Exhibit 10.6
GREENWORKS MOLECULAR INSIGHT PHARMACEUTICALS LEASE
1. DATE OF LEASE: June 19, 2003
2. LANDLORD: RayJoe Limited Partnership, a Massachusetts limited partnership,
which expression shall include its heirs, executors, administrators,
successors and assigns.
2A. LANDLORD'S ADDRESS: c/o Gravestar, Inc., Xxx Xxxxxxxx, Xxxxxxxxx, XX 00000
3. TENANT: MOLECULAR INSIGHT PHARMACEUTICALS, INC., which expression shall
include its heirs, executors, administrators, successors and assigns.
Please note that Tenant was formerly known as Biostream, Inc.
3A. TENANT'S ADDRESS: Greenworks Building, 000 Xxxxxx Xxxxxx, Xxxxxxxxx,
Xxxxxxxxxxxxx 00000
4. DEMISED PREMISES: Landlord hereby leases to Tenant and Tenant hereby leases
from Landlord, upon and subject to the terms and provisions of this Lease,
Office Space containing approximately 3,064 rentable square feet of floor
area, and Laboratory Space containing approximately 1,481 rentable square
feet of floor area all as more fully shown on EXHIBIT E, attached hereto,
located in the Greenworks Building, 160 Second Street, Cambridge,
Massachusetts ("Property"), together with the right to use in common with
others entitled thereto, the hallways, stairways and elevator (if any)
necessary for access to the Demised Premises, and lavatories nearest
thereto, if there is no lavatory within the Demised Premises.
4A. ACCEPTANCE OF DEMISED PREMISES: Tenant agrees that no representations or
warranties respecting the condition of the Demised Premises and no promises
to alter, repair or improve the Demised Premises have been made by
Landlord, except as expressly provided for in this Lease. Tenant occupies
office and laboratory space at the Greenworks Building under previous
leases for office and laboratory spaces dated May 15, 1998, as amended,
scheduled to terminate on June 30, 2003.
4B. LABORATORY RELOCATION WORK: Landlord and Tenant agree to relocate Tenant's
Third Floor laboratory space located in Unit #28 and Second Floor
laboratory space located in Unit #20 to the New Laboratory Space on the
Second Floor, Units #14, #15 and #20 pursuant to the Biostream Relocation
Project Scope Summary, Design Build Specification, Electrical
Specification, Equipment List, and Xxxxxxxxx Xxxxx and Plumbing Permit
Letters shown on EXHIBIT B, and Plans D.1.1, A.1.1 and A.6.1, dated May
6, 2003 shown on EXHIBIT C, known in the aggregate as the Laboratory
Relocation Work.
4C. LABORATORY RELOCATION SCHEDULE: Landlord and Tenant agree to the proposed
Laboratory Relocation Schedule provided by Xxxx Xxxxxx and Associates,
dated May 2, 2003 as shown on EXHIBIT D. Landlord and Tenant agree that the
attached Laboratory Relocation Schedule is provided as the most current and
viable estimate for the Laboratory Relocation Work. Landlord and Tenant
agree that neither Landlord, Gravestar, Inc., Xxxx Xxxxxx and Associates as
Landlord's Contractor, nor Xxxxxxxx Xxxxx as Landlord's
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Project Manager will assume any responsibility, financial or otherwise, for
any delays in the Laboratory Relocation Schedule. Good faith efforts will
be used to accommodate Tenant's needs in the event of unforeseen delays to
the Laboratory Relocation Schedule. Biostream Inc, as Tenant is solely
responsible for obtaining any and all permits and approvals for the
operation of its laboratory(ies). Xxxx Xxxxxx and Associates, under
contractual obligation with Landlord to provide pre-construction and
construction services, is responsible for obtaining the local building
permit required to execute the Laboratory Relocation Work and providing the
local certificate of occupancy.
