Document:

Exhibit 10.31

 

LEASE

 

BETWEEN

 

BOSTON WHARF CO.

 

	
  Landlord

  

 

AND

 

INVESTMENT TECHNOLOGY GROUP, INC.

 

	
  Tenant

  

 

44 Farnsworth Street

Boston, Massachusetts

 

 

AGREEMENT OF LEASE

 

AGREEMENT OF LEASE made as of the 10 day
of March, 1995, by and between BOSTON WHARF CO., a Massachusetts general
partnership (hereinafter referred to as “Landlord”) and INVESTMENT TECHNOLOGY
GROUP, INC., a Delaware corporation (hereinafter referred to as “Tenant”).

 

WITNESSETH:

 

Landlord hereby leases to Tenant and Tenant
hereby hires from Landlord the entire ninth (9th) floor, as shown on Exhibit A
attached hereto and made a part hereof (hereinafter referred to as the “Premises”
or the “Demised Premises”) contained in the building known and numbered as 44
Farnsworth Street, Boston, Suffolk County, Massachusetts (hereinafter referred
to as the “Building”).

 

1.             REFERENCE DATA

 

Each reference in this Lease
to any of the terms and titles contained in this Article shall be deemed
and construed to incorporate the data stated following that term or title in
this Article.

 

	
  1)

  	
  Additional
  Rent:

  	
   

  	
  Sums
  or other charges payable by Tenant to Landlord under this Lease, other than
  Yearly Fixed Rent.

  
	
   

  	
   

  	
   

  	
   

  
	
  2)

  	
  Broker:

  	
   

  	
  Thompson, Doyle & Company, Inc. and The Codman
  Company, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
  3)

  	
  Business
  Day:

  	
   

  	
  All
  days except Saturdays, Sundays, days defined as “legal holidays” for the
  entire state under the laws of the Commonwealth of Massachusetts, and such
  other days as Tenant presently or in the future recognizes as holidays for
  Tenant’s general staff.

  
	
   

  	
   

  	
   

  	
   

  
	
  4)

  	
  Land:

  	
   

  	
  The
  parcel of land on which the Building is situated.

  
	
   

  	
   

  	
   

  	
   

  
	
  5)

  	
  Landlord’s
  Address:

  	
   

  	
  253
  Summer Street

  Boston,
  Massachusetts  02210

  
	
   

  	
   

  	
   

  	
   

  
	
  6)

  	
  Landlord’s
  Architect:

  	
   

  	
  Any
  licensed architect designated by Landlord.

  
	
   

  	
   

  	
   

  	
   

  
	
  7)

  	
  Landlord’s
  Construction Contribution:

  	
   

  	
  As
  defined in Secton 4.1.

  

 

 

	
  8)

  	
  Landlord’s
  Additional Allowance:

  	
   

  	
  As
  defined in Section 4.1.

  
	
   

  	
   

  	
   

  	
   

  
	
  9)

  	
  Lease
  Year:

  	
   

  	
  A
  twelve (12) month period beginning on the Term Commencement Date and each
  succeeding twelve (12) month period during the Term of this Lease, except
  that if the Term Commencement Date shall be other than the first day of a
  calendar month, the first Lease Year shall include the partial calendar month
  in which the Term Commencement Date occurs as well as the succeeding twelve
  (12) full calendar months.

  
	
   

  	
   

  	
   

  	
   

  
	
  10)

  	
  Mortgage:

  	
   

  	
  A
  mortgage, deed of trust, trust indenture, or other security instrument of
  record creating an interest in or affecting title to the Property or any part
  thereof or interest therein, and any and all renewals, modifications,
  consolidations or extensions of any such instrument.

  
	
   

  	
   

  	
   

  	
   

  
	
  11)

  	
  Mortgagee:

  	
   

  	
  The
  holder of any Mortgage.

  
	
   

  	
   

  	
   

  	
   

  
	
  12)

  	
  Property:

  	
   

  	
  The
  Land and Building.

  
	
   

  	
   

  	
   

  	
   

  
	
  13)

  	
  Rent:

  	
   

  	
  Yearly
  Fixed Rent and Additional Rent.

  
	
   

  	
   

  	
   

  	
   

  
	
  14)

  	
  Rentable
  Area:

  	
   

  	
  10,588
  square feet.

  
	
   

  	
   

  	
   

  	
   

  
	
  15)

  	
  Tenant’s
  Address:

  	
   

  	
  900 Third Avenue, New York, New York 10022

  
	
   

  	
   

  	
   

  	
   

  
	
  16)

  	
  Term
  Commencement Date:

  	
   

  	
  As
  defined in Section 3.2.

  
	
   

  	
   

  	
   

  	
   

  
	
  17)

  	
  Term
  of this Lease:

  	
   

  	
  As
  defined in Section 3.1.

  
	
   

  	
   

  	
   

  	
   

  
	
  18)

  	
  Termination
  Date:

  	
   

  	
  As
  defined in Section 3.1.

  
	
   

  	
   

  	
   

  	
   

  
	
  19)

  	
  Use
  of Demised Premises:

  	
   

  	
  General
  office purposes

  

 

2

 

20)          Yearly Fixed Rent:

 

	
  With respect to the

  	
   

  	
   

  	
   

  
	
  following Lease Years:

  	
   

  	
  Yearly Fixed Rent shall be:

  	
   

  
	
  First through Third

  	
   

  	
  $

  	
  201,172.08

  	
   

  
	
  Fourth and Fifth

  	
   

  	
  $

  	
  227,642.04

  	
   

  
	
  Sixth through Tenth

  	
   

  	
  $

  	
  248,818.08

  	
   

  

 

2.             DESCRIPTION
OF DEMISED PREMISES

 

2.1   Demised
Premises.  The Demised Premises are that portion of the
Building as described above (as the same may from time to time be constituted
after changes therein, additions thereto and eliminations therefrom pursuant to
rights of Landlord hereinafter expressly reserved in Articles 8 and 18 and Section 15.2).

 

2.2   Appurtenant
Rights.  Tenant shall have, as appurtenant to the
Demised Premises, rights to use in common with others entitled thereto, those
common roadways, walkways, elevators, hallways and stairways necessary for
access to that portion of the Building occupied by the Demised Premises.

 

2.3   Reservations.  All
the perimeter walls of the Demised Premises except the inner surfaces thereof,
any space in or adjacent to the Demised Premises used for servicing other
portions of the Building exclusively or in common with the Demised Premises,
including without limitation (where applicable) shafts, stacks, pipes,
conduits, wires and appurtenant fixtures, fan rooms, ducts, electric or other
utilities, sinks or other Building facilities, and the use thereof, as well as
the right of access through the Demised Premises for the purpose of operation,
maintenance, decoration and repair, are expressly reserved to Landlord.

 

3.             TERM
OF LEASE

 

3.1   Term.  The
Term of this Lease is ten (10) years (or until such Term shall sooner
cease or expire) commencing on the Term Commencement Date and ending on the day
immediately prior to the tenth (10th) anniversary thereof, except that if the
Term Commencement Date is other than the first day of a calendar month, the
Term of this Lease shall end on the last day of the calendar month in which
said tenth (10th) anniversary occurs. The date on which the Term of this Lease
is scheduled to expire is hereinafter referred to as the “Termination Date”.

 

3.2   Term
Commencement Date.  The Term Commencement Date shall be the
earlier of (a) the date on which Tenant undertakes Use of the Demised
Premises or any part thereof for the purpose set forth in Article 1, or (b) April 15,
1995.

 

3.3   Option to
Extend.  So long as this Lease remains in full force
and effect without any default by Tenant beyond the

 

3

 

applicable grace period, Tenant may extend the Term of this Lease for
five (5) years by giving notice of such election to Landlord at least
twelve (12) months prior to the originally-scheduled Termination Date.  Such extension shall be on the same terms and
conditions set forth herein, subject to the provisions of Section 6.1,
except that Tenant shall have no further option to extend said Term.

 

4.             CONDITION OF DEMISED PREMISES

 

4.1   Tenant’s
Work.  Tenant shall accept the Demised Premises “as
is” on the date hereof and Landlord shall have no obligation whatsoever to
prepare the Demised Premises for occupancy by Tenant.  Any such work performed by Tenant shall be
subject to the provisions of this Lease, including without limitation Articles
10 and 11.  Landlord shall pay to Tenant,
upon written request from time to time (but not more frequently than monthly)
and pro rata as such work progresses, an amount equal to the cost thereof not
in excess of $317,640 (hereinafter referred to as “Landlord’s Construction
Contribution”).  Any unused balance of
Landlord’s Contribution plus an additional allowance in the amount of $21,176
(hereinafter referred to as “Landlord’s Additional Allowance”) may be applied
to any other costs (including without limitation architectural, engineering,
space planning and moving expenses) incurred by Tenant in relocating its
business operations to the Demised Premises. 
The disbursement of any portion of Landlord’s Construction Contribution
or Landlord’s Additional Allowance shall be made within fifteen (15) days
following the receipt by Landlord of invoices, receipts and other documentation
evidencing to Landlord’s reasonable satisfaction the costs on account of which
such disbursement has been requested, as well as releases and waivers of any
mechanic’s and other liens for any labor or materials furnished as part of such
work.  Any portion of Landlord’s
Construction Contribution or Landlord’s Additional Allowance not paid within
fifteen (15) days from the date when due in accordance with the foregoing
provisions shall bear interest thereafter at a rate equal to one percent in
excess of the so-called “prime rate” charged from time to time by the First
National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent
next becoming due hereunder.

 

4.2   Entry by
Tenant; Interference With Construction. Tenant may enter the Demised Premises prior to the Term Commencement
Date to undertake such work as is to be performed by Tenant pursuant to this
Lease in order to prepare the Demised Premises for Tenant’s occupancy.  Such entry shall be deemed to be pursuant to
a license from Landlord to Tenant and shall be at the risk of Tenant.  In no event shall Tenant interfere with any
construction work being performed by or on behalf of Landlord in or around the
Building; without limiting the generality of the foregoing, Tenant shall comply
with all instructions issued by Landlord’s contractors relative to the moving
of Tenant’s equipment and other property into the Demised Premises and shall
pay any fees or costs imposed in connection therewith.

 

4

 

5.            USE OF PREMISES

 

5.1   Permitted
Use.  Tenant shall during the Term of this Lease
occupy and use the Demised Premises for the permitted Use set forth in Article 1
and for no other purpose.  Service and
utility areas (whether or not a part of the Demised Premises) shall be used
only for the particular purpose for which they are designated.

 

5.2   Prohibited
Uses.  Tenant shall not use, or suffer or permit the
use of, or suffer or permit anything to be done in or anything to be brought
into or kept in, the Demised Premises or any part thereof (i) which would
violate any of the covenants, agreements, terms, provisions and conditions of
this Lease, (ii) for any unlawful purposes or in any unlawful manner, or (iii) which,
in the reasonable judgment of Landlord shall in any way (a) impair or tend
to impair the appearance or reputation of the Building, (b) impair or
interfere with or tend to impair or interfere with any of the Building services
or the proper and economic heating, cleaning, air conditioning or other
servicing of the Building or with the use of any of the other areas of the
Building, or (c) occasion discomfort, inconvenience or annoyance to any of
the other tenants or occupants of the Building, whether through the
transmission of noise or odors or otherwise. 
Without limiting the generality of the foregoing, no food shall be
prepared or served for consumption by the general public on or about the
Demised Premises; no intoxicating liquors or alcoholic beverages shall be sold
or otherwise served for consumption by the general public on or about the
Demised Premises; no lottery tickets (even where the sale of such tickets is
not illegal) shall be sold and no gambling, betting or wagering shall otherwise
be permitted on or about the Demised Premises; no machinery shall be operated
in the Demised Premises if such operation involves vibratory motion of any kind
perceptible outside the Demised Premises; no loitering shall be permitted on or
about the Demised Premises; and no loading or unloading of supplies or other
material to or from the Demised Premises shall be permitted on the Land except
at times and in locations to be designated by Landlord.  The Demised Premises shall be maintained in a
sanitary condition, and kept free of rodents and vermin. All trash and rubbish
shall be suitably stored in the Demised Premises or other locations designated
by Landlord from time to time.

 

5.3   Licenses
and Permits.  If any governmental license or permit shall
be required for the proper and lawful conduct of Tenant’s business, and if the
failure to secure such license or permit would in any way affect Landlord,
Tenant, at Tenant’s expense, shall duly procure and thereafter maintain such
license or permit and submit the same to inspection by Landlord.  Tenant, at Tenant’s expense, shall at all
times comply with the terms and conditions of each such license or permit.

