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BIOENGINEERING GROUP PROPERTY APPRAISAL
River Wharf Realty Trust Financial Information 1 N\J r• rj 1 1 r r HJ s 1 ' COMPLETE SUMMARY APPRAISAL REPORT ' 18 Commercial Street Salem,Massachusetts 1 ' Prepared for Charles T. Grigsby Senior Vice President The Life Initiative ' 420 Boylston Street Boston, Massachusetts 02116 ' Date of Value: February 17,2004 Date of Report: February 23, 2004 ' VALUATION The accompanying appraisal report describes the property appraised, sets forth the ' rationale,assumptions, conditions and significant facts upon which the appraisal is based and describes the valuation process. Professional certifications as required by the Uniform Standards of Professional Appraisal Practice and the Appraisal Institute are ' included. Subject to the conditions and explanations contained in the accompanying report, it is our opinion that the market value of the property described herein as of the specified date was: ' Six Hundred Fifty-Five Thousand Dollars ($655,000) Signed this 23rd day of February, 2004 Andrew Rappol 1 ' DAVID HARK ASSOCIATES,INC. REAL ESTATE CONSULTANTS February 23, 2004 ' Charles T. Grigsby Senior Vice President ' The Life Initiative 420 Boylston Street Boston,Massachusetts 02116 ' Re: 18 Commercial Street, Salem,MA ' Dear Mr. Grigsby: In accordance with your recent request, we have made an inspection and appraised the ' above referenced property which consists of a parcel of land containing approximately 10,176 s.f. improved by a long-standing industrial/office facility comprising about 6,925 s.f. of gross building area. The purpose of this appraisal is to provide an opinion of ' market value of the Fee Simple interest in the subject property as of February 17,2004. Pertinent data used in the process of formulating our value conclusions are contained in this complete summary appraisal report. ' This report is intended for use only by The Life Initiative and its assignees for mortgage financing purposes only. This report is not intended for any other use. ' Based on the assumptions and conditions outlined in this report, it is our opinion that the market value of the subject property as of February 17, 2004 was: ' Six Hundred Fifty-Five Thousand Dollars ($655,000) If you have any questions concerning this appraisal or if we may be of further ' assistance, do not hesitate to contact our office at your earliest convenience. Respectfully Submitted, .--�o ' Andrew Rappoli Massachusetts Certified General Real Estate Appraiser No. 1621 Expires: June 6,2005 ' SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS REAL ESTATE APPRAISAL -FEASIBILITY ANALYSIS •TAX ABATEMENT CONSULTING , ' 600 LORING AVENUE SALEM,MASSACHUSETTS 01970-4285 • 978.741.4744 1 . ■ Introduction ' TABLE OF CONTENTS ' I. Introduction Page Nos. Summary of Important Facts and Conclusions 1 ' Grantor,Title Abstract,Utilities 2 Purpose of the Appraisal 3 Property Rights Appraised 3 ' Definition of Market Value 4 II. Factual Data ' Site Locus Map Brief Description of Property 5 ' Site Plan Real Estate Assessment and Tax Data 8 Zoning Status 9 ' Highest and Best Use 11 III. Valuation ' Introduction 13 Methodology 13 Direct Sales Comparison Approach 15 ' Comparable Sales#1 -#3 16 Summary of Comparable Sales 21 Adjustments to Comparable Sales 22 t Value Correlation-Sales Comparison Approach 23 Income Approach 24 Table 1.0-Comparable Office Lease Summary 25 ' Table 2.0-Comparable Industrial Lease 27 Summary 52 Summary of Comparable Office Leasing Summary 30 Summary of Comparable Industrial Lease Data 31 ' Table 3.0 Reconstructed Operating Statement 33 Year One Stabilized Capitalization Rate Derivation 34 ' Correlation and Final Value Estimate 35 ' IV. Addenda Photographs— Subject Property Certification Qualifications of the Appraisers 1 r i i ' SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS ' LOCATION: 18 Commercial Street, Salem, MA OWNERSHIP: River Wharf Realty Trust, Robert G. Solomon, ITrustee ' SITE AREA: 10,716 s.f./.2460 acres ' ZONING DISTRICT: Business Park Development District SITE IMPROVEMENTS: Single Class C/S masonry and steel framed ' warehouse/light industrial structure containing approximately 5,000 s.f. of gross building area on the ' ground floor with two finished mezzanine areas providing about 1,925 s.f. of additional usable floor area ' in the main building section. Building was constructed around 1958 on an elevated concrete floor slab and ' features two overhead loading doors at tailboard height. Substantial rehabilitation and conversion of the property to office/R & D occupancy initiated during ' the second half of 1999 have recently been completed. Finished areas within the structure consist of virtually ' the entire building except for a 1,000+/- s.f. tailboard warehouse bay. ' PURPOSE OF APPRAISAL: Provide an opinion of market value for the subject ' property in a continuation of its current use as an office/R & D/warehouse facility. ' APPRAISAL METHODOLOGY: Income Approach and Direct Sales Comparison Approach FINAL OPINION OF VALUE: $655,000 DATE OF VALUATION: February 17, 2004 1 1 1 ' GRANTOR,TITLE ABSTRACT,UTILITIES ' Registry and District: Salem - Essex County South Grantor: Thomas A. Sullivan Date: 06/30/99 Book: 15780 Page: 115 Price: $300,000 ' Grantee: Thomas A. Sullivan ' Sales History: No sales involving the property during the previous five years. ' Registered Land - Certificate No.: N/A Document No.: N/A Probate of N/A Probate No.: ' Registry . Mortgagee(s): Danvers Savings Bank Book: Page: ' Lessee(s): Book: Page: ' Encumbrances: ' Tenant(s) at Will - Name(s) & Addresses: N/A Utilities Available: Water (Y/N): Yes Sewer (Y/N): Yes Electricity(Y/N): Yes Gas(Y/N): Yes ' Location of Underground Services: ' (W),(E) & (G) available from Commercial Street. The Salem W/S Department reports that a new sewer line was installed within Commercial Street during the 1999 street reconstruction. The subject property reportedly was connected at that time. Other Pertinent Data: 1 Assessor's Map(s): 26 Lot(s): 51 1 2 1 ' PURPOSE OF APPRAISAL ' This appraisal is intended to establish an opinion of the Fair Market Value of the subject property including all improvements, structures, ' appurtenances and other elements of value in a continuation of its present use. The appraisal is to serve as a guide for establishing a sales price which would be t realized if the property were exposed for sale in the open market on the date of this valuation in conformance with the following definition of market value, and ' wherein ownership is regarded as fee simple. ' PROPERTY RIGHTS APPRAISED ' This appraisal has been performed with the explicit understanding that the subject property includes all of the rights that may be lawfully owned and is therefore considered to be capable of having its title conveyed with "fee simple" ownership. The market value of the subject has been estimated as of February 17, 2004. 3 i ' DEFINITION OF MARKET VALUE IMarket Value is defined as the most probable price which a property should ' bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the ' consummation of a sale as of a specified date and the passing of title to buyer under conditions whereby: ' 1. Buyer and seller are typically motivated; ' 2. Both parties are well informed or well advised; and acting in what they ' consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial ' arrangements comparable thereto; and ' 5. The price represents the normal consideration for the property, sold unaffected by special or creative financing or sales concessions granted by ' anyone associated with the sale. ' Rules and regulations, Federal Register, Vol. 55, No. 165, Page 34696 4 s s �1 1 Factual Data I ' UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS ' The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth ' by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any ' opinion as to the title,which is assumed to be good and marketable. The property is appraised as though under responsible ownership. ' 2. The legal description used in this report is assumed to be correct. 3. Any sketch in the report may show approximate dimensions and is included to ' assist the reader in visualizing the property. The Appraiser has made no survey of the property. ' 4. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made in writing thereof. ' 5. Any distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the ' property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. ' 6. The Appraiser assumes that there are no hidden conditions of the property, subsoil, or structures,which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering ' which might be required to discover such factors. 7. Information,.estimates and opinions furnished to the Appraiser, and contained in ' the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the Appraiser can be assumed by the Appraiser. 8. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within the report. The property is appraised as though under ' responsible ownership and competent management. 9. Neither all, nor any part of the contents of the report, or copy thereof (including ' conclusions as to the property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by ' anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally ' improved financial institution, any department, agency or instrumentality of the I i ' United States or any state or the District of Columbia, without the previous written consent of the Appraiser, nor shall it be conveyed by anyone to the public through advertising,public relations,news, sales, or other media,without the written consent and approval of the appraiser. ' 10. Full compliance with all applicable federal,state and local environmental regulations is assumed unless noncompliance is stated, defined and considered in the appraisal report. I11. In this appraisal assignment, the existence of potentially hazardous materials used in construction or maintenance of the building, such as the presence of urea ' formaldehyde foam insulation, and/or existence of toxic waste,which may or may not be present on the property, has not been considered. The Appraiser is not qualified to detect such substances. We urge the client to retain an expert in ' this field, if desired. If there is any hazardous waste on the subject site that requires remediation, the Appraiser reserves the right to reconsider the final value estimate in this report. ' 12. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the ' party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. ' 13. Full compliance with all applicable zoning and use regulations and restrictions is assumed unless a non-conformity has been stated, defined and considered in the appraisal report. ' 14. That all required licenses,consents or other legislative or administrative authority from any local, state or national governmental or private entity organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based, is assumed. 15. That the utilization of the land and improvements is within the boundaries of ' property lines of the property described and that there is no encroachment or trespass unless noted within the report is assumed. ' 16. The Americans With Disabilities Act ("ADA")became effective 1/26/92. The appraiser has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various ' detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Since the appraiser has no direct evidence relating to this issue, he did not consider possible noncompliance with the requirements of ADA ' in estimating the value of the property. 1 _ - fY -� s � � � /,/n�t Vii. :T srs \� /J /(4.�'° -.B ��, j - ♦ ' � . �'I •.� ��=" osr�Porn ���':--� {'.- `' � '.� t"r. �r■I� //^ K" e4!• t 3 . .. •.�! 'GUf£ours€' s $a1tE($ � 'ii I . 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I \ ; . :0. ; > I \I•_lr<,'`.. .. \� \ ], �• , o y.),]•laan. 2'`.""•;E w'' Site Locus Salem,Ma 1 ' BRIEF DESCRIPTION OF PROPERTY ' Location The subject site is located on the northerly side of Commercial Street in ' Salem, Essex County, Massachusetts. The property is further located approximately 389 feet west of the intersection of North Street and Commercial Street and to the ' south of Mason Street. This locus places the subject site in a zone of wholesale, light industrial, and commercial land uses extending from the southerly line of Mason ' Street towards Bridge Street and lying adjacent to a railroad corridor and a canal running on an east to west axis through this industrial district. ' The primary vehicular access to the subject site is via Commercial Street which consists of a local artery extending on an east to west axis from North Street as a two lane dead-end public way. The neighborhood area is accessed via North ' Street which is a major local artery extending northwesterly from Essex Street in downtown Salem to Margin Street in Peabody. North Street is also designated as ' State Route 114 which consists of a secondary regional highway extending from Marblehead northwesterly to points in Danvers and western Essex County. Route ' 114 forms an active commercial artery and is the primary connector route to State Route 128 from downtown Salem. Route 128 is located approximately 1.5 miles ' northwest of the subject neighborhood and consists of a major regional limited access highway extending from Cape Ann southwesterly across central Essex County to the Burlington/Woburn region. Route 128 also accesses Interstate Route 95 in ' Peabody and connects the North Shore region with Interstate Route 93 in Woburn. The area to the south of the canal composes a linear zone of vacant land ' extending along a railroad corridor near Bridge Street. This area and the canal alignment will compose a future park facility providing outdoor recreation and ' landscape construction along the dredged and reconstructed canal, including bicycle paths and surface parking areas. ' Site and Improvements The property numbered 18 Commercial Street, Salem, Massachusetts consists ' of a single parcel of land containing approximately 10,716 s.f. of total land area improved by a one story concrete block Class C/S building. The property is located ' on the northerly side of Commercial Street approximately 389 feet west of its intersection with North Street. The site is nearly rectangular in shape and contains 120'+/- of frontage on Commercial Street with a total rear or north dimension of 120'+/-. The westerly side 5 1 ' boundary extends to a depth of approximately 93 feet while the total depth of the lot at the easterly side boundary has been estimated at about 86 feet. The land is ' reasonably level throughout and is at the approximate grade of Commercial Street. The subject site abuts a single story masonry and steel framed light industrial ' facility to the east, and a two-story masonry framed loft to the north which is accessed via Buffum Street from Mason Street. The site to the west of the subject property was formerly improved by a single story steel and masonry framed light ' industrial structure that was occupied as a metal fabrication and storage facility. Following the recent sale of this property, the site was cleated of structural ' improvements-and redeveloped as a veterinary office. The principal structural improvements on the subject site are located toward ' the northeast corner of the site side and within about two feet of the east lot line and with a variable rear setback dimension estimated at 4+/- to 10+/- feet. The typical ' front setback dimension has been estimated at about thirty-one feet while the west side setback has been estimated at approximately fifteen feet. The area between the Commercial Street frontage line and the south building elevation is paved with ' bituminous concrete and used for delivery access and vehicular parking. The one story former light manufacturing building comprises 6,925+/- s.f. of ' gross building area, including about 1,925 +/- s.f. of finished mezzanine office space, and represents a .65 floor area ratio (FAR). The re-development plan for the subject ' property has involved the conversion of the building from light industrial to office/R & D use. In its current configuration, the building comprises two principal ' commercial spaces: the larger office/R & D bay consists of about 5,925 s.f., while the remaining 1,000+/- s.f. bay located at the west end of the structure represents warehouse/production space. This latter space, which has remained in its previous ' use and occupancy as a light industrial/warehouse bay served by one tailboard loading dock and a 14'(h) x 10' overhead loading door, has recently been improved by the tenant to include some partitioned areas on the main floor including one semi-finished private office and a storage mezzanine. The main office section ' comprises mostly good quality office fit out with some accessory storage space. Although both spaces have exposed roof framing, the overall level of finish ' in the office bay is considered to be high industrial conversion office space. This space contains stylish interior design elements including central trellis, which gives ' form to the open, common office area, and an open office mezzanine that is accessed via a 5' metal circular stairway. This floor space has been substantially upgraded into good quality office space including new partitions, new handicap accessible ' bathrooms, new HVAC system, and generally new finish throughout. New windows have been installed in the south elevation, and the roof surface has been 1 6 1 ' replaced. New wood base cabinets and laminate counter tops have been installed in the kitchen, bathrooms, conference room and other areas. Individual work stations ' have been fitted out with wood and laminate desks/work surfaces, and floors have been carpeted. The overall effect of the adaptive re-use has been to create good quality corporate and engineering offices for an environmental consulting firm. 1 1 1 1 1 7 91 II II 4r Eix:it t y vy a / IQ. 1 - _ .. .. 399' •-IG'1►` : 1 t 51 1 =COMMERCIAL STREET r NORTH RIVER CANAL 1 x 9. 1 1 SITE PLAN 18 Commercial Street Salem, Massachusetts 1 1 I REAL ESTATE ASSESSMENT AND TAX DATA I ' LOCATION: 18 Commercial Street ' Salem, Massachusetts ' ASSESSED OWNER: River Wharf Realty Trust ' ASSESSED VALUES: Fiscal Year 2004 ' Land Value $100,000 ' Building Value $337,700 Total Assessed Value $437,700 1 i REAL ESTATE TAX RATE: Commercial Q $22.59/$1,000 of assessed value ' REAL ESTATE TAX: Fiscal Year 2004 Q $9,887.64/annum ASSESSOR'S MAP ' REFERENCE: Map 26,Lot 51 COMMENT: The subject property is presently operating under ' the terms of a TIF agreement with the city, which provides a measure of real estate tax relief for a ' prescribed period. In this case, the period is five years commencing in FY 2001. For fiscal 2004, the ' indicated value represents the base value ($205,500), plus 95% of the difference between the base value ' and the finished value ($450,000). 1 8 ' ZONING STATUS ' The subject site is located within a Business Park Development Zoning District pursuant to the Zoning Ordinance of the City of Salem,as amended. Land ' use regulations at Section 5.2.i. of Article V of the current Zoning Ordinance indicate the following permitted land uses in the Business Park Development ' Zoning District subject to any special conditions noted below: ' Permitted Land Uses Comment/Conditions ' General Office Buildings (Business, Professional Offices) Allowed-By-Right General Storage, Warehouse Wholesale, Distribution Uses " Manufacturing, Packaging, ' Assembly, Processing, Research/ Development Uses (including Fabricated Metal Products) " Laboratory and Research ' Facilities (Manufacturing up to 50% of G.F.A.) " ' Given these land use regulations, the existing site development composes a conforming land use as an office and R & D facility. Dimensional regulations at ' Section 5.2 of Article VI and Section 7-3 indicate the following site planning controls for new commercial development in the Business Park Zoning District. ' Dimensional Control Requirement ' Lot Area 40,000 s.f. Street Frontage 150 l.f. ' Lot Coverage 45% Building Setbacks 9 ' Front 50' Side 30' Rear 50' Building Height 50' ' Open Space 10% Off-Street Parking Wholesale, Warehouse, Industrial 1 sp/2 employee plus 1 ' sp/company vehicle plus 1 sp/1,000 s.f. of gross floor area ' Business Offices 1 sp/employee ' Given these dimensional regulations, the existing site development composes a non-conforming land use. The site plan does not conform to lot area or ' building setback requirements. The original site construction pre-dates the effective date of zoning regulations and is therefore perceived to be legally non-conforming. 1 1 1 1 1 1 1 10 i ' HIGHEST AND BEST USE ' "Highest and best use" is defined as "that reasonable and probable use that will support the highest present value as of the effective date of the appraisal, and ' that use from among reasonably probable and legal alternative uses found to be physically probable, appropriately supported, financially feasible and which results in the highest land value."' Existing Conditions ' The subject site consists of a single parcel of land composing a rectangular- shaped commercial lot situated on the northerly side of Commercial Street in Salem ' Massachusetts. The site consists of flat to gradually sloping terrain within a zone of light industrial, service and wholesale land uses and contains approximately 10,716 ' s.f. of total land area with a street frontage dimension of 120 feet. The site is improved by a former light manufacturing building developed around 1958 and renovated in 1990, and again between 1999 and 2002, and contains ' mostly finished office space on the ground and mezzanine levels as well as some open fabrication/ storage areas. This structure consists of average quality Class "C" ' and Class "S" construction developed on an elevated concrete slab and contains approximately 6,925 s.f. of gross floor area including mezzanine office space, and t represents a .65 floor area ratio (FAR). The building exhibits good overall condition and has a relatively broad range of occupancy potential for one or two users. ' Zoning Status The subject property is located within a Business Park Development Zoning ' District pursuant to the Zoning Ordinance of the City of Salem, as amended. The existing site development composes a conforming land use undercurrent land use ' regulations as an office/R & D facility. The current site plan represents a non-conforming use of the site under ' current dimensional regulations. The site plan does not conform to lot area or building setback requirements. The initial structural development reportedly pre- dates current zoning regulations. The site is developed at its maximum feasible potential under current zoning regulations. 1 . ' 1 American Institute of Real Estate Appraisers and the Society of Real Estate ' Appraisers, Real Estate Terminology, copyright 1975, page 107. 11 1 ' Conclusion The subject site is developed with a former light industrial structure ' containing approximately 6,925 gross s.f. of good quality office floor space, and utility quality fabrication, and storage space. The building improvements cover ' approximately 50% of the site with adequate off-street parking area provided within the open yard area near the frontage line. Current market conditions indicate continued demand for small increments of light industrial, warehouse/distribution, ' and office/R & D floor space in this area as evidenced by recent sales and leases of competitive industrial floor space in the vicinity. ' In consideration of these existing market conditions, current zoning regulations, and existing site conditions, it was concluded that the highest and best ' use of the subject site would remain its current use and site plan as a mixed office/R & D facility. t 1 12 Valuation 1 ' VALUATION ' Introduction The primary purpose of this appraisal is to provide an opinion of market ' value for the subject property in a continuation of its present use as an office/R & D facility as of February 17, 2004. The valuation is based upon the existing condition of the property on this date. Business assets including inventory, equipment and ' fixtures are specifically excluded from consideration as the valuation involves real estate only. ' As of the effective date of this appraisal, a portion of the subject property containing approximately 1,000+/- s.f. of warehouse floor space was occupied by ' MBD Construction under a one-year lease which reportedly commenced on January 1, 2004 . The current annual rent is $11,000 or about $11.00 per s.f. of gross floor area, ' and the rental basis is net of electricity and snow removal, with the Lessor responsible for heat, water/sewer, real estate taxes, insurance and common area maintenance. ' Because the lease involves less than twenty percent of the subject's gross building area on a one-year leased occupancy basis, the encumbrance is perceived as ' having minimal effect on the use and marketability of the subject property. Therefore, the valuation is made as if the property is unencumbered by leases as of ' this date. ' MethodoloQv Accepted real estate appraisal theory recognizes three traditional approaches to the valuation of real property. These valuation techniques are known as the Cost ' Approach, the Income Approach, and the Direct Sales Comparison Approach. Which technique will provide the most reliable value estimate in a particular ' appraisal problem depends upon the nature of the property under review and the quality of information available for analysis. ' The Cost Approach is a valuation technique in which the value of the property is derived through an estimate of the reproduction cost of the ' improvements after deductions have been made for depreciation from all sources. To this figure is added the estimated land value as if vacant, which is typically ' derived from a comparative analysis of recent comparable land sales or through the use of a residual technique. This approach is based upon the principal of ' substitution, which reasons that a typically informed purchaser would pay no more for a property than the amount for which he could acquire a comparable site and construct a similar structure without unreasonable delay. 13 1 ' In the Income Approach, the stabilized net operating income that a property is capable of generating is processed to establish an estimate of value. It is based on ' the premise that the market value of a property bears a direct relationship to the amount of income it is capable of producing. The application of this approach ' involves a thorough investigation of properties similar to the subject in order to derive an estimate as to its economic rent and to develop an opinion regarding ' expected vacancy and rent loss. This research also includes a complete review of the fixed and variable operating costs of similar buildings in order to estimate realistic operating costs for the subject building under typical conditions and assuming usual ' competent management. The result of this comparative analysis is an estimate of the stabilized net income which is available to be capitalized at an appropriate rate to ' derive an indication of the subject's market value. The third appraisal technique, the Direct Sales Comparison Approach, is an approach to value which is based upon a comparative analysis of the subject property with other similar properties that have recently been sold. Careful research is conducted in an effort to locate and verify the details of those transactions. They ' are then analyzed on a comparative basis with the subject property using an appropriate unit of comparison. Adjustments are made to compensate for ' differences between the subject and the comparable properties in terms of time, location, physical characteristics and terms of financing. These are combined to ' produce a net adjustment factor which is applied to the sales price unit of comparison resulting in an indication of value for the subject property. ' After analyzing all available market data, the appraiser concluded that of the several alternative methods available for valuing property of this type, the Direct Sales Comparison Approach and the Income Approach would be the appropriate ' methods with which to appraise this property. The Cost Approach would be less reliable since the advanced age of part of the ' improvements would make the estimation of accrued depreciation speculative. ' 14 1 ' DIRECT SALES COMPARISON APPROACH ' In the application of this approach, research was conducted in an effort to locate recent property sales which were considered comparable to the subject property ' and for which the details surrounding the transactions could be ascertained. In the comparative analysis, appropriate value adjustments were made on a plus or minus dollar or percentage basis to compensate for differences between the ' properties in regard to land area, date of sale, location, and a variety of physical characteristics of the site and improvements. These were combined to produce a net ' adjustment factor which was applied to the sales price unit.of comparison resulting in an indicated value for the subject property. In this case, sales value per square foot ' of gross floor area was considered the most meaningful unit of comparison in the market analysis. In researching the market for this analysis knowledgeable real estate brokers, public officials, developers and property owners were interviewed regarding sales of properties in the market area. Public records were examined in Salem and several ' surrounding towns and at the Essex County Registry of Deeds. As a result of this research, a number of recent sales of office properties were disclosed and those ' considered the most comparable to the subject were selected for a more detailed comparative analysis. Additional details pertinent to these sites are provided in the ' following summaries: 1 ' 15 1 ' COMPARABLE COMMERCIAL PROPERTY SALE#1 ' LOCATION: 6 Garden Street, Danvers, Massachusetts ' GRANTOR: Doris D. Moore, Trustee of Six Garden Street Danvers Realty Trust 1 GRANTEE: Banker LLC 1 DATE OF SALE: August 1, 2004 1 ' TITLE REFERENCE: Essex South Registry of Deeds Book 21417 Page 272 1 SALES PRICE: $775,000 ' UNIT SALE PRICE: $83.95 per s.f. of GBA ' LAND AREA: 35,250 s.f. ' BUILDING AREA: 9,232 s.f. ' ZONING: Route 114 B District ' BUILDING TYPE: This property consists of a Class "C" masonry and steel ' framed warehouse/light industrial structure containing approximately 9,232 s.f. of gross building area. Building ' was constructed around 1974 on a partially elevated concrete floor slab, and features 14' clear height, one ' overhead loading door at tailboard height, and about 20% accessory office space. The building, which currently ' comprises one leasable bay, had been occupied by the 16 ' property owner d/b/a Moore Machine for many years. Typical story height of 16'. The building was reported to have been in average condition at the time of sale with some interior and exterior improvements needed to be . ' made by the Grantee. The building was not served by a sprinkler system, and major building components and ' mechanical equipment reportedly date to the original construction. Site contains ample surface parking open ' lots at the front, side and rear of the building. The property is located in a mixed commercial/industrial ' district of Garden Street within one-half mile of Route ' 114. The indicated floor area ratio for this property is 26%. All utilities including municipal water and sewer ' available to the site. Property was reportedly purchased by a user. 1 17 t.[ i r . 