Document:

<PAGE>   1

                                                                   EXHIBIT 10.3

RECORDING REQUESTED BY:

AND WHEN RECORDED MAIL TO:
JAKKS Pacific, Inc.
22761 Pacific Coast Highway #226
Malibu, CA 90265

A.P.N.: 4460-005-023         Title Order No. LA0020541         Escrow No. 13917

                SHORT FORM DEED OF TRUST AND ASSIGNMENT OF RENTS

THIS DEED OF TRUST, made this Twenty-Sixth day of April, 2000, between

TRUSTOR: STEPHEN BERMAN AND ANA BERMAN, HUSBAND AND WIFE AS TENANTS IN COMMON
whose address is 22761 Pacific Coast Highway #226, Malibu, CA 90265, and

TRUSTEE: First American Title Insurance Company, a California Corporation, and

BENEFICIARY: JAKKS PACIFIC, INC. a Delaware Corporation

WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN
TRUST, WITH POWER OF SALE, that property in the City of Malibu, Los Angeles,
California, described as:

As per legal description attached hereto and made a part hereof:

This Note is given and accepted as a portion of the purchase price.

TOGETHER WITH the rents, issues, and profits thereof, SUBJECT, HOWERVER, to the
right, power and authority given to and conferred upon Beneficiary by paragraph
10 of the provisions incorporated by reference to collect and apply such rents,
issues and profits.

FOR THE PURPOSE OF SECURING: 1. Performance of each agreement of Trustor
incorporated by reference or contained herein. 2. Payment of the indebtedness
evidenced by one promissory note of even date herewith, and any extension of
renewal thereof, in the principal sum of $1,500,000.00 executed by Trustor in
favor of Beneficiary or order. 3. Payment of such further sums as the then
record owner of said property hereafter may borrow from Beneficiary, when
evidenced by another note (or notes) reciting it is so secured.

TO PROTECT THE SECURITY OF THIS DEED OF TRUST. TRUSTOR AGREES: By the execution
and delivery of this Deed of Trust and the note secured hereby, that provisions
(1) to (14), inclusive of the fictitious deed of trust recorded in Santa Barbara
County of Sonoma County on October 18, 1961, and in all other counties on
October 23, 1961, in the book and at the page of Official Records in the office
of the county recorder of the county where said property is located, noted below
and opposite the name of such county, viz:

<TABLE>
<CAPTION>

County      Book   Page    County      Book   Page    County      Book    Page    County           Book  Page  County     Book  Page
------      ----   ----    ------      ----   ----    ------      ----    ----    ------           ----  ----  --------   ---- -----
<S>          <C>    <C>    <C>         <C>    <C>     <C>         <C>       <C>      <C>          <C>   <C>    <C>        <C>   <C>
Alameda      435    684    Imperial    1091    501    Merced      1547     538    San Benito        271   383  Siskiyou    468   181
Alpine         1    250    Inyo         147    598    Modec        184     851    San Bermardino   5567    61  Solano     1105   182
Amador       104    348    Kern        3427     60    Mono          52     429    San Francisco    A332   905  Sonoma     1851   689
Bute        1145      1    Kings        792    833    Monterey    2194     538    San Joaquin      2470   311  Stanisluas 1715   456
Calavera     145    152    Lake         362     39    Napa         639      86    San Luis Obispo  1151    12  Sutter      572    97
Colusa       296    617    Lassen       171    471    Nevada       305     320    San Mateo        4078   420  Tehama      401   289
Contra                     Los
  Costa     3978     47     Angeles   T2055    899    Orange      5889     611    Santa Barbara    1878   860  Trinity      93   366
Del Norte     78    414    Madera       810    170    Placer       895     301    Santa Clara      5336    01  Tulare     2294   275
El Dorado    568    456    Marin       1508    339    Plumas       151       5    Santa Cruz       1431   494  Tuolumne    135    47
Fresno      4626    572    Mariposa      77    292    Riverside   3005     523    Shasta            684   528  Ventura    2062   386
Glenn        422    184    Mendocino    579    530    Sacramento  4331      62    Sierra             29   335  Yolo        653   245
Humbolt      657    527                                  San Diege  Series 2  Book 1961, Page 183887           Yuba        334   486

</TABLE>

(which provisions, identical in all counties, are printed on page 3 of this
document) hereby are adopted and incorporated herein and made a part hereof as
fully as though set forth herein at length; that he will observe and perform
said provisions: and that the references to property, obligations, and parties
in said provisions shall be construed to refer to the property, obligations, and
parties set forth in this Deed of Trust.

