Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant shall have the option ("Tenant's Second Extension Option") to extend the Term for an additional term of five (5) years (herein referred to as the "Second Additional Term"), the Second Additional Term to commence immediately after the expiration of the First Additional Term. If Tenant desires to extend the Term for the Second Additional Term, then Tenant shall give notice (the "Second Extension Notice") thereof to Landlord no later than the date that is eighteen (18) months prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assoc., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Sources: Lease (Dynamics Research Corp)
Second Option to Extend. On If Borrower shall have exercised the condition that Tenant is not First Extension Option in default beyond applicable notice accordance with the terms and cure periods in the performance provisions of any of its covenants and obligations under this Lease at the time of option exerciseAgreement, Tenant Borrower shall have the option ("Tenant's Second Extension Option") to extend the Term First Extended Stated Maturity Date of the Loan for an additional term a period of five six (56) years months to March 7, 2018 (herein referred to as the "Second Additional TermExtended Stated Maturity Date")) provided that all of the following conditions precedent have been satisfied, as determined by Lender, in its sole and absolute discretion:
(a) Borrower shall deliver to Lender a written request to exercise the Second Additional Term to commence immediately after the expiration of the First Additional Term. If Tenant desires to extend the Term for the Second Additional Term, then Tenant shall give notice Extension Option (the "Second Extension NoticeRequest") thereof to Landlord no later at least thirty (30) days, but not more than sixty (60) days, before the First Stated Maturity Date.
(b) No Event of Default or Potential Default has occurred and is continuing on the date that is eighteen on which Borrower delivers the Second Extension Request to Lender, or on the First Stated Maturity Date.
(18c) months Borrower shall have paid to Lender, in immediately available funds, an extension fee equal to $85,000.
(d) During the extended term of the Loan, all terms and conditions of the Loan Documents shall continue to apply.
(e) Not less than 15 days and not more than 45 days prior to the scheduled expiration First Stated Maturity Date, Borrower shall have paid to Lender in immediately available funds for deposit into the Interest Reserve an amount estimated by Lender, in its sole discretion, to pay the Monthly Interest Payments due during the six (6) month extension period as determined by Lender, based on the outstanding principal balance of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Term shall be deemed extended upon all of the same terms Loan and conditions set forth Interest Rate in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is effect thirty (30) days after Landlordprior to the First Stated Maturity Date, the estimated funds remaining in the Interest Reserve on the First Stated Maturity Date, and Lender's receipt estimate of the Net Operating Income estimated to be available for the payment of the Monthly Interest Payment during such six (6) month extension period.
(f) Borrower shall have paid to Lender (from Borrower's funds) the applicable Extension Tax Deposit for deposit into the Tax Reserve in an amount to be determined by Lender pursuant to Section 3.1(1).
(g) Lender shall have received and approved certificates of insurance evidencing that the insurance coverage required in Article 4.1 hereof has been obtained in compliance with the requirements of Article 4 hereof and that the premiums therefor have been paid in full through the Second Extension Notice. If Tenant does not accept in writing Landlord's determination Extended Stated Maturity Date.
(h) Lender shall have received the most recent financial statement of Second Additional Term Annual Base Rent Guarantor required under the Guaranty and if Landlord requested by Lender copies of Guarantor's most recent bank statements and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty a Compliance Certificate executed by Guarantor, certifying that Guarantor's Tangible Net Worth equals or exceeds Five Million Dollars (30$5,000,000.00) days after Tenantand Guarantor's receipt Cash Liquidity Balances equal or exceed Five Hundred Thousand Dollars ($500,000.00).
(i) Borrower shall have delivered to Lender, together with its notice pursuant to clause (a) of this Section 2.5 and as of the Second Additional Term Rental NoticeFirst Stated Maturity Date, Tenant may elect to rescind its exercise a Manager's Certificate in favor of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt Lender, certifying that no Default or Event of Default exists and that each of the Second Additional Term Rental Notice. In representations and warranties of Borrower contained in the event that Tenant shall not elect to so rescindLoan Documents is true, then Landlord complete and Tenant shall, not later than sixty (60) days after Tenant's receipt correct in all material respects as of the Second Additional Term Rental Noticedate of such Manager's Certificate;
(j) Borrower shall have provided Lender with such information as Lender may reasonably request to enable Lender to confirm Borrower's continued compliance with Article 9.
