(Continued from Part 1)
17.) LESSEE'S LIABILITY INSURANCE
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 $1,000,000 each occurrence, $2,000,000 General Aggregate with property damage insurance in limits of $100,000 in responsible companies qualified to do business in Massachusetts with an AM Best Rating of A or better and in good standing therein insuring the LESSOR as well as LESSEE against injury to persons or damage to property as provided. The LESSEE shall deposit with the LESSOR certificates for such insurance at 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 cancelled without at least ten (10) days prior written notice to each assured named therein. The LESSOR shall be named either co-insured or additional insured on the certificate of insurance provided. The LESSEE shall provide the LESSOR a physical copy of the Additional Insured endorsement within 14 days of the execution of the lease.
18.) FIRE, CASUALTY-EMINENT DOMAIN
Should a substantial portion of the leased premises, or of the property of which they are a part, be substantially damaged by fire or other casualty, or be taken by eminent domain, the LESSOR may elect to terminate this lease. When such fire casualty, or taking renders the leased premises substantially unsuitable for their intended use, a just and proportionate abatement of rent shall be made, and the LESSEE may elect to terminate this lease if:
a.) The LESSOR fails to give written notice within thirty (30) days of intention to restore leased premises, or
b.) The LESSOR fails to restore the leased premises to a condition substantially suitable for their intended use within ninety (90) days of said fire, casualty, or taking.
The LESSOR reserves, and the LESSEE grants to the LESSOR, all rights which the LESSEE may have for damages or injury to the leased premises for any taking by eminent domain, except for damage to the LESSEE's fixtures, property, or equipment.
19.) DEFAULT AND BANKRUPTCY
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 ten (10) 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 thirty (30) days after written notice thereof; or
c.) The LESSEE shall be declared bankrupt or insolvent according to law, or, if 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 lease premises, to declare the term of this lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. LESSEE'S liability and obligations under this Lease shall not be affected or relieved due to the termination of the Lease or repossession of the premises. In the event of any termination or repossession, the LESSEE shall pay, as liquidated damages the total rent and other charges which would be payable hereunder if such termination or repossession had not occurred. The liquidated damages shall be payable within thirty (30) days of the termination of the Lease, or repossession of the premises, which ever shall occur later. In the event that the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection with enforcing or ensuring any of LESSOR'S rights under this Lease, including but not limited to reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations insured, with interest at the rate of six per cent (6%) per annum and costs, shall be paid to the LESSOR by the LESSEE.
20.) NOTICE
Any notice from the LESSOR to the LESSEE relating to the leased premises or to the occupancy thereof, shall be deemed duly served, if left at the leased premises addressed to the LESSEE, or, if mailed to the leased premises, registered or certified mail, return receipt requested, postage prepaid, addressed to the LESSEE. Any notice from the LESSEE to the LESSOR relating to the leased premises or to the occupancy thereof, shall be deemed duly served, if mailed to the LESSOR by registered or certified mail, return receipt requested, postage prepaid, addressed to the LESSOR at such address as the LESSOR may from time to time advise in writing. All rent and notices shall be paid and sent to the LESSOR at c/o The .......
21.) SURRENDER
The LESSEE shall at the expiration or other termination of this lease remove all LESSEE's goods and effects from the leased premises, (including, without hereby limiting the generality of the foregoing, all signs and lettering affixed or painted by the LESSEE, either inside or outside the leased premises). LESSEE shall deliver to the LESSOR the leased premises and all keys, locks thereto, and other fixtures connected therewith and all alterations and additions made to or upon the leased premises, in the same condition as they were at the commencement of the term, or as they were put in during the term hereof, reasonable wear and tear and damage by fire or other casualty only excepted. In the event of the LESSEE's failure to remove any of the LESSEE's property from the premises, LESSOR is hereby authorized, without liability to LESSEE for loss or damage thereto, and at the sole risk of LESSEE, to remove and store any of the property at LESSEE'S expense, or to retain same under LESSOR's control or to sell at public or private sale, without notice any or all of the property not so removed and to apply to net proceeds for such sales to the payment of any sum due hereunder, or to destroy such property.
22.) OTHER PROVISIONS
a.) Except as otherwise hereinbefore provided, if LESSEE holds over or continues in possession of the premises after the expiration of this lease and without the execution of a new lease, the tenancy thus created shall be one from month to month. All covenants, obligations, conditions and agreements herein contained shall so far as applicable apply to all extensions of the terms hereof and to all holding over by the LESSEE as a tenant at will except that the rent to be paid for such holding over will be negotiated.
b.) LESSEE agrees to strictly abide by all sections of Massachusetts General Law Chapter 21E (Hazardous Waste Regulations), including but not limited to, the proper disposal and storage of hazardous waste materials, and LESSEE agrees to indemnify and hold LESSOR harmless from and against any costs or expenses under this chapter relating directly or indirectly to activities conducted by the LESSEE.
c.) Neither the LESSOR nor the LESSEE have relied on any representation of the Broker regarding the financial stability or capability of either party. Both LESSOR and LESSEE agree to hold the Broker harmless for any financial losses incurred by either party for any matter related to this lease.
d.) Upon the execution of this lease the LESSEE shall pay to the LESSOR the amount of $5,600.01 which represents rent for the month of November 2013 ($1,866.67) and security deposit ($3,733.34).
e.) The LESSOR shall deliver the herein referenced premises to the LESSEE, as is, boom clean with all mechanicals in good working order.