1 ' COMPARABLE COMMERCIAL PROPERTY SALE#2 ' LOCATION: 8-10 Broadway, Salem, Massachusetts ' GRANTOR: 8-10 Broadway Street LLC ' GRANTEE: Albert, Donald and Daniel Dilisio ' DATE OF SALE: December 1, 2003 ' TITLE REFERENCE: Essex South Registry of Deeds Book 22145 Page 448 ' SALES PRICE: $1,250,000 1 GROSS BUILDING AREA: 17,000 s.f. ' SALES PRICE/S.F./G.B.A.: $73.53 ' LAND AREA: 76,665 s.f./1.76 acres ' ZONING: I — Industrial District COMMENTS: Single story Class C former bowling alley which had received interior demolition and was in shell ' condition without functioning HVAC or plumbing. Roof needed replacement and exterior block walls needed repair. Purchaser will be using about one ' third of the building for its masonry distribution business and willbe renovating the building in ' order to lease the balance of it to other I industrial/commercial tenants. Large paved yard ' which will be used in part by purchaser for outside storage. 18 �04 1 ' COMPARABLE COMMERCIAL PROPERTY SALE#3 ' LOCATION: 89 Margin Street Salem, Massachusetts GRANTOR: Bernard M. Phillips and Barbara R. Phillips, ' Trustees of Sudon Realty Trust GRANTEE: Robert Dunham, Trustee of 89 Margin Street Realty ' Trust DATE OF SALE: July 31, 2002 ' TITLE REFERENCE: Book 19012, Page 73 Essex South District Registry of Deeds SALES PRICE: $425,000 ' GROSS BUILDING AREA: 5,059 s.f. above grade SALES PRICE/S.F./G.B.A.: $84.00 ' LAND AREA: 25,104 square feet ZONING: B-5, Central Development District ' COMMENTS: Free standing masonry and steel frame ' warehouse/garage building constructed in 1956, expanded and upgraded around 1972 and 1994. ' Class "C structure contains approximately 5,059 s.f. gross building area on one level including an estimated 2,100 s.f. of semi-finished floor area and ' 19 1 ' two oversized garage bays with drive-in overhead doors measuring 9.5' (h) x 16' (w) and 9' x 14'. Good ' quality commercial building features common brick veneer over concrete block exterior walls, heavy gauge steel bar joists, corrugated metal roof deck surfaced with tar and gravel, concrete floor slab with recently installed floor drains in both garage areas. In 1994 Modine gas fired heating units were ' installed in the garage areas and three bathrooms - including one with shower stall - were built or trenovated, and two private offices and a new dispatch room were created in place of a pre- existing loading dock. The roof surface was last ' replaced in 1972 while the HVAC system for the finished floor area is about 20-25 years old. 20 I 1 x . f 1 t 1 Summary of Comparable Sales The selected property sales involved three industrial/garage facilities located ' in Danvers and Salem. All of the sales reportedly involved conventional transfers after normal marketing periods and they occurred between July 2002 and December t2003. These industrial properties typically involved single story Class "C light industrial/garage facilities constructed between 1956 and 1974. These steel and ' masonry framed structures contained from 5,059 to 17,000 square feet of gross floor area with an average floor area of about 10,430 square feet as compared with the ' subject's indicated 6,925 square feet of gross floor area. . The typical structural type involved concrete or brick exterior walls set on ' poured reinforced concrete floor slabs with steel column/girder interior framing systems and flat roof designs. Typical clear space dimensions ranged from 12 to 16 ' feet within the warehouse/garage areas and all of the facilities had a minimum of two tail board or drive-in loading doors. ' Exterior building conditions typically involved concrete block, fluted block or ' brick walls with aluminum framed glazing. In general, the sale buildings exhibited average to good exterior condition. ' All of the selected sale properties were originally designed for owner or single tenant occupancy and most of the facilities were reported to be in average to good overall condition at the time of sale. The properties were typically used for some type of light industrial, warehouse and garage operations. Two of the sale buildings were equipped with split HN.A.C. systems typically involving overhead unit heaters in the warehouse/garage areas and most of the selected facilities were ' protected with sprinkler and/or smoke detection systems. These light industrial facilities typically contained a variable proportion of finished office space with an ' indicated range of 0% to 42% of the respective gross floor areas and an average of about 20% office fit out across the sample. tThe selected property sales were sited on industrial/ commercial lots containing from 25,104 s.f. to 76,665 s.f. of land area with an average lot size of ' approximately 45,673 s.f. as compared with the subject's 10,716 s.f. of total land area. All of the surveyed sites were located within established commercial and industrial areas and mixed-use districts supporting a variety of industrial and commercial land ' 21 I ' uses. All of the sales involved relatively flat terrain in their buildable envelopes with minimal development constraints and a high proportion of usable to gross ' land area. The range of floor area ratios across the entire sample was .20 to .26 with an average FAR of .23, as compared with the subject's FAR of .65. ' Usable open space within all of the sale properties was typically developed as surface parking areas and paved with bituminous concrete providing adequate ' employee/customer parking and delivery access area. All of the surveyed sites were served with public utilities including municipal water supply and sewage disposal ' facilities. Given existing site plan characteristics it was estimated that all of the sites were effectively developed at or near their potential under prevailing zoning ' regulations. The selected industrial property sales had recorded selling prices of from $425,000 to $1,250,000 with an average recorded sale price of approximately $747,500 across the four transfers. These gross sale prices translated into a range of unit ' selling prices of from $73.53 to $84.00 per square foot of gross floor area with an ' average unit selling price of about $80.50 per square foot of gross floor area across the three transfers. 1 Adjustments to Comparable Sales ' In the comparative analysis with the subject property the first area of adjustment consideration was for date of sale. Because the market for this type of ' industrial property is perceived to have appreciated moderately over the past few years, an average time adjustment of ten percent per year was applied to the sales in ' the sample reflecting changes in overall property values due to time. The second area of adjustment involved site location including highway ' access/orientation, compatibility of land uses in the general vicinity and marketability relative to town location. Because Comparable Sale#3 was located in an active commercial area of downtown Salem, and Sale #1 was located just off Route 114 in Danvers, these sales were adjusted downward moderately to reflect the ' overall superiority of these locations in comparison with the subject's location on Commercial Street in Salem.The subject location was considered to be generally t ' 22 i Isuperior to Broadway as a commercial/industrial location and therefore an upward adjustment was applied to Sale #2. IThe third area of adjustment involved site characteristics including gross/usable land area, topography and shape. Since all of the selected were Iperceived to be developed at on near their capacity, excess land area, topography and shape were not considered to be significant adjustment criteria. Rather, in this ' category the principal adjustment was based upon floor area ratio under the reasoning that lower floor area ratios translate into improved functional utility of Ithe site for parking ratios and delivery access. Therefore, all of the comparable sales were adjusted downward to compensate for their lower floor area ratios than the subject property. The final area of adjustment involved building type, age and condition with Ithese adjustments considering both actual and effective age of the sale facilities. In this category moderate a upward adjustments were applied to all of the comparable sales to compensate for their overall inferior condition and lower percentage of Ifinished floor area. ' Value Correlation - Sales Comparison Approach When the selected industrial property sales were adjusted for time, location, ' site conditions and general property characteristics, the result was a range of indicated unit selling prices of from $82.94 to $96.61 per s.f. of gross building area with an indicated mean sale value of approximately $90.50 per square foot across the entire sample. In the final value correlation greater weight was accorded to Sales #1 Iand #3 as the most comparable sales in regard to building size and overall property conditions. IIn consideration of this comparative market analysis, prevailing market conditions and the perceived utility of the subject site it was concluded that a Ireasonable estimate of market value for the property in its present condition as of February 17, 2004 would be approximately $95.00 per s.f. of gross building area. When this figure was multiplied by the subject's indicated gross floor area of 6,925 s.f. the result was a value indication of $657,875 which was rounded and called $660,000 (SIX HUNDRED SIXTY THOUSAND DOLLARS). I23 ' INCOME APPROACH ' The application of this technique involved a thorough investigation of the commercial real estate market in Salem, Massachusetts. The purpose of this ' investigation was to determine the appropriate rent levels for the subject property and to develop an opinion as to its expected vacancy and rent loss. Included in this investigation was a projection of operating expenses for the subject property. This ' projection was based upon a comparison of the subject's operating expense figures with the reported expense figures of other comparable commercial projects in the ' north shore in order to develop an opinion regarding the net income the subject property is likely to produce assuming typical costs and normal competent ' management. In the course of investigating the market for this analysis, knowledgeable real estate brokers, public officials, developers, and property owners were interviewed regarding specific lease data for office and light industrial space in this area. As a result of this research, a number of leases of competitive space were disclosed in ' buildings located within reasonable proximity of the subject site. From among all the available rental data, the properties considered to be most similar to the subject ' were selected for a more detailed comparative analysis. What follows is a brief summary of some of the collected data: I I I I I24 TABLE 1.0 COMPARABLE OFFICE LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS - Unit 3/ 209 The Dory Group 2, 191 s.f. 12-03/4 yrs $13 . 00 Net. of Ground floor office Essex St. electric + suite in rehabbed Salem tax/CAM retail/ office bldg clause located in Salem CBD. New interior fit-out by Lessor_ No on-site parking. 70 Washington Various Office 600 s.f. - 2002-2003 $16 . 25 Gross Four-story historic Salem Tenants 2, 840 s.f. 3-5 yrs brick building ro _ (typical) located in the heart N of Salem CBD and renovated in 1984 . Good quality offices feature ADA access and 3 elevators. - Limited on-site parking @ $65/sp/mo. Typical new leases. at $16.25/sf plus annual bumps of $.25 - $.50/sf/yr.Current vacancy: 25%. 10 Derby Sq Compton 2,926 s.f. 6-02/5 yrs $13 .00 Net of heat -Four-story historic - Salem Consulting (2, 660 nsf) $14 . 00 & electric. - brick mill building - (3rd north) Group, Inc. $15.95 RE Tax & OEx located in the heart $15.95 escalators. of Salem CBD near $15.95 Old Town Hall. Newly renovated loft offices feature ADA access, elevator, hardwood floors and brick walls. No-on- site parking. Rent based on gross area. Lessor build-out. TABLE 1.0 COMPARABLE RETAIL/OFFICE LEASE SUMMARY - LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS 10 Derby Sq The Bilan 2,926 s.f. 6-02/5 yrs $13 .00 Net. of heat Four-story historic Salem Groupe (2, 660 nsf) & electric. brick mill building (2nd south) RE Tax & OEx located in the heart escalators. of Salem CBD. Newly renovated loft offices . No on-site parking. Rent. based on gross area. Minimal build-out. N rn 70 Washington Salem 1, 000 s. f. 8-03/5 yrs $15 . 60 Gross Four-story- historic Salem Chiropractic w/ (1). 5-yr brick office/retail options building located in - the heart of Salem CBD. Cited lease - involves ground floor office space. Build-out by Lessor. Unit A/ 125 Attorney Carol 2,465 s.f. - 5-03/5 yrs $16 . 00 Gross Second floor office Washington St Witt (rentable w/ $16.50 suite in rehabbed 15.4% loss $17 .00 bank bldg located in factor) - $18.00 Salem CBD. Interior $18.50 fit-out by Lessor. Elevator. No on-site parking available. 10 Federal St Mass Job 2, 000 s.f. 2-03/2 yrs $13 . 50 Net of heat Second floor office Training .(usable) - & electric. suite in renovated RE Tax telephone co. bldg escalator. located in Salem _ CBD. Corner office Interior fit-out by Lessor. Elevator. Two designated on- site parking spaces. TABLE 2.0 COMPARABLE INDUSTRIAL LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS 7 Franklin St Horowitz 2, 100 n.s. f. 6-04/5 yrs $14.29 Net of: Ground and upper Salem (U-#1) Associates Utilities floor space in 1-2 + Tax Clause story multi-tenant, modern architectural block industrial bldg. Space includes about 50% finished offices. DI loading. ro 7 Franklin St Barry Primus 960 n.s.f. TAW $13.13 Net of: Ground floor space Salem (U-#2) Utilities in 1-2 story multi- tenant, modern architectural block industrial bldg. Space includes no finished offices. DI loading. 7 Franklin St Hillside 2,011 n.s.f. TAW $11.93 Net of: Ground floor space Salem Engineering Utilities in 1-2 story multi- tenant, modern architectural block industrial bldg_ Space includes small - finished office area. DI loading. 7 Franklin St Gem Counter 2, 100 n.s.f. 10-01/3 .yrs $11.14 Net of: Ground floor space Salem (U-#5) Utilities in 1-2 story multi- .+ Tax Clause tenant, modern . architectural block industrial bldg_ Space includes no finished offices . DI - loading. TABLE 2.0 COMPARABLE INDUSTRIAL LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS 7 Franklin St Eric Rumpf 1,170 n.s. f. 7-03/1 yr $11.79 Net of: Ground floor space Salem (U-#6) - Utilities in 1-2 story multi- tenant, modern architectural block industrial bldg. Space includes no finished offices_ DI loading. 277 Newbury C & B 3, 500 s. f. 6-02/3 yrs $10.28 Net of One and two story St. Peabody Construction Utilities Class C commercial garage with two N overhead drive-in co doors and about 1, 000 s.f. of office space. Construction company uses. space for vehicle service and storage of equipment. 142 Canal St. Sheehan Assoc. 6,132 s. f. 2002 $10.76 Net of 5, 532 s .f. of ground Salem '5 years Utilities floor industrial warehouse space with onedrive-in door & 600 s.f. of second floor office space. Building is multi- tenant Class C former automotive dealership with ample parking. TABLE 2 .0 COMPARABLE INDUSTRIAL LEASE SUMMARY - LEASE LOCATION LESSEE/LESSOR LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS Unit 3B Mass Disaster 1,750 s.f. 2-03/2 yrs. $6.86 Gross Class "D" light Summit St, Services $7.06 industrial/warehouse Peabody $7.27building containing 10, 982 gsf with new accessory offices. Cited leased area comprises unheated whse space with one garage door, no nj offices . Unit 3B The Great 1, 620s.f. 12-02/3 yrs $6.67 Gross Class "D" light Summit St, Outdoors $6.90 industrial/warehouse . Peabody $7.14 -building containing 10, 982 gsf with new accessory offices. Cited leased area . comprises unheated whse space with one garage door, no offices . Unit 3B Cimtec, Inc 3, 226 s. f. 2-03/4 yrs $9.08 .Net of heat Class "D" light Summit St, $9.75 and electric industrial/warehouse Peabody $10.14 building containing $10.55 10, 982 gsf with new accessory offices . Cited leased area comprises two-bay truck garage with 18' height, open wood mezzanine, and 508 office space.. - Located in Summit Industrial Park. ' Summary of Comparable Office Leasing Activity The market research disclosed numerous leases involving single and multi- tenant office and general commercial properties situated in and around the Salem central business district. These properties typically consist of older, one to four story ' masonry framed mixed-use buildings which were developed prior to 1900 and form the primary structural core within this central commercial district. Many of the buildings have undergone extensive renovations in phased rehabilitation programs ' and currently provide reasonably modern office fit-out. Several of the older mercantile buildings contain retail floor space at the street frontage elevations with ' a variety of office uses within the upper building sections. While many of the facilities are situated on relatively small urban parcels of ' land containing little open space for landscaping, many of the selected leases include limited or shared/common on-site parking. The market sample encompassed lease ' transactions involving general commercial and office tenants within Class "D and Class "C" commercial buildings with leased areas ranging in size from 600 s.f. of net floor area to 2,926 s.f. of gross floor area. ' The current leases from this part of the market sample commenced between 2002 and 2003 with most of the cited rental agreements effective within the past year. ' The market sample exhibited a range of current rent levels of from $13.00 to $16.25 per rentable square foot, with an average rent level of approximately $14.50 per s.f. ' across all categories of above grade lease space. The lower unit rents in this array generally represent floor space that involved quasi-industrial, loft-style office space t that contained fewer partitions and less interior fit-out than conventional office space. The typical rental bases in this sample were gross and net of utilities, with about half of the sample falling within each category. Gross rents represented the ' upper end of the unit price range with an average gross rent of about $16.00 per s.f. with all heat and utilities included, while the mean unit price for space leased on a ' net of utilities basis was approximately $13.50 per s.f. Typical lease terms ranged from 3 to 5 years, with a most of spaces occupied ' on a relatively long-term basis. Several of the disclosed multi-year leases had rent escalator clauses with annual step increases, and all of the net leases included real ' estate tax and CAM escalator clauses. Vacancy rates across these commercial projects were typically in the range of zero to about twenty percent for ground and upper ' floor space, with most of the properties reportedly operating at below the ten percent figure on an annualized basis. ' In the comparative analysis with the subject property, the first areas of adjustment involved floor area calculation with gross leasable area adjusted to net usable floor area. Since no precise measurements were available to determine the 30 i Iactual loss of usable floor space from gross to net among the several leased areas calculated on a gross basis, an average figure of ten percent was applied across the I board. The next areas of adjustment involved utility, tax and insurance inclusions. Since the typical occupancy basis for the subject property is net of HVAC and electric, I those comparable rents which included these items were adjusted downward to equate them with the subject property. In the absence of the actual operating budgets for these projects, generalized adjustments were derived from a comparative analysis of typical Ioperating costs of similar projects and were applied uniformly across the sample. The primary areas of adjustment after utility and operating expense inclusions Iinvolved project location, building type and quality and other physical project characteristics. In general, upward adjustments were applied to several of the lease I properties to compensate for their perceived inferior level of interior fit-out as compared with the subject property. Where specific costs were unavailable, the I estimated costs to improve the comparable properties to the typical level of finish at the subject building were used. Although most of the comparable properties were located within several blocks ' of the subject, some minor adjustments were warranted to compensate for differences relating to visual prominence. Those comparable leases that did not include on-site ' parking were adjusted upward to compensate for the value added by this amenity. After all adjustments were entered in the comparative market analysis for floor ' areas, rental bases,building and site characteristics, it was concluded that a reasonable estimate of average market rent for the average subject office space would be $13.00 per ' s.f. When this average figure was multiplied by the subject's estimated gross leasable office area of 5,925 s.f., the result was a potential gross income estimate of $77,025 for this element of the property. ' Summary of Comparable Industrial Lease Data ' The selected market sample for the industrial lease space involved a total of ten individual rentals at locations in Salem and Peabody. The buildings consisted of ' reasonably modern Class "C" and "S" industrial structures designed for single and multi-tenant occupancy. Specified leased/rented areas in these structures ranged in ' size from 960 s.f. to 3,00 s.f. with an average leased area of about 2,450 s.f. as compared with the subject's gross area of about 1,000 s.f. All of the spaces featured overhead ' loading doors and included private lavatories, and most included various proportions ' of average to good quality office space. Accessory on-site parking spaces were available to all of the tenants. 31 ' The range of unit rental rates across the entire sample was $6.90 to $14.29 per s.f. of gross leasable floor area with an indicated mean rent of about $10.70 per s.f. The ' most consistent rental bases across the entire sample involved 3 to 5-year net leases, with just over three-quarters of the leases on a net of heat and electric basis, and the ' rest of the sample on a gross rental basis. Vacancy rates across these industrial/commercial projects were typically in the range of zero to about ten percent ' for ground floor space, with most of the properties reportedly operating at below the five percent figure on an annualized basis. ' In the comparative analysis, adjustments were made to compensate for all quantifiable differences between the subject property and the selected lease properties ' on the basis of the subject's existing floor layout which is currently configured as a t single tenant rental space. After all adjustments were entered, it was concluded that the current contract rent for the subject property represents a reasonable estimate of ' market rent for this portion of the subject property. When the actual income being generated by this portion of the property was added to the market rent estimate for the ' subject office space, the indicated the potential gross annual income for the property as a whole has been estimated at $88,025. ' Based on a review of the rental terms of all leases uncovered in the course of our market research, it was concluded that the appropriate rental basis for the subject ' property in its present condition would involve one or two leases with minimum initial terms of three years. The rental arrangement has been projected on the typical current market basis which is net of HVAC and electric with the lessor responsible for ' virtually all CAM expenses including real estate taxes, insurance, and common area maintenance. ' Actual or projected expenses of the lessor to operate the property were estimated and deducted from the effective gross income. These expenses included real estate ' taxes, insurance, management, structural maintenance, and other costs of ownership considered to be typical under the projected occupancy mode in this market. When ' the total operating costs were deducted from the effective gross income, the result was an estimated net operating income stabilized for year one of $45,473 as shown on the ' attached Reconstructed Operating Statement. In direct capitalization, this represents the amount available to be capitalized at the appropriate rate to derive an indication of ' market value by direct capitalization assuming that the property was unencumbered by leases. 32 i TABLE 3.0 ' RECONSTRUCTED OPERATING STATEMENT YEAR ONE- STABILIZED I Potential Gross Income I5,925 s.f. @ $13.00/s.f. $77,025 1,000 s.f. @ contract 11.000 ' $88,025 ' Less Vacancy and Rent Loss @ 5% (4,400) ' Effective Gross Income $83,625 Expenses IManagement @ 5% EGI $4,200 Real Estate Taxes 9,888 ' Insurance 2,200 Structural Maintenance f @ 3% PGI 2,640 Reserves for Replacement ' @ 1.5%EGI 1,255 Ordinary Repairs & Maintenance 1,400 ' Grounds Maintenance 1,000 Legal/Accounting 2,500 ' Miscellaneous 500 ' 25 583 ' NET OPERATING INCOME $58,042 1 33 i ICAPITALIZATION RATE DERIVATION IOf the several recognized techniques available for processing net income into a I capital value, the appraiser has selected Mortgage Equity Analysis -- Band of Investment Technique for use in this case. The overall rate developed through this method is a ' weighted average of the mortgage constant and the respective percentages of total property value represented by the mortgage and equity investment positions. I The following factors used in the rate derivation process were based on the financing and investment return characteristics considered to be typical for a leased I commercial facility in this area: the owner's equity position is 30% of value for which he expects a 12% Iequity yield; a mortgage of 70% of the property value based on a 20 year amortization at ' an interest rate of 7.5% is considered typical for the investment; a holding period of 5 years before selling or refinancing during which no Iproperty appreciation is projected. an equity buildup over the five year holding period. ' Based on this information, the appropriate Capitalization Rate was derived as follows: IMortgage Rate Coverage .70 x .0961 (constant) _ .0673 Equity Yield Coverage .30 x .12 = .0360 ' Weighted Average .1033 Less Credit for ' Equity Build Up .70 x .1310 x .157410 = .0144 Indicated Capitalization Rate = .0889 ' When the indicated capitalization rate was applied to the forecast net operating income of $58,024 the result was a value indication of $652,891 which was ' rounded and called $655,000 (Six Hundred Fifty-Five Thousand Dollars). ' 34 i ICORRELATION AND FINAL OPINION OF VALUE I The Sales Comparison Approach was developed using recent transfers of small commercial buildings located in Salem and Danvers. The selected sales I involved older commercial properties situated in established commercial locations. Two of the sale properties featured a relatively high percentage of finished floor space, and all were acquired for purposes of owner occupancy. Although the selected Isales were not considered to be closely comparable to the subject property in a number of respects, they represent the best available sales information available in Ithis market.area. The value conclusion of $660,000 for the subject property produced by this approach, provides support for the conclusion derived through the Income I Approach. The Income Approach was developed using current rental data from similar I office and light industrial properties in the subject's market area. This valuation approach produced a value indication of $655,000 for the subject. In the final analysis, greater weight was accorded the Income Approach because of the close Icomparability of the market lease data. Therefore, in consideration of this market analysis and the proposed conditions at the subject property it was concluded that a reasonable estimate of market value for the subject property would be $655,000 (SIX HUNDRED FIFTY-FIVE THOUSAND DOLLARS) as of February 17, 2004. I I I. I I I I 35 Addenda 1 ' SUBJECT PROPERTY 18 COMMERCIAL STREET SALEM,MASSACHUSETTS 1 1 1 1 1 ' CERTIFICATION ' I certify that, to the best of my knowledge and belief: ' the statements of fact contained in this report are true and correct. • the reported analyses, opinions,and conclusions are ' limited only by the reported assumptions and limiting conditions, and are my personal,impartial, and unbiased professional analyses, opinions,and conclusions. • I have no present or prospective interest in the property that is the subject of this report, and no personal ' interest with respect to the parties involved. • I have no bias with respect to the property that is the ' subject of this report or to the parties involved with this assignment. ' my engagement in this assignment was not contingent upon developing or reporting predetermined results. ' my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • my analyses, opinions,and conclusions were developed, ' and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. ' I have made a personal inspection of the property that is the subject of this report. 