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EXHIBIT 10.9
SUBLEASE
THIS AGREEMENT made the 29th day of January, 1997, between Platinum
Entertainment, Inc., a Delaware Corporation, having an office at 0000
Xxxxxxxxxxx Xx, Xxxxx 0000, Xxxxxxx Xxxxx, XX 00000, hereinafter referred to as
"Sublessor",
- and -
Therapeutic Antibodies, Inc., a Delaware Corporation, having an office at 0000
00xx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000, hereinafter referred to as
"Sublessee",
WITNESSETH:
WHEREAS, Sublessor, as Lessee, entered into a lease with Vanderbilt
University, as Lessor, dated September 28, 1994, with such term commencing
November 15, 1994 and expiring November 14, 1997, leasing certain space,
consisting of 6,142 rentable square feet on the first and second floors of the
building located at 0000 00xx Xxxxxx, Xxxxxxxxx, XX 00000 (the "Subleased
Premises"), which Lease Agreement is attached hereto as Exhibit A and
incorporated herein by reference (said lease agreement is hereinafter referred
to as the "Prime Lease"), and
WHEREAS, the parties hereto have agreed that Sublessor shall sublet
all of such space to Sublessee;
NOW, THEREFORE, the parties hereto hereby covenant and agree as
follows:
1. TERM; RENT - Sublessor hereby leases to Sublessee the 6,142
rentable square feet, more or less, of the space on the 1st and 2nd floors of
said building, leased by Sublessor, shown on Exhibit A attached hereto and made
a part hereof, for a term of 10 months beginning on January 15, 1997, and
ending on November 14, 1997, unless sooner terminated in accordance herewith,
yielding and paying to Sublessor a rent at the rate of
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Ninety-Eight Thousand Two Hundred Seventy Two and 00/100 Dollars ($98,272.00)
per annum, plus the additional rent outlined in paragraph 5 of the Prime Lease.
Sublessee shall pay the rent and additional rent provided for
hereunder in equal monthly installments of Eight Thousand, One Hundred
Eighty-Nine and 33/100 Dollars ($8,189.33) in advance and without demand on the
first day of each and every month during the term. Rent and additional rent
will be prorated for any partial month of the term. The payment of rent shall
be made directly to: Vanderbilt University, 000 00xx Xxxxxx Xxxxx, Xxxxx 000,
Xxxxxxxxx, XX 00000.
2. USE OF SUBLEASED PREMISES - The demised premises shall be used
for offices and for no other purpose.
3. ASSIGNMENT, SUBLETTING - Sublessee shall not assign this lease
nor sublet the demised premises in whole or in part and shall not permit
Sublessee's interest in this lease to be vested in any third party by operation
of law or otherwise.
4. ADDITIONAL RENT - If Sublessor shall be charged for additional
rent or other sums pursuant to the provisions of the Prime Lease, including
without limitation Article 5 thereof (rent escalation), Sublessee shall be
liable for 100% of such additional rent or sums. If any such rent or sums shall
be due to additional use by Sublessee of electrical current in excess of
Sublessee's proportionate part of additional use in the premises demised under
the Prime Lease, such excess shall be paid in entirety by Sublessee. If
Sublessee shall procure any additional services from the building, such as
alterations or after-hour air conditioning, Sublessee shall pay for same at the
rates charged therefor by the Lessor and shall make such payment to the
Sublessor or Lessor, as Sublessor shall direct. Any rent or other sums payable
by Sublessee under this Article 5 shall be additional rent and collectable as
such. If Sublessor
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shall receive any refund under said Article 5 of the Prime Lease concerning
payment of Additional Rent, Sublessee shall be entitled to a credit for the
overpayment of so much thereof as shall be attriibutable to prior payments by
Sublessee.
5. SUBORDINATION - This lease is subject to and subordinate to
the Prime Lease. Except as may be inconsistent with the terms hereof, all the
terms, covenants, and conditions contained in the Prime Lease shall be
applicable to this Agreement with the same force and effect as if Sublessor
were the lessor under the Prime Lease and Sublessee were the lessee thereunder,
and in case of any breach hereof by Sublessee, Sublessor shall have all the
rights against Sublessee as would be available to the lessor against the lessee
under the Prime Lease if such breach were by the lessee thereunder.