In accordance with Section 2924b, Civil Code, request is hereby made that a copy
of any Notice of Default and a copy of any Notice of Sale be mailed to Trustor
at Trustor's address hereinbefore set forth, or if none shown, to Trustor at the
property address.

NOTICE: A COPY OF ANY NOTICE OF DEFAULT AND OF NAY NOTICE OF SALE WILL BE SENT
ONLY TO THE ADDRESS CONTAINED IN THIS RECORD REQUEST. IF YOUR ADDRESS CHANGES, A
NEW REQUEST MUST BE RECORDED.

                                       1
<PAGE>   2

A.P.N.:  4460-005-023

Signature of Trustor(s)

/s/ Stephen Berman                        /s/ Ana Berman
------------------------                  ----------------------------------
Stephen Berman                            Ana Berman

Document Date:    April 26, 2000
                  --------------

STATE OF CALIFORNIA                         )SS
COUNTY OF Los Angeles                       )

On April 26, 2000 before me, Patricia Ryan personally appeared Stephen Berman
and Ana Berman personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they executed the same in their
signatures on the instrument the persons or the entity upon behalf of which
of the persons acted, executed the instrument.
WITNESS my hand and official seal.

Signature  /s/ Patricia Ryan
           -----------------------------

                                                     (SEAL)

                                         This area for official notarial seal.

                                       2

<PAGE>   3

A.P.N. 4460-005-023

                                  DO NOT RECORD

The following is a copy of provisions (1) to (14) inclusive, of the fictitious
deed of trust, recorded in each county in California, as stated in the foregoing
Deed of Trust and incorporated by reference in said Deed of Trust as being a
part thereof as if set forth at length therein.

TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES:

(1)  To keep property in good condition and repair; not to remove or demolish
     any building thereon; to complete or restore promptly and in good and
     workmanlike manner any building which may be constructed, damaged or
     destroyed thereon and to pay when due all claims for labor performed and
     materials furnished therefore; to comply with all laws affecting said
     property or requiring any alterations or improvements to be made thereon;
     not to commit or permit waste thereof; not to commit, suffer or permit any
     act upon said property in violation of law; to cultivate, irrigate,
     fertilize, prune and do all other acts which from the character or use of
     said property may be reasonably necessary, the specific enumerations herein
     not excluding the general.

(2)  To provide, maintain and deliver to Beneficiary fire insurance satisfactory
     to and with loss payable to Beneficiary. The amount collected under any
     fire or other insurance policy may be applied by Beneficiary upon
     indebtedness secured hereby and in such order as Beneficiary may determine,
     or at option of Beneficiary the entire amount so collected or any part
     thereof may be released to Trustor. Such application or release shall not
     cure or waive any default or notice of default hereunder or invalidate any
     act done pursuant to such notice.

(3)  To appear in and defend any action or proceeding purporting to affect the
     security hereof or affect the security hereof or the rights or powers of
     the Beneficiary or Trustee: and to pay all costs and expenses, including
     cost of evidence of title and attorney's fees in a reasonable sum, in any
     such action or proceeding in which Beneficiary or Trustee may appear, and
     in any suit brought by Beneficiary to foreclose this Deed.

(4)  To pay: at least ten days before any delinquency all taxes and assessments
     affecting said property, including assessments on appurtenant water stock;
     when due, all encumbrances, charges and liens, with interest, on said
     property or any part thereof, which appear to be prior or superior hereto;
     all costs, fees and expenses of this Trust. Should Trustor fail to make any
     payment or to do any act herein provided, then Beneficiary or Trustee, but
     without obligation so to do and without notice to or demand upon Trustor
     and without releasing Trustor from any obligation hereof, may: make or do
     the same in such manner and to such extent as either may deem necessary to
     protect the security hereof, Beneficiary or Trustee being authorized to
     enter upon said property for such purposes; appear in and defend any action
     or proceeding purporting to affect the security hereof or the rights or
     powers of Beneficiary or Trustee; pay, purchase, contest or compromise any
     encumbrance, charge or lien which in the judgement of either appears to be
     prior or superior hereto; and, in exercising any such powers, pay necessary
     expenses, employ counsel and pay his reasonable fees.

