Exhibit 10.36
EXECUTION
GROUND
LEASE
MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
as
Landlord
and
EVERGREEN SOLAR, INC.
as
Tenant
Dated
as of November 20, 2007
TABLE OF CONTENTS
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ARTICLE 1
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Land and
Term
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1.1. The
Land
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1.2. Condition of
the Land
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1.3. Initial
Term
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1.4. Delivery and
Acceptance of Possession
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1.5. Extension of
the Initial Term
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1.6. The
Project/The Land
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ARTICLE 2
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Permitted Uses;
Compliance with Laws
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2.1. Permitted
Uses; Continuous Operation upon Completion of Initial
Improvements
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2.2. Compliance
with Laws
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ARTICLE 3
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Base Rent and
Additional Rent
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3.1. Base
Rent
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3.2. Payment of
Base Rent
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3.3. Method of
Payment
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3.4. Base Rent Net
to Landlord
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3.5. Additional
Rent
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3.6. No Release of
Obligations
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ARTICLE 4
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Real Estate
Taxes
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4.1.
Impositions
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4.2. Impositions
Assessed Against the Landlord
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4.3.
Tenant’s Failure to Promptly Pay Impositions
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4.4. Validity of
Impositions
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ARTICLE 5
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Insurance
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5.1. Liability,
Hazard and Other Insurance
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5.2.
Indemnity
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5.3. Waiver of
Subrogation
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5.4.
Landlord’s Insurance
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ARTICLE 6
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Utilities and
Services
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ARTICLE 7
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Repairs and
Maintenance
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ARTICLE 8
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Environmental
Indemnity; Reservation of Rights Under the Federal Facilities
Agreement
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8.1. Definitions
Related to Hazardous Materials
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8.2. Release of
Hazardous Materials
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8.3.
Indemnity
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8.4.
Landlord’s Right to Inspect
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8.5. Reservation
of Rights Under the Federal Facilities Agreement
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8.6. Monitoring
Wells and Access Thereto
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8.7. Landlord to
Exercise Its Rights under the Army Deed
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8.8. Receipt of
Documents
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ARTICLE 9
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Mortgages of
Tenant’s Interest
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9.1. Permitted
Mortgages
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9.2. Notice of
Mortgage
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9.3. Status
Report
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9.4. Protection of
Leasehold Mortgagee
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9.5. Lending
Institutions
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ARTICLE 10
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Assignment and
Subletting
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10.1.
Subletting
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10.2.
Assignment
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10.3. Expenses of
Landlord
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ARTICLE 11
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Casualty
Damage
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11.1.
Restoration
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11.2. Conditions
of Work
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ARTICLE 12
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Eminent Domain and
Public Dedication
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12.1. Total,
Partial Taking; Termination of Lease
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12.2. Partial
Taking — Lease Continues
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12.3.
Intentionally Deleted
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12.4. Restoration
of the Land
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12.5.
Intentionally Deleted
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12.6.
Intentionally Deleted
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12.7. Abatement of
Base Rent
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12.8. Temporary
Taking
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12.9. Rights of
Participation
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12.10. Notice of
Proceeding
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ARTICLE 13
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Intentionally
Omitted
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ARTICLE 14
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No Broker
Representation
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ARTICLE 15
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Quiet
Enjoyment
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ARTICLE 16
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End of Term
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ARTICLE 17
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Default
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17.1. Events of
Default
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17.2. Indemnity
and Hold Harmless Provision
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17.3.
Landlord’s Right to Repossess
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ARTICLE 18
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As Is Delivery Of
The Land
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ARTICLE 19
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Design and
Construction of Initial Improvements
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19.1. Compliance
with Permits, Etc.; Soil Management Plan; Definition of
“Initial Improvements”
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19.2. Permits; Due
Diligence
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19.3. Contracts
for Construction of Initial Improvements
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19.4. General
Provisions Governing Construction of Initial Improvements
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19.5. Time for
Commencement and Completion of Initial Improvements; Conditions
Precedent to Commencement of Construction
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19.6. Force
Majeure
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19.7. Substantial
Completion
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19.8.
Signage
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ARTICLE 20
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Alterations and
Optional Improvements; No Landlord Obligations to Make Initial
Improvements or Optional Improvements
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20.1. Conditions
for Making Tenant Alterations and Optional Improvements
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ARTICLE 21
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Ownership of
Improvements
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ARTICLE 22
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Miscellaneous
Provisions
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22.1.
Nondiscrimination
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22.2.
Intentionally Deleted
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22.3. The
Landlord’s Liability; The Tenant’s Liability
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22.4. Status
Report
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22.5. Provisions
Binding
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22.6. Invalidity
of Particular Provisions
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22.7. Filing of a
Memorandum of Lease
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22.8. Waiver
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22.9.
Landlord’s Right of Self-Help
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22.10.
Interest
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22.11.
Amendments
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22.12. Governing
Law
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22.13.
Notices
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22.14.
Intentionally Deleted
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22.15. Force
Majeure
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22.16. Survival of
Certain Provisions
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22.17.
“Legal Costs” Defined
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ARTICLE 23
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Tenant’s
Option to Purchase
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23.1. Grant of
Option; Option Period
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23.2. Purchase
Notice and Deposit
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23.3. Purchase
Price
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23.4. Negative
Covenant in Deed to the Land
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GLOSSARY OF DEFINED TERMS
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EXHIBIT A
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Legal Description of the Land |
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EXHIBIT B
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Evergreen Solar Unified Permit |
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EXHIBIT C
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Utility Sales Agreement |
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EXHIBIT D
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Sketch Plan Showing Monitoring Wells
on the Land |
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EXHIBIT E
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Project Grant Agreement |
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EXHIBIT F
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Memorandum of Lease |
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EXHIBIT G
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Form of Purchase and Sale
Agreement |
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SCHEDULE 1.1
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Permitted Encumbrances |
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SCHEDULE
9.4(d)
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Determination of Fair Market
Rent |
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SCHEDULE 23
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Determination of Fair Market
Value |
SUMMARY OF LEASE
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LANDLORD:
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Massachusetts Development Finance
Agency |
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TENANT:
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Evergreen Solar, Inc., a Delaware
corporation |
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LAND:
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The land known as Lot 2, Barnum Road,
Town of Harvard, Worcester County, Massachusetts, containing
approximately 23.11 acres of land, as more particularly described
in Exhibit A to this Lease |
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IMPROVEMENTS:
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All buildings, structures and other
improvements now or hereafter existing on the Land. |
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PREMISES
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The Land, together with the
Improvements located thereon. |
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COMMENCEMENT
DATE:
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As provided in Section 1.3
hereof |
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TERM:
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Commencing on the Commencement Date
and expiring at midnight on the day immediately prior to the
thirtieth (30 th ) anniversary
date of the Commencement Date (the “Term”) |
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PERMITTED
USES:
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Uses of the Land permitted in
accordance with the provisions of Article 2 hereof |
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RENT:
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Base Rent and Additional Rent as
provided in Article 3 hereof |
GROUND
LEASE
THIS
GROUND LEASE (this “ Lease ”), is made as of
this 20th day of November, 2007 by and between MASSACHUSETTS
DEVELOPMENT FINANCE AGENCY, a Massachusetts body politic and
corporate established under Chapter 23G of the Massachusetts
General Laws, successor-in-interest to the Government Land Bank
under Chapter 289 of the Acts of 1998, having an address at
160 Federal Street, Boston, Massachusetts 02110 (the “
Landlord ”) and EVERGREEN SOLAR, INC., a Delaware
corporation, having its principal office at 138 Bartlett Street,
Marlborough, MA 01752 (the “ Tenant ”).
