Document:

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                                                                   EXHIBIT 10.24

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

         THIS ASSIGNMENT AND ASSUMPTION AGREEMENT ("Assignment") is made this
27th day of December 2000, by and between Pacifica California/Apollo, LLC, a
California limited liability company ("Assignor"), and Skechers USA, Inc., a
Delaware corporation ("Assignee").

                                   WITNESSETH

         WHEREAS, Assignor and Assignee are parties to that certain Purchase and
Sale Agreement with Escrow Instructions (the "Agreement") dated as of November
13, 2000, respecting the sale of certain "Property" (as described in the
Agreement). Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to them in the Agreement.

         WHEREAS, under the Agreement, Assignor shall assign to Assignee and
Assignee shall assume all of Assignor's right, title and interest in and to (i)
the Leases, and (ii) the Service Contracts (defined below). The "Service
Contracts" shall mean any and all management agreements, service contracts,
brokerage agreements, art contracts, landscaping contracts, equipment, leases,
maintenance, agreements and all other contracts for the provision of labor,
services, materials or supplies to or for the benefit of the Property. A list of
the Service Contracts are set forth on Schedule "1" attached hereto.

         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Assignor hereby assigns, sells,
transfers, sets over and delivers unto Assignee all of Assignor's estate, right,
title and interest in and to the Leases and Service Contracts, and Assignee
hereby accepts such assignment.

         By acceptance of this Assignment, Assignee hereby assumes the
performance of all of the terms, obligations, covenants and conditions imposed
upon Assignor under the Leases and Service Contracts, accruing or arising on or
after the date hereof (collectively, the "Assigned Obligations").

         In the event any party hereto institutes any action or proceeding
against the other party with regard to this Assignment, the prevailing party in
such action shall be entitled to recover, in addition to the cost of the suit,
its actual attorneys' fees.

         This Assignment shall be binding upon and inure to the benefit of the
successors, assignees, personal representatives, heirs and legatees of all the
respective parties hereto.

         This Assignment and the obligations of the parties hereunder shall
survive the closing of the transaction referred to in the Agreement and shall
not be merged therein, shall be binding upon and inure to the benefit of the
parties hereto, their respective legal representatives, successors and assigns,
shall be governed by and construed in accordance with the laws of the State of
California application to agreements made and to be wholly

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performed within said State and may not be modified or amended in any manner
other than by a written agreement signed by the party to be charged therewith.

         This Assignment may be executed in counterparts, each of which shall be
an original and all of which counterparts taken together shall constitute one
and the same agreement.

         IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered
this Assignment as of the day and year first above written.

         ASSIGNOR:               PACIFICA CALIFORNIA/APOLLO, LLC,
                                 a California limited liability company

                                 By:  /s/  STEVEN OHREN
                                     ---------------------------------------
                                      Steven Ohren, Manager

         ASSIGNEE:               SKECHERS USA, INC.,
                                 a Delaware corporation

                                 By:     /s/  PHILIP C. PACCIONE
                                        ---------------------------------------
                                 Name:  Philip C. Paccione
                                        ---------------------------------------
                                 Title: General Counsel and Secretary
                                        ---------------------------------------

                                 By:     /s/  MICHAEL GREENBERG
                                        ---------------------------------------
                                 Name:  Michael Greenberg
                                        ---------------------------------------
                                 Title: President
                                        ---------------------------------------<PAGE>   1

                                                                   EXHIBIT 10.25

                                                            MONY Loan No. 101183
                                                             Ontario, California

                                 LOAN AGREEMENT

         THIS LOAN AGREEMENT (this "Agreement") is made as of the 21st day of
December, 2000, by and between YALE INVESTMENTS, LLC, a Delaware limited
liability company (the "Borrower"), and MONY LIFE INSURANCE COMPANY, a New York
corporation ("Lender").

         In consideration of the mutual covenants and agreements contained
herein, Lender agrees to make and Borrower agrees to accept a loan (the "Loan")
in the original principal amount of Seven Million Eight Hundred Fifty Thousand
Dollars ($7,850,000.00 U.S.), pursuant to that certain Mortgage Loan Application
dated November 1, 2000, executed by Skechers U.S.A., Inc., a Delaware
corporation, as applicant on behalf of the Borrower pending Borrower's
formation, and accepted by Lender on November 29, 2000 (the "Commitment"), and
in accordance with and subject to the terms and conditions set forth below.

1.       AGREEMENT TO LEND

1.1      LOAN. In reliance on Borrower's prompt and faithful performance of all
         the terms, provisions and conditions of the Commitment, Lender agrees
         to advance the Loan to Borrower subject to all the terms and conditions
         contained in this Agreement and any and all documents executed by
         Borrower to evidence or secure, or otherwise in connection with, the
         Loan (collectively with this Agreement, the "Loan Documents");
         provided, however, that that Borrower's Certificate and Indemnity
         Regarding Hazardous Substances executed by Borrower on or about the
         date hereof, shall not be a Loan Document, and shall be and constitute
         at all times, an unsecured obligation of Borrower.

1.2      ADVANCE OF FUNDS. Borrower's execution of this Agreement constitutes
         authorization by Borrower to Lender to proceed with advancing the sum
         of $7,850,000 for the account of Borrower as the proceeds of the Loan
         (the "Loan Proceeds"), by wiring the sum of $8,085,500 (representing
         said Loan proceeds plus the sum of $235,500 as a refund of Borrower's
         "Commitment Fee") to Stewart Title Company ("Escrow Agent"). Borrower
         acknowledges that the Loan Proceeds so advanced shall be evidenced by
         and bear interest at the rate set forth in that certain Loan Document
         entitled Promissory Note of even date herewith made by Borrower payable
         to the order of Lender in the original principal amount of the Loan
         (the "Note"), from the day on which such fluids are first so advanced
         by Lender ("Closing Date"), notwithstanding any delay occasioned by any
         cause whatsoever in the receipt of such funds by Escrow Agent or in the
         disbursement of such funds to or for the account of Borrower.

