Document:

<PAGE>   1

                                                                   EXHIBIT 10.7

                             AMENDMENT TO SUBLEASE

      THIS AMENDMENT TO SUBLEASE ("Amendment") is made and entered into as of
this 22nd day of December 1993, by and between Hewson-Memphis Partners, a
California general partnership composed of W. Howard Lester, James A. McMahan,
Gary J. Hewson and Robert K. Earley ("Landlord"), and Williams-Sonoma, Inc., a
California corporation ("Tenant"). All capitalized terms not defined in this
Amendment shall have the meaning set forth in the Sublease (as defined below).

                              W I T N E S S E T H

      WHEREAS, Landlord and Tenant entered into a Sublease dated August 1, 1990
("Sublease");

      WHEREAS, Landlord and Tenant desire to amend Section 6.4(a) of the
Sublease; and

      WHEREAS, The Bondholders holding at least sixty-six and two-thirds
percent (66 2/3%) of the outstanding principal amount of the Bonds desire to
consent to this Amendment and to instruct the Trustee to consent to and to
carry out any actions appropriate to effectuate this Amendment;

      NOW, THEREFORE, the parties hereto agree as follows:

1.    Section 6.4(a) of the Sublease shall be amended in its entirety to read
      as follows:

      "Not to incur additional Funded Debt (other than Indebtedness incurred for
      normal working capital purposes, including without limitation,
      Indebtedness incurred under the Tenant's revolving credit facility) or
      merge or consolidate with any other entity if, after giving effect to the
      issuance of such indebtedness, merger or consolidation and the concurrent
      retirement of any Indebtedness on a pro forma basis, the ratio of (i) the
      sum of (A) the Consolidated Net Income of the Tenant and its subsidiaries
      plus (B) an amount equal to any net loss realized upon the sale or other
      disposition of any business segment or capital asset (to the extent such
      loss was deducted in computing such Consolidated Net Income), plus (C) any
      provision for taxes utilized in computing net loss under clause (B)
      hereof, plus (D) Consolidate Interest Expense plus (E) provision for
      federal and state income taxes plus (F) one third of operating lease
      (including this Sublease) expenses before contingency payments of the
      Tenant and its subsidiaries, to (ii) the sum of (A) Consolidated Interest
      Expenses plus (B) one third of operating losses (including this Sublease)
      expenses before contingency payments of the Tenant and its subsidiaries
      for the four full fiscal quarters immediately preceding the date of such
      proposed Incurrence of Indebtedness, merger or consolidation (the
      "Four-Quarter Period"), is less than 1.5 to 1.0 if the applicable
      Four-Quarter Period ends on or before February 1997; (b) 1.7 to 1.0, if
      the applicable Four-Quarter Period ends after February 1997.

<PAGE>   2
     2.   Section 6.4 shall be amended by the addition of the following new
          definition as Item G.

          "Funded Debt" shall mean any and all Indebtedness with a maturity of
more than one year.

     3.   In the event of any conflict between this Amendment and this Sublease,
          this Amendment shall govern.

     4.   This Amendment may be executed in one or more counterparts, each of
          which shall be an original and all of which together shall be one and
          the same instrument.

     IN WITNESS WHEREOF, the parties hereto has caused this Amendment to be
duly executed and delivered by its authorized representative on the day and
year first above written.

WILLIAMS-SONOMA, INC.,                 HEWSON-MEMPHIS PARTNERS,
a California corporation               a California general partnership

/s/ JAMES E. RILEY                     By: [SIGNATURE ILLEGIBLE]
---------------------------               ------------------------------
James E. Riley                            Name:
Chief Financial Officer                   Title:
<PAGE>   3
                        CONSENT TO AMENDMENT OF SUBLEASE

     The undersigned holders ("Bondholders") of the Taxable Industrial
Development Revenue Bonds, Series 1990 (Hewson-Memphis Partners Project)
("Bonds"), issued by the Industrial Development Board of the City of Memphis and
County of Shelby, Tennessee ("Issuer"), hereby consent to the aforementioned
Amendment of Subleases between landlord and tenant.

