EXHIBIT 10.82
LEASE
This Lease is entered into as of this 20th day of February, 1996, by and
between Meadow Holdings Corp. (hereinafter called "Lessor"), and Environmental
Power Corporation (hereinafter called "Lessee").
1. Description of Premises. The Lessor hereby agrees to lease to the
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Lessee, and the Lessee hereby agrees to lease from the Lessor, subject to the
terms and conditions hereinafter set forth, the following premises: Condominium
Unit lE of the Noble's Island Condominium situated at 000 Xxxxxx Xxxxxx,
Xxxxxxxxxx, Xxx Xxxxxxxxx, consisting of 1,028 + square feet, together with
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appurtenant rights thereto, including without limitation the right to use the
portion of the common parking area of the Condominium described in Exhibit A
hereto (all of the foregoing being hereinafter referred to as the "Leased
Premises").
2. Term. The term of this Lease shall be three years commencing February
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20, 1996, and ending February 19, 1999.
3. Rent. The base rent for the term of this Lease is One Thousand Three
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Hundred ($1,300.00) Dollars per month for year one, One Thousand Four Hundred
Dollars ($1,400.00) Dollars per month for year two, and One Thousand Five
Hundred ($1,500.00) Dollars per month for year three. The Lessee shall pay rent
in these equal monthly installments, each such installment being due by the 20th
day of the month for the following month.
4. Security Deposit. A security deposit equivalent to one months rent,
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or $1,300.00, is due upon execution of this Lease Agreement.
5. Real Estate Taxes. The Lessor shall pay all real estate taxes assessed
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against the Leased Premises at the time of execution of this Lease. Any tax
increases during the term of the Lease shall be allocated to and payable by the
Lessee.
6. Heat, Water, Utility, Charges. The Lessee shall pay all charges for
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electricity, telephone service, and water and sewer utility service, and the
Lessor shall pay all condominium association assessments and other fees with
respect to the Leased Premises.
7. Use of Premises. The Lessee shall use the Leased Premises only for the
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following purposes: offices for the transaction of Lessee's professional
activities; provided, however, the Lessee shall not carry on any trade or
occupation, or make any use of the Leased Premises, which will be unlawful,
improper, noisy, offensive, or contrary to the Noble's Island Condominium
Declaration, Bylaws or Rules ("Condominium Documents") as they now exist or are
hereafter amended, which Condominium Documents are hereby incorporated by
reference, or contrary to any law, ordinance, or regulation of the United States
government or any agencies thereof, the State of New Hampshire, or any
municipality or other subdivision thereof authorized to make regulations, or
which will be injurious to any person or property, or which will make void or
voidable any insurance on the Leased Premises, or which may cause an increased
or extra premium to be payable for such insurance.
8. Condition of Premises. The Lessee is fully familiar with the physical
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condition of the Leased Premises and the building which is part thereof. The
Lessor and its agent have made 110 representation in connection with the
condition of the building or of the remainder of the Leased Premises and shall
not be liable for any latent defects therein; provided, however, that if the
Lessor renders the Leased Premises untenantable for the purpose of the Lessee,
the Lessee may at its own option terminate this Lease
9. Repairs. Subject to the terms and conditions of the Noble's Island
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Condominium Documents, as they now exist or are hereafter amended, the Lessee,
during the term of the Lease, shall at its expense maintain in good repair and
state of cleanliness the Leased Premises and in connection therewith, shall
perform all normal maintenance, and all repairs of conditions caused by Lessee's
use or occupancy of the Leased Premises not otherwise performed by the
Condominium Owners Association, including without limitation all clearing of
snow and ice, and shall make all interior and exterior repairs, not otherwise
made by the Condominium Owners Association, to the Leased Premises necessary to
keep the Leased Premises, and at the end of the term of the Lease, the Lessee
shall surrender the Leased
Premises, in such repair, order and condition as the same are in at the
commencement of the term, or, if better, as they may be put into during the
continuance thereof, together with any alterations or additions made with the
Lessor's consent, reasonable wear and tear since the last necessary repair made
by the Lessee excepted.
10. Fixture and Improvement. Any improvements or fixtures installed by the
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Lessee which are affixed to the real estate by nails, screws, or some other
detachable means may be removed upon the termination of this Lease, provided all
damage or defacement of the Leased Premises caused by such removal is repaired
by the Lessee to the satisfaction of the Lessor. Any such improvements or
fixtures not so removeable, or which are not removed prior to the termination of
this Lease, shall become the property of the Lessor.
11. Alterations and Improvements. The Lessee shall not, without the
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written consent of the Lessor, make any alterations, or additions to or upon the
Leased Premises, except minor alterations which do not materially alter the
design or layout of the Leased Premises, or reduce the available usable space,
or weaken the structure thereof. Any alterations or additions shall be
constructed in accordance with all applicable laws, regulations and the
Condominium Documents, with a proper permit and in a workmanlike manner.
12. Risk of Loss. All persons and property of every kind in or on the
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Leased Premises shall be at the sole risk of the Lessee and the Lessor shall not
be liable to the Lessee or any other person for any injury, loss, damage, or
inconvenience occasioned by any cause whatsoever to said persons or property
except the willful or negligent acts or omission of the Lessor.
13. Indemnity. The Lessee agrees to indemnify the Lessor against all loss,
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damage, liability, or expense arising out of injury to third parties or their
property in or on the Leased Premises and Lessee shall at its expense procure
and maintain at all times public liability insurance on the Leased Premises in
the name and for the benefit of Lessor and Lessee providing coverage of at least
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$1,000,000 with respect to each occurrence and deposit annually certificates
thereof with Lessor. The Lessee shall actually name the Lessor as an insured,
and insure the Lessor received a copy of the endorsement naming
the Lessor of same. The Lessee's insurance company is required to notify the
Lessor in case of cancellation of any such insurance.
