Document:

Lease Agreement between ET Equipments Ltd. and the Company

 Exhibit 10.2 
  
 Dated 22 April 2005 
  
 Fordgate Industrial Limited 
  
 and 
  
 ET Equipments Limited 
  

  
 Lease 
  
 relating to Units 2 and 3 Nine Mile Point 
 Industrial Estate Cwmfelinfach 
  

  
 Teacher Stern Selby 
 37-41 Bedford Row 
 London WCIR 4JH

 t + 44 (0)20 7242 3191 
 f + 44 (0)20 7242 1156 
 DX 77 Chancery Lane 

 Contents 
  

					
	1.	  	Definitions and Interpretation	  	2
			
	2.	  	Demise	  	4
			
	3.	  	Tenant’s Covenants	  	5
			
	4.	  	Landlord’s Covenants	  	15
			
	5.	  	Provisos	  	16
			
	6.	  	Surety’s Covenants	  	18
			
	7.	  	Certificate	  	19
			
	8.	  	Enforcement by Third Parties	  	19
			
	9.	  	New Tenancy	  	19
			
	10.	  	No warranty as to Specified Use	  	19
			
	11.	  	Exclusion of compensation	  	20
		
	Schedule 1 - Rights granted to the Tenant	  	21
		
	Schedule 2 - Rights and easements exempted	  	22
		
	Schedule 3	  	23
		
	Part I - Calculation of Service Charge	  	23
		
	Part II - The Services	  	25

	

  
  

 

 
  
  

							
	Particulars	  	:	  	22 day of April 2005
				
	 A.
	  	 Date
	  	:	  	 
				
	 B.
	  	 Parties
	  	:	  	 
				
	 C.
	  	 Landlord
	  	:	  	Fordgate Industrial Limited (company number 2614751) whose registered office is at Fordgate, House 1 Allsop Place, London, NW1 5LF
				
	 D.
	  	 Tenant
	  	:	  	ET Equipments Limited (Company number 01453887) whose registered office is at Coed Rheddyn Ringland Way Newport NP18 2TA
				
	 E.
	  	 The Premises
	  	:	  	Units 2 & 3 on the Nine Mile Point Industrial Estate shown for identification purposes only edged red on the Plan
				
	 F.
	  	 The Estate
	  	:	  	the Landlord’s freehold interest in the Nine Mile Point Industrial Estate aforesaid shown for identification purposes only edged blue on the Plan and which is registered at HM Land Registry
with Title Number WA964069
				
	 G.
	  	 Term
	  	:	  	5 years from and including the Term Commencement Date
				
	 H.
	  	 Term Commencement Date
	  	:	  	20th day of November 2004
				
	 I.
	  	 Rent
	  	:	  	From 20th November 2004 to 19th November 2005 Twenty Eight Thousand Three Hundred and Sixty Three Pounds and Fifty Pence (£28,363.50) and thereafter
from 20th November 2005 to the expiry of the Term at a rate of Fifty Six Thousand Seven Hundred and Twenty Seven
Pounds (£56,727.00) per annum
				
	 J.
	  	 Rent Commencement Date
	  	:	  	20th day of November 2004
				
	 K.
	  	 Specified Use
	  	:	  	Engineering workshop or any other use within use classes Bl B2 or B8 of the Town and Country Planning (Use Classes) Order 1987 subject to obtaining the Landlord’s prior written consent (not
to be unreasonably withheld or delayed)

					
	 Lease
	  	 
		
	 Dated
	  	22 April 2005
		
	 Between
	  	 
			
	 (1)
	  	the Landlord	  	 
			
	 (2)
	  	the Tenant	  	 
		
	 1.
	  	Definitions and Interpretation
		
	 1.1
	  	In this Lease the following expressions have the meaning attributed to them hereunder:-
			
	 	  	Common Parts	  	the Estate excepting the Lettable Units
			
	 	  	Conduits	  	any pipe wire duct cable channel sewer drain water-course gutter shaft flue subway or other service media through along under over or by means of which any gas electricity or other power or any
air water soil or other matter may pass
			
	 	  	Enactment	  	every Act of Parliament directive and regulation now or thereafter to enacted or made and all subordinate legislation whatsoever deriving validity therefrom
			
	 	  	Estate	  	the land briefly described in the Particulars including all Lettable Units roadways pathways pedestrian access ways and areas car parking spaces and roads giving access thereto (except where
these are maintainable at the public expense) refuse collection and disposal areas gardens verges and landscaped areas
			
	 	  	Landlord’s Surveyor	  	a duly qualified surveyor experienced in the management of industrial parks as shall be appointed by the Landlord from time to time
			
	 	  	Lettable Unit	  	any premises on the Estate which are occupied or let or available for occupation or letting, or other disposal
			
	 	  	Loss of Rent	  	three years loss of the Rent and Service Charge
			
	 	  	Tenant’s Proportion	  	the proportion that the total gross internal area of the Premises bears to the aggregate of the total gross internal areas of all Lettable Units on the Estate from time to time or ascertained
according to such other method of calculation as the Landlord’s Surveyor acting reasonably may determine from time to time

  

 -2- 

					
	 	  	Insured Risks	  	loss or damage by or in consequence of fire storm tempest lightning explosion flood subsidence heave earthquake aircraft and other aerial devices and things dropped therefrom (in time of peace)
impact by road vehicles riot civil commotion malicious damage bursting and overflowing of water tanks apparatus and pipes and such other risks as the Landlord shall insure against from time to time (subject in all cases to such excesses exclusions
and limitations as may be imposed by the insurers or underwriters with whom such insurance is placed) except always such risks as cannot reasonably be insured by the Landlord on satisfactory terms or as the Landlord’s insurers or underwriters
have refused to insure
			
	 	  	Landlord	  	means the person referred to in the Particulars as the Landlord and shall include the person for the time being entitled to the reversion immediately expectant on the determination of the
Term
			
	 	  	Particulars	  	the details appearing on page 1 of this Lease
			
	 	  	Perpetuity Period	  	means the period of eighty years commencing on the date of this Lease being the perpetuity period for the purposes of Section 1 of the Perpetuities and Accumulations Act 1964 applicable to this
Lease
			
	 	  	Plan	  	the plans annexed to this Lease
			
	 	  	Premises	  	 means the Premises briefly described in the Particulars including:
  
 (a)    all buildings erections structures fixtures and appurtenances on the
Premises from time to time
  
 (b)    all additions alterations and improvements carried out during the Term
  
 (c)    the Conduits exclusively serving the Premises
  
 but excludes the airspace above the Premises and any fixtures installed
by the Tenant that can be removed, from the Premises without defacing the Premises. Unless the contrary is expressly stated the Premises includes any part of parts of the Premises

			
	 	  	Prescribed Rate	  	the yearly rate of four per cent above National Westminster Bank Plc lending rate from time to time (or such other clearing bank (being a member of CHAPS Limited) as the Landlord shall from time
to time notify to the Tenant)

  

 -3- 

					
	 	  	Tenant	  	the person referred to in the Particulars as the Tenant and shall include the Tenant’s successors in title
			
	 	  	Term	  	the Term set out in the Particulars [and includes any continuation or extension thereof (whether statutory or by the Tenant holding over or for any other reason)]
			
	 	  	Services	  	the services provided by the Landlord as set out in Part II of Schedule 3
		
	 1.2
	  	In this Lease unless there be something in the subject or context inconsistent therewith where there are two or more persons included in the expression the Tenant or the
Surety then covenants made by them shall be covenants by them jointly and severally
		
	 1.3
	  	The terms defined in any schedule to this Lease or in the particulars shall where they appear elsewhere in this Lease have the meanings ascribed to them in such schedule or in the
Particulars
		
	 1.4
	  	The clause and paragraph headings are for convenience only and shall not affect the construction of this Lease
		
	 1.5
	  	Any covenant by the Tenant not to do or omit to do an act or thing shall be deemed to include an obligation not to permit or suffer such act or thing to be done or omitted as the
case may be
		
	 1.6
	  	A specific Enactment includes every statutory modification consolidation and re-enactment and statutory extension of it for the time being in force except in relation to the Town and
Country Planning (Use Classes) Order 1987 which shall be interpreted exclusively by the reference to the original provisions of Statutory Implement 1987 No. 764 whether or not the same may at any time have been revoked or modified
		
	 1.7
	  	Where the context permits rents or other sums being due from the Tenant to the Landlord mean that they are exclusive of any VAT.
		