(k) Borrower shall execute and deliver such other instruments, each retain a real estate professional with at least ten (10) years' continuous experience certificates, opinions of counsel and documentation as Lender shall reasonably request in order to preserve, confirm or secure the business of appraising or marketing commercial real estate in Liens and security granted to Lender by the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessionsLoan Documents, including without limitationany amendments, modifications or supplements to any of the fact no tenant improvement allowanceLoan Documents, free rentendorsements to Lender's title insurance policy and, moving if required by Lender, estoppels and other certificates.
(l) Borrower shall pay all costs and expenses or other concessions will be payable to Tenant incurred by Lender in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing such extension of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shallLoan, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenantincluding Lender's receipt of the Second Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the reasonable attorneys' fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assocdisbursements., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant Borrower shall have the option ("Tenant's Second Extension Option") to extend the Term for an additional term of five A-Note First Extended Maturity Date to July 31, 2016 (5) years (herein referred to as the "A-Note Second Additional TermExtended Maturity Date"), the Second Additional Term to commence immediately after the expiration upon satisfaction of each of the First Additional Term. If Tenant desires following conditions precedent:
(i) Borrower shall provide Lender with written notice of Borrower’s request to exercise the second option to extend the Term for the Second Additional Term, then Tenant shall give notice A-Note not more than ninety (the "Second Extension Notice"90) thereof to Landlord no later days but not less than the date that is eighteen (18) months prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt prior to the A-Note First Extended Maturity Date;
(ii) As of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination date of Second Additional Term Annual Base Rent Borrower’s delivery of notice of request to exercise the second option to extend the A-Note, and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt as of the Second Additional Term Rental NoticeA-Note First Extended Maturity Date, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty no Default shall have occurred and be continuing, and Borrower shall so certify in writing;
(30iii) days after Tenant's receipt As of the Second Additional Term Rental Notice. In date of Borrower’s delivery of notice of request to exercise the event that Tenant shall not elect second option to so rescindextend the A-Note, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt as of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitationA-Note First Extended Maturity Date, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing Properties (so long as they have not been sold as permitted by the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2Loan Documents) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two one hundred (2) determinations is within ten (10100%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as leased pursuant to the Second Additional Term Annual Base Rent. If Landlord and Existing Tenant cannot agree upon the designation of the Final Professional within thirty (30) days Leases, as hereinafter defined, or pursuant to leases entered into after the exchange Effective Date on market terms with Lender’s prior approval; and
(iv) Borrower shall execute or cause the execution of all documents reasonably required by Lender to exercise the first valuation reportssecond option to extend the A-Note and shall deliver to Lender, then either party at Borrower’s sole cost and expense, such title insurance endorsements as may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected reasonably required by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering AssocLender., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Sources: Loan Agreement (Sb Partners)
Second Option to Extend. On 46.1. Subject to the condition that Tenant is not in default beyond applicable notice and cure periods in the performance provisions of any of its covenants and obligations under this Lease at the time of option exerciseSection 47.11 hereof, Tenant shall have the option ("Tenant's Second Extension Option") right to extend the Term term of this Lease for an additional term of five three (53) years commencing on March 1, 2004 (herein hereinafter referred to as the "Commencement Date of the Second Additional Extension Term")) and ending on February 28, 2007 (such additional term is hereinafter called the "Second Additional Term to commence immediately after the expiration of the First Additional Extension Term. If Tenant desires to extend the Term for the Second Additional Term, then ") provided that:
(i) Tenant shall give Landlord notice (hereinafter called the "Second Extension Notice") thereof of its election to Landlord no later than extend the date that is eighteen (18) months prior term of this Lease on or before February 28, 2003. Time shall be of the essence with respect to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, ; and
(ii) Tenant is not in default under the Term shall be deemed extended upon all Lease as of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) time of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt giving of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination Notice and as of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt Commencement Date of the Second Additional Term Rental Notice, Extension Term.
