PRINCETON SOUTH CORPORATE CENTER OFFICE LEASE Between PRINCETON SOUTH INVESTORS, LLC (a Delaware limited liability company) as Landlord -and-

 

 

 

 

 

B		INTENTIONALLY DELETED
C		CONFIRMATION OF LEASE TERM
D		JANITORIAL SERVICES
E		RULES AND REGULATIONS
F		TENANT IMPROVEMENTS
G		ESTOPPEL CERTIFICATE

 

 

1.1.  Letting and Premises; Use.  Landlord, for the Term (as defined below) and subject to the provisions and conditions hereof, leases to Tenant, and Tenant hereby rents from Landlord, the space (hereinafter referred to as the “Premises” and more particularly delineated on the Floor Plan attached hereto as Exhibit “A-1” and made a part hereof) being, for purposes of the provisions hereof 8,065 rentable square feet of which 6,931 shall be usable square feet, located on the Third floor of the office building (hereinafter referred to as the “Building”) currently known as 100 Princeton South Corporate Center Condominium – Unit 1, or such other name as Landlord may from time to time designate, with an address of, 100 Charles Ewing Boulevard, Ewing, Mercer County, New Jersey 08628, to be used by Tenant in accordance with any and all applicable Governmental Requirements and only for general office purposes and associated incidental uses and for no other purpose whatsoever (“Permitted Uses”).

 

1.2.  Property.  The property consists of the parcel of land, containing approximately 5.4 acres, on which the Building is located, together with the Building and other improvements thereon, identified as Unit Number 1 of the Princeton South Corporate Center Condominium, located at or about Charles Ewing Boulevard in Ewing Township, Mercer County, New Jersey (the “Property”).  Landlord reserves the right, in its sole discretion, at any time and from time to time, to expand and/or reduce the amount of ground and/or improvements of which the Property consists.

 

1.3.  Common Facilities.  Tenant and its agents, employees and invitees, shall have the right to use, free of charge, in common with all others granted such rights by Landlord, in a proper and lawful manner, the common sidewalks, driveways, access roads, parking areas, if any, and other outdoor areas within the Property, the common entranceways, lobbies and elevators furnishing access to the Premises, and (if the Premises includes less than a full floor) the common lobbies, hallways and toilet rooms (on the floor on which the Premises is located) in the Building.  Common Facilities as of the Execution Date of this Lease shall include the non-exclusive use of the conference center and fitness center located in building 200 Princeton South Corporate Center and all such other common facilities which may become available to all other tenants after execution of this Lease and which are located at the Property. Such use shall be subject to the terms of this Lease and to such reasonable rules, regulations, limitations and requirements as Landlord may from time to time prescribe with respect thereto, including, without limitation, the reservation of any particular parking spaces or parking areas for the exclusive use of other tenants of the Property.

or deletion of temporary and/or permanent buildings, structures or other improvements therein.  In connection with the foregoing, Landlord may temporarily close or cover entrances, doors, windows, corridors, or other facilities without liability to Tenant; however, in doing so, Landlord shall use commercially reasonable efforts to minimize disruption of Tenant’s use and occupancy of the Premises and shall at all times ensure access to and from the Premises and the Building.

  

performed, the non-completion of which does not materially interfere with Tenant’s use of the Premises or the conduct of its business therein.

