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EXHIBIT 10.27
SUBLEASE
This sublease is made as of this 4th day of September, 1996 by and between
SHAWMUT MORTGAGE COMPANY, with an address c/o Corporate Properties, Xxx Xxxxxxx
Xxxxxx, XX/XX/0000, Xxxxxx, Xxxxxxxxxxxxx 00000 ("landlord") and XXXX SPECIAL
SYSTEMS, a _______________ corporation, with an address of 00 Xxxxxxxx Xxxx,
Xxxx, Xxxxxxxxxxx 00000 ("tenant").
PRELIMINARY STATEMENT
Tenant desires to lease certain premises from landlord, and landlord desires to
lease certain premises to tenant upon the terms and conditions herein set forth.
The following capitalized terms shall have meaning set forth below:
PREMISES Approximately 1,784 square feet on the third floor at
000 Xxxxx Xxxx Xxxxxx, Xxxx Xxxxxxxx, Xxxxxxxxxxx, as
shown on the plan attached hereto as Exhibit A.
MONTHLY FIXED RENT: $2,378.00/Mo.
TENANT'S PERCENTAGE N/A
COMMENCEMENT DATE: July 1, 1996
TERM: July 1, 1996 - September 30, 1998
EXPIRATION DATE: September 30, 1998
LANDLORD'S WORK: Repaint the premises, shampoo carpets. Create framed
second entrance. Erect demising wall.
FURNITURE USE: During the term of the lease, Xxxx Special Systems shall
have the use of the furniture outlined on Exhibit B
attached hereto.
SECURITY DEPOSIT: $4,757.32. The security deposit shall be held and may be
applied at landlord's reasonable discretion as security
against (A) the performance of tenant's obligation under
this lease, and (B) the return of the furniture in its
present condition, minor wear and tear excepted.
PRIMARY LEASE: Office lease, dated January 27, 1994, by and between
Corporate Center West Associates, as landlord, and
Shawmut Mortgage Company, as tenant.
Therefore, in considering of the mutual covenants herein contained, the parties
agree as follows:
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ARTICLE ONE
DESCRIPTION OF PREMISES
Landlord leases to tenant, and tenant leases from landlord the premises to be
used for general office purposes and no other use.
ARTICLE TWO
TERM
The term of this sublease shall commence on the commencement date and shall
continue thereafter until the expiration date, provided however that this
sublease shall terminate upon the termination of the primary lease if such
termination is prior to the expiration date. At tenant's request, landlord may
permit tenant to occupy so much of the premises as tenant wishes to occupy prior
to the commencement date. Landlord will cooperate with tenant in order to
facilitate tenant's moving into the premises. If tenant occupies the premises
prior to the commencement date with landlord's permission, all of the provisions
of this lease will be in effect from the beginning of the occupancy; however,
rent otherwise due under this lease will be abated up to the commencement date.
ARTICLE THREE
RENT
For the period of July 1, 1996 through August 31, 1996 there shall be no base
rent due and payable. For the period of September 1, 1996 through September 30,
1998 and monthly fixed rent shall be payable in equal monthly installments of
TWO THOUSAND THREE HUNDRED SEVENTY EIGHT AND 00/100 ($2,378.00) DOLLARS in
advance on the first day of each month of the term. Tenant will pay the monthly
fixed rent without deduction or demand to landlord at its address set forth
above.
ARTICLE FOUR
SERVICES AND PROPERTY CONDITION
Heat, light and air-conditioning, janitorial service and other services will be
provided to tenant on the same basis as provided to other portions of the office
where the premises are located. Tenant, having inspected the premises, accepts
same in "as is" condition. Tenant shall look solely to the landlord under the
primary lease for all utilities, services and landlord repair and maintenance
with respect to the premises. Tenant shall repair any damage to the premises
caused by the negligence or misuse of tenant, its employees, agents, customers,
suppliers, invitees or visitors. Tenant shall make no alterations or
modifications to the premises, structural or non structural, without landlord's
prior written consent. Upon the expiration date or earlier termination of this
sublease, tenant shall, without further demand or notice, return the premises to
landlord broom-clean and in good condition and repair, free of trash and debris,
reasonable wear and tear excepted. Any personal property not removed by tenant
shall be deemed abandoned.
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ARTICLE FIVE
PRIMARY LEASE
Attached hereto is a copy of the primary lease with the rental information
deleted. Tenant acknowledges that it is familiar with the terms of the primary
lease, to which this sublease is subject and subordinate. Except to the extent
inconsistent with the terms hereof, all of the terms, covenants and conditions
in the primary lease shall be applicable to this lease and the premises with the
same force and effect as if landlord were the landlord under the primary lease
and tenant were the tenant thereunder, and in case of any default or breach by
tenant in the observance or performance of any such term, covenant or condition
on its part to be observed or performed under or by virtue of the primary lease,
landlord shall have all of the rights against tenant as would be available to
landlord against tenant under the primary lease by reason of such breach.
Without limiting the foregoing, the following provisions shall not be
incorporated into this sublease: sections 13, 51, 52 and the second sentence of
section 53. For the purposes of this sublease only, the provisions of the
primary lease shall be deemed amended so as to delete therefrom those time
periods for tenant's performance time periods set forth in Column B hereof (but
nothing herein shall be deemed to reduce the applicable time periods for the
performance by the primary landlord of its obligations under the primary lease):
A B
- -
If the number of days for tenant's The number of days for the tenant's
performance under the primary performance under this sublease
lease is: shall be:
3...........................2
5...........................3
10..........................7
15.........................10
30.........................20
60.........................45
90.........................60
120........................90
ARTICLE SIX
NO FORFEITURE
Neither tenant nor landlord shall do or permit anything to be done which would
cause the primary lease to be germinated by the landlord thereunder or
forfeited.
ARTICLE SEVEN
ASSIGNMENT AND SUBLETTING
Tenant shall not have the right to assign or sublease the premises without the
prior written consent of landlord, which the landlord may withhold in its
reasonable discretion.
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ARTICLE EIGHT
BROKER
Tenant and landlord each represent to the other that it death with no broker or
brokers in connection with the negotiations, execution and delivery of this
lease other than Xxxxxx & Xxxxxx.. Fleet Bank shall be responsible to pay such
brokers pursuant to the terms of a separate agreement. Each party shall
indemnify the other for all costs and damages incurred in connection with a
breach by the indemnifying party with respect to such representation. This
article shall survive the expiration or termination of this sublease.
ARTICLE NINE
MISCELLANEOUS
This sublease fully sets forth the understandings of the parties with respect to
the premises, and this sublease shall not be changed or terminated orally or in
any manner other than by written agreements signed by the parties. Any notice or
demand which either party may or must give to the other under this sublease
shall be in writing and delivered personally or sent by certified mail address
to the addresses set forth above. Either party may, by such notice to the other,
direct that future notices or demands be sent to a different address. The
covenants and agreements in this sublease shall bind and inure to the benefit of
landlord and tenant and their respective successors and permitted assigns.
This sublease shall take effect as a sealed agreement as of the date first
written above.
FLEET MORTGAGE CORP. XXXX SPECIAL SYSTEMS
By:_____________________________ By:_____________________________
Name: Xxxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Broker-In-Charge Title: Chairman
The master landlord's acceptance of the terms contained herein shall not
diminish or alter the terms of the primary lease.
CORPORATE CENTER WEST ASSOCIATES
By:_____________________________
Name: Xxxxxx X. Xxxxxx
Title: General Partner