EXHIBIT 10.3
THIRD AMENDMENT TO LEASE
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This Third Amendment to Lease ("Amendment") to made as of August 31, 1998, by
and between XXXXXXX X. XXXX, as Trustee of XXX-XXXXXX AND XXX XXX XXXX TRUST I,
hereinafter referred to as "Lessor," and XXXXXX PHARMACEUTICALS, INC., a Nevada
corporation, successor in interest to Xxxxxx Laboratories, Inc., hereinafter
referred to as "Lessee."
Recitals:
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A. Lessor and Lessee have previously entered into a certain Lease dated
December 23, 1985, as amended by an Addendum, an Addendum dated
August 11, 1992, and Second Amendment to Lessee dated August 8, 1995
(the "Lease"), providing for the lease of that certain improved real
property, hereinafter referred to as the "Premises," in the City of
Corona, County of Riverside, State of California, commonly known as
000 Xxxxxxxx Xxxxxx Xxxxx, Xxxxxx, Xxxxxxxxxx, consisting of building
containing approximately 30,108 gross square, feet.
X. Xxxxxx and Lessee wish to extend the term of the Lease for an
additional one year period, upon the terms and conditions set forth
hereinafter.
Agreement:
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NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Lessor and Lessee agree as
follows:
1. Paragraph 3.1 of the Lease is hereby replaced with the following:
"The term of this Lease shall be for sixteen (16) years commencing
on January 1, 1986 and ending on December 31, 2001, unless sooner
terminated pursuant to any provision hereof."
2. Lessee hereby consents to Lessor's disposition of the Premises
(subject to Lessee's rights under the Lease) to Xx. Xxxxx Xxxx,
Xxxxxxx Xxxx, Xxxxx Xxxx and Xxxxxx Xxxx, each to have upon such
disposition an equal undivided interest in the Premises. Lessor
agrees that, upon such disposition, Xxxxxxx Xxxx shall hold powers
of attorney on behalf of Xx. Xxxxx Xxxx, Xxxxx Xxxx and Xxxxxx Xxxx
granting Xxxxxxx Xxxx the authority (with the power to legally bind
the above interest holders in the Premises) over all matters related
to the Premises and the Lease, such power of attorney to be
acknowledged and agreed to by each of Xx. Xxxxx Xxxx, Xxxxx Xxxx and
Xxxxxx Xxxx.
3. Except as modified hereby, the Lease remains in full force and
effect.
IN WITNESS WHEREOF, Lessor and Lessee have executed this Third Amendment as
of the date first above written.
LESSOR: LESSEE:
XXXXXXX X. XXXX, AS TRUSTEE OF XXX- XXXXXX PHARMACEUTICALS, INC.
HSIUNG AND XXX-XXX XXXX TRUST I a Nevada corporation
successor in interest to Xxxxxx
Laboratories, Inc.
By: /s/ XXXXXXX X. XXXX By:
Xxxxxxx X. Xxxx, Trustee _______________________________
Its:
_______________________________
Dated: Dated:
______________________________ _______________________________
ADDENDUM
THIS ADDENDUM IS ATTACHED TO AND MADE A PART OF THE LEASE AGREEMENT DATED
DECEMBER 23RD, 1985, BY AND BETWEEN XXX-XXXXXX & XXX-XXX XXXX TRUST I, AS
LESSOR, AND XXXXXX LABORATORIES, INC., AS LESSEE.
48. RENT SCHEDULE:
The monthly rental beginning January 1, 1986 to December 31, 1987 is
composed of a BASE RENT of $13,026.00 plus a LEASHOLD IMPROVEMENT RENT OF
$6,456.00 for a total monthly rental of $19,482.00. (The LEASEHOLD IMPROVEMENT
RENT shall remain fixed for the duration of the Lease Term).
The BASE RENT shall be increased every TWO (2) Years beginning on January
1, 1988 in proportion to the increase in the INDEX* which has occurred between
the first month of the last increase and the month in which the rent is to be
further increased or by FIVE PERCENT (5%), which ever is greater. (INDEX* =
United States Department of Labor, Bureau of Labor Statistics, Consumer Price
Index for Urban Wage Earners and Clerical Workers. All items for the Los
Angeles-Riverside County Statistical Area on the basis of 1967 = 100).
49. During the term of this Lease Agreement, should Lessor decide to sell the
premises leased by Lessee located at 000 Xxxxxxxx Xxxxxx Xxxxx, Xxxxxx,
Xxxxxxxxxx 00000, Lessor hereby grants Lessee the Right of First Refusal to
Purchase the said property.
50. This Agreement shall extend to and be binding upon the heirs,
administrator, successors, and assignees of the Lessor and Lessee.
CONSENTED TO AND AGREED BY: CONSENTED TO AND AGREED BY:
XXXXXX LABORATORIES, INC. XXX-XXXXXX & XXX-XXX XXXX TRUST I
000 X XXXXXXXX XXXXXX XXXXX #0 XXXXX XXXXXX, XXXXXXXXXX 00000
XXXXXX, XXXXXXXXXX 00000
/s/ XXXXX X. XXXX /s/ XXXXXXX X. XXXX
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XXXXX X. XXXX - PRESIDENT XXXXXXX X. XXXX - TRUSTEE