1 1 ANDREW RAPPO I ' ANDREW E. RAPPOLI ' 141 SOUTH STREET ROCKPORT,MA 01966 ' EDUCATION ' Boston University 1967-1971 BA from College of Liberal Arts Major: Political Science ' St. Sebastian's CDS 1963-1967 ' CERTIFICATION AND LICENSES Commonwealth of Massachusetts Certified General Real ' Estate Appraiser-License#1621 (Expires 6/2005) ' EMPLOYMENT ' David Hark Associates,Inc., Salem,MA 1982-Present Partner in real estate consulting firm serving the needs of banks,businesses, industries, munici- palities,hospitals and individuals. Extensive experience appraising most commercial and industrial properties types including specialty properties: marinas,boat yards,hotels, ' tennis clubs,hospitals and affordable housing developments. Responsible for completing and reviewing narrative real estate appraisals as well as the general financial management ' of the company. ' Epstein Appraisal, Inc., Swampscott,MA 1980-1982 Commercial real estate appraiser. Responsible for market ' research and preparation of narrative appraisals, feasibility and cash flow analysis. Full project control from inception to . completion of a variety of assignments including residential ' sub- divisions,planned residential projects, commercial condominium projects, industrial development sites and general commercial assignments. i IPaul Kinsella,SREA, Boston,MA 1978-1980 I Assistant to President of real estate appraisal and consulting firm. Duties included market research and data analysis, narrative appraisal report writing and discounted cash flow I analysis. Experience involved a variety of commercial, residential and industrial projects including the Lynn campus of North Shore Community College. I IREAL ESTATE COURSES I Applied Income Property Valuation Commercial Appraisal Problem Solving Deriving Capitalization Rates I Attacking Appraisals in Litigation Principles of Income Property Appraising Capitalization Theory and Techniques-Appraisal Institute ' Standards of Professional Practice-Appraisal Institute Applied Residential Property Appraising Introduction to Appraising Real Property Fundamentals of Real Estate Finance ' Introduction to Commercial Real Estate Development Introduction to Environmental Issues I I I COMPLETE SUMMARY APPRAISAL REPORT 18 Commercial Street Salem,Massachusetts Prepared for Charles T. Grigsby Senior Vice President The Life Initiative 420 Boylston Street Boston, Massachusetts 02116 Date of Value: February 17, 2004 Date of Report: February 23, 2004 VALUATION The accompanying appraisal report describes the property appraised, sets forth the rationale, assumptions,conditions and significant facts upon which the appraisal is based and describes the valuation process. Professional certifications as required by the Uniform Standards of Professional Appraisal Practice and the Appraisal Institute are included. Subject to the conditions and explanations contained in the accompanying - report, it is our opinion that the market value of the property described herein as of the specified date was: Six Hundred Fifty-Five Thousand Dollars ($655,000) Signed this 23rd day of February,2004 Andrew Rappol DAVID HARK ASSOCIATES,INC. REAL ESTATE CONSULTANTS February 23, 2004 Charles T. Grigsby Senior Vice President The Life Initiative 420 Boylston Street Boston,Massachusetts 02116 I Re: 18 Commercial Street, Salem, MA i Dear Mr. Grigsby: In accordance with your recent request,we have made an inspection and appraised the above referenced property which consists of a parcel of land containing approximately 10,176 s.f. improved by a long-standing industrial/office facility comprising about 6,925 s.f. of gross building area. The purpose of this appraisal is to provide an opinion of market value of the Fee Simple interest in the subject property as of February 17, 2004. Pertinent data used in the process of formulating our value conclusions are contained in this complete summary appraisal report. This report is intended for use only by The Life Initiative and its assignees for mortgage financing purposes only. This report is not intended for any other use. Based on the assumptions and conditions outlined in this report, it is our opinion that the market value of the subject property as of February 17, 2004 was: i Six Hundred Fifty-Five Thousand Dollars ($655,000) If you have any questions concerning this appraisal or if we may be of further I assistance, do not hesitate to contact our office at your earliest convenience. f Respectfully Submitted, S - I { ,f Andrew Rappoli Massachusetts Certified General Real Estate Appraiser No. 1621 Expires: June 6, 2005 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS •REAL ESTATE APPRAISAL •FEASIBILITY ANALYSIS •TAX ABATEMENT CONSULTING 600 LORING AVENUE • SALEM, MASSACHUSETTS 01970-4285 • 978.741.4744 TABLE OF CONTENTS I. Introduction Page Nos. Summary of Important Facts and Conclusions 1 Grantor,Title Abstract,Utilities 2 Purpose of the Appraisal 3 Property Rights Appraised 3 Definition of Market Value 4 II. Factual Data t Site Locus Map Brief Description of Property 5 Site Plan Real Estate Assessment and Tax Data g Zoning Status 9 Highest and Best Use 11 III. Valuation ( . Introduction 13 Methodology 13 Direct Sales Comparison Approach 15 Comparable Sales#1 -#3 16 Summary of Comparable Sales 21 Adjustments to Comparable Sales 22 I Value Correlation-Sales Comparison Approach 23 Income Approach 24 Table 1.0-Comparable Office Lease Summary 25 Table 2.0-Comparable Industrial Lease 27 ! _ Summary 52 Summary of Comparable Office Leasing Summary 30 Summary of Comparable Industrial Lease Data 31 Table 3.0 Reconstructed Operating Statement 33 Year One Stabilized Capitalization Rate Derivation 34 Correlation and Final Value Estimate 35 IV. Addenda Photographs — Subject Property Certification Qualifications of the Appraisers I r i I i SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 18 Commercial Street, Salem, MA OWNERSHIP: River Wharf Realty Trust, Robert G. Solomon, Trustee i SITE AREA: 10,716 s.f./.2460 acres i ZONING DISTRICT: Business Park Development District i r SITE IMPROVEMENTS: Single Class C/S masonry and steel framed f warehouse/light industrial structure containing approximately 5,000 s.f. of gross building area on the ground floor with'two finished mezzanine areas i providing about 1,925 s.f. of additional usable floor area ` in the main building section. Building was constructed i around 1958 on an-elevated concrete floor slab and features two overhead loading doors at tailboard height. Substantial rehabilitation and conversion of the property to office/R & D occupancy initiated during the second half of 1999 have recently been completed. Finished areas within the structure consist of virtually the entire building except for a 1,000+/- s.f. tailboard } warehouse bay. s E PURPOSE OF APPRAISAL: Provide an opinion of market value for the subject property in a continuation of its current use as an office/R & D/warehouse facility. E APPRAISAL METHODOLOGY: -Income Approach and Direct Sales Comparison Approach FINAL OPINION OF VALUE: $655,000 i DATE OF VALUATION: - February 17, 2004 1 GRANTOR,TITLE ABSTRACT,UTILITIES { Registry and District: Salem - Essex County South Grantor: Thomas A. Sullivan Date: 06/30/99 Book: 15780 Page: 115 Price: $300,000 i Grantee: Thomas A. Sullivan Sales History: No sales involving the property during the previous five years. I x Registered Land - Certificate No.: N/A Document No.: N/A r Probate of N/A Probate No.: 1 Registry I Mortgagee(s): Danvers Savings Bank Book: Page: j Lessee(s): Book: Page: Encumbrances: Tenant(s) at Will - Name(s) & Addresses: N/A Utilities Available: t Water (Y/N): Yes Sewer(Y/N):Yes Electricity(Y/N): Yes Gas(Y/N): Yes Location of Underground Services: (W),(E) & (G) available from Commercial Street. The Salem W/S Department reports that a new sewer line was installed within Commercial Street during the 1999 street reconstruction. The subject property reportedly was connected at that time. Other Pertinent Data: Assessor's Map(s): 26 Lot(s): 51 t 2 r i PURPOSE OF APPRAISAL This appraisal is intended to establish an opinion of the Fair Market Value of the subject property including all improvements, structures, appurtenances and other elements of value in a continuation of its present use. The appraisal is to serve as a guide for establishing a sales price which would be realized if the property were exposed for sale in the open market on the date of this valuation in conformance with the following definition of market value, and .wherein ownership is regarded as fee simple. PROPERTY RIGHTS APPRAISED i This appraisal has been performed with the explicit understanding that the subject property includes all of the rights that may be lawfully owned and is therefore considered to be capable of having its title conveyed with "fee simple" F ownership. ` The market value of the subject has been estimated as of i February 17, 2004. r , 3 r 4 DEFINITION OF MARKET VALUE Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised; and acting in what they consider their own best interests;. i F 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property, sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Rules and regulations, Federal Register Vol. 55, No. 165, Page 34696 i 4 r i t UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any x opinion as to the title,which is assumed to be good and marketable. The property is appraised as though under responsible ownership. t 2. The legal description used in this report is assumed to be correct. . 3. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the property. The Appraiser has made no survey of the property. i 4. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question,unless arrangements have been previously made in writing thereof. t 5. Any distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 6. The Appraiser assumes that there are no hidden conditions of the property, subsoil, or structures,which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 7. Information, estimates and opinions furnished to the Appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However,no responsibility for accuracy of such items furnished to the Appraiser can be assumed by the Appraiser. 8. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. 9. Neither all,nor any part of the contents of the report, or copy thereof(including conclusions as to the property value, the identity of the Appraiser,professional = designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants,professional appraisal organizations, any state or federally improved financial institution, any department, agency or instrumentality of the i r United States or any state or the District of Columbia,without the previous written consent of the Appraiser, nor shall it be conveyed by anyone to the public through advertising,public relations,news,sales, or other media,without the written consent and approval of the appraiser. 10. Full compliance with all applicable federal,state and local environmental regulations is assumed unless noncompliance is stated, defined and considered in the appraisal report. 11. In this appraisal assignment,the existence of potentially_hazardous materials used in construction or maintenance of the building,such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste,which may or may not be present on the property, has not been considered. The Appraiser is not qualified to detect such substances. We urge the client to retain an expert in this field, if desired. If there is any hazardous waste on the subject site that requires remediation, the Appraiser reserves the right to reconsider the final value estimate in this report. 12. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. 13. Full compliance with all applicable zoning and use regulations and restrictions is assumed unless a non-conformity has been stated,defined and considered in the appraisal report. 14. That all required licenses,consents or other legislative or administrative authority'from any local, state or national governmental or private entity organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based,is assumed. 15. That the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment.or trespass unless noted within the report is assumed. 16. The Americans With Disabilities Act ("ADA")became effective 1/26/92. The appraiser has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Since the appraiser has no direct evidence relating to this issue,he did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. h ... :.�� $ /Nn:' /.•, srs 1' /rte a ',B _ . `,, ���:.:..::_.. s'�f09r�r$'POlnf•� ?�,. '�{ r-i^ 5 �^ .n?1r •!�: > l/ •[t ,. 1 Cpi /� ~��� ,� �, r1 ` `! \♦'d(fC "T 3 9x'F ]0Bo f. NL f2f „sn y, r'�.1"` e. ( .Ramp 'G°IrLmrs\( P " a d rikk i 1 . _ he.,� `... .� \ +�-- \\' �.^\•--::moi,;: '\, ' r \- ! _ �"iii:';• • :�.:.'i::: tor q:_: / C <-- 1 107 T h 6. V,i+ l •- �,.Ga5`'.- pa" mrf ✓ I �� \ � ,y I Cr Hal —CH ,. F r :• �,�,��.�9 . _ I ,11 r r '•`\ i t .� n :^:iii:., _-____ . ' \ /� r ire cr ( .j;4li1ii21�°rite li ht I •: � — _> �• i e y. ,uaaOq- r ' Wharf "" / i 1 \ 29FF _Light \ c�l>, - •o♦ i. I r' ?> ' Light . 1ongPoint S'Y`-EF1' �� ',�°.:�� I" p 'p I ba h-_• � Omer / H.gRBOR i \ . �\1 s n'•'7♦11 \'� I ar gaols '\;�xPalmer // Point Q �~x �1 ✓ i •: a�' '.\ ckerrrrg Poin� ,. G°I��� �Aona.t� " I / � CQLE6('iE ::r`.7':✓,•"::t:;::::rl''• r Iv 1- �-;I .Ovi a. � \ I \I Sctr" �\�• 17�� �i+Lrt+' i �•:c:�y-X�� I. 1 Site Locus Salem,Ma i i BRIEF DESCRIPTION OF PROPERTY Location The subject site is located on the northerly side of Commercial Street in Salem, Essex County, Massachusetts. The property is further located approximately 389 feet west of the intersection of North Street and Commercial Street and to the south of Mason Street. This locus places the subject site in a zone of wholesale, light industrial, and commercial land uses extending from the southerly line of Mason Street towards Bridge Street and lying adjacent to a railroad corridor and a canal running on an east to west axis through this industrial district. The primary vehicular access to the subject site is via Commercial Street - E which consists of a local artery extending on an east to west axis from North Street r as a two lane dead-end public way. The neighborhood-area is accessed via North Street which is a major local artery extending northwesterly from Essex Street in downtown Salem to Margin Street in Peabody. North Street is also designated as State Route 114 which consists of a secondary regional highway extending from Marblehead northwesterly to points in Danvers and western Essex County. Route 114 forms an active commercial artery and is the primary connector route to State i Route 128 from downtown Salem. Route 128 is located approximately 1.5 miles northwest of the subject neighborhood and consists of a major regional limited access highway extending from Cape Ann southwesterly across central Essex County to the Burlington/Woburn region. Route 128 also accesses Interstate Route 95 in Peabody and connects the North Shore region with Interstate Route 93 in Woburn. The area to the south of the canal composes a linear zone of vacant land extending along a railroad corridor near Bridge Street. This area and the canal alignment will compose a future park facility providing outdoor recreation and landscape construction along the dredged and reconstructed canal, including bicycle paths and surface parking areas. Site and Improvements The property numbered 18 Commercial Street, Salem, Massachusetts consists of a single parcel of land containing approximately 10,716 s.f. of total land area improved by a one story concrete block Class C/S building. The property is located on the northerly side of Commercial Street approximately 389 feet west of its intersection with North Street. The site.is nearly rectangular in shape and contains 120'+/- of frontage on Commercial Street with a total rear or north dimension of 120'+/-. The westerly side 5 i boundary extends to a depth of approximately 93 feet while the total depth of the lot at the easterly side boundary has been estimated at about 86 feet. The land is reasonably level throughout and is at the approximate grade of Commercial Street. 1 i The subject site abuts a single story masonry and steel framed light industrial facility to the east, and a two-story masonry framed loft to the north which is accessed via Buffum Street from Mason Street. The site to the west of the subject property was formerly improved by a single story steel and masonry framed light industrial structure that was occupied as a metal fabrication and storage facility. Following the recent sale of this property, the site was cleared of structural improvements and redeveloped as a veterinary office. The principal structural improvements on the subject site are located toward the northeast corner of the site side and within about two feet of the east lot line and f with a variable rear setback dimension estimated at 4+/- to 10+/- feet. The typical front setback dimension has been estimated at about thirty-one feet while the west side setback has been estimated at approximately fifteen feet. The area between the Commercial Street frontage line and the south building elevation is paved with bituminous concrete and used for delivery access and vehicular parking. The one story former light manufacturing building comprises 6,925+/- s.f. of gross building area, including about 1,925 +/- s.f. of finished mezzanine office space, and represents a .65 floor area ratio (FAR). The re-development plan for the subject property has involved the conversion of the building from light industrial to office/R & D use. In its current configuration, the building comprises two principal commercial spaces: the larger office/R & D bay consists of about 5,925 s.f., while the remaining 1,000+/- s.f. bay located at the west end of the structure represents warehouse/production space. This latter space, which has remained in its previous use and occupancy as a light industrial/warehouse bay served by one tailboard loading dock and a 14'(h) x 10' overhead loading door, has recently been improved by the tenant to include some partitioned areas"on the main floor including one semi-finished private office and a storage mezzanine. The main office section comprises mostly good quality office fit out with some accessory storage space. Although both spaces have exposed roof framing, the overall level of finish in the office bay is considered to be high industrial conversion office space. This space contains stylish interior design elements including central trellis, which gives form to the open, common office area, and an open office mezzanine that is accessed via a 5' metal circular stairway. This floor space has been substantially upgraded into good quality office space including new partitions, new handicap accessible bathrooms, new HVAC system, and generally new finish throughout. New windows have been installed in the south elevation, and the roof surface has been 6 replaced. New wood base cabinets and laminate counter tops have been installed in the kitchen, bathrooms, conference room and other areas. Individual work stations have been fitted out with wood and laminate desks/work surfaces, and floors have been carpeted. The overall effect of the adaptive re-use has been to create good quality corporate and engineering offices for an environmental consulting firm. { { r i 7 a. X � y i� - .. • b � j !df 10, COMMERC NQRTI RIVER CANAL 1 Q • 3 F SITE PLAN 18 Commercial Street Salem, Massachusetts REAL ESTATE ASSESSMENT AND TAX DATA LOCATION: 18 Commercial Street Salem, Massachusetts ASSESSED OWNER: River Wharf Realty Trust ASSESSED VALUES: Fiscal Year 2004 Land Value $100,000 Building Value $337,700 Total Assessed Value $437,700 REAL ESTATE TAX RATE: Commercial Q $22.59/$1,000 of assessed value REAL ESTATE TAX: Fiscal Year 2004 Q $9,887.64/annum ASSESSOR'S MAP REFERENCE: Map 26, Lot 51 COMMENT: The subject property is presently operating under the terms of a TIF-agreement with the city, which provides a measure of real estate tax relief for a j prescribed period. In this case, the period is five ` years commencing in FY 2001. For fiscal 2004, the indicated value represents the base value ($205,500), plus 95% of the difference between the base value and the finished value ($450,000). 1 8 ZONING STATUS r The subject site is located within a Business Park Development Zoning District pursuant to the Zoning Ordinance of the City of Salem, as amended. Land use regulations at Section 5.21. of Article V of the current Zoning Ordinance indicate the following permitted land uses in the Business Park Development Zoning District subject to any special conditions noted below: Permitted Land Uses Comment/Conditions General Office Buildings f (Business, Professional Offices) Allowed-By-Right General Storage, Warehouse Wholesale, Distribution Uses Manufacturing, Packaging, Assembly, Processing, Research/ Development Uses (including Fabricated Metal Products) Laboratory and Research Facilities (Manufacturing up to 50% of G.F.A.) F s Given these land use regulations, the existing site development composes a conforming land use as an office and R & D facility. Dimensional regulations at Section 5.2 of Article VI and Section 7-3 indicate the following site planning controls for new commercial development in the Business Park Zoning District. Dimensional Control Requirement Lot Area 40,000 s.f. Street Frontage 1501.f. Lot Coverage 45% Building Setbacks 9 Front 50' Side 30' Rear 50' Building Height 50' Open Space 10% Off-Street Parking Wholesale, Warehouse, Industrial 1 sp/2 employee plus 1 sp/company vehicle plus 1 sp/1,000 s.f. of gross floor area Business Offices 1 sp/employee Given these dimensional regulations, the existing site development i composes a non-conforming land use. The site plan does not conform to lot area or building setback requirements. The original site construction pre-dates the effective date of zoning regulations and is therefore perceived to be legally non-conforming. 4 1 j. R i 10 HIGHEST AND BEST USE "Highest and best use" is defined as "that reasonable and probable use that will support the highest present value as of the effective date of the appraisal, and that use from among reasonably probable and legal alternative uses found to be physically probable, appropriately supported, financially feasible and which results in the highest land value."1 Existing Conditions The subject site consists of a single parcel of land composing a rectangular- shaped commercial lot situated on the northerly side of Commercial Street in Salem Massachusetts. The site consists of flat to gradually sloping terrain within a zone of light industrial, service and wholesale land uses and contains approximately 10,716 i s.f. of total land area with a street frontage dimension of 120 feet. t; The site is improved by a former light manufacturing building developed around 1958 and renovated in 1990, and again between 1999 and 2002, and contains mostly finished office space on the ground and mezzanine levels as well as some open fabrication/ storage areas. This structure consists of average quality Class "C" and Class "S" construction developed on an elevated concrete slab and contains approximately 6,925 s.f. of gross floor area including mezzanine office space, and represents a .65 floor area ratio (FAR). The building exhibits good overall condition and has a relatively broad range of occupancy potential for one or two users. Zonis Status i The subject property is located within a Business Park Development Zoning District pursuant to the Zoning Ordinance of the City of Salem, as amended. The existing site development composes a conforming land use under current land use regulations as an office/R & D facility. The current site plan represents a non-conforming use of the site under current dimensional regulations. The site plan does not conform to lot area or "> building setback requirements. The initial structural development reportedly pre- dates current zoning regulations. The site is developed at its maximum feasible potential under current zoning regulations. 1 American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers, Real Estate Terminology copyright 1975, page 107. : . 11 Conclusion The subject site is developed with a former light industrial structure containing approximately 6,925 gross s.f. of good quality office floor space, and utility quality fabrication, and storage space. The building improvements cover approximately 50% of the site with adequate off-street parking area provided within the open yard area near the frontage line. Current market conditions indicate continued demand for small increments of light industrial, warehouse/distribution, and office/R & D floor space in this area as evidenced by recent sales and leases of competitive industrial floor space in the vicinity. In consideration of these existing market conditions, current zoning regulations, and existing site conditions, it was concluded that the highest and best use of the subject site would remain its current use and site plan as a mixed office/R & D facility. I 4 12 f VALUATION Introduction The primary purpose of this appraisal is to provide an opinion of market value for the subject property in a continuation of its present use as an office/R & D facility as of February 17, 2004. The valuation is based upon the existing condition of the property on this date. Business.assets including inventory, equipment and fixtures are specifically excluded from consideration as the valuation involves real estate only. As of the effective date of this appraisal, a portion of the subject property containing approximately 1,000+/- s.f. of warehouse floor space was occupied by MBD Construction under a one-year lease which reportedly commenced on January 1, 2004 . The current annual rent is $11,000 or about $11.00 per s.f. of gross floor area, and the rental basis is net of electricity and snow removal, with the Lessor ! responsible for heat, water/sewer, real estate taxes, insurance and.common area maintenance. Because the lease involves less than twenty percent of the subject's gross building area on a one-year leased occupancy basis, the encumbrance is perceived as having minimal effect on the use and marketability of the subject property. Therefore, the valuation is made as if the property is unencumbered by leases as of this date. Methodology Accepted real estate appraisal theory recognizes three traditional approaches to the valuation of real property. These valuation techniques are known as the Cost Approach, the Income Approach, and the Direct Sales Comparison Approach. Which technique will provide the most reliable value estimate in a particular appraisal problem depends upon the nature of the property under review and the quality of information available for analysis. The Cost Approach is a valuation technique in which the value of the property is derived through an estimate of the reproduction cost of the improvements after deductions have been made for depreciation from all sources. To this figure is added the estimated land value as if vacant, which is typically derived from a comparative analysis of recent comparable land sales or through the use of a residual technique. This approach is based upon the principal of substitution, which reasons that a typically informed purchaser would pay no more for a property than the amount for which he could acquire a comparable site and construct a similar structure without unreasonable delay. 13 In the Income Approach, the stabilized net operating income that a property is capable of generating is processed to establish an estimate of value. It is based on the premise that the market value of a property bears a direct relationship to the amount of income it is capable of producing. The application of this approach involves a thorough investigation of properties similar to the subject in order to i j derive an estimate as to its economic rent and to develop an opinion regarding expected vacancy and rent loss. This research also includes a complete review of the fixed and variable operating costs of similar buildings in order to estimate realistic operating costs for the subject building under typical conditions and assuming usual j competent management. The result of this comparative analysis is an estimate of the stabilized net income which is available to be capitalized at an appropriate rate to derive an indication of the subject's market value. The third appraisal technique, the Direct Sales Comparison Approach, is an approach to value which is based upon a comparative analysis of the subject j property with other similar properties that have recently been sold. Careful research is conducted in an effort to locate and verify the details of those transactions. They are then analyzed on a comparative basis with the subject property using an appropriate unit of comparison. Adjustments are made to compensate for differences between the subject and the comparable properties in terms of time, location, physical characteristics and terms of financing. These are combined to produce a net adjustment factor which is applied to the sales price unit of comparison resulting in an indication of value for the subject property. After analyzing all available market data, the appraiser concluded that of the several alternative methods available for valuing property of this type, the Direct Sales Comparison Approach and the Income Approach would be the appropriate methods with which to appraise this property. The Cost Approach would be less reliable since the advanced age of part of the improvements would make the estimation of accrued depreciation speculative. 14 DIRECT SALES COMPARISON APPROACH In the application of this approach, research was conducted in an effort to locate recent property sales which were considered comparable to the subject property and for which the details surrounding the transactions could be ascertained. In the comparative analysis, appropriate value adjustments were made on a plus or minus dollar or percentage basis to compensate for differences between the properties in regard to land area, date of sale, location, and a variety of physical characteristics of the site and improvements. These were combined to produce a net adjustment factor which was applied to the sales price unit of comparison resulting in an indicated value for the subject property. In this case, sales value per square foot of gross floor area was considered the most meaningful unit of comparison in the market analysis. In researching the market for this analysis knowledgeable real estate brokers, public officials, developers and property owners were interviewed regarding sales of properties in the market area. Public records were examined in Salem and several surrounding towns and at the Essex County Registry of Deeds. As a result of this research, a number of recent sales of office properties were disclosed and those considered the most comparable to the subject were selected for a more detailed comparative analysis. Additional details pertinent to these sites are provided in the following summaries: a 15 t j COMPARABLE COMMERCIAL PROPERTY SALE#1 LOCATION: 6 Garden Street, Danvers, Massachusetts GRANTOR: Doris D. Moore, Trustee of Six Garden Street Danvers i Realty Trust GRANTEE: Banker LLC DATE OF SALE: August 1, 2004 i F I TITLE REFERENCE: Essex South Registry of Deeds Book 21417 Page 272 SALES PRICE: - . $775,000 UNIT SALE PRICE: $83.95 per s.f.'of GBA LAND AREA: 35,250 s.f. BUILDING AREA: 9,232 s.f. ZONING: Route 114 B District t BUILDING TYPE: This property consists of a Class "C" masonry and steel framed warehouse/light industrial structure containing approximately 9,232 s.f. of gross building area. Building was constructed around 1974 on a partially elevated concrete floor slab, and features 14' clear height, one overhead loading door at tailboard height, and about 20% accessory office space. The building, which currently comprises one leasable bay, had been occupied by the 16 t t property owner d/b/a Moore Machine for many years. t Typical story height of 16'. The building was reported to have been in average condition at the time of sale with some interior and exterior improvements needed to be ! made by the Grantee. The building was not served by a sprinkler system, and major building components and mechanical equipment reportedly date to the original construction. Site contains ample surface parking open lots at the front, side and rear of the building. The property is located in a mixed commercial/industrial district of Garden Street within one-half mile of Route 114. The indicated floor area ratio for this property is 26%. All utilities including municipal water and sewer available to the site. Property was reportedly purchased by i a user. i M i i 4 f 1 ` 17 , ; �{ ��: '` E��. �' �+r � � __ ..E � � �:. __��. �� %.3' '� -r' �'xy Win { _ P.r E "+*�`5aw.�h_ ✓ �_ �y� � �� �� �� } cZ cW' i p x f '& d" 'n �,"]fr "X�.�f` .C:^��. yr y y t Ft �� `- � "'u � . ��8 ''iii - W � �Se '� �'�- � `� . �Y 4 tl t����&,� �'�a" � �+� '` � v&, � r�r a'r u`*�pyTt� v�'r'xy ,�� ,'�.. COMPARABLE COMMERCIAL PROPERTY SALE#2 f LOCATION: 8-10 Broadway, Salem, Massachusetts I i a GRANTOR: 8-10 Broadway Street LLC s GRANTEE: Albert, Donald and Daniel Dilisio DATE OF SALE: December 1, 2003 TITLE REFERENCE: Essex South Registry of Deeds Book 22145 Page 448 E SALES PRICE: $1,250,000 GROSS BUILDING AREA: 17,000 s.f. SALES PRICE/S.F./G.B.A.: $73.53 LAND AREA: 76,665 s.f./1.76 acres ZONING: I — Industrial District COMMENTS: - Single story Class C former bowling alley which had received interior demolition and was in shell condition without functioning HVAC or plumbing. Roof needed replacement and exterior block walls needed repair. Purchaser will be using about one third of the building for its masonry distribution business and will be renovating the building in order to lease the balance of it to other industrial/commercial tenants. Large paved yard which will be used in part by purchaser for outside storage. 18 �. t f � yyee r i isyhY a rE b Z 'd �� � +��`¢ k �. .q 2 u u �� r �.;a� ..... r t � � S. f E 1 i # �f. s ,�� a'� '� +'- - .m ... _ "av a .:.. ..