     Furthermore, the Bondholders hereby instruct the Trustee to perform any
and all acts necessary, appropriate or advisable in order to effectuate the
Amendment, including, but not limited to, consenting to such Amendment.

     This consent to amendment of Sublease may be executed in one or more
counterparts, each of which shall be an original and all of which together
shall be one and the same instrument.

     IN WITNESS WHEREOF, each of the undersigned Bondholders has caused this
consent to the Amendment to be duly executed and deliver by its authorized
officer as of this 22nd day of December 1993.

"Bondholder"                            Principal Amount of Bonds Held:

XEROX FINANCIAL SERVICES
LIFE INSURANCE COMPANY                  $6,420,000.00

----------------------------------
Name:
Title:

P.F.L.
LIFE INSURANCE COMPANY                  $1,830,000.00

/s/ GREGORY W. THEOBALD
----------------------------------
Name:  Gregory W. Theobald
Title: Vice President & Asst. Sec.

MONUMENTAL
LIFE INSURANCE COMPANY                  $1,830,000.00

/s/ GREGORY W. THEOBALD
----------------------------------
Name:  Gregory W. Theobald
Title: Vice President & Asst. Sec.

TEXAS
LIFE INSURANCE COMPANY                  $  470,000.00

----------------------------------
Name:
Title:
<PAGE>   4
                        CONSENT TO AMENDMENT OF SUBLEASE

     Union Planters National Bank, acting as Trustee under that certain Trust
Indenture dated August 1, 1990, hereby consents to the aforementioned Amendment
of Sublease between Landlord and Tenant, as of this ______ of December 1993.

UNION PLANTERS NATIONAL BANK

----------------------------
Name:
Title:<PAGE>   1
                                                                   EXHIBIT 10.16

                          FOURTH AMENDMENT TO SUBLEASE

        This Fourth Amendment to Sublease (the "Fourth Amendment") is made and
entered into as of the 1st day of February, 1996 by and between Hewson-Memphis
Partners, a California general partnership composed of W. Howard Lester, James
A. McMahan, Gary J. Hewson and Robert K. Earley (the "Landlord") and
Williams-Sonoma, Inc., a California corporation (the "Tenant"), and amends that
certain Sublease dated as of the 1st day of August, 1990 (the "Sublease"), that
certain First Amendment to Sublease dated as of the 22nd day of December, 1993
(the "First Amendment"), that certain Second Amendment to Sublease dated as of
September 1, 1994 (the "Second Amendment"), and that certain Third Amendment to
Sublease dated October 24, 1995 (the "Third Amendment") between Landlord and
Tenant (the Sublease, the First Amendment, the Second Amendment, and the Third
Amendment, collectively, the "Existing Sublease"), as follows:

        1. Exhibit C to the Existing Sublease is replaced in its entirety by
Exhibit C attached hereto.

        2. Exhibit C-1 to the Existing Sublease is replaced in its entirety by
Exhibit C-1 attached hereto.

        3. In all other respects, the Existing Sublease shall remain unmodified
and in full force and effect.

<PAGE>   2

        IN WITNESS WHEREOF, the parties hereto have executed this Fourth
Amendment to Sublease as of the day and year first above written.

WILLIAMS-SONOMA, INC., a                  HEWSON-MEMPHIS PARTNERS, a
California corporation                    California General Partnership

By: /s/ DENNIS CHANTLAND                  By: /s/ W. HOWARD LESTER
    -------------------------------           ----------------------------------
    Dennis Chantland,                         W. Howard Lester, General Partner
    Executive Vice President
    and Chief Administrative
    Officer                               By:
                                              ----------------------------------
                                              James A. McMahan, General Partner

                           TENANT

                                          By:
                                              ----------------------------------
                                              Gary J. Hewson, General Partner

                                          By:
                                              ----------------------------------
                                              Robert K. Earley, General Partner

                                                                        LANDLORD

                                      -2-

<PAGE>   3
                                                                     EXHIBIT "C"

WS2Bdgt/RENT8.WQ1

HEWSON-MEMPHIS PARTNERS/WILLIAMS-SONOMA, INC.

