Exhibit 10.1
STANDARD FORM COMMERCIAL
LEASE
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1. PARTIES
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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:
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2.
PREMISES
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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.”
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(fill in and include, if
applicable, suite number, floor number, and square feet)
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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.
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3. TERM
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The term of
this lease shall be for five (5) years commencing on April 1, 2007
and ending on March 31, 2012.
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4. RENT
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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.
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5. SECURITY DEPOSIT
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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.
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6.ADDITIONAL
PAYMENTS; ADJUSTMENTS
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In addition to
the Base Rent, the LESSEE shall pay the additional charges as set
forth herein.
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A.REAL ESTATE TAXES; ESCALATION
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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.
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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.
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B. OPERATING COSTS;
ESCALATION;
CAPITAL EXPENDITURES
(fill in or delete)
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LESSEE shall
pay directly to the provider all of the costs of its utilities used
by LESSEE in accordance with Section 7 below.
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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.
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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.
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C. CONSUMER PRICE ESCALATION
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NOT
APPLICABLE
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7.
UTILITIES
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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.
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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.
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8. USE OF LEASED PREMISES
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The LESSEE
shall use the leased premises only for the purpose of office use,
research and development and assembly, and any other lawful
use.
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9. COMPLIANCE
WITH LAWS
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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.
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10. FIRE
INSURANCE
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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.
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11. MAINTENANCE
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A.
LESSEE’S OBLIGATIONS
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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.
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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.
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B.
LESSOR’S OBLIGATIONS
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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.
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12. ALTERATIONS- ADDITIONS
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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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