Exhibit 10.2
L E A S E
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THIS LEASE made this 16th day of November, 1999, by and between 540 NORTH
TRAIL CORPORATION, a Florida corporation, having an office at 1424 N. Crescent
Heights Blvd. #47, West Hollywood, CA 90046, hereinafter referred to as the
"Lessor," and WEB PARTNERS, INCORPORATED, a Florida corporation, having an
Office at 540 N. Tamiami Trail, Sarasota, Florida, hereinafter referred to as
the "Lessee."
WITNESSETH:
WHEREAS, Lessor is the owner of certain property, described as 540 N.
Tamiaml Trail, (hereinafter referred to as "Property"), located in Sarasota,
Florida, and the Building which is or was commonly known as "Building",
including the nineteen (19) parking spaces located there.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth and other good and valuable consideration, receipt whereof is hereby
acknowledged, the parties hereto covenant and agree as follows:
1. Property Leased. Lessor does hereby demise, let and lease unto
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Lessee and Lessee does hereby lease from Lessor the premises used as the
Jeanettes store, (hereinafter referred to as "Premises" or "Demised Premises"),
together with the use of four (4) parking spaces in the northwest corner of, the
parking lot owned by Lessor at 500 and 520 N. Tamiami Trail, Sarasota, Florida
and use of the patio area at 500 and 520 N. Tamiami Trail, Sarasota, Florida.
Lessee shall have the right to inspect the Demised Premises and all component
parts thereof prior to occupancy. Upon Lessee taking possession, it shall have
deemed to accept the property "AS IS" and received any and all permits and
consents from the City of Sarasota as to use or occupancy. Lessor shall allow
use of, but retain ownership of, the large cash register desk by front door and
five (5) gray storage racks.
<PAGE>
Exhibit 10.2
2. Term of Lease and Use. To have and to hold the Demised Premises for
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a term of one (1) year, commencing on the 15th day of November, 1999, and ending
on the 14th day of November, 2000.
The Lessee shall use the building and property only as computer web site
design facilities and e-commerce design purposes.
3. Rent. Lessee shall pay to Lessor for the premises for the lease
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year, the base annual rent of ONE HUNDRED TWENTY THOUSAND SEVEN HUNDRED EIGHT
AND 00/100 DOLLARS ($120,708.00), plus sales tax, payable in equal monthly
installments of TEN THOUSAND FIFTY-NINE AND 00/100 DOLLARS ($10,059.00), plus
sales tax, in advance an the 15th day of each month, without demand. Rent for
the period November 15, 1999 through December 14, 1999, in the amount of TEN
THOUSAND FIFTY-NINE AND 00/100 DOLLARS ($10,059.00), plus sales tax, and the
last months rent of TEN THOUSAND FIFTY-NINE AND 00/100 DOLLARS ($10,059.00),
plus sales tax, shall be paid upon the execution of this Lease.
4. Payment of Taxes. From the date of commencement of this Lease,
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through the date of termination thereof, Lessor shall, at its own expense, beat,
pay and discharge directly all duties and taxes on the leased premises.
5. Insurance. Lessee agrees that it will, at all times, maintain public
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liability insurance covering its business operations at the Premises, naming
Lessor as an additional named insured. The limits of liability under such
insurance shall not be less than $250,000.00 in case of injury or death to any
one person or $500,000.00 in case of injury or death to more than one person in
any one accident, and not less than $100, 000.00 property damage. Lessor shall
maintain replacement cost casualty insurance upon the Building.
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<PAGE>
Exhibit 10.2
6. Destruction of Leased Premises. In the event of the destruction of
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the Premises or the Building contained thereon by fire, explosion, the elements
or otherwise during the term of this Lease, or any renewal thereof, or such
partial injury so as to render the Premises wholly or substantially untenantable
or unfit for occupancy, this Lease shall temporarily be suspended and during
such period as the Premises are untenantable or unfit for occupancy, Lessee
shall not be obliged to pay any rent therefor. However, Lessee shall pay the
rent up to the time of destruction or substantial injury and rent shall begin to
run again ten (10) days after written notice that the Premises have been
restored substantially to the condition they were in immediately prior to the
injury or destruction. Provided, however, that Lessee may cancel this Lease if
the Premises are not restored and ready for occupancy within ninety (90) days
following the destructive event.
