EIGHTH AMENDMENT TO LEASE

Contract Categories: Real Estate - Lease Agreements
EX-10.44 12 a2190806zex-10_44.htm EXHIBIT 10.44

EXHIBIT 10.44

 

EIGHTH AMENDMENT TO LEASE

 

THIS EIGHTH AMENDMENT TO LEASE (this “Eighth Amendment”) is made as of the 18th day of November, 2008 (the “Eighth Amendment Date”), by and between THE REALTY ASSOCIATES FUND VI, L.P., a Delaware limited partnership (“Landlord”) and CUBIST PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”).

 

RECITALS:

 

WHEREAS, by a lease (the “Original Lease”) dated as of January, 2004, California State Teachers’ Retirement System (“Calsters”) leased to Tenant approximately 15,475 rentable square feet of space, consisting of a portion of the second (Suite 2201-55) and fourth (Suite 4201-55) floors in the building known as 45-55 Hayden Avenue, Lexington, Massachusetts (the “Building”); and

 

WHEREAS, Landlord has succeeded to the interests of Calsters as landlord under the Lease; and

 

WHEREAS, the Original Lease has been amended by: a First Amendment to Lease between Landlord and Tenant, dated as of September 29, 2005 (the “First Amendment”); and by a Second Amendment to Lease between Landlord and Tenant dated as of November 18, 2005 (the “Second Amendment”); and by a Third Amendment to Lease between Landlord and Tenant dated as of June 20, 2007 (the “Third Amendment”); and by a Fourth Amendment to Lease dated as of October 25, 2007 (the “Fourth Amendment”); and by a Fifth Amendment to Lease (the “Fifth Amendment”) dated as of December 18, 2007; and by a Sixth Amendment to Lease (the “Sixth Amendment”) dated as of July 31, 2008; and by a Seventh Amendment to Lease (the “Seventh Amendment”) dated as of November       , 2008 (the Original Lease, as so amended, being referred to as the “Lease”), pursuant to which the size of the premises demised under the Original Lease was increased to 131,143 rentable square feet (the “Existing Premises”). The Existing Premises consist of Suites 2201-55, 2200-55, 3000-55, 4201-55, 4200-55, 4600-45, 1000-55, 3200-55 and 3201-55; and

 

WHEREAS, by letter dated as of April 27, 2006, and pursuant to the Second Amendment, Tenant elected to include Suite 2200-55 (also known as the Comet Space) in the Existing Premises for the remainder of the Lease Term; and

 

WHEREAS, Landlord and Tenant now desire to further amend the Lease to, among other things, expand the size of the Existing Premises by adding thereto approximately 3,089 rentable square feet of space, known as Suite 2600-45, on the second floor of the Building (the “FCG Space”) and 2,805 rentable square feet of space, known as Suite 2800-45, on the second floor of the Building (the “Summit Space;” the FCG Space and the Summit Space are collectively referred to as the “Eighth Amendment Expansion Space”), and to adjust the rent and certain provisions, all on the terms and conditions set forth below.

 



 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Landlord and Tenant hereby agree as follows:

 

1.             Defined Terms. All of the foregoing recitals are true and correct. Unless otherwise defined herein, all capitalized terms used in this Eighth Amendment shall have the meanings ascribed to them in the Lease, the Lease shall be amended to incorporate any additional definitions provided for in this Eighth Amendment, and all references in the Lease to the “Lease” or “this Lease” or “herein” or “hereunder” or similar terms or to any section thereof shall mean the Lease, or such section thereof, as amended by this Eighth Amendment.

 

2.             Additional Terms and Definitions. (a) From and after the Eighth Amendment Effective Date, the following terms set forth in “Article 1 Reference Data” of the Lease are hereby amended or added, as applicable, to have the following meanings:

 

 

PREMISES:

 

The following areas in the 45 and 55 Hayden Avenue portions of the Building: (i) Suite 2201-55 on the second floor and Suite 4201-55 on the fourth floor, (ii) Suite 4200-55 on the fourth floor of the Building, (iii) Suite 2200-55 on the second floor of the Building, and (iv) Suite 3000-55 on the third floor of the Building; and (v) Suite 4600-45 on the fourth floor of the 45 Hayden Avenue portion of the Building; (vi) Suite 1000-55 on the first floor of the 55 Hayden Avenue portion of the Building; (vii) Suite 3200-55 on the third floor of the 55 Hayden Avenue portion of the Building; (viii) Suite 3201-55 on the third floor of the 55 Hayden Avenue portion of the Building; (ix) Suite 2600-45 on the second floor of the 45 Hayden Avenue portion of the Building; and (x) Suite 2800-45 on the second floor of the 45 Hayden Avenue portion of the Building. All such spaces are shown on Exhibit A-8, attached hereto and incorporated herein.

