LEASE OF 15 PRESIDENTIAL WAY WOBURN
1. PARTIES. Walter H. McLaughlin Jr., William E. Shea, and Constance M.
Ramsauer, as they are trustees of the Ames Realty Trust, a declaration of Trust
dated December 31, 1985 and recorded in Middlesex South District Registry of
Deeds at Book 16678, Page 197 with a principal place of business in Somerville,
Middlesex County, Massachusetts ("Lessor"), which expression shall include its
successors and assigns, when the context so admits, does hereby lease to Merrill
Communications LLC, a Delaware limited liability company with a principal place
of business in St. Paul, Minnesota ("Lessee"), which expression shall include
its successors, legal representatives, and assigns where the context so admits.
2. PREMISES. Lessor does hereby lease to Lessee and the Lessee hereby leases
and shall peaceably hold and enjoy the following described premises
(hereinafter, the "Leased Premises").
The "Leased Premises" consists of a parcel of land shown as lot 7 on a plan
entitled Subdivision Plan of Land in Woburn Massachusetts, June 5, 1995,
prepared by Edward J. Farrell, Professional Land Surveyor, recorded in Middlesex
South District Registry of Deeds at Book 25637, Page 476 on which there is
constructed an industrial flex building containing 78,900 square feet as shown
on the plan annexed hereto and marked "Exhibit A." The premises are leased in
their present condition "as is."
3. TERM. The term of this Lease shall be for a period of five years
commencing April 1, 2000 and terminating on March 31, 2005 (the "Initial Term").
4. OPTION TO EXTEND TERM. Lease will automatically renew for three (3)
additional five-year terms unless Lessee provided six (6) months advance written
notice of its intent not to renew (such additional terms are hereinafter
referred to as the "Renewal Terms").
5. RENT DURING INITIAL TERM.
The base rent for the period from April 1, 2000 through March 31, 2001
shall be $394,500.
The base rent for the period from April 1, 2001 through March 31, 2002
shall be $473,400.
The base rent for the period from April 1, 2002 through March 31, 2005
shall be $552,300 per annum.
The Lessee shall pay to the Lessor Base Rent during the term in equal
monthly installments one the first day of each month unless the Lessor and
Lessee agree to a different payment schedule.
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6. RENT DURING EXTENDED TERM.
The base rent during each Renewal Term shall be the fair rental value of
the premises. The parties shall first attempt to agree on fair rental value. In
the event that the parties shall fail to agree on fair rental value within
ninety (90) days after the beginning of each Renewal Term, the matter shall be
submitted to arbitration under the rules of the American Arbitration
Association. Each party shall choose as an arbitrator a licensed real estate
broker whose principal business is the leasing of commercial real estate in the
greater Boston Area, and the two arbitrators shall choose a third arbitrator
with similar qualifications. The decision of two arbitrators shall be binding on
the parties. The arbitrators shall attempt to reach a decision before the
commencement of the extended term. In the event that they have not reached a
decision by that time, the Lessee shall pay the same rent as in the last year of
the previous term and pay any additional rent due within ten (10) days of the
arbitrator's decision. The arbitrators shall determine fair rental value by
considering the age and condition of the building, market location and other
customary factors of the Leased Premises compared to properties of similar size
and location.
The Lessee shall pay to the Lessor Base Rent annually during each Renewal
Term in equal monthly installments on the first day of each month unless the
Lessor and Lessee agree to a different payment schedule.
7. EXPANSION OF PREMISES. If at any time during the term of this Lease, the
Lessee determines that it needs additional space, the Lessor and the Lessee
shall negotiate in good faith to provide said additional space through the
construction of additional space on the premises. If during any Renewal Term,
the Lessee determines that the premises and any reasonable expansion are not
sufficient to meet their needs, the Lessee may terminate this lease by notice to
the Lessor, and the lease shall terminate six (6) months after the Lessee
delivers said notice.
8. TAXES. The Lessee shall be responsible for the payment, before the same
become delinquent, all general and special taxes, including real estate taxes
and assessments for local improvements, and other governmental charges which may
be lawfully charged, assessed or imposed (herein collectively called the
"Taxes") upon the Leased Premises.