	 2.
	  	Demise
		
	 	  	The Landlord demises to the Tenant the Premises together with the rights set out in Schedule 1 but subject to the exceptions and reservations set out in Schedule 2 for the Term
Paying
		
	 2.1
	  	First the Rent such rent to be paid by equal quarterly payments in advance on the usual quarter days in each year the first payment for the period from the Rent Commencement
Date to the quarter day next following the Rent Commencement Date to be made on the Rent Commencement Date

  

 -4- 

			
	 2.2
	  	Secondly by way of additional rent all such monies as shall become payable in accordance with clause 3.3
		
	 2.3
	  	Thirdly by way of additional rent all such monies as shall become payable in accordance with clause 3.8 and Schedule 3
		
	 2.4
	  	Fourthly by way of additional rent all such monies as shall become payable in accordance with clause 3.4
		
	 2.5
	  	Fifthly by way of additional rent all other amounts (including VAT) payable to the Landlord under this Lease
		
	 3.
	  	Tenant’s Covenants
		
	 	  	The Tenant covenants with the Landlord:-
		
	 3.1
	  	Rent
		
	 	  	To pay the several rents reserved by this Lease including all increases as and when the same are payable without any deduction (and all rights of set-off whether equitable or otherwise are
hereby excluded) by standing order if required by the Landlord
		
	 3.2
	  	Outgoings
		
	 	  	To pay all existing and future rates taxes duties charges assessments impositions and outgoings whatsoever (and whether or not of a capital or non-recurring nature) which now are or may at
any time hereafter during the Term be charged levied assessed or imposed upon the Premises (but (and without prejudice to the rent fifthly reserved and clause 3.26) not the reversionary interest therein) or upon the owner or
occupier
		
	 3.3
	  	Interest on Arrears
		
	 	  	If payment of any of the rents and other sums payable under this Lease as rent is delayed for more than fourteen days to pay interest at the Prescribed Rate from the date upon which the same
became payable (whether formally demanded or not) until the date of payment such interest to be compounded on the usual quarter days and paid without any deduction or set off save as required by statute
		
	 3.4
	  	Insurance
		
	 	  	To pay to the Landlord within fourteen days of demand the cost to the Landlord of procuring insurance of the Premises and a fair proportion (to be conclusively determined by the
Landlord’s Surveyor acting reasonably) of the cost to the Landlord of procuring insurance of the Common Parts (if applicable) against the Insured Risks and Loss of Rent and any other risks for which the Landlord shall insure under clause 42
below

  

 -5- 

			
		
	 3.5
	  	Repair
		
	 3.5.1
	  	At all times during the Term to keep replace (where beyond economic repair) and maintain the Premises in good and substantial repair order and condition (damage by the Insured Risks excepted
save to the extent that payment of any insurance monies be withheld by reason of or arising out of any act omission neglect or default of the Tenant or any sub-tenant or their respective servants agents licensees or invitees)
		
	 3.5.2
	  	To keep in good and substantial repair all Conduits exclusively serving the Premises and to indemnify the Landlord against all liability howsoever arising from any failure to repair or the
misuse or overloading of any such Conduits
		
	 3.5.3
	  	To repair or replace (where beyond repair) forthwith by new articles & of similar kind and quality any fixtures fittings or plant or equipment (other than tenants or trade fixtures and
fittings) upon or in the Premises which shall become in need of repair or replacement
		
	 3.6
	  	Decoration
		
	 	  	Without prejudice to the generality of the foregoing covenant:-
		
	 3.6.1
	  	To decorate the exterior of the Premises in a colour scheme approved by the Landlord (such approval not to be unreasonably withheld) in a good and workmanlike manner and with appropriate
materials of good quality and clean the cladding in the last year of the Term howsoever determined and in the year preceding any surrender of it
		
	 3.6.2
	  	In the last three months of the Term howsoever determined to paint polish paper or otherwise properly to treat as the case may be all the inside of the Premises in a workmanlike manner and in
every case with materials of good quality in such colours patterns and materials as the Landlord’s Surveyor may reasonably require
		
	 3.6.3
	  	To keep the Premises properly cleansed and to clean all internal faces of all windows at least once in every month
		
	 	  	Provided That the Tenant shall not be obliged to carry out any such decoration if the need for it is caused by any of the Insured Risks to the extent that the insurance money shall not
have been rendered irrevocable or insufficient because of some act or default of the Tenant or of any person deriving title under or through it or their respective servants agents or invitees
		
	 3.7
	  	Common Facilities
		
	 	  	Insofar as the same are not recovered under the Service Charge reserved in clause 3.8 below to contribute and pay a fair and proper proportion (as determined by the Landlord’s Surveyor save
in the case of manifest error) of the costs and expenses of making laying repairing maintaining renewing rebuilding and cleansing all ways roads pavements sewers drains pipes watercourses mutual or party walls and fences mutual or parry structures
landscaping and other items which may belong to or be used for the Premises in common with other premises near or adjoining thereto and forming part of the Estate
		
	 3.8
	  	To Pay Service Charge
		
	 	  	To pay to the Landlord the Service Charge as defined and calculated and at the times and in the manner provided in Part I of Schedule 3

  

 -6- 

			
	 3.9
	  	Wants of Repair
		
	 3.9.1
	  	To permit the Landlord or their duly authorised agents to give or leave on the Premises notice in writing to the Tenant of all defects want of repair and breaches of covenant for which the
Tenant is responsible and within fourteen days (or sooner in emergency) to commence to repair and to make good the same according to such notice and thereafter to diligently and expeditiously carry out such remedial work to the reasonable
satisfaction of the Landlord’s Surveyor; and
		
	 3.9.2
	  	If the Tenant shall fail within such reasonable period or immediately in case of emergency to commence and then fails to diligently and expeditiously comply with such notice or if the Tenant
shall make default in the performance of any of the covenants herein contained relating to the repair decoration or maintenance of the Premises it shall be lawful (but without prejudice to the right of re-entry and forfeiture hereinafter contained)
for the Landlord and its duly authorised agents to enter upon the Premises with or without machinery and to carry out or cause to be carried out any of the works referred to in such notice for which the Tenant is responsible and all costs and
expenses incurred together with interest at the Prescribed Rate from the date of demand by the Landlord shall be paid by the Tenant to the Landlord on demand and shall be recoverable as rent in arrears
		
	 3.10
	  	Entry
		
	 	  	To permit the Landlord its duly authorised agents or the Landlord’s Surveyor with or without necessary appliances at all reasonable times and upon reasonable notice (except in the case of
emergency) during the term (the Landlord causing as little interference to the Tenant as is reasonably practicable and as soon as its practicable making good all damage caused) to enter the premises :-
		
	 3.10.1
	  	To examine the state of repair and condition and to take schedules or inventories of the fixtures fittings plant and machinery belonging to the Landlord or to be yielded up at the expiration or
sooner determination of the Term
		
	 3.10.2
	  	To execute any repairs or other work upon or to any adjoining or neighbouring premises or to carry out any repairs or other work which the Landlord must or may carry out under the provisions of
this Lease upon or to the Premises
		
	 3.10.3
	  	For any other purpose connected with the interest of the Landlord in the Premises (including measurement (or relating to any pending or intended step under the Landlord and Tenant Act 1954)) or
its disposal or charge
		
	 3.10.4
	  	To exercise the rights reserved by the Landlord in Schedule 2

  

 -7- 

					
	 3.11
	  	Alterations
		
	 	  	Not to:-
		
	 3.11.1
	  	Alter remove from add to cut or injure the:
			
	 	  	(a)	  	Any structural element m the Premises or the exterior of the Premises
			
	 	  	(b)	  	non-structural parts of the Premises including any Conduits within or exclusively serving the Premises without the prior written consent of the Landlord (such consent not to be unreasonably
withheld or delayed) and subject to such terms and conditions as the Landlord may require acting reasonably
		
	 3.11.2
	  	Suspend from or impose upon any part of the Premises any excessive weight nor install any machine which shall be unduly noisy or cause vibrations or otherwise subject the Premises to
any strain beyond that which it is designed to bear
		
	 3.11.3
	  	Display advertisements or notices on the exterior of the Premises without the Landlord’s consent
		
	 3.11.4
	  	Erect any aerial or satellite dish on or about the Premises without the written consent of the Landlord such consent not to be unreasonably withheld or delayed where such aerial or
satellite dish is not visible from the nearest public highway
		
	 3.12
	  	Reinstatement
		
	 	  	At the expiry of the Term (whether by effluxion of time or otherwise) unless otherwise required by the Landlord to remove :
		
	 3.12.1
	  	all alterations and additions made to the Premises by the Tenant and anything which may have been installed under clause 3.11;
		
	 	  	and to restore and make good the Premises in a proper and workmanlike manner to the condition and design which existed before the alterations or additions were made with all services
properly sealed off and to the Landlord’s reasonable satisfaction
		
	 3.13
	  	Compliance with Statutes
		
	 	  	At the Tenant’s own expense to execute all works provide and maintain all arrangements and comply with the requirements of every enactment (which expression in this deed
includes any Act of Parliament already or hereafter to be passed any statutory instrument notice direction order regulation bye-law rule and condition already or hereafter to be made under in pursuance of or deriving effect from any such Act) of
Parliament any Government Department local authority or other public authority or duly authorised officer or court of competent jurisdiction so far as they relate to or affect the Premises or the Landlord or the Tenant or the use of the Premises or
the employment at the Premises of any person or the use in the Premises of any machine

