Exhibit 10.74
COMMENCEMENT AGREEMENT AND LEASE AMENDMENT NUMBER ONE
This COMMENCEMENT AGREEMENT AND LEASE AMENDMENT NUMBER ONE (the "First
Amendment"), made and entered into as of this 1/st/ day of November, 2001, by
and between HIGHWOODS REALTY LIMITED PARTNERSHIP, a North Carolina limited
partnership, with its principal office at 0000 Xxxxxxxxx Xxxxx, Xxxxx 000,
Xxxxxxx, Xxxxx Xxxxxxxx 00000 ("Landlord") and INCARA PHARMACEUTICALS
CORPORATION, a Delaware corporation ("Tenant");
W I T N E S S E T H :
WHEREAS, Tenant and Landlord entered into that certain Lease Agreement
dated January 25, 2001 (the "Lease"), for space designated as Suites 102 and
200, comprising approximately 18,258 rentable square feet, in the 4401 Research
Commons Building, located at 00 X.X. Xxxxxxxxx Xxxxx, Xxxx of Research Triangle
Park, County of Wake, State of North Carolina; and
WHEREAS, the parties desire to amend the Rent Schedule and further
alter and modify said Lease in the manner set forth below,
NOW, THEREFORE, in consideration of the mutual and reciprocal promises
herein contained, Tenant and Landlord hereby agree that said Lease hereinafter
described be, and the same is hereby modified in the following particulars:
1. Lease Term. Section Two of the Lease, entitled "Term", is amended to
provide that the term of the Lease shall be for sixty-three full months
and the Lease of Suite 200 actually commenced on March 16, 2001 (the
"Commencement Date") and the term of the Lease of Suite 102 actually
will commence on July 1, 2001. The initial term of said Lease shall
terminate on June 30, 2006 (the "Termination Date"). Section 2,
entitled "Term", and all references to the Commencement Date and
Termination Date are hereby amended.
2. Base Rent. Section Four of the Lease, entitled "Rental", is amended as
follows:
A. Base Rent. Section 4, entitled "Base Rent", is amended to provide
that the Base Rent for the Term shall be $1,958,046.14, instead of
$1,926,172.94.
B. Rent Schedule. The rent schedule provided in Section 4.1 shall be
replaced with the following rent schedule:
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Xxxxx 000 Xxxxx 000 Total Cumulative
Months Monthly Monthly Rent Monthly Rent Rent
------ Rent
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03/16/01-03/31/01 -0- $10,393.43 $10,393.43 $ 10,393.43
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04/01/01-06/30/01 -0- $21,479.77 $21,479.77 $ 64,439.31
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07/01/01-06/30/02 $8,079.53 $21,479.77 $29,559.30 $ 354,711.60
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07/01/02-06/30/03 $8,322.52 $22,121.45 $30,443.97 $ 365,327.64
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07/01/03-06/30/04 $8,574.19 $22,784.87 $31,359.06 $ 376,308.72
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07/01/04-06/30/05 $8,830.20 $23,470.05 $32,300.25 $ 387,603.00
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07/01/05-06/30/06 $9,094.89 $24,176.98 $33,271.87 $ 399,262.44
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Total Rent: $1,958,046.14
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The above rent schedule does not include operating expense pass through
adjustments to be computed annually in accordance with Lease Addendum
Number Two.
3. Miscellaneous. Unless otherwise defined herein, all capitalized terms
used in this First Amendment shall have the same definitions ascribed
to them in the Lease.
4. Lease Effectiveness. Except as modified and amended by this First
Amendment, the Lease shall remain in full force and effect.
IN WITNESS WHEREOF, Landlord and Tenant have caused this Agreement to
be duly executed, as of the day and year first above written.
Tenant:
INCARA PHARMACEUTICALS CORPORATION
a Delaware corporation
By:______________________________________________________
Name:____________________________________________________
Title:___________________________________________________
Date:____________________________________________________
Attest:__________________________________________________
_______________________________________ Secretary
Corporate Seal:
Landlord:
HIGHWOODS REALTY LIMITED PARTNERSHIP
a North Carolina limited partnership
By: Highwoods Properties, Inc., its general partner
a Maryland corporation
By: _____________________________________________________
Xxxxxx X. Xxxxxxx, Senior Vice President
Date: ___________________________________________________
Attest: _________________________________________________
Xxxxxxxx X. Xxxxxxxx, Assistant Secretary