 

 

 

 

 

RENTABLE FLOOR AREA OF THE PREMISES:

 

Approximately 137,037 square feet of the 45 and 55 Hayden Avenue portions of the Building as follows (i) 6,755 rentable square feet on the second floor contained in Suite 2201-55, (ii) 8,720 rentable square feet on the fourth floor contained in Suite 4201-55 and 31,453 rentable square feet on the fourth floor of the Building contained in Suite 4200-

 

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55, (iii) 6,150 rentable square feet on the second floor of the Building contained in Suite 2200-55, (iv) 30,019 rentable square feet on the third floor of the Building contained in Suite 3000-55; (v) 25,405 rentable square feet on the fourth floor of the 45 Hayden Avenue portion of the Building contained in Suite 4600-45, (vi) 12,146 rentable square feet on the first floor of the Building contained in Suite 1000-55; (vii) 6,215 rentable square feet on the third floor of the Building contained in Suite 3200-55; and (viii) 4,280 rentable square feet on the third floor of the Building contained in Suite 3201-55; (ix) 3,089 rentable square feet on the third floor of the Building contained in Suite 2600-45; and (x) 2,805 rentable square feet on the second floor of the Building contained in Suite 2800-45.

 

(b)           From after the Eighth Amendment Effective Date, the term “Annual Rent” for the Premises shall be as set on Schedule I to this Eighth Amendment.

 

3.             [Intentionally Omitted]

 

4.             Operating Expenses and Real Estate Taxes. Tenant’s obligations under Section 4.2 of the Lease to pay Operating Expenses with respect to the Eighth Amendment Expansion Space shall be computed using the calendar year ending December 31, 2009 as a base year; and Tenant’s obligations under Section 4.2 of the Lease to pay increases in Real Estate Taxes with respect to the Eighth Amendment Expansion Space shall be computed using the fiscal year ending June 30, 2009 as the base year.

 

5.             Effective Date; Delivery and Condition. (a) The “Eighth Amendment Effective Date” shall be the later to occur of (i) February 1, 2009 and (ii) the date on which First Consulting Group (the “Existing Tenant”) vacates and surrenders the FCG Space and Landlord delivers possession of the Eighth Amendment Expansion Space to Tenant. Landlord represents that the Summit Space is currently vacant.

 

(b)           Tenant acknowledges that, except as explicitly provided in this Eighth Amendment and the Lease, it is leasing the Eighth Amendment Expansion Space in its current AS IS condition, without any representation or warranty whatsoever on the part of Landlord. Tenant currently occupies the Existing Premises and is fully familiar with their condition and that of the common areas of the Building, and Tenant acknowledges that, to the best of Tenant’s knowledge (upon reasonable investigation and inquiry), the Existing Premises and the Eighth Amendment Expansion Space are in good condition and suitable for Tenant’s uses. Without limiting the foregoing, Tenant agrees that Landlord has no obligation to perform any work in or to either the Existing Premises or

 

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the Eighth Amendment Expansion Space to prepare the same for Tenant’s continued use and occupancy.

 