1.3      AMOUNTS IN EXCESS OF LOAN. Lender shall have the right, but not the
         obligation, to fund amounts in excess of the Loan from time to time to
         pay accrued and unpaid interest owing on the Loan or to correct any
         defaults in any of the Loan Documents (Borrower agreeing that the
         correcting of a default by Lender shall not cure any Event of Default
         under this Agreement). Such excess amounts when funded shall be deemed
         evidenced by

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         the Note, shall bear interest at the Augmented Rate (as defined in the
         Note), shall be covered by any guaranty furnished to Lender in
         connection with the Loan, and shall be secured and otherwise evidenced
         by the other Loan Documents and all other security and collateral for
         the Loan. Borrower hereby agrees to execute additional notes,
         mortgages, security agreements, and other additional Loan Documents,
         and modifications thereto, promptly upon request by Lender, in favor of
         Lender, evidencing and securing any amounts funded in excess of the
         Loan.

2.       BORROWER REPRESENTATIONS, WARRANTIES, CERTIFICATIONS, CONFIRMATIONS,
         COVENANTS AND AGREEMENTS

         Borrower, having had the benefit of legal counsel, warrants,
         represents, certifies, confirms, covenants and agrees, with and to
         Lender, that each of the following statements are or will be true and
         correct as of the Closing Date, quid shall remain true during the term
         of the Loan secured hereby:

2.1      CONDITIONS PREVENTING COMPLIANCE. To the best knowledge of Borrower, no
         conditions exist which would prevent Borrower or any guarantor of the
         Note ("Guarantor") from fully complying with the provisions of this
         Agreement or of any of the other Loan Documents, within the applicable
         time limits herein or therein set forth.

2.2      LAND AND IMPROVEMENTS. Borrower has good and marketable indefeasible
         fee simple title to that certain real property located in San
         Bernardino County, California, more particularly described on EXHIBIT
         "A" attached hereto and by this reference made a part hereof (the
         "Land"), which is improved by a newly constructed industrial building
         containing approximately 262,854 square feet of net rentable area and
         on-site, striped parking spaces for 147 standard-sized American
         automobiles, 49 trucks, and 7 handicap vehicles located on the Land
         (collectively, the "Improvements"; the Improvements and the Land being
         collectively referred to herein as the "Real Property").

2.3      NON-FOREIGN STATUS; DUE ORGANIZATION; NO BANKRUPTCY; PENSION STATUS.

         (A) Borrower is and will continue to be a limited liability company
         duly organized and validly existing under the laws of the State of
         California. Borrower has all requisite power and authority to carry on
         its business, to hold title to the Real Property, to enter into this
         Agreement and the Loan Documents and to consummate the transactions
         contemplated hereby and thereby. Guarantor is and will continue to be a
         corporation duly organized and validly existing under the State of
         Delaware and has all requisite power and authority to execute the
         instruments to be executed by Guarantor as set forth in the Commitment
         (the "Guarantor Documents").

         (B) Borrower: (i) does not hold, directly or indirectly, any ownership
         interest (legal or equitable) in any real or personal property other
         than the interest which it owns in the Real Property and personal
         property located in and used in connection with the ownership and
         operation of the Real Property; (ii) is not a shareholder or partner or
         member of any other entity; and (iii) does not conduct any other
         business other than the ownership, management and operation of the Real
         Property.

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         (C) Neither Borrower nor any Guarantor is a non-resident alien, foreign
         corporation, foreign partnership, foreign trust, foreign estate or
         other "foreign person" (as these terms are defined in the United States
         Internal Revenue Code and the regulations promulgated pursuant thereto
         (collectively, the "I.R.C.")); Borrower's social security number or
         United States Taxpayer Identification Number (whichever is applicable)
         is 200033210039 and its office address is 228 Manhattan Beach
         Boulevard, Manhattan Beach, California 90266. Borrower understands that
         Lender is relying on and will rely on the above certification in
         determining whether withholding is required pursuant to Section 1445 of
         the I.R.C. Borrower further understands that the above certification
         may be disclosed to the Internal Revenue Service by Lender and that any
         false statement Borrower has made therein could be punished by fine,
         imprisonment, or both. Neither Borrower nor Guarantor is currently in
         or contemplating dissolution, suspension, termination, liquidation,
         partition and/or winding up.

         (D) Neither Borrower nor any Guarantor nor all or any portion of the
         Real Property or other property of Borrower or any Guarantor is the
         subject of or under the jurisdiction of (i) any voluntary or
         involuntary proceeding under any applicable bankruptcy, insolvency,
         debtor relief or other similar law; or (ii) the appointment of or
         possession by any receiver, liquidator, assignee, trustee, custodian,
         sequestrator or similar official; nor has Borrower (A) made any general
         assignment for the benefit of creditors; (B) generally failed to pay
         their debts as they became due; or (C) taken any action in furtherance
         of any of the foregoing.

         (E) The execution, delivery and performance of the Loan Documents and
         Guarantor Documents (i) have been duly authorized in accordance with
         the provisions of the Borrower's and Guarantor's, as applicable,
         organizational documents and in accordance with all other of the
         governing documents by which the operations and administration of
         Borrower and Guarantor are controlled (collectively, the "Governing
         Instruments"), and no other action or authority is requisite or will be
         required for the execution, delivery and performance of the Loan
         Documents or Guarantor Documents, (ii) create legal, valid and binding
         obligations of Borrower and Guarantor enforceable in accordance with
         their terms, subject to bankruptcy and similar laws and general
         equitable principles; (iii) do not require the approval or consent of
         any Governmental Authority (as hereinafter defined) having jurisdiction
         over Borrower, any Guarantor or the Real Property; (iv) do not and will
         not constitute a violation of, or default under, the Governing
         Instruments of Borrower or Guarantor or any law, statute, ordinance,
         rule or regulation applicable to Borrower or Guarantor; and (v) will
         not be in contravention of any court or administrative order or ruling
         applicable to Borrower, Guarantor or the Real Property. Any and all
         such authorizations remain in full force and effect and have not been
         amended, revoked or terminated. As used herein, "Governmental
         Authority" means the United States of America, the state wherein the
         Real Property is located, the state under the laws of which Borrower or
         any Guarantor is organized, any political subdivision of any of them,
         and any court, agency, department, commission, board, bureau or
         instrumentality of any of them.