  

 -8- 

					
		
	 3.14
	  	Notifications
		
	 	  	To give full particulars to the Landlord of any permission notice order or proposal for a notice or order relevant to Die Premises or to the use or condition thereof or otherwise
concerning the Tenant made given or issued to the Tenant or the occupier of the Premises by any lawful authority and if so required to produce such document to the Landlord and then without delay to take all reasonable or necessary steps to comply
therewith and also at the request and at joint cost of the Landlord and Tenant of the Landlord to make or join with it in making such objections or representations against or in respect of any such notice order or proposal as aforesaid as it shall
reasonably deem expedient
		
	 3.15
	  	Use
		
	 3.15.1
	  	Not to use or permit the Premises or any part thereof to be used otherwise than for the Specified Use
		
	 3.15.2
	  	Not to discharge into any Conduits any fluid of a poisonous or noxious nature or of a type calculated or liable to pollute me water of any stream or river and not to do anything that
causes the Waters of any stream or river to be polluted or the composition of them to be so changed as to render the Landlord liable to any action or proceedings by any person
		
	 3.15.3
	  	Not to do or omit to do anything whereby -any policy of insurance relating to the Premises or any adjacent or nearby property on the Estate may become void or voidable or whereby the
premium thereon may be increased and the Tenant covenants that it will comply with the proper requirements of the insurers of the Premises and pay on demand any increase in the premium and any part of the insurance proceeds withheld by the insurer
arising from any act or omission of the Tenant any undertenant licensee or respective predecessors in title
		
	 3.15.4
	  	Not to cause or allow any nuisance annoyance or inconvenience to the Landlord or its tenants or neighbours or use the Premises for any illegal or immoral act or
purpose
		
	 3.16
	  	Underletting
		
	 3.16.1
	  	Save for an Underletting in accordance with the succeeding provisions of this clause not to underlet or part with or share possession of the whole or any part of the Premises
provided that nothing contained in this sub-clause shall prevent the Tenant from sharing occupation of the whole of any part of me Premises with any member of the group (as defined by Section 42 of the Landlord and Tenant Act 1954) of companies of
which the Tenant shall from time to time form part as long as no relationship of landlord and tenant is thereby created and the Tenant shall give written notice to the Landlord of any such occupation within ten days thereof
		
	 3.16.2
	  	Subject to clause 3.16.1 above not to underlet the whole of the Premises without the previous written consent of the Landlord obtained for that purpose within the three months
immediately prior thereto such consent not to be unreasonably withheld or delayed and on any permitted Underletting the Tenant shall procure
			
	 	  	(a)	  	on or before the grant of the relevant underlease that the underlessee enters into a covenant with the Landlord to observe and perform the covenants on the part of the Tenant contained in this
Lease (except the covenant to pay rent) and those of the underlessee in the relevant underlease

  

 -9- 

					
	 	  	(b)	  	on or before the grant of the relevant underlease if the Landlord shall so reasonably require that a guarantor or guarantors acceptable to the Landlord shall covenant with the Landlord to
guarantee the observance and performance of the underlessee’s obligations under such underlease
		
	 3.16.3
	  	Not to underlet the whole of the Premises at a fine or a premium nor at a rent less than the open market rent of the Premises at the time of such underlease nor without having
complied fully with Section 38A of the Landlord: and Tenant Act 1954 with the effect that the provisions of Sections 24 to 28 (inclusive) of the Landlord and Tenant Act 1954 in respect of such underlease are excluded
		
	 3.16.4
	  	To procure that any permitted underlease shall contain
			
	 	  	 (a)
	  	the same restrictions on assignment Underletting parting with possession and sharing of occupation and the same provisions for direct covenants and registration as in this Lease
			
	 	  	 (b)
	  	a prohibition on any further Underletting or assignment of the whole of the premises demised by the underlease without me consent of the Landlord
			
	 	  	 (c)
	  	covenants by the underlessee prohibiting the underlessee from doing or suffering any acts or thing upon or in relation to the premises demised by such underlease inconsistent with or in breach
of the Tenant’s obligations in this Lease
			
	 	  	 (d)
	  	a condition for re-entry on breach of any covenant on the part of the underlessee
			
	 	  	 (e)
	  	a declaration that the underlease is excluded from the provisions of sections 24-28 (inclusive) of the Landlord and Tenant Act 1954
		
	 3.16.5
	  	To enforce the performance by every such underlessee of the covenants and conditions in his underlease and not to release or waive any such covenants or conditions
		
	 3.17
	  	Assignment
		
	 3.17.1
	  	Not to assign or charge any part or parts (as distinct from the whole) of the Premises
		
	 3.17.2
	  	Not to assign the whole of the Premises without the prior written consent of the Landlord (such consent not to be unreasonably withheld or delayed) obtained for that purpose within
the three months immediately prior thereto provided that the Landlord shall be entitled (for the purposes of Section 19(1A) of the Landlord and Tenant Act 1927) :-
			
	 	  	(a)	  	to withhold its consent in any of the circumstances set out in clause 3.17.4 below

  

 -10- 

					
	 	  	(b)	  	to impose all or any of the matters set out in clause 3.17.5 below as a condition of its consent
		
	 3.17.3
	  	The provisos to clause 3.17.2 shall operate without prejudice to the right of the Landlord to withhold such consent on any other ground or grounds where such withholding of consent
would be reasonable or to impose any further condition or conditions upon the grant of consent where the imposition of such condition or conditions would be reasonable (including the provision of guarantors reasonably acceptable to the Landlord who
shall covenant with the Landlord in the terms set out in clause 6 below)
		
	 3.17.4
	  	The circumstances referred to in clause 3.17.2(a) above are as follows :-
			
	 	  	(a)	  	where the proposed assignee (the Assignee) is a member of the group (as defined by Section 42 of the Landlord and Tenant Act 1954) of companies of which the Tenant shall from time to time
form part
			
	 	  	(b)	  	where in the reasonable opinion of the Landlord the Assignee is not of sufficient financial standing to enable it to comply with the Tenant’s covenants in this Lease
			
	 	  	(c)	  	where the Assignee enjoys diplomatic or state immunity but this circumstance shall not apply where the Assignee is the Government of the United Kingdom of Great Britain and Northern Ireland or
any department thereof
			
	 	  	(d)	  	where there is a substantial breach by the Tenant of the provisions of clause 3.5.1 above and an unsatisfied schedule of dilapidations or notice of repair or reinstatement served by the Landlord
hereunder which is not the subject of a bona fide dispute
		
	 3.17.5
	  	The conditions referred to in clause 3.17.2(b) above are as follows :-
			
	 	  	(a)	  	the execution by the Tenant and any surety of the Tenant and delivery to the Landlord prior to the assignment in question of a deed of guarantee (being an authorised guarantee agreement within
Section 16 of the Landlord and Tenant (Covenants) Act 1995) in a form reasonably required by the Landlord
			
	 	  	(e)	  	the payment to the Landlord of all rents and other sums which have fallen due under this Lease prior to the date of the proposed assignment
			
	 	  	(c)	  	any other financial security as the landlord shall reasonably require for compliance by the Assignee with its obligation to pay rent and comply with the Tenant’s obligations under this
Lease or by any surety of its obligations under its guarantee in such form as the Landlord shall reasonably require
			
	 	  	(d)	  	the grant of any requisite consent of any superior landlord or mortgagee and compliance with any lawfully imposed conditions of such consent prior to the relevant assignment

  

 -11- 

			
	 3.18
	  	Registration of Documents
		
	 	  	Within one month after the execution of any dealing or charge or any transmission by reason of a death or otherwise affecting the Premises to leave with the Solicitors for the time being of the
Landlord a certified true copy of the deed instrument or other document evidencing or effecting such dealing charge or transmission together with a registration fee of Thirty Pounds (£30.00) and to procure that every underlease of the Premises
shall contain a similar covenant by the underlessee and expressed to be for the benefit of the Landlord
		
	 3.19
	  	Costs
		
	 	  	To pay to the Landlord all proper costs charges and expenses (including Solicitors’ Counsels’ and Surveyors’ and other professional costs and fees) incurred by the
Landlord:
		
	 3.19.1
	  	In any proceedings relating to the Premises under Sections 146 or 147 of the Law of Property Act 1925 or the preparation and service of a notice thereunder (whether of not any right of re-entry
or forfeiture has been waived by the Landlord or a notice served under Section 146 is complied with by the Tenant or the Tenant has been relieved under the provisions of such Act and notwithstanding forfeiture is avoided other than by relief granted
by the Court) and to keep the Landlord fully and effectively indemnified against all proper and reasonable costs expenses claims and demands whatsoever in respect of the said proceedings
		
	 3.19.2
	  	In the preparation and service of a schedule of dilapidations at any time during or within six months after the expiration of the Term
		
