Document:

exv10w32

 

Exhibit 10.32

DATE:
8th FEBRUARY 2006

THE TENANCY AGREEMENT

Between

EUROPEAN SETTLED ESTATES PLC

And

RYDER SYSTEMS LIMITED

TENANCY AGREEMENT

Re: OFFICE SUITE 502, 504 & 506

DAISYFIELD BUSINESS CENTRE

 

 

TENANCY AGREEMENT DETAILS

	 	 	 
	Date

	 	8th FEBRUARY. 2006
	 
	 	 
	The Landlord

	 	European Settled Estates Plc

Whose registered Office is situated at:
 80 New Bond
Street 
London
 W1S 1DD
	 
	 	 
	The Tenant

	 	Ryder Systems Limited

 Suite 504/506 
Daisyfield
Business Centre 
Appleby Street

Blackburn 
BB1 3BL
	 
	 	 
	 

	 	Company Reg No. 2185983
	 
	 	 
	The Building

	 	Daisyfield Business Centre
	 

	 	Appleby Street
	 

	 	Blackburn
	 
	 	 
	The Surety
	 	 
	 
	 	 
	The Landlord’s Estate

	 	The Landlord’s Estate at
	 

	 	Daisyfield Business Centre
	 

	 	Appleby Road
	 

	 	Blackburn
	 
	 	 
	The Property

	 	Office Suites numbered 502, 504 & 506 and
shown for identification purposes only edged red
on the attached plan and forming part of the
Building
	 
	 	 
	The Term

	 	The period of 3 years commencing from and
including 1st January 2006
	 
	 	 
	The All-Inclusive Rent

	 	The All-Inclusive Rent at the rate of £72,850 per
annum for year 1 £73,850 for year 2 and £74,850
for year 3 (exclusive of VAT rates and other
outgoings). The rent is to be paid by bankers
standing order or direct debit (as the Landlord
shall direct) by equal quarterly instalments in
advance on the Rent Days.

 

 

	 	 	 
	The Rent Commencement

	 	FIRST day of JANUARY 2006 
	 
	Date
	 	 
	 
	The Rent Days

	 	1st April 1st July 1st October and 1st January
	 
	 	 
	The Break Date

	 	FIRST day of JULY 2007
	 
	 	 
	The Deposit

	 	Nil
	 
	 	 
	The Permitted Use

	 	Offices and any other use within Class B1 of the
Town and Country Planning (Use Classes) Order 1987
(notwithstanding any amendment or revocation of such Order
whenever made) to which the Landlord shall have given its
consent (such consent not to be unreasonably withheld)

 

 

DEFINITIONS AND INTERPRETATION

The terms set out below shall have the following meanings:-

	 	(a)	 	“the Common Parts” — all the estate roads and pavements shared
car parks forecourts and other areas on the Landlord’s Estate and the
entranceways passages staircases and lifts (if any) of the Building intended for
common use (other than in or on any part of the Landlord’s Estate or the Building
specifically demised to a tenant on terms such that tenant is to be responsible for
the same);
	 
	 	(b)	 	“Conducting Media” — all wires pipes sewers watercourses and other conducting media
(including all meters and other apparatus used in connection with them) for the provision
or disposal of water soil gas or electricity telephone and similar communication or other
facilities within the Estate or the Building.
	 
	 	(c)	 	“the Landlord” and “
the Tenant” — the persons respectively so named in the Tenancy
Agreement Details and include their respective
successors in title.
	 
	 	(d)	 	“the Surety” — the person (if any) so named in the Tenancy Agreement Details and
includes his personal representatives.
	 
	 	(e)	 	“the Building” “the Landlord’s Estate” “the Rent” “the Rent Days” “the Deposit” and
“the Permitted Use” — as respectively set out in the Tenancy Agreement Details.
	 
	 	(f)	 	“the Property” — as set out in the Tenancy Agreement Details and each and every part
thereof and includes:-

	 	(i)	 	all additions alterations and improvements to the same and the
Landlord’s fixtures and fittings in and upon the same.
	 
	 	(ii)	 	the inside and outside of the windows and other lights and the
frames glass equipment and fitments relating to windows and lights of the
Property.
	 
	 	(iii)	 	the door frames equipment and fitments and any glass in the doors of
the Property, the internal plaster or other surfaces of loadbearing walls and
columns within the Property and of walls which form boundaries of the Property,
the whole of all non-loadbearing walls within the Property.
	 
	 	(iv)	 	the flooring raised floors and floor screeds down to the joists or
other structural parts supporting the flooring of the Property.
	 