(c)           Landlord acknowledges that Tenant desires to make certain alterations or improvements in the Eighth Amendment Expansion Space to make the same more suitable for Tenant’s occupancy. Such alterations or improvements may include tenant improvements to the Eighth Amendment Expansion Space, installation of fixtures in the Eighth Amendment Expansion Space, and architectural and engineering expenses in connection therewith (collectively, the “Eighth Amendment Expansion Space Improvements”). All Eighth Amendment Expansion Space Improvements shall be undertaken by Tenant in strict accordance with the applicable requirements of the Lease (including without limitation Sections 3.3 and 3.4). The Eighth Amendment Expansion Space Improvements shall be deemed substantially complete on that date on which the Eighth Amendment Expansion Space Improvements have been completed except for items of work (and, if applicable, adjustment of equipment and fixtures) which can be completed after Tenant has taken occupancy of the Eighth Amendment Expansion Space, or any part thereof, without causing undue interference with Tenant’s use of the Eighth Amendment Expansion Space or such part thereof. To the extent that (i) such work is substantially completed in accordance with such Lease requirements, and (ii) receipted invoices (and other material required under the Lease such as, but not limited to, lien waivers from any contractor or subcontractor performing the Eighth Amendment Expansion Space Improvements) showing the actual cost thereof are presented to Landlord during the Term of the Lease, and (iii) at the time of any advance of funds, there then exists (A) no Event of Default on the part of Tenant, nor (B) any Actionable Event of Default (as defined in the Third Amendment), Landlord shall reimburse Tenant, within thirty (30) days after receipt of each such invoice (together with lien waivers for all costs theretofore billed), for costs actually incurred by Tenant (excluding the costs of furniture), as evidenced by such invoices, in connection with the design and construction of the Eighth Amendment Expansion Space Improvements, but in no event shall Landlord be obligated to reimburse Tenant more than the lesser of (x) such actual cost, or (y) One Hundred Forty-seven Thousand Three Hundred Fifty Dollars ($147,350.00), or $25.00 per square foot of Rentable Area in the Eighth Amendment Expansion Space (the “Eighth Amendment Expansion Space Improvements Allowance”). No portion of the Eighth Amendment Expansion Space Improvements Allowance may be applied to costs of purchasing or installing furniture or wiring/cabling for the Eighth Amendment Expansion Space. If the Existing Tenant vacates and surrenders possession of the FCG Space prior to January 31, 2009, Landlord shall grant Tenant reasonable access to the FCG Space from and after such surrender (and the Existing Tenant vacating the FCG Space) for the purpose of commencing the Eighth Amendment Expansion Space Improvements in the FCG Space. From and after the date hereof, Tenant shall have reasonable access to the Summit Space for the purpose of commencing the Eighth Amendment Expansion Space Improvements in the Summit Space. To the extent that Tenant has not requested disbursement of any portion of the Eighth Amendment Expansion Space Improvements

 

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Allowance prior to the expiration or earlier termination of the Lease, Landlord shall have no further obligation to reimburse Tenant for any such costs incurred by Tenant. Notwithstanding the foregoing, to the extent that Tenant has not used the entire Eighth Amendment Expansion Space Improvements Allowance, then Tenant shall have the right to use any remaining portion thereof for Lobby Improvements made by Tenant to the Lobby Area (as those terms are defined in the Seventh Amendment), provided that Tenant shall not use more than $25.00 per rentable square foot of Lobby Space area from the Eighth Amendment Expansion Space Improvements Allowance.

 

6.             Parking.  From and after the Eighth Amendment Effective Date, Section 10.19 of the Lease shall be amended by, in the first sentence thereto:

 

(a)          Replacing “three hundred ninety-three (393)” with “four hundred eleven (411);” and

 

(b)          Replacing “131,143” with “137,037.”

 

7.             Brokers.  Tenant covenants, represents and warrants to Landlord that Tenant has had no dealings or communications with any broker or agent (other than Grubb & Ellis Company and Richards Barry Joyce & Partners) in connection with this Eighth Amendment, and Tenant covenants and agrees to pay, hold harmless and indemnify the Landlord from and against any and all cost, expense (including reasonable attorneys’ fees) or liability for any compensation, commission or charges to any broker or agent (other than the foregoing named brokers) claiming through the Tenant with respect hereto.

 

8.             Exhibits.  Exhibit A-8 attached hereto is hereby substituted for Exhibit A-6 to the Lease. All references in the Lease to Exhibit A-1, A-2, A-3, A-4, A-5 or A-6 shall be replaced by references to Exhibit A-8.

 

9.             Successors.  This Eighth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the provisions of the Lease regarding assignment or other transfers of each party’s rights under the Lease.

 

10.           Authority.  Each party represents and warrants to the other that each person executing this Eighth Amendment on behalf of such party has the authority to do so and that such execution has fully obligated and bound such party to all terms and provisions of this Eighth Amendment.

 

11.           No Further Amendment.  It is understood and agreed that all other conditions and terms contained in the Lease not herein specifically amended shall remain unmodified and in full force and effect, and the Lease, as modified by this Eighth Amendment, is hereby ratified and confirmed.