RECITALS:
WHEREAS,
the Landlord is the owner of the Land (as hereinafter defined) and
desires to lease the Land to the Tenant and Tenant desires to lease
the Land from Landlord, all on the terms and conditions set forth
herein; and
WHEREAS,
the Tenant’s intended use of the Land is for the construction
and operation of a facility for the design, manufacture and
assembly of products for renewable energy technologies and all
related functions including research and development, warehousing
and administration as well as associated parking, driveways,
storage areas, loading bays and site utilities (the “
Project ”).
AGREEMENTS:
NOW,
THEREFORE, the Landlord and the Tenant hereby agree as
follows:
RULES OF CONSTRUCTION; DEFINITIONS:
This
Lease supersedes all other agreements concerning the Land, whether
oral or in writing, between the Tenant and the Landlord.
All
exhibits and schedules to this Lease are incorporated herein. The
use of the singular of terms which are defined herein (in the
plural or the singular) shall mean and refer to any one of them, or
a particular one of them, as the context permits or requires; the
use of the plural of terms which are defined herein (in the
singular or the plural) shall mean and refer to all or any
combination of them, as the context permits or requires; and
pronouns used herein shall be deemed to include the singular and
the plural and all genders.
Use of
the connective “or” is not intended to be exclusive
unless used with the word “either”; the term “may
not” is intended to be prohibitive and not permissive; use of
“includes” and “including” is intended to
be interpreted as expansive and amplifying and not as limiting in
any way.
Terms
defined elsewhere in this Lease shall have the respective meanings
ascribed to them where so defined. A Glossary of Defined Terms may
be found directly after the signature page of this Lease.
TERMS OF THIS LEASE:
ARTICLE 1
Land and Term
1.1.
The Land . The Landlord, for and in consideration of the
rent, terms, covenants and conditions herein reserved and contained
on the part of Tenant to be paid, kept and performed, hereby leases
to the Tenant, and the Tenant hereby leases from Landlord, upon and
subject to the terms, covenants and conditions herein set forth,
the parcel of land known as Lot 2, Barnum Road (“ Lot
2 ”) h
located in the
Town of Harvard, Worcester County, Massachusetts, Lot 2 containing
approximately 23.11 acres of land, located in the Rail, Industrial
and Trade-Related Zoning District at the Devens Regional Enterprise
Zone and more particularly described in Exhibit A
attached hereto, and all easements, privileges, hereditaments and
appurtenances in, on, under or affecting Lot 2 (but excluding any
public streets, ways and alleys abutting or adjoining Lot 2, which
public streets, ways or alleys, the Parties agree, may be used by
the Tenant in common with others entitled thereto, for all uses and
purposes for which public streets, ways and alleys may be used in
the Devens Regional Enterprise Zone) (the “ Appurtenant
Easements ”), and any strips, gores, trees, shrubs and
plants thereon (all of the foregoing, together with Lot 2, are
hereinafter collectively referred to as the “ Land
”), and together with, except as otherwise herein provided,
all buildings, structures and other improvements now or hereafter
constructed thereon in compliance with this Lease (the “
Improvements ”; the Land and the Improvements are
hereinafter collectively referred to as the “ Premises
”), free of all tenants occupying the Land pursuant to rights
granted by the Landlord, subject, however, to the following:
(a) any facts that an accurate survey or personal inspection
of the Land would show; (b) easements, covenants and
restrictions of record as of the date hereof, to the extent that
the same are in force or effect; including without limitation those
listed on Schedule 1.1 Permitted Encumbrances attached
hereto; (c) easement rights reserved hereby in favor of
Landlord (the “ Reserved Easements ”) if needed
for purposes of installing, maintaining, replacing or upgrading
underground utilities and reconnecting driveways in connection
therewith by the Landlord, which Reserved Easements shall be
located only within twenty-five feet of the perimeter lot line of
Lot 2 and shall not materially adversely affect Tenant’s use
of the Premises for the Permitted Uses (as defined in
Section 2.1 hereof); (d) present and future Laws (as
defined in Article 2), of all boards, bureaus, commissions and
bodies of any municipal, county, state, federal or other
governmental body now or hereafter having or acquiring jurisdiction
over the Land and/or the use or improvement thereof, including the
Devens Enterprise Commission (the “ DEC ”) (each
a “ Governmental Authority ”);
(e) violations of Laws, whether or not recorded or noted, of a
Governmental Authority, against or affecting the Land as the same
may exist on the Commencement Date (as defined below); (f) all
taxes, duties, assessments, special assessments, water charges and
sewer rents and any other impositions by a Governmental Authority,
fixed or not fixed, accrued from and after the Commencement Date;
and (g) the condition and state of repair of the Land as the same
may be on the Commencement Date.
1.2.
Condition of the Land . Tenant acknowledges that it has
leased the Land and has agreed to construct the Initial
Improvements (hereafter defined in Article 19) after having
had a full and complete opportunity to conduct an examination of
the Land, including, without limitation, subsurface conditions, the
presence of any hazardous waste or materials located on the Land,
the legal title to the Land and Laws affecting the same, as the
Tenant deems necessary and/or desirable, and accepts the same in
the same condition in which they or any part thereof now are, and
assumes all risks in connection therewith, without any
representation or warranty, express or implied, in fact or by law,
on the part of Landlord, and without recourse to Landlord, Tenant
hereby waiving any and all claims, now existing or hereafter
arising, relating to the condition (known or unknown) of the Land,
including without limitation those matters set forth on
Schedule 1.2 hereof.