	 	(v)	 	the plaster or other surfaces of the ceilings and the whole of any
false ceilings.

 

 

	 	(vi)	 	all Conducting Media which are placed within and exclusively serving the Property.
	 
	 	(vii)	 	all machinery and plant situated within and exclusively serving the Property but excludes
the roof foundations joists and external walls and the conducting media and machinery and
plant within but not exclusively serving the Property.

	 	(g)	 	“the Term” — the term hereby granted together with any period of extension thereof or of any
holding over whether by statute or at common law or otherwise.
	 
	 	(h)	 	“insured risks” — fire lightning explosion storm tempest flood bursting and overflowing of
water tanks apparatus or pipes aircraft and things falling from aircraft impact and other
risks which the Landlord reasonably considers it necessary to insure against.
	 
	 	(i)	 	“specified persons” — the Tenant’s employees invitees licencees or agents or other persons in
or calling upon the Property (or any of them).
	 
	 	(j)	 	“VAT” — Value Added Tax or other tax of a similar nature.
	 
	 	(k)	 	agreements entered into by more than one person are joint and several agreements.
	 
	 	(l)	 	any reference to any Act of Parliament includes unless otherwise stated a reference to that
Act as amended or replaced from to time and to any subordinate legislation made thereunder.

 

 

THE DEMISE

	1.	 	THE Landlord lets and the Tenant takes ALL THAT Property TOGETHER with (in
common with the Landlord and all others so entitled): (a) the right with or without vehicles
to use the Estate roads and pathways for access to and egress from the Building, (b) the right
to pass on foot over such of the common entrances passages staircases and lifts (if any) of
the Building as may be reasonably necessary for access to and egress from the Property; and
(c) the right of free passage and running of water soil gas electricity telephone
communications and other facilities through such of the conducting media as are designed
therefor which serve the Property but EXCEPTING AND RESERVING to the Landlord all
subsisting rights and easements in respect of the Property and all rights of entry onto the
Property for carrying out any work which the Landlord considers necessary (whether to the
Property or neighbouring property) TO HOLD unto the Tenant for the Term PAYING
THEREFOR the All-Inclusive Rent and all other amounts (including VAT and interest on
arrears) payable to the Landlord under this Agreement from the Rent Commencement Date subject
to variation of the same with effect from FIRST APRIL each year.

TENANTS OBLIGATIONS

	2.	 	THE Tenant agrees with the Landlord throughout the Term:-
	 
	 	 	To pay rent and deposit

	    (1)		(a) 	to pay the Rent on the Rent Days without any deduction or
set off whatsoever,
	 
	 	 	(b) 	to pay the Deposit (if any) on the signing hereof.
	 
	 
	    To pay outgoings
	 
	    (2)	 	(a)	to pay (or in the absence of separate assessment on the
Property to repay to the Landlord on demand a fair proportion of) all
rates taxes or outgoings (including monies due for water gas and
electricity services and a contribution towards the Landlords
transmission and the administration costs in supplying or dealing with
such services) payable in respect of the Property.
	 
	 		(b)	to pay VAT at the rate appropriate at the time of supply
on any monies payable to the Landlord under this agreement (including
Rent) on which VAT is or may at the election of the Landlord be payable.

 

 

To comply with legislation

	(3)   	 (a)	 	to comply at its own expense with Acts of Parliament and
requirements of any local or public authority or Court of competent jurisdiction
relating to anything on or done on the Property.

	 	(b)	 	to comply with the requirements of the supply authorities relating to
any mains water electricity and (if applicable) gas in or for the Property and not
to do anything which may result in the Landlord incurring any penalty damages
compensation or expenses.

To repair and decorate and to enter

	(4)   	 (a)	 	to keep the whole of the Property and the gas water
electricity and sanitation installations the heating apparatus and fittings wires
flues and pipes thereof exclusively serving the Property in good and substantial
repair but the Tenant shall not be liable to carry out any work caused by a risk
against which the Landlord has insured (unless the insurance has been vitiated or
insurance monies refused as a result of any act or omission of the Tenant or any
employee agent or invitee of his).

	 	(b)	 	to redecorate the Property during the last three months of the term
(howsoever it might end) in a proper manner and with good quality materials and to
the satisfaction of the Landlord.
	 
	 	(c)	 	(Unless this function is provided by the Landlord as part of its provision
of the Services) to service regularly in accordance with statutory requirements the
heating installations within the Property.
	 
	 	(d)	 	to permit the Landlord and its agents to enter the Property (at
reasonable times and on reasonable notice other than in case of emergency) to
inspect its condition to take inventories and to exercise the rights reserved by
this Agreement and to affix notices for the re-letting or sale of the Property.