 

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12.           Tenant Representations. As a material inducement to Landlord entering into this Eighth Amendment, Tenant represents and certifies to Landlord that as of the date hereof: (i) the Lease, as modified hereby, and together with that certain letter dated September 24, 2007 from Ron Friedman to Jack Kerrigan, with the subject line “Response to Specific Security Questions — Hayden Woods Corporate Center,” contains the entire agreement between the parties hereto relating to the Premises and that, except for that certain Amended and Restated Declaration of Covenants and Easements between the Landlord’s predecessor in title with respect to the Building and Tenant, as amended to date (the “Declaration”) there are no other agreements between the parties relating to the Premises, the Building or the Lease which are not contained or referred to herein or in the Lease, (ii) to the best of Tenant’s knowledge, Landlord is not in default (continuing beyond the expiration of any applicable notice or grace periods) in any respect in any of the terms, covenants and conditions of the Lease; (iii) Tenant has no existing setoffs, counterclaims or defenses against Landlord under the Lease; (iv) Tenant has not assigned or pledged its leasehold interest under the Lease, or sublet or licensed or granted any other occupancy rights with respect to any or all of the Premises; (v) no consent or approval of any third party or parties is required in order for Tenant to enter into and be bound by this Eighth Amendment; and (vi) Tenant is not, and the performance by Tenant of its obligations hereunder shall not render Tenant, insolvent within the meaning of the United States Bankruptcy Code, the Internal Revenue Code or any other applicable law, code or regulation.

 

13.           Landlord Representations.  As a material inducement to Tenant entering into this Eighth Amendment, Landlord represents and certifies to Tenant that as of the date hereof: (i) the Lease, as modified hereby, and together with that certain letter dated September 24, 2007 from Ron Friedman to Jack Kerrigan, with the subject line “Response to Specific Security Questions — Hayden Woods Corporate Center,” contains the entire agreement between the parties hereto relating to the Premises and that, except for the Declaration, there are no other agreements between the parties relating to the Premises, the Building or the Lease which are not contained or referred to herein or in the Lease, (ii) to the best of Landlord’s knowledge, there exists no Event of Default or Actionable Event of Default on the part of Tenant in any respect in any of the terms, covenants and conditions of the Lease; (iii) no consent or approval of any third party or parties is required in order for Landlord to enter into and be bound by this Eighth Amendment; and (iv) Landlord has the right to lease the Eighth Amendment Expansion Space, as provided herein, to Tenant.

 

14.           Governing Law. The Lease, this Eighth Amendment and the rights and obligations of both parties thereunder and hereunder shall be governed by the laws of The Commonwealth of Massachusetts.

 

15.           HVAC.  Landlord and Tenant acknowledge that letter from Tenant’s counsel to Landlord’s counsel dated August 13, 2007, with a subject line “45-55 Hayden Avenue, Lexington, MA,” and the response from Landlord’s counsel dated October 18, 2007.

 

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16.           Counterparts. This Eighth Amendment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together shall constitute one and the same instrument.

 

[Text Ends Here]

 

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IN WITNESS WHEREOF, the undersigned have hereunto se their hands and seals as of the date first above written.

 

 

LANDLORD:

 

 

 

The Realty Associates Fund VI, L.P., a Delaware limited partnership

 

 

 

 

By: Realty Associates Fund VI LLC, a Massachusetts limited liability company, general partner

 

 

 

 

By:    Realty Associates Advisors LLC, a Delaware limited liability company, Manager

 

 

 

 

By: Realty Associates Advisors Trust, a Massachusetts business trust, Manager

 

 

 

 

 

By:

  /s/ Heather L. Hohenthal

 

 

Officer: Regional Director

 

 

 

 

By: Realty Associates Fund VI Texas Corporation, a Texas corporation, general partner

 

 

 

By:

  /s/ Heather L. Hohenthal

 

 

Officer: Regional Director

 

 

 

 

 

TENANT:

 

 

 

 

CUBIST PHARMACEUTICALS, INC.

 

 

 

By:

  /s/ David W.J. McGirr

 

 

Name: David W.J. McGirr

 

 

Title: Senior Vice President and Chief Financial Officer

 

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Exhibit A-8

 

Plans of Premises

 

 

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10



 

 

11



 

 

12



 

 

13



 

 

14



 

 

15



 

 

16



 

 

17



 

 

18


 

SCHEDULE I TO EIGHTH AMENDMENT

 

Annual Rent

 

Annual Rent for the Premises shall be the sum of the rents shown below for each portion of the Premises, determined as of the date in question. This Schedule does not include payments due under the Seventh Amendment in respect of the Lobby Space, which shall be in addition to the amounts shown below.

