PHOENIX BUSINESS PARK ASSIGNMENT OF LEASE
Exhibit
10.48
1.
Recitals.
PHOENIX
BUSINESS PARK
ASSIGNMENT
OF LEASE
LightNetworks,
Inc. (“Assignor”) and Network Telephone Corporation (“Assignee”) and BSRT
Phoenix Business Park, L.L.C. (“Lessor”) hereby agree as follows:
| 1. |
Recitals.
|
| (a) |
Assignor,
as Lessee and Lessor executed and delivered a certain Lease Agreement
dated January 13, 2000 (the “Lease”), which Lease was amended by a First
Amendment to Lease Agreement dated February 17, 2000 and a Second
Amendment to Lease Agreement dated April 17,
2000.
|
| (b) |
Capitalization
terms used herein shall have the same meanings as in the
Lease.
|
| (c) |
Assignor
desires to assign the Lease to Assignee and Lessor has agreed to
consent
to such Assignment upon the terms and conditions
hereof.
|
2. Assignment
and Acceptance.
| (a) |
For
and in consideration of ten and no/1000 dollars and other good and
valuable consideration, Assignor hereby assigns to Assignee all of
Assignor’s right, title and interest in and to the Lessee’s interest under
the Lease. Assignor agrees to indemnify, defend and hold Assignee
harmless
from and against all claims, losses, damages, costs and fees assessed
against Assignee in connection with the Lease for any time period
prior to
the effective date of this
Assignment.
|
| (b) |
Assignee
accepts the foregoing Assignment and agrees to be bound by the terms
and
conditions of the Lease as if Assignee had been an original party
thereto.
Assignee will indemnify, defend and hold Assignor harmless from and
against all claims, losses, damages, costs and fees assessed against
Assignor in connection with the Lease for any time period from and
after
the Effective Date of this
Agreement.
|
3. Consent.
Lessor
hereby consents to the foregoing Assignment conditioned upon receipt by Lessor,
on or prior to the effective date of this Agreement, of a letter of credit
or
cash deposit in the amount of $240,000.00 representing the replacement of the
Irrevocable Letter of Credit required by Paragraph 5 of Exhibit “B” (Special
Stipulations) of the Lease as amended by Paragraph 6 of the First Amendment
to
the Lease, which has been cashed by Lessor to cure a default by Lessee under
the
Lease.
4. Effective
Date.
The
Effective Date of this Assignment is September
21, 2000.
SIGNATURES
ON FOLLOWING PAGE
Executed
this 21st
day of
September, 2000.
|
Assignor:
LightNetworks.
Inc.
|
|
|
By:
Xxxxxxx X. Smock_
Title:
President & CEO
Assignee:
Network
Telephone Corporation
By:
Xxxxxx Xxxxxxx
Title:
EVP/ CFO
Lessor:
BSRT
Phoenix Business Park, L.L.C.
By:Xxxxxx
X. Xxxxxxx
Title:Vice
President
|
EXHIBIT
“B”
Special
Stipulations