 

 

Alterations

	(5)   	 (a)	 	not to make any external alteration addition or improvement
to the Property and not to commit or suffer any waste spoil or destruction to or
on the Property nor without the Landlord’s prior consent in writing nor except in
accordance with plans and specifications previously submitted in duplicate to and
approved by the Landlord nor except to the reasonable satisfaction of the
Landlord and subject to such reasonable conditions as the Landlord may impose to
make or permit or suffer to be made any internal alterations partitioning or
additions whatsoever to the Property.

	 	(b)	 	not later than the end of the Term if required by the Landlord to
restore the Property to the Landlord’s reasonable satisfaction

User

	(6)   	 (a)	 	not to use or suffer the Property to be used for any purpose
other than the Permitted Use the Landlord gives no warranty that the Permitted
Use has been authorised by the planning legislation.

	 	(b)	 	not to use or suffer the Property to be used for any illegal or
immoral purposes nor for gambling and not to do or suffer in or on the Property
anything which may be or tend to be a nuisance annoyance or disturbance to the
Landlord or neighbouring owners or occupiers and not to sleep or reside or
suffer anybody to sleep or reside on the Property.
	 
	 	(c)	 	not to block or impede or suffer to be blocked or impeded any part of
the Common Parts.

Insurance

	(7)   	 (a)	 	not to do or suffer to be done in or on the Property anything
which may render void or voidable any policy or insurance maintained by the
Landlord in respect of the Property or the Landlord’s Estate or (save with the
Landlord’s consent in writing which may be given subject to such conditions as
the Landlord may require) increase the rate of premium payable for the same and
to comply at its own expense with all recommendations of the insurers and the
relevant fire authority and if any insurance money is wholly or partially
irrecoverable solely or partly because of any act or omission of the Tenant or
any employees or invitees of the Tenant then to pay the Landlord such
irrecoverable insurance monies on demand and to repay to the Landlord on demand
all sums paid by way of increased premiums and all proper expenses

 

 

	 	 	 	incurred by the Landlord in or about the renewal of such policy or policies
rendered necessary by the breach of this covenant.
	 
	 	(b)	 	to maintain full and adequate public liability and third party insurance
cover in respect of the Property and the Tenant’s use of the same.
	 
	 	(c)	 	to pay to the Landlord on demand (in the event of a claim being made
relating to the Property) the amount of any excess under any of the Landlord’s
insurance policies.

Assigning and sub-letting

	 	(8)	 	not to assign underlet charge or part with or share possession or occupation of the whole or
any part of the Property or grant any part of the Property or grant any licence in respect of
the same or hold its interest in the whole or any part of the Property as a nominee or upon
trust for another.

Encroachments

	 	(9)	 	not to permit any rights to be acquired or encroachments made
against or upon the Property and to take such steps to prevent the
same from being acquired or made as the Landlord may
reasonably require.

Consent for signs

	 	(10)	 	not to exhibit any signs or advertisements on or in the Property
except a sign bearing the Tenant’s name or trading such style
such sign to be approved by the Landlord.

Planning Control

	(11) 	  (a)	 	not to commit or permit any breach of planning control or
otherwise under the Town and Country Planning Act 1990 and the Planning and
Compensation Act 1991 or any statutory modifications or re-enactments thereof.

	 	(b)	 	not without the Landlord’s consent to apply for any planning permission
relating to the Property but to obtain all other consents licences and approval
which may be required in respect of the Tenant’s use of the Property and upon
receipt of any notice permission order or proposal concerning the Property to
forward a copy to the Landlord.

 

 

To pay expenses

	(12) 	(a)	 	to pay all expenses (including without prejudice to the
generality thereof Solicitors’ Counsel’s Architect’s Surveyors’ and Bailiffs’ fees
and other professional costs) and VAT thereon which may be incurred by the
Landlord:-

	 	(b)	 	in or in contemplation of any proceedings under Section 146 or 147 of
the Law of Property Act 1925 or any statutory modification or re-enactment thereof
for the time being in force or the preparation and service of any notice under
those Sections notwithstanding that forfeiture may be avoided otherwise than by
relief granted by the Court.
	 
	 	(c)	 	in respect of any application for any consent or the approval of any
deed or document required under the Terms of this Agreement (whether or not such
consent or approval shall be granted).
	 
	 	(d)	 	in the recovery or attempted recovery of arrears of rent and additional
rent due from the Tenant hereunder.
	 
	 	(e)	 	in preparing and serving a schedule of dilapidations at any time during
the term or within a reasonable time after its expiration or determination.