In the event of the partial destruction of the Premises or damage thereto,
if a portion of the Promises are rendered partially untenantable or unfit for
occupancy, the rent for the period required for such repairs shall be reduced
equitably in proportion to the reduction, if any, in useable interior space.
In the event that the Premises be so badly damaged that the same cannot be
restored by diligence on the part of Lessor within six (6) months from the date
of happening of such damage, Lessor may terminate this Lease by giving to Lessor
a written notice to that effect.
Lessee shall notify Lessor as soon ash practicable in case of damage, by
fire or otherwise, to the Premises.
7. Eminent Domain. If all of the Premises shall be taken under the
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right of eminent domain by any public or quasi-public authority having the right
of condemnation, this Lease shall not terminate, but as of the date title vests
pursuant to such proceedings the rent shall be completely abated. If only a
portion of the Leased Premises shall be taken, under the right of eminent
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<PAGE>
Exhibit 10.2
domain, but such taking prevents the practical use of the remaining Premises
occupied by Lessee for the purpose intended by Lessee, then this Lease shall not
terminate, but the rent shall be completely abated as of the date title vests
pursuant to such proceedings. The total award made in such proceedings shall be
equitably divided between Lessor and Lessee according to the substantive law of
the State of Florida in relation to the damage suffered. If such taking does not
prevent the practical use of the remaining Premises for the purpose intended by
the Lessee, then this Lease shall continue in full force and effect but the rent
shall abate proportionately and such adjustments shall be made as shall be just
and equitable. Nothing herein contained shall be deemed or construed to prevent
Lessee or its sublessee from interposing and prosecuting in any eminent domain
proceeding a claim for the value of lost business and/or any fixtures installed
in or improvements made to the Leased Premises bar Lessee or its sublessee.
In the event the proper judicial authority does not divide the award to
compensate the separate loss of each party, and if Lessor and Lessee are unable
to agree as to the division of the total award, or as to the abatement or
adjustment of rent, or as to any such other adjustments, all such disagreements
shall be submitted to arbitration, in accordance with the rules of the American
Arbitration Association. Each of the parties shall select an arbitrator within
thirty (30) days after the vesting of title in condemnation proceedings, arid if
the arbitrators are unable to agree such arbitrators shall select a third
arbitrator within sixty (60) days after the vesting of title. The decision of 2
out of 3 of the arbitrators shall be final. Each party shall pay their own legal
expenses and one-half (1/2) of the arbitrators and filing fees, if any.
8. Lessee Covenants. Lessee covenants and agrees as follows:
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(a) To pay said rent punctually as it accrues;
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<PAGE>
Exhibit 10.2
(b) To allow Lessor, in person or by agent, to enter the Premises
at all reasonable times, upon reasonable notice to Lessee (which notice shall
not be required in the event of an emergency), to allow Lessor, or its agent, to
place on or about said Premises, notices indicating that the Premises are for
sale, or during the last six (6) months of the term of this Lease, for rent; and
to allow Lessor, or its agent, to enter upon and pass through and over the
Premises for the purpose of showing the same to persons wishing to purchase or
to lease the same;
(c) To peaceably and quietly leave, surrender and yield to Lessor
on the last day of the term hereby granted or on the sooner termination thereof,
the Leased Premises, broom clean and in good order and repair, subject to
Paragraph 6 and 7 above, and ordinary wear and tear excepted. Lessee on or
before the last day of the term hereby granted or any extension or renewal
thereof shall remover all its property from the Premises. If the Premises be
not so surrendered as aforesaid, Lessee shall indemnify Lessor from liability
resulting from delay by Lessee in so surrendering the Premises.