 

5

 

6.             RENT

 

6.1   Yearly
Fixed Rent.  Tenant shall pay to Landlord, without any
set-off or deduction (except as otherwise expressly provided herein), at
Landlord’s office, or to such other person or at such other place as Landlord
may designate by notice to Tenant, the Yearly Fixed Rent set forth in Article 1,
provided however that, if Tenant duly exercises its option pursuant to Section 3.3
to extend the Term hereof, the Yearly Fixed Rent shall be increased effective
as of the commencement of such extension period to reflect 95% of the fair
market rental value of the Demised Premises for the balance of the Term of this
Lease, taking into account (among other relevant criteria) rents charged for
comparable office building space and Tenant’s obligations to pay Additional
Rent and all other provisions of this Lease. 
In no event shall said fair market rental value take into account any
improvements made by Tenant to the Demised Premises (except to the extent
funded by Landlord’s Construction Contribution), nor the fact that Landlord has
no obligation to refurbish or renovate the Demised Premises at any time prior
to or during such extension period.  Said
fair market rental value shall be as determined in a notice given by Landlord
to Tenant at least six (6) months prior to the commencement of such
extension period, provided however that if Tenant notifies Landlord of its
objection to said determination within ten (10) days after the giving of
such notice by Landlord, and if Landlord and Tenant cannot mutually agree upon
the same within seventy-five (75) days following receipt of Tenant’s objection,
then in such event said fair market rental value shall be determined by
appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a
third to be selected by the two first chosen. 
All appraisers chosen or selected hereunder shall be independent of the
parties, shall have received the M.A.I. (Member, Appraisal Institute)
designation from the American Institute of Real Estate Appraisers and shall
have had at least five (5) years of experience in appraising office space
in the downtown section of the City of Boston. 
The unanimous written decision of the first two chosen, without
selection and participation of a third appraiser, or otherwise the written decision
of a majority of three appraisers chosen and selected as aforesaid, shall be
conclusive and binding upon Landlord and Tenant.  Landlord and Tenant shall each notify the
other of its chosen appraiser within ten (10) days following expiration of
the aforesaid seventy-five (75) day period and, unless such two appraisers
shall have reached a unanimous decision within thirty (30) days after having
been chosen, they shall within a further ten (10) days elect a third
appraiser and notify Landlord and Tenant thereof.  Each party shall bear the expense of the
appraiser chosen by such party pursuant to this Section, and the parties shall
equally share the expense of the third appraiser (if any).  If either party fails to notify the other of
its chosen appraiser within thirty (30) days following expiration of the
aforesaid seventy-five (75) day period, the other party’s determination of the
Yearly Fixed Rent for such extension period shall be binding and conclusive for
purposes hereof, and no further appraisal proceedings shall be required.

 

6

 

If the Yearly Fixed Rent for such extension period
shall not have been determined prior to the commencement thereof, Tenant shall
continue to pay Yearly Fixed Rent at the rate most recently in effect, subject
to retroactive adjustment once the Yearly Fixed Rent for such period has in
fact been determined.  In no event shall
the foregoing provision be construed so as to result in any reduction in the
Yearly Fixed Rent payable by Tenant below $248,818.08.  Yearly Fixed Rent shall be paid in equal
monthly installments in advance on or before the first Business Day of each
calendar month during the Term of this Lease and shall be apportioned for any
fraction of a month in which Yearly Fixed Rent first becomes payable or in
which the last day of the Term of this Lease may fall.

 

6.2   Taxes. 
Tenant shall pay to Landlord as Additional Rent a proportionate share
(as defined in Section 6.4) of all real estate taxes (including without
limitation all betterment assessments, all fire service availability fees and
similar charges for customary governmental services, all other charges in lieu
of such taxes and any tax on any fixture installed in the Building, even if
taxed as personal property) imposed against the Building and the Land, in
excess of $230,685 (or, if higher, the amount of such taxes payable with
respect to the calendar year ending December 31, 1995), pro-rated with
respect to any portion of a fiscal year in which the Term of this Lease begins
or ends. Such payments shall be due and payable in installments corresponding
to those in which such taxes are payable by Landlord, and within twenty (20)
days after Tenant shall have received a copy of the relevant tax bills.  If Landlord shall receive any refund of real
estate taxes of which Tenant has paid a portion pursuant to this Section, then,
out of any balance remaining after deducting Landlord’s reasonable expenses
incurred in obtaining such refund, Landlord shall pay to Tenant the same proportionate
share of said balance, prorated as set forth above. Tenant shall, if as and
when demanded by Landlord and with each monthly installment of Yearly Fixed
Rent, make tax fund payments to Landlord. 
“Tax fund payments” refer to such payments as Landlord shall determine
to be sufficient to provide in the aggregate a fund adequate to pay, when they
become due and payable, all payments required from Tenant under this Section. In
the event that said tax fund payments are so demanded, and if the aggregate of
said tax fund payments is not adequate to pay Tenant’s share of such taxes,
Tenant shall pay to Landlord the amount by which such aggregate is less than
the amount of said share, such payment to be due and payable at the time set
forth above.  Any surplus tax fund
payments shall be accounted for to Tenant after payment by Landlord of the
taxes on account of which they were made, and may be credited by Landlord
against future Rent payments or promptly refunded to Tenant at Landlord’s
option.

 

6.3   Operating
Expenses.  Tenant shall pay to Landlord as Additional
Rent a proportionate share (as defined in Section 6.4) of all annual costs
and expenses incurred by Landlord in the operation and maintenance of the
Building and the Land in excess

 

7

 

of $369,096 (or, if higher, the amount of such costs and expenses
incurred with respect to the calendar year ending December 31, 1995),
including, without limiting the generality of the foregoing, all such costs and
expenses in connection with (1) insurance, sprinkler service, license
fees, security, trash and rubbish removal, janitorial service, landscaping, and
snow removal, (2) wages, salaries, management fees not in excess of those
generally paid by the owners of comparable properties to unaffiliated third
parties, employee benefits, payroll taxes, administrative and auditing
expenses, and equipment and materials for the operation, management and
maintenance of the Property, (3) any capital
expenditure (amortized, with interest, in accordance with generally-accepted
accounting principles on a so-called “useful life” basis) made by Landlord for
the purpose of reducing other operating expenses or complying with any
governmental requirement imposed after the date of this Lease, (4) the
furnishing of heat, air conditioning, water and other utilities, (5) the
operation and servicing of any computer system installed to regulate Building
equipment, (6) the furnishing of the repairs and services referred to in Section 7.4,
excluding expenditures incurred prior to the first anniversary of the Term
Commencement Date on account of any such repair to the roof (including the
existing skylight), structural components or common systems of the Building, (7) a
reasonable reserve account and (8) unless operating expenses for a
particular year include management fees, a supervisory and overhead fee which
shall be in an amount equal to ten percent (10%) of all other such costs and
expenses (the foregoing being hereinafter referred to as “operating expenses”).  Notwithstanding the foregoing, operating
expenses shall not include the cost of any special work or service (including
without limitation the furnishing of electricity for the operation of air
conditioning equipment) provided to a particular tenant, unless likewise
provided to Tenant hereunder.  If, during
any portion of a fiscal year for which operating expenses are being computed
pursuant to this Section, less than the entire rentable area of the Building is
occupied or Landlord is not supplying all occupants with the same services
being supplied hereunder, such costs and expenses shall be reasonably
extrapolated in order to take into account the costs and expenses which would
have been incurred had the entire rentable area of the Building been occupied
and had such services been supplied to all occupants.  As soon as Tenant’s share of operating
expenses with respect to any fiscal year established from time to time by
Landlord can be determined, the same will be certified by Landlord to Tenant
and will become payable to Landlord within thirty (30) days following such
certification, subject to proration with respect to any portion of a fiscal
year in which the Term of this Lease begins or ends or in the event that
Landlord designates a different fiscal year. 
Tenant shall, if as and when demanded by Landlord and with each monthly
installment of Yearly Fixed Rent, make operating fund payments to
Landlord.  “Operating fund payments”
refer to such payments as Landlord shall determine to be sufficient to provide
in the aggregate a fund adequate to pay, when they become due and payable, all
payments required from Tenant under this Section.

 

8

 

In the event that operating fund payments are so demanded, and if the
aggregate of said operating fund payments is not adequate to pay Tenant’s share
of operating expenses, Tenant shall pay to Landlord the amount by which such
aggregate is less than the amount of said share, such payment to be due and
payable at the time set forth above.  Any
surplus operating fund payments shall be accounted for to Tenant after such
surplus has been determined, and may be credited by Landlord against future
Rent payments or promptly refunded to Tenant at Landlord’s option. Tenant may,
at its expense and following reasonable advance notice to Landlord, inspect
Landlord’s books and records relative to the computation of operating expenses
and operating fund payments hereunder. 
In the event that Current Operating Expenses exceed Prior Operating
Expenses by more than the Threshold Amount, Tenant may, by notice given to
Landlord no later than sixty (60) days following Landlord’s certification of
such Current Operating Expenses pursuant to this Section, request a reduction
of Tenant’s proportionate share thereof. 
If Landlord does not allow such reduction in an amount satisfactory to
Tenant within sixty (60) days following such notice, either party may, within
thirty (30) days following said sixty (60) day period, refer the matter to
arbitration in accordance with the Commercial Arbitration Rules then in
effect of the American Arbitration Association by a single arbitrator in
Boston, Massachusetts, who shall, within thirty (30) days after his or her
appointment, determine whether such Current Operating Expenses are
unreasonable, taking into account costs and expenditures incurred for operating
comparable office buildings.  A judgment
upon the award rendered by such arbitrator may be entered in any court of
competent jurisdiction.  All direct and
reasonable costs of such arbitration, including the expense of the arbitrator
but excluding any compensation paid to attorneys, agents, employees or
witnesses of either party, shall be shared equally by Landlord and Tenant.  Any award to Tenant as a result of such
arbitration shall be no greater than Tenant’s proportionate share of the amount
by which Current Operating Expenses exceed the sum of Prior Operating Expenses
and the Threshold Amount.  Landlord shall
pay interest to Tenant on such award, at a rate equal to two percent (2%) in
excess of the prime commercial lending rate from time to time established by
The First National Bank of Boston, for the period from the date when Tenant
paid the amount in question to Landlord until the date when said amount was
refunded by Landlord in accordance with such award.  As used herein, the following terms shall be
defined as hereinafter set forth:

 

(a)   “Current Operating Expenses” shall mean operating expenses incurred
with respect to 1996 or any subsequent calendar year (hereinafter referred to
as the “Current Year”);

 

(b)   “Prior Operating Expenses” shall mean operating expenses incurred with
respect to the calendar year immediately preceding the

 

9

 

Current Year, provided however that Prior Operating
Expenses shall in no event be less than $369,096;

 

(c)   “Threshold Amount” shall mean the amount calculated by multiplying
Prior Operating Expenses times a percentage equal to two percent (2%) plus the
percentage increase in the Price Index during the course of the Current Year;
and

 

(d)   “Price Index” shall mean the Consumer Price Index for All Urban
Consumers, Boston, Mass., All Items (1982-84 = 100), as published by the Bureau
of Labor Statistics of the United States Department of Labor or, if the publication of said Index shall be discontinued, any similar statistical index
which is designated by Landlord and may be used for the purpose of measuring
the cost of living in the Boston urban area.

 

6.4   Tenant’s
Proportionate Share.  Tenant’s proportionate share of taxes and
operating expenses pursuant to Sections 6.2 and 6.3 shall be computed according
to the ratio (i.e., 11.475%) between the Rentable Area of the Demised Premises
(as defined in Article 1) and the total rentable area of all space in the
Building (agreed to be 92,274 square feet). 
Computations of rentable area other than in the Demised Premises shall
be made by Landlord’s Architect, whose good faith determination shall be
conclusive and binding on Tenant.

 

6.5   Payment
to Mortgagee.  Landlord reserves the right to provide in any
Mortgage given by it of the Property that some or all rents, issues, and
profits and all other amounts of every kind payable to the Landlord under this
Lease shall be paid directly to the Mortgagee for Landlord’s account and Tenant
covenants and agrees that it will, after receipt by it of notice from Landlord
designating such Mortgagee to whom payments are to be made by Tenant, pay such
amounts thereafter becoming due directly to such Mortgagee until excused
therefrom by notice from such Mortgagee.

 

7.            UTILITIES AND LANDLORD’S SERVICES

 

7.1   Electricity. 
Tenant shall purchase the electrical energy that Tenant requires for
operation of the lighting fixtures, appliances and equipment (including without
limitation all air conditioning equipment) servicing the Demised Premises. The
costs of initially installing any required meter shall be paid by Landlord, but
Tenant shall keep said meter and installation equipment in good working order
and repair. Landlord shall not be liable in any way to Tenant for any failure
or defect in the supply or character of electrical energy furnished to the
Demised Premises by reason of any requirement,

 

10

 

act or omission of the public utility serving the Building with
electricity unless due to the act or omission of Landlord. Tenant’s use of
electrical energy in the Demised Premises shall not at any time exceed the
capacity (agreed to be 16.5 watts per square foot) of any of the electrical
conductors and equipment in or otherwise serving the Demised Premises.  In order to insure that such capacity is not
exceeded and to avert possible adverse effect upon the Building electrical
services Tenant shall give notice to Landlord and obtain Landlord’s prior
written consent whenever Tenant shall connect to the Building electrical
distribution system any fixtures, appliances or equipment other than lamps,
typewriters and similar small machines. 
Any additional feeders or risers to supply Tenant’s electrical
requirements in addition to those originally installed and all other equipment
proper and necessary in connection with such feeders or risers, shall be
installed by Tenant at the sole cost and expense of Tenant, provided that such
additional feeders and risers are permissible under applicable laws and
insurance regulations and the installation of such feeders or risers has been
approved in writing by Landlord in advance thereof and will not cause permanent
damage or injury to the Building or cause or create a dangerous condition or
unreasonably interfere with other tenants of the Building.  Tenant agrees that it will not make any
alteration or material addition to the electrical equipment and/or appliances
in the Demised Premises without the prior written consent of Landlord in each
instance first obtained, which consent will not be unreasonably withheld and
will promptly advise Landlord of any alteration or addition to such electrical
equipment and/or appliances.  Tenant, at
Tenant’s expense, shall purchase, install and replace all light fixtures,
bulbs, tubes, lamps, lenses, globes, ballasts and switches used in the Demised
Premises.

