be, provided or made available to Purchaser are provided for
Purchaser’s convenience and are without any representation or warranty, express
or implied, as to the completeness or accuracy of the facts, presumptions,
conclusions or other matters contained therein.  Purchaser has been expressly advised by Seller to conduct such
independent investigations and inspections regarding the Property as Purchaser
deems to be necessary.  Purchaser shall
rely only on the Seller Representations and upon Purchaser’s own investigations
and inquiries with respect to its acquisition of the Property.

 

Section 5.7.           Update.  On December 3, 2003, Seller will notify
Purchaser if there have been any changes that have occurred in Seller’s
representations set forth in Section 7.3.

 

ARTICLE 6

 

Casualty
Damage or Condemnation

 

Section 6.1.           Risk of
Loss.  (a) In the event
all or a portion of the Improvements should be damaged or destroyed by fire or
other casualty prior to Closing such based on an estimate obtained from an
independent contractor (the “Third Party Estimate”) of the cost to repair the
same exceeds Five Hundred Thousand Dollars ($500,000.00) and such damage or
distribution would not permit the tenant under the Budget Lease to terminate
the same prior to its then expiration date, Seller shall have ten (10) days to
notify Purchaser and provide the Third Party Estimate and Purchaser may, at
Purchaser’s sole option, elect to either:

 

(i)            terminate
this Agreement whereupon, the Deposit shall promptly be returned to Purchaser
and, except for matters specifically surviving the termination of this
Agreement, Seller and Purchaser shall have no further obligations or
liabilities to each other hereunder; or

 

(ii)           close
the transaction contemplated by this Agreement.

 

(b)           In
the event of a fire or other casualty as to which Purchaser is not permitted to
terminate pursuant to Section 6.1(a) or (ii) with respect to which Purchaser
elects to proceed pursuant to Section 6.1(a)(ii), Purchaser shall
purchase the Property in accordance with the terms hereof and Seller shall
assign to Purchaser at Closing all insurance proceeds previously paid and not
expended for the repair of the Improvements (less the cost of obtaining the
same) and payable on account of such damage and loss of rents with respect to
any Lease under which

 

10

 

the Tenant is entitled to a
rent abatement, plus any deductible amounts not expended for the repair of the
Improvements (not to exceed the Third Party Estimate).  Purchaser shall be deemed to have elected to
proceed under Section 6.1(a)(ii) unless, within ten (10) days from receipt
of notice of such casualty and receipt of the Third Party Estimate Purchaser
gives Seller notice that Purchaser elects to terminate this Agreement pursuant
to Section
6.1 (a)(i).

 

(c)           If
necessary, the Closing Date shall be postponed to allow for Seller’s ten (10)
day notice and Purchaser’s ten (10) days to respond as set forth in this Section 6.1.

 

Section 6.2.           Condemnation.  (a) 
In the event that all or any portion of the Property should be condemned
by right of eminent domain prior to the Closing, Seller shall within ten
(10)  days after receipt of notice
thereof notify Purchaser of such condemnation and Purchaser may, at Purchaser’s
sole option, elect either to:

 

(i)            terminate
this Agreement whereupon, the Deposit shall promptly be returned to Purchaser
and, except for matters specifically surviving the termination of this
Agreement, Seller and Purchaser shall have no further obligations or
liabilities to each other hereunder; or

 

(ii)           close
the transaction contemplated by this Agreement.

 

(b)           If
Purchaser elects to proceed under Section 6.2(a)(ii), Purchaser shall
purchase the Property in accordance with the terms hereof (without reduction in
the Purchase Price) and Seller shall assign to Purchaser at Closing all
condemnation proceeds paid (less the reasonable third party costs of obtaining
the same), or payable as a result of such condemnation.  Purchaser shall be deemed to have elected to
proceed under Section 6.2(a)(ii) unless, within ten (10) days from receipt
of notice of the condemnation, Purchaser gives Seller notice that Purchaser
elects to terminate this Agreement pursuant to Section 6.2(a)(i).

 

(c)           If
necessary, the Closing Date shall be postponed to allow for Seller’s ten (10)
day notice and Purchaser’s ten (10) days to respond as set forth in Section
6.2.

 

ARTICLE 7

 

Condition
of Property, Representations, Warranties and Covenants

 

Section 7.1.           Condition of
Property.

 

(a)           Purchaser
acknowledges that it is an experienced and sophisticated purchaser of
commercial real estate projects such as the Property and that, prior to the end
of the Study Period, it will conduct and rely on its own investigations,
examinations, inspections and analysis of the Property as Purchaser, in its
absolute discretion, may deem appropriate. 
Purchaser further acknowledges that, except for Seller Representations,
Purchaser has not relied upon any statements, representations or warranties by
Seller or any agent of Seller.

 

(b)           Purchaser
agrees that the Property shall be sold and that Purchaser shall accept
possession of the Property strictly on an “as is, where is, with all faults”
basis, with no right of set-off or reduction in the Purchase Price, and that,
except for the Seller Representations,

 

11

 

such sale shall be without
representation or warranty of any kind, express or implied, including any
warranty of income potential, operating expenses, uses, merchantability or
fitness for a particular purpose, and Seller does hereby disclaim and renounce
any such representation or warranty. 
Purchaser specifically acknowledges that except for the Seller Representations,
Purchaser is not relying on any representations or warranties of any kind
whatsoever, express or implied, from Seller, or any broker or other agents as
to any matters concerning the Property including: (1) the condition or safety
of the Property or any improvements thereon, including plumbing, sewer, heating
and electrical systems, roofing, air conditioning, if any, foundations, soils
and geology, lot size, or suitability of the Property for a particular purpose;
(2) whether the appliances, if any, plumbing or utilities are in working order;
(3) the habitability or suitability for occupancy of any structure and the
quality of its construction; (4) the fitness of any Personal Property; (5)
whether the Improvements are structurally sound, in good condition, or in
compliance with applicable city, county, state or federal statutes, codes or
ordinances; (6) the condition of title to the Property; (7) the profitability
or losses or expenses relating to the Property; (8) the legal or tax
consequences of this agreement or the transactions contemplated hereby; (9) the
possible presence of Hazardous Materials in, under or near the Property; and
(10) the completeness or accuracy of any information provided to Purchaser by
Seller or its agents.  Purchaser understands
the legal significance of the foregoing provisions and acknowledges that they
are a material inducement to Seller’s willingness to enter into this Agreement.

 

Section 7.2.           Purchaser’s
Representations.  Purchaser
warrants and represents to Seller as of the date hereof as follows:

 

(a)           Purchaser
is a corporation duly formed, validly existing, good standing under the laws of
the Commonwealth of Massachusetts.

 

(b)           There
are no actions, suits or proceedings pending or, to the knowledge of Purchaser,
threatened, against or affecting Purchaser which, if determined adversely to
Purchaser, would adversely affect its ability to perform its obligations
hereunder.

 

(c)           Neither
the execution, delivery or performance of this Agreement nor compliance
herewith (a) conflicts or will conflict with or results or will result in a
breach of or constitutes or will constitute a default under (1) the charter
documents or by-laws of Purchaser, (2) to Purchaser’s knowledge, any law or any
order, writ, injunction or decree of any court or governmental authority, or (3)
any agreement or instrument to which Purchaser is a party or, to its knowledge,
by which it is bound or (b) results in the creation or imposition of any lien,
charge or encumbrance upon its property pursuant to any such agreement or
instrument.

 

(d)           No
authorization, consent, or approval (including any governmental authority is
required for the execution and delivery by Purchaser of this Agreement or the
performance of its obligations hereunder.

 

(e)           Purchaser’s
taxpayer identification number is 04-3379238.

 

Section 7.3.           Seller’s
Representations.  Seller
warrants and represents to Purchaser as of the date hereof as follows:

 

12

 

(a)           Seller
is a duly formed and validly existing corporation under the laws of the
Commonwealth of Massachusetts.

 

(b)           There
are no actions, suits or proceedings pending or, to Seller’s knowledge,
threatened, against or affecting (i) it which, if determined adversely to it,
would adversely affect its ability to perform its obligations hereunder or (ii)
the Property

 

(c)           It
has full right, power and authority and is duly authorized to enter into this
Agreement, to perform each of the covenants on its part to be performed
hereunder and to execute and deliver, and to perform its obligations under all
documents required to be executed and delivered by it pursuant to this
Agreement.

 

(d)           Neither
the execution, delivery or performance of this Agreement nor compliance
herewith (a) conflicts or will conflict with or results or will result in a breach
of or constitutes or will constitute a default under (1) its constituent
documents, (2) to Seller’s knowledge, any law or any order, writ, injunction or
decree of any court or governmental authority, or (3) to Seller’s knowledge,
any agreement or instrument to which it is a party or by which it is bound
(including any recorded property agreement) or (b) results in the creation or
imposition of any lien, charge or encumbrance upon its property pursuant to any
such agreement or instrument.

 

(e)           No
authorization, consent, or approval of any governmental authority (including
courts) is required for the execution and delivery by it of this Agreement or
the performance of its obligations hereunder.

 

(f)            It
is not a “foreign person” as defined in Section 1445 of the Code; and its
taxpayer identification number is 04-2904074.

 

(g)           The
Lease Schedule is a list of all Leases currently in effect with respect the
Property being sold by it and (i) the information contained therein is true,
correct and complete in all material respects, (ii) except for those tenants in
possession of the Property under the Leases, as shown on the Lease Schedule,
there are no tenants in possession of, or claiming any possession to, any
portion of the Property; (iii) the Leases are in full force and effect (subject
to the effect of the proceedings relating to the prior bankruptcy of Budget
Rent-A-Car Systems, Inc.); (iv) no rent has been paid more than thirty (30)
days in advance of the date due; (v) no leasing commissions under the Leases
shall be due for any period subsequent to the Closing based on any agreement
with Seller; (vi) there are no security deposits or other deposits except as
shown on the Lease Schedule and (vii) Seller has not sent any notice of default
to any Tenant under any Lease or received any written notice of default from
any such Tenant which claimed default remains uncured or unresolved.

 

(h)           Attached
hereto as Exhibit
G is a true, correct and complete list of all Contracts in effect
with respect to the Property and Purchaser has been provided with true accurate
and complete copies of all Contracts and any amendments thereto.

 

13

 

(i)            It
has received no written notice from any governmental authority of any violation
of any law, statute, code, ordinance or regulation applicable to the Property
which has not been cured.

 

(j)            It
has received no written notice from any third party of any violation by Seller
of any recorded agreement to which it is a party.

 

(k)           It
has received no written notice from any governmental authority regarding any
change to the zoning classification, any anticipated condemnation proceedings
(which have not been abandoned) or proceedings to widen, realign, change grade
or limit the use of any street adjacent or providing access to the Property, or
any special taxes or assessments levied or to be levied against the Property or
any part thereof.

 

(l)            Seller
has delivered to Purchaser all third party environmental and structural reports
prepared for it within two years prior to the date hereof.

 

(m)          It
has received no notice of any default by it under the Land Use Agreement.

 

(n)           To
its actual knowledge, all of the documents in its applicable files with respect
to the matters set forth in Exhibit J
have been supplied to Purchaser.

 

Section 7.4.           Seller’s Knowledge;
Purchaser’s Knowledge.  Whenever
a representation is qualified by the phrase “to Seller’s knowledge”, or by
words of similar import, the accuracy of such representation shall be based
solely on the actual (as opposed to constructive or imputed) knowledge of
Gregory W. Hunt or Albert Kramer, based upon inquiry of Seller’s financial and
legal staff.  Whenever a representation
is qualified by the phrase “to Purchaser’s knowledge”, or by words of similar
import, the accuracy of such representation shall be based solely on the actual
(as opposed to constructive or imputed) knowledge of Rick Griffin and Young K.
Park based on inquiry of Purchaser’s financial and legal staff.

 

ARTICLE 8

 

Closing

 

Section 8.1.           Closing Date.  The Closing Date as provided in Section 3.1,
the Closing shall occur at 10:00 a.m. on the Closing Date at Mintz, Levin,
Cohn, Ferris, Glovsky, and Popeo P.C., One Financial Center, Boston,
Massachusetts or, provided Purchaser gives Seller at least five (5) days notice
thereof, at the office of Purchaser’s attorney in Boston, Massachusetts;
provided, however, at the request of either Seller or Purchaser, the parties
may conduct the Closing through an escrow administered by the Title Company.

 

Section 8.2.           Seller’s Deliveries.  At the Closing, Seller (or Syratech, as the
case may be) shall deliver or cause to be delivered to Purchaser each of the
following items (executed and acknowledged, where applicable):

 

(a)           the
Deed.

 

14

 

(b)           the
Bill of Sale.

 

(c)           the
Assignment of Leases.

 

(d)           The
Syratech Lease executed by Syratech.

 

(e)           a
notice of lease with respect to the Syratech Lease meeting the requirements of
M.G.L. Ch. 183, §4, which shall be recorded immediately after the Deed and
prior to any mortgage of Purchaser.

 

(f)            a
notice to each tenant under a Lease substantially in the form of Exhibit H  hereto.

 

(g)           All
keys in Seller’s possession or control to all locks on the Improvements.

 

(h)           A
non-foreign person affidavit sworn to by Seller as required by Section 1445 of
the Internal Revenue Code.

 

(i)            A
6(d) certificate from the 144 Addison Street Condominium Trust certifying that
there are no unpaid common charges which have been assessed and are due with
respect to any of the units of the 144 Addison Street Condominium.

 

(j)            Resignations,
in recordable form, of all of the Trustees of the 144 Addison Street
Condominium Trust.

 

(k)           Such
evidence or documents as may be reasonably required by the Title Company
relating to (i) mechanics’ or materialmen’s liens; (ii) parties in possession;
or (iii) the status and capacity of Seller and the authority of the Person or
Persons who are executing the various documents on behalf of Seller in
connection with the sale of the Property.

 

(l)            An
estoppel certificate executed by Syratech in favor of Purchaser and Purchaser’s
lender and in the form attached to the Syratech Lease.

 

(m)          A
Subordination and Non-Disturbance Agreement executed by Syratech in the form attached
to the Syratech Lease.

 

(n)           Either
(i) a waiver of corporate excise tax issued by the Department of Revenue of the
Commonwealth of Massachusetts with respect to Seller or (ii) such documentation
and indemnities as may be reasonably required by the Title Company to issue a
policy without exception therefor and agree to issue policies in the future to
subsequent lenders and buyers without such exception and, in such case, Seller
shall deliver to Purchaser, when obtained after Closing, a copy of such waiver.

 

(o)                                 A
Closing Statement.

