Document:

exv10w2

 

Exhibit 10.2

August 14, 2007

C & S Capital Properties LLC

Joseph Senna, Managing Partner

51 Main Street
 Stoneham, MA 02180

Dear Mr. Senna:

I am pleased to confirm approval of your request for financing totaling $1,000,000.00. The
credit facility provides financing of a mortgage loan for the acquisition of the property
located at 55-61 High Street, Medford, MA, at an aggregate cost of $1,500,000.

In addition to our standard terms and conditions, the obligation of Century Bank and Trust
Company to advance funds under this commitment is subject to your full compliance with the
following:

	 	 	 
	BORROWERS:

	 	C & S Capital Properties LLC.
	 
	 	 
	AMOUNT:

	 	$1,000,000
	 
	 	 
	TYPE:

	 	Commercial Real Estate Mortgage.
	 
	 	 
	TERM:

	 	5-year fixed interest rate term.
	 
	 	 
	REPAYMENT:

	 	Principal and Interest payments due monthly payable in arrears,
based on a 20-year amortization schedule.
	 
	 	 
	INTEREST RATE:

	 	Federal Home Loan Bank of Boston 5-year Classic Rate plus
200 basis points, fixed at closing.
	 
	 	 
	PREPAYMENT 

PENALTY:

	 	A prepayment penalty will be assessed equal to 5.0% of the principal balance at the lime of payoff, if prepaid in Year #1.
The prepayment penalty will be reduced to 4.0% if prepaid in
Year #2; 3.0% if prepaid in Year #3; 2.0% if prepaid in Year
#4 and 1.0% if prepaid in Year #5.

 

 

Page 2

C & S Capital Properties LLC

August 14, 2007

	 	 	 
	APPRAISAL:

	 	Bank requires that an appraisal be completed prior to closing and
performed by an appraiser acceptable to the Bank. The appraised
value on the subject property must yield a minimum value so as not
to exceed a 75% loan-to-value ratio.
	 
	 	 
	COLLATERAL:

	 	First mortgage security interest in the real estate and buildings to
be built thereon located at 55-61 High Street, Medford, MA, and an
assignment of all leases, rents, permits, plans, specs, licenses,
approvals and contracts.
	 
	 	 
	GUARANTOR:

	 	This loan shall be personally guaranteed by Joseph Senna.
	 
	 	 
	ENVIRONMENTAL:

	 	Bank requires an environmental review be completed on 55-61
High Street, Medford, MA.
	 
	 	 
	LATE CHARGE:

	 	The Borrower shall pay a late charge equal to 4% of any payment
not received by the Bank within (10) ten days of the due date.
	 
	 	 
	HAZARD INSURANCE:

	 	All risk, including full fire, flood, and hazard in an amount of the
mortgage loan, or the maximum coverage limit, whichever is less,
covering the subject real estate. The policy must name Century Bank
as first mortgagee/loss payee and contain a 10 day Notice of
Cancellation.
	 
	 	 
	TITLE INSURANCE:

	 	Confirmation of Title insurance from borrower’s attorney on the
subject property located at 55-61 High Street, Medford, MA, stating
there is at least $1,000,000.00 of coverage, is required prior to
closing. The title insurance policy shall be in a form and content
acceptable to the Bank and its closing Counsel.
	 
	 	 
	LEGAL:

	 	Attorney Robert Abruzese of the law firm of Abruzese and Barclay
(tel.# 781.395.5211) will represent the Bank in this transaction.

OTHER:

The Borrower will pay all closing costs of the loan including, but not limited to, appraisal
and legal fees and other fees incurred by the Bank in connection with this loan whether or not
this loan closes.

 

 

Page 3

C&S Capital Properties LLC

August 14, 2007

The Bank shall in no way be liable for any brokerage commission in
connection with this loan and shall be indemnified and saved harmless by
all Parties against claims for commissions.

This commitment letter and the basic terms and conditions outlined herein are
not meant to be, nor shall they be construed as, an attempt to define all the
terms and conditions of this financing. Rather, they are intended to set forth
in abbreviated fashion certain basic points of business understanding about
which the legal documentation is to be structured. Further negotiations within
the general scope of the major terms shall not be precluded by the issuance of
this commitment letter and its acceptance to you.