 

7.2   Water
Charges.  Landlord shall furnish hot and cold water for
ordinary cleaning, toilet, kitchen, lavatory and drinking purposes to the
extent required to service facilities approved by Landlord pursuant to Article 10.  If Tenant requires, uses or consumes water
for any purpose other than for such purposes, Landlord may (i) assess a reasonable
charge for the additional water so used or consumed by Tenant or (ii) install
a water meter and thereby measure Tenant’s water consumption for all
purposes.  In the latter event, Tenant
shall pay the cost of the meter and the cost of installing any equipment
required in connection therewith, and shall keep said meter and installation
equipment in good working order and repair, and shall pay for water consumed,
as shown on said meter, together with the sewer charge based on said meter
charges, as and when bills are rendered.

 

7.3   Heat and
Air Conditioning.

 

(a)   Landlord
shall, through the equipment of the Building, furnish to and distribute in the
Demised Premises heat as normal seasonal changes may require on Business Days
from 8:00 a.m. to 6:00 p.m. and on Saturdays (excluding holidays)
from 8:00 

 

11

 

a.m. until Noon when reasonably required for the comfortable occupancy
of all portions of the Demised Premises by Tenant. Tenant agrees to cooperate
fully with Landlord with regard to and abide by all regulations and
requirements which Landlord may prescribe for the proper functioning and
protection of the heating system.

 

(b)   Landlord’s only obligation under this Lease with
respect to the air conditioning of the Demised Premises is to maintain, repair
and (when necessary) replace the Building equipment servicing the Demised
Premises and to furnish chilled water therefor. 
The distribution of air conditioning within the Demised Premises
utilizes, as part of said equipment, handlers which are operated electrically
at Tenant’s expense pursuant to Section 7.1.

 

(c)   Landlord
will, upon reasonable advance written notice from Tenant of its requirements,
furnish additional heat or air conditioning service to the Demised Premises on
days and at times other than as provided in this Article.  Tenant will pay to Landlord a reasonable
charge (which shall be standard for all Building tenants and is currently
calculated at an hourly rate per floor of $25.00 in the case of heat and $30.00
in the case of air conditioning) for any such additional heat or air
conditioning service required by Tenant.

 

7.4   Repairs
and Other Services.  Except as otherwise provided in Articles 16
and 18, and subject to Tenant’s obligations in Article 12 and elsewhere in
this Lease, Landlord shall (a) keep and maintain the roof (including the
existing skylight), exterior walls, structural floor slabs and columns of the Building in good condition and repair, reasonable use and wear
excepted, and maintain in good and workable condition the vertical buss ducts
referenced in Section 27.9 as well as the common sanitary, electrical,
heating, air conditioning and other systems of the Building, (b) provide
cleaning services according to the cleaning standards set forth in Exhibit B
attached hereto and made a part hereof, (c) keep all roadways, walkways
and parking areas on the Property clean and remove all snow and ice therefrom, (d) replace
windows whenever broken other than as a result of the act, omission, fault,
negligence or misconduct of Tenant or Tenant’s agents, contractors, employees
or invitees, (e) employ a guard to be stationed at the main entrance of
the Building from 4:30 p.m. until Midnight on Business Days and (f) arrange
for the extermination of vermin in the common areas of the Building.  In addition, Landlord shall complete the
ongoing installation of a card system to regulate access to the main entrance
and elevators of the Building no later than April 15, 1995 (in the case of
said main entrance) and February 28, 1995 (in the case of said elevators).

 

7.5   Interruption
or Curtailment of Services.  Landlord reserves the right temporarily to
interrupt, curtail, stop or suspend the furnishing of services and the
operation of any Building system, when necessary by reason of accident or 

 

12

 

emergency, or of repairs, alterations, replacements
or improvements in the reasonable judgment of Landlord desirable or necessary
to be made, or of difficulty or inability in securing supplies or labor, or of
strikes, or of any other cause beyond the reasonable control of Landlord,
whether such other cause be similar or dissimilar to those hereinabove
specifically mentioned, until said cause has been removed.  Landlord shall have no responsibility or
liability for any such interruption, curtailment, stoppage, or suspension of
services or systems, except that Landlord shall exercise reasonable diligence
to eliminate the cause of same.

 

8.             CHANGES
OR ALTERATIONS BY LANDLORD

 

Landlord reserves the right, exercisable by
itself or its nominee, at any time and from time to time without the same
constituting an actual or constructive eviction and without incurring any
liability to Tenant therefor or otherwise affecting Tenant’s obligations under
this Lease, but subject to the applicable provisions of Section 15.2, to
make such changes, alterations, additions, improvements, repairs or replacements
in or to the Building (provided however that Landlord may not materially alter the
approved layout of the Demised Premises) and the fixtures and equipment
thereof, as well as in or to the street entrances, halls, passages, elevators,
and stairways thereof, as it may deem necessary or desirable, and to change the
arrangement and/or location of entrances or passageways, doors and doorways,
and corridors, elevators, stairs, toilets, or other public parts of the
Building, provided, however, that there be no unreasonable obstruction of the
right of access to, or unreasonable interference with the use and enjoyment of,
the Demised Premises by Tenant, except that Landlord shall not (except in case
of emergency) be obligated to employ labor at so-called “over-time” or other
premium pay rates.  Nothing contained in
this Article shall be deemed to relieve Tenant of any duty, obligation or
liability which Tenant may have with respect to making or causing to be made
any repair, replacement or improvement or complying with any law, order or
requirement of any governmental or other authority.  Landlord reserves the right to from time to
time change the address of the Building, 
in which case Landlord shall reimburse all reasonable costs incurred by
Tenant as a result of such change in order to replace stationery, business
cards and the like and to notify clients of such change.

 

9.             FIXTURES,
EQUIPMENT AND IMPROVEMENTS - REMOVAL BY TENANT

 

All fixtures, equipment,
improvements and appurtenances attached to or built into the Demised Premises
prior to or during the Term, whether by Landlord at its expense or at the
expense of Tenant (either or both) or by Tenant shall be and remain part of the
Demised Premises and shall not be removed by Tenant at the end of the Term
unless otherwise expressly provided in this Lease.  Where not built into the Demised Premises,
and if furnished and installed by and at the sole expense of Tenant, all

 

13

 

removable electric fixtures, air conditioning, drinking or tap water
facilities, furniture, filing cabinets or trade fixtures or business equipment
(hereinafter referred to as “Tenant’s Removable Property”) shall not be deemed
to be included in such fixtures, equipment, improvements and appurtenances and
may be, and upon the request of Landlord will be, removed by Tenant upon the
condition that such removal shall not materially damage the Demised Premises or
the Building and that the cost of repairing any damage to the Demised Premises
or the Building arising from such removal shall be paid by Tenant, provided,
however, that any of such items toward which Landlord shall have granted any
allowance or credit to Tenant shall be deemed not to have been furnished and
installed in the Demised Premises by or at the sole expense of Tenant.

 

10.           ALTERATIONS
AND IMPROVEMENTS BY TENANT

 

Tenant shall make no
alterations, decorations, installations, removals, additions or improvements in
or to the Demised Premises without Landlord’s prior written consent and then
only by contractors approved by Landlord (including without limitation those
contractors identified in Exhibit D attached hereto and made a part
hereof).  No installations or other such
work shall be undertaken or begun by Tenant until Landlord has approved written
plans and specifications therefor; and no amendments or additions to such plans
and specifications shall be made without prior written consent of
Landlord.  Any such alterations,
decorations, installations, removals, additions and improvements shall be done
at the sole expense of Tenant and at such times and in such manner as Landlord
may from time to time reasonably designate. 
Any consent or approval required under this Article shall not be
unreasonably withheld or delayed in the case of any proposed work of a
non-structural nature which does not affect the common areas or facilities of
the Property. Pursuant to the foregoing provisions, but subject to the receipt
of reasonably acceptable engineering data, Landlord hereby consents to the work
described in the plans and specifications referenced in Exhibit E attached
hereto and made a part hereof (hereinafter referred to as “Tenant’s Initial
Work”).  If Tenant shall make any
alterations, decorations, installations, removals, additions or improvements,
then Landlord may elect, at the time of consenting thereto, to require Tenant at
the expiration of this Lease to restore the Demised Premises to substantially
the same condition as existed at the Term Commencement Date. Landlord
acknowledges that Landlord has not made such election with respect to any
portion of Tenant’s Initial Work other than Tenant’s Removable Property.

 

11.           TENANT’S CONTRACTORS – MECHANICS’ AND OTHER LIENS – STANDARD OF TENANT’S
PERFORMANCE – COMPLIANCE WITH LAWS

 

Whenever Tenant shall make any alterations, decorations, installations,
removals, additions or improvements or do any other work in or to the Demised
Premises, Tenant will strictly observe the following covenants and agreements:

 

14

 

(a)   In no event
shall any material or equipment be incorporated in or added to the Demised
Premises in connection with any such alteration, decoration, installation,
addition or improvement which is subject to any lien, charge, mortgage or other
encumbrance of any kind whatsoever or is subject to any security interest or
any form of title retention agreement. 
Any mechanic’s lien filed against the Demised Premises or the Building
for work claimed to have been done for, or materials claimed to have been furnished
to Tenant shall be discharged by Tenant within ten (10) days after notice
thereof, at the expense of Tenant, by filing the bond required by law or
otherwise.  If Tenant fails so to
discharge any lien, Landlord may do so at Tenant’s expense and Tenant shall
reimburse Landlord for any expense or cost incurred by Landlord in so doing
within fifteen (15) days after rendition of a bill therefor.

 

(b)   All
installations or work done by Tenant under this or any other Article of this
Lease shall be at its own expense (unless expressly otherwise provided) and
shall at all times comply with (i) laws, rules, orders and regulations of governmental
authorities having jurisdiction thereof; (ii) orders, rules and
regulations of any Board of Fire Underwriters, or any other body hereafter
constituted exercising similar functions, and governing insurance rating
bureaus; and (iii) plans and specifications prepared by and at the expense
of Tenant theretofore submitted to Landlord for its prior written approval in
accordance with the provisions of Article 10.

 

(c)   Tenant shall procure all necessary permits before undertaking any work in the
Demised Premises; do all such work in a good and workmanlike manner, employing
materials of good quality and complying with all governmental requirements, and
defend, save harmless, exonerate and indemnify Landlord from all injury, loss
or damage to any person or property occasioned by or growing out of such work.

 

12.           REPAIRS AND SECURITY BY
TENANT

 

Subject to Landlord’s repair
obligations hereunder, Tenant shall keep or cause to be kept all and singular
the Demised Premises in good repair, order and condition, damage by fire or
other casualty excepted.  Without
limiting the generality of the foregoing, Tenant shall replace all windows and
other glass, whenever broken as a result of the act, omission, fault,
negligence or misconduct of Tenant or Tenant’s agents, contractors, employees
or invitees, with glass of the same quality.

 

Tenant shall make, as and when needed as a
result of misuse by, or neglect or improper conduct (including without
limitation the placement of any equipment exceeding the floor load or causing
vibrations perceptible outside the Demised Premises) of Tenant or Tenant’s
servants, employees, agents, invitees or licensees or otherwise, all repairs in
and about the Demised Premises necessary to preserve them in such repair, order
and 

 

15

 

condition.

 

13.          INSURANCE,
INDEMNIFICATION, EXONERATION AND EXCULPATION

 

13.1 Insurance. 
Tenant shall procure, keep in force and pay for (a) Comprehensive
Public Liability Insurance indemnifying Landlord, any managing agent designated
by Landlord, Tenant and (whenever
Landlord shall so request) any Mortgagee against all claims and demands for
injury to or death of persons or damage to property which may be claimed to
have occurred upon the Demised Premises in the amounts which shall at the time
Tenant and/or its contractors enter the Demised Premises in accordance with Article 4
of this Lease be not less than One Hundred Thousand Dollars ($100,000) for
property damage and Two Million Dollars ($2,000,000) for injury or death of one
person or more than one person in a single accident, and from time to time
thereafter shall be not less than such higher amounts, if procurable, as may be
reasonably required by Landlord and are customarily carried by responsible
office tenants in the Greater Boston area (provided however that Landlord may
not require any such increase more than once during any thirty-six (36) month
period) and (b) so-called contents and improvements insurance adequately
insuring all property belonging to or removable by Tenant and situated in the
Demised Premises.

 

13.2 Certificates
of Insurance.  Such insurance shall be effected with
insurers authorized to do business in Massachusetts under valid and enforceable
policies, and such policies shall name Landlord and Tenant and any additional
parties designated by Landlord pursuant to Section 13.1 as the insureds,
as their respective interests appear. 
Such insurance shall provide that it shall not be cancelled without at
least ten (10) days’ prior written notice to each insured named
therein.  Prior to entry by Tenant and/or
its contractors into the Demised Premises in accordance with Article 4 of
this Lease, and thereafter not less than fifteen (15) days prior to the
expiration date of each expiring policy, original copies of the policies
provided for in Section 13.1 issued by the respective insurers, or
certificates of such policies setting forth in full the provisions thereof and
issued by such insurers together with evidence satisfactory to Landlord of the
payment of all premiums for such policies, shall be delivered by Tenant to
Landlord and certificates as aforesaid of such policies shall upon request of
Landlord be delivered by Tenant to any additional parties designated by
Landlord pursuant to Section 13.1 as the insureds.