46.2. The fixed annual rent payable by Tenant may elect to rescind its exercise of Tenant's Landlord during the Second Extension Option by written notice within thirty Term shall be the higher of:
(30i) days the fair market rent for the demised premises (including any First Offering Space included therein) after Tenant's receipt adjustment for the additional rent then payable under Articles 3 and 4 hereof (so that the aggregate of (x) the fixed annual rent, as determined under this clause (i), and (y) such additional rent shall be equal to the fair market rent for the demised premises), determined as of the date occurring six (6) months prior to the Commencement Date of the Second Additional Extension Term Rental Notice. In (such date is hereinafter called the event that Tenant shall not elect to so rescind, then Landlord "Second Determination Date") and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the which determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional made within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination occurrence of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest Determination Date pursuant to the determination provisions of Section 47.04 hereof, or
(ii) the fixed annual rent payable by Tenant to Landlord for the last month of the Second Additional First Extension Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGELease on an annualized basis with respect to the demised premises (without giving effect to any abatements, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road setoffs or concessions then in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assoceffect)., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Sources: Lease Agreement (Priceline Com Inc)
Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease both at the time of option exerciseexercise and as of the commencement of the hereinafter described additional term, Tenant shall have the option ("“Tenant's ’s Second Extension Option"”) to extend the Term for an additional term of five (5) years (herein referred to as the "“Second Additional Term"”), the said Second Additional Term to commence immediately after the expiration of the First Additional Term. If Tenant desires to extend the Term for the Second Additional Termas aforesaid, then Tenant it shall give notice thereof (the "“Second Extension Notice"”) thereof to Landlord no later than the date that is eighteen one hundred twenty (18120) months days prior to the scheduled expiration end of the First Additional Term. If Tenant fails timely to give such notice, then Tenant shall have no right to extend the Term (time being of the essence with respect to exercise of Tenant’s Second Extension Option). Upon the timely giving of the Second Extension Noticesuch notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in of this Lease for the First Additional TermLease, except that the annual Annual Base Rent payable during the said Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) $17.50 per rentable square foot NNN per year for Year 1 of the then current fair market annual rent for five (5) year leases Second Additional Term with said Base Rent increasing annually by the greater of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraphCPI-U Boston or 2.5%. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's ’s exercise of Tenant's Second Extension Option the herein option to extend the Term shall be self-executing, as aforesaid, upon the request of either Landlord or TenantLandlord, both Landlord and Tenant shall promptly execute and deliver an a lease amendment to this Lease reflecting the said Second Additional Term and the Second Additional Term Annual Base Rent and annual escalations thereof after Tenant exercises Tenant's Second Extension Optionthe herein option. Upon Tenant's ’s exercise of Tenant's ’s Second Extension Option, the word "“Term", ” wherever it appears in this Lease, Lease shall include the Second Additional Term. Landlord Term and the phrase “Expiration Date” shall give Tenant written notice (be changed to the "Second Additional Term Rental Notice") of Landlord's good faith determination last day of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assoc., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Second Option to Extend. On Lessor and Lessee each acknowledge that the condition that Tenant option to extend granted to Lessee in Article 21 of the Lease has been exercised by Lessee. The Lease is hereby amended by inserting a new Article 22 as follows:
Section 22.01. Provided the obligations of Lessee under this Lease shall then be current and not in default beyond all applicable notice and cure periods in grace periods, and that Lessee is occupying the performance of any of its covenants Demised Premises and obligations under this Lease at the time of option exercisepaying rent, Tenant Lessee shall have the right, at its election, to extend the original term of this Lease for a second option period ("Tenant's the “Second Extension Option"”) to extend the Term for an additional term of five four (54) years (herein referred to as the "“Second Additional Option Term"”), the Second Additional Term to commence immediately after commencing upon the expiration of the First Additional Amended Initial Term. If Tenant desires to extend , provided that Lessee shall give Lessor written notice in the Term for manner provided in Section 18.01 of Lessee’s exercise of the Second Additional Term, then Tenant shall give notice Extension Option at least nine (the "Second Extension Notice") thereof to Landlord no later than the date that is eighteen (189) months prior to the scheduled expiration of the First Additional Amended Initial Term. Upon Prior to the timely giving exercise by Lessee of the Second Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "expression “the term of this Lease” or “Term"” or any equivalent expression shall mean the Amended Initial Term; after the exercise by Lessee of the Second Extension Option, wherever it appears the expression “the term of this Lease” or “Term” or any equivalent expression shall mean the Amended Initial Term as extended by the Second Option Term. Except as expressly otherwise provided in this Lease, all the agreements and conditions contained in this Lease shall include apply to the Second Additional Option Term. Landlord If Lessor shall give Tenant receive written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination as provided in Section 18.01 of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt exercise by Lessee of the Second Extension NoticeOption in the manner and within the time provided aforesaid, the Amended Initial Term shall be extended upon the giving of the notice without the requirement of any action on the part of the Lessor or written confirmation of receipt by Lessor.