 

As to Suites 2201-55, 4201-55 and 4200-55:

 

(a)                                  For the period from [Effective Date of First Amendment], 2006 through July 31, 2009:

 

(i) As to Suite 2201-55 and Suite 4201-55:

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

5/1/06 – 1/31/07

 

$

371,400.00

 

$

30,950.00

 

$

24.00

 

 

2/1/07 – 1/31/08

 

$

386,875.00

 

$

32,238.58

 

$

25.00

 

 

2/1/08 – 7/31/09

 

$

402,350.00

 

$

33,529.17

 

$

26.00

 

 

plus (ii) as to Suite 4200-55:

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

7/1/06 – 4/30/07

 

$

723,419.00

 

$

60,284.92

 

$

23.00

 

 

5/1/07 – 4/30/08

 

$

739,145.50

 

$

61,595.46

 

$

23.50

 

 

5/1/08 – 4/30/09

 

$

754,872.00

 

$

62,906.00

 

$

24.00

 

 

5/1/09 – 7/31/09

 

$

794,188.25

 

$

66,182.35

 

$

25.25

 

 

(b)           For the period after July 31, 2009, as to all of Suites 2201-55, 4201-55 and 4200-55:

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

8/1/09 – 4/30/10

 

$

1,184,932.00

 

$

98,744.33

 

$

25.25

 

 

5/1/10 – 4/30/11

 

$

1,208,396.00

 

$

100,699.67

 

$

25.75

 

 

5/1/11 – 4/30/12

 

$

1,231,860.00

 

$

102,655.00

 

$

26.25

 

 

5/1/12 – 4/30/13

 

$

1,267,056.00

 

$

105,588.00

 

$

27.00

 

 

5/1/13 – 4/30/14

 

$

1,325,716.00

 

$

110,476.33

 

$

28.25

 

 

5/1/14 – 4/30/15

 

$

1,384,376.00

 

$

115,364.67

 

$

29.50

 

 

5/1/15 – 4/30/16

 

$

1,419,572.00

 

$

118,297.67

 

$

30.25

 

 

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As to Suite 2200-55:

 

 

RENTAL PERIOD

 

TOTAL ANNUAL RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

6/1/06 – 4/30/07

 

$

140,415.00

 

$

11,787.50

 

$

23.00

 

 

5/1/07 – 4/30/08

 

$

144,525.00

 

$

12,043.75

 

$

23.50

 

 

5/1/08 – 4/30/09

 

$

147,600.00

 

$

12,300.00

 

$

24.00

 

 

5/1/09 – 4/30/10

 

$

155,287.50

 

$

12,940.63

 

$

25.25

 

 

5/1/10 – 4/30/11

 

$

158,362.50

 

$

13,196.88

 

$

25.75

 

 

5/1/11 – 4/30/12

 

$

161,437.50

 

$

13,453.13

 

$

26.25

 

 

5/1/12 – 4/30/13

 

$

166,050.00

 

$

13,837.50

 

$

27.00

 

 

5/1/13 – 4/30/14

 

$

173,737.50

 

$

14,478.13

 

$

28.25

 

 

5/1/14 – 4/30/15

 

$

181,425.00

 

$

15,118.75

 

$

29.50

 

 

5/1/15 – 4/30/16

 

$

186,037.50

 

$

15,503.13

 

$

30.25

 

 

As to Suite 3000-55:

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

Through  4/30/08

 

$

780,494.00

 

$

65,041.17

 

$

26.00

 

 

5/1/08 – 4/30/09

 

$

810,513.00

 

$

67,542.75

 

$

27.00

 

 

5/1/09 – 4/30/10

 

$

825,522.50

 

$

68,793.54

 

$

27.50

 

 

5/1/10 – 4/30/11

 

$

840,532.00

 

$

70,044.33

 

$

28.00

 

 

5/1/11 - 4/30/12

 

$

900,570.00

 

$

75,047.50

 

$

30.00

 

 

5/1/12– 4/30/13

 

$

945,598.50

 

$

78,799.88

 

$

31.50

 

 

5/1/13– 4/30/14

 

$

975,617.50

 

$

81,301.46

 

$

32.50

 

 

5/1/14– 4/30/15

 

$

1,035,655.50

 

