Exhibit 10.38
SUBLEASE AGREEMENT
This Sublease Agreement is entered
into effective as of April 1, 2008 by and between Cordillera
Corporation (Sublessor”) and Oceanic Exploration Company
(“Sublessee”).
WHEREAS Sublessor entered into an
Office Building Lease with Sorrento West Properties, Inc. (the
“Owner”) dated April 1, 2002, as amended by
Amendment to and Extension of Office Building Lease dated
April 1, 2007 and Second Amendment to Office Building Lease
dated January 1, 2008 (the “Master Lease”);
and
WHEREAS the Master Lease provides for
Sublessor’s use of 7,033 square feet (the
“Premises”) in a building located at 7800 E. Dorado
Place, Englewood, Colorado 80111 (the “Building”),
and
WHEREAS Sublessor and Sublessee
desire to enter into a Sublease Agreement providing for
Sublessee’s use of 940 rentable square feet of space leased
by Sublessor pursuant to the Master Lease.
NOW THEREFORE, Sublessor and
Sublessee agree as follows:
1. Subleased Premises .
Sublessor in consideration of the rents and covenants contained in
this Sublease does hereby sublease to Sublessee and Sublessee does
hereby sublease from Sublessor the premises described as
“C” in Exhibit A attached hereto and made a part
hereof (the “Subleased Premises”). The Subleased
Premises contain 940 rentable square feet.
2. Term . The initial
term of this Sublease shall commence April 1, 2008 and
terminate on October 31, 2008 unless terminated earlier as set
forth herein.
3. Renewal Option . Upon
expiration of the initial term of this Sublease the Sublessor and
Sublessee may extend the term of the Sublease upon terms and
conditions mutually agreed to by the parties.
4. Use . The Subleased
Premises shall be used by Sublessee for the purpose of storing
geological, seismic and other related data and for no other purpose
unless agreed to in writing by Sublessor.
5. Master Lease . This
Sublease is subject to the Master Lease. Sublessee shall comply
with all applicable terms and conditions of the Master Lease.
6. Rent . During the
initial term of this Sublease, Sublessee shall pay to Sublessor
rent at the rate of $16.32 per square foot for a monthly rent of
One Thousand Two Hundred Seventy-Eight and 40/100 Dollars
($1,278.40). Rent is due on the first day of each month.
7. Quiet Possession .
Sublessor agrees that Sublessee, on paying the rent and performing
the covenants in this Sublease, shall have quiet possession of the
Subleased Premises for the initial term and any renewal of this
Sublease.
8. Care of Premises .
Sublessee accepts the Premises in “as is” condition and
agrees to keep the Subleased Premises in good clean condition
during the initial term and any renewal of this Sublease.
9. Surrender of Premises
. Sublessee will, at the expiration of this Sublease, remove all of
its personal property and equipment from the Subleased Premises and
will yield and surrender the Subleased Premises to the Sublessor in
the same good condition that existed when Sublessee took them,
normal wear and tear and damage excepted.
10. Alterations .
Sublessee shall make no change, alteration, modification, or
addition to the Subleased Premises without the prior written
consent of the Sublessor. Sublessee shall keep the Subleased
Premises free of any and all mechanics’, materialmen’s,
and other liens arising out of any work, labor done, services
performed, or materials furnished for Sublessee or claimed to have
been furnished during the term of this Sublease.
11. Insurance .
Sublessee shall during the initial term and any renewal thereof
keep in force and effect at its sole cost and expense the types and
amounts of insurance as set forth in Section 4.03 of the
Master Lease.
12. Indemnification .
Sublessee shall indemnify and hold Sublessor harmless from and
against any and all claims arising from Sublessee’s use of
the Subleased Premises or from the conduct of its business or from
a