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         (F) The Real Property is owned by Borrower, which is not a pension plan
         or employee benefit plan and is not controlled by a pension plan or
         employee benefit plan. Borrower does not have, as a partner (general or
         limited), shareholder, member or other principal, any pension plan or
         employee benefit plan. Borrower (and its constituents) and Lender are
         not parties in interest and the Loan will not constitute a prohibited
         transaction under the Internal Revenue Code or the Employee Retirement
         Income Security Act of 1974.

2.4      TAXES PAID. Borrower has filed and will file all tax returns and
         reports required by law. Borrower has paid, to the extent now due and
         payable, all taxes, assessments, contributions, fees, and other
         governmental charges upon Borrower and upon the Real Property. No tax
         liens have been filed against any assets of Borrower.

2.5      NO VIOLATION. There is no violation of or default with respect to any
         term or provision of any mortgage, deed of trust, security deed,
         indenture, contract, agreement or instrument applicable to Borrower or
         the Real Property, or by which Borrower or the Real Property is bound,
         and the execution, delivery, performance of and compliance with each
         and every one of the Loan Documents will not result in any such
         violation and will not be in conflict with or constitute a default
         under any such term or provision, or result in the creation of any
         lien, charge, or encumbrance on any of the properties or assets of
         Borrower other than the Loan Documents. No consent of any other person
         or entity to such execution, delivery and/or performance is required to
         render the Loan Documents as valid, binding and enforceable in
         accordance with their terms.

2.6      LITIGATION. No actions, suits, or proceedings are pending or, to the
         best knowledge of Borrower, threatened against or affecting Borrower,
         any Guarantor, or the Real Property or any other assets subject to the
         Loan Documents, in any court of law or in equity, or before any
         governmental department, commission, board, bureau, agency, or other
         instrumentality which might materially adversely affect the ability of
         Borrower or any Guarantor to perform their obligations hereunder or
         under any of the Loan Documents or Guarantor Documents or might
         adversely affect the priority of Lender's first lien on the Real
         Property.

2.7      NO CONFLICT. The consummation of the transactions contemplated herein
         and by the Loan Documents or Guarantor Documents will not conflict with
         or result in a breach of any law or any regulation, order, writ,
         injunction or decree of any court or governmental instrumentalities,
         domestic or foreign. Neither Borrower nor any Guarantor is in violation
         or ire default of any applicable law or regulation which materially
         affects the business, properties (including the Real Property),
         condition (financial or otherwise) or operation of Borrower or any
         Guarantor. Neither Borrower nor any Guarantor is in violation or in
         default of any order, writ, injunction, demand or decree of any court,
         or any indenture, agreement or other instrument under which Borrower,
         any Guarantor or the Real Property is or may be bound, the violation or
         default of which might have an adverse effect on the business,
         properties, condition (financial or otherwise) or operations of
         Borrower or any Guarantor or might result in the acceleration of the
         maturity of any of their indebtedness.

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2.8      NO CONSENT REQUIRED. No consent, approval, or authorization of or
         registration, declaration or, filing with any governmental or public
         body or authority is required (or, if required, such consent, approval,
         order, or authorization will be obtained prior to the date it is
         required) in connection with the valid execution and delivery of each
         of the Loan Documents, or the carrying out of or performance of any of
         the transactions required or contemplated hereby or thereby. Borrower
         has not received any material order or notice from any governmental
         agency regarding the Real Property which it has not delivered promptly
         to Lender.

2.9      ACCESS. The Land is contiguous to public streets, roads or highways,
         and vehicular and pedestrian access from the Land is permitted to any
         such streets, roads or highways.

2.10     CONDEMNATION. No condemnation or eminent domain proceeding has been
         commenced or, to the best knowledge of Borrower, threatened against the
         Real Property or any portion thereof.

2.11     BINDING OBLIGATION. The Loan Documents and the Guarantor Documents will
         be duly executed and delivered and are and will be valid and legally
         binding obligations of Borrower and any Guarantor. Borrower has
         thoroughly read and reviewed the terms and provisions of this and all
         other Loan Documents and such terms and provisions are clearly
         understood and have been fully and unconditionally consented to by
         Borrower. Borrower has had a complete and sufficient opportunity for
         advice of legal counsel of its own selection, in regard to
         understanding the terms, meaning and effect of this and all other Loan
         Documents. Borrower has freely and voluntarily executed this Agreement
         and the other Loan Documents with full knowledge of the consequences
         thereof and without duress or undue influence. Neither Borrower nor any
         Guarantor has relied on representations, either written or oral,
         express or implied, made to it by Lender or any attorney or agent
         acting on behalf of Lender, which are not contained in the Loan
         Documents.

2.12     PROCEEDS AND THEIR USE, SET-OFFS AND DEFENSES. Borrower acknowledges
         that it has received the full amount of the Loan Proceeds. The proceeds
         of the Loan will be used by Borrower exclusively for commercial,
         investment or other business purposes and not for personal, family or
         household purposes. There are no setoffs or defenses to Borrower's
         obligation to pay the indebtedness evidenced by the Note or otherwise
         perform pursuant to this and the other Loan Documents.

2.13     RENT ROLL AND LEASES. EXHIBIT "B" attached hereto and by this reference
         made a part hereof is a true, accurate and complete rent roll (the
         "Rent Roll") indicating all leases and subleases currently in effect
         with respect to any portion of the Real Property (collectively the
         "Leases"). In connection with the Leases, Borrower represents and
         warrants as follows:

         (A) The Leases previously delivered to Lender are complete and correct
         copies of the original Leases, including all amendments, addenda,
         riders, subleases and other documentation relative thereto, and all
         Leases are in full force and effect without default and are unmodified
         except as noted in the Rent Roll or in any tenant estoppel statement
         previously delivered to Lender;

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         (B) Borrower is the lessor under the Leases and has not assigned or
         agreed to assign (except to Lender) its interest as lessor or master
         lessor, as appropriate, under the Leases in whole or in part;

         (C) No monetary concessions or inducements of any kind or nature have
         been given or promised to the tenants under the Leases (individually, a
         "Lessee" and collectively, the "Lessees"), and no Lessee has any
         existing defense or claim of offset against Borrower or to such
         Lessee's payment and performance of its obligations under its Lease,
         except as noted in the Rent Roll or in any tenant estoppel statement
         previously delivered to Lender by such Lessee;

