FIRST AMENDMENT TO LEASE AND EXTENSION AGREEMENT
Exhibit
99.1
FIRST
AMENDMENT TO LEASE AND EXTENSION AGREEMENT
THIS
FIRST AMENDMENT TO LEASE AND EXTENSION AGREEMENT (this “Amendment”) is dated the
16th day of February, 2006, and is by and between S/I
North Creek I, LLC, a Washington limited liability company
(“Landlord”) and
Eden Bioscience Corporation, Inc., a Washington corporation
(“Tenant”).
RECITALS
A. Landlord
and Tenant entered into that certain Lease, dated May 29, 2001 (the “Lease”),
for the lease by Tenant of certain Premises, consisting of approximately 17,900
rentable square feet in the Building located at 00000 Xxxxx Xxxxx Xxxxxxx X.,
Xxxxxxx, Xxxxxxxxxx, all as more particularly specified in the Lease. Unless
otherwise defined in this Amendment, capitalized terms used herein shall have
the same meaning as they are given in the Lease.
B. The
Lease
Term, as set forth in Section 1.01 and Section 4.01 of the Lease is scheduled
to
expire on December 31, 2006. Notwithstanding the notice requirements set forth
in Section 4.02 of the Lease, the parties desire to extend the terms of the
Lease and amend the Lease in certain other respects, all as set forth
below.
NOW,
THEREFORE, the parties agree as follows:
1. Extension
of Lease Term.
The
Lease Term, as set forth in Section 1.01 and Section 4.01 of the Lease, shall
be
extended from the initial expiration date of December 31, 2006 for an additional
thirty-six (36) month period to and through December 31, 2009 (the “Extended
Term”). The initial Term and the Extended Term are collectively referred to in
the Lease as the “Term”.
2. Base
Rent for the Initial Term and Extended Term.
Commencing March 1, 2006, the Base Rent payable for the entire Premises pursuant
to Section 1.01 and Section 5.01 of the Lease during the remaining initial
Term
and the Extended Term shall be as follows:
Months
|
Monthly
Base Rent
|
|
03/01/06
- 02/28/07:
|
$17,751.00
|
|
03/01/07
- 02/28/08:
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$18,497.00
|
|
03/01/08
- 02/28/09:
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$19,243.00
|
|
03/01/09
- 12/31/09:
|
$19,988.00
|
3. Option
to Extend.
The
parties hereby agree that Tenant’s Option to Extend the Lease pursuant to
Section 4.02 of the Lease is hereby terminated upon the execution of this
Amendment. Tenant shall have no further right to extend the Term of the Lease
beyond the Extended Term.
4. Security
Deposit.
The
parties hereby agree and acknowledge that the Security Deposit held by Landlord
pursuant to Sections 1.01 and 5.04 of the Lease was previously reduced to
$17,000. Landlord will continue to hold this amount during the Extended
Term.
5. Credit
Enhancement; Letter of Credit.
Tenant
shall remain obligated to maintain its Letter of Credit in the amount of
$270,000 pursuant to the terms of Section 16.26 of the Lease during the Extended
Term.
6. Surface
Parking Stalls.
The
amount of Surface Parking Stalls provided in Sections 1.01 and 16.18 of the
Lease shall be reduced from fifty-seven (57) to forty-two (42).
7. Tenant
Improvements.
Landlord shall not be obligated to make any improvements to the Premises with
respect to the Extended Term, and Tenant is leasing the Premises for the
Extended Term in “as is” condition.
8. Ratification.
In the
event of any inconsistency between the terms of the Lease and this Amendment,
the terms of this Amendment shall control. Except as expressly set forth herein,
the terms and conditions of the Lease shall remain in full force and effect
and
are hereby ratified.
IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first
written above.
LANDLORD:
S/I
NORTH
CREEK I, LLC, a Washington
limited
liability company
By:
/s/ Kellanne X. Xxxxx
|
|
Its:
Investment Director
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TENANT:
EDEN
BIOSCIENCE CORPORATION, INC.,
a
Washington corporation
By:
/s/ Xxxxxxx X. Xxxxxx
|
|
Its:
CFO
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STATE
OF WASHINGTON
|
)
|
)
ss.
|
|
COUNTY
OF KING
|
)
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I
certify
that I know or have satisfactory evidence that the person appearing before
me
and making this acknowledgment is the person whose tree signature appears on
this document.
On
this
16th day of February, 2006, before me personally appeared Kellanne X. Xxxxx,
to
me known to be the Investment Director of S/I NORTH CREEK I, LLC, the company
that executed the within and foregoing instrument, and acknowledged the said
instrument to be the free and voluntary act and deed of said company, for the
uses and purposes therein mentioned, and on oath stated that they were
authorized to execute said instrument.
WITNESS
my hand and official seal hereto affixed the day and year first above
written.
/s/
April X. Xxxxxx
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||
Notary
Public in and for the State of Washington, residing at
Seattle
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||
My
commission expires:
|
March
15, 0000
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XXXXX
XX XXXXXXXXXX
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)
|
)
ss.
|
|
COUNTY
OF KING
|
)
|
I
certify
that I know or have satisfactory evidence that the person appearing before
me
and making this acknowledgment is the person whose tree signature appears on
this document.
On
this
3rd day of February, 2006, before me personally appeared Xxxxxxx X. Xxxxxx,
to
me known to be the CFO of EDEN BIOSCIENCE CORPORATION, INC., the corporation
that executed the within and foregoing instrument, and acknowledged the said
instrument to be the free and voluntary act and deed of said corporation, for
the uses and purposes therein mentioned, and on oath stated that he/she was
authorized to execute said instrument.
WITNESS
my hand and official seal hereto affixed the day and year first above
written.
Xxxxx
X. Xxxx
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||
Notary
Public in and for the State of Washington, residing at Mill Creek,
WA
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My
commission expires:
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6-1-07
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