Sample Business Contracts

Massachusetts-Andover-400 Minuteman Road Lease Termination Agreement - 400 River LP and NaviSite Inc.

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  • Commercial Lease. Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
  • Commercial Sublease. When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
  • Sublease Agreement. Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
  • Triple Net Lease. Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
  • Office Space Lease. When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided.

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                           LEASE TERMINATION AGREEMENT

1.       Parties.

         This Agreement, dated as of ___________, is between 400 River Limited
Partnership ("Landlord"), and NaviSite, Inc. ("Tenant").

2.       Recitals.

         2.1 Landlord and Tenant entered into a Lease, dated as of ____________,
for the project commonly known as 400 Minuteman Road, Andover, Massachusetts.
This Lease, together with all amendments and modifications thereto, collectively
are called the "Lease." Unless otherwise defined, terms used in this Amendment
have the same meanings as those in the Lease.

         2.2 Tenant has agreed to purchase the Premises from Landlord pursuant
to a Purchase and Sale Agreement dated on or about the date hereof. In
connection with that sale, the parties have agreed to terminate the Lease
earlier than the originally-scheduled expiration date, with the new expiration
date to coincide with the closing of that sale. In order to accomplish this and
other matters, for $10.00 and other good and valuable consideration, the receipt
and sufficiency of which are acknowledged, the parties agree and the Lease is
amended as follows as of this date, notwithstanding anything to the contrary:

3.       Amendments.

         3.1 The expiration date of the Lease will be the date that Tenant's
purchase of the Premises from Landlord closes and Landlord receives the full
purchase price therefor (the "New Expiration Date"), and on that date the Lease
will expire and terminate. Tenant will pay all rent due under the Lease through
and until the New Termination Date, whether billed before or after the New
Termination Date. On request of the other, each party will confirm to the other
in writing the correct New Termination Date when and if it occurs (but failure
to so confirm will not alter the New Termination Date when and if it occurs).
These obligations will survive the expiration and termination of the Lease. The
expiration and termination of the Lease pursuant to this Agreement will not
relieve Tenant from Liabilities arising from defaults under the Lease occurring
prior thereto, or from Liabilities under the Lease that survive expiration or
termination pursuant to the specific terms of the Lease or this Agreement, or
from Liabilities under this Agreement.

         3.2 Provided that Tenant's purchase of the Premises from Landlord
closes and Landlord receives the full purchase therefor, and the Lease
terminates as described above, Landlord will cause to be returned to ______ that
certain Standby Letter of Credit # _________, issued as of _________ by ________
in favor of _________, as amended, which was delivered on behalf of Tenant under
the Lease.

         3.3 Time is of the essence in this Agreement. This is an integrated,
severable agreement, and is binding on the parties hereto, and inures to the
benefit of the parties hereto. This Agreement will be governed by the local laws
of Massachusetts applicable to agreements to be wholly performed therein. If
there is any dispute, action or proceeding involving this Agreement or its
enforcement, the prevailing party will be entitled to reasonable attorneys' fees
and costs, and each party submits to exclusive jurisdiction and venue in the
State or Federal Courts of Massachusetts. This Agreement may be executed in
counterparts, all of which together will constitute one agreement.

         IN WITNESS WHEREOF, intending to be legally bound, the parties have
executed this Agreement as of the date in Article 1 above.

NAVISITE, INC.                    400 RIVER LIMITED PARTNERSHIP, a Massachusetts
                                  limited partnership
       Name:                      By:   Niuna-400 River, Inc., general partner
       Authorized Signature             By:

By:                                             Name:
       Name:                                    Title:
       Title:                                   Authorized Signature
       Authorized Signature