-3�,- , ._�zy. _ I i 1 t 1 t_ i i C i COMPARABLE COMMERCIAL PROPERTY SALE#3 LOCATION: 89 Margin Street i . Salem, Massachusetts i GRANTOR: Bernard M. Phillips and Barbara R. Phillips, i Trustees of Sudon.Realty Trust I GRANTEE: Robert Dunham, Trustee of 89 Margin Street Realty Trust - i DATE OF SALE: July 31, 2002 r t TITLE REFERENCE: Book 19012, Page 73 Essex South District Registry of Deeds SALES PRICE: $425,000 GROSS BUILDING AREA: 5,059 s.f. above grade SALES PRICE/S.F./G.B.A.: $84.00 k. LAND AREA: 25,104 square feet ZONING: B-5, Central Development District r COMMENTS: Free standing masonry and steel frame warehouse/garage building constructed in 1956, expanded and upgraded around 1972 and 1994. Class "C" structure contains approximately 5,059 s.f. gross building area on one level including an estimated 2,100 s.f. of semi-finished floor area and 19 i i two oversized garage bays with drive-in overhead doors measuring 9.5' (h) x 16' (w) and 9' x 14'. Good } quality commercial building features common brick veneer over concrete block exterior walls, heavy gauge steel bar joists, corrugated metal roof deck surfaced with tar and gravel, concrete floor slab j with recently installed floor drains in both garage areas. In 1994 Modine gas fired heating units were installed in the garage areas and three bathrooms - E including one with shower stall - were built or renovated, and two private offices and a new dispatch room were created in place of a pre- existing loading dock. The roof surface was last replaced in 1972 while the HVAC system for the finished floor area is about 20-25 years old. F 20 t L f J i t Y ( 1 a S T 1•. � al� + i i 1 i � d'i s 3�21 '4ta�R I j . Summary of Comparable Sales The selected property sales involved three industrial/garage facilities located in Danvers and Salem. All of the sales reportedly involved conventional transfers after normal marketing periods and they occurred between July 2002 and December 2003. These industrial properties typically involved single story Class "C" light industrial/garage facilities constructed between 1956 and 1974. These steel and a masonry framed structures contained from 5,059 to 17,000 square feet of gross floor area with an average floor area of about 10,430 square feet as compared with the subject's indicated 6,925 square feet of gross floor area. The typical structural type involved concrete or brick exterior walls set on poured reinforced concrete floor slabs with steel column/girder interior framing systems and flat roof designs. Typical clear space dimensions ranged from 12 to 16 feet within the warehouse/garage areas and all of the facilities had a minimum of two tail board or drive-in loading doors. Exterior building conditions typically involved concrete block, fluted block or brick walls with aluminum framed glazing. In general, the sale buildings exhibited average to good exterior condition. All of the selected sale properties were originally designed for owner or single tenant occupancy and most of the facilities were reported to be in average to good overall condition at the time of sale. The properties were typically used for some type of light industrial, warehouse and garage operations. Two of the sale buildings were equipped with split HN.A.C. systems typically involving overhead unit heaters in the warehouse/garage areas and most of the selected facilities were protected with sprinkler and/or smoke detection systems. These light industrial facilities typically contained a variable proportion of finished office space with an indicated range of 0% to 42% of the respective gross floor areas and an average of about 20% office fit out across the sample. The selected property sales were sited on industrial/ commercial lots containing from 25,104 s.f. to 76,665 s.f. of land area with an average lot size of approximately 45,673 s.f. as compared with the subject's 10,716 s.f. of total land area. All of the surveyed sites were located within established commercial and industrial areas and mixed-use districts supporting a variety of industrial and commercial land 21 uses. All of the sales involved relatively flat terrain in their buildable envelopes with minimal development constraints and a high proportion of usable to gross ( land area. The range of floor area ratios across the entire sample was .20 to .26 with an average FAR of .23, as compared with the subject's FAR of .65. j Usable open space within all of the sale properties was typically developed as c surface parking areas and paved with bituminous concrete providing adequate j employee/customer parking and delivery access area. All of the surveyed sites were served with public utilities including municipal water supply and sewage disposal facilities. Given existing site plan characteristics it was estimated that all of the sites were effectively developed at or near their potential under prevailing zoning 1 regulations. The selected industrial property sales had recorded selling prices of from r $425,000 to $1,250,000 with an average recorded sale price of approximately $747,500 across the four transfers. These gross sale prices translated into a range of unit selling prices of from $73.53 to $84.00 per square foot of gross floor area with an average unit selling price of about $80.50 per square foot of gross floor area across the three transfers. Adjustments to Comparable Sales In the comparative analysis with the subject property the first area of adjustment consideration was for date of sale. Because the market for this type of industrial property is perceived to have appreciated moderately over, the past few years, an average time adjustment of ten percent per year was applied to the sales in the sample reflecting changes in overall property values due to time. The second area of adjustment involved site location including highway access/orientation, compatibility of land uses in the general vicinity and ' marketability relative to town location. Because Comparable Sale #3 was located in f - an active commercial area of downtown Salem, and Sale #1 was located just off Route 114 in Danvers, these sales were adjusted downward moderately to reflect the overall superiority of these locations in comparison with the subject's location on Commercial Street in Salem. The subject location was considered to be generally 22 i superior to Broadway as a commercial/industrial location and therefore an upward adjustment was applied to Sale #2. The third area of adjustment involved site characteristics including i gross/usable land area, topography and shape. Since all of the selected were ! perceived to be developed at on near their capacity, excess land area, topography and shape were not considered to be significant adjustment criteria. Rather, in this i category the principal adjustment was based upon floor area ratio under the reasoning that lower floor area ratios translate into improved functional utility of the site for parking ratios and delivery access. Therefore, all of the comparable sales were adjusted downward to compensate for their lower floor area ratios than the - subject property. The final area of adjustment involved building type, age and condition with these adjustments considering both actual and effective age of the sale facilities. In this category moderate a upward adjustments were applied to all of the comparable sales to compensate for their overall inferior condition and lower percentage of finished floor area. Value Correlation - Sales Comparison Approach f When the selected industrial property sales were adjusted for time, location, site conditions and general property characteristics, the result was a range of indicated unit selling prices of from $82.94 to $96.61 per s.f. of gross building area with an indicated mean sale value of approximately $90.50 per square foot across the entire sample. In the final value correlation greater weight was accorded to Sales #1 1 and #3 as the most comparable sales in regard to building size and overall property conditions. In consideration of this comparative market analysis, prevailing market conditions and the perceived utility of the subject site it was concluded that a reasonable estimate of market value for the property in its present condition as of February 17, 2004 would be approximately$95.00 per s.f. of gross building area. When this figure was multiplied by the subject's indicated gross floor area of 6,925 s.f. the result was a value indication of $657,875 which was rounded and called $660,000 (SIX HUNDRED SIXTY THOUSAND DOLLARS). 23 r INCOME APPROACH } The application of this technique involved a thorough investigation of.the commercial real estate market in Salem, Massachusetts. The purpose of this investigation was to determine the appropriate rent levels for the subject property and to develop an opinion as to its expected vacancy and rent loss. Included in this investigation was a projection of operating expenses for the subject property. This projection was based upon a comparison of the subject's operating expense figures with the reported expense figures of other comparable commercial projects in the north shore in order to develop an opinion regarding the net income the subject I property is likely to produce assuming typical costs and normal competent i management. In the course of investigating the market for this analysis, knowledgeable real estate brokers, public officials, developers, and property owners were interviewed regarding specific lease data for office and light industrial space in this area. As a result of this research, a number of leases of competitive space were disclosed in buildings located within reasonable proximity of the subject site. From among all the available rental data, the properties considered to be most similar to the subject were selected for a more detailed comparative analysis. What follows is a brief summary of some of the collected data:-- r 24 TABLE 1.0 COMPARABLE OFFICE LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS Unit 3/ 209 The Dory Group 2, 191 s.f. 12-03/4 yrs $13 . 00 Net of Ground floor office Essex St. electric + suite in rehabbed Salem tax/CAM retail/ office bldg clause located in Salem CBD. New interior fit-out by Lessor_ No on-site parking. - 70 Washington Various Office 600 s.f. - 2002-2003 $16 . 25 Gross Four-story historic Salem Tenants 2,840 s.f. 3-5 yrs brick building N (typical) - located in the heart of Salem CBD and renovated in 1984. Good quality offices feature ADA access and 3 elevators. Limited on-site parking @ $65/sp/mo. Typical new leases at $16.25/sf plus annual bumps of $.25 - $.50/sf/yr.Current vacancy: 25%. 10 Derby Sq Compton 2, 926 s.f. 6-02/5 yrs $13 .00 Net of heat Four-story historic Salem- Consulting (2,660 nsf) $14 . 00 & electric. brick mill building (3rd north) Group, Inc. $15.95 RE Tax & OEx located in the heart $15.95 escalators. of Salem CBD near $15.95 Old Town Hall. Newly renovated loft offices feature ADA access, elevator, hardwood floors and brick walls. No on- site parking. Rent based on gross area. Lessor build-out. TABLE 1.0 COMPARABLE RETAIL/OFFICE LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS 10 Derby Sq The Bilan 2,926 s.f. 6-02/5 yrs $13 . 00 Net of heat Four-story historic Salem Groupe (2, 660 nsf) & electric. brick mill building (2nd south) RE Tax & OEx located in the heart escalators. of Salem CBD. Newly renovated loft offices. No on-site parking. Rent based on gross area. Minimal build-out. N rn 70 Washington Salem 1, 000 s.f. 8-03/5 yrs $15 . 60 Gross Four-story historic Salem Chiropractic w/ (1) 5-yr brick office/retail options - building locatedin the heart of Salem CBD. Cited lease involves ground flooroffice space. Build-out by Lessor. Unit A/ 125 Attorney Carol 2,465 s.f. 5-03/5 yrs $16 . 00 Gross • Second floor office Washington St Witt (rentable w/ $16.50 suite in rehabbed 15.48 loss $17.00 bank bldg located in factor) $18.00 Salem CBD. Interior ` $18.50 fit-out by Lessor. Elevator. No on-site parking available. 10 Federal St Mass Job 2, 000 s.f. 2-03/2 yrs _. '$13 . 50 . Net of heat Second floor office Training (usable) & electric. suite in renovated RE Tax telephone co. bldg escalator. located in Salem CBD. Corner office Interior fit-out by Lessor. Elevator. Two designated on- site parking spaces. TABLE 2.0 COMPARABLE INDUSTRIAL LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS 7 Franklin St Horowitz 2, 100 n.s.f. 6-04/5 yrs $14.29 Net of: Ground and upper Salem (U-#1) Associates Utilities floor space in 1-2 + Tax Clause story multi-tenant, modern architectural block industrial bldg. Space includes about 50% finished offices. DI loading. N 7 Franklin St Barry Primus 960 n.s. f. TAW $13.13 Net of: Ground floor space Salem (U-#2) Utilities in 1-2 story multi- tenant, modern architectural block industrial bldg. Space includes no finished offices. DI loading. 7 Franklin St Hillside 2,011 n.s.f. TAW $11.93 Net of: Ground floor space Salem Engineering Utilities in 1-2 story multi- tenant, modern architectural block industrial bldg. Space includes small finished office area. DI loading. 7 Franklin St Gem Counter 2, 100 n.s.f. 10-01/3 yrs $11.14 Net of: Ground floor space Salem (U-#5) Utilities in 1-2 story multi- + Tax Clause tenant, modern architectural block industrial bldg. Space includes no finished offices. DI loading. TABLE 2.0 COMPARABLE INDUSTRIAL LEASE SUMMARY LEASE LOCATION LESSEE LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS 7 Franklin St Eric Rumpf 1,170 n.s.f. 7-03/1 yr $11.79 Net of: Ground floor space Salem (U-#6) Utilities in 1-2 story multi- tenant, modern architectural block industrial bldg. Space includes no finished offices_ DI loading. 277 Newbury C & B 3; 500 s.f. 6-02/3 yrs $10.28 Net of One and two story St. Peabody Construction Utilities Class C commercial N garage with two °D - overhead drive-in doors and about 1, 000 s.f. of office space. Construction company uses space for vehicle service and storage of equipment. 142 Canal St. Sheehan Assoc. 6,132 s.f. 2002 $10.76 Net of 5, 532 s . f. of ground Salem 5 years Utilities floor industrial warehouse space with one drive-in door & 600 s. f. of second floor office space. Building is multi- tenant Class C former automotive dealership with ample parking. TABLE 2 .0 COMPARABLE INDUSTRIAL LEASE SUMMARY LEASE LOCATION LESSEE/LESSOR LEASED AREA DATE/TERM UNIT RENT RENTAL BASIS COMMENTS Unit 3B Mass Disaster 1,750 s.f. 2-03/2 yrs $6.86 Gross Class "D" light Summit St, Services $7.06 industrial/warehouse Peabody $7.27 building containing 10, 982 gsf with new accessory offices. Cited leased area comprises unheated whse space with one garage door, no N offices. Unit 3B The Great 1, 620 s.f. 12-02/3 yrs $6.67 Gross Class "D" light Summit St, Outdoors $6.90 industrial/warehouse Peabody - $7.14 building containing 10, 982 gsf with new accessory offices. Cited leased area comprises unheated whse space with one garage door, no offices. Unit 3B Cimtec, Inc 3, 226 s.f. 2-03/4 yrs $9.08 Net of heat Class "D" light Summit St, $9.75 andelectricindustrial/warehouse Peabody $10.14 building containing $10.55 10, 982 gsf with new accessory offices . Cited leased area comprises two-bay truck garage with 18' height, open wood mezzanine, and 50% office space. Located in Summit Industrial Park_ Summary of Comparable Office Leasing Activity The market research disclosed numerous leases involving single and multi- tenant office and general commercial properties situated in and around the Salem central business district. These properties typically consist of older, one to four story masonry framed mixed-use buildings which were developed prior to 1900 and form the primary structural core within this central commercial district. Many of the buildings have undergone extensive renovations in phased rehabilitation programs and currently provide reasonably modern office fit-out. Several of the older mercantile buildings contain retail floorspace at the street frontage elevations with a variety of office uses within the upper building sections. While many of the facilities are situated on relatively small urban parcels of land containing little open space for landscaping, many of the selected leases include limited or shared/common on-site parking. The market sample encompassedlease transactions involving general commercial and office tenants within Class "D" and Class "C" commercial buildings with leased areas ranging in size from 600 s.f. of net floor area to 2,926 s.f. of gross floor area. - F The current leases from this part of the market sample commenced between 2002 and 2003 with most of the cited rental agreements effective within the past year. The market sample exhibited a range of current rent levels of from $13.00 to $16.25 t ' per rentable square foot, with an average rent level of approximately $14.50 per s.f. across all,categories of above grade lease space. The lower unit rents in this array generally represent floor space that involved quasi-industrial, loft-style office space that contained fewer partitions and less interior fit-out than conventional office space. The typical rental bases in this sample were gross and net of utilities, with about half of the sample falling within each category. Gross rents represented the upper end of the unit price range with an average gross rent of about $16.00 per s.f. with all heat-and utilities included, while the mean unit price for space leased on a i net of utilities basis was approximately $13.50 per s.f. Typical lease terms ranged from 3 to 5 years, with a most of spaces occupied on a relatively long-term basis. Several of the disclosed multi-year leases had rent escalator clauses with annual step increases, and all of the net leases included real estate tax and CAM escalator clauses. Vacancy rates across these commercial projects were typically in the range of zero to about twenty percent for ground and upper floor space, with most of the properties reportedly operating at below the ten percent figure on an annualized basis. In the comparative analysis with the subject property, the first areas of adjustment involved floor area calculation with gross leasable area adjusted to net usable floor area. Since no precise measurements were available to determine the 30 r i actual loss of usable floor space from gross to net among the several leased areas calculated on a gross basis, an average figure of ten percent was applied across the board. The next areas of adjustment involved utility, tax and insurance inclusions. Since the typical occupancy basis for the subject property is net of HVAC and electric, those comparable rents which included these items were adjusted downward to equate j them with the subject property. In the absence of the actual operating budgets for these projects, generalized adjustments were derived from a comparative analysis of typical 4 operating costs of similar projects and were applied uniformly across the sample. The primary areas of adjustment after utility and operating expense inclusions j involved project location,building type and quality and other physical project characteristics. In general, upward adjustments were applied to several of the lease properties to compensate for their perceived inferior level of interior fit-out as i compared with the subject property. Where specific costs were unavailable, the estimated costs to improve the comparable properties to the typical level of finish at the subject building were used. Although most of the comparable properties were located within several blocks of the subject, some minor adjustments were warranted to compensate for differences relating to visual prominence. Those comparable leases that did not include on-site parking were adjusted upward to compensate for the value added by this amenity. After all adjustments were entered in the comparative market analysis for floor areas, rental bases, building and site characteristics, it was concluded that a reasonable estimate of average market rent for the average subject office space would be $13.00 per s.f. When this average figure was multiplied by the subject's estimated gross leasable office area of 5,925 s.f., the result was a potential gross income estimate of $77,025 for G this element of the property. Summary of Comparable Industrial Lease Data The selected market sample for the industrial lease space involved a total of ten individual rentals at locations in Salem and Peabody. The buildings consisted of reasonably modern Class "C" and "S" industrial structures designed for single and F ' multi-tenant occupancy. Specified leased/rented areas in these structures ranged in ? size from 960 s.f. to 3,00 s.f. with an average leased area of about 2,450 s.f. as compared with the subject's gross area of about 1,000 s.f. All of the spaces featured overhead loading doors and included private lavatories, and most included various proportions of average to good quality office space. Accessory on-site parking spaces were available to all of the tenants. 31 I The range of unit rental rates across the entire sample was $6.90 to $14.29 per s.f. i ` of gross leasable floor area with an indicated mean rent of about $10.70 per s.f. The most consistent rental bases across the entire sample involved 3 to 5-year net leases, with just over three-quarters of the leases on a net of heat and electric basis, and the rest of the sample on a gross rental basis. Vacancy rates across these industrial/commercial projects were typically in the range of zero to about ten percent for ground floor space, with most of the properties reportedly operating at below the five percent figure on an annualized basis. y In the comparative analysis, adjustments were made to compensate for all quantifiable differences between the subject property and the selected lease properties on the basis of the subject's existing floor layout which is currently configured as a single tenant rental space. After all adjustments were entered, it was concluded that the current contract rent for the subject property represents a reasonable estimate of market rent for this portion of the subject property. When the actual income being generated by this portion of the property was added to the market rent estimate for the subject office space, the indicated the potential gross annual income for the property as a whole has been estimated at $88,025. Based on a review of the rental terms of all leases uncovered in the course of our market research, it was concluded that the appropriate rental basis for the subject property in its present condition would involve one or two leases with minimum initial terms of three years. The rental arrangement has been projected on the typical current market basis which is net of HVAC and electric with the lessor responsible for virtually all CAM expenses including real estate taxes, insurance, and common area maintenance. Actual or projected expenses of the lessor to operate the property were estimated and deducted from the effective gross income. These expenses included real estate taxes, insurance, management, structural maintenance, and other costs of ownership considered to be typical under the projected occupancy mode in this market. When the total operating costs were deducted from the effective gross income, the result was an estimated net operating income stabilized for year one of $45,473 as shown on the attached Reconstructed Operating Statement. In direct capitalization, this represents the amount available to be capitalized at the appropriate rate to derive an indication of market value by direct capitalization assuming that the property was unencumbered by leases. 32 i w TABLE 3".0 RECONSTRUCTED OPERATING STATEMENT YEAR ONE-STABILIZED c Potential Gross Income 5,925 s.f. @ $13.00/s.f.. LL $77,025 1,000 s.f. @ contract 11,000 t i $88,025 Less Vacancy and Rent Loss @ 5% 4 400 r Effective Gross Income $83,625 i Expenses Management @ 5% EGI $4,200 Real Estate Taxes 9,888 Insurance 2,200 Structural Maintenance @ 3% PGI 2,640 Reserves for Replacement @ 1.5% EGI 1,255 Ordinary Repairs & Maintenance 1,400 Grounds Maintenance 1,000 ` Legal/Accounting 2,500 Miscellaneous 500 25 583 NET OPERATING INCOME $58,042 33 f- CAPITALIZATION RATE DERIVATION 4 Of the several recognized techniques available for processing net income into a capital value, the appraiser has selected Mortgage Equity Analysis -- Band of Investment i Technique for use in this case. The overall rate developed through this method is a weighted average of the mortgage constant and the respective percentages of total r i property value represented by the mortgage and equity investment positions. The following factors used in the rate derivation process were based on the financing and investment return characteristics considered to be typical for a leased E commercial facility in this area: a - the owner's equity position is 30% of value for which he expects a 12% equity yield; - a mortgage of 70% of the property value based on a 20 year amortization at an interest rate of 7.5% is considered typical for the investment; a holding period of 5 years before selling or refinancing during which no property appreciation is projected. an equity buildup over the five year holding period. Based on this information, the appropriate Capitalization Rate was derived as follows: Mortgage Rate Coverage .70 x .0961 (constant) _ .0673 Equity Yield Coverage .30 x .12 = .0360 Weighted Average 1033 Less Credit for Equity Build Up .70 x .1310-x .157410 = .0144 f Indicated Capitalization Rate = .0889 When the indicated capitalization rate was applied to the forecast net operating income of $58,024 the result was a value indication of $652,891 which was I, rounded and called $655,000 (Six Hundred Fifty-Five Thousand Dollars). 34 CORRELATION AND FINAL OPINION OF VALUE The Sales Comparison Approach was developed using recent transfers of small commercial buildings located in Salem and Danvers. The selected sales involved older commercial properties situated in established commercial locations. Two of the sale properties featured a relatively high percentage of finished floor space, and all were acquired for purposes of owner occupancy. Although the selected sales were not considered to be closely comparable to the subject property in a number of respects, they represent the best available sales information available in this market area. The value conclusion of $660,000 for the subject property produced by this approach, provides support for the conclusion derived through the Income Approach. The Income Approach was developed using current rental data from similar office and light industrial properties in the subject's market area. This valuation approach produced a value indication of $655,000 for the subject. In the final analysis, greater weight was accorded the Income Approach because of the close comparability of the market lease data. Therefore, in consideration of this market analysis and the proposed conditions at the subject property it was concluded that a reasonable estimate of market value for the subject property would be $655,000 (SIX HUNDRED FIFTY-FIVE THOUSAND DOLLARS) as of February 17, 2004. 35 i� 1 f�q�m ,t�a IVB 3 � � max_ i . CERTIFICATION I certify that, to the best of my knowledge and belief: • the statements of fact contained in this report are true and correct. • the reported analyses, opinions,and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,impartial, and unbiased professional analyses, opinions,and conclusions. • I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. • I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • my engagement in this assignment was not contingent upon developing or reporting predetermined results. • my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. • my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • I have made a personal inspection of the property that is the subject of this report. ANDREW RAPPO ANDREW E.RAPPOLI 141 SOUTH STREET ROCKPORT,MA 01966 i EDUCATION Boston University 1967-1971 BA from College of Liberal Arts Major: Political Science St. Sebastian's CDS 1963-1967 CERTIFICATION AND LICENSES Commonwealth of Massachusetts Certified General Real Estate Appraiser-License#1621 (Expires 6/2005) EMPLOYMENT David Hark Associates Inc. Salem MA 1982-Present Partner in real estate consulting firm serving the needs of banks,businesses,industries,munici- palities,hospitals and individuals. Extensive experience appraising most commercial and industrial properties types including specialty properties: marinas,boatyards,hotels, tennis clubs,hospitals and affordable housing developments. Responsible for completing and reviewing narrative real estate appraisals as well as the general financial management of the company. Epstein Appraisal Inc Swampscott MA 1980-1982 Commercial real estate appraiser. Responsible for market research and preparation of narrative appraisals, feasibility and cash flow analysis. Full project control from inception to completion of a variety of assignments including residential sub- divisions,planned residential projects, commercial condominium projects, industrial development sites and general commercial assignments. Paul KinsellaSREA Boston MA 1978-1980 Assistant to President of real estate appraisal and consulting firm. Duties included market research and data analysis, narrative appraisal report writing and discounted cash flow analysis. Experience involved a variety of commercial, residential and industrial projects including the Lynn campus of North Shore Community College. f _ - REAL ESTATE COURSES Applied Income Property Valuation Commercial Appraisal Problem Solving Deriving Capitalization Rates Attacking Appraisals in Litigation Principles of Income Property Appraising Capitalization Theory and Techniques-Appraisal Institute Standards of Professional Practice-Appraisal Institute Applied Residential Property Appraising Introduction to Appraising Real Property Fundamentals of Real Estate Finance Introduction to Commercial Real Estate Development Introduction to Environmental Issues River Wharf Realty Trust February 27, 2004 Loan Closing Loan Amount: $135,925 Remaining Invoice Number Date Description Amount Balance 2/27/04 Closing Costs $ 925.00 $ 135,000.00 1 2/27/04 Working Capital $ 23,350.53 $ 111,649.47 2 3/11/04 Working Capital $ 60,585.30 $ 51,064.17 3 3/18/04 Working Capital $ 51,064.17 $ - d Check Received By: Signature: Date: i NVOICE DQTE.;�INUO,ICEhNUMBERyINYOICE;DESCRIPtTION,,,� ;;grg3a;',;, NET INVOICE AMTj,;,PO='NO,:'! , V000HER",5 ;j °•�};k'/, 03/11/04 3986 ad loan 51, 064 .17 172484 H 2 W U � U Q U N Q 0 K o Z &V.ENDOR NOI';'; ""`' •` •VENDOR.NAME� '$ ".,;,j , " ',_CHECK NO",jj'YCHECK;D!{TE„,,`@�.� ,;CHECK-AMOUNTi1, 6011 BIOENGINEERING GROUP INC THE 94944 03/18/2004 $51,064.17 0 x CITY OF SALEM ciTizE sBA"" CHECK NUMBER 94944 m BOSTON,MA 03/18/2004 SALEM, MASSACHUSETTS 5:7017 n VENDOR ACCOUNT-;-. _. 2110 - L y ;Co1K3 MDPN!jt< _ A THE SUM OR "51,064 DOLLARS AND 17 CENTS $51,064.17 PAY-TO.THE BIOENGINEERINGGROUP INC THE ” - ORDER OF OGOLDSMITH 18 CM z 18 COMMERCIAL STREET ' SALEM MA 01970 . ry TREASURER y x 11' 9494411' 1: 2110701751: 110414101611' *See Reverse Side For Easy Opening Instructions' CITY OF SALEM 120 WASHINGTON STREET SALEM, MASSACHUSETTS 01970 BIOENGINEERING GROUP INC THE C/O WENDI GOLDSMITH 18 COMMERCIAL STREET SALEM MA 01970 i * 6£•h68 -0£•585'09 +69.6Lh419 69 6LV, Lg +OZ•ZZ£�£ � � +00.0001L +05•lZL�51 +00.00065 +0£•lSZlZ +00.009 +5Z•110�Z ' March 18, 2004 Copy 15246 Pay Seven Thousand Five Hundred and 00/100 Dollars $7,500.00 To William H. Gordon Associates, Inc. The Gordon Building 4501 Daly Drive Chantilly VA 20151 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount j 0301182 7/13/03 0004538 5,000.00 5,000.00 0300899 5/16/03 0004596 30,000.00 25,000.00 2,500.00 J William H.Gordon Associates,In 3 3 Totals 35,000.00 25,000.00 ( 7,500.00 J THE The Gordon Budding JUN 1 6 2903. - •4501 Daly Drive Chantilly;Virginia 2015,1 703-263-1900 William H. Gordon Associates, Inc. (taz).703-263-0766, .Invoice. _ .The Bioengineering Group June 13,2003 Attn: Jim Whitehead -Project No: 1470-0110 18 Commercial Street Invoice No: 0301182 Due Date: 7/13)03 Salem MA 01,970 Project: ,1470-0110 Kettle Creek Section 206 Acid Mine Professional Services through May 30, 2003 Total this Invoice $5 00.0.W Task: 341 Topographic Surveying Lump Sum Contract Amount 46,078:05 Previous Billing 33,662.5Q,_ Total this task _ _ $5,000.00 Total this lnvoi $5,00 . •.Outstanding Invoices Number Date Balance . 