OFFICE LEASE AGREEMENT
XXXXX GLOBAL REIT
RIVERSIDE CENTER, LLC.,
a Delaware limited liability company
STEALTH PEPTIDES INCORPORATED, a Delaware corporation
OFFICE LEASE AGREEMENT
THIS OFFICE LEASE AGREEMENT (this “Lease”) is made and entered into as of October 31, 2014
(“Execution Date”), by and between XXXXX GLOBAL REIT RIVERSIDE CENTER, LLC., a Delaware limited liability company (“Landlord”), and
STEALTH PEPTIDES INCORPORATED, a Delaware corporation (“Tenant”). The following exhibits and attachments are incorporated into and made a part of this Lease: Exhibit A (Outline
and Location of Premises), Exhibit B (Expenses and Taxes), Exhibit C (Work Letter), Exhibit D (Commencement Letter), Exhibit E (Building Rules and Regulations), Exhibit F
(Additional Provisions) and Exhibit G (Form of Letter of Credit).
Basic Lease Information.
“Building” shall mean the building located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000,
and commonly known as Riverside Center. Landlord and Tenant acknowledge that the “Building”, as defined herein, consists of three buildings commonly known as One Riverside Center, Two Riverside Center and Three Riverside Center.
“Rentable Square Footage of the Building” is deemed to be 504,945 square feet.
The parties acknowledge that Tenant is currently occupying 6,761 square feet on the first (1st) floor of Three Riverside Center (“Area A”) pursuant to a sublease by and between Valassis Interactive, as sublandlord, and Tenant, as subtenant, dated October 15, 2013,
with Consent to Sublet dated November 5, 2013 (collectively, the “Sublease”), the term of which Sublease expires on November 30, 2015, and that, commencing as of December 1, 2015 (“Area A
Commencement Date”), Tenant shall lease Area A directly from Landlord on the terms and conditions hereof.
The parties hereby further acknowledge that, in addition to leasing Area A, commencing as of the Area B Commencement Date, as hereinafter
defined, Tenant shall lease additional premises containing 7,685 square feet on the first (1st) floor of Three Riverside Center (“Area B”) on the terms and conditions
hereof. From and after the Area B Commencement Date (defined below), the “Premises” shall be deemed to mean Area B, and from and after the Area A Commencement Date, the “Premises” shall be deemed to mean Area A and Area B,
collectively, both as shown on Exhibit A to this Lease. From and after the Area A Commencement Date, the “Rentable Square Footage of the Premises” is deemed to be 14,446 square feet.
Landlord and Tenant stipulate and agree that the Rentable Square Footage of the Building and the Rentable Square Footage of the Premises are correct.
“Base Rent-Area A”: Commencing as of the Area A Commencement Date, Tenant shall
pay Base Rent with respect to Area A as follows:
||Annual Rate Per
“Base Rent-Area B”: Commencing as of the Area B Commencement Date, Tenant shall
pay Base Rent with respect to Area B as follows:
||Annual Rate Per
||Monthly Base Rent
Area B Commencement Date -11/30/16*:
Tenant shall have no obligation to pay Base Rent with respect to Area B for the period commencing as of Area B
Commencement Date, and expiring as of the date that is three (3) full months after the Area B Commencement Date (the “Rent Abatement Period”). During the Rent Abatement Period, only Base Rent shall be abated, and
all additional rent and other costs and charges specified in the Lease shall remain as due and payable pursuant to the provisions of the Lease.
“Tenant’s Pro Rata Share”: Area A: 1.34%. Area B: 1.52%.
“Base Year” for Taxes (defined in Exhibit B): Fiscal Year (defined below)
2016 (i.e., July 1, 2015 to June 30, 2016); “Base Year” for Expenses (defined in Exhibit B): calendar year 2015.
For purposes hereof, “Fiscal Year” shall mean the Base Year for Taxes and each period of July 1 to June 30
Area A: The period commencing on the Area A Commencement Date and, unless terminated earlier in accordance with this Lease,
ending on November 30, 2020 (the “Termination Date”).
Area B: The date that is the later to
occur of (i) April 1, 2015, and (ii) the date on which Landlord delivers full and exclusive possession of Area B to Tenant, free of all tenants and occupants (“Area B Commencement Date”) and,
unless terminated earlier in accordance with this Lease, ending on November 30, 2020.
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The Area B Commencement Date is estimated to be April 1, 2015. Reference is made to the fact that Area B is currently occupied by another tenant in Three Riverside Center (the
“Existing Tenant”). Landlord and Tenant anticipate that the Existing Tenant will vacate Area B and deliver up possession thereof, on or before April 1, 2015, and that the same will be delivered to Tenant (which delivery
shall be considered to have occurred as of the date on which Landlord notifies Tenant that Area B has been vacated by the Existing Tenant and possession thereof is available to Tenant) broom clean and free of any personal property. Landlord shall
not be liable for a failure to deliver possession of Area B due to the holdover or unlawful possession of Area B by the Existing Tenant, provided, however, Landlord shall use reasonable efforts to obtain possession of Area B. Notwithstanding the
foregoing, in the event the Area B Commencement Date has not occurred by October 31, 2015, Tenant, may terminate this Lease at any time thereafter on sixty (60) days’ prior written notice, whereupon this Lease shall terminate at the
expiration of such 60-day period unless the Area B Commencement Date occurs on or before the expiration of such 60-day period. The termination remedy set forth in this
Section 1.05 is Tenant’s sole remedy for delay in the Area B Commencement Date.
Allowance(s): An amount not to exceed $150,000.00, as further described in the attached
“Security Deposit”: $325,000.00, as more fully described in Section 6, and
subject to reduction as provided in said Section 6.
“Tenant’s Broker”: Transwestern/RBJ.
“Permitted Use”: General business offices.
Xxxxx Global REIT Riverside Center, LLC
c/x Xxxxx Global REIT Inc.
0000 Xxxx Xxx Xxxxxxxxx, Xxxxx 0000 Xxxxxxx, Xxxxx 00000
With copies of any notices to Landlord shall be sent to:
Xxxxx Interests Limited Partners
000 Xxxxx Xxxxxx
Attention: Property Manager
Stealth Peptides Incorporated
Three Riverside Center
000 Xxxxx Xxxxxx, Xxxxx 0-000
With copies of any notices to Tenant sent to:
Xxxxxx Xxxxxx Xxxxxxxxx Xxxx and Xxxx LLP
00 Xxxxx Xxxxxx
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Goulston & Storrs, P.C.
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Attention: Riverside Center/Newton, Massachusetts
“Business Day(s)” are Monday through Friday of each week, exclusive of
New Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day (“Holidays”). Landlord may designate additional Holidays that are commonly recognized by other office buildings
in the area where the Building is located. “Building Service Hours” are 8:00 A.M. to 6:00 P.M. on Business Days and 8:00 A.M. to 1:00 P.M. on Saturdays.
“Property” means the Building and the parcel(s) of land on which it is located and, at
Landlord’s discretion, the parking facilities and other improvements, if any, serving the Building and the parcel(s) of land on which they are located.
Tenant shall not record this Lease or any memorandum or notice hereof without Landlord’s prior written
consent. If this Lease is terminated before the Term expires, upon Landlord’s request, the parties shall execute, deliver and record an instrument acknowledging the above and the date of the termination of this Lease.
“Letter of Credit” is as described in Section 6 hereof and in
Exhibit G attached hereto.
Landlord hereby leases the Premises to Tenant and Tenant hereby leases the Premises from Landlord. Tenant has the
non-exclusive right to use any portions of the Property that are designated by Landlord for the common use of tenants and others (the “Common Areas”).
Adjustment of Commencement Date; Possession.
3.01 [Intentionally Omitted.]
3.02 Effective as of the commencement of the Term for Area A and Area B, respectively, Area A and Area B shall be
accepted by Tenant in “as is” condition and configuration without any representations or warranties by Landlord. By taking possession of the Premises, Tenant agrees that the Premises are in good order and satisfactory condition. Landlord
shall not be liable for a failure to deliver possession of the Premises or any other space due to the holdover or unlawful possession of such space by another party, provided, however, Landlord shall use reasonable efforts to obtain possession of
any such space. In such event, the
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Commencement Date for the Premises, or the commencement date for such other space, as applicable, shall be postponed until the date Landlord delivers possession of such space to Tenant free from
occupancy by any party. Except as otherwise provided in this Lease, Tenant shall not be permitted to take possession of or enter the Premises prior to the Commencement Date without Landlord’s permission. If Tenant takes possession of or enters
the Premises before the Commencement Date, Tenant shall be subject to the terms and conditions of this Lease; provided, however, except for the cost of services requested by Tenant (e.g. after hours HVAC service), Tenant shall not be required to pay
Rent for any entry or possession before the Commencement Date during which Tenant, with Landlord’s approval, has entered, or is in possession of, the Premises for the sole purpose of performing improvements or installing furniture, equipment or
other personal property.
4.01 Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent
and Additional Rent due for the Term (collectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease. Tenant shall pay
and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon or measured by Rent. Base Rent and recurring monthly charges of Additional Rent shall be due and payable in advance on the first day of each
calendar month without notice or demand. All other items of Rent shall be due and payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the entity, and sent to the address, Landlord designates
and shall be made by good and sufficient check payable in United States of America currency or by other means acceptable to Landlord. If Tenant does not pay any Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount
of $250.00, provided that Tenant shall be entitled to a grace period of up to five (5) days for the first late payment of Rent in a calendar year. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum, and Tenant
shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant
hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant. Rent for any partial month during the Term shall be prorated. No endorsement or
statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Tenant’s covenant to pay Rent is independent of every other covenant in this Lease.
4.02 Tenant shall pay Tenant’s Pro Rata Share of Taxes and Expenses in accordance with Exhibit B of
Compliance with Laws; Use.
The Premises shall be used for the Permitted Use and for no other use whatsoever. Tenant shall comply with all statutes, codes, ordinances,
orders, rules and regulations of any municipal or governmental entity whether in effect now or later, including the Americans with Disabilities Act (“Law(s)”), regarding the operation of Tenant’s business,
the use, condition, configuration and occupancy of the Premises and the Building systems located in or exclusively serving the Premises. In addition, Tenant shall, at its sole cost and expense,
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promptly comply with any Laws that relate to the “Base Building” (defined below), but only to the extent such obligations are triggered by Tenant’s particular use of the Premises,
i.e., other than for office use generically, or by any Alterations or improvements in the Premises performed or requested by Tenant. “Base Building” shall include the structural portions of the Building, the public restrooms
and the Building mechanical, electrical and plumbing systems and equipment located in the internal core of the Building on the floor or floors on which the Premises are located. Tenant shall promptly provide Landlord with copies of any notices it
receives regarding an alleged violation of Law. Tenant shall not exceed the standard density limit for the Building. Tenant shall comply with the rules and regulations of the Building attached as Exhibit E and such other reasonable
rules and regulations adopted by Landlord from time to time, including rules and regulations for the performance of Alterations (defined in Section 9.03).
As described below, the Security Deposit shall be delivered to Landlord upon the execution of this Lease by Tenant and held by Landlord without
liability for interest (unless required by Law) as security for the performance of Tenant’s obligations. The Security Deposit is not an advance payment of Rent or a measure of damages. Landlord may from time to time and without prejudice to any
other remedy provided in this Lease or by Law, use all or a portion of the Security Deposit to the extent necessary to satisfy past due Rent or to satisfy any other loss or damage resulting from Tenant’s breach under this Lease. If Landlord
uses any portion of the Security Deposit, Tenant, within five (5) days after demand, shall restore the Security Deposit to its original amount. Landlord shall return the Letter of Credit (defined below) and/or any unapplied portion of the
Security Deposit to Tenant within forty-five (45) days after the Termination Date or the date Tenant surrenders the Premises to Landlord in compliance with Section 25. Landlord may assign the Security Deposit to a successor or transferee
and, following the assignment, Landlord shall have no further liability for the return of the Security Deposit. Landlord shall not be required to keep the Security Deposit separate from its other accounts.
The Security Deposit shall be in the initial amount of $325,000.00 payable as follows: (i) $162,500.00 due and payable upon execution of this
Lease, and (ii) $162,500.00 due and payable upon the Area B Commencement Date. The Security Deposit shall be in the form of an irrevocable letter of credit (the “Letter of Credit”), which Letter of Credit
shall (a) be issued on the form attached hereto as Exhibit G; (b) name Landlord as its beneficiary; (c) be drawn on an FDIC insured financial institution reasonably satisfactory to the Landlord that satisfies both the
Minimum Rating Agency Threshold and the Minimum Capital Threshold (as those terms are defined below), and (d) provide that draws upon the Letter of Credit may be made at an office of the issuer located in the continental United States (the
“Draw Requirement”). The “Minimum Rating Agency Threshold” shall mean that the issuing bank has outstanding unsecured, uninsured and unguaranteed senior
long-term indebtedness that is then rated (without regard to qualification of such rating by symbols such as “+” or “-” or numerical notation) “Baa” or better by Xxxxx’x Investors Service, Inc. and/or
“BBB” or better by Standard & Poor’s Rating Services, or a comparable rating by a comparable national rating agency designated by Landlord in its discretion. The “Minimum Capital
Threshold” shall mean that the Issuing Bank has combined capital, surplus and undivided profits of not less than $10,000,000,000. The Letter of Credit (and any renewals or replacements thereof) shall be for a term of not less than
one (1) year.