$

83,304.63

 

$

34.50

 

 

5/1/15– 4/30/16

 

$

1,065,674.50

 

$

88,806.21

 

$

35.50

 

 

As to Suite 4600-45

 

 

RENTAL PERIOD

 

TOTAL ANNUAL 
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

Through  4/30/09

 

$

819,311.25

 

$

68,275.94

 

$

32.25

 

 

5/1/09 – 4/30/10

 

$

844,716.25

 

$

70,393.02

 

$

33.25

 

 

5/1/10 – 4/30/11

 

$

870,121.25

 

$

72,510.10

 

$

34.25

 

 

5/1/11 – 4/30/12

 

$

895,526.25

 

$

74,627.19

 

$

35.25

 

 

5/1/12 - 4/30/13

 

$

920,931.25

 

$

76,744.27

 

$

36.25

 

 

5/1/13– 4/30/14

 

$

946,336.25

 

$

78,861.35

 

$

37.25

 

 

5/1/14– 4/30/15

 

$

971,741.25

 

$

80,978.44

 

$

38.25

 

 

5/1/15– 4/30/16

 

$

997,146.25

 

$

83,095.52

 

$

39.25

 

 

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As to Suite 1000-55

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

Through  4/30/08

 

$

266,024.16

 

$

22,168.68

 

N/A

 

 

5/1/08 – 4/30/09

 

$

346,161.00

 

$

28,846.75

 

$

28.50

 

 

5/1/09 – 4/30/10

 

$

352,234.00

 

$

29,352.83

 

$

29.00

 

 

5/1/10 – 4/30/11

 

$

358,307.00

 

$

29,858.92

 

$

29.50

 

 

5/1/11 – 4/30/12

 

$

364,380.00

 

$

30,365.00

 

$

30.00

 

 

5/1/12 - 4/30/13

 

$

370,453.00

 

$

30,871.08

 

$

30.50

 

 

5/1/13– 4/30/14

 

$

376,526.00

 

$

31,377.17

 

$

31.00

 

 

5/1/14– 4/30/15

 

$

382,599.00

 

$

31,883.25

 

$

31.50

 

 

5/1/15– 4/30/16

 

$

388,672.00

 

$

32,389.33

 

$

32.00

 

 

As to Suites 3200-55 and 3201-55

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

Through  4/30/09

 

$

338,463.75

 

$

28,205.31

 

$

32.25

 

 

5/1/09 – 4/30/10

 

$

348,958.75

 

$

29,079.90

 

$

33.25

 

 

5/1/10 – 4/30/11

 

$

364,701.25

 

$

30,391.77

 

$

34.25

 

 

5/1/11 – 4/30/12

 

$

369,948.75

 

$

30,829.06

 

$

35.25

 

 

5/1/12 – 4/30/13

 

$

380,443.75

 

$

31,703.65

 

$

36.25

 

 

5/1/13 – 4/30/14

 

$

390,938.75

 

$

32,578.23

 

$

37.25

 

 

5/1/14 – 4/30/15

 

$

401,433.75

 

$

33,452.81

 

$

38.25

 

 

5/1/15 – 4/30/16

 

$

411,928.75

 

$

34,327.40

 

$

39.25

 

 

As to Suites 2600-45 and 2800-45

 

 

RENTAL PERIOD

 

TOTAL ANNUAL
RENT

 

MONTHLY PAYMENT

 

RENTAL RATE/SF

 

 

 

 

 

 

 

 

 

 

 

Through 4/30/09

 

$

190,081.50

 

$

15,840.13

 

$

32.25

 

 

5/1/09 – 4/30/10

 

$

195,975.50

 

$

16,331.25

 

$

33.25

 

 

5/1/10 – 4/30/11

 

$

201,869.50

 

$

16,822.46

 

$

34.25

 

 

5/1/11 – 4/30/12

 

$

207,763.50

 

$

17,313.63

 

$

35.25

 

 

5/1/12 – 4/30/13

 

$

213,657.50

 

$

17,804.79

 

$

36.25

 

 

5/1/13 – 4/30/14

 

$

219,551.50

 

$

18,295.96

 

$

37.25

 

 

5/1/14 – 4/30/15

 

$

225,445.50

 

$

18,787.13

 

$

38.25

 

 

5/1/15 – 4/30/16

 

$

231,339.50

 

$

19,278.29

 

$

39.25

 

 

21