This commitment must be accepted and returned by August 17th,
2007 or it will be deemed null and void. Once accepted, this financing
commitment will expire within 60 days, unless the loan closes or the
commitment is otherwise extended.

Sincerely,

/s/ James M. Flynn

James M. Flynn

Senior Vice President

781-393-4108

 

 

Page 4

C & S Capital Properties LLC

August 14, 2007

If the terms and conditions of the commitment letter meet with your approval, kindly sign and date
this letter, and return it to my attention.

	 	 	 	 	 
	ACCEPTED AND AGREED:

C & S Capital Properties LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Joseph Senna
	 	                                          Date: 8/14/07
	 

	 	 

Joseph Senna, Managing Partnerexv10w3

 

Exhibit 10.3

STANDARD
FORM COMMERCIAL LEASE

	 	 	 	 	 	 	 
	1.	 	PARTIES	 	C&S Capital Properties, LLC
	 	 	(fill in)	 	51 Main Street, Stoneham, MA 02180
	 

	 	 	 	 	 	LESSOR, which expression shall
include its heirs, successors, and assigns where the
context so admits, does hereby lease to Century Bank and Trust Company
	 

	 	 	 	 	 	400 Mystic Avenue, Medford, MA 02155
	 
	 	 	 	 	 	 
	2.	 	PREMISES

(fill in and include,

if applicable, suite

number, floor

number, and square

feet)	 	LESSEE, which expression shall
include successors,
executors administrators,
and assigns where the context so admits, and the LESSEE hereby leases the following described premises

55 High Street, Medford, MA containing approximately
4,590 s.f. of rentable first floor space, including basement, and the
two existing on-site parking spaces.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	together with the right to use in
common, with others entitled thereto, the hallways, stairways and
elevators necessary for access to said leased premises, and lavatories nearest thereto.
	 
	 	 	 	 	 	 
	3.	 	TERM	 	The term of this lease shall be
monthly commencing on
August 17, 2007 and ending on thirty (30) days written notice to LESSOR.
	 	 	(fill in)	 	 
	 	 	BASE	 	 
	 
	 	 	 	 	 	 
	4.	 	RENT	 	The LESSEE shall pay to the LESSOR
rent at the rate of $68,850.00 dollars per year, payable in advance in
monthly installments of $5,737.50
	 	 	(fill in)	 	 
	 
	 	 	 	 	 	 
	5.	 	SECURITY	 	[DELETED] 
	 	 	DEPOSIT	 	 
	 	 	(fill in)	 	 
	 
	 	 	 	 	 	 
	6.	 	RENT	 	[DELETED] 
	 	 	ADJUSTMENT	 	 
	 
	 	 	 	 	 	 
	 

	 	A.
	 	TAX	 	[DELETED] 
	 

	 	 	 	ESCALATION	 	 
	 

	 	 	 	(fill in or delete)	 	 
	 
	 	 	 	 	 	 
	 

	 	B.
	 	OPERATING	 	[DELETED] 
	 

	 	 	 	COST	 	 
	 

	 	 	 	ESCALATION	 	 
	 

	 	 	 	(fill in or delete)	 	 
	 
	 	 	 	 	 	 
	 

	 	C.
	 	ADDITIONAL RENT

(Pro Rata
Share):
	 	In addition to the Base Rent due hereunder, LESSEE shall pay LESSOR
on a triple net (NNN) basis sixty five percent (65%) of the amount
of all real estate taxes and operating costs, including, but not
limited to Insurance.
	 
	 	 	 	 	 	 
	 

	 	C.
	 	CONSUMER

PRICE

ESCALATION

(fill in or delete)	 	[DELETED] 

			
	GREATER BOSTON REAL ESTATE BOARD 
	 	All rights reserved. This form may not be copied or reproduced

whole or in part in any manner whatsoever without the prior 
express
written consent of the Greater Boston Real Estate Board.

 

	 	 	 	 	 
	7.

