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

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  • Commercial Lease. 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.
  • Commercial Sublease. 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.
  • Sublease Agreement. 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 Lease. 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.
  • Office Space Lease. 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.

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<PAGE>   1


                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

                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

                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.


                         Internet Capital Group, Inc.

                         By::    /s/  Henry N. Nassau
                                 Name: Henry N. Nassau
                                 Title: Managing Director, General Counsel and


                         Internet Capital Group Operations, Inc.

                         By::    /s/  Henry N. Nassau
                                 Name: Henry N. Nassau
                                 Title: Managing Director


                         BEBOB Associates

                         By:     /s/  Gerald M. Wilk
                                 Name: Gerald M. Wilk
                                 Title: VP