EXHIBIT 10(ee)
AMENDMENT OF LEASE
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THIS AMENDMENT OF LEASE effective as of June 23, 1997 between EQUITABLE
FEDERAL STREET REALTY COMPANY LIMITED PARTNERSHIP, a Massachusetts limited
partnership having an address at One Boston Place, Boston, Massachusetts 02108
("Landlord"), and BANKBOSTON, N.A. (formerly named The First National Bank of
Boston), a national banking association organized and existing under the laws of
the United States of America having its principal place of business at 100
Federal Street, Boston, Massachusetts 02110 ("Tenant").
BACKGROUND
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Landlord and Tenant are Landlord and Tenant, respectively, under an
Indenture of Lease having an effective date of September 1, 1991, as amended, of
certain premises at 100 Federal Street, Boston, Massachusetts (the "Lease").
Section 2 of Article XVI of the Lease requires Landlord to perform certain work
to the Building entrance area, the exterior plaza, the elevator cabs and
associated signage (the work required thereby is herein referred to as the
"Lobby/Plaza Work"), the cost of the Lobby/Plaza Work to be shared by Landlord
and Tenant in the manner provided in the Lease, including Section 6 of an
Amendment of Lease effective as of April 1, 1994. Landlord and Tenant desire to
memorialize their further agreements with respect thereto. Capitalized terms
not defined herein shall have the meaning ascribed to them in the Lease.
W I T N E S S E T H
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NOW, THEREFORE, Landlord and Tenant hereby agree as follows:
1. Exhibits A, B and C attached hereto and made a part hereof include all
work requested by Tenant to be included in the Lobby/Plaza Work and represents
Landlord's good faith estimate of the project costs for completion of said work.
2. Tenant's Share of the Lobby/Plaza Work as defined in the Amendment of
Lease effective as of April 1, 1994 shall be modified to be the sum of (a) fifty
percent (50%) of the first $700,000 of excess in project costs over $10,000,000,
and (b) one hundred percent (100%) of the next $400,000 of excess in project
costs and (c) fifty percent (50%) of the remaining excess in project costs
(other than Tenant's "Wish List Items" for which Tenant's Share shall be
Seventy-Five Percent (75%)). Tenant's Wish List Items include security desk
(less $75,000 which shall be included in the above formula), elevator controls,
security devices, plaza clock, kiosk, flag markers, BankBoston pediment logos,
escalator thresholds and spandrel glass. Through June 30, 1997, the total
project costs will be $10,940,046.64
3. Landlord agrees that Tenant's Share of the Lobby/Plaza Work will not
exceed $1,642,616.32, subject to increase in the event the Lobby/Plaza Work
shall be modified to include additional and/or more expensive construction.
4. As each item of additional Lobby/Plaza Work shall be substantially
completed, beginning on the first day of the following month and continuing
through December 31, 2008, Tenant shall pay, in addition to Tenant's monthly
payments on account of Base Rent, Operating Expenses and Impositions, additional
rent on account of such item of Lobby/Plaza Work in an amount determined as
provided in Section 5 hereof.
5. The additional rent payable by Tenant under Section 4 hereof shall be
determined separately for each item of Lobby/Plaza Work substantially completed.
The cost of each item shall be the project cost attributable to such item (as
"project cost" is defined in Section 6 of the Amendment of Lease effective as of
April 1, 1994). Tenant shall pay additional monthly rent on account of each
such item in an amount equal to the monthly payment required to pay in full, on
a direct reduction basis over an amortization period commencing on the date as
of which Tenant shall be first required to pay additional rent on account of
such item and ending on December 31, 2008, Tenant's Share of the cost of such
item, with interest at a rate equal to the sum of one percent (1%) plus Tenant's
Base Rate in effect as of the date such item shall have been substantially
completed by Landlord, in equal monthly installments of principal and interest
over such period.
6. On or before July 1, 1997, Tenant shall pay to Landlord a lump sum
payment of $90,457.19 as additional rent, such amount representing all sums due
to date from Tenant to Landlord on account of the Lobby/Plaza Work substantially
completed on or before June 30, 1997.
7. Effective July 1, 1997, the rent payable by Tenant under the Lease
shall be increased by $8,650.07 per month for the period July 1, 1997 through
December 31, 2008, such amount representing the monthly additional rent to be
paid by Tenant on account of the Lobby/Plaza Work substantially completed on or
before June 30, 1997. Thereafter, the monthly rent payable shall be increased
in accordance with Section 4 and 5 above on account of each item of Lobby/Plaza
work substantially completed on or after July 1, 1997.
8. All additional rent to be paid under this Amendment shall be payable on
the first day of each month for the period ending December 31, 2008,
notwithstanding that the term of a portion of the Premises under the Lease may
expire prior to such date.
9. Except only as expressly amended hereby, the Lease shall continue in
full force and effect.
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WITNESS the execution of an instrument under seal as of the date first
above written.
LANDLORD:
EQUITABLE FEDERAL STREET REALTY COMPANY LIMITED
PARTNERSHIP
By Its General Partner
100 FEDERAL STREET REALTY CORPORATION
By: JOHN SCHOSER
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Its: Investment Officer
TENANT:
BANKBOSTON, N.A.
By: THEODORE M. EDSON
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Its: Director of Global Facilities
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