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If the issuer of the Letter of Credit gives notice of its election not to renew such Letter of Credit for any additional period, Tenant shall be required to deliver a substitute Letter of Credit
satisfying the conditions hereof at least thirty (30) days prior to the expiration of the term of such Letter of Credit. If the issuer of the Letter of Credit fails to satisfy any of the Minimum Rating Agency Threshold, the Minimum Capital
Threshold, or the Draw Requirement, Tenant shall be required to deliver a substitute letter of credit from another issuer reasonably satisfactory to the Landlord and that satisfies all of the Minimum Rating Agency Threshold, the Minimum Capital
Threshold, and the Draw Requirement not later than ten (10) Business Days after Landlord notifies Tenant of such failure, at which time Landlord shall return the existing Letter of Credit to Tenant. Tenant agrees that it shall from time to
time, as necessary, whether as a result of a draw on the Letter of Credit by Landlord pursuant to the terms hereof or as a result of the expiration of the Letter of Credit then in effect, renew or replace the original and any subsequent Letter of
Credit so that a Letter of Credit, in the amount required hereunder, is in effect until a date which is at least sixty (60) days after the Termination Date of the Lease. If Tenant fails to furnish such renewal or replacement at least sixty
(60) days prior to the stated expiration date of the Letter of Credit then held by Landlord, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) as a Security Deposit pursuant to
the terms of this Article 6. Any renewal or replacement of the original or any subsequent Letter of Credit shall meet the requirements for the original Letter of Credit as set forth above, except that such replacement or renewal shall be issued by a
national bank reasonably satisfactory to Landlord at the time of the issuance thereof. Tenant shall initially provide a Letter of Credit in the amount of $162,500.00 upon execution of this Lease. On or before the Area B Commencement Date, Tenant
shall (i) provide Landlord with an amendment to the Letter of Credit increasing the amount available under the Letter of Credit to $325,000.00 or (ii) provide Landlord with an additional Letter of Credit in the amount of $162,500.00. From
and after the Area B Commencement Date, all references to the “Letter of Credit” shall mean such Letter of Credit, as amended, or both such Letters of Credit, as the case may be.
If Landlord draws on the Letter of Credit as permitted in this Lease or the Letter of Credit, then, upon demand of Landlord, Tenant shall
restore the amount available under the Letter of Credit to its original amount by providing Landlord with an amendment to the Letter of Credit evidencing that the amount available under the Letter of Credit has been restored to its original amount.
Subject to the remaining terms of this Section 6, and provided that (i) Tenant is not then in Default (defined below)
hereunder, and (ii) Tenant has timely paid all Rent due under this Lease during the twelve (12) month period immediately preceding the Reduction Date (defined below), Tenant shall have the right to reduce the amount of the Security Deposit
(i.e., the Letter of Credit) to $250,000.00 effective as of December 1, 2018 (the “Reduction Date”). Any reduction in the Letter of Credit shall be accomplished by Tenant providing Landlord with a substitute letter of
credit in the reduced amount, whereupon Landlord shall return to Tenant the original Letter of Credit.
Notwithstanding the foregoing,
Tenant shall have the right to pay either or both installments of the Security Deposit in cash. If Tenant does so, it may subsequently provide a Letter of Credit in accordance with the foregoing provisions of this Section 6 in substitution of
the cash Security Deposit. Upon receipt of the Letter of Credit, Landlord shall return the cash Security Deposit to Tenant.
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7.01 Landlord shall furnish Tenant with the following services: (a) water for use in the Base Building lavatories;
(b) customary heat and air conditioning in season during Building Service Hours as necessary for reasonably comfortable occupation of the Premises, although (i) Tenant shall have the right to receive HVAC service during hours other than
Building Service Hours by paying Landlord’s then standard charge for additional HVAC service and providing such prior notice as is reasonably specified by Landlord, and (ii) if Tenant is permitted to connect any supplemental HVAC units to
the Building’s condenser water loop or chilled water line, such permission shall be conditioned upon Landlord having adequate excess capacity from time to time and such connection and use shall be subject to Landlord’s reasonable approval
and reasonable restrictions imposed by Landlord, and Landlord shall have the right to charge Tenant a connection fee and/or a monthly usage fee, as reasonably determined by Landlord; (c) standard janitorial service on Business Days;
(d) elevator service; (e) electricity in accordance with the terms and conditions in Section 7.02; (f) access to the Building for Tenant and its employees twenty-four (24) hours per day, seven (7) days per week, subject to
the terms of this Lease and such protective services or monitoring systems, if any, as Landlord may reasonably impose, including, without limitation, sign-in procedures and/or presentation of identification
cards; and (g) such other services as Landlord reasonably determines are necessary or appropriate for the Property or as are generally available in similar class A office buildings. If Landlord, at Tenant’s request, provides any services
which are not Landlord’s express obligation under this Lease, including, without limitation, any repairs which are Tenant’s responsibility pursuant to Section 9 below, Tenant shall pay Landlord, or such other party designated by
Landlord, the cost of providing such service plus a reasonable administrative charge.
7.02 Electricity used by
Tenant in the Premises shall be paid for by Tenant by a separate monthly charge payable by Tenant to Landlord as estimated by Landlord (and reconciled annually by a submeter or check meter currently installed in the Premises that measures only the
electric service consumed in the Premises). Without the consent of Landlord, Tenant’s use of electrical service shall not exceed the Building standard usage, per square foot, as reasonably determined by Landlord, based upon the Building
standard electrical design load. Landlord shall have the right to measure electrical usage by commonly accepted methods, including the installation of measuring devices such as submeters and check meters.
7.03 Landlord’s failure to furnish, or any interruption, diminishment or termination of services due to the
application of Laws, the failure of any equipment, the performance of maintenance, repairs, improvements or alterations, utility interruptions or the occurrence of an event of Force Majeure (defined in Section 26.03) (collectively a
“Service Failure”) shall not render Landlord liable to Tenant, constitute a constructive eviction of Tenant, give rise to an abatement of Rent, nor relieve Tenant from the obligation to fulfill any covenant or
agreement. However, if the Premises, or a material portion of the Premises, are made untenantable for a period in excess of three (3) consecutive Business Days as a result of a Service Failure that is reasonably within the control of Landlord
to correct, then Tenant, as its sole remedy, shall be entitled to receive an abatement of Rent payable hereunder during the period beginning on the
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fourth (4th) consecutive Business Day of the Service Failure and ending on the day the service has been restored. If the entire Premises have
not been rendered untenantable by the Service Failure, the amount of abatement shall be equitably prorated.
All improvements in and to the Premises, including any Alterations (defined in Section 9.03) (collectively, “Leasehold
Improvements”) shall remain upon the Premises at the end of the Term without compensation to Tenant, provided that Tenant, at its expense, shall remove any Cable (defined in Section 9.01 below). In addition, Landlord, by written
notice to Tenant at least thirty (30) days prior to the Termination Date, may require Tenant, at Tenant’s expense, to remove any Landlord Work or Alterations that, in Landlord’s reasonable judgment, are of a nature that would require
removal and repair costs that are materially in excess of the removal and repair costs associated with standard office improvements (the Cable and such other items collectively are referred to as “Required Removables”).
Required Removables shall include, without limitation, internal stairways, raised floors, personal baths and showers, vaults, rolling file systems and structural alterations and modifications. The Required Removables shall be removed by Tenant
before the Termination Date. Tenant shall repair damage caused by the installation or removal of Required Removables. If Tenant fails to perform its obligations in a timely manner, Landlord may perform such work at Tenant’s expense. Tenant, at
the time it requests approval for a proposed Alteration, including any Initial Alterations or Landlord Work, as such terms may be defined in the Work Letter attached as Exhibit C, may request in writing that Landlord advise Tenant
whether the Alteration, including any Initial Alterations or Landlord Work, or any portion thereof, is a Required Removable. Within ten (10) days after receipt of Tenant’s request, Landlord shall advise Tenant in writing as to which
portions of the alteration or other improvements are Required Removables.
Repairs and Alterations.
9.01 Tenant shall periodically inspect the Premises to identify any conditions that are dangerous or in need of
maintenance or repair. Tenant shall promptly provide Landlord with notice of any such conditions. Tenant, at its sole cost and expense, shall perform all maintenance and repairs to the Premises that are not Landlord’s express responsibility
under this Lease, and keep the Premises in good condition and repair, reasonable wear and tear excepted. Tenant’s repair and maintenance obligations include, without limitation, repairs to: (a) floor covering; (b) interior partitions;
(c) doors; (d) the interior side of demising walls; (e) Alterations (described in Section 9.03); (f) supplemental air conditioning units, kitchens, including hot water heaters, plumbing, and similar facilities exclusively serving
Tenant, whether such items are installed by Tenant or are currently existing in the Premises; and (g) electronic, fiber, phone and data cabling and related equipment that is installed by or for the exclusive benefit of Tenant (collectively,
“Cable”). All repairs and other work performed by Tenant or its contractors, including that involving Cable, shall be subject to the terms of Section 9.03 below. If Tenant fails to make any repairs to the Premises for more than
fifteen (15) days after notice from Landlord (although notice shall not be required in an emergency), Landlord may make the repairs, and, within thirty (30) days after demand, Tenant shall pay the reasonable cost of the repairs, together
with an administrative charge in an amount equal to ten percent (10%) of the cost of the repairs.
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9.02 Landlord shall keep and maintain in good repair and working
order and perform maintenance upon the: (a) structural elements of the Building; (b) mechanical (including HVAC), electrical, plumbing and fire/life safety systems serving the Building in general; (c) Common Areas; (d) roof of
the Building; (e) exterior windows of the Building; (f) all parking areas, and (g) elevators serving the Building. Landlord shall promptly make repairs for which Landlord is responsible.
9.03 Tenant shall not make alterations, repairs, additions or improvements or install any Cable (collectively referred
to as “Alterations”) without first obtaining the written consent of Landlord in each instance, which consent shall not be unreasonably withheld or delayed. However, Landlord’s consent shall not be required for any Alteration
that satisfies all of the following criteria (a “Cosmetic Alteration”): (a) is of a cosmetic nature such as painting, wallpapering, hanging pictures and installing carpeting; (b) is not visible from the exterior of the
Premises or Building; (c) will not affect the Base Building (defined in Section 5); and (d) does not require work to be performed inside the walls or above the ceiling of the Premises. Cosmetic Alterations shall be subject to all the
other provisions of this Section 9.03. Prior to starting work, Tenant shall furnish Landlord with plans and specifications (which shall be in CAD format if requested by Landlord); names of contractors reasonably acceptable to Landlord (provided
that Landlord may designate specific contractors with respect to Base Building and vertical Cable, as may be described more fully below); required permits and approvals; evidence of contractor’s and subcontractor’s insurance in amounts
reasonably required by Landlord and naming Landlord and the managing agent for the Building (or any successor(s)) as additional insureds. Landlord may designate specific contractors with respect to oversight, installation, repair, connection to, and
removal of vertical Cable. All Cable shall be clearly marked with adhesive plastic labels (or plastic tags attached to such Cable with wire) to show Tenant’s name, suite number, and the purpose of such Cable (i) every 6 feet outside the
Premises (specifically including, but not limited to, the electrical room risers and any Common Areas), and (ii) at the termination point(s) of such Cable. Changes to the plans and specifications must also be submitted to Landlord for its
approval. Alterations shall be constructed in a good and workmanlike manner using materials of a quality reasonably approved by Landlord, and Tenant shall ensure that no Alteration impairs any Building system or Landlord’s ability to perform
its obligations hereunder. Tenant shall reimburse Landlord for any reasonable sums paid by Landlord for third party examination of Tenant’s plans for non-Cosmetic Alterations. In addition, Tenant shall pay Landlord a fee for Landlord’s
oversight and coordination of any non-Cosmetic Alterations equal to ten percent (10%) of the cost of the non-Cosmetic Alterations. Upon completion, Tenant shall furnish
“as-built” plans (in CAD format, if requested by Landlord) for non-Cosmetic Alterations, completion affidavits and full and final waivers of lien.
Landlord’s approval of an Alteration shall not be deemed a representation by Landlord that the Alteration complies with Law.
Landlord may enter the Premises to inspect, show or clean the Premises or to perform or facilitate the performance of repairs, alterations or
additions to the Premises or any portion of the Building. Except in emergencies or to provide Building services, Landlord shall provide Tenant with reasonable prior verbal notice of entry and shall use reasonable efforts to minimize any interference
with Tenant’s use of the Premises. If reasonably necessary, Landlord may temporarily close all or a portion of the Premises to perform repairs, alterations and additions.
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However, except in emergencies, Landlord will not close the Premises if the work can reasonably be completed on weekends and after Building Service Hours. Entry by Landlord shall not constitute a
constructive eviction or entitle Tenant to an abatement or reduction of Rent. Landlord shall show the Premises to prospective tenants only during the last twelve (12) months of the Term.
Assignment and Subletting.
11.01 Except in connection with a Business Transfer (defined in Section 11.04), Tenant shall not assign, sublease,
transfer or encumber any interest in this Lease or allow any third party to use any portion of the Premises (collectively or individually, a “Transfer”) without the prior written consent of Landlord, which consent shall not be
unreasonably withheld, conditioned or delayed if Landlord does not exercise its recapture rights under Section 11.02. Without limitation, it is agreed that Landlord’s consent shall not be considered unreasonably withheld if the proposed
transferee is a governmental entity or an occupant of the Building or an occupant of any other buildings within the same project or if the proposed transferee, whether or not an occupant of the Building or an occupant of any other buildings within
the same project, is in discussions with Landlord regarding the leasing of space within the Building or within any other buildings within the same project. Any Transfer in violation of this Section shall, at Landlord’s option, be deemed a
Default by Tenant as described in Section 18, and shall be voidable by Landlord. In no event shall any Transfer, including a Business Transfer, release or relieve Tenant from any obligation under this Lease, and Tenant shall remain primarily
liable for the performance of the tenant’s obligations under this Lease, as amended from time to time.