         (D) No Lessee has or can acquire any right to terminate such Lessee's
         Lease, or cease paying the full rent thereunder, before the end of the
         term of such Lease except as set forth in the Rent Roll;

         (E) The Lessees are each in possession and actually paying rent, in the
         sums and at the times and under the terms as set forth in the Leases,
         except as disclosed in the Rent Roll;

         (F) No Lessee has an option or right of first refusal or other right to
         purchase all or any portion of the Real Property, except as set forth
         in the Rent Roll or in a tenant estoppel statement previously delivered
         to Lender;

         (G) The Leases are on an unfurnished basis;

         (H) The original term of each Lease is accurately set forth in the Rent
         Roll;

         (I) No rent has been collected from any Lessee in advance of the date
         due (other than any security deposits);

         (J) Borrower has committed no default or breach under any of the
         Leases, nor has any event occurred which, with the passage of time or
         the giving of notice, or both, would constitute a default or breach by
         Borrower, under any of the Leases;

         (K) None of the Lessees are, as of the date hereof, in default in the
         performance of any Lease, nor has any event occurred which, with the
         passage of time or the giving or notice, or both, would constitute a
         default or breach by Lessee except as disclosed in the Rent Roll;

         (L) Except as noted in the Rent Roll, no Lease has been assigned and no
         premises demised under any Lease have been sublet;

         (M) Except for Lessees occupying the Real Property under the Leases, no
         persons have any possessory right in or right to occupy the Real
         Property; and

         (N) All work, labor, services and material furnished to or in
         connection with the portions of the Real Property let pursuant to the
         terms of the Leases have been fully paid for, so that no mechanics',
         materialmen's or other lien may properly be filed against the Real
         Property relating to such matters.

2.14     BROKERAGE COMMISSIONS.  No claim is made by any person for unpaid
         commissions or brokerage or any other participation in the income from
         or ownership of the Real

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         Property, and no persons have any liens or claims for money which are
         or may be superior to the lien and charge of the Loan Documents.

2.15     REPRESENTATIONS IN COMMITMENT AND OTHERWISE. The representations made
         in connection with the Commitment, including but not limited to the
         type of development, income and expenses of the Real Property, the
         Leases, and the financial condition and credit of Borrower, are as
         represented in the Commitment in all respects, except any changes which
         may have been approved by Lender in writing. In addition to the
         foregoing, all financial and other information and statements relating
         to Borrower, any Guarantor and/or any of the Real Property which has
         been previously supplied to Lender by Borrower, are true, complete and
         correct in all material respects and have been prepared in accordance
         with generally acceptable accounting principles, consistently applied.

2.16     STATUS OF REAL PROPERTY. As of the date hereof: (a) not fewer than
         262,854 square feet of net rentable area of the Improvements are
         physically occupied by Lessees; (b) all of the Lessees together are
         paying gross annual rentals of not less than $1,012,488; (c) all of the
         Improvements are in tenantable condition (except, in the case of space
         not yet occupied, for tenant finish items and fixtures required for a
         particular Lessee's use); (d) there are no elevators located in the
         Improvements; (e) there are (and throughout the term of the Loan shall
         continue to be) not fewer than 203 paved parking spaces at the
         Property, including 49 truck spaces and 7 parking spaces suitable for
         handicap vehicles; (f) there has been no material damage to the Real
         Property or undue settlement of the Improvements; (g) neither Borrower
         nor, to the best knowledge of Borrower, any of the Lessees are the
         subject of any bankruptcy, reorganization or insolvency proceeding or
         any other similar debtor-creditor proceeding; and (h) the Real Property
         is free from all due and unpaid water charges, sewer rents, taxes and
         assessments.

2.17     OPERATION OF THE REAL PROPERTY.

         (A) The Real Property is in full compliance with all governmental
         permits and requirements necessary under applicable law to the lawful
         ownership and operation of the Real Property;, including but not
         limited to all applicable zoning, building, safety and environmental
         laws, ordinances and regulations. All inspections, licenses, permits
         and certificates required by law, regulation or insurance standards
         with respect to the use and occupancy of the Real Property have been
         issued and are in full force and effect. All documents evidencing the
         right lawfully to occupy the Real Property were duly issued in the
         usual course, and Borrower has not received notice of any violation of
         any covenants (public or private), ordinances, statutes, rules, orders
         or other regulations, nor any notice that the Certificate of Occupancy
         or equivalent certification (a copy of which was previously delivered
         to Lender) has been called into question or revoked, nor has Borrower
         received any notice that the Real Property or the uses to which it has
         been put are being challenged by any private individual or any court,
         administrative body, municipal corporation or official having
         jurisdiction. Borrower has not received any notices, suits, orders,
         decrees or judgments relating to violations or alleged violations of
         zoning, building, use and occupancy, fire, health, sanitation, air
         pollution, ecological, environmental, or other laws against or with
         respect to the Real Property or any part

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         thereof. Borrower is not aware of any irregularity in the issuance of
         any governmental permits or approvals which were necessary to construct
         or operate lawfully the Real Property.

         (B) There are no actions, suits or proceedings that have been
         instituted or, to the best knowledge of Borrower, threatened against
         Borrower or affecting or involving any portion of the Real Property, at
         law or in equity, by or for any Federal, State or Municipal
         governmental department, commission, board, bureau, agency or
         instrumentality or any arbitration group or body, and there are no
         claims, rights of offset, or litigation, actual, or to the best
         knowledge of Borrower, threatened, with respect to the Real Property or
         any portion thereof or Borrower, or any principal therein.

         (C) Borrower has no knowledge of any material defects in the
         Improvements or any of them.

         (D) The Real Property: (i) is in compliance with applicable subdivision
         and land use ordinances, if any; (ii) constitutes a separate tax lot or
         lots for real estate tax purposes, separate from all other taxed
         properties (Borrower hereby covenanting and agreeing that it shall not
         undertake or consent to the taking of any action to change such
         status); and (iii) is being used for purposes consistent with all
         applicable zoning laws and regulations and all restrictive covenants
         affecting the Property.

