First Amendment to Office Lease Agreement by and between Exponent Realty, LLC and Corcept Therapeutics Incorporated, made and entered into as of June 1, 2017

Contract Categories: Real Estate - Lease Agreements
EX-10.35 4 cort201910-kex1035.htm EXHIBIT 10.35 Exhibit
Exhibit 10.35


FIRST AMENDMENT
THIS FIRST AMENDMENT (the “Amendment”) is made and entered into as of June 1, 2017 by and between Exponent Realty, LLC, a Delaware limited liability company (“Landlord”), and Corcept Therapeutics Incorporated, a Delaware corporation (“Tenant”).
RECITALS
A.
Landlord and Tenant are parties to that certain lease dated April 1, 2016 (the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 20,831 rentable square feet (the “Premises”) on the first and second floor of the building, located at 149 Commonwealth Dr., Menlo Park, CA 94025 (the “Building”).
B.
The Lease by its terms is due to expire on March 31, 2019 (“Expiration Date”).
C.
Tenant desires to expand the Premises to include approximately 2642 rentable square feet (the “Expansion Premises”) described as Suite 1197 for a total rentable square footage of 23,473 rentable square feet now known as (the “Premises,”) all on the following terms and conditions:
NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:
1.
Expansion and Expansion Term. The Premises shall be expanded to include approximately 2642 rentable square feet (the “Expansion Premises”) described as Suite 1197, as shown in Exhibit A of this First Amendment. The term of the Expansion Space shall commence on June 1, 2017 and terminate on the Expiration Date of March 31, 2019.
2.
Base Rent. The Base Rent for the Premises shall be as shown in the schedule below. Tenant shall continue to pay its’ proportionate share of the Operating Expenses and Real Estate Taxes on the Premises. As of June 1, 2017 the schedule of Base Rent payable with respect to the Premises is the following:
DATE
PERIOD
RENTABLE SQ. FT.
BASE RENT PER RSF* PER YEAR
MONTHLY AMOUNT
PERIODIC AMOUNT
06/01/2017 to 12/31/2017
7 Months
23,473
$45.00
$88,023.75
$616,166.25
01/01/2018 to 03/31/2019
15 Months
23,473
$53.52
$104,689.57
$1,570,343.50
*RSF is defined as Rentable Square Feet




All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease.
3.
Tenant’s Building Percentage. Effective June 1, 2017 the Tenant’s Building Percentage set forth in section C.5 of the BASIC LEASE PROVISIONS is hereby changed to read:
C.5. Tenant’s Building Percentage: Fifteen and Twenty Seven hundredth percent (15.27%)
4.
Premises. Effective June 1, 2017, during this lease term and any further expansion terms, as long as suite 1197 is occupied by Tenant and Tenant is not in default, the following verbiage set forth in paragraph 2 of the OFFICE LEASE AGREEMENT dated April 1, 2016 will not apply:
2 (i) Room 1186 and 1188
At Landlord’s sole option Room 1186 and 1188, located on the first floor of the premises, may be recaptured by the Landlord with 60 days written notice to the Tenant. In the event Landlord recaptures this space, an amendment will be made to the lease prior to the recapture date, adjusting the monthly rent and total square footage by 235 rentable square feet.
5.
Security Deposit. Landlord currently holds a security deposit from the Tenant in the amount of $14,248.70. No additional security deposit shall be required in connection with this First Amendment.
6.
Improvements to and Condition of Premises. Tenant accepts the Premises in “as is” condition without any agreements, representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements, except as may be expressly provided otherwise in this First Amendment.
7.
Miscellaneous.
7.1.
This First Amendment, which is hereby incorporated into and made a part of the Lease, sets forth the entire agreement between the parties with respect to the matters herein. There have been no additional oral or written representations or agreements. Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided Tenant in connection with entering into the Lease, unless specifically set forth in this First Amendment. Tenant agrees that neither Tenant nor its agents or any other parties acting on behalf of Tenant shall disclose any matters set forth in this First Amendment or disseminate or distribute any information concerning the terms, details or conditions hereof to any person, firm, entity, broker or other tenants in the Building without obtaining the express written consent of Landlord.



7.2.
Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect.
7.3.
In the case of any inconsistency between the provisions of the Lease and this First Amendment, the provisions of this First Amendment shall govern and control.
7.4.
Submission of this First Amendment by Landlord is not an offer to enter into this First Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this First Amendment until Tenant and Landlord have executed and Landlord delivered the same to Tenant.
7.5.
Tenant hereby represents to Landlord that Tenant has dealt with no real estate brokers or agents in connection with this First Amendment. Tenant agrees to indemnify and hold Landlord, its members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such real estate brokers or agents (collectively, the “Landlord Related Parties”) harmless from all claims of any real estate brokers or agents claiming to have represented Tenant in connection with this First Amendment. Landlord hereby represents to Tenant that Landlord has dealt with no real estate brokers or agents in connection with this First Amendment. Landlord agrees to indemnify and hold Tenant, its members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such real estate brokers or agents (collectively, the “Tenant Related Parties”) harmless from all claims of any real estate brokers or agents claiming to have represented Landlord in connection with this First Amendment.
7.6.
Each signatory of this First Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.
[SIGNATURES ARE ON FOLLOWING PAGE]




IN WITNESS WHEREOF, Landlord and Tenant have duly executed this First Amendment as of the day and year first above written.
LANDLORD:
EXPONENT REALTY, L.L.C.,
a Delaware limited liability company

Date:
June 1, 2017        By:    /s/ RICHARD L. SCHLENKER    
Name:    Richard L. Schlenker    
Title:    Executive Vice President & CFO    
TENANT:
Corcept Therapeutics Incorporated,
a Delaware corporation
Date:
June 1, 2017        By:    /s/ JOSEPH K. BELANOFF, M.D.    
Name:    Joseph K. Belanoff, M.D.     
Title:    CEO    





Exhibit A
Premises