4D. LABORATORY RELOCATION COST: Landlord and Tenant agree to share the cost of
the Laboratory Relocation Work as shown on EXHIBIT A, as follows:
1. The GMP Contract between Landlord and Xxxx Xxxxxx and Associates
estimates the cost of the Laboratory Relocation Work at $327,426. The
GMP Contract Summary includes an itemized list of additional work to
be performed for the benefit of Tenant in the amount of $19,800, which
falls outside of the scope of the original agreed-upon relocation
work.
2. Landlord agrees to pay 66.7% (2/3) of the final cost of the Laboratory
Relocation Work minus the additional work to be performed for the
benefit of Tenant (($327,426 - $19,800) x 0.667). Thus, Landlord's
contribution is estimated at $205,186.54.
3. Tenant agrees to pay 33.3% (1/3) of the final cost of the original
agreed-upon relocation work plus the additional work to be performed
for the benefit of Tenant (($307,626 x 0.333) + $19,800). Thus,
Tenant's contribution is estimated at $122,239.46.
4. Landlord and Tenant agree to share any net cost savings that may
accrue from the GMP Contract estimate proportionately. Thus, Landlord
will receive 66.7% and Tenant will receive 33.3% of any resulting net
cost savings.
5. LEASE TERM: Five (5) Lease Years.
5A. COMMENCEMENT DATE: July 1, 2003, subject to the following exception:
Pursuant to the New Laboratory Space on the Second Floor, if the Laboratory
Relocation Work is completed prior to July 1, 2003 and Tenant is in
physical possession of the New Laboratory Space on the Second Floor, all
provisions of this Lease will apply to said New Laboratory Space on the
Second Floor, except for the payment of rent, tax and operating expenses
charges, which shall be governed by the provisions of the previous
laboratory Lease (dated May 15, 1998, as amended), until June 30, 2003.
5B. TERMINATION DATE: June 30, 2008
6. PERMITTED USE: Tenant shall use the portions of the Demised Premises listed
under Exhibit E, as Office Space solely and exclusively for the purpose of
general offices and Laboratory Space solely and exclusively for the purpose
of laboratory uses in conformance with the provisions of this Lease and in
compliance with all applicable laws and regulations, including
environmental laws, regulations, ordinances, orders and standards.
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7. RENT:
Dates: Yearly Rent: Monthly Rent: Rent psf.
------ ------------ ------------- ---------
Office Space: 7/1/03 to 6/30/08 $79,668.00 $6,639.00 $26.00
Laboratory Space: 7/1/03 to 6/30/08 $44,430.00 $3,702.50 $30.00
Tenant agrees to pay rent to Landlord in monthly installments, in advance,
on the first day of each and every month during the Lease Term.
7A. PARKING CHARGE: Tenant agrees to pay $500.00 per month for the use of Five
(5) assigned parking space(s) within the Property. Landlord, at its sole
discretion, reserves the right to increase its parking charges in the
future to adjust to market conditions. Said increase becomes effective upon
30-day advance written notice to Tenant.
8. SECURITY DEPOSIT: A Security Deposit in the amount of $5,248.75 is
currently held by Landlord under the previous Lease, as security for the
punctual performance of each and every obligation under the Lease. The
Security Deposit will be refunded to Tenant within sixty (60) days after
the end of the Lease Term without interest, subject to the Tenant's
satisfactory compliance with the terms of the Lease.
9. TAX CHARGE: Tenant shall pay to Landlord as additional rent hereunder,
21.5% of real estate taxes charged to the land and buildings of which the
Demised Premises are a part of, for each Lease Year. Tenant's Tax charge of
14.5% in relation to the Office Space will be computed in excess of real
estate taxes assessed for fiscal year 2003. Tenant's Tax Charge of 7% in
relation to the Laboratory Space will be computed by multiplying the real
estate taxes by 7%, without any initial tax base. Tenant shall make
estimated monthly payments based upon reasonable projections made by
Landlord, adjusted as needed. When the actual annual Tax liability is
known, Landlord will promptly issue a written statement and refund any
overpayment to Tenant or request Tenant to pay any underpayment balance.
Tenant will pay any underpayment within 30 days after receipt of Landlord's
statement.