 

13.3 General. 
Tenant will save Landlord harmless, and will exonerate and indemnify
Landlord, from and against any and all claims, liabilities or penalties
asserted by or on behalf of any person, firm, corporation or public authority:

 

(a)   On account
of or based upon any injury to person, or loss of or damage to property
sustained or occurring on the Demised Premises on account of or based upon the act, omission, fault, negligence or misconduct of
any person whomsoever (other

 

16

 

than Landlord or its agents, contractors or employees);

 

(b)   On account
of or based upon any injury to person or loss of or damage to
property, sustained or occurring elsewhere (other than on the Demised Premises)
in or about the Building (and, in particular, without limiting the generality
of. the foregoing on or about the elevators, stairways, public corridors,
sidewalks or other appurtenances and facilities used in connection with the
Building or Demised Premises) arising out of the use or occupancy of the
Building or Demised Premises by Tenant, or any person claiming by, through or
under Tenant;

 

(c)   On account
of or based upon (including moneys due on account of) any work or thing
whatsoever done (other than by Landlord or its contractors, or agents or
employees of either) in the Demised Premises; and

 

(d)   On account
of or resulting from the failure of Tenant to perform and discharge any of its
covenants and obligations under this Lease;

 

and,
in respect of any of the foregoing items (a) - (d), from and against all costs,
expenses (including without limitation reasonable attorneys’ fees), and
liabilities incurred in or in connection with any such claim, or any action or
proceeding brought thereon; and in case any action or proceeding be brought
against Landlord by reason of any such claim, Tenant upon notice from Landlord
shall at Tenant’s expense resist or defend such action or proceeding and employ
counsel therefor reasonably satisfactory to Landlord, it being agreed that such
counsel as may act for insurance underwriters of Tenant engaged in such defense
shall be deemed satisfactory.

 

13.4 Property of Tenant.  In addition to and not in
limitation of the foregoing, and subject only to the provisions of applicable
law, Tenant covenants and agrees that all merchandise, furniture, fixtures and
property of every kind, nature and description which may be in or upon the
Demised Premises or the Building or the Land during the Term of this Lease
shall be at the sole risk and hazard of Tenant, and that if the whole or any
part thereof shall be damaged, destroyed, stolen or removed from any cause or
reason whatsoever other than the negligence or misconduct of Landlord or its
agents, contractors or employees, no part of said damage or loss shall be
charged to, or borne by Landlord.

 

13.5 Bursting of
Pipes, etc.  Landlord shall not be liable for any injury
or damage to persons or property resulting from fire, explosion, falling
plaster, steam, gas, electricity, electrical disturbance, water, rain or snow
or leaks from any part of the Building or from the pipes, appliances or
plumbing works or from the roof, street or sub-surface or from any other place
or caused by any other cause of whatever nature, unless caused by or due to the
negligence of Landlord, its agents, contractors or employees, and then only
after (i) notice to

 

17

 

Landlord
of the condition claimed to constitute negligence and (ii) the expiration
of a reasonable time after such notice has been received by Landlord without
such condition having been cured or corrected; nor shall Landlord or its agents
be liable for any such damage caused by other tenants or persons in the
Building or caused by operations in construction of any private, public or
quasi-public work; nor shall Landlord be liable (subject only to its repair
obligations hereunder) for any latent defect in the Demised Premises or in the
Building.

 

13.6 Landlord’s
Liability Insurance.  Landlord shall keep in force liability
insurance for its own benefit without any obligation to include Tenant as a
named or additional insured party and without in any way limiting Tenant’s
obligations pursuant to Section 13.1. 
Any insurance maintained by Tenant pursuant to said Section shall
be primary and non-contributing with respect to any policies carried by
Landlord.

 

14.           ASSIGNMENT, MORTGAGING, SUBLETTING, ETC.

 

Tenant covenants and agrees that neither this
Lease nor the term and estate hereby granted nor any interest herein or
therein, will be assigned, mortgaged, pledged, encumbered or otherwise
transferred (whether voluntarily or by operation of law), and that neither the
Demised Premises, nor any part thereof, will be encumbered in any manner by
reason of any act or omission on the part of Tenant, or used or occupied, or
permitted to be used or occupied, or utilized for any reason whatsoever, by anyone
other than Tenant, or for any use or purpose other than as stated in Article 1,
or be sublet, without the prior written consent of Landlord in every case.  Such consent shall not, in the case of a
proposed subletting, be unreasonably withheld or delayed.

 

In connection with any request by Tenant for
such consent, Tenant shall submit to Landlord, in writing, a statement
containing all of the terms and provisions upon which the proposed transaction
is to occur.  If the rent received by
Tenant on account of a proposed assignment or sublease requiring such consent
exceeds the Yearly Fixed Rent and Additional Rent, allocated to the space
subject to the assignment or sublease in the proportion of the area of such
space to the area of the entire Demised Premises, plus actual out-of-pocket
expenses incurred by Tenant in connection therewith, including brokerage
commissions, marketing expenses and the cost of preparing such space for
occupancy, Tenant shall pay to Landlord one hundred (100) percent of such excess,
as received by Tenant. Notwithstanding the foregoing provisions of this
paragraph and except as otherwise hereinafter set forth, in the event Tenant
proposes to assign this Lease or enter into a sublease such that all or
substantially all of the Demised Premises will have been sublet, Landlord, at
Landlord’s option, may give to Tenant, within thirty (30) days after the
submission by Tenant to Landlord of such proposal, a notice terminating this
Lease on the date (referred to as the “Earlier Termination Date”) immediately

 

18

 

prior to the effective date of the proposed
assignment or the proposed commencement date of the term of the proposed
subletting, as set forth in such proposal, and, in the event such notice is
given, this Lease and the Term shall come to an end and expire on the Earlier
Termination Date with the same effect as if it were the date originally fixed
in this Lease for the end of the Term of this Lease, and the Rent shall be
apportioned as of said Earlier Termination Date and any prepaid portion of Rent
for any period after such date shall be refunded by Landlord to Tenant.

 

The failure by Landlord to exercise its
option under this Article with respect to any assignment or subletting
shall not be deemed a waiver of such option with respect to any extension of
such sublease or any subsequent assignment or subletting.  Tenant shall reimburse Landlord promptly, as
Additional Rent, for reasonable legal and other expense incurred by Landlord in
connection with any request by Tenant for any consent required under the
provisions of this Article.

 

Notwithstanding the foregoing, Tenant may,
following notice to Landlord but without the requirement of obtaining Landlord’s
consent or affording Landlord an opportunity to terminate this Lease, and so
long as Tenant is not in default beyond the applicable grace or cure period at
the time of such notice or at any time thereafter until the effective date of
the assignment or the commencement date of the term of the subletting (as the
case may be), assign this Lease or sublease all or any portion of the Demised
Premises to any entity which is a parent, subsidiary or affiliate of Tenant or
assign this Lease to any entity with which Tenant may merge or consolidate or
which results from any such merger or consolidation or to which Tenant may sell
all or substantially all of its assets as a going concern (such entity with
which Tenant may merge or consolidate or which results from any such merger or
consolidation or to which Tenant may sell all or substantially all of its
assets as aforesaid being hereinafter referred to as a “Successor”), provided
however that, forthwith upon any assignment allowed pursuant to this paragraph,
Tenant shall deliver to Landlord an agreement in form and substance reasonably
satisfactory to Landlord which contains an appropriate covenant of assumption
by such assignee, and provided further that in the case of any such assignment
to a Successor, such Successor shall have financial resources and a general
business reputation comparable to those of Tenant as of the time of such
assignment.

 

The listing of any name other than that of
Tenant, whether on the doors of the Demised Premises or on the Building
directory, or otherwise, shall not operate to vest any right or interest in
this Lease or in the Demised Premises or be deemed to be the written consent of
Landlord mentioned in this Article, it being expressly understood that any such
listing is a privilege extended by Landlord revocable at will by written notice
to Tenant.

 

19

 

If this Lease be assigned, or if the Demised
Premises or any part thereof be sublet or occupied by anybody other than
Tenant, Landlord may at any time and from time to time following any default by
Tenant hereunder beyond the applicable grace period, collect rent and other
charges from the assignee, subtenant or occupant, and apply the net amount
collected to the Rent and other charges herein reserved, but no such collection
shall be deemed a waiver of this covenant, or the acceptance of the assignee,
subtenant or occupant as a tenant, or a release of Tenant from the further
performance by Tenant of covenants on the part of Tenant herein contained.  The consent by Landlord to an assignment or
subletting or occupancy shall not in any way be construed to relieve Tenant
from obtaining the express consent in writing of Landlord to any further
assignment or subletting or occupancy.

 

15.           MISCELLANEOUS COVENANTS

 

15.1 Rules and
Regulations.  Tenant and Tenant’s servants, employees,
agents, visitors and licensees will faithfully observe such Rules and
Regulations as are attached hereto as Exhibit C and made a part hereof or
as Landlord hereafter at any time or from time to time may make and may
communicate in writing to Tenant and which in the reasonable judgment of
Landlord shall be necessary for the reputation, safety, care or appearance of
the Property, or the preservation of good order therein, or the operation or
maintenance of the Property, or the equipment thereof, or the comfort of
tenants or others in the Building, provided, however, that in the case of any
conflict between the provisions of this Lease and any such Rules and
Regulations, the provisions of this Lease shall control.  Such Rules and Regulations shall be
applied in a non-discriminatory manner so as to be generally applicable to
other tenants of the Building whose permitted business activities are
comparable to those of Tenant hereunder, provided however that nothing contained
in this Lease shall be construed to impose upon Landlord any duty or obligation
to enforce such Rules and Regulations or the terms, covenants or
conditions in any other lease as against any other tenant and Landlord shall
not be liable to Tenant for violation of the same by any other tenant, its
servants, employees, agents, visitors, invitees or licensees.  Notwithstanding any conflicting provisions of
Exhibit C or any other Rules and Regulations, Tenant be entitled
within the Demised Premises to make use of microwave ovens and other food
preparation equipment not requiring exterior venting.

 

15.2 Access to
Premises – Shoring.  Tenant shall: (i) permit Landlord to erect, use and maintain pipes, ducts and
conduits in and through the Demised Premises, provided the same do not
materially reduce the floor area or materially adversely affect the appearance
thereof and are concealed wherever practicable below floors, above finished
ceilings or beyond finished walls; (ii) permit the Landlord and any
Mortgagee to have free and unrestricted access to and to enter upon the Demised
Premises at all reasonable hours upon prior oral or

 

20

 

written notice (except in case of emergency) for the purposes of
inspection or of making repairs, replacements or improvements in or to the
Demised Premises or the Building or equipment (including, without limitation,
sanitary, electrical, heating, air conditioning or other systems) or of
complying with all laws, orders and requirements of governmental or other
authority or of exercising any right reserved to Landlord by this Lease (including
the right during the progress of any such repairs, replacements or improvements
or while performing work and furnishing materials in connection with compliance
with any such laws, orders or requirements to take upon or through, or to keep
and store within, the Demised Premises all necessary materials, tools and
equipment); and (iii) permit Landlord, at reasonable times upon prior oral
or written notice, to show the Demised Premises during ordinary business hours
to any Mortgagee, prospective purchaser of any interest of Landlord in the
Property, prospective Mortgagee, or prospective assignee of any Mortgage, and
during the period of twelve months next preceding the Termination Date to any
person contemplating the leasing of the Demised Premises or any part
thereof.  If Tenant shall not be
personally present to open and permit any entry into the Demised Premises at
any time when for any reason an entry therein shall be necessary or permissible
following notice (to the extent hereinabove required), Landlord or Landlord’s
agents must nevertheless be able to gain such entry by contacting a responsible
representative of Tenant, whose name, address and telephone number shall be
furnished by Tenant, or (at Landlord’s election) by using keys to the Demised
Premises in Landlord’s possession.  Locks
serving the Demised Premises shall not be altered or replaced, nor shall new
locks be added by Tenant without the prior written consent of Landlord in every
case (which consent shall not be unreasonably withheld or delayed). Provided
that Landlord shall (except in case of emergency) incur no additional expense
thereby, Landlord shall exercise its rights of access to the Demised Premises
permitted under any of the terms and provisions of this Lease (including
Landlord’s right to keep and store materials, tools and equipment therein as
hereinabove set forth) in such manner as to minimize to the extent practicable
interference with Tenant’s use and occupation of the Demised Premises.  If an excavation shall be made upon land
adjacent to the Demised Premises or shall be authorized to be made, Tenant
shall afford, to the person causing or authorized to cause such excavation
(subject to the same provisions applicable hereunder in the case of work to be
performed by Landlord), license to enter upon the Demised Premises for the
purpose of doing such work as said person shall deem necessary to preserve the
Building from injury or damage and to support the same by proper foundations
without any claim for damage or indemnity against Landlord, or diminution or
abatement of Rent.

 

15.3 Accidents to Sanitary and other Systems. 
Tenant shall give to Landlord prompt notice of any fire or accident in
the Demised Premises or in the Building and of any damage to, or defective
condition in, any part or appurtenance of the Building’s systems located in, or
passing through, the Demised 

 

21

 

Premises.

 

15.4 Signs,
Blinds and Drapes.  Tenant shall not place any signs on the
exterior of the Building or on or in any window, public corridor or door
visible from the exterior of the Demised Premises.  Landlord shall include Tenant’s name
(together with the names of up to seven (7) authorized subtenants and/or
individuals having offices in the Demised Premises) in any standard Building
directory maintained by Landlord and shall affix, or permit Tenant to affix,
signage outside the main entryway of the Demised Premises identifying Tenant as
an occupant thereof, provided however that the exact size, design and location
of any such sign shall be subject to Landlord’s prior approval.  No blinds may be put on or in any window nor
may any Building drapes or blinds be removed by Tenant.  Tenant may hang its own drapes, provided that
they shall not, without the prior written approval of Landlord, in any way
interfere with any Building drapery or blinds or be visible from the exterior
of the Building.