(5)  To pay immediately and without demand all sums so expended by Beneficiary
     or Trustee, with interest from date of expenditure at the rate called for
     in the note secured hereby, or at the amount allowed by law at date of
     expenditure, whichever is greater, and to pay for any statement provided
     for by law in effect at the date hereof regarding the obligation secured
     hereby any amount demanded by the Beneficiary not to exceed the maximum
     allowed by law at the time when said statement is demanded.

(6)  That any award of damages in connection with any condemnation for public
     use of or injury to said property or any part thereof is hereby assigned
     and shall be paid to Beneficiary who may apply or release such moneys
     received by him in this same manner and with the same effect as above
     provided for disposition of proceeds of fire or other insurance.

(7)  That by accepting payment of any sum secured hereby after its due date,
     Beneficiary does not waive his right to require prompt payment when due of
     all other sums so secured or to declare default for failure so to pay.

(8)  That at any time or from time to time, without liability therefore and
     without notice, upon written request of Beneficiary and presentation of
     this Deed and said note for endorsement, and without affecting the personal
     liability of any person for payment of the indebtedness secured hereby,

                                       3
<PAGE>   4

     Trustee may: reconvey any part of said property; consent to the making of
     any map or plat thereof; join in granting any easement thereon; or join in
     any extension agreement or any agreement subordinating the lien or charge
     hereof.

(9)  That upon written request of Beneficiary stating that all sums secured
     hereby have been paid, and upon surrender of this Deed and said note to
     Trustee for cancellation and retention and upon payment of its fees.
     Trustee shall reconvey, without warranty, the property then held
     hereunder.. The recitals in such reconveyance of any matters or facts shall
     be conclusive proof of the truthfulness thereof. The grantee is such
     reconveyance may be described as "the person or persons legally entitled
     thereto." Five years after issuance of such full conveyance, Trustee may
     destroy said note and this Deed (unless directed in such request to retain
     them.)

(10) That as additional security, Trustor hereby gives to and confers upon
     Beneficiary the right, power and authority, during the continuance of these
     Trusts, to collect the rents, issues and profits of said property,
     reserving unto Trustor the right, prior to any default by Trustor in
     payment of any indebtedness secured hereby or in performance of any
     agreement hereunder, to collect and retain such rents, issues and profits
     as they become due and payable. Upon any such default, Beneficiary may at
     any time without notice, either in person, by agent, or by a receiver to be
     appointed by a court, and without regard to the adequacy of any security
     for the indebtedness hereby secured, enter upon and take possession of said
     property or any part thereof, in his own name sue for or otherwise collect
     such rents, issues and profits, including those past due and unpaid, and
     apply the same, less costs and expenses of operation and collection,
     including reasonable attorney's fees, upon any indebtedness secured hereby,
     and in such order as Beneficiary may determine. The entering upon and
     taking possession of said property, the collection of such rents, issues
     and profits and the application thereof as aforesaid, shall not cure or
     waive any default or notice of default hereunder or invalidate any act
     pursuant to such notice.

(11) That upon default by Trustor in payment of any indebtedness secured hereby
     or in performance of any agreement hereunder, Beneficiary may declare all
     sums secured hereby immediately due and payable by delivery to Trustee of
     written declaration of default and demand for sale and of written notice of
     default and of election to cause to be sold said property, which notice
     Trustee shall cause to be filed for record. Beneficiary also shall deposit
     with Trustee the Deed, said note and all documents evidencing expenditures
     secured hereby. After lapse of such time as may then be required by law
     following the recordation of said notice of default, and notice of sale
     having been given as then required by law, Trustee, without demand on
     Trustor, shall sell said property at the time and place fixed by it in said
     notice of sale, either as a whole or in separate parcels, and in such order
     as it may determine, at public auction to the highest bidder for cash in
     lawful money of the United States, payable at time of sale. Trustee may
     postpone sale of all or any portion of said property by public announcement
     at such time and place of sale, and from time to time thereafter may
     postpone such sale by public announcement at the time fixed by the
     preceeding postponement. Trustee shall deliver to such purchaser its deed
     conveying the property so sold, but without any conveyant or warranty,
     express or implied. Te recitals in such deed of matters or facts shall be
     conclusive proof of the truthfulness thereof. Any person, including
     Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at
     such sale. After deducting all costs, fees and expenses of Trustee and of
     the Trust, including cost of evidence of title in connection with sale,
     trustee shall apply the proceeds of sale to payment of: all sums expended
     under terms hereof, not then repaid, with accrued interest at the amount
     allowed by law in effect at the date hereof; all other sums then secured
     hereby; and the remainder, if any, to the person or persons legally
     entitled thereto.