 

15

 

Section 8.3.           Purchaser’s
Deliveries .  At the Closing,
Purchaser shall deliver to Seller the following items, executed and
acknowledged by Purchaser (or its assignee), where applicable:

 

(a)           Immediately
available federal funds sufficient to pay the Purchase Price (less the Deposit)
and Purchaser’s share of all escrow costs and closing expenses.

 

(b)           A
counterpart of the Assignment of Leases.

 

(c)           A
counterpart of the Bill of Sale.

 

(d)           A
counterpart of the Closing Statement.

 

(e)           A
counterpart of the Syratech Lease.

 

(f)            A
counterpart notice of lease which shall be recorded immediately after the Deed
and prior to any mortgage of Purchaser.

 

(g)           A
counterpart of the Syratech Subordination and Non-Disturbance Agreement
executed by Purchaser and its lender.

 

(h)           Such
evidence or documents as may be reasonably required by the Title Company
relating to the status and capacity of the Purchaser (or its assignee) and the
authority of the Person or Persons who are executing the various documents on
behalf of Purchaser (or its assignee).

 

(i)            If Seller delivers to Purchaser at least five
(5) days prior to the Closing plans and specifications for the initial work
intended to be performed by Syratech under the Syratech Lease in accordance
with the notice provisions of this Agreement, either (i) approval thereof or
(ii) disapproval specifying the reasons therefor.

 

Section 8.4.           Costs and Prorations.

 

(a)           General.  For purposes of the prorations and
adjustments to be made pursuant to this Section 8.4, Purchaser shall be deemed to
own the Property and therefore be entitled to any revenues and be responsible
for any expenses for the entire day upon which the Closing is completed.  Any apportionments and prorations which are
not expressly provided for in this Section shall be made in accordance with the
customary practice in the Boston, Massachusetts area.  Seller shall submit a schedule of adjustments (a “Closing
Statement”) before the Closing Date. 
Any net adjustment in favor of Purchaser shall be credited against the
Purchase Price at the Closing.  Any net
adjustment in favor of Seller shall be paid in cash at the Closing by way of a
credit on the Closing Statement by Purchaser to Seller.  A copy of a final Closing Statement agreed
upon by Seller and Purchaser shall be executed by Seller and Purchaser and
delivered to the Escrow Agent at the Closing.

 

16

 

(b)           Taxes and
Assessments

 

(i)            Proration
of Taxes at Closing.  All
Real Estate Taxes shall be prorated between Seller and Purchaser on an accrual
basis, based upon the most recent bill provided that, in the event any Real
Estate Taxes may be paid in installments, the same shall be prorated over the
longest period of time payments are permitted by law.  If the most recent bill received by Seller before the Closing
Date is not the actual (as opposed to estimated) current tax bill, then Seller
and Purchaser shall initially prorate the Real Estate Taxes at the Closing by
using the most current available tax bill and shall reprorate the Real Estate
Taxes retroactively at the time the actual current tax bill is available.  All Real Estate Taxes accruing before the
Closing Date shall be the obligation of Seller and all Real Estate Taxes
accruing on and after the Closing Date shall be the obligation of
Purchaser.  In the event that Seller has
prepaid any Real Estate Taxes to the municipality in which the Property is
located, Seller shall be entitled to a credit from Purchaser therefor at
Closing.

 

(ii)           Post-Closing
Refunds of Taxes.  Any
refunds of Real Estate Taxes made after the Closing shall be held in trust and
shall first be applied to the unreimbursed third-party costs incurred in
obtaining the refund, then paid to the Seller (for the period prior to the
Closing Date) and to Purchaser (for the period commencing on and after the
Closing Date).

 

(iii)          Pending
Tax Proceedings.  If any
proceeding to determine the assessed value of the Real Property or the Real
Estate Taxes payable with respect to the Real Property has been commenced and
shall be continuing as of the Closing Date, Seller shall be authorized to
continue to prosecute such proceeding and shall be entitled to any abatement
proceeds therefrom allocable to any period before the Closing Date.  Purchaser agrees to cooperate with Seller
and to execute any and all documents reasonably requested by Seller in
furtherance of the foregoing.

 

(c)           Rents.

 

(i)            Collected
rents with respect to the then current rental period and collected escalation
charges on account of any taxes, operating expenses or other charges under the
Leases shall be pro rated between Seller and Purchaser as of the Closing Date
subject to final adjustment pursuant to paragraph (f) below. In the event any
tenant is entitled to a refund of any payments on account of operating expenses
or taxes, Seller and Purchaser shall refund their pro-rata share thereof.

 

(ii)           All
prepaid last month’s rent, security deposits, key deposits or other deposits
and interest unpaid and only thereon, if any, held or required to be held,
under any of the Leases shall be paid to Purchaser or credited against the
Purchase Price.

 

(iii)          Uncollected
rents and escalations on account of taxes, operating expenses and other charges
under the Leases attributable to the period prior to the Closing Date shall be
paid to Seller if and when collected. Purchaser shall use reasonable efforts to
collect such uncollected rents and other amounts (without the requirement of
commencing litigation) but Seller also hereby reserves the right to collect the
same directly from the tenants under the Leases (provided that Seller shall not
seek termination of any Lease in connection therewith).

 

17

 

The first such rents and/or and
other charges collected by Purchaser will be allocated first to then current
amounts due or past due to Purchaser, then to amounts due for the month in
which Closing occurs, then to amounts due for the month immediately prior to
the month in which Closing occurs and, finally, to amounts due for any
remaining periods.

 

(iv)          Any
escalations on account of taxes, operating expenses, percentage rents or other
charges not due and payable as of the Closing Date shall be prorated in
accordance with the provisions of paragraph (f) below.

 

(d)           Operating
Expenses.  All Operating
Expenses shall be prorated between Seller and Purchaser as of the Closing Date
on an accrual basis, based on the actual number of days in the month during
which the Closing Date occurs.  Seller
shall be responsible for all Operating Expenses attributable to the period
before the Closing Date and Purchaser shall be responsible for all Operating
Expenses attributable to the period on and after the Closing Date.  To the extent commercially reasonable and
practicable, Seller and Purchaser shall obtain billings and meter readings as
of the Business Day preceding the Closing Date to aid in the proration of
charges for gas, electricity and other utility services.  If billings or meter readings as of the
Business Day preceding the Closing Date are obtained, adjustments of any costs,
expenses, charges or fees shown thereon shall be made in accordance with such
billings or meter readings.  If billings
or meter readings as of the Business Day preceding the Closing Date are not
available for any utility service, the charges therefor shall be adjusted at
the Closing on the basis of the per diem charges for the most recent prior
period for which bills were issued and shall be further adjusted at the Final
Closing Adjustment on the basis of the actual bills for the current period.

 

(e)           Leasing
Costs.  All verifiable
out-of-pocket costs incurred by Seller in connection with any lease entered
into pursuant to the provisions of Section 3.4 (with Purchaser’s approval to
the extent therein provided) shall be prorated over the initial term of any
such lease and shall be prorated between Seller and Purchaser as of the Closing
Date. For the purposes hereof, such costs shall include only brokerage fees,
reasonable legal fees, leasehold contribution payments, cost of leasehold
improvements and free rent.

 

(f)            Final
Closing Adjustment.  No
later than sixty (60) days after receipt of the year end statement with respect
to the applicable items, Seller and Purchaser shall make a final adjustment to
the prorations pursuant to this subsection (f) (the “Final Closing
Adjustment”).  The Final Closing
Adjustment shall be made in the following manner:

 

(1)           General.  All adjustments or prorations which could
not be determined at the Closing because of the lack of actual statements,
bills or invoice for the current period or any other reason shall be made as a
part of the Final Closing Adjustment and any net adjustment shall be paid in
cash no later than twenty (20) days after the Final Closing Adjustment.

 

(2)           No
Further Adjustments.  The
Final Closing Adjustment shall be conclusive and binding upon Seller and
Purchaser and Seller and Purchaser hereby waive any right to contest after the
Final Closing Adjustment any prorations, apportionments or adjustments to be
made pursuant to this Section.

 

18

 

(g)           Closing
Costs.  Purchaser and
Seller shall each pay their own legal fees related to the preparation of this
Agreement and all documents required to settle the transaction contemplated
hereby. Seller shall pay all documentary stamp charges, recording costs for any
items necessary to clear title, and one-half of any escrow charges. Purchaser
shall pay (i) all costs associated with its due diligence, including the cost
of appraisals, architectural, engineering, credit and environmental reports,
(ii) all title insurance premiums and charges, all title examination costs, and
other charges of the Title Company (but only one-half of any escrow charges)
and (iii) all survey costs, and (iv) all recording costs (except recording
costs for any items necessary to clear title). 
All other customary purchase and sale closing costs shall be paid by
Seller or Purchaser in accordance with the custom in the jurisdiction where the
Property is located.

 

(h)           Use of
Money to Clear Title.  To
enable Seller to convey title as herein provided, Seller may on the Closing
Date, use the Purchase Price or any portion thereof to clear title provided
that all instruments evidencing the clearing thereof are delivered at Closing
except that, in the case of any mortgage, Seller may deliver a “pay-off” letter
satisfactory to Purchaser’s title insurer and shall promptly thereafter obtain
and record a discharge.

 

ARTICLE 9

 

Real
Estate Commission

 

Section 9.1.           Indemnity.  Seller represents and warrants to Purchaser
and Purchaser represents and warrants to Seller that it has dealt with no real
estate broker or other person who would be entitled to be paid a commission or
other fee in connection with the transaction which is the subject of this
Agreement except Seller’s Broker, whose fee shall be paid by Seller pursuant to
a separate agreement, and Seller agrees to indemnify Purchaser and Purchaser agrees
to indemnify Seller from and against any loss, cost, damage or expense arising
out of the breach by the indemnifying party of the foregoing representation and
warranty.  The provisions of this
Section shall survive the Closing or termination of this Agreement.

 

ARTICLE 10

 

Termination
and Default

 

Section 10.1.        Termination without
Default.  If the sale of the
Property is not consummated because of the failure of any condition precedent
to Purchaser’s obligations expressly set forth in this Agreement or for any
other reason except a default by Purchaser in its obligation to purchase the
Property in accordance with the provisions of this Agreement, the Deposit shall
promptly be returned to Purchaser.

 

Section 10.2.        Purchaser’s Default.  If the sale contemplated hereby is not
consummated because of a default by Purchaser in its obligation to purchase the
Property in accordance with the terms of this Agreement or if Purchaser shall
fail to make the additional deposit pursuant to Section 2.3(b) if the same becomes
due and such failure continues for two Business Days after the giving of notice
thereof by Seller, then: (a) this Agreement shall

 

19

 

terminate; (b) the Deposit
shall be paid to and retained by Seller as liquidated damages; and (c) except
for matters specifically surviving the termination of this Agreement, Seller
and Purchaser shall have no further obligations to each other.  PURCHASER AND SELLER ACKNOWLEDGE THAT THE
DAMAGES TO SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY PURCHASER WOULD
BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT
REPRESENTS THE PARTIES’ BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES THAT
WOULD BE SUFFERED BY SELLER IF THE TRANSACTION SHOULD FAIL TO CLOSE AND THAT
SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF
THIS AGREEMENT AND UNDER THE CIRCUMSTANCES THAT SELLER AND PURCHASER REASONABLY
ANTICIPATE WOULD EXIST AT THE TIME OF SUCH BREACH.  SUBJECT TO SECTION 11.8, PURCHASER AND SELLER AGREE THAT SELLER’S
RIGHT TO RETAIN THE DEPOSIT SHALL BE SELLER’S SOLE REMEDY, AT LAW AND IN
EQUITY, FOR PURCHASER’S FAILURE TO PURCHASE THE PROPERTY IN ACCORDANCE WITH THE
TERMS OF THIS AGREEMENT.

 

Section 10.3.        Seller’s Default.  If Purchaser shall have performed or
tendered performance of all of its material obligations under this Agreement,
and Seller defaults in its obligation to sell the Property to Purchaser in
accordance with the terms of this Agreement, then, Purchaser may, as its sole
and exclusive remedy at law or in equity: (a) terminate this Agreement by
giving written notice thereof to Seller, in which event the Deposit will
promptly be returned to Purchaser and the parties shall have no further
obligation to each other except for matters specifically surviving the
termination of this Agreement; (b) waive such default and consummate the
transactions contemplated hereby in accordance with the terms of this
Agreement; or (c) specifically enforce this Agreement.  Purchaser hereby irrevocably waives any
other right or remedy for such default.

 

Section 10.4.        Breach of
Representations.  Seller and
Purchaser agree that each shall be liable for the direct, but not consequential
or punitive, damages resulting from any breach of its representations and
warranties expressly set forth in Article 7 hereof, provided, however, that (i)
the total liability of Seller and Syratech for all such breaches shall not, in
the aggregate, exceed Five Hundred Thousand Dollars ($500,000.00) and (ii) such
representations and warranties are personal to Seller and Purchaser and may not
be assigned to or enforced by any other Person except an assignee permitted
pursuant to Section 11.3.  Purchaser
further agrees that no claims shall be made for any alleged breach of any
representation or warranty made by Seller unless the amount of such claims, in
the aggregate, exceed $10,000.  Except
for the provisions of Section 9.1, the representations and
warranties of any Seller or Purchaser set forth in this Agreement herewith
shall survive the Closing only for a period of twelve (12) months, and no
action or proceeding thereon shall be valid or enforceable, at law or in
equity, if a legal proceeding is not commenced within that time.

 

ARTICLE 11

 

Miscellaneous

 

Section 11.1.        Entire Agreement.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the transactions
contemplated herein, and it supersedes

 

20

 

all prior discussions,
understandings or agreements between the parties.  All Exhibits and Schedules attached hereto are a part of this
Agreement and are incorporated herein by reference.

 

Section 11.2.        Binding On Successors
and Assigns.  Subject to Section 11.3,
this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

 

Section 11.3.        Assignment by Purchaser.  Except as provided the immediately
succeeding sentence, Purchaser may not assign its rights under this Agreement and
any attempted assignment in violation of this Section 11.3 shall be void ab
initio and, at Seller’s election, this Agreement shall terminate and Seller may
retain the Deposit as provided in Section 10.2.  Notwithstanding the foregoing, Purchaser may assign its rights
(without thereby releasing Purchaser) to an entity in which Purchaser or its
principals, directly or through an affiliate, has an ownership interest
provided that, at the time of assignment, Purchaser (i) gives written notice
thereof at least three (3) Business Days prior to Closing identifying the
assignee and its address (ii) certifies to Seller that the foregoing condition
has been satisfied and (iii) provides a written assumption by the assignee of
all obligations of Purchaser hereunder.

