FIFTH AMENDMENT TO LEASE
Exhibit 10.33
FIFTH AMENDMENT TO LEASE
This FIFTH AMENDMENT TO LEASE (this “Amendment”) is made and effective as of October 31, 2020 (the “Effective Date”) by and between 111 LEMON INVESTORS LLC, a California limited liability company successor-in-interest to BF Monrovia, LLC, a California limited liability company (“Landlord”) and XENCOR, INC., a Delaware corporation successor-in-interest to Xencor, Inc., a California corporation (“Tenant”).
r e c i t a l s:
A.Landlord and Tenant entered into that certain Lease dated as of January 1, 2015 (the “Original Lease”) whereby Landlord leased to Tenant and Tenant leased from Original Landlord that certain space containing approximately 24,573 rentable square feet, comprising the entirety of the second (2nd) floor (the “2nd Floor Premises”) of that certain building located at 000 Xxxx Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxx 00000 (the “Building”).
B.The Original Lease was amended by (i) that certain Amendment to Lease dated as of January 26, 2015, by and between Landlord and Tenant, (ii) the Second Amendment to Lease, dated as of July 5, 2017, wherein an additional 23,652 comprising the Third Floor was added to the 2nd Floor Premises as an Expansion Space (“3rd Floor Premises”) (the 2nd Floor Premises and 3rd Floor Premises shall collectively be referred to in the Lease as the “Premises”), (iii) the Third Amendment to Lease dated as of April 30, 2020, wherein the term of the Original Lease was extended through September 30, 2020, (iv) the Fourth Amendment wherein the term was extended to October 31, 2020 (the Original Lease, as amended by the First Amendment, Second Amendment, Third Amendment and Fourth Amendment may be referred to herein collectively as the “Lease.”)
C.The parties desire to amend the Lease to (i) extend the term of the Lease as to the 2nd Floor Premises, and to (ii) otherwise modify the Lease, all upon the terms and conditions hereinafter set forth.
a g r e e m e n t:
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Fifth Amendment to Lease | -1- | MONROVIA, CA |
| | | Estimated Monthly |
11/01/20 – 10/30/21* | $663,471 | $55,289.25 | $2.25 |
11/01/21 – 10/30/22 | $683,375.13 | $56,947.93 | $2.32 |
11/01/22 – 10/30/23 | $703,876.38 | $58,656.37 | $2.39 |
11/01/23 – 10/30/24 | $724,992.67 | $60,416.06 | $2.46 |
11/01/24 – 10/30/25* | $746,742.48 | $62,228.54 | $2.53 |
11/01/25 – 12/31/25 | N/A | $64,095.40 | $2.61 |
*The Base Rent for the 2nd Floor Space shall be completely abated for months Two (2), Three (3), and Sixty (60) of the 2nd Floor Space Term (the “Base Rent Abatement Period”). During the Base Rent Abatement Period, Tenant shall remain responsible for the payment of all of its other monetary obligations under the Lease. If Tenant shall be in default under the Lease during the Base Rent Abatement Period and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to this Lease, and this Lease shall be terminated and Tenant evicted in an unlawful detainer proceeding on account of such default then the abatement of Base Rent provided for in this paragraph shall immediately become void, the Base Rent payable by Tenant to Landlord shall immediately equal the amount set forth above without abatement, and in such event, then as part of the recovery by Landlord set forth in Section 17 of the Original Lease in connection therewith, Landlord shall be entitled to the recovery of the then unamortized amount of Base Rent that was previously abated pursuant to this paragraph; provided, however, Tenant acknowledges and agrees that nothing in this subparagraph is intended to limit any other remedies available to Landlord at law or in equity under applicable law (including, without limitation, the remedies under Civil Code Section 1951.2 and/or 1951.4 and any successor statutes or similar laws), in the event Tenant defaults under the Lease beyond any applicable notice and cure period.
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Notwithstanding any provision of the Lease or this Amendment to the contrary, the provisions of the Lease are hereby clarified, amended and modified as follows:
Tenant acknowledges that it currently is leasing One Hundred Percent (100%) of the rentable square footage in the Building, comprising approximately 48,225 rentable square feet, i.e., the entirety of the 2nd Floor and the entirety of the 3rd Floor. Tenant agrees that as long as it is leasing the entire Building, Tenant shall be responsible for 100% of its Proportionate Share of Operating Expenses each year in excess of Base Year Operating Expenses for each applicable portion of the Premises. Commencing on the 2nd Floor Commencement Date, the Base Year for Operating Expenses for the 2nd Floor Premises shall be adjusted to be the 2020 calendar year.
From and after the 2nd Floor Commencement Date, as long as Tenant is leasing the entire Building, under the Lease, but subject to Section 9(a) below, Tenant shall be solely responsible at Tenant’s sole cost and expense for the repair and maintenance (but not replacement and in the case of the elevators, replacement or capital repair) as set forth below of the following:
The following provisions of the Lease are hereby further clarified, amended and modified as follows:
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[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
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IN WITNESS WHEREOF, this Fifth Amendment to Lease has been executed as of the Effective Date.
“Landlord” | 111 LEMON INVESTORS LLC, | ||||
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| By: | Robhana LV1 LLC, | |||
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| | By: | /s/ Xxxxxx Xxxxxxx | ||
| | | Xxxxxx Xxxxxxx | ||
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“Tenant” | XENCOR, INC., | ||||
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| By: | /s/ Xxxx Xxxx | |||
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| Printed Name: Xxxx Xxxx |
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Exhibit A
Subordination Nondisturbance and Attornment Agreement
Fifth Amendment to Lease | -12- | MONROVIA, CA |