(12) Beneficiary, or any successor in ownership of any indebtedness secured
     hereby, may from time to time, by instrument in writing, substitute a
     successor or successors to any Trustee named herein or acting hereunder,
     which instrument, executed by the Beneficiary and duly acknowledged and
     recorded in the office of the recorder of the county or counties where said
     property is situated, shall be conclusive proof of proper substitution of
     such Trustee or Trustees, who shall, without conveyance from the Trustee
     predecessor, succeed to all its title, estate, rights, powers and duties,
     must contain the name of the original Trustor, Trustee and Beneficiary
     hereunder, the book and page where this deed is recorded and the name and
     address of the new Trustee.

(13) That this Deed applies to, insures to the benefit of, and binds all parties
     hereto, their heirs, legatees, devisees, administrators, executors,
     successors and assigns. The term Beneficiary shall

                                       4
<PAGE>   5

     mean the owner and holder, including pledges, of the note secured hereby,
     whether or not named as Beneficiary herein. In this Deed, whenever the
     context so required, the masculine gender includes the feminine and/or
     neuter, and the singular number includes the plural.

(14) That Trustee accepts the Trust when this Deed, duly executed and
     acknowledged, is made a public record as provided by law. Trustee is not
     obligated to notify any party hereto of pending sale under any other Deed
     of Trust or any action or Proceeding in which Trustor, Beneficiary or
     Trustee shall be party unless brought by Trustee.

                                       5<PAGE>   1
                                                                    EXHIBIT 10.4

                                    TERM NOTE

$250,000                                                      Malibu, California
                                                              May 12, 2000

        FOR VALUE RECEIVED, Joel M. Bennett ("Borrower") hereby promises to pay
to JAKKS Pacific, Inc., a Delaware corporation, or assigns ("Holder"), the
principal amount of $250,000, together with interest accrued thereon from the
date hereof at the rate of 7% per annum, on May 12, 2002 (the "Maturity Date"),
subject, however, to the provisions of paragraph 1 hereof. This Note may be
prepaid, in whole or in part, at any time or times, without premium or penalty,
but any such prepayment shall include interest accrued to the date of such
prepayment on the principal amount so prepaid. Payment of this Note shall be
made in lawful money of the United States of America at Holder's office at 22761
Pacific Coast Highway, Malibu, California 90265, Attn: Chief Financial Officer,
or at such other place as Holder may from time to time direct by written notice
to Borrower.

        1. All of Borrower's obligations hereunder shall be deemed fully paid,
satisfied and discharged, and this Note shall be cancelled:

               (1) on the Maturity Date, if Borrower shall continue to be
employed in any capacity by Holder or a subsidiary thereof (excluding any leave
of absence or other interruption of service approved or permitted by Holder) on
such date; or

            (2) on the Termination Date (as defined in the Employment Agreement
dated as of January 1, 2000 between Holder and Borrower (the "Employment
Agreement")), if Borrower's employment by Holder (or a subsidiary thereof) is
terminated prior to the Maturity Date for any reason other than Borrower's
voluntary resignation (excluding termination of employment by Borrower "for good
reason" as provided in Section 14 of the Employment Agreement) or "for cause" as
provided in Section 13 of the Employment Agreement.