11.02 Tenant shall provide Landlord with financial statements for the proposed transferee (or, in the case of a change
of ownership or control, for the proposed new controlling entity(ies)), a fully executed copy of the proposed assignment, sublease or other Transfer documentation and such other information as Landlord may reasonably request. Within fifteen
(15) Business Days after receipt of the required information and documentation, Landlord shall either: (a) consent to the Transfer by execution of a consent agreement in a form reasonably designated by Landlord; (b) reasonably refuse
to consent to the Transfer in writing; or (c) in the event of an assignment of this Lease or subletting of more than twenty percent (20%) of the Rentable Square Footage of the Premises for more than fifty percent (50%) of the remaining Term
(excluding unexercised options), recapture the portion of the Premises that Tenant is proposing to Transfer. If Landlord exercises its right to recapture, this Lease shall automatically be amended (or terminated if the entire Premises is being
assigned or sublet) to delete the applicable portion of the Premises effective on the proposed effective date of the Transfer, although Landlord may require Tenant to execute a reasonable amendment or other document reflecting such reduction or
termination. Tenant shall pay Landlord a review fee of $1,500.00 for Landlord’s review of any requested Transfer. Notwithstanding anything to the contrary contained herein, the provisions of this Section 11.02 shall not apply to a
transaction permitted without Landlord consent pursuant to Section 11.04 below.
11.03 Tenant shall pay
Landlord fifty percent (50%) of all rent and other consideration which Tenant receives as a result of a Transfer that is in excess of the Rent payable to Landlord for the portion of the Premises and Term covered by the Transfer. Tenant shall pay
Landlord for Landlord’s share of the excess within thirty (30) days after Tenant’s receipt of the excess. In
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determining the excess due Landlord, Tenant may deduct from the excess, on a straight-line basis, all reasonable and customary expenses directly incurred by Tenant attributable to the Transfer,
plus, in the event of an assignment, the reasonable market value of any property or rights (other than Tenant’s rights under the Lease) being transferred to the assignee at the same time as the assignment. If Tenant is in Default, Landlord may
require that all sublease payments be made directly to Landlord, in which case Tenant shall receive a credit against Rent in the amount of Tenant’s share of payments received by Landlord.
11.04 Tenant may assign this Lease to a successor to Tenant by merger, consolidation or the purchase of substantially
all of Tenant’s assets, or assign this Lease or sublet all or a portion of the Premises to an Affiliate (defined below), without the consent of Landlord, provided that all of the following conditions are satisfied (a “Business
Transfer”): (a) Tenant must not be in Default; (b) Tenant must give Landlord written notice at least fifteen (15) Business Days before such Transfer; and (c) except in the case of an assignment or sublease to an Affiliate,
the Credit Requirement (defined below) must be satisfied. Tenant’s notice to Landlord shall include information and documentation evidencing the Business Transfer and showing that each of the above conditions has been satisfied. If requested by
Landlord, Tenant’s successor shall sign and deliver to Landlord a commercially reasonable form of assumption agreement. “Affiliate” shall mean an entity controlled by, controlling or under common control with Tenant. The
“Credit Requirement” shall be deemed satisfied if, as of the date immediately preceding the date of the Business Transfer, the financial strength of (i) the entity with which Tenant is to merge or consolidate or
(ii) the purchaser of substantially all of the assets of Tenant is not less than that of Tenant, as determined (x) based on credit ratings of such entity and Tenant by both Moody’s and Standard & Poor’s (or by either
such agency alone, if applicable ratings by the other agency do not exist), or (y) if such credit ratings do not exist, then in accordance with Moody’s KMV RiskCalc (i.e., the on-line software tool
offered by Moody’s for analyzing credit risk) based on CFO-certified financial statements for such entity and Tenant covering their last two (2) fiscal years ending before the Transfer.
Notwithstanding the foregoing, any public offering on a recognized stock exchange of shares or other ownership interest in Tenant shall not be deemed an assignment, Transfer or Business Transfer under this Lease and such public offering shall not
trigger Landlord’s recapture right pursuant to Section 11.02 above.
11.05 Notwithstanding anything to
the contrary contained in this Section 11, neither Tenant nor any other person having a right to possess, use, or occupy (for convenience, collectively referred to in this subsection as “Use”) the Premises shall enter into any
lease, sublease, license, concession or other agreement for Use of all or any portion of the Premises which provides for rental or other payment for such Use based, in whole or in part, on the net income or profits derived by any person that leases,
possesses, uses, or occupies all or any portion of the Premises (other than an amount based on a fixed percentage or percentages of receipts or sales), and any such purported lease, sublease, license, concession or other agreement shall be
absolutely void and ineffective as a transfer of any right or interest in the Use of all or any part of the Premises.
Tenant shall not permit mechanics’ or other liens to be placed upon the Property, Premises or Tenant’s leasehold interest in
connection with any work or service done or
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purportedly done by or for the benefit of Tenant or its subtenants or transferees. Tenant shall give Landlord notice at least fifteen (15) days prior to the commencement of any work in the
Premises to afford Landlord the opportunity, where applicable, to post and record notices of non-responsibility. Tenant, within twenty (20) days of notice from Landlord, shall fully discharge any lien by
settlement, by bonding or by insuring over the lien in the manner prescribed by the applicable lien Law and, if Tenant fails to do so, Tenant shall be deemed in Default under this Lease and, in addition to any other remedies available to Landlord as
a result of such Default by Tenant, Landlord, at its option, may bond, insure over or otherwise discharge the lien. Tenant shall reimburse Landlord for any amount paid by Landlord necessary to bond or insure over such lien (including, without
limitation, reasonable attorneys’ fees). Tenant acknowledges and agrees that all such work or service is being performed for the sole benefit of Tenant and not for the benefit of Landlord.
Indemnity and Waiver of Claims.
Except to the extent caused by the negligence or willful misconduct of Landlord or any Landlord Related Parties (defined below), Tenant shall
indemnify, defend and hold Landlord and Landlord Related Parties harmless against and from all liabilities, obligations, damages, penalties, claims, actions, costs, charges and expenses, including, without limitation, reasonable attorneys’ fees
and other professional fees (if and to the extent permitted by Law) (collectively referred to as “Losses”), which may be imposed upon, incurred by or asserted against Landlord or any of the Landlord Related Parties by any third
party and arising out of or in connection with any damage or injury occurring in the Premises or any acts or omissions (including violations of Law) of Tenant, its trustees, managers, members, principals, beneficiaries, partners, officers,
directors, employees and agents (the “Tenant Related Parties”) or any of Tenant’s transferees, contractors or licensees. Tenant hereby waives all claims against and releases Landlord and its trustees, managers,
members, principals, beneficiaries, partners, officers, directors, employees, Mortgagees (defined in Section 23) and agents (the “Landlord Related Parties”) from all claims for any damage to property of Tenant or
anyone claiming by, through, or under Tenant, or business loss in any manner related to (a) Force Majeure, (b) acts of third parties, (c) the bursting or leaking of any tank, water closet, drain or other pipe, (d) the inadequacy
or failure of any security or protective services, personnel or equipment, or (e) any matter not within the reasonable control of Landlord.
Except to the extent caused by the negligence or willful misconduct of Tenant or any Tenant Related Parties, Landlord shall indemnify, defend
and hold Tenant and Tenant Related Parties harmless against and from all Losses, which may be imposed upon, incurred by or asserted against Tenant or any of the Tenant Related Parties by any third party and arising out of or in connection with any
damage or injury (i) occurring in the Common Areas or (ii) occurring elsewhere in the Building and resulting from any negligent acts or omissions (including violations of Law) of Landlord, or any of Landlord’s agents, contractors or
Tenant’s Insurance. Tenant shall maintain the following coverages in the following
14.01 Commercial General Liability Insurance covering claims of bodily injury, personal
injury and property damage arising out of Tenant’s operations and contractual
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liabilities, including coverage formerly known as broad form, on an occurrence basis, with minimum primary limits of $2,000,000 each occurrence and $2,000,000 annual aggregate and a minimum
excess/umbrella limit of $10,000,000.
14.02 Property insurance covering (i) all office furniture, business
and trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s property in the Premises installed by, for, or at the expense of Tenant (“Tenant’s
Property”), and (ii) any Leasehold Improvements installed by or for the benefit of Tenant, whether pursuant to this Lease, but in each case only to the extent the same exceeds building standard scope and materials
(“Tenant-Insured Improvements”). Such insurance shall be written on a special cause of loss form for physical loss or damage, for the full replacement cost value (subject to reasonable deductible amounts) without deduction
for depreciation of the covered items and in amounts that meet any co-insurance clauses of the policies of insurance, and shall include coverage for damage or other loss caused by fire or other peril,
including vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion, and providing business interruption coverage for a period of one year.
14.03 Worker’s Compensation and Employer’s Liability or other similar insurance to the extent required by
14.04 Form of Policies. The minimum limits of insurance required to be carried by Tenant shall not
limit Tenant’s liability. Such insurance shall (i) be issued by an insurance company that has an A.M. Best rating of not less than A-VIII; (ii) be in form and content reasonably acceptable to
Landlord; and (iii) provide that it shall not be canceled or materially changed without thirty (30) days’ prior notice to Landlord, except that ten (10) days’ prior notice may be given in the case of nonpayment of premiums.
Tenant’s Commercial General Liability Insurance shall (a) name Landlord, Landlord’s managing agent, and any other party designated by Landlord (“Additional Insured Parties”) as additional insureds; and
(b) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and non-contributing with Tenant’s insurance. Landlord shall be designated as a loss
payee with respect to Tenant’s Property insurance on any Tenant-Insured Improvements. Tenant shall deliver to Landlord, on or before the Commencement Date and at least fifteen (15) days before the expiration dates thereof, certificates
from Tenant’s insurance company on the forms currently designated “XXXXX 28” (Evidence of Commercial Property Insurance) and “XXXXX 25-S” (Certificate of
Liability Insurance) or the equivalent. Attached to the XXXXX 25-S (or equivalent) there shall be an endorsement naming the Additional Insured Parties as additional insureds which shall be binding on
Tenant’s insurance company and shall expressly require the insurance company to notify each Additional Insured Party in writing at least thirty (30) days before any termination or material change to the policies, except that ten
(10) days’ prior notice may be given in the case of nonpayment of premiums. Upon Landlord’s request, Tenant shall deliver to Landlord, in lieu of such certificates, copies of the policies of insurance required to be carried under
Section 14.01 showing that the Additional Insured Parties are named as additional insureds.
shall maintain such increased amounts of the insurance required to be carried by Tenant under this Section 14, and such other types and amounts of insurance covering
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the Premises and Tenant’s operations therein, as may be reasonably requested by Landlord, but not in excess of the amounts and types of insurance then being required by landlords of
buildings comparable to and in the vicinity of the Building.
14.06 At all times during the Term, Landlord will
carry and maintain (a) fire and extended coverage insurance covering the Building, its equipment and common area furnishings, and leasehold improvements (to the extent the same do not exceed building standard) in the Premises to the extent of
any initial build out of the Premises by the Landlord in an amount not less than their full replacement value exclusive of foundations (b) bodily injury and property damage insurance in amounts consistent with what responsible landlords of
similar first class office buildings in the Boston metropolitan area would carry; and (c) such other insurance as Landlord reasonably determines from time to time.
Subject to Section 16, each party waives, and shall cause its insurance carrier to waive, any right of recovery against the other for any
loss of or damage to property which loss or damage is (or, if the insurance required hereunder had been carried, would have been) covered by insurance. For purposes of this Section 15, any deductible with respect to a party’s insurance
shall be deemed covered by, and recoverable by such party under, valid and collectable policies of insurance.
16.01 If all or any portion of the Premises is damaged or becomes untenantable or inaccessible by fire or other casualty
to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord with a written estimate of the amount of
time required, using standard working methods, to substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises (“Completion Estimate”).
Landlord shall promptly forward a copy of the Completion Estimate to Tenant. If the Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be made tenantable within two hundred ten
(210) days from the date of the Casualty, then either party shall have the right to terminate this Lease upon written notice to the other within ten (10) days after Tenant’s receipt of the Completion Estimate. Tenant, however, shall
not have the right to terminate this Lease if the Casualty was caused by the intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within sixty (60) days after the date of the Casualty, shall
have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than one (1) year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be
applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord
does not substantially complete the repair and restoration of the Premises within two (2) months after the later to occur of (x) the date that is two hundred ten (210) days after the date of the Casualty, or (y) the expiration of
the estimated period of time set forth in the Completion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may, as its sole and
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exclusive remedy therefor, terminate this Lease by written notice to Landlord at any time after the expiration of such period, as the same may be extended. If Tenant so elects, then this Lease
shall terminate on the date that is sixty (60) days after delivery of such termination notice to Landlord, unless, on or before the expiration of such sixty (60) day period, Landlord substantially completes such restoration, in which event
Tenant’s election to terminate shall become void. For purposes of this Lease, the term “Reconstruction Delays” shall mean: any delays caused by the insurance adjustment process; (ii) any delays caused by Tenant; and
(iii) any delays caused by events of Force Majeure (as defined in Section 25.03).
16.02 If this Lease is
not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises and Common Areas. Such restoration shall be to
substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 15 above, upon notice from
Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements performed by or for the
benefit of Tenant to the extent the same exceed Building standard scope and finish; provided if the estimated cost to repair such excess Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s
insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs, unless Tenant elects to reduce the scope and finish of such excess Leasehold Improvements to Building standard
scope and finish. In no event shall Landlord be required to spend more for the restoration of the Premises and Common Areas than the proceeds received by Landlord, whether insurance proceeds or proceeds from Tenant. Landlord shall not be liable for
any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. During any period of time that all or a material portion of the Premises is rendered untenantable or access thereto is
substantially impaired as a result of a Casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant for the conduct of its business.
