THE SAMIA COMPANIES
COMMERCIAL LEASE
XXXXXX STREET REALTY TRUST
to
FOILMARK INCORPORATED
Dated: JULY 1, 1997
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CONTENTS/INDEX
SECTION PAGE
Summary of Basic Terms 3
1 Parties 4
2 Premises 4
3 Term 4
4 Rent
1 Base Rent 4
2 Taxes & Operating Expenses 6
5 Security Deposit 11
6 Utilities 11
7 Use of Leased Premises 12
8 Compliance with laws 13
9 Fire Insurance 13
10 Maintenance of Premises 13
11 Alterations Additions 14
12 Assignment Subleasing 14
13 Subordination & Financial Statements 14
14 Lessor's Access 14
15 Indemnification and Liability 15
16 Lessee's Liability Insurance 15
17 Fire Casualty Eminent Domain 16
18 Default and Bankruptcy 17
19 Notice 18
20 SURRENDER
1. Surrender Possession 18
2. Failure to Surrender Possession 19
21 Parol, Evidence, Execution, Headings 21
22 Additional Provisions 20
Signatures 21
Clerk's Certificate 22
Exhibits
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SUMMARY OF BASIC TERMS
LEASE
XXXXXX STREET REALTY TRUST
to
FOILMARK INCORPORATED
DATED: JULY 1, 1997
The following is a summary of certain basic terms of this lease which is
intended for the convenience and reference of the parties:
1. PREMISES : Approximately Five Thousand (5000) square feet of space at
the first (1st) floor together with the right to use in
common with others entitled thereto the stairways, doorways,
hallways and elevators necessary for access as well as
egress.
2. TERM : Commencing on July 1, 1997 for a period of Thirty Six (36)
months.
3. RENT : YEAR I :$23,750.00
YEAR II :$23,750.00 plus CPI.
YEAR III:$23,750.00 plus accumulated CPI.
4. USE : Storage and light assembly of products related to Foilmark's
business.
5. SECURITY
DEPOSIT : $2600.00
6. LAST
MONTH's
RENT : $2600.00
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COMMERCIAL LEASE
1. PARTIES
Xxxxxxx X. Xxxxx, Trustee of Xxxxxx Xxxxxxx Realty Trust under declaration of
trust dated December 12, 1986 and duly recorded with Essex South County Registry
on December 12, 1986 as Instrument # 594 LESSOR, which expression shall include
his heirs, successors and assigns where the context so admits, does hereby lease
unto Foilmark Incorporated LESSEE, presently with a usual place of business at 0
Xxxxxxx Xxxx Xxxxx, Xxxxxxxxxxx, Xxxxxxxxxxxxx its heirs, successors, executors,
assigns, and administrators, where the context so admits.
2. PREMISES
The said LESSEE hereby leases the following described premises, known as, Unit
#1 numbered and situated at the Ground (lst) floor of 00 Xxxxxx Xxxxxx,
Xxxxxxxxxxxx, Xxxxxxxxxxxxx and consisting of approximately Five Thousand
(5000+/-) square feet of unheated space together with the right to use in common
with others entitled thereto, the hallways, stairways, and elevators, necessary
for access to and egress from said premises and the lavatories nearest thereto.
3. TEAM
The term of this lease shall be for Thirty Six (36) months commencing on July 1,
1997 and ending on June 30, 2000.
4. RENT
(1) Base Rent
The LESSEE shall pay as base rent to the LESSOR for the first (1st) year of the
term Twenty Three Thousand Seven Hundred and Fifty ($23,750.00) Dollars, payable
in advance in monthly installments of One Thousand Nine Hundred and Seventy Nine
& 17/100 ($1,979.17 ) Dollars on the first (1st) day of each month.