14. Insurance. The Lessee shall, at all times during the term hereof or
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any renewal or extension thereof, keep the contents of the Leased Premises,
including all impermanent improvements, alterations and additions that may be
made, insured against fire with extended coverage in amounts, with insurers, and
subject to terms and conditions to the satisfaction of Lessor and/or as required
by the Condominium Documents.
15. Insurance Rights. Neither party will assign, transfer, or set over to
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its insurer any rights of subrogation against the other because of any payment
required to be made under any policy of insurance on the Leased Premises or the
contents thereof and each agrees that a waiver of such subrogation rights will
be procured and written into any such insurance policies issued to either party.
16. Subletting and Assignment. The Lessee shall not assign this Lease or
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sublet the whole or any portion of the Leased Premises without them consent of
them Lessor, in writing, first obtained. This Lease may be assigned at any time
by the Lessor.
17. Inspection. The Lessor or its agent shall have the right to enter the
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Leased Premises at reasonable times for the purpose of inspecting its condition
subject to a twenty-four hour notice with Lessee present, or for making repairs.
18. Right to Show Premises. Lessee acknowledges that property is available
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for sale and agrees that the Lessor or Lessor's agent, upon 24 hour notice to
the Lessee, may show them leased premises to prospective buyers.
19. Quiet Possession. The Lessor covenants and warrants that them Lessor
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has full right and lawful authority to enter into this Lease for the full term
hereof, and for all extensions herein provided, and that the Lessor is lawfully
seized of the entire premises hereby leased and has good title thereto free and
clear of all tenancies, liens and encumbrances. The Lessor further covenants and
warrants that if the Lessee shall discharge the obligations herein set forth to
be performed by the Lessee, then the Lessee shall have the right to enjoy,
during the term hereof, the quiet and undisturbed possession of the Leased
Premises for the uses herein described, together with all appurtenances thereof.
20. Default. If the rent hereby reserved shall be in arrears for a period
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of more than fifteen (15) days, or if the Lessee shall violate any of the
covenants, conditions, warranties or provisions contained herein and such
violations shall continue for more than fifteen (15) days after notice in
writing, or if the Lessee shall be declared insolvent, or shall be adjudicated a
bankrupt, or shall assign for the benefit of creditors, or if the Leased
Premises shall be taken on execution, the Lessor may immediately, or at any time
thereafter, and without demand or notice upon the Lessee to quit, elect to enter
upon said Leased Premises and take possession thereof whereupon this Lease shall
absolutely terminate, and it shall be no defense to the Lessee that previous
violations of any covenants have been waived by the Lessor, either expressly or
by implication. In the event of any such election by the Lessor, Lessee shall be
liable for Lessor's expenses and costs including attorney's fees and Lessor
shall further have all of its rights in law or equity to relet them Leased
Premises and to seek damages or other relief if resulting from such default.
21. Redelivery of Premises. The Lessee shall peaceably and quietly quit
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and deliver up to the Lessor, or its duly authorized agent, the Leased Premises
at the expiration or other termination of this Lease or any renewal thereof,
leaving the Leased Premises in such condition as required by Paragraph 9 hereof.
Such delivery shall include all keys to the Leased Premises and failure to
deliver such keys shall make the Lessee responsible for them expense of lock
changes.
22. Waiver. The Lessee covenants with them Lessor that them failure of
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the Lessor to insist in any one or more instances upon them strict and literal
performance of any of them covenants, terms or conditions of this Lease, or to
exercise any option of the Lessor herein contained, shall not be construed as a
waiver or a relinquishment for the future, of such covenant, term, condition
or option, but the same shall continue and remain in full force and effect.
Acceptance by the Lessor of rent or other payment, with knowledge of breach by
Lessee of any covenant, term, or condition or provision of this Lease, shall not
constitute a waiver by the Lessor of such breach, uniess expressly so stated in
writing by the Lessor over its signature.
23. Successors. The obligations and benefits of this Lease shall be final
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upon, and shall inure to the benefit of, the successors and assigns of the
Lessor, and the successors and assigns of the Lessee.
IN WITNESS WHEREOF, the parties have hereunto set their hands on the date
above stated.
In the Presence of: Meadow Holdings Corp.
/s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxxxx Xxxxxxxx
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Title: President
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Duly Authorized
Environmental Power Corporation
/s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxxx
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Title: President
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Duly Authorized
STATE OF NEW HAMPSHIRE
COUNTY OF ROCKINGHAM
The foregoing instrument was acknowledged before me the 20 th day of
February, 1996, by Xxxxxxx X. Xxxxxxxx, to be his free act and deed.
/s/ Xxxxxxx X. Xxxxxx
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Notary Public
My commission expires:
January 31, 2001
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STATE OF NH
COUNTY OF Rockingham, SS
The foregoing instrument was acknowledged before me this 20th day of
February, 1996 by Xxxxxx X. Xxxxxxxxxx, to be his/her free act and deed duly
authorized to do so.
/s/ Xxxxxx X. Xxxxxxx
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Justice of the Peace
My commission expires:
1/12/99
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EXHIBIT A
USE OF PARKING AREA
The Lessee shall have the right to the use of the common parking
facilities in common with the occupants of other units in the Noble's Island
Condominium although the Lessor may make rules governing such parking. The
Lessee shall be limited to three parking spaces for its employees. However,
there shall be no limit to the amount of parking spaces that clients,
customers, or guests of the Lessee may use. The Noble's Island Condominium
Association may make rules governing parking which would have jurisdiction over
the Lessor.