I understand that the lease assignment needs to happen.  However, it is my understanding from talking directly to the landlord that they are modifying the lease to require us to pay for certain separatioon costs and upgrades to their facilities (e.g., security access to all of their floors in this building).  The landlord has also agreed, in concept, to provide us a six month option at the beginning of the term.  

Based on discussions with you yesterday, it seemed that UBSW was not willing to insert any of the language that I wanted into the lease (e.g., six month option to get out), but was willing to insert language that the landlord wanted (obligating UBSW to several $100k of costs).  Why would UBSW do this?  

I recommend that we either (1) make the landlord's changes and my changes this week or (2) make no changes this week and work to get the lease that both sides want next week.

Tim Belden

-----Original Message-----
From: Markus.Buergler@ubsw.com [mailto:Markus.Buergler@ubsw.com]
Sent: Tuesday, February 05, 2002 5:45 AM
To: Belden, Tim
Cc: colette.dow@ubsw.com; bdugan@ubspw.com; ewest@cov.com
Subject: FW: Portland


CONFIDENTIAL:
Tim,
As discussed the Portland Lease is proposed to be assigned from Enron 
North America Corp. to UBS AG (or UBS Warburg Energy LTD.). The 
bankruptcy judge has only approved a full assignment and therefore a 
partial assignment (e.g. for the 3rd floor for 15,615.64 rsf) would not 
be possible. Enron in turn is expected to sublease the 4th floor 
(5,563.11 rsf). This Assigment of this Lease Agreement requires the 
written consent of the Landlord (Portland General Electric Company), 
which should be received within 30 days. All lease agreements with 
Enron (including Portland) are expected to be executed this week as 
part of the Legal Closing, scheduled for 2/08/02.
We understand that the Landlord would like to recapture our space ASAP. 
The longer term space needs may only be approx. 10,000 rsf. Therefore a 
relocation may be feasible. However it is my understanding that issues 
related to a possible relocation would be discussed with all parties 
involved (incl. Landlord) only after the Legal Closing.
Regards
Markus

-----Original Message-----
From: ewest 
Sent: Monday, February 04, 2002 12:14 PM
To: Buergler, Markus; Dugan, Brian-J
Cc: ewest
Subject: FW: Portland



As per our TC.

-----Original Message-----
From: Gonzales, Jeana [mailto:gonzj@akllp.com]
Sent: Sunday, February 03, 2002 4:37 PM
To: West, Edward
Cc: McLeod, Chanse
Subject: Portland


(Sent on behalf of Chanse McLeod)

Attached are blacklined and clean versions of the revised draft to
the
Portland assignment agreement, incorporating changes to Friday's
draft
in response to discussions with Portland General.  Please call me
with
any comments or questions.

Thanks,

Chanse McLeod    
 <<DVComparison_HOU_755830_2-HOU_755830_3.DOC>>  <<Assignment and
Assumption of Lease Agreement (Portland) (Draft of 2-3-02).DOC>>