AGREEMENT made this 31st day of March 1995 by and between New England Innovations, Corp., a New Hampshire corporation with a place of business at 4 Progress Drive, in Dover, New Hampshire, hereinafter "Landlord" and Bio-pure Corp. a Delaware corporation with a principal place of business at 68 Harrison Avenue, Boston, Massachusetts, hereinafter "Tenant".
WHEREAS, Landlord owns a factory building at 4 Progress Drive, Dover, Strafford County New Hampshire (hereinafter "the factory"); and,
WHEREAS, the Landlord has leased and is now leasing a portion of the factory to the Tenant; and,
WHEREAS, the Tenant during its occupancy of such portion of the factory has made substantial improvements thereto, including but not limited to walls, fixtures, etc. which are highlighted in blue on Exhibit A hereto (hereinafter called "the improvements"); and,
WHEREAS, the Landlord and Tenant have previously dealt with each other with respect to the leased premises on an oral basis, but now wish to enter into a written agreement concerning the leased premises;
NOW THEREFORE in consideration of the premises and other valuable consideration, the parties hereto mutually stipulate, covenant and agree as follows:
1. PROPERTY LEASED. Landlord hereby leases to the Tenant a portion of the factory, the said portion containing 8,580 square feet, more or less, as shown by green highlighting on Exhibit A hereto. Additionally, consistent with the parties existing practice, the Tenant shall have the right to place and store equipment in a shed containing 1,587 square feet, and a trailer outside of the factory and on the Landlord's premises. Further, the Tenant shall have the right to use 68% of the existing parking lot associated with the premises.
2. PURPOSE OF LEASE. Tenant may use the leased premises for manufacturing purposes, consistent with its existing use of the premises, and in other lawful purpose. Landlord represents that manufacturing is a permitted use under Zoning of City of Dover.
3. TERM OF LEASE. This lease shall commence the 1st day of April 1995 and shall continue for five (5) years from said date (the initial term). Tenant may renew the initial term of this lease for an additional period of five (5) years subject to revision of the amount of the rental. As used herein, "the rental year" shall refer to the year from April 1st through March 31st Tenant shall notify Landlord in writing not less than thirty (30) days prior to the expiration of the initial term of this Lease of his intention to extend the same.
4. BASE RENT. The Tenant shall pay to Landlord Base Rent, at the rate described in this paragraph. For the first year of the lease, the Base Rent will be Thirty-Seven Thousand, Seven Hundred Dollars ($37,700.00), payable in twelve equal monthly payments of Three Thousand One Hundred Forty-One Dollars and Sixty-Six Cents ($3,141.66), payable on the 1st of each month, in advance.
The Landlord grants to the Tenant the option to extend the term of this Lease for one (1) period of five (5) years, commencing on April 1, 2000 and ending on March 31, 2005. Said option may be exercised by the Tenant by giving written notice thereof to the Landlord on or before March 1, 2000. The annual rent during the extended term will be recalculated by the Landlord and Tenant each obtaining appraisals by certified appraisers for industrial park properties comparable to the factory in Dover, New Hampshire. This rate averaged together will be the basis for the new five (5) year Lease. It is specifically understood and agreed, however, that the minimum annual rent established hereunder for the extension term will in no event be less than $3.60 PSF, absolute net. All other Lease terms and conditions will remain in full force and effect during the extension term.
5. ADDITIONAL RENT. In addition to the Base Rent described in ss. 4, above, the Tenant shall pay to the Landlord or the person providing the service, as specified below, a proportionate share of the following expenses associated with occupancy of the leased premises. The parties agree that under the terms of this lease the Tenant occupies 68% of the factory, and that unless expressly indicated otherwise in this lease, the Tenant shall pay 68% of each of the following expenses.
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Expense Category |
Tenant's% |
Due Date of Payment |
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Property Taxes |
68% |
12/1 and 6/1 to City of Dover |
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Insurance |
68% |
Tenant to bill Landlord for 32% of total bill |
|
Grass Mowing, etc. |
68% |
Estimate $285.00 for Summer, 1995; $198.00 due 10/1/95 |
|
Snow Removal |
68% |
Estimate of$100 per storm; $68 due each storm |
|
Water& Sewer |
95% |
Due each month; Tenant to bill Landlord for 5% of year's total |
|
Rubbish Removal (1) |
100% |
Tenant to pay Cate's Rubbish each month |
|
Electrical Service (2) |
100% for leased premises only |
Tenant to pay each month |
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