<TABLE>
<CAPTION>
    PH                     PH
     1                     II
LSE YR                 LSE YR                    TOTAL
------                 ------                  ---------
<S>      <C>          <C>        <C>          <C>
   1      1,198,233       0              --    1,198,233
   2      1,162,232       0              --    1,162,232
   3      1,307,232       0              --    1,307,232
   4      1,347,072       0              --    1,347,072
   5      1,349,976       1       1,358,241    2,708,217
   6      1,345,812       2       1,237,460    2,583,272
   7      1,377,300       3       1,225,385    2,602,685
   8      1,384,508       4       1,279,411    2,663,919
   9      1,378,608       5       1,323,183    2,701,791
  10      1,370,636       6       1,319,603    2,690,239
  11      1,375,592       7       1,299,221    2,674,813
  12      1,371,920       8       1,303,587    2,675,507
  13      1,375,144       9       1,291,251    2,666,395
  14      1,369,220      10       1,301,660    2,670,880
  15      1,364,672      11       1,287,917    2,652,589
  16       XXX% FMV      12        XXX% FMV    T-B-D
  17        " "          13         " "        T-B-D
  18        " "          14         " "        T-B-D
  19        " "          15         " "        T-B-D
  20        " "          16         " "        T-B-D
  21       XXX% FMV      17        XXX% FMV    T-B-D
  22        " "          18         " "        T-B-D
  23        " "          19         " "        T-B-D
  24        " "          20         " "        T-B-D
  25        " "          21         " "        T-B-D
</TABLE>
<PAGE>   4
<TABLE>
<CAPTION>
                                             TOTAL 1990                                      TOTAL 1994      CUMULATIVE
    DATE        INTEREST      PRINCIPAL     DEBT SERVICE       INTEREST        PRINCIPAL    DEBT SERVICE    DEBT SERVICE
-----------    ----------     ----------    ------------      ----------     ------------   ------------    ------------
<S>            <C>            <C>            <C>              <C>            <C>            <C>             <C>
  01-Feb-96    265,216.00                    265,216.00       261,562.50     2,675,000.00   2,956,562.50    3,221,776.50
  01-May-96    265,216.00                    265,216.00       221,308.13                      221,308.13      486,524.13
  01-Aug-96    265,216.00     185,000.00     450,216.00       221,308.13       225,000.00     446,308.13      896,524.13
  01-Nov-96    260,424.50                    260,424.50       216,240.00                      216,240.00      476,664.50
  01-Feb-97    260,424.50                    260,424.50       216,240.00                      216,240.00      476,664.50
  01-May-97    260,424.50                    260,424.50       216,240.00                      216,240.00      476,664.50
  01-Aug-97    260,424.50     200,000.00     460,424.50       216,240.00       245,000.00     461,240.00      921,664.50
  01-Nov-97    255,244.50                    255,244.50       210,721.38                      210,721.38      465,065.88
  01-Feb-98    255,244.50                    255,244.50       210,721.38                      210,721.38      465,065.88
  01-May-98    255,244.50                    255,244.50       210,721.38                      210,721.38      465,065.88
  01-Aug-98    255,244.50     220,000.00     475,244.50       210,721.38       255,000.00     465,721.38      940,965.88
  01-Nov-98    249,546.50                    249,546.50       204,977.50                      204,977.50      454,524.00
  01-Feb-99    249,546.50                    249,546.50       204,977.50                      204,977.50      454,524.00
  01-May-99    249,546.50                    249,546.50       204,977.50                      204,977.50      454,524.00
  01-Aug-99    249,546.50     250,000.00     499,546.50       204,977.50       280,000.00     484,977.50      984,524.00
  01-Nov-99    243,071.50                    243,071.50       198,670.50                      198,670.50      441,742.00
