exv10w48






Exhibit 10.48




FIRST AMENDMENT TO LEASE




     This
First Amendment To Lease
 (this “Amendment”) is dated as of this
28th
day of February, 2000 by and between
Mathilda Associates LLC, a California limited
liability company (“Landlord”), and Juniper Networks, Inc., a Delaware corporation
(“Tenant”).



Recitals




     A. Landlord and Tenant entered into a Lease dated June 18, 1999 (the “Lease”), for
premises (the “Leased Premises”) with a street address of 1194 Mathilda Avenue, Sunnyvale,
California, and more particularly described in the Lease;



     B. Landlord and Tenant now desire to amend the Lease on the terms and conditions set forth
herein. Capitalized terms used in this Amendment and not otherwise defined shall have the meanings
assigned to them in the Lease.



Agreement




     Now Therefore, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Landlord and Tenant hereby agree as follows:



     1. Security
Deposit. The amount of the Security Deposit set forth in Article 1 of the Lease is
hereby changed to $1,000,000. The amount of the Security Deposit shall remain subject to
reduction as set forth in Paragraph 3.7 of the Lease.



     2. Expansion
Rights. Concurrently herewith, Landlord and Tenant have entered into a new
lease (the “1184 Lease”) for 1184 Mathilda Avenue, Sunnyvale, California, referred to in the Lease
as the “1184 Building.” Landlord and Tenant agree that notwithstanding any provision in the Lease
to contrary, Tenant’s lease of the 1184 Building shall be on all of the terms set forth in the 1184
Lease, and accordingly, upon full execution of the 1184 Lease, the First Expansion Option contained
in Article 16 of the Lease shall be null and void.



     3. Lease Commencement Date. The Intended Commencement Date set forth in Article 1 of the
Lease is deleted and replaced with “July 1, 2000.” The first sentence of Paragraph 2.3 is deleted
and replaced with the following:




Subject to Paragraph 2.4 below, the term of this Lease shall begin, and the
Lease Commencement Date shall be deemed to have occurred on the date which
is sixty (60) days after the actual Delivery Date, as determined pursuant to
Section 2.4 below.



     4. Base
Monthly Rent. The Base Monthly Rent set forth in Article 1 of the Lease is hereby
deleted and replaced with the following:



     Base Monthly Rent:                     The term “Base Monthly Rent” shall mean the following:




	 	 	 	 	 
	Period	 	Monthly Amount
	7/1/00-5/31/01
	 	$	360,787.50	 







At the end of the 11th month after
the actual Delivery Date and at the end of each 12
month period thereafter (until the Lease Expiration
Date), Base Monthly Rent shall be increased at a
rate of 3.5% per annum compounded annually.



     5. Commencement Date Certificate. The following provision is added to the end of Paragraph 2.3
of the Lease:




In the event the actual Lease Commencement Date is different than the
Intended Commencement Date, Landlord and Tenant agree to execute a Lease
Commencement Date Certificate in the form attached as Exhibit C setting
forth the actual Lease Commencement Date and the Lease Expiration Date (such
that the length of the Lease Term is the same as set forth in Article 1) and
an adjustment to the schedule of Base Monthly Rent to reflect the change in
the Lease Commencement Date and Lease Expiration Date. For purposes of
adjusting the schedule of Base Monthly Rent set forth in Article 1 above,
the annual date on which the Base Monthly Rent shall increase shall be that
date which is eleven (11) months after the actual Lease Commencement Date
and at the end of each twelve (12) month period thereafter.



     6. Cross-Default. A new subparagraph 12.1(i) is added to Article 12 as follows:




(i) Tenant shall be in default of its obligations under any other Lease
between Landlord and Tenant.



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     7. Notices. The following party is added to Paragraph 13.10 for receipt of copies of notices
sent to Landlord:



Beacon Capital Partners Inc.

One Federal Street, 26th Floor

Boston, Massachusetts 02110

Attention: General Counsel




     8. Condition Precedent To Lease Amendment. This Amendment and the parties’ obligations
hereunder are subject to the receipt by Landlord, no later than twenty one (21) business days after
the date hereof, of the Lender’s Consent, as hereinafter defined. Landlord hereby agrees to use
diligent efforts to obtain the Lender’s Consent by such date; however, if Landlord does not receive
the Lender’s Consent by such date, this Amendment shall thereupon be deemed terminated and of no
further force or effect, and neither party shall have any further rights, obligations, or
liabilities hereunder. As used herein, the term “Lender’s Consent” means a written consent to this
Amendment in form reasonably satisfactory to Landlord, executed by the holder of the promissory
note secured by that certain Deed of Trust (encumbering the fee interest in the real property of
which the Leased Premises are a part) recorded on November 11, 1999 in the Official Records of
Santa Clara County, California, at Series No. 15042012.



     9. Ratification. The Lease, as amended by this Amendment, is hereby ratified by Landlord and
Tenant and Landlord and Tenant hereby agree that the Lease, as so amended, shall continue in full
force and effect.



     10. Miscellaneous.



          (a) Voluntary
Agreement.  The parties have read this Amendment and on the advice of counsel
they have freely and voluntarily entered into this Amendment.




          (b) Attorneys’ Fees. If either party commences an action against the other party arising out
of or in connection with this Amendment, the prevailing party shall
be entitled to recover from the
losing party reasonable attorney’s fees and costs of suit.




          (c) Successors. This Amendment shall be binding on and inure to the benefit of the parties and
their successors.




          (d) Counterparts. This Amendment may be signed in two or more counterparts. When at least one
such counterpart has been signed by each party, this Amendment shall be deemed to have been fully
executed, each counterpart shall be deemed to be an original, and all counterparts shall be deemed
to be one and the same agreement.




     
In Witness Whereof, Landlord and Tenant have executed this Amendment as of the date
first written above.




	 	 	 	 	 	 	 	 	 	 	 
	 	 	Landlord:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Mathilda Associates LLC, a California limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Menlo Equities LLC, a California limited liability company, its Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Diamant Investments LLC, a Delaware limited liability company, Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	/s/ Richard J. Holmstrom
 

Richard J. Holmstrom, Manager
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Tenant:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Juniper Networks, Inc., a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ [ILLEGIBLE]	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	Chief Financial Officer	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ [ILLEGIBLE]	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	General Counsel & Secretary	 	 
	 	 	 	 	 	 	 






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