1
EXHIBIT 10.14
Second Amendment to Lease
Date: As of February 12, 1997
Lease: A certain lease dated October 1, 1992 between the
Landlord, as landlord, and the Tenant, as tenant, as
to the Premises, as amended by First Amendment to
Lease dated as of March 1, 1995 (the "First
Amendment")
Landlord: C. Xxxxxxx Xxxxx
Tenant: Vertex Pharmaceuticals Incorporated
Premises: As defined in the Lease, the 618 Xxxxxx
Premises, 40 Allston Premises, 228 Xxxxxx Premises,
and 240 Xxxxxx Premises (including Phase II of
the Xxxxxx Premises), as amended herein
R E C I T A L S
A. Landlord and Tenant have continuing obligations under the
Lease.
B. Landlord and Tenant desire to extend the term and modify
certain terms of the Lease as set forth herein.
NOW, THEREFORE, For good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Landlord and Tenant agree as
follows:
1. Paragraph I of the Lease and paragraph 1 of the First Amendment are amended
to provide that the defined term, "240 Xxxxxx Premises" includes all space in
the building located at 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxxxxx. The
total rentable square feet of the Premises upon and after the effective date
of this Amendment is 35,000.
2. Paragraph II of the Lease is amended to provide that the Lease, as previously
extended, shall expire at 11:59 P.M. on December 31, 2003. As used in the
Lease as hereby amended, the word "term" shall mean the Original Term and the
Extended Term, as extended and amended previously and herein.
3. Paragraph 3 of the First Amendment is deleted in its entirety.
Page 1 of 2
2
4. Paragraph III of the Lease is amended to provide that:
Commencing January 1, 1997 through December 31, 2001, the Base Rent shall
be $10.37 per rentable square foot of the Premises, or $363,000.00
annually (pro rata reduced for any portion of a Year) payable in monthly
installments of $30,250.00;
Commencing January 1, 2002 through December 31, 2003, the Base Rent shall
be $11.93 per rentable square foot of the Premises, or $417,450.00
annually (pro rata reduced for any portion of a Year) payable in monthly
installments of $34,787.50.
5. In all other respects, the Lease remains in full force and effect and
unmodified hereby.
6. Notwithstanding anything to the contrary contained herein, this Second
Amendment is subject to and conditional upon the Landlord's obtaining a loan
secured by a mortgage on the Premises by April 15, 1997. In the event that
such a mortgage loan is not concluded within such thirty-day period, this
Second Amendment shall be null and void and of no effect.
Signed under seal as of the date first written above.
Landlord:
/s/ C. Xxxxxxx Xxxxx
---------------------------------
C. Xxxxxxx Xxxxx
Tenant:
VERTEX PHARMACEUTICALS INCORPORATED
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------------------
Page 2 of 2