0300590 4/11/03 3,662.50 0300899 r 5/16/03 30,000.00 Total 33,662.50 - Page d.of 1 -. ,: -.UIQENGINEERING • cup,iNC - . The Gordon Building _- - 4501�Daly'DnvDrive e Chantilly, Virginia 20151 _ 703-263-1900 William H. Gordon Associates,. Inc. - .(fax)703-263-0766 Invoice The Bioengineering Group May 16, 2003`' Attn: Jim Whitehead Project No: 1470-0110 " 18 Commercial Street `- Invoice No: 0300899 Salem MA 01970 Due Date: 6/15/03.. Project: 1470-0110 'Kettle Creek Section 206 Acid Mine Professional Services through May 2,2003 Total this Invoice $30,000.00 . . . . . . .. - . . . . . . . . . . . . . . . . ... . .. . .. . . .. : - . - . . . . . . . . . . Task 341_ ..Topographic Surveying Lump Sum 'Contract Amount' 46,078,05 Previous Billing" 3,662.50 r Total this task $30,000.00 Total this Invoice $30,000.00' Outstanding,Invoices Number ' Date Balance 0300590 4/11/03 3,662.50 - - Total, - ;3,662.50 `. 141kgl lobo. 6 _Page 1 6f 1 BTHr IOENGINEERING GROUP,INC. - - October 16, 2003. . rO 14935- ' �J py Pay Seven Thousand Five Hundred and 00/100 Dollars $7,500.00 William H. Gordon'Associates,Inc. To The Gordon, Building 4501 Daly rive . Chantilly VA 20151- Invoice Number Date Voucher ' Amount , Discounts Previous Pay Net-Amount ' 0300899 5116/03 1 0004596 - 30,000.00 .7,500.00 winiam H.Gordon Msgdates.'inTOtaIS f_ 30;000.00 7;500:00 Z ;. [�TME BIOENGINEERING - GROUPINC- ^ November 5, 2003 ( _®Py 14978_.,, Pay; Seven Thousand Five Hundred and,00/100 Dollars $7,500.00 . William H. Gordon AASsociates, Inc. To The Gordon Building 4501 Daly Drive Chantilly VA ,20151 Invoice Number bl ate Voucher Amount Discounts Previous Pay Net Amount 0300899 5/16/03 1 0004596 30,000.00 7,500 00 7,500.00 wuram H.Gordon assodates.m TOtaIS 30,000.00 - 7,500 00 .7,500 00' . i . i r THE U10ENGINEERING GROUP,INC. Y November 5, 2003 OPJ 14978 Pay Seven Thousand Five Hundred and 00/100 Dollars $7,500:00 . To William H..Gordon Associates, Inc. The Gordon Building 4501 Daly Drive Chantilly VA 20151 Invoice Number DateVoucher ,. Amount :Discounts.- 1 Previous Pay - Net Amount 0300899 ' 5/16/03 _ 0004596 .30,000.00 7,50000 .7,500.00 : William 1,Gordan Associates.In - a _ Totals - 30,000.00 .1 -7,50.000 UGROUP,NEERING - - - ' GRWP.INC - December 24, 2003 Copy15067 Pay Seven Thousand Five Hundred and 00/106 Dollars $7,500.00 To William H. Gordon'Associates, Inc. , The Gordon Building 4501 Daly Drive Chantilly VA '20151,. Invoice Number "Date . Voucher Amount - Discounts'. Previous Pay Net Amount • . 0300899 5/16/03 .; 0004596 - 30;000.00 - 15,000.00 -' 7,500.00 William H.GonJon Assodates.,In - r ,i� 30,000.00 15,000.00 j 7;500.00 7 7 Totals - BTME THE - - • GROUP.INC January 23, 2004 Copy ,5,27 Pay Two Thousand Five Hundred and 00/100 Dollars $2,500.00 . To William H. Gordon Associates, Inc. The Gordon Building 4501 Daly Drive Chantilly VA 20151 - "I Net Amount. " Invoice Number � \ � Date Voucher Amount �. I ' Discounts Previous Pay - 0300899 5116103 1 0004596 I. 30,000.00 - " -22,500.00 . . '2,500.00 WIlam H.Gordon miodales,in 'Totals- - 30,000.00 - "I 22,500.00 2,500.00 . 9 2 -. THE The Gordon Building ® JUN 16 203 4501 Daly Drive Chantilly,Virginia,20151 ., .. 703-263-1900 William H. Gordon Associates, Inc: (fax):703-263-0766 Invoice � The Bioengineering Group June 13, 2003 Attn. Jim Whitehead Project No 1470-0110 , Invoice ice No: '0301182 18 Commercial Street Due Date: 7/13/03: Salem MA 01970 Project: 1470-0110 Kettle Creek Section 206 Acid Mine Professional Services through May 30, 2003 Totalthis Invoice '$5,,000.00 . . ... . . . . .: .. . . . . . . . Task: 3417 ` Topographic Surveying Lump Sum iContract Amount 46,078.05 Previous Billing 33,662.50 i Total this task $5,000,00 Total thislnvoi $5,00 Outstanding Invoices" Number Date. Balance 0300590 4/11/03 8,662,.50" 0300899 5116103 30,000.00 Total 33,662.50 Trp 9� J� a h� LrOl � Pagel of 1_. March 18, 2004 Copy 15244 Pay Four Thousand Three Hundred Forty and 00/100 Dollars $4,340.00 To Louis P. Balboni 39 Beckford Street Beverly MA 01915 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 2104 2/1/04 0005299 4,340.00 4,340.00 Louis P.Balboni 3 1 Totals 4,340.00 4,340.00 I l t March 18, 2004 Copy 15245 Pay Thirteen Thousand Seven Hundred Thirty Three and 44/100 Dollars $13,733.44 To Carol R Johnson Associates 115 Broad Street Boston MA 02110 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 1003021 11/29/03 0005071 7,725.85 7,725.85 1003021 12/1/03 0005184 4,028.73 4,028.73 1103040 12/20/03 0005185 2,102.89 2,102.89 1103040 2/10/04 0005340 -124.03 -124.03 —Carni R Johnson Associates 3 2 Totals 13,733.44 13,733 4444 March 18, 2004 Copy 15247 Pay Two Thousand Six Hundred Eleven and 25/100 Dollars $2,611.25 To Ransom Environmental Consultants, Inc. Brown's Wharf Newburyport MA 01950 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount l 23170 1/1/04 0005318 600.00 600.00 23421 1/13/04 0005319 1,411.25 1,411.25 23576 2/17/04 0005320 600.00 600.00 Ransom Errvironmental COnsulW 3 4 Totals 2,611.25 I 2,611.25 March 18, 2004 Copy ,5248 Pay Two Thousand Two Hundred Fifty One and 30/100 Dollars $2,251.30 To RPJ Associates, Inc. 9 Middlesex Avenue Natick MA 01760 Invoice Number Date Voucher Amount Discounts Previous Pay } Net Amount C7811 9/29/03 0004907 2,251.30 2,251.30 RPJ Associates,Inc. 3 s TOtaIS 2,251.30 2,251.30 1 March 18, 2004 Copy 15249 Pay Five Thousand and 00/100 Dollars $5,000.00 To Rubin and Rudman LLP Counsellors at Law 50 Rowes Wharf Boston MA 02110-3319 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount Legal-Honey Lake, 7/28/03 0004687 25,000.00 10,000.00 5,000.00 Rubin and Rudman LLP Totals 25,000.00 10,000.00 I 5,000.00 3 6 March 18, 2004 Copy 15250 Pay Fifteen Thousand Seven Hundred Twenty One and 50/100 Dollars $15,721.50 To S.W.COLE ENGINEERING, INC. 37 Liberty Drive Bangor ME 04401-5784 Invoice Number Date Voucher Amount Discounts Previous Pay j Net Amount 16241 10/9/03 0004940 11,307.00 11,307.00 16992 12/2/03 0005134 4,414.50 4,414.50 S.W.COIE ENGINEERING,INC. 3 ] Totals 15,721.50 15,721.50 March 18, 2004 Copy 15251 Pay Seven Thousand and 00/100 Dollars $7,000.00 To Shyka, Sheppard & Garster Land Surveyors 193 Exchange Street Bangor ME 04401 Invoice Number Date Voucher Amount Discounts Previous Pay I Net Amount 2303 9/29/03 0004876 2,500.00 1 2,500.00 2308 10/24/03 0004970 4,500.00 4,500.00 Shyka,sheppartlBGarster Totals 7,000.00 7,000.00 3 8 March 18, 2004 Copy 15252 Pay Three Thousand Three Hundred Twenty Two and 20/100 Dollars $3,322.20 To Seven Trent Laboratories, Inc. 880 Riverside Parkway Sacramento CA 95605 —Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 32041305 8/28/03 0004624 205.80 205.80 32041309 8/28/03 0004825 617.40 617.40 I 32041320 8/28/03 0004826 1,296.75 1,296.75 32041323 8/28/03 0004827 672.00 672.00 32041352 8/28/03 0004828 530.25 530.25 Seven Trent Laboratories.Inc. 3 9 Totals 3,322.20 3,322.20 r March 23, 2004 Copy 15254 Pay Seven Hundred Twenty Two and 69/100 Dollars $722.69 To Ralph Bitsko 23 Ridge Road Lexington MA 02420 Invoice Number Date Voucher Amount Discounts Previous Pay i Net Amount Exp Rpt 2/29/04 2/29/04 0005370 356.00 356.00 Exp Rpt 3/4/04 3/4/04 0005380 366.69 j 366.69 Ralph Bpska 3 1 Totals 722.69 f 722.69 THE BIOENGINEERING GROUP, INC. Expense Report NAME Duke B/29O DATE SUBMITTED: 29/2004 EXPLANATION • • • • • • • - - a • . ' ''D,tq,;(j �/ Project s'k Task� 'Ac''coUnit No"; �,� jAvIRaIUBOs` Au ojExp- �Afieage ,�: ,° atertJumtieiiNum6er ,/a'.acc use oq, ` '� Amolidf Amoynt'' - #Mlles ,aTolal k TOIIs,?;Texf i l�emize,ee_Yow ,� �.tt,,.!{+'T; `' i ,;` ,. �. OtAC,,, 13-Feb 40003.03 $109.45 $0.00 77W5,104-6 13-Feb 40003.03 $27.00 $0.00 Gasoline 13-Feb 40003.03 $105.61 $0.00 $11.85 Rental Car&Tolls $1p1,7 46 13-Feb 40003.03 $0.00 $102.09 Duke&Marvin-4 Meals':':' „ 51'0245 $0.00 Asa . .$bTdO $0.00 dW $0.0000 00 ' $0.00 SbtiG $0.00 $0.000#00 EXPENSE SUB TOTALS: $109.45 $0.00 $132.61 $0.00 $11.85 $102.09 $0.00 5356 d0 �1.. ?. , '.�. " ,; ;> :.✓ .t+," ;: ' 3 § ....�,:.�'. ..� .;^; f. uw p,.. ,+" 4s.+> ,, r. _ma-U . _- r° i2 .`k 3 inyb n!akw' :.''ti"e LESS CASH Ap1,/ANCE. n Printed Name of Employee: ^ Employee Signature @-, '�-- 3 TOTAL O'UEyEMPLOY,EE� s M 9 Printed Name of Approver. Approval Signature Wendi Goldsmith tail AND `BUSINESS a • ePDYSe Datr10 .-.' TOTAL TO BE LISTED ABOVE: F/TBG/Adminislralionfforms/TBG T E Report 3/412004 JEST CHECK RESTAUKHiv Date I Tabie Guests Server 7909 BERGENLINE AVE UiGKIES BBQ 8 169 NORTH BERGEN NJ 07047 SINCE LOMBARDI TRAVEL PLAZA PPT-SOUP/SAL-ENTREE-VEG/POT-DESSERT-BEV PHONE# (2013453-1690 FEB 12 , 2004 10:40PM 3047 PATRICIA ------------------ ------------ TERM G 1 2 6 0 8 FE613 ' 04 12 : 53PM MERCH: 000003..s5P145 REF #: 026 ACT #: +.F, +#++ : PORK SANDWICH CARD : MASTERCARD I SODA FTN 2102 SALE: 5 CASH 2' �y TIP: ---lZ ,CI SUBTOTAL T A X TOTAL: AMOUNT PAID 7 . RETR REF#: 404403 CHANGE DUE 1 . APPROVAL CODE: ' I I AGREE TO PAY THE ABOVE AMOUNT PER M THE CARD ISSUER AGREEMENT SIGNATURE BITSKO �,rtg,�7 /RALPH - -1 A '�P fs'O7-cp1 THANK YOU HAVE A NICE •L MASSACHUSETTS TURNPIKE - - - RECEIPT CC SALE MILEPOST 116E 115W Ni TF RInEFIELD NJ 07657 ''"' '':•• ` �- T I D 12-34-418189-001 C OLL DATE PLZ COLLNO. DATE: 0213/04 TIME! 13:11 nn mt it ## 1769 MC P l' — T•' r — __ _ _— - Y � 'RRNSq O18966 RUTH 040213 UNLO RES FULL 17,319 g 8 4 1,559 3 27.00 MASSACHUSETTS TURNPIKE TOTAL s 27.00 RECEIPT l o 3.03 --- - - CUSTOMER COFY CL TOLL DATE PLZ COLL NO. THANK YOU i, s a �a , Jt , Date 02/13/04 DAYS INN North Bergen Acct# P55922-00 Time 09 : 07 2750 TONNELLE AVE Room# 1002 Page 1 NO.BERGEN, NJ 07047 HOTELDAYS .COM FX201-330-8932 Rate Code (201) 348-3600 Group Room Type NQ Room Rate 96 . 00 Arrive FEB 12 04 16 : 55 BITSKO/RALPH A Depart FEB 13 04 09 : 07 LL 23 RIDGE RD LEXINGTON MA 02420 Payment MC Exp: / Date Description Reference Room Charges Credits FEB 12 ROOM CHARGE 96 . 00 FEB 12 STATE TAX 5 . 76 FEB 12 HOTEL TAX 6 . 72 FEB 12 MUNICIPAL TAX . 97 FEB 13 MASTERCARD CHECKED-OUT 109 . 45 Balance Due: . 00 I agree that my liability for.this bill is not waived. Guest Signature: Notice. This facilityis independentlyowned'and,o ,int perated:under license from Days Inn" Contact the facility manager first with any question about the bill. Days Inn and its affiliates may contact you shout goods and services. If you prefer not to be contacted by the licensor or its affiliates, please write us at Days Inn, PO Box 27970, Minneapolis, MN 55427-0970. RM lip :orge Washington Bridge per Level N.J . TIJRNP I KE ane: 14 "NTRY EXIT LANE CI-103S TOLL and #: 42393 18W 15E 08 01 PD $1 ate: 02/13/2004 13:21 02/12;'2004 13:36 lass: 1 Trans. No. : 030282 oil Paid: 6.00 Collector ID.003459 Y0003. ` Thank You facility is operated under franchise agreement with Days Ini.- ..-.._...__. ..... I ` MAR-05-2004 05 :08 AM J p P. 01 » "Y„ ,Ggrla . 'f++ i ��1 .i rh�"rrJ�1�� r� r��.•. ' IN 05t46PM 2/13/04 ENTERPRISE RENT—A—CAR COMPANY OF BOSTON? INC RENTAL AGREEMEN-, OUT 05:LOPM 8/11/04 111 FOSTER ST.v STORE 4 978-•97778366 D56678• PEABODY MA 01960-5960 IOLB PARE 1 OF ' 24•-HOUR DAY RENTAL TYPE C SOURCE IDA2484— 999 UNIT 1 RENTER SUMMARY-43p,: UNIT It VW3779 LED NEVILLE DAY m 24 HOUR IOD LIC# 7122YS 190 ICINGS HWY MILES MODEL, WINP HAMPTON NH 03842— NO CHARGE COLOR SILVER LOCAL: IN 11557 01) 603-989-4893 (W) 978-740-0096 OUT 16815 2 DAYS 1' 449j99 99.98 . fay •,h 'w.d" f DR. LICENSE 07NEL38091 STATE NH EXPIRE 7/69/07 ^1 2s DOB 7/09/38 HT WT o ; ' EYES HAIR ? S.S.# EMPLOYER THE DIOENGINEERING GP BILL TO N CUST # f ' z � z r r ADDITIONAL DRIVER SIDENSINEERINS EMP SA ' 4:'5:00' 5.03 LICENSE N STATE EXPIRES AGE.25:::: CLAIM INFO PERMISSION TO LEAVE STATE dk. PDL/CLAIM/PO# YES X NO STATES NE STATESTO7ALy CHARQES rpt r li N-105.61 105.61 INSURED CUSTOMER SIGNATURE ON FILE " DEPOSITS i r'h.;?' 165.61 PAYMENT INFORMATION REFUND LOSS DATE AMOUNT PD.BY TYPE DATE AUTI4 THEFT ACCIDENT 105.61 MC BALE 2/25/04,Q40EE6' ` TYPE CAR SHOP �. i PHONE NAME OPENED BY 4E1348 JOSEPH T O'CONNE.. CLOSED TICKET PAYMENT INFO CLOSED BY 1193058 PATRICK J FOGART .:IlAq ha r yl vawa44M fWeM1•N:..,r,t,,. THE BIOENGINEERING GROUP, INC. Expense Report "nme lTTEo: Duke Bitsko onTE sU:13z3/4/2004 EXPLANATION t'ape `Prajeci ;AK-15 ask9w �Accoun�t3o AirIF2aI)/61i's`yAuto,Exp",�1 Ml�eage&�#,5 ,Park .NumberAll 4 stn Nurr{6er•f€'', foi9ccfp ose omy: $ w`Ts" AAmount Amo ntl� #�uliles F"Total ToI�s Tazi /Itemr m.eeiovT r� �� �r i` .i r` �, 'ra T 3-Mar 5 600 $216.00 Mileage , :y$216ti00 3-Mar s $0.00 $16.40 Tons fty $101,40 3-Mar 5 $0.00 $9.29Meals ? $9629 $0.00 $125.00 License for Profession in PA(P Ck) $0.001 1 1 W4 Wop $0.00 &A $0 00 $0.00 1#11 $9stl $0.00 $000 $0.00a $0.00 ;e: EXPENSE SUB TOTALS: $0.00 $0.00 $0.00 $216.00 $16.40 $9.29 $125.00 $38649 u ��. ktiy' ' sem / �}� �,' 4e s.... �xrir ' �4'e" ° ,.�' E r. A' .. w §t .a,= ., ayx. fir; g, a r';w ../ z i fib_ e. -114tr r: a LES3.CASH IIpVgxN�C�+E,� F' Printed Name of Employee: r, Employee Signature J _ L*i j TO,T L4DUEt�MPLOY,EEa ;$366.69 dined Name or Approver Approval Signature Wendi Goldsmith ENTERTAINMENT AND BUSINESS MEALS Cash Advance Detail "�,�«,as�;k;?* r� ,�'t��• ",s ;Naines and Attendees '_"a„-- . �.., '.'._ �1"`,'�- ��,=� I�atureand Pu'"ose�t��?'� 9�io�t ,tCiatA.�,�+�, �.., .� ,ttt De"scnptl'on, ., ; ;' .A�[ fi __ TOTAL TO BE LISTED ABOVE: F/TBGIAdminisoalion/Forms/TBG T E Rep.0 3/4/2004 -C6 MASSACHUSETTS MASSACHUSETTS TURNPIKr - MASSACHUSETTS TURNPIKE_ RECEIPT Ot RECEIPT fc "Ver��p� CL TOLL DATE PLZ COLL NO. = CL TOLL DATE PLZ COLL NO. uuenC W/vmY i.orps or[ngmeern-i.un•.�mc '...w..,,..., _ __- '.- . r -, rcr-•^^^^ n nn bo POIIiA1RX011m J Pe - ©taa0o,s..o2 10) - If �ullll'yu Ilp`I Geo rge Washington Bridgb5 Upper Level ✓ ' Lane: 16 Card #: 4327 N. 1 . TJRIJI'IKE Date: 03/03/2004 15: 10 _NTRY EXIT L.I1PIEi i:3d4:.S TOLL µ Class: 1 I,�,i 7 18W ;iii PD S 4.5 Toll Paid:$ 6.00 — --- ng I \ ©0VF•ov Thank Y DRUSCHEL Stept H M S H O S T Account Totals boo�,a��� NATHAN ' S/TCBY/ARTHUR TREACHER ' S Other Total MOLLY PITCHER TRAVEL PLAZA Direct Expenses Tole H M S H O S T GAL 0 Project Totals iAN ' S/TCBY/ARTHUR TREACHER ' S _ ------------------- IOLLY PITCHER TRAVEL PLAZA 3 6 4 MAR02 ' 04 7 : 55PM Financial Analysis Fees EDWIN Blued ---------------------------- 1 NATHANS DOG 2 . 59 6 5 MAR02 ' 04 7 : 56PM CASH 3 . 00 --------------------------- Cur SUBTOTAL 2 . 59 YTD SMOOTHIE FRT SM 4 . 39 TAX 0 . 1 JTD 62,001 CASH 5 . 00 AMOUNT PAID 2 75 CHANGE DUE 0 . 25 SUBTOTAL 4 . 39 TAX 0 . 26 AMOUNT PAID 4 6 5 CHANGE DUE 0 . 35 Sorted by Project Manager.• Leo Roy Selected By:Projects With Activity, Status:Active 60006.05 PRP-Cane Ridge v70a(gail whitney)-Page 137 omQ55 op y HMSHOST GIFT SHOP MOLLY PITCHER TRAVEL PLAZA JANNETH ------------------------ - N.J . TURNPIKE ' g 5 MAR02 ' 04 7 : 51 PM ENTRY EXIT LANE CLASS TOLL ---------------------------- 11 -`----------------------- 11 7 2 1 PD $ 1 .35 48 NON TAX BEV 1 . 89 3/2/04 20:27 SUBTOTAL 1 . 89 AMOUNT PAID 1 8 9 CASH 5 . 00 CHANGE DUE 3 . 11 m= ti March 23, 2004 Copy 15255 Pay One Thousand Two Hundred Forty and 00/100 Dollars B $1,240.00 To DLS Virtual Assistance 10 Clearview Drive Loudon NH 03307 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 107 2/4/04 0005368 207.50 207.50 113 3/3/04 0005383 472.50 472.50 114 3/13/04 0005392 560.00 �.I 560.00 Donna copper Totals 1,240.00 (1,240.00 3 2 i DLS Virtual Assistance INVOICE "Providing Virtual Professional Business Support" 10 Clearview Drive INVOICE # 107 Loudon, NH 03307 DATE: February 4, 2004 Phone 603-798-3685 Fax 603-798-3686 Bill To: Payment Due Upon Receipt Accounts Payable The Bioengineering Group Current Amount Due: $207.50 18 Commercial Street Salem, MA 01970 Total Amount Due: $3,631.21 Date Transaction Hours Rate j Amount Balance 1/21 Tel. Calls and e-mails with Bob Neville re: Strategic 1.5 $30.00 $45.00 $45.00 Planning date and travel plans, e-mail and phone calls with Project Adventure and Wendi 1/21 E-mail communication with Wendi, Gail and Gina .5 $25.00 $12.50 S57.50 , re: expense reports 1/22 Faxes, e-mails with Gina and Gail re: expense .5 $25.00 $12.50 $70.00 reports 1/22 Finalize expense reports with project numbers —fax 2.5 $25.00 $62.50 $132.50 and e-mail copies to Gina and Gail; Tel. calls with Wendi 1/22 E-mails and tel. calls to Bob N., Marshall and Wendi 1.0 $30.00 $30.00 $162.50 re: date change for meeting; book Bob's travel 1/23 E-mails and tel. calls to staff, Project Adventure, 1.5 $30.00 $45.00 207.50 etc. re: date change of meeting CURRENT 1-30 DAYS 31.60 DAYS 61-90 DAYS OVER 90 AMOUNT DUE PAST DUE PAST DUE PAST DUE DAYS PAST DUE I $207.50- 1/23 $915.20 $1,598.51 $3.631.21 $910.00- Please 910.00—Please make all checks payable to DLS Virtual Assistance THANK YOU FOR YOUR BUSINESS! "Professional Business Support - Just an E-mail Away!" ORIGINAL-CLIENT COPY DLS Virtual Assistance INVOICE "Providing Virtual Professional Business Support" 10 Clearview Drive INVOICE# 113 Loudon, NH 03307 DATE: March 3, 2004 Phone 603-798-3685 Fax 603-798-3686 Bill To: Payment Due Upon Receipt Accounts Payable The Bioengineering Group Amount Due: 53,081.61 18 Commercial Street Salem, MA 01970 Date Transaction Hours Rate Amount Balance 3/1 Mileage—Loudon/Salem = 80 $.315 $30.00 $30.00 i 3/1 Drive to Salem 1 525.00 $25.00 $55.00 3/1 Work in Salem — 11:00— 5:00 6.0 ( $25.00 $150.00 5205.00 3/2 Work in Salem —9:30 —6:00 8.5 S25.00 5212.50 5417.50 3/2 I Drive from Salem to Loudon 1 $25.00 $25.00 li S442.50 3/2 Mileage —Salem/Loudon = 80 $.375 $30.00 S472.50 � II I CURRENT 1-30 DAYS PAST 31-60 DAYS PAST 61-90 DAYS OVER 90 DAYS AMOUNT DUE DUE DUE PAST DUE PAST DUE $472.50 #109 - $185.00 #107 - $207.50 $3,081.61 #110 - $727.50 #108 - $682.87 #111 - $296.24 #112 - $510.00 Please make all checks payable to DLS Virtual Assistance THANK YOU FOR YOUR BUSINESS! "Professional Business Support -- Just an E-mail Away!" n DLS Virtual Assistance INVOICE "Providing Virtual Professional Business Support" 10 Clearview Drive INVOICE # 114 Loudon, NH 03307 DATE: March 13, 2004 Phone 603-798-3685 Fax 603-798-3686 Bill To: Payment Due Upon Receipt Accounts Payable The Bioengineering Group Amount Due: $1,165.00 18 Commercial Street Salem, MA 01970 Date Transaction Hours Rate Amount Balance 3/8 Mileage — Loudon/Salem = 80 S.375 $30.00 S30.00 3/8 Drive to Salem 1 $25.00 525.00 S55.00 j 3/8 Work in Salem — 11:00 —5:00 6.0 $25.00 I 5150.00 5205.00 319 j Work in Salem —9:30 —6:00 8.5 $25.00 S212.50 5417.50 3/9 Drive from Salem to Loudon 1 $25.00 $25.00 $44250 3/9 Mileage—Salem/Loudon = 80 $.375 S30.00 $472.50 I 3/10 Tel. Call and Fax to Colonial Printing .5 $25.00 $12.50 S485.00 1 CURRENT 1-30 DAYS PAST 31-60 DAYS PAST 61-90 DAYS OVER 90 DAYS AMOUNT DUE DUE DUE PAST DUE PAST DUE $485.00 #113 - $472.50 #107 - $207.50 $1,165.00 I Please make all checks payable to DLS Virtual Assistance THANK YOU FOR YOUR BUSINESS! ME "Professional Business Support -- Just an E-mail Away!" March 23, 2004 Copy ,5257 Pay Five Thousand and 00/100 Dollars $5,000.00 To Rubin and Rudman LLP Counsellors at Law 50 Rowes Wharf Boston MA 02110-3319 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount Legal-Honey Lake, 7128103 0004687 25,000.00 15,000.00 5,000.00 Rubin and Rudman LLP f - 3—_4 Totals 25,000.00 15,000.00 I 5,000.00 RUBIN AND RUDMAN LLP JUL 28 2003 COUNSELLORS AT LAW SO ROWEs WHARF • BOSTON. MASSACHUSETTS 02110-3319 TELEPHONE: 1617)330-7000 • FACsIMILE: (617)439-9556 • EMAIL: FIRM®RUBINRUDMAWCOM Peter J. Feuerbach Direct Dial:(617)330-7136 E-mail: pfeuerbach@rubinrudman.com July 28, 2003 Wendi Goldsmith, President The Bioengineering Group, Inc. 18 Commercial Street Salem, MA 01970 Re: Invoice for Legal Services Honev Lake, Sierra Armv Depot Dear Ms. Goldsmith: This letter constitutes Rubin and Rudman, LLP's ("Rubin and Rudman") invoice to The Bioengineering Group, Inc. ("TBG") in the amount of Twenty-Five Thousand Dollars (525,000.00) relative to the initial phase of legal services performed pertaining to the conveyance of the above referenced property. Initial legal services performed by Rubin and Rudman LLP on behalf of The Bioengineering Group may address the areas set forth below as needed. It is agreed and understood that Rubin and Rudman is not expected or required to resolve or complete one or all of the following items in this initial phase. — Advise on the insurance program, including communications with broker and — Review of transaction documents. — Advise on transaction procedures and requirements. — Consult on potential land holding and operational entities. — Advise on and liaison with support professionals (e.g., financial accountant, California counsel, etc.), if any. 5617361 • RUBIN AND RUDMAN LLP Wench Goldsmith, President July 28, 2003 Page 2 Please contact me if you have any questions on this invoice. v Very truly yours, j Peter J. Feuefbach ` PJF/es cc: Charles Steele, Executive Director, CUWR 561736_1 November 18, 2003 Copy 15012 Pay Five Thousand and 00/100 Dollars $5,000.00 To Rubin and Rudman LLP Counsellors at Law 50 Rowes Wharf Boston MA 02110-3319 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount i Legal-Honey Lake, 7/28/03 0004687 25,000.00 5,000.00 Rubin and Rudman uP Totals 25,000.00 5,000.00 i 3 13 December 24, 2003 Copy 15070 Pay Five Thousand and 00/100 Dollars $5,000.00 To Rubin and Rudman LLP Counsellors at Law 50 Rowes Wharf Boston MA 02110-3319 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount Legal-Honey Lake, 7/28/03 0004687 25,000.00 5,000.00 5.000.00 Ruin and Ruomn LLP Totals 25,000.00 5,000.00 5,000.00 10 f March 18. 2004 Copy 15249 Pay Five Thousand and 00/100 Dollars 55.000.00 Rubin and Rudman LLP To Counsellors at Law 50 Rowes Wharf Boston MA 02110-3319 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount Legal-Honey Lake. 7/28/03 0004687 25,000.00 10.000.00 5.000.00 ftuoin anC Rudman LLP s Totals 25.000.00 10.000.00 5.000.00 '. 1 March 23, 2004 Copy 15258 Pay Twenty Five Thousand and 00/100 Dollars $25,000.00 To Skelly and Loy, Inc. P.O. Box 5141 Harrisburg PA 17110-0141 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 31796 9/11/03 0004898 58,513.20 ( 25,000.00 Skelly and Loy.Inc 3 5 Totals 58,513.20 I 25,000.00 SKELLY ANo LOY, INC. Invoice ENGINEERS- CONSULTANTS P_O. BOX 5141 Invoice Number: 3303= HARRISBURG, PA 1 71 1 0-01 4 ltieoicc Dais Januar% '? '004 (717) 232-0593 Due Date: Fehruur% '_I, 1_00i -1,°: Ilic liiucnuincerin_Grout) IS Commercial Sircet ,�I� Salem. Nt�\ i)19',(J ! AIN 2 5 LIiU4 Attention: wcndi Goldsmith chem c: C20a0 . Project: 110=020 Kettle Creek- Phasc lI _�. .. HO Pr;,i::'S (,fin! l rolessnmal Services Cor the Pertud: bLi tlo= to il'-tlbi Contract .Unounc S 1-16 28-,.00 Percent Comolctc: 100J)Wo Fcc Gama(: S 146 253.00 Prior Pee Billmus: SS-' 769.1() Current Fec Total: SSS-51. 20 Project Totals: ** Total Project Invoice Amount $58,513.20 Aced Receivables: CURRENT 31-60 61-90 91-120 +120 l 3.20 50.00 50.00 So.00 S70_809 75 All invoices are due within 30 days from invoice date. A late charge of 1.5%, will be added to any unpaid balance after 30 days. *'K* Total Amount Past Due $70,809.75 Please submit payment immediately to avoid further interest charges. If you have already sent your payment, thank you! 0 21' nU` LU �X r ` March 23, 2004 Copy 15259 Pay One Thousand Three Hundred and 00/100 Dollars $1,300.00 To Robert Solomon 23 Nursey Street Salem MA 01970 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 104 12/10/03 0005276 1,300.00 1,300.00 Robert Solomn 3 6 Totals 1,300.00 1,300.00 ..x ,p7 From:_ Robert Solomon, IT Consulting I 'Invoice Date: 1211012003 _ 24 Hawthorne Blvd.#3 _ Invoice-# 1 04 Salem, MA-01970Amount: $1300.00 --- ------ i- ----- - - -- To: The Bioengineering Group, Inc. -__ - _-_ --_ -- --- ----- -- --- - --- ---- -- - .._ 18 Commerical Street ------ ---- - - - - . _ - Salem, Ma. 0,1970 , 978-740-0096 RE. Invoice for Services Rendered _ Service Period Covering #of Hrs. Description Costper hour _ Total _ 10/8/2003 2.25 Web site setup; router cfg for FTP; troubleshoot missing files $50.00- $112.50 - --- _-- - - - _--- - -- - 10/10/2003 0.25 Coordination w?DRedondo to get missing site files $50.00 $12.50 1012812003 0.50 Full run of Ad-Adaware on MLewis to handle pop-up malware $50.00 -_ 25. 00 10/28/2003 0.75 Outlook Views - LAltn $50.00 $37.50 10/30/2003 1.25 Mtg. re: Graphics resource needs;GWhitney training; misc issues - __ $50.00 $62.50 -_.- - - ---- --- ----- -- 10/31/2003 0.75 Conversent Quick-start web account setup - - $50.00 _- $37.50 _ 11/6/2003 0.25 _MLewis VPN problem -won't work with Zonealarm firewall _-_ $50.00 _$_12.50 11/7/2003 _ 1.00 Coordinate Oakland IT with John Steere _ - $50.00 $50.00 11/10/2003 0.75 JSteere-password - $50.00 $37.50 11/12/2003 0.75 DVD burner specs _ $50.00 $37_50 __1111912003_ _ 0.25 DRedondo phone problems; set extension for corner mezz phone _ $50.00 $12.50 _ 11/19/2003_ _ 0.25 JSteere network access setup help. $50.00 _ $12.50 11/19/2003 0.50 JSteere smtp relay issue in Netscape. $50.00 $25.00 --------------- -------- 11/19/2003 0.50 Setup new printer(LPR)for TCohen _ $50.00 $25.00 11/1912003 0.75 Phone with Conversent to set up CUWR mail accounts $50.00 $37.50 11/21/2003 0.75 DNS/Web to Conversent; ABurnham email; computer move help $50.00_ 37.5 -- - ---- - ------ --- ----- 12/1/2003 2.00 Resolve Plotter issue $50.00 $$25.00 12/2/2003 0.50 Create new Win2K boot Floppy $50.00 25.00 12/3/2001 6.001 Tshoot termserver boot issue for data stora a and smt atewa . $50.00 300.0 i a 1 March 23, 2004 Copy 15260 Pay Sixty One and 33/100 Dollars $61.33 To John T. Steere 2329 Webster Street Berkeley CA 94705 Invoice Number Date Voucher Amount Discounts Previous Pay I Net Amount Exp Rpt Feb 2/29/04 I 0005372 61.33 61.33 John T.Sleere 3-- - 7 -- Totals 61.33 — - _ 61.33 THE BIOENGINEERING GROUP, INC. Expense Report NAME_ John Steere DATE SUBMITTED. 3/3/2004 • • r • ••• • • • • • � his f" *'°Pro ecl;;" k ''� Task's 'Accd'ijnt No'k ..�;� ;- ,' AWRall/Bus Yqulo Exp�`r`Mileage��375z pa€king ''t in`r sus rpsj a ' 'gg' a ''� Dl► x Oate' . Num l Number Porear usepnry Y ,.,;n_, t;a;, Ambunt. Amount #Miles` Total'"1 Tolls Taxi t�te(ntze asiov} ;' ',v ., � � 10-Feb 1 $0.00 $24.00 Postage for Office IMM.' 4.100 d$1 20-Feb toots 6 $0.00 $4.31 Map of Honey Lake � „, $ ;- ' 20-Feb 10015 6 $2.40 $0.00 BART Fare for CEQ Workshop a VW:52,40 25-Feb 5 42 $15.12 MarketingMt w/Dave Fowler ' 9 26-Feb 5 1 $2.50 $0.00 $13.001 BART Fare&Business Lunch `. ` 141,zo $0.00 $0.00 UMAKAP. $0.00 $OOb $0.00 $0{00 $0.00M,;; _$atOq EXPENSE SUB TOTALS: $0.00 $4.90 $0.00 $15.12 $0.00 $13.00 $28.31 'x,' $013 r;r, , :na sfiwa . hfn=yM Vg";,LESSCASH£AD,�VAfJCE, Primed Name of Employee: Employee Signature John Steere TOTI{ DUEMPLOY >t/ $$1,;33 printed Name of Approver: - Approval Signature Cynthia Jensen ENTERTAINMENT ■ BUSINESS MEALS • • C .,»:- ? i " ' ,. ..._.. _y: + ;-r,rq rs.., . - .t y 4- vrsefr:7h .�_ ,_ �. . ,Dale s ;��..+f s,_,c t��s}d ,n�;.Nemes aiideAfl'en'deel#� i,'e;'�a,'�rtE. �=,c,,:�„ Naftiie:a dl'?u o§e :�.-+bAmouni. a . DatB'�z �c��3��.''s�t.Jx„�,Oescripbon„ a_�,,;�wi TOTAL TO BE LISTED ABOVE: . $0.00 11 S F/TBG/Adminis1mfion1Forms/TBG T E Report _ 3l4@004 i t s BERKELEY WAIN POST OFFICE BERKELEY, California 947049998 0555110051-0092 =ATE nc� , 02/10!2004 (800)275-8777 02:37:37 PW :, $ales.Receipt Product Sale Unit Final Description Qtr Price Price - 23c George 4Q $0.23 $9.20 Washington $7.40 Snowy 1 $7.40 $7.40 Egret PSA Bk i p $7.40 Snowy 1 $7.40 $7.40 Egret PSA Bk - .- Tata!: $24.00 Paid by: $24.00 Visa Exp. Account 8 . XXXXXXXXXXXX6572 03/06 010063 •5x1- -.: Approval N: , Transaction 4: 505 - _ 23 903350x2 - a V IK _ l 2 ` 2033 v MAIN STSU 945` . ,,.. CA WALNJT�)E939-6949 130 carolyn _ ... . . - -- 247 Gst 2 --------- ..._._- ._.__- _ - Tb1 21/1 Feb26'04 01:16PM ------- ------ I ICED TEA - , 1 .75 1 LEMONADE . 1 LUNCH 2 ITEM DURRI70 8.95 RELLEND 8,95 1 LUNCH 2 ITEM ENCHILADA RELLEND 21.AO SUBTOTAL 1.76 TAX �n S 01 :j7 TOTAL THANKS FOR DINS AT 7. �'� / /tel.` ._. G-• �� AGAVE CANTT-NA 8 GRILL PLEASE JOIN US AGAIN SOB! ! 1 Dopy i� 1 !�✓usC exp LANHTion PROJECT INFO�fv1ATIbN 'Lodging TRANSPORTATION �Cn a ta'eels� LiISC IviSci ExE lanaticMo ON =moi. �s z 14 NVIM--- '—% r . I�l�i� (�- �1� 1• �# aik1 1 ��t 1r.+-� v N- ��"�s..=a,..'F'� r�...�� 'FTF �sn,.L a l fi. fi..6-+rte`_-s�tF�`•�---".4�'... !fhf= °5-�� '-_ _.�.�.-" '-t4-�-,.��'.=-;A.� I�-F-�tt.L. .�.����r �J�t. _ - �r �7 DART iare for CEO ����� fir ' � _— --�—_ --- T Im PMledWBM,e0frMPI0YM all 4 y. Cynthia Jensen $NTFRTr'dNkfENTAND Pl1SINFS SIFAL$ ,' -� CaO.Ad/'31C ''De .I ��Fi� March 23, 2004 Copy 15261 Pay Seventeen Thousand Nine Hundred Fifty Three and 09/100 Dollars $17,953.09 To TAL Financial Corporation 1071 Worcester Road Framingham MA 01701 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount December 12/15/03 0005136 8,909.72 8,909.72 January 04 1115104 0005217 9,043.37 ! 