	 	UTILITIES

“delete air conditioning”
 if not applicable

	 	The LESSEE shall pay, as they become due all
bills for electricity and other utilities
(whether they are used for furnishing heat or
other purposes) that are furnished to the leased
premises and presently separately metered and
all bills for fuel furnished to a separate tank
servicing the leased premises exclusively. The
LESSOR agrees to provide all other utility
service and to furnish reasonably hot and cold
water (except to the extent that the same are
furnished through separately metered utilities
or separate fuel tanks as set forth above) to
the leased premises, the hallways, stairways, and
lavatories during normal business hours on
regular business days of the heating and air
conditioning seasons of each year to service and
to light passageways and stairways during
business hours, and to furnish such cleaning
service as is customary in similar buildings in
said city or town, all subject to interruption
due to any accident, to the making of repairs,
 alterations, or improvements, to labor
difficulties, to trouble in obtaining fuel,
electricity, service, or supplies from the sources
from which they are usually obtained for said
building or to any cause beyond the LESSOR’S
control.
	 
	 	 
	 

	 	 

	 	LESSOR shall have no obligation to provide
utilities or equipment other than the utilities
and equipment with the premises as of the
commencement date of this lease. In the event
LESSEE requires additional utilities or
equipment, the installation and maintenance
thereof shall be the LESSEE’S sole obligation,
provided that such installation shall be subject
to the written consent of the LESSOR.
	 
	 	 

	8.

	 	USE OF LEASED PREMISES

(fill in)

	 	The LESSEE shall use the leased premises only
for the purpose of operating a Branch Bank.
	 
	 	 

	9.

	 	COMPLIANCE WITH LAWS

	 	The LESSEE acknowledges that no trade or
occupation shall be conducted in the leased
premises or use made thereof which will be
unlawful, improper, noisy or offensive, or contrary
to any law or any municipal by law or ordinance
in force in the city or town, in which the premises
are situated.
	 
	 	 

	10.

	 	FIRE INSURANCE

	 	The LESSEE shall not permit any use of the
leased premises which will make voidable any
insurance on the property of which the leased
premises are a part, or on the contents of said
property or which shall be contrary to any law
or regulation from time to time established by
the New England Fire Insurance Rating
Association or any similar body succeeding to
its powers. The LESSEE shall on demand reimburse
the LESSOR and all other tenants all extra
insurance premiums caused by the LESSEE’s use of
the premises.
	 
	 	 

	11.

	 	MAINTENANCE
 
A LESSEE’S OBLIGATIONS

	 	The LESSEE agrees to maintain the leased
premises in good condition damage by fire and
other casualty only excepted, and whenever
necessary to replace plate glass and other glass
therein acknowledging that the leased premises are now in good order and the glass
whole. The LESSEE shall not permit the leased
premises to be over loaded, damaged, stripped, or
defaced, nor suffer any waste. LESSEE shall obtain
written consent of LESSOR before erecting any
sign on the premises.
	 
	 	 

	 

	 	B LESSOR’S OBLIGATIONS

	 	The LESSOR agrees to maintain the structure of
the building of which the leased premises are a
part in the same condition as it is at the
commencement of the term or as it may be put in
during the term of this lease reasonable wear
and tear, damage by fire and other casualty only
excepted unless such maintenance is required
because of the LESSEE or those for whose conduct
the LESSEE is legally responsible.
	 
	 	 

	12.

	 	ALTERATIONS-ADDITIONS

	 	The LESSEE shall not make structural alterations
or additions to the leased premises, but may make
non-structural alterations provided the LESSOR
consents thereto in writing, which consent shall
not be unreasonably withheld or delayed. All such
allowed alterations shall be at LESSEE’s expense
and shall be in quality at least equal to the
present construction. LESSEE shall not permit any
mechanics’ liens, or similar liens to remain upon
the leased premises for labor and material
furnished to LESSEE or claimed to have been
furnished to LESSEE in connection with work of
any character performed or claimed to have been
performed at the direction of LESSEE and shall
cause any such lien to be released of record
forthwith without cost to LESSOR. Any alterations
or improvement made by the LESSEE shall become
the property of the LESSOR at the termination of
occupancy as provided herein.
	 
	 	 

	13.