(d) The Lessee shall pay, as and when the same become due and
payable, all separately metered utility charges, whether special or ordinary,
all water rents, (excluding sprinkler meter charges, if any), rates, and charges
for garbage and all sewer rents and all separately metered charges for
electricity, gas, heat, and other utilities supplied to and consumed in the
Premises.
(e) To observe and comply promptly and at its own expense with all
requirements of law, ordinances, regulations or orders of the United States of
America, State of Florida, County of Sarasota, City of Sarasota, or any other
governmental authority affecting the Premises or the use and occupation thereof,
and all requirements of the National Board of Fire Underwriters or similar body,
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<PAGE>
Exhibit 10.2
and all rules, orders and regulations made for the enforcement or by reason of
or pursuant to the workmen's Compensation Act; arid Lessee shall pay all costs
and expenses incidental to such, compliance and shall save Lessor harmless from
all expenses and/or damages by reason of any notice, order, violations or
penalties filed against or imposed upon the Leased Premises or upon Lessor as
owner hereof, because of the failure of Lessee to comply with this covenant.
Lessee shall not permit or suffer to be done or committed any act, matter or
thing whereby or in consequence thereof the policies of insurance on the
Premises or the Building or improvements upon the Property shall become void or
suspended; Notwithstanding anything herein to the contrary, Lessee shall not be
required to make any modifications or repairs to any plumbing, mechanical or
utility lines of any type or kind unless required as the result of the
negligence of the Lessee, its officers, agents, servants, contractors or
employees.
(f) To keep in good repair and order the Premises, subject to the
fire and condemnation provisions of this Lease, ordinary wear and tear excepted,
and so maintain such Premises and all improvements now or at any time during the
term of this Lease situated within the Premises, and that it will not suffer or
permit any waste or injury thereto. In case any damage shall be caused to the
Leased Premises by any third party and Lessee is required hereunder to make such
repairs occasioned thereby, Lessor agrees to and does hereby transfer and assign
unto Lessee any and all claims, rights, actions and causes of action which
Lessor may have in consequence thereof. Lessor agrees to execute any and all
further papers and instruments in reference to such assignment when requested to
do so by Lessee. It is expressly agreed that Lessee shall replace, at its own
expense, all plate glass broken, at the Premises.
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<PAGE>
Exhibit 10.2
(g) To indemnify and save harmless Lessor of and from all fines,
suits, claims, demands and actions of any kind by reason of any breach,
violation, or non-performance of any condition hereof on the part of Lessee.
Lessor shall not be liable for any injury or damage to person or property
happening on or about the Leased Premises, howsoever caused or occasioned,
except injuries or damages caused or occasioned by Lessor, its agents, servants
or employees, and Lessee agrees to indemnify and save harmless Lessor from any
such liability therefor; and Lessee shall indemnify and hold harmless Lessor of
and from any and all such damage or liability four anything arising from or out
of the occupancy of the Leased Premises by Lessee, including, but not limited to
acts or defaults of Lessee, its agents, servants, employees, customers, or
licensees, but excluding damage or liability caused or. occasioned by Lessor,
its agents, employees or servants and except for duties and obligations required
of or assumed by Lessor as set forth in this Lease.
9. Lessor Responsibilities. If Lessee is not in default under this
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Lease, Lessor shall not interfere with Lessee's quiet enjoyment of the Premises.
During the term hereof, Lessor shall maintain the roof and structural components
and mechanical components, including air conditioning and plumbing (excluding
doors and glass) in good order and repair, except as any of such
responsibilities and/or costs are specifically allocated to Lessee in this
Lease, any damage thereto as a result of the negligence or act of Lessee, its
agents, servants, or employees, in which event the costs shall be the
responsibility of Lessee.