 

Section 11.4.        Waiver.  The excuse or waiver of the performance by a
party of any obligation of the other party under this Agreement shall only be
effective if evidenced by a written statement signed by the party so excusing
or waiving.  No delay in exercising any
right or remedy shall constitute a waiver thereof, and no waiver by Seller or
Purchaser of the breach of any covenant of this Agreement shall be construed as
a waiver of any preceding or succeeding breach of the same or any other
covenant or condition of this Agreement.

 

Section 11.5.        Governing Law.

 

(a)           This
Agreement shall be construed and the rights and obligations of the Seller and
Purchaser hereunder determined in accordance with the internal laws of the
Commonwealth of Massachusetts.

 

(b)           For
the purposes of any suit, action or proceeding involving this Agreement,
Purchaser hereby expressly submits to the jurisdiction of all federal and state
courts sitting in the Commonwealth of Massachusetts and consents that any
order, process, notice of motion or other application to or by any such court
or judge thereof may be served within or without such court’s jurisdiction by
registered mail or by personal service, provided that a reasonable time for
appearance is allowed, and Purchaser agrees that such courts shall have
exclusive jurisdiction over any such suit, action or proceeding commenced by
either or both of said parties.  In
furtherance of such agreement, Purchaser agrees upon the request of Seller to
discontinue (or agree to the discontinuance of) any such suit, action or
proceeding pending in any other jurisdiction.

 

(c)           Purchaser
hereby irrevocably waives any objection that it may now or hereafter have to
the venue of any suit, action or proceeding arising out of or relating to this
Agreement brought in any federal or state court sitting in the Commonwealth of
Massachusetts and hereby further irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been brought in an
inconvenient forum.

 

21

 

(d)           In
recognition of the benefits of having any disputes with respect to this
Agreement resolved by an experienced and expert person, Seller and Purchaser
hereby agree that any suit, action, or proceeding, whether claim or
counterclaim, brought or instituted by any party hereto on or with respect to
this Agreement or which in any way relates, directly or indirectly, to this
Agreement or any event, transaction, or occurrence arising out of or in any way
connected with this Agreement or the Property, or the dealings of the parties
with respect thereto, shall be tried only by a court and not by a jury.  EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT
TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING.

 

Section 11.6.        Counterparts.  This Agreement may be executed in any number
of counterparts and it shall be sufficient that the signature of each party
appear on one or more such counterparts. 
All counterparts shall collectively constitute a single agreement.

 

Section 11.7.        Notices.  All notices or other communications required
or provided to be sent by either party shall be in writing and shall be sent
by: (i) by United States Postal Service, certified mail, return receipt
requested, (ii) by any nationally known overnight delivery service for next day
delivery, (iii) delivered in person or (iv) by facsimile transmission (provided
that, in the case of notice given pursuant to clause (iv), such notice shall
thereafter be confirmed by delivered pursuant to one of the other notice
delivery methods). All notices shall be deemed to have been given upon
receipt.  All notices shall be addressed
to the parties at the addresses below:

 

	
   

  	
  To Seller:

  	
   

  	
  Leonard Florence Associates, Inc.

  
	
   

  	
   

  	
   

  	
  175 McClellan Highway

  
	
   

  	
   

  	
   

  	
  East Boston, Massachusetts 
  02128-9114

  
	
   

  	
   

  	
   

  	
  Attn: Lisa MacGillivray, Counsel

  
	
   

  	
   

  	
   

  	
  Telephone: (617)568-1350

  
	
   

  	
   

  	
   

  	
  Facsimile: (617) 568-1361

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  and with a copy to:

  	
   

  	
  Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C.

  
	
   

  	
   

  	
   

  	
  One Financial Center

  
	
   

  	
   

  	
   

  	
  Boston, Massachusetts 02111

  
	
   

  	
   

  	
   

  	
  Attn.: Frederick Pittaro, Esq.

  
	
   

  	
   

  	
   

  	
  Telephone: (617) 348-1714

  
	
   

  	
   

  	
   

  	
  Facsimile: (617) 542-2241

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To Purchaser:

  	
   

  	
  Berkeley Investments, Inc.

  
	
   

  	
   

  	
   

  	
  121 High Street

  
	
   

  	
   

  	
   

  	
  Boston, Massachusetts  02110

  
	
   

  	
   

  	
   

  	
  Attention:  Mr. Young K. Park

  
	
   

  	
   

  	
   

  	
  Telephone:  (617) 439-0008

  
	
   

  	
   

  	
   

  	
  Facsimile:  (617) 439-4449

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  	
   

  	
  Bingham McCutchen LLP

  
	
   

  	
   

  	
   

  	
  150 Federal Street

  
	
   

  	
   

  	
   

  	
  Boston, Massachusetts  02110

  

 

22

 

	
   

  	
   

  	
   

  	
  Attn:  Richard A. Toelke

  
	
   

  	
   

  	
   

  	
  Telephone:  (617 951-8830

  
	
   

  	
   

  	
   

  	
  Facsimile:  (617) 951-8736

  

 

Any address or name specified above may be changed by notice given to
the addressee by the other party in accordance with this Section 11.7.  The inability to deliver notice because of a
changed address of which no notice was given as provided above, or because of
rejection or other refusal to accept any notice, shall be deemed to be the
receipt of the notice as of the date of such inability to deliver or rejection
or refusal to accept.  Any notice to be
given by any party hereto may be given by the counsel for such party.

 

Section 11.8.        Attorneys’ Fees.  In the event of a judicial or administrative
proceeding or action by one party against the other party with respect to the
interpretation or enforcement of this Agreement, the prevailing party shall be
entitled to recover reasonable costs and expenses including reasonable
attorneys’ fees and expenses, whether at the investigative, pretrial, trial or
appellate level.  The prevailing party
shall be determined by the court based upon an assessment of which party’s
major arguments or position prevailed.

 

Section 11.9.        IRS Real
Estate Sales Reporting. 
Purchaser and Seller hereby agree that the Title Company shall act as
“the person responsible for closing” the transaction which is the subject of
this Agreement pursuant to Section 6045(e) of the Code and shall prepare and
file all informational returns, including IRS Form 1099-S, and shall otherwise
comply with the provisions of Section 6045(e) of the Code.

 

Section 11.10.      Time Periods.  Any reference in this Agreement to the time
for the performance of obligations or elapsed time shall mean consecutive
calendar days, months, or years, as applicable.  In the event the time for performance of any obligation hereunder
expires on a day that is not a Business Day, the time for performance shall be
extended to the next Business Day.

 

Section 11.11.      Modification
of Agreement.  No
modification of this Agreement shall be deemed effective unless in writing and
signed by Seller and Purchaser.

 

Section 11.12.      Descriptive
Headings; Word Meaning. 
The descriptive headings of the paragraphs of this Agreement are
inserted for convenience only and shall not control or affect the meaning or
construction of any provisions of this Agreement.  Words such as “herein”, “hereinafter”, “hereof’ and “hereunder”
when used in reference to this Agreement, refer to this Agreement as a whole
and not merely to a subdivision in which such words appear, unless the context
otherwise requires.  The singular shall
include the plural and the masculine gender shall include the feminine and
neuter, and vice versa, unless the context otherwise requires.  The word “including” shall not be
restrictive and shall be interpreted as if followed by the words “without
limitation.”

 

Section 11.13.      Time of
the Essence.  Time is of
the essence of this Agreement and all covenants and deadlines hereunder.  Without limiting the foregoing, Purchaser
and Seller hereby confirm their intention and agreement that time shall be of
the essence of each and every provision of this Agreement, notwithstanding any
subsequent modification or extension of any

 

23

 

date or time period that is
provided for under this Agreement.  The
agreement of Purchaser and Seller that time is of the essence of each and every
provision of this Agreement shall not be waived or modified by any conduct of
the parties, and the agreement of Purchaser and Seller that time is of the
essence of each and every provision of this Agreement may only be modified or
waived by the express written agreement of Purchaser and Seller that time shall
not be of the essence with respect to a particular date or time period, or any
modification or extension thereof, which is provided under this Agreement.

 

Section 11.14       Construction
of Agreement.  This
Agreement shall not be construed more strictly against one party than against
the other merely by virtue of the fact that it may have been prepared primarily
by counsel for one of the parties, it being recognized that both Purchaser and
Seller have contributed substantially and materially to the preparation of this
Agreement.

 

Section 11.15.      Limitations
on Liability. 
Notwithstanding anything to the contrary in this Agreement, and subject
to any additional limitations on Seller’s liability set forth elsewhere in this
Agreement: (a) Purchaser’s recourse against Seller under this Agreement or any
agreement, document, certificate or instrument delivered by Seller hereunder,
or under any law, rule or regulation relating to the Property, shall be limited
to Seller’s interest in the Property (or, following the Closing, to the net
proceeds of the sale of the Property actually received by it); and (b) in no
event shall any of the Seller Parties or any Purchaser’s direct or indirect
owners, and their agents, officers, directors, trustees, partners, members,
stockholders, advisors or managers have any personal liability hereunder.  The acceptance of the Deed shall constitute
full performance of all of Seller’s obligations hereunder other than those
obligations of Seller that by the express terms hereof are to survive the
Closing.

 

Section 11.16.      Severability.  The parties hereto intend and believe that
each provision in this Agreement comports with all applicable local, state and
federal laws and judicial decisions. 
If, however, any provision in this Agreement is found by a court of law
to be in violation of any applicable local, state, or federal law, statute,
ordinance, administrative or judicial decision, or public policy, or if in any
other respect such a court declares any such provision to be illegal, invalid,
unlawful, void or unenforceable as written, then it is the intent of all
parties hereto that, consistent with and with a view towards preserving the
economic and legal arrangements among the parties hereto as expressed in this
Agreement, such provision shall be given force and effect to the fullest
possible extent, and that the remainder of this Agreement shall be construed as
if such illegal, invalid, unlawful, void, or unenforceable provision were not
contained herein, and that the rights, obligations, and interests of the
parties under the remainder of this Agreement shall continue in full force and
effect.

 

Section 11.17.      No
Recording.  Neither
Purchaser nor its agents or representatives shall record or file this Agreement
or any notice or memorandum hereof in any public records.  If Purchaser breaches the foregoing
provision, this Agreement shall, at Seller’s election, terminate, and Seller
shall retain the Deposit in accordance with Section 10.2.  Purchaser hereby irrevocably appoints each
Seller as its true and lawful attorney-in-fact, coupled with an interest, for
the purpose of executing and recording such documents and performing such other
acts as may be necessary to terminate any recording or filing of this Agreement
in violation of this Section.

 

24

 

Section 11.18.      No
Implied Agreement. 
Neither Seller nor Purchaser shall have any obligations in connection
with the transaction contemplated by this Agreement unless both Seller and
Purchaser, each acting in its sole discretion, elects to execute and deliver
this Agreement to the other party.  No
correspondence, course of dealing or submission of drafts or final versions of
this Agreement between Seller and Purchaser shall be deemed to create any
binding obligations in connection with the transaction contemplated hereby, and
no contract or obligation on the part of Seller or Purchaser shall arise unless
and until this Agreement is fully executed by both Seller and Purchaser.  Once executed and delivered by Seller and
Purchaser, this Agreement shall be binding upon them notwithstanding the
failure of Escrow Agent or any broker or other Person to execute this
Agreement.

 

Section 11.19.      Syratech
Joinder.  Syratech joins
in this Agreement solely for the purposes of (i) agreeing to be bound by the
provisions of Sections 8.2(d), (e), (l) and (m) (including the remedy of
specific performance with respect thereto contained in Section 10.3(c)) and
(ii) agreeing to be bound by the provisions of Section 10.4 of this Agreement,
jointly and severally with Seller (subject to the limitations on liability
contained therein).

 

 

[Remainder of page intentionally left blank]

 

25

 

IN
WITNESS WHEREOF, Seller and Purchaser hereto have
executed this Agreement as of the date first written above.

 

	
   

  	
  SELLER:  LEONARD FLORENCE ASSOCIATES, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory W. Hunt

  	
   

  
	
   

  	
  Name:

  	
  Gregory W. Hunt

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  
	
   

  
	
   

  	
  SYRATECH:

  
	
   

  	
   

  
	
   

  	
  SYRATECH
  CORPORATION

  
	
   

  	
  By:

  	
  /s/ Gregory W. Hunt

  	
   

  
	
   

  	
  Name:

  	
  Gregory W. Hunt

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:  BERKELEY INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Young K. Park

  	
   

  
	
   

  	
  Name:

  	
  Young K. Park

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
  ESCROW AGENT:

  
	
   

  	
   

  
	
   

  	
  LAWYERS TITLE INSURANCE CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Robert J. Capozzi

  	
   

  
	
   

  	
  Name:

  	
  Robert J. Capozzi

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
							

 

26EXHIBIT-10.77

 

LEASE

 

BETWEEN

 

175 MCLELLAN HIGHWAY LLC

 

LANDLORD

 

AND

 

SYRATECH CORPORATION,

 

TENANT

 

 

PREMISES AT:

 

175 McClellan Highway and 144 Addison Street

East Boston, Massachusetts

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  DEMISE OF PREMISES

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  EXCESS SPACE

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  TERM

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  RENT

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  EXTENSION OF TERM

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  CONDITION OF PREMISES

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  USE OF PREMISES

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  ASSIGNMENT/SUBLETTING

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  OPERATING EXPENSES; TAXES

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  ALTERATIONS/SIGNAGE

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  SERVICES AND UTILITIES

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  DAMAGE BY FIRE OR CASUALTY

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  EMINENT DOMAIN

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  RIGHT OF ENTRY BY LESSOR

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  REPAIRS AND MAINTENANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  WAIVER OF SUBROGATION

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  20.

  	
  BROKERS

  	
   

  
	
   

  	
   

  	
   

  
	
  22.

  	
  ARBITRATION

  	
   

  
	
   

  	
   

  	
   

  
	
  23.

  	
  COMPLIANCE WITH LAWS

  	
   

  
	
   

  	
   

  	
   

  
	
  24.

  	
  QUIET ENJOYMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  25.

  	
  NOTICE OF LEASE

  	
   

  
	
   

  	
   

  	
   

  
	
  26.

  	
  NOTICES

  	
   

  
	
   

  	
   

  	
   

  
	
  27.

  	
  ESTOPPEL CERTIFICATE

  	
   

  
	
   

  	
   

  	
   

  
	
  28.

  	
  NOTICE TO MORTGAGEE

  	
   

  
	
   

  	
   

  	
   

  
	
  29.