The LESSEE shall pay as base rent to the LESSOR for the second (2nd) year of the
term Twenty Three Thousand Seven Hundred and Fifty ($23,750.00) Dollars, plus
cpi, payable in advance in monthly installments of One Thousand Nine Hundred and
Seventy Nine &
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17/100($1979.17) Dollars, plus cpi, on the first (1st) day of each month.
The LESSEE shall pay as base rent to the LESSOR for the third (3rd) Year of the
term Twenty Three Thousand Seven Hundred and Fifty ($23,750.00) Dollars, plus
accumulated cpi, payable in advance in monthly installments of One Thousand Nine
Hundred and Seventy Nine & 17/100($1,979.17) Dollars, plus accumulated cpi, on
the first (am) day of each month.
In the 2nd (second), and 3rd (third), years of the term the annual base rent, as
above stated, will escalate, in addition, by an amount equal to the increase, if
any, in the Consumer Price Index predicated for the Boston Area as promulgated
by the Bureau of Labor Statistics of the United States Department of Labor
(CPI-U). In the event the above mentioned index is discontinued and there is no
replacement index placed in its stead, then the LESSOR shall choose a successor
index which would Yield substantially the same results. The following
instructions will be used in determining the Consumer Price Index (CPI) rental
increase figures for the 2nd (second), and 3rd (third) Years of the term.
For the 2nd (second) Year of the team, more specifically, 7/1/98 to 6/30/99 the
base year will be May 1997. Subtract the (CPI) figure for May 1997 (Base Year)
from the CPI figure for May 1998. Then put the difference of this computation
over the CPI figure for May 1997 (Base Year). Multiply this result by the 1st
(first) year, annual base rent, more specifically $23,750.00 (Twenty Three
Thousand Seven Hundred and Fifty Dollars ), to arrive at the CPI increase figure
for the 2nd (second) year. Finally, add the figure to the annual base rent for
the 1st (first) year, more specifically $23,750.00 (Twenty Three Thousand Seven
Hundred and Fifty Dollars), to arrive at the adjusted annual base rental charge
for the 2nd (second) year of the term.
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Pay this adjusted annual base rent in the 2nd (second) year.
For the 3rd (third) year of the term, more specifically, 7/1/99 to 6/30/00 the
base year will be May 1997. Subtract the (CPI) figure for May 1997 (Base Year)
from the CPI figure for May 1999. Then put the difference of this computation
over the CPI figure for May 1997 (Base Year). Multiply this result by the 1st
(first) year, annual base rent, more specifically $23,750.00 (Twenty Three
Thousand Seven Hundred and Fifty Dollars), to arrive at the CPI increase figure
for the 3rd (third) year. Finally, add this figure to the annual base rent for
the 1st (first) year, more specifically $23,750.00 (Twenty Three Thousand Seven
Hundred and Fifty Dollars) to arrive at the adjusted annual base rental charge
for the 3rd (third) year of the term. Pay this adjusted annual base rent in the
3rd (third) year.
In no event shall the adjusted annual base rent for any year be less than the
adjusted annual base rent for the prior year.
The LESSOR shall in addition to but not in any way in limitation or diminution
of any and all other remedies both legal, equitable and mixed, be entitled to
assess and collect a late charge of seven per centum (7%) of each and every
and/or any installment of rent herein reserved and provided for and not received
in accordance with the immediately preceding sentences of this section
contained. Provided, however, that LESSEE may make one (l) rental payment late
during each consectuve twelve months of the term without penalty.
(2) Taxes & Operating Expenses
(a) The LESSEE shall pay as additional rent on its proportionate share, more
specifically, (16.67%) Percent before any penalty, interest or cost may be added
thereto for the non-payment thereof, all real estate taxes, assessments, water
rates and water charges, and other governmental levies and charges, general and
special, ordinary and extraordinary, unforeseen as well as foreseen,
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of any kind, which are assessed upon the leased property or any part thereof, or
become payable during the term of this lease, provided, however, that betterment
assessments, if any, shall be paid only as billed by the Town and XXXXXX agrees
that such assessments may be paid over the maximum period allowed by said Town.
