Exhibit 10.26
LEASE AGREEMENT
THIS LEASE AGREEMENT made this 9th day of August, 1997, by and between
6715 Kenilworth Avenue General Partnership (herein called "Landlord") and
PathNet, Inc. (herein called "Tenant").
WITNESSETH:
1. Leased Premises. Landlord hereby demises unto Tenant, and Tenant hereby
leases from Landlord, upon the terms and conditions set forth in this Lease, in
the building located at 1015 31st Street NW, Washington, D.C., 20002, containing
approximately 10,195 square feet of space (herein called the "Premises").
2. Term. Subject to Paragraph 36, the term of the Lease shall be for a
period of One( 1) year commencing on the 1st day of September, 1997, and ending
on August 31, 1998.
3. Rent. The Tenant shall pay to the Landlord an annual minimal rental
(herein called "Minimum Rent"), in the amount of $203,920.00 (which is
approximately $20 per square foot), subject to adjustment as hereinafter set
forth, payable without deduction or set off in equal monthly installments of
$16,993.33 in advance, the first installment of which is due and payable upon
the commencement date of this Lease, with subsequent installments due and
payable on the first day of each calendar month thereafter until the total rent
provided for herein is fully paid. If the commencement date is a day other than
the first day of the month, all rent shall be adjusted to the first day of the
month.
If any installment of rent accruing hereunder or other sums payable
hereunder shall not be paid within ten (10) days of the due date, the rental and
such other sums shall be increased, without affecting any of the Landlord's
other rights under this Lease, by a late rental charge equal to five percent
(5%) of the delinquent installment.
No payment by Tenant or receipt by Landlord of a lesser amount than
the monthly installment of rent herein stipulated shall be deemed to be other
than on account of the earlier stipulated rent, nor shall any endorsement or
statement on any check or any letter accompanying any check or payment as rent
be deemed an accord and satisfaction, and Landlord may accept such check without
prejudice to Landlord's right to recover the balance of such rent or pursue any
other remedy provided in this Lease.
4. Expiration. The term "Lease Year" shall mean twelve (12) successive
month periods during the term of this Lease, each period commencing on the first
day of that month in which this Lease commences. At any expiration or
cancellation of this lease, should lessee hold over for any reason, it is hereby
agreed that, in the absence of a written agreement to the contrary, such tenancy
shall be from month to month only and subject to all the other terms,
conditions, and provisions therefore in effect with respect to said lease.
5. Real Estate Taxes and Insurance Premiums. In addition to the payment of
the Minimum Rent, Tenant shall also pay to Landlord its proportionate share of
all taxes and assessments which are levied each year during the term of this
Lease on the land and building in which the Premises are located which shall be
deemed additional rent, and its proportionate share of all insurance premiums
paid by Landlord for the comprehensive (package) insurance policy or policies
maintained by Landlord on said land and building which shall also be deemed
additional rent. The Tenant's share of such taxes and insurance premiums is
hereby determined to be zero percent of the total cost of the real estate taxes
and insurance premiums. Any reasonable expense incurred by the Landlord in
contesting any tax increase shall be included as an item of taxes for the
purpose of computing additional rent due Landlord. The Landlord, however, shall
have no obligation to contest any tax increase. If the Landlord takes advantage
of any provisions allowing any assessment to be paid in installments, Tenant
shall be obliged to pay only his proportionate share of such installment. In no
event shall the rent herein reserved be reduced below the minimum rent.
The term "real estate taxes" shall mean all state, county and city
taxes, rates and assessments, general and special, levied or imposed with
respect to the land, building and improvements constructed thereon. If the
present system of real estate taxes is changed and a new tax or levy is added to
or substituted therefore, then such new tax or levy shall be included in the
term "real estate taxes".
The term "tax year" shall mean the period from October 1 of any tax
year through September 30 of the following year, unless a different tax year is
adopted for real estate taxes by any taxing authority, in which event the tax
year shall mean the tax year so adopted for tax purposes.
