Massachusetts-Hudson-428 Main Street Lease - RDL Holding Ltd. and Imaging Technology Corp.
LEASE
This lease is made to commence this 1st day of July, 2000 by and
between RDL HOLDING, LTD (Landlord) and IMAGING TECHNOLOGY CORPORATION and its
successor corporate entities (Tenant), both of 428 Main Street, Hudson, MA
01749.
1. PREMISES
The premises (Premises) consist of approximately 14,300 SF which
includes common area located at 428 Main Street, Hudson, MA. The exact location
of the premises is shown on plan attached hereto.
2. TERM
The term of the lease shall commence on July 1, 2000 and shall remain
in full force and effect until June 30, 2005.
3. USE OF THE PREMISES
The premises shall be occupied and used by Tenant for any lawful
purpose permitted by the Town of Hudson zoning regulations.
4. RENTAL RATE
Nine dollars and fifty cents ($9.50) triple net per square foot on
14,3000 square feet shall be charged base annual rent. An additional charge of
$1.00 PSF shall be assessed for real estate taxes and an additional charge of
$.50 PSF shall be assessed for general property maintenance. Real estate taxes
and maintenance charges shall escalate in accordance with any increases from the
basis rates at July 1, 2000.
Initial monthly rent shall be calculated to be $13,108.33 payable on
the first day of each month in advance.
5. MAINTENANCE
Tenant shall maintain the Premises in the same condition as they are in
at the beginning of the Tenancy, reasonable wear and tear, damage by fire or
other casualty only excepted. Tenant shall not be allowed to make any structural
alterations or additions to the Premises without the written consent of the
Landlord. Any fixtures which Tenant installs into the Premises shall become a
part of the Premises and shall not be removed without the written permission of
the Landlord. In the event consent for removal is granted, Premises shall be
returned to the original condition as they were at the commencement of the
Tenancy.
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6. LANDLORD SERVICES
The Landlord shall provide snowplowing, grounds maintenance, and
structural maintenance as required.
7. INSURANCE
Tenant must carry comprehensive public liability insurance covering
bodily injury and property damage insurance in limits of $500,000 combined
single limit, with responsible companies qualified to do business in
Massachusetts and in good standing therein. Tenant shall name Landlord as an
additional insured under such policies and shall furnish a copy of such
endorsement. Tenant 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 having jurisdiction over the premises.
8. UTILITIES
Tenant shall not install any equipment which can exceed the capacity of
any utility facilities and if any equipment installed by Tenant requires
additional utility facilities, said facilities shall be installed at Tenant's
expense. If separate metering is not available, Tenant shall be responsible for
prorata share of all utility expenses incurred. If separate metering is
available, Tenant shall be responsible for payment of charges.
9. SURRENDER OF PREMISES
At the expiration of the tenancy hereby created, Tenant shall promptly
surrender the premises in the same condition as they were on the commencement
date, reasonable wear and tear excepted. Premises shall be broom cleaned and
Tenant shall deliver all keys for, and all combinations on locks, safes and
vaults in the Premises to Landlord at Landlord's address.
10. INDEMNIFICATION
Tenant shall indemnify and save harmless Landlord from and against any
and all liability, liens, claims, demands, expenses, fees, costs, fines,
penalties, suits proceedings, actions and causes of action of any and every kind
and nature arising or growing out of or in any way connected with Tenant's use,
occupancy, management or control of the Premises of Tenant's operation, conduct
or activities in the Landlord's Premises.
11. SUBORDINATION
Upon Landlord's request, Tenant will subordinate its rights hereunder
to the liens of any mortgages or any lien resulting from any method of financing
or refinancing now or hereafter existing against all or a part of Landlord's
Premises.
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12. RIGHT TO RE-ENTER
The following shall be considered for all purposes to be defaults under
and breaches of this Lease:
(A) any failure of Tenant to pay any rent or other amount herein
required to be paid within twenty days after notice that such payment has not
been received;
(B) any failure of Tenant to perform or observe any other of the terms,
provisions, conditions and covenants of this Lease for more than thirty days
after written notice of such failure;
(C) Tenant shall become bankrupt or insolvent or file or have filed
against it a petition in bankruptcy or for reorganization nor arrangement or for
the appointment of a receiver or trustee of all or a substantial portion of
Tenant's property which petition or proceeding is not discharged or terminated
within sixty days, or Tenant makes an assignment for the benefit of creditors;
(D) this Lease or Tenant's interest herein or in the premises or any
improvements thereon are executed upon or attached. In any such event, and
without grace period, demand or notice (except as herein provided); Landlord, in
addition to all other rights or remedies it may have, shall have the right
thereupon or at any time thereafter to terminate this Lease by giving notice to
Tenant stating the date upon which such termination shall be effective, and
shall have the right, either before or after any such termination, to re-enter
and take possession of the premises, remove all persons and property from the
Premises and store such property at Tenant's expense, all without notice or
resort to legal process and without being deemed guilty of trespass or becoming
liable for any loss or damage occasioned thereby.
13. GOVERNING LAW
This agreement shall be governed by the laws of the Commonwealth of
Massachusetts.
14. NOTICES
All notices between Landlord and Tenant shall be directed as follows:
Landlord:
RDL Holding, LTD
428 Main Street
Hudson, MA 01749
Tenant:
Imaging Technology Corporation
428 Main Street
Hudson, MA 01749
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Agreed to this 26th day of June, 2000 by their authorized
representatives.
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RDL HOLDING LTD
by:
/s/ Charles Benz
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Charles Benz, President
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IMAGING TECHNOLOGY CORPORATION
by:
/s/ Lawrence Loughrey
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Lawrence Loughrey, Senior Vice President