Any and all credits or forbearance granted unto LESSOR by any government or
division thereof shall exclusively be and remain the sole property of the
LESSOR. LESSEE will pay to the LESSOR its proportional share of the Real Estate
taxes directly to the LESSOR.
(b) It is the intention of the parties that the LESSOR shall receive the rents,
additional rents, and all sums payable by the LESSOR under this lease free of
all taxes, expenses, charges, damages, and deductions of any nature whatsoever,
and the LESSEE covenants and agrees to pay its pro-rata share, more
specifically, (16.67%) Percent, of all sums chargeable against the leased
property and payable by the LESSOR, including, but not limited to, all
operational expenses, which are associated with, relating to and attributable to
the demised property (except as otherwise specifically provided in this lease).
The LESSEE shall, however, be under no obligation to pay interest on any
mortgage relating to the leased property, and franchise or income tax payable by
the LESSOR, or any gift, inheritance, transfer, estate or succession tax, by
reason of any present or future law which may be enacted during the term of this
lease. LESSOR's operating costs include, but are not limited to, all costs of
any kind paid or incurred by LESSOR in operating, cleaning, equipping,
protecting, lighting, repairing, replacing, heating, air-conditioning, and
maintaining the areas of the building not leased or available for lease to
LESSEE. The costs shall include, but are not limited to, utilities, supplies,
managements fees, janitorial services, employees; wages,
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social security and unemployment insurance contributions, union benefits,
rubbish removal, snow removal, maintenance and replacement of landscaping, and
premiums for public liability and property damage and fire and extended coverage
insurance. These costs shall include a reasonable reserve for repair and
replacement of equipment used in the maintenance and operation of the building
and all costs except those properly charged as a capital expense and
depreciation of the original cost of construction.
(c) XXXXXX agrees to pay all additional rent and operational expenses ("Costs")
as described in subsections 4.2(a) and 4.2(b) above, respectively, as follows:
in or about the first 90 days of each calendar year, all such actual costs for
the previous year will be added together and then divided by twelve to yield
equal monthly installments of estimated costs payable by LESSEE each month; for
12 calendar months, beginning January.**
** See Ehbibit # 1 below attached.
The summation of actual costs will also yield a credit or debit when compared to
the previous year's twelve monthly installments of estimated costs paid by
XXXXXX (if any), which credit or debit will be applied to LESSEE's account
forthwith.
(d) Review of Records
(i) Exercise of Right by XXXXXX: Provided that LESSEE is not in default
under this lease and provided further that LESSEE strictly complies with
the provisions of this section, LESSEE shall have the right to reasonably
review supporting data for any portion of an Operational Expense Statement
that LESSEE claims is incorrect. In order for LESSEE to exercise its right
under this section, LESSEE shall, within 15 days after any such Operational
Expense Statement is sent, deliver a written notice to LESSOR specifying
the portions of the
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Operational Expense Statement that are claimed to be incorrect, and LESSEE
shall simultaneously pay to LESSOR all amounts due from LESSEE to LESSOR as
specified in the Operational Expense Statement. Except as expressly set
forth in subsection (iii) below, in no event shall LESSEE be entitled to
withhold, deduct, or offset any monetary obligation of LESSEE to LESSOR
under the lease (including, without limitation, LESSEE's obligation to make
all rental payments and all payments for its share of estimated and actual
Operating Expenses) pending the completion of and regardless of the results
of any review of records under this section. The right of LESSEE under this
section may only be exercised once for any Operational Expense Statement,
and if LESSEE fails to meet any of the above conditions as prerequisite to
the exercise of such right, the right of LESSEE under this section for a
particular Operational Expense Statement shall be deemed waived.