Section 22.02. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual The annual Base Rent and if Landlord and Tenant cannot agree in writing on payable for each year during the Second Additional Option Term Annual Base Rent within thirty (30) days after Tenant's receipt shall be determined as follows: If Lessee gives Lessor timely notice of its exercise of the Second Additional Term Rental NoticeExtension Option, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by then within sixty (60) days thereafter, Lessor shall give Lessee written notice within thirty (30) days after Tenant's receipt of the then applicable market rent, for each year during the Second Additional Option Term Rental Noticefor the Demised Premises, based on similar space in the Premises or if no such space is available, rent for similar space in similar buildings in the same geographic area (the “Second Option Term Market Rent”). Base Rent for the Second Option Term shall be the Second Option Term Market Rent, but in no event shall the Second Option Term Market Rent be lower than the yearly rent most recently paid hereunder. Rent shall never be decreased below that paid in the prior lease year. In the event that Tenant shall not elect to so rescindLessee disputes the Second Option Term Market Rent set by Lessor, then Landlord and Tenant shallLessee may, not later than sixty within fifteen (6015) days after Tenant's of its receipt of the notice from Lessor establishing such Second Additional Option Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Market Rent, he or she give notice to Lessor of such dispute and thereupon the matter shall take into consideration all relevant factors, including, without limitation, current market be submitted to arbitration in accordance with the terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination procedure set forth in Section 21.05. Notwithstanding the other Party's report submission of the issue of Second Option Term Market Rent to arbitration, rent for the next ensuing year of the term of this Lease shall be final and binding paid at the Second Option Term Market Rent set by Lessor until the arbitration is completed. If, upon the Parties. If both Parties so deliver reports within such time and the lesser completion of the two (2) determinations arbitration, it is within ten (10%) percent determined that the Second Option Term Market Rent is less or more than that set by Lessor, then an adjustment based upon such lower or greater rent shall be made based on the number of months therefore paid by Lessee but in no event shall rent be lower than that paid for the prior Lease Year. In no event shall the extension of the higher determination, then the average term of these determinations shall this Lease be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ affected by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent rent, such exercise of extension being fixed at the time at which the Final Professional would have made acting alonenotice is given. The Final Professional arbitration provision set forth in Section 21.05 shall give notice only be accomplished once for the Second Option Term. Second Option Term Market Rent for each year of his or her selection to Landlord and Tenant and such decision the Second Option Term shall be final and binding upon Landlord and Tenant. Each party shall pay set at the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses beginning of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering AssocSecond Option Term., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;”
Appears in 1 contract
Sources: Sublease (Radius Health, Inc.)
