Preview | Agreement Assigning and Terminating Lease Agreements and Releasing Parties

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Agreement Assigning and Terminating Lease Agreements and Releasing Parties

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Title:

Agreement Assigning and Terminating Lease Agreements and Releasing Parties

Entities:

Comerica Bank; Liberty Property LP; Liberty Property Trust; Verticalnet, Inc.; Atlas Commerce, Inc.; VerticalNet Inc.

Date:

2003

Size:

Preview shows 3KB of 21KB total

Price:

$33

ID:

#168528

► Leasing ► Misc. Lease Agreements
► Financial ► Regional Banks
► Real Estate
► Technology ► Computer Services
► Real Estate ► Real Estate Investment Trusts

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                    AGREEMENT ASSIGNING AND TERMINATING LEASE

                        AGREEMENTS AND RELEASING PARTIES



          THIS AGREEMENT is made this 16 day of January 2003, by and among

LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership

("Landlord"), VERTICALNET, INC., a Pennsylvania corporation ("VerticalNet") and

ATLAS COMMERCE, INC., a Delaware corporation ("Atlas").



BACKGROUND:



     A. Landlord and VerticalNet entered into a Lease Agreement dated April 21,

1999 (the "700 Dresher Lease Agreement"), as amended by First Amendment to Lease

Agreement dated May 15, 1999, Second Amendment to Lease Agreement dated March 2,

2000 and Third Amendment to Lease Agreement dated August 1, 2000 (the 700

Dresher Lease Agreement, as amended, collectively, the "700 Dresher Lease"),

covering premises containing approximately 84,563 rentable square feet at 700

Dresher Road, Horsham, Pennsylvania, as more fully described in the 700 Dresher

Lease (the "700 Dresher Premises").



     B. Landlord and Atlas (then known as Aatlas Commerce, Inc.) entered into a

Lease Agreement dated January 12, 2000 (the "300 Chesterfield Lease"), covering

premises containing approximately 27,260 rentable square feet at 300

Chesterfield Parkway, Malvern, Pennsylvania, as more fully described in the 300

Chesterfield Lease (the "300 Chesterfield Premises").



     C. Landlord and Atlas (then known as Aatlas Commerce, Inc.) entered into a

Lease Agreement dated January 12, 2000 (the "400 Chesterfield Lease Agreement"),

as amended by First Amendment to Lease Agreement dated April 13, 2000 (the 400

Chesterfield Lease Agreement, as amended, collectively, the "400 Chesterfield

Lease"), covering premises containing approximately 4,772 rentable square feet

at 400 Chesterfield Parkway, Malvern, Pennsylvania, as more fully described in

the 400 Chesterfield Lease (the "400 Chesterfield Premises").



     D. VerticalNet acquired Atlas on December 30, 2001 and Atlas is now a

subsidiary of VerticalNet.



     E. Atlas desires to assign all of its right, title and interest in the 300

Chesterfield Lease and the 400 Chesterfield Lease to VerticalNet and VerticalNet

desires to accept such assignment and Landlord has agreed thereto.



     F. VerticalNet and Landlord have agreed to an early termination of the 700

Dresher Lease, the 300 Chesterfield Lease and the 400 Chesterfield Lease

(collectively, the "Leases") prior to their respective Expiration Dates (as

defined in the Leases) in accordance with the terms and conditions contained

herein.



          NOW, THEREFORE, the parties hereto, in consideration of the mutual

promises and covenants contained herein and in the Leases, and intending to be

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