9,043.37 TAL Financial corporation i. 3 8 Totals 17,953.09 17,953.09- y i r , TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 DEE 1 7 29053 Fax 508-626-9214 12/15/2003 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 I Due Date Account# Amount Due Amount Enclosed 12/30/2003 $17,819.44 Date Description Amount Balance 06/04/03 Balance forward 0.00 Schedule 01- 06/15/03 INV#6101-01-7 1,427.41 11427.41 07/15/03 INV- Late Charge July due 8/1/03 71.37 1,498.78 07/15/03 INV#13101-01/8 1,427.41 2,926.19 08/15/03 INV-Late Charge August due 9/1/03 71.37 2,997.56 08/15/03 INV#JC04-01/9- Interest on outstanding balance due 43.89 3,041.45 9/1/03 08/15/03 INV#13101-01/9 1,427.41 4,468.86 08/22/03 PMT-7/1 -1,427.41 3,041.45 09/08/03 PMT-8/1 -1,498.78 1,542.67 09/15/03 INV- Late Charge September due 10/1/03 71.37 1,614.04 09/15/03 INV#B101-01/10 1,427.41 3,041.45 09/15/03 INV- Interest on outstanding balance due 10/1/03 23.14 3,064.59 10/08/03 PMT-9/1 -1,542.67 1,521.92 10/15/03 INV#6101-01-11 1,427.41 2,949.33 10/15/03 INV- Late Charge October due 11/1/03 71.37 3,020.70 10/15/03 INV- Interest on outstanding balance due 11/1/03 22.83 3,043.53 11/05/03 PMT- 10/1 -1,521.91 1,521.62 11/15/03 INV#6101-01/12 - Late Charge November due 12/1/03 71.37 1,592.99 11/15/03 INV- Interest oq outstanding balance due 12/1/03 22.82 1615.81 11/15/03 INV#13101-01/12 , 1,427.41 3,043.22 11/25/03 PMT- 11/1 -1,521.62 1,521.60 12/15/03 INV#BI01-01/1 1,427.41 23949.01 12/15/03 INV- Late Charge December due 1/1/04 71.37 3,020.38 12/15/03 INV- Interest on outstanding balance due 1/1/04 22.82 3,043.20 Schedule 02- Current 1-30 Days Past Due 31-60 Days Past 61-90 Days Past Over 90 Days Past Due Due Due Amount Due 8,909.72 8,909.72 0.00 0.00 0.00 $17,819.44 Page 1 - TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 12/15/2003 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 12/30/2003 $17,819.44 Date Description Amount Balance 06/15/03 INV#8102-01-7 682.41 3,725.61 07/15/03 INV- Late Charge July due 8/1/03 34.12 3,759.73 07/15/03 INV#8102-01/8 682.41 4,442.14 08/15/03 INV- Late Charge August due 9/1/03 34.12 4,476.26 08/15/03 INV- Interest on outstanding balance due 9/1/03 20.98 4,497.24 08/15/03 INV#13102-01/09 682.41 5,179.65 08/22/03 PMT-7/1 -682.41 4,497.24 09/08/03 PMT-8/1 -716.53 3,780.71 09/15/03 INV-Late Charge September due 10/1/03 34.12 3,814.83 09/15103 INV- Interest on outstanding balance due 10/1/03 11.06 3,825.89 09/15/03 INV#BI02-01/10 682.41 4,508.30 10/08/03 PMT-9/1 -737.51 3,770.79 10/15/03 INV#8102-01-11 682.41 4,453.20 10/15/03 INV- Late Charge October due 11/1/03 34.12 4,487.32 10/15/03 INV- Interest on outstanding balance due 11/1/03 10.91 4,498.23 11/05/03 PMT- 10/1 -727.60 3,770.63 11/15/03 INV#BI02-01/12 682.41 4,453.04 11/15/03 INV- Late Charge November due 12/1/03 34.12 4,487.16 11/15/03 INV- Interest on outstanding balance due 12/1/03 10.91 4,498.07 11/25/03 PMT- 11/1 727.43 3,770.64 12/15103 INV#6102-01/1 682.41 4,453.05 12/15/03 INV- Late Charge December due 1/1/04 34.12 4,487.17 12/15/03 INV- Interest on outstanding balance due 1/1/04 10.91 4,498.08 Schedule 03- 06/15/03 INV#8103-01-7 2,419.52 6,917.60 07/15/03 INV- Late Charge July due 8/1/03 120.98 7,038.58 07/15/03 INV#13103-01/8 2,419.52 9,458.10 08/15/03 INV- Late Charge August due 9/1/03 120.98 9,579.08 Current 1-30 Days Past Due 31-60 Days Past61-90 Days Past Over 90 Days Past Due Due Due Amount Due 8,909.72 8,909.72 0.00 0.00 0.00 $17,819.44 Page 2 TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 12/15/2003 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 12/30/2003 $17,819.44 Date Description Amount Balance 08/15/03 INV- Interest on outstanding balance due 9/1/03 74.40 9,653.48 08/15/03 INV#8103-01/9 2,419.52 12,073.00 08/22/03 PMT-711 -2,419.52 9,653.48 09/08/03 PMT-8/1 -2,540.50 7,112.98 09/15/03 INV- Late Charge September due 10/1/03 120.98 7,233.96 09115/03 INV- Interest on outstanding balance due 10/1/03 39.22 7,273.18 09115/03 INV#13103-01/10 2,419.52 9,692.70 10/08/03 PMT-9/1 -2,614.90 - 7,077.80 10/15103 INV#13103-01-11 2,419.52 9,497.32 10115/03 INV- Late Charge October due 11/1/03 120.98 9,618.30 10/15/03 INV Interest on outstanding balance due 11/1/03 38.70 9,657.00 11/05/03 PMT- 10/1 -2,579.72 7,077.28 11/15/03 INV- Late Charge November due 12/1/03 120.98 7,198.26 11/15/03 INV- Interest on outstanding balance due 12/1/03 38.69 7,236.95 11/15/03 INV#BI03-01/12 2,419.52 9,656.47 11/25/03 PMT- 11/1 -2,579.20 7,077.27 12/15/03 INV#13103-01/1 2,419.52 9,496.79 12/15/03 INV- Late Charge December due 1/1/04 120.98 9,617.77 12/15/03 INV- Interest on outstanding balance due 1/1/04 38.69 9,656.46 Schedule 04- 06/15/03 INV#6104-01-7, 3,828.83 13,485.29 07/15/03 INV-Late Charge July due 8/1/03 191.44 13,676.73 07/15/03 INV#B104-01/8 3,828.83 17,505.56 08/15/03 INV- Late Charge August due 9/1/03 191.44 17,697.00 08/15/03 INV- Interest on outstanding balance due 9/1/03 117.74 17,814.74 08/15/03 INV#13104-01/9 3,828.83 21,643.57 08/22/03 PMT-7/1 -3,828.83 17,814.74 09/08/03 PMT-8/1 -4,020.27 13,794.47 Current 1-30 Days Past Due 31-60 Days Past 61-90 Days Past Over 90 Days Past Due Due Due Amount Due 8,909.72 8,909.72 0.00 0.00 0.00 $17,819.44 Page 3 TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 12/15/2003 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 12/30/2003 $17,819.44 Date Description Amount Balance 09115/03 r- Interest Charge September due 10/1/03 191.44 13,985.91 09/15/03 on outstanding balance due 10/1/03 62.07 14,047.98 09/15/03 01/10 3,828.83 17,876.81 10/08/03 -4,138.01 13,738.80 10/15/03 01-11 3,828.83 17,567.63 10/15/03 eCharge October due 11/1/03 191.44 17,759.07 10/15/03 INV- Interest on outstanding balance due 11/1/03 61.24 17,820.31 11/05/03 PMT- 10/1 -4,082.34 13,737.97 11/15/03 INV#13104-01/12 3,828.83 17,566.80 11/15/03 INV- Late Charge November due 12/1/03 191.44 17,758.24 11/15/03 INV- Interest on outstanding balance due 12/1/03 61.22 17,819.46 11/25/03 PMT- 11/1 -4,081.51 13,737.95 12/15/03 INV- Late Charge December due 1/1/04 191.44 13,929.39 12/15/03 INV#13104-01/1 3,828.83 17,758.22 12/15/03 INV- Interest on outstanding balance due 1/1/04 61.22 17,819.44 Current 1-30 Days Past Due 31-60 Days Past 61-90 Days Past Over 90 Days Past Due Due Due Amount Due 8,909.72 8,909.72 0.00 0.00 0.00 $17,819.44 Page 4 TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 1/15/2004 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 1/30/2004 $26,862.81 Date Description Amount Balance 06/04/03 Balance forward 0.00 Schedule 01- 1N 06/15/03 INV#13101-01-7 1 6 2004 1,427.41 1,427.41 07/15/03 INV-Late Charge July due 8/1/03 71.37 1,498.78 07/15/03 INV#8101-01/8 1,427.41 2,926.19 08/15/03 INV- Late Charge August due 9/1/03 71.37 2,997.56 08/15/03 INV#JC04-01/9 - Interest on outstanding balance due 43.89 3,041.45 9/1/03 08/15/03 INV#B I01-01/9 1,427.41 4,468.86 08/22/03 PMT-7/1 -1,427.41 3,041.45 09/08/03 PMT-8/1 -1,498.78 1,542.67 09/15103 INV- Late Charge September due 10/1/03 71.37 1,614.04 09/15/03 INV#8101-01/10 1,427.41 3,041.45 09/15/03 INV- Interest on outstanding balance due 10/1/03 23.14 3,064.59 10/08/03 PMT-9/1 1,542.67 1,521.92 10/15/03 INV#BI01-01-11 1,427.41 2,949.33 10/15/03 INV- Late Charge October due 1111/03 71.37 3,020.70 10/15/03 INV- Interest on outstanding balance due 11/1/03 22.83 3,043.53 11/05/03 PMT- 10/1 1,521.91 1,521.62 11/15/03 INV#BI01-01/12 - Late Charge November due 12/1/03 71,37 1,592.99 11/15/03 INV- Interest omoutstanding balance due 12/1/03 22.82 1,615.81 11/15/03 INV#8101-01/12 1,427.41 3,043.22 11/25/03 PMT- 11/1 1,521.62 1,521.60 12/15/03 INV#13101-01/1 1,421.4 2,949.01 12/15/03 INV- Late Charge December due 1/1/04 71.37 3,020.38 12/15/03 INV- Interest on outstanding balance due 1/1/04 22.82 3,043.20 01/15/04 INV#BI01-01/2 7q� 7. 4,470.61 01/15/04 INV- Late Charge January due 2/1/04 71.37 4,541.61 98 Current 1-30 Days Past Due 31-60 Days Past 61-90 Days Past Over Days Past Due Due Due Amount Due 9,043.37 8,909.72 8,909.72 0.00 0.00 $26,862.81 Page 1 TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 1/15/2004 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 1/30/2004 $26,862.81 Date Description Amount Balance Schedule 02- 06/15/03 INV#BI02-01-7 682.41 5,224.39 07/15/03 INV- Late Charge July due 8/1/03 34.12 5,258.51 07/15/03 INV#8102-01/8 682.41 5,940.92 08/15/03 INV-Late Charge August due 9/1/03 34.12 5,975.04 08/15/03 INV- Interest on outstanding balance due 9/1/03 20.98 5,996.02 08/15/03 INV#B102-01/09 682.41 6,678.43 08/22/03 PMT-7/1 -682.41 5,996.02 09/08/03 PMT-8/1 -716.53 5,279.49 09/15/03 INV- Late Charge September due 10/1/03 34.12 5,313.61 09/15/03 INV- Interest on outstanding balance due 10/1/03 11.06 5,324.67 09/15/03 INV#B 102-01/10 682.41 6,007.08 10/08/03 PMT-9/1 -737.51 5,269.57 10/15/03 INV#13102-01-11 682.41 5,951.98 10/15/03 INV- Late Charge October due 11/1/03 34.12 5,986.10 10/15/03 INV- Interest on outstanding balance due 11/1/03 10.91 5,997.01 11/05/03 PMT- 10/1 -727.60 5,269.41 11/15/03 INV#13102-01/12 682.41 5,951.82 11/15/03 INV- Late Charge November due 12/1/03 34.12 5,985.94 11/15/03 INV- Interest on outstanding balance due 12/1/03 10.91 5,996.85 11/25/03 PMT- 11/1 -727.43 5,269.42 12/15/03 INV#6102-01/1 682.41 5,951.83 12/15/03 INV- Late Charge December due 1/1/04 34.12 5,985.95 12/15/03 INV- Interest on outstanding balance due 1/1/04 10.91 ,996.86 01/15/04 INV- Interest on outstanding balance due 2/1/04 4s65J 5 5,042.51 01/15/04 INV#BI02-01/2 6821 — 6,724.92 01/15/04 INV- Late Charge January due 2/1/04 34.12 6,759.04 01/15/04INV- Interest on outstanding balance due 2/1/04 21.82 I 6,780.86 Current 1-30 Days Past Due 31-60 Days Past 61-90 Days Past Over 96 Days–Past Due Due Due Amount Due 9,043.37 8,909.72 8,909.72 0.00 0.00 $26,862.81 Page 2 " TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 1/15/2004 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 1/30/2004 $26,862.81 I Date Description Amount Balance Schedule 03- 06/15/03 _ INV#8103-01-7 2,419.52 9,200.38 07/15/03 INV- Late Charge July due 8/1/03 120.98 9,321.36 07/15/03 INV#BI03-01/8 2,419.52 11,740.88 08/15/03 INV-Late Charge August due 9/1/03 120.98 11,861.86 08/15/03 INV- Interest on outstanding balance due 9/1/03 74.40 11,936.26 08/15/03 INV#B103-01/9 2,419.52 14,355.78 08/22/03 PMT-7/1 -2,419.52 11,936.26 09/08/03 PMT-8/1 -2,540.50 9,395.76 09/15/03 INV- Late Charge September due 10/1/03 120.98 9,516.74 09/15/03 INV- Interest on outstanding balance due 10/1/03 39.22 9,555.96 09/15/03 INV#B 103-01/10 2,419.52 11,975.48 10/08/03 PMT-9/1 -2,614.90 9,360.58 10/15/03 INV#B103-01-11 2,419.52 11,780.10 10/15/03 INV- Late Charge October due 11/1/03 120.98 411,901.08 10/15/03 INV- Interest on outstanding balance due 11/1/03 38.70 11,939.78 11/05/03 PMT- 10/1 -2,579.72 9,360.06 11/15/03 INV- Late Charge November due 12/1/03 120.98 9,481.04 11/15/03 INV- Interest on outstanding balance due 12/1/03 38.69 9,519.73 11/15/03 INV#8103-01/12 2,419.52 11,939.25 11/25/03 PMT- 11/1 -2,579.20 9,360.05 12/15/03 INV#6103-01/1 � 2,419.52 11,779.57 L12/15/03 INV- Late Charge December due 1/1/04 120.98 11,900.55 INV- Interest on outstanding balance due 1/1/0438.6 11,939.24 INV#8103-01/2 ,419.52 14,358.76 INV- Late Charge January due 2/1/04 120.98 14,479.74 INV- Interest on outstanding balance due 2/1/04 77.38 i 14,557.12 i Current - 1--30 Days Past Due 31-60 Days Past 61-90 Days Past Over 90 Days Past Due Due Due Amount Due 9,043.37 8,909.72 8,909.72 0.00 0.00 $26,862.81 Page 3 TAL FINANCIAL CORPORATION Statement 1071 Worcester Road Framingham, MA 01701 Date Phone 508-872-3400 Fax 508-626-9214 1/15/2004 Account Of: The Bioengineering Group, Inc. Gina Altri 18 Commercial Street Salem, MA 01970 Due Date Account# Amount Due Amount Enclosed 1/30/2004 $26,862.81 i Date Description Amount Balance Schedule 04- 06/15/03 INV#13104-01-7 3,828.83 18,385.95 07/15/03 INV- Late Charge July due 8/1/03 191.44 18,577.39 07/15/03 INV#6104-01/8 3,828.83 22,406.22 08/15/03 INV- Late Charge August due 9/1/03 191.44 22,597.66 08/15/03 INV- Interest on outstanding balance due 9/1/03 117.74 22,715.40 08/15/03 INV#BI04-01/9 3,828.83 26,544.23 08/22/03 PMT-7/1 -3,828.83 22,715.40 09/08/03 PMT-8/1 -4,020.27 18,695.13 09/15103 INV- Late Charge September due 10/1/03 191.44 18,886.57 09/15/03 INV- Interest on outstanding balance due 10/1/03 62.07 18,948.64 09/15/03 INV#B104-01/10 3,828.83 22,777.47 10/08/03 PMT-9/1 -4,138.01 18,639.46 10/15/03 INV#8104-01-11 3,828.83 22,468.29 10/15/03 INV- Late Charge October due 11/1/03 191.44 22,659.73 10/15/03 INV- Interest on outstanding balance due 11/1/03 61.24 22,720.97 11/05/03 PMT- 10/1 -4,082.34 18,638.63 11/15/03 INV#B104-01/12 3,828.83 22,467.46 11/15/03 INV- Late Charge November due 12/1/03 191.44 22,658.90 11/15/03 INV- Interest on outstanding balance due 12/1/03 61,22 22,720.12 11/25/03 PMT- 11/1 -4,081.51 18,638.61 12/15/03 INV- Late Charge December due 1/1/04 191.44 18,830.05 12/15/03 INV#6104-01/1 ' 3,828.83 22,658.88 12/15/03 INV- Interest on outstanding balance due 1/1/04 61.22 22,720.10 01/15/04 INV#BI04-01/2 1 3,828.83 1 26,548.93 01/15/04 INV - Late Charge January due 2/1/04 191.44 26,740.37 01/15/04 INV- Interest on outstanding balance due 2/1/04 122.44 26,862.81 Current 1-30 Days Past Due 31-60 Days Past 61-90 Days Past Over 90 Days Past Due Due Due Amount Due 9,043.37 8,909.72 8,909.72 0.00 0.00 $26,862.81 Page 4 March 23, 2004 Copy 15256 Pay Six Hundred Twenty Two and 17/100 Dollars $622.17 To E. James Whitehead 52 Salisbury Street Winchester MA 01890 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount Exp Rpt 2/26/04 2/26/04 0005371 622.17 622.17 E.James Whitehead 3 3 Totals 622.17 622.17 ` Expense Report Friday, March 05, 2004 • The Bioengineering Group Inc. 03:48:20PM Employee 00059 James Whitehead Signed a 9 Approved ; Expense Report: EJW Expense Report for W/E 05 Mar 04 Report Date: 3/5/04 Date Category Description Project Task Billable Account Amount 3/4/04 Lodging 00005.00 _ 764.00 500.40 Business Reason: Marketing Trip-Hotel Durant, Travel From/To: Boston to Oakland, CA Mileage: 0 mi @ 0.000 Berkeley,CA 3/4/04 Transportation 00005.00 ^I 764.00 256.70 Business Reason: Air Fare Travel From/To: Boston to Oakland. CA Mileage: 0 mi @ 0.000 3/4/04 Transportation 00005.00 764.00 149.03 Business Reason: Marketing Trip -- Travel Froni Boston to Oakland, CA Mileage: 0 mi @ 0.000 3/2/04 Business Meals 00005.00 i_ 765.00 57.00 Business Reason: Marketing Trip-Cocktails Each Person: E.J.Whitehead-TBG J.Steers-TBG Zack Wasserman-Wendel Rosen Black&Dean 3/2/04 Business Meals 00005.00 765.00 45.00 Business Reason: Marketing Trip-Lunch Each Person: E.J.Whitehead-TBG J.Steere-TBG D. Bauman-USACE Sacramento District 3/3/04 Business Meals 00005.00 [6 765.00 41.91 Business Reason: Meeting with Lee Hartelman, Each Person: Lee Hartleman Partner, Marstel Day E.J.Whitehead J. Steere 3/4/04 Transportation 00005.00 ❑ 764.00 38.00 Business Reason: Marketing Trip-Cab Fare- Travel From/To: Boston Logan Airport to Mileage:0 mi @ 0.000 Logan to Winchester Winchester, MA 3/3/04 Business Meals 00005.00 U 765.00 20.50 Business Reason: Marketing Trip-Dinner Each Person: E.J.Whitehead 3/1/04 Miscellaneous 00005.00 7 764.00 17.00 Business Reason: Gasoline for Rental Car 3/2/04 Business Meals 00005.00 hI 765.00 9.55 Business Reason: Marketing Trip-Dinner Each Person: E.J.Whitehead 3/1/04 Business Meals 00005.00 hI 765.00 9.50 Business Reason: Marketing Trip-Dinner Each Person: E.J.Whitehead 3/1/04 Business Meals 00005.00 !! 765.00 8.93 Business Reason: Marketing Trip Each Person: E.J.Whitehead _ 3/4/04 Business Meals 00005.00 765.00 8.14 Business Reason: Marketing Trip-Breakfast Each Person: E.J.Whitehead Pagel Expense Report Friday, March 05, 2004 The Bioengineering Group Inc. 03:48:20PM Employee 00059 James Whitehead Signed 5 l y r 4 y ' Approved Expense Report: EJW Expense Report for W/E 05 Mar 04 Report Date: 3/5/04 Date Category Description Project Task Billable Account Amount 3/2/04 Transportation 00005.00 _ 764.00 8.00 Business Reason: Parking-Sacramento District Travel From/7c: Oakland-Sacramento Mileage:0 mi @ 0.000 Meetings 3/3/04 Business Meals 00005.00 765.00 2.85 Business Reason: Marketing Trip-Breakfast Each Person: E.J. Whitehead 3/2/04 Business Meals 00005.00 _ 765.00 2.85 Business Reason: Marketing Trip-Breakfast Each Person: E. J.Whitehead 3/4/04 Transportation 00005.00 _ 764.00 2.00 Business Reason: Marketing Trip-Bay Bridge Travel From/To: Oakland to San Francisco Airpor Mileage: 0 mi @ 0.000 Toll 3/1/04 Business Meals 00005.00 1 765.00 0.00 Business Reason: Marketing Trip-Dinner Each Person: E.J.Whitehead Total Expenses 1,177.36 Amount Advanced ( 0.00 ) Total Due 1,177.36 Page:2 THE HOTEL 2600 Durant Avenue • Berkelev. California 94704 510/845-8981 •800/238-7268 • FAX 510/486-8336 DATE REFERENCE COiviMENT CHARGES CREDITS BALANCE Guest �� Slenamm t 'ATF RFRONT S 3 .---_ ,iorE�_ �% uruitt Oaklantl Iniernational Airport 150 Hegenberger Rd.,Oakland, CA 94621 Ten Washington Street. Oakland, CA 94607 2600 Durant Ave.. Berkeley, CA 94704 (510) 635-5300 (510) 836-3800 (510)845-8981 Manag!"p-d', 1 I 1 1 1 1 I 1 I Enterprise I c 1 soo rent-a-car N T E R P R I S E . -. -=r_ . .. _ . OWNER OF VEHICLE _ - - - - - RENT - A - CAR - 9RANCN ADDRESS: _ :r _ - - _ � _ RENTAL c .c_- LDS SFO AP ICONSULIUATEU FACILITY) TYPE - = 760 MCOONNELL R[IAOISFIA RENTER SAN FRANCISCO.CA 9412631]j ..RT CHARC- IF. _.T - (650) 697-9200 BRANCH: 2349 ORIGINALVEHICLE TICKET', 351650 COLORucENSE�Io. I' 1 F\y e EMMET WHITEHEAD :.1cceE ec"- OUT 02126/2004 1220 PM - - -our Mae- eIe coMP4NY IW 03104/2004 0959 AM AGE — _ _ - - ' VEHICLE'. 04 CHEV CAVA 40R �f �� '� '-� �7 e�� . VEHICLE LICENSE,'SCAP637 2EF3.ENCE NurvIRER_ � .oLl o`AL AL Roarz Doftl/ ft c T:sR_Oul er -lY.r:C] ITT=1.r,m.: I WEEK - 103.110 = ;f1300 O APPROVAL, APIALCES B 250G = 12.00 �Oi a 14.300 GALLONS 1.65 L 23.5J Q III ales ax 1111C11.1 . 50e a 10.44 O a m.�o -L.: _�.a.� " e TOTAL 149.03 0 �L) ❑"f RFr: -R'. X c' I=P-B041551EN GRANTED TO.OPEFaATE L/EMCEE ONC/IN THE STATE CHARGE IN VISA XXXXXX'6XXXX%4/61 EXPIRES: .;,)xx OUT E 118 114 vs 112 518 314 -ire :F THE FOLLOWING STATE(S). IN E us 114 318 12 518 214 Pra Ff S,l FCaafllP,:,11 anee1,11 I.vYy 3ndasnls aedaams aareemeel. THANK YOU FOR RENTING FROM ft Y ER DECLINES OPTIONAL DAMAGE WAIVI RENTER ACCEPTS OPTIONAU DAMAGE DAMAGE WAIVER NOTICE: ER IoW)AND ASSUMES DAMAGE"RESPON9I WAIVERtDW)Aro ILY.EE :1cA IN ENTERPRISE RENT-A-CAR BNTY.SEE EASE 2.?ARAGRAPti i. COLL':.1N ORI HT OAr1AG PAI`/ER Renter acknowledges receipt RENTER: NOTICE TOL DACE 1 SAe.GRAPH of oral disclosure that dam- - �.1'r puc°""''nGE wAIVERI :a"",p'R 70 RESERVE A CAR USE age waiver may be duplica- - T ( 800) RENT-A-CAR TENTER DECLINES OPTIONAL PERSONAL FFEC ACCIDENT INSUTSOPTIONALPRi50NgL OR C VP. Of coverage maintained ;COVERAG INSURANCE'PERSONpL EFFECTS ACCIDENT INSURANCE'PEft50Np! !! COVERAGE tPAVPEq. EFFEcrs covERgGE tPpnPEa.;.1 cqa WWW , ENTERPRISE .COM under his or her own policy RENT=R=a E=HG,NIr:GGL :,IN,GRIG ,_IT of motor vehicle insurance. FACE G P R GRAPH" \ The purchase of damage RENTER DECLINES OPTIONAL SUPPLEMENTAL RENTER ACCEPTS OPTIQNAL SUPPLEMENTAL LIABILITY PROTECTION SLPr. LIABILITY PFOTECTION'tSLPI AT OAI u waiver is optional and may - SHONN Ir:Cc-FIrl-0 PIGHEs€ be declined. RENTEq: ?AGE I.RPRAGPTPH". ca„ ACKNOWLEDGMENT OF THE ENTIRE AGREEMENT, 0TO 11FGE_ - Renter: WHICH CONSISTS OF PAGES 1 THROUGH 4. I HAVE READ AN D AGREE TO TH E TERM S AN D CONDITI ONS ON PAGES 1 THROUGH=OE THIS AC R E _ VENT AND BY MY SIGNATURE BELOW I AM THE'RENTER UNDER THIS AGREEMENT. BY SIGNING� -�- —" BELDIN-1 AM AUTHORIZING OWNER TO PROCESS CHARGES ON MY CREDIT CARD(S)AND/ORDEBIT CARDS) FOR ADVANCE DEPOSITS. INCREMENTAL AUTHORIZATIONS/DEPOSITS, AND CHARGES - -_ - INCURRED.AS)WELL AS PAYMENTS REFUSED BY ATHIRD PARTY TC'NHOM BILLING WAS DIRECTED - REPLACEMENT VEHICLE RENy� ( DATE p G - ! DREPR X ,\..., i 1P!. - - - COLOR LICENSE v0. I Will return car by Deposit(s): -_--_ _-_. _.ns__ Dare 'Ume Amount Paid By Oete Paid MODEL ECARa -- MILE N AGE OUT ADDITIONAL INFORMATION DRIVEN coeolnoNACREEc ra . TOTAL CHARGES RIAmP ELI DEPOSITS O � [� 1 2 \ REFUNDS O 0�� 0 �, O ❑ CLOSED BY Paid By , Cash Check Charge OUT E 1/8 114 Na 112 518 0/4 PIS F Receipt Of Date Amount Received by IN E 1/8 114 v8 1/2 518 ala 118 F Cash Refund! "Weer is an affiliate of Enterprise Rent-A-Car Company,shich owns all rights to Enterprise names and marks. © EnterrJ[lSC tzET1C-:�-.�C3[.,�C�0�111PdRV OE 58Il f'TaRC15co 2003 CUSTOMER COPY 1 MAe.cN 04 91ii' �r ! i .4_._.i.-- 03/01 /2004 000001 #0710 12:2OPM SERV-0010001 Parma $7.50 CASH $7. 50 6500 SHATTUCK AVENUE OANIAND. ra an900 PRIORITY PARKING 14114 1 STREET SACRAMENTO. CA Mac'.iine Serial #:000002280130 (''''it)'ti -_i 1, EXPIRY DATE AND TIME EXP 11:00pm MAR 02.2004 ca a EXP 11 :00pm cc ...,.4761 r �`' A a° MAR 02 2004 LOT# 0000000 MACH# 001 tri xE' "2: ,57 PICKET# LOT# TIC# 00011159 ° 00011159 00000000 L7C'scooe.00 Se �, --y J GC $0008.00 Visa ',""-4761 MACH# 001 10,41am FOLLOW INSTRUCTIONS ON SIGNS POSTED Purchase Time DI'3PLAY TICKET ON THE xi plF ra - ° i _ r L DASH OR PAY PENALTY. NO IN & OUT Q cJ'. ti ° - Laid Bb ;4 pz �ac oc 0052 Server: RICHARD J (021) ReC: 36 03/02/04 18:42, Swiped Terminal : 1 VERBENA 3000 Tel egraph Ave 1111 BROADWAY Berke T ey , CA 94705 OAKLAND, CA 94607 (5 1 0) E549-1333 (510)465-9300 Store : 412 MERCHANT #: Cashiar : ISABELLE 03/02/04 19 : 35 : 26 CARD TYPE ACCOUNT NUMBER EXP VISA XXXXXXXXXXXX4761 0806 SLACK TEA- 9,11-10 Name: EMMET J WHITEHEAD CHARD VINTNERS BLE +BEVERAGE"CRR. DP f qJq 00 TRANSACTION APPROVED VELVET CORKSCREW x, 17.49 T AUTHORIZATION #: 002614 TOWA MAYTAG RAW MI 3.90 r Reference: 030210052 CYPRESS GROVE BERM 3.61 F EVERvTHING CRACKER 4.99 F WHOLEL^EALsDEAt `' -.T CHECK : 49 . 25 SUBTO I AL 4c - 8C: TIP : �S -- 48.25% Tax .. 2 - 93 - — TOTAL � i 51 . 73 y% TOTAL : art— B3 CASH 3 ��� 60 - 00 CHANGE ia 8 . 2-7 X NUMBER + OF ITEMS 7 Trx:625 Term:3 S1,.;re:412 19:36:25 ***Duplicate Copy*** THANK You FOR SHOPPING AT CARDHOLDER DILL PAY CARD ISSUER ABOVE WHOLE FOODS MARKET BERKELEY AMOUNT PURSUANT TO CARDHOLDER AGREEMENT Receipt required for refund/exchange. PLEASE LEAVE SIGNED COPY FOR SERVER WHOLEFOODSMARKET , COM Trx:625 Reg:3 Cashier:637 19:36:25 >1. W15-z /µrt„� fLt-' C j,-. OS BERKELEY crHAI HOUSE GUEST CHECK RECEIPT P H G 4 4T�yr t I) t Br[ ( 51ui 83Z18iZ 133b a Ll 1 111 5 6 r t p AL'th COOP, 6 t;net A 3 k 4 6 6 T cj 13 Ie : 11 en 'ie. I Nrll I!: i I") r t)I 11 131 3 141 151 461 I cotsee k-o Milk. [ R�D TRi414K YOU 3EVERAGE [SLIM f0TAL VC) ��toTl� TOLL RECEIPT 1004 307 California Department of Transportation CARQUINEZ BRIDGE ❑ SAN DIEGO-CORONADO BRIDGE Eli BENICIA-MARTINEZ BRIDGE ❑ ANTIOCH BRIDGE 1 SAN MATED-HAYWARD BRIDGE ❑ RICHMOND-SAN RAFAEL BRIDGE ❑ DUMBARTON BRIDGE �i SF-OAKLAND BAY BRIDGE WHITEHEAD/EMMET DATE 3/ `9 CASH TOLL PAID S t3ino UA 00085532639 TOLL CHARGED S FKM SAN FRANCISCO TO BOSTON ._ ac_aCollector No. FLIGHT GATE SEAT ETKT PASSENGER RECEIPT SITI UA 170 83 1 6 D su DUPLICATE 7540686310 EXIT W ■v■ A24639860_MOING 10.5n M -- i - a a w= OXAV 13FE6041 WHITEHEAD/EMMET x , WHITEHEAD/EMMET MJJM32/UA MULTI 0 saNOT VALID FOR no THIS IS YOUR RECEIPTa ■■TRANSPORTATION■a AB UA �0008553283 IAF - FRM BOSTON vnoaoaaooaaooc4761 TO SAN FRANCISCO 1.39EA0 UA MIM90 XT 5.000Y7.50XFBOS3704.5 i, FLIGHT GATE SEAT US0221 .39 , UA 185 C11 1 5D � e XT18. 70 EXIT 4M ` US16 . 61 0 016 7540686310 4 300JIG7:40 qi USD256 . 70 -- FEB 26 Y-CABIN j� . , 016 7540686310 CPJ Driver# Cab f Fare from: �^ To: a� --- — --- . Date_ ------- — ', Tip: Total i . -. .-.-------- PRINT Client's Name _ I March 23, 2004 Copy 15262 Pay Two Hundred and 001100 Dollars $200.00 To Gail Whitney 6 Mount Vernon Street Salem MA 01970 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount Petty Cash 3/23/04 0005406 200.00 200.00 caiwhiney 3 9 Totals 200.00 200.00 River Wharf Realty Trust February 27, 2004 Loan Closing Loan Amount: $135,925 Remaining Invoice Number Date Description Amount Balance 2/27/04 Closing Costs $ 925.00 $ 135,000.00 1 2/27/04 Working Capital $ 23,350.53 $ 111,649.47 2 3/11/04 Working Capital $ 60,585.30 $ 51,064.17 i Check Received By: Signature: �a i Date: l NVQIGE DATE;,INVOICE NUMBER&!'+- 1NUOICE DESC;RIPTION,thgj 03/05/04 3977 ed loan 60,585.30 171739 A P z Z O w U Q U N Q 0 K Z '.';,V,ENCOR NO._ „ •" ,, " "' °"`"°VENDOR,NQME.R'i'', ,I,` ,�„,:, }q;. �' +,CHECK NO 1,�CHECK DATE„,,ks w:�.CF,dECI(AMOUNT_tx” ~ w 6011 BIOENGINEERING GROUP INC THE 94612 03/11/2004 $60,585.30 U 7 II I 2111PI.W1IlI ' I p 0 CITY OF SALEM BosTNS MNK- CHECK 03/11/2004 CHECK 84612 SALEM,MASSACHUSETTS s.�Un DATE NUMBER - f VENDOR ACCOUNT -21 - - - ECKAMOU NTilt $60,585.30 .... THE SUM OF 60,585 DOLLARS AND 30 CENTS < r. PAY TO THE BIOENGINEERING GROUP INC THE - =_ ORDER OF C/O WENDI GOLDSMITH 18 COMMERCIAL STREET. - _ SALEM - MA 01970 L.` C ITV TREASURER x a III 9461211' 1: 211070175r: 110414101611' 'See Reverse Side For Easy Opening Instructions` CITY OF SALEM 3 i� 120 WASHWGTON STREET SALEM, MASSACHUSETTS 01970 BIOENGINEERING GROUP INC THE C/O WENDI GOLDSMITH 18 COMMERCIAL STREET SALEM MA 01970 � — Wednesday, March 03, 2004 A/P Payment Processing Posting Log 4 Period: 0312004 Posting Seq: 3 Posting Date: 313/04 3:10:53 PM Posted by: � gait whilney 4:34:50 PM The Bloenglneering Group Inc. Check Date Payee Task Account Amount Description Number Project Bank 3 - Danvers Checking 0015206 313/04 Robert Burnett 213.00 1,300.00 Voucher 0004584 Line 1 Check total 1,300.00 0015207 3/3104 ACT Cleaning Services 210.00 650.00 Voucher 0005097 Line 1 210.00 350.00 Voucher 0005097 Line 2 Check total 1.000.00 0015208 313/04 American Inst.of Professional Geologists 210.00 130.00 Voucher 0005060 Line 1 Check total 130.00 (� � 0015209 3/3/04 AMEC Earth 8 Environmental,Inc. 211,00 215.00 �\ Voucher 0005062 Line 21100 2.26 \cam V - Voucher 0005112 Line 1 Check total 217.26 0015210 3/3104 American Society of Agronomy 210.00 248.00 Voucher 0005063 Line 1 Check total 248.00 �o `4 nt` 0015211 .3/3104 AT&T Wireless Services 210.00 318.18 Voucher 0005197 Line 1 210.00 4.72 Voucher 0005197 Line 2Check total 323.9D 0015212 3/3/04 AT&T Wireless Services - 210.00 82.19 v` Voucher 0005285 Line 1 210.00 157.47 Voucher 0005285 Line 2 Check total 239.66 0015213 3/3/04 The Boston Globe 210.00 504.00 _II Voucher 0005065 Line 1 Check total 504.00 ,7 01(gait whiney)-Page 1 I ' March 3, 2004-4:34 PM j AIP Payment Processing Posting Log I . J Check Date PayeeTask Account Amount I Number Description Project _ 0015214 - 3/3/04 Verizon 210.00 599.91 Voucher 0005286 Line 1 Check total 599.91 0015215 313/04 Keyspan Energy Delivery 213.00 776.32 Voucher 0005228 Line 1 213.00 363.41 Voucher 0005229 Line 1 Check total 1,139.73 0015216 313/04 CCI Reprographics 210.00 110.57 Voucher 0005098 Line 1 210.00 483.00 Voucher 0005099 Line 1 - Check total 593.57 0015217 3/3/04 The CIT Group 210.00 330.00 Voucher 0005201 Line 1 210.00 15.40 Voucher 0005201 Line 2 210.00 49.50 Voucher 0005201 Line 3 210.00 34.54 Voucher 0005201 Line 4 210.00 330.00 Voucher 0005202 Line 1 210.00 15.40 Voucher 0005202 Line 2 210.00 49.50 Voucher 0005202 Line 210.00 34.54 Voucher 0005202 Line 4 Check total 858.88 0015218 3/3/04 Comfort Air-Conditioning&Heating,Inc 21100 2,000-00 Voucher 0005335 Line 1 213.00 2,000M Voucher 0005336 Line 1 Check total 4,000.00 0015219 3/3/04 Conversenl Communications 213.00 450.00 Voucher 0005161 Line 1 Check total 450.00 0015220 3/3/04 CPESC 210.00 75.00 Voucher 0005123 Line 1 Check total 75.00 0015221 3/3/04 Creativelnk 210.00 600.00 Voucher 0004704 Line 1 Check total 600.00 0015222 3/3/04 Digital Data Services 211.00 C -fC165.25 Voucher 0004998 Line 1 c ne Gr V/-) ? � C'C_(-ea" vTOa(Mail whilney)-Page 2 � I March 3, 2004-4:34 PM _ A/P Payment Processing Posting Log Check Date Payee Amount ll Number Description Project Task Account Check total 165.25 0015223 3/3/04 DSL.nel 210.00 211.77 Voucher 0005207 Line 1 -90.86 Voucher 0005296 Line 1 Check Check total 120.91 0015224 3/3/04 Franchise Tax Board 210.00 78.33 Voucher 0005288,Line 1 Check Check total 78.33 0015225 313/04 Patrick&Naomi Gray - .00 1,500.00 Voucher 0005363 Line 1 21 ' Check total 1,500.00 0015226 3/3/04 Stanley Charmoy,Trustee of GW Trust 150.00 Voucher 0005093 Line 1 213.00 Check total 150.00 0015227 3/3/04 Harleysville Worcester Insurance Company .00 376.76 Voucher 0005327 Line 1 21 Check total 376.76 0015228 3/3/04 Deltek Systems,Inc. 210.00 664.23 Voucher 0005208 Line 1 Check Check total 664.23 0015229 3/3/04 Manulife Financial 213.00 152.00 Voucher 0005259 Line 1 Check Check total 152.00 0015230 3/3/04 Massachusetts Electric 60.53 Voucher 0005210 Line 1 210.00 Voucher 0005238 Line 1 213.00 753.93 Check total 814.46 0015231 3/3/04 Mellen Benefit Advisors Voucher 0005165 Line 1 21300 212.50 Check total 212.50 0015232 3/3/04 One Stop Business Centers Voucher 0005166 Line 1 Check 178.46 Check local 178.46 0015233 3/3/04 O'Toole&Company Voucher 0004543 Line 210.00 1,500.00 Check total 1,500.00 v7.0a(pail whitoey)-Page 3 4 March 3, 2004 -4:34 PM Alp payment Processing Posting Log Check Dale PayeeTask Account Amount Number Project Description 0015234 3/3/04 Photographics, Inc. 210.00 368.68 Voucher 0005212 Line 1 211-00 16.36 Voucher 0005289 Line 1 Check total 385.04 0015235 3/3/04 Qwest 213.00 -716.13 Voucher 0005079 Line 1 213.00 274'51 Voucher 0005167,Line 1 21100 282.62 Voucher 0005241 Line 1 213.00 323.42 Voucher 0005354 Line 1 Check total 164.42 0015236 313/04 SBC 213.00 87.18 Voucher 0005297 Line 1 Check total 87.18 0015237 3/3104 Service Point 210.00 2,853.52 Voucher 0005268 Line 1 Check total 2,853.52 0015238 313/04 Staples Credit Plan 213.00 782.23 Voucher 0004974 Line 1 21100 76'11 Voucher 0004974 Line 2 Check total 858.34 0015239 3/3/04 Topaz Engineering SupPly,Inc. 210.00 566.90 Voucher 0005218 Line 1 Check total 566.90 0015240 3/3/04 UPS#62 - 210.00 16.10 Voucher 0005293 Line 1 210.00 18.69 Voucher 0005293 Line 2 210.00 2022 Voucher 0005293 Line 3 210.00 1821 Voucher 0005293 Line 4 210.00 13.32 Voucher 0005293 Line 5 - 210.00 30.10 Voucher 0005293 Line 6 210.00 - 27.75 Voucher 0005293 Line 7 210.00 30.10 Voucher 0005293 Line 8 210.00 25.15 Voucher 0005293 Line 9 213.00 77.02 Voucher 0005332 Line 1 213.00 17.06 Voucher 0005332 Line 2 213.00 20.32 Voucher 0005332 Line 3v7.0a(gall whitney)-Page 4 March 3, 2004-4:34 PM A/P Payment Processing Posting Log Check Date PayeeAmount Number Protect Task Account Description 213.00 22.68 Voucher 0005332 Line 4 213.00 34.65 Voucher 0005332 Line 5 213.00 130.60 Voucher 0005332 Line 6 213.00 10.15 Voucher 0005332 Line 7 Check total 514.12 0015241 3/3/04 Wolfe Mason Associates 210.00 500.00 Voucher 0005366 Line 1 Check total 500.00 0015242 313/04 WTS National 210.00 155.00 Voucher 0005088 Line 1 Check total 155.00 Danvers Checking total 24,277.33 Final total 24,277.33 Debits Credits General Ledger Posting Summary 24.277.33 101.20 Danvers Checking 14.011-98 90.86 210.00 ACCIs Payable-Trade398.87 211.00 Accts Payable-Consultant 10,673.47 716.13 213.00 Accts.Payable Priority 25,084.32 25,084.32 Totals Posting Seg: 3 Posting Date: 313/04 3:10:53 PM v7.ea(gait whitney)-Page 5 '4 tf�• March 3, 2004 copy 15206 FpayOnesand Three Hundred and 00/100 Dollars $1,300.00 " Robert Burnett To 62 Maple Street Wenham MA 01984 Invoice Number I Date Voucher Amount I Discounts Previous Pay Net Amount 1,300.00 July,Aug,Sep12003 I 6/15/03 0004584 1,300.00 — i 1,300.00 Room surren Totals 1,300.00 I I I I ROBERT N . BURNETT SEP 17 203 j 62 MAPLE STREET WENHAMI , MA. 01984 September 15 , 2003 The Bioengineering Group , Inc . 18 Commercial Street Salem, 'MP . 0197Q Per Lease Agreement - Quarterly Rent Due As agreed for Per Lease Agreement - Quarterly Rent Due As agreed for October - November - December $1 , 300 . 00 Lease amount unpaid for second and third 2 ,600 . 00w quarters of 2003 Bal due $3 , 900 . 00 ��..DO A 1• March 3, 2004 Copy 15207 Pay One Thousand and 00/100 Dollars $1,000.00 To ACT Cleaning Services 37 Central Street Beverly MA 01915 i Invoice Number Date i Voucher Amount Discounts Previous Pay Net Amount 11/30/03 11/30/03 0005097 1,000.00 1 1,000.00 ACT Cleaning Services Totals 1,000.00I �I' 11000.00 3 2 I r STATEMENT ACT CLEANING SERVICES 37 CENTRAL ST. BEVERLY,MA ACCOUNT NUMBER 01915 28 (978)921-0286 (978)372-5657 DATE TO: BIOENGINEERING CO DECEMBER 31 2003 18 COMMERCIAL ST PAGE SALEM,MA PERIOD ENDING 12/03 TERMS: DATE DESCRIPTIONIINVOICE NO. CHARGES CREDITS BALANCE 9-11/03 BALANCE FORWARDED $2, 300.00 12/6 JANITORIAL SVC $150.00 $150.00 12/13 $150.00 $150.00 12/20 $150.00 $150.00 12/27 $150.00 $150.00 PAY AMOUNT SHOWN IN THIS BOX $2, 900-001 THANK YOU! F 71, . March 3, 2004 Copy 15208 Pay One Hundred Thirty and 00/100 Dollars $130.00 American Inst.of Professional Geologists To 8703 Yates Drive Suite 200 Westminster CO 80031-3681 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 30.00 15672 11/10/03 j 0005060 130.00 _ an .n Inst.of Professional Ge130.00 Totals 130.00 3 3 AIPG 2004 MEMBERSHIP DUES INVOICE �+ American Institute of Professional Geologists, 8703 Yates Drive, Suite 200, Westminster, CC 80031-3681 (303) 412-6205 Fax (303) 253-9220 aipg@aipg.org www.aipg.org The following is a printout of your personal data.Please fill in all blanks invoice Date: 11/10/2003 and make any corrections.This information will appear in the 2004 DUES (National & Section) S $130.00 Membership Directory and the AIPG web site unless you change it! DIRECTORY(The 2004 Directory will be printed and Website login: WGOLDSMITH mailed only to members who purchase it.The Directory Website password: 15672 is available online and free to all members.) $ 15.00 INSIGNIA (order form on back) S Primary Address Wendi Goldsmith, CPG-10455 PUBLICATIONS(order form on back) S The Bioengineering Group, Inc. VOLUNTARY CONTRIBUTIONS: 18 Commerical St. AIPG (for capital purchases, upgrades, etc.) S 5.00 Salem, MA 01970 AIPG Scholarship Program S 5.00 AIPG Foundation S LATE FEE($20) after February 15, 2004 S Secondary Address TOTAL(PAY IN U.S.FUNDS) $ In accordance with Article 8, Section 8.2.1, of the Bylaws, Annual membership dues are due and payable January 1.2004.Those Members whose dues are not paid by February 15,2004,will be suspended. Contact information METHOD OF PAYMENT ❑ Check-drawn in U.S.Dollars on a bank located in the Work Phone: (978)740-0096 United States or Canada. Home Phone: (508)741-4254 ❑ International Postal Money Order. Fax: (978)740-0097 ❑ VISA ❑Mastercard ❑ American Express E-Mail: Credit cards processed in U.S.dollar amounts only. Web Site: www.bioengineering.com Expiration Date Fmolovment Information:Refer to the 2003 Directory(page 18)or the AIPG ________________ National Web site for Geologic Specialty Fields of Practice.Employment Codes: A-Amdemia/Aesearch,C-Corporation,CN-Consultant,F-Federal,R-Retired, S-State/Local Government,BE-Self Employed,ST-Student,O-Other Print name of camholder REWIRED-Credit Card Billing Address(street,city,state,and zip): ❑ PrevilentiOmer or ❑ Employee Employer. The Bioengineering Group,Inc. Employer Code: CN Primary Specialty: Geomorph Secondary Specialty: . SOIISCI Signature of cardholder Tertiary Specialty: LandReo FAX and e-mail payments:If you wish to pay your dues by credit card,please I am RegisteredfUcensed/Certified as a geologist by the following states,provinces, consider faxing or e-mailing your dues statement to AIPG.There is a blank dues or countries: form on the AIPG website located in the members only portion of the site. EIN 584-0532962 A member may be designated "Retired"upon request at the age of 60, provided that the member is no longer actively engaged in the practice of I am a member of the following associations: AAPG,AEG,AGU,AWG,GSA,MSA, geology for financial gain. If Retired status is elected the dues amount is NAT,NGWA,SECG,SEPM,SExG.SME.SPE,SIPES,OTHER 540.00.Retired members listings do not include office phone, employer, or geologic specialty codes. THIS IS YOUR OFFICIAL MEMBERSHIP CARD. 15672 PLEASE CUT OUT AND KEEP FOR YOUR RECORDS. All CPGs and Registered Members please mad and sign. I have not had a certification, license, or similar qualification suspended or terminated tot ethical or disciplinary reasons during the year nor has there been a resignation from such designation in settlement of proposed grievance or American Institute of Professional Geologists disciplinary,proceedings.and that any changes in certification,licensure,or similar8703 Yates Drive. 