01-Feb-2000    243,071.50                    243,071.50       198,670.50                      198,670.50      441,742.00
01-May-2000    243,071.50                    243,071.50       198,670.50                      198,670.50      441,742.00
01-Aug-2000    243,071.50     270,000.00     513,071.50       198,670.50       295,000.00     493,670.50    1,006,742.00
01-Nov-2000    236,078.50                    236,078.50       192,025.63                      192,025.63      428,104.13
01-Feb-2001    236,078.50                    236,078.50       192,025.63                      192,025.63      428,104.13
01-May-2001    236,078.50                    236,078.50       192,025.63                      192,025.63      428,104.13
01-Aug-2001    236,078.50     290,000.00     526,078.50       192,025.63       315,000.00     507,025.63    1,033,104.13
01-Nov-2001    228,567.50                    228,567.50       184,930.25                      184,930.25      413,497.75
01-Feb-2002    228,567.50                    228,567.50       184,930.25                      184,930.25      413,497.75
01-Aug-2002    228,567.50     325,000.00     553,567.50       184,930.25       340,000.00     524,930.25    1,078,497.75
01-Nov-2002    220,150.00                    220,150.00       177,271.75                      177,271.75      397,421.75
01-Feb-2003    220,150.00                    220,150.00       177,271.75                      177,271.75      397,421.75
01-May-2003    220,150.00                    220,150.00       177,271.75                      177,271.75      397,421.75
01-Aug-2003    220,150.00     355,000.00     575,150.00       177,271.75       370,000.00     547,271.75    1,122,421.75
01-Nov-2003    210,955.50                    210,955.50       168,937.50                      168,937.50      379,893.00
01-Feb-2004    210,955.50                    210,955.50       168,937.50                      168,937.50      379,893.00
01-May-2004    210,955.50                    210,955.50       168,937.50                      168,937.50      379,893.00
01-Aug-2004    210,955.50     395,000.00     605,955.50       168,937.50       395,000.00     563,937.50    1,169.893.00
01-Nov-2004    200,725.00                    200,725.00       160,040.13                      160,040.13      360,765.13
01-Feb-2005    200,725.00                    200,725.00       160,040.13                      160,040.13      360,765.13
01-May-2005    200,725.00                    200,725.00       160,040.13                      160,040.13      360,765.13
01-Aug-2005    200,725.00     430,000.00     630,725.00       160,040.13       430,000.00     590,040.13    1,220,765.13
01-Nov-2005    189,588.00                    189,588.00       150,354.38                      150,354.38      339,942.38
01-Feb-2006    189,588.00                    189,588.00       150,354.38                      150,354.38      339,942.38
01-May-2006    189,588.00                    189,588.00       150,354.38                      150,354.38      339,942.38
01-Aug-2006    189,588.00     470,000.00     659,588.00       150,354.38       455,000.00     605,354.38    1,264,942,38
01-Nov-2006    177,415.00                    177.415.00       140,105.50                      140,105.50      317,520.50
01-Feb-2007    177,415.00                    177.415.00       140,105.50                      140,105.50      317,520.50
01-May-2007    177,415.00                    177.415.00       140,105.50                      140,105.50      317,520.50
01-Aug-2007    177,415.00     515,000.00     692.415.00       140,105.50       500,000.00     640,105.50    1,332,520.50
01-Nov-2007    164,076.50                    164,076.50       128,843.00                      128,843.00      292,919.50
01-Feb-2008    164,076.50                    164,076.50       128,843.00                      128,843.00      292,919.50
01-May-2008    164,076.50                    164,076.50       128,843.00                      128,843.00      292,919.50
</TABLE>

