EXHIBIT 10.14
April 9, 1997
VIA FACSIMILE
Xx. Xxxxxx Xxxxxxx
TMT Associates LLC
0000 Xxxxxxxxxx Xxx
Xxxxxxx, XX 00000
Re: $57,500 Advance
Dear Xx. Xxxxxxx:
This letter will evidence Inhale Therapeutic System's ("Inhale") agreement to
loan $57,500 to TMT Associates, LLC ("TMT"), and TMT's agreement to repay
such amount, upon the conditions described below:
1. Inhale will loan the sum of $57,500 to TMT upon execution of this letter
by TMT;
2. TMT shall pay the $57,500 to SunAmerica in partial payment of the
application fee due in connection with the loan from SunAmerica Life
Insurance Company to TMT (the "SunAmerica Loan") described in the
Agreement Regarding Tenant Improvement Loan dated as of April 2, 1997;
3. TMT shall repay the $57,500, without interest, to Inhale, upon the
closing of the SunAmerica Loan, but only if Inhale elects not to accept
the tenant improvement portion of the SunAmerica Loan;
4. In the event the SunAmerica Loan has not closed by May 1, 1997, Inhale
shall be entitled to deduct the amount of $9,583.33 per month from its
obligation to pay rent to TMT under the Sublease and Lease Agreement
dated as of October 30, 1996 (the "Lease") for six consecutive months.
5. This letter shall constitute an amendment to the Lease, and may be signed
in two or more counterparts, which shall together constitute one and the
same agreement.
1.
If you agree to the terms of this letter and amendment to Lease, please
execute the enclosed copy and return it to the undersigned.
Sincerely,
Inhale Therapeutic Systems, Inc. Inhale Therapeutic Systems, Inc.
By: /s/ Xxxxxxx Xxxxx-Xxxxxx By: /s/ Xxxxxx Chess
-------------------------- -----------------------
Name: Xxxxxxx Xxxxx-Xxxxxx Name: Xxxxxx Chess
------------------------ --------------------
Title: Director, Operations Title: President/CEO
------------------------ --------------------
Received and Agreed to:
TMT Associates, LLC
By /s/ Xxxx Xxxxxx
-------------------------------
Xxxx Xxxxxx, Member
And By /s/ Xxxxxx Xxxxxxx
---------------------------
Xxxxxx Xxxxxxx, Member
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