6. Utilities. Tenant will, during the term of this Lease, pay for its own
telephone; Landlord shall pay for gas, water, electricity, sewer, refuse
disposal, and all other utility services used by the Tenant on the Premises.
Landlord shall in no event be liable for any interruption or failure of utility
services on the Premises.
7. Common Area Maintenance. Tenant shall pay to Landlord its proportionate
share of all costs incurred by Landlord in maintaining, repairing and operating
the parking lot and the common areas of the building and land upon which the
building is located, including but not limited to, trash removal, snow removal,
lighting, cleaning, paving, repairing, painting and striping, which
proportionate share is hereby determined to be zero percent (0.00%) of the total
cost of said common area expense which shall be deemed additional rent.
Landlord shall have the absolute right at any time to modify or
relocate the existing driveways and parking areas.
Tenant's use of the parking spaces on the parking lot shall be
limited to zero spaces.
8. Repairs and Maintenance. Tenant shall repair and pay for any
damage caused by the negligence of the Tenant, its agents, servants or employees
or caused by Tenant's default hereunder. Tenant shall immediately give the
Landlord written notice of any defect in the areas for which landlord is
responsible for repairs, after which Landlord shall have a reasonable
opportunity to repair same. Landlord's liability with respect to any defects or
repairs for which it is responsible hereunder shall be limited to the cost of
such repairs or maintenance, or the cost of curing such defect.
9. Security Deposit. Tenant shall deposit with Landlord on the date
hereof the sum of $ 16,993.33 which shall be held by Landlord, without
obligation for interest, as security for the performance of Tenant's covenants
and obligations under this Lease. It is agreed that such deposit shall not be an
advance rental deposit or a measure of Landlord's damages in the event of
default. Upon the occurrence of an event of default by Tenant, Landlord may,
from time to time, without prejudice to any other remedy herein or provided by
law, use such fund to the extent necessary to make good any arrears of rent or
other payments due Landlord hereunder, or other damage or expense caused by an
event of default. Upon demand, Tenant shall pay to Landlord the amount so
applied in order to restore the security deposit to its original amount. The
security deposit shall be returned to Tenant at the termination of this Lease
provided that all Tenant's obligations under this Lease have been fulfilled.
10. Use. Tenant shall use the Premises only for the following
purposes:
General office use, network management and operations center,
engineering and other uses related to or in conjunction with
Tenant's business.
Outside storage, including without limitation trucks and other
vehicles, is prohibited without Landlord's prior written consent except private
automobiles.
Tenant shall at its own cost and expense obtain any and all licenses
or permits necessary to use the Premises. Tenant shall comply with all
governmental laws, ordinances and regulations applicable to the use of the
Premises.
Tenant shall not permit any objectionable or unpleasant odors,
smoke, dust, gas, noise or vibrations to emanate from the Premises or take any
other action which would constitute a nuisance or disturb or endanger other
tenants in the building of which the Premises are located, or unreasonably
interfere with the use of adjoining Premises.
Tenant shall not receive, store, or otherwise handle any material or
merchandise which is explosive or highly inflammable. Tenant will not permit the
Premises to be used for any purpose or in any manner which would render the
insurance thereon void or the insurance risk more hazardous which would cause an
increase in the insurance premiums paid by Landlord.
Tenant shall not perform or permit any activity on the Premises, the
performance of which will result in the discharge, seepage, or spillage of oil,
petroleum or chemical liquids or any hazardous waste or hazardous substance, as
those terms are defined in the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, or in any other federal,
state or local law governing hazardous substances.
11. Alterations. Tenant shall not make any structural alterations,
improvements or additions to the Premises without first obtaining the written
consent of the Landlord, which consent shall not be unreasonably withheld or
delayed. All alterations and improvements made by Tenant shall remain upon the
Premises at the expiration or earlier termination of this Lease and shall become
the property of the Landlord.
