EXHIBIT 10.48


 


LEASE AMENDMENT
 


This
First Amendment to Lease (“Agreement” is made and entered into as of February
7, 2005, by and between Glenborough Fund IX, LLC, a Delaware limited liability
company, (“Landlord”) and Northwest Power Management, Inc., a Washington
corporation (“Tenant”).


 


R E  C  I  T  A  L  S


This
Agreement is made with reference to the following facts and objectives:


A.            By Lease and Addendum to Lease by and between
Landlord and Tenant dated as of March 29, 2004, (together, the “Lease”) Tenant
leased the Premises depicted in Exhibit “A” to the Lease, demised in Section 1.
of the Lease, and described in Sections 2.13. and 2.14. of the lease as Suite
283 deemed to contain approximately 1,966 square feet of Rentable Area in the
Building located at 3900 Paradise Road, Las Vegas, Nevada 89109, in the Project
known as Citibank Park Office in the Complex known as Citibank Park.


B.            Landlord and Tenant desire to expand the
premises and to otherwise modify and amend the Lease, on and subject to the
terms, covenants, and conditions set forth below.


NOW, THEREFORE, Landlord and Tenant hereby agree as
follows:


 


A G  R  E  E  M  E  N  T


1.             Effective as of April 15, 2005, (the “Effective
Date”) Tenant shall lease and expand into Suite 266, which is depicted on
Exhibit “A” attached hereto and made a part hereof.


2.             Also as of the Effective Date, the following
modifications and amendments shall be made to the Lease:


•      Section 2.13. of the lease shall be modified
and amended to add Suite 266 to the list of Suites constituting the Premises
and to specify that Suite 266 is deemed to contain approximately 1,399 square
feet of Rentable Area.


•      Section 2.6. of the Lease shall be modified
and amended to specify that the Expiration Date for Suite 283 shall remain June
30, 2007, but that Suite 266 shall have a separate, non-coterminous Expiration
Date of April 30, 2006.


•      Exhibit “A” to this Agreement depicting Suite
266 shall be added to the existing Exhibit “A” to the Lease so that the
entirety of the Premises is depicted by the two (2) pages thereafter comprising
Exhibit “A.”


•      Section 2.19. of the Lease shall be modified
and amended to add that Tenant’s Proportionate Share for Suite 266 only shall
be 1.65%, with no change to the Tenant’s Proportionate Share for Suite 283.


•      Section 2.3. of the Lease shall be modified
and amended to add 2005 as the Base Year for Suite 266, with no change to the
Base Year for Suite 283.


•      Sections 2.2. and 2.10. of the Lease shall be
modified and amended to add the following schedule of Monthly Installments of
Base Rent for Suite 266 only (the schedule for Suite 283 shall remain
unchanged):


Suite 266 Only:


April 15, 2005        through  April 31, 2006,     $2,728.05/month


3.             Suite 266 shall be delivered to Tenant
without reconfiguration or remodeling, but in vacant, clean (pursuant to
Building Standard periodic janitorial services) condition, “as-is.”


4.             All other terms, covenants, and conditions of
the Lease shall remain in full force and effect.


 


This Agreement modifies and amends the Lease. To the
extent there are any inconsistencies between this Agreement and the Lease, the
terms, covenants, and conditions of this Agreement shall govern. Capitalized
terms not defined herein are defined in the Lease.


IN WITNESS WHEREOF, Landlord and Tenant have
executed this Agreement as of the date first above written.


 


	
  LANDLORD:

  	
   

  
	
  GLENBOROUGH
  FUND IX, LLC

  	
   

  
	
  A
  Delaware limited liability company

  	
   

  
	
  By:

  	
  GRT
  IX, Inc.

  	
   

  
	
   

  	
  a
  Delaware corporation

  	
   

  
	
   

  	
  Its
  Managing Member

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its
  Vice President

  	
   

  
	
   

  	
   

  
	
  TENANT:

  	
   

  
	
  NORTHWEST
  POWER MANAGEMENT, INC.

  	
   

  
	
  a
  Washington corporation

  	
   

  
	
  By:

  	
    \Steven
  Z. Strasser\

  	
   

  
	
   

  	
  Its
  President