Notwithstanding
the foregoing provisions, the Landlord and Tenant acknowledge that
the Tenant shall have a right to terminate this Lease (“
Tenant’s Termination Option ”) at any time
within six (6) months of the date hereof in the event that the
Tenant determines that there are any Hazardous Materials located on
the Land which prohibit or substantially interfere with the
Tenant’s ability to construct the Initial Improvements (as
defined in Article 20 hereof) and use the same for the
Permitted Uses. In such event, the Tenant shall promptly notify the
Landlord of the nature of the materials found and provide the
2
Landlord
with copies of all reports related thereto received by Tenant. In
no event shall the Landlord have any obligation under this Lease to
remedy any such matter. In addition, in such event, the surrender
of the Land by the Tenant shall be subject to the provisions of
Article 16 hereof.
1.3.
Initial Term . TO HAVE AND TO HOLD the Land for an initial
term (the “ Initial Term ”) commencing on
November 20, 2007 (the “ Commencement Date
”); and expiring at midnight on the day immediately prior to
the thirtieth (30 th ) anniversary
date of the Commencement Date (the “ Expiration Date
”), unless this Lease shall sooner terminate as hereinafter
provided. The Initial Term, as the same may be extended pursuant to
Section 1.5 hereof, is called the “ Term
”.
1.4.
Delivery and Acceptance of Possession . The Landlord will
deliver possession of the Land to the Tenant on the Commencement
Date; the Tenant shall accept, subject to the terms hereof,
possession of the Land on the Commencement Date.
1.5.
Extension of the Initial Term . Subject to the terms and
provisions hereof and provided that there is no Event of Default
existing at the time of the exercise of the applicable option term
extension, the Tenant may extend the Initial Term of this Lease for
two (2) additional terms of ten (10) years each (the “
First Option Term ” and the “ Second Option
Term ”; the exercise of the Second Option Term being
subject to the timely exercise of the First Option Term). The
Tenant shall exercise such option by giving written notice to the
Landlord on or before twelve (12) months prior to the
expiration of the Initial Term for the exercise of the First Option
Term and on or before twelve (12) months prior to the
expiration of the First Option Term for the exercise of the Second
Option Term, of its intent to exercise its option to extend this
Lease for the applicable Option Term. The timely giving of such
written notice by Tenant shall automatically extend the Term of
this Lease for the respective Option Term at the end of the Initial
Term or the First Option Term, as the case may be.
1.6.
The Project/The Land . The term “Project” shall
include the Land upon construction of the Project upon the
Land.
ARTICLE 2
Permitted Uses; Compliance with Laws
2.1.
Permitted Uses; Continuous Operation upon Completion of Initial
Improvements . The Land shall be used and occupied only for the
construction and operation of a facility for the design,
manufacture and assembly of products for renewable energy
technologies and all related functions including research and
development, warehousing and administration as well as associated
parking, driveways, storage areas, loading bays and site utilities
(the “ Permitted Uses ”) and for no other uses,
subject to and in compliance with the Evergreen Solar Unified
Permit dated August 14, 2007 as amended, and attached hereto
as Exhibit B (the “ Unified Permit
”). The Tenant acknowledges that the Landlord has entered
into this Lease in reliance upon the Tenant’s covenant to use
the Land for the Permitted Uses, and therefore expressly agrees
that use of the Land, other than for Permitted Uses, without the
express written consent of the Landlord, which may be withheld in
the Landlord’s sole discretion, shall be a default hereunder
with respect to which the Landlord, in addition to all of the
rights available at law, shall have all rights available in equity,
including the right to enforce this obligation by injunctive relief
and specific performance.
2.2.
Compliance with Laws .
3
(a) The
Tenant shall, at all times during the Term, at the Tenant’s
own cost and expense, perform and comply with, and shall cause all
subtenants, licensees and operators to promptly comply with, all
laws, rules, orders, ordinances, regulations, and requirements now
or hereafter enacted or promulgated, of every Governmental
Authority, including without limitation the Landlord acting in its
capacity as a Governmental Authority, and of any agency thereof,
relating to the Land and the Project, or the facilities or
equipment therein, or the streets, sidewalks, curbs, and gutters on
the Land and forming a part of the Land, or the appurtenances to
the Land, or the franchises and privileges connected therewith, or
any condition or use of the Land, including land-use, environmental
and operational laws, rules, orders, ordinances, regulations and
requirements (collectively, the “ Laws ”)
whether or not such Laws so involved shall necessitate structural
changes, improvements, interference with use and enjoyment of the
Land or the Project, replacements, or repairs, extraordinary as
well as ordinary, and the Tenant shall so perform and comply,
whether or not such Laws shall now exist or shall hereafter be
enacted or promulgated, and whether or not such Laws can be said to
be within the present contemplation of the parties hereto. In
addition, if prior to commencement of the Term, the Tenant or its
agents or contractors goes onto the Land to perform any acts, such
acts shall be performed in compliance with Laws and otherwise in
compliance with the terms of the Non Exclusive License/Access
Agreement to Enter onto Land for Limited Site Assessment and
Pre-Development Activity Purposes dated as of June 15, 2007,
as amended by First Amendment to License/Access Agreement dated as
of July 10, 2007, Second Amendment to License/Access Agreement
dated as of August 3, 2007, Third Amendment to License/Access
Agreement dated as of August 16, 2007, Fourth Amendment to
License/Access Agreement dated as of September 14, 2007, Fifth
Amendment to License/Access Agreement dated as of
September 28, 2007, Sixth Amendment to License/Access
Agreement dated as of October 10, 2007, Seventh Amendment to
License/Access Agreement dated as of October 17, 2007, Eighth
Amendment to License/Access Agreement dated as of October 24,
2007, Ninth Amendment to License/Access Agreement dated as of
October 31, 2007, Tenth Amendment to License/Access Agreement
dated as of November 7, 2007, Eleventh Amendment to
License/Access Agreement dated as of November 9, 2007 and
Twelfth Amendment to License/Access Agreement dated as of
November 14, 2007, as the same may be further amended, which
Right of Entry Agreement shall terminate upon the Commencement Date
of this Lease. Except as otherwise provided in Section 2.2(b)
below, no provision of this Lease shall be construed so as to
permit the Tenant to postpone compliance with such Laws if any
Governmental Authority shall threaten to carry out any work to
comply with the same or to foreclose or sell any lien affecting all
or any part of the Land. Tenant shall, in the event of any
violation or any attempted violation of this Section by any
subtenant, licensee or operator, take steps, immediately upon
knowledge of such violation, as Tenant determines to be reasonably
necessary to remedy or prevent the same as the case may be.