10. OPERATING EXPENSES CHARGE: Tenant shall pay to Landlord as additional rent
hereunder, 21.5% of all costs and expenses incurred by Landlord for each
Lease Year in connection with the operation and maintenance of the land and
buildings of which the Demised Premises are a part of. Tenant's Operating
Expenses Charge of 14.5% in relation to the Office Space will be computed
in excess of actual operating expenses for the calendar year 2003. Tenant's
Operating Expenses Charge of 7% in relation to the Laboratory Space will be
computed by multiplying the actual operating expenses by 7%, without any
initial operating expenses base. Tenant shall make estimated monthly
payments based upon reasonable projections made by Landlord, adjusted as
needed. Within 90 days after the end of each calendar year during the Lease
Term, Landlord will issue a written statement of actual annual operating
expenses and refund any overpayment to Tenant or request Tenant to pay any
underpayment balance. Tenant will pay any underpayment within 30 days after
receipt of Landlord's statement.
11. LATE PAYMENTS: Any installment of Rent, additional rent and any other
required payment not paid by Tenant within ten (10) days after the due
date, shall bear a late charge until paid, equal to the lesser of 1.5% of
the amount due for each month or the highest rate permitted by law.
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12. TENANT'S WORK: Upon the prior written consent of Landlord, Tenant shall, at
its own expense, complete any work in and to the Demised Premises, in a
good and workmanlike manner with materials of the highest quality, without
interference to other work or businesses within the Greenworks Building,
and in compliance with the terms of this Lease and all applicable laws,
codes, ordinances and regulations. Landlord reserves the right, upon
twenty-four (24) hours written notice to Tenant, to order Tenant to cease
any and all Tenant's Work, if such work appears to cause disharmony, does
not comply with union work rules applicable at the Property or interferes
with the orderly operation of the other Tenants within the Property.
Tenant's Work shall be performed only in accordance with applicable rules
and regulations contained in the Greenworks Policy Manual and complete
plans and specifications submitted to and approved in advance by Landlord.
13. TENANT COVENANTS & OBLIGATIONS: Tenant agrees to conform to the following
provisions during the Lease Term:
(a) Tenant will conform and abide to the rules and regulations contained in
the Greenworks Policy Manual, attached as EXHIBIT F. Landlord may, from
time to time, amend the Greenworks Policy Manual, effective upon advance
written notice to Tenant.
(b) Tenant will not make any alterations, improvements and/or additions to
the Demised Premises without the advance written consent of Landlord, not
to be unreasonably withheld. Any consent request will include such plans,
specifications and details as Landlord may reasonably request.
(c) Tenant agrees to maintain the Demised Premises in a clean, safe and
sanitary condition in accordance with all applicable federal, state and
local laws, codes, ordinances and regulations. Tenant shall not permit or
commit any waste.
(d) Tenant agrees to reimburse Landlord for the cost of replacement light
bulbs and ballasts for fluorescent light fixtures within the Demised
Premises.
(e) Tenant agrees to obtain prior written consent from Landlord before the
installation of any signage visible from the outside of the Demised
Premises.
(f) Tenant agrees not to perform or conduct any act or practice which may
injure the Demised Premises or the property, or which is unlawful,
improper, noisy, offensive or in any manner contrary to all applicable
federal, state and local laws, codes, ordinances and regulations.
(g) Tenant agrees not to do any spray painting within the Demised Premises.
(h) Tenant agrees not to allow any mechanics' liens or other similar liens
to be placed upon the Property, as a result of any work related to Tenant
or its Demised Premises. Tenant will immediately cause any such liens to be
released of record, at its sole expense.
(i) Tenant agrees to periodically shampoo and/or wax any carpeting and/or
tiled flooring within the Demised Premises, as needed to maintain them in a
clean and good operating condition.
14. LANDLORD'S RIGHT TO CHANGE THE PROPERTY: Landlord reserves the right (but
not any obligation), from time to time, to alter, replace, construct, raze
or otherwise modify any buildings, structures, improvements, systems,
equipment, signs, or any other features within the Property, provided it
does not permanently interfere with Tenant's right to use the Demised
Premises.
