Lease

Fourth Amendment to Lease



 
THIS FOURTH AMENDMENT TO LEASE ("Amendment") made as of the 7th day of March, 2007 by and between 111 BARCLAY ASSOCIATES ("Landlord"), sole beneficiary under CHICAGO TITLE LAND TRUST COMPANY, as successor trustee to LASALLE BANK NATIONAL ASSOCIATION, as successor trustee to AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, under Trust Agreement dated January 1, 1991 and known as Trust No. 113370-03 ("Trustee"), and BIOSANTE PHARMACEUTICALS, INC. ("Tenant").
 
W I T N E S S E T H:
 
WHEREAS, Landlord and Tenant entered into that certain Lease dated December 19, 2003, as amended by First Amendment to Lease dated February 26, 2004, as modified by Letter Amendment dated March 19, 2004 (the "Lease"), as amended by Second Amendment to Lease dated January 4, 2005, and as amended by Third Amendment to Lease dated January 27, 2006, which Lease demised to Tenant a portion of the 2nd floor, known as Suite 280 ("Premises") of the building known as 111 Barclay Boulevard, Lincolnshire, Illinois ("Building"); and
 
WHEREAS, the parties hereto desire to extend the term of the Lease and to amend the Lease in certain other respects.
 
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the Lease is hereby further amended as follows:
 
1.  Extended Term. The term of the Lease is hereby extended to March 21, 2008 on the same terms and conditions as set forth in the Lease, except as modified herein and unless sooner terminated pursuant to the terms of the Lease.
 
2.  Rent. As of March 22, 2007, the Base Rent payable under the Lease shall be as follows:

 
Period
 
Annual Base Rent
 
Monthly Installment
3/22/07-3/21/08
 
$90,113.25
 
$7,509.43
 
3.  Work. Landlord shall, at Landlord's expense, clean the carpeting in the Premises.
 
4.  Real Estate Brokers. Tenant represents that it has dealt with, and only with Van Vlissingen and Co., as broker in connection with this Amendment, and that, insofar as Tenant knows, no other broker negotiated this Amendment or is entitled to any commission in connection therewith. Tenant agrees to indemnify and hold Landlord harmless from all damages, liability and expense (including reasonable attorneys' fees) arising from any claims or demands of any other broker or brokers or finders in connection with its participating with Tenant in the negotiating of this Amendment.

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5.  Lease in Full Force and Effect. Except for the provisions of this Amendment, all the terms, covenants and conditions of the Lease and all the rights and obligations of Landlord and Tenant thereunder, shall remain in full force and effect, and are not otherwise altered, amended, revised or changed.
 
6.  Estoppel. Tenant and Landlord hereby each acknowledge that as of the date hereof, they have no claims arising under the Lease against the other party or its agents, or any one or more of the foregoing, and that neither knows of any default or failure on the part of the other party to keep or perform any covenant, condition or undertaking to be kept or performed by such other party under the Lease.
 
7.  Exculpatory Provisions. It is expressly understood and agreed by and between the parties hereto, anything herein to the contrary notwithstanding, that each and all of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Landlord while in form purporting to be the representations, warranties, covenants, undertakings, and agreements of the Landlord are nevertheless each and every one of them made and intended, not as personal representations, warranties, covenants, undertakings, and agreements by the Landlord or for the purpose or with the intention of binding the Landlord personally, but are made and intended for the purpose only of subjecting the Landlord's interest in the Building, the Land and the Premises to the terms of this Amendment and for no other purpose whatsoever, and in case of default hereunder by the Landlord (or default through, under, or by any of its agents or representatives), the Tenant shall look solely to the interests of the Landlord in the Building and Land.
 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed on the date first above written.

 
   
LANDLORD:
   
           
   
111 BARCLAY ASSOCIATES
 
           
   
By:
Van Vlissingen & Co., its authorized agent 
 
         
   
By:
/s/  
     
Its:
President    
       
   
TENANT: 
 
           
   
BIOSANTE PHARMACEUTICALS, INC. 
 
           
   
By:
/s/ Phillip B. Donenberg  
     
Its: 
CFO    

 
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