(b) The
Tenant shall have the right, provided it does so with due diligence
and dispatch, to contest by appropriate legal proceedings, without
cost or expense to the Landlord, the validity of any Laws of the
nature hereinabove referred to in this Section 2.2. The Tenant
may postpone compliance with such Laws until the final
determination of such proceedings but only so long as such
postponement of compliance will not subject the Landlord to any
criminal prosecution or civil action or liability, or any costs or
other liability or loss of any kind against the Landlord or the
interest of the Landlord in the Land or the Improvements thereon
which may arise by reason of postponement or failure of compliance
with such Laws and only so long as such postponement of compliance
will not have an adverse effect on the public health or safety as
reasonably determined by the Landlord, and the Tenant shall
indemnify and hold the Landlord harmless from all costs, claims,
losses and liabilities in any way relating to the same, including
“Legal Costs” as hereinafter defined in
Section 22.17.
4
(c) Tenant
shall be responsible for securing all permits or licenses necessary
for the construction and operation of the Initial Improvements as
soon as such applications can appropriately be made if same cannot
be secured prior to the commencement of construction of the Initial
Improvements, and agrees to diligently and in good faith pursue
such applications and to coordinate with Landlord in such pursuit.
The cost of obtaining any such licenses and permits shall be borne
solely by the Tenant.
(d) Upon
Substantial Completion of the Initial Improvements, the Tenant
shall Use and Occupy (as hereinafter defined) the Project
consistent with the normal hours of operation for the Permitted
Uses, subject to the cessation of such uses as shall be reasonably
required for (i) maintenance and repair or alterations to the
Project and/or the Land; (ii) as shall be reasonably required
in connection with restoration resulting from any Casualty or
Taking of the Land or the Project; or (iii) a cessation of the
Permitted Uses for more than a three (3) month consecutive
period which conduct of the Permitted Uses is not restored within
three (3) months of notice from the Landlord. “Use and
Occupy” shall mean the conduct of the Tenant’s business
for the Permitted Uses consistent with the days and hours of
operation of similar businesses.
(e) Tenant
shall not, directly or indirectly, create or permit to be created
or to remain, and shall discharge, any mechanic’s or other
lien placed on the estate of Landlord in the ordinary course of
business or with respect to any work performed by or on behalf of
Tenant on or about the Land. Tenant shall pay promptly all persons
furnishing labor or materials with respect to any work performed by
Tenant. Notwithstanding the foregoing, Tenant shall have the right
to contest by appropriate legal proceedings diligently conducted in
good faith, in the name of Tenant, or Landlord, or both without
cost, expense, liability or damage to Landlord, the validity or
application of any lien. Tenant and any Subtenants shall procure
unconditional waivers and releases of lien claims (and/or notices
of completion) in form reasonably acceptable to Landlord from all
persons furnishing labor or materials with respect to any work
performed on behalf of Tenant on the Land, at the time each
progress payment and/or final payment is made. In the event any
mechanic’s or other lien shall at any time be filed against
the Land by reason of work, labor, services or materials performed
or furnished, or alleged to be performed or furnished, to Tenant or
to any one holding the Land through or under the Tenant, Tenant
shall, within thirty (30) days of notice of its recordation,
cause the same to be discharged of record or bonded to the
satisfaction of Landlord. If Tenant fails to cause such lien
forthwith to be so discharged or bonded after being notified of the
filing thereof, then, in addition to any other right or remedy of
Landlord, Landlord may discharge the same by paying the amount
claimed to be due or may cause the same to be bonded, and the
amount so paid by Landlord, including reasonable attorney’s
fees incurred by Landlord in either defending against such lien or
procuring the discharge or bonding of such lien, together with
interest thereon at the annual rate provided in Section 22.10
hereof, shall constitute Additional Rent and shall be payable by
Tenant to Landlord on demand.
ARTICLE 3
Base Rent and Additional Rent
3.1.
Base Rent . The Tenant shall pay to the Landlord, in
accordance with the terms of this Lease, base rent (“ Base
Rent ”) in the amount of One Dollar ($1.00) per annum for
the period commencing on the Base Rent Commencement Date (defined
to mean the date on which the Tenant commences occupancy of the
Land for the conduct of its business following completion of the
Initial Improvements) and continuing throughout the Term.
5
3.2.
Payment of Base Rent . Commencing on the Commencement Date
and continuing for the remainder of the Term, Tenant shall pay the
Base Rent to Landlord in advance in one annual installment on or
before the Commencement Date and each successive anniversary of the
Commencement Date, respectively.
3.3.
Method of Payment . All payments of Base Rent, Additional
Rent (as hereinafter defined) (Base Rent and Additional Rent are
together referred to herein as “ Rent ”) and
other sums due Landlord shall be paid in current U.S. exchange by
check drawn on a Boston Clearinghouse Bank without intervening
endorsement at the Landlord’s address set forth at the
beginning of this Lease or such other place as Landlord may from
time to time direct by written notice (or if requested by Landlord,
following reasonable advance notice accompanied by appropriate
instructions, by electronic fund transfer) without notice, demand,
set-off, counterclaim or other deduction. Rent not paid within five
(5) days of when due shall bear interest at an annual rate as
provided in Section 22.10 hereof. Tenant shall make ratable
payments of Rent for any period of less than a month, as and when
Rent is adjusted hereunder. Each payment of Additional Rent shall
be paid by the Tenant directly to the party entitled to such
payment.
For
purposes of this Lease, all monetary amounts to be paid by Tenant
pursuant to the terms of this Lease, and whether characterized as
Base Rent or Additional Rent, shall be deemed to constitute Rent
hereunder, it being the intention of the parties hereto that
Landlord shall have the right to exercise all rights and remedies
for the non-payment of Additional Rent when due that Landlord has
hereunder for the non-payment of Base Rent.
Without
limiting the foregoing, except as and to the extent expressly
otherwise provided in this Lease, Tenant’s obligation so to
pay Rent shall not be discharged or otherwise affected by any
applicable Law now or hereafter applicable to the Land, or any
other restriction on or interference with the Permitted Uses, or
any damage or destruction of the Land or any Improvements thereon,
or any Taking, or any other interruption or occurrence
whatsoever.
3.4.