	 	ASSIGNMENT-SUBLE ASING

	 	The LESSEE shall not assign or sublet the whole
or any part of the leased premises without
LESSOR’s prior written consent Notwithstanding
such consent. LESSEE shall remain liable to LESSOR for
the payment of all rent and the full performance of the covenants and
conditions of this lease.

 

 

	 	 	 	 	 
	14.

	 	SUBORDINATION
	 	This lease shall be subject
subordinate to any and all
mortgages, deeds of trust and other
instruments in the nature of a
mortgage, now or at any time
hereafter, a lien or liens on the
property of which the leased
premises are a part and the
LESSEE shall, when requested,
promptly execute and deliver such
written instruments as shall be
necessary to show the
subordination of this lease to
said mortgages, deeds of trust
or other such instruments in
the nature of a mortgage.
	 
	 	 	 	 
	15.

	 	LESSOR’S ACCESS
	 	The LESSOR or agents of the
LESSOR may, at reasonable times,
enter to view the leased
premises and may remove
placards and signs not approved
and affixed as herein provided,
and make repairs and
alterations as LESSOR should
elect to do and may show the
leased premises to others, and
at any time within three (3)
months before the expiration of
the term, may affix to any
suitable part of the leased
premises a notice for letting
or selling the leased premises
or property of which the leased
premises are a part and keep
the same so affixed without
hindrance or molestation.
	 
	 	 	 	 
	16.

	 	INDEMNIFICATION AND LIABILITY

(fill in)
	 	The LESSEE shall save the LESSOR
harmless from all loss and
damage occasioned by the use
or escape of water or by the
bursting of pipes, as well as
from any claim or damage
resulting from neglect in not
removing snow and ice from the roof
of the building or from the
sidewalks bordering upon the
premises so leased of by any
nuisance made or suffered on the
leased premises, unless such
loss is caused by the neglect
at the LESSOR. The removal of
snow and ice from the sidewalks
bordering upon the leased
premises shall be LESSOR’S
responsibility.
	 
	 	 	 	 
	17.

	 	LESSEE’S LIABILITY INSURANCE
(fill in)
	 	The LESSEE shall maintain with
respect to the leased premises
and the property which the
leased premises are a part
comprehensive public liability
insurance in the amount of
1,000,000 with property damage
insurance in limits of 500,000
in responsible companies
qualified to do business in
Massachusetts and in good
standing therein insuring the
LESSOR as well as LESSEE
against injury to persons or
damage to property as provided.
The LESSEE shall deposit with
the LESSOR certificates for
such insurance at or prior to
the commencement of the term,
and thereafter within thirty
(30) prior to the expiration of
any such policies. All such
insurance certificates shall
provide that such policies
shall not be cancelled without
at least ten (10) days prior
written notice to each assured
named therein.
	 
	 	 	 	 
	18.

	 	FIRE CASUALTY- EMINENT DOMAIN
	 	Should a substant at portion of
the leased premises or of the
property of which they are
a part be substantially damaged by
fire or other casualty, or by
taken by eminent domain, the
LESSOR may elect to
terminate this lease. When such
file, casualty or taking
renders the leased premises
substantially unsuitable for
their intended use, a just and
proportionate abatement of
rent shall be made, and the
LESSEE may elect to terminate
lease if:

	 

	 	 	 	(a)   The LESSOR fails to give
written notice within thirty
(30) days of intention to
restore leased premises, or

	 
	 	 	 	 
	 

	 	 	 	(b)   The LESSOR fails to restore
the leased premises to a
condition substantially
suitable for their intender use
within ninety (90) days of said
fire casualty or taking.

	 
	 	 	 	 
	 

	 	 	 	The LESSOR reserves, and the
LESSEE grants to the LESSOR, allrights which the LESSEE may
have for damages or injury to
the leased premises for any
taking by eminent domain,
except for damage to the LESSEE
fixtures, property or equipment.
	 
	 	 	 	 
	19.

