EXHIBIT 10.116
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (the "Amendment") is made this
28th day of September, 1998 by and between PPD PHARMACO, INC., a Texas
corporation (hereinafter, the "Tenant"), and WEEKS REALTY, L.P., a Georgia
limited partnership (hereinafter, the "Landlord").
WITNESSETH:
WHEREAS, pursuant to a Lease Agreement dated June 26, 1998 by and between
Landlord and Tenant (the Lease Agreement, and all amendments thereto shall be
referred to herein collectively as the "Lease"), Landlord leased to Tenant
certain premises in a building located in Morrisville, Xxxx Xxxxxx, Xxxxx
Xxxxxxxx 00000 which has been provided the address of 0000 Xxxxxxxxx Xxxxxxx,
all as more particularly described in the Lease; and
WHEREAS, the parties desire to modify the Lease to, among other things,
confirm the actual rentable square footage of the Premises, and to confirm the
lease by Tenant of certain additional space on the third floor of the Building,
as provided herein.
NOW, THEREFORE, in consideration of cash in hand paid and the promises and
the provisions contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant
hereby agree to amend and modify the Lease as follows:
1. Additional Space.
(a) Tenant has advised Landlord that it desires to exercise certain rights
to expand the Premises as set forth in paragraph 1(d) of the Lease to lease
certain additional space in the Building and located on the third floor
consisting of 36,481 rentable square feet (the "First Expansion Space").
(b) Landlord shall perform the upfit of the First Expansion Space for
occupancy by Tenant in accordance with the provisions of the Lease. Tenant shall
be provided an upfit allowance as provided in the Lease, and the upfit shall be
conducted in accordance with plans and specifications for the First Expansion
Space that shall be mutually and reasonably approved by Landlord and Tenant.
2. Base Rent and Expenses.
(a) Base rent, Additional Rent and operating expenses shall continue to be
due and payable as provided in the Lease increased to reflect the addition of
the First Expansion Space. Base rent shall continue to be subject to increase as
provided in the Lease.
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(b) With the addition of the First Expansion Space, the proportionate
share of Tenant of the Building shall equal 61.23 percent.
3. Premises. With the addition of the First Expansion Space, the rentable
square footage of the "Premises" is modified to reflect the corrected
measurement of 72,962 rentable square feet, which, in addition to the First
Expansion Space, includes 36,481 rentable square feet on the fourth floor of the
Building.
4. Building. The rentable square footage of the "Building" is modified to
reflect the corrected measurement of 119,162 rentable square feet.
5. Effective Date. The provisions of this Amendment shall be and become
effective as of the day and year first above written.
6. Severability. In the event any term, covenant or condition of this
Amendment, the Lease, or any amendments thereto shall to any extent be invalid
or unenforceable, the remainder shall not be affected thereby and each term,
covenant or condition shall be valid and enforceable to the full extent
permitted by law.
7. Successors and Assigns. This Amendment shall apply to, inure to the
benefit of, and be binding upon the parties hereto and upon their respective
heirs, legal representatives, successors and permitted assigns, except as
otherwise provided herein.
8. Authority of Tenant. Tenant certifies to Landlord that it is authorized
to enter into this Amendment, and that those persons signing below on its behalf
are authorized to do so, and shall promptly upon the request of Landlord provide
a resolution to this effect.
9. Interpretation. Although the printed provisions of this Amendment were
drafted by Landlord, such fact shall not cause this Amendment to be construed
either for or against Landlord or Tenant.
10. Full Force and Effect. Except as modified hereby, the Lease remains
unmodified and in full force and effect.
11. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of North Carolina.
12. Mutual Acknowledgment of Non-Existence of Claims. Landlord and Tenant
acknowledge and agree that as of the day hereof there are no known claims by
either party against the other party hereto arising from the relationship as
Landlord and Tenant, respectively, pursuant to the Lease, as amended.
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13. Confidentiality. The terms and provisions of the Lease, and this
Amendment are strictly confidential, are to be shared by Tenant only with its
accountant, employees, and attorneys, and each of those parties shall be advised
of the confidential nature of the Lease, and this Amendment.
[THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK.]
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IN WITNESS WHEREOF, the parties hereto have hereunto executed this
Amendment causing their respective seals to be affixed hereto the day and year
first above written.
LANDLORD:
WEEKS REALTY, L.P. (SEAL), a Georgia
limited partnership authorized to do
business in the State of North
Carolina as Weeks Realty Limited
Partnership
BY: WEEKS GP HOLDINGS, INC., a
Georgia corporation, its sole
general partner
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx,
Senior Vice President
TENANT:
PPD PHARMACO, INC., a Texas
corporation qualified to do business
in North Carolina
ATTEST:
By: /s/ Xxxx Xxxxxxxxx By: /s/ Xxxxxx X'Xxxxxx
_____ Secretary President
[CORPORATE SEAL]
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