	 3.19.3
	  	In connection with the recovery of arrears of rent due from the Tenant
		
	 3.19.4
	  	In respect of any application for consent or licence required by this Lease whether or not such consent be granted (unless the consent is unlawfully refused)
		
	 3.20
	  	Planning
		
	 	  	In relation to the Planning Acts which in this Lease means the Town and Country Planning Act 1990 and legislation of a similar nature and any statutory modification or re-enactment
thereof for the time being in force and any order instrument plan regulation permission and directive made or issued or to be made or issued thereunder or deriving validity therefrom :-
		
	 3.20.1
	  	At all times to comply with the provisions of the Planning Acts and all licences consents and permissions (if any) already or hereafter to be granted or imposed thereunder
		
	 3.20.2
	  	So often as occasion shall require at the Tenant’s own expense to obtain from the proper authority all such licences consents and permissions (if any) as may be required for the carrying
out by the Tenant of any operations on or the use of the Premises or the institution or continuance by the Tenant thereon of any use thereof which may constitute development within the Planning Acts

  

 -12- 

			
	 3.20.3
	  	Unless the Landlord shall otherwise in writing direct to carry out before the expiration or sooner determination of this Lease any works stipulated to be carried out to the Premises pursuant to
any planning permission whether or not the date by which the planning permission requires such works to be carried out falls within the Term
		
	 3.20.4
	  	When called upon so to do to produce to the Landlord all plans documents and other evidence as it may reasonably require to satisfy itself mat the provisions of this covenant have been complied
with in all respects
		
	 3.20.5
	  	In any case where any planning permission has been granted subject to conditions the Landlord shall be entitled as a condition of giving its consent when otherwise required by this Lease to
require the Tenant to provide security for the compliance with the conditions imposed by the permission and the permission shall not be acted upon until such security shall have been provided to the satisfaction of the Landlord
		
	 3.20.6
	  	Not to apply for planning permission in respect of the Premises without the Landlord’s prior written consent (which shall not be unreasonably withheld in respect of any addition or
alteration in respect of which the Landlord’s consent is not to be unreasonably withheld under the terms of this Lease) and if the Landlord attaches any reasonable conditions to any such consent not to apply for any planning permission except
in accordance with those conditions
		
	 3.21
	  	Fire Fighting
		
	 3.21.1
	  	To keep the Premises sufficiently supplied and equipped with such fire fighting and extinguishing appliances as shall from time to tune be required by law or as shall be reasonably required by
the Landlord and such appliances shall be open to inspection and shall be maintained to the reasonable satisfaction of the Landlord
		
	 3.21.2
	  	Forthwith upon the happening of any event or thing against which insurance has been effected by the Landlord to give notice thereof to the Landlord
		
	 3.22
	  	Notice Boards
		
	 	  	During the six months immediately preceding the determination of this Lease unless the Tenant has indicated that it wishes to renew this Lease to permit the Landlord or its agents to affix upon
any part of the Premises a notice as to the proposed re-letting thereof and to permit the viewing of the Premises at reasonable times
		
	 3.23
	  	Use of parking, accumulation of rubbish
		
	 	  	Not to
		
	 3.23.1
	  	Use any car parking spaces within the Premises other than for the parking of vehicles
		
	 3.23.2
	  	Allow trade empties or rubbish of any description to accumulate on the Premises or the Estate

  

 -13- 

			
	 3.23.3
	  	Allow to be hung or exposed outside or from any window of the Premises any clothes articles or other chattels of any description
		
	 3.24
	  	Easements
		
	 	  	Not to stop up or obstruct any windows or light belonging to the Premises or permit any new encroachment or easement to be made into against or upon the Premises and to give notice to the
Landlord of any such which shall be made or attempted and at the request and cost of the Landlord to adopt such means and take such steps as may be reasonably required by the Landlord to prevent the same
		
	 3.25
	  	Regulations
		
	 	  	To comply with all reasonable regulations made by the Landlord from time to time for the management of the Estate
		
	 3.26
	  	VAT
		
	 3.26.1
	  	To pay to the Landlord by way of additional rent such VAT as may be or become payable in respect of the rents reserved by and other monies payable under and the consideration for all taxable
supplies received or deemed to be received by the Tenant trader or in connection with this Lease (provided that where the Landlord has made the supply that the Landlord produce a valid VAT receipt)
		
	 3.26.2
	  	In every case where the Tenant has agreed to reimburse or indemnify the Landlord in respect of any payment made by the Landlord under the terms of or in connection with this Lease to
reimburse in addition any VAT paid by the Landlord on such payment (save to the extent that the same is recoverable by the Landlord as deductible input tax)
		
	 3.27
	  	Freehold Title
		
	 	  	To observe and perform the covenants and obligations contained or referred to (and so far as they relate to the Premises) in the registers of title number WA964069
		
	 3.28
	  	Indemnity
		
	 	  	To keep the landlord indemnified from and against all loss damage actions proceedings claims demands costs and expenses of whatsoever nature and whether in respect of any injury to or the
death of any person or damage to any property movable or immovable or otherwise howsoever arising directly from the repair or the state of repair or condition of the Premises or from any breach of covenant on the part of the Tenant contained in this
Lease from the use of the Premises or out of any works carried out at any time during the Term to the Premises or out of anything now or during the Term attached to or projecting from the Premises or as a result of any act neglect or default by the
Tenant or by any sub-tenant or by their respective servants agents licensees or invitees

  

 -14- 

			
	 3.29
	  	Yield Up
		
	 	  	At the expiration or sooner determination of the Term quietly to yield up the Premises to the Landlord with vacant possession in such state and condition as shall in all respects be consistent
with a full and due performance by the Tenant of the covenants on its part herein contained and reinstated and restored and made good to the extent required under clause 3.12 (trade or tenant’s fixtures and fittings only excepted subject to the
Tenant making good all damage to the Premises occasioned by their removal) and upon such yielding up the Tenant shall remove all signs and nameplates indicating the connection or former connection of the Tenant with the Premises and all trade or
tenant’s fixtures and fittings
		
	 4.
	  	Landlord’s Covenants
		
	 	  	The Landlord covenants with the Tenant :-
		
	 4.1
	  	Quiet Enjoyment
		
	 	  	That the Tenant paying the rents reserved on the days and in the manner appointed and observing and performing the covenants and conditions hereinbefore contained shall enjoy quiet possession of
the Premises without any interruption by the Landlord or any person lawfully claiming through under or in trust for it
		
	 4.2
	  	Insurance
		
	 4.2.1
	  	To keep the Premises (including all fixtures therein but not Tenants trade fixtures) insured subject to such limitations or exclusions as the insurers may impose in such sum as shall in the
Landlords opinion represent the full replacement cost thereof (including professional fees and incidental expenses) against loss or damage by the Insured Risks and Loss of Rent and Service Change
		
	 4.2.2
	  	In the case of damage or destruction to the Premises by any of the Insured Risks (unless payment of the insurance monies or any part of them shall be refused in whole or in part by reason of any
act or default of the Tenant any undertentant or their respective agents servants or any other person under its control) the Landlord will (subject to clauses 5.6 and 5.7) use reasonable endeavours to obtain any requisite planning permissions and
consents and (if they are obtained) to lay out the insurance money received (except sums for loss of rent) towards replacing (but not necessarily in facsimile reinstatement) the parts of the Premises damaged or destroyed (making good any shortfall
from its own funds) but if the Landlord is unable having used reasonable endeavours to obtain the necessary consents to carry out the relevant work the insurance monies shall belong to the Landlord
		
	 4.3
	  	Services
		
	 	  	To use reasonable endeavours to provide the Services in accordance with the principles of good estate management and to at least a reasonable and proper standard PROVIDED THAT the Landlord shall
not be responsible for any temporary delay or stoppage in connection with the provision of the Services or for any temporary omission to perform the same due to any cause or circumstances outside the Landlord’s control

  

 -15- 

			
	5.	  	Provisos
		
	 	  	Provided Always and It Is Hereby Agreed and Declared as follows:-
		
	5.1	  	Forfeiture
		
	 	  	Notwithstanding and without prejudice to any other remedies and powers available to the Landlord if any of the rents shall be wholly or partly unpaid for twenty-one days after becoming payable
(whether formally demanded or not) or if any covenant or condition herein contained shall not be performed or observed or if the Tenant for the time being hereunder being a company shall enter into liquidation whether compulsory or voluntary or pass
a resolution for winding up (save for the purpose of amalgamation or reconstruction) or suffer a receiver to be appointed or being an individual or more than one individual any one shall have a receiving order made against him or become bankrupt or
if the Tenant or if there is more than one tenant any of them shall enter into composition with its or their creditors or suffer any distress of execution to be levied on its or their goods then and in any such case it shall be lawful for the
Landlord to re-enter upon the Premises and thereupon this Lease shall absolutely determine but without prejudice to any right of action of remedy of either party in respect of any breach of any of the other’s covenants
		
