EXHIBIT 10.27
ASAP OFFICE SERVICES LEASE
As of this 25TH day of JUNE 1998, ASAP OFFICE SERVICES ("Lessor") and
PROBUSINESS, INC. ("Lessee") agree as follows:
1. LEASED PREMISES
Lessor, with full right and authority to enter into this Lease, in
consideration of the rents to be paid and covenants performed on the part of
the Lessee, does hereby Lease to the Lessee the following described premises:
5450 Far Hills Avenue, Suite #'s 216 & 222, Kettering, Ohio 45429-2346.
This office space described and the appurtenances thereto are
hereinafter referred to as the "Leased Premises." The entire office building
is hereinafter referred to as the "Building."
2. TERM AND OPTION
A. The original term of this Lease shall be for a period of TWELVE (12)
MONTHS, commencing on the 1ST day of AUGUST 1998, and to be fully completed
on the 31ST day of JULY 1999.
Should the Leased Premises become available for occupancy by the
Lessee prior to the established commencement of the term, the Lessee may take
possession, paying rent on a pro rata basis at the rental rate hereinafter
provided. Should the Leased Premises not become available for occupancy by
the date established for the commencement of the term, but no more than 15
days after anticipated commencement date, the Lessee, nevertheless, shall
become liable under the Lease but will not be required to pay rent for such
period of delay.
B. The Lessee shall have two (2) options to renew for a like term upon
the same terms and conditions hereof except that the rent may be increased by
a reasonable amount not to exceed 5% per year. In order to exercise such
option, Lessee must give Lessor written notice of such exercise not less than
60 days prior to the expiration of the then current term and must not at such
time be in default of any of the provisions of the lease.
If the Lessee does not intend to renew this Lease or exercise its
option, if any, specified herein, upon the full expiration of the term set
forth above, in order to provide Lessor time to advertise that space is
available, Lessee shall give Lessor 60 days written notice prior to the
expiration of the term of its intention not to exercise its option, or 60
days notice of the date of vacating in the event of holdover - see paragraph
17 hereof. Holdover tenancy shall be month to month.
3. RENTAL AND DEPOSIT
Lessee shall pay to the Lessor rent for the Leased Premises according to
the following schedule:
Lease Period: AUGUST 1, 1998 - JULY 31, 1999 (1 YEAR)
Total Rent For Lease Period: $11,340.00
Monthly Rent Amount: $ 945.00
SECURITY DEPOSITS:
Security Deposit for Suite #216 & 222: $ 915.00 (Paid)
$ 30.00 (Due)
Security Deposit for Executive Phone Instrument: $ .00
TENANT SUPPLYING OWN PHONE INSTRUMENT(S)
TOTAL DUE AT SIGNING OF LEASE: $30.00
All rents shall be payable in advance, no later than the first day of
each month.
All checks should be made payable to ASAP Office Services, 5450 Far
Hills Avenue, Suite 111, Dayton, Ohio 45429-2346.
Time is of the essence in this Lease regarding each and every rental
payment. An assessment of 1-1/2% of the monthly rent will be charged per day
after the FIFTH day of each month until rental is paid to cover Lessor's
added costs for late payments.
The Lessee has deposited NINE HUNDRED FORTY FIVE and 00/100 Dollars
($945.00) which was equal to one month's rent, and 00/100 ($.00) PER PHONE
INSTRUMENT. The Suite Security Deposit will be increased as the monthly rent
increases and will be retained as a security for the payment of rent and
performance of the covenants and conditions of this Lease and as indemnity
for any damages to the Lessor by reason of the Lessee's violation of the
terms of this Lease. In the event that Lessee complies fully with such
covenants and conditions and surrenders the Leased Premises in good condition
to the Lessor at the expiration of the term of this lease, (reasonable wear
and tear excepted) the Security Deposits (LESS A REASONABLE AMOUNT FOR
CLEANING CARPETS AND PAINTING WALLS) shall be returned to the Lessee within
thirty (30) days after the premises have been vacated. No interest shall be
accrued to the Lessee on any such deposit.
2
Signed as of the date first above written.
WITNESSES: LESSOR: ASAP OFFICE SERVICES
/s/ Kimberly Horton /s/ David V. Sadler
- ------------------------------- -------------------------------
Kimberly Horton David V. Sadler
LESSEE:
By /s/ Gary Stanaford
- ------------------------------- -------------------------------
Gary Stanaford
By
- ------------------------------- -------------------------------
*All notices, invoices and other written communications under this Lease
between Lessor and Lessee should be sent to Lessee at:
----------------------------------------------
----------------------------------------------
----------------------------------------------
----------------------------------------------
9