To comply with Regulations

	 	(13)	 	to comply with such reasonable regulations as the Landlord shall
make relating to the general management and control of the
Landlord’s Estate the Building and the Common Parts.

To pay interest

	 	(14)	 	to pay interest at the rate of 4% p.a. above the Base Rate from
time to time of Royal Bank of Scotland plc all sums due to the
Landlord from the Tenant under this Agreement (if not paid
within 7 days after the due date) calculated from the date upon
which such sums fall due until the date of actual payment.

To Indemnify

	 	(15)	 	to indemnify the Landlord against (i) all breaches of the Tenant’s
obligations herein contained and (ii) all damage occasioned to
the Property and any neighbouring property and to any person
caused by the act or default of the Tenant or persons in or calling
upon the Property.

 

 

To yield up

	 	(16)	 	quietly to deliver up the Property at the end of the Term
(howsoever it might end) in a state consistent with the due
observance and performance by the Tenant of his obligations
herein contained and with vacant possession. Provided that the
Tenant will on or before the expiry of the Term (however it may
end) procure at its own cost and deliver to the Landlord’s
certificate prepared by a suitably qualified electrician in
accordance with the provisions of the Electricity at Work Act
1989.

Entry to remedy breach

	 	(17)	 	within one month of the Landlord notifying the Tenant of any
breach of the Tenant’s covenants (or sooner if reasonably
required by the Landlord) to remedy the same AND if the Tenant
shall default in doing so it shall be lawful for the Landlord to
enter the Property to remedy any such breach and all costs and
expenses thereby incurred shall be paid by the Tenant to the
Landlord on demand as a debt due to the Landlord.

Overloading

	 	(18)	 	Not to fix or place upon or permit or suffer to be fixed to or
placed upon the Property any machinery article or substance
which in the opinion of the Landlord may be liable to damage or
overload the roofs or floors or other structural parts of the
buildings included in the Property.

THE LANDLORD’S OBLIGATIONS

	3.	 	Quiet possession

The Landlord agrees with the Tenant:

	 	(1)	 	that on condition that the Tenant pays the rent and observes and
performs his obligations he shall have quiet enjoyment of the
Property throughout the Term as against the Landlord or any person lawfully
claiming under or in trust for it.

Insurance

	 	(2)	(i) 	to keep the Building insured in an insurance office of repute or
with such underwriters and through such agency as the Landlord shall choose (and
subject to such excesses exclusions limitations and conditions as the insurer may
require or the Landlord may properly negotiate) against loss

 

 

	 	 	 	or damage by the Insured Risks and such other risks as the Landlord shall in its absolute
discretion decide to be appropriate in a sum equal to the full reinstatement or replacement
cost thereof from time to time and ancillary costs (such as site clearance and professional
and planning fees) and an appropriate allowance for inflation.

	 	(ii)	 	to maintain insurance cover (in such office or with such underwriters as aforesaid and
subject as aforesaid) against the following ancillary costs:-

	 	(a)	 	loss of Rent for two years or such longer period as the Landlord nay reasonably
require;
	 
	 	(b)	 	third party and public liability risks in relation to the Common Parts; and
	 
	 	(c)	 	such other cover not otherwise herein specifically mentioned as the Landlord
from time to time considers prudent.

	 	(iii)	 	unless such insurance cover shall have been avoided or the payment of the insurance monies
shall have been refused in whole or in part through any act neglect default or omission of
the Tenant or any of the Specified Persons to apply the insurance monies received by the
Landlord in respect of the Property (other than monies received for ancillary costs as
aforesaid) in making good to the extent that the insurance monies allow with all reasonable
speed the damage the subject of the insurance claim. Provided Always that if the rebuilding
or reinstating of the Property or any part thereof shall be prevented or frustrated all such
insurance monies relating to the Property shall be the absolute
property of the Landlord.

Landlord’s Services

	 	(3)	 	that on condition that the tenant pays rent and
performs and observes his obligations under the lease the Landlord shall provide those
Services specified under Schedule 1 hereof

 

 

OTHER
CONDITIONS AND PROVISIONS

	4.	 	PROVIDED always and it is hereby agreed:
	 
	 	 	Right of Re-entry

	 	(1)	 	The Landlord shall be entitled to re-enter the Property or any part
thereof in the name of the whole upon the happening of any one or
more of the following events:-

	 	(a)	 	the Rent or any part of it is in arrears for 7 days or more (whether
formally demanded or not).
	 
	 	(b)	 	the Tenant or the Surety is in breach of any of its obligations.
	 
