EXHIBIT 10.7
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STANDARD FORM COMMERCIAL LEASE
Member Greater Boston Real Estate Board
1. PARTIES LESSOR, which expression shall include XxXxxxxxx
(fill in) FLP heirs, successors, and assigns where the
context so admits, does hereby lease to
2. PREMISES LESSEE, which expression shall include Virtual
(fill in and include, Knowledge, Inc. successors, executors,
if applicable, suite administrators, and assigns where the context so
number, floor number, admits, and the LESSEE hereby leases the following
and square feet) described premises:
7,715 rentable square feet on the top floor of 000
Xxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxxxxx 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 for see section 23
(fill in) A commencing on and ending on
4. [deleted]
5. [deleted]
6. [deleted]
7. UTILITIES The Lessor 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 other utility service and
to furnish reasonably hot and cold water and
reasonable heat and air conditioning (except
delete "air to the extent that the through separately
conditioning" if not metered utilities or separate fuel tanks as set
applicable forth above) to the leased premises, the
hallways, stairways, elevators, and lavatories
during normal business hours on regular business
days of the heating and air conditioning seasons
of each year, to furnish elevator 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. Lessee shall be
separately metered and pay for lights and plugs.
LESSOR shall have no obligation to provide
utilities or equipment other than the utilities
and equipment within the premises as of the
commencement date of this
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lease. In the event LESSEE requires additional
utilities or equipment, the installation shall be
subject to the written consent of the LESSOR.
8. USE OF LEASED The LESSEE shall use the leased promises only for
PREMISES the purpose of General Office Use
(fill in)
9. COMPLIANCE The LESSEE acknowledges that no trade or
WITH LAWS 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 The LESSEE agrees to maintain the leased premises
in good condition, damage by fire and other
casualty only excepted, and whenever necessary, to
X. XXXXXX'S replace plate glass and other glass therein,
OBLIGATIONS acknowledging that the leased premises are now in
good order and the glass whole. The LESSEE shall
not permit the leased premises to be overloaded,
damaged, stripped, or defaced, nor suffer any
waste. XXXXXX shall obtain written consent of
LESSOR before erecting any sign on the premises.
X. XXXXXX'X The LESSOR agrees to maintain the structure of the
OBLIGATIONS 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 - The LESSEE shall not make structural alterations
ADDITIONS 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
payment compensation. 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 by the 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 improvements made by the LESSEE shall become
the property of the LESSOR at the termination of
occupancy as provided herein.
13. ASSIGNMENT - The LESSEE shall not assign or sublet the whole or
any part of the leased premises
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SUBLEASING without XXXXXX'S prior written consent which
consent shall be unreasonably withheld or delayed.
________________________. Notwithstanding such
consent, LESSEE shall remain liable to LESSOR for
the payment of all ______ and for the full
performance of the covenants and conditions of
this lease.
14. SUBORDINATION This lease shall be subject and subordinate to any
and all mortgages, 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 as affixed without hindrance or molestation.
16. INDEMNIFICATION AND The LESSEE shall save the LESSOR harmless from all
LIABILITY loss and damage occasioned by the use or escape of
(fill in) 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, or by any nuisance made or
suffered on the leased premises, unless such loss
is caused by the neglect of 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 The LESSEE shall maintain with respect by the
INSURANCE leased premises and the property of which the
(fill in) leased premises are a part comprehensive public
liability insurance in the amount of $1,000,000
with property damage insurance in limits of
$50,000 - $100,000 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) days 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 - Should a substantial portion of the leased
EMINENT DOMAIN premises, or of the property of which they are a
part, be substantially damaged by the 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 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
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intention to restore leased premises, or
(b) The LESSOR fails to restore the leased premises to
a condition substantially suitable for their
intended use within ninety (90) days of said fire,
casualty or taking.
The LESSOR reserves, and the LESSEE imparts 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 fixtures, property, or
equipment.
19. DEFAULT AND In the event that:
BANKRUPTCY
(fill in) (a) The LESSEE shall default in the payment of any
installment of rent or other sum herein specified
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 of the LESSEE'S covenants,
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 re-enter and take complete possession
of the leased premises, to declare the term of this lease
ended, and remove the LESSEE'S effects, without prejudice to
any remedies which might be otherwise used for arrears of
rent or other default. The LESSEE shall indemnify the LESSOR
against all loss of rent and other payments which the LESSOR
may incur 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 being 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 for 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 six (6)
percent per annum and costs, shall be paid to the LESSOR by
the LESSEE as additional rent.
20. NOTICE Any notice from the LESSOR to the LESSEE relating to the
(fill in) 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 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
LESSOR by
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registered or certified mail, return receipt requested,
postage prepaid, addressed to the LESSOR at such address as
the LESSOR may from time to time advise in writing. All rent
notices shall be paid and sent to the LESSOR at 00 Xxxxxx
Xxxx, Xxxxxx, XX 00000.
21. SURRENDER The LESSEE shall at the expiration of such termination of
this lease remove all LESSEE'S goods and effects from the
leased premises (including, without hereby limiting the
generality of the foregoing, all signs and lettering 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 It is also understood and agreed that:
PROVISIONS
A.) Term of lease for Suite 401, 2,538 sq. ft. shall be two
years two months with one, one year option commencing
9/1/98-10/31/00 Term of lease for Suite 402, 5,177 sq.
ft. shall be two years with one, one year option
commencing 11/1/98-10/31/00
B.) Rent for 9/1/98-10/31/98 $ 8,248.50
Rent for 11/1/98-10/31/99 169,730.00
Rent for 11/1/99-10/31/00 177,445.00
Option Year 11/1/00-10/31/01 185,160.00
C.) Before tenant moves in to Suite 401 9/1/98, Lessor will
touch up paint and add doorway from the kitchen area of
Suite 401 to connect with Suite 402.
D.) Lessee shall have the exclusive right to exterior
signage at two locations at the building where the
"HomeView" signs are currently. Lessor hereby consents
to Lessee affixing a sign depicting Xxxxxx's company
name on said location provided the sign is in
compliance with all applicable rules and regulations in
the Town of Needham. Which approvals shall be the
Lessee's responsibility. Costs associated with removal
and/or disposal of unusable portions of "Homeview"
signage are the responsibility of Lessor.
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IN WITNESS WHEREOF, the said parties hereunto set their hands and seals this
________________ day of ______________ 19___
/s/ Xxxxxx Xxxxxx, Controller /s/ Xxxxx X. XxXxxxxxx
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LESSEE LESSOR
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LESSEE LESSOR
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BROKER(S)