  	
  ASSIGNMENT OF RENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  30.

  	
  HOLDING OVER

  	
   

  
	
   

  	
   

  	
   

  
	
  31.

  	
  BINDING EFFECT

  	
   

  
	
   

  	
   

  	
   

  
	
  32.

  	
  COMPLETE AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  31.

  	
  SEVERABILITY

  	
   

  
	
   

  	
   

  	
   

  
	
  34.

  	
  APPLICABLE LAW

  	
   

  

 

i

 

	
  35.

  	
  TENANT'S PROPERTY

  	
   

  
	
   

  	
   

  	
   

  
	
  36.

  	
  SUBORDINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  37.

  	
  HAZARDOUS
  MATERIALS

  	
   

  
	
   

  	
   

  	
   

  
	
  38.

  	
  SECURITY DEPOSIT

  	
   

  
	
   

  	
   

  	
   

  
	
  39.

  	
  ABANDONMENT

  	
   

  

 

ii

 

THIS LEASE, made and entered into this 18th day of December, 2003, by
and between 175 MCLELLAN HIGHWAY LLC, a Delaware limited liability company
(“Landlord”), and SYRATECH CORPORATION, a Delaware corporation (“Tenant”):

 

W I T N E S S E T H:

 

WHEREAS, Landlord desires to lease to Tenant, and Tenant desires to
lease from Landlord, those certain premises (the “Premises”) described on the
floor plans attached hereto as Exhibit A in the building known as and numbered
175 McClellan Highway and 144 Addison Street, East Boston, Massachusetts (the
“Building”) consisting of a portion of the first floor and the entire second
floor and the entire basement level (the “Basement”) thereof, located on the
land (the “Land”) described on Exhibit B attached hereto.  The Building and Land are collectively
referred to herein as the “Property”, and are shown on the site plan attached hereto
as Exhibit C (the “Site Plan”).

 

NOW, THEREFORE, for and in consideration of the mutual covenants,
promises and agreements herein contained, Landlord and Tenant hereby agree as
follows:

 

1.                                       Demise of Premises.

 

(a)                                  Landlord hereby demises and leases to Tenant
and Tenant does hereby rent and lease from Landlord, the Premises, together
with the appurtenances set forth below, under and pursuant to the terms and
conditions set forth herein.

 

(b)                                 Tenant shall have, as appurtenant to the
Premises and any Excess Space, as defined in Section 2(a), occupied by Tenant,
the non-exclusive right to use in common with other occupants of the Building
and all others entitled thereto, and to permit its employees and invitees to
use, the common areas of the Property for purposes of parking, loading and
pedestrian and vehicular access to and from the Premises and Excess Space from
and to the streets and highways adjacent to the Property.

 

(c)                                  All the perimeter walls of the Premises
except the inner surfaces thereof, terraces or roofs adjacent to the Premises,
and any space in the Premises used for shafts, stacks, pipes, conduits, wires
and appurtenant fixtures, fan rooms, ducts, electric or other utilities, other
facilities not exclusively serving the Premises, and the use thereof, are
expressly excluded from the Premises and reserved to Landlord; provided that,
Tenant shall have the non-exclusive right in common with other tenants to use
the shafts, conduits, mechanical areas in the Building, and areas of the roof
approved by Landlord, for the installation and operation of electrical,
mechanical, HVAC, computer and telecommunications equipment.

 

2.                                       Excess Space.

 

(a)                                  Promptly after the date hereof, Landlord
shall commence, and thereafter diligently prosecute the work and improvements
described in Exhibit D hereto (“Landlord's Work”).  Such Work shall be performed in a manner so as to minimize any
disruption to Tenant's use of the

 

 

Premises
and in compliance in all material respects with all applicable governmental
laws and regulations.

 

(b)                                 Tenant currently occupies certain space in
the Building other than the Premises (the “Excess Space”) and more particularly
shown on Exhibit E hereto.  Tenant shall
vacate and deliver up to Landlord (i) the warehouse portion of the Excess
Space, on the later to occur of one hundred twenty (120) days after the
Commencement Date or thirty (30) days after the completion of the erection of
the demising wall pursuant to Exhibit D (except for a temporary opening therein
to permit Tenant to complete its relocation which Landlord shall close promptly
after such relocation) and, to the extent required by law, means of ingress and
egress complying with applicable ADA requirements and (ii) the remainder of the
Excess Space no later than that date which is 180 days after the Commencement
Date.  Each such date, as the same may
be extended in accordance with the immediately succeeding sentence, is called a
“Reduction Date”.  Upon the occurrence
of a Reduction Date the references in this Lease to Excess Space shall no
longer include the space to be vacated by the application Reduction Date.  Each Reduction Date shall automatically be
extended for the period of any delay in renovation work being performed by
Tenant in the Premises or Tenant's ability to occupy the Premises upon
completion of such renovation work caused by (i) Landlord or its agents or
contractors (provided that such extension shall not commence until two (2) days
after Buyer is given notice thereof if such cause persists) and (ii) the failure
of Landlord to complete Landlord's Work within 150 days of the Commencement
Date.  Notwithstanding the foregoing, in
the event Landlord shall have entered into a lease of any Excess Space Tenant
shall use reasonable efforts (but without the obligation to use overtime) to
accelerate its surrender of the Excess Space so leased.

 

(c)                                  Until each applicable Reduction Date, Tenant
shall have the right to continue to occupy the applicable Excess Space without
payment of rent except as provided in Section 4(iii).

 

3.                                       Term.  The initial term of this
Lease (the “Initial Term”) shall commence on the date of this Lease set forth
above (the “Commencement Date”) and shall end on the last day of the month in
which the fifth (5th) anniversary of the Commencement Date occurs (the
“Expiration Date”), unless extended or sooner terminated as hereinafter
provided.  References herein to the
“Term” shall include the Initial Term and any Extended Terms exercised by
Tenant pursuant to Section 5.

 

4.                                       Rent.  (a) Tenant agrees to pay rent
(“Base Rent”) for the Initial Term as follows:

 

(i)                                     For the period commencing on the Commencement
Date and ending on the last day of the month in which the first anniversary of
the Commencement Date occurs, at the rate of One Million and 00/100 Dollars
($1,000,000.00) per annum;

 

(ii)                                  For each yearly period thereafter during the
Initial Term at the rate per annum equal to one hundred two and one-half
percent (102.5%) of the rate in effect for the immediately preceding one-year
period; and

 

(iii)                               In addition to the Base Rent due under
subsection (i), with regard to any Terminated Space which is occupied by Tenant
beyond the applicable Reduction Date, at

 

2

 

the rate of Ten Dollars
($10.00) per square foot per annum so occupied by Tenant but Tenant shall be
deemed to be a tenant at sufferance with respect thereto for which Landlord
shall have all remedies available at law and equity.

 

(b)                                 Tenant shall pay Base Rent in equal monthly
installments in advance, without deduction or offset, to Landlord at Landlord's
address set forth in Section 26 hereof or at such other address as may be
specified by written notice from Landlord, commencing on the Commencement Date
and thereafter on the first day of each calendar month for each and every month
during the Term, such monthly installment to be prorated on a per diem basis
for any partial calendar month(s) during the Term.

 

(c)                                  All amounts other than Base Rent payable by
Tenant to Landlord under this Lease shall be deemed additional rent, and such
amounts are referred to together with Base Rent as “Rent.”

 

5.                                     Extension of Term.

 

(a)                                Provided that at the time of the exercise and
on the first day of the applicable Extended Term no event of default exists
pursuant to Section 19(a)(i) or 19(a)(iii), Tenant shall have the right and
option to extend the Term of this Lease for two (2) additional periods of five
(5) years each (each, an “Extended Term”). 
If Tenant shall not have validly exercised its option for the first Extended
Term (or if such excuse shall have been nullified as the result as an event of
default under Section 19(a)(i) or 19(a)(iii) it shall have no option to extend
for the second Extended Term.  Each
Extended Term shall commence on the day immediately following the expiration of
the then-current Term.  Tenant shall
exercise each such option to extend the Term by notifying Landlord in writing
of Tenant's exercise of such option not less than twelve (12) months before the
expiration of the Initial Term, in the case of the option for the first
Extended Term, and not less than twelve (12) months before the expiration of
the first Extended Term, in the case of the option for the second Extended
Term.  If Tenant so elects to extend the
Term, then, for each Extended Term, all of the terms, covenants and conditions
of this Lease shall continue to be in full force and effect during such
Extended Term, except that the Base Rent shall be calculated pursuant to
subsection 5(b) and 5(c) below and in no event shall Tenant have the option to
extend the Term beyond the tenth (10th) anniversary of the original Expiration
Date.

 

(b)                                 The Base Rent for the first year of the first
Extended Term shall be an amount equal to one hundred two and one-half percent
(102.5%) of the Base Rent in effect during the last year of the Initial Term
and Base Rent for each subsequent year of the first Extended Term shall be one
hundred two and one-half percent (102.5%) of the Base Rent in effect for each
immediately preceding year.

 

(c)                                The Base Rent for the second Extended Term
shall be the greater of (i) the Fair Market Value for the Premises or (ii) for
the first year of the second Extended Term an amount equal to one hundred two
and one-half percent (102.5%) of the Base Rent in effect during the last year
of the first Extended Term, and for each subsequent year of the second Extended
Term an amount equal to one hundred two and one-half percent (102.5%) of the
Base Rent in effect for

 

3

 

each
immediately preceding year. The term “Fair Market Value” shall mean the market
rental value per annum for the Premises for a five-year term commencing as of
first day of such Extended Term taking into account the other amounts required
to be paid by Tenant hereunder, the condition of the Premises, and then-current
leasehold improvements allowances or other tenant inducements. In determining
such Fair Market Value, no value shall be attributed to any improvements made
by Tenant. Within thirty (30) days after the exercise by Tenant of its option
to extend, Landlord shall notify Tenant of its good faith estimate of Fair
Market Value. If Tenant does not accept Landlord's estimate of Fair Market
Value as set forth in Landlord's notice and the parties are unable to reach
agreement thereon within thirty (30) days after the giving of such estimate by
Landlord, the same shall be determined by arbitration pursuant to Section 22
provided that the arbitrator shall have at least ten (10) year's experience as
a commercial real estate broker or appraiser with properties similar to the
Property in the City of Boston.

 

(d)                                 If annual Base Rent for the second Extended
Term is not determined by the commencement of such Extended Term, Tenant shall
pay annual Base Rent at the rate in effect on the last day of the first
Extended Term, with a retroactive adjustment to be made between Landlord and
Tenant promptly after annual Base Rent for such Extended Term is determined.

 

6.                                     Condition of Premises.

 

Tenant acknowledges and
agrees that, with the exception of Landlord's Work, Tenant is accepting the
Building and the Premises in their “as is” condition and Landlord shall not be
obligated to construct any improvements on behalf of Tenant.  It is specifically understood and agreed
that, with the exception of Landlord's Work, Landlord has no obligation and has
made no promises to alter, remodel, improve, renovate, repair or decorate the
Premises, the Building, or any part thereof, or to provide any allowance for
such purposes, and that no representations respecting the condition of the
Premises or the Building have been made by Landlord to Tenant.  The provisions of this Section are not
intended to affect the obligations of Landlord under Section 15.

 

7.                                     Use of Premises.

 

(a)                                  Tenant may occupy and use the Premises and
any Excess Space occupied by Tenant solely for office, showroom and warehouse
uses and lawfully permitted uses ancillary thereto (the “Permitted Use”).  Tenant may operate during such days and hours
as Tenant may determine and Tenant shall have access to the Premises
twenty-four hours per day, seven days per week, 365 days per year.  In its occupancy and use of the Premises
Tenant shall comply with all applicable laws, statutes, ordinances and governmental
rules and regulations now or hereafter applicable thereto.  Tenant shall be solely responsible at its
sole cost and expense for procuring and maintaining any permits or approvals
necessary or desirable for the conduct of Tenant's business on the Premises.

 

(b)                               If any governmental license or permit shall
be required for the proper and lawful conduct of Tenant's business, and if the
failure to secure such license or permit would in any way affect Landlord, the
Premises, the Building or Tenant's ability to perform any of its obligations under
this Lease, Tenant, at Tenant's expense, shall duly procure and thereafter
maintain such

 

4

 

license
and submit the same to inspection by Landlord. 
Tenant, at Tenant's expense, shall at all times comply with the terms
and conditions of each such license or permit. 
Tenant shall furnish all data and information to governmental
authorities and Landlord as required in accordance with legal, regulatory,
licensing or other similar requirements as they relate to Tenant's use or
occupancy of the Premises or the Building.

 

8.                                       Assignment/Subletting.  

 

(a)                                  Prohibition

 

(i)                                     Except as provided in this Section 8, Tenant
covenants and agrees that neither this Lease nor the term and estate hereby
granted, nor any interest herein or therein, will be assigned, mortgaged,
pledged, encumbered or otherwise transferred, whether voluntarily,
involuntarily, by operation of law or otherwise, and that neither the Premises
nor any part thereof will be encumbered in any manner by reason of any act or
omission on the part of Tenant, or be sublet (which term, without limitation,
shall include granting of concessions, licenses and the like) in whole or in
part, without, in each case, the prior written consent of Landlord. The
foregoing restrictions (1) shall apply to a transfer (by one or a series of
related transfers) of more than fifty percent of the stock, partnership,
membership interest or other evidences of equity interest of Tenant as if such
transfer were an assignment of this Lease provided that if such interest in
Tenant at any time are or become traded on a public stock exchange, the
transfer of interests on a public stock exchange shall not be deemed an
assignment within the meaning of this Section 8 and (2) shall not apply to a
transaction with a subsidiary wholly owned by Tenant, an entity which owns all
of the equity interests of Tenant or an entity all of the equity interests are
wholly owned by the holders of the equity interests in Tenant provided that
Tenant confirms in writing that it remains primarily liable hereunder.

 

(ii)                                  The prohibitions of paragraph (a) (i) shall
not apply to either (x) transactions with an entity into or with which Tenant
is merged or consolidated, or to which all or substantially all of Tenant's assets
are transferred, or (y) a transaction referred to in clause (1) the last
sentence of paragraph (i) above provided that in any such event:

 

(A)                              the successor to Tenant has a net tangible
worth, computed in accordance with generally accepted accounting principles
consistently applied, at least equal to the greater of (x) the tangible net
worth of Tenant at the Commencement Date and (y) the tangible net worth of
Tenant immediately prior to such transaction;

 

(B)                                proof reasonably satisfactory to Landlord of
such net worth shall have been delivered to Landlord at least ten (10) days
prior to the effective date of any such transaction; and

 

(C)                                the assignee agrees directly with Landlord,
by written instrument in form reasonably satisfactory to Landlord, to be bound
by all the obligations of Tenant hereunder, including, without limitation, the
covenant against further assignment and subletting.