12. Subordination. This Lease shall be subject to and subordinate at
all times to the lien of any mortgage and/or deed of trust and all land leases
now or hereafter made on any portion of the Premises, and to all advances
thereunder. This subordination shall be self-operative and no further instrument
of subordination shall be required.
If any proceeding are commenced to foreclose any mortgage or deed of
trust encumbering the Premises, Tenant agrees to attorn to the purchaser at the
foreclosure sale, if requested to do so by such purchaser, and to recognize such
purchaser as landlord under this Lease.
13. Assignment and Subletting. Tenant shall not have the right to
assign this Lease or sublet the whole or any part of the Premises without the
prior written consent of the Landlord, which consent shall not be unreasonably
withheld. Notwithstanding any such written consent from the Landlord, Tenant
shall at all times remain primarily liable for the payment of the rent and for
compliance with all other obligations of this Lease. Upon the occurrence of a
default hereunder and if the Premises or any part thereof have been assigned or
sublet, the Landlord, in addition to its other remedies may, at its option,
collect directly from such assignee or subtenant all rents becoming due to
Tenant under such assignment or sublease, and apply such rent against any sums
due Landlord from the Tenant hereunder. The collection of such rents shall not
constitute a novation or release to Tenant from its obligation hereunder.
14. Trade Fixtures. All trade fixtures and apparatus installed by
Tenant in the Premises shall remain the Property of Tenant and shall be
removable at the expiration or earlier termination of this Lease, provided
Tenant shall not, at such time, be in default of any covenant or agreement
contained in this Lease, and provided further that in the event of such removal,
Tenant shall promptly restore the Premises to their good order and condition.
Any such trade fixture not removed at or prior to such termination shall become
the property of the Landlord.
15. Condition of Premises. Except as otherwise provided in this
Lease, Tenant hereby accepts the Premises in its condition existing on the
commencement date of the
Lease, subject to all applicable zoning, municipal, county and state laws,
ordinances, rules and regulations governing and regulating the use of the
Premises. Property is leased in "AS-IS" condition.
16. Waiver of Subrogation. If either party is paid any proceeds
under any policy of insurance naming such party as an insured, on account of any
loss, damage or liability, then such party hereby releases the other party, to
the extent of the amount of such proceeds, from any and all liability for such
loss, damage or liability, notwithstanding of such loss, damage or liability may
arise out of the negligent or intentionally tortious act or omission of the
other party; provided that such release shall be effective only with respect to
loss or damage occurring during such time as the appropriate policy of insurance
of the releasing party provides that such release shall not impair the
effectiveness of such policy of the insured's ability to recover thereunder.
Each party hereto shall use reasonable efforts to have a clause to such effect
included in its insurance policies, and shall promptly notify the other if such
clause cannot be included in any such policy.
17. Condemnation.
(A) If the whole of the demised Premises shall be taken by any
governmental or quasi-governmental authority under the power of condemnation,
eminent domain or expropriation, or in the event of conveyance in lieu thereof,
the term of the Lease shall cease as of the day possession shall be taken by the
governmental authority, and the entire award shall be the property of the
Landlord, except for the value of any fixtures or equipment installed by Tenant.
(B) In the event there in any taking by governmental or
quasi-governmental authority of a portion of the Premises which does not
seriously and adversely affect the ability of the Tenant to conduct its business
on the Premises, the Lease shall remain in full force and effect, and the
Tenant's rent shall be equitably adjusted based on the reduction in area of the
Premises.
(C) In the event of any such taking or conveyance of the
Premises or any portion thereof, Tenant shall pay rent to the date when
possession thereof shall be taken by the governmental authority with an
appropriate refund by Landlord of such rent as may have been paid in advance for
a period subsequent to such date. If this Lease shall continue in effect as to
any portion of the demised Premises not so taken or conveyed, the rent shall be
reduced to an amount computed according to the floor space remaining. If this
Lease shall so continue, Landlord, at its expense, shall make all necessary
repairs or alterations so as to constitute the remaining demised areas a
complete architectural and tenantable unit, but only to the extent of an
equitable proportion of the award for the portion taken to the remainder not
taken (excluding any award for the land).
