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Exhibit
10.25
THIRD LEASE EXTENSION AND
GUARANTY
WHEREAS, on or about
September 7, 2001, Fox and Fields, a general partnership
(hereinafter “Fox and Fields”), and Duet GP, dba
Pressplay, entered into a lease (hereinafter the
“Lease”) respecting the premises located at 9044
Melrose Avenue, West Hollywood, California.; and
WHEREAS, on or about
May 19, 2003, Duet GP was converted into Duet, LLC, and Duet,
LLC was renamed Napster, LLC, and Napster, LLC was sold to Roxio,
Inc.; and
WHEREAS, Roxio, Inc. changed
its name to Napster, Inc., and
WHEREAS, on or about
January 5, 2005, Napster, LLC and Fox and Fields entered into
a Lease Extension, which Lease Extension was guaranteed by Napster,
Inc., and which extended the term of the Lease to April 30,
2007; and
WHEREAS, on or about
November 8, 2006, Napster, LLC. and Fox and Fields entered
into a Lease Extension which Lease Extension was guaranteed by
Napster, Inc. and which extended the terra of the Lease to
October 31, 2008; and
WHEREAS, Napster, LLC now
wishes to extend its tenancy under the terms of the Lease for an
additional 36 months, beginning November 1, 2008 and ending
October 31, 2011; and
WHEREAS, Napster, Inc. agrees
to enter into another guaranty, as of the date hereof, as guarantor
of the obligations of Napster, LLC under the Lease and this Third
Lease Extension;
NOW THEREFORE, Fox and Fields
and Napster, LLC hereby agree to extend the term of the Lease for a
term of an additional thirty six (36) months, beginning
November 1, 2008, and ending October 31, 2011. All other
terms of the Lease as amended and extended shall remain in full
force and effect and shall not be amended hereby except as
follows:
1) The base rental rate shall
be as follows:
$53,750.00 per month
commencing November 1, 2008 and continuing until
October 31, 2009. On November 1, 2009, the base rental
shall increase 4% from the base rental for the previous 12 month
period. On
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