Document:

hubs-ex101_391.htm

 

Exhibit 10.1

 

FIRST AMENDMENT TO LEASE 

 

This FIRST AMENDMENT TO LEASE (the “Amendment”) dated this 14th day of February, 2017 (the “Effective Date”) is made by and between ONE CANAL PARK MASSACHUSETTS, LLC, a Delaware limited liability company (the “Landlord”), and HUBSPOT, INC., a Delaware corporation (the “Tenant”). 

RECITALS:

 

A.WHEREAS, Landlord and Tenant entered into that certain Lease dated October 7, 2016 (the “Lease”) whereby Tenant leases from Landlord certain premises consisting of approximately: (i) 16,750 rentable square feet on the second (2nd) floor (“Premises A”); and (ii) approximately 8,562 rentable square feet on the second (2nd) floor (“Premises B”) (collectively, Premises A and Premises B shall be known as the “Premises”) in the building located at One Canal Park, Cambridge, Massachusetts (the “Building”); 

 

B.WHEREAS, the Expiration Date with respect to the Term of the Lease is scheduled to expire on January 31, 2026 (the “Expiration Date”); and

 

C.WHEREAS, Landlord has agreed to lease additional space to Tenant pursuant to Tenant’s exercise of its right of first offer under Section 30.17 of the Lease and consisting of: (i) approximately 9,022 rentable square feet on fourth (4th) floor of the Building (“Premises C”); and (ii) approximately 21,052 rentable square feet on the fourth (4th) floor of the Building (“Premises D”) substantially shown on the floor plan attached hereto as Exhibit “A” (the on the terms and conditions set forth herein.  

 

 

AGREEMENT:

 

NOW THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.Recitals.  The recitals set forth above are incorporated herein and made a part of this Amendment as if set forth herein in full. 

 

2.Capitalized Terms.  All capitalized terms used in this Amendment that are not defined in this Amendment shall have the meanings ascribed to such terms in the Lease. In the event of any conflict between the terms of the Lease and the terms of this Amendment, the definitions set forth in this Amendment shall control. 

 

3.Term for Premises C.  Landlord demises to Tenant, and Tenant takes from Landlord, the Premises C upon and subject to the provisions of the Lease, as amended by this Amendment.   Subject to the terms and conditions set forth herein, the Term of the Lease with respect to 

1

 

 

Premises C shall commence on the later date to occur of (the “Premises C Commencement Date”):  (i) March 1, 2017, and (ii) date Landlord delivers possession of Premises C to Tenant vacant, broom clean, free of tenants, occupants, property and debris, in compliance with all applicable Laws and free of all Hazardous Materials that are required to be removed, remediated, or encapsulated pursuant to applicable Environmental Laws and shall expire on the Expiration Date under the Lease.  Except as otherwise expressly provided herein, Tenant’s lease of the Premises C shall be on all of the terms and conditions of the Lease, and the Term of the Lease with respect to the Premises C shall be coterminous with the Term of the Lease for the Premises, as the same may be earlier terminated or extended as provided in the Lease.   For purposes of this Amendment, the “Estimated Commencement Date” for Premises C is March 1, 2017 and Premises C shall be deemed a “Portion of the Premises” under the Lease.  Once the Premises C Commencement Date has occurred, Landlord and Tenant shall execute an agreement, in a form similar to that which is attached as Exhibit 5 to the Lease in order to confirm the Premises C Commencement Date and the schedule with respect to Yearly Rent for Premises C.

 

4.Term for Premises D.  Landlord demises to Tenant, and Tenant takes from Landlord, the Premises D upon and subject to the provisions of the Lease, as amended by this Amendment.   Subject to the terms and conditions set forth herein, the Term of the Lease with respect to the Premises D shall commence on the later date to occur of (the “Premises D Commencement Date”):  (i) August 1, 2020, and (ii) date Landlord delivers possession of Premises D to Tenant vacant, broom clean, free of tenants, occupants, property and debris, in compliance with all applicable Laws and free of all Hazardous Materials that are required to be removed, remediated, or encapsulated pursuant to applicable Environmental Laws and shall expire on the Expiration Date under the Lease.  Except as otherwise expressly provided herein, Tenant’s lease of the Premises D shall be on all of the terms and conditions of the Lease, and the Term of the Lease with respect to the Premises D shall be coterminous with the Term of the Lease for the Premises, as the same may be earlier terminated or extended as provided in the Lease.  For purposes of this Amendment, the “Estimated Commencement Date” for Premises D is August 1, 2020 and Premises D shall be deemed a “Portion of the Premises” under the Lease.  Once the Premises D Commencement Date has occurred, Landlord and Tenant shall execute an agreement, in a form similar to that which is attached as Exhibit 5 to the Lease in order to confirm the Premises D Commencement Date and the schedule with respect to Yearly Rent for Premises D.