	5.2	  	Notices
		
	 	  	Any demand or notice shall be duly and validly made given and served if sent by recorded or special delivery post by pre-paid letter addressed to the Tenant or the Surety respectively (and if
there shall be more than one of them then any one of them) at its registered office or its last known address or at the Premises and to the Landlord at its last known address Any demand or notice sent by post shall be conclusively treated as having
been made given or served seventy-two hours after posting
		
	5.3	  	No Liability
		
	 	  	Nothing herein shall render the Landlord or the Tenant liable in respect of any of the covenants herein contained if and so far only as the performance and observance of such covenants
conditions and provisions or any one or more of them shall hereafter become impossible or illegal under or by virtue of the provisions of the Planning Acts but subject as aforesaid this Lease shall not determine by reason only of any change
modification or restriction of use of the Premises or obligations or requirements hereafter to be made or imposed under or by virtue of the Planning Acts
		
	5.4	  	Disputes with adjoining occupiers
		
	 	  	Any dispute arising between the Tenant and any owner or occupier of adjacent or nearby premises (other than the Landlord) as to any right or privilege or wall or otherwise relating to the Estate
or Premises shall be determined on behalf of the Tenant by the Landlord’s Surveyor whose decision shall bind the Tenant (save in the case of manifest error) and whose fees shall be payable as he may direct

  

 -16- 

			
	5.5	  	Cesser of Rent
		
	 	  	In case the Premises or the means of access thereto shall at any time during the Term be destroyed or damaged by any of the Insured Risks so as to be unfit for occupation or use and the
policy or policies of insurance shall not have been vitiated or payment of the policy monies refused in whole or in part in consequence of some act or default of the Tenant any undertenant or their respective servants agents or licencees the rent
reserved by this Lease or a fair proportion thereof shall be suspended until the Premises and means of access thereto shall be again rendered fit for occupation and use or until the expiration of three years from the date of the damage or
destruction (whichever shall be the earlier) and any dispute regarding this clause shall be referred to the award of a single arbitrator to be appointed in default of agreement upon the application of the Landlord by the President for the time being
of the Royal Institution of Chartered Surveyors in accordance with the provisions of the Arbitration Act 1996 or any statutory modification thereof for the time being in force
		
	5.6	  	Determination following destruction
		
	 	  	If upon the expiry of three years from the date of the damage or destruction the Premises have not been rebuilt or reinstated so as to be fit for the Tenant’s occupation and use either
party may by notice served at any time after the expiry of that period of 3 years determine this Lease and upon service of such notice this Lease will absolutely determine without prejudice to accrued liability and if this Lease is so determined the
Landlord shall be solely entitled to all the insurance monies
		
	5.7	  	Determination by me Landlord in last three years of the Term
		
	 	  	If during the last three years of the Term the Premises shall be so destroyed or damaged by any of the Insured Risks as to reader the Premises unfit for occupation and use and the Landlord
does not wish to rebuild or reinstate the same then the Landlord may determine this Lease by giving to the Tenant not less than six months written notice such notice to be given not more than twelve months after such destruction or damage and such
determination shall be without prejudice to any claim by either party against the other in respect of any antecedent breach of covenant and if this Lease is so determined then the Landlord shall be solely entitled to all the insurance
monies
		
	5.8	  	Landlord’s Liability
		
	 	  	In any case where the facts are or should reasonably be known to the Tenant the Landlord shall not be liable to the Tenant in respect of any failure of the Landlord to perform any of the
Landlord’s obligations to the Tenant under this Lease whether express or implied unless and until the Tenant has notified the Landlord of the facts giving rise to the failure and the Landlord has failed within a reasonable time to remedy the
same

  

 -17- 

			
	 5.9
	  	Section 62 LPA
		
	 	  	The operation of Section 62 of the Law of Property Act 1925 shall be excluded from this Lease and the only rights granted to the Tenant are those expressly set out in this Lease and the Tenant
shall not by virtue of this Lease be deemed to have acquired or be entitled to and the Tenant shall not during the Term acquire or become entitled by any means whatsoever to any easement from or over or affecting any other land or premises now or at
any time hereafter belonging to the Landlord and not comprised in this Lease
		
	 5.10
	  	Representations
		
	 	  	The Tenant acknowledges that this Lease has not been entered into in reliance wholly or partly on a statement or representation by or on behalf of the Landlord except any such statement or
representation that is expressly set out in this Lease
		
	 5.11
	  	Section 25 Landlord and Tenant (Covenants) Act 1995
		
	 	  	Any provision in this Lease which is contrary to the provisions of Section 25 of the Landlord and Tenant (Covenants) Act 1995 shall be deemed to have excluded from it any effects or parts which
are so contrary to such provisions and the balance of the provision shall remain in full force and effect
		
	 5.12
	  	Jurisdiction
		
	 	  	This lease shall be governed by and construed in accordance with the law of England and Wales and the Tenant and the Surety submits to the exclusive jurisdiction of the English and Welsh courts
and irrevocably agrees mat any process may be served on it by leaving a copy of the relevant document at the Premises provided however that the Landlord shall retain the right at its sole decision to sue the Tenant and the Surety elsewhere including
in the courts of the Tenant’s and the Surety’s domicile
		
	 5.13
	  	No waiver of Rent
		
	 	  	Acceptance of rent by the Landlord will not constitute acquiescence to a waiver or breach of any term or terms under this lease
		
	6.	  	Surety’s Covenants
		
	 	  	The Surety covenants with the Landlord as a primary obligation
		
	 6.1
	  	That the Tenant will pay the rents and other monies reserved by this Lease and made payable on the days and in manner aforesaid and will duly perform and observe all the covenants and conditions
hereinbefore on the Tenant’s part contained in this Lease
		
	 6.2
	  	That if the Tenant shall make default in payment of rents (including any increased rent) or in observing or performing the covenants contained in this Lease the Surety will pay the rents and
observe and perform the covenants in respect of which the Tenant shall be in default

  

 -18- 

			
	 	  	notwithstanding anytime or indulgence granted by the Landlord to the Tenant or that the Tenant may have ceased to exist or any other act or thing whereby but for this provision the Surety would
have been released and;
		
	 6.3
	  	That in the event of this Lease being disclaimed by the Tenant or on behalf of the Tenant under any statutory or other power or on forfeiture of this Lease by the Landlord the Surety will if the
Landlord shall by notice to writing within three months after such disclaimer or forfeiture so require take from the Landlord a lease of the Premises for a term commensurate with the residue of the Term which would have remained had there been no
disclaimer or forfeiture at the same rent and subject to the same covenants with toe exception of this clause such lease to take effect from the date of the disclaimer or forfeiture and in such case the Surety shall pay me costs of such new lease
and execute and deliver to the Landlord a counterpart thereof
		
	 6.4
	  	That if the Landlord shall not require the Surety to take a lease of the Premises in the event of such disclaimer or forfeiture me Surety shall nevertheless upon demand pay to me landlord a sum
equal to the rent mat would have been payable under this Lease but for the disclaimer or forfeiture in respect of the period from the date of the disclaimer or forfeiture until the Premises shall have been relet by the Landlord
		
	 6.5
	  	That the Surety shall not claim in any liquidation bankruptcy composition or arrangement of the Tenant in competition with the Landlord and shall remit to the Landlord the proceeds of all
judgments and all distributions it may receive from any liquidator trustees or bankruptcy or supervisor of the Tenant and shall hold for the benefit of the Landlord all security and rights the Surety may have over assets of the Tenant whilst any
liabilities of the Tenant or the Surety to die Landlord remain outstanding
		
	7.	  	Certificate
		
	 	  	It is certified that there is no agreement for Lease to which this Lease gives effect
		
	8.	  	Enforcement by Third Parties
		
	 	  	The parties to this Leases do not intend that any of its terms will be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person not a party to it
		
	9.	  	New Tenancy
		
	 	  	This lease is a new tenancy for the purposes of Section 1 of the Landlord and Tenant (Covenants) Act 1995
		
	10.	  	No warranty as to Specified Use
		
	 	  	The Landlord gives no express or implied warranty that the Specified Use of the Property under this Lease is or will be or remain a lawful or authorised user under the Planning Acts or
otherwise

  

 -19- 

			
	11.	  	Exclusion of compensation
		
	 	  	So far as the law shall allow the right of the Tenant (or any undertenant) to compensation on quitting the Property is excluded

  
 In Witness of which the parties
have duly executed this Lease as a deed which is delivered on the date first before written 
  
  

 -20- 

 Schedule 1 - Rights granted to the Tenant 
  

	1.	The right of free and uninterrupted passage of gas/electricity telephone cable water and soil through Conduits now laid or hereafter laid within the Perpetuity Period serving the
Premises and passing in under through or over any adjoining or neighbouring land and the right to connect the Premises to such Conduits insofar as necessary PROVIDED prior written notice is given to the Landlord and the tenant(s) of the adjoining or
neighbouring land and that any connection works are carried out as quickly as practicable causing as little disruption and inconvenience to the tenant(s) of the adjoining or neighbouring land as is possible and making good all damage caused at its
own cost 

