| July 7, 2000
Mr. Listing Broker
Universal Brokerage Company
66 Main Street, Floor 2
San Francisco, CA 94105
Re: 777 South Park Street, San Francisco, CA
Dear Listing:
Imaginarytenant.com., Tenant, has authorized Triton Commercial Real Estate,
Inc. to submit the following outline of business terms under which it
would consider leasing space at 777 South Street, San Francisco, CA.
| Initial Premises: |
The entire ninth floor containing approximately 18,118 rentable
square feet. Premises to measured in accordance with the latest BOMA
standards. |
| |
| Term and Rent Commencement: |
Term shall be for five years commencing fourteen days from the
date of lease execution and delivery to all parties. Tenant shall
have the right to occupy the Premises for purposes of installing tenant
improvements, furniture, fixtures and equipment rent free during the
fourteen day interim period. |
| |
Base Annual
Rental Rate: |
Years 1-5 $54.00 per rentable square foot, fully serviced. |
| |
| Base Year: |
For purposes of calculating increases in operating expenses and
real estate taxes the Base Year shall be 2000. |
| |
Tenant
Improvements: |
Landlord to contribute an amount equal to $5.00 per rentable square
foot. |
| |
| Security Deposit: |
Security Deposit in an amount equivalent to nine months’ rent
to be provided in the form of a Performance Bond or Irrevocable Letter
of Credit. Vehicle for security shall be at Tenant's election with
Landlord's reasonable approval of the form. This amount shall “burn
down” on a pro rata basis. |
| |
| Warrants to Purchase Stock: |
Tenant shall grant to Landlord the right to purchase up to 25,000
shares in the company. Number of shares to be determined and shall
be subject to the approval of the board of directors. |
| |
| Financial. Information: |
This proposal is predicated on Landlord's review and approval of
Tenant's accurate financial information, which is presently being
prepared. |
| |
| Binding Effect: |
Only a fully executed lease, delivered to both parties, may bind
the parties to this or any proposed transaction. |
| |
| Valid Proposal: |
This proposal shall expire on Friday December 31, 2000, at 5:00
P.M |
Listing Agent, please call if you have any questions. We look forward
to a prompt response.
Sincerely,
John E. Casey, SIOR
cc: Imaginarytenant.com
|
Acknowledged and accepted:
|
777 South Park Associates, Landlord |
|
_________________________________
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_________________________________
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| Authorized Signatory |
Date
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