Second Option to Extend. On the condition Provided that Tenant is not in default beyond applicable notice and cure periods in exercised the performance of any of its covenants and obligations under this Lease at the time of option exerciseFirst Option to Extend, Tenant shall have the option ("Tenant's Second Extension Option") to extend the Term (“Second Option to Extend”) for an additional term one (1) period of five (5) years (herein referred the “Second Extended Term”) either as to the then entirety of the Leased Premises or as to the "entire portion of the Leased Premises located in the Podium Area at Tenant’s election. The Second Additional Extended Term"), if any, shall commence on the Second Additional Term to commence immediately after day following the expiration last day of the First Additional TermExtended Term of this Lease and shall continue for a period of five (5) years thereafter. If Tenant desires The Second Option to Extend shall be upon all of the following conditions (each of which may be waived by Landlord in its sole discretion by written notice to Tenant): (i) if Tenant’s election is to extend the Term as to the entire Leased Premises, Tenant has not subleased to third parties (excluding Affiliates or the Parent Entity or any Successor) or as of the date of exercise is not then currently offering, for sublease more than fifty percent (50%) of the Net Rentable Area in the entire Leased Premises; or (ii) if Tenant’s election is to extend the Term as to the entire portion of the Leased Premises located in the Podium Area, Tenant has not subleased to third parties (excluding Affiliates or the Parent Entity or any Successor) or as of the date of exercise is not then currently offering for sublease more than three (3) full Floors (which for the purposes hereof shall exclude the Podium Roof Deck) of the Podium Area; and (iii) that no Event of Default exists hereunder at the time of the giving of the Option Exercise Notice. Base Rent per annum for the Second Additional Term, then Tenant shall give notice (the "Second Extension Notice") thereof to Landlord no later than the date that is eighteen (18) months prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Extended Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent Fair Market Rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the BuildingSecond Extended Term, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment pursuant to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice"Section 3.03(c) of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assocbelow., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant Borrower shall have the option ("Tenant's Second Extension Option") to extend the Term for an additional term of five B-Note First Extended Maturity Date to a date which is twelve (512) years months after the B-Note First Extended Maturity Date (herein referred to as the "B-Note Second Additional TermExtended Maturity Date"), the Second Additional Term to commence immediately after the expiration upon satisfaction of each of the First Additional Term. If Tenant desires following conditions precedent:
(i) Borrower shall provide Lender with written notice of Borrower’s request to exercise the second option to extend the Term for the Second Additional Term, then Tenant shall give notice B-Note not more than ninety (the "Second Extension Notice"90) thereof to Landlord no later days but not less than the date that is eighteen (18) months prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt prior to the B-Note First Extended Maturity Date;
(ii) As of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination date of Second Additional Term Annual Base Rent Borrower’s delivery of notice of request to exercise the second option to extend the B-Note, and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt as of the Second Additional Term Rental NoticeB-Note First Extended Maturity Date, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty no Default shall have occurred and be continuing, and Borrower shall so certify in writing;
(30iii) days after Tenant's receipt As of the Second Additional Term Rental Notice. In date of Borrower’s delivery of notice of request to exercise the event that Tenant shall not elect second option to so rescindextend the B-Note, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt as of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitationB-Note First Extended Maturity Date, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing Properties (so long as they have not been sold as permitted by the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2Loan Documents) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two one hundred (2) determinations is within ten (10100%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as leased pursuant to the Second Additional Term Annual Base Rent. If Landlord and Existing Tenant cannot agree upon the designation of the Final Professional within thirty (30) days Leases, as hereinafter defined, or pursuant to leases entered into after the exchange Effective Date on market terms with Lender’s prior approval in accordance herewith; and
(iv) Borrower shall execute or cause the execution of all documents reasonably required by Lender to exercise the first valuation reportssecond option to extend the B-Note and shall deliver to Lender, then either party at Borrower’s sole cost and expense, such title insurance endorsements as may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected reasonably required by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering AssocLender., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
Appears in 1 contract
Sources: Loan Agreement (Sb Partners)
Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant Borrower shall have the option ("Tenant's Second Extension Option") to extend the Term for an additional term of five (5) years (herein referred this Agreement from the First Extended Maturity Date to as the "Second Additional Term"), the Second Additional Term to commence immediately after the expiration Extended Maturity Date, upon satisfaction of each and every one of the First Additional Term. If Tenant desires following conditions precedent in Administrative Agent’s discretion:
(i) Borrower shall provide Administrative Agent with a written notice requesting to extend the Term for exercise the Second Additional Term, then Tenant shall give notice Option to Extend in a form reasonably acceptable to the Administrative Agent not less than ninety (the "Second Extension Notice"90) thereof to Landlord no later days and not more than the date that is eighteen one hundred twenty (18120) months days prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension NoticeExtended Maturity Date; provided, the Term shall such request may be deemed extended upon all of the same terms and conditions set forth in this Lease for the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant revoked by written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is to Administrative Agent up to thirty (30) days after Landlord's receipt prior to the First Extended Maturity Date; such notice requesting to exercise the Second Option to Extend shall be promptly provided to the Lenders and each Lender response shall be promptly provided to Administrative Agent. The Administrative Agent shall inform ▇▇▇▇▇▇▇▇ of its decision to approve the Borrower’s request to extend the Agreement no later than twenty (20) days prior to the First Extended Maturity Date.
