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EXHIBIT 10.11
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT, made and entered into this
23rd day of January, 1996, by and between Regency Holdings, Inc. ("Landlord")
and Vaxcel, Inc. ("Tenant").
WITNESSETH
WHEREAS, Landlord and Tenant have heretofore entered into that certain
Lease Agreement dated November 21, 1993, by and between New England Mutual Life
Insurance Company (Landlord) and Vaxcel, Inc. (Tenant), regarding certain real
property in land Lots 256, 257, 270 and 271 of the 6th District of Gwinnett
County, Georgia (the "Lease") covering the lease of Property described as:
approximately 4,782 square feet of office/warehouse space located at 0000
Xxxxxxxxxx Xxxxxxx, Xxxxx 000, Xxxxxxxx, Xxxxxxx 00000.
WHEREAS, Landlord and Tenant desire to amend the Lease.
NOW, THEREFORE, for and in consideration of the sum of ONE AND
NO/100THS ($1.00) DOLLAR and other good and valuable consideration, the receipt
and sufficiency of which is acknowledged by Landlord and Tenant. Landlord and
Tenant hereby agree as follows:
1. Landlord and Tenant hereby agree that Landlord is now Regency Holdings,
Inc., a Georgia Corporation.
2. Landlord and Tenant hereby agree that Tenant shall expand into Suite
210 adjacent to Tenant's existing Premises comprised of approximately
1,500 square feet on January 23, 1996 bringing Tenant's total square
footage for Suites 200 and 210 to 6,282 square feet.
3. Landlord and Tenant hereby agree that Tenant shall pay Landlord base
monthly rental in accordance with this expansion for the entire 6,282
square foot Premises according to the following schedule:
January 23, 1996 - January 22, 1997 $3,962.90
January 23, 1997 - January 22, 1998 $4,119.95
January 23, 1998 - January 22, 1999 $4,287.47
4. Landlord and Tenant hereby agree that Landlord shall grant Tenant
$6,300.00 towards Tenant Improvements for said expansion space in
accordance with the terms and conditions of that Lease Agreement dated
November 23, 1993 between both parties.
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5. Landlord and Tenant hereby agree that Tenant shall expand into
approximately 900 square feet of warehouse space (known as Suite 215)
in accordance with the terms and conditions that Lease Agreement dated
November 23, 1993 between both parties should said warehouse space
become available on or before March 23, 1996.
Lavista Associates, Inc. is acting as agent for the Landlord in this
transaction and is to be paid a commission by the Landlord. Lavista Associates,
Inc. is not acting as agent in this transaction for the Tenant.
Xxxxxxx & Xxxxxxxxx of Georgia, Inc. is acting as agent for the Tenant
in this transaction and is to be paid a commission by the Landlord. Xxxxxxx &
Wakefield of Georgia, Inc. is not acting as agent in this transaction for the
Landlord.
Except as expressly amended hereby, the Lease shall otherwise remain in
full force and effect as originally executed.
This Amendment shall bind and inure to the benefit of the parties
hereto, their respective heirs, executors, administrators, successors and
assigns.
IN WITNESS WHEREOF, the Landlord and Tenant have signed, sealed and
delivered this Agreement on the day, month, and year first above written.
LANDLORD: REGENCY HOLDINGS, INC.,
A Georgia Corporation
BY:_______________________ (SEAL)
Title: Vice President
TENANT: VAXCEL, INC.,
A Delaware Corporation
BY:______________________ (SEAL)
Title: VP Finance, Secretary
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