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Exhibit 10.16
Sublease Agreement
This underlease is dated the 25th day of November 1998 and is made between
Annuity and Life Reassurance Ltd. having its office at Xxxxxxxxxx Xxxxx, 0
Xxxxxxxx Xx., Xxxxxxxx, Xxxxxxx the lessor and Global Markets Access Ltd.
"Lessee".
Leasehold
Subject to the terms and conditions set forth herein, Lessor subleases to
Lessee, and Lessee subleases from Lessor, that certain office space located at
Xxxxxxxxxx Xxxxx, 0 Xxxxxxxx Xxxxxx, Xxxxxxxx XX XX, Xxxxxxx. This space shall
consist of 4 offices and 3 workstations. Each office and workstation shall have
no less than one 1 functional phone.
Term
The initial term on this sublease shall be from Wednesday, November 25, 1998,
until Thursday December 31, 1998. At any time before December 31, 1998, this
sublease may be renewed on a month-to-month basis by the consent of both Lessor
and Lessee.
Rent
Initial term: Lessee shall pay Lessor as rent, for the possession and use of
the Premises, the sum BD$5,200 plus utilities for the initial term as described
above. This rent shall be paid in full on or before December 31, 1998. Rent is
payable at the address of Lessor at Xxxxxxxxxx Xxxxx, 0 Xxxxxxxx Xxxxxx,
Xxxxxxxx XX XX, Xxxxxxx.
Month-to-month: Should this sublease continue on a month-to-month basis, Lessee
shall pay Lessor as rent, for the possession and use of the Premises, the sum
of BD$4,500 per month plus utilities in advance. Rent is payable at the address
of Lessor at Xxxxxxxxxx Xxxxx 0 Xxxxxxxx Xxxxxx, Xxxxxxxx XX XX, Xxxxxxx.
Use of Premises
Use and Restrictions on Use: Lessor shall use the premises for general office
purposes only, and for no other use. Lessee shall not use or allow the Premises
to be used for a purpose or in a manner that is unlawful, illegal, or likely to
cause damage to the Premises, to adjourning property, or would cause a nuisance
to any member of the public or to any other Lessee of the building.
This sublease is executed on this 25th day of November, 1998, in the City of
Xxxxxxxx, Bermuda.
/s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx
President and Chief Executive Officer
Annuity and Life Reassurance, Ltd.
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
President and Chief Executive Officer
Global Markets Access Ltd.