Base Rent Net to Landlord . Base Rent shall be absolutely
net to the Landlord so that this Lease shall yield to the Landlord
the full amount of Base Rent without deduction and free of any
charges, assessments, Impositions (as hereinafter defined in
Article 4) or deductions of any kind charged, assessed, or
imposed on or against the Land or its use, and without abatement,
deduction or set-off by the Tenant, and the Landlord shall not be
expected or required to pay any such charge, assessment or
Imposition, or be under any obligation or liability hereunder
except as herein expressly set forth, and all costs, expenses and
obligations of any kind relating to the maintenance and operation
of the Land, including all alterations, repairs, reconstruction and
replacements as provided in this Lease, that may arise or become
due during the Term hereof shall be paid by the Tenant, and the
Landlord shall be indemnified and saved harmless by the Tenant from
and against such costs, expenses and obligations.
3.5.
Additional Rent . From and after the Commencement Date, the
Tenant shall also pay without abatement, deduction or set-off as
additional rent (“ Additional Rent ”), all sums,
Impositions (as defined in subsection 4.1), costs, expenses and
other payments which the Tenant in any of the provisions of this
Lease assumes or agrees to pay and in the event of any non-payment
of Additional Rent, the Landlord shall have (in addition to all
other rights and remedies) all the rights and remedies provided for
herein or by law or in equity. Additional Rent for any partial
month at the beginning or
6
end of the Term
shall be prorated and Tenant shall only be liable for the portion
of such Additional Rent attributable to the Term hereunder.
3.6.
No Release of Obligations . (a) No happening, event,
occurrence or situation during the Term hereof, whether foreseen or
unforeseen, and however extraordinary (including without
limitation, the Tenant’s failure, refusal or inability for
any reason to construct the Initial Improvements) shall permit the
Tenant to quit or surrender the Land or this Lease or shall relieve
the Tenant from its liability to pay the Base Rent and Additional
Rent and other charges due under this Lease, or shall entitle the
Tenant to any abatement or refund of any Base Rent, or shall
relieve the Tenant from any of its other obligations under this
Lease, and (b) the Tenant waives any rights now or hereafter
conferred upon, to the extent permitted by law, to quit or
surrender the Land leased hereunder, or any part thereof, or to any
abatement, set-off, reduction or suspension of Base Rent or
Additional Rent on account of any such act, happening, occurrence
or situation, except as otherwise provided herein.
ARTICLE 4
Real Estate Taxes
4.1.
Impositions . Tenant covenants to pay throughout the Term,
directly to the appropriate Governmental Authority or to the
appropriate party, before any fine, penalty, interest or cost may
be added thereto for the nonpayment thereof, any and all taxes and
amounts payable under a certain Tax Increment Financing Agreement
by and between the Landlord and the Tenant dated November 20,
2007 (the “ TIF Agreement ”), and payments in
lieu of taxes required to be paid under any agreement with the
Landlord, assessments (including, but not limited to, all
assessments for public improvements or benefits, payable during the
term of this Lease), water, sewer and other rents, rates and
charges, charges for public utilities, excises, levies, licenses
and permit and inspection fees and other charges (imposed by a
Governmental Authority or otherwise), general and special, ordinary
and extraordinary, foreseen and unforeseen, of any kind and nature
whatsoever, which at any time during the Term are assessed, levied,
confirmed, imposed upon, or grow or become due or payable out of or
in respect of, or become a lien on (a) the Land, or
(b) any payments reserved or payable hereunder or any other
sums payable by the Tenant hereunder, or (c) this Lease or the
leasehold estate hereby created, or which arise in respect of the
operation, possession, occupancy or use of the Land (all of which
taxes, payments in lieu of taxes, assessments, charges, interest,
penalties or like charges are sometimes hereinafter referred to
collectively as “ Impositions ” and individually
as an “ Imposition ”); provided, however,
that:
(i) If,
by law, any Imposition is or may be payable, at the option of the
taxpayer, in installments, the Tenant may pay such Imposition in
installments (with any accrued interest due and payable on the
unpaid balance of the Imposition) and shall pay each such
installment as the same respectively becomes due and before any
fine, penalty, further interest or cost may be added thereto.
(ii)
Impositions, whether or not a lien upon the Land, shall be
apportioned between the Landlord and the Tenant at the beginning
and at the end of the Term, and the Tenant shall pay only such
Impositions which are assessed against the Land with respect to any
tax year which falls within the Term. The Tenant hereby waives any
claim that it is or may become exempt from obligations relating to
Impositions based upon the Landlord’s status as a
Governmental Authority.
7
4.2.
Impositions Assessed Against the Landlord . Nothing herein
contained shall require the Tenant to pay income taxes assessed
against the Landlord, or any capital levy, corporation franchise,
excess profits, estate, succession, inheritance or transfer taxes
of the Landlord, unless such taxes are imposed or levied upon or
assessed as a total or partial substitute for, or in lieu of, any
other Imposition required to be paid by the Tenant pursuant to this
Article 4, in which event, the same shall be deemed
Impositions and shall be paid by the Tenant; provided, however,
that if at any time during the Term, the method of taxation shall
be such that there shall be levied, assessed or imposed on the
Landlord a capital levy, gross receipts or other tax on the Rent
received hereunder and/or a franchise tax or an assessment, levy or
charge measured by or based, in whole or in part, upon such Rent,
upon the Land or the Project (including but not limited to the
acquisition, leasing, use or value thereof), and/or measured in
whole or in part by the Landlord’s income from, or use of,
the Land, then all such taxes, assessments, levies and charges, or
the part thereof so measured or based, shall be deemed to be
included within the term “Impositions” for the purposes
hereof and the Tenant shall pay and discharge the same as herein
provided in respect of the payment of Impositions.
4.3.
Tenant’s Failure to Promptly Pay Impositions . The
Tenant shall pay all Impositions before any fine, penalty, interest
or cost may be added thereto for the nonpayment thereof, and, with
respect to real estate taxes only, shall furnish to the Landlord,
within thirty (30) days of a written request by the Landlord,
with receipts or other satisfactory proof evidencing payment of
such real estate taxes.
4.4.
Validity of Impositions . The Tenant shall have the right to
contest the amount or validity, in whole or in part, of any
Imposition by appropriate proceedings diligently conducted in good
faith, but only after payment of such Imposition, unless such
payment would operate as a bar to such contest or interfere
materially with the prosecution thereof, in which event,
notwithstanding the provisions hereof, the Tenant may postpone or
defer payment of such Imposition if, but only if (i) neither
the Land or Project nor any part thereof would by reason of such
postponement or deferment be in danger of being forfeited or lost,
and (ii) the Tenant shall have provided the Landlord with
evidence that the amount so contested and unpaid, together with all
interest and penalties in connection therewith and all charges that
may or might be assessed against or become a charge on the Land or
the Project or any part thereof, in such proceedings has been set
aside in a separate bank account and earmarked for such purposes
upon such arrangements as are reasonably satisfactory to the
Landlord. The Tenant will save the Landlord harmless from any and
all losses, liabilities, claims, judgments, decrees and costs,
including Legal Costs, in connection with any such contest and
will, promptly after the final settlement, compromise or
determination of such contest, fully apply and discharge the
amounts which shall be levied, assessed, be payable thereon or in
connection therewith, together with all penalties, fines, interest,
costs and expenses thereof or in connection therewith.