 

5.Yearly Rent for Premises C. Effective as of the Premises C Rent Commencement Date (as hereinafter defined), Tenant shall pay Yearly Rent with respect to the Premises C in accordance with the following schedule and in accordance with all other terms and conditions applicable to the payment of Yearly Rent under the Lease:

 

				
	
Term for 

Premises C
	
Yearly Rent

 
	
Monthly Payment
	
Per Rentable Square Foot of Premises D

2

 

 

				
	
From the Premises C Commencement Date through the day immediately preceding the 

Premises C Rent Commencement Date
	
$0
	
$0
	
$0

	
From the Premises C Rent Commencement Date through the expiration of the First Expansion Premises Rent Year

 
	
$640,562.00
	
$53,380.17
	
$71.00

	
Second Expansion Premises Rent Year
	
$649,584.00
	
$54,132.00
	
$72.00

	
Third Expansion Premises Rent Year
	
$658,606.00
	
$54,883.83
	
$73.00

	
Fourth Expansion Premises Rent Year
	
$667,628.00
	
$55,635.67
	
$74.00

	
Fifth Expansion Premises Rent Year
	
$676,650.00
	
$56,387.50
	
$75.00

	
Sixth Expansion Premises Rent Year
	
$685,672.00
	
$57,139.33
	
$76.00

	
Seventh Expansion Premises Rent Year
	
$694,694.00
	
$57,891.17
	
$77.00

	
Eighth Expansion Premises Rent Year
	
$703,716.00
	
$58,643.00
	
$78.00

	
From the commencement of the Ninth Expansion Premises Rent Year through

January 31, 2026
	
$712,738.00
	
$59,394.83
	
$79.00

 

Tenant shall have no obligation to pay Yearly Rent for Premises C for the period commencing as of the Premises C Commencement Date and expiring on the date that is one (1) month following the Premises C Commencement Date (the “Premises C Rent Abatement Period”).   The “Premises C Rent Commencement Date” shall be the day immediately following the expiration of the Premises C Rent Abatement Period.  

 

For purposes of the Lease, the term “Expansion Premises Rent Year” shall mean a twelve-month period beginning on the Premises C Commencement Date or any anniversary of the Premises C Commencement Date, except that if the Premises C Commencement Date does not fall on the first day of a calendar month, then the first Expansion Premises Rent Year shall begin on the Premises C Commencement Date and end on the last day of the month containing the first anniversary of the Premises C Commencement Date, and each succeeding Expansion Premises Rent Year shall begin on the day following the last day of the prior Expansion Premises Rent Year.

 

3

 

 

6.Yearly Rent for Premises D. Effective as of the Premises D Rent Commencement Date (as hereinafter defined), Tenant shall pay Yearly Rent with respect to the Premises D in accordance with the following schedule and in accordance with all other terms and conditions applicable to the payment of Yearly Rent under the Lease:

 

				
	
Term for 

Premises D
	
Yearly Rent

 
	
Monthly Payment
	
Per Rentable Square Foot of Premises D

	
From the Premises D Commencement Date through the day immediately preceding the Premises D Rent Commencement Date
	
$0
	
$0
	
$0

	
From the Premises D Rent Commencement Date through the expiration of the Fourth Expansion Premises Rent Year
	