If the Lessor's mortgagee requires the Lessor to impound taxes on a
monthly basis, then beginning with the calendar year 2000 occurs and in
subsequent years during the term of this Lease, or written notice from Lessor
therefore, Lessee shall pay to the Lessor pro rata monthly installments of
amounts due for taxes on account of projected taxes for such year, reasonably
calculated by the Lessor on the basis of the best and most recent data
available. A final adjustment shall be made between Lessor and Lessee promptly
after Lessor shall have received the tax bill for any such period.
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If the Lessor's mortgage does not require the impoundment of taxes on a
monthly basis, the Lessor shall forward each tax bill received to the Lessee and
the Lessee shall forward its share of the taxes to the Lessor ten (10) days
before said taxes are due or ten (10) days after receipt of the tax bill,
whichever comes later.
If the Lessor shall exercise its option to pay the municipality the amount
of any betterments assessed upon the premises on an installment basis for the
maximum period of time then permitted by law, Lessee shall pay Lessor each year
within thirty (30) days after receipt of a bill therefore, its appropriate
proportionate share of such annual installment payment and of the interest, if
any, due in such year.
The Lessee may from time to time request that the Lessor contest the
validity of and seek an abatement of the taxes upon the Leased Premises. The
Lessor will file such abatement and charge the Lessee its pro rata cost of
filing for such abatement. The Lessee shall be entitled to a refund of its pro
rata share of the abatement recovered.
9, UTILITIES AND OTHER SERVICES. The Lessee shall pay for all of the water,
electricity and gas used on the demised premises.
10 USE OF LEASED PREMISES. The building must be used as a manufacturing
facility. For this purpose a manufacturing facility is a facility that is used
for the manufacture or production of tangible personal property (including the
processing resulting in a change in the condition of such property). A
manufacturing facility includes ancillary facilities located on the same site as
the actual production facilities, but only to the extent that (i) manufacturing
constitutes substantially all the on-site economic activity, and (ii) the
activities conducted at the ancillary facilities are subordinate and integral to
the manufacturing process (e.g. loading docks, parking for employees, or
warehouse space for raw materials and finished products )
11 RIGHT OF FIRST REFUSAL If at any time while the Lessee is not in material
breach of this lease, the Lessor enters into an agreement to sell the Leased
Premises to a person other than the Lessee (the "offering person") it shall
offer in writing to sell the Premises to the Lessee on the same terms and
conditions as those contained in said agreement. The Lessee shall have 30 days
from the date it receives the offer to accept it by a written notice to the
Lessor which must be received during said thirty day period. If the Lessee
accepts the offer then the Lessor shall convey the Leased Premises to the Lessee
in accordance with the offer within 30 days from the date the offer is accepted.
If the Lessee fails to exercise the right of first refusal within 30 days of the
receipt of the offer, then the offer shall expire and the Lessor shall
thereafter have the right to sell the Leased Premises, without notice to the
Lessee, to the Offering Person, provide the sale is consummated within 90 days
of the date the Lessee receives the notice from the Lessor. If the sale is not
consummated within such ninety (90) day period or if the terms of the offer
change in a material way, then the provision of this paragraph 11 will again
apply to a proposed sale of the Leased Premises.
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12. COMPLIANCE WITH LAWS. The Lessee acknowledges that no trade or occupation
shall be conducted in the Leased Premises or use made thereof which shall be
unlawful, improper, noisy or offensive be contrary to any law or any municipal
by-law or ordinance in force in the City of Woburn now existing or hereinafter
enacted. Lessee shall keep the Leased Premises equipped with all reasonable
safety appliances and shall procure and keep in force all licenses and permits
required by law or ordinance of any public authority because of the uses made of
the Leased Premises by Lessee and shall maintain in good condition on the Leased
Premises all existing safety and fire protection devices required by the Board
of Fire Underwriters, or other body having similar functions, and of every
insurance company and policy by which Lessee is insured. If the Lessee shall
install additional storage racks on the demised premises, it shall sprinkler
said racks in accordance with the directions of the Lessor's insurance company.