         (E) All of the Improvements have been constructed (and, as applicable,
         renovated) in accordance with the requirements of all regulatory
         authorities having jurisdiction. All Improvements have been constructed
         or renovated entirely on the Real Property within the applicable
         building restriction lines; do not and shall not violate use or other
         restrictions contained in prior conveyances, zoning ordinances or
         restrictions; and will not encroach upon any easement or right of way
         or upon the land of others.

         (F) All utilities and services necessary to the full use and enjoyment
         of the Real Property and Improvements (including, without limitation,
         gas, electricity and telephone) have been fully installed and are
         connected to the Property. All roads necessary for the full utilization
         of the Real Property and Improvements for their intended purposes have
         been completed. There is unrestricted access for the passage of motor
         vehicles to and from the Real Property to and from Champagne Avenue.

         (G) Borrower has not received any notices from any insurance company of
         any defects or inadequacies in the Real Property or any portion
         thereof, which would materially and adversely affect the insurability
         of the Real Property or any portion thereof or the premiums for the
         insurance thereof, and no notice has been given to Borrower by any
         insurance company that has issued a policy with respect to any portion
         of the Real Property or by any board of fire underwriters (or other
         body exercising similar functions) requesting the performance of any
         work, which has not been fully complied with.

         (H) Except as disclosed in writing by Borrower to Lender prior to the
         date of this Agreement, no part of the Property is located in an area
         designated as having special flood hazards on any maps entitled: "Flood
         Insurance Rate Map," "Flood Hazard Floodway Boundary Map," "Flood
         Hazard Boundary Map," or "Flood Boundary and Floodway Map" published by
         the Federal Emergency Management Agency or a "Flood

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         Hazard Boundary Map" published by the United States Department of
         Housing and Urban Development.

         (I) There are no parties in possession of any portion of the Real
         Property except Lessees under Leases. All Leases are in full force and
         effect. Borrower and the Real Property are in compliance with all
         Leases.

         (J) No options or other contracts are outstanding which give or grant
         to any party a right to purchase from Borrower the Real Property, any
         interest in the Real Property, any interest in Borrower, or any portion
         of any of the foregoing.

         (K) On the date hereof, the Real Property is zoned M-2 Vintage
         Industrial Overlay District, pursuant to the zoning ordinances of the
         City of Ontario, San Bernardino County, California. This zoning
         classification permits operation and use of the Real Property for a
         warehouse, distribution facility, offices and showrooms.

2.18     BORROWER'S REAL ESTATE EXPERIENCE.  Borrower is a commercially
         sophisticated entity with experience in dealing in the financial
         marketplace and specifically in the real estate financial marketplace.

2.19     COMPLETE INFORMATION. No representation or warranty of Borrower or any
         Guarantor contained in any of the Loan Documents or Guarantor
         Documents, no statement of Borrower or any Guarantor contained in any
         certificate, schedule, list, financial statement or other instrument
         furnished to Lender by or on behalf of Borrower or any Guarantor, and,
         to the best knowledge of Borrower, no statement of any person or entity
         other than Borrower or any Guarantor contained in any certificate,
         schedule, list, financial statement or other instrument furnished to
         Lender by or on behalf of Borrower or any Guarantor, contains any
         untrue statement of a material fact, or omits to state a material fact
         necessary to make the statements contained therein not misleading in
         any material respect.

2.20     TITLE POLICY. There is no agreement or arrangement between Stewart
         Title and Guaranty Company ("Title Company") and Borrower (or any
         person affiliated with Borrower) relative to Title Company's not
         setting forth in the title policy issued to Lender concurrently with
         the Closing of the Loan an exception for any matter, lien or
         encumbrance on or affecting the Real Property and/or Improvements,
         unless such agreement or arrangement has been disclosed to and
         consented to by Lender in writing prior to the date of this Agreement.
         No such agreement or arrangement will hereafter be entered into without
         the prior written consent of Lender.

3.       MISCELLANEOUS

3.1      DEFAULT AND REMEDIES.  Any breach by Borrower of any covenant or
         agreement contained herein, or any misrepresentation by Borrower of any
         representation, warranty, certification or confirmation contained
         herein, shall, subject to any applicable notice and cure periods set
         forth in the other Loan Documents, constitute an "Event of Default"
         hereunder, and shall entitle Lender to exercise any and all remedies
         available to Lender pursuant to this Agreement and any other Loan
         Document, or available to Lender at law or in equity. In furtherance of
         the foregoing, any Event of Default hereunder shall be deemed to
         constitute an Event of Default under any and all of the other Loan
         Documents.

                                        9
<PAGE>   10

         The remedies herein provided or otherwise available to Lender shall be
         cumulative and may be exercised concurrently and may be pursued
         singularly, successively or together, at the sole discretion of Lender,
         and may be exercised as often as occasion therefor shall arise.

3.2      NO WAIVER; CONSENTS. Lender may waive any breach by Borrower of any of
         the provisions contained herein or in the Loan Documents, and/or any
         default by Borrower in the observance or performance of any covenant or
         condition required to be observed or performed by it contained herein
         or therein; provided always that such waiver or waivers shall be in
         writing, shall not be construed as a continuing waiver, and shall not
         extend to or be taken in any manner whatsoever to affect any subsequent
         breach, act of omission or default or affect Lender's rights resulting
         therefrom. Lender's consent to any act or omission of Borrower shall
         not be construed to be a consent to any other or subsequent act or
         omission or to waive the requirement for Lender's consent to be
         obtained in any future or other instance. No act of omission or
         commission of Lender, including specifically any failure to exercise
         any right, remedy or recourse, shall be deemed to be a waiver or
         release of the same, and any waiver or release with reference to any
         one event shall not be construed as continuing or as a bar to, or as a
         waiver or release of, any subsequent right, remedy or recourse as to a
         subsequent event.

3.3      SUCCESSORS AND ASSIGNS. This Agreement and the other Loan Documents
         shall be binding upon Borrower and its respective successors and
         assigns, and shall inure to the benefit of Lender and its successors
         and assigns. Borrower shall not assign any right which it may have
         pursuant to the terms of this Agreement and the other Loan Documents
         without obtaining the prior written consent of Lender, which consent
         may be given or withheld in Lender's sole and absolute discretion.
         Lender may endorse, convey, transfer and assign its rights and
         interests under this Agreement and the other Loan Documents to any
         other party and/or affiliate of Lender and Borrower agrees to make such
         modifications in the Loan Documents as will facilitate such assignment
         provided that such modifications do not add to the obligations of
         Borrower.