Either party may terminate this Lease if any material part of the Premises is taken or condemned for any public or quasi-public use under Law,
by eminent domain or private purchase in lieu thereof (a “Taking”). Landlord shall also have the right to terminate this Lease if there is a Taking of any portion of the Building or Property which would have a material
adverse effect on Landlord’s ability to profitably operate the remainder of the Building. The terminating party shall provide written notice of termination to the other party within forty-five (45) days after it first receives notice of
the Taking. The termination shall be effective as of the effective date of any order granting possession to, or vesting legal title in, the condemning authority. If this Lease is not terminated, Base Rent and Tenant’s Pro Rata Share shall be
appropriately adjusted to account for any reduction in the square footage of the Building or Premises. All compensation awarded for a Taking shall be the property of Landlord. The right to receive compensation or proceeds are expressly waived by
Tenant, provided, however, Tenant may file a separate claim for Tenant’s Property and Tenant’s reasonable relocation expenses, provided the filing of the claim does not diminish the amount
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of Landlord’s award. If only a part of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of the
Premises as nearly as practicable to the condition immediately prior to the Taking.
In addition to any other default specifically described in this Lease, each of the following occurrences shall be a “Default”:
(a) Tenant’s failure to pay any portion of Rent when due, if the failure continues for five (5) days after written notice to Tenant (“Monetary Default”); (b) Tenant’s failure (other than a Monetary
Default) to comply with any term, provision, condition or covenant of this Lease, if the failure is not cured within thirty (30) days after written notice to Tenant provided, however, if Tenant’s failure to comply cannot reasonably be
cured within thirty (30) days, Tenant shall be allowed additional time (not to exceed ninety (90) days) as is reasonably necessary to cure the failure so long as Tenant begins the cure within thirty (30) days and diligently pursues
the cure to completion; (c) Tenant permits a Transfer without Landlord’s required approval or otherwise in violation of Section 11 of this Lease; (d) Tenant or any Guarantor becomes insolvent, makes a transfer in fraud of
creditors, makes an assignment for the benefit of creditors, admits in writing its inability to pay its debts when due or forfeits or loses its right to conduct business; or (e) the leasehold estate is taken by process or operation of Law. All
notices sent under this Section shall be in satisfaction of, and not in addition to, notice required by Law.
19.01 Upon Default, Landlord shall have the right to pursue any one or more of the following remedies:
(a) Terminate this Lease upon written notice to Tenant, in which case Tenant shall immediately surrender the Premises
to Landlord. If, in such event, Tenant fails to surrender the Premises, Landlord, in compliance with Law, may enter upon and take possession of the Premises and remove Tenant, Tenant’s Property and any party occupying the Premises. Tenant shall
pay Landlord, on demand, all past due Rent and other losses and damages Landlord suffers as a direct result of Tenant’s Default, including, without limitation, all Costs of Reletting (defined below) and any deficiency that may arise from
reletting or the failure to relet the Premises, which deficiency shall be paid monthly on the days Rent would have been payable had the Lease not been terminated. “Costs of Reletting” shall include all reasonable costs
and expenses incurred by Landlord in reletting or attempting to relet the Premises, including, without limitation, legal fees, brokerage commissions, the cost of alterations and the value of other concessions or allowances granted to a new tenant.
(b) Terminate Tenant’s right to possession of the Premises and, in compliance with Law, remove Tenant,
Tenant’s Property and any parties occupying the Premises. Landlord may (but shall not be obligated to) relet all or any part of the Premises, without notice to Tenant, for such period of time and on such terms and conditions (which may include
concessions, free rent and work allowances) as Landlord in its absolute discretion shall determine. Landlord may collect and receive all rents and other income from the reletting. Tenant shall pay Landlord on demand all past due Rent, all Costs of
Reletting and any deficiency arising from the reletting or failure to relet the Premises. The re-entry or taking of possession of the Premises shall not be construed as an election by Landlord to terminate
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19.02 In lieu of calculating damages under Section 19.01,
Landlord may elect to receive as damages the sum of (a) all Rent accrued through the date of termination of this Lease or Tenant’s right to possession, and (b) an amount equal to the total Rent that Tenant would have been required to
pay for the remainder of the Term discounted to present value at the rate then payable on a United States treasury xxxx with a maturity as close as practicable to what would have been the remainder of the Term but for Tenant’s Default, minus
the then present fair rental value of the Premises for the remainder of the Term, similarly discounted, after deducting all anticipated Costs of Reletting. Landlord agrees to use reasonable efforts to mitigate damages, provided that those efforts
shall not require Landlord to relet the Premises in preference to any other space in the Building or to relet the Premises to any party that Landlord could reasonably reject as a transferee pursuant to Article XI.
19.03 If Tenant is in Default of any of its non-monetary obligations under this
Lease, Landlord shall have the right to perform such obligations. Tenant shall reimburse Landlord for the cost of such performance upon demand together with an administrative charge equal to ten percent (10%) of the cost of the work performed by
Landlord. The repossession or re-entering of all or any part of the Premises shall not relieve Tenant of its liabilities and obligations under this Lease. No right or remedy of Landlord shall be exclusive of
any other right or remedy. Each right and remedy shall be cumulative and in addition to any other right and remedy now or subsequently available to Landlord at Law or in equity.
Limitation of Liability.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, THE LIABILITY OF LANDLORD (AND OF ANY SUCCESSOR LANDLORD) SHALL BE LIMITED TO
THE LESSER OF (A) THE INTEREST OF LANDLORD IN THE PROPERTY, OR (B) THE EQUITY INTEREST LANDLORD WOULD HAVE IN THE PROPERTY IF THE PROPERTY WERE ENCUMBERED BY THIRD PARTY DEBT IN AN AMOUNT EQUAL TO SEVENTY PERCENT (70%) OF THE VALUE OF THE
PROPERTY. TENANT SHALL LOOK SOLELY TO LANDLORD’S INTEREST IN THE PROPERTY FOR THE RECOVERY OF ANY JUDGMENT OR AWARD AGAINST LANDLORD OR ANY LANDLORD RELATED PARTY. NEITHER LANDLORD NOR ANY LANDLORD RELATED PARTY SHALL BE PERSONALLY LIABLE FOR
ANY JUDGMENT OR DEFICIENCY, AND IN NO EVENT SHALL LANDLORD OR ANY LANDLORD RELATED PARTY BE LIABLE TO TENANT FOR ANY LOST PROFIT, DAMAGE TO OR LOSS OF BUSINESS OR ANY FORM OF SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGE. BEFORE FILING SUIT FOR AN
ALLEGED DEFAULT BY LANDLORD, TENANT SHALL GIVE LANDLORD AND THE MORTGAGEE(S) WHOM TENANT HAS BEEN NOTIFIED HOLD MORTGAGES (DEFINED IN SECTION 23 BELOW), NOTICE AND REASONABLE TIME TO CURE THE ALLEGED DEFAULT. WITHOUT LIMITING THE FOREGOING,
(1) IN NO EVENT SHALL LANDLORD OR ANY MORTGAGEES OR LANDLORD RELATED PARTIES EVER BE LIABLE FOR ANY CONSEQUENTIAL OR INCIDENTAL DAMAGES OR ANY LOST PROFITS OF TENANT AND (2) EXCEPT AS OTHERWISE PROVIDED IN SECTION 22 BELOW, IN NO EVENT
SHALL TENANT OR TENANT RELATED PARTIES EVER BE LIABLE FOR ANY CONSEQUENTIAL OR INCIDENTAL DAMAGES OR ANY LOST PROFITS OF LANDLORD.
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If Tenant fails to surrender all or any part of the Premises at the termination of this Lease, occupancy of the Premises after termination
shall be that of a tenancy at sufferance. Tenant’s occupancy shall be subject to all the terms and provisions of this Lease, and Tenant shall pay an amount (on a daily basis) equal to one hundred fifty percent (150%) of the sum of the Base Rent
and Additional Rent due for the period immediately preceding the holdover. No holdover by Tenant or payment by Tenant after the termination of this Lease shall be construed to extend the Term or prevent Landlord from immediate recovery of possession
of the Premises by summary proceedings or otherwise. If Landlord is unable to deliver possession of the Premises to a new tenant or to perform improvements for a new tenant as a result of Tenant’s holdover and Tenant fails to vacate the
Premises within thirty (30) days after notice from Landlord, Tenant shall be liable for all damages that Landlord suffers from the holdover.
Subordination to Mortgages; Estoppel Certificate.
23.01 Tenant accepts this Lease subject and subordinate to any mortgage(s), deed(s) of trust, deeds to secure debt,
ground lease(s) or other lien(s) now or subsequently arising upon the Premises, the Building or the Property, and to renewals, modifications, refinancings and extensions thereof (collectively referred to as a “Mortgage”). The party
having the benefit of a Mortgage shall be referred to as a “Mortgagee”. This clause shall be self-operative, but upon request from a Mortgagee, Tenant shall execute a commercially reasonable subordination agreement in favor of the
Mortgagee. As an alternative, a Mortgagee shall have the right at any time to subordinate its Mortgage to this Lease. Upon request, Tenant, without charge, shall attorn to any successor to Landlord’s interest in this Lease. Notwithstanding the
foregoing provisions of this Article to the contrary, as a condition precedent to the future subordination of this Lease to a future Mortgage, Landlord shall be required to provide Tenant with a non-disturbance, subordination, and attornment
agreement in favor of Tenant from any Mortgagee who comes into existence after the Area A Commencement Date. Such non-disturbance, subordination, and attornment agreement in favor of Tenant shall provide that,
so long as Tenant is paying the Rent due under the Lease and is not otherwise in default under the Lease beyond any applicable cure period, its right to possession and the other terms of the Lease shall remain in full force and effect. Landlord
represents and warrants that, as of the Execution Date, there is no Mortgage that constitutes a lien or charge on the whole or any portion of the Property. Landlord and Tenant shall each, within ten (10) business days after receipt of a written
request from the other, execute and deliver a commercially reasonable estoppel certificate to those parties as are reasonably requested by the other (including a Mortgagee or prospective purchaser). Without limitation, such estoppel certificate may
include a certification as to the status of this Lease, the existence of any defaults and the amount of Rent that is due and payable.
23.02 In the event Mortgagee enforces it rights under the Mortgage, Tenant, at Mortgagee’s option, will attorn to
Mortgagee or its successor; provided, however, that
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Mortgagee or its successor shall not be liable for or bound by (i) any payment of any Rent installment which may have been made more than thirty (30) days before the due date of such
installment, (ii) any act or omission of or default by Landlord under this Lease (but Mortgagee, or such successor, shall be subject to the continuing obligations of landlord under the Lease to the extent arising from and after such succession
to the extent of Mortgagee’s, or such successor’s, interest in the Property), (iii) any credits, claims, setoffs or defenses which Tenant may have against Landlord or (iv) any obligation under this Lease to maintain a fitness facility
at the Building, if any. Tenant, upon the reasonable request by Mortgagee or such successor in interest, shall execute and deliver an instrument or instruments confirming such attornment.
All demands, approvals, consents or notices (collectively referred to as a “notice”) shall be in writing and delivered by hand
or sent by registered, express, or certified mail, with return receipt requested or with delivery confirmation requested from the U.S. postal service, or sent by overnight or same day courier service at the party’s respective Notice Address(es)
set forth in Section 1; provided, however, notices sent by Landlord regarding general Building operational matters may be posted in the Building mailroom or the general Building newsletter and shall be sent via
e-mail to the e-mail address provided by Tenant to Landlord for such purpose. In addition, if the Building is closed (whether due to emergency, governmental order or any
other reason), then any notice address at the Building shall not be deemed a required notice address during such closure, and, unless Tenant has provided an alternative valid notice address to Landlord for use during such closure, any notices sent
during such closure may be sent via e-mail or in any other practical manner reasonably designed to ensure receipt by the intended recipient. Each notice shall be deemed to have been received on the earlier to occur of actual delivery or the date on
which delivery is refused, or, if Tenant has vacated the Premises or any other Notice Address of Tenant without providing a new Notice Address, three (3) days after notice is deposited in the U.S. mail or with a courier service in the manner
described above. Either party may, at any time, change its Notice Address (other than to a post office box address) by giving the other party written notice of the new address.
Surrender of Premises.
At the termination of this Lease or Tenant’s right of possession, Tenant shall remove Tenant’s Property from the Premises, and
quit and surrender the Premises to Landlord, broom clean, and in good order, condition and repair, ordinary wear and tear and damage which Landlord is obligated to repair hereunder excepted. In addition, Landlord may elect to require Tenant to
remove the demountable glass partitions in the Premises and repair any damage to the ceiling and carpet as a result of such removal at the termination of this Lease or Tenant’s right of possession by giving Tenant written notice of such
election not later than sixty (60) days before the expiration of the Term (or, if this Lease is sooner terminated, within ten (10) days after such earlier termination). If Tenant fails to remove any of Tenant’s Property, or to restore
the Premises to the required condition, within two (2) days after termination of this Lease or Tenant’s right to possession, Landlord, at Tenant’s sole cost and expense, shall be entitled (but not obligated) to remove and store
Tenant’s Property and/or perform such restoration of the Premises. Landlord shall not be responsible for the value, preservation or safekeeping of Tenant’s Property. Tenant shall pay Landlord, upon demand, the expenses and storage charges
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incurred. If Tenant fails to remove Tenant’s Property from the Premises or storage, within thirty (30) days after notice, Landlord may deem all or any part of Tenant’s Property to
be abandoned and, at Landlord’s option, title to Tenant’s Property shall vest in Landlord or Landlord may dispose of Tenant’s Property in any manner Landlord deems appropriate.