costs of wiring, conduit, and other equipment and facilities for distribution of telecommunication services to the extent such utilities, services, equipment and/or facilities are not separately chargeable to an occupant of the Building; (E) cost of insurance for public and general liability insurance and insurance relating to the Building and the Property, including fire and extended coverage or “All-Risk” coverage, if available, and coverage for elevator, boiler, sprinkler leakage, water damage, and property damage, plate glass, personal property owned by Landlord, fixtures, and rent protection (all with such coverages and in such amounts as Landlord may elect or be required to carry), but excluding any charge for increased premiums due to acts or omissions of other occupants of the Building because of extra risk which are reimbursed to Landlord by such other occupants; (F) costs of tools, supplies and services; (G) costs of “Essential Capital Improvements,” as defined in and to the extent permitted pursuant to subparagraph 4.1(ii)(3) below; (H) costs of alterations and improvements to the Building or the Property made pursuant to any Governmental Requirements (as defined in subparagraph 4.1(iii) below) which are not capital in nature (except to the extent permitted by subparagraph 4.1(ii)(3) below), and which are not the obligation of Tenant or any other occupant of the Building or elsewhere in the Property; (I) legal and accounting fees and disbursements necessarily incurred in connection with the ownership, maintenance and operation of the Building and Property, and the preparation, determination and certification of bills for Taxes and Operating Expenses pursuant to this and other leases at the Building; (J) sales, use or excise taxes on supplies and services and on any of the other items included in Operating Expenses; (K) costs of redecorating, repainting, maintaining, repairing and replacing the common areas of the Building (including seasonal decorations); (L) management fees payable to the managing agent for the Building and the Property (provided, however, that if management fees are paid to any Affiliate of Landlord, then the amount thereof to be included in Operating Expenses shall not exceed such amount as is customarily being charged for similar services rendered to comparable buildings in the geographical sub-market within which the Property is located, but in no event less than three percent [3%] of all revenues); (M) the cost of telecommunications service, postage, office supplies, maintenance and repair of office equipment and similar costs related to operation of the Building’s management and superintendent’s offices; (N) the cost of assessments, licenses, permits and other fees and charges related to use, operation, maintenance, repair and replacement of the Building and the Property, other than any of the foregoing relating to tenant improvements; (O) the Property’s share of any expenses, fees or charges related to any association, condominium and/or similar entity of which the Property is a part (which expenses are incurred and allocated pursuant to the Master Deed and By-Laws of the Princeton South Corporate Center Condominium); and (P) without limiting any of the foregoing, any other expenses or charges which, in accordance with generally accepted accounting principles (“GAAP”) and management principles generally accepted with respect to a first-class suburban office building, would be construed as an operating expense.  Operating Expenses (including such as are stated above which relate or are applicable to the Property) shall include, without limitation, any and all sums for landscaping, ground and sidewalk maintenance, sanitation control, extermination, cleaning, lighting, snow removal, parking area and driveway striping and resurfacing, fire protection, fire safety, policing, security systems, public liability and property damage insurance, and expenses for the upkeep, maintenance, repair, replacement and operation of the Property, all as payable in respect of or allocable to the Building by virtue of the ownership thereof and such allocations will be made between the Building and other buildings proportionately among all thereof, (based upon the respective square footage of each) or equally

 

 