 

15.5 Estoppel
Certificate.  Tenant shall at any time and from time to
time upon not less than ten (10) days’ prior notice by Landlord to Tenant,
execute, acknowledge and deliver to Landlord a statement in writing certifying
that this Lease is unmodified and in full force and effect (or if there have
been modifications, that the same is in full force and effect as modified and
stating the modifications), and the dates to which Rent has been paid in
advance, if any, and stating whether or not to the best knowledge of the signer
of such certificate Landlord is in default in performance of any covenant,
agreement, term, provisions or condition contained in this Lease and, if so,
specifying each such default of which the signer may have knowledge, it being
intended that any such statement delivered pursuant hereto may be relied upon
by any prospective purchaser of any interest of Landlord in the Property, any
Mortgagee or prospective Mortgagee, any prospective assignee of any Mortgage,
or any other party reasonably designated by Landlord.

 

15.6 Prohibited Items. 
Tenant shall not bring or permit to be brought or kept in or on the
Demised Premises or elsewhere in the Building any hazardous, inflammable,
combustible or explosive fluid, material, chemical or substance (except such as
are related to Tenant’s use of the Demised Premises, provided that the same are
stored and handled in a proper fashion consistent with applicable legal
standards).

 

15.7 Requirements
of Law – Fines and Penalties.  Tenant at its sole expense shall comply with
all laws, rules, orders and regulations of Federal, State, County and Municipal
Authorities and with any direction of any public officer or officers, pursuant
to law, which shall impose any duty upon Landlord or Tenant with respect to and
arising out of Tenant’s use or occupancy of the Demised Premises, provided
however that Landlord shall be responsible for compliance therewith to the
extent necessary to allow the continued use of the Demised Premises for

 

22

 

general
office purposes.  In particular, Tenant
shall be responsible for compliance with requirements imposed by the Americans
with Disabilities Act relative to the layout of the Demised Premises and any
work performed by Tenant therein, including without limitation all such
requirements applicable to removing barriers, furnishing auxiliary aids and
insuring that, whenever alterations are made, the affected portions of the
Demised Premises are readily accessible to and usable by individuals with
disabilities.  Notwithstanding the
foregoing, Landlord shall be responsible for compliance with any requirements
imposed by said Act relative to the entryways, elevators and other common areas
of the Property.  If Tenant receives
notice of any violation of law, ordinance, order or regulation applicable to
the Demised Premises, it shall give prompt notice thereof to Landlord.

 

15.8 Tenant’s
Acts – Effect on Insurance.  Tenant shall not do or permit to be done any
act or thing upon the Demised Premises or elsewhere in the Building which will
invalidate or be in conflict with any insurance policies covering the Building
and the fixtures and property therein and shall not do, or permit to be done,
any act or thing upon the Demised Premises which shall subject Landlord to any
liability or responsibility for injury to any person or persons or to property
by reason of any business or operation being conducted on the Demised Premises
or for any other reason.  Tenant at its
own expense shall comply with all rules, orders, regulations or requirements of
the Board of Fire Underwriters or any other similar body having jurisdiction,
and shall not (i) do, or permit anything to be done, in or upon the
Demised Premises, or bring or keep anything therein, except as now or hereafter
permitted by the Fire Department, Board of Underwriters, Fire Insurance Rating
Organization, or other authority having jurisdiction, and then only in such
quantity and manner of storage as will not increase the rate for any insurance
applicable to the Building, or (ii) use the Demised Premises in a manner
which shall increase such insurance rates on the Building or on property
located therein, over that applicable when Tenant first took occupancy of the
Demised Premises hereunder (unless Tenant pays such increase).  If by reason of failure of Tenant to comply
with the provisions hereof the insurance rate applicable to any policy of
insurance shall at any time thereafter be higher than it otherwise would be,
then Tenant shall reimburse Landlord for that part of any insurance premiums
thereafter paid by Landlord, which shall have been charged because of such
failure by Tenant.  Landlord acknowledges
that the installation and use of a generator in accordance with Section 27.9
will not violate the provisions of this Section or require Tenant to pay
any increased insurance premiums hereunder.

 

15.9 Miscellaneous. 
Tenant shall not suffer or permit the Demised Premises or any fixtures,
equipment or utilities therein or serving the same, to be overloaded, damaged
or defaced.

 

23

 

16.           DAMAGE BY FIRE, ETC.

 

Landlord shall keep in force
casualty insurance with respect to the Building in an amount approximately
equal to the full replacement cost thereof. 
Such insurance shall afford protection against fire and the other perils
customarily covered by a so-called “all risk” policy.

 

In the event of loss of, or
damage to, the Demised Premises or the Building by fire or other casualty, the
rights and obligations of the parties hereto shall be as follows:

 

(a)   If the
Demised Premises, or any part thereof, shall be damaged by fire or other
casualty, Tenant shall give prompt notice thereof to Landlord, and Landlord,
upon receiving such notice, shall proceed promptly and with due diligence,
subject to unavoidable delays, to repair, or cause to be repaired, such
damage.  If the Demised Premises or any
part thereof shall be rendered untenantable by reason of such damage, whether
to the Demised Premises or to the Building, Yearly Fixed Rent and Additional
Rent payable pursuant to Sections 6.2 and 6.3 shall proportionately abate for
the period from the date of such damage to the date when such damage shall have
been repaired.

 

(b)   If, as a
result of fire or other casualty, the whole or a substantial portion of the
Building or the Demised Premises is rendered untenantable, Landlord, within
ninety (90) days from the date of such fire or casualty, may terminate this
Lease by notice to Tenant, specifying a date not less than twenty (20) nor more
than forty (40) days after the giving of such notice on which the Term of this
Lease shall terminate.  If Landlord does
not so elect to terminate this Lease, then Landlord shall proceed with
diligence to repair the damage to the Demised Premises and all facilities
serving the same, if any, which shall have occurred, and the Yearly Fixed Rent
and Additional Rent payable pursuant to Sections 6.2 and 6.3 shall meanwhile
proportionately abate, all as provided in Paragraph (a) of this
Section.  However, if such damage is not
repaired and the Demised Premises restored to substantially the same condition
as they were prior to such damage within six (6) months from the date of
such damage, Tenant within thirty (30) days from the expiration of such six (6) month
period or from the expiration of any extension thereof by reason of unavoidable
delays as hereinafter provided, may terminate this Lease by notice to Landlord,
specifying a date not more than sixty (60) days after the giving of such notice
on which the Term of this Lease shall terminate. The period within which the
required repairs may be accomplished shall be extended by the number of days,
not to exceed ninety (90) days, lost as a result of unavoidable delays, which
term shall be defined to include all delays referred to in Article 24.

 

(c)   If the
Demised Premises shall be rendered untenantable by fire or other casualty
during the last year of the Term of this Lease, either party may terminate this
Lease effective as of the date of such fire or other casualty upon

 

24

 

notice to the other given within thirty (30)
days after such fire or other casualty.

 

(d)   Landlord
shall not be required to repair or replace any of Tenant’s business machinery,
equipment, cabinet work, furniture, personal property or other installations
made by Tenant (all of which shall, however, be restored by Tenant within a
reasonable time after Landlord shall have completed any repair or restoration
required under the terms of this Article), and no damages, compensation or
claim shall be payable by Landlord for inconvenience, loss of business or
annoyance arising from any repair or restoration of any portion of the Demised
Premises or of the Building.  Any
insurance proceeds received by Tenant in connection with such loss or damage
shall be applied by Tenant to such repair or restoration to the extent
reasonably necessary to accomplish the same.

 

(e)   The
provisions of this Article shall be considered an express agreement
governing any instance of damage or destruction of the Building or the Demised
Premises by fire or other casualty, and any law now or hereafter in force
providing for such a contingency in the absence of express agreement shall have
no application.

 

(f)    In the
event of any termination of this Lease pursuant to this Article, the Term of
this Lease shall expire as of the effective termination date as fully and
completely as if such date were the date herein originally scheduled as the
Termination Date.

 

(g)   Landlord’s
Architect’s certificate, given in good faith, shall be deemed conclusive of the
statements therein contained and binding upon Tenant with respect to the
performance and completion of any repair or restoration work undertaken by
Landlord pursuant to this Article or Article 18.

 

17.           WAIVER OF SUBROGATION

 

In any case in which Tenant shall be
obligated under any provision of this Lease to pay to Landlord any loss, cost,
damage, liability, or expense suffered or incurred by Landlord, Landlord shall
allow to Tenant as an offset against the amount thereof (i) the net
proceeds of any insurance collected by Landlord for or on account of such loss,
cost, damage, liability or expense, provided that the allowance of such offset
does not invalidate or prejudice the policy or policies under which such
proceeds were payable and (ii) if such loss, cost, damage, liability or
expense shall have been caused by a peril against which Landlord has agreed to
procure insurance coverage under the terms of this Lease, the amount of such insurance
coverage, if not actually procured by Landlord.

 

In any case in which Landlord shall be
obligated under any provision of this Lease to pay to Tenant any loss, cost,
damage, liability or expense suffered or incurred by Tenant, Tenant shall

 

25

 

allow to Landlord as an offset against the amount thereof (i) the
net proceeds of any insurance collected by Tenant for or on account of such
loss, cost, damage, liability, or expense, provided that the allowance of such
offset does not invalidate the policy or policies under which such proceeds
were payable and (ii) if such loss, cost, damage, liability or expense
shall have been caused by a peril against which Tenant has agreed to procure
insurance coverage under the terms of this Lease, the amount of such insurance
coverage, if not actually procured by Tenant.

 

The parties hereto shall each endeavor to
procure an appropriate clause in, or endorsement on, any fire or extended
coverage insurance policy covering the Demised Premises and the Building and
personal property, fixtures and equipment located thereon or therein, pursuant
to which the insurance companies waive subrogation or consent to a waiver of
right of recovery, and having obtained such clauses and/or endorsements of
waiver of subrogation or consent to a waiver of right of recovery each party
hereby agrees that it will not make any claim against or seek to recover from
the other for any loss or damage to its property or the property of others
resulting from fire or other perils covered by such fire and extended coverage
insurance; provided, however, that the release, discharge, exoneration and
covenant not to sue herein contained shall be limited by the terms and
provisions of the waiver of subrogation clauses and/or endorsements or clauses
and/or endorsements consenting to a waiver of right of recovery and shall be
co-extensive therewith. If either party may obtain such clause or endorsement
only upon payment of an additional premium, such party shall promptly so advise
the other party and shall be under no obligation to obtain such clause or
endorsement unless such other party pays the premium.

 

18.           CONDEMNATION – EMINENT DOMAIN

 

In the event that the whole or any part of
the Building shall be taken or appropriated by eminent domain or shall be
condemned for any public or quasi-public use, or (by virtue of any such taking,
appropriation or condemnation) shall suffer any damage (direct, indirect or
consequential) for which Landlord or Tenant shall be entitled to compensation
then (and in any such event) this Lease and the Term hereof may be terminated
at the election of Landlord by a notice in writing of its election so to
terminate which shall be given by the Landlord to Tenant within sixty (60) days
following the date on which Landlord shall have received notice of such taking,
appropriation or condemnation. In the event that a substantial part of the
Demised Premises or of the means of access thereto within the perimeter of the
Property shall be so taken, appropriated or condemned, then (and in any such
event) this Lease and the Term hereof may be terminated at the election of
Tenant by a notice in writing of its election so to terminate which shall be
given by Tenant to Landlord within sixty (60) days following the date on which
Tenant shall have received notice of such taking, appropriation or
condemnation.

 

26

 

Upon the giving of any such notice of termination (either by Landlord
or Tenant) this Lease and the Term hereof shall terminate on or retroactively
as of the date on which Tenant shall be required to vacate any part of the
Demised Premises or shall be deprived of a substantial part of the means of
access thereto, provided, however, that Landlord may in Landlord’s notice elect
to terminate this Lease and the Term hereof retroactively as of the date on
which such taking, appropriation or condemnation became legally effective.  In the event of any such termination, this
Lease and the Term hereof shall expire as of the effective termination date as
fully and completely as if such date were the date herein originally scheduled
as the Termination Date.  If neither
party (having the right so to do) elects to terminate Landlord will, with
reasonable diligence and at Landlord’s expense, restore the remainder of the
Demised Premises, or the remainder of the means of access, as nearly as
practicably may be to the same condition as obtained prior to such taking,
appropriation or condemnation in which event (i) a just proportion of the
Yearly Fixed Rent and Additional Rent payable pursuant to Sections 6.2 and 6.3,
according to the nature and extent of the taking, appropriation or condemnation
and the resulting permanent injury to the Demised Premises and the means of
access thereto, shall be permanently abated, and (ii) a just proportion of
the remainder of the Yearly Fixed Rent and Additional Rent payable pursuant to
Sections 6.2  and 6.3, according to the nature and extent of the
taking, appropriation or condemnation and the resultant injury sustained by the
Demised Premises and the means of access thereto, shall be abated until what
remains of the Demised Premises and the means of access thereto shall have been
restored as fully as may be for permanent use and occupation by Tenant
hereunder.  Except for any award
specifically reimbursing Tenant for moving or relocation expenses, there are
expressly reserved to Landlord all rights to compensation and damages created,
accrued or accruing by reason of any such taking, appropriation or
condemnation, in implementation and in confirmation of which Tenant does hereby
acknowledge that Landlord shall be entitled to receive and retain all such
compensation and damages, grants to Landlord all and whatever rights (if any)
Tenant may have to such compensation and damages, and agrees to execute and
deliver all and whatever further instruments of assignment as Landlord may from
time to time request.  In the event of
any taking of the Demised Premises or any part thereof for temporary use, (i) this
Lease shall be and remain unaffected thereby, and (ii) Tenant shall be
entitled to receive for itself any award made for such use, provided, that if
any taking is for a period extending beyond the Term of this Lease, such award
shall be apportioned between Landlord and Tenant as of the Termination Date.

