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EXHIBIT 10.7
FOURTH AMENDMENT TO OFFICE LEASE
STATE OF TEXAS )
)
COUNTY OF COLLIN )
THIS FOURTH AMENDMENT TO OFFICE LEASE (this "Fourth Amendment") is made
and entered into effective as of July 15, 1998, by and between XXXXXX PARTNERS,
LTD. and ROSEWOOD PROPERTY COMPANY (collectively, "Landlord") and INET, INC.
("Tenant").
RECITALS:
A. Landlord and Tenant have previously entered into that certain Office
Lease (the "Lease") dated as of May 1, 1996, pursuant to the terms of which
Landlord leased to Tenant certain office space in the project known as Xxxxxx
Atrium Tower, Plano, Collin County, Texas, all as is more particularly described
therein.
B. Landlord and Tenant have also previously amended various terms and
provisions of the Lease pursuant to that certain Amendment to Office Lease (the
"First Amendment"), dated effective as of January 13, 1997.
C. Landlord and Tenant have also previously amended various terms and
provisions of the Lease pursuant to that certain Second Amendment to Office
Lease (the "Second Amendment") dated effective as of April 1, 1997.
D. Landlord and Tenant have also previously amended various terms and
provisions of the Lease pursuant to that certain Third Amendment to Office Lease
(the "Third Amendment") dated effective as of June 1, 1998.
E. Landlord and Tenant have agreed to again amend the Lease in
accordance with the following terms and provisions.
NOW, THEREFORE, for and in consideration of the sum of Ten Dollars
($10.00) and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged by the parties hereto, Landlord and Tenant
hereby agree as follows:
1. DEFINITIONS. All terms not defined herein shall have the same
meaning as set forth in the Lease.
2. RENTABLE AREA OF THE PREMISES. Paragraphs 1 (c) and 2 of the Lease
are hereby amended to provide for the expansion of the Premises, to be effective
as of August 1, 1998, to include approximately 20,704 square feet of Rentable
Area on the tenth floor of the Building (the "Expansion Space") as reflected on
EXHIBIT "A" attached hereto and made a part hereof. That portion of the Premises
not constituting the Expansion Space is hereinafter referred to as the "Existing
Space". The Expansion Space plus the Existing Space constitute approximately
73,486 square feet of Rentable Area.
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3. BASIC RENTAL. Paragraph 1 (d) of the Lease is hereby amended to
provide that through and until July 31, 1998, Basic Rental shall be $52,737.50
per month, and commencing on August 1, 1998, Basic Rental shall be $110,229.00
per month (or $1,322,748.00 per year) through and until the Expiration Date (as
amended hereby).
4. TERM. The "Expiration Date", as defined in Paragraph 3 of the Lease
is hereby amended to be July 31, 2000. Paragraph 4 of the Third Amendment,
providing in part for the termination of Tenant's use and occupancy of the First
Floor Expansion Space, is hereby deleted.
5. ADDITIONAL RENTAL. Effective as of August 1, 1998, Paragraph 6(a) of
the Lease is hereby amended by the deletion thereupon of the next to the last
sentence of said paragraph and, in place thereof, the following sentence is
added:
Tenant's proportionate share shall be based on the ratio which the
Rentable Area in the Premises (adjusted for office expansion by Tenant)
bears to the Rentable Area within the Building, which is 41.0%.
Effective as of August 1, 1998, the Operating Expense Stop for the
Expansion Space and the Existing Space shall be based upon the Actual Operating
Expenses incurred by Landlord for calendar year 1998. Additionally, commencing
August 1, 1998, Tenant shall be responsible for the payment of all charges and
fees for use of electricity, which shall be determined from a separate meter or
meters, shall constitute Additional Rental and shall be paid to Landlord within
ten (10) days following the date Landlord provides Tenant an invoice therefor.
6. NO LEASEHOLD IMPROVEMENTS. Tenant accepts the Expansion Space in the
current, "as is" condition and acknowledges that Landlord expressly disclaims
any warranty or representation of any kind with respect to the Expansion Space.
Tenant further acknowledges that Landlord has not undertaken to perform any
modification, alteration or improvement either to the Expansion Space or the
Existing Space.
7. RESERVED PARKING. Commencing August 1, 1998, Landlord will provide
to Tenant seven (7) reserved parking spaces for use by Tenant's employees. The
location of the parking spaces will be designated by Landlord. Tenant's use of
the parking spaces will be subject to all applicable rules and regulations as
are now or may hereafter be established by Landlord.
8. FULL FORCE AND EFFECT. Except as expressly modified hereby and by
the First Amendment, Second Amendment and the Third Amendment, the remaining
terms and conditions of the Lease shall remain valid and effective as presently
written. The terms and provisions of this Fourth Amendment shall control to the
extent of any inconsistencies between this Fourth Amendment, the Third
Amendment, the Second Amendment, the First Amendment and the Lease.
9. COUNTERPARTS This Amendment may be executed in multiple counterparts
and each counterpart shall be deemed to be an original instrument, but all
counterparts taken together shall constitute a single instrument.
[Signatures on following page]
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THIS FOURTH AMENDMENT TO OFFICE LEASE is executed effective the day and
year first above written.
LANDLORD:
XXXXXX PARTNERS, LTD., a Texas
limited partnership
By: XXXXXX PROPERTY CORP.,
its General Partner
By: /s/ X. X. XXXXXXX, XX.
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Name: X. X. Xxxxxxx, Xx.
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Title: President
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ROSEWOOD PROPERTY COMPANY
By: /s/ XXXX X. XXXXXX, III
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Name: Xxxx X. Xxxxxx, III
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Title: President, Commercial Group
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TENANT:
INET, INC., a Texas corporation
By: /s/ XXXX X. XXXXXXXXX
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Name: Xxxx X. Xxxxxxxxx
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Title: Executive Vice President
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