  

	2.	The right with or without workmen at all reasonable times and after giving reasonable prior written notice to enter upon the airspace above the building erected upon the Premises
and the adjoining premises of the Landlord for the-purpose of carrying out any necessary work to the Premises which cannot reasonably be carried out from the Premises and for the purpose of inspecting maintaining repairing or renewing any Conduits
serving the Premises the Tenant making good all damage caused to the adjoining premises in carrying out such works and causing the minimum of inconvenience to the occupiers of such adjoining premises 

  

	3.	The right 

  

	3.1	subject to the Landlord prior written approval as to size nature and location to place and maintain a sign on the exterior of the Premises displaying the name of the Tenant and the
Tenant’s business 

  

	3.2	to have the Tenant’s name displayed on the name board at the entrance to the Estate 

  

	4.	The right of way at all times with or without vehicles for all purposes over and along the access roads and pathways on the Estate 

  

	5.	All rights of support shelter and protection for the Premises 

  

 -21- 

 Schedule 2 - Rights and easements exempted 
  
 Excepting and Reserving in favour of the Landlord and its tenants agents and licensees and those authorised by the Landlord and all
other persons who now have or may hereafter be granted similar rights :- 
  

	1.	the full free and uninterrupted passage and running of water soil gas telephone electricity telecommunication and all other services and supplies of whatsoever nature from and to
any other part of the Estate, through such, of the Conduits which are now or may hereafter during the Perpetuity Period be in or under or over the Premises and the right of entry onto the Premises for the purpose of inspecting repairing renewing
relaying cleansing maintaining and connecting up to any such existing or future Conduits 

  

	2.	the right to erect or to consent hereafter to any person erecting a new building or to alter any building for the time being on the, adjoining or neighbouring property of the
Landlord in such manner as the Landlord or the person or persons exercising such right may think fit and notwithstanding that such alteration or erection may diminish the access of light and air enjoyed by the Premises and the right to deal with the
Estate and any other adjoining or neighbouring property of the Landlord as it may think fit 

  

	3.	the right to erect scaffolding for the purpose of repairing cleaning rebuilding renewing or altering the Estate or any part thereof notwithstanding that such scaffolding may
temporarily restrict the access to or enjoyment and use of the Premises provided that the Landlord shall use reasonable endeavours to ensure the Tenant has satisfactory access at all times 

  

	4.	the right for the Landlord and those authorised by the Landlord to enter the Premises for the purposes and in the manner mentioned in this Lease 

  

	5.	all rights of light air support shelter and protection for the parts of the Estate not included in the Premises and all such rights (if any) as shall now or hereafter belong to and
be enjoyed by any land or premises adjacent to the Estate 

  

 -22- 

 Schedule 3 
  
 Part I - Calculation of Service Charge 
  

					
	 1
	  	In this Schedule :-	  	 
			
	 	  	Accounting Period	  	shall mean a period commencing on the twenty fifth day of December and ending on the twenty fourth day of December in any year or such other period as the Landlord’s Surveyor shall
determine
			
	 	  	Interim Charge	  	such quarterly sum to be paid by way of an estimate of the anticipated Service Charge as the Landlord or the Landlord’s Surveyors shall reasonably specify
			
	 	  	Service Charge	  	the Tenant’s Proportion of the Total Expenditure
			
	 	  	Total Expenditure	  	the expenditure reasonably and properly incurred by the Landlord in any Accounting Period in providing the Services
		
	 2
	  	The first payment of the Interim Charge shall be made on the execution of this Lease and shall be a proportionate sum of the
Interim Charge up to the next quarter day and
thereafter the Interim Charge shall be paid to the Landlord by equal quarterly
payments in advance on the usual quarter days
		
	 3
	  	As soon as reasonably practicable after the expiration of each Accounting Period mere shall be served upon the Tenant by the
Landlord or its agent an audited certificate such
certificate to be final and binding on the parties (save as to manifest error) and
to contain the following information :-
		
	 3.1
	  	the amount of Total Expenditure
		
	 3.2
	  	the amount of the Interim Charge paid by the Tenant together with any surplus carried forward from the previous Accounting
Period
		
	 3.3
	  	the amount of the Service Charge
		
	 3.4
	  	details of the breakdown of the Service Charge and all fair proportions and information and authority to inspect any invoices
relating to the Service Charge
		
	 4
	  	If the Interim Charge demanded during any Accounting Period exceeds the Service Charge for the Accounting Period in respect
of which it was paid the surplus of the Interim Charge
so paid over and above the Service Charge shall be carried forward by
the Landlord and credited to tire account of the Tenant in computing the Service Charge in succeeding Accounting Periods as
hereinafter provided or (if the Term shall have
come to an end) shall be repaid to the Tenant

  

 -23- 

			
	 5
	  	If the Service Charge exceeds the Interim Charge together with any surplus from the previous year earned forward as aforesaid then the Tenant shall pay the excess to the Landlord or its agent
within fourteen days of service upon me Tenant of the certificate referred to in the paragraph 3 above

  

 -24- 

 Part II - The Services 
  

	1	Keeping the Common Parts in good and substantial repair and condition and properly cleansed drained lighted and insured 

  

	2	The provision and maintenance of such fences and signage for the Estate as the Landlord shall properly consider necessary or as may be required 

  

	3	Repairing and maintaining or replacing any apparatus equipment fixtures fittings and decorations in or about the Common Parts the use of which is common to the Premises and
adjoining or neighbouring premises including but without prejudice to the generality of the foregoing all electric lamp standards and time switches 

  

	4	Paying all rates taxes duties charges assessments and outgoings whatsoever (whether parliamentary parochial local or of any other description) assessed charged or imposed upon or
payable in respect of the Common Parts or any part of them except insofar as the same are the responsibility of the Tenant or of any other tenant on the Estate 

  

	5	All proper and reasonable costs charges and expanses of abating a nuisance on the Estate and of executing all such works as may be necessary for complying with any notice served by
a local authority in connection with the Common Parts or any part of them insofar as the same is not the liability of or Attributable to me fault of any individual tenant or occupier of any part of the Estate 

  

	6	Maintaining repairing cleansing emptying draining extending amending and renewing the Conduits on the Estate 

  

	7	Providing such managing agents, supervisory security staff and other staff for the Estate as the Landlord acting reasonably and in the interests of good estate management shall
think fit including the cost of employing such staff and providing such uniforms vehicles and equipment etc as may be required for the proper performance of their duties and also providing renewing repairing and maintaining any reasonably necessary
facilities therefor 

  

	8	Providing and maintaining all plants shrubs and landscaped areas and keeping the same properly planted and free from weeds and the grass regularly cut 

  

	9	Paying any special costs which may be levied by fee local (or other competent) authority on the Estate as a whole and which relate to or arise from the administration thereof and/or
the provision of the Services 

  

	10	Providing maintaining renewing and insuring such equipment on the Estate as may from time to time in the reasonable opinion of the Landlord be necessary or desirable in the
interests of good estate management 

  

	11	The proper and reasonable costs charges and remuneration of the Landlord the Landlord’s Surveyor or managing agent employed by the Landlord to manage the Estate

  

 -25- 

	12	The proper and reasonable costs charges and expenses of preparing and supplying to tenants copies of regulations made by the Landlord governing the use of the Estate or any part of
it 

  

	13	Keeping proper records of all costs charges and expenses incurred by the Landlord in providing the Services 

  

	14	The proper and reasonable charges and remuneration of suitably qualified accountants to be employed by the Landlord or the Landlord’s Surveyor for the purpose of auditing the
accounts in respect of the Landlord’s costs and certifying the total amount thereof for the period to which the Account relates 

  

	15	All amounts which the Landlord may reasonably and properly expend on effecting and maintaining such other insurances (including without limitation in relation to public property
owners and employers liability) as the Landlord may decide to effect in relation to the Estate or any part of it (other than insurances of any Lettable Unit) including fees for insurance valuations carried out at reasonable intervals and all fees
and expenses payable to advisers in connection with effecting and maintaining insurance policies and claims 

  

	16	The cost of the supply of electricity gas oil and other fuel forte provision of the Services 

  

	17	The cost of making such provision (if any) for anticipated expenditure in respect of any of the services as the Landlord shall in its absolute discretion consider appropriate

  

	18	Such other services or matters as may reasonably be necessary for the proper management of the Estate 

  
  

 -26- 

					
	 Executed by TE Equipments Limited
	  	)	  	/s/ W. J. Chappell
			
	 Acting by a director and the secretary/
	  	)	  	/s/ A.N. Wheeler
			
	 Two directors
	  	)	  	 
			
	 Director
	  	 	  	A.N. Wheeler
			
	 Secretary
	  	 	  	W. J. Chappell

  

 -27- 

			
	 Executed as a Deed by Fordgate Industrial Limited
	 	)
		
	 acting by :-
	 	)
		
	 Director
	 	/s/ M.S.
		