among all thereof, or in such other proportions as may reasonably be determined by Landlord in the exercise of prudent management practices.  The term “Operating Expenses” shall not include: (a) the cost of redecorating or special cleaning or similar services to individual tenant spaces, not provided on a regular basis to other tenants of the Building; (b) wages or salaries paid to executive personnel of Landlord above the title of property manager; (c) the cost of any new item (not replacement or upgrading of an existing item) which, by standard accounting principles, should be capitalized (except as provided above or in Paragraph 4.1(ii)(3) below); (d) any charge for depreciation or interest paid or incurred by Landlord; (e) leasing commissions, finders fees and all other leasing expenses incurred in procuring tenants in the Building; (f) Taxes; (g) any costs incurred with respect to the ownership of the Building, as opposed to the operation and maintenance of the Building, including Landlord’s income taxes, excess profit taxes, franchise taxes or similar taxes on Landlord’s business; preparation of income tax returns; corporation, partnership or other business form organizational expenses; franchise taxes; filing fees; or other such expenses; or any costs incurred in cleaning up any environment hazard or condition in violation of any environmental law (except to the extent caused by Tenant); (h) legal fees for the negotiation or enforcement of leases; (i) expenses in connection with services or other benefits of a type which are not Building standard but which are provided to another tenant or occupant and not Tenant; (j) any items to the extent such items are reimbursed to Landlord by Tenant, or by other tenants or occupants of the Building or by third parties (including reimbursements related to (i) separately metered electricity, and (ii) Building Electricity); (k) depreciation, except in the form of a “sinking fund” for periodic replacement of carpeting and for periodic repainting (both in common areas only), or interest paid on any mortgage, or ground rents paid under land leases (except for payment of taxes, insurance costs and other expenses required under such leases), or amortization of capital expenditures except as permitted in Paragraph 4.1(ii)(3) below); (l) the cost of constructing tenant improvements or installations for any tenant in the Building, including any relocation costs; (m) brokerage commissions, origination fees, points, mortgage recording taxes, title charges and other costs or fees incurred in connection with any financing or refinancing of the Building; (n) attorneys’ fees and disbursements, incurred in connection with the leasing of space in the Building (including without limitation the enforcement of any lease or the surrender, termination or modification of any lease of space in the Building); (o) advertising and promotional expenses, brochures with respect to the Building; (p) cost of repairs or replacements occasioned by fire, windstorm or other casualty, the costs of which are reimbursed by insurance or reimbursed by governmental authorities in eminent domain; (q) overhead and profit increment paid to subsidiaries or affiliates of Landlord for services on or to the Property to the extent that the costs of such services exceed market-based costs for such services rendered by unaffiliated persons or entities of similar skill, competence and experience; (r) penalties, fines, legal expenses, or late payment interest incurred by Landlord due to violation by Landlord, or Landlord’s agents, contractors or employees, of either the payment terms and conditions of any lease or service contract covering space in the Building or Landlord’s obligations as owner of the Building (such as late payment penalties and interest on real estate taxes, late payment of utility bills); (s) any compensation paid to clerks, attendants or other persons in any commercial concession operated by Landlord in the Building from which Landlord receives any form of income whatsoever, whether or not Landlord actually makes a profit from such concession; or (t) costs incurred in connection with correcting latent defects in the Building, or in repairing or replacing Building equipment, where such repair or replacement results from original defects in design, manufacture or installation rather than from

 

 

 

  

ordinary wear and tear or use; (u) costs and fees incurred in connection with enforcing any obligations of other tenants of the Building or Property; defense of title to any part of the Building or Property, or landlord’s title to the Property or negligence or tortious conduct of the Landlord, Landlord’s Affiliates, employees (such term to include all employees, officers and directors of Landlord and other personnel who are directly involved with the operation, management, maintenance, and/or repair of the Premises, Building, or Property).

assertion.  Pending the resolution of any dispute, however, Tenant shall continue to make payments in accordance with the statement or information as furnished.

addition to paying the cost of the arbitrator, pay all of Landlord's reasonable costs incurred or paid in connection with or arising out of such audit.  The determination of such arbitrator shall be final and binding on the parties.

such amount to be referred to as “Tenant’s Proportionate Share of Building Electricity”. Landlord shall invoice Tenant for Tenant’s Proportionate Share of Building Electricity by reflecting such amount in Tenant’s electric bill described in Paragraph 5.1(i) above.

decorate or paint the Premises or any part thereof, except as specifically and expressly herein set forth.

and to prospective tenants.  If representatives of Tenant shall not be present on the Premises to permit entry upon the Premises by Landlord or its agents or employees, at any time when such entry by Landlord is necessary or permitted hereunder, Landlord may enter the Premises by means of a master key (or, in the event of any emergency, forcibly) without any liability whatsoever to Tenant and without such entry constituting an eviction of Tenant or a termination of this Lease.  Landlord shall not be liable by reason of any injury to or interference with Tenant or Tenant’s business arising from the making of any repairs, alterations, additions or improvements in or to the Premises or the Building or to any appurtenance or any equipment therein, unless injury to or interference with Tenant is as a result of the intentional or willful act of Landlord. In all events, Landlord shall use all reasonable efforts to minimize interference with Tenant’s business operations on Premises.

doors and then only of a type and with lettering and text approved by Landlord, such approval not to be unreasonably withheld.