$1,557,848.00
	
$129,820.667
	
$74.00

	
Fifth Expansion Premises Rent Year
	
$1,578,900.00
	
$131,575.00
	
$75.00

	
Sixth Expansion Premises Rent Year
	
$1,599,952.00
	
$133,329.33
	
$76.00

	
Seventh Expansion Premises Rent Year
	
$1,621,004.00
	
$135,083.67
	
$77.00

	
Eighth Expansion Premises Rent Year
	
$1,642,056.00
	
$136,838.00
	
$78.00

	
From the commencement of the Ninth Expansion Premises Rent Year through

January 31, 2026
	
$1,663,108.00
	
$138,592.33
	
$79.00

 

Tenant shall have no obligation to pay Yearly Rent for Premises D for the period commencing as of the Premises D Commencement Date and expiring on the date that is three (3) months following the Premises D Commencement Date (the “Premises D Rent Abatement Period”).  The “Premises D Rent Commencement Date” shall be the day immediately following the expiration of the Premises D Rent Abatement Period.    

 

7.Tax Excess for Premises C. The Tax Base with respect Premises C shall be the actual amount of Taxes for the fiscal year 2018 (i.e., July 1, 2017, through June 30, 2018). From and after July 1, 2018, Tenant shall pay to Landlord Tenant’s Premises C Proportionate Share (as hereinafter defined) of the amount by which Taxes in any Tax Period exceed the Tax Base with 

4

 

 

respect to the Premises C, with such excess payable in accordance with the terms and conditions of the Lease. “Tenant’s Premises C Proportionate Share” shall be 8.89%.   

 

8.Operating Excess for Premises C. The Operating Costs in the Base Year with respect to Premises C shall be the actual amount of Operating Costs for the calendar year 2017. From and after January 1, 2018, Tenant shall pay to Landlord Tenant’s Premises C Proportionate Share of the amount by which Operating Costs in any Operating Year exceed the Operating Costs in the Base Year with respect to Premises C, with such excess payable in accordance with the terms and conditions of the Lease.  

 

9.Tax Excess for Premises D. The Tax Base with respect to the Premises D shall be the actual amount of Taxes for the fiscal year 2020 (i.e., July 1, 2019, through June 30, 2020). From and after July 1, 2020, Tenant shall pay to Landlord Tenant’s Premises D Proportionate Share (as hereinafter defined) of the amount by which Taxes in any Tax Period exceed the Tax Base with respect to the Premises D, with such excess payable in accordance with the terms and conditions of the Lease. “Tenant’s Premises D Proportionate Share” shall be 20.75%.   

 

10.Operating Excess for Premises D. The Operating Costs in the Base Year with respect to Premises D shall be the actual amount of Operating Costs for the calendar year 2020. Tenant shall pay to Landlord Tenant’s Premises D Proportionate Share of the amount by which Operating Costs in any Operating Year exceed Operating Costs in the Base Year with respect to Premises D, with such excess payable in accordance with the terms and conditions of the Lease.  

 

11.Amendment to Parking.  Effective as of the Premises C Commencement Date, Tenant shall have the right to five (5) additional Parking Passes, and effective as of the Premises D Commencement Date, Tenant shall have the right to ten (10) additional Parking Passes under the Lease. The additional Parking Passes shall be subject to all of the terms and conditions of Section 30.12 of the Lease. Landlord’s representation set forth in Section 30.12 of the Lease shall be deemed restated by Landlord as of each of the Premises C Commencement Date and the Premises D Commencement Date.  

 

12.Condition of Premises C and Premises D.  Except for the Landlord’s obligation to: (a) deliver Premises C to Tenant lawfully demised and with egress that is compliant with applicable law; (b) Landlord’s obligation to deliver Premises C and Premises D in accordance with Sections 4.1 and 4.2 of the Lease; and (c) provide the Improvement Allowance as more particularly described on Exhibit B, Landlord shall not be obligated to make any improvements or contribute any allowances and Tenant shall take occupancy of the Premises C and Premises D in their “as-is” condition as of the date of this Amendment.   Notwithstanding the foregoing, (i) Landlord’s representation set forth in Section 2.2 of the Lease shall apply with respect to Premises C as of the Premises C Commencement Date and with respect to Premises D as of the Premises D Commencement Date, (ii) Section 3.1(c) of the Lease shall apply to Premises C and Premises D, and (iii) Section 3.1(d) shall apply to Premises C and Premises D.  In addition, Landlord shall deliver Premises D to Tenant in the same condition as Premises D is in as of the date of this Amendment, normal wear and tear (exclusive of physical damage) only excepted and in no event shall there be any alterations or changes performed to Premises D after the date of this Amendment without Tenant’s prior written consent, in Tenant’s sole discretion.  