6. PRIME LEASE - Notwithstanding anything herein contained, the
only services or rights to which Sublessee is entitled to hereunder are those
to which Sublessor is entitled under the Prime Lease and that for all such
services and rights Sublessee will look solely to the Lessor under the Prime
Lease. Sublessor will have no liability for Lessor's failure to provide any
such services or for the cost of such services.
7. COVENANT AS TO TERMINATION OF PRIME LEASE - Sublessee shall
neither do nor permit anything to be done which would cause the Prime Lease to
be terminated or forfeited by reason of any right of termination or forfeiture
reserved or vested in the Lessor under the Prime Lease, and Sublessee shall
indemnify and hold Sublessor harmless from and against all claims of any kind
whatsoever by reason of any breach or default on the part of Sublessee by
reason of which the Prime Lease may be terminated or forfeited.
8. SECURITY DEPOSIT - Sublessee has paid Sublessor on the
execution and delivery of the lease the sum of Eight Thousand, One Hundred
Eighty Nine and 33/100 Dollars
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($8,189.33) as security for the full and faithful performance of the terms,
covenants, and conditions of this lease on Sublessee's part to be performed or
observed, including but not limited to payment of rent and additional rent or
for any other sum which Sublessor may expend or be required to expend by reason
of Sublessee's default, including any damages or deficiency in reletting the
Subleased Premises, in whole or in part, whether such damages shall accrue
before or after summary proceedings or other re-entry by Sublessor. If
Sublessee shall fully and faithfully comply with all the terms, covenants, and
conditions of this lease on Sublessee's part to be performed or observed, the
security, or any unapplied balance thereof, shall be returned to Sublessee
after the time fixed as the expiration of the Term.
9. TENANT'S RIGHT TO CANCEL - If actual possession of the
Subleased Premises shall not be available by January 15, 1997, Sublessee may
elect, within thirty (30) days thereafter, to cancel this lease. If this lease
shall be so canceled, Sublessor shall refund to Sublessee any rent or security
deposit theretofore paid or delivered to Sublessor hereunder, and upon such
refund this lease shall be of no further force and effect.
10. KNOWLEDGE OF LEASE TERMS; REPRESENTATION OF PRIME LEASE -
Sublessee represents that is has read and is familiar with the terms of the
Prime Lease. Sublessor represents that there are no other agreements with
respect to the Prime Lease (whether written or oral) other than as shown on the
copy of the Prime Lease attached hereto and incorporated herein by reference as
Exhibit A.
11. FULL AGREEMENT - All prior understandings and agreements
between the parties are merged within this Agreement, which alone fully and
completely sets forth the understanding of the parties and this lease may not
be changed or terminated orally or in any manner other than by an agreement in
writing and signed by the party against whom
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enforcement of the change or termination is sought.
12. NOTICES - Any notice or demand which either party may or must
give to the other hereunder shall be in writing and delivered personally or
sent by registered mail addressed if to Sublessor, as
follows:
Platinum Entertainment, Inc.
c/o Xxxxxxx Xxxx
0000 Xxxxxxxxxxx Xxxx, Xxxxx 0000
Xxxxxxx Xxxxx, XX 00000
and if to Sublessee, as follows:
Therapeutic Antibodies, Inc.
0000 00xx Xxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
Either party may, by notice in writing, direct that future notices or demands
be sent to a different address.
13. CONTINGENCY FOR SUBLESSOR'S CONSENT - The obligations of
Sublessor and Sublessee under this Sublease are conditioned upon the Lessor
under the Prime Lease giving its consent to this Sublease in form and substance
acceptable to Sublessor and Sublessee.
14. ACCEPTANCE OF THE PREMISES - Sublessee will accept the
Subleased Premises in their condition on the date of Sublessee's occupancy of
the Subleased Premises. Sublessor disclaims any representation or warranty,
express or implied, about the demised premises, their suitability for
Sublessee, fitness or Sublesseeability without limitation. Sublessee will be
solely responsible for the cost and arrangement of its signage and the cost of
locks and keys for the Subleased Premises.