(D) Tenant shall be entitled to such award as may be given to
it by the condemning authority for the value of its fixtures and equipment (if
separate awards are given), or if only one award is given by the condemning
authority for all interests, said award shall be
apportioned between the parties as their respective interests shall appear. In
the event the Landlord and Tenant are unable to agree as to the amount of rental
reduction which may be made by the condemning authority for the value of
Tenant's fixtures, such matter shall be submitted to arbitration under the rules
of the American Arbitration Association then in effect.
18. Liability Insurance. At all times during the term hereof, or any
extension thereof, Tenant, at its own expense, shall maintain and keep in force
for the mutual benefit of Landlord and Tenant, general public liability
insurance against claims for personal injury, death or property damage occurring
in or about the Premises or sidewalks or areas adjacent to the Premises to
afford protection to the limit of not less than One Million Dollars and NO/100
($1,000,000.00) with respect to injury or death of a single person, or any
accident, and to the limit of not less than One Million Dollars and NO/100
($1,000,000.00) with respect to property damage. The policy or policies shall
name the Landlord as an additional insured. In order to evidence the coverage in
effect, the Tenant shall provide the Landlord with a Certificate of Insurance,
and will obtain a written obligation from the insurer to notify Landlord in
writing at least ten (10) days prior to cancellation or refusal to renew any
such policies.
19. Indemnification. Except for the intentional or negligent acts of
the Landlord or of the Landlord's partners, officers, agents, servants,
employees or contractors, Landlord shall not be responsible or liable for any
damage or injury to the Premises or to any person(s) at any time on the
Premises, including any damage or injury to Tenant or to any of Tenant's
partners, officers, agents, servants, employees, contractors, customers or
sublessee's.
Except for such intentional or negligent acts, Tenant shall
indemnify and save Landlord harmless from and against any and all liability,
claims, damages, penalties or judgments arising from or in any way connected
with injury to person or property sustained by action, in and about the
Premises, in custody and control of Tenant during the term of this Lease. If
Landlord shall, without fault of its own, be made a part of any litigation
commenced by or against Tenant, Tenant shall protect and hold Landlord harmless
and pay all costs, expenses and reasonable attorneys' fees that may be incurred
or paid by Landlord in enforcing the covenants and agreements of this Lease.
20. Damage or Destruction of Improvements. In the event the Premises
shall be rendered untenantable by fire or other casualty, Landlord shall, within
thirty (30) days from receipt of the insurance proceeds for said damage or
destruction, commence the repair or replacement of said improvements to
substantially the same condition as prior to the damage or destruction. If the
Landlord fails to commence repair or replacement of the damage or destruction
within said thirty (30) days, or if the Premises have not been replaced or
repaired to such condition within one hundred eighty (180) days, Tenant may, at
its option (to be exercised by written notice to Landlord), terminate this Lease
on the date specified in the notice and thereafter neither Tenant nor Landlord
shall have any further rights, duties or obligations under this Lease and the
rents and other sums payable by Tenant for the remainder of the term shall
wholly abate. The rent herein required to be paid, shall abate during the period
of such untenantability.
If the improvements shall be partially damaged by fire or other
casualty, but still remain tenantable, the Landlord shall repair said
improvements to substantially the same condition as prior to the damage.
Landlord shall commence repair of the damage or destruction within thirty (30)
days from the date of occurrence. During the period of such repairs and
restorations, the lease shall continue in full force and effect, but the rent
shall be equitably abated to pay for the basis of the portion of the Premises
that are untenantable.
Notwithstanding the foregoing, if more than fifty percent (50%) of
the improvements shall be destroyed or damaged by any cause so as to be unfit
for Tenant's occupancy as provided herein and repair thereof is incapable of
being substantially completed within one hundred eighty (180) days after the
date of the destruction or damage, Landlord and Tenant may elect to terminate
this Lease as of the date of destruction or damage, by giving notice of such
election to the other within thirty (30) days after such damage or destruction.