20 CO 80031-3681 qualffical 003•- qualfication have been reported to AIPG Headquarters during the year. •• . •• Signature Contributions or gifts to American Institute of Professional Geologists are not tax deductible as chantable contributions.A portion of dues payment may be deductible CERTIFIED PROFESSIONAL GEOLOGIST by Members as an ordinary andnecessary business expense for Federal income tax purposes:.however, they are not deductible as charitable contributions for Federal Wendi Goldsmith, CPG-10455 Income tax purposes.The Institute estimates that 5%of dues paid for 2004 will not be Valid through 12/31/2004 deductible under Code Section 162(e)(Lobbying I. Presitlent AIPG 2004 The AIPG Foundation e a ble as organization. Voluntions for donations to me Foundation may be tax deductible as charitable contributions for Federal income tax AIPG 41st Annual Meeting-Saratoga Springs.New York OCT08FR 2 6,2004 purposes. �l v March 3, 2004 Copy 15209 Pay Two Hundred Seventeen and 26/100 Dollars $217.26 To AMEC Earth & Environmental, Inc. P.O. Box 24445 Seattle WA 98124-0445 Invoice NumberDate Voucher Amount Discounts Previous Pay Net Amount 641462 10/15/03 1 0005062 ISI 215.00 215.00 37525 12/5/03 0005112 2.26 2.26 AMEO Earth&Envrcnm nlal.Inc 3 d Totals 217.26 I 217.26 �✓ amen."' r INVOICE REMIT TO: QCT 1 2D�3 AMEC Earth& Environmental, Inc. P.O.Box 24445 Seattle, Washington 98124-0445 PAGE: 1 INVOICE NO. 641462 INVOICE DATE: 10/15/03 BIOENGINEERING GROUP INC CONTRACT NO. : T&C 1/16/03 ATTN: MR LEO ROY PROJECT NO. 3-752-50000 18 COMMERCIAL STREET SALEM, MA 01970 PROJECT TITLE: BIOENGINEERING/YELLOWBANK/NEPA FOR SERVICES PROCESSED THROUGH 09/27/03 . CONTRACT VALUE $ 3, 000 . 00 PERCENT COMPLETE 100 . 00°% PROJECT TO DATE BILLINGS 3, 000.00 LESS : PREVIOUS BILLINGS 2, 785 .00 ------------ CURRENT BILLING 215 .00 TOTAL AMOUNT DUE THIS INVOICE $ 215.00 NET DUE IN 30 DAYS -- THANK YOU PAI i Terms: Net thirty (30) days. After thirty (30) days from I Direct all billing inquirie 6// invoice date a late charge of one and one-half percent(1'/2%) Please visit our websi `LU per month,orthe maximum rate allowed by law may be charged. http:11www.amecee.c t y AMEC Earth and Environmental An AMEC Company STATEMENT ONLY POBox 24445 Seattle,WA 98124-0445 Client Code: CU1704 Attention: Accounts Payable 1215103 Bioengineering Group Inc 18 Commercial Street Salem MA 01 97 0 39 17 Client Contact Project Name Invoice No. Invoice Amt Payment Amt Balance Age Project# Project Description Invoice Date Mr Leo Roy s Bioengineering/Yelowban k/N EPA 641462 $215.00 $0.00 e $215.00 51 37 52 50 00 0 Oct 15 03 Total Outstanding .$215.00 Late Charge $2.26 Total Due $217.26 For invoice inquiries, Email Mike at michael.oshea@amec.com or fax him at 1-610-826-5430 With the old "wish"that is ever"new" -Happy Holidays..AMEC E&E Credit/Collection Staff For your convenience, we accept American Express, MasterCard, VISA and Checks by Phone; to make payment using one of these methods, please contact the above. Thank you for your business. Visit our web site at WWW.AMEC.COM March 3, 2004 Copy 15210 Pay Two Hundred Forty Eight and 00/100 Dollars $248.00 To American Society of Agronomy ASA Headquarters Office Attn: Office of the Registry 677 South Segoe Road Madison WI 53711-1086 Invoice Number Date Voucher ! Amount Discounts Previous Pay Net Amount 89274 122599 11/3/03 0005063 1 248.00 248.00 !I Am nen Solely of A9ronorry Totals 248.00 li 248.00 3 5 i r� RENEWAL FOR 2004 AMERICAN SOCIETY OF AGRONOMY CROP SCIENCE SOCIETY OF AMERICA SOIL SCIENCE SOCIETY OF AMERICA 677 S. Segoe Rd. Madison, WI 63711 Fax (608) 273-2021 ASA • CSSA • SSSA Member Services Department (608) 273-8080 Wendi L. Goldsmith Membership #: 89274 The Bioengineering Group 18 Commercial St. Certification#: 22599 Salem MA 01970 w-,oldsmith@bioengiiieering.com Current e-mail address above- Please update if needed Total Due: 248.00 Use the WEB -It is faster and easier! mwty.sire.asa-cssa-sssa.ore/asawebp/mbrr001.ggm Section A: Membership Membership Fee: 73.00 ASA: Certification Member CSSA: i SSSA: Division of Interest 1st Choice S11 2nd Choice S06 3rd Choice S05 4th Choice A02 For Membership Information go to: wtufv,asa-cssa-sssa.ore/membership Section B: Certification Certified Professional Soil Scientist 40.00 I If certified, do you want to be listed in the directory? Yes ❑ No ❑ For Certification Information go to: mov.aeronomv.or¢/certifrcarion ** Continued on other side ** ` 89274 Section C: Publications Agronomy Journal: Hardcopy 50.00 Journal of Environment Quality Hardcopy 50.00 Journal of Natural Resources and Life Science Education: 35.00 Electronic with Year-End Hardcopy Volume For Publication Information go to: t,nvw.scirournals.org Section D: Agronomic Science Foundation I wish to make a donation to support the profession. Please direct my gift to the area of greater need within: ❑ ASF Priority Fund ❑ ASA Priority Fund (Please choose ❑ CSSA Priority Fund only one.) ❑ SSSA Priority Fund ❑ 18th Wrld Congress of Soil Sci Phil 2006 $ m Section E: Payment Information Total due if paid before March 1, 2004 248.00 Total due if paid after March 1,2004 273.00 Adjustments m Grand Total $ Payment Method ❑ Check or Money Order Enclosed ❑ Visa ❑ Mastercard ❑ Discover Payment must be made in U.S.funds, drawn from a U.S. bank. Make check payable to ASA, and/or CSSA, and/or SSSA. There will be an additional$2.00 charge for all credit cards processed. Credit Card Number Expiration Date m Signature l March 3, 2004 Copy 15211 Pay Three Hund7Twentyee and 90/100 Dollars $323.90 AT&T Wireless Services To PO Box 8220 Aurora IL 60572-8220 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount — 600170468 12/10-1/9 1/11/04 0005197 323.90 323.90_ AT&T wireless services Totals 323.90 I 323.90 3 6 f'/ .AT&T Wireless Questions? • www.attwireless.com .,� 1-800-888-7600 611 from your wireless phone • BIOENGINEERING GROUP INC TTY users-1-866-4-AWS-T7Y GINA ALTRI 18 COMMERCIAL ST SALEM MA 01970-3917 Date of Invoice: 01/11/04 SUMMARY OF MONTHLY CHARGES FOR ACCOUNT 600170468 Wireless Number Multi-Line Account Previous Payments Late Payment Balance Current Monthly y En rwq rd 710.53 365.92CR 4.72 30.00CR 319.33 343.69 Your billing cycle began on 12/10 and ended on 01 (09. Total Current Monthly Charges 663.02 Current Monthly Charges are summarized on the following pages, including a subtotal of charges for each telephone number. Billing detail for each telephone number follows this information . Total Current Monthly Charges DUE UPON RECEIPT 343.69 TOTAL AMOUNT DUE 663.02 dAN 16 2004 P r AT&T WIRELESS APPRECIATES YOUR BUSINESS No Print on Front and Back. i March 3, 2004 Copy 15212 Pay Two Hundred Thirty Nine and 66/100 Dollars 8239.66 To AT&T Wireless Services PO Box 8220 Aurora IL 60572-8220 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 35069114 Jan 1/29/04 0005285 239.66 239.66 AT&T Wireless Services Totals 239.66 — 23-.66 3 Questions or Changes? atlwireless.com ♦ Toll Free 1 866 293-4634 =AT&T Wireless • 611 from your wireless phone ♦ TTY users-1 866 4-AWS-TTY BIOENGINEERING GROUP INCWENDI 1� 18 COMMEERCIIALITH ST FFD 0 4 2004 SALEM MA 01970-3917 Date of Invoice: January 29,2004 SUMMARY OF MONTHLY CHARGES FOR ACCOUNT 0035069114 Previous Payments Account Balance Current Monthly Total Balance Received Adjustments Forward Charges Amount Due 245.67 -163.78 157.47 239.36 82.19 321.55 Your billing cycle ended on January 28,2004 Current Monthly Charges Subscriber Adjustments 0.00 Monthly Service 111.59 Monthly Usage 0.00 Charges 0.00 Credits -29.85 Taxes, Surcharges&Regulatory Fees 0.45 Total Current Monthly Charges DUE UPON RECEIPT 82'19 TOTAL AMOUNT DUE 321.55 IF YOU HAVECAI SERVICE RECENTLY, YOU MAY HAVE SPENTA LONG'TIME:ON HOLD. THIS PROBLEM HAS BEEN CAUSED BY AN EXTREMELY HIGH VOLUME OF CALLS, BUT THAT 'IS NO EXCUSE THIS SITUATION IS AS UNACCEPTABLE.TO US AS IT IS TO YOU. WE APPRECIATE.YOUR CONTINUED PATIENCE AND SUPPORT- REST ASSURED THAT WE ARE.WORKING AS HARD AS WE CAN TO REDUCE HOLD TIMES WHEN YOU CALL CUSTOMER SERVICE. YOU CAN EXPECT TO SEE PROGRESS DAILY. Note: => We Print on Front and Back AT&T WIRELESS APPRECIATES YOUR BUSINESS i March 3, 2004 Copy 15213 Pay Five Hundred Four and 00/100 Dollars 8504.00 The Boston Globe To P.O. Box 2378 Boston MA 02107-2378 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 3361894 11/1/03 0005065 1,004.00 500.00 504.00 The Boson Globe Totals 1,004.00 500.00 504.00 3 8 i PLEASE DETACH AND RETURN UPPER PORTION WITH YOUR REMITTANCE OESCRIPTON—OTHERCOMMEWVCHARGES �6 LU slh n�E�z aux tg GROS]AMOUM M NET AMOUM t0 OAlE tt NCNSPnPEA 0.EFERENCE t3 1] 1A 91LLEO I•IL) R /^ Prior Balance 1,004. 00 3E** Payments *** 01/31 CHECK 3 500. 00- 500 .00 *Net Overdue Balance 504 . 00 YOUR A .CUNT HAS A BALANCE OVER 90 DAYS OLD. IT HAS NOT BE SENT TO OUR COLLECTION AGENT BECAUSE YOU AVE M E ARRANGEMENTS TO PAY THIS DEBT, OR YOU AVE A . ISED US OF A EISFUTE. NEW ADVERTISING WILL NLY B PUBLISHED BASED ON PREVIOUS ARRANGEMENT. If y have any que tions or concerns about this invoice, Please conta us immediately. For ' lling questio including rates and contracts, call 617-929-268 1 17 29-2681 For redit/collecti n questions, call 1-800-658-3768. Visi our Web site t www.bostonglobe.com/services. FEB 0 6 2004 STATEMENT OF-ACCOUNT AGING OF PAST DUE AMOUNTS ,SI CW@IiHE'FAEEppR pE T1 ApAy WOAY9 OVER 900PY] 'UNAPPLIED AMOUNT 33TOTAL AMOUM OUE 0.00 0.00 0 .00 504.00 0.00 504.00 SCh e sto n (blob e A MASSACHUSETTS CORPORATION �o "UNAPPLIED AMOUNTS ARE INCLUDED IN TOTAL AMOUNT DUE AOVERTISERINFORMATION t BLLLING PER100 6 SM1LEO ACCOUNt N1:MEER ) POVERTI6ERICLIEM NUMBER 2 AOVEflTI6ER)CLIENt NAME 01/01/04 - 01/31/04 3361894 'w March 3, 2004 Copy 15214 FPay Five Hundred Ninety Nine and 91/100 Dollars $599.91 Verizon To P.O. Box 15150 Worcester MA 01615-0150 Invoice Number Date Voucher Amount Discounts Previous Pay — Net Amount - 9840071-Jan 1/25/04 0005286 599.91 vmm, Totals 599.91 599.91 - ] 9 e.. I Billing Date: 01/25/04 Page 1 of 7 \/ Telephone Number:978 740 0096 veriZon Account: 978 740 0096 984 007 1 Make progress every day How to Reach Us:See page 2 .�, BIOENGINEERING GROUP INC FEB 0 5 1004 18 COMMERCIAL ST SALEM MA 01970-3917 Account Summary Previous Charges $1,513.02 Manage Your Verizon Account Online! Payments and Adjustments -1,397.32 View&pay bills,request repairs,place orders. Past Due Charges $115.70 It's quick and easy: Go to verizorl New Charges Click"Sign in"under"Manage My Account". Late Payment Charge 1.17 Verizon(page 3) $489.96 Verizon Online(page 7) 59.95 To enroll in the Verizon Direct Payment Other Providers(page 5) 8.83 Option please read and sign the agreement on Total New Charges Due February 28 $559.91 the reverse side of the payment form below. A prior month's balance is overdue.a late payment charge has been assessed. Total Due(Past Due+New) $675.61 These monthly charges are for your service from December 26 to January 25. Mail payments to: Verizon, PO Box 1, Worcester MA 01654-0001 Change of address? Go to verizon.com/billingaddress or see page 2. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Y2elach8 return_paYmen,sllpwihyourcheSk,payableto Venzon_ _ _ March 3, 2004 Copy 15215 Pay One Thousand One Hundred Thirty Nine and 73/1100 Dollars $1,139.73 Keyspan Energy Delivery To PO Box 4300 Woburn MA 01888-4300 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 42956-20470 Jan 1/19/04 0005228 776.32 776.32 42928-15492-Jan 1/21/04 0005229 363.41 363.41___ Key, Energy Delivery Totals 1,139.73 1,139.73 i rc r r .� "' I I THE BIOENGINEERING GROUP 42928-15492 I Feb 18 '04 Jan 21 '04 10 ORNE SO trate R-3 For Customer Assistance 0 970M'MA Res. Heating Please call (800) 231-5325 CURRENT BILL ITEMIZED SUMMARY OF CHARGES Total Current Charges $363.41 In 33 days you used 285 therms: Amount Due Last Bill 448.62 Jan 20 2004 reading ACTUAL 0009 Your Total Payments Since Dec 1812003 reading ACTUAL 9737 Last Bill. Thank You! CCF Used for METER# 0ON625996 ai;R please Pay Upon Receipt $600.62 Thermal FactorX1.046 GAS USE HISTORY Total therms used Days Therms Days rhsrms Your Cost Is determined as follows: Jan 04 33 Act 285 Jun 03 30 Act 3E Dec 03 30 Act 189 May 03 32 Act 7E Minimum Char e $13.28 Nav 03 29 Act 130 Apr 03 29 Act 13e. $.4024 per day gfor 33 days Oct 03 32 Act 3s Mar 03 28 Act 233 First 165.0 therms @ $.3686 60.82 sap o3 3a Act 17 Feb 03 29 Act 327 Next 1' therms @ $.1974 23.69 Aug 03 32 Act 22 Jan 03 34 Act 33s Distribution Adjustment: Jul 03 30 Act 23 Dec 02 30 Act 255 285 therms x 0.02320 per therm 6 .61 1 JAN 2 6 2004 GAS DELIVERY CHARGE $104.40 GAS SUPPLY CHARGE @ $.90880 /therm 259.01 TOTAL CURRENT CHARGES $363.41 IMPORTANT MESSAGES Your unique online Access Code Is: 406086C We're online, anytime! View and pay your bill, check your balance, submit meter readings. Thergy code abovrovides free com, click epMy Account- thenstI'm aant cNew User. cess. Go t www.keyspanenergy. For gas consumption from November 1, 2003 to April 30, 2004, winter x h�' as rates will be In effect. The Gas Supply Charge has increased from Ig Increase Is due to higher projectedtherm to gas cam Page per therm. The V _ Page 1 of 1 �15Plry TO REPORT A GAS ODOR CALL THE CUSTOMER ASSISTANCE NUMBER ABOVE Esegy O&JEry www.keyspanenergy.com SEE REVERSE FOR AOOMONAL CUSTOMER INFORMATION J Service To F"uuuuwuuu •. . THE BIOENGINERING GROUP I^ y42956-20470 I Feb 18 '04 I Jan 21 '04 18 COMMERCIAL ST Rate G-41 For Customer Assistance 01970M,MA Commercial Hea Please call (800) 231-5325 CURRENT BILL ITEMIZED SUMMARY OF CHARGES In 33 days you used 562 therm Z 9 N'y f I Total Current Charges $776.32 Amount Due Last Bill 441.98 Jan 20 2004 reading ACTUAL 1053 Late Pmt Cho 4.31 Dec 18 2003 reading ACTUAL 0516 Deposit Applied - 90009018276 CCF Used for METER# 060029870 7 01/02/it Interest -10.94 01/02/2004 Thermal Factor --SIT6� Total therms used Please Pay Upon Receipt $1,211.67 Your Cost Is determined as follows: If payment received after 02/15/2004 a late payment charge of$12.12 Minimum Charge $27.58 (1.00% of outstanding charges) may be added. $.8357 per day for 33 days First 562.0 therms @ $.3402 191.19 GAS UpSE HIS TORYS Days Therms Distribution Adjustment: 562 therms x 0.01740 per therm 9.78 Jan r 03 30 Est 257 Dec 03 30 Act 332 M3 Act 562 ar 03 26 Est 332 GAS DELIVERY CHARGE $228.55 Noy 03 28 Act 148 Feb 03 31 Est 42E Oct 03 32 Act 45 .tan 03 32 Est 464 GAS SUPPLY CHARGE Sap 03 30 Act 10 Dec 02 32 Est 319 P $.90890 /therm 510.80 Aug 03 15 Act 3 Nov 02 29 Est 211 0000 % Sales Tax 36.97 Aug 03 104 Act 134 Oct 02 29 Est 11E TOTAL CURRENT CHARGES $776.32 IMPORTANT MESSAGES Your unique online Access Code Is: 761929C We're online, anytime! View and pay your bill, check your balance, submit meter readings. The code above provides free, instant access. Go to www.keyspanenergy.com, click "My Account" then-'I'm a New User." For gas consumption from November 1, 2003 to April 30, 2004, winter gas rates will be in effect. The Gas Supply Charge has increased from last month's charge of$0.8347 per therm to $0.9389 per therm. The increase is due to higher projected gas commodity costs. Page 1 of 1 1<SP��LV TO REPORT A GAS ODOR CALL THE CUSTOMER ASSISTANCE NUMBER ABOVE FwgY De"N www.keyspanenergy.com SEE REVERSE FOR AOOITIONAL CUSTOMER INFORMATION i r . March 3, 2004 Copy 15216 Pay Five Hundred Ninety Three and 57/100 Dollars �/ $593.57 CCI Reprographics To 110 Cabot Street Beverly MA 01915 Invoice Number Date Voucher Amount Discounts Previous Pay—— Net Amount 52790 11/29/03 0005098 110.57 1 110. 0 52791 11/29/03 0005099 483.00 483.000 ' cci aeaosrac"'a Totals 593.57 593.57 3 11 --- Invoice ,f CCI Reprographics, Inc. Invoice Number: '110 Cabot Street 52791 Beverly, MA 01915 USA Invoice Date: Nov 29, 2003 Voice: (978) 922-3773 Page: Fax'. (978) 922-2570 1 Sold To: Ship to: Bioengineering Group 18 Commercial Street Salem, MA 01970 Customer ID Customer PO Payment Terms 1160 90002.01 Net 30 Days Sales Rep ID Shippinq Method Ship Date Due Date Cust. Pickup/Courier 12/29/03 Quantity Item Description Unit Price Extension ORDER SLIP 11/18/03 1.00100DAITO Large Format Copies 460.00 460.00 Subtotal 460.00 Sales Tax 23.00 Freight Total Invoice Amount 483.00 TOTAL 483.00 PLEASE RETURN A COPY OF THIS INVOICE WITH YOUR PAYMENT Invoice CCI Reprographics, Inc. - Invoice Number: 110 Cabot Street 52790 Beverly, MA 01915 USA Invoice Date: Nov 29, 2003 Voice: (978) 922-3773 Page: Fax: (978) 922-2570 1 Sold To: Ship to: Bioengineering Group 18 Commercial Street Salem, MA 01970 Customer ID Customer PO Pavment Terms 1160 KETTLE CREEK Net 30 Days Sales Rep ID Shippinq Method Ship Date Due Date =l Cust. Pickup/Courier 12/29/03 Quantity Item Description Unit Price Extension ORDER SLIP 11/26/03 1.00100DAITO Large Format Copies 105.30 105.30 i Subtotal 105.30 Sales Tax 5.27 Freight Total Invoice Amount 110.57 TOTAL 110.57 PLEASE RETURN A COPY OF THIS INVOICE WITH YOUR PAYMENT R � �r r March 3, 2004 Copy 15217 FPay Eight Hundred Fifty Eight and 88/100 Dollars y $858.88 The CIT Group To PO Box 550599 Jacksionville FL 32255-0599 i Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 429.44 Dec2003 12/5/03 0005201 429.44 i January 004 1/5/04 0005202 429.44 429.44 meCTT(4ovcTotals 858.88 858.88 3 12 'm The CIT Group PAGE 1 5Attn: Customer Service tNV4616 NO P.O. Box 550599 5087001 NYQICE Jacksonville, FloridaFlor/d32255-0599 01/05/2004 CtlSrptHEA NO- g00-0013343-000 View your CLCCOZ6nt online at DUE DATE 01/30/2004 pualitq Digital Solutio s www.QDSontheweb.com w��ma»��o�o,„�.. Contract Number Asset Descri tion Description of charge(s) Amount Due Sates Taz Total Due 900-0013343-000 PREVIOUSLY BILLED SHARP693.88 33.00 PAYMENT DUE 01/30/04 ' LATE CHARGES 12/05/03 ��"-�� 330.00 16.50 34.54 INSURANCE 01/30/04 J� � 15.40 1,123.32 INVOICE TOTAL 1 , 123.32 i For Insurance Inquiries, please call 800-426-9973 iF]'OU NAVE ANV QUEgTfntyc gFG ennTlyn_vnTjP :1VS'OLCE, P',EASE CA::, o 04-0:90 .-e March 3, 2004 Copy 15218 Pay Four Thousand and 00/100 Dollars 54,000.00 To Comfort Air-Conditioning & Heating, Inc 162 West Park Avenue Long Beach NY 11561 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 1 of 12 Payments 1/31/04 0005335 2,000.00 2,000.00 2 of 12 Payments 2/1/04 0005336 2,000.00 2,000.00 ca A CmOiu.ing B H.b6 Totals 4,000.00 4,000.00 —, 3 13 s Salem, Massachusetts 30 January 2004 TERM PROMISSORY NOTE $22,273.32 FOR VALUE RECEIVED, the receipt and sufficiency of which is hereby acknowledged, the undersigned THE BIOENGINEERING GROUP, INC. ("Obligor"), a Massachusetts corporation whose address is 18 Commercial Street, Salem, Massachusetts 01970, unconditionally promises to pay to the order of COMFORT AIR CONDITIONING &HEATING, INC. ("Obligee"), a New York corporation whose address is 162 West Park Avenue, Long Beach, NY, 11561, the principal sum of TWENTY-TWO THOUSAND TWO HUNDRED SEVENTY-THREE DOLLARS AND THIRTY-TWO CENTS ($22,273.32) in monthly installment payments as set forth below. All sums hereunder are payable to Comfort Air Conditioning & Heating, Inc. at 162 West Park Avenue Long Beach,NY, 11561. Obligor may prepay the unpaid principal balance of the Note, in whole or in part, at any time or from time to time without premium or penalty. Wendi Goldsmith shall provide a personal guarantee of the f note. v The remaining principal shall be paid in eve (11) consecutive monthly installments, commencing on the last day of January 2004, in the following intervals and amounts: / _ (1) 31 January 2004.................$2,000.00 J 3I3bq (2) 29 February 2004...............52,000.00 (3) 31 March 2004.................. (4) 30 April 2004................._$2,000.00 (5) 31 May 2004.....................$2,000.00 (6) 30 June 2004.....................$2,000.00 _ (7) 31 July 2004.....................$2,000.00 (8) 31 August 2004..................Sf oun(T ------------- (9) 30 September 2004.............$2,000.00 (10) 31 October 2004................$2;000.00 '(11) 31 November 2004.. ... (12) 31 December 2004.............$273.32 The entire balance of principal shall be fully paid not later than December 31 2004. Upon the occurrence of any event of default (as defined below), all of the indebtedness evidenced hereby and remaining unpaid shall, at the option of the Obligee and without further demand or notice, become immediately due and payable together with costs and attorneys' fees incurred by Obligee in enforcing this Note. Additionally, the Obligee shall notify Wendi Goldsmith of the default to allow an opportunity to cure Page 1 of 3 March 3, 2004 copy 15219 FFourHundredty and 00/100 Dollars 5450.00 munications 6150-1563 Voucher Amount Discounts Previous Pay — Net Amount Invoice Number Date 450.00 2029173-12 12/23103 0005161 450.00 1 Cgnv ,cwm Imuws Totals 450.00 I —450.00 7 14 s riease oetam coupon above ane return wah payment 2M Conversent Communications Visit our website at www.conversent.com Summary of Charges Statement Date 12J23/2003 Balance Information Billing Period - 12/23/2003-01/22/2004 Balance Forward 463.70 Main Account Number 2029173 New Charges 450.00 Main Telephone 000-000 0000 Taxes and Fees 0.00 P.O.Number Other Charges and Credits 0.00 Adjustments 0.00 Total Amount-:Due $9.135701' Questions about your Bill? To speak with a Customer Care Representative, Conversent please call(800)275-2088 Communications page i of 4 . .j March 3, 2004 Copy 15220 FSeventyFive0 Dollars $75.00 Invoice Number I Date Voucher Amount Discounts Previous Pay Net Amount 963 1212103 0005123 75.00 75.00 CPEsc Totals 75.00 I 75.00 15 _— Ci 's 71 �paoFE `off 2004 CPESC RENEWAL NOTICE Z o CPESC, INC. M 796 Old Linville Road CPESC oo Marion, NC 28752 o�svn�ti`'� Phone: 828-756-i484 • Fax: 828-756-7344 wr,Vw.cpesc.Org CPESC : 963 Wendi Goldsmith The Bioengineering Group PDUDate: 1/1/01 18 Commercial Street Salem, MA 01970-3917 CERTIFIED PROFESSIONAL IN EROSION AND SEDIMENT CONTROL ANNUAL RENEWAL FEE CPESC S7500 CPESC(member of sponsoring organization') S50-00 'sponsoring organ ,ions: IECA membership #: or SWCS membership z: NOTE: IECA and SWCS membership will be verified. Must provide membership#to receive discount This is a yearly renewal fee. Failure to submit payment will result in your certification being discontinued per the CPESC,Inc.Bylaws_ Payment due date is: 01/01/04 PAYI ffiNt L-lFOR v AT10N: (Please return this sheet with payment) Payment Amount S .00 Payment Method: 0 Cash E] Check/Money Order 7 Visa MasterCard Make check payable to CPESC, Inc. in US funds Credit Card Ntunbe Expiration Date E= / m Signature of Card Holder Address of Card Holder a f March 3, 2004 Copy 15221 Pay Six Hundred and 00/100 Dollars $600.00 Creativelnk To 167 Boston Street Salem MA 01970 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 5972 5/29103 0004704 9,994.20 7,500.00 - _._600_00___. Creabvelnk Totals 9,994.20 ! 7,500.00 600.00 J 16 10-,:15/2003 TUE 01:55 FA.X • 167 Boston 1970 ■ • , Salem,ma 01970 LIQ Phone 978-741-2244 / fax 978-740-0501 email creativeink®earthlink.net No. .55972 0 Date 5/29/03 I— O Customer P.O. No. J Robert Wilday yBlo-Engineering Group 18 Commercial St Salem, MA 01970 QUANTITY DESCRIPTION AMOUNT 2857AIIewiffeaster Plan Option 3 (121 pages) 9,904.20 Back cover (Bristol) 16 mm Coll Binding Collate Pages, a.5 x 11 28# Hammermlll Color Laser white, copied on 2 sides OR Pages, 8.5 x 11 28# Hammerrnill Color Laser white, copied on 1 side OR Folding Pages, 11 x 17 2B# Hammermill Color Lazer White, copied on 1 side 1,140 Fold Lt Stk Less than10K Cover, 8.5 x 11 28# Hammermill Color Laser white, copied on 1 side SUB 9,994.20 SHIPPING/SPECIAL INSTRUCTIONS File Originals ? Notification: none - TAX Wanted: Sales Rep:BETH Master Plan March 2003 SHIPPING Taken by:.BETH 10,49 3.91 Account Type: COD � Alewife Reservation TOTAL r NET DUE 10,493.91 ❑ Receipt fo=Credit Posted DATE ❑ Cash ❑Check#CSR Initials Amo PLEASE PAY FROM THIS INVOICE - NET 30 DAYS OB RECENED&ACCEPTED BY "I understand that the charge for this job is due and Payable upon completion and interest shall acme on all past due accounts at the rate of 1 1/2 percent Per month. In the event payment is not made and the account is referred to PLEASE PRIM NAME a collection agency or an attorney,I will pay the cast of collection including arlomeys fees and costs incurred.- Remit Payments to: 167 Seel Street,Salem,MG 01970. DATE INVOICE September 4, 2003 Copy 14820 Pay Five Thousand and 001100 Dollars 55,000.00 Creativelnk To 167 Boston Street Salem MA 01970 Invoice Number I Date Voucher Amount Discounts Previous Pay — Net Amount 5972 5129103 0004704 i 9,994.20 5.000.00 !I C dvelnxTotals 9,994.20 5,000.00 a +5 -- ( II October 16, 2003 Copy 14934 FPayOnesand Five Hundred and 00/100 Dollars $1,500.00 nk on Street A 01970 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 5972 5/29/03 0004704 9,994.20 I 5,000.00 1,500.00 Geaoveint Totals 9,994.20 5,000.00 1,500.00 —J J - • DANVERS SAVINGS BANK DANVERS,MA 01923 THE BIOENGINEERING GROUP, INC. 53-7116-2113 18 COMMERCIAL ST. CHECK DATE October 30, 2003 SALEM,MA 01970 PH.(978)740-0096 PAY Five Hundred and 00/100 Dollars AMOUNT $500.00 TO Creativelnk 167 Boston Street Salem MA 01970 •01496 L1' I: 21L371L621: 35 COL. 58Li'' THE BIOENGINEERING GROUP, INC. 14961 Invoice Number Date Voucher Amount i Discounts Previous Pay Net Amount I 5972 1 5/29/03 0004704 9,994.20 6,500.00 500.00 Geaovelnk ToiB15 9.994.20 6.500.00 500.00 December 10, 2003 copy15050 Pay Five Hundred and 00/100 Dollars X500.00 Creativelnk To 167 Boston Street Salem MA 01970 Invoice Number Date voucher Amount Discounts Previous Pay Net Amount 5972 5/29/03 0004704 9,994.20 7,000.00 500.00 Greab.i.k Totals 9,99420 7,000.00 500.00 7 12 r March 3, 2004 Copy 15223 Pay One Hundred Twenty and 91/100 Dollars X120.91 DSL.net To P.O. Box 31785 Hartford CT 06150-1785 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 740725 i 1/1/04 0005207 211.77 1 211.77 759503 1/31/04 0005296 -90.86 _ _ -90.86 os "e Totals 120.91 120.91 i DSL.net, Inc. Account 22327 1 PO Box 31785 Invoice Number 740725 SL {'��/ _ Hartford, CT 06150-1785 Bill Date 12/31/2003 W/ / l Page 1 of 2 Summary of Charges Previous Bill Activity through December 31, 2003 $635.58 Payment Received -Thank You! $-212.04 Balance Forward 2 $423.54 Current Charges For All Services Monthly Charges $199.00 Adjustments and Credits $0.00 Total $199.00 Taxes and Other Surcharges $12.77 Total Amount of Bill $635.31 Thank you for choosing DSL.net as your broadband solutions provider. we appreciate your business. Telecommunications services may be provided by affiliates of DSL.net,and DSL.net,Inc.may act as the billing agent for those affiliates. Please detach and return with your payment .g Fr S. c q`"a•rtrd"*n&.t,,'r ° ,�`n #fie -'.� "�$,�,. Account Number 22327 DSL.net, Inc. Invoice Number 740725 PO Box 31785 Bill Date 12/31/2003 Hartford, CT 06150-1785 Amount Due $635.31 Amount Paid Payment is due upon receipt.A 1.5%per month late payment charge will be applied to any outstanding past due balances. -, Please make checks payable to DSL.net,Inc. ❑ Check here for change of address(see reverse for details) THE BIOENGINEERING GROUP DSL.net, Inc. 18 COMMERCIAL ST PO Box 31785 SALEM,MA 01970-3917 Hartford, CT 06150-1785 III IIall I11111111,1gill,,,,,lj,l,I,,,,gill,,,III I11111Lrl 11 11 000000000000000223271200401300000021177200312310000007407257 CGAC-F-1-2 ' DSL.net, Inc. Account 22327 S�•net Box, CT 0 Invoice Number 759503 Ha Hartford, CT 06150-1785 Bill Date 1/31/2004 Page 2 of 2 Service Details Internet Access Service $-79.60 01/20/2004- 01/31/2004 Crd NG400 -Access $-79.60 Total Taxes & Other Surcharges $-4.33 State Sales Tax 5.000% $-6.93 Federal Universal Service Fund (USF) Surcharge 8.700% $-11.26 Total $-90.86 Grand Total r MAC- -D 3868 rj March 3, 2004 copy 15224 Pay 7SeventyEight /100 Dollars F $78.33 Franchise Tax Board To P.o. Box 942857 Sacramento CA 94257-0501 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 1/28/04 0005288 78.33 ---- "—� 78.33 88221040115 —"-- Fr W,NTas Board Totals 78.33 I 78.33 — 3 9 i/ „ Entity ID: CORN 2412229 Payment Due Daie: 02/13iO4 There is an unpaid liability on the business entity's account.. The table below provides details about the new in olli . We also show the rmation provides nformationnabout interest, pet balance due anrsalt ethe s, fees, aaymentnd yourue dareenclosed Refund/Billing rights as a taxpayer. Additionally, the table on Side 2 of this notice provides a summary of all your taxable years with unpaid balances. 4 0 2 2004 Assessment for Income Year Ending 12/31/02 Amount 77M Prepayment Tax Assessment: 800 .00 Tax Assessment: Penalties/Pees: 45.59 ESTIMATE PENALTY moo m MONTHLY PENALTY 20 '00 UNDERPAYMENT PENALTY 40.00 Interest Due: 18.74 .Total Credits and Payments: 84 0.00 .00 Refunds/Interest Allowed: o UABIUTY BALANCE DUE: $ 78.33 Please see Side 2 of this notice for additional information. FTS 5947 MEO BETS(REV 01-2004)SIDE I March 3, 2004 Copy 15225 OneHundred and 00/100 Dollars Pay S1,500.00 Patrick & Naomi Gray To 140 Mt. Vernon Street Apt.#7 Boston MA 02108 Invoice Number I Date Voucher Amount Discounts Previous Pay Net Amount 3/1/04 0005363 1,500.00 1,500.00 March Rent --"- Paw &Naa Gay Totals 1,500.00 1,500.00 a 20 r r FEB 2 7 2004 INVOICE Patrick and Naomi Gray Date 140 Mount Vernon Street, Apt. 7 Boston_ MA 02108 4 Bill To Bioen=ineering Group 18 Commercial Street I Salem_ MA 01970 Descri tion I -Amount March (04) Rent for 10 Orne Square, Salem 5100.00 I i I I II Please remit to above address. Postmarked by I Total 51500.00 the first of the month. Questions? Please I contact Naomi Gra-,, at 617-227-892. Thank vou. �4 March 3, 2004 Copy 15226 F233Lewis y and 00/100 Dollars S150.00 , Trustee of GW Trust 10 Invoice Number Date Voucher —Amount Discounts — Previous Pay — Net Amount December 2003 12/1/03 0005093 150.00 _ _ 150.00 Slaney chavray.Trustee of GW Totals 150.00 150.00 3 21 .__._-- .__.