EXERCISE OF OPTION TO EXTEND
LEASE TERM AND SUBLEASE
AMENDMENT AGREEMENT
This EXERCISE
OF OPTION TO EXTEND TERM AND SUBLEASE AMENDMENT AGREEMENT (the
“Agreement”) is made this 22 nd day of February 2007, by and between
GATEWAY, INC. , a Delaware corporation
(“Sublandlord”), and COSTAR REALTY INFORMATION,
INC. , a Delaware corporation, and COSTAR REALTY GROUP,
INC. , a Delaware corporation (“collectively,
Subtenant”).
WHEREAS,
Sublandlord and Subtenant are parties to that certain Sublease
dated June, 14, 2002 (the “Sublease”), whereby
Sublandlord leases to Subtenant and Subtenant leases from
Sublandlord certain premises known as 4535 Towne Centre Court in
San Diego County, California, all as more particularly described in
the Sublease; and
WHEREAS,
Sublandlord and Subtenant desire to extend the term of the
Sublease, and to amend certain other terms of the Sublease upon the
terms and conditions set forth herein below.
NOW,
THEREFORE, in consideration of the mutual covenants contained
in the Sublease and herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, Sublandlord and Subtenant hereby agree as
follows:
1.
DEFINITIONS; CONSISTENCY . Unless otherwise defined
herein, any and all capitalized terms used herein shall have the
same meaning as ascribed thereto in the Sublease. Further, in the
event of any conflict or inconsistency between the terms and
provisions of the Sublease and the terms and provisions of this
Agreement, the terms and provisions of this Agreement shall control
and prevail.
2.
EXTENSION OF PRIMARY TERM. Subtenant hereby exercises
its option to extend the term of the Sublease pursuant to
Section 27 of the Sublease for an additional term
(“Extension Term”) commencing September 1, 2007,
and expiring August 31, 2012. Sublandlord hereby acknowledges
and accepts Subtenant’s exercise of its option to extend the
term as being timely and in accordance with the requirements of the
Sublease.
3.
BASE ANNUAL RENT . Notwithstanding anything in the
Sublease, during the Extension Term, Subtenant shall pay Minimum
Rent to Sublandlord for the Premises as follows:
-1-
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Sublease
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Base Annual
Rent
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Base
Annual
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Monthly
Base
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Year
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Per Square
Foot
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Rent
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Rent
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$
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25.20
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$
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1,047,085.20
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$
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87,257.10
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$
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25.96
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$
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1,078,663.90
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$
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89,888.66
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$
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26.74
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$
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1,111,073.70
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$
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92,589.48
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$
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27.54
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$
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1,144,314.50
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$
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95,359.54
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$
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28.37
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$
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1,178,801.80
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$
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98,233.48
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4.
SECURITY DEPOSIT. Add the following to the end of 21.
Security Deposit:
“On or
after September 1, 2007, and so long as Subtenant is not in
default under this Sublease, Subtenant shall have the right and
option to reduce the letter of credit to be deposited with
Sublandlord pursuant to this Section to an amount equal to
$87,257.10.”
5.
FURNITURE. Section 22. Furniture of the
Sublease is hereby deleted and the following new Section 22.
Furniture substituted in its place:
(a) Sublandlord
and Subtenant acknowledge and agree that Subtenant shall be
entitled to use, at no additional cost, fee or charge to Subtenant
imposed by Sublandlord, the furniture currently located within the
Premises and scheduled on Exhibit “B” hereto
(the “Furniture”) during the term of this Sublease.
During the term of this Sublease, Subtenant shall be responsible,
at Subtenant’s sole cost and expense, to maintain such
Furnit
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