EXHIBIT 10.24
SUPPLEMENTAL LEASE AGREEMENT
This Supplemental Lease Agreement is made and entered into this 20th
day of September 2001 by and between:
Landlord
XXXXXXX REALTY CORPORATION
c/o TIG Real Estate Services, Inc.
P. O. Xxx 000000
Xxxxxx, Xxxxx 00000-0000
and
Tenant
Access Pharmaceuticals, Inc.
0000 X. Xxxxxxxx Xxxxxxx, Xxxxx 000-000
Xxxxxx, XX 00000-0000
This Supplemental Lease Agreement shall modify the original Lease
Agreement between Xxxxxxx Realty Corporation (Landlord), and Access
Pharmaceuticals, Inc. (Tenant) dated on or about July 25, 1996 and
amended on February 9, 2001 in which certain real estate and premises
therein described and situated in the County of Dallas, City of Dallas
and the State of Texas were demised and leased by Landlord to Tenant.
It is the sole intent of this Supplemental Lease Agreement to modify
the Original Lease Agreement by the following provisions:
1. Landlord and Tenant hereby agree that effective September 15, 2001
The Premises shall include Suites 162-176 and the rentable square
footage contained in the Premises is deemed to be 14,468 net rentable
square feet and the rentable square footage of the Building is deemed
to be 39,733 net rentable square feet and Tenant's proportionate share
of the Building is 36.41%
2. Beginning on the September 15, 2001 the monthly base rental as
referenced in Paragraph 2.A. of the original Lease Agreement shall be
as follows:
Dates Base Rent
--------------- -----------
9/15/01-3/31/02 $10,836.38
4/1/02-9/30/02 $10,933.75
10/1/02-3/31/03 $12,116.95
4/1/03-3/31/04 $12,237.52
4/1/04-3/31/05 $12,358.08
4/1/05-3/31/06 $12,478.65
3. Landlord will provide $42,000.00 for the construction of the
improvements to Suite 162. All improvements shall be performed
according to Landlord's specifications and shall include all
costs for architecture/space planning.
4. Landlord and Tenant hereby agree that the terms and provisions of
this Agreement are subject to and conditioned upon receipt by Landlord
of an executed Lease Agreement from Arena Pharmaceuticals, Inc. in a
form acceptable to Landlord, with respect to the Demised Premises.
5. If during the term of this Lease, any of
the immediately Adjacent Premises known as Xxxxx 000 xxx Xxxxx 000
(hereinafter referred to as the "Adjacent Premises"), shall become
available for lease to third parties, and provided that Tenant is not in
default hereunder and has not assigned this Lease or sublet the Premises
(or part hereof), Tenant shall have the first right and option to lease
the Adjacent Premises subject to the rights of other Tenants in the
Building. When the Adjacent Premises becomes available, Landlord shall
first offer in writing any such Adjacent Premises to Tenant upon the
terms and conditions as would be offered by Landlord to third parties.
If within ten (10) days after Landlord delivers Tenant such written
offer, Landlord does not receive notice in writing that Tenant elects
to lease the Adjacent Premises and within twenty (20) days thereafter
Tenant does not execute an expansion agreement acceptable to Landlord
then Tenant's right to lease the Adjacent Premises shall be waived and
Tenant shall have no further rights pursuant to this Paragraph 5.
6. Landlord and Tenant represent each to the other that it has full
right and authority to enter in to this Supplemental Lease Agreement.
Except as expressly provided herein all of the other terms and
conditions of the Lease shall remain in effect and unchanged.
SIGNED BY THE LANDLORD, this 20th day of September, 2001.
XXXXXXX REALTY CORPORATION
BY: /s/ Xxxxxxx X. Xxxxxxx
----------------------
PRINTED NAME: Xxxxxxx X. Xxxxxxx
TITLE: Vice President
ADDRESS: C/O TIG REAL ESTATE SERVICES, INC.
X.X. XXX 000000
XXXXXX, XXXXX 00000-0000
PHONE: 000-000-0000
FAX: 000-000-0000
SIGNED BY TENANT, this 18th day of September, 2001.
ACCESS PHARMACEUTICALS, INC.
BY: /s/ Xxxxx X. Xxxx
-------------------
PRINTED NAME: Xxxxx X. Xxxx
TITLE: President and CEO
ADDRESS: 0000 XXXXXXXX XXXXXXX
XXXXX 000
XXXXXX, XXXXX 00000-0000
PHONE: 000-000-0000
FAX: 000-000-0000