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15. LANDLORD'S ACCESS: Landlord and its designees, shall have the right (but
not any obligation) at all times, upon reasonable advance notice to Tenant,
to enter upon the Demised Premises for the purpose of inspecting or
performing routine maintenance or repairs, or for any other reasonable
purpose, as determined by Landlord. No advance notice will be required in
the event of emergencies.
16. LANDLORD'S MAINTENANCE & REPAIR OBLIGATIONS: Landlord agrees to keep in the
same good order, condition and repair, as at present, less reasonable wear
and tear, the roof, and the exterior face and structural portions of the
Demised Premises. Landlord's obligations do not apply to damage caused by
fire, other insured casualty or condemnation. Landlord shall not be
responsible to repair or restore any damage caused by any act, omission or
negligence of Tenant, its employees, agents, licensees, invitees or
contractors, and Tenant shall bear the entire cost of such damage.
16A. CLEANING: Landlord agrees to empty customary office-type waste baskets on
each business day, vacuum at least once per week and clean windows twice
per year.
17. TENANT'S INSURANCE: Tenant agrees to pay for and maintain in full force
during the Lease Term, a policy of comprehensive general liability
insurance for personal injury and property damage on an occurrence basis,
under which the Landlord or others as may be set out in written notice by
landlord to Tenant, from time to time, are named as additional insureds.
Each policy will be written by a company(ies) licensed to do business in
Massachusetts and rated A-VIII or higher by A.M. Best's Rating Agency and
will be non-cancelable without at least thirty (30) days' prior written
notice to Landlord. The minimum limits of liability of such insurance shall
be not less than $1,000,000, combined single limit for personal injury and
death, and for property damage arising out of any one incident or disaster.
Tenant shall provide Landlord with evidence of full coverage prior to
Tenant's occupancy. Tenant will provide Landlord with a renewed Certificate
of Insurance, thirty (30) days prior to the expiration of the current
policy.
17A. TENANT'S PROPERTY INSURANCE: Tenant shall keep its fixtures, equipment,
furniture and other personal property insured against loss or damage by
fire with the usual extended coverage endorsements. Tenant assumes all risk
of damage or loss to its own property arising from any cause, including
theft.
17B. INCREASE IN INSURANCE RATES: Tenant agrees that it will not use, do or
permit anything to be done in or upon the Demised Premises, which makes
voidable or increases the rate of insurance on the property or any part
thereof, and agrees to pay for any increase which may arise from such use
or action.
17C. INDEMNIFICATION: Tenant agrees to indemnify and save harmless Landlord from
and against all claims, actions or damages of whatever nature arising from
any act, omission or negligence of the Tenant or Tenant's contractors,
licensees, invitees, agents, servants or employees, on or about the Demised
Premises or Property, during the Lease Term. Landlord agrees to indemnify
and save harmless Tenant from and against all claims, actions or damages of
whatever nature arising from any act, omission or negligence of the
Landlord or Landlord's contractors, licensees, invitees, agents, servants
or employees, on or about the Demised Premises, during the Lease Term.
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18. UTILITIES: Landlord will provide and maintain all utilities serving the
Demised Premises. Landlord reserves the right to place and maintain within
the Demised Premises utility lines, pipes, fixtures, conduits and the like
to serve the Demised Premises and other premises. Landlord shall not be
liable to Tenant in damages or otherwise for any interruption, curtailment
or suspension of any utility services. Tenant agrees to install, maintain
and pay for all expenses associated with telephone and internet services.
19. ASSIGNMENT AND SUBLETTING: Tenant may not assign this Lease or sublet the
Demised Premises without Landlord's prior written approval, not to be
unreasonably withheld. Notwithstanding any consent, Tenant shall remain
liable to Landlord for the payment of all rents and for the full
performance of the terms of this Lease.