10. Mutual Waiver. Lessor and Lessee hereby mutually release each other
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from any and all liability or responsibility to the other or anyone claiming
through, or under them by a right of subrogation, or otherwise for any loss or
damage to property caused by fire, or any of the extended coverage or
supplementary contract casualties, event if such fire or other casualties shall
have been caused by the fault or negligence of the other parties, or anyone for
whom such party may be responsible; provided, however, that this release shall
be applicable and in force and effect duly and only with respect to lost or
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<PAGE>
Exhibit 10.2
damage occurring during such time as the respective parties' policies shall
contain a clause or endorsement to the effect that any such release shall riot
adversely affect or impair said policy or prejudice the rights of said parties
to recover thereunder. Lessor and Lessee mutually agree that its insurance
policy shall contain such a clause or endorsement so long as the same shall be
obtainable without extra cost, or, if extra cost shall, be charged therefor, so
long as the other party pays such extra cost.
11. Alterations, Additions and Improvements. Lessee, at Lessee's option
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can, at any time during the term of this Lease, alter, add to and improve the
Leased Premises. Such alterations, additions and improvements shall be at the
sole expense of the Lessee. Lessee shall have the right to erect and maintain,
at their own expense, a sign or signs on the building and elsewhere on the
leased premises, subject to the prior written consent of Lessor as to design and
placement, and to equip, fixture, store and maintain and alter the arrangements
of fixtures, equipment in the interior of said Premises at its discretion
without restriction provided that Lessee shall at all times comply with all laws
and regulations applicable thereto. Lessee shall not permit the premises or any
part thereof to be encumbered by any materialmen's, mechanics', contractors' or
other liens, and if any such lien is filed against the Premises or any part
thereof for labor or materials furnished or to be furnished to Lessee, Lessee
shall discharge the same of record within ten (10) days after the date of
filing, and hold the Lessor harmless against the liens claimed. If Leasee fails
to discharge any such mechanics' lien within such period, then, in addition to
any other right or remedy of Lessor, Lessor may, but shall not be obligated to,
discharge the same either by payment of the amount claimed ox by procuring
discharge of such lien by deposit in court or giving of security or in such
other manner as may be prescribed by law. Any amount paid by Lessor to discharge
any such lien, including all necessary disbursements, expenses and reasonable
8
<PAGE>
Exhibit 10.2
legal fees, with interest thereon at the rate of twelve percent (12%) from the
date of any payments, shall be repaid by Lessee to Lessor on demand and, if
unpaid, may be treated as additional rent. Notice is hereby given that Lessor
shall not be liable for any labor or materials furnished or to be furnished to
Lessee upon credit, and that no lien for any such labor or materials shall
attach to or affect the reversionary or other estate or interest of Lessor .in
and to the premises or any part thereof or any of the appurtenances or equipment
and Lessee shall execute a notice under the Florida Statutes if requested by
Lessor to document this.
All furniture, appliances, machinery, tools, equipment and partitions,
and in addition all other fixtures and improvements which have not been
permanently incorporated in the realty so as to be an integral part thereof,
which have been or will be installed by Lessee at its expense shall remain the
property of Lessee, as the case may be, and may be removed at any time during
the term of this lease by Lessee. Lessor hereby waives all its right, title and
interest to the aforementioned items, provided Lessee is not and has not been in
default under the terms of this Lease.
If the Lessee installs any electrical equipment which overloads the
lines in the Premises or the Building, the Lessee shall, at its own cost and
expense, promptly make whatever changes are necessary to remedy such condition
and to comply with all requirements of the Lessor and the Board of Fire
Insurance Underwriters and any similar body and any governmental authority
having jurisdiction thereof. For the purposes of this paragraph, any finding or
schedule of the Fire Insurance Rating Organization having jurisdiction thereto
shall be deemed to be conclusive.