 

19.           DEFAULT

 

19.1         Conditions
of Limitation – Re-entry – Termination. This Lease and the herein term and estate are upon the condition that
if (a) Tenant shall neglect or fail to perform or observe any of the
Tenant’s covenants herein, including (without

 

27

 

limitation)
the covenants with regard to the payment when due of Rent; or (b) Tenant
shall be involved in financial difficulties as evidenced by an admission in
writing by Tenant of Tenant’s inability to pay its debts generally as they
become due, or by the making or offering to make a composition of its debts
with its creditors; or (c) Tenant shall make an assignment or trust
mortgage, or other conveyance or transfer of like nature, of all or a
substantial part of its property for the benefit of its creditors; or (d) the
leasehold hereby created shall be taken on execution or by other process of law
and shall not be revested in Tenant within sixty (60) days thereafter; or (e) a
receiver, sequester, trustee or similar officer shall be appointed by a court
of competent jurisdiction to take charge of all or a substantial part of Tenant’s
property and such appointment shall not be vacated within sixty (60) days; or (f) any
proceeding shall be instituted by or against Tenant pursuant to any of the
provisions of any Act of Congress or State law relating to bankruptcy,
reorganization, arrangements, compositions or other relief from creditors, and,
in the case of any such proceeding instituted against it, if Tenant shall fail
to have such proceeding dismissed within thirty (30) days or if Tenant is adjudged
bankrupt or insolvent as a result of any such proceeding; or (g) any event
shall occur or any contingency shall arise whereby this Lease, or the term and
estate thereby created, would (by operation of law or otherwise) devolve upon
or pass to any person, firm or corporation other than Tenant, except as
expressly permitted under Article 14 hereof - then, and in any such event
(except as hereinafter in Article 19.2 otherwise provided) Landlord may,
in a manner consistent with applicable law, immediately or at any time
thereafter declare this Lease terminated by notice to Tenant, in which case
(and without prejudice to any remedies which might otherwise be available for
arrears of Rent or preceding breach of covenant and without prejudice to Tenant’s
liability for damages as hereinafter stated), this Lease shall terminate.  As used in items (b), (c), (e) and (f) of
this Section, the term “Tenant” shall also be deemed to refer to any guarantor
of Tenant’s obligations hereunder.

 

19.2         Damages
– Assignment for Benefit of Creditors.

[Intentionally Omitted]

 

19.3         Damages
– Termination.  Upon the termination of this Lease under the
provisions of this Article, then except as hereinabove in Section 19.2
otherwise provided, Tenant shall pay to Landlord the Rent payable by Tenant to
Landlord up to the time of such termination, shall continue to be liable for
any preceding breach of covenant, and in addition, shall pay to Landlord as
damages, at the election of Landlord

 

either:

(x)  the amount by which, at the time of
the termination of this Lease (or at any time thereafter if Landlord shall have
initially elected damages under Subparagraph (y), below), (i) the
aggregate of the Rent projected over the period

 

28

 

commencing with such time and ending on the
originally-scheduled Termination Date as stated in Article 1 exceeds (ii) the
aggregate projected rental value of the Demised Premises for such period,

 

or,

(y)  amounts equal to the Rent which
would have been payable by Tenant had this Lease not been so terminated,
payable upon the due dates therefor specified herein following such termination
and until the originally-scheduled Termination Date as specified in Article 1,
provided, however, if Landlord shall re-let the Demised Premises during such
period, that Landlord shall credit Tenant with the net rents received by
Landlord from such re-letting, such net rents to be determined by first
deducting from the gross rents as and when received by Landlord from such
re-letting the expenses incurred or paid by Landlord in terminating this Lease,
as well as the expenses of re-letting, including altering and preparing the
Demised Premises for new tenants, brokers’ commissions, and all other similar
and dissimilar expenses properly chargeable against the Demised Premises and
the rental therefrom, it being understood that any such re-letting may be for a
period equal to or shorter or longer than the remaining term of this Lease; and
provided, further, that (i) in no event shall Tenant be entitled to
receive any excess of such net rents over the sums payable by Tenant to
Landlord hereunder and (ii) in no event shall Tenant be entitled in any
suit for the collection of damages pursuant to this Subparagraph (y) to a
credit in respect of any net rents from a re-letting except to the extent that
such net rents are actually received by Landlord.  If the Demised Premises or any part thereof
should be re-let in combination with other space, then proper apportionment on
a square foot area basis shall be made of the rent received from such
re-letting and of the expenses of re-letting. 
Landlord shall endeavor in good faith to mitigate damages payable
pursuant to the provisions of this subparagraph.

 

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

 

Nothing herein contained shall be construed
as limiting or precluding the recovery by Landlord against Tenant of any sums
or damages to which, in addition to the damages particularly provided above,
Landlord may lawfully be entitled by reason of any default hereunder on the
part of Tenant.

 

19.4         Fees
and Expenses. If Tenant
shall default in the performance of any covenant on Tenant’s part to be
performed as in this Lease contained, Landlord may immediately, or at any time
thereafter, subject (except in case of emergency) to notice and expiration of
the applicable grace period, perform the same for the account of Tenant. If
Landlord at any time is compelled to pay or elects to pay any sum of money, or
do any act which will

 

29

 

require
the payment of any sum of money, by reason of the failure of Tenant to comply
with any provision hereof, or if Landlord is compelled to or does incur any
expense, including without limitation reasonable attorneys’ fees, in
instituting, prosecuting and/or defending any action or proceeding arising by
reason of any default of Tenant hereunder, Tenant shall on demand pay to
Landlord by way of reimbursement the sum or sums so paid by Landlord.  Without limiting the generality of the
foregoing, in the event that any Rent is more than ten (10) days in
arrears, Tenant shall pay, as Additional Rent, a delinquency charge equal to
two and one-half percent (2-1/2%) of the arrearage for each calendar month (or
fraction thereof) during which it remains unpaid.

 

19.5         Landlord’s
Remedies Not Exclusive.  The specified remedies to which Landlord may
resort hereunder are cumulative and are not intended to be exclusive of any
remedies or means of redress to which Landlord may at any time be lawfully
entitled, and Landlord may invoke any remedy (including without limitation the
remedy of specific performance) allowed at law or in equity as if specific
remedies were not herein provided for.

 

19.6         Grace
Period.  Notwithstanding anything to the contrary in
this Article contained, Landlord agrees that this Lease will not terminate
and that Landlord will not take any action to terminate this Lease (a) for
default by Tenant in the payment when due of Rent, if Tenant shall cure such
default within ten (10) days after written notice thereof given by
Landlord to Tenant, or (b) for default by Tenant in the performance of any
other covenant, if Tenant shall cure such default within a period of thirty
(30) days after written notice thereof given by Landlord to Tenant (except
where the nature of the default is such that remedial action should
appropriately take place sooner, as indicated in such written notice), or with
respect to covenants other than to pay a sum of money within such additional
period as may reasonably be required to cure such default if (because of
governmental restrictions or any other cause beyond the reasonable control of
Tenant) the default is of such a nature that it cannot be cured within such
thirty (30)-day period, provided, however, (1) that there shall be no
extension of time beyond such thirty (30)-day period for the curing of any such
default unless, not more than twenty-five (25) days after the receipt of the
notice of default, Tenant in writing (i) shall specify the cause on
account of which the default cannot be cured during such period and shall
advise Landlord of its intention duly to institute all steps necessary to cure
the default and (ii) shall as soon as may be reasonable duly institute and
thereafter diligently prosecute to completion all steps necessary to cure such
default and, (2) that no notice of the opportunity to cure a default need
be given, and no grace period whatsoever shall be allowed to Tenant, if the
covenant or condition the breach of which gave rise to the default had, by
reason of a breach on a prior occasion during the preceding twelve (12) month
period, been the subject of a notice hereunder to cure such default.

 

30

 

20.           END OF TERM - ABANDONED PROPERTY

 

Upon the expiration or other termination of
the Term of this Lease, Tenant shall peaceably quit and surrender to Landlord
the Demised Premises and all alterations and additions thereto which Tenant is
not entitled or required to remove under the provisions of this Lease, broom
clean in good order, repair and condition excepting only reasonable use and
wear and damage by fire or other casualty for which, under other provisions of
this Lease, Tenant has no responsibility of repair or restoration.  Tenant’s obligation to observe or perform
this covenant shall survive the expiration or other termination of the Term of
this Lease.  If the last day of the Term
of this Lease or any renewal thereof falls on a day other than a Business Day,
this Lease shall expire on the Business Day immediately preceding.

 

Any personal property in which Tenant has an
interest which shall remain in the Building or on the Demised Premises after
the expiration or termination of the Term of this Lease shall be conclusively
deemed to have been abandoned, and may be disposed of in such manner as
Landlord may see fit; provided, however, notwithstanding the foregoing, that
Tenant will, upon request of Landlord made not later than thirty (30) days
after the expiration or termination of the Term hereof, promptly remove from
the Building any such personal property or, if any part thereof shall be sold,
that Landlord may receive and retain the proceeds of such sale and apply the
same, at its option, against the expenses of the sale, the cost of moving and
storage, any arrears of Rent payable hereunder by Tenant to Landlord and any
damages to which Landlord may be entitled under Article 19 hereof or
pursuant to law, with the balance if any, to be paid to Tenant.

 

21.           RIGHTS
OF MORTGAGEES

 

21.1         Superiority
of Lease.  Except to the extent that it may be provided
otherwise by written agreement between Tenant and a Mortgagee, this Lease shall
be superior, and shall not be subordinated, to a Mortgage or to any other
voluntary lien or encumbrance affecting the Land or Building or any part
thereof and hereafter granted by Landlord. 
Any Mortgagee shall have the right, at its option, to subordinate its
Mortgage to this Lease, in whole or in part, by recording a unilateral
declaration to such effect.

 

21.2         Entry
and Possession.  Upon entry and taking possession of the
Property by a Mortgagee, for the purpose of foreclosure or otherwise, such
Mortgagee shall have all the rights of Landlord, and shall be liable to perform
all the obligations of Landlord arising during the period of such possession,
provided, however, that upon the return of possession to Landlord by such
Mortgagee, such rights and obligations of Mortgagee shall cease until a
subsequent entry.

 

21.3         Right
to Cure.  No act or failure to act on the part of

 

31

 

Landlord
which would entitle Tenant under the terms of this Lease, or by law, to be
relieved of Tenant’s obligations hereunder or to terminate this Lease, shall
result in a release or termination of such obligations or a termination of this
Lease unless (i) Tenant shall have first given written notice of Landlord’s
act or failure to act to first Mortgagees of record, if any, and to any other
Mortgagees of whom Tenant has been given written notice, specifying the act or
failure to act on the part of Landlord which could or would give basis to
Tenant’s rights; and (ii) such Mortgagees, after receipt of such notice,
have failed or refused to correct or cure the condition complained of within a
reasonable time thereafter, but nothing contained in this paragraph shall be
deemed to impose any obligation on any such Mortgagees to correct or cure any
such condition. “Reasonable time” as used above means and includes a reasonable
time to obtain possession of the Land and Building if any such Mortgagee elects
to do so and a reasonable time to correct or cure the condition if such
condition is determined to exist, provided that such Mortgagee shall
investigate the condition complained of within thirty (30) days after notice
thereof and thereafter pursue any required corrective action with all due
diligence.

 

21.4         Prepaid
Rent.  No Rent shall be paid more than thirty (30)
days prior to the due dates thereof and, as to a first Mortgagee of record and
any other Mortgagees of whom Tenant has been given written notice, payments
made in violation of this provision shall (except to the extent that such rents
are actually received by such Mortgagee) be a nullity as against such Mortgagee
and Tenant shall be liable for the amount of such payments to such Mortgagee.

 

21.5         Continuing
Offer.  The covenants and agreements contained in
this Lease with respect to the rights, powers and benefits of a Mortgagee
(particularly, without limitation thereby, the covenants and agreements
contained in this Article) constitute a continuing offer to any person,
corporation or other entity, which by accepting or requiring an assignment of
this Lease or by entry or foreclosure assumes the obligations herein set forth
with respect to such Mortgagee; every such Mortgagee is hereby constituted a
party to this Lease as an obligee hereunder to the same extent as though its
name was written hereon as such; and such Mortgagee shall be entitled to
enforce such provisions in its own name.

 

21.6         Subordination. 
Notwithstanding the foregoing provisions of this Article, Tenant agrees,
at Landlord’s request, to execute and deliver promptly any certificate or other
instrument which Landlord may request subordinating this Lease and all rights
of Tenant hereunder to any Mortgage, and to all advances made under such
Mortgage and/or agreeing to attorn to such Mortgagee in the event that it
succeeds to Landlord’s interest in the Property, provided that (i) the
holder of any such Mortgage shall execute and deliver to Tenant a
non-disturbance agreement to the effect that, in the event of any

 

32

 

foreclosure of such Mortgage, such holder will not
name Tenant as a party defendant to such foreclosure nor disturb its possession
under the Lease and will otherwise recognize Tenant’s rights hereunder, or (ii) any
such Mortgage shall contain provisions substantially to the same effect as
those contained in such a non-disturbance agreement.  Landlord warrants and represents that the
Property is not presently subject to any Mortgage

 

21.7         Limitations
on Liability.  Nothing contained in
the foregoing Section 21.6 or in any such non-disturbance agreement or
non-disturbance provision shall however, affect the prior rights of the holder
of any Mortgage with respect to the proceeds of any award in condemnation or of
any fire insurance policies affecting the Building, or impose upon any such
holder any liability (i) for the erection or completion of the Building,
or (ii) in the event of damage or destruction to the Building or the
Demised Premises by fire or other casualty, for any repairs, replacements,
rebuilding or restoration except such repairs, replacements, rebuilding or
restoration as can reasonably be accomplished from the net proceeds of
insurance actually received by, or made available to, such holder, or (iii) for
any default by Landlord under the Lease occurring prior to any date upon which
such holder shall become Tenant’s landlord, or (iv) for any credits,
offsets or claims against the Rent as a result of any acts or omissions of
Landlord committed or omitted prior to such date, or (v) for return of any
security deposit or other funds unless the same shall have been received by
such holder, and any such agreement or provision may so state.