__ _ i a� GW T ust/Stanley Charmoy .CL ��, / h 1�bnZ C;j 1 % v/ ✓J! ) promissory Note dated March 7, 2000 Amount $30,000.00 Repayment: 1st 5 years Interest only �j,3 4/7i00 S 150.001/ 57/00 S 150.00,/ 66100 $ 150.00/ �� 7/7/00 S 150.00/ 8/7/00 S 150.00-/ 9/7/00 S 150.0V 1017,00 S 150.00/ � z) ,\. (J 11/7/00 s 150.00/ ]�j`/ 12/7100 S 150.00/ 1!7/01 $ 150-001 - 2r/01 S 15000/ 317101 S 150.00/ 417101 S 150.00 517/01 $ 150.00/ 6(7101 $ 150-00/ 7/7/01 $ 150.00/ 8/7101 S 150.00 917/01 5 150.00/ 10x/01 S 150.00/ 1117/01 S 150.00/ 12!7101 $ 150.00/_/ 1/7/02 S 150.00 12lZ(- 217/02 S 150.00 if3° \w�v 3/7102 $ 150.00 v 4/7102 $ 150.00 5/7/02 $ //1'50.00 J Y 6!7/02 S y150.00 lip QJ 7/7/02 $ V 50 00 (! 8/7/02.$ 50.00 J1/h �x fl6Z7 96102 $ 1500 l- �t 1on102 $ 1 111 '" 11n/oz $ _ tso.00 12(7/02 $ 150.00 _ �'- 1/7/03 $ V 150.00 15 . 3/7/03 $ 150 00 417/03 $-V 150.00 5/7/03 150.00 n/0 .00 [7 0 / 9/7/03 150.00 /y)OD >7ni3/�5 ton/03 $ 150 00 11/7/03 $ 150.00,✓�O I' 1 12/7/03 S 150.0)01/tt /5av7!o 117104 S 150.60 2/7/04 $ 150.00 317/04 $ 150.00 4/7104 $ 150.00 5/7/04 $ 150.00 6/7!04 $ 150.00 7(7/04 $ 150.00 817104 $ 150.00 9/7104 S 150.00 10(7/04 $ 150.00 11!7/04 $ 150.00 1217/04 $ 150.00 V7/05 $ 150.00 2!7/05 $ 150.00' 3/7105 $ 150.00 `4 l March 3, 2004 Copy 15227 Pay Three Hundred Seventy Six and 76/100 Dollars $376.76 Harleysville Worcester Insurance Comapny To 355 Maple Avenue Harleysville PA 19438-2297 i Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount 875141 Feb - 2/9/04 0005327 376.76 316.76 - Nenerimtieworoestw tnwmnw Totals 376.76 --_ — ----— 376.76 ] ]2 r Harleysville Worcester Insurance Company Processing Center P REM IUM INVOICE 355 Maple AVEnue Harleysville, PA 19441-0002 Invoice Date: 02/09/04 ti www.rafleysvillegroupcom •k a4 Account/Policy: BO 875141 Harleysville,. Agency Code: 75-5577 Payment Received: 5768.48 Current Balance: $376.76 Minimum Due: $376.76 RIVER WHARF REALTY TRUST THE BIOENGINEERING GROUP INC. Due Date: 02/28/04 18 COMMERCIAL STREET SALEM MA 01970 Minimum due must reach us by the due data For assistancee pleascontact your agent: pate., M K SULLIVAN INS AGCY INC BO 875141 06/04 Business Owners 371.76 371.76 at 978-346-7200 Installment Fee 5.00 5.00 Totals 376.76 376.76 Dear Policyholder: Would you like to know more about Harleysville Insurance? We invite you,to visit our Web-site at www.harlaysvillegroup.com. There You'll find comprehensive, up-to-date information about Harleysville .Insurance organimtion in generel, as wall �" the products.and services we offer " ''individuals.and businesses across the mtionLthrough%our network of regional �. s`..and-independent agents who � 3« �s �g , 5 inaurer �epms Vn CUs..-- - ate: ..xS. #.aE x..° e epi . If you.hmwvuestians. about this, invoice ;- or,anything,relatedto your insurance, ;6 ... :;:oontmetyouurindependent insurance-agent _'-8f,ithm1'&j6ber listed above. Additional. Z.iapertmn£iwmberscan be found on the ,nreverlaivside of this statement. ':`As-mlways.-we appreciate and value your ^ buziness!'Thank You! ��.. Z 1' March 3, 2004 Copy 15228 FeltekSystems, ty Four and 23/100 Dollars 5664.23 , Inc.et02138-1119 Invoice Number Dale Voucher Amount Discounts Previous Pay Net Amount— SO-040300 I 115/04 0005208 664.23 _ 664.23 odto SYsta .Mc. Totals 664.23 664.23 t 1:. Deltek Systems, Inc. *** Remittance Copy*** Please return entire page with payment. THE BIOENGINEERING GROUP 18 COMMERCIAL ST. ATTN: MS.GINA ALTRI SALEM, MA. 01970 Customer!D Invoice 0 SO Ord-r 23439 SO-040300 OSPP-00321 Net Invoice Amount Sales Tax Amount Invoice Amount Total Amount Due 632.60 31.63 664.23 664.23 Please remit to: Deltek Systems Inc. P.O. Box 79888 Baltimore, MD 21279-0888 r , I ..........«.......«..«................««« Page ct 1 I II V 0 1 C E N O: SO 040300 Invoice Date 01/05/2004 -00321 o VE LTE • Due Date: 01/20/2004 OSP. Order To: THE 2i0ENGINEERI NG GPOUP Ship To: THE BIOENGINEERING GROUP ? COMMERCIAL ST. ATTII: MS. GINA. ALTRI SALEM, M-A 01570 N^enc/: USD Contact: `.ORDER. DATE. - SALES REPRESENTATIVE i TERMS .DELIVERY TERMS! SHIP VIA CUSTOMER. PURCEASE ORDER ._ . 1 1 NET _ 23<3s 05/30/03 `.DVE. INVOICE LINEI ITEM/DESCRIPTION - REV DATE: U/M QUANTITY NET. UNIT:PRICE !EXTENDED PRICE:! I I3e1lin3 Date.: 01/01/2004 tc 02/31/2004 3_lung Cole: A.PROTR I I j1 IADV-BASE-OSP _. 1.o000 s.sago 1ss.s2 IDELTEK A.CVANTAGE BASE PACKAGE OSP 2 ADV-ACCTNG-OSP =A 1 1.0000 S%2.5200 $72.52 IDELTEK ADVANTAGE ACCOUNTING OSP 3 Acv-BILLING-CSP EA. 1.0000 �'I $72.5200 $72.52 IDELTEK .ADVANTAGE BILLING OSP 4 ADJ-AP-CSP EA I 1.0000 $72.5200 $72.52 IDELTEK ADVANTAGE ACCOUNTS PAYABLE CNCCING SUPPORT PLAN I I 5 IADV-TK-OSP EA I 1.0000 EE.69o0 5?9.52 IDELTEK ADVANTAGE TIMEKEEPER ONGdtNG SUPPORT PLAN I 6 IADV-MU-OSP A I 1-.0000 $99.5£00 $29.59 I IDELTEK ADVANTAGE MULTIUSER ONGOING SUPPORT PLAN I' T ADV-EX-OSP EA 1.0000 $a2.0000 j $a2.00 DELTEK ADVAMAGE IXPENSE LEPER ONGOING SUPPORT PLAN II II III I subtotal: 5632.60 I Total Tax/VAT: 531.63 I Remit To: Total Amt: $664.23 Deltek systems Inc. P.O. Box 79898 I Telephone: 617-492-4410 Baltimore, MD 21279-0868 I I I I II I I I Ij III I I I I I I II III I I I I I I I II II I I I I I I I I III j j II I I I j j I II I I rf March 3, 2004 Copy 15229 FAtianta dred Fifty Two and 00/100 Dollars Y S152.00 Financial en Vaughan meter Ctr Place - Ste 965 GA 30346 _ Previous Pa Net Amount Date Voucher Discounts Y Invoice Number -- - -_-.--- __ _ 152.00 1309726591 I 1/1IOa 0005259 152.00 ___ .__-.---- 152.001I 152.00 ManWile Ginanaal TOLa15 2 DEC/31/2003 BILLING STATEMENT PAGE: 1 REF. NO.: 1309726591 ® Manulife Financial Prepared for: 15409 THE TRUSTEES OF THE BIOENGINEERING GROUP, INC. Summary of billing transactions processed during the period: OCT/01/2003 to OEC/31/2003 S AMOUNT DESCRIPTION PREVIOUS BILL: PREVIOUS BILLED AMOUNT 152.00 _________________________________________________________________________________________________________ OVERDUE AMOUNT ON PREVIOUS BILL 152.00 ____________________________________________________________________________________________________ NEX CHARGES• PARTICIPANT FEE 152.00 _---_-------________________________________________________________________ NEW CHARGES TOTAL 152.00 ----------_________________________________________________________________________________________ 304.00 TOTAL AMOUNT DUE PAYMENT IS DUE UPON RECEIPT OF THIS BILL. THE MEN CHARGE OUTSTANDING AS OF MAR/31/2004 HILL ACCUMULATE HITH INTEREST AT AN EFFECTIVE ANNUAL RATE OF 12.557 FROM OEC/31/2003. Please send your payment with the Manulife Financial Remittance Notice to the designated Pension Banking Facility. Please be sure that the pre-printed address shows clearly in the window envelope. Plan Administrator: This report has been produced from records maintained by Manulife Financial. While every effort has been made to ensure its accuracy, we ask you to review it carefully upon receipt. If you find any discrepancy or have- any questions, please contact your Client Service Representative immediately at 1-800-333-0963 or FAX (416)926-3337. Thank you. The Manufacturers Life Insurance Company (U.S.A.) i March 3, 2004 copy 15230 FpayEight HunPay Eight Hundred Fourteen and 461100 Dollars 5814.46 Massachusetts Electric To Processing Center Woburn MA 01807-0005 Invoice Number i Date Voucher Amount Discounts Previous Pay Net Amount -- 2655012/3-1/4 1/7/04 0005210 60.53 60.53 71110002503-Jan I 1/21/04 0005238 753.93 753.93 Alassarr m Se c Totals 814.46 814.46 1 25 - l' Account Number Pay This Amount JAN 04 07111 00025 03 PAGE : 2 Massachusetts Electric / Amount Enclosed A National Grid Com Pny fl'lllll,'lllllllrrrl'llllll'lull nlu lllt11I111'll ulll'u Il #BWNFKKP **C014 #0711100025036# BIOENGINEERING GROUP INC 18 COMMERCIAL ST SALEM MA 01970-3917 005071110002503 0000150194 15 * 3 B2 Massachusetts Electric A National and Company F s 13006322.3 223 masselectricC�us.ngrid.com W .masselectric.com SERVICE ADDRESS LOAD ZONE NEMASSBOST 00507111000250: Pay This Amount 18 COMMERCIAL ST SALEM MA BIDE, CY. V _____________________________________________ $1501.94 MASSACHUSETTS ELECTRIC COMPANY RATE: GENERAL SERVICE-SMALL C/I G-1 y.Ai rah.:.'T-0vilrt ] l s>�yZiurrtNumbe PREVIOUS BALANCE S 1625.3: 07111 00025 03 PAYMENT-THANK YOU 12/30/03 -877.31 . . . BALANCE FORWARD 748.0: e Bilam 4il' pELIVERV SERVICES: JAN 21 2004 CUSTOMER CHG 8.32 DISTRIBUTION CHG .03769 X 6268 KWH= 236.26 TRANSITION CHG .00743 X 6268 KWH= 46.60 READ DATE: TRANSMISSION CHG .00685 X 6268 KWH= 42.94 AVOID INTEREST ENERGY CONSERVATION .00250 X 6268 KWH= 15.67 ` PAY BY: DELIVERYSERVICEENERGY CHG .00050 X 6268 KWH= 3.13 352 9� FEBRUARY 18 INTEREST CHARGE 748.01 X 1.00z= 547 TOTAL DELIVERY SERVICES TOTAL MONTH KWH SUPPLIES: _ DEFAULT SERVICE -FIXED .05732 X 6268 KWH= 5359.�2f J 04 6268 TOTAL COST OF ELECTRICITY- N 6583 MASS SALES TAX 685.08 X 5.00%= 34.25 S 7293 TOTAL CURRENT BALANCE S 753.9: 'A 9145 S 1501.91 J 7584 ACCOUNT BALANCE J6867 -------------------------------------- M 5870 A 6320 F 6140 J 03 5080 Make check payable to Massachusetts Electric Company • Mall to:Processing Center, Woburn MA 01807-0005 • Additional information on reverse side. ivlasbaciiUSCLES CleCLnc A National Grid Company r✓ r •jYFE-malilo Us 1800-322-3223 masselecringridcom w .masselectric.com SERVICE ADDRESS LOAD ZONE NEMASSBOST 2050711226550 - -- " -- - 10 ORNE SQ SALEM MA Pay This Amount — ------------------------------------------------------------------- 560.53 ***** COLLECTION REMINDER ***** REGRETFULLY, WE MUST INFORM YOU THAT YOUR ACCOUNT IS NOW OVERDUE. Account Number YOUR PAYMENT OF 526.63 MUST BE RECEIVED PROMPTLY IN ORDER TO AVOID FUTURE COLLECTION ACTIVITY. PLEASE CONTACT OUR CREDIT DEPT. 07112 26550 03 AT 1-888-211-1313 IF YOU NEED TO REPORT A PAYMENT, ESTABLISH A PAYMENT PLAN OR OBTAIN A LISTING OF LOCAL PAYMENT AGENCIES. Bill Date IF PAYMENT HAS ALREADY BEEN MADE, PLEASE DISREGARD THIS REQUEST. -----------—--------------------------------------------------- JAN 07 2004 SERVICE PERIOD TYPE OF METER READING DEC 03 TO JAN 06 2004 34 DAYS ACTUAL N T METER READING DATE METER READING KWH METER NUMBER RATE PRESENT PREVIOUS USAGE FEBRUARY 03 T8-£74IU7__ --AT_--------S7-566b----------�I MASSACHUSETTS ELECTRIC COMPANY RATE: RESIDENTIAL REGULAR R-i, TOTAL PREVIOUS BALANCE S 50.: MONTH KWH BALANCE FORWARD 01/05/04 FORWARD 26. J 04 281 DELIVERY SERVICES: D 206 CUSTOFER_CA�__ 5.81 N 151 DISTRIBUTION CHG .02406 X 281 KWH= 6.76 0 138 TRANSITION CHG .00936 X 281 KWH= 2.63 S 356 TRANSMISSION CHG .00655 X 281 KWH= 1.84 A 285 ENERGY CONSERVATION .00250 X 281 KWH= .70 J 288 RENEWABLE ENERGY CHG .00050 X 281 KWH= .14 J 251 TOTAL DELIVERY SERVICES $ 17.E w. M 294 _ A 249 SUPPLIER SERVICES: M 265 F 296 DEFAULT SERVICE -FIXED .05702 X 281 KWH= S 6.( TOTAL COST OF ELECTRICITY J 03 291 TOTAL CURRENT BALANCE S 33.5 ACCOUNT BALANCE S 60.E -------------------------------------------------------------------- Make check payable to Massachusetts Electric Company • Mail to:Processing Center, Woburn MA 01807-0005 • Additional information on reverse side. l I March 3, 2004 copy 15231 FTwo Twelve and 501100 Dollars 5212.50 Mellen Benefit Advisors To 70 James Street, Suite 153A Worcester MA 01603-1044 Voucher Amount Discounts Previous Pay Net Amount Invoice Number Date - -- -' ..- 212.50 223012/21103 0005165 212.50 ——-- ----- _ 212.50 Mensa Benefit Advisors Totals 212.50 3 26 f i MELLEN BENEFIT ADVISORS_,_j 70 James Street • Worcester, VA 01603 Phone: (508) 421.4733 • Fax: (508) 421-4725 email: mellenbenefitadv@msn.com Invoice DATE IN-VOICE n 12/21/2003 T 2230 BILL TO The Bioengineering Group,Inc. Gina Altri 18 Commercial Street Salem,MA 01970 TERMS Due on receipt DESCRIPTION AMOUNT 212.50 40l(k)Plan Annual Administration Base Fee(Quarter Ending 12/31/2003) Nondiscrimination Testing IRC Sections 410(6),401(a)(4),401(k)and 401(m) Determination of Participant Eligibility Reconciliation and/or Compilation of Plan Assets Calculation of Required and/or Maximum Deductible Contribution Top-Heavy Testing Testing for compliance with IRC Section 415 Limits Preparation of Form 5500&Schedules i Thank you for your business. Total 5212.50 "Administrators and Consultants for Employee Benefit Plans" .,t ;r March 3, 2004 Cop` � 15232 Pay One Hundred Seventy Eight and 46/100 Dollars S178.46 One Stop Business Centers To 21 Ray Avenue Burlington MA 01803 Previous Pay Net Amount Invoice Number —�I Date Voucher Amount Discounts 178.46 178.46 12/30/03 0005166 - - 178.46 ss One sbp Businecenters Totals 178.46 _ 7 27 i I P BUSINESS CENTERS, INC. MggyNy.-N MemWile-Rr.Wy 21 Ray Avenue • Burlington, MA 01803 DEC v (781)272.4560 MY L INVOICE NO. 0 THE BIOENGINEERING GROUP C 18 COMMERCIAL ST 063395 1 T SALEM MA INVOICE DATE 0 01970 12/30/03 N LDATF L AND SERIAL NO. I LEASE ID REPRESENTATIVE PROD TYPE # BIOGR MM 7EM OUP HQ61SS PREVIOUS 12/30/03 CUMETERENT 3 METER 12/20/03 DATE 01/20/04 TO CE PERIOD DESC ON • 149 . 00 7BASE COST PER COPY BASE RATE w 1352 I CPC EXCESS COPIES 20 . 96 f 7EXCES > i P 01856 37009795 , ID# H2675 x z z SUITE 04 " 204478 Current 204945 3 Meters : PreviOis x ti -' SA275 16502047, ID# M2895 3 z 0 P11 PRINT CONTROLLER > n " 345723 Current 356608 n Meters : Prev: o m y U f B T COSTP; COPY PLAN = MO Y BILL IN € 0 0000 Cont acted Price/COPY- 01550 A K D < W 3 z ti TAX TOTAL DUE 8 . 50 178 .46 AYS TERMS:NET 0 DAYS FROM INV ICE DATE R B THE BIOENGINEERING GROUP M ONE STOP BUSINESS CENTERS � 18 COMMERCIAL ST T 21 RAY AVE T SALEM MA 01970 T BURLINGTON MA 01803-4720 0 ° PLEASE PAY FROM THIS INVOICE OVERDUE ACCOUNTS WILL BE CHARGED A LATE COMMENTS PAYMENT FEE OF 2%PER MONTH(24%ANNUALLY). r, March 3, 2004 Copy 15233 Pay One Thousand Five Hundred and 00/100 Dollars $1,500.00 O'Toole & Company To 429 Newbury Street Boston MA 02115 Amount Previous Pay Net Amount Discounts ___ Date voucher �— 1,500.00 Invoice Number 11,594.20 � 0011639 6/9/03 0004543 1,500.00 107otle&Ca M Totals 11,594.20 7 28 X, s M O'TOOLE S COMPANY CERTIFIED PUBLIC ACCOUNTANTS 411)\-,,bury Street Boston.Massachusetts O,IL Telephone 61-1,152-1943 FAX 617 41_1-2 09 JUN June 9, 2003 Project No: 0001462 Invoice No: 0011639 The Bioengineering Group, Inc. 18 Commercial Street Salem, MA 01970 Professional Services: through May 22 2003 Review and adjustment of 2002 transactions. Cash reconciliation issues. Preparation on reviewed financial statement—December 31, 2002. Preparation of 2002 Federal and State income tax returns. Hours Rate Amount 190.00 2,736.00 14.rs -Partner 3.40 170.00 663.00 Partner 6.20 130.00 806.00 Partner 3.80 145.00 551.00 Principal 76.70 86.00 6,596.20 Staff 0.40 45.00 18.00 Bookkeeper 1.00 73.00 73.00 Bookkeeper 0.30 25.00 7.50 Administrative 4.10 35.00 143.50 Administrative 110.80 11,594.20 Totals 11,594.20 Total Labor Total this invoice $11,594.20 1 � �l f March 3, 2004 FPar2diseRoad op` , 15234 ighty Five and 04/100 Dollars $385.04 Inc. oadA 01907 Net Amount Date Voucher - Amount Discounts Previous Pay Invoice Number 368.68 11/6/03 0005212 368.68 I 16.36 46060 16.36 = FC242 1/31/04 0005289 385.04 385.04 'I ano 0242 .me Totals J 3 29 J Statement PhotoGraphics, Inc. ' 2 Enon Street Date Beverly, MA 01915 978-927-9997 X102 11/30/2003 To: BIOENGINEERING GROUP,INC. : 18 COMMERCIAL STREET SALEM,MA 01970 I Amount Due Amount Enc. 5368.68 Date Transaction Amount Balance 10/31/2003 Balance forward 0.00 11/06/2003 i MV X46060 � -_ 368.68 �, 368.68 i i j I i I ! I , I, I i i I � I Ii CURRENT 1-30 DAYS PAST 31-60 DAYS PAST j 61-90 DAYS PAST OVER 90 DAYS Amount Due DUE DUE DUE PAST DUE 0.00368.68 0.00 •� 0.00 .1 0.00 5368.68 ' I I I I 5tatement PhotoGraphics, Inc. 2 Enon Street FEB 0 5 2004 F Date Beverly,MA 01915 1/31/2004 978-927-9997 X102 To'. BIOENGINEERING GROUP,INC. 18 COMMERCIAL STREET SALEM,MA 01970 Amount Due Amount Enc. 5385.04 i Transaction Amount i Balance Date 378.68 fj 12/31/2003 Balance forwazd 6.36 j 385.04 01/31/2004 !INV#FC 242-Finance Charge I II li , ISI waw " AIA �11 - Clad 9991 XOL I � I ! I II 1-30 DAYS PAST 31-60 DAYS PAST L,61-90 DAYS PAST'; OVER 90 DAYS Amount Due CURRENT j DUE I DUE DUE PAST DUE 6.36 I 0.00 10.00 �I 368.68 0.00 �I $385.04 of^� March 3, 2004 Copy 15235 Pay One Hundred Sixty Four and 42/100 Dollars $164.42 To Qwest Business Services PO Box 85660 Louisville KY 40285-5660 Invoice Number Date Voucher Amount Discounts Previous Pay Net Amount — 575146804 11/19/03 0005079 320.14 1,036.27 -716.13 578383675 12/19/03 0005167 274.51 274.51 581982171 1 1/19/04 0005241 282.62 282.62 586901364 I 2J19/04 0005354 323.42 323.42 Totals 1 1,200.69 1,036.27 164.42--J 'r . February 19, 2004 /'� Invoice 586901384 � ) w e S't• Billing Cycle: 256.48 Spirit of Service" THE BIOENGINEERING GROUP Page 1 of 45 FEB 2 " 1004 Account 53866173 Phone # 978-740-0096 Contact Qwest Payment summary • Billing inquiries and general information 1-888-5 60466 Current gross charges 282.85 • Visit our website at Taxes and Surcharges 40.57 www.Owest.com Curren[net charges $323.42 Previous balance $-159.00 No payments received ,Rtao4urr�dae $'164.42 I Invoice contents Account summaries.............................. starts on page Your account balance.............................................3 This notice is to inform you that an March 15, 2004, scheduled maintenance Service summary................................................I...4 windows related to the Qwest IP backbone will be changing from Sunday and 12-month review of spending.................................5 Wednesday 12midnighl to Gam local time to Sunday,Tuesday and Thursday Custom Reports..................................................... 6 from 12midnight to 6am local time. Service detail..........................................................14 Thank you for choosing Qwest. C f Please detach and mall bottom portlon and your payment In the enclosed envelope March 3, 2004 copy 15236 Pay Eighty Seven and 181100 Dollars $87.18 SBC To Payment Center Sac CA 95887-0001 Discounts Previous Pay Net Amount Date Voucher Amount ---- — Invoice Number 87.18 I 87.18 1/26104 0005297 87.18 s162 January Totals 87.18 � 3 31 I C-0 BIOENGINEERING GRP Page 1 of 4 18 MMEPCIAL ST Account Number 510594-8162 416 5 SALEM MA Billing Date Jan 26,2004 01970-3917 WebSite wwwsbc.com FEB 0 6 2004 Monthly StatementDer 27 - Jan 2004 Bill-At-A-Glance Detail of Payments and Adjustments Previous Bill 504.19 Item •, No. Date Description _ Adjustments Payments Payment 1. 1-20 Direct Dialed Calls 1 359.61CR 359.BICH -=Number of Calls Adjusted Ad'ustments 359.61CR Totals Past Due-Please Pay Immediate) 144.58 87.18 S13C Local Services Current Char es Total Amount Due $231 .76 Monthly Service-Jan 26 thru Feb 25 31.53 Amount Due in full by Feb 18,2004 2 Monthly Charges Local Use e Local calls(Zones 1 and 21 If you subscribe to a voicemail service and/or the Call Forwarding feature, Billing Summary -J local usage charges apply when retrieving mailbox messages and/or each time the Call Forwarding feature is activated. Questions?Call: Page Item CalWinitial Additional i 81.09 No. Description Minutes Minutes SBC Loa)Services Charges for 510 594-8162 264 5.61 1800750-2355 3. Day Calls 121 22.95 11 6 .25 SBC Messaging 2 4. Evening Calls 5 11 5. Night Calls 8 1 800 750-2355 5.97 3.14 Total Charges for 510 594-8162 5.97 SBC Long Distance 4 Total Local Calls(Zones I and 2) 1 800 750-2355 87.18 Zone Cells Total Current Charges Item No. Date Time Place Called Number Code Min Charges for 510 594-8162 07 6.1-05 1229P KAYYNRD CA 510 265-2662 D 1 07 7.1-05 1231P PAY" CA 510 265-2662 D 1 .08 8.1-06 1140A WALNUT CRKCA 925 296-5524 D 2 .10 9.1-12 1057A WALIIUT CRKCA 925 279-0775 D 3 .10 10.1-19 940A WALNUT CRKCA 925 279-0775 D 3 .OB 11.1-23 1112A SAN FRAN CA 415 664-1500 D 2 .50 Total Charges for 510 5948162 .50 Total Zone 3 Calls Key to Calling Codes D Day 6.47 Total Local Usage L News You • AVOID DISCONNECTION • YOUR PRIMARY CARRIER • CTFSURCHARGE • UNIVERSAL SVC.FEE See'Nevn You Can Use for additional information Loml Services provided by S13C C&OW10e or SBC Nevede booed noonthe tem.eddreta lomtion. _ pnnleG on Perydeble Paper J Bsetm bottom portion with Yow Reck in tM•Mored envdopa. U.S.Pet D410,958 sad D414,510 March 3, 2004 copy 15237 FThousand Hundred Fifty Three and 52/100 Dollars32,853.523108-9606 Voucher Amount I Discounts Previous Pay Net Amount Invoice Number Date 2,853.52 92008455 11126103 0005268 2.853.52 _—._— 2,853.52 Sartre Part Totals 2,853.52 7 32 XpurPO Nm:: YourJGbNameiNGmber Invoice 92008455 S'6rviee Point BORDER BLDGrS US ARMY CORP OF ENGINE Number 11/26/20 Date Formerry taariene ProGraphlcs contact :: Terr RefmD; y WHITEHEAD,E J - Y-- Customer9116318 __ _ _.............. Sold toNo. 116318 Sales Person > _ Si�lp?lfa �i 31 OLYMPIA AVENUE RICHARD SMITH OUR-TRUCK (PRO 0NL Y)....... Order No. 15293092 Order Ref. WOBURN MA 01801Ere3�it Terms Terms PREPAY AND ADD. NET 30 Page 1 0! 1 e BIOENGINEERING GROUP INC s BIOENGINEERING GROUP INC 000238 IT 18 COMMERCIAL STREET HT 18 COMMERCIAL STREET Lo SALEM MA 01970-3917 Po SALEM MA 01970-3917 Qty.Originals Qty.Copies Item No. Descriptions Total Unit Unit Price Ext.Pnce 1237 27 70150 XEROX 8.5X11 20LB WHITE 33399 EA .050 11669.9° 17361 1 71255 PUNCHING-3HOLES OR GBC 17361 PG .010 173.61 786 20 70150 XEROX 8.5X11 20LB WHITE 15720 EA .050 786.0C 7860 1 71255 PUNCHING-3HOLES OR GBC 7860 PG .010 78.61 VEHICLE DELIVERY 9.95 TAXED MA 5% 135.41 DID YOU KNOW SERVICE POINT OFFERS MA!C£...CFiCKS F'AYABL£ TQ T17TRt COLOR OUTPUT AT ANY SIZE, OVERSIZE S£RV1JZ£ FOTNT COLOR SCANNING, AN INTERNET PLAN ..........0 BU.X 9606;:; 28£3.8 ROOM AND ON-DEMAND PRINTING . 031©$ 9606.;: PLUS, SEND US JOBS OVER THE WEB AT SERVICEPOINTUSA.COM ! PLEASE CALL 781 -935-6020 FOR QUESTIONS ON THIS INVOICE , OUR FACILITIES OR NEW SERVICES . ALSO VISIT US AT SERVICEPOINTUSA.COM ! Terms:net 30 days-all sales are subject to sales tax.Claims for shortage must be made upon receipt of goods.Items invoiced above vera produced in compliance vdth the Fair Labor Standards Pct of 1983 as amended. Federal ID Number 042384580 . __ _ Please TtuT the bottom portion of this statement wm your remittance. customer No trWolce No . Oa3e AmGffnKt3ue '. Service Point 9116318 92008455 11/26/2003 2 ,853 . 52 FormeM Ohanetle ProGraphles B BIOENGINEERING GROUP INC R SERVICE POINT IT 18 COMMERCIAL STREET ET P.O.BOX 9606 LO SALEM MA 01970-3917 A0 MANCHESTER, NH 03108-9606 L I T SPCS 9200845500112620039116318000002853526 r ry March 3, 2004 cop`Y� 15238 Pay Eight Hundred Fifty Eight and 34/100 Dollars $858.34 Staples Credit Plan To P.O. Box 9020 Des Moines IA 50368-9027 Voucher Amount �I Discounts Previous Pay Net Amount Invoice Number 'I Date --.--�-------- 858.34 3635110/03 10/16/03 0004974 858.34 —_ Totals 858.34 I 858.34— SiapesCreOiiPlan i 3 33 that was easyr r aSr�-aS*C.rC-O�V�S-�PM f�Y u pcci No Previous Balance S 6,445.12 Closing Date 02/16/04 Payments -S 1,354.82 Next Closing Date 03/16/04 THE ENGINEERING GROUP — Credits -$ 0.00 Payment Due Date 03/12/04 GRACE SPENCE Purchases +$ 612.93 18 COMMERCIAL ST Debits +$ 0.00 SALEM MA 01970-3917 FINANCE CHARGES +$ 108.08 Current Payment Due $ 243.00 Late Fees +S 0.00 Past Due $ 0.00 Credit Limit $ 6,000 New Balance S 5,811.31 Total Payment Due $ 243.00 Credit Available S 188 M '�CURRENT'AC'CIVI'1Y„m"' '. `:^'-al'-1WINQUIRIES, FA7C,NUI4[BER� 801-Z79-J42Sy`.;a= PAYMENTS, CREDITS, FEES, and ADJUSTMENTS 108.08 FEB 16 *FINANCE CHARGE* 500.00- JAN 23 PAYMENT 854.82- FEB 8 PAYMENT PURCHASES and RETURNS REVOLVING CREDIT PLAN 218.48 JAN 22 #9143592497-000-001 PUTNAM CT 369.28 FEB 10 #9143957941-000-002 PUTNAM CT 8.39 FEB 10 #9143957941-001-001 PUTNAM CT 16.78 FEB 10 #9143957941-000-003 MONTGOMERY NY Total Finance Charges billed in 2003 were $761 . 14. TRY STAPLES BUSINESS DELIVERY TODAY AND LET US DO THE HEAVY LIFTING. CALL 1-800-333-3330 OR CLICK WWW.STAPLES.COM. FEB 2 % 2004 current Billing Period Previous Billing Period Da Annual Average Daily D in Annual FINANCE CHARGE SUMMARY p81hq° pen�ic Bi�ign Peannage Daily Periodic ei n5y Parcemage Belanca Rau pen Rata Balance Rate Paned Rata REVOLVING CREDIT PIAN 6,116.62 .05699 31 20.60 N/A .05699 31 20.90 March 3, 2004 copy 15239 Pay Five Hundred Sixty Six and 90/100 Dollars 5566.90 Topaz Engineering Supply, Inc. To 35 Pond Park Road Hingham MA 02043 Discounts Previous Pay Net Amount Invoice Number Date Voucher Amount ___ _ _ -- i 566.90 1/13/04 0005218 566.90 --------- 2481730 566.90 Taoazrremeer�esvowr.tm Totals 566.90 3 34 i r Invoice Invoice Date 01/13/04 Topaz Engineering Supply, Inc. 35 Pond Park Road Hingham,MA 02043 Telephone:781/749-8687 Ship To: Bill To: Bio Engineering Group Bio Engineering Group 18 Commercial Street 18 Commercial Street Salem, MA 01970 Salem,MA 01970 F.O.B. Terms Customer Ship Via Due Upon Receipt 1548 Topaz Salesperson Order Date Our Order Number Purchase order Number 10 01/13/04 A.VJhitne Unit of Measure Unit Price Extended Price � Ouantity Quantity Back Item Number Discount% Tax Ordered Shipped Ordered Item Description 278.00 278.00 1 1 0 C6074-60342 Y Tube Assembly HP1050C - EACH 275.00 275.00 1 1 0 CALLOUT2 N Call-out charge, Zone 2 JAN 16 2004 Nontaxable Subtotal 275.00 Taxable Subtotal 278.00 O Tax(5.000°/x) 13.90 Total Invoice 566.90 Customer Original Page 1 rFHundredFourte March 3, 2004 Cop 15240 Payrteen and 12/100 Dollars $514.12 4419170 iDiscounts Previous Pay Net Amount Invoice Number l Date Voucher Amount _ --201.644 - 1/,31,04 0005293 201.54 1 312.48 F52116054 I 312.48 F52116074 2/14/,03 0005332 514.12 UPS 062 Totals 35 I J Delivery Service Invoice Invoice date February 14, 2004 Invoice number 000OF52116074 �[i� qR r Shipper number F52116 FM i 9 LUl' Page 1 of 4 For questions about your invoice,call: #BWNCWNG# (800)811-1648 #0762A000OF521161# 77366200054398 Monday-Friday AT 01 026922 3187611102 A•-3DGT 8:00 a.m.-9:00 p.m.E.T. or visit ups.com THE BIOENGINEERING GROUP INC or write: UPS GINA ALTRI P.O.Box 650580 18 COMMERCIAL ST Dallas,TX 75265-0580 SALEM, MA 01970-3917 Thank you for using UPS. Incentive Savings Summary of Charges Total incentive savings this period $14.92 age Charge Your amount due this period includes these savings. Outbound See incentive summary section for details. 3 UPS Internet Shipping $ 171.73 Account Status Summary 4 Adjustments&Other Charges $ 140.75 Weekly Payment Plan Amount due this period $312.48 Amount Due This Period $312.48 Amount Outstanding(prior invoices) $602.79 UPS payment terms require payment of this invoice by February — Total Amount Outstanding $915.27 25,2004. Please include the Return Portion of each outstanding invoice with Payments not received by March 10,2004 are subject to a late your payment See Account Status for details. fee of 5% of the Amount Due This Period.(Details in UPS Tariff, available at_ups,com) i- Leam more about UPS.com = A new Welcome Center has been added to UPS.com to help Note:This invoice may contain a fuel surcharge as described at you learn more about the Web site's features and functionality. ups.com. The current fuel surcharge is 5.00 91-For more At the home page, select"Welcome Center"and take a tour! information, visit ups.com. e .----._.._..._— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — i 4'V Delivery Service Invoice i Invoice date January 31, 2004 ' Invoice number 000OF52116054 e Shipper number F5211 6 FEB 0 4 2004 Page 1 of 4 For questions about your invoice,call: (800)811-1648 c #BWNCWNG# Monday-Friday #0762A000OF521161# 77366500050474 8:00 a.m.-9:00 p.m.E.T. AT 01 023432 02809H 85 A"31)GT or visit ups.com or write: PS THE BIOENGINEERING GROUP INC P.O.Box 650580 G I N A ALTRI Dallas,TX 75265-0580 18 COMMERCIAL ST Twos SALEM, MA 01970-3917 Thank you for using UPS. Incentive Savings Summary of Charges arge 20.78 Total incentive savings this period ageod Outbound Your amount due this period includes these savings. 3 UPS Shipping Document $ 18.10 See incentive summary section for details. 3 UPS Internet Shipping $ 183.54 Account Status Summary Amount due this period $201.64 IlIlreekly Payment Plan $zo1 Amount Due This Period $289.30.64 UPS payment terms require payment of this invoice by February Amount Outstanding(prior invoices) 11,2004. '. Pleas Amount the Return n9 $490'94 Payments not received by February 25,2004 are subject to a Please include the etum Portion of each outstanding invoicwith late fee of 5% of the Amount Due This Period.(Details in UPS your payment See Account Status for details. Tariff,available at_upgs.com) EuronP earlier Note:This invoice may contain a fuel surcharge as described at Choose UPS Worldwide Express Plus sufor two-day, ups.com. The current fuel surcharge is 4.50 Y<.For more guaranteed delivery by 8:30 a.m.to nearly 200 cities in 14 information, visit ups.com. European countries. March 3, 2004 copy 15241 Pay Five Hundred and 00/100 Dollars S500.00 Wolfe Mason Associates To 6573 Shattuck Ave. Oakland CA 94609 Previous Pay Net Amount Voucher Amount Discounts Invoice Number I Date 500.00_ 500.00 I — March Rent I 3I1I04 0005366 500.00 500.00 —__— - -- --- Wtlle Mason gssooatas Totals i -- 3 36 • F March 3, 2004 copy, 15242 ive and 00/100 Dollars 8155.00 6 Discounts Previous Pay Net Amount Date Voucher Amount Invoice Number 155.00 11115/03 0005088 155.00 ---- - 76445-00 I 155.00 WrS Nauonai Totals 155.00 v Use your member ID and AAU zip code now to UPDATE I; or RENEW ONLINE at •� , , www,wtsnational.0r9. WomeniS Transportation Seminar Follow the link to "membership." 2004 MEMBERSHIP RENEWAL 4 ' Your Member No.: 076445-00 Ph: 9781740-0096 Fax: 978/740-0097 Wendt Goldsmith President, Sr. Bioengineer Email: mail@bioengineering.com Bioengineering Group, Inc Directory 18 Commercial Street 18 Commercial Street Address: Salem,MA 01970-3917 Salem, MA 01970-3917 WTS National Member, BOSTON Affiliate Please DO NOT include my information online e _ • Or Membership Tym. Select Membership Level• Isee worksheet for rates — Member at Large/International(50+mites from a chapter) Level I Membership —_ Retired _i Level It Membership —_ Fulltime Student F-7 Level III Membership 'Z. Level IV Membership Your 2003 membership dues rate is $ (see box on worksheet) Spediy chapter(S) $ No. of additional chapters x $30 [I Helene M. Overly Graduate Award $ Sharon Banks Undergraduate Award $ Louise Moritz MolitOns Leadership Fund lJ WTS Chapter Scholarship Donation (Chapter: 7311[u 4 able to WrS) TOTAL AMOUNT DUE: $ `JJ . ,0 Check enclose (pay MasterCa rdNi sa/D isccver/Amex: Expiration date: Cardholder signature: Is this a(check one): Personal card,or Fj Corporate card RENEW ONLINE @ www.W7SNATIONAL.org WTS PO Box 18993 and receive a receipt automatically via email. Washington,OC 20036 or by fax(credit card payments only)to:2o2/496-1349 For questions,call 202/496-4340 I TUC Women's Transportation Seminar WTS membership dues are tiered to encourage greater diversity in our membership and to encourage a wider range of transportation professionals to join our association.from entry level to senior and executive level, and from the public sector as well as the private. This worksheet will assist you in determining your correct level of membership based on your annual salary. Please follow the instructions below to determine your membership level and dues rate. tep 1 Pma your dues level baseI on your annual salary (a) or membership Note: Ercept for the:Member-at-Large Level, all membership dues lisred below include the dues for your primary chapter affiliation. Please select either(a) or(b): (a) Regular Membership (b) Other Membership Types Level Annual Salary Dues Tvoe Dues Level 1 Up to 549,999 S75 Member-at-LargeAnternational S115 Level li 550,000 to 574,999 5100 Retired 575550 Level III $74,500 to 599,999 5130 Full time Student Level IV 5100,000 and above S155 t D Your 2004 membership level/type is: e U 2. �! i Your primary chapter affiliation is: ?)ct" \CCI ➢ Your 2004 Membership dues rate is: I1 C7i F> (7U Step 2. Enter the information on the Renewal Notice. Please enter your membership level and rate information in Section Z of the attached membership renewal notice. You do not have to return this worksheet. Thank you for renewins your membership.