5

 

 

 

13.Tenant’s Extension Option and Right of First Offer.  For purposes of confirmation herein, Tenant’s Extension Option under Section 30.16 (Tenant’s Option to Extend the Term of the Lease) shall be applicable to Premises C and Premises D.  Reference is hereby made to Tenant’s Extension Option in Section 30.16 and Tenant’s Right of First Offer in Section 30.17 (Tenant’s Right of First Offer) and Landlord and Tenant agree that, notwithstanding the terms and conditions of the Extension Option or the Right of First Offer, Tenant shall be permitted to sublease all or any portion of Premises without being subject to the 25% cap on subletting in Section 30.16 and Section 30.17 and without forfeiting its rights under the Extension Option or the Right of First Offer so long as such subleases are entered into prior to December 31, 2020 and the terms of the subleases do not extend beyond January 31, 2023 (the foregoing, an “Exempt Sublease”). In addition, clause (iv) set forth in the first paragraph of Section 17 (e.g. RFO Premises must be for the exclusive use of Tenant) shall not apply prior to December 31, 2020.   

 

The “RFO Premises” as defined in Section 30.17(a) of the Lease is hereby amended to exclude any rentable space on the first (1st) floor of the Building but only if Landlord is offering such first (1st) floor space to lease for retail purposes only and not for office purposes. For purposes of the Lease, the only superior rights to which Tenant’s Right of First Offer will be subject pursuant to Section 30.17(a) are the prior rights expressly existing as of the Execution Date and identified on Exhibit C attached hereto.  

 

14.Landlord’s Recapture Rights. Notwithstanding the terms and conditions to the contrary set forth in Section 17 of the Lease,  Tenant shall not be required to give Landlord a “Recapture Offer” when offering or advertising a sublease under the Lease for an Exempt Sublease and Landlord’s recapture right under Section 17 shall also not apply to any sublease (and Tenant shall not be required to give Landlord a “Recapture Offer” with respect to any sublease) with a term that expires prior to January 31, 2023.   In addition, for purposes of Section 17 of the Lease, Simon Kucher, an existing tenant in the Building, shall not be deemed to be a Restricted Occupant with respect to any Exempt Sublease.  

 

15.Letter of Credit.   Exhibit 1, Lease Data is hereby amended to delete Article 8 therefrom and insert the following in place thereof:  

 

“$984,187.50

 

Notwithstanding the foregoing, a Letter of Credit in the amount of $284,749.71 with respect to Premises A shall be delivered on or before the Commencement Date with respect to Premises A. The Letter of Credit shall be amended or replaced so as to increase the amount to $444,890.2 on or before the Premises C Commencement Date. The Letter of Credit shall be amended or replaced so as to increase the amount to $594,725.50 on or before the Commencement Date with respect to Premises B. The Letter of Credit shall be amended or replaced so as to increase the amount to $984,187.50 on or before the Premises D Commencement Date.” 

 

6

 

 

16.Miscellaneous.  Exhibit 1, Lease Data, Article 6 (Yearly Rent) contains a rent chart for the Yearly Rent for Premises B and is hereby amended to correct an error in the first column of the first row following the column headings row to read as follows:  “If applicable, from the Rent Commencement Date for Premises B through the expiration of the Second Lease Year.” 

