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Exhibit 10.25    
  


 
 

LEASE AMENDMENT #3    
  


        This Amendment is dated for referenced purposes only July 23, 2002, by and between,  Marvin L. Oates, as
Trustee of the Marvin L. Oates Trust Dated March 7, 1995, as Amended and Restated December 20, 2001 as Lessor, and  overstock.com, a Utah corporation, as Lessee.



RECITALS  


        1.    The
Parties hereto have entered into a certain Lease ("LEASE") dated March 15, 2000, regarding promises described
therein as 955 South 3800 West, Suite 100, Salt Lake City, Utah 84104, consisting of approximately 109,725  square feet of warehouse space, including
approximately 1,500 square feet of office space. 



        2.    The
Parties amended the Lease with Lease Amendment #1 dated August 28, 2000 providing for temporary space and exercising tenant's option to lease the adjacent
space. Tenant's space was increased by 109,725 square feet, from 109,725 to 219,450 square feet, for a total of 175,560 square feet of termed space and 43,890 of month-to-month
space. 


        3.    The
Parties amended the Lease with Lease Amendment #2 dated November 12, 2001 converting the 43,890 square feet of month-to-month space to
termed space and voiding Lessee's right of first refusal. 


        4.    The
Parties now desire to amend the Lease to expand the Premises by 43,890 square feet for one (1) year. 


AGREEMENT  


        The parties agree as follows: 


        EXPANSION SPACE: Lessee shall Lease two (2) additional bays for one (1) year and in accordance with the following terms and
conditions: 


        A.    Premises: The two (2) bays immediately to the west of and adjacent to the Premises (see Exhibit A) 


        B.    Size: Premises shall expand by 43,890 square feet, from 219,450 square feet to 263,340 square feet 


        C.    Pro Rata Share: Lessee's pro rata share shall be increased by 12.39%, from 61.95% to 74.34% 



        D.    Expansion Space Commencement Date: August 1, 2002 


        E.    Expansion Space Expiration Date: July 31, 2003 


        F.    Tenant Improvements: Lessor shall, at Lessor's expense, shall provide—three (43) 400 watt metal halide
light fixtures in the Expansion Space and the one (1) bay immediately to the East of the Expansion Space, exact location to be specified by Lessee. All heaters serving the expansion space shall
be connected to Tenant's separate motor by Lessor. Lessee shall be responsible for moving the fence which demises the Premises. 





 



        G.    Rent Schedule: Monthly rent will be increased by $11,850.30 per month ($0.27 p.s.f.) NNN, from $63,640.50, to $75,490.80
as follows: 



	 
	 	Old Space
	 	Expansion Space
	 	Total

	August 1, 2002 - August 19, 2002	 	$	63,640.50	 	$	11,850.30	 	$	75,490.80 NNN
	August 20, 2002 - July 31, 2003	 	$	65,835.00	 	$	11,850.30	 	$	77,685.30 NNN
	August 1, 2003 - August 19, 2003	 	$	65,835.00	 	$	0.00	*	$	65,835.00 NNN
	August 20, 2003 - August 19, 2004	 	$	68,029.50	 	$	0.00	*	$	68,029.50 NNN
	August 20, 2004 - August 19, 2005	 	$	70,224.00	 	$	0.00	*	$	70,224.00 NNN






	*
	Rent
for the Expansion Space shall continue after July 31, 2003 and be subject to Paragraph 26 of the Lease until Lessee vacates the Expansion Space and completes a
walk-thru with the property manager. 



        All
other terms and conditions of the Lease shall remain the same in full force and effect. 


        IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of the day and year written below. 



	LESSOR:	 	LESSEE:
	

Marvin L. Oates as Trustee of the

Marvin L. Oates Trust dated March 7, 1995,

As Amended and Restated December 20, 2001	
 	

overstock.com

a Utah corporation
	

By:	
 	

/s/  MARVIN L. OATES      
 Marvin L. Oates

Trustee of the Marvin L. Oates Trust

dated March 7, 1995, As Amended and

Restated December 20, 2001	
 	

By:	
 	

/s/  JIM HYDE      
 Jim Hyde

Chief Operating Officer
	

Date:	
 	

    
	
 	

Date:	
 	

July 23, 2000





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Exhibit 10.25


LEASE AMENDMENT #3