EXHIBIT 10.10
COMMERCIAL LEASE
HAWTHORNE NORTH
435 NEWBURY STREET
SUITES 206 208, 210 & 212
DANVERS, MA 01923
1. PARTIES
Hawthorne North Realty Trust 435 Newbury Street Danvers, MA 01923 LESSOR, which expression shall include its, heirs, successors, and assigns where the context so admits does hereby lease to:
Medwave, Inc. 435 Newbury Street Suites 206, 208, 210 & 212 Danvers, MA 01923 LESSEE, which expression shall include its successors, executors, administrators, and assigns where the context so admits, and the LESSEE hereby leases the following described premises:
2. PREMISES
Suites 206, 208, 210 & 212, containing approximately 3,548 gross square feet of space, located at "Hawthorne North having the address of Suites 206, 206, 210 & 212, 435 Newbury Street, Danvers, MA 01923; together with the right to use in common, with others entitled thereto, the hallways, stairways, and elevators, necessary for access to said leased premises, and lavatories nearest thereto.
Normal business hours are 8:00 a.m. to 5:00 p.m. Monday thru Friday.
3. TERM
The term of this lease shall be for 3 YEAR(S) commencing on MAY 1, 2004, and ending on APRIL 30, 2007.
4. RENT
The LESSEE shall pay to the LESSOR fixed rent according to the following schedule, payable in advance in monthly installments, subject to proration in the case of any partial calendar month. The obligation to pay rent and other charges to the landlord is independent of any obligations the landlord has under this lease. All rent shall be payable on the first day of each and every month, without offset or deduction. RENT PAYABLE AS FOLLOWS:
RATE MONTHLY ANNUALLY
----------------------------- YEAR 1: MAY 1, 2004 TO APRIL 30, 2005 $15.79 $4,670.00 $56,040.00 YEAR 2: MAY 1, 2005 TO APRIL 30, 2006 $16.26 $4,808.00 $57,696.00 YEAR 3: MAY 1, 2006 TO APRIL 30, 2007 $16.75 $4,952.00 $59,424.00
5. SECURITY DEPOSIT/ADVANCE RENT
Upon the execution of this lease, the LESSEE ill have paid to the LESSOR the amount of $2,200.00 dollars, which shall be held as a Security Deposit for the LESSEE'S performance as herein provided and refunded to the LESSEE at the end of this lease, without interest, subject to the LESSEE'S satisfactory compliance with the conditions hereof.
6. RENT ADJUSTMENTS
70
7. UTILITIES
The LESSEE shall pay, as they become due all bills for electricity and other utilities (whether they are used for furnishing heat or other purposes) that are furnished to the leased premises and presently separately metered, and all bills for fuel furnished to a separate tank servicing the leased premises exclusively. The LESSOR agrees to provide all other utility service and to furnish reasonably hot and cold water and reasonable heat and air conditioning (except to the extent that the same are furnished through separately metered utilities or separate fuel tanks as set forth above) to the leased premises, hallways, stairways, elevators, and lavatories during normal business hours on regular business days of the heating and air conditioning seasons of each year, to furnish elevator service and to light passageways and stairways during business hours, and to furnish such cleaning service as is customary in similar buildings in said city or town, all subject to interruption due to any accident, to the making of repairs, alterations, or improvements, to labor difficulties, to trouble in obtaining fuel, electricity, service or supplies from the sources from which that they are usually obtained for said building, or to any cause beyond the LESSOR'S control. LESSEE to pay for service maintenance of HVAC twice per year (Spring & Fall), $150.00 annually, per unit for a total of $600.00 per year (4 units). A late charge of 5% will be imposed after 10 days from date of billing.
LESSOR shall have no obligation to provide utilities or equipment other than the utilities and equipment within the premises as of the commencement date of this lease. In the event LESSEE requires additional utilities or equipment, the installation and maintenance thereof shall be the LESSEE'S sole obligation, provided that such installation shall be subject to the written consent of the LESSOR.
8. USE OF LEASED PREMISES
The LESSEE shall use the leased premises only for the purpose of operating a professional office and conducting professional business related services. All other proposed uses shall be subject to the written consent of the LESSOR and LESSOR shall have sole and complete discretion to give or withhold such consent.
9. COMPLIANCE WITH LAWS
The LESSEE acknowledges that no trade or occupation shall be conducted in the leased premises or use made thereof which will be unlawful, improper, noisy, or offensive, or contrary to any law or any municipal by-law or ordinance in force in the city or town in which the premises are situated. Without limiting the generality of the foregoing (a) the LESSEE shall not bring or permit to be brought or kept in or on the leased premises or elsewhere on the LESSOR'S property any hazardous, toxic, inflammable, combustible or explosive fluid, material, chemical or substance, including without limitation any item defined as hazardous pursuant to Chapter 21E of the
Massachusetts General Laws; and (b) the LESSEE shall be responsible for compliance with requirements imposed by the Americans with Disabilities Act relative to the layout of the leased premises and any work performed by the LESSEE therein.
10. FIRE INSURANCE
The LESSEE shall not permit any use of the leased premises which will make void any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE'S use of the premises.
11. MAINTENANCE
(a) LESSEE'S OBLIGATION
The LESSEE agrees to maintain the leased premises in good condition, damage by fire and other casualty only excepted, and whenever necessary, to replace plate glass and other glass therein, acknowledging that the leased premises are in now good order and the glass whole. The LESSEE shall not permit the leased premises to be overloaded, damaged, stripped, or defaced, nor suffer any waste. LESSEE shall not bring or permit to be brought or kept in, or on the leased pr ...