Exhibit 10.8
SUBLEASE AGREEMENT
By and Between
The Xxxxxx Group, Inc.
and
Loraca International, Inc.
This Sublease is entered into this 14th day of June, 1999, between The Xxxxxx
Group, Inc., a Maryland Corporation ("Sublessor") and Loraca International,
Inc., A Nevada Corporation ("Sublessee")
Sublessor is the Tenant under a Lease from AAA Oregon ("Landlord"), dated April
25, 1997 (the "Lease"). The Lease covers property in the building located at Six
SW CenterPointe Drive, Suite 360. Xxxx Xxxxxx, XX 00000. A complete copy of the
Lease is attached hereto as Exhibit A.
Sublessee wishes to sublease from Sublessor all of the premises covered by the
Lease.
NOW, THEREFORE, Sublessor hereby subleases the premises described in the
attached Exhibit B as part of Exhibit "A" (the "Premises"), an area of
approximately 4,023 square feet, and Sublessee agrees to sublease the Premises
from Sublessor on the following terms:
1. Term The term of this Sublease shall commence to occur
the later of:
A: June 19, 1999 or
B: 15 days after Landlord approval,
and shall continue through and including June 30, 2002 as
stated in the Lease.
2. Rent Sublessee shall pay to Sublessor base rent in accordance
with the following schedule:
June 1999 $206.73 per day upon occupancy.
July 1999 - February 2000 $6,202.00 per month full service.
March 2000 Free
April 2000 - June 2000 $6,202.00 per month full service.
July 2000 - December 2001 $6,537.00 per month full service.
January 2001 Free
February 2001 - October 2001 $6,537.00 per month full service.
November 2001 Free
December 2001 - April 2002 $6,537.00 per month full service.
May 2002 Free
June 2002 $6,537.00 per month full service.
Rent is payable in advance on the first (1/st/) day of each
month in accordance with the Lease terms. Sublessee shall pay
to the Sublessor all rent, operating expenses, and other
charges required to be paid by Sublessor under the Lease.
3. Sublease Sublessee shall pay the sum of $6.537.00 to the Sublessor,
upon execution of this Sublease, as Sublease consideration to
be applied as last months rent. Sublessor may apply the
sublease consideration to pay the cost of performing any
obligation which Sublessee fails to perform within the time
required by this Sublease, but such application by Sublessor
shall not be the exclusive remedy for Sublessee's default. If
the sublease consideration is applied by Sublessor, Sublessee
shall on demand pay the sum necessary to replenish the
sublease consideration to its original amount. To the extent
not applied by Sublessor to cure defaults by Sublessee, the
sublease consideration shall be applied against the rent
payable for the last month of the term. The sublease
consideration shall not he refundable.
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4. Obligations Sublessee shall perform all of the obligations of Tenant
of Sublessee under the Lease (except the obligation to pay rent and
other obligations inconsistent with this Sublease) as if
Sublessee were the Tenant under the Lease and Sublessor
was the Landlord under the Lease. The terms of the Lease
are hereby expressly incorporated as part of this
Sublease. In the event Sublessee fails to comply with such
terms, or the terms of this Sublease, Sublessor shall be
entitled to all of the remedies granted to Landlord in the
Lease, together with any other rights Sublessor might
otherwise have. All provisions in the Lease dealing with
indemnity and liability shall be applicable as between
Sublessor and Sublessee and Sublessee and the Landlord
under the Lease. Sublessee shall name both Sublessor and
the Landlord and Landlord's managing agent under the Lease
as named insured in the insurance policies it is required
to obtain hereunder.
5. Representations Sublessor represents and warrants that the Lease is in
of Sublessor good standing and that Sublessor has, to the best of its
knowledge, complied with all of its obligations thereunder
through the date hereof. So long as Sublessee is not in
default hereunder, Sublessor shall make all rental and
other payments required by the Lease.
6. Condition of Unless otherwise expressly provided herein, the Premises
Premises are leased as is in the condition now existing with no
additional work to be performed by Sublessor or Landlord.
(Sublessee has the right to use the existing phone switch
and equipment located in Suite 360 through the end of this
sublease period.)
7. Notices With respect to notices between Sublessor and Sublessee,
the addresses for notice shall be the addresses stated in
this Sublease.
8. Additional This Sublease incorporates the terms and conditions
Provisions contained in the following Exhibits: Exhibit A - The Lease
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IN WITNESS THEREOF, the parties have executed this Sublease as of the date
first above written.
SUBLESSOR:
Address for notices:
Xxxxx X. XxXxxxx, Vice President, Financial Operations By: Xxxxx X. XxXxxxx
The Xxxxxx Group, Inc., A Maryland Corporation --------------------------------------
00000 Xxxxxxx Xxxx., Xxxxx 000 Xxx: Vice President, Financial Operations
Xxxxxxxx Xxxxx, XX 00000 --------------------------------------
Signature: /s/ Xxxxx X. XxXxxxx
--------------------------------------
Date: 6/14/99
--------------------------------------
SUBLESSEE:
Address for notices:
Xxxxxxx X. Guy By: Xxxxxxx X. Guy
Loraca International, Inc., A Nevada Corporation --------------------------------------
c/o New Mortgage Millenium Its: Vice President
0 XX XxxxxxXxxxxx Xxxxx, Xxxxx 000 --------------------------------------
Xxxx Xxxxxx, XX 00000 Signature: /s/ Xxxxxxx X. Guy
--------------------------------------
Date: 6/16/99
--------------------------------------
CONSENT
The undersigned Landlord under the Lease hereby consents to the foregoing
Sublease conditioned upon the following to which Sublessor agrees:
1. Sublessee's agreement to perform Sublessor's obligations under the Lease
during the Sublease term is for the benefit of both Sublessor and Landlord.
2. Sublessee's agreements to perform such obligations shall not relieve
Sublessor of its primary and unconditional liability for payment of rental
and other charges and performance of Sublessor's obligations as Tenant under
the Lease during the full term of the Lease.
LANDLORD: SUBLESSOR:
By: Xxxxx X. Xxxxxxxx By: Xxxxx X. XxXxxxx
---------------------------- ---------------------------------------
Its: President Its: Vice President, Financial Operations
---------------------------- ---------------------------------------
Signature: /s/ Xxxxx X. Xxxxxxxx Signature: /s/ Xxxxx X. XxXxxxx
---------------------------- ---------------------------------------
Date: 6/18/99 Date: 6/14/99
---------------------------- ---------------------------------------
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