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EXHIBIT 10.5
Parkside Plaza Office Lease between Xxxxxx Xxxx and the Registrant dated
April 1, 1991.
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LEASE
This Lease is made this 1st day of April, 1991, by and between Xxxxxx Xxxx
("Landlord"), an individual whose mailing address is 00000 X.X. 000xx Xxxxxx,
Xxxxx, Xxxxxxx 00000 and Noven Pharmaceuticals, Inc. ("Tenant") whose mailing
address is 00000 X.X. 000xx Xxxxxx, Xxxxx, Xxxxxxx 00000, as follows:
Premises: Landlord, in consideration of the rents and covenants hereinafter
contained does hereby lease to Tenant, on a month to month basis, the building
space ("Leased Premises") having a street address at 00000 X.X. 000xx Xxxxxx,
Xxxxx, Xxxxxxx 00000.
Term: Commencing on the "Commencement Date" April 1, 1991 and ending 21
months thereafter; except that in the event the Commencement Date is a date
other than the first day of calendar month, said term shall extend for said
number of months in addition to the remainder of the calendar month following
the Commencement Date. The term of this Lease shall be 21 months from April 1,
1991 to December 31, 1992 with an additional three (3) two-year options to run
consecutively with an annual increase in rent proportionate to such increase in
the CPI Miami with April 1, 1991 as the basis with maximum increase of
_____________________________.
Rent: Tenant shall pay rent to the Landlord starting with the commencement
date of Lease or the date of occupancy, whichever first
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occurs for the use and occupancy of the Leased Premises at a rate of Six Hundred
and Twenty-Four Dollars ($624.00) per month plus applicable sales tax, each
installment being due on or before the first date of each month during the
leased period, without notice or demand.
Use and Care of Premises: Tenant shall use the Leased Premises as a warehouse
and for no other purpose without the prior written consent of Landlord. Tenant
will not use or occupy the Leased Premises for any unlawful purpose and will
comply with all present and future laws, ordinances, regulations and orders of
all state and governmental units or agencies having jurisdiction over the
Leased Premises. Tenant hereby agrees to abide by all of the rules and
regulations as set forth by the Landlord attached hereto as Exhibit "A" and as
may be from time to time modified in the sole discretion of the Landlord.
Tenant hereby accepts the Premises in "as is" condition and shall return the
Premises upon termination of this Lease in a like manner, normal wear and tear
excepted and broom clean. Any and all equipment or fixtures remaining at
termination shall be considered the property of the Landlord.
Security Deposit: Tenant, upon executing this Lease has deposited with
Landlord Six Hundred Dollars ($600.00) as security for Tenant's performance of
this Lease. Such sum shall be held by Landlord without
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interest. Should Tenant comply with all of the terms, covenants and conditions
of this lease and promptly pay all of the rental and all other sums payable by
Tenant herein as they fall due, the Security Deposit (less any sums incurred or
expended by Landlord in cleaning and restoring the Demised Premises) shall be
returned to Tenant at the end of the term.
Utilities and Services: Tenant shall pay for all electricity, gas, telephone,
sewer, water and other utility services separately metered or chargeable to the
Leased Premises. All utility services which are not separately metered or
chargeable to the Leased Premises shall be paid by Landlord.
Insurance: Landlord shall maintain fire and extended coverage insurance on
the building and the Premises in such amounts as Landlord deems appropriate.
Such insurance shall be maintained at the expense of Landlord. Tenant shall
maintain, at its expense, in an amount equal to full replacement cost, fire and
extended coverage insurance on all of its personal property, including
removable trade fixtures, located in the Premises and in such additional
amounts as are required to meet Tenant's obligations.
Tenant shall, at its own expense, maintain a policy or policies of
comprehensive general liability insurance with respect to the Premises, with
the premium thereon fully paid on or before due date, issued by and
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binding upon an insurance company approved by Landlord. Such insurance shall
afford minimum protection of not less than $300,000.00 combined single limit
coverage for bodily injury, property damage or any combination thereof. Landlord
shall not be required to maintain insurance against theft within the Premises or
the building.
Tenant shall, at Landlord's request provide Landlord with current certificates
of insurance, which shall name as additional insureds Xxxxxx Xxxx, an
individual. All insurance purchased by Tenant shall contain a Waiver of
Subrogation against Xxxxxx Xxxx, an individual.
Default: Tenant's non-compliance with any of the provisions set forth in this
Lease shall be considered a default. Landlord may pursue any and all legal
remedies available to it to cure any default. Tenant agrees that should
Landlord employ an attorney to present, enforce or defend Landlord's rights or
remedies hereunder, the undersigned shall pay any and all attorney's fees and
expenses incurred by Landlord in connection therewith.
Notices: All notices or demands to be given by either party hereunder shall
be in writing and addressed to the addressees first set forth above.
Governing Law: This Lease shall be governed by the Laws of Florida.
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IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease as of the
day and year first above written.
Signed, Sealed and Delivered "LANDLORD"
in the presence of:
/s/ By: /s/
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Operations Manager As Its Landlord
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Witness
"TENANT"
/s/ By: /s/ Xxxxxx Xxxxxxxxx
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Accountant As Its President 4-3-91
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