Exhibit 10.14
[LETTERHEAD OF FIRST NATIONAL BANK OF IPSWICH]
November 5, 2003
Mr. John T. Coughlin
c/o PMC Realty Trust
239 Western Avenue
Essex, MA 01929
Dear Mr. Coughlin:
Regarding
our lease agreement for 8-10 Martin Street, Essex, MA 01929
(Branch Office), please accept this letter
as notification of our intent to
extend the lease. According to paragraph I
our lease for the first term expires
on May 31, 2004. This should be construed
as fulfilling the six month
notification requirement. Should you have
any questions, please free to contact
me.
Sincerely,
/s/ Don Gill
cc: Dale McCalla
John
Doherty
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[LETTERHEAD OF PMC REALTY TRUST]
Commercial
LEASE
WITNESSTH, that PMC Realty Trust
(hereinafter referred to as LESSOR) does hereby
lease, demise and let unto The First
National Bank of Ipswich (hereinafter
referred to as LESSEE) the following
described premises which are located in the
building at 8-10 Martin Street, Essex, MA
01929 and the premises hereby leased
are located at Unit 2-3 approximately 3,000
square feet.
I. The term of this Lease
shall be for a period of five (5) years, commencing
on June 1,
1999 and ending on May 31, 2004. LESSEE shall have three (3),
five (5)
year options to renew, with 180 days written notice prior to
expiration
date. Providing LESSEE is in good standing with all terms and
conditions
of this Lease.
II. During the term of this
Lease, the LESSEE covenants and agrees to pay the
LESSOR as
rental, without prior notice and demand, yearly rent of Forty
Five
Thousand Dollars, $45,000.00, payable in equal monthly
installments
of Three
Thousand Seven Hundred Fifty Dollars, $3,750.00, in advance of
the first
day of each month for the month then ensuing, the first of said
payments
to be due and payable on the execution of Lease. All rental
payments
shall be made to the LESSOR at 239 Western Avenue, Essex,
Massachusetts or such other place as the LESSOR may from time to
time
designate
in writing.
III. The LESSEE further agrees that it
will pay any and all taxes assessed
against
said premises for machinery, equipment and personal property in
the
premises, whether the tax bill is issued in the name of the LESSOR
or
the
LESSEE.
IV. The LESSEE will pay for all
water charges, electricity, and any other
utilities
or services used in the premises.
V. The LESSOR will make
all repairs to the exterior of the building in which
the hereby
demised premises are located and the LESSEE will make all
interior
repairs, improvements or alteration which might be necessary
and
required
in order to conduct the business of the LESSEE in the premises.
However, it is understood
and agreed that any improvements or alterations
that are
desired by the LESSEE will be effected only after notice to and
written
permission from the LESSOR. LESSEE is responsible for
replacement
of light
bulbs. LESSEE further agrees to pay LESSOR as additional rent
all
sums due
for repairs made to the demised premises, replacing of glass
windows,
doors, partitions, electric wiring and electric lamps etc., the
keeping
waste drain pipes open and repairs and replacement of wash
basins
and
plumbing and heating apparatus, which are necessitated by or caused
by
misuse or
abuse by LESSEE, as well as, for cleaning up premises, if
required,
upon vacating. The same shall by paid by LESSEE upon
presentation of bills therefore. Maintenance of HVAC equipment
shall be
the
responsibility of the LESSEE.
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PMC REALTY TRUST - LEASE - PAGE 2
VI. In the event that during the
term of the Lease herein mentioned any rule,
regulation
or law is adopted by any governmental agency requiring
alterations, improvements, or additions to the premises then
such
alterations improvements or additions shall be made by LESSEE.
VII. The LESSEE shall maintain with
respect to the leased premises and the
property
of which the leased premises are a part, comprehensive public
liability
insurance in the amount of Five Hundred Thousand Dollars,
$500,000.00, with property damage insurance in the limits of
Fifty
Thousand Dollars, $50,000.00, in
responsible companies qualified to do
business
in Massachusetts and in good standing therein insuring the
LESSOR, as
well as, the LESSEE shall deposit with the LESSOR certificates
for such
insurance as 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 canceled without at least ten (10) days prior written notice
to each
assured named therein. LESSEE will indemnify and hold LESSOR
harmless,
and LESSEE will also indemnify LESSOR for all costs and
reasonable
attorneys fees incurred by the LESSOR and necessitated by said
claims, demand or
actions.
VIII. A policy of insurance evidencing such
coverage shall be made available for
LESSOR'S
inspection and approval, which approval shall not be
unreasonably
withheld
by LESSOR; such inspection to be made during the LESSEE'S
normal
business
hours at the premises or at any other reasonable location by
the
LESSOR.
IX. The LESSOR will remove all
snow and ice accumulation from the sidewalks
adjacent
to the premises hereby leased and will defend and save the
LESSEE
harmless
from any claims for injury to persons or damage to property
arising
out of a claim for snow and ice being on the sidewalks adjacent
to
the leased
premises.
X. The LESSEE will save
the LESSOR harmless from all loss and damage
occasioned
by the use or escape of water upon said premises by bursting of
pipes from
any nuisance made or suffered on the premises, if said damage
is
occasioned by the LESSEE'S negligence.
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PMC REALTY TRUST - LEASE - PAGE 3
XI. The LESSEE shall not
overload or damage the said premises nor carry on any
business
which shall be deemed to constitute a nuisance o