(ii) Procedures for Review: LESSEE acknowledges that XXXXXX maintains its
records for the property at its offices, 00 Xxx X. Xxxxxxxxxx Xxxxxxx,
Xxxxxxxx, Xxxxxxxxxxxxx and LESSEE therefore agrees that any review of
records under this section shall occur at such location. Any review to be
conducted under this section shall be at the sole expense of LESSEE and
shall be conducted by an independent firm of certified public accountants.
XXXXXX acknowledges and agrees that any records reviewed under this section
constitute confidential information of LESSOR; which shall not be disclosed
to anyone other than the accountants performing the review and the
principals of XXXXXX who receive the results of the review. The disclosure
of such information to any other person by the
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LESSEE is expressly forbidden and shall constitute a material breach of
this lease and LESSOR will seek whatever remedies are available to it in
law and equity upon any such disclosure.
(iii) Finding of Error: Any errors disclosed by the review of records under
this section shall be promptly corrected, provided that LESSOR shall have
the right to cause another review of the records to be made by an
independent firm of certified public accountants. In the event of a
disagreement between the two accounting firms, the review that disclosed
the least amount of deviation from the Operational Expense Statement shall
be deemed to be correct. In the event that the results of the review of
records (taking into account, if applicable, the results of any additional
review caused by XXXXXX) reveal that LESSEE has overpaid obligations for a
preceding period, the amount of such overpayment shall be credited against
XXXXXX's subsequent installment obligations to pay its share of estimated
Operating Expenses. In the event that such results show that LESSEE has
underpaid its obligations for a preceding period, the amount of such
underpayment shall be paid by LESSEE to LESSOR with the next succeeding
installment obligation of estimated Operating Expenses.
(iv) Effect of XXXXXX's Default: In the event that LESSEE becomes in
default of its obligations under this lease at any time (exclusive of
whatever the applicable cure period may be) during the Tendency of a review
of records under this section, said right to review shall immediately cease
and the matters originally set forth in the Operational Expense Statement
shall be deemed to be correct.
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(e) LESSEE further warrants, covenants and agrees to indemnify the LESSOR on
account of any increases in the latter's yearly comprehensive insurance premiums
occasioned by this lease and/or the LESSEE's occupancy of the demised premises.
(f) LESSEE warrants, covenants, stipulates and incontrovertibly agrees to pay
promptly, but no later than fifteen (15) days after receipt in writing from
LESSOR, all expenses duly associated with the demised property and precisely
incurred and/or accrued during XXXXXX's term as stated herein. Furthermore,
LESSEE unconditionally agrees that written notice by XXXXXX for each and every
expense is deemed reasonable when XXXXXX's notification of said expense(s) is
directed to LESSEE in writing by mail or otherwise during the term as stated
herein, and for a twelve (12) month period thereafter. XXXXXX's obligation to
LESSEE regarding notification of said expenses is explicitly limited to
notification in writing and XXXXXX does not warrant, covenant, stipulate or
agree that said written notification will occur chronologically with the
occupance of said expenses. Furthermore, if within fifteen (15) days of written
notification, XXXXXX fails to defray any duly associated expense as heretofore
stated, then XXXXXX will assess and XXXXXX agrees to pay a late fee equal to
fifteen (15%) of said billed expense.
5. SECURITY
DEPOSIT
Upon the execution of this lease the LESSEE shall pay unto the LESSOR the amount
of Twenty Six Hundred ($2,600.00) Dollars which shall be held as security for
the LESSEE's full performance as herein provided and refunded to the LESSEE, at
the end of this lease subject to the LESSEE's satisfactory compliance with the
terms and conditions hereof. Upon the execution of this lease the LESSEE shall
pay unto the LESSOR the further sum of Twenty Six Hundred ($2,600.00) Dollars,
as last month's rent.
