EXHIBIT 10.11
LEASE MODIFICATION
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January 9, 2002
Xx. Xxxxxxx X. Xxxxx
Endeavor Pharmaceuticals
000 Xxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
Dear Xxxxx:
Re: Office Lease for
Second Floor of the University Corporate Center
000 Xxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
This Lease Modification for Endeavor Pharmaceuticals, Inc. shall serve to
outline the terms to be modified and will be subject to all other terms and
conditions of the original Lease agreement.
I. CURRENT STATUS
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Demised Premises: 4,114 Rentable Sq. Ft.
Base Rent: $7,182.43 (reduced by $550.00 per month for Tenant
Improvements = $6,632.43)
Effective Rate: $20.95 ($6,632.43 + $550.00 = $7,182.43 X 12 =
$86,189.16 $86,189.16/4,114 = $20.95)
II. REVISED STRUCTURE
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Demised Premises: 10,416 (Entire Second Floor)
Rate: $20.95 per Sq. Ft. (Full Service)
$20.95 X 10,416 = $218,215.20 per year
$218,215.20/12 = 18,184.60 month
Term: The term shall run concurrent with the
lease
modification dated December 11, 2000. This states
that the term shall extend until September 30, 2005.
Provided, however, at any time after March 20, 2002
and provided that Endeavor is not in default under
the Lease, Endeavor may give six (6) month's notice
of early termination and, after such termination,
shall have no further obligations under this Lease
except for obligations which may have arisen as
result of non-performance prior to such termination.
Escalations: 3% per year
Additional Expense: Actual cost of relocating GreenPoint's communication
equipment from the area to be demised as well as the
construction of the temporary wall to be paid by
Endeavor.
II. INTERIM STRUCTURE
Demised Premises: 10,416 Sq. Ft. (Entire Second Floor)
10,416 Sq. Ft. - 3,390 Sq. Ft. (Greenpoint) = 7,026
Sq. Ft.
Rate: $20.95 per Sq. Ft. (Full Service)
$20.95 X 7,026 = $147,194.70 per year
$12,266.23 per month
Term: From January 1, 2002 until Greenpoint vacates the
building, approximately March 1, 2001.
Xxxxx, I trust this accurately reflects your understanding of our discussions.
Please indicate your concurrence by signing below.
Sincerely,
/s/ X. Xxxxxxx Xxxxxxxx
X. Xxxxxxx Xxxxxxxx
Agent for the Owner
AGREED AND ACCEPTED this the 9th day of January, 2002.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, President Date