ARTICLE 5
Insurance
5.1.
Liability, Hazard and Other Insurance .
(a) The
Tenant will, at all times during the Term, maintain, or cause to be
maintained, insurance on the Premises of the following
character:
(i)
Insurance against loss or damage by fire, vandalism and malicious
mischief, extended coverage perils and all physical loss perils
commonly known as “All Risk” (including
8
earthquake
coverages if the same is available at commercially reasonable
rates), as shall from time to time be customary for similarly
situated premises in The Commonwealth of Massachusetts, with a
replacement cost coverage endorsement, an agreed amount endorsement
waiving all co-insurance provisions of the policy or policies in
question, and in an amount not less than one hundred percent of the
replacement value of the Improvements (excluding foundation(s)),
without any deduction being made for depreciation and with a
deductible not to exceed $50,000. Such replacement value shall be
determined by the company issuing the insurance policy at the time
the policy is initially obtained and shall be evidenced by an
agreed amount endorsement.
(ii)
Commercial general liability insurance on an occurrence basis
insuring the Tenant against claims for bodily injury, death, or
property damage occurring on, in, or about the Land, or in
connection with the Tenant’s use and occupancy of the Land
and the Improvements, such insurance to be in standard form and
with such coverages and in such amounts as the Landlord shall
reasonably request pursuant to Section 5.1(a) (vii) (but in
any event initially with a general aggregate limit of not less than
$5,000,000, a products — completed operations aggregate limit
of not less than $5,000,000, a personal and advertising injury
limit of not less than $1,000,000, and a per occurrence limit of
not less than $5,000,000 for bodily injury, property damage and
medical payments, which may be based upon a combination of primary
coverage of not less than $1,000,000 plus umbrella coverage, which
policy shall include operations and contractual liability coverage
which insures performance by the Tenant of the indemnity provisions
set forth in Section 5.2 of this Lease. The Landlord shall be
named as an additional insured under this policy.
(iii)
Adequate boiler and pressure vessel insurance on all equipment,
parts thereof, and appurtenances attached or connected to the Land,
which by reason of their use or existence are capable of bursting,
erupting, collapsing, or exploding, in such limits as may be
reasonably acceptable to the Landlord.
(iv)
During the course of any construction, repair, restoration or
replacement of the Improvements, builder’s risk insurance (or
such reasonably comparable insurance) on an all-risk basis
(including collapse) in an amount equal to 100% of the projected
completed value of the Initial Improvements with “increased
cost of construction” endorsement and shall insure against
the perils of fire and extended coverage and physical loss or
damage, including without duplication, coverages with respect to
casualties arising due to subsurface work, shoring, blasting, pile
driving, caisson work and the like, loss or damage to the
equipment, supplies and materials furnished and stored, and owned
and non-owned vehicle liability insurance with respect to all
vehicles and registered mobile equipment and with respect to any
unlicensed mobile equipment, written on a completed value,
non-reporting form.
(v)
Broad form flood insurance if any portion of the Improvements is
currently or at any time in the future located in an area
identified by the Secretary of Housing and Urban Development, or
any successor agency, as an area having special flood, mudslide or
flood-related erosion hazards and in which flood insurance has been
made available under the National Flood Insurance Act of 1968 or
the Flood Disaster Protection Act of 1973, as amended from time to
time, provided that if broad form flood coverage is not available,
such insurance shall be for the lesser of the replacement value of
the Improvements or the maximum amount available under the National
Flood Insurance Program.
9
(vi) If
required by Laws, worker’s compensation insurance for all
persons engaged by the Tenant or any contractor or subcontractor to
conduct any activities at the Land, subject to the statutory limits
in the Commonwealth of Massachusetts, and employers liability
insurance with a limit of at least $1,000,000 per accident and per
disease per employee, and $1,000,000 per disease policy
limit.
(vii)
Such other insurance reasonably required by the Landlord and
customarily carried by tenants of similar property in similar
businesses, or increased amounts of the insurance referred to in
(i) — (vi) above (based on changed circumstances,
including the declining value of the dollar), that the Landlord may
reasonably request, but not to exceed the level of coverage for
such insurance commonly carried by comparable business similarly
situated, as reasonably determined by the Landlord.
(b) Such
insurance shall be written by companies of recognized financial
standing which are rated “A” or “A-” by a
national rating agency and are legally qualified to issue such
insurance in The Commonwealth of Massachusetts, and such insurance
shall name the Tenant as the insured party thereunder. Such
insurance may be obtained by the Tenant by endorsement on its
blanket insurance policies, provided that (i) such blanket
policies satisfy the requirements specified herein, and
(ii) the Landlord shall be furnished with the certificate of
the insurer to the effect that (a) the amount of insurance
allocable exclusively to the Premises is not less than the amount
required by this Article and (b) the protection afforded the
Premises is not less than the protection that would have been
afforded under a separate policy or policies relating only to the
Premises. All insurance policies to be maintained hereunder shall
require thirty (30) days advance written notice to the
Landlord prior to cancellation, material modification or expiration
of such policies.
(c) The
Tenant has, as of the Commencement Date, delivered to the Landlord
certificates of insurance satisfactory to the Landlord evidencing
all the insurance which is then required to be maintained by the
Tenant hereunder, and the Tenant shall deliver to the Landlord no
later than sixty (60) days after the Commencement Date the
original or duplicate policies satisfactory to the Landlord
evidencing all the insurance which is then required to be
maintained by the Tenant hereunder; in addition, the Tenant shall,
within thirty (30) days prior to the date of expiration of any
such insurance, deliver either original or duplicate policies or
certificates of insurance (followed within sixty (60) days
thereafter by delivery of the extension of the policies) evidencing
the renewal of such insurance. Should the Tenant fail to effect,
maintain, or renew any insurance provided for herein, or to pay the
premium therefor, or to deliver to the Landlord any of such
policies or certificates when required hereunder, the Landlord, at
its option, but without obligation so to do, may procure such
insurance, and any sums expended by it to procure such insurance
shall be Additional Rent hereunder and shall be repaid by the
Tenant within thirty (30) days following the date on which demand
therefor shall be made by the Landlord. The Tenant’s
insurance policy(ies) shall contain a provision that such
policy(ies) shall not be canceled, modified or reduced in scope,
and shall not expire, without thirty (30) days prior written
notice to the Landlord.