(ii) All Lenders have approved ▇▇▇▇▇▇▇▇’s request to exercise the Second Option to Extend, in their sole discretion.
(iii) As of the date of ▇▇▇▇▇▇▇▇’s delivery of notice of request to exercise the Second Extension Notice. If Tenant does not accept Option to Extend, and as of the First Extended Maturity Date, no Default or Event of Default shall exist, and no default under the Loan Documents
(iv) Each of the representations and warranties made by the Borrower in writing Landlord's determination or pursuant to the Loan Documents shall be true and correct in all material respects on and as of Second Additional Term Annual Base Rent the First Extended Maturity Date, as if made on and if Landlord as of such date except for representations and Tenant cannot agree warranties expressly stated to relate to a specific earlier date, in writing which case such representations and warranties were true and correct in all material respects as of such earlier date.
(v) On or before the First Extended Maturity Date, Borrower shall pay to Administrative Agent, for the ratable account of each Lender, an extension fee in the amount of three one-hundredths of one percent (0.03%) of the aggregate principal amount of the Revolver Commitments of all of the Lenders in effect on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant thatFirst Extended Maturity Date, in reaching his or her conclusion as to immediately available funds.
(vi) The Borrower shall have paid all reasonable out-of-pocket costs and expenses incurred by the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms Administrative Agent (including reasonable attorneys’ fees and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant expenses) in connection with its leasing such extension. Except as modified by this Second Option to Extend, the Premises for the Second Additional Term terms and he or she shall take into consideration the amount conditions of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord Agreement and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination set forth Loan Documents as modified and approved by Lenders shall remain unmodified and in the other Party's report shall be final full force and binding upon the Partieseffect. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assoc., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;ARTICLE III
Appears in 1 contract
Sources: Credit Agreement (Ugi Corp /Pa/)
Second Option to Extend. On If and only if Lessee has exercised its option to extend the condition that Tenant is not in default beyond applicable notice and cure periods in the performance term of any of its covenants and obligations under this Lease at for the time of option exerciseFirst Renewal Term and this Lease is in full force and effect, Tenant Lessee shall have the option ("Tenant's Second Extension Option") right, subject to the provisions hereinafter provided, to further extend the Term term of this Lease for an additional term one (1) period of five (5) years (herein on the terms and provisions of this Article XXXIV. Such five-year renewal period, which is sometimes hereinafter referred to as the "Second Additional Renewal Term"), shall commence on the Second Additional Term to commence immediately day after the expiration of the First Additional Renewal Term. If Tenant desires to extend the Term for the The conditions of such Second Additional Term, then Tenant shall give notice (the "Second Extension Notice") thereof to Landlord no later than the date that is eighteen (18) months prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension Notice, the Renewal Term shall be deemed extended upon all of as follows:
(a) renewal, but Lessor shall have the right at its sole discretion to waive the non-default conditions herein.
