Exhibit 25.0
LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS LEASE ASSIGNMENT AND ASSUMPTION AGREEMENT (the "Agreement") is entered
into as of the `Effective Date" (as defined in Section 1.1 below), by and
between ACCESSPOINT CORPORATION, a Nevada corporation (`"Tenant") and MERCHANTS
BILLING SERVICES, INC., a Nevada corporation ("Transferee").
RECITALS
A. Tenant entered into a certain Office Lease dated as of September 30,
2002 ("Lease"), for the lease of approximately 11,172 rentable square feet of
space on the Second Floor, known as Suite 200 ("Premises") of 0000 X. Xxxxxxx
Xxxxxxxxx, Xxx Xxxxxxx, Xxxxxxxxxx 00000 (the "Building"). Capitalized terms
used herein without definition shall have their respective meanings set forth in
the Lease.
B. Tenant desires to assign to Transferee as of the "Effective Date" all of
its right, title and interest in and to the Lease (the Assignment"), and
Transferee is willing to accept from Tenant such Assignment and to assume each
and all of the obligations of the "Tenant" under the Lease to be performed
following the Effective Date.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto covenant and
agree as follows~
1. Tenant's Assignment.
1.1 Assignment. Tenant hereby assigns, sells, conveys and otherwise
transfers to Transferee all of Tenant's right, title and interest in and to the
Lease, effective on the date of full execution of this Agreement (the "Effective
Date").
2. Assumption by Transferee.
2.1 Assumption. Transferee hereby accepts all of Tenant's right, title and
interest in and to the Lease, and, from and after the Effective Date, assumes
and agrees to be bound by and perform, as a direct obligation of Transferee to
the Building's SubLandlord and Landlord, each and all of the obligations, terms,
covenants and agreements of the "Tenant" under the Lease.
2.2 Condition of the Premises. Transferee acknowledges that Transferee has
inspected the Premises and accepts the Premises in their existing "AS IS"
condition. No representations or warranties of any kind, express or implied,
have been made by the Building's SubLandlord, Landlord or Tenant or any agent of
the Building's SubLandlord, Landlord or Tenant to Transferee regarding the
Premises.
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3. General Provisions.
3.1 Lease in Force. Except as otherwise set forth in this Agreement, all
provisions of the Lease shall remain unchanged and in full farce and effect and
are hereby ratified and confirmed.
3.2 Litigation Expenses. If any party herein shall bring an action against
the other by reason of the breach of any covenant, warranty or condition hereof,
or otherwise arising out of this instrument, or the relationship hereby created,
whether for declaratory or other relief, the prevailing party in such suit shall
be entitled to all costs, expenses and charges incurred by it in such actions,
including, without limitation, reasonable attorneys' fees and costs, which shall
be payable, whether or not such action is prosecuted to judgment. "Prevailing
Party" within the meaning of this paragraph shall include, without limitation, a
party who brings an action against the other after the other's breach or
default, if such action is dismissed upon the others payment of the sums
allegedly due or performance of the covenants allegedly breached, or if the
plaintiff obtains substantially the relief sought by it in the action. The
prevailing party shall also be entitled to its attorneys' fees, casts and
expenses incurred in any postjudgment proceedings to coiled and enforce the
judgment. This provision is separate and several and shall survive the merger of
this Agreement into any judgment on this Agreement.
3.3 Notices. Any notice, approval or other communication under this
Agreement shall be in writing and shall be given by registered or certified mail
or by a nationally recognized overnight courier, such as FedEx or Airborne
Express, or delivered personally to the party's mailing address set forth below:
TENANT: ACCESSPOINT CORPORATION
0000 X. Xxxxxx Xxxxxx
Xxxxx 0000
Xxxxxx Xxxx, Xxxxxx 00000
TRANSFEREE: MERCHANTS BILLING SERVICES, INC.
Attn: General Counsel
0000 X. Xxxxxxx Xxxxxxxxx
Xxxxx 000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Any party may change its mailing address at any time by giving written
notice of such change to the other parties in the manner provided herein at
least ten (10) days prior to the date such change is effective. All notices
under this Agreement shall be deemed given upon the earlier of receipt or three
(3) days after the date it was mailed as provided in this Section 4.3, if sent
by registered or certified mail, or one (1) day after delivery to the overnight
courier, or upon the date personal delivery is made; provided, however, that any
refusal to accept delivery shall be deemed to constitute receipt.
3.4 Conflict. In the event of any conflict between the provisions of the
Lease and this Agreement, the provisions of this Agreement shall govern.
3.5 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective executors,
administrators, successors and assigns.
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3.6 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall constitute an original and all of which shall
constitute one instrument. It shall not be necessary in making proof of this
Agreement to account for more than one counterpart.
IN WITNESS WHEREOF, the parties have executed this Agreement on the dates
set forth below
TENANT:
ACCESSPOINT CORPORATION,
a Nevada corporation
By:
TRANSFEREE:
MERCHANTS BILUNG SERVICES, INC.,
a Nevada corporation
By
Name: Xxxxx Xxxxxx
Title: President
Dated: September 30, 2002
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MANAGEMENT COMPANY
oI I WEST CENTURY BOULEVARD, ELITE 100
LOS ANGELES, CALIFORNIA 9004~
WET OFFICE BOX 92006
[.03 ANGELES, CALIFORNIA 00000-0000
V0 000x0000 FAX: 210 258.9009
January 24, 2003
Xx. Xxxxxx X. Xxxx, Xx.
Senior Vice President and General Counsel
Veridian Corporation 0000 X. Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxx, XX 00000
Re: Lease Assignment & Assumption Agreement for 0000 X. Xxxxxxx
Xxxxxxxxx Between Accesspoint Corporation ("Tenant") and
Merchants Billing Services, Inc. ("Transferee")
Dear Xx. Xxxx:
6171, Ltd., a California limited partnership, the owner of Carlsberg
LAX Center, approves the assignment document referenced above. This
approval is effective so long as Veridian Corporation, the Master
Lease guarantor, remains fully liable for the Master Lease as outlined
in Exhibit "E" (Guaranty of Lease) of the Master Lease between 6171,
Ltd. and Veritect, Inc.
It is also understood that Veridian Commercial Operations, Inc. is a
wholly-owned subsidiary of Veridian Corporation
Sincerely yours,
6171, LTD.,
a California limited partnership
By CARLSBERG PROPERTIES, INC.,
a California corporation
Xxxxxxx X. Xxxxx
Its: President
WWG/es
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