Exhibit 10(a)
NEW AVON LIMITED PARTNERSHIP
C/O Urban Equities
00X Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, XX 00000
22 January 1997
Xx. Xxxxxxxx Xxxxxx
WESTERBEKE CORPORATION
00 Xxxxx Xxxxx
Xxxx, XX 00000
Re: 00 Xxxxxx Xxxx, Xxxx XX;
LEASE AGREEMENT
Dear Xxxx:
Pursuant to our telephone conversation of yesterday afternoon regarding
Westerbeke Corporation's decision to lease the 10,200 square foot space
adjacent to Westerbeke's existing warehouse at 00 Xxxxxx Xxxx, Xxxx MA, this
letter, when executed by both of us, shall become a fully legal and binding
Lease Agreement for said space incorporating the following terms and conditions:
1. LANDLORD: New Avon Limited Partnership ("NALP").
2. TENANT: Westerbeke Corporation ("Westerbeke").
3. DEMISED PREMISES: 10,200(plus or minus) rentable square feet as shown on
the attached Exhibit A and provided in 'as is' condition, except that the
existing tenant occupying the space, Trace Optical, Inc., shall remove
all of its property currently stored therein prior to the commencement
date of the Lease.
4. COMMENCEMENT DATE: March 1, 1997.
5. LEASE TERM: The term of this Lease shall commence on March 1, 1997 and
shall expire on June 30, 0000 ("xxx Xxxx").
6. ANNUAL RENT: Tenant shall pay to Landlord annual rent at the rate of Forty-
four Thousand Eight Hundred Eighty Dollars ($44,880.00) for the first
year of the Term, payable on the first day of each month in advance in
equal monthly installments of Three Thousand Seven Hundred Forty Dollars
($3,740.00).
Tenant shall pay to Landlord annual rent at the rate of Forty-five Thousand
Nine Hundred Dollars ($45,900.00) for the second year of the Term,
payable on the first day of each month in advance in equal monthly
installments of Thirty-eight Hundred Twenty-five Dollars ($3,825.00).
Tenant shall pay to Landlord annual rent at the rate of Forty-six Thousand
Nine Hundred Twenty Dollars ($46,920.00) for the balance of the Term,
payable on the first day of each month in advance in equal monthly
installments of Thirty-nine Hundred Ten Dollars ($3,910.00).
Notwithstanding the above, at any time after the first year of the Term and
provided that Westerbeke is not in default under the provisions of the
Lease, Westerbeke shall have the right to terminate the Lease by
providing Landlord with written notice of its intention to do so and
effective sixty (60) days from the first of the month immediately
following Landlord's receipt of said notice. Westerbeke shall pay to
Landlord with said notice an amount equal to Eighty-five ($85.00) per
month for each month that Westerbeke has occupied the Demised Premises
for the period from March 1, 1997 through February 28, 1998 and Two
Hundred Twelve Dollars and Fifty Cents ($212.50) per month for each
month that Westerbeke has occupied the Demised Premises for the period from
March 1, 1998 through the balance of the Term.
7. SECURITY DEPOSIT: None.
8. PERMITTED USE: Warehousing of non-hazardous, non-perishable items and
general administrative offices therefor.
9. TENANT'S SHARE OF REAL ESTATE TAXES AND OPERATION COST: 6.69%.
10. TENANT'S INITIAL ESTIMATED MONTHLY PAYMENTS ON ACCOUNT:
Real Estate Taxes = $401.00
Operation Cost = $531.00
11. UTILITIES: Gas and electricity as separately metered to the Demised
Premises shall be contracted by Tenant directly with Bay State Gas
Company and Eastern Edison Company respectively.
12. ALTERATION TO PREMISES: Landlord hereby gives Tenant permission to create
openings in the demising wall separating the Demised Premises from Tenant's
adjacent space except that upon termination of this Agreement, Tenant shall
restore said demising wall to its original condition.
13. LISTED BROKER: None.
14. INCORPORATION OF EXISTING LEASE AGREEMENTS: All of the terms and
conditions of the Commercial Lease dated November 4, 1986, the Lease
Amendment Agreement dated April 29, 1991, and the 2nd Lease Amendment
Agreement dated April 7, 1993 and the Third Lease Amendment Agreement
dated February 20, 1996 by and between New Avon Limited Partnership and
Westerbeke Corporation with respect to the 15,680 square foot adjacent
space at 00 Xxxxxx Xxxx, Xxxx, XX, except as specifically modified by
the terms and conditions enumerated above, are incorporated herein by
reference and shall be fully binding upon Landlord and Tenant with
respect to this Lease Agreement.
I am enclosing two originals of this Lease Agreement with the request that you
sign them where indicated below and return both originals to me for my
signature. I will then forward one fully executed original to you for your
file.
Please feel free to call me if you have any questions regarding the above.
I appreciate your prompt attention to this matter.
Sincerely,
By /s/ Xxxxxxxx X. Xxxxxxxxxx
NEW AVON LIMITED PARTNERSHIP
AGREED TO AND ACCEPTED BY:
LANDLORD: TENANT:
NEW AVON LIMITED PARTNERSHIP WESTERBEKE CORPORATION
By its General Partner
New Avon Development Corporation
By /s/ Xxxxxxxx X. Xxxxxxxxxx By /s/ Xxxxxxxx X. Xxxxxx III
Xxxxxxxx X. Xxxxxxxxxx Xxxxxxxx X. Xxxxxx III
President Executive VP and COO