	 	(c)	 	the Tenant makes any composition with his creditors or execution
against the Tenant is levied on the Property.
	 
	 	(d)	 	the Tenant or the Surety enters into liquidation (otherwise than for
the purpose of amalgamation or reconstruction) or shall have an administration
order made in respect of it under the Insolvency Act 1986 or if an administrator
administrative receiver liquidator mortgage charges or a receiver shall be
appointed or take possession or is adjudicated bankrupt or be the subject of an
interim order under Part VIII of the Insolvency Act 1986.

and upon such re-entry this Agreement shall absolutely determine but without prejudice to
any accrued course of action.

Notices

	 	(2)	 	all notices hereunder shall be in writing and shall be sufficiently
served if left at or sent by registered first class post or recorded
delivery to the registered office (if any) or last known address of
the person to be served or (in the case of a notice to the Tenant)
if left at or sent by recorded delivery or registered post to the
Property addressed to the Tenant or to “the Lessee” at the
Property.

Compensation

	 	(3)	 	the Tenant shall not be entitled to any compensation on quitting
the Property (to the extent that the law allows this).

 

 

Damage and Accidents

	 	(4)	 	the Landlord shall not in any circumstances be responsible or
liable to the Tenant or (unless otherwise provided by statute) to
persons in or calling upon the Property for (i) any damage or loss
suffered by the Tenant or such others through any defect in the
Landlord’s Estate or in the roof and main structure of the
Property or the Building and (ii) any accident happening or
injury (including death) suffered or any damage or loss sustained
on the Property or the Landlord’s Estate to the Building.

Monies owing

	 	(5)	 	all monies due and owing to the Landlord under the Terms of
this Agreement shall be recoverable by the Landlord as if the
same were unpaid rent.

Appropriation

	 	(6)	 	the Landlord shall be entitled to credit all or any sums received
from the Tenant against such items or arrears owing to the
Landlord (be they arrears of rent service charge or insurance
premium) as the Landlord shall in its absolute discretion think fit
and in particular shall be entitled to credit monies most recently
received against the longest outstanding arrears of rent service
charge or insurance premium.

The Deposit

	 	(7)	 	upon the expiry or earlier termination (for whatever reason) of
the term the Deposit (if any) shall be returned to the Tenant
without interest but the Landlord shall be entitled to deduct
therefrom all arrears of rent service charge and insurance
premium and all other monies costs damages or charges properly
owing by the Tenant arising from a breach of the Tenant’s
obligations.

Party Walls

	 	(8)	 	such of the internal division walls as divide the Property from
other premises on the Landlord’s Estate shall be deemed to be
party walls and shall be maintained accordingly.

No Warranty

	 	(9)	 	Nothing in this Agreement or in any consent granted by the
Landlord under this Lease shall imply or warrant that the
Property may lawfully be used under any legislation for the
purposes authorised in this Lease.

 

 

Goods left on the Property

	 	(10)	 	if after the expiration of the Term any goods or other property of
the Tenant remains in or on the Property and the Tenant fails to
remove it within seven days after the Landlord requests it to do
so then the Landlord may as the Tenant’s agent (and the Tenant
hereby appoints the Landlord to act in that behalf) sell such
goods or property and shall hold the sale proceeds after
deducting the costs and expenses of removal storage and sale
reasonably and properly incurred by it and any other debts owed
by the Tenant to the Landlord to the Tenant’s order PROVIDED
THAT the Tenant will indemnify the Landlord against any
liability it incurs to any third party whose property the Landlord
sells in the bona fide mistaken belief (which shall be presumed
unless proved otherwise) that such property belonged to the
Tenant.

No waiver

	 	(11)	 	no receipt of rent or other payment paid by direct debit standing
order or otherwise inadvertently accepted by the Landlord or its
personnel after notice or knowledge of any breach of any of the
Tenant’s Covenants shall operate as a waiver wholly or partially
of any such breach.

Rent abatement

	 	(12)	 	In case the Property or any part thereof (or the means of access
to the Property) shall at any time during the term be so damaged
or destroyed by an insured risk so as to be unfit for occupation
and use then (unless the insurance money shall be wholly or
partially irrecoverable by reason solely or in part of any act or
default on the part of the Tenant or the Tenant’s servants or
agents) the Rent or a fair proportion thereof according to the
nature and extent of the damage sustained shall from the date of
such damage or destruction be suspended until the Property shall
again be rendered fit for occupation and use or until the
expiration of two years from the date of such destruction or
damage (whichever shall be the shorter period) and any dispute
with reference to this proviso shall be referred to arbitration in
accordance with the Arbitration Act 1996 or any statutory
modification or re-enactment thereof for the time being in force.