Notwithstanding Landlord’s approval of any contractor or subcontractor, none of Tenant’s contractors and/or subcontractors shall, in Landlord’s reasonable opinion, prejudice Landlord’s relationship with Landlord’s contractors or subcontractors, or the relationship between the contractors and their subcontractors or employees, or disturb harmonious labor relations.  Each of Tenant’s contractors and subcontractors shall, unless prohibited by applicable law, prior to the commencement of any work, file waivers of mechanics’ liens on account of the work to be performed by any of Tenant’s contractors, subcontractors or material suppliers and execute an indemnification agreement satisfactory to Landlord agreeing, inter alia, to repair any damage to the Building and to indemnify, defend and hold Landlord harmless from and against all damage and loss incurred by Landlord as a result of work performed by Tenant, the general contractor and/or its subcontractor(s);

behalf (except for work contracted for by Landlord), (ii) shall deliver to Landlord satisfactory evidence thereof, and (iii) shall indemnify and hold harmless Landlord from any loss incurred in connection therewith.  If Tenant fails to discharge the lien, then, in addition to any other right or remedy of Landlord, Landlord may bond or insure over the lien or otherwise discharge the lien.  Tenant shall, within ten (10) days after receipt of an invoice from Landlord, reimburse Landlord for any amount paid by Landlord, including reasonable attorneys’ fees, to bond or insure over the lien or discharge the lien.

 

necessary or advisable to cleanup, remove, resolve or minimize the impact of or otherwise deal with any spill or discharge of any hazardous substance or hazardous waste on or from the Premises.  If a spill or discharge arises out of or relates to Tenant’s use and occupancy of the Premises, or if a spill or discharge is caused by the act, negligence or omission of Tenant or Tenant’s Visitors, then Tenant shall, on demand, pay to Landlord all costs and expenses incurred by Landlord in connection with any action taken in connection therewith by Landlord.

following:  (i) receipt by Landlord of a fully executed copy of the full documentation governing the Transfer, in the form and substance approved by Landlord, (ii) any subtenant shall acknowledge that its rights arise through and are limited by the Lease, and shall agree to comply with the Lease (with such exceptions as may be consented to by Landlord including, without limitation, an agreement by subtenant to pay all Minimum Rent and additional rent directly to Landlord upon Landlord’s written request therefor), and (iii) any assignee shall assume in writing all obligations of Tenant hereunder from and after the effective date of such Transfer.  Tenant shall not advertise or otherwise disseminate any information regarding the Building or the Premises (including, without limitation, rental rates or other terms upon which Tenant intends to Transfer) to potential assignees and/or subtenants without in each instance obtaining Landlord’s prior written approval and consent as to the specific form and content of any such advertisement, statement, offering or other information (including, without limitation, approval of rental rates and terms). Landlord’s acceptance of any name for listing on the Building Directory will not be deemed, nor will it substitute for, Landlord’s consent, as required by this Lease, to any Transfer, or other occupancy of the Premises.  Tenant shall not mortgage or encumber this Lease, or otherwise collaterally assign its leasehold interest hereunder.

by Landlord), and a written acknowledgment by Tenant evidencing that Tenant is not released from its obligations under this Lease), which consent document shall be executed by Tenant and the transferee of Tenant.  It shall nevertheless be a condition to the deemed effectiveness thereof that Landlord be furnished with a fully executed copy of the full documentation governing the Transfer, in the form and substance approved by Landlord, and that Tenant shall pay Landlord’s expenses (including, without limitation, the Transfer Fee) in connection with the proposed Transfer.  It shall not be unreasonable for Landlord to object to Transfer document provisions which, inter alia, attempt to make Landlord a party to the Transfer document or impose any obligation on Landlord to the subtenant.