(b) That such Second Renewal Term shall be on the same terms terms, covenants and conditions set forth as in this Lease for the First Additional TermLease; provided, except that how- ever, the annual Base Rent payable during the for such Second Additional Renewal Term (the "Second Additional Term Annual Base Rent") shall be at the rate of an amount equal to ninety-five percent (95%) of the then current fair market annual rent Base Rent rate for five such space (5taking into account rental concessions (if any), tenant improvement allowance (if any), and broker's commissions (if any), applicable to such Second Renewal Term) year leases on the date such renewal term shall commence in relation to a Comparable Building, and (ii) the "expense stop" for such Second Renewal Term shall be adjusted to a then-current market rate expense stop for a Comparable Building. The determination of comparable premises in comparable buildings in such fair market Base Rent for the general vicinity Premises shall be made no later than the date that is eleven (11) months prior to commencement of the BuildingSecond Renewal Term. Provided Lessee has properly elected to renew the term of this Lease, as and if Lessor and Lessee fail to agree at least eleven (11) months prior to commencement of the Second Renewal Term upon the fair market Base Rent of the Premises, the fair market Base Rent of the Premises shall be determined by appraisal in accordance with the following paragraphprovisions of Article XXXV hereof. The Second Additional Term Annual Notwithstanding anything to the contrary contained in this Article, in no event shall the Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the Second Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the Second Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the Second Additional Renewal Term be less than the Base Rent (exclusive of temporary abatements) payable by Lessee under the terms of this Lease immediately prior to commencement of such Second Renewal Term. The two .
(2c) real estate professional referred to above in this paragraph shall, within the thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental Notice, then the determination day time period set forth in this sub- paragraph (c), the other Party's report fair market Base Rent of the Premises for such Second Renewal Term shall be final determined by appraisal in the manner set forth in Article XXXV hereof. Any determination by appraisal or any agreement reached by the parties hereto with respect to such fair market Base Rent and binding upon the Parties. If both Parties so deliver reports within such time and the lesser resulting Base Rent of the two (2) determinations is within ten (10%) percent Premises for such Second Renewal Term shall be expressed in writing and shall be executed by the parties hereto, and a copy thereof delivered to each of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering Assocparties., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
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Sources: Office Lease (Udc Homes Inc)
Second Option to Extend. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease at the time of option exercise, Tenant Borrower shall have the option ("Tenant's Second Extension Option") to extend the Term for an additional term of five First Extended Maturity Date to the Second Extended Maturity Date (5) years (herein referred “Second Option to as the "Second Additional Term"Extend”), the Second Additional Term to commence immediately after the expiration upon satisfaction of each of the First Additional Term. If Tenant desires following conditions precedent in Lender’s discretion:
(i) Borrower shall provide written Notice to extend the Term for the Second Additional TermLender at least 60 days, then Tenant shall give notice (the "Second Extension Notice") thereof to Landlord but no later more than the date that is eighteen (18) months 90 days, prior to the scheduled expiration of the First Additional Term. Upon the timely giving of the Second Extension NoticeExtended Maturity Date, the Term which Notice shall be deemed extended upon all of supplemented by such additional information as Lender may reasonably require to determine, in its sole discretion, whether the same terms and conditions set forth in this Lease for Section 2.3.2 have been satisfied;
(ii) Borrower shall pay (a) the First Additional Term, except that the annual Base Rent payable during the Second Additional Term (the "Second Additional Term Annual Base Rent") shall be at the rate of ninety-five percent (95%) of the then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance Extension Fee to Lender together with the following paragraph. The Second Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before Notice delivered pursuant to clause (i) above (provided, that if Borrower elects to terminate the first day of each calendar month during the Second Additional Term. Notwithstanding the fact that Tenant's exercise of Tenant's Second Extension Option shall be self-executing, as aforesaid, upon the request of either Landlord or Tenant, both Landlord and Tenant shall promptly execute and deliver an amendment to this Lease reflecting the Second Additional Term and the Second Additional Term Annual Base Rent after Tenant exercises Tenant's Second Extension Option. Upon Tenant's exercise of Tenant's Second Extension Option, the word "Term", wherever it appears in this Lease, shall include the Second Additional Term. Landlord shall give Tenant