In furtherance of the obligations set forth under this paragraph, Lessee
shall take no action with respect to the demised premises which shall violate
and Federal or State environmental statutes governing the use of this property,
and shall indemnify the Lessor against any costs or remediation or cleanup
caused by the Lessee's use of the premises in violation of environmental law.
Lessor covenants and warrants that as of the Commencement Date hereof,
April 1, 2000, the Leased Premises, shall be in full compliance with all
applicable statutes, ordinances, regulations, including without limitation all
environmental laws and the ADA, and by-laws and that the Lessee's proposed use
is permissible as of right in the zoning district in which the Leased Premises
are located. In addition, notwithstanding the provisions of this Paragraph 12,
Lessee shall not be required to make any alteration addition or improvement to
the Leased Premises to comply with any statute ordinance regulation or by-law
unless said alteration addition or improvement is required by reason of Lessee's
particular use of the Leased Premises. Lessor shall indemnify the Lessee for
direct damages incurred because of a breach of this paragraph.
13. INSURANCE - WAIVER OF SUBROGATION. Lessee, as to its own personal property
and on behalf of the Lessor with respect to the building, agrees to keep the
Leased Premises insured in amounts equal to the actual cash replacement value of
the same against fire and other perils included in a standard extended coverage
endorsement, and against breakdown of boilers and other machinery and equipment.
Lessor and Lessee further agree that with respect to any loss which is covered
(or required by this Paragraph 13 to be covered) by insurance then being carried
by or on behalf of either of them, that each party releases the other of and
from any and all claims with respect to such loss to the extent of the insurance
proceeds payable with respect to such loss; and they further mutually agree that
their respective insurance companies shall have no right of subrogation against
the other on account thereof. If requested, each party agrees to furnish the
other from time to time with certificates of all such insurance coverages issued
by or on behalf of their respective insurers.
14. RISK OF LOSS OF PERSONAL EFFECTS. Lessee acknowledges and agrees that all
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of the furnishings, equipment, effects and personal property of Lessee and of
all persons claiming by, through or under Lessee which may be on the Leased
Premises shall be at the sole risk and hazard of Lessee and if the whole or any
part thereof shall be destroyed or damaged by fire, water or otherwise, or by
the leakage or bursting of water pipes, steam pipes, or other pipes, by theft or
from any other cause, no part of said loss or damage is to be charged to or to
be borne by Lessor, except that Lessor shall in no event be indemnified or held
harmless or exonerated from any liability to Lessee or to any other person,
arising from any injury, loss, damage or liability caused by Lessor's negligence
or willful misconduct.
15. MAINTENANCE OF LEASED PREMISES. The Lessee agrees to maintain the Leased
Premises including its structural elements in the same condition as they are at
the commencement of the term or as they may be put in during the term of this
Lease, reasonable wear and tear, damage by fire, other casualty and eminent
domain, and matters for which the Lessor is responsible hereunder only excepted,
to replace plate glass and other glass therein damaged due to negligence of the
Lessee or its agents. The Lessee shall not permit the Leased Premises to be
overloaded, damaged, stripped, or defaced, nor suffer any waste. Lessee shall
obtain written consent of Lessor before erecting any sign on or about the Leased
Premises and on or about the Building of which the Leased Premises are a part,
which consent shall not be unreasonably withheld or delayed.
16. ALTERATIONS - ADDITIONS. The Lessee may make any non-structural
alterations additions or improvements to the Leased Premises that it deems
necessary or advisable for the conduct of its business thereon as long as they
are in compliance with law. The Lessee shall not make any structural
alterations, additions or improvements to the Leased Premises, unless the Lessor
consents thereto in advance in writing, which consent shall not be unreasonably
withheld or delayed, but such consent may be conditioned upon the Lessee's
obligation to restore the Leased Premises to its original condition, all at
Lessee's sole cost and expense and may be conditioned upon approval by the
Lessor's mortgagee. All such allowed alterations or additions shall be at
Lessee's expense and shall be in quality at least equal to the present
construction. Lessee shall not permit any mechanics' liens, or similar liens, to
remain upon the Leased Premises for labor and materials furnished to Lessee or
claimed, to have been furnished to Lessee in connection with the work of any
character performed or claimed to have been performed at the direction of
Lessee, and shall cause any such lien to be released of record forthwith without
cost to Lessor. Any alterations, additions or improvements made by the Lessee,
except for moveable partitions, trade fixtures, equipment, and furnishings,
installed at the Lessee's cost, shall become the property of the Lessor at the
termination of the Lease as provided herein, but the Lessor may at its option
require that the Lessee remove any or all non-structural additions.