terms of this subparagraph 7.6, to transfer all or a portion of the Premises to an “Affiliate” of Tenant.  For purposes of this subparagraph, “Affiliate” shall mean: (i) the entity which owns fifty percent (50%) or more of Tenant’s outstanding common stock, general or limited partnership interest, or other legal or beneficial ownership interest of Tenant (the “Parent Company” ), or (ii) an entity which has fifty percent (50%) or more of its outstanding common stock, general or limited partnership interest, or other legal or beneficial ownership interest owned by Tenant or the Parent Company, or (iii) an entity which, pursuant to applicable state law, is the surviving entity in a merger, consolidation or reorganization involving Tenant.  The effectiveness of such Transfer to an Affiliate of Tenant shall nevertheless be conditioned on the following: (a) Landlord receiving a fully executed copy of the full documentation governing the Transfer, in the form and substance approved by Landlord, and (b) such subtenant shall acknowledge that its rights arise through and are limited by the Lease, and shall agree to comply with the Lease (with such exceptions as may be consented to by Landlord), and (c) a written acknowledgment by Tenant evidencing that Tenant is not released from its obligations under this Lease.

Landlord, except to the extent that such accident, injury or damage is caused by the  negligence or willful misconduct of Tenant, its employees or agents;

associated service mark or logo of the development or the Building for any purpose other than Tenant’s business address.

Term

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	TENANT:
	ANTARES PHARMA, INC.
	By:
		Name:
		Title:

 

 

1.	Dust mop all hard areas.  Hard floors to be damp mopped using a neutral cleaner.

2.           Vacuum all carpeting and rugs, ledge to be vacuumed as necessary in common area only.

3.           Empty all waste receptacles.

4.           All painted surfaces to be kept free of fingerprints, smudges, and all foreign matter.

5.           Dust all office furniture.

6.           Remove smudges from all glass and tabletops.

7.           When desks are completely cleared, dust thoroughly.

8.           Entrance glass doors to be washed, interior and exterior.

9.           All lights will be turned off and doors closed and locked upon completion of work in each area.  Check all windows and adjust blinds to original position.

1.           Dust all partition glass ledges, louvers, grills and vents.

2.           Dust all furniture.

3.         Vacuum all offices and cubicles on rotation to get to all once/week.

1.           Dust all picture frames, charts and other wall hangings.

2.         Dust all louvers, grills and vents.

 

 

 

1.           All interior partition glass to be washed.

2.           All lighting fixtures to be dusted.

1.	All vertical surface walls and woodwork to be dusted.

2.         Machine scrub and refinish all hard surfaces.

1.           Sweep and mop all flooring with a germicidal cleaner having an AOC phenal co-efficient of six or better.

2.	Fill all restroom dispensers.  Paper towels, toilet paper, hand soap will be furnished by Contractor.

3.	Empty all waste receptacles, dispose of the same to a trash dumpster furnished by the client.

4.	Clean and disinfect all commodes, urinals and sinks.  Leave toilet lids in the upright position.

5.           Damp wipe all wall surfaces, wainscoting and dispensers.

6.           Wash and polish mirrors and enameled surfaces.

7.	Traps shall remain free of odor at all times.  Traps are to be flushed weekly using an enzymer.

8.           Dust all sills, partitions, ledges and shelves.

9.           Clean and wipe dry all pipes under the sink.

10.           Remove spots from walls.  Spot clean stall, door jambs and door plates.

11.           Report toilet stoppage, leaky faucets, etc. to Client.

 

 

 

 

1.	Wash thoroughly and wipe dry with a disinfectant/germicidal cleaner the partitions, the inside and outside of waste cans, sanitary disposal units and tiled walls.

1.	All surfaces, partitions, doors, window frames, and sills shall be damp wiped clean.

1.	Machine scrub restroom floors.

2.	Wipe down all restroom surfaces.