Internet Capital Group Inc. Contracts
Sample Business Contracts
Pennsylvania-Wayne-435 Devon Park Drive Lease Assignment and Assumption Agreement - Internet Capital Group Inc., Internet Capital Group Operations Inc. and Bebob Associates
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.
<PAGE> 1 ASSIGNMENT AND ASSUMPTION AGREEMENT THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is made this 31 day of December 2000 by and among INTERNET CAPITAL GROUP, INC., a Delaware corporation ("Assignor"), INTERNET CAPITAL GROUP OPERATIONS, INC., a Delaware corporation and wholly owned subsidiary of Assignor ("Assignee") and BEBOB ASSOCIATES ("Landlord"). WHEREAS, Assignor is a party to that certain Agreement Lease dated January 1, 2000, as amended on February 1, 2000, May 9, 2000 and November 29, 2000 to date (the "Lease") by and between Landlord and Assignor for certain space 435 Devon Park Drive, Wayne, Pennsylvania; WHEREAS, Assignor desires to assign its interest in the Lease to Assignee; and WHEREAS, Landlord consents to such assignment NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt of which is hereby acknowledged the parties hereto hereby agree as follows: 1. Assignor hereby assigns all of its rights, title and interest in and to the Leases and Assignee. 2. Assignee hereby assumes the performance of all of the terms and conditions of the Leases on Assignor's part to be performed thereunder on and after the date hereof. 3. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns. 4. Landlord hereby consents to the assignment contemplated hereby. 5. Nothing contained herein shall constitute a novation of, or a release by Landlord of any obligations of Assignor, under the Lease. [Signatures commence on the following page] <PAGE> 2 IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the 29th day of December, 2000. ASSIGNOR: Internet Capital Group, Inc. By:: /s/ Henry N. Nassau --------------------------------------------------- Name: Henry N. Nassau Title: Managing Director, General Counsel and Secretary ASSIGNEE: Internet Capital Group Operations, Inc. By:: /s/ Henry N. Nassau ---------------------------------------- Name: Henry N. Nassau Title: Managing Director LANDLORD: BEBOB Associates By: /s/ Gerald M. Wilk --------------------------------- Name: Gerald M. Wilk Title: VP