Exhibit 10.14
November 22, 1996
Xx. Xxxx Xxxxxxxx
c/o Xxxxxxxx Xxxx, Esq.
Xxxxxx, Flyer & Xxxxx
0000 X Xxxxxx, X.X.
Xxxxx 000
Xxxxxxxxxx, X.X. 00000
Re: Yurie Systems, Inc.
Lease at 00000 Xxxxxxxxx Xxxx, Xxxxxx, Xxxxxxxx
Dear Xx. Xxxxxxxx:
This letter will confirm the following agreement reached between you, 000
Xxxxxx Xxxxxx L.P., and Yurie Systems, Inc. regarding the above-referenced
property:
1. Yurie Systems, Inc. is a tenant at 00000 Xxxxxxxxx Xxxx, Xxxxxx,
Xxxxxxxx 00000, pursuant to an amended lease made on or about May 15,
1996 between Xxx Xxxxx, as a debtor-in-possession, and Yurie Systems,
Inc. (the "Lease"). The Lease has been approved by the Bankruptcy
Court and is effective and binding between landlord and tenant.
2. In the event that you or 000 Xxxxxx Xxxxxx L.P. or any entity
controlled by you or 000 Xxxxxx Xxxxxx L.P., acquires title to 00000
Xxxxxxxxx Xxxx, Xxxxxx, Xxxxxxxx (the "Property"), either by direct
purchase at a foreclosure sale, or in any other manner, it is hereby
agreed that the Lease as presently in effect between Xxx Xxxxx and
Yurie Systems, Inc. will remain in full force and effect, subject only
to the following modifications:
(a) If the Property is acquired by direct purchase, Yurie Systems,
Inc. will begin paying rent on May 1, 1997 as follows: (i) on
May 1, 1997, Yurie Systems, Inc. will pay rent of $5,250.00;
(ii) on June 1, 1997 Yurie Systems will pay rent of $22,500.00.
If the Property is acquired by foreclosure or in any manner other
than by direct purchase, Yurie Systems, Inc. will begin paying
rent on March 1, 1997 in the amount of $22,500 and thereafter on
the first day of each month in the same amount.
Xx. Xxxx Xxxxxxxx
November 22, 1996
Page 2
(b) On either March 1, 1997 or April 1, 1997, you may give Yurie
Systems, Inc. a 60-day written notice to vacate and the building.
The Lease will terminate at the end of said 60-day notice.
(c) On April 1, 1997 or May 1, 1997, Yurie Systems, Inc. may give a
30-day written notice of intention to vacate and the Lease will
terminate 30 days after such notice.
(d) Except as set forth above, the Lease shall terminate on June 30,
1997, and upon termination, pursuant to this agreement, neither
party shall have any continuing liability or obligations for rent
under the Lease.
3. In the event you or any entity controlled by you acquires in any
manner or fashion an interest in the building occupied by Yurie
Systems, Inc., Yurie Systems, Inc. will not seek from you or such
entity a return of the security deposit in the amount of $22,500 paid
to its landlord at the inception of this Lease.
4. It is recognized by the parties that real estate taxes, for which
Yurie Systems, Inc. is responsible as part of its operating expenses,
have been prepaid through June 30, 1997. Yurie Systems, Inc. will
not, therefore, be responsible for payment of any taxes as part of its
operating expenses under the Lease.
5. In consideration of the agreements set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Yurie Systems, Inc. hereby absolutely,
unconditionally and forever releases and discharges Xxxx Xxxxxxxx, 000
Xxxxxx Xxxxxx L.P., and its successors, predecessors, assigns and
past, present and future partners from and against any and all rights,
actions, causes of action (in law or in equity), claims, suits,
amounts owed or alleged to be owed, demands or other obligations or
liabilities of any nature whatsoever, whether known or unknown, which
Yurie Systems, Inc. and its stockholders, officers, successors and
assigns ever had or now have or may in the future have by reason of
any matter, cause or thing whatsoever, existing prior to or as of the
date hereof by reason of, pursuant to or otherwise with respect to the
Lease.
6. Any notices required or permissible under this agreement shall be sent
by certified mail to:
Xx. Xxxx Xxxxxxxx
November 22, 1996
Page 3
Yurie Systems, Inc.
c/o X. Xxxxxx
00000 Xxxxxxxxx Xxxx
Xxxxxx, Xxxxxxxx 00000
and
Xxxx X. XxXxxxxxx, Esq.
0000 00xx Xxxxxx, X.X.
Xxxxx 000
Xxxxxxxxxx, X.X. 00000
and
Xx. Xxxx Xxxxxxxx
c/o Xxxxxxxx Xxxx, Esq.
Xxxxxx, Flyer & Xxxxx
0000 X Xxxxxx, X.X.
Xxxxx 000
Xxxxxxxxxx, X.X. 00000
and
000 Xxxxxx Xxxxxx Limited Partnership
c/o Xxxxxxxx Xxxx, Esq.
Xxxxxx, Flyer & Xxxxx
0000 X Xxxxxx, X.X.
Xxxxx 000
Xxxxxxxxxx, X.X. 00000
7. In all other respects, the parties affirm the respective rights,
obligations, and terms of the Lease executed on May 15, 1996 by and
between Xxx Xxxxx and Yurie Systems, Inc., a copy of which is attached
hereto. The signatories hereto further agree to execute such
additional documents as may be reasonably requested to give effect to
this agreement.
Xx. Xxxx Xxxxxxxx
November 22, 1996
Page 4
8. In the event that Xxxx Xxxxxxxx or any entity controlled by him
acquires the property which is the subject of this contract by
December 20, 1996, and simultaneously pays off the NationsBank Note,
Yurie Systems, Inc. will release Xxx Xxxxx of any claims it may have
arising from its Lease with Xxx Xxxxx as of the date of this contract
and any claims arising under the amended lease for unpaid operating
expenses or unpaid startup costs between the date of this Agreement
and the aforesaid acquisition.
Sincerely,
Xxxxxxx X. Xxxxxxx
Enclosure
By: /s/ Xxxx Xxxxxxxx
----------------------------------
Xxxx Xxxxxxxx, President
MAC Investment Corp., Gen. Partner
000 0xx Xxxxxx Limited Partnership
YURIE SYSTEMS, INC.
By: [SIGNATURE APPEARS HERE]
----------------------------------