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6. UTILITIES
The LESSOR shall provide no additional utilities to the demised space,
furthermore, LESSEE is responsible for the payment of, all utility usage which
is separately metered and associated with the demised space including but not
limited to gas, electricity and water, and its pro-rata share of all utilities
that are not separately metered which service the LESSEE's demised space. LESSOR
reserves the right, during the term of said lease, to meter, separately meter,
and/or sub-meter any and all utilities. LESSEE is to be responsible for all
utility expense associated with the demised space and shall, before taking
possession of said space, have all separately metered utilities associated with
the demised space put into its name for billing.
In the event that the Lessee's utility usage shall be excessive, the Lessor, at
its sole option, shall assess the Lessee an additional fee equal to the amount
of excess utility usage as billed to the Lessor. Excessive usage shall be
defined as follows: (1) Water usage above and beyond normal bathroom and, if
applicable, kitchen usage, based on the number of employees of Lessee shall be
excessive. (2) Gas, Oil, or Electric usage above and beyond that which is
consumed by a similar business occupying approximately the same size premises as
measured in square feet or a proportional amount of a larger space occupied by a
similar business in the same or similar geographic area (i.e. subject to the
same weather patterns) shall be excessive.
7. USE OF LEASED
PREMISES
The LESSEE shall use the leased premises only for the purpose of storage and
light assembly of products related to Foilmark"s business and in conformity with
the laws of the United States of America, the Commonwealth of Massachusetts, the
County of Plymouth and the City of Norwood. The LESSOR makes no representations
or warranties, express or implied or of any nature whatsoever, as regards the
suitability, adaptability or
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propriety or legality of using the herewith demised premises for the purposes
herein expressed and the LESSEE agrees and covenants that all matters and
controversies relating to such suitability, adaptability, propriety or legality
shall, at XXXXXX's option, be the sole responsibility of LESSEE.
8. COMPLIANCE
WITH LAWS
The LESSEE acknowledges that no trade or occupation shall be conducted upon the
leased premises or use made thereof which will be unlawful, improper, noisy,
offensive or contrary to any law or any municipal by-law or ordinance in force
in the City of Newburyport.
Compliance with the barrier removal requirements of the Americans with
Disabilities Act (ADA) Title III within or directly effecting the leased
premises shall be the responsibility of the LESSEE. The LESSEE shall indemnify
the LESSOR against all losses caused by XXXXXX'S failure to comply with its
obligations under this lease to be responsible for such compliance.
9. FIRE INSURANCE
The LESSEE shall not permit any use of the leased premises which will make
voidable or increase the premium on or cost of 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 to any 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 upon demand reimburse the LESSOR
and all other tenants all extra insurance premiums caused by the LESSEE's use of
the premises.
10. MAINTENANCE
OF PREMISES
The LESSEE agrees to maintain the leased premises in the same condition as they
are at the commencement of the term or as they may be put into during the term
of this lease, reasonable wear and tear and damage by fire and other unavoidable
casualty only excepted, and whenever necessary, to replace plate and
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other glass therein, acknowledging that the leased premises are presently in
good order and the glass whole. LESSEE shall not permit the leased premises to
be overloaded, damaged, stripped or defaced nor shall it suffer any waste.
XXXXXX shall obtain the written consent of the LESSOR before erecting any sign
on the premises. XXXXXX shall be responsible for maintaining the building's
structure including the roof, exterior walls and flooring structure and the
building's mechanical and electrical systems which serve more than one unit.
LESSEE shall be responsible for the maintenance, repair and replacement of all
electrical, plumbing, heating, air-conditioning, ventilation and other
mechanical installations located entirely on or serving only the demised
premises.
11. ALTERATIONS/
ADDITIONS
The LESSEE shall not make alterations or additions to the leased premises
without the prior written consent which said consent shall not be unreasonably
withheld or delayed.
12. ASSIGNMENT
SUBLEASING
The LESSEE shall not assign or sublet the whole or any part of the leased
premises.
