Exhibit 10.3
SUBLEASE AGREEMENT
The parties agree as follows:
Date of this
Sublease: June 15, 1994
Parties to this Overtenant: COMPUTER TELEPHONE CORP.
Sublease: Address for notices: ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
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You, the Undertenant: COMM-TRACT CORP.
Address for notices: ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
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If there is more than one Overtenant or Undertenant,
the words "Overtenant" and "Undertenant" used in this
Sublease include them.
Information from Landlord: HILLSIDE ASSOCIATES
Over-Lease: Address for notices: ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇
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Overtenant: COMPUTER TELEPHONE CORP.
Address for notices:
Date of Over-Lease: February 16, 1994
Term: Five years From: July 1, 1994
To: June 30, 1999
A copy of the Over-Lease is attached as an important
part of the Sublease.
Term: 1. Five (5) years: months:
Beginning: July 1, 1994 Ending: June 30, 1999
Premises rented: 2. Approximately 8600 square feet in the building
known as Tech ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇ #▇, ▇▇▇
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annexed sketch.
Use of premises: 3. The premises may be used for offices,
manufacturing, engineering and warehousing only.
Rent: 4. The basic yearly rent for the premises is
$55,899.96. You, the Undertenant, will pay this
yearly rent to the Overtenant in twelve equal
monthly payments of $4,658.33. In addition, the
Undertenant will be responsible for 43.92% of
All other expenses associated with the lease.
These expenses include, but are not limited to,
real estate taxes, insurance, utilities, etc.
Payments shall be paid in advance on the first
day of each month during the Term.
Security: 5. The security for the Undertenant's performance
is $0.00. Overtenant states that Overtenant has
received it. Overtenant shall hold the security
in accordance with Paragraph ____ of the
Over-Lease.
Agreement to lease 6. Overtenant sublets the premises to you, the
and pay rent: Undertenant, for the Term. Overtenant states
that it has the authority to do so. You, the
Undertenant, agree to pay the Rent and other
charges as required in the Sublease. You, the
Undertenant, agree to do everything required of
you in the Sublease.
Notices: 7. All notices in the Sublease shall be sent by
certified mail, "return receipt requested".
Subject to: 8. The Sublease is subject to the Over-Lease. It
is also subject to any agreement to which the
Over-Lease is subject. You, the Undertenant,
state that you have read and initialed the
Over-Lease and will not violate it in any way.
Overtenant's 9. The Over-Lease describes the Landlord's duties.
duties: The Overtenant is not obligated to perform the
Landlord's duties. If the Landlord fails to
perform, you, the Undertenant, must send the
Overtenant a notice. Upon receipt of the
notice, the Overtenant shall then promptly
notify the Landlord and demand that the
Over-Lease agreements be carried out. The
Overtenant shall continue the demands until the
Landlord performs.
Consent: 10. If the Landlord's consent to the Sublease is
required, this consent has been received. If
the Landlord's consent is not received within
this time, the Sublease will be void. In such
event all parties are automatically released and
all payments shall be refunded to you, the
Undertenant.
Adopting the 11. The provisions of the Over-Lease are part of
Over-Lease this Sublease. All the provisions of the Over-
and Lease applying to the Overtenant are binding on
Exceptions: you, the Undertenant, except these:
a) These numbered paragraphs of the
Over-Lease shall not apply:
Inapplicable.
b) These numbered paragraphs of the
Over-Lease are changed as follows:
Inapplicable.
No authority: 12. You, the Undertenant, have no authority to
contact or make any agreement with the Landlord
about the premises or the Over-Lease. You, the
Undertenant, may not pay rent or other charges
to the Landlord, but only to the Overtenant.
Successors: 13. Unless otherwise stated, the Sublease is binding
on all parties who lawfully succeed to the
rights or take the place of the Overtenant or
you, the Undertenant. Examples are an assign,
heir, or a legal representative such as an
executor of your will or administrator of your
estate.
Changes: 14. This sublease can be changed only by an
agreement in writing signed by the parties to
the Sublease.
Signatures: OVERTENANT:
COMPUTER TELEPHONE CORP.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
You, the UNDERTENANT:
Witness: COMM-TRACT CORP.
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