 

17.Brokers. Tenant represents to Landlord that Tenant has not dealt with any broker in connection with this Amendment other than CBRE/New England representing Landlord exclusively (“Landlord’s Broker”), and T3 Advisors, LLC, representing Tenant exclusively (“Tenant’s Broker”), and warrants that no other broker is or may be entitled to any commission in connection therewith. Tenant agrees to indemnify, defend and hold harmless Landlord and Landlord’s agents from all damages, liability and expense (including reasonable attorneys’ fees) arising from any claims or demands of any other brokers or finders for any commission alleged to be due such brokers or finders in connection with their participation in the negotiation with Tenant of this Amendment other than Landlord’s Broker and Tenant’s Broker.  Landlord represents and warrants that, in connection with the execution and delivery of the Lease, it has not directly or indirectly dealt with any broker other than the Landlord’s Broker and the Tenant’s Broker.  Landlord agrees to defend, exonerate and save harmless Tenant and anyone claiming by, through, or under Tenant against any claims arising in breach of the representation and warranty set forth in the immediately preceding sentence.  Landlord shall pay any commissions due to Landlord’s Broker and Tenant’s Broker pursuant to a separate agreement between Landlord, Landlord’s Broker.

 

18.Counterparts.  This Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 

19.Confirmation of Lease.   Except as amended by this Amendment, all terms and provisions of the Lease shall remain in full force and effect. 

 

 

[SIGNATURE PAGE TO FOLLOW]

7

 

 

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be executed as of the Effective Date. 

 

LANDLORD:  

 

ONE CANAL PARK MASSACHUSETTS, LLC

a Delaware limited liability company

 

By:  Bay State REIT, LLC

a Delaware limited liability company, its Manager

 

By:  U.S. Real Estate Investment Fund REIT, Inc.

a Delaware corporation, its Manager

 

By:/s/ Thomas Taranto

Name:  Thomas Taranto

Title:   Vice President 

TENANT:

 

HUBSPOT, INC.

a Delaware corporation 

 

By:/s/ John Kelleher

Name: John Kelleher

Title:  General Counsel

 

 

 

 

8

 

 

EXHIBIT “A”

 

PREMISES C 

AND 

PREMISES D

 

 

9

 

 

EXHIBIT “B”

 

IMPROVEMENT Allowance

 

1.Landlord shall, in the manner set forth in Section 5.2(b) of the Lease, provide to Tenant a tenant improvement allowance of up to $5.00 per rentable square foot of the  Premises C and Premises D per annum (the “Improvement Allowance”) provided, however, the Improvement Allowance with respect to Premises D shall be prorated and reduced to reflect the number of months remaining in the Term for Premises D following the Premises D Rent Commencement Date.  The Improvement Allowance shall be used by Tenant to pay for the hard and soft costs to construct certain improvements with respect to the Premises C and Premises D (“Tenant’s Improvements”). By way of example, if the Premises C Rent Commencement Date occurs on April 1, 2017, the Improvement Allowance with respect to Premises C would be $398,471.70 and, if the Premises D Rent Commencement Date occurs on November 1, 2020, the Improvement Allowance with respect to Premises D would be $552,615.00. 

2.Landlord agrees that Tenant may apply the Improvement Allowance towards hard construction costs, soft costs (such as permitting, architectural and engineering fees), voice and data wiring and cabling costs, and furniture, fixtures and equipment expenses subject to and in accordance with the same terms and conditions set forth in Sections 5.2(b) and 5.2(c) of the Lease. 

3.Tenant acknowledges that all costs for Tenant’s Improvements in excess of the Improvement Allowance shall be at the sole cost and expense of the Tenant. 

4.All Tenant Improvements shall: (a) be subject to the same terms and conditions set forth in Section 5 of the Lease applicable to the Tenant’s Work, provided, however, in no event shall Tenant be required to post any lien bonds or surety payment and performance bonds with respect to the Tenant Improvements; (b) based on plans and specifications previously approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed; (c) performed in a good and workmanlike manner by contractors previously approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed; and (d) be in compliance with all applicable laws and regulations. 

5.Landlord shall disburse the Improvement Allowance to Tenant on a periodic basis (but no more than once per month) in accordance with the terms and conditions of Section 5.2 of the Lease applicable to the Landlord’s Contribution. 

6.Tenant must request disbursement of the Improvement Allowance on or before January 31, 2022, the failing of which shall cause Tenant to forfeit any portion of the Improvement Allowance not requisitioned by Tenant as of such date. Tenant shall not be permitted to apply any unused Improvement Allowance toward Rent or other amounts due under the Lease. 