20. FIRE, CASUALTY AND EMINENT DOMAIN: Landlord may elect to terminate this
Lease if the Demised Premises or the Property are substantially damaged by
fire, other casualty or taken by condemnation or the right to eminent
domain. Landlord's obligation to repair and restore in the event of partial
damage by fire or other casualty is limited by the actual net amount of
insurance proceeds. Tenant may elect to terminate this Lease if Landlord
fails to give written notice within thirty (30) days after the event, of
its intention to restore the Demised Premises or Landlord fails to restore
the Demised Premises to a condition reasonably suited for its intended use
within ninety (90) days after said event. Landlord will provide Tenant with
a just and proportionate abatement of rent during the time the Demised
Premises remain substantially unsuitable for their intended use. Landlord
reserves and Tenant assigns to Landlord all rights which Tenant may have
for damages or injury to the Demised Premises for any condemnations or
takings by eminent domain.
21. SURRENDER OF PREMISES: Upon the expiration or sooner termination of this
Lease, Tenant shall remove all Tenant's equipment, furniture and other
personal property and surrender the Demised Premises in good and tenantable
order and repair and in good operating condition, except for ordinary wear
and tear. If Tenant fails to surrender the premises as required, Landlord
may retain or dispose of Tenant's property or restore the premises, all at
Tenant's expense. Any fixtures or other improvements installed by Landlord
or Tenant remain Landlord's property and should not be removed by Tenant
without Landlord's prior written consent.
21A. HOLDOVER BY TENANT: If Tenant remains in possession, after the expiration
or sooner termination of this Lease without an executed renewal, this Lease
becomes a month to month tenancy, at a monthly rental equal to two hundred
(200%) percent of the rent payable during the last month of the Lease Term,
subject to all other charges and terms contained in this Lease.
22. ENVIRONMENTAL MATTERS: Tenant agrees not to use, store, generate,
manufacture, process or dispose of (or suffer or permit the use, storage,
generating, manufacturing, processing or disposal of) oil, grease,
chemical, hazardous, toxic or dangerous materials, substances or waste at
or around the Demised Premises, Property or within any pipes, conduits,
drains, mains or ducts or into any septic, sewer, drainage or other
systems, except for materials used in Tenant's Laboratory Space solely and
exclusively for the purpose of
GREENWORKS MOLECULAR LEASE
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laboratory uses in conformance with the provisions of this Lease and
stored, used and disposed in strict compliance with all applicable laws and
regulations, including environmental laws, regulations, ordinances, orders
and standards. Tenant shall at all times comply with all applicable
federal, state and local environmental laws, ordinances, orders or
regulations now or hereafter affecting or applicable to the Demised
Premises or Property. Tenant agrees to indemnify, defend, save and hold
harmless Landlord from all claims, actions, liens, demands, costs,
expenses, fines and judgments resulting from any spills or contamination of
any kind caused by the acts or omissions of Tenant or its agents,
employees, licensees, servants or contractors or any other violation of
applicable environmental laws or this Provision of this Lease. Tenant
agrees to pay all costs associated with the evaluation and remediation of
any environmental matter and enforcement of this Environmental Provision
including any reasonable engineering, consulting or legal fees and
expenses. Landlord reserves the right to request Tenant to provide data,
specifications and professional opinions in connection with any
environmental concern related to Tenant or the Demised Premises.
23. SUBORDINATION: Tenant's rights under this Lease shall be subject and
subordinate to any mortgages or deeds of trust or other instruments in the
nature of a mortgage or lien on the Property and Tenant, upon request,
shall promptly execute and deliver any written instrument necessary to show
the subordination of this Lease.
24. EVENTS OF DEFAULT: In the event that: (a) Tenant shall default in the
payment of rent or any other payments and such default shall continue for
ten (10) days; or (b) Tenant shall default in the performance of any
covenant or obligation under the terms of this Lease and such default shall
not be corrected within fifteen (15) days after written notice thereof; or
(c) Tenant shall be declared bankrupt or insolvent according to law, or, if
any assignment shall be made of Tenant's property for the benefit of
creditors, then:
Landlord shall have the right at any time thereafter, while such default
continues, to re-enter the Demised Premises and take complete possession,
to declare the term of this Lease ended, and remove the Tenant's effects,
without prejudice to any other remedies that might be otherwise used for
unpaid rents or other defaults. Tenant shall indemnify Landlord against
loss of rent and other payments that the Landlord may incur by reason of
such termination during the remainder of the Lease Term.