17. ASSIGNMENT - SUBLETTING. The Lessee shall not assign or sublet the whole
or any part of the Leased Premises without the Lessor's prior written consent
which will not be unreasonably withheld or delayed. Notwithstanding, Lessee
shall remain liable to Lessor for the payment of all rent and for the full
performance of the covenants and conditions of this Lease.
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18. QUIET ENJOYMENT, COVENANT OF TITLE. The Lessee, on paying the rent and
other charges hereunder, as and when the same shall become due and payable and
observing and performing the covenants, conditions and agreements contained in
this Lease on the part of the Lessee to be observed and performed, all as herein
provided, shall and may lawfully, peaceably and quietly have, hold and enjoy the
Leased Premises during the Initial Term and any Renewal Term and any extensions
or renewals thereof, without hindrance, ejection or disturbance by the Lessor or
by any person or persons claiming by, through or under the Lessor or by anyone
claiming paramount title.
19. SUBORDINATION. The Lease and Lessee's interest hereunder, subject to the
provisions of this Paragraph 19, shall be subordinate to the lien of any present
or future mortgage or mortgages upon the Leased Premises or any property of
which the Leased Premises are a part, regardless of the time of execution or the
time of recording of any such mortgage or mortgages. Any subordination of this
Lease pursuant to the provisions of this Paragraph 19 is made and granted upon
the condition that, the holder of any such mortgage enters into an agreement
with Lessee by the terms of which such holder agrees (i) not to disturb the
possession and other rights of Lessee and (ii) in the event of any entry by the
holder of, any such mortgage to foreclose, a default under any such mortgage, a
foreclosure of any such mortgage of Lessor's interest under this Lease or in the
Leased Premises through foreclosure or otherwise, the Lessee shall (provided the
Lessee is not then in default beyond any applicable cure period) peaceably hold
and enjoy the Leased Premises as a Lessee of such holder, during the Lease Term
and any extensions or renewals thereof upon the terms, covenants and conditions
as set forth in this Lease without any hindrance or interruption from such
holder and shall not be named as a party defendant in any such action. In the
event of such entry, foreclosure, acquisition or other action by such holder,
Lessee shall recognize the holder of the mortgage with respect to which such
action is taken as the Lessor under this Lease. As used in this Paragraph 19,
the word "holder" includes any person claiming through or under any such
mortgage, including any purchaser at a foreclosure sale, and the word "Lessee"
shall include Lessee's successors and assigns, The word "mortgage" as used in
this Paragraph shall mean mortgages, deeds of trust, and other similar
instruments held by any institutional lender and all modifications, extensions,
renewals and replacements thereof.
The Lessee agrees to execute such further documents in recordable form as
the Lessor or any lender may reasonably require, consistent with the terms of
this Paragraph 19 and 28.
20. LESSOR'S ACCESS. The Lessor or agents of the Lessor may, at reasonable
times and upon reasonable prior notice to the Lessee, enter to view the Leased
Premises, and may remove placards and signs not approved and affixed as herein
provided, and make repairs and alterations all in a manner so as not to
unreasonably interfere with the normal conduct of Lessee's business. At any time
within the six (6)-month period prior to the expiration of the final Renewal
Term, or in the event that Lessee has given notice of its intention to terminate
this lease, the Lessor may show the Leased Premises to others, with reasonable
prior notice, all in a manner so as not to unreasonably interfere with the
normal conduct of the Lessee's business and the Lessor may affix to any suitable
part of the Leased Premises a notice for letting or selling the Leased Premises
or
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property of which the Leased Premises are a part and keep the same so affixed
without hindrance or molestation.
21. INDEMNIFICATION AND LIABILITY. The Lessee shall save the Lessor harmless
from all loss and damage occasioned by the use or escape of water or by the
bursting of pipes to the extent caused by the negligence of the Lessee or by any
nuisance made or suffered on the Leased Premises.