5.2.
Indemnity . To the extent such provision is enforceable at
law and except to the extent arising as a result of the negligence
or willful misconduct of Landlord, the Tenant will indemnify and
hold harmless the Landlord (including for purposes of this
Section 5.2, the Landlord’s officials, employees,
agents, contractors and representatives) from and against any and
all liability, loss, damages, expenses (including Legal Costs),
costs of action, suits, interest, fines, penalties, claims, and
judgments arising from injury, or claim of injury, during the Term
of this Lease to person or property of any and every nature, and
from any matter or thing, arising from any act or failure to act by
the
10
Tenant with
respect to the Land or the Improvements to be constructed thereon
(including the facilities and equipment thereon), the occupation,
possession, use, management, improvement, construction, alteration,
repair, maintenance, control or leasing of the Land or the
Improvements to be constructed thereon (including the streets,
sidewalks, steam tunnels, curbs, and gutters forming a part of the
Premises, the appurtenances to the Premises, or the franchises and
privileges connected therewith, or arising out of the
Tenant’s failure to perform, fully and promptly, or the
Tenant’s postponement of compliance with, each and every
term, covenant, condition, or agreement herein provided to be
performed by the Tenant. The Tenant shall pay the Legal Costs of
the Landlord incurred in connection with any and all suits that may
be brought and claims which may be made, against the Landlord, or
in which the Landlord may be impleaded with others, whether the
Landlord shall be liable or not, upon any such above-mentioned
liability, loss, damages, expenses, costs of action, suits,
interest, fines, penalties, claims, and judgments, and the Tenant,
at the Tenant’s own cost and expense, shall satisfy, pay, and
discharge any and all judgments, and pay any settlements approved
by the Tenant, that may be recovered against the Landlord in any
such action or actions in which the Landlord may be a party
defendant, or that may be filed against the Land, or any interest
therein, and in the event of the failure of the Tenant to pay the
sum or sums for which the Tenant shall become liable as aforesaid,
then the Landlord may pay such sum or sums, with all interest and
charges which may have accrued thereon, and the amount so paid by
the Landlord, together with any Legal Costs, shall be Additional
Rent payable by the Tenant to the Landlord within thirty
(30) days following the date on which demand therefor shall be
made by the Landlord. The indemnification provisions set forth in
this Section 5.2 shall survive the expiration or earlier
termination of this Lease.
5.3.
Waiver of Subrogation . Each insurance policy obtained by
the Tenant in connection with this Lease shall include a waiver by
the insurer of all rights of subrogation against the
Landlord.
5.4.
Landlord’s Insurance . The Tenant acknowledges that
the Landlord is not required to procure or maintain insurance of
any kind on or with respect to the Land or the Improvements under
this Lease.
ARTICLE 6
Utilities and Services
The
Tenant shall provide and pay for, as Additional Rent, directly to
the utility provider, all charges by any public authority or public
utility for all of Tenant’s requirements for utilities and
services, including, but not limited to, gas, steam, heat, water,
sewer, electricity, telephone or other telecommunication service
and the like at the Land, and service inspections made therefor.
The Landlord shall have no obligation to provide the Land with or
arrange for the availability of any utilities or services and makes
no representations or warranties relating thereto or to the
condition of the Land in any respect.
Simultaneously
with the execution of this Lease, the Tenant shall, as a condition
of the effectiveness of this Lease, enter into a Utility Sales
Agreement in the form of Exhibit C hereto.
ARTICLE 7
Repairs and Maintenance
The
Tenant agrees to be solely responsible, at its sole cost and
expense, for maintaining the Premises and each and every part
thereof throughout the Term of this Lease, and agrees, without
limitation, to: (i) ensure that the Premises are in compliance
with Laws; and (ii) maintain the Premises in
11
good
order and repair in compliance with the terms of this Lease
throughout the Term. All work performed by the Tenant shall be done
in a good and workmanlike manner and in compliance with all
applicable Laws. The Tenant shall not permit or commit any nuisance
or unlawful conduct.
ARTICLE 8
Environmental Indemnity; Reservation of Rights Under the Federal
Facilities Agreement
8.1.
Definitions Related to Hazardous Materials .
(a) For
purposes of this Lease, “ Hazardous Materials ”
include and mean substances defined or classified as a
“hazardous substance”, “hazardous
material”, “hazardous waste”,
“pollutant”, or otherwise denominated as a regulated or
hazardous substance, waste or material, toxic or pollutant in any
of the following: (i) the federal Comprehensive Environmental
Response, Compensation and Liability Act of 1980; (ii) the
federal Hazardous Materials Transportation Uniform Safety Act of
1990; (iii) the federal Toxic Substances Control Act;
(iv) the federal Resource Conservation and Recovery Act;
(v) Massachusetts General Laws, Chapter 21D;
(vi) Massachusetts General Laws, Chapter 21E;
(vii) Massachusetts General Laws, Chapter 21C;
(viii) Massachusetts General Laws, Chapter 21I; (ix)-any
other federal, state or local law addressing itself to
environmental contamination, waste or health and safety; or
(x) any regulations promulgated under any of the foregoing,
including, without limitation, the regulations promulgated under
M.G.L. c. 21E at 310 CMR 40.000 et seq. (the “
Massachusetts Contingency Plan ” or “ MCP
”); as any of the foregoing may be promulgated or amended
(collectively, the “ Environmental Laws ”).
“Hazardous Materials” shall specifically include, but
not be limited to, oil, asbestos, explosives, polychlorinated
biphenyls, petroleum and petroleum-based derivatives, and urea
formaldehyde.
(b)
“ Remedial Work ” as used in this Article 8
shall mean investigations, assessments, monitoring, response
actions, remedial actions or interim cleanup actions relating to
known or suspected Hazardous Materials.
8.2.
Release of Hazardous Materials .