26.01 This Lease shall be interpreted and enforced in accordance with the Laws of the state or commonwealth in which the
Building is located and Landlord and Tenant hereby irrevocably consent to the jurisdiction and proper venue of such state or commonwealth. If any term or provision of this Lease shall to any extent be void or unenforceable, the remainder of this
Lease shall not be affected. If there is more than one Tenant or if Tenant is comprised of more than one party or entity, the obligations imposed upon Tenant shall be joint and several obligations of all the parties and entities, and requests or
demands from any one person or entity comprising Tenant shall be deemed to have been made by all such persons or entities. Notices to any one person or entity shall be deemed to have been given to all persons and entities. Tenant represents and
warrants to Landlord, and agrees, that each individual executing this Lease on behalf of Tenant is authorized to do so on behalf of Tenant and that the entity(ies) or individual(s) constituting Tenant or Guarantor or which may own or control Tenant
or Guarantor or which may be owned or controlled by Tenant or Guarantor are not and at no time will be (i) in violation of any Laws relating to terrorism or money laundering, or (ii) among the individuals or entities identified on any list
compiled pursuant to Executive Order 13224 for the purpose of identifying suspected terrorists or on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, xxxx://xxx.xxxxxxxx.xxx/xxxxxxxx-xxxxxx/xxxxxxxxx/XXX-Xxxx/Xxxxx/xxxxxxx.xxxx or any replacement website or other replacement official publication of such list.
26.02 If Landlord retains an attorney or institutes legal proceedings due to Tenant’s failure to pay Rent when
due, then Tenant shall be required to pay Additional Rent in an amount equal to the reasonable attorneys’ fees and costs actually incurred by Landlord in connection therewith. Notwithstanding the foregoing, in any action or proceeding between
Landlord and Tenant, including any appellate or alternative dispute resolution proceeding, the prevailing party shall be entitled to recover from the non-prevailing party all of its costs and expenses in
connection therewith, including, but not limited to, reasonable attorneys’ fees actually incurred. Landlord and Tenant hereby waive any right to trial by jury in any proceeding based upon a breach of this Lease. No failure by either party to
declare a default immediately upon its occurrence, nor any delay by either party in taking action for a default, nor Landlord’s acceptance of Rent with knowledge of a default by Tenant, shall constitute a waiver of the default, nor shall it
constitute an estoppel.
26.03 Whenever a period of time is prescribed for the taking of an action by Landlord or
Tenant (other than the payment of the Security Deposit or Rent), the period of time for the performance of such action shall be extended by the number of days that the performance is actually delayed due to strikes, acts of God, shortages of labor
or materials, war, terrorist acts, pandemics, civil disturbances and other causes beyond the reasonable control of the performing party (“Force Majeure”).
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26.04 Landlord shall have the right to transfer and assign, in whole
or in part, all of its rights and obligations under this Lease and in the Building and Property. Upon transfer, Landlord shall be released from any further obligations hereunder arising from and after the date of transfer and Tenant agrees to look
solely to the successor in interest of Landlord for the performance of such obligations, provided that any successor pursuant to a voluntary, third party transfer (but not as part of an involuntary transfer resulting from a foreclosure or deed in
lieu thereof) shall have assumed Landlord’s obligations under this Lease from and after the date of the transfer.
26.05 Landlord has delivered a copy of this Lease to Tenant for Tenant’s review only and the delivery of it does
not constitute an offer to Tenant or an option. Tenant represents that it has dealt directly with and only with Tenant’s Broker (described in Section 1.10) as a broker, agent or finder in connection with this Lease. Tenant shall indemnify
and hold Landlord and the Landlord Related Parties harmless from all claims of any other brokers, agents or finders claiming to have represented Tenant in connection with this Lease. Landlord shall indemnify and hold Tenant and the Tenant Related
Parties harmless from all claims of any brokers, agents or finders claiming to have represented Landlord in connection with this Lease.
26.06 Time is of the essence with respect to Tenant’s exercise of any expansion, renewal or extension rights
granted to Tenant. The expiration of the Term, whether by lapse of time, termination or otherwise, shall not relieve either party of any obligations which accrued prior to or which may continue to accrue after the expiration or termination of this
26.07 Tenant may peacefully have, hold and enjoy the Premises, subject to the terms of this Lease, provided
Tenant pays the Rent and fully performs all of its covenants and agreements. This covenant shall be binding upon Landlord and its successors only during its or their respective periods of ownership of the Building.
26.08 This Lease does not grant any rights to light or air over or about the Building. Landlord excepts and reserves
exclusively to itself any and all rights not specifically granted to Tenant under this Lease. Landlord reserves the right to make changes to the Property, Building and Common Areas as Landlord deems appropriate so long as the same do not materially
adversely affect Tenant’s use of the Premises. This Lease constitutes the entire agreement between the parties and supersedes all prior agreements and understandings related to the Premises, including all lease proposals, letters of intent and
other documents. Neither party is relying upon any warranty, statement or representation not contained in this Lease. This Lease may be modified only by a written agreement signed by an authorized representative of Landlord and Tenant. Wherever this
Lease requires Landlord to provide a customary service or to act in a reasonable manner (whether in incurring an expense, establishing a rule or regulation, providing an approval or consent, or performing any other act), this Lease shall be deemed
also to provide that whether such service is customary or such conduct is reasonable shall be determined by reference to the practices of owners of buildings that (i) are comparable to the Building in size, age, class, quality and location, and
(ii) at Landlord’s option, have been, or are being prepared to be, certified under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system or a similar rating system.
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26.09 Landlord represents that, as of the Execution Date of this
Lease, Landlord has not received any written notice of any violation of environmental laws that has not been cured or remediated as required by law.
26.10 Submission of this Lease by Landlord is not an offer to enter into this Lease but rather is a solicitation for
such an offer by Tenant. Landlord shall not be bound by this Lease until Landlord has executed and delivered the same to Tenant.
26.11 If Landlord is advised by its counsel at any time that any part of the payments by Tenant to Landlord under this
Lease may be characterized as unrelated business income under the United States Internal Revenue Code and its regulations, then Tenant shall enter into any amendment proposed by Landlord to avoid such income, so long as the amendment does not
require Tenant to make more payments or accept fewer services from Landlord, than this Lease provides.
Lease may be executed in counterparts and shall constitute an agreement binding on all parties notwithstanding that all parties are not signatories to the original or the same counterpart provided that all parties are furnished a copy or copies
thereof reflecting the signature of all parties. Transmission of a facsimile or by email of a pdf copy of the signed counterpart of the Lease shall be deemed the equivalent of the delivery of the original, and any party so delivering a facsimile or
pdf copy of the signed counterpart of the Lease by email transmission shall in all events deliver to the other party an original signature promptly upon request.
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Landlord and Tenant have executed this Lease under seal in two or more counterparts as of
the day and year first above written.
|XXXXX GLOBAL REIT RIVERSIDE CENTER. LLC., a Delaware limited liability company|
/s/ A. Xxxxx Xxxxxxxx
||A. Xxxxx Xxxxxxxx|
|STEALTH PEPTIDES INCORPORATED, a Delaware corporation|
/s/ Xxxxxx Xxxxxx
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OUTLINE AND LOCATION OF PREMISES
This Exhibit is attached to and made a part of the Office Lease Agreement (the “Lease”) by and between XXXXX
GLOBAL REIT RIVERSIDE CENTER, LLC., a Delaware limited liability company (“Landlord”), and STEALTH PEPTIDES CORPORATION, a
Delaware corporation (“Tenant”), for space in the Building located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000.
EXPENSES AND TAXES
This Exhibit is attached to and made a part of the Office Lease Agreement (the “Lease”) by and between XXXXX GLOBAL REIT
RIVERSIDE CENTER, LLC., a Delaware limited liability company (“Landlord”), and STEALTH PEPTIDES CORPORATION, a Delaware corporation (“Tenant”), for space in the Building located at 000 Xxxxx Xxxxxx,
Xxxxxx, Xxxxxxxxxxxxx 00000. Capitalized terms used but not defined herein shall have the meanings given in the Lease.
1.01 Tenant shall pay Tenant’s Pro Rata Share of the amount, if any, by which Expenses (defined below) for each
calendar year during the Term (after calendar year 2015) exceed Expenses for the Base Year (the “Expense Excess”) and also the amount, if any, by which Taxes (defined below) for each Fiscal Year during the Term (after Fiscal
Year ending June 30, 2016) exceed Taxes for the Base Year (the “Tax Excess”). If Expenses or Taxes in any calendar year or Fiscal Year decrease below the amount of Expenses or Taxes for the Base Year, Tenant’s Pro
Rata Share of Expenses or Taxes, as the case may be, for that calendar year or Fiscal Year shall be $0. Landlord shall provide Tenant with a good faith estimate of the Expense Excess and of the Tax Excess for each calendar year or Fiscal Year during
the Term. On or before the first day of each month, Tenant shall pay to Landlord a monthly installment equal to one-twelfth of Tenant’s Pro Rata Share of Landlord’s estimate of both the Expense
Excess and Tax Excess. If Landlord determines that its good faith estimate of the Expense Excess or of the Tax Excess was incorrect by a material amount, Landlord may provide Tenant with a revised estimate. After its receipt of a revised estimate,
Tenant’s monthly payments shall be based upon the revised estimate. If Landlord does not provide Tenant with an estimate of the Expense Excess or the Tax Excess by the first day of a calendar year or Fiscal Year, as the case may be, Tenant
shall continue to pay monthly installments based on the previous year’s estimate(s) until Landlord provides Tenant with the new estimate. Upon delivery of the new estimate, an adjustment shall be made for any month for which Tenant paid monthly
installments based on the previous year’s estimate. Tenant shall pay Landlord the amount of any underpayment within thirty (30) days after receipt of the new estimate. Any overpayment shall be refunded to Tenant within thirty
(30) days or credited against the next due future installment(s) of Additional Rent.
1.02 As soon as is
practical following the end of each calendar year or Fiscal Year but no later than one hundred eighty (180) days thereafter, as the case may be, Landlord shall furnish Tenant with a statement of the actual Expenses and Expense Excess and the
actual Taxes and Tax Excess for the prior calendar year or Fiscal Year, as the case may be. If the estimated Expense Excess or estimated Tax Excess for the prior calendar year or Fiscal Year, as the case may be, is more than the actual Expense
Excess or actual Tax Excess for the prior calendar year or Fiscal Year, as the case may be, Landlord shall either provide Tenant with a refund or apply any overpayment by Tenant against Additional Rent due or next becoming due, provided if the Term
expires before the determination of the overpayment, Landlord shall refund any overpayment to Tenant after first deducting the amount of Rent due. If the estimated Expense Excess or estimated Tax Excess for the prior calendar year or Fiscal Year, as
the case may be, is
less than the actual Expense Excess or actual Tax Excess, for such prior calendar year or Fiscal Year, as the case may be, Tenant shall pay Landlord, within thirty (30) days after its
receipt of the statement of Expenses or Taxes, any underpayment for the prior calendar year or Fiscal Year, as the case may be.
2.01 “Expenses” means all costs and expenses incurred in each calendar year in connection with
operating, maintaining, repairing, and managing the Building and the Property. Landlord shall act in a reasonable manner in incurring Expenses. Expenses include, without limitation: (a) all labor and labor related costs, including wages,
salaries, bonuses, taxes, insurance, uniforms, training, retirement plans, pension plans and other employee benefits for employees at or below the level of Property Manager (which term shall include all employees of Landlord who directly provide
property management services to the Property, which costs shall be equitably allocated for any employees who provide management services to other properties in addition to the Property); (b) management fees in an amount equal to three percent (3%)
of the gross revenues from the Building and the Property; (c) the cost of equipping, staffing and operating an on-site and/or off-site management office for the
Building, provided if the management office services one or more other buildings or properties, the shared costs and expenses of equipping, staffing and operating such management office(s) shall be equitably prorated and apportioned between the
Building and the other buildings or properties; (d) accounting costs; (e) the cost of services; (f) rental and purchase cost of parts, supplies, tools and equipment; (g) insurance premiums and commercially reasonable deductibles;
(h) electricity, gas and other utility costs; and (i) the amortized cost of capital improvements (as distinguished from replacement parts or components installed in the ordinary course of business) made subsequent to the Base Year which
are: (1) intended to effect economies in the operation or maintenance of the Property, reduce current or future Expenses, enhance the safety or security of the Property or its occupants, (2) replacements or modifications of nonstructural
items located in the Base Building or Common Areas that are required to keep the Base Building or Common Areas in good condition, or (3) required under any Law. The cost of capital improvements shall be amortized by Landlord over the lesser of
the Payback Period (defined below) or the useful life of the capital improvement as reasonably determined by Landlord in accordance with generally accepted accounting principles, consistently applied. The amortized cost of capital improvements may,
at Landlord’s option, include actual or imputed interest at the rate that Landlord would reasonably be required to pay to finance the cost of the capital improvement. “Payback Period” means the reasonably estimated
period of time that it takes for the cost savings resulting from a capital improvement to equal the total cost of the capital improvement. Landlord, by itself or through an affiliate, shall have the right to directly perform, provide and be
compensated for any services under the Lease. If Landlord incurs Expenses for the Building or Property together with one or more other buildings or properties, whether pursuant to a reciprocal easement agreement, common area agreement or otherwise,
the shared costs and expenses shall be equitably prorated and apportioned between the Building and Property and the other buildings or properties.