        2. If any one or more of the following events (each, an "Event of
Default") shall occur, the entire outstanding principal amount hereof and all
interest then accrued thereon shall immediately become due and payable upon
written notice to that effect given to Borrower by Holder, in the case of an
Event of Default described in subparagraph 2(b) or 2(e), and without any notice
or other act, in the case of an Event of Default described in subparagraph 2(a)
or 2(d):

            (1) Borrower's failure to pay any installment of this Note within 15
days after the due date thereof;

            (2) (i) Borrower's failure to pay when due any indebtedness, other
than this Note, evidenced or secured by any note, bond, debenture, loan
agreement,

<PAGE>   2
indenture, guaranty, trust agreement, mortgage or other instrument or agreement
in connection with the borrowing of money or the obtaining of advances or credit
to which Borrower is a party or by which he is bound, or to which any of his
properties or assets may be subject (a "Debt Instrument"), or Borrower's failure
to perform or comply with any condition or covenant thereof, so that, as a
result of any such failure, indebtedness evidenced or secured thereby in an
amount in excess of $500,000 may be declared due and payable prior to the date
on which such indebtedness would otherwise become due and payable; or

                (ii) any event or condition referred to in any Debt Instrument
shall occur or fail to occur, so that, as a result thereof, indebtedness
evidenced or secured thereby in an amount in excess of $500,000 may be declared
due and payable prior to the date on which such indebtedness would otherwise
become due and payable.

            (3) Borrower shall file a petition in bankruptcy, make an assignment
for the benefit of creditors, petition or apply for the appointment of a
receiver, conservator, trustee or other fiduciary agent for him or a substantial
part of his assets, or shall commence any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, composition, dissolution or
liquidation law, or if there shall have been filed by any other person any such
petition or application or any such proceeding shall have been commenced by any
other person against him, which petition, application or proceeding is not
vacated or dismissed for a period of 90 days or more; or Borrower shall consent
to, approve of, or acquiesce in, any such petition, application or proceeding or
the appointment of a receiver or conservator of, or trustee or other fiduciary
agent for, him or any substantial part of his assets, or shall suffer any such
appointment to continue undischarged for a period of 90 days or more; or an
order for relief shall have been entered against Borrower under the United
States Bankruptcy Code; or

            (4) any judgment against Borrower or any attachment of, levy upon,
or execution against, any of his properties for any amount in excess of $500,000
shall not be paid, stayed on appeal, bonded, discharged, vacated or dismissed
within a period of 90 days.

        3. Upon the occurrence of an Event of Default, Holder may accelerate
this Note and demand the prompt payment of all amounts due hereunder, and may
take any lawful action to compel the same, including, through an appropriate
suit, action or other proceeding. Borrower shall be liable for and promptly pay
to Holder its costs of collection, including without limitation reasonable
attorney's fees and court costs.

        4. Any other provision hereof to the contrary notwithstanding, if any
law, or any rule or regulation thereunder, shall limit the maximum rate of
interest which may be charged on this Note to a rate less than that provided for
herein (but for the provisions of this paragraph), then the rate of interest
charged on this Note shall be reduced to

<PAGE>   3
such maximum lawful rate for so long as such interest rate shall be so limited
by law and shall thereafter return to the rate otherwise provided herein.

        5. Borrower hereby waives presentment, demand for payment, protest,
notice of protest or dishonor and any other notice or demand (except as provided
in paragraph 4 hereof) in connection with the payment and performance of this
Note.

        6. Any notice or demand required or permitted to be given or made
hereunder shall be deemed to have been duly given or made for all purposes if
(i) in writing and (A) sent by messenger or courier service against receipt, or
(B) sent by certified or registered mail, postage paid, return receipt
requested, or (ii) sent by telegram, telecopy, telex or similar electronic
means, provided that a written copy thereof is sent on the same day by
postage-paid first-class mail, to such party at the following address:

To Borrower at:       1145 Rosecreek Drive
                      Moorpark, California 93201
                      (310) 532-1092

To Holder at:         22761 Pacific Coast Highway
                      Malibu, California 90265
                      Attn: Chief Financial Officer
                      (310) 317-8527

or such other address as either party hereto may at any time, or from time to
time, direct by notice given to the other party in accordance with this
paragraph. The date of giving or making of any such notice or demand shall be,
in the case of clause (i)(A), the date of the receipt, in the case of clause
(i)(B), five business days after such notice or demand is sent, and, in the
case of clause (ii), the business day next following the day that notice or
demand is sent.

        7. This Note shall be governed by, and interpreted in accordance with
the laws of the State of California, without regard to principles of choice or
conflict of laws.

        IN WITNESS WHEREOF, Borrower has duly executed this Note as of the date
first written above.

                                            /s/ JOEL M. BENNETT
                                            ------------------------------------
                                            Joel M. Bennett

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]