Letter Agreement Regarding Base Rent Credit for Tenant Improvements – Kinnate Biopharma Inc. and Presidio Trust (August 26, 2021)
Kinnate Biopharma Inc. and the Presidio Trust have agreed that, after Kinnate completes certain tenant improvements—including building a boardroom—at its leased premises in San Francisco, and provided there is no ongoing default, Kinnate will receive a one-time $85,000 credit against future base rent. Kinnate must use commercially reasonable efforts to finish the improvements promptly. The agreement is only effective once both parties have signed it, and electronic signatures are valid.
Exhibit 10.2
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August 26, 2021
Kinnate Biopharma Inc.
103 Montgomery Street, Suite 150
The Presidio of San Francisco
San Francisco, California 94129
Attn: Nima Farzan
Re: Net Office Lease, dated as of August 5, 2021 (the “Lease”) by and between Kinnate Biopharma Inc., a Delaware corporation, as Tenant, and the Presidio Trust, as Landlord, for the Premises known as Building 103, Suite 150, located at 103 Montgomery Street, the Presidio of San Francisco, San Francisco, California
Dear Mr. Farzan,
Provided that no Default (as defined in the Lease) has occurred and is continuing, upon completion of certain tenant improvements in accordance with the requirements within the Lease, which shall include construction of a boardroom within the Premises (the “Tenant Improvements”), Tenant will receive a one-time Base Rent credit of $85,000, which shall be credited by Landlord against monthly Base Rent accruing after completion of the Tenant Improvements. Tenant agrees that it will use commercially reasonable efforts to complete the Tenant Improvements in a prompt and diligent manner,
This letter agreement may be executed and delivered in any number of counterparts, each of which so executed and delivered is deemed to be an original and all of which will constitute one and the same instrument. This letter agreement may be executed and delivered using electronic signature(s) in accordance with applicable law, and electronic signature(s) are deemed to be original signatures for purposes of this letter agreement and all matters related thereto, with such electronic signature(s) having the same legal effect as original signature(s).
This letter agreement will not be effective or binding upon either Landlord or Tenant until it has been fully executed and delivered by both Landlord and Tenant.
Sincerely,
PRESIDIO TRUST,
a wholly-owned government corporation of the United States of America
/s/ Josh Bagley |
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Josh Bagley, Deputy Chief Business Officer | | |
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Agreed and acknowledged: | | |
Kinnate Biopharma Inc. | | |
A Delaware corporation | | |
By: | /s/ Nima Farzan |
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Name: | Nima Farzan | | |
Title: | CEO | | |
Date: | 10/12/2021 | | |