2.02 Expenses shall not include:
(i) the cost of capital improvements (except as set forth above);
(iii) principal payments of mortgage and other non-operating debts of Landlord;
(iv) the cost of repairs or other work to the extent Landlord is reimbursed by insurance or condemnation proceeds;
(v) costs in connection with leasing space in the Building, including brokerage commissions;
(vi) lease concessions, rental abatements and construction allowances granted to specific tenants;
(vii) costs incurred in connection with the sale, financing or refinancing of the Building;
(viii) fines, interest and penalties incurred due to the late payment of Taxes or Expenses;
(ix) organizational expenses associated with the creation and operation of the entity which constitutes Landlord;
(x) any penalties or damages that Landlord pays to Tenant under this Lease or to other tenants in the Building under
their respective leases.
(xi) interest on debt or amortization payments on any mortgage or mortgages (except to
the extent that such interest is included together with the amortization of capital expenditures which are permitted to be passed through pursuant to the provisions of this Section 2).
(xii) any bad debt loss, rent loss or reserves for bad debts or rent loss.
(xiii) fixed or percentage rent under any ground or underlying lease or leases.
(xiv) payments for rented equipment, the cost of which equipment would constitute a capital expenditure if the
equipment were purchased, to the extent that such payments exceed the amount which could have been included in Expenses had Landlord purchased such equipment rather than leasing such equipment.
(xv) all capital expenditures, depreciation and amortization, except as otherwise explicitly provided in this
(xvi) any advertising, promotional or marketing expenses for the Building.
(xvii) leasing fees or commissions, advertising and promotional expenses, legal fees, the cost of tenant improvements,
build out allowances, moving expenses, assumption of rent under existing leases and other concessions incurred in connection with leasing space in the Building.
(xviii) costs of renovating or otherwise improving, decorating, painting or redecorating space for tenants or other
occupants of the Building.
(xix) any fines or penalties incurred due to violations by Landlord
of any governmental rule or regulation.
(xx) management fees in excess of three percent (3%) of the gross revenues
of the Property.
(xxi) wages, salaries, or other compensation paid to any executive employees above the grade of
Property manager, except that if any such employee performs a service which would have been performed by an outside consultant, the compensation paid to such employee for performing such service shall be included in Expenses, to the extent only that
the cost of such service does not exceed competitive cost of such service had such service been rendered by an outside consultant.
(xxii) any compensation paid to clerks, attendants or other persons in commercial concessions operated by Landlord.
(xxiii) Landlord’s charitable and political contributions.
(xxiv) all costs of purchasing major sculptures, paintings or other major works or objects of art (as opposed to
decorations purchased or leased by Landlord for display in the common areas of the Building).
(xxv) costs of
selling, syndicating, financing, refinancing, mortgaging or hypothecating any of Landlord’s interest in all or any part of the Building, including, but not limited to, points and commissions in connection therewith.
(xxvi) costs which may be considered capital improvements, capital repairs, capital changes or any other capital costs
as determined under generally accepted accounting principles, except as expressly provided above.
incurred by Landlord to the extent that Landlord is reimbursed by insurance proceeds or is otherwise reimbursed.
(xxviii) expenses in connection with services or other benefits which are not offered to Tenant or for which Tenant is
(xxix) costs incurred by Landlord due to the violation by Landlord or any tenant of the terms
and conditions of any lease of space in the Building.
(xxx) rent for any office space occupied by Building
management personnel to the extent the size or rental rate for of such office space exceeds the size or fair market rental value of office space occupied by management personnel of comparable buildings in the vicinity of the Building.
(xxxi) amounts paid to Landlord or to subsidiaries or affiliates of Landlord for goods and/or services in the Building
to the extent the same exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive basis provided however, that this subparagraph (xxxi) shall not apply to the management fee, which shall be governed
by subparagraph (xx).
(xxxii) costs incurred in connection with upgrading the Building to
comply with laws, rules, regulations and codes in effect prior to the Area B Commencement Date.
assessments and premiums which are not specifically charged to Tenant because of what Tenant has done, which can be paid by Landlord in installments, shall be paid by Landlord in the maximum number of installments permitted by law and not included
as Expenses except in the year in which the assessment or premium installment is actually paid.
arising from the gross negligence or willful misconduct of Landlord or other tenants or occupants of the Building or their respective agents, employees, licensees, vendors, contractors or providers of materials or services.
2.03 If at any time during a calendar year the Building is not at least ninety-five percent (95%) occupied (or a
service provided by Landlord to tenants of the Building generally is not provided by Landlord to a tenant that provides such service itself, or any tenant of the Building is entitled to free rent, rent abatement or the like), Expenses shall, at
Landlord’s option, be determined as if the Building had been ninety-five percent (95%) occupied (and all services provided by Landlord to tenants of the Building generally had been provided by Landlord to all tenants, and no tenant of the
Building had been entitled to free rent, rent abatement or the like) during that calendar year. If Expenses for a calendar year are determined as provided in the prior sentence, Expenses for the Base Year shall also be determined in such manner.
Notwithstanding the foregoing, Landlord may calculate the extrapolation of Expenses under this Section based on one hundred percent (100%) occupancy and service so long as such percentage is used consistently for each year of the Term. The
extrapolation of Expenses under this Section shall be performed in accordance with the methodology specified by the Building Owners and Managers Association.
3. “Taxes” shall mean: (a) all real property taxes and other assessments on the Building
and/or Property, including, but not limited to, gross receipts taxes, assessments for special improvement districts and building improvement districts, governmental charges, fees and assessments for police, fire, traffic mitigation or other
governmental service of purported benefit to the Property, taxes and assessments levied in substitution or supplementation in whole or in part of any such taxes and assessments and the Property’s share of any real estate taxes and assessments
under any reciprocal easement agreement, common area agreement or similar agreement as to the Property; (b) all personal property taxes for property that is owned by Landlord and used in connection with the operation, maintenance and repair of
the Property; and (c) all costs and fees incurred in connection with seeking reductions in any tax liabilities described in (a) and (b), including, without limitation, any costs incurred by Landlord for compliance, review and appeal of tax
liabilities. Without limitation, Taxes shall be determined without regard to any “green building” credit and shall not include any income, capital levy, transfer, capital stock, gift, estate or inheritance tax. If a change in Taxes is
obtained for any year of the Term during which Tenant paid Tenant’s Pro Rata Share of any Tax Excess, then Taxes for that year will be retroactively adjusted and Landlord shall provide Tenant with a credit, if any, based on the adjustment.
Likewise, if a change is obtained for Taxes for the Base Year,
Taxes for the Base Year shall be restated and the Tax Excess for all subsequent years shall be recomputed. Tenant shall pay Landlord the amount of Tenant’s Pro Rata Share of any such
increase in the Tax Excess within thirty (30) days after Tenant’s receipt of a statement from Landlord.
4. If any
Taxes, by law, may at the option of the taxpayer be paid in installments, then such Taxes, regardless of how actually paid, shall be deemed to be paid in the maximum number of installments permitted by the taxing authority imposing any such
assessment, together with interest calculated at a rate equal to the rate then being charged by the taxing authority imposing such assessment.
5. Audit Rights.
5.01 Within 60 days after receiving Landlord’s statement of Expenses (or, with respect to the Expenses, within 60
days after receiving Landlord’s initial statement of Expenses for the Base Year) (each such period is referred to as the “Review Notice Period”), Tenant may give Landlord written notice (“Review
Notice”) that Tenant intends to review Landlord’s records of the Expenses for the calendar year (or Base Year, as applicable) to which the statement applies, and within 60 days after sending the Review Notice to Landlord (such
period is referred to as the “Request for Information Period”), Tenant shall send Landlord a written request identifying, with a reasonable degree of specificity, the information that Tenant desires to review
(the “Request for Information”). Within a reasonable time after Landlord’s receipt of a timely Request for Information and executed Audit Confidentiality Agreement (referenced below), Landlord, as determined by
Landlord, shall forward to Tenant, or make available for inspection on site at such location deemed reasonably appropriate by Landlord, such records (or copies thereof) for the applicable calendar year (or Base Year, as applicable) that are
reasonably necessary for Tenant to conduct its review of the information appropriately identified in the Request for Information. Within 60 days after any particular records are made available to Tenant (such period is referred to as the
“Objection Period”), Tenant shall have the right to give Landlord written notice (an “Objection Notice”) stating in reasonable detail any objection to Landlord’s statement of Expenses for that
year which relates to the records that have been made available to Tenant. If Tenant provides Landlord with a timely Objection Notice, Landlord and Tenant shall work together in good faith to resolve any issues raised in Tenant’s Objection
Notice. If Landlord and Tenant determine that Expenses for the calendar year are less than reported, Landlord shall provide Tenant with a credit against the next installment of Rent in the amount of the overpayment by Tenant. Likewise, if Landlord
and Tenant determine that Expenses for the calendar year are greater than reported, Tenant shall pay Landlord the amount of any underpayment within 30 days. If Tenant fails to give Landlord an Objection Notice with respect to any records that have
been made available to Tenant prior to expiration of the Objection Period applicable to the records which have been provided to Tenant, Tenant shall be deemed to have approved Landlord’s statement of Expenses with respect to the matters
reflected in such records and shall be barred from raising any claims regarding the Expenses relating to such records for that year. If Tenant fails to provide Landlord with a Review Notice prior to expiration of the Review Notice Period or fails to
provide Landlord with a Request for Information prior to expiration of the Request for Information Period described above, Tenant shall be deemed to have approved Landlord’s statement of Expenses and shall be barred from raising any claims
regarding the Expenses for that year.
5.02 If Tenant retains an agent to review Landlord’s records,
the agent must be with a CPA firm licensed to do business in the state or commonwealth where the Property is located. Tenant shall be solely responsible for all costs, expenses and fees incurred for the audit, and the fees charged cannot be based in
whole or in part on a contingency basis. The records and related information obtained by Tenant shall be treated as confidential, and applicable only to the Building, by Tenant and its auditors, consultants and other parties reviewing such records
on behalf of Tenant (collectively, “Tenant’s Auditors”), and, prior to making any records available to Tenant or Tenant’s Auditors, Landlord may require Tenant and Tenant’s Auditors to each execute a reasonable
confidentiality agreement (“Audit Confidentiality Agreement”) in accordance with the foregoing. In no event shall Tenant be permitted to examine Landlord’s records or to dispute any statement of Expenses unless
Tenant has paid and continues to pay all Rent when due.
Exhibit is attached to and made a part of the Office Lease Agreement (the “Lease”) by and between XXXXX GLOBAL REIT RIVERSIDE CENTER, LLC., a Delaware, limited liability company (“Landlord”), and STEALTH PEPTIDES
CORPORATION, a Delaware corporation (“Tenant”), for space in the Building located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000. Capitalized terms used but not defined herein shall have the meanings given in the Lease.
Alterations and Allowance.
Tenant, following the delivery of the Premises by Landlord and the full and final execution and delivery of the
Lease to which this Exhibit is attached and all prepaid rental and security deposits required under such agreement have been made, shall have the right to perform alterations and improvements in the Premises (the “Initial
Alterations”). Notwithstanding the foregoing, Tenant and its contractors shall not have the right to perform Initial Alterations in the Premises unless and until Tenant has complied with all of the terms and conditions of Section 9
of the Lease, including, without limitation, approval by Landlord of the final plans for the Initial Alterations and the contractors to be retained by Tenant to perform such Initial Alterations. Landlord’s consent is solely for the benefit of
Landlord, and neither Tenant nor any third party shall have the right to rely on Landlord’s consent, or its approval of Tenant’s plans, for any purpose whatsoever. Tenant shall be responsible for all elements of the design of Tenant’s
plans (including, without limitation, compliance with law, functionality of design, the structural integrity of the design, the configuration of the premises and the placement of Tenant’s furniture, appliances and equipment), and
Landlord’s approval of Tenant’s plans shall in no event relieve Tenant of the responsibility for such design. Landlord’s approval of the contractors to perform the Initial Alterations shall not be unreasonably withheld. The parties
agree that Landlord’s approval of the general contractor to perform the Initial Alterations shall not be considered to be unreasonably withheld if any such general contractor (i) does not have trade references reasonably acceptable to
Landlord, does not maintain insurance as required pursuant to the terms of this Lease, (iii) does not have the ability to be bonded for the work in an amount of no less than 150% of the total estimated cost of the Initial Alterations,
(iv) does not provide current financial statements reasonably acceptable to Landlord, or (v) is not licensed as a contractor in the state/municipality in which the Premises is located. Tenant acknowledges the foregoing is not intended to
be an exclusive list of the reasons why Landlord may reasonably withhold its consent to a general contractor.
