1
EXHIBIT 10.29
[DEN LETTERHEAD]
May 5th, 1999
Xxxx Xxxxxxxxx and Xxxxxx Xxxxxx
dba PTL Realty
0000 Xxxxxxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
Re: 0000 Xxxxxxxx Xxx., Xxxxx Xxxxxx, XX; Digital Entertainment Network,
Inc. - Letter Agreement
Dear Xx. Xxxxxxxxx and Mr. Silver:
This Letter Agreement shall amend the terms and conditions of the
July 30, 1998 "Standard Industrial/Commercial Single-Tenant Lease -- Gross"
(the "Lease") by and between Xxxx Xxxxxxxxx and Xxxxxx Xxxxxx, individuals, dba
PTL Realty ("Lessor") and Digital Entertainment Network, Inc. ("Lessee").
Except for the provisions which are inconsistent with this Letter Agreement,
the above referenced Lease shall remain in full force and effect and both the
Lessee and Lessor hereby ratify the Lease as amended by this Letter Agreement.
1. Option to Extend. This letter shall serve as notice of Lessee
exercising the first extension option described in Paragraph 50 of
the Addendum to the Lease. Both Lessee and Lessor acknowledge that
this First Option term will commence August 17, 1999 and terminate on
August 16, 2000. The Lease terms and conditions, as modified by this
Letter Agreement, will govern the First Option Exercise Period,
except that the Base Rent shall be $32,162.00 per month and two (2)
one (1) year options to extend shall remain.
2. Existing Tenant Improvements. Lessor acknowledges the Lessee
Owned Alterations and/or Utility Installations on the attached
Schedule totaling $137,609.83 and hereby waives any right to require
such alterations restored or removed at anytime prior to or after the
expiration of the extended term.
2
3. Planned Tenant Improvements. Lessee plans to install air
conditioning throughout the main warehouse of the Premises. This
Lessee Owned Utility Installation is estimated to cost Lessee
approximately $62,000.00. Lessee further plans to install telephone
cables which will originate in the existing phone room, extend
through the opposite wall, traveling through the existing conduit and
xxxxxxxxxxx on the roof of the building, then said cable will be
mounted along the outside of the building (approximately 15 feet) to
the corner of the building and will freely extend across the rear
parking lot to the GTE support pole located behind the building.
Lessor consents to each of these installations and acknowledges that
all conditions to this consent are hereby satisfied.
4. Lessee Removal of Air Conditioning. Lessor waives the right to
elect to own all Lessee Owned Utility Installations of air
conditioning systems as granted in Section 7.4(b). Lessee will
therefore have the option, but not the obligation, to remove said
Utility Installations at the expiration or early termination of the
lease term. Upon such removal, Lessee must restore the Premises in
accordance with Section 7.4(c) of the Lease. If said Utility
Installations are removed by Lessee then Lessee agrees that Lessor
may retain up to $5,000 of the Security Deposit for up to 4 months
after Premises have been vacated. Lessor shall return to Lessee that
portion of the retained Security Deposit not used or applied by
Lessor in accordance with Section 5 of the Lease.
Please signify your acknowledgment, consent and agreement to the
above provisions by executing one original copy of this Letter Agreement and
returning to me via fax at (000) 000-0000 and in the enclosed prepaid and
pre-addressed envelope.
Sincerely,
/s/ XXXX X. XXXXX
-----------------------------------
Xxxx X. Xxxxx
Secretary and General Counsel
Acknowledged, consented and agreed to:
/s/ XXXX XXXXXXXXX
-----------------------------
Xxxx Xxxxxxxxx
/s/ XXXXXX XXXXXX
-----------------------------
Xxxxxx Xxxxxx
