EXHIBIT 10.26
SECOND AMENDMENT TO MASTER LEASE AGREEMENT NO. 10571
This Second Amendment dated February 16, 2000 to Master Lease Agreement No.
10571 dated April 1, 1998 (the "Lease"), is entered into by and between
▇▇▇▇▇▇▇▇.▇▇▇, Inc. a Florida corporation, (formerly known as First Mortgage
Network, Inc.) (the "Lessee") and Dominion Ventures Inc. (the "Lessor").
WHEREAS, Lessee has requested an increase in Master Lease Line to allow
additional Equipment to be purchased pursuant to the terms of the Lease; and
WHEREAS, Lessor has agreed to extend the Master Lease Line to allow for
the purchase of additional Equipment, subject to the approval of Lessor and
pursuant to the terms of the Lease. All capitalized terms used and not otherwise
defined herein shall have the meanings given in the Lease.
NOW THEREFORE, the parties hereto agree to amend the Lease as follows:
1. The Master Lease Line shall be increased by $1,800,000.00 for a
total of $3,394,637.48.
2. The address of the Lessee is ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇.
3. The Funding Expiration Date of February 26, 1999, as set forth in
the First Amendment to the Master Lease, shall be extended to
May 30, 2000.
4. The initial Rent Factor for additional Equipment shall remain two
and 81/100 percent (2.81%) for a forty-two (42) month Lease. A
Rent Factor adjustment will apply at each funding under the
Lease. The Rental Factor will be adjusted based on the change in
yield, if any, for U.S. Treasury Notes of comparable maturity as
quoted in the Wall Street Journal three days before the date of
funding. The initial Treasury Rate assumed for this Amendment is
6.66%. For each basis point change from this Treasury Rate, the
rate of the Rental Factor will be adjusted by one basis point and
a new Rental Factor calculated. The Rental Factor for each
funding shall be fixed for the Lease Term.
5. The Advance Rental Amount of $89,667.00 as specified in the First
Amendment to the Master Lease, shall be increased by $50,580.00
(plus applicable taxes) for a total of $140,247.00 (plus
applicable taxes). The increase shall be paid to Lessor upon
execution of this Second Amendment and shall be credited to the
first and last complete calendar month's rent for each item of
Equipment, subject to the conditions set forth in the first
Amendment, and in Section 5 of the Master Lease.
6. By this Amendment, Section 17 of the Master Lease is modified to
provide that Lessee will, at the end of the Lease term, purchase
leasehold improvements, and telephone systems at fifteen percent
(15%) of their original cost to Lessor.
7. Lessor hereby consents to, acknowledges, and agrees that the
transactions contemplated by the Contribution Agreement dated
January 27, 2000, among Lessee, ▇▇▇▇▇▇▇▇▇.▇▇▇, Inc., and other
Investors named therein, shall not be deemed to constitute an
Event of Default under the Lease.
Except as specifically provided herein, all terms and conditions of the
Lease shall remain in full force and effect, without waiver or modification.
IN WITNESS WHEREOF, the parties hereto have caused this amendment to be executed
as of the date first written above.
LESSEE: ▇▇▇▇▇▇▇▇.▇▇▇, INC LESSOR: DOMINION VENTURES INC.
By:_________________________________ By:_________________________________
Its:________________________________ Its:________________________________