13. SUBORDINATION
& FINANCIAL
STATEMENTS
This lease shall be subject to any and all mortgages, deeds of trust and all
other instruments in the nature of a mortgage, now or at any time hereafter
constituting a lien or liens on the property of which the demised premises are a
part and the LESSEE shall, when requested, promptly execute and deliver such
instruments as shall be necessary to show the subordination of this lease to
said mortgages, deeds of trust or other instruments in the nature of a mortgage;
and shall deliver to LESSOR or XXXXXX'S bank upon request a copy of XXXXXX's
most recent financial statement if the leased Premises constitutes an amount
greater than or equal to twenty-five (25%) per cent of the total square footage
of the property of which the Premises is a part.
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14. LESSOR'S ACCESS
The LESSOR or agents of the LESSOR may, in emergency situations and/or at
reasonable times, enter the leased premises, to view premises, and may remove
placards and signs not approved and affixed as herein provided, and to make
repairs and alterations as LESSOR may elect, and to show the premises to others
at any time within ninety (90) days before the expiration of the term or the
tenancy and may affix to any suitable part of the leased premises a notice for
letting or selling the leased premises or the property of which the said leased
premises are a part and to keep the same affixed without hinderance or
molestation.
15. INDEMNIFICATION
AND LIABILITY
The LESSEE shall hold and save the LESSOR harmless from all loss and damage
occasioned by the use or escape of water by the bursting or breaking or leaking
of pipes, as well as from any claim or damage resulting from any neglect in not
removing snow and ice from the sidewalk bordering upon the premises so leased or
by any nuisance made or suffered upon the demised premises or property of which
said leased premises are a part unless such loss is caused by the neglect of
LESSOR. The removal of snow and ice from the sidewalks bordering upon said
demised premises shall be LESSEE's responsibility.
16. LESSEE's
LIABILITY
INSURANCE
The LESSEE shall maintain with respect of the leased premises and the property
of which the leased premises are a part, comprehensive public liability
insurance in the amount of One Million ($1,000,000.00) Dollars together with
property damage insurance including breakage of glass in the amount of Five
Hundred Thousand ($500,000.00) Dollars in responsible companies qualified to do
business within the Commonwealth of Massachusetts and in good standing therein
insuring the LESSOR as well as the LESSEE against injury to persons and property
as provided. The LESSEE shall deposit with the LESSOR certificates of such
insurance at or prior to the commencement
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of the term hereof and thereafter within thirty (30) days prior to the
expiration of any such policy or policies. Any such insurance shall provide that
such policies shall not be canceled without at least ten (10) days prior written
notice to each assured named therein. The LESSOR shall purchase rent loss
insurance on the property for which the LESSEE shall pay its pro rata share.
17. FIRE CASUALTY
EMINENT DOMAIN
Should a substantial portion of the leased premises or of the property of which
the leased premises are a part be substantially damaged by fire, or other
casualty or be taken by eminent domain, the LESSOR may elect to terminate this
lease. When such fire, 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 this
lease if:
(a) The LESSOR fails to give written notice within thirty (30) days of intention
to restore the leased premises, or
(b) The LESSOR fails to restore the leased premises to a condition substantially
suitable for their intended use within one hundred twenty (120) days of said
fire, casualty or taking.
The LESSOR reserves and the LESSEE grants to the LESSOR all rights 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's property, equipment or
fixtures.
LESSOR and XXXXXX hereby release each other from any liability or responsibility
to the other or anyone claiming through or under them by way of subrogation or
otherwise for any loss or damage to property caused by fire or any of the
extended coverage or supplementary contract casualties, even if such fire or
other casualty shall have been caused by the fault or negligence of the other
party, or
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anyone for whom such party may be responsible, provided, however, that this
release shall be applicable and in force and effect only with respect to loss or
damage occurring during such time as the releasor's policies contain a clause or
endorsement to the effect that any such release shall not adversely effect said
policies or prejudice the right of the releaser to recover thereunder. LESSOR
and LESSEE each agree that it will request its insurance carriers to include in
its policies such a clause or endorsement.