9
<PAGE>
Exhibit 10.2
12. Termination of Lease. In the event that Lessee shall fail to pay
----------------------
the rent, or any part thereof, when it becomes due, within ten (10) days after
notice by Lessor of delinquency thereof, Lessor may sue for same, may re-nter
the said Premises and take possession, may have Lessee removed by summary
proceedings, or by ejectment or may resort to any other legal remedy. In the
event the Lessee sublets or assigns the Lease, written notice of any default
shall be given, to Lessee who shall have ten (10) days from notice to cure any
such default. If the said premises at any time becomes vacant during the said
term in consequence of the removal of Lessee for non-payment of rent, by legal
process, or any other cause, Lessor may re-enter the same and use such force for
that purpose as Lessor shall think fit, without being liable for prosecution
therefor, and may thereupon treat said Lease as terminated and re-let the
Premises for its own use; or re-let the Premises as the agent of Lessee,
applying the avails thereof first to the expense of re-renting the Premises,
including reasonable attorneys fees, and then to the payment of the rent due
hereunder, and the balance to pay over to Lessee.
In the event Lessee shall be adjudicated a bankrupt or make a general
assignment for the benefit of its creditors, Lessor may, at Lessor's option,
terminate this Lease by written notice, ten (10) days prior to such termination,
and at the end of such period of ten (10) days, such Lease shall be terminated.
In the event Lessee shall violate any condition, covenant or agreement
herein contained, and if Lessee shall not promptly and diligently cure or
prosecute the cure of any such default within thirty (30) days after notice from
Lessor specifying the violation, Lessor shall have the right thereafter, at
Lessor's election to terminate this Lease on ten (10) days' written notice, and
this Lease shall thereupon cease upon the expiration of said ten (10) days in
the same manner and to the same affect as if that were the expiration of the
original term of this Lease.
10
<PAGE>
Exhibit 10.2
13. Assignment and Sublease. Lessee may not assign this Lease or sublet
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the Leased Premises, or any part thereof, without the prior written consent of
lessor, but much assignment or subletting shall not in any way release Lessee
from any of its liabilities or obligations under the terms of this Lease.
One-half (1/2) of any increase in the rent collected or charged by Lessee above
the base rent as provided herein shall be deemed additional rent due to the
Lessor. Should the Lessee wish to be released from liability on this Lease after
an approved assignment or subletting it shall so notify Lessor, in writing, and
all increases in the rent receivable shall be due the Lessor.
14. Prepayment of Rent. There shall be no prepayment of any rent due
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under this Lease, other than the current month, or any renewals thereof with
'the written consent of the mortgagee or mortgagees, if any, now or hereafter
holding mortgages on the Lessor's interest in the Premises during the term
hereof or any renewals hereof.
15. Subordination of Lease. This Lease shall be subject and subordinate
----------------------
to the lien of all mortgages now or hereafter placed oft the Leased Premises.
Lessee hereby appoints Lessor its attorney in fact to execute any and all
documents necessary to effectuate the subordination. Lessor shall use its best
efforts to obtain a non-disturbance clause from the existing and any future
mortgagee(s) which will provide that the Lessee will not be disturbed in its use
and occupancy of the Leased Premises in the event of a foreclosure, if the
Lessee is not in default under the terms of this Lease.
16. Right of First Refusal. The Lessee, in consideration of the
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execution of this Lease and full and strict compliance and performance by
Lessee, shall have the first option to purchase the Premises at 540 N. Tamiami
Trail, Sarasota, Florida and purchase or lease the adjacent building at 500
and/or 520 N. Tamiami Trail, Sarasota. Florida on the same terms and conditions
of any bona fide offer to Lessor by a third party.
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<PAGE>
Exhibit 10.2
Lessor shall, within three (3) days of execution of an acceptable purchase
contract on the premises at 540 N. Tamiami Trail, Sarasota, Florida or lease or
purchase contract on 500 and/or 520 N. Tamiami Trail, Sarasota, Florida, give
notice in writing to Lessee of the contents of said contract or lease. Lessee
shall, within fifteen (15) days of giving of its notice to elect to purchase and
lease, execute a purchase contract or lease on the same terms and conditions as
the bona fide offer to purchase 540 N. Tamiami Trail, Sarasota, Florida or
purchase or lease of 500 and/or 520 N. Tamiami Trail, Sarasota, Florida. Should
the Lessee not execute a purchase offer or lease within said fifteen (15) day
period, the Lessee's right to purchase the Premises at 540 N. Tamiami Trail,
Sarasota, Florida or purchase or lease the property at 500 and/or 520 N. Tamiami
Trail, Sarasota, Florida shall be waived.
