Exhibit 10.14
[LETTERHEAD OF FIRST NATIONAL BANK OF IPSWICH]
November 5, 2003
▇▇. ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
c/o PMC Realty Trust
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Dear ▇▇. ▇▇▇▇▇▇▇▇:
Regarding our lease agreement for ▇-▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
(Branch Office), please accept this letter as notification of our intent to
extend the lease. According to paragraph I our lease for the first term expires
on May 31, 2004. This should be construed as fulfilling the six month
notification requirement. Should you have any questions, please free to contact
me.
Sincerely,
/s/ ▇▇▇ ▇▇▇▇
cc: ▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇
[LETTERHEAD OF PMC REALTY TRUST]
Commercial
LEASE
WITNESSTH, that PMC Realty Trust (hereinafter referred to as LESSOR) does hereby
lease, demise and let unto The First National Bank of Ipswich (hereinafter
referred to as LESSEE) the following described premises which are located in the
building at ▇-▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ and the premises hereby leased
are located at Unit 2-3 approximately 3,000 square feet.
I. The term of this Lease shall be for a period of five (5) years, commencing
on June 1, 1999 and ending on May 31, 2004. LESSEE shall have three (3),
five (5) year options to renew, with 180 days written notice prior to
expiration date. Providing LESSEE is in good standing with all terms and
conditions of this Lease.
II. During the term of this Lease, the LESSEE covenants and agrees to pay the
LESSOR as rental, without prior notice and demand, yearly rent of Forty
Five Thousand Dollars, $45,000.00, payable in equal monthly installments
of Three Thousand Seven Hundred Fifty Dollars, $3,750.00, in advance of
the first day of each month for the month then ensuing, the first of said
payments to be due and payable on the execution of Lease. All rental
payments shall be made to the LESSOR at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇▇▇ or such other place as the LESSOR may from time to time
designate in writing.
III. The LESSEE further agrees that it will pay any and all taxes assessed
against said premises for machinery, equipment and personal property in
the premises, whether the tax bill is issued in the name of the LESSOR or
the LESSEE.
IV. The LESSEE will pay for all water charges, electricity, and any other
utilities or services used in the premises.
V. The LESSOR will make all repairs to the exterior of the building in which
the hereby demised premises are located and the LESSEE will make all
interior repairs, improvements or alteration which might be necessary and
required in order to conduct the business of the LESSEE in the premises.
However, it is understood and agreed that any improvements or alterations
that are desired by the LESSEE will be effected only after notice to and
written permission from the LESSOR. ▇▇▇▇▇▇ is responsible for replacement
of light bulbs. ▇▇▇▇▇▇ further agrees to pay ▇▇▇▇▇▇ as additional rent all
sums due for repairs made to the demised premises, replacing of glass
windows, doors, partitions, electric wiring and electric lamps etc., the
keeping waste drain pipes open and repairs and replacement of wash basins
and plumbing and heating apparatus, which are necessitated by or caused by
misuse or abuse by LESSEE, as well as, for cleaning up premises, if
required, upon vacating. The same shall by paid by LESSEE upon
presentation of bills therefore. Maintenance of HVAC equipment shall be
the responsibility of the LESSEE.
PMC REALTY TRUST - LEASE - PAGE 2
VI. In the event that during the term of the Lease herein mentioned any rule,
regulation or law is adopted by any governmental agency requiring
alterations, improvements, or additions to the premises then such
alterations improvements or additions shall be made by LESSEE.
VII. The LESSEE shall maintain with respect to the leased premises and the
property of which the leased premises are a part, comprehensive public
liability insurance in the amount of Five Hundred Thousand Dollars,
$500,000.00, with property damage insurance in the limits of Fifty
Thousand Dollars, $50,000.00, in responsible companies qualified to do
business in Massachusetts and in good standing therein insuring the
LESSOR, as well as, the LESSEE shall deposit with the LESSOR certificates
for such insurance as or prior to the commencement of the term, and
thereafter within thirty (30) days prior to the expiration of any such
policies. All such insurance certificates shall provide that such policies
shall not be canceled without at least ten (10) days prior written notice
to each assured named therein. ▇▇▇▇▇▇ will indemnify and hold LESSOR
harmless, and ▇▇▇▇▇▇ will also indemnify LESSOR for all costs and
reasonable attorneys fees incurred by the LESSOR and necessitated by said
claims, demand or actions.