22. LESSEE'S LIABILITY INSURANCE. The Lessee warrants and represents that
throughout the term of the Lease, Lessee shall carry liability insurance in the
amount of $2,000,000. Lessee shall name the Lessor as insured party on any
policy or policies of comprehensive public liability insurance and property
damage insurance maintained by Lessee now or hereafter that covers the premises
and shall provide Lessor with a certificate of such insurance prior to the
commencement date and thereafter upon the request of the Lessor. Lessor shall
maintain insurance on the Leased Premises for its full replacement value.
23. FIRE, CASUALTY - EMINENT DOMAIN. Should the Leased Premises, or of the
property of which they are a part, be damaged by fire or other casualty, the
Lessor shall rebuild, repair or restore the Leased Premises to substantially the
same condition as they were in immediately prior to such damage except that the
Lessor shall not be required to do so by expenditure of more than the insurance
proceeds which it recovers. If the necessary work is such that it cannot be
completed within ninety (90) days or the damage occurs during the last six (6)
months of the term hereof and Lessee has not exercised its option to extend, the
Lessor may terminate this Lease. If there is a taking of a portion of the Leased
Premises by eminent domain, Lessor shall, if possible, attempt to provide an
equivalent facility upon the portion of the Leased Premises not taken. 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, until such time as the Leased Premises or, the applicable portion thereof
are rebuilt, repaired so as to be suitable for Lessee's use. The Lessee may
elect to terminate this Lease if:
(a) in the case of fire or other casualty, if the insurance proceeds
recovered or recoverable are insufficient to rebuild repair or
restore the Leased Premises to the condition they were in
immediately prior to such fire or other casualty,
(b) the Lessor in the case of fire or other casualty fails to file
written notice within thirty (30) days of intention to restore
Leased Premises; or
(c) the Lessor fails to restore the Leased Premises to substantially the
same condition they were in prior to the fire, casualty or taking
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
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damage to the Lessee's fixtures, property or equipment, and Lessee's right to
relocation expenses. Nothing in this paragraph is to be construed to waive
Lessee's right to recover from Lessor a just and proportional abatement of rent
and additional rent paid in advance of any such taking by eminent domain.
24 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
fourteen (14) days after receipt of written notice that said sum is
due and payable ; or
(b) The Lessee shall default in the observance or performance of the
Lessee's covenants, agreements, or obligations hereunder and the
Lessee shall not cure such default within thirty (30) days after
receipt of written notice thereof or if such default cannot be cured
within thirty (30) days, then if Lessee shall not commence to cure
the same within thirty (30) days and diligently pursue the curing of
the same; or
(c) The Lessee files a voluntary petition under the Bankruptcy Act or
any other law seeking relief from debts, or if any assignment shall
be made of Lessee's property for the benefit of creditors, or if any
involuntary such proceeding shall be filed against the Lessee not
discharged within sixty (60) days thereof.
Then the Lessor shall have the right after the due process of law, 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, without 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 and reasonable payment of rent and other payments which the Lessor may
incur by reason of such termination during the residue of the term. In the event
of default, Lessor shall use its reasonable efforts to re-let the Leased
Premises so as to mitigate any damages to the Lessee hereunder. If Lessor
re-lets the Leased Premises, Lessee may offset its payable rent against the
amount of rent received by Lessor.
If the Lessor shall default, after written notice thereof in the
observance or performance of any conditions or covenants on its part to be
observed or performed under or by virtue of any of the provisions of this Lease,
and Lessor shall not cure such default within thirty (30) days after written
notice thereof, or if such default cannot be cured within thirty (30) days, then
if Lessor shall not commence to cure the same within thirty (30) days and
diligently pursue the curing of the same, then Lessee, without being under any
obligation to do so, may remedy such default for the account and at the expense
of Lessor or may terminate the Lease, but in no event shall Lessee set off such
claim against its rental obligation.
