Exhibit 10.8
OFFICE SUBLEASE
This Office Sublease ("Sublease"), dated as of April 30, 2001, is
between Union Bank and Trust Company, a Nebraska banking corporation
("Sublessor"), and NELnet, Inc., a Nevada corporation ("Sublessee").
RECITALS
Sublessor, as tenant, and Xxxxxx & Xxxxx, as landlord, executed an
Office Building Lease dated June 21, 1996, as amended (the "Master Lease"). By
the terms of the Master Lease, certain land in the City of Lincoln, State of
Nebraska was leased to Sublessor for a term as set forth therein with a series
of options to renew same. The Master Lease, by this reference, is hereby
incorporated as though set forth in full herein.
Sublessor desires to sublease to Sublessee a portion of the Building (as
such term is defined in the Master Lease) and Sublessee desires to sublease
those premises from Sublessor.
NOW, THEREFORE, Sublessor and Sublessee agree as follows:
1. Leasing and Description of Property. Subject to the terms, conditions
and covenants set forth in the Sublease, Sublessor hereby subleases to
Sublessee, and Sublessee hereby subleases from Sublessor, approximately 2,655
square feet of office area, 320 square feet of storage space, and 1,469 square
feet of shared office space within the Building in an area reasonably agreed
upon by the parties (the "Subleased Premises"). The Subleased Premises shall be
furnished, equipped and decorated in a manner commensurate with adjacent office
space.
2. Term. This Sublease shall commence on the 1st day of May, 2001, (the
"Commencement Date") and end on the date the Master Lease or any renewal thereof
terminates (hereinafter referred to as the "Sublease Term") or until the
Sublease Term shall sooner terminate as hereinafter provided. A "Sublease Year"
under this Lease shall be any 12 consecutive month period commencing May 1 and
ending on the anniversary thereof.
3. Rent. Sublessee's annual rental amount shall be the sum of $8.50 per
square foot for office space, $8.50 per square foot for shared office space and
$3.00 per square foot for storage space; as rent adjusts under the Master Lease,
on July 1st of each year or otherwise, Sublessee's rent shall adjust
commensurately. Rent shall be paid by Sublessee to Sublessor on the 1st day of
each month during the term of this Sublease in the amount of $3,001.17; partial
months shall be prorated appropriately.
4. Use of Premises. Sublessee shall use and occupy the Subleased
Premises for business and administrative offices and related purposes, but for
no unrelated purpose.
5. Applicability of Master Lease. This Sublease is subject and
subordinate to the terms and conditions of the Master Lease. Except as herein
provided to the contrary, Sublessee shall not commit any act which violates any
obligations required to be kept or performed by the Tenant under the provisions
of the Master Lease. Sublessor may enforce all terms of the Master Lease against
Sublessee to the extent applicable to Sublessee.
6. Quiet Enjoyment. Sublessor covenants that Sublessee shall be entitled
to quiet enjoyment of the Subleased Premises provided that Sublessee complies
with the terms of this Sublease.
7. Costs. All costs with respect to charges for janitorial services,
property taxes, repairs, utilities, including gas, electricity, water, steam,
garbage removal, sewer, general plumbing, heating, ventilating and air
conditioning and other mechanical systems supplied to the Building shall be paid
by Sublessor. Sublessee shall be responsible for all telephone service costs.
8. Improvements to Premises. Sublessor shall build out the Subleased
Premises as reasonably agreed between Sublessor and Sublessee so as to provide
an area separated by cubicle dividers from adjacent office space. Sublessor
shall provide Sublessee with interior finishes of a quality comparable to the
interior finishes in the other areas of the adjacent office space. All
improvements, of whatever nature, placed by Sublessee on the Subleased Premises,
except movable trade fixtures, shall at once become the property of Sublessor
and shall so remain at the termination of this Sublease.
9. Insurance. Neither Sublessee nor Sublessor shall be obligated to
maintain any insurance coverage, unless required under the Master Lease.
10. Termination of Master Lease. If the Master Lease is terminated, this
Sublease shall terminate simultaneously and the Sublessor and Sublessee shall
thereafter be released from all obligations under this Sublease, and Sublessor
shall refund to Sublessee any unearned rent paid in advance. This Sublease
grants Sublessee no rights beyond termination of the original term of the Master
Lease.
11. Assignment. Sublessee may assign or encumber its interest in the
Sublease or the Subleased Premises only with the written consent of Sublessor,
which consent will not be unreasonably withheld.
EXECUTED as of the date specified in the first paragraph of this Office
Sublease.
SUBLESSEE: NELNET, INC., A NEVADA CORPORATION
By: /s/ Xxxxx X. Xxxxxx
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Title: CFO
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SUBLESSOR: UNION BANK AND TRUST COMPANY,
A NEBRASKA BANKING CORPORATION
By: /s/ Xxxx Xxxxxx
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Title: SVP & Cashier
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STATE OF NEBRASKA )
) SS.
COUNTY OF LANCASTER )
On this 2nd day of May , 2001, before me, the undersigned Notary Public,
duly commissioned and qualified in and for said County, personally appeared
Xxxxx Xxxxxx , personally known to me to be the identical person who signed the
above and foregoing OFFICE SUBLEASE, and acknowledged the execution of same to
be a voluntary act and deed and the voluntary act and deed of NELnet, Inc., a
Nevada corporation.
WITNESS my hand and notarial seal the day and year last above written.
/s/ Xxxxxxx Xxxx Xxxx
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Notary Public
STATE OF NEBRASKA )
) SS.
COUNTY OF LANCASTER )
On this 3 day of May , 2001, before me, the undersigned Notary Public,
duly commissioned and qualified in and for said County, personally appeared Xxxx
Xxxxxx , the SVP & Cashier of Union Bank and Trust Company, a Nebraska
corporation, personally known to me to be the identical person who signed the
above and foregoing OFFICE SUBLEASE, and acknowledged the execution of same to
be a voluntary act and deed and the voluntary act and deed said corporation.
WITNESS my hand and notarial seal the day and year last above written.
/s/ Xxxx Xxxxxxx
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Notary Public