Option to Break

	 	(13)	 	Either party may determine this agreement upon not less than 6
months notice expiring on the Break Date provided that the
notice shall be deemed to be invalid if either parry is in breach of
any term of this agreement on the date of service

 

 

SURETY OBLIGATIONS

	5.	 	THE Surety acknowledges that the above Agreement was made at his request and
agrees with the Landlord.

Tenant to perform Lease

	 	(1)	 	that the tenant will punctually pay the Rent and will observe and
perform all the Tenant’s obligations during the Term and that in
case of any default by the Tenant in the payment of the Rent or
the observance and performance of his obligations the Surety
will make good to the Landlord all losses damages costs- and
expenses arising out of such default and suffered or incurred by
the Landlord.

Not to be affected by forbearance

	 	(2)	 	(a) the Surety shall not be relieved from any liability hereunder
nor shall the liability of the Surety be in any way exonerated or affected by
reason of:

	 	(i)	 	the fact that the Landlord does not strictly or
timeously enforce the Tenant’s covenants herein against the Tenant or
the refusal by the Landlord to accept rent tendered by or on behalf
of the Tenant during a period in which the Landlord is entitled or
would after service of a notice under Section 146 of the Law of
Property Act 1925 be entitled to re-enter the demised premises.
	 
	 	(ii)	 	any variation of or addition to the terms of
this Agreement in the meantime.
	 
	 	(iii)	 	any compromise or arrangement agreed between the Landlord and the
Tenant in the meantime.
	 
	 	(iv)	 	any Consent given under this Agreement in the meantime.
	 
	 	(v)	 	any surrender by the Tenant of part only of the
Property or
	 
	 	(vi)	 	(when the Surety comprises two or more persons) any release by the
Landlord of any one or more of the other sureties.

	 	(b)	 	any neglect or forbearance by the Landlord in enforcing
the performance of the Tenant’s obligations and any time given by the
Landlord to the Tenant shall not discharge the Surety either in whole or
in part.

 

 

To take Lease on disclaimer

	 	(3)	 	if the Trustee in Bankruptcy or the Liquidator of the Tenant disclaims this
Agreement or if the Tenant (being a limited company) is dissolved or ceases to exist
the Surety shall if so required by the Landlord enter into a tenancy agreement for
the Property for a term equivalent to the residue of the Term unexpired at the date
of the disclaimer (or as the case may be at the date of the dissolution or cesser)
upon the same terms (subject to any necessary modification) as this Agreement such
agreement to take effect from the date of disclaimer (or as the case may be at the
date of the dissolution or cesser) and the Surety shall pay the reasonable and proper
costs and disbursements of the Landlord or the Landlord’s solicitors (if applicable)
in connection with the grant of such tenancy agreement to the Surety and the
obtaining of any consents necessary therefore (including any costs or fees of the
persons giving such consents).

CERTIFICATE

	6.	 	WE certify that there is no Agreement for Lease to which this Agreement gives
effect.

IN WITNESS whereof the parties hereto have executed this Tenancy as a Deed which is intended to he
and which is hereby delivered the day and year first before written.

 

 

Schedule 1 — Landlord’s Services

Landlord to provide Services

Subject to the Tenant paying to the Landlord the rent promptly the Landlord shall provide the
Services throughout the Term provided that the Landlord shall not be liable to the Tenant;-

	 	(1)	 	for the interruption of a Service for reasons of inspection maintenance
repair or other works (in which event the Landlord will restore the Service as soon
as reasonably practicable),
	 
	 	(2)	 	for failure to provide a Service due to damage breakdown inclement weather
shortage of fuel or water or any other cause beyond the Landlord’s reasonable
control (although the Landlord will then take all reasonable steps to restore such
Service or provide an alternative Service as soon as reasonably practicable);
	 
	 	(3)	 	for withdrawal of a Service if the Landlord reasonably considers it is no
longer appropriate* or
	 
	 	(4)	 	in respect of any act omission or negligence of any employee of the
Landlord or other person providing or purporting to provide any Service.

Part 1 — The Services

Part A (the Estate Services)

	(a)	 	the lighting of any of the Common Parts of the Landlord’s Estate
	 
	(b)	 	the repair insurance maintenance and replacement from time to time of the roads, paths
parking areas and loading bays or other Common Parts on the Landlord’s Estate any estate name
boards and party walls or structures or walls or fences enclosing the Landlord’s Estate and
all Conducting Media not used exclusively by a particular tenant on the Landlord’s Estate.
	 
	(c)	 	the cultivation of any planted or grassed areas of the Landlord’s Estate.
	 
