EXHIBIT 10.15
ADDENDUM TO THAT LEASE
DATED JULY 24, 1998
THIS ADDENDUM TO THAT LEASE between SOUTHERN CALIFORNIA SUNBELT
DEVELOPERS, INC. ("Landlord") and GENESIS INTERMEDIA, INC., A FLORIDA
CORPORATION; AND GENESIS MEDIA, GROUP, A FLORIDA CORPORATION ("Tenant") for
property located at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, is
dated as below written.
WHEREAS, Tenant is presently the occupant of approximately 2,503
rentable square feet ("RSF") of ground floor office space located in Building
"T" at THE ▇▇▇▇ ▇▇▇▇▇ EXECUTIVE GUILD CENTER ("the GUILD"), ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (the "Premises"), currently designated
as Suite T-3; and
WHEREAS, Tenant desires to expand the occupied Premises to include an
additional 1,690 RSF of an adjacent suite, which is presently designated as
Suite T-2.
IT IS THEREFORE AGREED AND UNDERSTOOD THAT:
PREMISES: Effective November 16, 1998, the Premises shall consist of ground
floor office space located within THE ▇▇▇▇ ▇▇▇▇▇ EXECUTIVE GUILD,
Building T and further designated [for reference purposes] as
"Suite T-3" (2,503 RSF) and "Suite T-2" (1,690 RSF) totaling
approximately 4,193 RSF. The suite number designation (i.e.,
Suite T-2 and/or T-3) for receipt of mail, shall be subject to
Tenant's sole election.
TERM: The term of the lease, as further embraced by this Addendum,
commenced on August 1, 1998, and terminates on July 31, 2000.
Tenant's move-in date and the commencement of rent, with respect
to Suite T-2, shall be November 16, 1998.
EARLY
ACCESS TO
PREMISES: Landlord hereby grants Lessee the option to enter and occupy the
Suite T-2 prior to the Lease commencement date for purposes of
installing equipment, furniture, fixtures and all related cabling,
so long as Tenant does not interfere with Landlord's agents'
performance of any Tenant Improvement work. Lessee shall be
granted said early occupancy, prior to the actual agreed upon
commencement date of the lease rent free.
EXTENSION: The Lease will automatically renew for an additional two-year
period, commencing on August 1, 2000, and terminating on July 31,
2002, unless written notice to the contrary is received, from
Tenant to Landlord, not less than ninety (90) days prior to the
termination date of July 31, 2000.
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BASE
YEAR RENT: Effective Base Rental Rate for the remaining prorated portion of
the first year and each year thereafter is hereby adjusted as
follows:
Year 1 $8,176.35 per month ($1.95 per sq. ft.)
Year 2 $8,386.00 per month ($2.00 per sq. ft.)
SUBJECT TO OPTION:
Year 3 $8,805.30 per month ($2.10 per sq. ft.)
Year 4 $9,224.60 per month ($2.20 per sq. ft.)
ADDITIONAL
SECURITY
DEPOSIT: While acknowledging prior receipt of a security deposit in the
amount of $6,000.00 (as regards Suite T-3), Landlord requires an
additional $3,500.00 (as regards Suite T-2), for a combined total
security deposit, for Suites T-2 and T-3, of $9,500.00.
TENANT
IMPROVEMENTS: The following "Tenant Improvements" will be provided by Landlord
at Landlord's sole cost and expense.
- Open the common wall between Suites T-2 and T-3 (where a
doorway formerly existed) to provide access between Suites
T-2 and T-3.;
- Stain the wood surfaces in Suite T-2 to match the wood
surfaces in Suite T-3;
- Furnish and install new blinds in Suite T-2;
- Furnish and install new carpeting in Suite T-2;
- Paint throughout Suite T-2.
Tenant is apprized that care and maintenance of the Project's
parking lot is within the purview of the Owner's Association.
However, to the limit of Landlord's authority and ability, at
Tenant's request, Landlord will do its utmost to effect repair,
repaving and restriping of said parking facility at the earliest
possible date.
Any ADDITIONAL improvements, not currently anticipated or listed
above, requested by Tenant, either prior to or subsequent to
Tenant's occupancy, shall be at the Tenant's sole cost and
expense. Additionally, any further Tenant improvements, even if
provided by and/or paid by Tenant, must receive prior approval
by Landlord, which will not be unreasonably withheld.
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COUNTERPARTS: For the Convenience of the parties, this Addendum to Lease may
be executed in counterparts.
TIME IS OF
THE ESSENCE: Time is of the essence in this Agreement.
EXCEPT AS MODIFIED HEREIN, ALL OTHER TERMS AND CONDITIONS OF THE LEASE
BETWEEN THE PARTIES ABOVE DESCRIBED, SHALL REMAIN UNCHANGED AND IN FULL FORCE
AND EFFECT.
DATED: OCTOBER 30, 1998 at ORANGE COUNTY, California.
Landlord:
SOUTHERH CALIFORNIA SUNBELT DEVELOPERS, INC.
A CALIFORNIA CORPORATION
By: /s/ ▇▇▇ ▇. ▇▇▇▇
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▇▇▇ ▇. ▇▇▇▇, President
Tenant:
GENESIS INTERMEDIA, INC.,
A FLORIDA CORPORATION
By: /s/ ▇▇▇ ▇▇▇▇▇▇▇ Date: 11/3/98
----------------------------
▇▇▇ ▇▇▇▇▇▇▇, President
GENESIS MEDIA GROUP, INC.
A FLORIDA CORPORATION
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Date: 11/3/98
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, CFO
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