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EXHIBIT 10.71
AMENDMENT TO LEASE AGREEMENT
This Amendment to Lease Agreement ("Amendment") is to be effective for all
purposes as of April 1, 1999, by and between The University Texas Health Science
Center at Houston, a component institution of The University of Texas System
("Landlord") and Texas Biotechnology Corporation, a Delaware corporation
("Tenant").
RECITALS
A. WHEREAS, Doctors Center, Inc. ("DC") and Tenant entered into a Lease
Agreement ("Lease") dated February 24, 1995, covering approximately
28,909 rentable square feet in the building located at 0000 Xxxxxx Xxxxxx
xx Xxxxxxx, Xxxxxx Xxxxxx, Xxxxx; and
B. Whereas, Landlord acquired the property on May 31, 1999, including DC's
interest in all leases in effect as of date of purchase; and
C. Whereas, Tenant has requested that Landlord amend the Lease to provide
for expansion of the lease premises commencing on March 1, 1999 and
ending on December 31, 2000;
D. Landlord is willing to amend the Lease on the terms and conditions
stated below.
PROVISIONS
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and
for other good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged by the parties, Landlord and Tenant hereby agree
as follows:
1. Defined Terms. Capitalized terms that are not otherwise defined in this
Amendment have the respective meanings assigned to them in the Lease.
2. Additional Expansion Space. Landlord leases to Tenant, and Tenant leases
from Landlord, additional space located at 0000 Xxxxxx Xxxxxx, Xxxxxxx,
Xxxxxx Xxxxxx, Xxxxx. The additional area of approximately 6,141 rentable
square feet shall be Suite 2000. Landlord and Tenant agree that the space
is to be used for general office and administrative space. Landlord also
leases Tenant and Tenant leases from Landlord 2,450 rentable square feet
to be used for storage space. Such space is not Building Standard and
Tenant is not entitled to any buildout allowance. With this additional
space Tenant will occupy the entire 19th, 20th and 21st floors.
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3. Lease Term. The Lease Term for all space including the expansion space (a
total of 35,050 developed rentable square feet and storage space of 2,450
rentable square feet) shall end on December 31, 2000.
5. Payment of Base Rental. The Base Rental for the additional space shall be
$13,737.29 per month as follows: $12,512.29 per month (based on $24.45 per
rentable square foot annually or $150,147.45 per year) for the developed
space plus $1,225.00 per month for storage space (based on $6.00 per
rentable square foot annually or $14,700.00 per year).
Rent for the developed space shall be due on the first day of the month
following significant completion of construction but no later than July 1,
1999. Rent for storage space shall be due on the first day of the month
beginning April 1, 1999.
6. Buildout Allowance. Landlord shall provide to Tenant a buildout allowance
of $92,115.00 ($15/sq. ft. of expansion space to be developed). Buildout
allowance shall be paid to contractors upon completion of approved work
with contractors mechanics release and approved City of Houston inspection.
7. Performance of and Compliance with the Terms and Conditions of the Lease.
Landlord and Tenant each promise and agree to perform and comply with the
terms, provisions and conditions of and the agreements in the Lease, as
modified by this Amendment.
8. Ratification and Reaffirmation of Lease. Landlord and Tenant each hereby
ratify, affirm and agree that the Lease as herein modified, represents the
valid, binding and enforceable obligations of Landlord and Tenant
respectively.
9. Inurement. This amendment shall be binding on and inure to the benefit of
Landlord and Tenant and their respective heirs, executors, administrators,
legal representative, successors and assigns.
10. Paragraph Heading. The paragraph headings used herein are intended for
reference purposes only and shall not be considered in the interpretation
of the terms and conditions hereof.
11. Continuation of Lease. Except as expressly stated in this Amendment, the
terms of the Lease shall remain unchanged and in full force and effect as
originally provided.
12. Applicable Law Landlord and Tenant hereby agree that this Amendment and
the Lease shall be interpreted, governed and construed according to the
laws of the State of Texas.
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In witness, whereof, this Amendment is executed as of the date first set forth
above.
LANDLORD: TENANT:
The University of Texas Health
Science Center at Houston Texas Biotechnology Corporation
By: /s/ XXXXX XXXXXX By: /s/ XXXXX X. XXXXXXXXXX
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Agent and Authorized Representative Xxxxx X. XxXxxxxxxx
President
Date Date
Signed: 5-5-99 Signed: 4/16/99
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