Commencing as of April 1, 2015, provided Tenant is not in Default, Landlord agrees to contribute the sum
of $150,000.00 (the “Allowance”) toward the cost of performing the Initial Alterations in preparation of Tenant’s occupancy of the Premises. The Allowance may be used for hard costs, which term shall include,
without limitation, the cost to construct demountable glass partitions in the Premises in connection with the Initial Alterations. Tenant shall have the right to apply up to $15,000.00 of the
Allowance toward furniture, fixtures and equipment and telecommunications and data wiring. The Allowance, less a 10% retainage (which retainage shall be payable as part of the final draw), shall be paid to Tenant or, at Landlord’s option, to
the order of the general contractor that performs the Initial Alterations, in periodic disbursements within 30 days after receipt of the following documentation: (i) an application for payment and sworn statement of contractor substantially in
the form of AIA Document G-702 covering all work for which disbursement is to be made to a date specified therein; (ii) a certification from an AIA architect substantially in the form of the
Architect’s Certificate for Payment which is located on AIA Document G702, Application and Certificate of Payment; Contractor’s, subcontractor’s and material supplier’s waivers of liens which shall cover all Initial Alterations
for which disbursement is being requested and all other statements and forms required for compliance with the mechanics’ lien laws of the state in which the Premises is located, together with all such invoices, contracts, or other supporting
data as Landlord or Landlord’s Mortgagee may reasonably require; (iv) a cost breakdown for each trade or subcontractor performing the Initial Alterations; (v) plans and specifications for the Initial Alterations, together with a
certificate from an AIA architect that such plans and specifications comply in all material respects with all laws affecting the Building, Property and Premises; (vi) copies of all construction contracts for the Initial Alterations, together
with copies of all change orders, if any; and (vii) a request to disburse from Tenant containing an approval by Tenant or its Architect of the work done and a good faith estimate of the cost to complete the Initial Alterations. Upon completion
of the Initial Alterations, and prior to final disbursement of the Allowance, Tenant shall furnish Landlord with: (1) general contractor and architect’s completion affidavits, (2) full and final waivers of lien, (3) receipted
bills covering all labor and materials expended and used, (4) as-built plans of the Initial Alterations, and (5) the certification of Tenant and its architect that the Initial Alterations have been
installed in a good and workmanlike manner in accordance with the approved plans, and in accordance with applicable laws, codes and ordinances. In no event shall Landlord be required to disburse the Allowance more than one time per month. If the
Initial Alterations exceed the Allowance, Tenant shall be entitled to the Allowance in accordance with the terms hereof, but each individual disbursement of the Allowance shall be disbursed in the proportion that the Allowance bears to the total
cost for the Initial Alterations, less the 10% retainage referenced above. Notwithstanding anything herein to the contrary, Landlord shall not be obligated to disburse any portion of the Allowance during the continuance of an uncured Default under
the Lease, and Landlord’s obligation to disburse shall only resume when and if such Default is cured. |
Except as expressly provided above, the Allowance shall not be used for the purchase of equipment, furniture or
other items of personal property of Tenant. If Tenant does not submit a request for payment of the entire Allowance to Landlord in accordance with the provisions contained in this Exhibit by September 1, 2016,
any unused amount shall accrue to the sole benefit of Landlord, it being understood that Tenant shall not be entitled to any credit, abatement or other concession in connection therewith. Tenant
shall be responsible for all applicable state sales or use taxes, if any, payable in connection with the Initial Alterations and/or Allowance. |
Tenant agrees to accept the Premises in its “as-is” condition
and configuration, it being agreed that Landlord shall not be required to perform any work or, except as provided above with respect to the Allowance, incur any costs in connection with the construction or demolition of any improvements in the
This Exhibit shall not be deemed applicable to any additional space added to the Premises at any time or from
time to time, whether by any options under the Lease or otherwise, or any additions to the Premises in the event of a renewal or extension of the original Term of the Lease, whether by any options under the Lease or otherwise, unless expressly so
provided in the Lease or any amendment or supplement to the Lease.
Commencement Letter with respect to that certain Lease dated as of
20 , by and between XXXXX GLOBAL REIT RIVERSIDE CENTER, LLC., a Delaware limited liability company,
as Landlord, and , as Tenant, for
rentable square feet on the
Riverside Center located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000.
Business Unit Number:
In accordance with the terms and conditions of the above referenced Lease, Tenant accepts possession of the Premises and acknowledges:
1. The Commencement Date of the Lease is
2. The Termination Date of the Lease is
acknowledge the foregoing and your acceptance of possession by signing both counterparts of this Commencement Letter in the space provided and returning a fully executed counterpart to my attention.
Acknowledged and Accepted:
BUILDING RULES AND REGULATIONS
This Exhibit is attached to and made a part of the Office Lease Agreement (the “Lease”) by and between XXXXX
GLOBAL REIT RIVERSIDE CENTER, LLC., a Delaware limited liability company (“Landlord”), and STEALTH PEPTIDES CORPORATION, a
Delaware corporation (“Tenant”), for space in the Building located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000. Capitalized terms used but not defined herein shall have the meanings given in the Lease.
The following rules and regulations shall apply, where applicable, to the Premises, the Building, the parking facilities (if any), the
Property and the appurtenances. In the event of a conflict between the following rules and regulations and the remainder of the terms of the Lease, the remainder of the terms of the Lease shall control.
1. Sidewalks, doorways, vestibules, halls, stairways and other similar areas shall not be obstructed by Tenant or used
by Tenant for any purpose other than ingress and egress to and from the Premises. No rubbish, litter, trash, or material shall be placed, emptied, or thrown in those areas. At no time shall Tenant permit Tenant’s employees to loiter in Common
Areas or elsewhere about the Building or Property.
2. Plumbing fixtures and appliances shall be used only for the
purposes for which designed and no sweepings, rubbish, rags or other unsuitable material shall be thrown or placed in the fixtures or appliances.
3. No signs, advertisements or notices shall be painted or affixed to windows, doors or other parts of the Building,
except those of such color, size, style and in such places as are first approved in writing by Landlord. All tenant identification and suite numbers at the entrance to the Premises shall be installed by Landlord, at Landlord’s cost and expense,
using the standard graphics for the Building. Landlord shall, at Landlord’s cost, list the name of Tenant on the ground floor lobby directory and on the first (1st) floor directory of the
Building. The initial listing of Tenant’s name shall be at Landlord’s cost and expense. Any changes, replacements or additions by Tenant to such directory shall be at Tenant’s sole cost and expense. Except in connection with the
hanging of lightweight pictures and wall decorations, no nails, hooks or screws shall be inserted into any part of the Premises or Building except by the Building maintenance personnel without Landlord’s prior approval, which approval shall not
be unreasonably withheld.
4. Landlord may provide and maintain in the first floor (main lobby) of the Building an
alphabetical directory board or other directory device listing tenants and no other directory shall be permitted unless previously consented to by Landlord in writing.
5. Tenant shall not place any lock(s) on any door in the Premises or Building without Landlord’s prior written
consent, which consent shall not be unreasonably withheld, and Landlord shall have the right at all times to retain and use keys or other access codes or devices to all locks within and into the Premises. A reasonable number of keys to the locks on
the entry doors in the Premises shall be furnished by Landlord to Tenant at Tenant’s cost and Tenant shall not make any duplicate keys. All keys shall be returned to Landlord at the expiration or early termination of the Lease.
6. All contractors, contractor’s representatives and
installation technicians performing work in the Building shall be subject to Landlord’s prior approval, which approval shall not be unreasonably withheld, and shall be required to comply with Landlord’s standard rules, regulations,
policies and procedures, which may be revised from time to time. Landlord has no obligation to allow any particular telecommunication service provider to have access to the Building or to the Premises. If Landlord permits access, Landlord may
condition the access upon the payment to Landlord by the service provider of fees assessed by Landlord in Landlord’s sole discretion.
7. Movement in or out of the Building of furniture or office equipment, or dispatch or receipt by Tenant of merchandise
or materials requiring the use of elevators, stairways, lobby areas or loading dock areas, shall be performed in a manner and restricted to hours reasonably designated by Landlord. Tenant shall obtain Landlord’s prior approval by providing a
detailed listing of the activity, including the names of any contractors, vendors or delivery companies, which approval shall not be unreasonably withheld. Tenant shall assume all risk for damage, injury or loss in connection with the activity.
8. Landlord shall have the right to approve the weight, size, or location of heavy equipment or articles in and about
the Premises, which approval shall not be unreasonably withheld; provided that approval by Landlord shall not relieve Tenant from liability for any damage in connection with such heavy equipment or articles.
9. Corridor doors, when not in use, shall be kept closed.
10. Tenant shall not: (a) make or permit any improper, objectionable or unpleasant noises or odors in the
Building, or otherwise interfere in any way with other tenants or persons having business with them; (b) solicit business or distribute or cause to be distributed, in any portion of the Building, handbills, promotional materials or other
advertising; or (c) conduct or permit other activities in the Building that might, in Landlord’s sole opinion, constitute a nuisance.
11. No animals, except those assisting handicapped persons, shall be brought into the Building or kept in or about the
12. No inflammable, explosive or dangerous fluids or substances shall be used or kept by Tenant in the
Premises, Building or about the Property, except for those substances as are typically found in similar premises used for general office purposes and are being used by Tenant in a safe manner and in accordance with all applicable Laws. Tenant shall
not, without Landlord’s prior written consent, use, store, install, spill, remove, release or dispose of, within or about the Premises or any other portion of the Property, any asbestos-containing materials or any solid, liquid or gaseous
material now or subsequently considered toxic or hazardous under the provisions of 42 U.S.C. Section 9601 et seq., M.G.L. c. 21C, M.G.L. c. 21E or any other applicable environmental Law which may now or later be in effect. Tenant shall comply
with all Laws pertaining to and governing the use of these materials by Tenant and shall remain solely liable for the costs of abatement and removal resulting from Tenant’s use or any violation of this Section 12.
13. Tenant shall not use or occupy the Premises in any manner or for
any purpose which might injure the reputation or impair the present or future value of the Premises or the Building. Tenant shall not use, or permit any part of the Premises to be used for lodging, sleeping or for any illegal purpose.
14. Tenant shall not take any action which would violate Landlord’s labor contracts or which would cause a work
stoppage, picketing, labor disruption or dispute or interfere with Landlord’s or any other tenant’s or occupant’s business or with the rights and privileges of any person lawfully in the Building (“Labor Disruption”).
Tenant shall take the actions necessary to resolve the Labor Disruption, and shall have pickets removed and, at the request of Landlord, immediately terminate any work in the Premises that gave rise to the Labor Disruption, until Landlord gives its
written consent for the work to resume. Tenant shall have no claim for damages against Landlord or any of the Landlord Related Parties nor shall the Commencement Date of the Term be extended as a result of the above actions.
15. Tenant shall not install, operate or maintain in the Premises or in any other area of the Building, electrical
equipment that would overload the electrical system beyond its capacity for proper, efficient and safe operation as determined solely by Landlord. Tenant shall not furnish cooling or heating to the Premises, including, without limitation, the use of
electric or gas heating devices, without Landlord’s prior written consent. Tenant shall not use more than its proportionate share of telephone lines and other telecommunication facilities available to service the Building.
16. Tenant shall not operate or permit to be operated a coin or token operated vending machine or similar device
(including, without limitation, telephones, lockers, toilets, scales, amusement devices and machines for sale of beverages, foods, candy, cigarettes and other goods), except for machines for the exclusive use of Tenant’s employees and invitees.
17. Bicycles and other vehicles are not permitted inside the Building or on the walkways outside the Building,
except in areas designated by Landlord.
18. Landlord may from time to time adopt systems and procedures for the
security and safety of the Building and Property, their occupants, entry, use and contents. Tenant, its agents, employees, contractors, guests and invitees shall comply with Landlord’s systems and procedures.
19. Landlord shall have the right to prohibit the use of the name of the Building or any other publicity by Tenant that
in Landlord’s sole opinion may impair the reputation of the Building or its desirability. Upon written notice from Landlord, Tenant shall refrain from and discontinue such publicity immediately.
20. Neither Tenant nor its agents, employees, contractors, guests or invitees shall smoke or permit smoking in the
Common Areas, unless a portion of the Common Areas have been declared a designated smoking area by Landlord, nor shall the above parties allow smoke from the Premises to emanate into the Common Areas or any other part of the Building. Landlord shall
have the right to designate the Building (including the Premises) as a non-smoking building.
21. Landlord shall have the right to designate and approve standard
window coverings for the Premises and to establish rules to assure that the Building presents a uniform exterior appearance. Tenant shall ensure, to the extent reasonably practicable, that window coverings are closed on windows in the Premises while
they are exposed to the direct rays of the sun.
22. Deliveries to and from the Premises shall be made only at the
times in the areas and through the entrances and exits reasonably designated by Landlord. Tenant shall not make deliveries to or from the Premises in a manner that might interfere with the use by any other tenant of its premises or of the Common
Areas, any pedestrian use, or any use which is inconsistent with good business practice.
23. The work of cleaning
personnel shall not be hindered by Tenant after 5:30 P.M., and cleaning work may be done at any time when the offices are vacant. Windows, doors and fixtures may be cleaned at any time. Tenant shall provide adequate waste and rubbish receptacles to
prevent unreasonable hardship to the cleaning service.
This Exhibit is attached to and made a part of the Office Lease Agreement (the “Lease”) by and between XXXXX
GLOBAL REIT RIVERSIDE CENTER, LLC., a Delaware limited liability company (“Landlord”), and STEALTH PEPTIDES CORPORATION, a
Delaware corporation (“Tenant”), for space in the Building located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000. Capitalized terms used but not defined herein shall have the meanings given in the Lease.
During the initial Term, Tenant shall have the right to use up to 40 unreserved parking spaces in the parking
facility garage and surface lots (“Unreserved Parking”) and 4 allotted spaces in the underground executive parking garage under Building One (“Reserved Parking”) (collectively, the
“Spaces”). The Unreserved Parking shall be on a non-exclusive first come, first served basis, for the use of Tenant and its employees, in the parking facility and surface lots and the Reserved
Parking shall be in the underground executive parking garage under Building One owned by Landlord that serves the Building (collectively, the “Parking Facility”), and if the Parking Facility includes a garage, then such
Spaces may be in, or on the roof of, such garage. No deductions or allowances shall be made for days when Tenant or any of its employees does not utilize the Parking Facility or for Tenant utilizing less than all of the Spaces. Tenant shall not have
the right to lease or otherwise use more than the number of reserved and unreserved Spaces set forth above.
There is currently no charge for Reserved Parking in the underground executive parking garage under Building
One (the “Garage”). For and with respect to spaces in the Garage, Landlord reserves the right at any time, from and after December 1, 2016, to assess a charge for the use of spaces in the Garage, which charge shall reflect the
then current rate for parking in the Garage. Tenant shall have the right at any time to substitute all or any portion of its Reserved Parking for an equal number of additional Unreserved Parking by giving Landlord written notice of same.
