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LEASE MODIFICATION AGREEMENT

Addendum or Modifications

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NEW FRONTIER MEDIA INC

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Title: LEASE MODIFICATION AGREEMENT
Date: 6/14/2004
Industry: Motion Pictures     Sector: Services

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                          LEASE MODIFICATION AGREEMENT

 

 

LANDLORD: LakeCentre Plaza Ltd., LLLP

 

TENANT:    New Frontier Media, Inc.   

 

 

LEASE: That certain Lease Agreement between Landlord and Tenant dated August 12,

1998, and Lease Modification Agreement dated January 9, 1999, for the premises

known as 5435 Airport Blvd., Suite 100, Boulder, Colorado 80301.

 

In consideration of the covenants, terms, conditions, agreements and payments as

herein set forth, Landlord and Tenant hereby enter into the following:

 

 

CURRENT LEASE EXPIRATION:   OCTOBER 1, 2003

 

NEW LEASE EXPIRATION:   OCTOBER 1, 2013

 

 

NEW BASE MONTHLY RENT DURING LEASE TERM:

 

<TABLE>

<CAPTION>

     

     

    For Period Starting:                      To Period Ending:           A Base Monthly rent of:

    --------------------                     -----------------           ----------------------

 

<S>                                           <C>                       <C>    

      October 1, 2003                           October 1, 2004            $16,520

      October 1, 2004                          October 1, 2005            $17,181

      October 1, 2005                          October 1, 2006            $17,868

      October 1, 2006                          October 1, 2007            $18,583

      October 1, 2007                          October 1, 2008            $19,326

      October 1, 2008                          October 1, 2009            $20,099

      October 1, 2009                          October 1, 2010             $20,903

      October 1, 2010                          October 1, 2011            $21,739

      October 1, 2011                          October 1, 2012            $22,609

      October 1, 2013                          October 1, 2013            $23,513

                                                                       

</TABLE>

 

ADDITIONAL TERMS AND CONDITIONS: See EXHIBIT "B".

 

 

TERMINATION DATE OF AMENDMENT OFFER: This Agreement offer expires July 31, 2003

if not executed by tenant and delivered to this office.

 

 

OTHER TERMS AND CONDITIONS: All other terms and conditions of the above

referenced Lease dated August 12, 1998, and Lease Modification Agreement dated

January 9, 1999, for the premises known as 5435 Airport Blvd., Suite 100,

Boulder, Colorado, shall remain the same except as modified herein.

 

 

LANDLORD:                                           TENANT:

------------------                                  ------

LakeCentre Plaza Ltd., LLLP                         New Frontier Media, Inc.

 

 

 

 

/s/ William Reynolds                              /s/ Karyn Miller            

-------------------------------                   -----------------------------  

BY: William W. Reynolds, Partner                  BY: Karyn Miller

 

 

 

Dated this 30 day of July 2003.

 

 

<PAGE>

 

EXHIBIT "B" TO LEASE MODIFICATION AGREEMENT DATED JULY _____, 2003, BETWEEN

LAKECENTRE PLAZA LTD., LLLP, AS LANDLORD, AND NEW FRONTIER MEDIA, INC., AS

TENANT.

 

 

         1. Landlord's Construction Obligations. Landlord agrees to upgrade, at

its sole cost and expense, the current electrical transformer servicing the

Leased Premises from 300 KVA to 500 KVA. Landlord shall commence efforts to

procure the new transformer upon execution of this Lease Modification Agreement

and shall cause same to be installed promptly following delivery, at Landlord's

cost and expense.