 

22.           QUIET ENJOYMENT

 

Landlord covenants that if,
and so long as, Tenant keeps and performs each and every covenant, agreement,
term, provision and condition herein contained on the part and on behalf of
Tenant to be kept and performed, Tenant shall quietly enjoy the Demised
Premises from and against the claims of all persons claiming by, through or
under Landlord subject, nevertheless, to the covenants, agreements, terms,
provisions and conditions of this Lease and to all Mortgages to which this
Lease is subject and subordinate.

 

Without incurring any liability to Tenant, Landlord may permit access
to the Demised Premises and open the same, whether or not Tenant shall be
present, upon any demand of any sheriff, marshall or court officer entitled to,
or reasonably purporting to be entitled to, such access for any lawful purpose
(but this provision and any action by Landlord hereunder shall not be deemed a
recognition by Landlord that the person or official making such demand has any
right or interest in or to this Lease, or in or to the Demised Premises), or
upon demand of any representative of the fire, police, building, sanitation or
other department of the city, county, state or federal governments. Landlord
shall endeavor to give Tenant prior oral or written notice of any access to the
Demised Premises hereunder unless prohibited from doing so by the person making
such demand.

 

33

 

23.           ENTIRE AGREEMENT - WAIVER - SURRENDER

 

23.1         Entire
Agreement.  This Lease and the Exhibits made a part
hereof contain the entire and only agreement between the parties and any and
all statements and representations, written and oral, including previous
correspondence and agreements between the parties hereto, are merged
herein.  Tenant acknowledges that all
representations and statements upon which it relied in executing this Lease are
contained herein and that Tenant in no way relied upon any other statements or
representations, written or oral.  Any
executory agreement hereafter made shall be ineffective to change, modify,
discharge or effect an abandonment of this Lease in whole or in part unless
such executory agreement is in writing and signed by the party against whom
enforcement of the change, modification, discharge or abandonment is
sought.  Nothing herein shall prevent the
parties from agreeing to amend this Lease and the Exhibits made a part hereof
as long as such amendment shall be in writing and shall be duly signed by both
parties.

 

23.2         Waiver.  The
failure of either party to seek redress for violation, or to insist upon the
strict performance, of any covenant or condition of this Lease, or (in the case
of Landlord) any of the Rules and Regulations promulgated hereunder, shall
not prevent a subsequent act, which would have originally constituted a
violation, from having all the force and effect of an original violation.  The receipt by Landlord of Rent with
knowledge of the breach of any covenant of this Lease shall not be deemed a
waiver of such breach.  The failure of
Landlord to enforce any of such Rules and Regulations against Tenant
and/or any other tenant or subtenant in the Building shall not be deemed a
waiver of any such Rules and Regulations. 
No provisions of this Lease shall be deemed to have been waived by
either party unless such waiver be in writing signed by such party.  No payment by Tenant or receipt by Landlord
of a lesser amount than the monthly rent herein stipulated shall be deemed to
be other than on account of the stipulated rent, nor shall any endorsement or
statement on any check or any letter accompanying any check or payment as rent
be deemed an accord and satisfaction, and Landlord may accept such check or
payment without prejudice to Landlord’s right to recover the balance of such
rent or pursue any other remedy in this Lease provided.

 

23.3         Surrender.  No
act or thing done by Landlord during the term hereby demised shall be deemed an
acceptance of a surrender of the Demised Premises, and no agreement to accept
such surrender shall be valid, unless in writing signed by Landlord. No
employee of Landlord or of Landlord’s agents shall have any power to accept the
keys of the Demised Premises prior to the termination of this Lease.  The delivery of keys to any employee of Landlord
or of Landlord’s agents shall not operate as a termination of the Lease or a
surrender of the Demised Premises.

 

34

 

24.           INABILITY
TO PERFORM - EXCULPATORY CLAUSE

 

Except as otherwise expressly provided in this
Lease, this Lease and the obligations of Tenant to pay Rent hereunder and
perform all other covenants, agreements, terms, provisions and conditions
hereunder on the part of Tenant to be performed shall in no way be affected,
impaired or excused because Landlord is unable to fulfill any of its
obligations under this Lease or is unable to supply or is delayed in supplying
any service expressly or impliedly to be supplied or is unable to make or is
delayed in making any repairs, replacements, additions, alterations,
improvements or decorations or is unable to supply or is delayed in supplying
any equipment or fixtures if Landlord is prevented or delayed from doing so by
reason of strikes or labor troubles or any other similar or dissimilar cause
whatsoever beyond Landlord’s reasonable control, including but not limited to,
governmental preemption in connection with a national emergency or by reason of
any rule, order or regulation of any department or subdivision thereof of any
governmental agency or by reason of the conditions of supply and demand which
have been or are affected by war, hostilities or other similar or dissimilar
emergency.  In each such instance of
inability of Landlord to perform, Landlord shall exercise reasonable diligence
to eliminate the cause of such inability to perform.

 

Tenant shall neither assert nor seek to enforce any
claim for breach of this Lease against any of Landlord’s assets other than
Landlord’s interest in the Property and in the rents, issues and profits
thereof, and Tenant agrees to look solely to such interest for the satisfaction
of any liability of Landlord under this Lease, it being specifically agreed
that in no event shall Landlord (which term shall include, without limitation
any of the officers, trustees, directors, partners, beneficiaries, joint
venturers, members, stockholders or other principals or representatives,
disclosed or undisclosed, of Landlord or any managing agent) ever be personally
liable for any such liability. This paragraph shall not limit any right that
Tenant might otherwise have to obtain injunctive relief against Landlord or to
take any other action which shall not involve the personal liability of
Landlord to respond in monetary damages from Landlord’s assets other than the
Landlord’s interest in said real estate, as aforesaid.  In no event shall Landlord ever be liable for
consequential damages.

 

25.           BILLS
AND NOTICES

 

Any notice, consent, request, bill, demand or
statement hereunder by either party to the other party shall (except as otherwise
herein specified) be in writing and either delivered or served personally or
sent by certified or registered mail, return receipt requested, in a postpaid
envelope, deposited in the United States mails addressed to the respective
party at its Address as stated in Article 1, or if any Address for notices
shall have been duly changed as hereinafter provided, if mailed as aforesaid to
the party at such changed Address. 
Either party

 

35

 

may at any time change the Address for such notices, consents,
requests, bills, demands or statements by delivering or mailing, as aforesaid,
to the other party a notice stating the change and setting forth the changed
Address, provided such changed address is within the United States. Any such
notice, consent, request, bill, demand or statement shall be effective when
received or refused.

 

All bills and statements for reimbursement or other payments or charges
due from Tenant to Landlord hereunder shall be due and payable in full thirty
(30) days, unless herein otherwise provided, after submission thereof by
Landlord to Tenant. Tenant’s failure to make timely payment of any amounts
indicated by such bills and statements, whether for work done by Landlord at
Tenant’s request, reimbursement provided for by this Lease or for any other
sums properly owing by Tenant to Landlord, shall be treated as a default in the
payment of Rent, in which event Landlord shall have all rights and remedies
provided in this Lease for the nonpayment of Rent.

 

26.           PARTIES
BOUND - SEIZIN OF TITLE

 

The covenants, agreements, terms, provisions and conditions of this
Lease shall bind and benefit the successors and assigns of the parties hereto
with the same effect as if mentioned in each instance where a party hereto is
named or referred to, except that no violation of the provisions of Article 14
hereof shall operate to vest any rights in any successor or assignee of Tenant
and that the provisions of this Article shall not be construed as
modifying the conditions of limitation contained in Article 19 hereof.

 

If in connection with or as a consequence of the sale, transfer or
other disposition of the real estate (Land and/or Building, either or both, as
the case may be) of which the Demised Premises are a part Landlord ceases to be
the owner of the reversionary interest in the Demised Premises, Landlord shall
be entirely freed and relieved from the performance and observance thereafter
of all covenants and obligations hereunder accruing thereafter on the part of
Landlord to be performed and observed, it being understood and agreed in such
event (and it shall be deemed and construed as a covenant running with the
land) that the person succeeding to Landlord’s ownership of said reversionary
interest shall thereupon and thereafter assume, and perform and observe, any
and all of such covenants and obligations of Landlord.  Landlord shall, upon any such sale, transfer
or other disposition, remit to Landlord’s successor the security deposit
referenced in Section 27.7.

 

27.           MISCELLANEOUS

 

27.1         Separability.  If any provision of this Lease or portion of
such provision or the application thereof to any person or circumstance is for
any reason held invalid or unenforceable, the remainder of the Lease (or the
remainder of

 

36

 

such provision) and the application thereof to other
persons or circumstances shall not be affected thereby.

 

27.2         Captions.  The
captions are inserted only as a matter of convenience and for reference, and in
no way define, limit or describe the scope of this Lease nor the intent of any
provisions thereof.

 

27.3         Broker.  Each
party represents and warrants that it has not directly or indirectly dealt,
with respect to the leasing of space in the Building, with any broker or had
its attention called to the Demised Premises or other space to let in the
Building, by any broker other than the Broker listed in Article 1 whose
commission shall be the responsibility of Landlord.  Each party agrees to exonerate and save
harmless and indemnify the other against any claims for a commission by any
other broker, person or firm, with whom such party has dealt in connection with
the execution and delivery of this Lease or out of negotiations between
Landlord and Tenant with respect to the leasing of other space in the Building.

 

27.4         Governing
Law.  This Lease is made pursuant to, and shall be
governed by, and construed in accordance with, the laws of the Commonwealth of
Massachusetts.

 

27.5         Assignment
of Lease and/or Rent.  With reference to any assignment by Landlord
of its interest in this Lease and/or the Rent payable hereunder, conditional in
nature or otherwise, which assignment is made to or held by a bank, trust
company, insurance company or other institutional lender holding a Mortgage on
the Building, Landlord and Tenant agree:

 

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

 

(b)          that, except as aforesaid, such Mortgagee shall be treated as having
assumed the Landlord’s obligations hereunder only upon foreclosure of such Mortgagee’s
Mortgage and the taking of possession of the Demised Premises after having
given notice of its intention to succeed to the interest of the Landlord under
this Lease.

 

27.6         Notice
of Lease.  Neither party shall record this Lease in any
Registry of Deeds or Registry District, provided however that either party
shall at the request of the other, execute and deliver a recordable Notice of
this Lease in the form prescribed by Chapter 183, Section 4 of the
Massachusetts General Laws.

 

27.7         Security
Deposit.  Landlord acknowledges receipt from Tenant of
a deposit in the amount of $16,764.34 to be held by Landlord during the Term of
this Lease as security for the full, faithful and punctual performance by
Tenant of all the covenants

 

37

 

damage to the Property arising from such removal; and (e) Tenant
shall purchase the energy required for operation of the Facilities.

 

IN WITNESS WHEREOF, Landlord
and Tenant have caused this instrument to be executed under seal, all as of the
day and year first above written.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  BOSTON
  WHARF CO.

  
	
   

  	
   

  
	
   

  	
  By

  	
  [ILLEGIBLE]

  
	
   

  	
  On
  behalf of P & 0 Properties Boston Inc. and Summer St. Properties
  Inc., its sole General Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  INVESTMENT
  TECHNOLOGY GROUP,  INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  [ILLEGIBLE]

  
	
   

  	
  Its

  	
  PRESIDENT

  
	
   

  	
   

  	
  (duly-authorized)
  title

  

 

38

 

	
  44 FARNSWORTH

  	
   

  	
  9TH FLOOR

  	
   

  	
  EXHIBIT “A”

  

 

 

 

EXHIBIT
B

 

SCHEDULE OF CLEANING SERVICES

 

NIGHTLY

 

Empty wastebaskets and replace
plastic liners as needed (liners to be paid for by tenant).

 

Empty and damp wipe ashtrays.

 

Dust furniture and fixtures,
office equipment, ledges, windowsills, telephones and bookshelves.

 

Spot clean walls around door
frames and light switches.  Clean and
sanitize drinking fountains.  Damp wipe
desk and table tops.

 

Vacuum carpeting.

 

Spot clean carpeting.

 

Dry mop composition floors
using chemically treated dry mops.

 

Spot mop composition floors.

 

Vacuum and/or sweep and dust
stairways.

 

LOBBY

 

Damp wipe elevator doors and
walls.

 

Dust elevator doors and walls.

 

Clean elevator tracks.

 

Vacuum elevator rugs.

 

Wash entrance door glass.

 

CAFETERIA

 

Wash table tops in cafeteria.

 

Wipe down chairs in cafeteria.

 

COMPUTER
ROOM

 

Special care in cleaning of
computer room.

 

 

LAVATORIES

 

Wash and disinfect sinks,
commodes and urinals.  Wash and polish
mirrors and bright work.  Empty receptacles
and remove to central area.  Dust
partitions, dispensers and receptacles.