3.4      NATURE OF RELATIONSHIP.

         (A) The relationship between Lender and Borrower in connection with the
         Loan shall be solely that of creditor and debtor. Nothing contained in
         this Agreement or in any other Loan Documents shall be deemed or
         construed to create a partnership, tenancy-in-common, joint tenancy,
         joint venture or co-ownership between Lender and Borrower. Lender shall
         not be in any way responsible or liable for the debts, losses,
         obligations or duties of Borrower with respect to the Real Property or
         otherwise by virtue of the Loan. All obligations to pay real property
         or other taxes, assessments, insurance premiums, and all other fees and
         charges arising from the ownership, operation, use or occupancy of the
         Real Property and to perform obligations under all Leases and other
         agreements and contracts relating to the Real Property shall be the
         sole responsibility of Borrower.

         (B) Lender is not a partner or joint venturer in any manner whatsoever
         with Borrower or any other party in the operation of the Real Property.
         Lender shall not in any manner whatsoever be liable or responsible by
         reason of the provisions hereof, or otherwise, for

                                       10
<PAGE>   11

         the payment of any claims arising from the operation of the Real
         Property. Lender shall not be responsible for the solvency of any
         company issuing any policy of insurance pursuant to any of the Loan
         Documents whether or not approved by it, or for the collection of any
         amounts due under any such policy, and shall be responsible and
         accountable only for such money as may be actually received by it, and
         then only in accordance with the terms of the Loan Documents. Nothing
         contained in any of the Loan Documents shall be construed as making
         Lender liable in any way for any loss, damage, or injury resulting from
         the non-insurance of the Real Property or any property located on the
         Real Property.

3.5      INDEMNIFICATION BY BORROWER.

         (A) Borrower hereby agrees to and shall indemnify, defend, protect and
         hold Lender harmless from and against any and all third party claims,
         demands, damages, losses, liens, liabilities, penalties, fines,
         lawsuits and other proceedings, and all costs and expenses (including,
         without limitation, reasonable attorney's fees), arising directly or
         indirectly from, or out of, or in any way connected with (i) any
         inaccuracy in the representations, warranties, certifications or
         confirmations contained in this Agreement or in any of the other Loan
         Documents; and/or (ii) Borrower's ownership or operation of the
         Property. Borrower agrees that its obligations hereunder shall not be
         limited or in any way affected by any limitations on liability for
         repayment of the Indebtedness contained elsewhere in the Loan
         Documents, including, without limitation, any limitations on liability
         contained in Section 3.6 below, Section 9 of the Note or Section 3.7 of
         the Security Instrument (defined below).

         (B) Borrower agrees to indemnify, protect, defend, reimburse and hold
         Lender harmless for, from and against any and all claims and
         liabilities, losses, injuries, costs, damages and expenses (including,
         without limitation, reasonable attorneys' fees and disbursements) which
         Lender may incur in administering or enforcing the Loan, Loan Documents
         or Guarantor Documents as a result of any act of Lender thereunder or
         taken pursuant hereto and of and from any and all claims or demands
         whatsoever which may be instituted against Lender by reason of any
         alleged obligations or undertakings on its part to perform or discharge
         any of the terms, covenants or agreements contained in any Lease or any
         other agreement made by Borrower relating to the Real Property. Should
         Lender incur any such liability under any Lease, or under or by virtue
         of this Agreement or any other Loan Document, or any other agreement
         made by Borrower relating to the Real Property, or in defense of any
         claims or demands related thereto, the amount thereof, including,
         without limitation, costs, expenses and reasonable attorneys' fees,
         shall be secured by the Security Instrument and all other instruments
         of security made in connection with the Loan, and Borrower agrees to
         reimburse Lender therefor immediately upon demand together with
         interest thereon at the Augmented Rate from the later of the date the
         demand therefor is received by Borrower or the date such amounts were
         incurred by Lender, to the date reimbursed. Upon the failure of
         Borrower to so indemnify, protect, defend, hold harmless or reimburse
         and the expiration of any applicable cure periods, Lender may declare
         all sums due hereunder and under the Note and the other Loan Documents
         immediately due and payable.

                                       11
<PAGE>   12

3.6      NON-RECOURSE, WITH EXCEPTIONS. Except as provided below, the liability
         of Borrower for payment of the indebtedness evidenced by the Note shall
         be limited to the Real Property and such other collateral ("Other
         Collateral") as may be pledged to secure the indebtedness evidenced
         hereby, pursuant to the Loan Documents, or otherwise. The Real Property
         and the Other Collateral are sometimes collectively referred to herein
         as the "Security." Lender agrees not to seek or obtain any deficiency
         or personal judgment against Borrower except such judgment or decree as
         may be necessary to obtain Borrower's interest in the Security. The
         foregoing limitation of Borrower's liability shall not apply to, and
         regardless of the sale or other disposition of the Security, Borrower
         shall be and remain personally liable for any loss, damage or expense,
         including reasonable attorney's fees, suffered by Lender as a result of
         any of the following (collectively, the "Recourse Obligations"):

         (A) Any failure of Borrower to maintain in full force and erect all
         insurance required to be maintained under the Loan Documents or to
         repair and/or reconstruct any of the Security in accordance with the
         terms of the Loan Documents.

         (B) Any failure of Borrower to pay when due all taxes and assessments
         levied or assessed against any of the Security (including, without
         limitation, any failure of Borrower to deposit sufficient
         tax/assessment impounds with Lender as required under the Loan
         Documents).

         (C) The execution, modification and/or termination of any Leases
         affecting the Security without the consent of Lender.

         (D) Any transfers of any of the Security or ownership interests in
         Borrower or in any entity that constitutes, either directly or
         indirectly, Borrower, without the consent of Lender, where such consent
         is required under the Loan Documents.

         (E) Any actions and claims instituted against or, affecting any of the
         Security, including mechanic's liens.