	(d)	 	the provision of suitable refuse bins in the Common Parts of the Landlord’s Estate and the
collection and removal of refuse.
	 
	(e)	 	discharging all rates, taxes, assessments, duties and impositions payable in respect of the
Common Parts of the Landlord’s Estate.
	 
	(f)	 	security services including equipment.

 

 

	(g)	 	servicing of heating apparatus within any of the buildings on the Estate other than
that which is the responsibility of the Tenant under this Agreement or other tenants
from time to time of the Building.
	 
	(h)	 	providing such other services or carrying out any other work which the Landlord shall from
time to time consider necessary for the benefit of the Landlord’s Estate or the tenants or
other occupiers of the Estate or otherwise in keeping with the principles of good estate
management,
	 
	(i)	 	administering the services provided including the accounts and records thereof

Part B (“the Building” Services)

	(1)	 	the repair maintenance and renewal of the Building except those parts which are the
responsibility of the Tenant under this Agreement or other tenants from time to time of the
Building.
	 
	(2)	 	the insurance maintenance and repair from time to time of the entranceways, passages,
staircases and lifts (if any) communal toilets and washrooms and kitchens of the Building
intended for common use.
	 
	(3)	 	lighting and heating of the Common Parts of the Building.
	 
	(4)	 	the cleaning of the Common Parts of the Building.
	 
	(5)	 	the provision of a reception facility to the Building where considered appropriate in the
interests of good estate management.
	 
	(6)	 	supplying, maintaining, repairing and renewing as need be such fire fighting and alarm
equipment in or on the Common Parts of the Building as the Landlord may deem desirable or
necessary or as may be required to be supplied and maintained by it by statute or by the
relevant fire authority or the Landlord’s Insurers.
	 
	(7)	 	maintenance, repair and replacement in the Building of an internal phone system and a
burglar alarm system if deemed appropriate to provide same by the Landlord in the Building.
	 
	(8)	 	for the Property during usual business hours in so far as they are not separately supplied
and metered reasonable heating, lighting and electric power.
	 
	(9)	 	any other services provided by the Landlord to the Building from time to time in accordance
with the principles of good estate management and not expressly mentioned herein.

 

 

PROVIDED
ALWAYS that the Landlord may withhold, add or extend, vary, terminate or make
any alteration in the provision of the Services referred to in Parts A and B above or any of them
from time to time if the Landlord deems it desirable to do so.

	 	 	 
	/s/ [ILLEGIBLE]
	 
	For and on behalf of the Landlord in the presence of:
	 
	 	 
	Witnessed By:

	 	/s/ Dawn Cartwright
	 
	 	 
	Name:

	 	DAWN CARTWRIGHT
	 
	 	 
	Address:

	 	Suite 401, Daisyfield Business Centre
Appleby Street, Blackburn, Lancashire BB1 3BL
	 
	 	 
	/s/ [ILLEGIBLE]
	 
	

The Tenant or duly authorised for and on behalf of the Tenant in the presence of:
	 
	 	 
	Witnessed By:

	 	/s/ A. Wilson
	 
	 	 
	Name:

	 	A. WILSON
	 
	 	 
	Address:

	 	916 Whelley New Road, Blackburn.NATIONAL RESEARCH
CORPORATION 
2006 EQUITY INCENTIVE PLAN  
STOCK OPTION AGREEMENT  

[Name] 

Dear _____________________: 

You have been granted an option (the
“Option”) to purchase shares of $.001 par value common stock (the
“Shares”) of National Research Corporation (the “Company”) under the
National Research Corporation 2006 Equity Incentive Plan (the “Plan”) with the
following terms and conditions: 

	Grant Date:  	__________,
200__

	Type of Option:  	Nonqualified
or Incentive Stock Option 

	Number of Option Shares:  	__________________ 

	Exercise Price per Share:  	U.S.
$_____________ 

	Expiration Date:  	The
tenth (10th) anniversary of the Grant Date, subject to earlier  termination
                                      as described under "Termination of Employment."

	Vesting Schedule:  	Your
Option will vest and become fully  exercisable  on the 5th  anniversary of  the Grant
Date. 

	 	
In
addition, your Option will become fully vested if your employment terminates as a result
of your death or disability, as determined by the Committee. Upon any other termination
of employment, if your Option is not yet vested, it will immediately terminate. 