7.   If Landlord fails timely to pay any portion of Landlord’s Contribution or the Improvement Allowance when properly due and as to which Tenant has satisfied the requisition conditions, and such failure shall continue for thirty (30) days after written notice from Tenant to Landlord, 

10

 

 

then Tenant, provided no monetary or material non-monetary Event of Default of Tenant has occurred and is continuing, may deliver a second notice to Landlord, which notice shall specify the Requisition that has not been timely paid, the date upon which it was sent to Landlord, and if Landlord fails to disburse the amount expressly referenced in such notice within five (5) business days, then Tenant shall have the right to have such unpaid amount credited against the next installment(s) of Yearly Rent thereafter due under this Lease, until such sums due Tenant have been fully paid by Landlord or fully credited and accounted for.

 

11hubs-ex102_390.htm

 

Exhibit 10.2

THE DAVENPORT

Cambridge, Massachusetts

 

First Amendment to Amended and Restated Lease

HubSpot, Inc.

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LEASE (“First Amendment”) is made as of March 23, 2017 (the “Effective Date”) by and between DAVENPORT OWNER (DE) LLC, a Delaware limited liability company, having an office c/o Oxford I Asset Management USA Inc., 125 Summer Street, 16th Floor, Boston, Massachusetts 02110 (“Landlord”), and HUBSPOT, INC., a Delaware corporation (“Tenant”), having an office at 25 First Street, Cambridge, Massachusetts 02141.

 

Background

 

A.Pursuant to the provisions of that certain Amended and Restated Lease dated as of November 1, 2015 between Tenant and Landlord’s predecessor in interest, Jamestown Premier Davenport, LLC, dated as of  November 1, 2015 as affected by Commencement Letter dated September 29, 2016 (as so affected, the “Existing Lease”), Tenant leases premises located at 25 First Street, Cambridge Massachusetts more particularly described in the Lease (the “Premises”).  Capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Existing Lease.  The Existing Lease, as amended hereby, is hereinafter referred to as the “Lease.”  

 

B.In order to facilitate the leasing of Put Premises A and Put Premises B to Tenant, Landlord has agreed to (i) enter into an amendment to that certain lease with Accomplice Management, LLC, successor to Atlas Venture Advisors, Inc. (“Accomplice”) for Put Premises A and Put Premises B, under which Accomplice’s rights to extend the term of its lease will be eliminated and the initial term thereunder will be extended to December 31, 2017 and (ii) enter into that certain Consent to Sublease of even date herewith (the "Consent") concerning a sublease between Tenant and Accomplice, which sublease provides for the continued occupancy of Put Premises A by Accomplice for a period of time after December 31, 2017. 

 

C.Pursuant to Section 3.3(D)(6)  of the Lease, Landlord and Tenant wish to enter into this First Amendment to memorialize Tenant’s agreement to lease from Landlord and Landlord’s agreement to lease to Tenant Put Premises A and Put Premises B, as set forth more fully below.  

 

Agreement

 

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

 

EAST\139344767.4 

1.Put Premises A and Put Premises B.  

	
(a)
	
Addition of Put Premises A and Put Premises B to Premises.  Commencing on January 1, 2018, Put Premises A (consisting of 16,616 square feet of Rentable Floor Area) and Put Premises B (consisting of 2,245 square feet of Rentable Floor area) shall automatically be added to the Premises and Tenant will be leasing Put Premises A and Put Premises B on all of the same terms and conditions of the Lease applicable to the demise of the other portions of the Premises leased to Tenant, except as described in Section 3.3(D)(1) – (6) of the Existing Lease, as amended hereby.  Landlord and Tenant agree that:

	
 
	
(i)
	
The Commencement Date for Put Premises A and Put Premises B shall be January 1, 2018, notwithstanding anything in the Lease to the contrary, including without limitation under Section 3.3(D)(i)(1) of the Lease; and

	
 
	
(ii)
	
The Rent Commencement Date for Put Premises A and Put Premises B shall be July 1, 2018, notwithstanding anything in the Lease to the contrary, including without limitation under Section 3.3(D)(i)(3) of the Lease.   