                                  Exhibit C-1

<PAGE>   5
<TABLE>
<CAPTION>
                                             TOTAL 1990                                     TOTAL 1994      CUMULATIVE
  DATE         INTEREST       PRINCIPAL     DEBT SERVICE    INTEREST       PRINCIPAL       DEBT SERVICE    DEBT SERVICE
-----------  -------------  -------------  -------------  -------------  -------------    -------------   -------------
<S>          <C>            <C>            <C>            <C>            <C>              <C>             <C>
01-Aug-2008     164,076.50     565,000.00     729,076.50     128,843.00     530,000.00       658,843.00    1,387,919.50
01-Nov-2008     149,443.00                    149,443.00     116,904.75                      116,904.75      266,347.75
01-Feb-2009     149,443.00                    149,443.00     116,904.75                      116,904.75      266,347.75
01-May-2009     149,443.00                    149,443.00     116,904.75                      116,904.75      266,347.75
01-Aug-2009     149,443.00     625,000.00     774,443.00     116,904.75     580,000.00       696,904.75    1,471,347.75
01-Nov-2009     133,255.50                    133,255.50     103,840.25                      103,840.25      237,095.75
01-Feb-2010     133,255.50                    133,255.50     103,840.25                      103,840.25      237,095.75
01-May-2010     133,255.50                    133,255.50     103,840.25                      103,840.25      237,095.75
01-Aug-2010     133,255.50     680,000.00     813,255.50     103,840.25     620,000.00       723,840.25    1,537,095.75
01-Nov-2010     115,643.50                    115,643.50      89,874.75                       89,874.75      205,518.25
01-Feb-2011     115,643.50                    115,643.50      89,874.75                       89,874.75      205,518.25
01-May-2011     115,643.50                    115,643.50      89,874.75                       89,874.75      205,518.25
01-Aug-2011     115,643.50     755,000.00     870,643.50      89,874.75     680,000.00       769,874.75    1,640,518.25
01-Nov-2011      96,089.00                     96,089.00      74,557.75                       74,557.75      170,646.75
01-Feb-2012      96,089.00                     96,089.00      74,557.75                       74,557.75      170,646.75
01-May-2012      96,089.00                     96,089.00      74,557.75                       74,557.75      170,646.75
01-Aug-2012      96,089.00     825,000.00     921,089.00      74,557.75     730,000.00       804,557.75    1,725,646.75
01-Nov-2012      74,721.50                     74,721.50      58,114.50                       58,114.50      132,836.00
01-Feb-2013      74,721.50                     74,721.50      58,114.50                       58,114.50      132,836.00
01-May-2013      74,721.50                     74,721.50      58,114.50                       58,114.50      132,836.00
01-Aug-2013      74,721.50     865,000.00     939,721.50      58,114.50     795,000.00       853,114.50    1,792,836.00
01-Nov-2013      52,318.00                     52,318.00      40,207.13                       40,207.13       92,525.13
01-Feb-2014      52,318.00                     52,318.00      40,207.13                       40,207.13       92,525.13
01-May-2014      52,318.00                     52,318.00      40,207.13                       40,207.13       92,525.13
01-Aug-2014      52,318.00     955,000.00   1,007,318.00      40,207.13     855,000.00       895,207.13    1,902,525.13
01-Nov-2014      27,583.50                     27,583.50      20,948.25                       20,948.25       48,531.75
01-Feb-2015      27,583.50                     27,583.50      20,948.25                       20,948.25       48,531.75
01-May-2015      27,583.50                     27,583.50      20,948.25                       20,948.25       48,531.75
01-Aug-2015      27,583.50   1,065,000.00   1,092,583.50      20,948.25      930,000.00      950,948.25    2,043,531.75
             ----------------------------------------------------------------------------------------------------------
             13,935,236.00  10,240,000.00  24,175,236.00  11,274,438.25   12,500,000.00   23,774,438.25   47,949,674.25
</TABLE>

                                       2

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