EXHIBIT 10.2
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REAL ESTATE SUB-LEASE
This Lease Agreement (this "Lease") is dated April 01, 2001, by and between
Inetversity Inc ("Landlord"), and International Wireless Systems Inc ("Tenant").
The parties agree as follows:
PREMISES. Landlord, in consideration of the lease payments provided in this
Lease, leases to Tenant 4000 Square foot of space, as marked as leased space in
Appendix A (the "Premises") located at 6033 W. Century Blvd., Suite 500, Los
Angeles, CA 90045.
LEGAL DESCRIPTION. A sketch of the Premises subject to this Lease is attached
as Appendix A.
TERM. The lease term will begin on April 01, 2001 and will terminate on April
01, 2002.
LEASE PAYMENTS. Tenant shall pay to Landlord monthly installments of $6,777.95,
payable in advance on the first day of each month, for a total lease payment of
$81,335.40. Lease payments shall be made to the Landlord at 6033 W. Century
Blvd., Suite 500, Los Angeles, CA 90045, which address may be changed from time
to time by the Landlord.
POSSESSION. Tenant shall be entitled to possession on the first day of the term
of this Lease, and shall yield possession to Landlord on the last day of the
term of this Lease, unless otherwise agreed by both parties in writing. At the
expiration of the term, Tenant shall remove its goods and effects and peaceably
yield up the Premises to Landlord in as good a condition as when delivered to
Tenant, ordinary wear and tear excepted.
FURNISHINGS. The furnishings installed within the leased space will be provided
as part of this lease. Tenant shall return all such items at the end of the
lease term in a condition as good as the condition at the beginning of the lease
term, except for such deterioration that might result from normal use of the
furnishings.
RENEWAL TERMS. This Lease shall automatically renew for an additional period of
12 months per renewal term, unless either party gives written notice of
termination no later than 30 days prior to the end of the term or renewal term.
The lease terms during any such renewal term shall be the same as those
contained in this Lease.
MAINTENANCE. Landlord shall have the responsibility to maintain the Premises in
good repair at all times.
UTILITIES AND SERVICES. Landlord shall be responsible for all utilities and
services incurred in connection with the Premises.
DEFAULTS. Tenant shall be in default of this Lease if Tenant fails to fulfill
any lease obligation or term by which Tenant is bound. Subject to any governing
provisions of law to the contrary, if Tenant fails to cure any financial
obligation within 5 days (or any other obligation within 10 days) after written
notice of such default is provided by Landlord to Tenant, Landlord may take
possession of the Premises without further notice (to the extent permitted by
law), and without prejudicing Landlord's rights to damages. In the alternative,
Landlord may elect to cure any default and the cost of such action shall be
added to Tenant's financial obligations under this Lease. Tenant shall pay all
costs, damages, and expenses (including reasonable attorney fees and expenses)
suffered by Landlord by reason of Tenant's defaults. All sums of money or
charges required to be paid by Tenant under this Lease shall be additional rent,
whether or not such sums or charges are designated as "additional rent". The
rights provided by this paragraph are cumulative in nature and are in addition
to any other rights afforded by law.
CUMULATIVE RIGHTS. The rights of the parties under this Lease are cumulative,
and shall not be construed as exclusive unless otherwise required by law.
NOTICE. Notices under this Lease shall not be deemed valid unless given or
served in writing and forwarded by mail, postage prepaid, addressed as follows:
LANDLORD:
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Inetversity Inc
1633 S. Bentley Ave, #106
Los Angeles, CA 90045
TENANT:
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Esstec Inc
6033 W. Century Blvd., Suite 500
Los Angeles, CA 90045
Such addresses may be changed from time to time by either party by providing
notice as set forth above. Notices mailed in accordance with the above
provisions shall be deemed received on the third day after posting.
GOVERNING LAW. This Lease shall be construed in accordance with the laws of the
State of California.
ENTIRE AGREEMENT/AMENDMENT. This Lease Agreement contains the entire agreement
of the parties and there are no other promises, conditions, understandings or
other agreements, whether oral or written, relating to the subject matter of
this Lease. This Lease may be modified or amended in writing, if the writing is
signed by the party obligated under the amendment.
SEVERABILITY. If any portion of this Lease shall be held to be invalid or
unenforceable for any reason, the remaining provisions shall continue to be
valid and enforceable. If a court finds that any provision of this Lease is
invalid or unenforceable, but that by limiting such provision, it would become
valid and enforceable, then such provision shall be deemed to be written,
construed, and enforced as so limited.
WAIVER. The failure of either party to enforce any provisions of this Lease
shall not be construed as a waiver or limitation of that party's right to
subsequently enforce and compel strict compliance with every provision of this
Lease.
BINDING EFFECT. The provisions of this Lease shall be binding upon and inure to
the benefit of both parties and their respective legal representatives,
successors and assigns.
LANDLORD:
INETVERSITY INC
/s/ Noreen Khan
By: _________________________________________________ Date: April 01, 2001
Noreen Khan,
CEO
TENANT:
ESSTEC INC
/s/ Tariq Khan
By: _________________________________________________ Date: April 01, 2001
Tariq Khan,
CEO