SUBLEASE
THIS SUBLEASE ("this Sublease") is entered into this 11 day of August,
1998, by and between INFORMATION SYSTEMS & NETWORKS CORPORATION, tenant of The
Xxxxxxx Place Corporation ("the Sublessor"), and STARTEC GLOBAL COMMUNICATIONS
CORPORATION (the "Tenant" and/or "Sublessee").
W I T N E S S E T H:
WHEREAS, pursuant to that certain lease dated October 27, 1997, The Xxxxxxx
Place Corporation leased to Tenant certain space consisting of 27,711 Rentable
Square Feet of office space ("the Lease") on the third and fourth floors of
Vaswani's office building located at 00000 Xxxxx Xxxx Xxxxx, Xxxxxxxx, Xxxxxxxx
("the Building"); and
WHEREAS, pursuant to the First Amendment to Lease dated May 11, 1998,
Landlord leased to Tenant additional space consisting of Nine Thousand Seven
Hundred Forty-Three (9,743) Rentable Square Feet in the Building; and
WHEREAS, Tenant wishes to lease additional space from Sublessor consisting
of Nine Thousand (9,000) Rentable Square Feet located on the fifth floor of the
Building as depicted on the existing floor plan attached hereto as Exhibit A;
and
WHEREAS, Sublessor is currently leasing the requested office space from
Xxxxxxx and is desirous of entering into a sublease with Tenant for the new
space on the terms and conditions set forth herein and in the Lease; and
WHEREAS, the parties hereto are mutually desirous of amending, and
modifying the Lease to govern the additional space to be leased to the Tenant;
and
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WHEREAS, unless otherwise provided herein, all terms used in this Sublease
that were defined in the Lease shall have the meanings provided for in the
Lease.
NOW, THEREFORE, for and in consideration of the above premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:
1. Recitals: The foregoing recitals are intended to be a material part of
this Sublease and are incorporated herein by this reference.
2. Demised Premises: Paragraph 1 of the Lease shall be amended to include
an additional Nine Thousand (9,000) Rentable Square Feet so that total Rentable
Square Feet being leased to Tenant, whether pursuant to the Lease, First
Amendment to Lease, shall total Forty-Six Thousand Four Hundred Fifty-Four
(46,454) Rental Square Feet (hereinafter known as "the Demised Premises"). The
new space being leased pursuant to this Sublease of Nine Thousand (9,000)
Rentable Square Feet shall be known as the "New Subleased Space."
3. Term: The term of this Sublease for the New Subleased Space shall be one
(1) year commencing on September 1, 1998 and expiring on August 31, 1999 unless
extended by agreement of the parties. The term of this Sublease covering 3,000
feet of the New Subleased Space shall commence August 7, 1998.
4. Rent For New Subleased Space. The parties agree that Tenant shall pay to
Sublessor the sum of $23.50 a square foot for the New Subleased Space or Two
Hundred Eleven Thousand Five Hundred Dollars ($211,500.00) for the one-year
period. Rent shall be paid in advance in equal monthly installments of Seventeen
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Thousand Six Hundred Twenty-Five Dollars ($17,625.00). Tenant agrees to pay rent
in August, 1998 of Four Thousand Five Hundred Forty-Eight Dollars ($4,548.00)
for the 3,000 square feet of the New Subleased Space which will be occupied by
Tenant beginning August 7, 1998.
5. Additional Rent. From and after the commencement of this Sublease,
paragraph 5(A)(3) of the Lease shall be amended to increase the percentage
therein so as to reflect the percentage which the square footage of the Demised
Premises bears to the square footage of the Building.
6. Additional Parking. Tenant currently is being provided one hundred (100)
reserved parking spaces of which fifteen (15) of such reserved parking spaces
are underground in Vaswani's ground floor of the Building. It is agreed that
Tenant shall be provided at no cost an additional ten (10) reserved parking
spaces.
7. Condition of Subleased Space. Sub-landlord shall lease to Tenant the
Subleased Space in its "AS IS" condition, subject to the removal by Sublessor of
its property in such space. Any alteration or build-out or improvement of such
space by Tenant shall be at its expense, subject to approval of the Sublessor
which shall not be unreasonably withheld.
8. Continuation of Lease and First Amendment to Lease. Except as otherwise
provided herein, all of the terms and conditions of the Lease and its First
Amendment shall remain in full force and effect.
IN WITNESS WHEREOF, the respective parties have hereunto set their hands
and seals or caused their presence to be duly signed on their behalf the day and
year first above appearing.
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SUBLESSOR:
WITNESS: INFORMATION SYSTEMS & NETWORKS
CORPORATION
By:
------------------------------------- -----------------------------
Xxxx Xxxxxxx, President & CEO
TENANT:
WITNESS: STARTEC GLOBAL COMMUNICATIONS
CORPORATION
By: By: /s/Ram Makunda*
--------------------------------- -----------------------------
Title: Ram Makunda, President & CEO
------------------------------ 8/11/98
(*valid for 48 hours)