written notice (the "Second Additional Term Rental Notice") of Landlord's good faith determination of the Second Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the Second Extension Notice. If Tenant does not accept in writing Landlord's determination of Second Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the Second Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's Second Extension Option by written notice within thirty (30) days after Tenant's receipt of the Second Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the Second Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as prior to the Second Additional Term Annual Base RentFirst Extended Maturity Date for any reason, he or she Lender shall take into consideration reimburse Borrower for the Extension Fee) and (b) all relevant factors, of Lender’s and Servicer’s reasonable costs and expenses (including, without limitation, current market terms Attorneys’ Fees and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant Costs) incurred in connection with its leasing the Premises for requested extension on or prior to the Second Additional Term and he or she First Extended Maturity Date;
(iii) Borrower shall take into consideration the amount of brokerage commissions, if any, payable by Landlord provide to Lender all documents in connection with Tenant's leasing the requested extension as Lender shall require, in its reasonable discretion;
(iv) no Potential Default or Event of Default shall have occurred and then be continuing under this Agreement or any of the Premises for Loan Documents;
(v) Borrower shall be in compliance with the Sublimits; and
(vi) The representations and warranties set forth in Section 7 shall be true and correct as of the date of Borrower’s Notice to Lender requesting the extension and as of the effective date of the extension of the First Extended Maturity Date. If Borrower elects to exercise the Second Additional Term. The two (2) real estate professional referred Option to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the Second Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the Second Additional Term Rental NoticeExtend, then the determination set forth Net Spread applicable for any Borrowing Tranche shall be redetermined by Lender in its sole discretion in accordance with Section 4.2.3 hereof. Lender and Borrower shall evidence the Second Extended Maturity Date and applicable Net Spread pursuant to this Section 2.3.2 by executing a confirmation substantially in the other Party's report form attached hereto as Schedule 2.3. If Borrower does not exercise the Second Option to Extend, the entire Indebtedness shall be final and binding upon payable on the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Second Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional" ) to resolve the dispute as to the Second Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the Second Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the Second Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional. Executed under seal as of the Date of this Lease. LANDLORD: DIRECT INVEST-60 FRONTAGE, LLC, a Delaware limited liability company By: /s/ Robert Licht ------------------------------------ Print Name: Robert Licht ---------------------------- Print Title: Authorized Signatory --------------------------- TENANT: DYNAMICS RESEARCH CORPORATION, a Massachusetts corporation By: /s/ James P. Regan ------------------------------------ Print Name: James P. Regan ---------------------------- Print Title: President --------------------------- EXHIBIT A Legal Description of the Land A certain parcel of land situated on Frontage Road in Andover, Essex County, Massachusetts, shown as "Remaining land 17.06 +/- Acres" on a plan entitled "Plan of Land in Andover, Massachusetts. Owner H.F.L. Realty Trust", dated March 26, 1981, revised July 28, 1981, and August 26, 1981, by Port Engineering AssocFirst Extended Maturity Date., Inc., recorded with the Essex North District Registry of Deeds as Plan No. 8734, bounded and described, according to said plan, as follows: EASTERLY by Frontage Road, five hundred seventeen and 18/100 517.18) feet; SOUTHEASTERLY by land now or formerly of Raytheon Company, as shown on said plan, two hundred ninety-one and 60/100 (291.60) feet; SOUTHWESTERLY by Osgood Street, by five lines measuring, respectively, one hundred thirty and 14/100 (130.14) feet, one hundred ninety-eight and 83/100 (198.83) feet, one hundred eighty and 90/100 (180.90) feet, two hundred and 39/100 (200.39) feet, and eighty-two and 20/100 (82.20) feet; WESTERLY by Lot A, as shown on said plan, two hundred twenty-three and 98/100 (223.98) feet; NORTHERLY by the same, eighty-two and 82/100 (82.82) feet; WESTERLY again by the same, two hundred sixty and 00/100 (260.00) feet; NORTHWESTERLY again by the same, two hundred forty-three and 54/100 (243.54) feet; SOUTHWESTERLY again by the same, two hundred ninety and 00/100 (290.00) feet; NORTHERLY by land now or formerly of Endrock Associates, as shown on said plan, two hundred fifty and 33/10 (250.33) feet; NORTHEASTERLY by land of Raytheon Company, as shown on said plan, by three lines measuring, respectively, two hundred forty-two and 55/100 (242.55) feet, one hundred eighty-nine and 52/100 (189.52) feet, and ninety-eight and 76/100 (98.76) feet; SOUTHEASTERLY again by the same, nine and 51/100 (9.51) feet; and NORTHEASTERLY again by the same, one hundred fourteen and 02/100 (114.02) feet;
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