 

Replenish toilet tissue, paper
towel and hand soap dispensers (supplies to be furnished by Landlord).

 

Sweep, wash and disinfect
floors.

 

Wash and polish all marble.

 

 

WEEKLY

 

Dust bottoms of chairs,
typewriter tables, etc.

 

Remove fingerprints and smudges
from doors, door frames, and partitions.

 

Wash composition floors.

 

Spray buff composition floors.

 

Wash stairs.

 

 

MONTHLY

 

Dust Venetian blinds.

 

Wash and redress composition
floors.

 

 

QUARTERLY

 

Dust ceiling diffusers.

 

Machine strip and refinish
composition floors.

 

 

WINDOW
CLEANING

 

Wash and clean interior and
exterior windows including all metal mullions and sashes, which shall be wiped
clean during the window cleaning operation once every three (3) months.

 

 

 

EXHIBIT C

 

RULES AND REGULATIONS

 

1.             The sidewalks,
entrances, passages, courts, elevators, vestibules, stairways, corridors or
halls of the Building shall not be obstructed or encumbered or used for any
purpose other than ingress and egress to and from the premises demised to any
tenant or occupant.

 

2.             No awnings or other
projections shall be attached to the outside walls or windows of the Building
without the prior consent of Landlord. 
No curtains, blinds, shades, or screens shall be attached or hung in, or
used in connection with, any window or door of the premises demised to any
tenant or occupant, without the prior consent of Landlord.  Such awnings, projections, curtains, blinds,
shades, screens, or other fixtures must be of a quality type, design and color,
and attached in a manner, approved by Landlord.

 

3.             No sign,
advertisement, object, notice or other lettering shall be exhibited, inscribed,
painted or affixed on any part of the outside or inside of the premises demised
to any tenant or occupant or of the Building without the prior consent of
Landlord.  Interior signs on doors and
directory tables, if any, shall be of a size, color and style approved by
Landlord.

 

4.             The sashes, sash
doors, skylights, windows, and doors that reflect or admit light and air into
the halls, passageways or other public places in the Building shall not be
covered or obstructed, nor shall any bottles, parcels, or other articles be
placed on any window sills.

 

5.             No show cases or other
articles shall be put in front of or affixed to any part of the exterior of the
Building, nor placed in the halls, corridors, vestibules or other parts of the
Building.

 

6.             The water and wash
closets and other plumbing fixtures shall not be used for any purposes other
than those for which they were constructed, and no sweepings, rubbish, rags, or
other substances shall be thrown therein.

 

7.             No tenant or occupant
shall mark, paint, drill into, or in any way deface any part of the Building or
the premises demised to such tenant or occupant.  No boring, cutting or stringing of wires
shall be permitted, except with the prior consent of the Landlord, and as
Landlord may direct.  No tenant or
occupant shall install any carpeting in the premises demised to such tenant or
occupant except in manner approved by Landlord and in accordance with the
following minimum specifications:

 

Padding – 40
ounces in weight per square yard 

Carpeting – 25
ounces in face weight per square yard

 

 

8.             No bicycles, vehicles
or animals of any kind shall be brought into or kept in or about the premises
demised to any tenant.  Bicycles may be
stored in racks, if any, furnished for such purpose by Landlord in a common
area of the Property.  No cooking shall
be done or permitted in the Building by any tenant without the approval of
Landlord.  No tenant shall cause or
permit any unusual or objectionable odors to emanate from the premises demised
to such tenant.

 

9.             Without the prior
consent of Landlord, no space in the Building shall be used for manufacturing,
or for the sale of merchandise, goods or property of any kind at auction.

 

10.           No tenant shall make,
or permit to be made, any unseemly or disturbing noises or disturb or interfere
with other tenants or occupants of the Building or neighboring buildings or
premises whether by the use of any musical instrument, radio, television set or
other audio device, unmusical noise, whistling, singing, or in any other
way.  Nothing shall be thrown out of any
doors or windows.

 

11.           Each tenant must, upon
the termination of its tenancy, restore to Landlord all keys of stores, storage
areas, offices and toilet rooms, either furnished to, or otherwise procured by,
such tenant.

 

12.           All removals from the
Building, or the carrying in or out of the Building or the premises demised to
any tenant, of any safes, freight, furniture, or bulky matter of any
description must take place at such time and in such manner as Landlord or its
agents may determine, from time to time. 
Landlord reserves the right to inspect all freight to be brought into
the Building and to exclude from the Building all freight which violates any of
the Building Rules or the provisions of such tenant’s lease.

 

13.           No tenant shall use or
occupy, or permit any portion of the premises demised to such tenant to be used
or occupied, as an office for a public stenographer or typist, or as a barber
or manicure shop, or as an employment bureau. No tenant or occupant shall
engage or pay any employees in the Building, except those actually working for
such tenant or occupant in the Building, nor advertise for laborers giving an
address at the Building.

 

14.           No tenant or occupant
shall purchase spring water, ice, food, beverage, lighting maintenance,
cleaning towels or other like service, from any company or person not approved
by Landlord, such approval not unreasonably to be withheld.

 

15.           Landlord shall have the
right to prohibit any advertising by any tenant or occupant which, in Landlord’s
opinion, tends to impair the reputation of the Building or its desirability as
a building for offices, and upon notice from Landlord, such tenant or occupant
shall refrain from or discontinue such advertising.

 

 

16.           Landlord reserves  the
right to exclude from the Building, between the hours of 6:00 p.m. and 8:00 a.m.
on Business Days and otherwise at all hours, all unauthorized persons.

 

17.           Each tenant, before
closing and leaving the premises demised to such tenant at any time, shall see
that all entrance doors are locked and windows closed.

 

18.           No premises shall be
used, or permitted to be used, for lodging or sleeping, or for any immoral or
illegal purpose.

 

19.           There shall not be used
in the Building, either by any tenant or occupant or by their agents or
contractors, in the delivery or receipt of merchandise, freight or other
matter, any hand trucks or other means of conveyance except those equipped with
rubber tires, rubber side guards and such other safeguards as Landlord may
require.

 

20.           Canvassing, soliciting
and peddling in the Building are prohibited and each tenant and occupant shall
cooperate in seeking their prevention.

 

21.           If the premises demised
to any tenant become infested with vermin, such tenant, at its sole cost and
expense, shall cause its premises to be exterminated from time to time, to the
satisfaction of Landlord, and shall employ such exterminators therefor as shall
be approved by Landlord.

 

22.           No tenant shall move,
or permit to be moved, into or out of the Building or the premises demised to
such tenant, any heavy or bulky matter, without the specific approval of
Landlord. If any such matter requires special handling, only a person holding a
Master Rigger’s license shall be employed to perform such special
handling.  No tenant shall place, or
permit to be placed, on any part of the floor or floors of the premises demised
to such tenant, a load exceeding the floor load per square foot which such
floor was designed to carry and which is allowed by law.  Landlord reserves the right to prescribe the
weight and position of safes and other heavy matter,’ which must be placed so
as to distribute the weight.  Whenever
any passenger elevator is used for the transport of freight, protective padding
furnished by Landlord shall be attached to the side and rear walls of said
elevator during such use.

 

23.           The requirements of
tenants will be attended to only upon application at the office of the
building.  Building employees shall not
be required to perform, and shall not be requested by any tenant or occupant to
perform, any work outside of their regular duties, unless under specific
instructions from the office of the managing agent of the building.

 

24.           The possession of any
lighted cigarette, cigar, pipe or other smoking articles shall be prohibited
throughout the Building and the sidewalks adjoining the Building.

 

 

 

EXHIBIT  D 

 

APPROVED CONTRACTORS 

 

LEE KENNEDY
CO., INC.

 

 

EXHIBIT “E”

 

PLANS AND SPECIFICATIONS FOR TENANT’S INITIAL WORK

 

Plans prepared by

Montroy Andersen Design Group
Inc.

432 Park Avenue

New York, New York

 

Dated:  March 3, 1995

Titled: I.T.G. 44 Farnsworth
Street, Boston, MA

 

	
  TITLE

  	
   

  	
  DRAWING NUMBER

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  General
  Notes

  	
   

  	
   

  	
  GN–1

  	
   

  
	
  Demolition

  	
   

  	
   

  	
  9–A1

  	
   

  
	
  Construction
  Plan

  	
   

  	
   

  	
  9–A2

  	
   

  
	
  Reflected
  Ceiling Plan

  	
   

  	
   

  	
  9–A3

  	
   

  
	
  Telephone &
  Electric Plan

  	
   

  	
   

  	
  9–A4

  	
   

  
	
  Furniture &
  Equipment Plan

  	
   

  	
   

  	
  9–A5

  	
   

  
	
  Finish Plan

  	
   

  	
   

  	
  9–A6

  	
   

  
	
  Roof Plan

  	
   

  	
   

  	
  9–A7

  	
   

  
	
  Door
  Schedule

  	
   

  	
   

  	
  9–A8

  	
   

  
	
  Elevations &
  Details

  	
   

  	
   

  	
  9–A9

  	
   

  
	
  Elevations &
  Details

  	
   

  	
   

  	
  9–A10

  	
   

  
	
  Elevations &
  Details

  	
   

  	
   

  	
  9–Al1

  	
   

  
	
  Reception
  Floor Details

  	
   

  	
   

  	
  9–A12

  	
   

  

 

 

	
   

  	
   

   

   

   

   

  EXHIBIT F

   

  PLAN SHOWING GENERATOR LOCATIONExhibit 10.31.1

 

ASSIGNMENT OF LEASE

 

THIS AGREEMENT, made as of
the 27th day of April, 1999 by and among BOSTON WHARF CO., a Massachusetts
general partnership (hereinafter referred to as “Landlord”), INVESTMENT
TECHNOLOGY GROUP, INC., a Delaware corporation (hereinafter referred to as “Assignor”),
and INVESTMENT TECHNOLOGY GROUP, INC., a Delaware corporation, formerly known
as Jefferies Group, Inc. (hereinafter referred to as “Assignee”)

 

WITNESSETH  
THAT:

 

WHEREAS, Landlord has leased
to Assignor certain premises contained in the building known and numbered as 44
Farnsworth Street, Boston, Massachusetts, as more particularly set forth in an
agreement of lease between Landlord and Assignor dated March 10, 1995
(hereinafter referred to as the “Lease”); and

 

WHEREAS, Assignee is a successor to Assignor by way
of merger; and

 

WHEREAS, in connection with
said merger, Assignor wishes to assign the Lease to Assignee; and

 

WHEREAS, such assignment is
subject to certain restrictions and other provisions contained in the Lease;

 

NOW THEREFORE, for good and
valuable consideration by each party paid to the other parties and in further
consideration of the foregoing recitals and the obligations of the parties
herein assumed:

 

1.             Assignor assigns, transfers, and sets  over unto
Assignee all its  right, title and interest as the
tenant under the Lease from and after the date hereof (hereinafter referred to
as the “Effective Date”).

 

2.             Landlord
consents to the foregoing assignment.

 

 

3.             Assignee assumes all obligations of the tenant under the
Lease to be performed before, on or after the Effective Date and covenants and
agrees:

 

A.                                   that Assignee
shall be and remain primarily liable to Landlord jointly and severally with
Assignor for the payment of all rent and for the due performance of all of the
other obligations, terms, covenants, conditions and agreements contained in the
Lease on the tenant’s part to be performed before, on or after the Effective
Date; and

 

B.                                     that Assignee’s
obligations hereunder shall run to all persons claiming by, through or under
Landlord by virtue of any existing or future instrument.

 

4.             Without limiting the generality of the foregoing
Paragraph 3, Assignee covenants and agrees that any assignment, mortgage,
pledge or other transfer of Assignee’s rights under the Lease shall be governed
by the applicable provisions of the Lease.

 

5.             Assignor covenants and agrees that Assignor’s
obligations under the Lease shall continue in full force and effect as the
obligations of a principal and not as a guarantor or surety, and that Assignor
will defend, indemnify and save Assignee harmless from all claims for payment
of rent or for Assignor’s failure to perform any of the other obligations,
terms, covenants, conditions, and agreements contained in the Lease to be
performed with respect to the period up to the Effective Date.

 

6.             Assignor and Assignee covenant and agree that any
assignment of the Lease by virtue of any mortgage presently existing or
hereinafter executed or by virtue of a separate assignment shall constitute an
assignment of Landlord’s rights hereunder. Any such mortgagee or assignee may
enforce the obligations of Assignor and Assignee under the Lease and this Agreement in its own name and on its own
behalf.

 

2

 

7              This Agreement represents the entire agreement of the
parties with respect to the subject matter hereof, and may not be modified or
changed in any way except by a writing signed by the parties.

 

IN WITNESS WHEREOF, the
parties have caused this instrument to be signed, sealed and delivered in
triplicate all as of the day and year first above written.

 

 

	
   

  	
   

  	
  BOSTON
  WHARF CO.

  (Landlord)

  
	
   

  	
   

  	
   

  
	
   

  	
  By
  

  	
  P &
  O Properties Boston Inc. and 

  Summer St. Properties Inc., its sole 

  general partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/
  Robert N. Kenney

  
	
   

  	
   

  	
   

  	
  Robert
  N. Kenney, Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  INVESTMENT
  TECHNOLOGY GROUP, INC.

  (Assignor)

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
  Secretary

  
	
   

  	
   

  	
  title (duly-authorized)

  
	
   

  	
   

  	
   

  
	
   

  	
  INVESTMENT
  TECHNOLOGY GROUP, INC. (Assignee)

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
   

  
	
   

  	
  Its

  	
  Secretary

  
	
   

  	
   

  	
  title (duly-authorized)

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]