Exhibit 10.18
OYSTER POINT MARINA PLAZA
Seventh Amendment to Office Lease
THIS SEVENTH AMENDMENT TO OFFICE LEASE (the Seventh Amendment) is made and entered into as of October 1, 2004, by and between KASHIWA FUDOSAN AMERICA, INC., a California corporation (Landlord) and TITAN PHARMACEUTICALS, INC., a Delaware corporation (Tenant).
Recitals
A. Landlord and Tenant have heretofore entered into that certain lease dated February 14, 1996 (the Lease) for premises originally described as Suite 505 (the Premises), initially containing approximately 3,866 rentable square feet of space in the building located at 400 Oyster Point Boulevard, South San Francisco, California (the Building), which forms part of the office building complex commonly known as Oyster Point Marina Plaza (the Complex).
B. The Lease has heretofore been amended by the following instruments (collectively the Addenda):
(vi) Sixth Amendment to Lease dated as of August 1, 2002.
C. The parties mutually desire to amend the terms of the Lease to extend its Term, expand the Premises, and in certain other respects, all on and subject to the terms and conditions hereof.
Agreement
Now, therefore, in consideration of the mutual terms and conditions herein contained and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
Oyster Point Marina Plaza Seventh Amendment to Office Lease
Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
1
Periods |
|
Suite |
|
RSF |
|
USF |
|
Monthly |
|
Tenants Share |
|
Tenants |
|
Base |
|
||||
July 1, 2005 through June 30, 2006 |
|
505 |
|
18,774 |
|
16,325 |
|
$ |
47,873.70 |
|
8.100 |
% |
4.042 |
% |
2005 |
|
|||
504 |
|
3,821 |
|
3,323 |
|
$ |
9,743.55 |
|
1.649 |
% |
0.823 |
% |
|||||||
July 1, 2006 through June 30, 2007 |
|
505 |
|
18,774 |
|
16,325 |
|
$ |
38,111.22 |
|
8.100 |
% |
4.042 |
% |
2005 |
|
|||
504 |
|
3,821 |
|
3,323 |
|
$ |
7,756.63 |
|
1.649 |
% |
0.823 |
% |
|||||||
July 1, 2007 through June 30, 2008 |
|
505 |
|
18,774 |
|
16,325 |
|
$ |
39,049.92 |
|
8.100 |
% |
4.042 |
% |
2005 |
|
|||
504 |
|
3,821 |
|
3,323 |
|
$ |
7,947.68 |
|
1.649 |
% |
0.823 |
% |
|||||||
July 1, 2008 through June 30, 2009 |
|
505 |
|
18,774 |
|
16,325 |
|
$ |
39,988.62 |
|
8.100 |
% |
4.042 |
% |
2005 |
|
|||
504 |
|
3,821 |
|
3,323 |
|
$ |
8,138.73 |
|
1.649 |
% |
0.823 |
% |
|||||||
July 1, 2009 through June 30, 2010 |
|
505 |
|
18,774 |
|
16,325 |
|
$ |
40,927.32 |
|
8.100 |
% |
4.042 |
% |
2005 |
|
|||
504 |
|
3,821 |
|
3,323 |
|
$ |
8,329.78 |
|
1.649 |
% |
0.823 |
% |
|||||||
In the event of any conflict between the terms contained in the Table and the terms contained in subsequent paragraphs of this Seventh Amendment, the terms of the Table shall control, except as may be expressly varied in any subsequent paragraph of this Seventh Amendment.
2
If Landlord enters the Premises to exercise any of the foregoing rights, Landlord shall provide reasonable advance written or oral notice (and in no event less than twenty-four (24) hours notice) to Tenants on-site manager or appropriate person (except in emergencies) Landlord agrees to schedule repair activities hereunder and maintenance activities under § 25.3 below that might cause interruption or inconvenience to Tenant outside of the Business hours specified in § 8.1.1 to the extent reasonably possible without requiring Landlord to expend additional time or incur additional expense that could otherwise be avoided.
The parties agree that, in order to maintain the comfortable temperature range to be maintained hereunder during Business Hours, Landlord shall endeavor to maintain the temperature within the Premises during Business Hours in conformity with the industry-standard 1995 ASHRAE Standards, provided that deviation from such standards shall not form the basis for any liability hereunder.
Landlord shall use commercially reasonable efforts to minimize disruption to Tenant during any foreseeable interruption of services and shall take appropriate action to correct any such interruption as soon as reasonably possible after receipt of Tenants written notice thereof.
In connection with entering the Premises to exercise any of the foregoing rights, Landlord shall: (a) provide reasonable advance written or oral notice (and in no event less than one (1) business days notice) to Tenants on site manager or other appropriate person (except in emergencies), and (b) take reasonable steps to avoid any unreasonable interference with Tenants business. Landlord and its service providers shall schedule repair and maintenance work outside of normal Business Hours whenever reasonably possible without requiring Landlord to expend additional time or incur additional expense that could otherwise be avoided. Repair work that is required to repair broken parts or system malfunctions shall be considered emergency situations.
3
4
In witness whereof, the parties have executed this Seventh Amendment as of the date first above written.
|
Landlord: |
KASHIWA FUDOSAN AMERICA, INC., a California corporation |
|||||
|
|
||||||
|
|
By: |
/s/ Haru Takehana |
|
|||
|
|
Haru Takehana, Director |
|
||||
|
|
||||||
|
|
||||||
|
Tenant: |
TITAN PHARMACEUTICALS, INC., a Delaware corporation |
|||||
|
|
||||||
|
|
By: |
/s/ Louis R. Bucalo |
|
|||
|
|
Louis R. Bucalo |
|
||||
|
[name typed] |
|
|||||
|
|
|
|||||
|
|
Its: |
Chairman, President & CEO |
|
|||
5