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STANDARD FORM COMMERCIAL LEASE

Lease Agreement

STANDARD FORM COMMERCIAL LEASE | Document Parties: TECHNICAL COMMUNICATIONS CORP | BATSTONE, LLC, You are currently viewing:
This Lease Agreement involves

TECHNICAL COMMUNICATIONS CORP | BATSTONE, LLC,

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Title: STANDARD FORM COMMERCIAL LEASE
Governing Law: Massachusetts     Date: 4/6/2007
Industry: Communications Equipment     Sector: Technology

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Exhibit 10.1

STANDARD FORM COMMERCIAL LEASE

 

 

 

 

 

 

 

 

 

 

1. PARTIES

(fill in)

  

BATSTONE, LLC, LESSOR, which expression shall include heirs, successors, and assigns where the context so admits, does hereby lease to TECHNICAL COMMUNICATIONS CORORATION, LESSEE, which expression shall include successors, executors, administrators, and assigns where the context so admits, and the LESSEE hereby leases the following described premises:

 

 

2. PREMISES

  

Approximately 22,747 square feet in the rear portion of the building known and numbered 100 Domino Drive, Concord, MA 01742, as further described on the attached Exhibit “A.”

 

 

(fill in and include, if applicable, suite number, floor number, and square feet)

  

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 and parking areas serving the building.

 

 

3. TERM

(fill in)

  

The term of this lease shall be for five (5) years commencing on April 1, 2007 and ending on March 31, 2012.

 

 

4. RENT

(fill in)

  

The LESSEE shall pay to the LESSOR rent at the rate of $159,229.00 ($7.00 per square foot) dollars per year, payable in advance in monthly installments of $13,269.08, known as Base Rent.

 

 

5. SECURITY DEPOSIT

(fill in)

  

Upon the execution of this lease, the LESSEE has paid to the LESSOR the amount of $8,015.00 dollars, which shall continue to be held as a security for the LESSEE’s performance as herein provided and refunded to the LESSEE at the end of this lease subject to the LESSEE’s satisfactory compliance with the conditions hereof.

 

 

6.ADDITIONAL PAYMENTS; ADJUSTMENTS

  

In addition to the Base Rent, the LESSEE shall pay the additional charges as set forth herein.

 

 

A.REAL ESTATE TAXES; ESCALATION

(fill in or delete)

  

LESSEE shall pay to LESSOR, as additional rent, 65.40% of the real estate taxes and assessments assessed against the building and the land on which it is located during any tax year or part thereof during the lease term. LESSEE shall pay to LESSOR, together with the monthly payments of Base Rent, pro rata monthly installments on account of the projected taxes for each tax year reasonably calculated by LESSOR from time to time with an adjustment made after the close of the tax year to account for actual taxes for such tax year. The initial monthly payment on account of taxes shall be $1,512.08, actual taxes for tax year 2007 being $27,744.61.

 

 

 

  

If the LESSOR obtains an abatement of any such excess real estate tax, a proportionate share of such abatement, less the reasonable fees and costs incurred in obtaining the same, if any, shall be refunded to the LESSEE. LESSEE also will be entitled to a credit for any overpayment made during any tax year.

 

 

B. OPERATING COSTS;

ESCALATION;

CAPITAL EXPENDITURES

(fill in or delete)

  

LESSEE shall pay directly to the provider all of the costs of its utilities used by LESSEE in accordance with Section 7 below.

  

 

LESSEE shall reimburse LESSOR for 65.40% of the costs of snow and ice removal and routine and (fill in or delete) regular ground maintenance (lawn, shrubs, trees, etc.) and 65.40% of normal sewer and water charges to the LESSOR by the town of Concord. Lessor shall provide LESSEE, at the time of request for payment, copies of all bills received for snow and ice removal, ground maintenance, sewer and water charges and any other cost submitted for payment by LESSOR.

  

 

In the event the LESSEE’s proportionate share of anticipated costs of an item or project exceeds $1,000, the LESSOR shall obtain the LESSEE’s prior written consent, which consent shall not be unreasonably withheld or delayed. If the LESSOR fails to obtain such consent, the LESSEE shall be relieved of all responsibility with respect to such expenditure.

 

 

C. CONSUMER PRICE ESCALATION

(fill in or delete)

  

NOT APPLICABLE


 

 

 

 

 

 

 

7. UTILITIES

  

The LESSEE shall pay, as they become due, all bills for telephone, electricity, gas and other utilities (whether they are used for furnishing heat or other purposes) that are furnished to the leased premises and presently separately metered.

 

 

 

  

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 lease. In the event LESSEE requires additional utilities or equipment, the installation and maintenance thereof shall be the LESSEE’s sole obligation, provided that such installation shall be subject to the written consent of the LESSOR, which consent shall not be unreasonably withheld or delayed.

 

 

8. USE OF LEASED PREMISES

(fill in)

  

The LESSEE shall use the leased premises only for the purpose of office use, research and development and assembly, and any other lawful use.

 

 

9. COMPLIANCE WITH LAWS

  

The LESSEE acknowledges that no trade or occupation shall be conducted in the leased premises or use made thereof which will be unlawful, improper, unreasonably 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, which insurance shall be obtained and paid for by LESSOR. 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 in violation of this section 10.

 

 

11. MAINTENANCE

  

 

 

 

A. LESSEE’S OBLIGATIONS

  

The LESSEE agrees to maintain, at its own expense, all interior portions of the leased premises (including plumbing, electrical, heating, ventilation and air conditioning systems to the extent located within or exclusively serving the leased premises, but not in the event of maintenance, repairs or improvements initiated by the LESSOR) in good condition, reasonable wear and tear and damage by fire and other casualty only excepted, and whenever necessary to replace plate glass and other glass therein, acknowledging that the leased premises are now in good order and the glass whole. Notwithstanding the foregoing, in no event shall the LESSEE be responsible for maintenance if such maintenance is required as a direct result of the negligence or willful misconduct of the LESSOR or those for whose conduct the LESSOR is legally responsible.

 

 

 

  

The LESSEE shall not permit the leased premises to be damaged, stripped or defaced, nor suffer any waste. LESSEE shall obtain the written consent of LESSOR before erecting any sign on the premises, which consent shall not be reasonably withheld or delayed.

 

 

B. LESSOR’S OBLIGATIONS

  

The LESSOR agrees to maintain, at its own expense, the building of which the leased premises are a part, the structure of the building, including but not limited to the exterior walls, roof, foundation, irrigation system, fire alarm and sprinkler systems, plumbing, electrical, heating, ventilation and air conditioning systems, and the parking areas for the building, in good condition, reasonable wear and tear, damage by fire and other casualty only excepted, and make all necessary repairs with respect thereto, unless such maintenance or repair is required as a direct result of the negligence or willful misconduct of the LESSEE or those for whose conduct the LESSEE is legally responsible.

 

 

12. ALTERATIONS- ADDITIONS

  

The LESSEE shall not make structural alterations or additions to the leased premises without LESSOR’s consent, which shall not be unreasonably withheld or delayed, but LESSEE may make non-structural alterations without such consent but upon notice to LESSOR. All such alterations shall be at LE


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