EXHIBIT 10.70
SEVENTH AMENDMENT TO LEASE
This Amendment to Lease is made effective January 1, 2002 by and between
DOMINO'S FARMS OFFICE PARK, LLC, a Michigan Corporation, having offices at 24
Xxxxx Xxxxx Xxxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxx 00000 ("Landlord"), and AASTROM
BIOSCIENCES, INC., a Michigan Corporation, having offices at 24 Xxxxx Xxxxx
Xxxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxx 00000 ("Tenant").
WHEREAS, Landlord and Tenant entered into a Lease commencing October 1,
1992 (the "Lease") for office space located at Lobby L in the building commonly
known as Domino's Farms Prairie House; and
WHEREAS, several modifications have been made to the Lease, including
the First, Second, Third, Fourth, Fifth and Sixth Amendments; and
WHEREAS, Tenant has been in a hold-over (month to month) tenancy since
the expiration of the Sixth Amendment to Lease; and
WHEREAS, Tenant desires to renew a lease commitment, and Landlord agrees
to such lease renewal;
NOW THEREFORE, in consideration of the mutual covenants contained in
this Seventh Amendment to Lease, the parties agree to the following:
1. The Premises shall be defined as:
> 19,881 square feet of office space located at Lobby L, Level 2
of the building.
> 3,080 square feet of storage rooms.
> 580 square feet of caged storage (Cages # 4, 5, 7 and 13.)
2. The rental rates currently in effect are:
> $28.66 per square foot for office space of 16,373 square feet
> $20.87 per square foot for office space of 3,508 square feet
> $13.11 per square foot for storage rooms.
> $ 9.55 per square foot for storage cages.
3. The term of this renewal will be three (3) years, and will expire on
December 31, 2004.
4. Rental rates as specified above will be increased in the amount of the
Consumers Price Index (CPI) for the previous calendar year on May 1,
2002, and each subsequent May 1st for the term of the lease renewal
period.
5. Landlord agrees to paint and install new carpeting in portions of the
Premises. Tenant will submit a list of areas proposed to be upgraded,
and Landlord will provide a bid for performance of requested
improvements. Total Landlord contribution for said painting and
carpeting will not exceed $75,000, and will not include costs for moving
furniture, cubicles, personal property and communications. Tenant shall
be responsible for any costs which exceed the Landlord contribution, as
well as costs for moving furniture, cubicles, personal property and
communications.
6. The terms and conditions of the Lease shall remain in full force and
effect as specifically modified herein.
IN WITNESS WHEREOF, this Seventh Amendment to Lease is executed on the date set
forth above.
DOMINO'S FARMS
OFFICE PARK, LLC ("Landlord")
(a Michigan Corporation)
By: __________________________________
Its: _________________________________
AASTROM BIOSCIENCES, INC. ("Tenant")
(A Michigan Corporation)
By: __________________________________
Its: _________________________________
