FOURTH AMENDMENT TO LEASE
Exhibit 10.5
FOURTH AMENDMENT TO LEASE
This FOURTH AMENDMENT TO LEASE ("Fourth Amendment") is made and entered into as of October 12, 2022, by and between KR OYSTER POINT I, LLC, a Delaware limited liability company ("Landlord"), and CYTOKINETICS INCORPORATED, a Delaware corporation ("Tenant").
r e c i t a l s :
A. Landlord and Tenant are parties to the Lease dated July 24, 2019 (the "Original Lease"), as amended by that certain First Amendment to Lease dated May 12, 2020 (the "First Amendment"), that certain Second Amendment to Lease dated January 26, 2021 (the "Second Amendment"), and that certain Third Amendment to Lease dated November 12, 2021 (the "Third Amendment", together with the Original Lease, First Amendment, Second Amendment, and Third Amendment, the "Lease") whereby Tenant leases certain space (the "Premises") within Building 3 of that certain project commonly known as "Xxxxxx Oyster Point" and more particularly described in the Lease.
B. Landlord and Tenant desire to amend the Lease on the terms and conditions set forth in this Fourth Amendment.
a g r e e m e n t :
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
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Xxxxxx Oyster Point [Fourth Amendment] [Cytokinetics Incorporated] |
Period During |
Monthly |
Additional Allowance Payments** |
|
Total Monthly Installment of Base Rent |
*November 1, 2021 – October 31, 2022 |
$871,405.95 |
$88,990.81 |
$0.00 |
$960,396.76 |
*November 1, 2022 – October 31, 2023 |
$901,905.16 |
$88,990.81 |
$0.00 |
$990,895.97 |
November 1, 2023 – October 31, 2024 |
$1,371,340.90 |
$88,990.81 |
$56,367.61 |
$1,516,699.32 |
November 1, 2024 – October 31, 2025 |
$1,419,337.83 |
$88,990.81 |
$56,367.61 |
$1,564,696.25 |
November 1, 2025 – October 31, 2026 |
$1,469,014.65 |
$88,990.81 |
$56,367.61 |
$1,614,373.07 |
November 1, 2026 – October 31, 2027 |
$1,520,430.16 |
$88,990.81 |
$56,367.61 |
$1,665,788.58 |
November 1, 2027 – October 31, 2028 |
$1,573,645.22 |
$88,990.81 |
$56,367.61 |
$1,719,003.64 |
November 1, 2028 – October 31, 2029 |
$1,628,722.80 |
$88,990.81 |
$56,367.61 |
$1,774,081.22 |
November 1, 2029 – October 31, 2030 |
$1,685,728.10 |
$88,990.81 |
$56,367.61 |
$1,831,086.52 |
November 1, 2030 – October 31, 2031 |
$1,744,728.58 |
$88,990.81 |
$56,367.61 |
$1,890,087.00 |
November 1, 2031 – October 31, 2032 |
$1,805,794.08 |
$88,990.81 |
$56,367.61 |
$1,951,152.50 |
November 1, 2032 – October 31, 2033 |
$1,868,996.88 |
$88,990.81 |
$56,367.61 |
$2,014,355.30 |
* The Base Rent for the period commencing on November 1, 2021 and continuing through and including October 31, 2023 is calculated based on 159,891 rentable square feet in the Premises, notwithstanding that Tenant is leasing the entire Premises (consisting of 234,892 rentable square feet (such amount of Base Rent that Tenant is not obligated to pay due to such reduced rentable square footage calculation is the "Partial Base Rent Abatement")); provided, however, that Tenant shall pay Tenant's Share of Operating Expenses and Tax Expenses and all other Additional Rent based on 234,892 rentable square feet in the Premises for the entire Lease Term, as amended, and provided further, however, the amortized portion of the Partial Base Rent Abatement shall be repaid by Tenant to Landlord
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Xxxxxx Oyster Point [Fourth Amendment] [Cytokinetics Incorporated] |
as set forth in the schedule above (the "Partial Base Rent Abatement Amortization"). Tenant agrees to use commercially reasonable efforts to commence construction of Phase 2 (as defined in the Second Amendment) by June 30, 2024 and to cause substantial completion of construction of Phase 2 on or before December 31, 2024, as evidenced by a certificate of substantial completion signed by the Architect (as that term is defined in the Work Letter). In the event construction of the Phase 2 is not complete (as evidenced per the prior sentence) by December 31, 2024 (the "Construction Deadline Date"), then Landlord may elect, in its sole and absolute discretion, that the entirety of the amount of any Partial Base Rent Abatement that has not then been repaid by Tenant on an amortized basis pursuant to the schedule above as of the Construction Deadline Date (i.e., a total of $3,856,755.64) shall become immediately due and payable as Additional Rent.
** Tenant began paying the Additional Allowance Payments commencing on November 1, 2021 and shall continue to pay the Additional Allowance Payments through and including October 31, 2033.
[Signatures follow on next page]
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Xxxxxx Oyster Point [Fourth Amendment] [Cytokinetics Incorporated] |
IN WITNESS WHEREOF, this Fourth Amendment has been executed as of the day and year first above written.
"LANDLORD" |
"TENANT" |
XXXXXX OYSTER POINT I, LLC, |
CYTOKINETICS, INCORPORATED, a Delaware corporation |
By: Kilroy Realty, L.P., a Delaware limited partnership its Sole Member By: Xxxxxx Realty Corporation,
Name: Xxxx Xxxxxx Title: EVP, Asset Management
Name: Xxxxxx Xxxx Title: SVP, Asset Management |
By: /s/ Xxxxxx Xxxx Xxxx: Xxxxxx X. Xxxx Xxxxx: President and CEO |
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Xxxxxx Oyster Point [Fourth Amendment] [Cytokinetics Incorporated] |