18. DEFAULT AND
BANKRUPTCY
In the event that:
(a) The LESSEE shall default in the payment of any installment of rent or other
sum specified herein and/or
(b) The LESSEE shall default in the observance or performance of any other of
the LESSEE's covenants, agreements or obligations hereunder and such default
shall be not corrected within thirty (30) days after written notice thereof
and/or
(c) The LESSEE shall be declared to be bankrupt or insolvent according to law,
or if any assignment shall be made of the LESSEE's property for the benefit of
creditors.
In such event, while such default occurs, the LESSOR shall have the right
thereafter to reenter and take complete possession of the leased premises, to
declare the terms of this tenancy ended and to remove the LESSEE's effects
without prejudice to any remedies which might otherwise be used for arrears of
rent or other default. Any such action by the LESSOR shall not constitute an
acceptance of the LESSEE's surrender of the PREMISES and shall not operate to
release the LESSEE from its obligations for unpaid rent for the remainder of the
term of this lease and additional rent, if any, as set forth hereunder. This
paragraph 18 is intended to
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contain and be constituted by Lease Termination Provisions as contemplated by
Massachusetts General Laws Chapter 186 Section llA clause (i). The LESSEE shall
be given written notice of its payment obligations by monthly (and other)
statements from the LESSOR by postage prepaid mail, rather than pursuant to the
Notice provisions in Paragraph 19 below; after such statement Notice the LESSEE
shall have the right to a fifteen (15) day cure period which may only be
exercised once during its entire tenancy. If the LESSEE is in default for
nonpayment after exercising its single cure period then the LESSOR may terminate
the tenancy immediately at its sole discretion.
The LESSEE shall indemnify the LESSOR against all loss of rent and other costs
which the LESSOR may incur by reason of such actions during the residue of the
term, including but not limited to: brokers' commissions or fees; and/or
reasonable attorney's fees in instituting, prosecuting or defending any action
or proceeding; and/or clean-up costs. Any such amount paid or obligations
incurred, together with interest, at the rate of six percent (6%) per annum
shall be paid to the LESSOR by the LESSEE as additional rent.
19. NOTICE
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 if mailed by registered or certified mail,
return receipt requested, addressed to the LESSEE and postage pre-paid. 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 LESSOR by
registered or certified mail, return receipt requested, postage pre-paid and
addressed to the LESSOR at such an address as the LESSOR may from time to time
and to any time advise in writing. All rent and notices shall be paid and
delivered to the LESSOR at 00 Xxx X. Xxxxxxxxxx Xxxxxxx, Xxxxxxxx, Xxxxxxxxxxxxx
00000.
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20. SURRENDER
(l) Surrender Possession
The LESSEE shall at the termination or other expiration of this tenancy remove
all of the LESSEE's goods and effects from the leased premises including and
without limiting the generality of the foregoing all signs and lettering affixed
or painted by the LESSEE either inside or outside of the leased premises. The
LESSEE shall deliver to the LESSOR the leased premises and all keys and locks
thereto in the condition they were at the commencement of the term hereof, and
other fixtures connected therewith and all alterations made to or upon the
leased premises, reasonable wear and tear and damage by fire and other
unavoidable casualty only excepted. In the event of the LESSEE's failure to
remove any of the LESSEE's property from the premises, LESSOR is hereby
authorized, without liability to the LESSOR for loss or damage and at the sole
risk of the LESSEE, to remove and store any of the said property at the LESSEE's
expense or to retain the same under the 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 and from said sale to the payment of any sum due
hereunder, or to destroy said property.
(2)Failure to
Surrender
Possession
(a) The parties recognize and agree that the damage to LESSOR resulting from any
failure by XXXXXX to timely surrender possession of the premises will be
substantial, will exceed the amount of the monthly installments of the rent
payable hereunder, and will be impossible to measure accurately.
