Lease Renewal Agreement between Marianne B. Jardine, Trustee, and Rhode Island Student Loan Authority

Summary

This agreement renews the lease between Marianne B. Jardine, as Trustee of her revocable trust, and the Rhode Island Student Loan Authority for approximately 1,440 square feet of office space at 615 Jefferson Boulevard, Warwick, RI. The renewal term is three years, from June 1, 2002, to May 31, 2005, with a monthly rent of $1,969.20. The tenant is responsible for utilities, insurance, and any increases in real estate taxes and condominium fees above specified base years. The premises are to be used for general office purposes only.

EX-10.65 14 p18329_ex10-65.txt AGREEMENT OF LEASE Exhibit 10.65 AGREEMENT OF LEASE RENEWAL BY AND AMONG MARIANNE B. JARDINE, OR HER SUCCESSOR, TRUSTEE UNDER THE MARIANNE B. JARDINE REVOCABLE TRUST DATED SEPTEMBER 15, 1992 LANDLORD RHODE ISLAND STUDENT LOAN AUTHORITY TENANT Exhibit 10.65 TERMS AND CONDITIONS Reference Subjects Referred To. Each Reference in this Lease Renewal to any of the following subjects shall be construed to incorporate the data for that subject in this Article: PARTIES: Landlord: Marianne B. Jardine, or her successor, Trustee under the Marianne B. Jardine Revocable Trust dated September 15, 1992. MANAGING AGENT: NA LANDLORD'S ADDRESS FOR NOTICE: Summer - 80 Hillside Street Saunderstown, RI 02874 Winter - 1341 Middle Gulf Drive 1-B Sanibel, FL 33957 CHECKS TO: Marianne B. Jardine as Trustee TENANT: RHODE ISLAND STUDENT LOAN AUTHORITY TENANT'S ADDRESS FOR BILLING AND NOTICE: ATTN: Executive Director 560 Jefferson Boulevard Warwick, RI 02886 BUILIDING & LEASED Premises: Approximately 1,440 rentable square feet on the 2nd floor (the "Premises") in the building located at 615 Jefferson Boulevard, Warwick, RI 02886 #203. TERM: Three Years Commencement Date June 1, 2002 Expiration Date May 31, 2005 MONTHLY BASE RENT: rent / sf = $12.00 NNN Condo fee = $1.91 + RE tax = $2.50 Annual Rent = $23,630.40 Monthly Rent = $1,969.20 Increase amount due on Security Deposit: $0.00 The new Tax Base is $3,599.29 The Condominium fee Base is $2,756 REAL ESTATE TAXES & CONDOMINUM FEES: Tenant is responsible for any increases over the Base Year 1999 Real Estate taxes (actual 2000 / 2001) = $3,599.29 and Base Year 2002 Condominium Fees (actual 2001 = $2,756). Any increases after the Base Year 2001 will be billed by Landlord to Tenant. BROKER: NA RENT COMMENCES: June 1, 2002 PROPORTIONATE SHARE: 6.84% UTILITES: All Utilities will be paid by Tenant. PERMITTED USE OF THE PREMISES: For general office use only and not for retail sales or bulk storage or uses requiring above building standard structural, electrical or HVAC facilities. TENANT INSURANCE REQUIREMENTS: Public Liability Insurance Bodily Injury: $500,000 Property Damage: $500,000 SECURITY DEPOSIT: $3,412.80 GUARANTOR: Rhode Island Student Loan Authority This Lease Renewal is on the same terms and conditions as the Initial Lease Term dated and signed by both parties June 1, 1999. IN WITNESS WHEREOF the parties hereto have set their hands and seals in three counter part copies, each of which counterpart copy shall be deemed an original for all purposes, as of the date and year first above written: Landlord: By /s/ Marianne B. Jardine ---------------------------------- Marianne B. Jardine as Trustee Tenant: By:/s/ Charles P. Kelley ---------------------------------- /s/ Executive Director Rhode Island Student Loan Authority STATE OF FLORIDA COUNTY OF LEE In ____________________________________________________________ in said County ____________________________ and State, on the _________________ day of _____________ 2002, before me personally appeared ________________________________________________, to me known and known by me to be the party executing the foregoing instrument, for and on behalf of __________________________________________ and acknowledge said instrument, by executed, to be the free act and deed, free act and deed in capacity as aforementioned, and the free act and deed of _________________________________________________ Notary Public Commission expires ___________________ STATE OF RHODE ISLAND COUNTY OF KENT In ______________________________________________________________ in said County ______________________________ and State, on the _________________ day of ______________ 2002, before me personally appeared _________________________________________________, to me known and known by me to be the party executing the foregoing instrument, for and on behalf of __________________________________ and acknowledge said instrument, by executed, to be the free act and deed, free act and deed in capacity as aforementioned, and the free act and deed of ________________________________________________ Notary Public Commission expires___________________