	 Director/Secretary
	 	/s/ R.S.

  

 -28-Amendment No. 1 to Industrial Real Estate Lease

 Exhibit 10.21 
  
 AMENDMENT NUMBER 1 
 TO 
 INDUSTRIAL REAL ESTATE LEASE 
  
 This Amendment Number 1 to Industrial Real Estate Lease (“Amendment”) is entered into effective as of July 29, 2005 by and between BMG2
Enterprises, a California general partnership (“Landlord”) and Modtech Holdings, Inc., a Delaware corporation (“Tenant”) with reference to the following: 
  
 A. Landlord entered into an Industrial Real Estate Lease with Tenant’s predecessor, Modtech, Inc., a California
corporation, date January 2, 1990 (the “Original Lease”) for approximately 30 acres in Lathrop, California as described in Exhibit A to the Original Lease (the “Property” as hereinafter further defined).

  
 B. Boise Buildings Solutions Distribution, L.L.C., a Delaware
limited liability company (“Boise”) desires to sublease the Property from Tenant pursuant to a sublease dated the date hereof (the “Sublease”). 
  
 C. In connection with the execution of the Sublease, Landlord and Tenant wish to amend the Original Lease in accordance with
this Amendment. 
  
 In consideration of the foregoing, the parties
agree as follows: 
  
 1. Amendment of Original Lease. The
Original Lease is amended as follows: 
  
 Section 1.0.1. Date
of Lease shall remain January 2, 1990. 
  
 Section 1.02.
Landlord (include legal entity) shall remain BMG2 Enterprises, a California general partnership. 
  
 Section 1.03. Tenant (include legal entity) is amended to state that the tenant is Modtech Holdings, Inc., a Delaware corporation. The Address of
Tenant in Section 1.03 shall be amended to read “2830 Barrett Avenue Perris, CA 92751.” 
  
 Section 1.04. Property (include street address, approximate square footage and description) shall be amended in its entirety to read as set forth
in Exhibit A to this Amendment. Exhibit A to the Original Lease is deleted in its entirety. 
  
 Section 1.05. Lease Term is amended in its entirety to read as follows: The term of this Lease shall begin on January 1, 1990 and terminate on
December 31, 2019. 
  
 Section 1.06. Permitted Uses (see
Article Five) is amended in its entirety to read as follows: 
  
 “The Property may be used for the fabrication, warehousing, storage (including outside storage) and distribution of modular buildings, lumber and building materials, and related office use. Tenant shall be responsible for obtaining all
required permits and approvals for such uses.” 

 Section 1.12. Rent and Other Charges Payable by Tenant Paragraph (a) BASE RENT shall be amended in
its entirety to read as follows: As of June 1, 2005, the base rent is $29,557, per month for the first seven months, as provided in Section 3.01, and shall be adjusted on the first day of each January thereafter as provided in Section 3.02.

  
 Section 1.14. Riders is amended in its entirety to
state “The following Riders are attached and made a part of this Lease: Exhibit A to Amendment Number 1 – Legal Description of Property. 
  
 Section 4.02. (c) Joint Assessment is amended by adding the following at the end of the existing section: 
  
 “If any portion of the real property owned by Landlord of which the
Property is a part is sold, Landlord shall use commercially reasonable efforts to have the Property thereafter separately assessed and the real property tax bill sent directly to Tenant, or at Tenant’s direction, its subtenant, and thereafter
the real property taxes on the Property will be paid in accordance with Section 4.02(a) hereof.” 
  
 Section 5.05. Indemnity is amended by adding at the end the following sentence: 
  
 “In the event Tenant subleases the Property, the sublessee shall indemnify Landlord in accordance with this Section
with the term “sublessee” substituted for the term “Tenant” in this Section. The obligations of the sublessee to indemnify Landlord shall be in addition to, and not in lieu of, Tenant’s obligations under this Section.

  
 Section 6.05. Alterations, Additions and Improvements
is amended as follows: Paragraph (a) is redesignated (a)(i) and a new paragraph (a)(ii) is added which states as follows: 
  
 “Notwithstanding the provisions of Section 6.05(a)(i), the improvements to be made by Tenant’s approved subtenant, Boise, listed in
Exhibit B hereto are approved by Landlord, subject to the terms and conditions set forth in Exhibit B. Boise shall have the right to make non-structural alterations, improvements and installations to the
Property as it deems expedient or necessary without Landlord’s prior written approval where such improvements do not exceed $75,000 in cost cumulatively over the Lease Term regardless of whether the improvements are visible from the outside of
any building on the Property. 
  
 Section 6.06. Condition Upon
Termination is amended as follows: The current paragraph is designated (a) and a new paragraph (b) is added which states as follows: 
  
 “Notwithstanding the provisions of Section 6.06(a), Boise may remove any of its trade fixtures or personal property from the Property at any time.
Boise may not remove, and Landlord may not require Boise to remove, any alterations, improvements, and installations 

  

 2 

 
made by Boise pursuant to Exhibit B hereto. The removal of any other improvements made by Boise shall be governed by the provisions of
Section 6.06(a). Tenant’s sublease with Boise shall provide that any damage caused by removal of any property or improvements by Boise shall be repaired by Boise.” 
  
 Section 9.01. Landlord’s Consent Required and Section 9.05 Landlord’s Consent are both amended by
adding the following at the end of each section: 
  
 “Landlord consents to the subleasing of the Property by Tenant to Boise pursuant to the terms of that Sublease between Tenant and Boise, dated the date hereof. The Sublease shall provide that Boise shall indemnify Landlord in
accordance with the provisions of Section 5.05 with the term “Boise” substituted in place of “Tenant” in such section. 
  
 Section 9.02. Tenant Affiliate is amended by adding at the end the following sentence: 
  
 “In the case of Boise, the term “Tenant Affiliate” shall
include Boise’s affiliates, subsidiaries and parent entities.” 
  
 A new Article Fifteen: Additional Terms is added. Article Fifteen shall read as follows: 
  
 “Section 15.01. Right to Use Access Road. Tenant shall have a nonexclusive right to use in common with others the access road presently
located on the parcel adjacent to the Property (the “Adjacent Property”)and further described in Exhibit C hereto (the “Access Road”). Landlord represents and warrants that, as of the date of this Amendment,
it is the current fee owner of the Adjacent Property and has the authority to grant Tenant the right to use the Access Road as provided in this section. A Memorandum of Lease in the form of Exhibit D hereto shall be recorded by
the parties concurrently with the execution of this Amendment. 
  
 Tenant may use the Access Road only for vehicular ingress and egress to the Property by Tenant, its employees, customers suppliers, representatives, contractors and invitees (collectively “Tenant’s Parties”). Only ingress and
egress that is related or incidental to Tenant’s use of the Property as allowed under this Lease shall be permitted. Vehicles that exceed the weight capacity of the Access Road shall not be permitted on the Access Road. Tenant shall be
responsible for all damage caused to the Access Road by Tenant or Tenant’s Parties. 
  
 Subject to Tenant’s obligation to pay Landlord for the cost to repair any damage cause by Tenant or Tenant’s Parties, Landlord shall maintain the Access Road in its current condition, reasonable wear and
tear excepted. Landlord shall keep the Access Road open at all times, subject to temporary closures of portions of the Access Road that may be reasonably necessary for maintenance or repairs. Landlord shall give Tenant prior notice of any temporary
closure of portions of the Access Road for the purpose of repairs and shall take all reasonable steps to ensure that such closures will not prevent Tenant’s ingress and egress to the Property. 
  
 Landlord may not relocate the Access Road (or any of the utility lines
located on and servicing the Property) during the term of this Lease without providing Tenant alternate access and utility service that is reasonably comparable to that provided by the Access Road and the existing utility lines. 
  

 3 

 Notwithstanding any of the foregoing provisions of this Section 15.01, if Tenant subleases the Property
to Boise, Boise, in addition to Tenant, shall become responsible for maintaining the Access Road in good condition and repair, reasonable wear and tear excepted. If Boise’s intended use of the Access Road will exceed its weight capacity, prior
to exceeding such capacity, Boise, or Tenant, shall upgrade the Access Road to meet Boise’s intended use and needs at Boise’s (or Tenant’s) sole cost and expense. Until such time as Landlord or other tenants of Landlord begin using
the Access Road, Boise, or Tenant, shall maintain the same at its sole cost and expense without any right of contribution from Landlord or any other tenant. If Landlord or other tenants begin using the Access Road, Boise, or Tenant, shall continue
to remain liable for the maintenance and repair of the Access Road, but the cost thereof shall be allocated in an equitable manner among the parties using the same. 
  