In the event that Tenant shall default in the performance of any covenant
or obligation under the terms of this Lease, excluding non-payment of rent
or other charges, and such default shall not be corrected within fifteen
(15) days after written notice thereof, Landlord may (but is not obligated
to do so) remedy such default at the expense of Tenant, to be paid as
additional rent.
Failure by Landlord to complain of any action or non-action on the part of
Tenant, no matter how long or frequent the same may continue, shall never
be deemed to be a waiver by Landlord of any rights hereunder.
25. NO BROKERAGE: Landlord and Tenant warrant and represent that they have had
no contact or dealings with any broker or any person or entity intending to
claim a commission, in connection with this Lease or the Demised Premises.
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26. LIMITATION OF LIABILITY: Landlord shall not be liable to Tenant for any
failure to perform its obligations under the terms of this Lease due to any
cause beyond Landlord's reasonable control or caused by an act or neglect
of Tenant or its servants, agents, employees or licensees. Landlord shall
never be liable to Tenant for any indirect or consequential damages. No
trustee, beneficiary, agent, employee, officer or partner of Landlord, nor
any person, firm or entity having an interest in Landlord, shall ever be
personally liable for any performance of Landlord's obligations under this
Lease or any related judgments. Landlord's obligations are limited to the
provisions of this Lease, during its ownership interest in the Property and
are not binding upon any other assets held by Landlord.
27. NOTICES: Any notice required under the terms of this Lease shall be in
writing and shall be hand-delivered or sent to Landlord at Landlord's
Address and to Tenant at Tenant's Address. Notice shall be sent by
registered or certified mail, return receipt requested, postage prepaid or
by a recognized national courier that maintains records of delivery, such
as Federal Express. Notice shall be deemed given when received, refused or
tendered for delivery, provided it is correctly addressed.
28. AUTHORIZATION: The person signing this Lease on behalf of Tenant by virtue
of his or her signature hereon personally represents and warrants to
Landlord that Tenant has taken all necessary actions to authorize his or
her signature hereon on behalf of such Tenant and that upon the signing and
delivery hereof to the Landlord by him or her, this Lease will be binding
upon Tenant.
WITNESS the execution hereof, under seal, in any number of counterpart
copies, each which shall be deemed to be an original for all purposes as of
the day and year first above written.
LANDLORD: TENANT:
RAYJOE LIMITED PARTNERSHIP MOLECULAR INSIGHT
By: KDO Real Estate Holdings, Inc. PHARMACEUTICALS, INC.
By: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxx X. XxXxxx
------------------------ ------------------------
Xxxxxxx X. Xxxxxx Name: Xxxx X. XxXxxx
Treasurer, duly authorized. Title: COO, duly authorized
ATTEST By:
/s/ Xxxxx Xxxxxx Coco
------------------------------
Name: Xxxxx Xxxxxx Coco
Title: Dir. Business Development &
Operations
GREENWORKS MOLECULAR LEASE
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FIRST AMENDMENT TO MOLECULAR INSIGHT PHARMACEUTICALS, INC., GREENWORKS
OFFICE LEASE
For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, RayJoe Limited Partnership ("Landlord") and Molecular
InSight Pharmaceuticals, Inc., ("Tenant"), confirm the following facts and their
agreement as follows:
1. RECITALS. Landlord and Tenant are parties to a Lease Agreement dated
June 19, 2003 ("Lease"). By mutual agreement, the parties hereby agree to lease
two (2) additional office spaces until the expiration date of the Lease on June
30, 2008. The spaces are shown under attached EXHIBIT A.
The purpose of this writing is to set forth the entire agreement of the parties
with respect thereto.
2. AMENDMENT. The Lease is hereby amended as follows:
A. ADDITIONAL SPACE #1: Tenant shall lease Xxxx # 00, the Pioneer Financial
office space, as is, containing approximately 198 rsf, for a term of five
(5) years, commencing on September 1, 2003 until June 30, 2008 ("Additional
Space #1"). Tenant agrees that Landlord has made no representations or
warranties respecting the condition of the Additional Space #1.