VIII. A policy of insurance evidencing such coverage shall be made available for
LESSOR'S inspection and approval, which approval shall not be unreasonably
withheld by LESSOR; such inspection to be made during the LESSEE'S normal
business hours at the premises or at any other reasonable location by the
LESSOR.
IX. The LESSOR will remove all snow and ice accumulation from the sidewalks
adjacent to the premises hereby leased and will defend and save the LESSEE
harmless from any claims for injury to persons or damage to property
arising out of a claim for snow and ice being on the sidewalks adjacent to
the leased premises.
X. The LESSEE will save the LESSOR harmless from all loss and damage
occasioned by the use or escape of water upon said premises by bursting of
pipes from any nuisance made or suffered on the premises, if said damage
is occasioned by the LESSEE'S negligence.
PMC REALTY TRUST - LEASE - PAGE 3
XI. The LESSEE shall not overload or damage the said premises nor carry on any
business which shall be deemed to constitute a nuisance or be unlawful,
improper or contrary to any law of the Commonwealth of Massachusetts or
any by-law of the Town or Essex or do any act which may make void or
voidable any insurance, in the premises or building against fire. If
because of the said premises, the LESSOR should be assessed any increase
or extra insurance premiums payable for any insurance which is the result
of a use of the premises by the LESSEE, then the LESSEE will pay such
additional premium or cost of insurance. ▇▇▇▇▇▇ agrees to reimburse LESSOR
for said portions of said insurance premium, or premiums within (60) days
of notice of said portion being furnished to LESSEE by ▇▇▇▇▇▇ in writing
each year.
XII. Signage. LESSEE may use building and park directories at their cost. It is
understood that exterior signage is important to the LESSEE. LESSOR will
review all signage requests, ▇▇▇▇▇▇ and will not withhold approval of
signage. ▇▇▇▇▇▇ will have final sign off on signage. ▇▇▇▇▇▇ will obtain
all permits and assume all costs. At the end of the lease, ▇▇▇▇▇▇ will
remove signage and restore building to original condition. It is agreed
that last months deposit has been waived. All other payment terms will
remain the same.
XIII. The LESSEE covenants and agrees to pay the LESSOR upon execution of this
Lease, an amount equal to one month's rental Three Thousand Seven Hundred
Fifty Dollars, $3,750.00, as a security deposit as security for the full
and faithful performance by the LESSEE of all the terms and conditions
upon the LESSEE'S part to be performed, which sum shall be returned to the
LESSEE within thirty (30) days of the expiration of this Lease, provided
that the LESSEE has fully and faithfully carried out all the terms,
covenants and conditions to be performed by it.
XIV. The LESSEE will quit and deliver up the premises to the LESSOR, or its
attorney, peaceably and quietly at the expiration of the terms herein, or
any renewal hereof, in as good order and condition, reasonable use and
wear thereof, fire and unavoidable casualties excepted, as the same are
now in.
XV. The LESSOR may, at reasonable times, enter to view the leased premises and
to make repairs and alterations as the LESSOR may see fit to make, or to
show the leased premises to others who may wish to lease or purchase.
PMC REALTY TRUST - LEASE - PAGE 4
XVI. The LESSEE at the expiration of said lease will remove its good and
effects and all persons claiming under them and peaceably yield up to the
LESSOR said premises and all erections, additions and improvements to
said premises in good repair, order and condition in all respects,
damages by fire or other avoidable casualty only excepted. However, no
claim is to be made for furniture and fixtures of the LESSEE but if the
LESSEE removes furniture and fixtures the LESSEE will repair all damages,
holes, and other markings occasioned by the removal of said furniture and
fixtures.
XVII. In addition to all other costs hereunder, the LESSEE agrees to pay a
pro-rated share of the LESSOR'S taxes on the building in which the
premises are located, and a pro-rated cost of maintenance of said
building insurance on said building and snow removal around said building
as an additional rent. Said pro ration to be computed on a square footage
basis. ▇▇▇▇▇▇ may charge LESSEE monthly for said additional rent, based
upon ▇▇▇▇▇▇'S estimates with a reconciliation at such time as the exact
sums are known.