15. BROKERS - Sublessor warrants to Sublessee that it has not
dealt with any broker
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in connection with this Sublease other than Xxxxxxxx Xxxx Company, and Sublessee
warrants to Sublessor that it has not dealt with any broker in connection with
this Sublease other than The Xxxxxxx Company; Sublessor will be responsible for
the payment of commissions to Xxxxxxxx Xxxx Company and The Xxxxxxx Company.
Sublessor and Sublessee will indemnify each other and hold each other harmless
from any other claims for commissions on account of this Sublease.
16. QUIET ENJOYMENT - So long as the Sublessee is not in default
in the performance of its covenants and agreement in this Sublease, Sublessee's
quiet enjoyment of the Subleased Premises will be not disturbed or interfered
with by Sublessor or by any person claiming by, through or under Sublessor.
17. SUCCESSORS AND ASSIGNS - The covenants and agreements herein
contained shall bind and inure to the benefit of Sublessor, the Sublessee, and
their respective executors, administrators, successors, and assigns.
18. CONSENT TO SUBLEASE AGREEMENT. (a) Vanderbilt University, as
Lessor under the Prime Lease, hereby consents to and approves the subletting of
the Sublease Premises to Sublessee pursuant to Section 17 of the Prime Lease.
Lessor further consents to and approves herewith the form of the Sublease
Agreement.
(b) REPRESENTATIONS AND WARRANTIES OF LANDLORD. Lessor and
Sublessor hereby warrant to Sublessee that the Prime Lease, and all amendments
and addenda thereto, as attached hereto as Exhibit A, is a complete, true and
accurate description of the terms and conditions of the rental of the Subleased
Premises which is the subject of the Sublease Agreement. Lessor and Sublessor
further warrant and represent to Sublessee, and its
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successors and assigns, that the Prime Lease is in full force and effect, and
as of the date hereof Lessor and Sublessor are not aware of any default on the
part of Lessor or Sublessor under the Prime Lease, and are not aware of any
default which, with the passage of time or the giving of notice or both, would
constitute a default by Lessor or Sublessor under the Sublease Agreement.
(c) NOTICE OF DEFAULT TO TENANT; RIGHT TO CURE.
Notwithstanding any provision in the Sublease Agreement herein to the contrary,
no default in the performance of any of the Sublessor's obligations under the
Prime Lease that is of such a nature as to give Lessor a right to terminate the
Prime Lease, whether on the occurrence of an event of default or otherwise,
shall entitle Lessor to exercise any such right, power or remedy unless and
until notice of such default is given to Sublessee specifying the act or
omission which constitutes such default and the action required of Sublessee to
cure the same and thirty (30) days shall have elapsed following Sublessor's
receipt of such notice of default, during which period Sublessee shall have the
right, but not the obligation, to remedy or cure such default. If such default
cannot reasonably be cured within said thirty (30) days, the Tenant shall have
such longer period of time as may be reasonably necessary to cure such default
so long as Tenant commits action to cure the default within such thirty (30)
days and thereafter diligently pursues the cure of the default.
(d) WAIVER OF SUBLESSOR'S OPTION TO RENEW PRIME LEASE.
Sublessor understands and acknowledges that Lessor and Sublessee are executing
simultaneously herewith a lease agreement for the lease by Tenant of the
Subleased Premises for a term beginning immediately following the expiration of
this Sublease (November 15, 1997). Sublessor by execution of this Sublease
herewith specifically waives any right or option it
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may have to renew the term of the Prime Lease as provided for in Sections 3 and
4 of the Prime Lease.
IN WITNESS WHEREOF, the parties hereto have caused those present to be
executed the day and year first above written.
SUBLESSOR: PLATINUM ENTERTAINMENT, INC.
BY: /s/ [Illegible]
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TITLE: C.F.O.
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WITNESS: BY: /s/ [Illegible]
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SUBLESSEE: THERAPEUTIC ANTIBODIES, INC.
BY: /s/ Xxxxxx X. Xxxxx
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TITLE: Chairman
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WITNESS: BY: /s/ Xxxxxxx Xxxxxxxxxx
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LESSOR: VANDERBILT UNIVERSITY
BY: /s/ [Illegible]
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TITLE:
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WITNESS: BY: /s/ [Illegible]
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EXHIBIT "A"
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