	Manner of Exercise:  	You
may exercise all or a portion of this Option only if the Option has vested, and only if
the Option has not expired or otherwise terminated. To exercise this Option, you must
notify the Company’s Secretary, in writing and on the form provided by the
Committee, of your intent to exercise the Option. Your notice must specify the number of
Shares you wish to purchase and must be accompanied by payment for those Shares and
applicable withholding taxes. Payment for the Shares may be made: (a) in cash or its
equivalent; (b) by tendering to the Company previously acquired Shares that you have held
for at least six (6) months or purchased on the market at Fair Market Value; (c) by any
combination of (a) and (b); or (d) by delivering to the Company or its agent an executed
irrevocable option exercise form together with irrevocable instructions to a
broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale
or margin loan proceeds to the Company as payment for the Shares. 

	 	
Your
notice will be effective when it is received by the Company’s Secretary at the
Company’s principal office. If another person wishes to exercise this Option after
your death, that person must contact the Company’s Secretary and prove to the Company’s
satisfaction that he or she is entitled to do so. Your ability to exercise this Option
may be restricted by the Company if required by applicable law. 

	Termination of Employment:  	If
your  employment  with the Company  terminates,  and your Option has vested,
                                      but has not expired or  otherwise  terminated,
 your Option will  terminate  as                                       follows:

	 	• 	If
your employment terminates as a result of your death, disability or retirement, as
determined by the Committee, your Option will terminate on the first (1st)
anniversary of the date of your termination of employment.  

	 	•  	If
your employment terminates for any other reason, your Option will terminate ninety (90)
days after the date of your termination of employment.  

	 	
However,
in no event will this Option be exercisable after its Expiration Date. 

	Restrictions on Resale:  	By
accepting this Option, you agree not to sell any Shares acquired under this Option except
(a) pursuant to an effective registration statement under the Securities Act of 1933 (the
“'33 Act”), as amended, and any applicable state securities laws; (b) in a
transaction that satisfies the requirements of Rule 144 of the ‘33 Act; or (c) in a
transaction which, in the opinion of the Company’s attorneys, is exempt from
registration under the ‘33 Act and applicable state securities laws. 

2 

	Tax Withholding  	To
satisfy the withholding taxes due upon exercise of your Option, you may elect to have the
Company withhold for its own account that number of Shares otherwise deliverable to you
on the exercise date having an aggregate Fair Market Value on the exercise date equal to
the minimum statutory total tax that the Company must withhold. Your election must be
irrevocable, in writing, and submitted to the Secretary of the Company before you
exercise your option. You may also satisfy the withholding taxes due by tendering to the
Company previously acquired Shares that you have held for at least six (6) months or
purchased on the market at Fair Market Value. 

	 	
If
you do not elect to satisfy the withholding requirement using Shares as discussed above,
you must deliver to the Company, at the time the Company is obligated to withhold taxes
in connection with the exercise of your Option, such amount as the Company requires to
meet its withholding obligation under applicable tax laws or regulations. If you fail to
do so, the Company has the right and authority to deduct or withhold from other
compensation payable to you an amount sufficient to satisfy its withholding obligations. 

	Powers of the Company/Rights of Optionee:  	This
 Option  does not  affect,  in any way,  the right of the Company to enter
                            into transactions that would change its capital structure or
business,  such as recapitalizations, reorganizations, mergers or consolidations, the
issuance of stock, bonds or other debt. Nor will this Option prevent the Company from
dissolving or liquidating, selling or transferring all or part of its assets, or entering
into any other sort of corporate act or transaction. The Option does not grant you any
right to continued employment with the Company or with any of its Affiliates. 

	 	
Your
ownership of this Option does not give you any rights as a shareholder of the Company
with respect to any of the Optioned Shares until the Option has been exercised, payment
for the Shares has been made, and a stock certificate for such Shares has been issued. 

	Miscellaneous: 	•	
As a condition of the granting of this Award, you agree, for yourself and your legal
representatives or guardians, that this Agreement shall be interpreted by the Committee
and that any interpretation by the Committee of the terms of this Agreement or the Plan
and any determination made by the Committee pursuant to this Agreement shall be final,
binding and conclusive. 

	 	• 	This
Agreement may be executed in counterparts. 

3 

This Option is granted under and
governed by the terms and conditions of the Plan. Additional provisions regarding your
Option and definitions of capitalized terms used but not defined in this Stock Option
Agreement can be found in the Plan. 

BY ACCEPTING THIS STOCK
OPTION AWARD, YOU AGREE TO ALL OF THE TERMS AND 
CONDITIONS DESCRIBED HEREIN AND IN THE
PLAN. YOU ALSO ACKNOWLEDGE 
RECEIPT OF THE PLAN.  

	__________________________________	__________________________________
	Authorized Officer	Recipient

4

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