In such event, Landlord shall receive the proceeds of the insurance policies
without obligation to rebuild or restore the Premises, and Tenant shall execute
any waiver which may be required of it by any insurer or Landlord and thereafter
neither Tenant nor Landlord shall have any further rights, duties or obligations
under this Lease and the rents and other sums payable by Tenant for the
remainder of the term shall wholly abate.
21. Events of Default. The occurrence of any of the following shall
constitute an event of default hereunder:
(A) Failure of Tenant to pay, within ten (10) days any installment
of rent hereunder or any other sum herein required to be paid by Tenant.
(B) Vacation or desertion of the Premises or permitting the same to
be empty and unoccupied for more than thirty (30) days.
(C) Tenant's failure to perform any other covenant or condition of
this Lease within thirty (30) days after written notice and demand, unless the
failure is of such a character as to require more than thirty (30) days to cure,
in which event Tenant's failure to proceed diligently to cure such failure shall
constitute an event of default.
(D) Tenant shall become insolvent, make an assignment for benefit of
creditors, make a transfer in fraud or creditors, file a petition of bankruptcy
under the National Bankruptcy Act, or if an involuntary petition under said Act
is filed against Tenant or if a receiver or trustee is appointed for
substantially all of Tenant's assets.
22. Landlord's Remedies. Upon the occurrence of any event of
default, Landlord may, at Landlord's sole option, exercise any or all of the
following remedies, together with any such other remedies as may be available to
Landlord at law or in equity:
(A) Landlord may terminate this Lease by giving Tenant written
notice of its
election to do so, as of a specified date not less than fifteen (15) days after
the date of the giving of such notice and this Lease shall then expire on the
date so specified and Landlord shall be then entitled to immediately regain
possession of the demised Premises as if the date had been originally fixed as
the expiration date of the terms of this Lease. Landlord may then re-enter upon
the leased Premises either with or without process of law and remove all persons
therefrom, the statutory notice to quit or any other notice to quit being hereby
expressly waived by Tenant. Tenant expressly agrees that the exercise by
Landlord of the right of re-entry shall not be a bar to or prejudice in any way
other legal remedies available to Landlord. In that event, Landlord shall be
entitled to recover from Tenant as and for liquidated damages an amount equal to
the difference between the rent and additional rent reserved in this Lease for
the entire unexpired portion of the term thereof and the fair rental value of
the demised Premises for the same period of time. Nothing herein contained,
however, shall limit or prejudice the right of Landlord to prove for an obtain
as liquidated damages, by reason of such termination, an amount equal to the
maximum allowed by any statute or rule of law in effect at the time when, and
governing the proceedings in which, such damages are to be proved, whether or
not such amount be greater, equal to, or less than the amount of the difference
referred to above, and Landlord may in its own name but as agent for Tenant
re-let the demised Premises for any period equal to or greater or less than the
remainder of the original term of this Lease, for any such which it may deem
reasonable, to any other lessee which Landlord may select, and for any purpose
which Landlord may designate. Landlord will make reasonable efforts to re-let
the Premises, and will allow Tenant to find a new tenant. Any recovery by the
Landlord shall be limited to the difference in rent hereunder (plus any costs
incurred in re-letting) and the rent actually paid by the new tenant.
(B) No termination of this Lease nor any taking or recovery of
possession of the demised Premises shall deprive Landlord of any of his remedies
or actions against Tenant for past or future rent, nor shall the bringing of any
action for rent or breach of covenant, or the resort to any other remedy herein
provided for the recovery of rent be construed as a waiver of the right to
obtain possession of the Premises.
(C) In addition to any damages becoming due under subparagraph (A)
hereof, Landlord shall be entitled to recover from Tenant and Tenant shall pay
to Landlord an amount equal to all expenses, if any, incurred by the Landlord in
recovering possession of the demised Premises, and all reasonable costs and
charges for the care of said Premises while vacant, which damages shall be due
and payable by Tenant to Landlord at such time or times as such expenses are
incurred by the Landlord.