         (F) Any default under any separate Certificate(s) and Indemnity(ies)
         Regarding Hazardous Substances given by Borrower and/or Guarantor(s) in
         favor of Lender.

         (G) Any waste or intentional or willful destruction of any of the
         Security by Borrower or its agents arid contractors.

         (H) Any fraud or intentional or willful misrepresentation, by any party
         (other than Lender) executing the Note or any other Loan Document (even
         if other than Borrower) or any successor or permitted assign thereof.

         (I) Any misapplication of any proceeds (A) paid under any insurance
         policies or (B) realized from awards from condemnation or the exercise
         of the power of eminent domain (or a taking in lieu thereof), in any
         case arising from any of the Security (which misapplication shall be
         deemed to have occurred in the event that any such proceeds are not
         used in the manner provided in the Loan Documents relative to casualty
         and/or condemnation, as applicable).

                                       12
<PAGE>   13

         (J) Any misapplication of the gross proceeds (including without
         limitation rents and all other revenues) from any of the Security
         (which misapplication shall be deemed to have occurred in the event any
         of such gross proceeds are not first applied to costs of operating and
         maintaining the Security, including without limitation, payment of the
         Note).

         (K) Any application of security deposits other than in accordance with
         applicable law and with the terms of the applicable leases under which
         the security deposits are held; or Borrower's failure to provide such
         security deposits to Lender upon Lender's acquisition of the Security,
         after default.

         (L) The removal of any personal property, fixtures and equipment from
         the Security by or on behalf of the Borrower and Borrower's failure to
         replace same with items of the same utility and the same or greater
         value.

         (M) Any fees and commissions paid by Borrower to any member, partner,
         shareholders, agent, employee, affiliate or related party of Borrower.

         Notwithstanding any other provision of this Section 3.6 to the
         contrary, the Loan shall be fully recourse in the event that Borrower
         commences a voluntary bankruptcy or insolvency proceeding or a
         bankruptcy or insolvency proceeding is commenced against Borrower and
         is not dismissed within ninety (90) days of filing. As used herein, the
         phrase "Recourse Obligations" shall include Borrower's full recourse
         liability pursuant to the preceding sentence. Nothing contained herein,
         however, shall constitute a waiver of any right which Lender may have
         under any provisions of the United States Bankruptcy Code to file a
         claim for the full amount of the indebtedness secured by the Security
         Instrument or to require that the Real Property shall continue to
         secure all of the indebtedness owing to Lender.

         In connection with the foregoing, Borrower shall cause each
         Guarantor(s) to execute a guaranty relative to the Recourse Obligations
         acceptable to Lender in all respects.

3.7      ATTORNEYS' FEES.

         (A) In the event Borrower fails to perform any of its obligations under
         the Loan Documents or if any dispute arises between the parties hereto
         concerning the meaning or interpretation of any provision of this
         Agreement or other Loan Document or a party's rights hereunder, then
         the Borrower shall pay any and all costs and expenses incurred by
         Lender on account of such default and/or in enforcing or establishing
         its rights hereunder, including, without limitation, court costs and
         reasonable attorneys' fees and disbursements, whether in trial courts,
         appellate courts, bankruptcy courts, arbitration or mediation. Arty
         such attorneys' fees and other expenses incurred by Lender in enforcing
         a judgment in its favor under this Agreement shall be recoverable
         separately from and in addition to arty other amount included in such
         judgment, and such attorneys' fees obligation is intended to be
         severable from the other provisions of this Agreement and to survive
         and not be merged into any such judgment.

         (B)  Without limiting the generality of Section 3.7(a) above, Borrower
         hereby agrees to pay all costs of collection under the Loan Documents
         and the Guarantor Documents

                                       13
<PAGE>   14

         executed in connection herewith, including attorneys' fees, whether or
         not litigation is actually commenced and whether in trial courts,
         appellate courts, bankruptcy courts, arbitration or mediation. In the
         event Lender is made a party to any litigation because of the existence
         or execution of the Loan Documents or Guarantor Documents, Borrower
         shall reimburse Lender for its costs and attorneys' fees incurred with
         respect to such litigation.

3.8      TIME OF ESSENCE.  Time is of the essence of all obligations under the
         Loan Documents.

3.9      MODIFICATION, AND AMENDMENTS.  No modification, consent, amendment or
         waiver of any provision:, of the Loan Documents or the other documents
         executed in connection therewith, nor consent of any departure by
         Borrower therefrom, shall be effective unless the same be in writing.

3.10     INDEMNIFICATION FOR BROKERS' FEES. Borrower represents and warrants to
         Lender that it has had no dealings, negotiations, or consultations with
         any broker, representative, employee, agent or other intermediary other
         than L.J. Melody and Company ("Broker") in connection with the
         obtaining or the funding of the Loan. Borrower agrees to indemnify,
         defend and hold Lender free and harmless from the claims of Broker and
         any other brokers, representatives, employees, agents or other
         intermediaries claiming to have represented Borrower or otherwise to be
         entitled to compensation in connection with this Agreement or the
         funding of the Loan. The provisions of this Section 3.10 shall survive
         the funding and subsequent repayment of the Loan.

3.11     SURVIVAL OF WARRANTIES. All covenants, agreements, representations,
         certifications, confirmations, warranties and indemnifications made
         herein shall survive the execution and delivery of this Agreement and
         the other Loan Documents and the making of the Loan.

3.12     SEVERABILITY. If any provision of this Agreement or any of the other
         Loan Documents is invalid, illegal or unenforceable, such provision
         shall be severable from the rest of this Agreement or the other Loan
         Documents and the validity, legality, and enforceability of the
         remaining provisions shall not in any way be affected or impaired
         thereby.

3.13     GOVERNING LAW. This Agreement and the other Loan Documents shall be
         governed by and construed in all respects according to the laws of the
         state wherein the Real Property is located, without regard to the
         choice of laws provisions thereof.

3.14     RELATIONSHIP OF LOAN DOCUMENTS AND THIS AGREEMENT TO COMMITMENT. The
         terms and provisions of this Agreement and the other Loan Documents
         supersede any inconsistent terms and conditions of the Commitment which
         shall otherwise survive the execution and delivery of the Loan
         Documents. Any failure by Borrower to perform any remaining obligations
         under the Commitment, including but not limited to any obligation to
         pay fees to Lender or to pay any costs or expenses relating to the
         Loan, shall constitute an Event of Default hereunder and under the
         other Loan Documents.