	 	DEFAULT AND BANKRUPTCY (fill in)	 	In the event that

(a)   The LESSEE shall default in
the payment of any installment
of rent or other sum herein sec fed and
such default shall continue for
ten (10) days after written notice
thereof, or

(b)   The LESSEE shall default in
the observance or performance of
any other the LESSEE’s
covenant’s agreements, or
obligations hereunder, and such
default shall not be corrected
within thirty (30) days after
written notice thereof, or

(c)   The
LESSEE shall be declared
bankrupt or insolvent according
to law, or if any assignment shall
be made of LESSEE’S property
for the benefit of creditors,

	 
	 	 	 	 
	 

	 	 	 	then the LESSOR shall have the
right thereafter, while such
default continues, to reenter and
take complete possession of
the leased premises, to declare the
term of this lease ended, and
remove the LESSEE’s effect
without prejudice to any
remedies which might be
otherwise used for arrears of
rent or other default. The
LESSEE shall indemnity the
LESSOR against all loss of rent
and other payments which the
LESSOR may into by reason of such termination during the residue  of
the term. If the LESSEE shall default,
after reasonable notice thereof, in the
observance or performance of
any conditions or covenants on
LESSEE’s part to be observed or
performed under or by virtue
of any of the provisions in any
article of this lease, the
LESSOR without be under any
obligation to do so and without
thereby waiving such default,
may remedy such default for the
account and at the expense of
the LESSEE. If the LESSOR makes
any expenditures or incurs any
obligations to the payment of
money in connection therewith,
including but not limited to,
reasonable attorney’s fees in
instituting, prosecuting or
defending any action or
proceeding such sums paid or
obligations insured, with interest
at the rate of 12 per cent per
annum and costs, shall be paid
to the LESSOR by the LESSEE as
additional rent.
	 
	 	 	 	 
	20.

	 	NOTICE (fill in)
	 	Any notice from the LESSOR to
the LESSEE relating to the
leased premises or to the
occupancy thereof, shall be deemed
duly served if left at the
leased premises addressed to the
LESSEE or it mailed to the
leased premises, registered
or certified mail, return receipt requested, postage
prepaid, addressed to the
LESSEE. Any notice from the
LESSEE to the LESSOR relating
to the leased premises or to the
occupancy thereof, shall be
deemed duly served, if mailed to
the LESOR by registered or
certified mail, return receipt
requested, postage prepaid,
addressed to the LESSOR at such
address as the LESSOR mail from
time to time advise in writing a
rent notices shall be paid and sent to
the LESSOR at 51 Main Street,
Stoneham, MA 02180.

 

 

	 	 	 	 	 
	21.

	 	SURRENDER
	 	The LESSEE shall at the
expiration or other termination of
this lease remove all LESSEE’s
goods and effect from the
leased premises, (including,
without hereby limiting the
generality of the foregoing all
signs and letaring affixed or
painted by the LESSEE, either
inside or outside the leased
premises). LESSEE shall
deliver to the LESSOR the leased
premises and all keys, locks
thereto, and other fixtures
connected therewith and all
alterations and additions made
to or upon the leased premises,
in good condition, damage by
fire or other casualty only
excepted. In the event of the
LESSEE’s failure to remove any
of LESSEE’s property from the
premises LESSOR is hereby
authorized without liability to
LESSEE for loss or damage
thereto and at the sole risk of LESSEE, to remove and store any
of the property at LESSEE’s
expense or to retain same under
LESSOR’s control or to sell at
public or private sale, without
notice any or all of the
property not so removed and to apply the net proceeds of such sale
to the payment of any sum due
hereunder or to destroy such
property.
	 
	 	 	 	 
	22.

	 	 	 	[DELETED] 
	 
	 	 	 	 
	23.

	 	OTHER PROVISIONS	 	 

IN WITNESS
WHEREOF, the said parties hereunto set their hands and seals this 14th day of August 2007.

	 	 	 	 	 	 	 
	Century Bank and Trust Company	 	C&S Capital Properties LLC
	 
	 	 	 	 	 	 
	By: /s/ Jonathan G. Sloane, Co-Pres/Co-CEO

	 	 
	 	By: /s/ Joseph Senna	 	

	 
	 	 
	LESSEE Jonathan G.
Sloane, Co-President & Co-CEO	 	LESSOR Jeseph Senna	 	
	 

	 	 	 	                Managing Partner
	 
	 	 	 	 	 	 
	 	 	 
	LESSEE

	 	 	 	LESSOR	 	 

	 	 	 
	 

	 	 
	 

	 	BROKER(S)

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