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THIRD AMENDMENT TO LEASE

Lease Agreement

THIRD AMENDMENT TO LEASE | Document Parties: FIRST MARBLEHEAD CORP | Cabot Road Partners, LLC | FIRST MARBLEHEAD CORPORATION | Value Enhancement Fund VI, LLC | VEF Group Management, LLC | VEF VI, LLC You are currently viewing:
This Lease Agreement involves

FIRST MARBLEHEAD CORP | Cabot Road Partners, LLC | FIRST MARBLEHEAD CORPORATION | Value Enhancement Fund VI, LLC | VEF Group Management, LLC | VEF VI, LLC

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Title: THIRD AMENDMENT TO LEASE
Date: 9/8/2011
Industry: Consumer Financial Services     Sector: Financial

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Exhibit 10.27

THIRD AMENDMENT

TO LEASE

 

 

THIS THIRD AMENDMENT TO LEASE (“Amendment”) is made and entered into as of the 1 day of July, 2011, with an effective date of July 1, 2011, by and between CABOT ROAD OWNER – VEF VI, LLC , a Delaware limited liability company (“Landlord”) and THE FIRST MARBLEHEAD CORPORATION , a Delaware corporation (“Tenant”).

W I T N E S S E T H

WHEREAS , Landlord, as successor by assignment to Cabot Road Partners, LLC and Tenant entered into that Lease dated as of August 13, 2004, as amended by an Amendment to Lease dated August 31, 2007 and Second Amendment to Lease dated as of November 3, 2010 (such lease as amended is sometimes referred to herein as the “Original Lease”), whereby Landlord currently leases to Tenant 93,366 rentable square feet of space on the 2 nd , and 3 rd floors (the “Current Premises”) in the building known as One Cabot Road in Medford, Massachusetts; and

WHEREAS , Landlord and Tenant desire to amend the Original Lease in order to, among other things, reduce the rentable area of the Current Premises, all upon the terms and conditions set forth herein;

NOW, THEREFORE , for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties agree as follows:

1. Recitals . The recitals set forth above are incorporated into and made a part of this Amendment.

2. Effective Date . The effective date (the “Effective Date”) of this Amendment shall be July 1, 2011.

3. Definitions . (i) Unless otherwise defined in this Amendment, capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Original Lease. References to this “Lease” shall mean the Original Lease, as amended by this Amendment, as the same may be further amended from time to time.

(ii) The following terms set forth in Section 1.2 of the Original Lease, entitled: “Basic Data” shall be amended and restated in their entirety as follows:

Premises: A portion of the second floor and a portion of the third floor of the Building as shown on Exhibit FP attached hereto.

Premises Rentable Area: Agreed to be: as of the Effective Date, 84,458 rentable square feet, comprised of 44,706 rentable square feet on the 2 nd floor and 39,752 rentable square feet on the 3 rd floor of the Building.

 

1


4. Premises .

(i) Contraction Space . Tenant shall surrender as of the Effective Date a portion of the Third Floor Premises consisting of 8,908 rentable square feet (the “Second Contraction Space”) vacant, broom clean, and with all of Tenant’s equipment and business fixtures removed and Landlord shall accept the Second Contraction Space in its “as is” condition, notwithstanding any provision of the Lease to the contrary. The failure by Tenant to surrender the Second Contraction Space on or before the Effective Date, which continues for more than ten (10) days after written notice of such failure, time being of the essence, shall constitute a Default of Tenant (without further notice) and shall give rise to all Landlord’s rights and remedies under the Original Lease.

(ii) Premises . Effective the Effective Date, the Premises shall consist of that portion of the second floor and a portion of the third floor of the Building as shown on Exhibit FP attached hereto. Tenant is in occupancy of the Premises and accepts the Premises in its “as is” condition, without any obligation on the part of Landlord to perform any construction therein or to prepare the same for Tenant’s occupancy or otherwise; provided, however, that Landlord shall, at Landlord’s expense, perform all work required to properly demise and separate the Second Contraction Space from the remainder of the Premises located on the third floor of the Building at the time of reduction of the Premises by the Second Contraction Space, including, without limitation, installation of demising walls, alteration of base building wiring (to include, among other matters, rewiring the electrical lines in a manner such that the electric usage in the Second Contraction Space shall be separated from the electric usage in the Premises, and if necessary, the installation of an electric checkmeter sufficient to separately meter electric usage in the Second Contraction Sapce from electric usage in the Premises), plumbing and HVAC duct work and equipment. Installation of demising walls shall be deemed to include, without limitation, performance of such painting, finish work, flooring and other work as may be required on Tenant’s side of the demising wall to be consistent with the paint, finishes and flooring in the remainder of the Premises. Tenant shall be responsible for the removal of any business fixtures and tenant equipment.

(iii) Exhibit FP . Exhibit FP to the Original Lease is hereby deleted and amended and restated with Exhibit FP attached hereto.

5. Rent . The Original Lease shall be amended to provide that Tenant shall pay Rent to Landlord as follows:

(i) Basic Rent . Tenant shall pay to Landlord Basic Rent for the Premises, without offset, abatement (except as otherwise provided in the Original Lease), deduction or demand, as follows:

 

Rental Period

  

Annual Basic Rent

 

  

Monthly Rent

 

7/1/11-3/31/12

  

$

2,007,369.00

  

  

$

167,280.75

  

4/1/12-3/31/14

  

$

1,858,075.92

  

  

$

154,839.66

  

4/1/14-3/31/16

  

$

1,984,762.92

  

  

$

165,396.91

  

4/1/16-3/31/17

  

$

2,111,449.11

  

  

$

175,954.16

  

 

2


(ii) Escalation Factor . “Escalation F


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