 

         2. Tenant Improvement Allowance. Landlord shall provide to Tenant a

$500,000.00 allowance for installation of Tenant Improvements (as defined

below). Such allowance shall be funded in installments (not more than one per

calendar month), payable thirty (30) business days following submittal of

invoices to Landlord reflecting the extent of Tenant Improvements completed,

lien waivers for same, and such other evidence as Landlord may reasonably

request to evidence the extent of, and payment for, the Tenant Improvements

completed. Tenant acknowledges that the anticipated cost of Tenant Improvements

will exceed $500,000.00, and that Tenant shall be solely responsible for all

costs and expenses of completing Tenant Improvements in excess of $500,000.00,

and Tenant covenants and agrees to timely pay all such excess amounts and to

provide to Landlord lien waivers showing payment of all such excess amounts.

 

         3. Tenant Improvements. The parties acknowledge and agree that Tenant

has elected to engage its own Contractor(s) and arrange for construction and

installation of Tenant Improvements on Tenant's behalf. "Tenant Improvements"

shall mean all interior walls, partitions, doors, wall coverings, lighting

fixtures, electrical fixtures, outlets and switches, outlets, dropped ceilings,

floor and window coverings, plumbing fixtures and any and all other items that

Tenant desires to have installed in the interior of the Leased Premises

(including, without limitation, all consultant fees and other soft costs

associated with design and delivery of such improvements).

 

         In addition, Tenant shall upgrade the existing electrical transformer

servicing the Leased Premises from 300 KVA to 500 KVA, or install a new

transformer. Tenant shall provide not less than seven (7) days advance written

notice of its intent to install such transformer to Landlord, and to existing

tenants located at 5435 Airport Boulevard and 5445 Airport Boulevard. Tenant

acknowledges that the electrical service to such other tenants shares the use of

existing transformer. Tenant shall therefore take such action as is necessary

during the course of installing the new transformer to provide uninterrupted

utility service to such other tenants, including, if necessary, providing an

auxiliary source of electrical power.

 

         Landlord will provide Tenant a Rent Credit up to $8,000.00 for

transformer upgrade, or installation of a new transformer. This Rent Credit will

be applied after transformer upgrade or new install is completed and Tenant

provides Landlord paid invoice(s) and Lien Waivers for such. Any costs above the

$8,000.00 will be at Tenants sole cost and expense.

 

         Tenant agrees that all contracts with respect to the completion of

Tenant Improvements will include provisions whereby the Contractor, for itself

and its subcontractors, and the subcontractors of each of them, and for all

parties acting through or under each of them will (i) covenant and agree that no

mechanic's liens will be filed by it or any of them against the Leased Premises

or the Building for or on account of any work done or material furnished by said

Contractor or subcontractors and all parties acting through or under any of them

in connection with the Tenant Improvements, and (ii) specifically waive and

relinquish the right to have, file and maintain any mechanic's liens or claim

against the Leased Premises or the Building (provided that such parties need not

waive the right to lien the Tenant Improvements to the extent that same can be

severed from the Leased Premises without harm or damage to the Leased Premises).

Any such contract shall also provide that all subcontracts with subcontractors

and materialmen must contain waiver of lien provisions similar to those required

to be contained in any contract to be executed by Tenant with a Contractor. Said

contract shall also contain language to the effect that said waiver clause is

for the benefit of the Landlord. Any contract pertaining to Tenant Improvements

which does not contain the provisions set forth above, shall be deemed void and

of no force and effect.

 

         Notice is furthermore hereby given that Landlord shall not be liable

for any labor or materials furnished or to be furnished to the Tenant with

regard to Tenant Improvements, and that no mechanic's or other lien for any such

labor or materials shall attach to or affect the reversion or any other estate

or interest of the Landlord in and to the Leased Premises. Subject only to

paragraph 2, above, any and all Tenant Improvement shall be the responsibility

and at the cost of Tenant. Tenant agrees to pay or cause to be paid promptly all

bills and charges for any material, labor or otherwise in connection with or

arising out of any Tenant Improvements, and Tenant agrees to hold Landlord free

and harmless against all liens and claims of liens for labor and materials, or

either of them, filed against the Leased Premises, or any part thereof, and

against any expense or liability in connection therewith. Tenant shall, however,

have the right to contest any mechani


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