17.) LESSEE'S LIABILITY INSURANCE
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 $1,000,000 each occurrence, $2,000,000 General Aggregate with property damage insurance in limits of $100,000 in responsible companies qualified to do business in Massachusetts with an AM Best Rating of A or better and in good standing therein insuring the LESSOR as well as LESSEE against injury to persons or damage to property as provided. The LESSEE shall deposit with the LESSOR certificates for such insurance at 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 cancelled without at least ten (10) days prior written notice to each assured named therein. The LESSOR shall be named either co-insured or additional insured on the certificate of insurance provided. The LESSEE shall provide the LESSOR a physical copy of the Additional Insured endorsement within 14 days of the execution of the lease.
18.) FIRE, CASUALTY-EMINENT DOMAIN
Should a substantial portion of the leased premises, or of the property of which they are a part, be substantially damaged by fire or other casualty, or be taken by eminent domain, the LESSOR may elect to terminate this lease. When such fire casualty, or taking renders the leased premises substantially unsuitable for their intended use, a just and proportionate abatement of rent shall be made, and the LESSEE may elect to terminate this lease if:
a.) The LESSOR fails to give written notice within thirty (30) days of intention to restore leased premises, or
b.) The LESSOR fails to restore the leased premises to a condition substantially suitable for their intended use within ninety (90) days of said fire, casualty, or taking.
The LESSOR reserves, and the LESSEE grants to the LESSOR, all rights which the LESSEE may have for damages or injury to the leased premises for any taking by eminent domain, except for damage to the LESSEE's fixtures, property, or equipment.
19.) DEFAULT AND BANKRUPTCY
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 ten (10) 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 thirty (30) days after written notice thereof; or
c.) The LESSEE shall be declared bankrupt or insolvent according to law, or, if 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 lease premises, to declare the term of this lease ended, and remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or other default. LESSEE'S liability and obligations under this Lease shall not be affected or relieved due to the termination of the Lease or repossession of the premises. In the event of any termination or repossession, the LESSEE shall pay, as liquidated damages the total rent and other charges which would be payable hereunder if such termination or repossession had not occurred. The liquidated damages shall be payable within thirty (30) days of the termination of the Lease, or repossession of the premises, which ever shall occur later. In the event that the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection with enforcing or ensuring any of LESSOR'S rights under this Lease, including but not limited to reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations insured, with interest at the rate of six per cent (6%) per annum and costs, shall be paid to the LESSOR by the LESSEE.
20.) NOTICE
Any notice from the LESSOR to the LESSEE relating to the leased premises or to the occupancy thereof, shall be deemed duly served, if left at the leased premises addressed to the LESSEE, or, if mailed to the leased premises, registered or certified mail, return receipt requested, postage prepaid, addressed to the LESSEE. Any notice from the LESSEE to the LESSOR relating to the leased premises or to the occupancy thereof, shall be deemed duly served, if mailed to the LESSOR by registered or certified mail, return receipt requested, postage prepaid, addressed to the LESSOR at such address as the LESSOR may from time to time advise in writing. All rent and notices shall be paid and sent to the LESSOR at c/o The .......
21.) SURRENDER
The LESSEE shall at the expiration or other termination of this lease remove all LESSEE's goods and effects from the leased premises, (including, without hereby limiting the generality of the foregoing, all signs and lettering affixed or painted by the LESSEE, either inside or outside the leased premises). LESSEE shall deliver to the LESSOR the leased premises and all keys, locks thereto, and other fixtures connected therewith and all alterations and additions made to or upon the leased premises, in the same condition as they were at the commencement of the term, or as they were put in during the term hereof, reasonable wear and tear and damage by fire or other casualty only excepted. In the event of the LESSEE's failure to remove any of the LESSEE's property from the premises, LESSOR is hereby authorized, without liability to LESSEE for loss or damage thereto, and at the sole risk of LESSEE, to remove and store any of the property at LESSEE'S expense, or to retain same under LESSOR's control or to sell at public or private sale, without notice any or all of the property not so removed and to apply to net proceeds for such sales to the payment of any sum due hereunder, or to destroy such property.
22.) OTHER PROVISIONS
a.) Except as otherwise hereinbefore provided, if LESSEE holds over or continues in possession of the premises after the expiration of this lease and without the execution of a new lease, the tenancy thus created shall be one from month to month. All covenants, obligations, conditions and agreements herein contained shall so far as applicable apply to all extensions of the terms hereof and to all holding over by the LESSEE as a tenant at will except that the rent to be paid for such holding over will be negotiated.
b.) LESSEE agrees to strictly abide by all sections of Massachusetts General Law Chapter 21E (Hazardous Waste Regulations), including but not limited to, the proper disposal and storage of hazardous waste materials, and LESSEE agrees to indemnify and hold LESSOR harmless from and against any costs or expenses under this chapter relating directly or indirectly to activities conducted by the LESSEE.
c.) Neither the LESSOR nor the LESSEE have relied on any representation of the Broker regarding the financial stability or capability of either party. Both LESSOR and LESSEE agree to hold the Broker harmless for any financial losses incurred by either party for any matter related to this lease.
d.) Upon the execution of this lease the LESSEE shall pay to the LESSOR the amount of $5,600.01 which represents rent for the month of November 2013 ($1,866.67) and security deposit ($3,733.34).
e.) The LESSOR shall deliver the herein referenced premises to the LESSEE, as is, boom clean with all mechanicals in good working order.
via Small-Business-Forum.net http://www.small-business-forum.net/managing-your-business/9977-commercial-lease-second-look-any-help-would-greatly-appreciated-part-2-2-a.html
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