17. Notices. All notices, demands, offers and requests by either party
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to the other, unless otherwise specifically provided herein, shall be in writing
and sent by first class mail, postage prepaid, addressed to the parties hereto
as follows or at such other place as they may from time to time designate: by
written notice:
To the Lessor: 540 N. Tamiami Trail Corp.
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ATTN: Barry Karas
1424 N. Crescent Heights Blvd. #47
West Hollywood, CA 90046
and
c/o Lawrence M. Hankin
2033 Main Street, Suite 400
Sarasota, Florida 34237
To the Lessee: Web Partners, Incorporated
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540 N. Tamiami Trail
Sarasota, Florida 34236
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<PAGE>
Exhibit 10.2
18. Miscellaneous. The covenants and agreements herein contained shall
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bind and enure to the benefit of the parties hereto, their legal representatives
and assigns. This Lease constitutes the entire agreement between the parties and
may riot be changed or terminated orally. The rights of the parties hereto shall
be deemed cumulative, and not alternative. The obligations of the parties
constituting the Lessor shall be joint and severable. Waiver of strict
performance of any term or condition hereof by either Lessor Lessee shall not be
deemed a waiver of the same or any other provision of this Lease, and any other
provision of this Lease, and any waiver of consent to any breach shall not be
deemed to extend to any other breach or any subsequent breach of the same or any
other provision. The headline words appearing in this Lease are intended merely
for convenience and shall not be determinative of the construction or
interpretation of the paragraphs to which they refer.
In the event that Lessee fails to make any payments or to do any acts
permitted or required of it hereunder which shall affect in any way any interest
Lessor may have in said Premises, Lessor shall give Lessee written notice of its
failure to make such payments or do such acts and in the event Lessee shall fail
to cure its default within ten (l0) days or thirty (30) days as the case may be,
after the date of such notice, Lessor shall have the right to cure such default.
Any costs incurred by Lessor in curing such defaults shall be deemed additional
rent and shall be due and payable with the payment of rent next falling due,
together with interest thereon at the rate of 12% per annum.
Nothing therein shall, be construed or be deemed as making the Lessor a
co-partner or joint venturer with, or principal of Lessee.
Lessor covenants that Lessee shall hold and quietly enjoy the leased
premises during the term of this Lease and any extensions and renewals thereof.
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<PAGE>
Exhibit 10.2
19. Radon. Radon is a naturally occurring radioactive gas that, when it
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has accumulated in a building in sufficient quantities, may present health risks
to persons who are exposed to it over time. Levels of radon that exceed Federal
and State guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained from your County
Public Health Unit.
IN WITNESS WHEREOF, the parties hereto have caused this Lease to be duly
executed the day and year first above written.
LESSOR
/s/ [illegible] 540 NORTH TRAIL CORPORATION
---------------------------------
/s/ [illegible] By: /s/ Barry Karas
--------------------------------- ------------------------------
Witnesses as to Lessor BARRY KARAS, President
LESSEE
/s/ [illegible] WEB PARTNERS, INCORPORATED
---------------------------------
/s/ [illegible] By: /s/ Santu Rohatgi, CFO/COO
--------------------------------- ------------------------------
Witnesses as to Lessee
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
I HEREBY CERTIFY that the foregoing instrument was acknowledged before me
this 11th day of November, 1999, by BARRY KARAS, as President of 540 NORTH TRAIL
CORPORATION, a Florida corporation, who produced a Driver's License as
identification:
/s/ [illegible]
-------------------------------------
(NOTARIAL SEAL) [illegible]
-------------------------------------
(Type, Print or Stamp Name)
I am a Notary Public in and for the
State of Florida and my commission
expires:
_________.
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<PAGE>
Exhibit 10.2
STATE OF FLORIDA
COUNTY OF SARASOTA
I HEREBY CERTIFY that the foregoing instrument was acknowledged before me
this 16th day of November, 1999, by Santu Rohatgi, as CFO/COO of WEB
--------------
PARTNERS, INCORPORATED, a Florida corporation, who is personally known to me.