 

5

 

(iii)                               In the event Landlord does not exercise its
option pursuant to Section 8(d) below to terminate this Lease, Landlord's
consent to a proposed assignment shall not be unreasonably withheld or delayed,
provided and upon condition that:

 

(A)                              in Landlord's reasonable judgment the
proposed assignee is engaged in a business which is in keeping with the then
use of the Building and Property and the proposed use is limited to the
Permitted Uses;

 

(B)                                the proposed assignee or subtenant is a
reputable person or entity to whom Landlord has no reasonable objection and has
a tangible net worth meeting the requirements of paragraph (a) (ii) (A) and;

 

(C)                                the assignee enters into an agreement
satisfying the requirements of paragraph (a) (ii)(B).

 

(iv)                              The prohibitions of paragraph (a) (i) hereof
shall not apply to any subleasing of the office portion of the Premises
provided that no event of default under Section 19(a)(i) or 19(a)(iii) then
exists and that promptly upon entering into such sublease, Tenant shall give
Landlord notice thereof. With respect to any other sublease for which
Landlord's consent is required pursuant to the provisions of paragraph (i)
hereof, such consent shall not be unreasonably withheld or delayed provided and
upon the condition that:

 

(A) an event of default
under Section 19(a)(i) or 19(a)(iii) does not then exist;

 

(B)
in Landlord's reasonable judgment, the proposed subtenant is engaged in a
business which is in keeping with the then use of the Building and Property and
the proposed use is limited to the Permitted Uses;

 

(C)
the proposed subtenant is a reputable person or entity to whom Landlord has no
reasonable objection;

 

(D)
if the proposed subtenant is then an occupant of any part of the Property, or
Landlord is negotiating with such proposed subtenant or is being actively
solicited by Landlord (or its broker), Landlord does not have space available
in the Building to meet such subtenant's space need requirement. In this
regard, prior to advertising any space for sublet, Tenant may so notify
Landlord and, within ten (10) days of receipt of such notice, Landlord shall
notify Tenant of any entity with whom Landlord is negotiating a sublease or who
have been contacted by Landlord's brokers with respect thereto, and identifying
the space which Landlord has available for sublease. If Landlord does not provide
such list within ten (10) Business Days after receipt of a request therefor or
any proposed subtenant does not appear thereon, Landlord shall have waived this
requirement to the extent applicable; and

 

6

 

(E)
if more than 10% of the portion of the Building which is not included in the
Premises is not then leased, the rental under such sublease is at least 80% of
fair market rent for direct leases (taking into account the term and other
conditions of such sublease) as determined by Landlord's broker and Tenant's
broker or, if such brokers cannot agree, by a third broker designated by such
brokers.

 

(b)                                 Acceptance of Rent.  If
this Lease shall be assigned, or if the Premises or any part thereof be sublet
or occupied by anyone other than Tenant, whether or not in violation of the
terms and conditions of the Lease, Landlord may, at any time and from time to
time during the continuance of an event of default, collect rent and other
charges from the assignee, subtenant or occupant, and apply the net amount
collected to the rent and other charges herein reserved, but no such
assignment, subletting, occupancy, collection or modification of any provisions
of this Lease shall be deemed a waiver of this covenant, or the acceptance of
the assignee, subtenant or occupant as a tenant or a release of Tenant from the
further performance of covenants on the part of Tenant to be performed
hereunder. Any consent by Landlord to a particular assignment, subletting or
occupancy or other act for which Landlord's consent is required under (a) shall
not in any way diminish the prohibition stated in paragraph (a) as to any
further such assignment, subletting or occupancy or other act or the continuing
liability of the original named Tenant. 
No assignment or subletting hereunder shall relieve Tenant from its
obligations hereunder, and Tenant shall remain fully and primarily liable
therefor.

 

(c)                                  Excess Payments.  If
Tenant sublets the Premises or any portion thereof, Tenant shall pay to Landlord
as Additional Rent one half of the amount, if any, by which (a) any and all
compensation actually received by Tenant as a result of such subletting,
exceeds (b) the portion of the Rent allocable to the portion of the Premises
subject to such subletting for the applicable rent period (determined on a
square footage basis with no Rent allocable to the Basement other than
Additional Rent directly related thereto) and Tenant's aggregate reasonable
costs incurred in connection therewith (including, without limitation,
brokerage fees, legal fees and the cost of subtenant improvements or
improvement allowances).  Such payments
shall be made on the date the corresponding payments under this Lease are due.

 

(d)                                 Landlord's Recapture Right.  If
Tenant intends to assign its rights under this Lease (other than with respect
to an assignment described in paragraph (a)(ii) hereof or for which no consent
is required pursuant to paragraph (a)(i) hereof, Tenant shall notify Landlord
of such intent (without the necessity of having any proposed assignment
transaction) and of a proposed termination date (the “Termination Date”) and
Landlord shall have the right, to be exercised in writing within thirty (30)
days after written notice from Tenant to terminate this Lease. In such event,
this Lease shall terminate on the Termination Date with the same effect as if
such date were the last day of the Term of this Lease. If Landlord does not
exercise such termination right and Tenant does not consummate an assignment
transaction within one hundred eighty (180) days after the giving of its
original notice which date may be extended, but for not more than sixty (60)
days, in connection with a proposed assignment which Tenant is negotiating, or
has entered into an agreement for, as of the end of such 180-day period, the
provisions of this Section (d) shall again be applicable.

 

7

 

(e)                                  In the event that Landlord shall not grant or
deny its consent within fifteen (15) days after Landlord's receipt of written
notice requesting such a consent, with specific reasons therefor, such consent
shall be deemed granted and Tenant's transmittal for such consent notes in bold
type that such consent will be granted unless denied within fifteen (15) days.

 

9.                                       Operating Expenses; Taxes.

 

(a)                                  During the Term, Tenant will pay to Landlord
Tenant's Proportionate Share (as defined below) of (i) Operating Expenses (as
defined below), such payments being hereinafter referred to as “Tenant's
Operating Expense Contribution” and (ii) Taxes (as defined below) such payments
being referred to herein as “Tenants Tax Contribution.”

 

(b)                                 “Taxes” means real estate and other taxes,
levies and assessments, general and special, assessed and levied upon the
Property and any personal property of Landlord solely used in the operation of
the Property. For purposes of calculating Taxes hereunder, Landlord will be
deemed to have taken the benefit of the provisions of any statute or ordinance
permitting any assessment to be paid over a period of time and only the
installments of such assessment which would become due and payable by virtue of
such provisions during the Term of this Lease, or any extension hereof,
together with the interest thereon (to the extent actually paid by Landlord)
will be included in the calculation of Taxes. 
At Tenant's written request (which may not be made more than twice in
any five (5) year period), Landlord shall institute and diligently prosecute
tax abatement or reduction proceedings for the Property with respect to any
applicable tax period.  If Landlord
shall receive any tax refund or reimbursement of Taxes or sum in lieu thereof
with respect to any real estate tax fiscal year wholly or partially within the
Term, then out of any balance remaining thereof after deducting Landlord's
third party expenses actually and reasonably incurred in obtaining such refund,
Landlord shall promptly pay to Tenant an amount equal to Tenant's Proportionate
Share of such refund or reimbursement or sum in lieu thereof (including any
interest received by or credited to Landlord).

 

(c)                                  “Operating Expenses” means all commercially
reasonable expenses actually incurred directly in connection with the
operation, maintenance and repair of the Property including, without limitation
(except as otherwise provided below): 
costs for utilities to the extent provided in Section 11(b)(iv); costs
of maintenance and repair provided in Section 15(a) excluding Building common
areas such as, but not limited to, lobbies, hallways, bathrooms and elevators;
electricity charges for parking lot lighting; casualty (including rent loss
insurance for not more than twelve (12) months income from the Property) and
liability insurance premiums (including terrorism if required by Landlord's
lender) but excluding the cost of insuring any improvements made by or for any
tenant; insurance deductibles actually expended; labor; wages and salaries
(including employee benefits) of any building superintendent and maintenance
employees; all supplies and materials purchased in connection with the
operation of the Property (to the extent Tenant is obligated to pay for the
item to which such supplies and materials relate); all costs under service
contracts and other third party contracts entered into for the operation of the
Property (to the extent that Tenant is obligated to pay for the items to which
such contracts relate); equipment; tools; exterminating services; security
services; rubbish and snow removal; landscaping costs, governmental fees and
charges (excluding Taxes) related to the operation of the Property; amounts
payable under an agreement dated September 28, 1993 between Leonard Florence
Associates, Inc. and East Boston Land Use Council and (to the extent not
otherwise

 

8

 

included
in any of the foregoing) a management fee not to exceed Three Percent (3.0%) of
gross annual rents for the Building. 
There shall also be included in Operating Expenses depreciation for
capital expenditures (other than capital expenditures on account of replacing
the roof and HVAC systems) made by Landlord (i) to reduce operating expenses if
Landlord shall have reasonably determined that the annual reduction in
operating expenses shall exceed depreciation therefor or (ii) to comply with applicable
laws, rules, regulations, requirements, statutes, ordinances, by-laws and court
decisions of all public authorities which are now or hereafter in force;
depreciation in the case of both (i) and (ii) shall be determined by dividing
the original cost of such capital expenditure by the number of years of useful
life of the capital item acquired and the useful life shall be reasonably
determined by Landlord in accordance with generally accepted accounting
principles and practices in effect at the time of acquisition of the capital
item. In no event shall “Operating Expenses” include the following:

 

(i)                                     any increase in Landlord's insurance rates
which may result from the negligent failure of Landlord or its agents,
employees or contractors to comply with the provisions of this Lease or
attributable to a particular use of any other tenant in the Building;

 

(ii)                                  depreciation except as otherwise provided
above;

 

(iii)                               interest on and amortization of debt;

 

(iv)                              the cost of leasehold improvements, including
redecorating work, for other tenants of the Building;

 

(v)                                 fees and expenses (including legal and
brokerage fees) for procuring new tenants for the Building or settling disputes
with tenants of the Building or enforcing leases;

 

(vi)                              costs incurred in financing or refinancing of
the Building;

 

(vii)                           the cost of any work or service performed for
any tenant in the Building (other than Tenant) to a materially greater extent
or in a materially more favorable manner than that furnished generally to
tenants (including Tenant) in the Building and maintenance and repairs of the
type for which Tenant is responsible with respect to the Premises under Section
15;

 

(viii)                        except with respect to depreciation described
above, the cost of any items which would be required to be capitalized under
generally accepted accounting principles, including without limitation the cost
of renting any equipment or materials, which cost would be so capitalized if
the equipment or materials were purchased, not rented;

 

(ix)                                the cost of any item included in Operating
Expenses to the extent that Landlord is actually reimbursed for such cost by an
insurance company, a condemning authority, another tenant or any other party;

 

(x)                                   ground rent;

 

9

 

(xi)                                wages, salaries or other compensation paid to
any employees at or above the grade of property manager;

 

(xii)                             the cost of repairs or restoration by reason
of fire or other casualty or condemnation;

 

(xiii)                          marketing, advertising, entertainment, promotional
and seasonal decorating expenses, and charitable and political contributions;

 

(xiv)                         the cost of installing, operating and
maintain any specialty service (e.g., observatory, broadcasting facility,
luncheon club, cafeteria, exercise facility, garage, retail stores, newsstands
or recreational club);

 

(xv)                            any costs representing an amount paid to an
entity related to Landlord which is in excess of the amount which would have
been paid absent such relationship;

 

(xvi)                         any expenses for repairs or maintenance to
the extent paid for by warranties or service contracts;

 

(xvii)                      any type of utility service which is
separately metered to or separately charged to or paid by Tenant, including,
without limitation, water and sewer charges, charges for fuel oil or gas, and
the cost of electricity, air conditioning, heat or ventilation;

 

(xviii)                   the cost of any environmental remediation
with respect to the Property or any portion thereof except to the extent such
environmental contamination was the result of the acts or negligence of Tenant;

 

(xix)                           any bad debt loss, rent loss or reserves for
bad debt or rent loss;

 

(xx)                              fines or penalties resulting from Landlord's
violation of laws or late payments; and

 

(xxi)                           any repair or maintenance costs incurred in
connection with the roof prior to the date of its replacement by Landlord.

 

(d)                                 “Operating Expense Statements” means written
statements, certified by Landlord, showing the amounts of Operating Expenses
for each calendar year which includes any portion of the Term of this
Lease.  Within 150 days after the end of
each calendar year, Landlord will compute the actual Operating Expenses
incurred during that year, and will deliver to Tenant an Operating Expense
Statement for such year, setting forth such computation in reasonable detail
and according to Landlord's usual accounting practices.  Tenant shall have the right to audit (on a
non-contingency fee basis) Landlord's relevant books, records, bills and
invoices relating to Operating Expenses, at Landlord's principal place of
business upon Tenant's prior written notice (provided that Tenant shall have
waived its right to such an audit if Tenant shall have not notified Landlord of
its intent to do so within one (1) year of receipt of Landlord's Operating
Expense Statement and made any claim with respect thereto within fifteen (15)
months after receipt of Landlord's Operating Expense Statement).  Any dispute shall be determined pursuant to
the provisions of Section 22.  If it is
determined that Landlord's Operating Expense Statement

 

10

 

overstated
Operating Expenses, Landlord shall, within ten (10) days of such determination,
reimburse Tenant for the excess amounts paid by Tenant.  In addition, if it is determined that
Landlord overstated Operating Expenses by ten percent (10%) or more, then
Landlord shall reimburse Tenant for the reasonable cost of Tenant's audit.

 

(e)                                  “Tenant's Proportionate Share” is the
quotient, expressed as a percentage, obtained by dividing the Rentable Area of
the Premises by the Building Rentable Area. 
Landlord and Tenant agree that the Rentable Area of the Premises is One
Hundred Eighteen Thousand Square Feet (118,000.0 SF) and the Building Rentable
Area is Three Hundred Thirty Thousand Square Feet (330,000.0 SF) (each of which
excludes the area of the basement even though included in the Premises), and
therefore Tenant's Proportionate Share is Thirty Five and Eight Tenths Percent
(35.8%).  Tenant's Proportionate Share
shall be adjusted in the event the Building Rentable Area increases at any
time, but in no event shall a decrease in the Building Rentable Area result in
an increase in Tenant's Proportionate Share.

