Lease Modification Agreement between Endeavor Pharmaceuticals, Inc. and University Corporate Center (127 Racine Drive)

Contract Categories: Real Estate › Lease Agreements
Summary

This agreement modifies the existing office lease between Endeavor Pharmaceuticals, Inc. and the University Corporate Center for the second floor at 127 Racine Drive, Wilmington, NC. The leased space is expanded to 10,416 square feet at a rate of $20.95 per square foot, with a term running until September 30, 2005. Endeavor may terminate early with six months' notice after March 20, 2002, if not in default. The agreement also covers interim arrangements, annual rent escalations, and costs for relocating equipment and constructing a temporary wall.

Read More Arrow
EX-10.11 15 g75522ex10-11.txt MODIFICATION TO LEASE AGREEMENT EXHIBIT 10.11 LEASE MODIFICATION ------------------ January 9, 2002 Mr. Stephen F. Rizzo Endeavor Pharmaceuticals 127 Racine Drive Wilmington, NC 28403 Dear Steve: Re: Office Lease for Second Floor of the University Corporate Center 127 Racine Drive Wilmington, NC 28403 This Lease Modification for Endeavor Pharmaceuticals, Inc. shall serve to outline the terms to be modified and will be subject to all other terms and conditions of the original Lease agreement.
I. CURRENT STATUS - ----------------- Demised Premises: 4,114 Rentable Sq. Ft. Base Rent: $7,182.43 (reduced by $550.00 per month for Tenant Improvements = $6,632.43) Effective Rate: $20.95 ($6,632.43 + $550.00 = $7,182.43 X 12 = $86,189.16 $86,189.16/4,114 = $20.95) II. REVISED STRUCTURE - --------------------- Demised Premises: 10,416 (Entire Second Floor) Rate: $20.95 per Sq. Ft. (Full Service) $20.95 X 10,416 = $218,215.20 per year $218,215.20/12 = 18,184.60 month
Term: The term shall run concurrent with the lease modification dated December 11, 2000. This states that the term shall extend until September 30, 2005. Provided, however, at any time after March 20, 2002 and provided that Endeavor is not in default under the Lease, Endeavor may give six (6) month's notice of early termination and, after such termination, shall have no further obligations under this Lease except for obligations which may have arisen as result of non-performance prior to such termination. Escalations: 3% per year Additional Expense: Actual cost of relocating GreenPoint's communication equipment from the area to be demised as well as the construction of the temporary wall to be paid by Endeavor. II. INTERIM STRUCTURE Demised Premises: 10,416 Sq. Ft. (Entire Second Floor) 10,416 Sq. Ft. - 3,390 Sq. Ft. (Greenpoint) = 7,026 Sq. Ft. Rate: $20.95 per Sq. Ft. (Full Service) $20.95 X 7,026 = $147,194.70 per year $12,266.23 per month Term: From January 1, 2002 until Greenpoint vacates the building, approximately March 1, 2001. Steve, I trust this accurately reflects your understanding of our discussions. Please indicate your concurrence by signing below. Sincerely, /s/ F. Spruill Thompson F. Spruill Thompson Agent for the Owner AGREED AND ACCEPTED this the 9th day of January, 2002. /s/ Stephen F. Rizzo - ---------------------------------- --------------------------------- Stephen F. Rizzo, President Date