XVIII. The LESSOR may give the LESSEE fifteen (15) days notice of intention to
terminate this Lease in the event that:
a. The LESSEE shall default in the payment of any installment of rent or
other sum herein specified and such default shall continue for fifteen
(15) days after written notice thereof; or
b. The LESSEE shall default in the observance or performance of any other of
the LESSEE'S covenants, agreements, or obligations hereunder and such
default shall not be corrected within fifteen (15) days after written
notice thereof; or
c. The LESSEE shall be declared bankrupt or insolvent according to law or,
of any assignment shall be made of LESSEE'S property for the benefit of
creditors, then the LESSOR shall have the right thereafter, while such
default continues, to re-enter and take complete possession of the leased
premises, to declare the term of this lease ended, and remove the
LESSEE'S effects, with prejudice to any remedies which might be otherwise
used for arrears of rent or other default. The LESSEE shall indemnify the
LESSOR against all loss of rent and other payments which the LESSOR may
incur by reason of such termination during the residue of term. If the
LESSEE shall default, after reasonable notice thereof, in the observance
of performance under or by virtue of any of the provisions in any article
of this lease, the LESSOR without being under any obligation to do so and
without thereby waiving such default, may remedy such default for the
account and at the expense of the LESSEE. If the LESSOR makes any
expenditure or incurs any obligation, interest at the rate of twelve (12)
percent per annum and costs, shall be paid to the LESSOR by the LESSEE as
additional rent.
d. If a dispute occurs between LESSOR and LESSEE Section XVIII a. and b.
will not cause effect of default until dispute is resolved.
PMC REALTY TRUST - LEASE - PAGE 5
XIX. LESSEE covenants and agrees that all late payments shall bear a late
charge at the rate of Twenty-Five Dollars, $25.00, commencing 10 days
after the first day of the month.
XX. The LESSEE agrees that it will not assign, pledge, encumber or otherwise
convey this Lease, or any interest therein, nor shall the LESSEE sublease
the leased premises or any part thereof without the LESSOR'S prior
written consent, which shall not be unreasonably withheld.
XXI. No modification, amendment, or alteration of this Lease shall be of any
effect unless such modification, amendment, and/or alteration is in
writing and signed by ▇▇▇▇▇▇ and ▇▇▇▇▇▇. All notices hereunder shall be
legally valid and sufficient if given in writing to LESSOR or LESSEE at
the usual place of business or residence of LESSOR or LESSEE, in hand or
by certified mail, return receipt requested. Notice shall be considered
to have been given upon the date of delivery in hand or mailing.
XXII. The lease shall be binding upon the parties hereto, and upon their
respective heirs, successors and assigns.
XXIII. The LESSEE covenants and agrees that all property of any kind that may be
on the premises during the continuance of this Lease, shall be at the
sole risk of the LESSEE, and that the LESSOR shall not be liable to the
LESSEE or any other person for any injury, loss, or damages to property
or to any person on the premises.
IN WITNESS WHEREOF the parties have hereunto set their hands on this 10th day
of June 1999.
LESSEE: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-------------------- --------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇,
President/Chief Executive Officer Trustee
WITNESS: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ WITNESS: /s/ [ILLEGIBLE]
-------------------- ----------------------
[LETTERHEAD OF PMC REALTY TRUST]
LEASE AMENDMENT
WITNESS, that PMC Realty Trust (hereinafter referred to as LESSOR) does
hereby amend the Lease date June 1, 1999 between LESSOR and the First
National Bank of Ipswich (hereinafter referred to as LESSEE), covering
Unit 2-3 consisting of approximately 3,000 square feet now deemed Unit 1
(entire first floor) consisting of 4,070 square feet located in the
building at ▇-▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
Article II During the term of this Lease the LESSEE covenants
and agrees to pay the LESSOR as rental, without prior
notice and demand, the yearly rent of Sixty One Thousand
Fifty Dollars and 00/100 ($61,050.00), payable in equal
monthly installments of Five Thousand Eighty Eight
Dollars and 00/100 ($5,088.00), in advance of the first
day of each month for the month then ensuing, the first
of said payments to be due and payable on execution of
Lease. All rental payments shall be made to the LESSOR
at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ or such
other place as the LESSOR may from time to time
designate in writing.
All other terms and conditions of the original Lease and other Lease Amendments
remain the same.
IN WITNESS WHEREOF, the parties have unto set their hands on this 4th day of
October, 2001.
LESSEE: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇,
President/Chief Executive Officer Trustee
WITNESS: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ WITNESS: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
No increase in security or last month's rent.
Security Deposit = $1,561.85
Last Month Rent = $1,561.85