(b) XXXXXX therefore agrees that if possession of the premises is not
surrendered to LESSOR upon the Expiration Date or sooner termination of the
lease, in addition to any other rights or remedies LESSOR may have hereunder or
at law, LESSEE shall pay to LESSOR as liquidated damages, for each month
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and for each portion of any month during which XXXXXX holds over in the Premises
after the Expiration Date or sooner termination of this lease, a sum equal to
1 1/2 times the aggregate of that portion of the Base Annual Rent and Additional
Rent that was payable under this lease during the last month of the term.
(c) Nothing herein contained shall be deemed to permit LESSEE to retain
possession of the premises after the Expiration Date or sooner termination of
the lease.
(d) The provisions of this Section shall survive the Expiration Date or sooner
termination of this lease.
21. PAROL EVIDENCE
EXECUTION,
HEADINGS
This lease together with all addenda referred to herein sets forth the entire
understanding and agreement of the parties hereto and cannot be modified or
amended except in a writing duly executed by the respective parties. This lease
is executed as a sealed instrument and in multiple counterparts and all copies
of which are identical and any one of which is deemed to be complete in itself
and may be introduced into evidence or used for any purpose without the
production of any other copy. The headings throughout this lease are used for
the convenience of reference only and in no way shall be held or deemed to
define, limit, explain, describe, modify or add to the interpretation,
construction or meaning of any provision or provisions of this lease.
22. ADDITIONAL
PROVISIONS
(a) The LESSEE herein covenants and agrees to pay XXXXXX the sum of Twenty Five
($25.00) Dollars for each and every negotiable instrument tendered as payment
for rent, in part or full, when said negotiable instrument is returned to LESSOR
and contemporaneously with said return effects a debit on the LESSOR's banking
records.
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(b) XXXXXX agrees to provide, solely at its expense, a dumpster or other waste
removal method of a size and type adequate to handle all its waste disposal
needs and to upgrade said disposal system, solely at its expense, as its needs
may, from time to time dictate.
(c) The Lessor shall remove all berm located on or around the raised cement
floor area in the center of the space and install ramps on both ends of this
raised area.
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IN WITNESS WHEREOF the LESSOR and the LESSEE have hereunto set their hand and
common seal on this _________________ day of ___________________________________
1997.
/s/ Xxxxxxx X. Xxxxx
-------------------------------------
LESSOR - XXXXXXX X. XXXXX, Agent for
Pembroke Realty Trust and not
Individually
LESSEE: Foilmark Incorporated
By: Xxx Xxxxx , President
/s/ Xxxxx X. Xxxxx, Xx.
-------------------------------------
Xxx Xxxxx, President
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CLERK'S CERTIFICATE
The undersigned hereby certifies that ,
is the CLERK of Foilmark Incorporated and that the execution and delivery of the
foregoing by Xxx Xxxxx, President of the Corporation, for, in the name and on
behalf of said Corporation, has been duly authorized by a proper resolution of
the Board of Directors of said Corporation or by a by-law provision, which said
resolution or by-law provision is currently in full force and effect and that
the above signature of Xxx Xxxxx as President of the Corporation is genuine and
that such officer is authorized to execute and deliver the foregoing.
ATTEST: /s/ Xxxxx Xxxxx
-----------------------------
CLERK
DATED:
foillse.txt
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EXHIBIT #1
SO Xxxxxx Street
Actual 1996 Triple Net Costs
Insurance 7,110
Management Fee 8,178
Real Estate Taxes 9,999
Utilities 2,275
Snow Plowing 4,333
Lawn Care 1,648
Maintenance & Repairs 1,569
-------
Total 96 NNN Costs 35,112
Rentable Bldg Sq Ft. 30,000
-------
96 Actual NNN Rate 1.17
Rate Charged During 96 1.12
-------
Added Charge/--Credit for 1996 0.05
=======
NNN RATE FOR 1997 1.12
=======
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