	
(b)
	
Substantial Full Occupancy.  As of the Commencement Date for Put Premises A and Put Premises B (and other space is not added to the Premises), Landlord and Tenant agree that:

	
 
	
(i)
	
the Substantial Full Occupancy Commencement Date will be January 1, 2018 (or such earlier date as the Put Premises C Leasing Test is satisfied) under Section 2.1(B)(i)(a) of the Lease;  

	
 
	
(ii)
	
the Rentable Floor Area of the Building will be increased to 220,190 square feet of Rentable Floor Area pursuant to Section 2.1(B)(i)(b)(i) of the Lease;

	
 
	
(iii)
	
Tenant shall be leasing a total of approximately 206,169 square feet of Rentable Floor Area of Premises after giving effect to the deemed increase in Rentable Floor Area under Section 2.1(B)(i)(b)(ii) and Exhibit 2.1 of the Lease; 

	
 
	
(iv)
	
the Annual Fixed Rent payable with respect to each Portion of the Premises shall be calculated in accordance with Section 3.3(D)(2) of the Lease based on the Rentable Floor Area of the Premises as increased pursuant to Section 2.1(B) of the Lease, as described above;

	
 
	
(v)
	
Pursuant to Section 2.1(B)(i)(b)(iv) of the Lease, Tenant’s Share for purposes of calculating Landlord’s Tax Expenses Allocable to the Premises and Operating Expenses Allocable to the Premises will not change on account of the occurrence of the Substantial Full Occupancy Commencement Date; 

- 2 -

EAST\139344767.4 

	
 
	
(vi)
	
Tenant shall pay Landlord, as Additional Rent, all electricity costs with respect to the Building and Lot (exclusive of Third-Party Electrical Costs) pursuant to Section 7.4(E) of the Lease (it being acknowledged that Tenant shall not be obligated thereafter to pay the Electricity Rent under Section 7.4(D) of the Lease and that Electricity Costs shall be excluded from Operating Expenses for the Building pursuant to Section 6.2(A)(iii)(c) of the Lease); 

	
 
	
(vii)
	
Landlord shall provide the applicable portion of the Currently-Committed Put Premises Allowance not to exceed $880,180.00 in the aggregate (i.e., 18,861 rsf x $50.00  x (112 mo./120 mo.) = $880,180.00) for the purpose of defraying the cost of Tenant’s Currently Committed Put Premises Work, which Tenant must properly requisition no later than (1) January 1, 2020 with respect to Put Premises A, and (2) July 1, 2019 with respect to Put Premises B, as set forth in Section 3.3(D)(5) of the Lease; 

	
 
	
(viii)
	
Tenant’s Maximum Parking Requirement shall be 238 Parking Permits (i.e., 154 Parking Permits plus 84 additional Parking Permits for the Delayed Portion of the Existing Premises, plus the Expansion Premises, plus Put Premises A and Put Premises B) under Section 10.2(A) of the Lease and Tenant’s Minimum Parking Requirement shall be 193 Parking Permits (based on 109 Parking Permits plus 84 additional Parking Permits) under Section 10.2(B) of the Lease; and  

	
 
	
(ix)
	
Pursuant to Section 16.42 of the Lease, effective as of the Substantial Full Occupancy Commencement Date, Landlord shall separately demise the Basement Storage Premises and Tenant shall lease the Basement Storage Premises in its “as is” condition, pursuant to the terms and provisions of the Lease.

	
(c)
	
As Is.  Tenant acknowledges that Landlord has satisfied its obligations under Section 3.3(A) and (B) of the Lease with respect to Put Premises A and Put Premises B.  Landlord shall have no obligation to deliver any Currently-Committed Put Premises Demise Notice with respect to Put Premises A or Put Premises B.   Tenant hereby accepts Put Premises A and Put Premises B in their “as is” and “where is” condition on January 1, 2018, without representations or warranties by Landlord or Landlord’s agents, and because Landlord has consented to the Sublease pursuant to the Consent, Landlord shall have no obligation to deliver Put Premises A or Put Premises B free and clear of tenants and occupants.  

2.Miscellaneous.  