 Section 15.02. Water Line Access. Landlord grants to Tenant the right to install, inspect, operate, maintain, alter,
repair, replace and remove a standard size fire protection water line from the city street adjacent to the Property to the structures presently located on the Property for the purpose of servicing a fire sprinkler system on the Property. If Tenant
elects to install the water line, it shall be installed below ground within a 10 foot wide strip adjacent to the Access Road. The area along the Access Road and from the Access Road to the end of the water line is further delineated in
Exhibit C hereto. Tenant’s right to utilize the water tank described in Section 15.03 below will terminate upon completion of the water line, but Tenant is not obligated to install such line. 
  
 Tenant shall be responsible for obtaining all necessary governmental approval
for the installation of the water line and shall be responsible for all costs related to its installation, operation, maintenance, alteration, repair, replacement and removal. Tenant shall construct the water line in accordance with applicable
codes, regulations and permits in a good and workmanlike manner free from defects. Tenant shall be responsible and indemnify Landlord for any damage to the Property, the Access Road or other improvements that may result from any of the foregoing
activities and from any damages caused by water line leaks or breakage. 
  
 Section 15.03. Water Tank Until such time as the water line is installed and operational, Tenant shall have the right to continue to use the water tank located adjacent to the Property for fire protection purposes. Such use is
currently exclusive and shall remain so, except that Landlord may allow future tenants on Landlord’s properties adjacent to the Property to use the water tank on a pro rata basis, provided that such use is allowed under applicable fire codes
and regulations. Landlord shall allow Tenant reasonable and necessary access to the water tank in order to test and maintain adequate water levels, connecting pipes, pumping machinery and all other aspects of the current fire protection system that
services the Property. 
  
 Section 15.04. Signage If Tenant
subleases the Property to Boise, subject to Boise obtaining all required governmental approvals, Boise shall have the right to place or paint one or more signs on the Property including directional and safety signs to adequately direct visitors,
guests and the like on the Property so long as such signs are not readily readable from Harlan Road. Such signage, at Boise’s option, shall include one free standing sign at the Harlan Road 

  

 4 

 
entrance to the Property. Such free standing sign will be located on the north side of the Access Road on the Landlord’s adjacent property and as close
to Harlan Road and the Access Road as possible, subject to applicable setback requirements. If the Access Road is moved in the future, the free standing sign will also be moved so that at all times it will adjacent to the Access Road and Harlan Road
as set forth in the preceding sentence. The approximate size, shape and look of the free standing sign are set forth in Exhibit E hereto. Boise’s signage shall be installed and maintained at Boise’s expense and upon
termination of Boise’s Sublease, at Landlord’s request, Boise (or Tenant) shall remove such signage at no cost or expense to Landlord. Tenant shall remove all existing signage on the Property within 90 days after the date hereof.”

  
 2. Confirmation of Remaining Terms. Except as expressly
set forth above, all preprinted terms and provisions of the Original Lease shall remain unmodified and in full force and effect. A copy of the Original Lease, together with the revised Exhibits thereto is attached hereto and made a part hereof. This
Amendment, together with the Original Lease, as amended, constitute the lease agreement between Landlord and Tenant of the Property as of the date hereof. 
  
 3. Effective Date of Amendment. This Amendment shall be effective upon the date hereof, but in the event Boise exercises its right to terminate the
Sublease prior to the commencement of the term of occupancy thereunder, only the amendments to Sections 1.01 through 1.05 and the addition of Section 15.01 and Section 15.03 shall remain effective. All other amendments made to the Original Lease
pursuant to this Amendment shall be null and void. 
  
 4.
Counterparts. This Amendment may be executed through the use of multiple counterpart signature pages all of which signature pages when attached to one or more counterparts of this Amendment shall constitute a fully executed agreement,
notwithstanding the fact that all parties may not have signed the same signature page. All such fully executed counterparts of this Amendment shall constitute a single agreement. This Amendment shall be considered effective when a signature page is
signed by each party and delivered to the other parties; provided, that a facsimile signature shall be considered due execution and shall be binding on the signatory thereto with the same force and effect as if the signature were an original and not
a facsimile signature. 
  

			
	 “Landlord”
 BMG2 Enterprises

		
	 By:
	 	 /s/Evan Gruber

	 	 	 Evan Gruber, general partner

	
	 “Tenant”
 Modtech Holdings, Inc.

		
	 By:
	 	 /s/James W. Gasper

	 	 	 James W. Gasper

  

 5 

 Exhibit A to Amendment Number 1 
  
 Property 

	
	

  

	*	SHADED PROPERTY IS LEASED PROPERTY. 

     REMAINING PORTION IS LANDLORDS OTHER PROPERTY. 

 Exhibit B to Amendment Number 1 
  
 List of Intended Improvements by Tenant’s Approved Subtenant, Boise 
  
 Boise shall have the right, but not the obligation, to make certain improvements to the Property as follows: 
  
 1. Installation of up to two rail spurs entering the Property from the east
and associated unloading areas, including a boxcar unloading platform and ramp (collectively a “Rail Line”). The location, size and other material attributes of the Rail Line shall be substantially the same as reflected on the attached
preliminary plans and drawings set forth in Schedule 1. 
  

	 	2.	Installation of exterior siding and access doors on the existing main warehouse building. 

  

	 	3.	Installation of 10-12” water line as described in Section 15.02 of the foregoing Amendment. 

  

	 	4.	Installation of new sanitary sewer line adjacent to the water line described in Section 15.02 of the foregoing Amendment. 

  

	 	5.	Installation of additional exterior pavement and associated storm drainage alterations, if any. 

  
 In addition to the above items, Boise may also remodel the existing office building to suit its purposes, make various
repairs to the existing pavement, and install yard lighting, bollard protection for existing fire hydrants, new fencing/gates, security systems, and new landscaping. 
  
 All improvements made by Boise shall be in accordance with applicable codes and regulations and shall be substantially
similar in quality to similar improvements made by Boise to its other leased facilities as represented by the property located at 7145 Arlington Ave., Riverside, California 92503. 

					
	

			
	 	 	 CONCEPTUAL LAYOUT OF RAIL SPURS
 NTS
	    	 

 Exhibit C to Amendment Number 1 
  
 Access Road & Water Line Location 

					
	

			
	 	 	 *  SHADED PROPERTY IS LEASED PROPERTY.
	  	 
	 	 	    REMAINING PORTION IS LANDLORDS OTHER PROPERTY.	  	 

 Exhibit D to Amendment Number 1 
  
 RECORDING REQUESTED BY 
 BMG2 Enterprises

  
 WHEN RECORDED MAIL TO: 
  
 BMG2 Enterprises 
 C/O John W. Kittelson, Esq. 
 Allen Matkins Leck Gamble & Mallory LLP 
 1900 Main Street, 5th Floor 
 Irvine, CA 92614-7321 
  
 MEMORANDUM OF LEASE 
  
 This Memorandum of Lease is made July     , 2005
between BMG2 Enterprises, a California general partnership (“Landlord”), and Modtech Holdings, Inc., a Delaware corporation (“Tenant”), who agree as follows: 
  
 This Memorandum of Lease is made with reference to that certain unrecorded Industrial Real Estate Lease between Landlord and
Tenant, dated January 2, 1990, as amended pursuant to Amendment Number 1 thereto between Landlord and Tenant, dated the date hereof (the “Lease”). 
  
 Landlord leases to Tenant for a term commencing January 1, 1990 and ending December 31, 2019 the real property described in Exhibit A hereto and the
improvements thereon on the terms and conditions set forth in the Lease all of which are made hereof as though fully set forth herein. 
  
 In the event of any inconsistencies between the terms of this instrument and those of the Lease, the terms of the Lease shall prevail. 
  
 The parties have executed this Memorandum of Lease as of the date first above
written. 
  

					
	“Landlord”
	BMG2 Enterprises
		
	By:	 	  

	 	 	Evan Gruber, general partner
		
	 	 	“Tenant”
	 	 	Modtech Holdings, Inc.
			
	 	 	By:	 	  

 ACKNOWLEDGEMENT 
  
 STATE OF CALIFORNIA) 
 COUNTY OF RIVERSIDE)

  
 On
                    , before me, the undersigned notary public, personally appeared
                                        
                    , personally know to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to
the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

					
	 	 	  

	 	 
	 	 	                        Signature	 	 

  
 My commission expires:
                                        
     
  
 ACKNOWLEDGEMENT 

 
 STATE OF CALIFORNIA) 
 COUNTY OF RIVERSIDE) 
  
 On
                    , before me, the undersigned notary public, personally appeared
                                        
                    , personally know to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to
the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

					
	 	  	  

	  	 
	 	  	                        Signature	  	 

  
 My commission expires:
                                        
     
  
  

 Exhibit E to Amendment Number 1 
  

					
	

	  	  
  
 Location HBC0102 - BUILDING SOLUTIONS, DISTRIBUTION
 8301 CAPITOL DR.
 GREENSBORO, NC
	  	

	  	  	08 07 02, JC/MG/JC
E2-000006-R9
	  	  

  

			
	

	 	

		
	Existing	 	Proposed Signage
		
	 	 	P-1 Non-illuminated freestanding sign panel

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