EXHIBIT 10.16
THIRD MODIFICATION OF LEASE AGREEMENT
THIS THIRD MODIFICATION OF LEASE AGREEMENT ("Modification"), Made this
21st day of November, 1996, by and between OAKWOOD BUSINESS CENTER LIMITED
PARTNERSHIP, a Delaware limited partnership, as successor to STS Buildings
Associates, L.P., a Delaware limited partnership, (hereinafter referred to as
"LANDLORD"), and KOS PHARMACEUTICALS, INC., a Florida corporation, hereinafter
referred to as "TENANT".
WITNESSETH:
WHEREAS, LANDLORD and TENANT did heretofore on the 7th day of January
1993 enter into a certain Lease Agreement for premises located at Xxx Xxxxxxx
Xxxxxxxxx, XXXXX 00, Xxxxxxxxx, Xxxxxxx 00000; which said Lease Agreement was
amended by that Modification and Extension Agreement dated June 6, 1996, which
said Lease Agreement was modified by that Assignment and Modification of Lease
Agreement dated July 1, 1996 (collectively sometimes hereinafter the "Lease
Agreement"); and
WHEREAS, the parties hereto desire to further modify said Lease
Agreement upon certain terms and conditions as more fully set forth hereinafter.
NOW, THEREFORE, in consideration of the promises, covenants and
undertakings hereinafter set forth and for other good and valuable
considerations, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:
RECITATIONS: The foregoing recitations are true and correct and are
incorporated herein by this reference.
CONFLICTS: In the event of a conflict between any of the terms,
conditions and/or provisions of this Modification and any of the terms,
conditions and/or provisions of the Lease Agreement, the terms, conditions
and/or provisions of this Modification shall prevail.
DEFINED TERMS: Except as otherwise provided in this Modification, all
defined terms shall have the meanings such defined terms have in the Lease
Agreement.
DEMISED PREMISES: Effective December 1, 1996 the area of the Demised
Premises shall be increased from 7,750 square feet to TEN THOUSAND NINE HUNDRED
AND EIGHTY-SEVEN (10,987) square feet to include Suite 218 as outlined in red on
Exhibit "A" attached hereto. Effective August 1, 1997, the area of the Demised
Premises shall be decreased to FIVE THOUSAND SEVEN HUNDRED AND FIFTY (5,750)
square feet and TENANT shall vacate Suites 210, 212, and 218, as outlined in
blue on Exhibit "A" attached hereto, as provided for in the Lease Assignment and
Second Modification of Lease Agreement.
BASE RENT: The Annual Base Rent as set forth in Section 5 of the Lease
Agreement as subsequently modified, shall be further modified as follows:
PERIOD PERIOD ANNUAL MONTHLY
COMMENCING ENDING BASE RENT BASE RENT
---------- ------ --------- ---------
12/1/96 7/31/97 $ 106,510.56 $8,875.88
8/1/97 11/30/97 $ 51,405.00 $4,283.75
12/1/97 11/30/98 $ 53,475.00 $4,456.25
ADDITIONAL RENT: Effective December 1, 1996, TENANT'S Proportionate
Share as set forth in Section 4(b)iii(g) of the Extension and Modification of
Lease Agreement shall be increased from 12.27% to 17.4%. Effective August 1,
1997, TENANT'S Proportionate Share shall be decreased to 9.1%.
CONSTRUCTION: LANDLORD agrees to allow TENANT to make interior
improvements to Suite 218 of the Demised Premises. Said improvements shall be
built in substantial compliance with the plans described in Exhibit "B" attached
hereto. All work shall be performed by TENANT and at TENANT'S sole cost and
expense.
RATIFICATION AND CONFIRMATION: Except as specifically modified and
assigned hereby, all of the terms, provisions and conditions of the Lease
Agreement of January 7th, 1993, as amended or modified, shall remain in full
force and effect and are hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have executed this Modification
of Lease Agreement the day and year first above written.
Executed this ___ day of _____________
1996.
WITNESSES: LANDLORD
OAKWOOD BUSINESS CENTER
LIMITED PARTNERSHIP,
a Delaware limited partnership
By: OBC Genpar, Inc.
Its: General Partner
By:
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Its:
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As to LANDLORD
Executed this 21 day of November 1996.
WITNESSESS: TENANT:
KOS PHARMACEUTICALS, INC.,
a wholly owned subsidiary of
Kos Holdings, Inc.
/S/ XXXXXXX X. XXXXXXX By:/S/ XXXXXX X. XXXX
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Name: Xxxxxx X. Xxxx
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Title: President
/S/ XXXXX XXXXXXX Attest: /S/ XXXX X. XXXXXXXXX
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As to TENANT Name: Xxxx X. Xxxxxxxxx
Title: Controller
(CORPORATE SEAL)
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EXHIBIT "A"
Diagram
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EXHIBIT "B"
Diagram
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