3.15     REASONABLENESS OF ACTIONS. In each and every instance in which the
         approval, consent, authorization, or satisfaction of Lender is required
         under the provisions of this Agreement or any of the ocher Loan
         Documents, such approval, consent, authorization, or satisfaction

                                       14
<PAGE>   15

         if withheld or delayed shall be presumed reasonable, and in the event
         it is ultimately determined that Lender's approval, consent,
         authorization, or satisfaction was wrongly withheld or delayed,
         Borrower's remedies shall be limited to specific performance if
         specific performance would make Borrower whole, and if not, Borrower's
         damages shall be limited to actual damages and/or specific performance
         the end result of which is to make Borrower whole. By the execution of
         this Agreement, Borrower waives any right to claim consequential,
         exemplary or punitive damages against Lender.

3.16     NOTICES. All notices given by any party hereunder and under the other
         Loan Documents shall be given in the manner provided in the deed to
         secure debt, mortgage or deed of trust on even date herewith (the
         "Security Instrument") given by Borrower to Lender to secure the Loan.

3.17     WAIVER OF SUBROGATION. Borrower, until the Loan is paid in full, hereby
         waives any and all rights of subrogation to Lender's rights or claims
         to the extent affecting the Security for the Loan.

3.18     NO THIRD PARTIES BENEFITED. By their execution of this Agreement, the
         parties hereto do not intend to create any rights of any kind or nature
         whatsoever in any third parties and no third parties shall have any
         rights hereunder.

3.19     HEADINGS.  Headings of the sections of this Agreement are inserted for
         convenience only and shall not be, deemed to constitute a part hereof.

3.20     COUNTERPARTS. This Agreement may be executed in one or more
         counterparts (and by different parties on separate counterparts), each
         of which shall be deemed an original and all of which, when taken
         together, shall constitute one instrument.

                            SIGNATURE PAGE TO FOLLOW

                                       15
<PAGE>   16

         IN WITNESS WHEREOF, the parties hereto have hereunto executed this
Agreement as of the day and year first written above.

BORROWER:

YALE INVESTMENTS, LLC,
a Delaware limited liability company

    By:   SKECHERS U.S.A., INC.,
          a Delaware corporation, as the Sole Member and Manager
          of Yale Investments, LLC

          By:    /s/ DAVID WEINBERG         By:     /s/ PHILIP C. PACCIONE
             ---------------------------       --------------------------------
          Name:  David Weinberg             Name:   Philip C. Paccione
                ------------------------           ----------------------------
          Title: CFO                        Title:  General Counsel & Secretary
                 -----------------------            ---------------------------

LENDER:

MONY LIFE INSURANCE COMPANY,
a New York corporation

By:      /s/ THOMAS MCCAHILL
   ---------------------------------
Name:    Thomas McCahill
     -------------------------------
Title:   Sr. Vice President
      ------------------------------

                                       16
<PAGE>   17

                                   EXHIBIT "A"

                                LEGAL DESCRIPTION

The land located in San Bernardino County, State of California, more
particularly described as follows:

PARCELS 18 AND 23 OF PARCEL MAP NO. 9252, AS SHOWN BY MAP ON FILE IN BOOK 107
PAGE(S) 75 THROUGH 82, INCLUSIVE, OF PARCEL MAPS, RECORDS OF SAN BERNARDINO
COUNTY, CALIFORNIA;

ALSO EXCEPTING THEREFROM ALL MINERAL AND ALL MINERAL RIGHTS, OIL AND GAS AND
RIGHTS THERETO TOGETHER WITH SOLE, EXCLUSIVE AND PERPETUAL RIGHT TO EXPLORE FOR,
REMOVE AND DISPOSE OF, SAID MAINERALS BY ANY MEANS OR METHODS SUITABLE, BUT
WITHOUT ENTERING UPON OR USING THE SURFACE OF SAID LANDS AND IN SUCH A MANNER AS
NOT TO DAMAGE SURFACE OF SAID LANDS AS NOT TO INTERFERE WITH THE USE THEREOF, AS
CONVEYED TO UNION PACIFIC LAND RESOURCES CORPORATION BY DEED RECORDED NOVEMBER
23, 1982 AS INSTRUMENT NO. 82-234011 OF OFFICIAL RECORDS.

NOTE: SAID LAND IS DESCRIBED AND DELINEATED AS LOT A IN THAT CERTAIN CERTIFICATE
APPROVING A LOT LINE ADJUSTMENT NO. LL-99-15, RECORDED JANUARY 7, 2000 AS
INSTRUMENT NO. 00-006152 OF OFFICIAL RECORDS.

<PAGE>   18

                                   EXHIBIT "B"

                                    RENT ROLL

<PAGE>   19

                                    RENT ROLL

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------

<S>           <C>        <C>          <C>         <C>         <C>          <C>           <C>          <C>
Suite No.     Tenant     Lease        Area        Comm.       Expiration   Minimum       Minimum      Exp.
                         Status       (sq. ft.)   Date        Date         Current       Annual Rate  Stop
                                                                           Annual                     ($psf)
                                                                           Rental
                                                                           ($psf)
----------------------------------------------------------------------------------------------------------

1670 S.       Skechers   Assigned     263,670     07/15/00    07/14/15    $3.90/sf/yr   $1,028,316    None
Champ-agne    USA,
Avenue        Inc.

--------------------------------------------------------------------
<S>          <C>                  <C>         <C>          <C>
Fixed        CPI/Fixed    Rent    Total       Tenant       Security
Reimbur-     Increases            Occupied    Share        Deposit
sement                            Sq. Ft.

--------------------------------------------------------------------

NNN, tenant  Month 61: $92,285     100%        100%        $85,693
responsible  Month 96: CPI
for all      Month 132: CPI
operating    Month 168: CPI

</TABLE>

I hereby certify this to
be true and accurate:

Yale Investments, LLC

By:
   ---------------------------------

Its:
    --------------------------------

Date:
     -------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]