 

(a)Sublease of Put Premises A.   Pursuant to the Consent, Landlord will consent to Tenant’s sublease of Put Premises A to Accomplice and Landlord agrees that in no event shall Landlord be entitled to (and Landlord expressly waives) any profit sharing under Section 11.6 of the Lease with respect to such Sublease provided that Tenant is not paid amounts that are not described in the Sublease attached to the Consent.  In addition, Tenant acknowledges and agrees that Landlord will not be providing invoices 

- 3 -

EAST\139344767.4 

or statements for Landlord’s Tax Expenses or Operating Expenses Allocable to the Put Premises prior to the applicable Rent Commencement Date.

 

(b)Confirmatory Provisions.  As of the Effective Date, the terms set forth on Exhibit A attached to this First Amendment are hereby added to the Lease.

 

(c)Brokerage.  Landlord and Tenant each represent and warrant to the other that they have not dealt with any brokers in connection with this First Amendment, provided, however, the brokers identified in the Lease shall be paid a broker commission for Tenant’s lease of Put Premises A and Put Premises B in connection with the broker agreement executed between Landlord and such brokers in connection with the Lease.  Each party covenants to pay, hold harmless, and indemnify the other from and against any and all costs, expense, or liability for any compensation, commissions, or charges claimed by any other broker or agent with respect to this First Amendment or the negotiation thereof arising from its breach of the foregoing warranty.  

 

(c)Authority.  Landlord and Tenant each represent to the other party that it has the authority to enter into this First Amendment.     

 

(d)Ratification.   Except as expressly modified by this First Amendment, the Lease is hereby confirmed and shall remain in full force and effect. 

 

(e)Counterparts.  This First Amendment may be executed in counterparts, and when both Landlord and Tenant have signed and delivered at least one such counterpart, each counterpart shall be deemed an original, and, when taken together with other signed counterparts, shall constitute one First Amendment, which shall be binding upon and effective as to Landlord and Tenant.

 

[signature page follows]

 

- 4 -

EAST\139344767.4 

 

IN WITNESS WHEREOF, Landlord and Tenant have entered into this First Amendment as of the date first set forth above.  

 

LANDLORD:

 

DAVENPORT OWNER (DE) LLC,

a Delaware limited liability company

 

 

By: _/s/ Chad Remis______________

Name:Chad Remis

Title:Vice President

(duly authorized)

/s/ Kristen E. Binck
Kristen E. Bink
Assistant Secretary

TENANT:

 

HUBSPOT, INC.,

a Delaware corporation

 

 

By:/s/ JD Sherman__

Name: JD Sherman

Title: COO

	
 
	

	
(duly authorized)

 

 

 

 

 

[Signature Page to First Amendment to Amended and Restated Lease]

 

EXHIBIT A

 

Confirmatory REIT Provisions

 

(a)Rents from Real Property.  Landlord and Tenant acknowledge and agree that all rental payable by Tenant to Landlord, which includes all sums, charges, or amounts of whatever nature to be paid by Tenant to Landlord in accordance with the provisions of the Lease, shall qualify as “rents from real property” within the meaning of both Sections 512(b)(3) and 856(d) of the Internal Revenue Code of 1986, as amended (the “Code”) and the U.S. Department of Treasury Regulations promulgated thereunder (the “Regulations”).  In the event that Landlord, in its sole discretion, determines that there is any risk that all or part of any rental shall not qualify as “rents from real property” for the purposes of Sections 512(b)(3) or 856(d) of the Code and the Regulations promulgated thereunder, Tenant agrees (x) to cooperate with Landlord by entering into such amendment or amendments as Landlord deems necessary to qualify all payments as “rents from real property,” (y) to permit an assignment of the Lease and (z) to allow Landlord to assign any and all obligations that Landlord has under the Lease to a third party; provided, however, that any adjustments required pursuant to this paragraph shall be made so as to produce the equivalent rental payments (in economic terms) payable prior to such adjustment.

 

(b)Acknowledgements.  In furtherance of, and without limiting the generality of, the foregoing matters, Tenant acknowledges and agrees that (x) any payments due from Tenant on account of excess rent that may hereafter be received by Tenant in connection with any sublease or assignment under the Lease shall be made only if Landlord so elects such payments to be made, and (y) any parking spaces required to be provided to Tenant under the Lease or the Parking Addendum thereto shall be leased to Tenant by Landlord or the parking garage operator on the terms provided under the Lease or such Parking Addendum.

EAST\139344767.4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]