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California-Morgan Hill-900 Lightpost Way Lease [Amendment No. 3] - TBI-Madrone I LLC and Media Arts Group Inc.

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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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THIRD AMENDMENT TO LEASE

This Third Amendment to Lease (“Third Amendment”), dated as of December 3, 2002, is entered into by and between TBI-Madrone I LLC, a California limited liability company (“Landlord”) and Media Arts Group, Inc., a Delaware corporation (“Tenant”).

RECITALS

A. Landlord and Tenant entered into a Lease dated December 20, 1999, and amended by a First Amendment to Lease dated July 21, 2000, and a Second Amendment to Lease dated October 18, 2000 (collectively, the “Lease”) for those certain premises at 900 Lightpost Way, Morgan Hill, California.

B. Landlord and Tenant now desire to amend the Lease to remove certain rights of first offer to purchase and to payment on sale of the Premises, and an option to expand, all of which were originally granted to Tenant under the Lease.

AGREEMENT

In consideration of the mutual covenants set forth herein, and other valuable consideration, receipt of which is hereby acknowledged, Landlord and Tenant agree to amend the Lease as follows:

1. Right of First Offer to Purchase. Paragraph 41 of the Lease is hereby deleted in its entirety.

2. Payment to Tenant Upon Sale of Property. Paragraph 42 of the Lease is hereby deleted in its entirety.

3. Option to Expand. Paragraph 43 of the Lease is hereby deleted in its entirety.

Except as set forth in this Third Amendment, the Lease is unmodified and in full force and effect.

LANDLORD				TENANT

TBI-Madrone I, LLC, a California				Media Arts Group, Inc., a Delaware
limited liability company				corporation

By	TBI-Lightpost I, a California			By	/s/ Herbert D. Montgomery
	limited partnership, Manager
				Its	CFO
	By	Toeniskoetter & Breeding, Inc.
		Development, a California corporation,
		General Partner

		By	/s/ Brad Krouskup

		Its	President

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