/s/ [illegible]
-------------------------------------
(NOTARIAL SEAL)
-------------------------------------
(Type, Print or Stamp Name)
I am a Notary Public in and for the
State of Florida and my commission
expires:
_________.
15
<PAGE>
Exhibit 10.2
LEASE ADDENDUM
--------------
THIS LEASE ADDENDUM is made and entered into by and between 540 NORTH TRAIL
CORPORATION, a Florida corporation, (hereinafter referred to as "Lessor") and
WEB PARTNERS, INCORPORATED, a Florida corporation, (hereinafter referred to as
"Lessee").
WHEREAS, the parties wish to amend said Lease.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and
valuable consideration, the parties agree as follows:
1. Paragraph 2 is amended to increase the term to three (3) years.
2. Paragraph 3 is amended to add the following: "The rent for the
second Lease year shall be $19.08 per square foot, or ONE HUNDRED TWENTY-SEVEN
THOUSAND NINE HUNDRED FIFTY AND 48/100 DOLLARS ($12'7,950.00), per year, plus
sales tax, payable monthly in the amount of TEN THOUSAND SIX HUNDRED SIXTY-TWO
AND 54/100 DOLLARS ($10,662.54), plus sales tax, in advance, commencing November
15, 2000. The rent for the third Lease year shall be $20.22 per square foot, or
ONE HUNDRED THIRTY-FIVE THOUSAND FIVE HUNDRED NINETY-FIVE AND 32/100 DOLLARS
($135,595.32), per year, plus sales tax, payable monthly in the amount of ELEVEN
THOUSAND TWO HUNDRED NINETY-NINE AND 61/100 DOLLARS ($11,299.61), plus sales
tax, in advance, commencing November 15,2001. The first months rent of
$10,059.00, plus sales tax, the last months rent of $11,299.61, plus sales tax,
and a $5,000.00 security deposit shall be paid on November 15, 1999.
The Lessee may terminate this Lease, after the first Lease year, upon
ninety (90) days written notice to Lessor and the payment with the notice of an
amount equal to three (3) months rent, plus sales tax. The rental amount shall
be determined by the date of the termination, hot the date of the notice.
<PAGE>
Exhibit 10.2
3. Except as modified herein, the Lease is in full force and effect.
WITNESSES: "LESSOR"
------------------------------ 540 NORTH TRAIL CORPORATION
Print Name:
------------------
------------------------------ By:
Print Name: ----------------------------------
------------------ BARRY KARAS, President
"LESSEE"
/s/ [illegible] WEB PARTNERS, INCORPORATED
------------------------------
Print Name:
------------------
/s/ [illegible] By: /s/ Santu Rohatgi, CFO/COO
------------------------------ ----------------------------------
Print Name:
------------------
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
The foregoing instrument was acknowledged before me this 15th day of
November, 1999, by BARRY KARAS, as President of 540 NORTH TRAIL CORPORATION, a
Florida corporation, who produced a Driver's License as identification:
/s/ [illegible]
-------------------------------------
(NOTARIAL SEAL)
-------------------------------------
(Type, Print or Stamp Name)
I am a Notary Public in and for the
State of Florida and my commission
expires:
_________.
<PAGE>
Exhibit 10.2
STATE OF FLORIDA
COUNTY OF SARASOTA
The foregoing instrument was acknowledged before me this 16th day of
November, 1999, by Santu Rohatgi , as CFO/CCO of WEB PARTNERS,
---------------------- ----------
INCORPORATED, a Florida corporation, who is personally known to me.
/s/ [illegible]
-------------------------------------
(NOTARIAL SEAL)
-------------------------------------
(Type, Print or Stamp Name)
I am a Notary Public in and for the
State of Florida and my commission
expires:
_________.
<PAGE>