Tenant,
for itself and its subtenants and each of their respective agents,
employees, consultants, subconsultants, contractors,
subcontractors, affiliates and invitees and anyone claiming by or
through any of them (such parties other than Tenant being referred
to as “ Tenant’s Agents ”) covenants and
agrees during the Term (i) not to release or dispose of
Hazardous Materials, or allow any threat of release of any
Hazardous Materials, at, on, under, to or from the Land in
violation of any Environmental Laws; (ii) except where
incidental to Permitted Uses and managed, generated, used, stored
and transported in compliance with the Environmental Laws and so as
not to constitute a release or threat of release to the environment
of any Hazardous Materials, not to allow the manufacture,
treatment, storage or presence of any Hazardous Materials at the
Land, or transportation of any Hazardous Materials from or onto the
Land; (iii) to comply with the Environmental Laws with respect
to the Land, and (iv) to perform and pay for all Remedial Work
required under the Environmental Laws or reasonably necessary for
the Permitted Uses to address any Hazardous Materials, except as
otherwise provided in Section 8.7 hereof with respect to the
obligations of the Department of the Army as Grantor under the Army
Deed (as hereinafter defined in Section 8.5).
8.3.
Indemnity . The Tenant agrees to indemnify and hold the
Landlord and its employees, contractors, representatives and agents
harmless from any costs (including Legal Costs), claims,
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judgments,
damages, penalties, fines, liabilities or losses of every nature
and kind whether at law or in equity arising, out of or in any way
relating to the presence, release, transportation, treatment,
migration, storage or disposal of Hazardous Materials on or
relating to the Land as a result of Tenant’s activities
(including without limitation all such persons claiming by, through
or under Tenant) on or operations on the Land or in connection with
the Improvements to be constructed thereon during the Term of this
Lease (which for purposes of this Lease shall include the work
conducted by the Tenant under that certain Non-Exclusive
License/Access Agreement dated June 15, 2007, as amended)
(“ Tenant’s Indemnity ”). Tenant’s
Indemnity shall specifically cover, without limitation, the
following: Remedial Work, consultants’ fees, response costs,
potentially responsible party group costs, investigation and
defense costs, and experts’ fees; all costs and damages,
including natural resource damages, in connection with requirements
or claims of any Government Authority or in connection with Third
Party Claims, including sums paid in settlement of claims,
regardless of whether any of such requirements or claims prove true
or warranted; all costs of the enforcement of the Tenant’s
obligations hereunder.
Tenant’s
Indemnity shall survive the expiration or termination of this Lease
or any transfer of all or any portion of the Land, or of any
interest in this Lease.
8.4.
Landlord’s Right to Inspect .
To the
extent required by any Governmental Authority or by any applicable
Laws, Landlord and its officers, employees, contractors or agents
shall have the right, but not the duty, except as set forth in
Section 8.7, following reasonable advance notice of no less
than seven (7) business days (except in the case of an
emergency), to enter upon the Land from time to time for the
purposes of inspections and other actions required in order to
comply with applicable Laws. Landlord shall not be liable to Tenant
in any manner for any expense, loss or damage occurring by reason
of the aforesaid entries, nor shall the exercise of any such right
be deemed an eviction or disturbance of Tenant’s use or
possession, provided that, subject to the terms and provisions of
the matters set forth on Schedule 1.1 hereto, the Landlord
shall make all reasonable efforts to coordinate such entry so as to
minimize any adverse impact to Tenant’s normal operations at
the Land.
8.5.
Reservation of Rights Under the Federal Facilities Agreement
. Pursuant to the terms of a certain Quitclaim Deed (the “
Army Deed ”) dated as of May 9, 1996 from the
Department of the Army (the “ Army ” or the
“ Grantor ”) to Landlord (the “
Grantee ”) and recorded with the Worcester County
(Worcester District) Registry of Deeds (the “ Registry
”) in Book 17906, Page 1, the following provision that was
contained therein must be set forth in future instruments
transferring an interest in property conveyed to the Landlord by
the Army, including the Land:
By
accepting this Deed, the Grantee acknowledges that the Grantor has
provided the Grantee with a copy of the Federal Facilities
Agreement (the “FFA”) between the Grantor and the U.S.
Environmental Protection Agency (the “EPA”), dated
May 11, 1991, and the modification thereto, dated
March 26, 1996. The Grantor shall provide the Grantee with a
copy of any future amendments to the FFA.
A. The Grantor,
EPA, and the Commonwealth of Massachusetts, and their agents,
employees, and contractors, shall have access to and over the
Property as may be necessary for any investigation, response, or
corrective action pursuant to CERCLA or the FFA found to be
necessary before or after the date of this Deed on the Property or
on other property comprising the Fort Devens National Priorities
List (the “NPL”) site. This reservation includes the
right to access
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to and use of,
to the extent permitted by law, any available utilities at
reasonable cost to the United States.
B. In
exercising the rights hereunder, the United States and the
Commonwealth shall give the Grantee or its successors or assigns
reasonable notice of actions taken on the Property under the FFA
and shall, to the extent reasonable, consistent with the FFA, and
at no additional cost to the United States, endeavor to minimize
the disruption to the Grantee’s, its successors’, or
assigns’ use of the Property.
C. The Grantee
agrees that notwithstanding any other provision of the Deed, the
United States assumes no liability to the Grantee, its successors,
or assigns, or any other person, should implementation of the FFA
interfere with the use of the Property. The Grantee and its
successors and assigns shall have no claim on account of any such
interference against the United States or the Commonwealth or any
officer, agent, employee, or contractor thereof.
D. Prior to the
determination by the United States that all remedial action is
complete under CERCLA and the FFA for the Fort Devens NPL site,
(i) the Grantee, its successors and assigns, shall not
undertake activities on the Property that would interfere with or
impede the completion of the CERCLA clean-up at the Fort Devens NPL
site and shall give prior written notice to the Grantor, EPA, and
the Commonwealth of any construction, alterations, or similar work
on the Property that may interfere with or impede said clean-up;
and (ii) the Grantee shall comply with any institutional
controls established or put in place by the Grantor relating to the
Property which are required by any record of decision
(“ROD”) or amendments thereto, related to the Property,
which ROD was approved by the Grantor and EPA and issued by the
Grantor pursuant to CERCLA or the FFA before or after the date of
this Deed. Additionally, the Grantee shall ensure that any
leasehold it grants in the Property or any fee interest conveyance
of any portion for the Property provides for legally-binding
compliance with the institutional controls required by any such
ROD.
E. For any
portion of the Property subject to a response action under CERCLA
or the FFA, prior to the conveyance of an interest therein, the
Grantee shall include in all conveyances provisions for allowing
the continued operation of any monitoring wells, treatment
facilities, or other response activities undertaken pursuant to
CERCLA or the FFA on said portion of the Property and shall notify
the Grantor, EPA, and the Commonwealth by certified mail, at least
sixty (60) days prior to any such conveyance of an interest in
said property, which notice shall include a description of
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