B. FIXED RENT FOR ADDITIONAL SPACE #1: Provided Landlord has delivered the
Additional Space #1, Tenant shall pay Fixed Rent ("Rent"), commencing on
September 1, 2003, as follows:
Dates: Yearly Rent: Monthly Rent:
------ ------------ -------------
9/1/03 - 6/30/08 $ 5,148.00 $ 429.00
C. ADDITIONAL SPACE #1 AVAILABILITY CONTINGENCY: In the event that,
Additional Space #1 is not delivered to Tenant as of December 1, 2003, the
portions of this Amendment relating to Additional Space #1 will become void
and unenforceable, unless Landlord and Tenant mutually agree to extend the
delivery date for said unavailable space.
D. ADDITIONAL SPACE #2: Tenant shall lease Unit #16, currently occupied by
Xxxxxx Xxxxxx, as is, containing approximately 170 rsf, for a term of five
(5) years, commencing on October 1, 2003 until June 30, 2008 ("Additional
Space #2"). Tenant agrees that Landlord has made no representations or
warranties respecting the condition of the Additional Space #2.
E. FIXED RENT FOR ADDITIONAL SPACE #2: Provided Landlord has delivered the
Additional Space #2, Tenant shall pay Fixed Rent ("Rent"), commencing on
October 1, 2003, as follows:
Dates: Yearly Rent: Monthly Rent:
------ ------------ -------------
10/1/03 - 6/30/08 $ 4,416.00 $ 368.00
MOLECULAR INSIGHT FIRST AMENDMENT
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F. ADDITIONAL SPACE #2 AVAILABILITY CONTINGENCY: In the event that,
Additional Space #2 is not delivered to Tenant as of December 1, 2003, the
portions of this Amendment relating to Additional Space #2 will become void
and unenforceable, unless Landlord and Tenant mutually agree to extend the
delivery date for said unavailable space.
G. ADDITIONAL RENT ADJUSTMENT PERCENTAGES:
1. TAX CHARGE: Tenant shall pay 16 % of real estate taxes for the
Property over the 2003 fiscal year tax base, as additional rent in
relation to its office space.
2. OPERATING COST: Tenant shall pay 16 % of operating expenses for the
Property over the 2003 calendar year base operating expenses, as
additional rent in relation to its office space.
H. BASEMENT STORAGE: Tenant shall pay a charge of $110.00 per month for its
lease of a wire cage in the basement, containing approximately 110 square
feet for storage purposes only, commencing on July 1, 2003 until June 30,
2008. Landlord shall not be liable for any damage or losses incurred by
Tenant due to theft, fire or any other cause. Tenant agrees to insure the
personal property stored in said wire cage and assumes full responsibility
for its security.
3. GENERAL. The individual signing this writing on behalf of Tenant
personally represents and warrants to Landlord that all necessary corporate
action authorizing the same has been duly taken and that upon the execution and
delivery hereof, this writing shall be binding upon the Tenant and enforceable
in accordance with its terms. Landlord and Tenant confirm that, as except as
modified hereby, the Lease remains in full force and effect upon all the other
terms and provisions.
EXECUTED as a sealed instrument_____________________________, 2003.
LANDLORD: TENANT:
RAYJOE LIMITED PARTNERSHIP MOLECULAR INSIGHT
By: KDO Real Estate Holdings, Inc. PHARMACEUTICALS, INC.
By: _____________________________ By: /s/ Xxxx X. XxXxxx
Xxxxxxx X. Xxxxxx ------------------
Treasurer, duly authorized Name: Xxxx X. XxXxxx
Title: COO, as duly authorized.
ATTEST By:
/s/ Xxxx X. Xxxxxx
--------------------
Name: XXXX X. XXXXXX
Title: PRESIDENT & CSO
MOLECULAR INSIGHT FIRST AMENDMENT
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EXHIBIT A
[FLOOR PLAN]
