EXHIBIT 10.11
SUBLEASE
This Sublease is made and entered into as of this 22nd day of September,
2002, by and between RPMC, Inc. ("Sublessor"), located at 00000 Xxxxxxx
Xxxxxxxxx, Xxxxxxxxx, XX 00000 and Netsol Technologies, Inc., a corporation (the
"Sublessee"), located at 00000 Xxxx Xxxxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000.
WHEREAS, Sublessor is a party to and lessee under a lease dated as of
August 1, 2000 (the "Master Lease") with Xxxx Xxxxxx and Synergy Group, Inc.
(collectively, the "Lessor") with respect to approximately 1575 square feet of
space (referred to as Suite 101) situated on the ground floor of 00000 Xxxxxxx
Xxxx., Xxxxxxxxx, Xxxxxxxxxx (the "Subleased Premises"); and
WHEREAS, Sublessee wishes to lease such Subleased Premises in accordance
with the provisions of this Sublease;
NOW, THEREFORE, the parties hereto agree that Sublessee shall lease the
Subleased Premises from Sublessor pursuant to the following terms and
conditions:
1. All of the terms, conditions, covenants, provisions and conditions of
the Master Lease including Section 12 (a copy of which is attached
hereto as Attachment "A") are hereby incorporated herein by this
reference and shall be binding upon and assumed by both parties hereto.
Except as otherwise noted herein, all rights and obligations of the
Lessor in such Master Lease shall be assumed and held by Sublessor with
respect to Sublessee, and all rights and obligations of the Lessee in
such Master Lease shall be assumed and held by Sublessee with respect to
Sublessor. Notwithstanding the foregoing, no options granted to
Sublessor in the Master Lease shall be exercisable by Sublessee and
nothing herein shall alter the rights and obligations in place in the
Master Lease between Lessor and Sublessor.
2. The Term of this Subleasee shall commence on September 23, 2002 (the
"Commencement Date") and shall continue thereafter on a month-to-month
basis (from the first day of each calendar month until the last day of
each calendar month) until terminated in writing by either party in
accordance with the provisions of this Sublease. At any time after
February 20, 2003, either party may terminate this Sublease upon at
least thirty (30) days written notice to the other party.
3. Rent for the period from September 23, 2002 to September 30, 2002 shall
be $630.00 and thereafter shall initially be $2362.50 per month.
Sublessor and Sublessee acknowledge that the monthly rent indicated
includes all utilities (except telephone and telecommunications
services), common area expenses and janitorial services for use of the
Subleased Premises. No alarm system or alarm system monitoring is
included or will be provided. Provided that Sublessor desires to
continue the month-to-month tenancy of Sublessee and does not otherwise
terminate this Sublease in accordance with the provisions of this
Sublease, then at any time after February 20, 2003, Sublessor may change
the rate of rent in a sum not to exceed three and one half percent (3
1/2%) of the then existing rent upon at least thirty (30) days written
notice to the Sublessee.
4. Upon execution of this Sublease, Sublessee shall pay Sublessor the sum
of $17,167.50 which constitutes a pro-rata rent payment for September in
the amount of $600.00, the sum of $14,175.00 for six month's rent in
advance and a security deposit of $2362.50. Provided that both parties
desire to continue the month-to-month tenancy of Sublessee beyond March
31, 2003, then Sublessee shall pay Sublessor all rent due for each month
thereafter in advance and by no later than the first day of each such
month. Failure to make payment
in full in advance and by the first day of each month shall constitute a
breach of this Sublease.
5. Sublessee shall have the exclusive use of 4 onsite parking spaces, as
determined by Sublessor to be chosen by Sublessor from the parking
spaces assigned to it in the Master Lease.
6. The Subleased Premises are to be used and occupied by the Sublessee for
general office use only and at no time will be occupied by more than
eight occupants at any given time. Sublessor will at all times allow
Sublessor to use the Subleased Premises as an emergency exit for
Sublessor's upstairs offices and will in no instance block or impede
access to such emergency escape route.
7. Sublessee shall at all times keep in force such insurance policies as
are required in Paragraph 8 of the Master Lease and shall name Lessor
and Sublessor as additional insureds with respect to such policies.
8. In the event any legal action is required to enforce the provisions of
this Sublease, in addition to recovering any other damages with respect
to the breach of this Sublease, the prevailing party shall be entitled
to the recovery of reasonable attorney's fees and costs.
9. Any notices which may need to be given hereunder shall be given in
writing in accordance with the provisions of the Master Lease and shall
be directed to the addresses set forth above.
10. This Sublease shall only be valid and enforceable once the Lessor has
signed below to indicate it's acceptance of the terms of this Sublease.
11. Except as provided by the Master Lease, this Sublease constitutes the
final, complete and exclusive statement of all the terms of agreement
between Sublessor and Sublessee with respect to the Subleased Premises
and no prior oral or written agreement (other than the Master Lease)
shall be a part of or a modification of this Sublease. No change,
modification or waiver of any of the provisions herein shall be binding
upon Sublessor or Sublessee unless agreed to by an authorized
representative of each such party hereafter, in writing.
12. The individual signing below on behalf of the Sublessee is duly
authorized by the Sublessee to execute and enter into this Sublease.
IN WITNESS WHEREOF, the parties have executed this Sublease effective as
of the day and year first above written.
SUBLESSOR: SUBLESSEE:
RPMC, INC. NETSOL TECHNOLOGIES, INC.
By: /s/Xxxxx Xxxxxxx By: /s/ Xxxxxx Xxxxxx
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Name: Xxxxx Xxxxxxx Xxxxxx Xxxxxx
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(Please print) Title: CFO
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Title: Sr. VP Financial Operations
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Lessor consents to the Sublease set forth above in accordance with the
provisions of the Master Lease. By Lessor's consent to this Sublease, Lessor
does not make any representations as to the adequacy of this Sublease or the
terms between the parties, and the relationship between such parties and Lessor
is expressly, solely and specifically governed by the terms of the Master Lease.
LESSOR:
XXXX XXXXXX
By: /s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
SYNERGY GROUP, INC.
By: /s/ Xxxx Xxxxxx
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Name: Xxxx Xxxxxx
Title:
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