Except for particular spaces and areas designated by Landlord for Reserved Parking, all parking in the Parking
Facility shall be on an unreserved, first-come, first-served basis.
Landlord shall not be responsible for money, jewelry, automobiles or other personal property lost in or stolen
from the Parking Facility regardless of whether such loss or theft occurs when the Parking Facility is locked or otherwise secured. Except as caused by the negligence or willful misconduct of Landlord and without limiting the terms of the preceding
sentence, Landlord shall not be liable for any loss, injury or damage to persons using the Parking Facility or automobiles or other property therein, it being agreed that, to the fullest extent permitted by law, the use of the Spaces shall be at the
sole risk of Tenant and its employees.
Landlord shall have the right from time to time to designate the location of the Spaces and to promulgate
reasonable rules and regulations regarding the Parking Facility, the Spaces and the use thereof, including, but not limited to, rules and regulations controlling the flow of traffic to and from various parking areas, the angle and direction of
parking and the like. Tenant shall comply with and cause its employees to comply with all such rules and regulations as well as all reasonable additions and amendments thereto.
Tenant shall not store or permit its employees to store any automobiles in the Parking Facility without the
prior written consent of Landlord. Except for emergency repairs, Tenant and its employees shall not perform any work on any automobiles while located in the Parking Facility or on the Property. If it is necessary for Tenant or its employees to leave
an automobile in the Parking Facility overnight, Tenant shall provide Landlord with prior notice thereof designating the license plate number and model of such automobile.
Landlord shall have the right to temporarily close the Parking Facility or certain areas therein in order to
perform necessary repairs, maintenance and improvements to the Parking Facility.
Tenant shall not assign or sublease any of the Spaces without the consent of Landlord. Landlord shall have the
right to terminate this Parking Agreement with respect to any Spaces that Tenant desires to sublet or assign.
Landlord may elect to provide parking cards or keys to control access to the Parking Facility. In such event,
Landlord shall provide Tenant with one card or key for each Space that Tenant is leasing hereunder, provided that Landlord shall have the right to require Tenant or its employees to place a deposit on such access cards or keys and to pay a fee for
any lost or damaged cards or keys.
Landlord hereby reserves the right to enter into a management agreement or lease with an entity for the Parking
Facility (“Parking Facility Operator”). In such event, Tenant, upon request of Landlord, shall enter into a parking agreement with the Parking Facility Operator and, if and to the extent Landlord assesses a charge
under Section 1.02 hereof, pay the Parking Facility Operator the monthly charge established hereunder, and Landlord shall have no liability for claims arising through acts or omissions of the Parking Facility Operator unless caused by
Landlord’s negligence or willful misconduct. It is understood and agreed that the identity of the Parking Facility Operator may change from time to time during the Term. In connection therewith, any parking lease or agreement entered into
between Tenant and a Parking Facility Operator shall be freely assignable by such Parking Facility Operator or any successors thereto.
X. Xxxxx of Option; Conditions. Tenant shall have, subject to the following terms and conditions, the right to
extend the Term (the “Extension Option”) for one (1) additional period of five (5) years, commencing on the day following the Termination Date of the initial Term, and ending on the fifth (5th) anniversary of the Termination Date (the “Extension Term”), if:
Landlord receives notice of exercise (“Initial Extension Notice”) not less than
twelve (12) full calendar months prior to the expiration of the initial Term, and not more than fifteen (15) full calendar months prior to the expiration of the initial Term; and
Tenant is not in Default under the Lease beyond any applicable cure periods at the time that Tenant delivers
its Initial Extension Notice, or at the time Tenant delivers its Binding Notice (as defined below); and
Not more than twenty-five percent (25%) of the Premises is sublet (other than pursuant to a Business Transfer)
at the time that Tenant delivers its Initial Extension Notice, or at the time Tenant delivers its Binding Notice; and
The Lease has not been assigned (other than pursuant to a Business Transfer, as defined in Article 11 of the
Lease) prior to the date that Tenant delivers its Initial Extension Notice, or prior to the date Tenant delivers its Binding Notice.
Terms Applicable to Premises During Extension Term.
The Lease of the Premises for the Extension shall be upon all of the same terms and conditions as set forth in
the Lease for the initial Term, except that (a) Tenant shall have no further option to extend the Term, and (b) the initial Base Rent rate per rentable square foot for the Premises during the Extension Term shall equal the Prevailing
Market rate (hereinafter defined) per rentable square foot for the Premises. Base Rent during the Extension Term may increase in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the
Premises shall be payable in monthly installments in accordance with the terms and conditions of Article 4 of the Lease. The Base Year for Expenses during the Extension Term shall be the calendar year in which the Extension Term commences and the
Base Year for Taxes during the Extension Term shall be the Fiscal Year in which the Extension Term commences.
Tenant shall pay Additional Rent (i.e., Taxes and Expenses) for the Premises during the Extension Term in
accordance with the terms of Article 4 of the Lease, and the manner and method in which Tenant reimburses Landlord for Tenant’s share of Taxes and Expenses and the Base Year, if any, applicable to such matter, shall be some of the factors
considered in determining the Prevailing Market rate for the Extension Term.
Initial Procedure for Determining Prevailing Market. Within thirty (30) days after receipt of
Tenant’s Initial Extension Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the Extension Term. Tenant, within fifteen (15) days after the date on which Landlord advises Tenant of the applicable
Base Rent rate for the Extension Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s exercise of its Extension Option, or (ii) if Tenant disagrees with
Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such fifteen-(15)-day period, Tenant shall be deemed to have provided a Binding Notice. If Tenant provides or is deemed to have provided Landlord with a Binding Notice, Landlord and Tenant shall enter into the Extension
Amendment (as defined below) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market rate for the Premises during
the Extension Term. Upon agreement, Landlord and Tenant shall enter into the Extension Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant fail to agree upon the Prevailing Market rate
within thirty (30) days after the date Tenant provides Landlord with the Rejection Notice, then the Prevailing Market rate shall be determined in accordance with the arbitration procedures described in Section D below.
If Landlord and Tenant have failed to reach agreement as to the Prevailing Market rate within thirty
(30) days after the date of the Rejection Notice, then, within five (5) days after the expiration of such thirty-(30)-day period, Landlord and Tenant shall each simultaneously submit to the
other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the Premises during the Extension Term (collectively referred to as the “Estimates”). If the higher of such Estimates is not more
than 105% of the lower of such Estimates, then Prevailing Market rate shall be the average of the two Estimates. If the Prevailing Market rate is not resolved by the exchange of Estimates, then, within seven (7) days after the exchange of
Estimates, Landlord and Tenant shall each select an appraiser to determine which of the two Estimates most closely reflects the Prevailing Market rate for the Premises during the Extension Term. Each appraiser so selected shall be certified as an
MAI appraiser or as an ASA appraiser and shall have had at least five (5) years’ experience within the previous ten (10) years as a real estate appraiser working in the Xxxxxx/Wellesley, Massachusetts area, with working knowledge of
current rental rates and practices. For purposes hereof, an “MAI”
appraiser means an individual who holds an MAI designation conferred by, and is an independent member of, the American Institute of Real Estate Appraisers (or its successor organization, or in
the event there is no successor organization, the organization and designation most similar), and an “ASA” appraiser means an individual who holds the Senior Member designation conferred by, and is an independent member of, the
American Society of Appraisers (or its successor organization, or, in the event there is no successor organization, the organization and designation most similar). |
Upon selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon
which of the two Estimates most closely reflects the Prevailing Market rate for the Premises. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Extension Term. If
either Landlord or Tenant fails to appoint an appraiser within the seven-(7)-day period referred to above, and such failure continues for three (3) Business Days after written notice thereof, the
appraiser appointed by the other party shall be the sole appraiser for the purposes hereof. If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Prevailing Market within twenty (20) days after their
appointment, then, within ten (10) days after the expiration of such twenty-(20)-day period, the two appraisers shall select a third appraiser meeting the aforementioned criteria. Once the third appraiser
(Le. arbitrator) has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the arbitrator shall make his determination of which of the two Estimates most closely reflects the
Prevailing Market rate and such Estimate shall be binding on both Landlord and Tenant as the Base Rent for the Premises. If the arbitrator believes that expert advice would materially assist him, he may retain one or more qualified persons to
provide such expert advice. The parties shall share equally in the costs of the arbitrator and of any experts retained by the arbitrator. Any fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne
by the party retaining such appraiser, counsel or expert.
If the Prevailing Market rate has not been determined by the commencement date of the Extension Term, Tenant
shall pay Base Rent upon the terms and conditions in effect during the last month of the initial Term for the Premises until such time as the Prevailing Market rate has been determined. Upon such determination, the Base Rent for the Premises shall
be retroactively adjusted to the commencement of the Extension Term for the Premises. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after
the determination thereof.
Extension Amendment. If Tenant is entitled to and properly exercises its Extension Option, Landlord
shall prepare an amendment (the “Extension Amendment”) to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms. The Extension Amendment shall be sent to Tenant within a reasonable time after
receipt of the Binding Notice, or Rejection Notice, as the case may be, and Tenant shall execute and return the Extension Amendment to Landlord within fifteen (15) days after Tenant’s receipt of same, but, upon delivery of the Initial
Extension Notice, an otherwise valid exercise of the Extension Option shall be fully effective whether or not the Extension Amendment is executed.
Prevailing Market. For purposes hereof, “Prevailing Market” shall mean the
arm’s length fair market annual rental rate per rentable square foot under extension leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in
the Building and office buildings comparable to the Building in the Xxxxxx/Wellesley, Massachusetts area. The determination of Prevailing Market shall take into account any material economic differences between the terms of this Lease and any
comparison lease or amendment, such as rent abatements, construction costs and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes.
FORM OF LETTER OF CREDIT
We hereby establish our Irrevocable Standby Letter of Credit in your favor for the account of the above referenced Applicant in the
amount of U.S. Dollars ($ ) available for payment at sight by your draft drawn on
us when accompanied by the following documents:
An original copy of this Irrevocable Standby Letter of Credit.
Beneficiary’s dated statement signed by a purportedly authorized officer/official certifying that the
Beneficiary is entitled to draw upon this Letter of Credit (in the amount of the draft submitted herewith) pursuant to this Lease (the “Lease”) dated
by and between
, as Landlord, and
, as Tenant and/or any amendment to the lease or any other agreement between such parties related to the lease.
It is a condition of this Irrevocable Standby Letter of Credit that it will be considered automatically renewed for a
one year period upon the expiration date set forth above and upon each anniversary of such date, unless at least sixty (60) days prior to such expiration date or applicable anniversary thereof, we notify you in writing by certified mail return
receipt requested or by recognized overnight courier service, that we elect not to so renew this Irrevocable Standby Letter of Credit. A copy of any such notice shall also be sent, in the same manner, to:
. In addition to the
foregoing, we understand and agree that you shall be entitled to draw upon this Irrevocable Standby Letter of Credit in accordance with 1 and 2 above in the event that we elect not to renew this Irrevocable Standby Letter of Credit and, in addition,
you provide us with a dated statement purportedly signed by an authorized signatory or agent of Beneficiary stating that the Applicant has failed to provide you with an acceptable
substitute irrevocable standby letter of credit in accordance with the terms of the above referenced lease. We further acknowledge and agree that: (a) upon receipt of the documentation
required herein, we will honor your draws against this Irrevocable Standby Letter of Credit without inquiry into the accuracy of Beneficiary’s signed statement and regardless of whether Applicant disputes the content of such statement;
(b) this Irrevocable Standby Letter of Credit shall permit partial draws and, in the event you elect to draw upon less than the full stated amount hereof, the stated amount of this Irrevocable Standby Letter of Credit shall be automatically
reduced by the amount of such partial draw; and (c) you shall be entitled to transfer your interest in this Irrevocable Standby Letter of Credit from time to time and more than one time without our approval and without charge. In the event of a
transfer, we reserve the right to require reasonable evidence of such transfer as a condition to any draw hereunder.
Standby Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 revision) ICC Publication No. 500.
We hereby engage with you to honor drafts and documents drawn under and in compliance with the terms of this Irrevocable Standby Letter of
All communications to us with respect to this Irrevocable Standby Letter of Credit must be addressed to our office located at
to the attention of
|Very truly yours,|
||000 Xxxxx Xxxxxx 0-000|
||Xxxxxx, XX 00000|
Commencement of the Office Space with respect to that certain Office Lease Agreement dated as of
October 31, 2014, by and between XXXXX GLOBAL REIT RIVERSIDE CENTER LLC., a Delaware limited liability company, as Landlord, and Stealth Peptides
Incorporated, a Delaware Corporation as Tenant, for 7,685 rentable square feet on the 1st floor of Three Riverside Center located at 000 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000,
Lease Id: EH20132586
Unit Number: 80109
accordance with the terms and conditions of the above referenced Lease Amendment, Tenant accepts possession of the Premises and acknowledges:
The “Area B” Office Space Effective Date is 4/1/2015;
The Termination Date of the Lease is 11/30/2020.
Please sign both counterparts of this Commencement Letter in the space provided and returning a fully executed counterpart to my attention.
Tenant’s failure to execute and return this letter, or to provide written objection to the statements contained in this letter, within 30 days after the date of this letter shall be deemed an approval by Tenant of the statements contained
/s/ Xxxxx X. Xxxx
|Acknowledged and Accepted:|
||Tenant: Stealth BioTherapeutics Inc.|
/s/ Xxxxx X. Xxxx
||Xxxxx X. Xxxx|
||Date: September 21, 2015|