Lease Agreement between University of Warwick Science Park Innovation Centre Limited and Ocean Power Technologies Limited for Unit 21, Warwick Innovation Centre

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Summary

This lease agreement is between University of Warwick Science Park Innovation Centre Limited (landlord) and Ocean Power Technologies Limited (tenant) for Unit 21 at Warwick Innovation Centre. The lease term is three years, with an annual rent of £14,365, payable quarterly in advance. The tenant is responsible for interior repairs, maintenance, and decoration, as well as service charges and the landlord's legal costs. The lease excludes security of tenure rights and restricts assignment or subletting. The tenant may break the lease after 18 months with three months' notice. The landlord retains inspection rights.

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EX-10.17 19 y25790exv10w17.txt EX-10.17: LEASE EXHIBIT 10.17 DATED __________ 2005 (1) UNIVERSITY OF WARWICK SCIENCE PARK INNOVATION CENTRE LIMITED and (2) OCEAN POWER TECHNOLOGIES LIMITED ---------- LEASE relating to Unit No. 21 Warwick Science Park Innovation Centre Warwick Technology Park Gallows Hill Warwick ---------- TERM BEGINS : _____________________________________________________________ DURATION OF TERM : 3 Years TERM ENDS : (Subject to prior determination renewal or continuation) RENT : L14,365.00 per annum (exclusive) PAYABLE Quarterly in Advance NOTE : This Lease is excluded from the security of tenure provisions of the Landlord & Tenant Act 1954 (as amended) shoosmiths Lock House Castle Meadow Road Nottingham NG2 1AG Tel: +44 (0) 08700 865 000 Fax: +44 (0) 08700 ###-###-#### nottingham@shoosmiths co.uk Rel. AL SUBJECT TO CONTRACT HEADS OF TERMS WARWICK INNOVATION CENTRE PROPOSED LETTING TO OCEAN POWER TECHNOLOGIES LIMITED 1) LANDLORD University of Warwick Science Park Limited Barclays Venture Centre Sir William Lyons Road Coventry CV4 7EZ 2) PROPERTY Unit 21 Warwick Innovation Centre Warwick Technology Park Gallows Hill Warwick UNIT 21 has a net internal area of 845 sq ft 3) TENANT Ocean Power Technologies Limited 4) LEASE TERMS The tenant will take a 3 year lease which will be excluded from the security of tenure provisions of the Landlord & Tenant legislation. The lease will incorporate a tenant option to break operable by the giving of 3 months prior written notice at a point 18 months into the lease term. 5) RENTAL Unit 21 is L14,365 per annum exclusive of business rates, service charge and VAT. 6) SERVICE CHARGE The current budgeted service charge for Warwick Innovation Centre is L5 psf per annum exclusive of VAT. 7) REPAIRS, MAINTENANCE AND The Tenant will be responsible for the repair, DECORATION maintenance and decoration of the interior of the demised unit. 8) ASSIGNMENT/UNDERLETTING The lessee will not be permitted to assign, charge, underlet or part with possession of the demised unit or any part thereof.
9) INNOVATION CENTRE - RULES The Tenant is to observe the rules and AND REGULATIONS regulations made by the Director of UWSP to maintain the administration and management of the Innovation Centre. 10) RIGHT OF ENTRY AND The Landlord will reserve the right to enter into INSPECTION the demised unit at all reasonable times for the purposes of viewing its state of repair or execution works to neighbouring units. 11) LEGAL COSTS The Tenant will be responsible for meeting the Landlord's legal costs.
I agree to these heads of terms with the alteration in clause 4. /s/ Mark Draper M.R. Draper on behalf of OPT Ltd. 4 December 2004.