 

(f)                                    Tenant shall make estimated payments on
account of Operating Expenses on the first day of each month.  The monthly amount shall be sufficient to
provide Landlord by the end of each calendar year a sum equal to Tenant's
required payments on account thereof as reasonably estimated by Landlord (based
on a detailed operating budget supplied to Tenant) from time to time during
each year.  If the aggregate of the
installments paid by Tenant during such year were less than the amount payable
by Tenant under this Section 9 for such year, the difference will be paid to
Landlord within thirty (30) days following the delivery of the Operating
Expense Statement.  If the aggregate of
the installments paid by Tenant during that year were more than the amount
payable by Tenant for such year, the difference shall be credited against
future payments on account of Operating Expenses provided that if the Term of
this Lease shall have ended prior to recovery of such difference, the same will
be repaid by Landlord within thirty (30) days after the end of the Term (or
applied against any sums then due and owning by Tenant).

 

(g)                                 Tenant's Tax Contribution will be payable in
installments during the Term no later than ten (10) days in advance of the date
on which the applicable installment of Taxes is due to the taxing authority
provided that if Landlord's lender requires a monthly tax escrow, Tenant will
pay such installments monthly (based on the escrow requirement).  Landlord shall deliver a copy of each Tax
bill applicable to the Term or any portion thereof to Tenant, together with
Landlord's calculation of Tenant's Tax Contribution for each quarter covered
thereby, within thirty (30) days after Landlord's receipt of such bill.  If the Tax bill is not available at least
twenty (20) days prior to the date any such installment is due, Landlord shall
reasonably estimate Tenant's Tax Contribution for such quarter and notify
Tenant of the amount thereof, and Tenant shall pay such estimated amount.  If the aggregate amount of the installments
paid by Tenant with respect for any Tax year (or portion thereof until the tax
bill has become available) were less than the amount payable by Tenant for each
year (or portion thereof) the difference will be paid to Landlord within thirty
(30) days following the delivery of the actual Tax bill.  If the aggregate of the installments paid by
Tenant during such Tax year (or applicable portion) were more than the amount
payable by Tenant for such Tax year (or portion) such difference shall be
credited against future payment on account of Tenant's Tax Contribution
provided that if the Term of the Lease shall have ended prior to recovery of
such difference, the remaining amount

 

11

 

will
be repaid by Landlord within thirty (30) days after the end of the Term (or
applied against any sums then due and owning by Tenant).

 

10.                                 Alterations; Signage.

 

(a)                                  Except as herein after provided, Tenant shall
not make any alterations, additions or improvements (“Alterations”) to the
Premises without Landlord's prior written consent, which consent shall not be
unreasonably withheld or delayed. Any such alterations, additions or
improvements shall, except as hereinafter provided (i) be in accordance with
plans and specifications (to the extent applicable) and by contractors approved
by Landlord and (ii) except for work to be performed by Tenant to initially
renovate the Premises, with respect to any contract in excess of $100,000,
Tenant has obtained a payment and performance bond. Tenant shall not make any
material changes to such plans or specifications without Landlord's approval.
In connection with the approval of any structural change, Landlord may require
at the time of its consent that Tenant restore such change to its former
condition if Landlord reasonably determines that such restoration will be
required for use of the Premises by future tenants. Notwithstanding the
foregoing, Tenant shall have the right to make non-structural interior
alterations, additions and improvements to the Premises and Excess Space
occupied by it without Landlord's consent provided that the cost does not
exceed $100,000 in any 12 month period. 
All alterations, additions and improvements made by Tenant (whether or
not Landlord's consent is required) shall be made in accordance with all
applicable laws including the requirements for the obtaining of building
permits and at Tenant's sole cost and expense. 
Landlord's approval of Tenant's plans shall in no event relieve Tenant
of any responsibility for the design thereof. 
Landlord shall have no liability or responsibility for any claim, injury
or damage caused by the particular materials, appliances or equipment selected
by Tenant in connection with any work performed by or on behalf of Tenant in
the Premises.  All non-structural
alterations, additions and improvements which may be made by Tenant shall be
the property of the Tenant during the Term. 
Tenant shall be entitled to remove from the Premises and Excess Space
all non-structural alterations, additions and improvements and all furniture,
business fixtures, equipment and personal property (“Tenant's Property”)
installed or located on or in the Premises and Excess Space provided that
Tenant shall repair any material damage caused by the removal of the
foregoing.  All alterations, additions
and improvements and Tenant's Property which Tenant elects not to remove at the
expiration of the Term shall be surrendered with the Premises or Excess Space
and shall become the property of Landlord.

 

(b)                                 Intentionally Deleted.

 

(c)                                  Notice is hereby given that Landlord shall
not be liable for any labor or materials furnished or to be furnished to Tenant
and that no mechanics or other lien for any such labor or materials shall
attach to or affect the reversion or other estate or interest of Landlord in
and to the Premises or the Property. Whenever and as of often as any mechanics
lien shall be filed against the Premises, the Property or Landlord's or Tenants
interest therein based on any action of Tenant, Tenant shall take such action
by bonding, deposit or payment as will remove or satisfy the lien within thirty
(30) days after the filing of such lien.

 

12

 

(d)                                 Whenever any consent or approval is required
hereunder, if Landlord shall fail to grant or deny such consent or approval,
with specific reasons therefor, within ten (10) Business Days after receipt of
request therefor, the same shall be deemed granted.

 

(e)                                  Tenant shall have the right to retain all
existing signs identifying Tenant and all other permitted occupants of the
Premises on the exterior of the Building. 
In addition, Tenant shall have the right, at Tenant's sole cost and
expense, to affix signs identifying Tenant to the exterior of the Building and
the Premises at the locations from time to time approved by Landlord; provided;
however, that the design of such signs shall be subject to Landlord's prior
written approval, which shall not be unreasonably withheld, conditioned or
delayed, provided that such design (i) is consistent with the aesthetics and
the design of the balance of the Building, (ii) does not adversely affect the
appearance of the Building, in each case, in Landlord's reasonable discretion,
and (iii) is in accordance with all applicable Laws (as hereinafter defined).

 

11.                                 Services and Utilities.

 

(a)                                  Landlord shall provide to the Premises and to
any Excess Space occupied by Tenant electricity, gas, hot and cold water,
security services comparable to security services provided in similar buildings
in the City of Boston, and heating, ventilation and air-conditioning service,
all in a manner and in quantities sufficient for the safe, comfortable and
efficient use and occupancy of the Premises and any Excess Space occupied by
Tenant for the conduct of Tenant's business but in no event in a manner less
safe, convenient or efficient, or in quantities less than, what is available to
the Premises and to any Excess Space occupied by Tenant on the date of this
Lease.  Notwithstanding the foregoing,
Landlord and Tenant acknowledge and agree that Landlord shall only be required
to provide electricity and, to the extent currently provided, hot and cold
water and heating, ventilation and air conditioning (and no other services) to
the Basement.

 

(b)                                 Tenant shall pay for the actual cost of all
electricity, gas, water service and other utilities used by Tenant as follows:

 

(i)                                     Landlord may, at any time, install direct
meters or submeters at any location in the Building to measure Tenant's use of
electricity and Tenant shall cooperate with such efforts provided that all
costs relating thereto shall be paid by Landlord; and

 

(ii)                                  To the extent utilities for the Premises
and/or any Excess Space occupied by Tenant are serviced independently by
submeters, Tenant shall pay for the actual cost of those utilities so metered,
without mark-up, by payment to Landlord based upon reasonably detailed bills
issued no more frequently than monthly by Landlord; and

 

(iii)                               To the extent utilities for the Premises
and/or any Excess Space occupied by Tenant are serviced by direct meters,
Tenant will pay charges for those utilities so metered directly to the
applicable utility; and

 

(iv)                              To the extent any of the utilities supplied
to the Premises and/or any Excess Space occupied by Tenant are not serviced
independently by direct meters or submeters, at Landlord's election the actual
costs for such utilities services (A) may be included

 

13

 

in
Operating Expenses or (B) Tenant will pay Tenant's fairly allocable share of
such costs (as reasonably determined by Landlord) as additional rent within ten
(10) days of receipt of statements therefor from Landlord.  Promptly after Tenant's written request
therefor, Landlord shall provide Tenant with reasonably detailed information
evidencing the actual costs for such utilities and supporting Landlord's
calculation of Tenant's fairly allocable share thereof.  Tenant shall have the right, at its expense,
to have its engineer or other consultant survey relevant areas and systems of
the Building in order to verify or dispute Landlord's determination.  Any dispute shall be determined pursuant to
the provisions of Section 22 hereof and if such dispute is determined in
Tenant's favor, the excess amounts paid by Tenant, shall be paid by Landlord to
Tenant within five (5) days of such determination.  In addition, if it is determined that Landlord's determination
overstated such costs by more than ten percent (10%), Landlord shall reimburse
Tenant for the reasonable cost of Tenant's survey.

 

12.                                 Damage by Fire or Casualty.  In
the event the Building or Premises shall be damaged by fire or other casualty
during the Term, then:

 

(a)                                  if more than twenty-five percent (25%) of the
Building (excluding the Basement) is damaged so as to render the same
untenantable, then Landlord may elect to terminate this Lease by giving written
notice to Tenant within sixty (60) days after the date of such fire or
casualty, provided that Landlord shall not terminate this Lease pursuant to
this clause (a) unless Landlord terminates the leases of all other tenants in
the Building which it has the right to terminate.

 

(b)                                 if this Lease is not so terminated, Landlord
shall proceed with all due diligence to repair, restore or rehabilitate the
Building and Premises but excluding, without limitation, all alterations,
additions and improvements made by Tenant, to substantially their former
condition immediately prior to such damage or destruction (except that with
respect to the Basement such restoration shall be required only to the extent
necessary to permit legal occupancy thereof and the remainder of the Premises),
at Landlord's expense.

 

(c)                                  If the Premises or a portion thereof, are
rendered untenantable by fire or other casualty, there shall be an equitable
abatement of Rent to the extent and for the period of time during which the
Premises or portion thereof, are untenantable provided that in no event shall
Tenant be entitled to any such abatement as it relates to the Basement.  If the restoration of the Building and
Premises is not substantially completed within 270 days of the occurrence of
such damage,  Tenant shall have the
right to terminate this Lease by written notice to Landlord.

 

13.                                 Eminent Domain. If the Property or any portion thereof
shall be taken or condemned in its entirety for any public or quasi-public use
or purpose, the term of this Lease shall end with respect to the Property (or
portion so taken) upon the date of the taking by the condemning authority, and
without apportionment of the award. Tenant hereby assigns to Landlord Tenant's
interest in such award, if any, except for any portion of the award which
compensates Tenant for its relocation expenses, alterations, additions,
improvements or Tenant's Property.  Rent
shall be apportioned as of the date of such termination.  If there is a taking or condemnation of a
Substantial Part (as defined below) of the Premises (not including the
Basement), or if access to or from the Property, the Building or the Premises
is materially and adversely restricted by any public authority, and said taking
or access restriction lasts for ninety

 

14

 

(90)
days or more, then Tenant shall have the right to terminate this Lease by
giving Landlord not less than thirty (30) days written notice but in any event
not later than sixty (60) days after the date Tenant is notified by Landlord of
such taking or condemnation or restriction of access, in which event Rent shall
be apportioned as of the date of such termination. If a such a taking or
condemnation or restriction of access lasts for less than ninety (90) days,
Rent shall be abated during said period but Tenant shall not have the right to
terminate this Lease.  A taking or
condemnation of a “Substantial Part” of the Property, the Building or Premises
shall mean a taking or condemnation of Twenty Five Percent (25.0%) or more of
the Premises, or such other taking or condemnation as renders the use of the
remainder of the Premises impracticable for the conduct of Tenant's
business.  In the event of any taking or
condemnation involving the Property, the Building or Premises which does not
result in the termination of this Lease, Landlord shall restore the Property,
the Building and Premises, to the extent reasonably practicable, to a
functioning whole with all due diligence and Rent shall equitably abate during
the period of restoration and for the remainder of the Term. In no event shall
Tenant be entitled to any such abatement as it relates to the Basement.

 

14.                                 Right of Entry by Landlord. Landlord shall have the right to enter the
Premises and any Excess Space occupied by Tenant upon reasonable advance
written notice (except in the event of emergency, in which case Landlord shall
endeavor to give such notice, if any, as is reasonable under the circumstances)
to perform necessary repairs which are the obligation of Landlord hereunder and
to show the same to prospective lenders and purchasers, provided that Landlord
shall use reasonable efforts (including the use of overtime labor, if
necessary) not to unreasonably interfere with the operation of Tenant's
business.  During the last twelve (12)
months of the Term, and from and after the date hereof with respect to any
Excess Space, Landlord shall have the right to enter the Premises during
reasonable hours upon reasonable advance notice to show the same to prospective
tenants, provided that Landlord shall use commercially reasonable efforts not
to interfere with the operation of Tenant's business.

 

15.                                 Repairs and Maintenance.

 

(a)                                  Landlord, at its sole cost and expense
(subject to reimbursement to the extent provided in Section 9), shall maintain
and keep in good and working order and repair and make any necessary
replacements to the Property including, without limitation, the following
(except to the extent the same are contained in, and exclusively serve, the
Premises in which case Tenant shall be responsible for such maintenance and
repair):  (i) the roof, foundation,
structural components, and exterior walls of the Building, exterior doors and
windows, (ii) walks, sidewalks, parking areas, curbs, access ways, driveways,
and other exterior areas, (iii) plumbing systems and fixtures, (iv) the
heating, ventilation and air conditioning systems, (v) all electrical and
mechanical systems, (vi) security systems, and (vii) sprinkler and life-safety
systems.  Landlord shall keep all
parking and other exterior areas free of accumulation of dirt, rubbish, snow
and ice, and fully illuminated at night, and shall keep and maintain all
landscaped areas in a neat and orderly condition.  Without limiting the generality of the foregoing, Landlord shall
make all repairs and replacements required by all applicable federal, state and
local laws, regulations, ordinances and orders and/or by the requirements of
any insurance underwriters or underwriting organizations.  Notwithstanding anything contained herein or
in the other provisions of the Lease to the contrary, Landlord shall have no
repair, maintenance or compliance obligations with

 

15

 

respect
to the interior of the Basement except to extent necessary to provide the
utility services referred to in Section 11. 
Subject to Landlord's obligations set forth above, Tenant agrees to
maintain the interior of the Premises and any Excess Space occupied by Tenant
in the same condition, order and repair as they are at the Commencement Date,
excepting reasonable wear and tear arising from the use thereof and damage by
fire or other casualty.  In addition,
Tenant shall have the right, but not the obligation, at Tenant's sole cost and
expense, to take any steps that may be required by applicable law to permit the
continued legal occupancy of the Basement (subject to the terms and provision
of this Lease, including without limitation Landlord's consent rights to the
extent required under Section 10, and subject to not materially interfering
with the business operations of any other tenant in the Building), it being
agreed that if Tenant elects not to take any such steps, Tenant shall have the
right to vacate the Basement, in which event Tenant shall have no further
obligations hereunder with respect to such space.