(D) In the event of a default or threatened default by Tenant of any
of the terms or conditions of this Lease, Landlord shall have the right of
injunction and the right to invoke any remedy allowed by law or in equity as if
no specific remedies of Landlord were set forth in this Lease.
(E) It is further provided that if, under the provisions of this
Lease, default be made and a compromise and settlement shall be had thereupon,
it shall not constitute a waiver of any covenant herein contained, nor of the
Lease itself; and it is hereby specifically agreed that
this Lease shall not merge in any judgment had upon the same if compromise or
settlement be made upon said judgment prior to termination of Tenant's
possession, the Lease in such event to continue by the payment of rent herein
reserved, and the further performance of the covenants herein contained on the
part of Tenant.
23. Rights of Landlord. Landlord reserves the following rights with
respect to the demised Premises:
(A) During normal business hours, upon reasonable notice, by it or
its duly authorized agents to go upon and inspect the demised Premises and every
part thereof, and at Landlord's option, to make repairs, alterations and
additions to the Premises or the Improvements of which the Premises are a part.
An agent of Tenant must be present for inspection, however.
(B) To display after notice from either party of intention to
terminate this Lease, or at any time within three (3) months prior to the
expiration of this Lease, a "For Rent" sign, and all of said signs which shall
be placed upon such part of the demised Premises as Landlord shall require,
except on display windows or doors or doors leading into the demised Premises.
Prospective purchasers or tenants authorized by Landlord may inspect the
Premises during normal business hours following adequate notice to Tenant.
(C) To install or place upon, or affix to, the roof and exterior
walls of the demises Premises, equipment, signs, displays, antennae, and any
other object; provided such object does not interfere with Tenant's occupancy.
(D) To display a "For Sale" sign at any time in the event Landlord
decides to sell the Premises.
24. Binding Effect. It is agreed that this Lease shall be binding
upon and inure to the benefits of the Landlord and Tenant and their successors
and assigns. Subject to any provisions hereof, restricting assignment or
subletting by Tenant, this Lease shall bind the parties, their personal
representatives, successors and assigns. This Lease shall be governed by the
laws of the District of Columbia.
25. Rights of Mortgagee. Mortgagee shall have the following rights:
(A) Any notice required to be given to the Landlord by the Tenant
shall be given as well, in the same manner to the Mortgagee.
(B) In the event that Tenant shall have any excuse from paying rent
or right to set off its expenses from the rent as a result of any default by the
Landlord or shall have any expense from the performance of any obligation
imposed upon Tenant by the terms of this Lease, then and in such event the
Tenant shall give notice of its intended exercise of such right in the manner
provided for herein to the Mortgagee and thereafter the Mortgagee shall have the
right but not the obligation to cure said defaults within the time provided for
cure of the same as set
forth in this Lease.
(C) Upon the request of the Mortgagee, the Tenant will furnish an
Estoppel Certificate certifying to the rent paid and to be paid the remaining
term of the Lease, the existence of defaults of the Landlord, if any, and such
other information concerning this tenancy as Mortgagee may from time to time
require.
26. Legal Fees. If either party named herein brings an action to
enforce the terms hereof or declare rights hereunder, the prevailing party and
any such action on trial or appeal, shall be entitled to his reasonable
attorneys' fees to be paid by the losing party as fixed by the Court.
27. Estoppel Certificates. Landlord and Tenant will, from time to
time, upon request by the other, execute and deliver to the requesting party,
for the benefit of the requesting party or any third party, a statement
certifying in writing that (subject to exceptions set forth in the statement)
this Lease is unmodified and in full force and effect, that the other party is,
to the knowledge of the certifying party, not in default under the Lease, that
no rentals have been paid more than one month in advance, and such other matters
as may be reasonably required by the requesting party.
