Forgent Networks Inc. Contracts
Sample Business Contracts
Texas-Austin-Wild Basin One and Two Lease [Amendment No. 1] - WB One and Two Ltd. and VTEL Corp.
Lease Forms
- Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
- When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
- Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
- Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
- When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided.
FIRST AMENDMENT TO LEASE AGREEMENT THIS FIRST AMENDMENT TO LEASE AGREEMENT is entered into as of the day of March, 1998, by and between VTEL Corporation, a Delaware corporation ("Tenant"), and WB One and Two, Ltd., a Texas limited partnership ("Landlord"). Recitals A. Tenant and 2800 Industrial, Inc. ("2800") entered into that certain Lease Agreement dated January 30, 1998 (the "Lease"), relating to Tenant's lease of approximately 132,747 square feet of rentable area in the office buildings known as Wild Basin One and Two, Austin, Texas, as more fully described in the Lease. B. 2800 has assigned to Landlord all of the right, title and interest of 2800 in and to the Lease, and Landlord has assumed all of the obligations of 2800 under the Lease. C. Landlord and Tenant desire to amend the Lease as hereinafter provided. Amendment In consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby amend the Lease as follows: 1. The following sentence is hereby added to Section 6.2 of the Lease, immediately following the third grammatical sentence of Section 6.2: "Notwithstanding the immediately preceding sentence or the provisions of clause (9) of Section 7.1(b) below, Landlord may include in monthly Operating Costs one-twelfth (1/12) of Landlord's reasonable estimate of Taxes for the calendar year to which such monthly Operating Costs applies, subject to adjustments under Section 9.3 below, and Tenant's payment of such monthly estimate, as adjusted, shall satisfy Tenant's obligation for the payment of Taxes under this Section 6.2; provided, however, Landlord shall have the right to include Taxes in monthly Operating Costs under this sentence only to the extent Landlord is required to escrow Taxes under any loan secured by a first lien deed of trust encumbering the Building and the Land." 2. Unless defined differently herein or the context clearly requires otherwise, all initially capitalized terms used in this Amendment shall have the meanings ascribed to them under the Lease. Except as expressly amended hereby, the Lease shall remain unchanged and in full force and effect. <PAGE> EXECUTED as of the date first written above. TENANT: VTEL CORPORATION, a Delaware corporation By: ---------------------------------- Name: ---------------------------------- Title: ---------------------------------- LANDLORD: WB ONE AND TWO, LTD., a Texas limited partnership By: WB One and Two, Inc., a Texas corporation, General Partner By: ------------------------ Name: ------------------------ Title: ------------------------