 

(b)                                 If Landlord shall not commence any repairs or
maintenance required hereunder within the fifteen (15) days following written
notice from Tenant that such repairs or maintenance are necessary (or if such
failure is resulting in the Premises or a portion thereof being untenantable
and Landlord has not commenced the same within 72 hours after written notice)
then Tenant may, at its option, cause such repairs to be made and shall furnish
Landlord with a statement of the cost of such repairs or maintenance upon
substantial completion thereof. 
Landlord shall reimburse Tenant for the cost of such repairs within ten
(10) days of the date of the statement from Tenant setting forth the amount
due.

 

16.                                 Indemnity; Waiver.

 

(a)                                  Subject to the provisions of Section 18,
Tenant agrees to indemnify Landlord and save Landlord harmless from any and all
liability, claims, losses and expenses (including, without limitation,
reasonable attorney's fees) related to claims for personal injury or property
damage, or both, sustained or claimed to have been sustained by any person or
persons or property on the Property, in the Premises and Excess Space caused or
brought about by Tenant's breach of this Lease or the act or omission of the
Tenant, its agents, servants or employees, invitees or licensees during the
Term and any holdover period.  Subject
to the provisions of Section 18, Landlord agrees to indemnify Tenant and save
Tenant harmless from any and all liability, claims and loss for personal injury
or property damage, or both, sustained or claimed to have been sustained by any
person or persons or property on the Property caused or brought about by
Landlord's breach of this Lease or the negligent act or omission of Landlord,
its agents, servants or employees during the Term.

 

(b)                                 To the maximum extent this Agreement may be
made effective according to law, Tenant agrees that all of the furnishings,
fixtures, equipment, effects and property of every kind, nature and description
of Tenant which may be on the Premises or elsewhere on the Property, shall be
at the sole risk and hazard of Tenant and if the whole or any part thereof
shall be destroyed or damaged by fire, water or otherwise, by the leaking or
bursting of water pipes, by theft or from any other cause no part of said loss
is to be charged to or be borne by Landlord unless caused by or due to the
negligence of Landlord, its agents, servants or employees and then only, if
Tenant has actual knowledge thereof, notice to Landlord of the condition
claimed to constitute negligence on the expiration of a reasonable time after
such notice has been received

 

16

 

by
Landlord and Landlord has not taken all reasonable and practicable means to
cure and correct such condition.

 

17.                                 Insurance.

 

(a)                                  Landlord covenants and agrees to keep the
Building (including the Premises) insured for full replacement value against
loss by fire and casualty, under an all risk policy on a special cause of loss
form, said insurance to at all times reflect the interest of the Landlord and
Tenant and any mortgagee as their interests may appear.

 

(b)                                 Tenant shall obtain and keep in force with
respect to the Premises or any Excess Space comprehensive general liability
insurance in a minimum amount of One Million Dollars ($1,000,000) per
occurrence and Three Million Dollars ($3,000,000) in the aggregate for both
bodily injury and property damage or such greater amounts, if procurable, as may
be reasonably requested by Landlord and customarily carried by responsible
similar tenants in the City of Boston naming Landlord as an additional
insured.  Landlord shall obtain and keep
in force and effect with respect to the Property comprehensive general
liability insurance in a minimum amount of One Million Dollars ($1,000,000) per
occurrence and Three Million Dollars ($3,000,000) in the aggregate for both
bodily injury and property damage or such greater amounts as from time to time
are customarily carried by responsible Landlords of similar facilities in the
City of Boston naming Tenant as an additional insured.

 

(c)                                  Tenant, at its own expense, shall obtain and
keep in force during the Term of this Lease “All Risk” property insurance with
respect to its personal property and any improvements and fixtures made or
installed by Tenant, written on a one hundred percent (100%) replacement cost
basis (with such deductible as Tenant may determine).  Tenant, at its own expense, shall obtain and keep in force during
the term of this Lease, worker's compensation insurance as required by
applicable law.

 

(d)                                 Any insurance required by this Lease may be
carried under a blanket policy provided that the coverage thereunder for the
Premises or the Property, as the case may be, shall not be reduced below the
coverages required hereunder.  All
insurance required under this Lease shall maintained through reputable
insurance companies licensed to do business in the Commonwealth of
Massachusetts.  Landlord and Tenant shall
provide each other with certificates evidencing such insurance upon request.

 

(e)                                  Each of Landlord's and Tenant's policies
shall provide that the insurer shall give the other party twenty (20) days
written notice prior to any amendment or cancellation of the policy.

 

18.                               Waiver of Subrogation. 
Each of the parties hereto hereby releases the other and the other's
agents and employees, to the extent of each party's insurance coverage, from
any and all liability for any loss or damage which may be inflicted upon the
property of such party even if such loss or damage shall be brought about by
the fault or negligence of the other party, its partners, agents or employees;
and each party hereto shall obtain a clause or endorsement to such

 

17

 

party's
property insurance policies waiving the insurer's right of subrogation and
stating that this release shall not affect said policy or the right of the
insured to recover thereunder.

 

19.                                 Default.

 

(a)                                  Landlord and Tenant hereby agree that the
occurrence of any one or more of the following events is an event of default by
Tenant under this Lease and that said event of default shall give Landlord the
rights described in Section 19(b):

 

(i)                                     If Tenant defaults in the payment of Rent
hereunder and such Rent remains due and unpaid for ten (10) days following
written notice of such default from Landlord to Tenant; or

 

(ii)                                  If Tenant defaults in the performance of any
other provision of this Lease and such default is not cured within thirty (30)
days following written notice from Landlord specifying such default (unless
such default is not reasonably capable of being cured within such thirty (30)
day period and Tenant is diligently prosecuting such cure to completion; or

 

(iii)                               (A) Tenant becoming a “debtor” as defined in
11 U.S.C.  101 or any successor statute
thereto (unless, in the case of a petition filed against Tenant or guarantor,
the same is dismissed within ninety (90) days); (B) Tenant makes an assignment
for the benefit of its creditors; (C) the institution of proceedings seeking
the appointment of a trustee, sequesterer, receiver or similar officer to take
possession of substantially all of Tenant's assets or of Tenant's interest in
this Lease, where either such appointment shall not be vacated within ninety
(90) days or such possession is not restored to Tenant within ninety (90) days;
or (D) the attachment, execution or other judicial seizure of all or
substantially all of Tenant's assets or this Lease where such seizure is not
discharged within ninety (90) days.

 

Landlord or Landlord's authorized agent shall
have the right (without obligation except as may be required by law) to serve
any notice of default, notice to pay rent or quit or similar notice.

 

(b)                               In the event of any event of default,
Landlord may, at any time thereafter, with or without notice or demand, and
without limiting Landlord in the exercise of any right or remedy which Landlord
may have by reason of such default:

 

(i)  terminate Tenant's right to possession of
the Premises by any lawful means, in which case this Lease and the Term hereof
shall terminate and Tenant shall immediately surrender possession of the
Premises to Landlord.

 

(ii)  maintain Tenant's right of possession in
which event Landlord shall have the remedy which permits Landlord to continue
this Lease in effect after Tenant's breach and abandonment and recover rent as
it becomes due.

 

(iii)  collect sublease rents (or appoint a
receiver to collect such rent) and otherwise perform Tenant's obligations at
the Premises, it being agreed, however, that the

 

18

 

appointment of a receiver
for Tenant shall not constitute an election by Landlord to terminate this
Lease.

 

(iv)  pursue any other remedy now or hereafter
available to Landlord under the laws or judicial decisions of the state in
which the Premises are located.

 

(c)                                  If this Lease shall have been terminated as
provided in Section 19(b), Tenant shall pay the Rent and all other sums payable
hereunder up to the time of such termination; and thereafter, Tenant, until
what would have been the balance of the Term then in effect (Initial Term or
Extended Term) in the absence of such termination (except that for all purposes of this Article 19 the Term
with respect to the Excess Space shall be deemed to end on the applicable
Reduction Date), shall be liable to Landlord for, and shall pay to Landlord, as
current damages, Rent and other sums which would be payable hereunder if such
termination had not occurred, less the net proceeds, if any, of any re-letting
of the Premises and/or any Excess Space after deducting all expenses reasonably
incurred by Landlord in connection with such re-letting (including, without
limitation, all repossession costs, economic concessions, costs of altering or
renovating the Premises, brokerage commissions, tenant improvement costs, legal
expenses, reasonable attorney's fees, advertising and the reasonable costs and
expenses incurred in preparing the Premises and/or any such Excess Space for
such re-letting).  Tenant shall pay such
current damages to Landlord monthly on the days which the Rent would have been
payable hereunder if this Lease had not been terminated.

 

(d)                                 At any time after any such termination of
this Lease pursuant to Section 19(b), as liquidated final damages and in lieu
of all current damages beyond the date of such termination, at Landlord's
election, Tenant shall pay to Landlord an amount equal to the excess, if any,
of the Rent and other sums which would be payable hereunder from the date of
such election over the then fair rental value of the Premises and/or any Excess
Space for the same period, discounted to present value at the rate of seven
percent (7%) per annum (assuming that, for the purposes of this subsection,
annual payments by Tenant on account of Taxes and Operating Expenses would be
the same as the payments required for the immediately preceding year) for what
would have been the balance of the Term then in effect (Initial Term or
Extended Term) in the absence of such termination.

 

(e)                                  At any time after such termination, Landlord
may (i) re-let the Premises and/or any such Excess Space, or any portion(s)
thereof, either in the name of the Landlord or otherwise, for a period which
may, at Landlord's option, be equal to or less than or exceed the period which
would have been the balance of the Term then in effect (Initial Term or
Extended Term) in the absence of any termination of this Lease and may grant
reasonable concessions (including free rent) to the extent advisable and
necessary to re-let the same and (ii) may make such reasonable alterations,
repairs and decorations to the Premises as Landlord, in its sole judgment,
considers advisable and necessary for the purposes of re-letting the same, and
the making of such alterations, repairs and decorations shall not operate or be
construed to release Tenant from liability hereunder. Tenant hereby expressly
waives any and all rights of redemption granted by or under any present or
future laws in the event of Tenant being evicted or dispossessed, or in the
event of Landlord obtaining possession of the Premises and/or such Excess Space
by reason of an event of default under this lease.

 

19

 

(f)                                    No remedy or election hereunder shall be
deemed exclusive, but shall, wherever possible, be cumulative with all other
remedies at law or in equity.

 

(g)                               Suit or suits for the recovery of such
damages, or any installments thereof, may be brought by Landlord from time to
time at its election, and nothing contained herein shall be deemed to require
Landlord to postpone suit until the date when the term of this Lease would have
expired if it had not been terminated hereunder.

 

(h)                               No surrender of the Premises shall be effective
against Landlord unless Landlord has entered into a written agreement with
Tenant in which Landlord expressly agrees to (i) accept a surrender of the
Premises and (ii) relieve Tenant of liability under the Lease.  The delivery of keys to Landlord or any
employee or agent of Landlord shall not constitute the termination of the Lease
or the surrender of the Premises.

 

(i)                                     Except as expressly herein provided, any
amount due to Landlord that is not paid when due shall bear interest at the
lesser of the rate of eighteen percent (18%) per annum or the maximum interest
rate permitted by applicable law. 
Payment of such interest shall not excuse or cure any default by Tenant
under this Lease; provided, however, that interest shall not be payable on late
charges incurred by Tenant nor on any amounts upon which late charges are paid
by Tenant.

 

(j)                                     If any installment of Basic Rent shall not be
paid by Tenant within ten days after the date the same is due and such failure
shall occur more than one time in any twelve month period, Tenant shall pay to
Landlord a late charge equal to four percent (4%) of such overdue amount.  The parties hereby agree that such late
charge represents a fair and reasonable estimate of the cost Landlord will
incur by reason of late payment by Tenant.

 

20.                                 Brokers.  Tenant and Landlord each
represents to the other that neither has dealt with brokers in connection with
this Lease except for Meredith & Grew, Inc., and that no broker procured
this Lease or is entitled to any commission in connection therewith except for
Meredith & Grew, Inc., whose commission shall be paid by Tenant and in the
event either party has so dealt with a broker other than the broker named
herein such party shall indemnify, defend and hold forever harmless the other
party from and against any claim by such broker and from and against any and
all costs, including attorneys' fees, in connection with such claim.

 

21.                                 Parking; Changes to Common Areas. 
Tenant shall at all times be entitled to the exclusive use of 225 parking
spaces in the parking area and two loading dock(s) located on the Property, all
as shown on Exhibit C attached hereto. Except as set forth herein, no parking
spaces or access areas shall be designated or devoted for exclusive use by
particular tenant(s) or their invitees or employees.  Landlord reserves the right, at any time and from time to time,
to make alterations or additions to the Building and/or other areas of the
Property which do not materially interfere with Tenant's use of or access to
the Premises, and Landlord also reserves the right at any time and from time to
time to construct other improvements in the Building (including within the
common areas) and to reduce or enlarge, make alterations in or make additions
to the Building and/or the common areas, provided, however, that such
improvements and alterations shall not materially and unreasonably interfere
with Tenant's use of or access to the Premises, or result in any cost to the
Tenant.

 

20

 

22.                                 Arbitration.  Any dispute between Landlord
and Tenant regarding the provisions of Sections 2, 5(c), 8, 9, 10 or 11 of this
Lease may be submitted by either Landlord or Tenant to binding arbitration in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association (the “AAA”) and shall be conducted in Boston, Massachusetts.  Unless Landlord and Tenant agree otherwise
in writing, the arbitration shall be conducted before a single arbitrator
appointed by the AAA, which arbitrator shall have not less than ten (10) years
of experience as a lawyer, real estate broker, accountant or financial
executive involved in the leasing, operation or management of buildings similar
to the Building in the City of Boston. 
The arbitrator shall have no power to vary or modify the provisions of
this Lease.  Judgment upon the award
rendered may be entered in any court having jurisdiction thereof.  Each party shall bear the expense of its own
counsel and witnesses.  Landlord and
Tenant shall share equally the fees, if any, to be paid to the arbitrator.