28. Tenant Improvements. Landlord hereby grants unto Tenant the
right to install the improvements as previously agreed by Landlord and Tenant,
all of which shall be installed at the sole cost and expense of Tenant. All such
improvements shall be installed in a good workmanlike manner, and Tenant shall
indemnify and save harmless Landlord from any liability of any kind in
connection with the installation of said improvements.
29. Improvements by Landlord. Landlord shall install, at its cost
and expense, the improvements to the common areas as previously agreed by
Landlord and Tenant. All such improvements shall be installed in a good and
workmanlike manner.
30. Signs. Tenant shall not install or place any signs, lights or
advertising matter of any kind on the exterior of the building in which the
Premises are located or paint or make any change in the exterior of said
Premises or building without in each instance receiving the prior written
consent of the Landlord. In the event the Landlord grants such permission to
Tenant, the Tenant shall maintain said advertising matter in good condition and
repair.
31. Loading Capacity. Tenant covenants and agrees not to load the
Premises beyond its present carrying or loading capacity.
32. Final and Entire Agreement. This Lease contains the final and
entire agreement between the parties, and they shall not be bound by any terms,
conditions or representations not contained herein.
33. Addendum. The provisions of any Addendum hereto attached and
signed
by the parties shall be considered a part of this Lease.
34. Notices. All notices required under this Lease shall be given in
writing and shall be deemed to be properly served if sent by certified or
registered mail to the following addresses:
TO LANDLORD: 6715 Kenilworth Avenue
General Partnership
1015 31st Street NW
Washington, D.C. 20007
TO TENANT: PathNet, Inc.
1015 31st Street NW
Washington, D.C. 20007
35. Termination of Lease. Landlord may at his sole option, terminate
this lease, in its' entirety, by giving the tenant ninety (90) days written
notice at which time this lease shall become null and void. Tenant shall than
vacate said premise and leave in broom clean condition.
36. Additional Provisions. Tenant is granted two renewal options.
Each for one year. The Minimum Rent shall remain the same during these option
periods.
IN WITNESS WHEREOF, the parties have signed this Lease Agreement on
the date first hereinabove written.
WITNESS: LANDLORD
By: /s/ Kristin G. Ronhovde By: /s/ David Schaeffer
- -------------------------------- ----------------------------
Name: Kristin G. Ronhovde Name:
Title:
WITNESS: TENANT:
By: /s/ Kristin G. Ronhovde By: /s/ Richard A. Jalkut
- -------------------------------- ----------------------------
Name: Kristen G. Ronhovde Name:
Title:
AMENDMENT TO LEASE
THIS AMENDMENT TO LEASE (the "Amendment") is dated March 5, 1998 and is
made and entered into by and between 6715 Kenilworth Avenue General Partnership
("Landlord") and PATHNET, INC., a Delaware corporation ("Tenant").
WHEREAS, Landlord and Tenant entered into a Lease Agreement, dated August
9, 1997 (the "Lease");
WHEREAS, each of Landlord and Tenant desire to amend certain terms of the
Lease as more particularly set forth herein;
NOW THEREFORE, for the mutual consideration hereinafter set forth, the
parties hereto agree as follows:
1. The Landlord and the Tenant hereby agree that, effective as of the date
hereof, Paragraph 35 of the Lease is hereby amended to read in its entirety as
follows:
"35. Intentionally Omitted."
2. The undersigned parties hereby acknowledge that the Lease, as amended
hereby, remains in full force and effect and is hereby ratified and confirmed.
IN WITNESS WHEREOF, the undersigned parties have duly executed and
delivered this Amendment as of the date first above written.
LANDLORD: 6715 KENILWORTH AVENUE
GENERAL PARTNERSHIP
By: /s/ David Schaeffer
---------------------------
Name:
Title:
TENANT: PATHNET, INC.
By: /s/ W. R. Smedberg
---------------------------
Name: William R. Smedberg
Title: V.P. Corporate
Development