If the Lessee shall default, after written notice thereof as provided
herein, in the
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observance or performance of any conditions or covenants on its part to be
observed or performed under or by virtue of any of the provisions of this Lease
and after the expiration of any period within which the Lessee is entitled to
cure such default as is provided above in this Paragraph 24, 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 expenditures or incurs any obligations for the payment of money
in connection therewith, such sums paid or obligations incurred, with interest
at the rate of eight (8.0%) per annum and costs, shall be paid to the Lessor by
the Lessee as additional rent.
Lessor shall not be liable to Lessee for any compensation or reduction of
rent by reason of inconvenience or annoyance or for loss of business arising
from the necessity of Lessor or its agents entering the Leased Premises, or for
Lessor's repairing the Leased Premises if such repair is not performed by
Lessee, or for making repairs to the Leased Premises or part thereof, however
the necessity may occur. In case Lessor is prevented or delayed from making any
such repairs, or supplying the utilities or services provided for herein, or
performing any other covenant or duty to be performed on Lessor's part, by
reason of any cause beyond Lessor's control, Lessor shall not be liable to
Lessee therefor, nor shall Lessee be entitled to any abatement or reduction of
rent by reason thereof, nor shall the same give rise to a claim in Lessee's
favor that such failure constitutes actual or constructive, total or partial,
eviction from the Leased Premises, or any portion thereof, provided however that
if such failure to provide utilities, services, or repairs shall render the
Leased Premises untenantable and shall continue for five (5) consecutive days
after written notice from Lessee to Lessor, then Lessee shall be entitled to an
abatement of rent and if the failure continues for a total of twenty (20)
consecutive days then Lessee may terminate this Lease.
23. PARAGRAPH HEADINGS. The paragraph headings throughout this instrument are
for convenience and reference only, and the words contained therein shall in no
way be held to explain, modify, amplify or aid in the interpretation,
construction or meaning of the provisions of this Lease.
24. ESTOPPEL CERTIFICATE. Lessor and Lessee each agree at any time from time
to time, upon not less than ten (10) days prior notice to execute, acknowledge
and deliver to the other, a statement in writing, certifying to the extent
possible that this Lease is unmodified and in full force and effect, or if there
have been modifications, that the same is in full force and effect as modified
and stating such modifications and otherwise certifying if there exists any
default under the terms of this Lease and such other information as may be
reasonably requested concerning this Lease by the other party or any other third
party with a bona fide interest.
25. 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 in writing
and mailed, registered or certified mail, return receipt requested, postage
prepaid, addressed to the Lessee at the Leased Premises with a copy to,
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Mark A Rossi and General Counsel
Merrill Communications LLC
One Merrill Circle
St Paul, Minnesota 55108
or at such address as the Lessee may from time to time advise in writing. Any
notice from the Lessee to the Lessor relating to the Leased Premises or to the
occupancy thereof, shall be deemed duly served, if in writing and 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:
William Shea, General Partner
Ames Realty Associates
21 Properzi Way
Somerville, MA 02143
26. 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 all fixtures, alterations and additions made to or upon the Leased
Premises, except for moveable partitions trade fixtures, equipment and
furnishings installed at the Lessee's expense, 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, other casualty or eminent
domain and matters for which the Lessor is responsible hereunder only excepted.
All movable partitions, trade fixtures equipment and furnishings, installed in
the Leased Premises at the Lessee's expense during the term of the Lease may be
removed by the Lessee at the expiration or other termination of this Lease The
Lessee at its expense promptly repair any and all damages to the Leased Premises
resulting from such removal. In the event of the failure of the Lessee to remove
any of the Lessee's property from the Leased Premises, Lessor is hereby
authorized, upon fifteen (15) days' written notice to the Lessee without
liability to the 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.
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IN WITNESS WHEREOF, the Lessor, and the Lessee, have hereunto set their
hands and common seals as of this 31st day of March, 2000.
LESSOR:
AMES REALTY TRUST
By: /s/ Walter Mclaughlin /s/ Illegible
--------------------------------- -------------------------------
Trustee Witness
/s/ William Shea /s/ Illegible
--------------------------------- -------------------------------
Trustee Witness
--------------------------------- -------------------------------
Trustee Witness
LESSEE:
MERRILL COMMUNICATIONS LLC
By: /s/ Mark A. Rossi
----------------------------------------
Mark A. Rossi
Its: President
Investment Company Services
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