 

23.                                 Compliance with Laws. 
Landlord, at its sole cost and expense, shall comply with all federal,
state and local laws, ordinances, rules and regulations (“Laws”) and all orders
of public authorities applicable to the Property or to Landlord, except to the
extent (i) the need for such compliance arises from the operation of Tenant's
business or a change in the use of the Premises or Excess Space by Tenant, in
which case Tenant shall be liable for such compliance or (ii) the compliance
relates to the Basement.  Landlord and
Tenant shall promptly provide each other with copies of notices of violation of
Laws received by such party.

 

24.                                 Quiet Enjoyment. 
Subject to the terms hereof, Landlord covenants that, so long as no
event of default exists, Tenant shall have continuous, peaceful, uninterrupted
and exclusive possession and quiet enjoyment of the Premises and Excess Space.

 

25.                                 Notice of Lease. 
Landlord and Tenant agree, upon the request of either party, to enter
into and record a notice of this Lease which conforms to the laws of the
Commonwealth of Massachusetts.

 

26.                                 Notices.  All notices, demands and
requests which may be or are required to be given by either party to the other
shall be in writing and shall be either (i) delivered by hand with a written
receipt, or (iii) sent by reputable overnight courier such as Federal
Express.  All notices to Landlord should
be addressed to Landlord at Berkeley Investments, Inc. 121 High Street, Boston,
MA 02110, ATTN:: Young K. Park or at such other place as Landlord may from time
to time designate in written notice to Tenant. 
All notices to Tenant shall be addressed to Tenant at the Premises,
Attention:  Chief Financial Officer,
with a copy to the General Counsel located at that same address, or to any such
other place as Tenant may from time to time designate in written notice to
Landlord.  All notices, demands and
requests which shall be sent by hand delivery as aforesaid shall be deemed
given when delivered, and all notices, demands and requests which shall be sent
by reputable overnight courier as aforesaid shall be deemed given one business
day after delivery to such overnight courier.

 

27.                                 Estoppel Certificate. 
Each of Landlord and Tenant agrees at any time and from time to time
upon not less than ten (10) days' prior written request by the other to
execute, acknowledge and deliver to the other a statement in writing certifying
that (a) this Lease is

 

21

 

unmodified
and in full force and effect (or if there have been modifications that the same
is in full force and effect as modified and stating the modifications), (b) the
dates to which the Rent and other charges have been paid in advance, if any,
and (c) all of the defaults of Landlord or Tenant hereunder, if any, (and if
there are no defaults a statement to that effect) and any other information
reasonably requested, it being intended that any such statement delivered
pursuant to this Section 27 may be relied upon by any prospective purchaser of
the Building or any mortgagee or assignee of any mortgage upon the fee or
leasehold of the Property or by any prospective assignee of this Lease or
subtenant of the whole or any portion of the Premises and/or by other party
interested in the Property or any part thereof.

 

28.                                 Notice to Mortgagee. 
After receiving written notice from any person, firm or other entity
that it holds a mortgage (which term shall include a deed of trust) covering
any portion of the Property, Tenant shall, so long as such mortgage is
outstanding, be required to give to such holder the same notice as is required
to be given to Landlord under the terms of this Lease, but such notice may be
given by Tenant to Landlord and such holder concurrently.  It is further agreed that such holder shall
have the same rights and opportunity to cure any default, and the same time
within which to effect such curing, as is available to Landlord; and if
necessary to cure such a default, such holder shall have access to the Premises
and/or any Excess Space occupied by Tenant on the same terms granted to
Landlord under this Lease.

 

29.                                 Assignment of Rents. 
With reference to any assignment by Landlord of Landlord's interest in
this Lease, or the Rent payable hereunder, conditional in nature or otherwise,
which assignment is made to the holder of the first mortgage or deed of trust
on the Property, Tenant agrees:

 

(a)                                  that the execution thereof by Landlord,
and the acceptance thereof by such holder, shall never be deemed an assumption
by such holder of any of the obligations of Landlord hereunder, unless such
holder shall, by written notice sent to Tenant, specifically otherwise elect;
and

 

(b)                                 that, except as aforesaid, such holder
shall be treated as having assumed Landlord's obligations hereunder only upon
foreclosure of such holder's mortgage or deed of trust and the taking of
possession of the Property by such holder.

 

30.                                 Holding Over. 
Any holding-over by Tenant after the expiration of this Lease or after
the date by which Tenant is required to vacate the Premises shall be on all the
terms and conditions of this Lease pertaining to the obligations of Tenant
shall be treated as a tenancy at sufferance at two hundred percent (200%) of
the Rent specified herein on a per square foot basis, prorated on a daily basis
and shall otherwise be on the terms and conditions set forth in this Lease, so
far as applicable.

 

31.                                 Binding Effect.  All
covenants, agreements, stipulations, provisions, conditions and obligations
herein expressed and set forth shall extend to, bind and inure to the benefit
of, as the case may require, the successors and assigns of Landlord and Tenant
respectively, as fully as if such words were written wherever reference to
Landlord or Tenant occurs in this Lease

 

22

 

32.                                 Complete Agreement.  Any
stipulations, representations, promises or agreements, oral or written, made
prior to or contemporaneously with this Lease shall have no legal or equitable
consequences and the only agreement made and binding upon the parties with
respect to the leasing of the Premises is contained herein, and it is the
complete and total integration of the intent and understanding of Landlord and
Tenant with respect to the leasing of the Premises.  This Lease shall not be amended except by a writing signed by
Landlord and Tenant.

 

33.                                 Severability.  If
any term, covenant or condition of this Lease or the application thereof to any
person or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Lease, or the application of such term, covenant or condition
to persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby and each term, covenant or condition
of this Lease shall be valid and be enforced to the fullest extent permitted by
law.

 

34.                                 Applicable Law.  The laws of the Commonwealth of
Massachusetts shall govern the validity, construction, performance and
enforcement of this Lease.

 

35.                                 Tenant's
Property.  Tenant covenants and agrees
that, to the maximum extent permitted by law, all merchandise, furniture, and
property of every kind, nature and description related or arising out of
Tenant's leasehold estate hereunder, which may be in or upon the Premises or
Building, in the public corridors, or on the sidewalks, areaways and approaches
adjacent thereto, shall be at the sole risk and hazard of Tenant, and that if
whole or any part thereof shall be damaged, destroyed, stolen or removed from
any cause or reason whatsoever no part of said damage or loss shall be charged
to, or borne by, Landlord.

 

36.                                 Subordination.  This
Lease shall be subject and subordinate to any mortgage now or hereafter on the
Property, and to each advance made or hereafter to be made under any mortgage,
and to all renewals, modifications, consolidations, replacements and extensions
thereof and all substitutions therefor provided that Landlord shall deliver to
Tenant a written subordination, non-disturbance and attornment agreement
executed by the holder of such mortgage pursuant to which such holder agrees to
recognize, without exception, all of the rights of Tenant under this Lease and
does not impose any additional obligations on Tenant.  In confirmation of such subordination and recognition, Tenant
shall, within ten (10) days of receipt of a request, execute and deliver
promptly a counterpart subordination, non-disturbance and attornment agreement.

 

37.                                 Hazardous
Materials.  For purposes of this Lease,
the term “Hazardous Material” means any hazardous substance, hazardous waste,
infectious waste, or toxic substance, material, or waste which becomes
regulated or is defined as such by any local, state or federal governmental
authority. Tenant shall not cause or permit any Hazardous Material to be
brought, kept or used in or about the Premises or the Building by Tenant, its
agents, employees, contractors, or invitees except in the ordinary course of
business and in compliance with applicable law.  Tenant hereby agrees to indemnify Landlord from and against any
breach by Tenant of the obligations stated in the preceding sentence, and
agrees to defend and hold Landlord harmless from and against any and all
claims, judgments, damages, penalties, fines, costs, liabilities, or losses (including,
without limitation, diminution in value of the Building,

 

23

 

damages
for the loss or restriction or use of rentable space or of any amenity of the
Building, damages arising from any adverse impact on marketing of space in the
Building, sums paid in settlement of claims, attorneys' fees, consultant fees
and expert fees) which arise during or after the Term of this Lease as result
of such breach.  This indemnification of
Landlord by Tenant includes, without limitation, costs incurred in connection
with any investigation of site conditions and any cleanup, remedial removal, or
restoration work required due to the presence of Hazardous Material.  Tenant shall promptly notify Landlord of any
release of a Hazardous Material in the Premises or at the Building of which
Tenant becomes aware, whether caused by Tenant or any other person or entity.
The provisions of this Section 39 shall survive the termination of the Lease.

 

38.                                 Security
Deposit.

 

(a)                                  Concurrently with the execution of this
Lease, Tenant shall deposit with Landlord (i) a security deposit (the “Basic
Deposit”) in the form of an irrevocable, unconditional, negotiable letter of
credit in the amount of Five Hundred Thousand Dollars ($500,000) and (ii) an
additional security deposit (the “Additional Deposit”) of $500,000 (which may
be in cash or by letter of credit meeting the foregoing requirements set forth
below) and Landlord shall hold the same, throughout the Term of this Lease
(including any Extended Term, if applicable), unless sooner required to be
returned to Tenant as provided in this Section 38, as security for the
performance by Tenant of all obligations on the part of Tenant to be performed
under this Lease. Any letter of credit shall (i) be issued by and drawn on a
bank reasonably approved by Landlord and at a minimum having a corporate credit
rating from Standard and Poor's Professional Rating Service of BBB- or a
comparable minimum rating from Moody's Professional Rating Service, (ii) be in
a form reasonably acceptable to Landlord, (iii) permit one or more draws
thereunder to be made accompanied only by certification by Landlord that
pursuant to the terms of this Lease, Landlord is entitled to apply such letter
of credit and the proceeds thereof to a default of Tenant under this Lease,
(iv) permit a one-time transfer without charge and (v) permit presentment in
Massachusetts or New York.  Any such
letter of credit shall be for a term of one (1) year and shall be renewed by
Tenant each year and each such renewal shall be delivered to and received by
Landlord not later than ten (10) days before the expiration of the then current
letter of credit (herein called a “Renewal Presentation Date”).  In the event of a failure to so deliver any
such renewal letter of credit on or before the applicable Renewal Presentation
Date, Landlord shall be entitled to present the then existing letter of credit
for payment and to receive the proceeds thereof, which proceeds shall be held
as Tenant's Basic or Additional Deposit, as the case may be, subject to the
terms of this Section 38.  Upon the
occurrence of any event of default, Landlord shall have the right from time to
time without prejudice to any other remedy Landlord may have on account
thereof, to draw on all or any portion of such deposit held as a letter of
credit and to apply the proceeds of such letter of credit or any cash held as
such deposit, or any part thereof, to Landlord's damages arising from such
event of default on the part of Tenant under the terms of this Lease provided
the Landlord shall first use the Additional Deposit, and only if the same is
not sufficient, the Basic Deposit.  If
Landlord so applies all or any portion of such Deposits, Tenant shall within
seven (7) days thereafter, deposit cash or a letter of credit with Landlord in
an amount sufficient to restore the Deposits to the amount required under this
Section.  While Landlord holds any cash
deposit Landlord shall have no obligation to pay interest on the same and shall
have the right to commingle the same with Landlord's other funds.

 

24

 

Tenant
not then being in default and having performed all of its obligations under
this Lease, including the payment of all Base Rent, Landlord shall return the
deposit (or letter of credit), or so much thereof as shall not have theretofore
been applied in accordance with the terms of this Section 38, to Tenant on the
expiration or earlier termination of the term of this Lease (as the same may have
been extended) and surrender possession of the Premises by Tenant to Landlord
in the condition required in the Lease at such time. No holder of a mortgage on
the Property shall be responsible to Tenant for the return or application of
any such deposit unless such deposit shall be actually received by such holder.

 

(b)                                 It is intended that Tenant be entitled to use
the Additional Deposit for the purposes of paying (or reimbursing Tenant) for
the cost of Tenant's Initial Work including architectural, engineering and
other costs relating thereto. From time to time as such Work progresses, Tenant
may submit to Landlord with respect to actual construction work, contractor's
requisitions, and with respect to other costs incurred in connection with the
Tenant's Initial Work, bills therefore and, provided there then exists no event
of default hereunder, Landlord shall pay the amount of such requisition on bill
to Tenant from the Additional Deposit within ten (10) days after receipt of
such request; provided that if such Additional Deposit has been made by letter
of credit, Landlord shall not pay such amount but Tenant shall be entitled to a
reduction in the letter of credit for such amount. If the entire amount of the
Additional Deposit has not been expended for Tenant's Initial Work, Landlord
shall return any remainder of the Additional Deposit (or letter of credit) at
the end of the third year of the Term of this Lease provided that no event of
default has occurred hereunder at any time during the previous three year
period.

 

39.                                 Abandonment.  If the entire Premises shall have been
vacated and abandoned (other than as a result of casualty) for a period of
ninety (90) consecutive days, Landlord shall have the right to terminate this
lease by giving notice thereof to Tenant within thirty (30) days after such
ninety (90) day period (provided that such abandonment shall be continuing on
the date of giving of such notice).  In
such event, this Lease shall terminate on the date of the giving of such notice
with the same effect as if such date were the last day of the Term of this
Lease.

 

40.                                 World Gym of Boston Memberships. 
Gallante Enterprises, Inc. d/b/a World Gym of Boston (“World Gym”),
pursuant to its Lease with Landlord's predecessor (the “World Gym Lease”),
provides the landlord thereunder with free standard World Gym memberships for
each year during the term of the World Gym Lease.  Landlord agrees that, so long both the World Gym Lease and this
Lease are in effect, and Tenant is not in defualt beyond applicable notice,
grace or cure periods, and World Gym so provides such memberships, Tenant shall
be entitled to use twenty (20) of said memberships for the remainder of the
term of the World Gym Lease.

 

25

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be
executed as a sealed instrument, as of the day and year first above written.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  175 MCCLELLAN HIGHWAY LLC,
  a

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:  Berkeley McClellan MGR LLC, a

  Delaware limited liability company, a

  manager

  
	
   

  	
   

  
	
   

  	
  By: Berkeley Investments,
  Inc., a

  Massachusetts corporation, its

  manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Young K. Park

  	
   

  
	
   

  	
  Name: Young K. Park

  
	
   

  	
  Title: President

  
							

 

 

	
   

  	
  TENANT:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SYRATECH CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory W. Hunt

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Gregory W. Hunt

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President and
  Chief

  
	
   

  	
   

  	
  Financial Officer;
  Treasurer

  
					

 

26

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