EXHIBIT 10.28
FIRST
AMENDMENT TO LEASE
THIS AMENDMENT, Made and entered into as of the 18th day of September,
2003, by and between Highlands Park Associates, Landlord, and BioSante
Pharmaceuticals, Inc., Tenant.
W I T N E S S E T H:
WHEREAS, under date of September 15, 1997, Landlord and Tenant entered
into a written lease (the "Lease") covering the premises located at 0000 X&X
Xxxxxxxxx Xxxxxxx, Xxxxxx, Xxxx Xxxxxx, Xxxxxxx 00000, and
WHEREAS, the parties desire to amend said lease as set out hereinafter,
NOW, THEREFORE, for One ($1.00) Dollar and other valuable consideration
paid by each of the parties to the other, receipt of which is hereby
acknowledged, it is agreed between the parties as follows:
This Amendment is effective November 1, 2003, and is subject to all the
terms and conditions of the aforementioned lease, which lease shall remain in
full force and effect, except that:
1. XXXXXXX 0, XXXX. The Term of the Lease is extended through
October 31, 2004, at midnight, unless sooner terminated as
herein provided.
2. SECTION 3, RENT. Beginning November 1, 2003, through the
expiration of the Term, Monthly Minimum Base Rent shall be
SEVEN THOUSAND FOUR HUNDRED ($7,400.00) DOLLARS.
3. EARLY TERMINATION. Either Landlord or Tenant may terminate
this Lease prior to the expiration date of the Term provided
that the terminating party give the other party at least sixty
days prior written notice of its intent to terminate early. If
the Lease is terminated early, then the resultant expiration
date of the Term shall be at the end of a calendar month.
4. OPTION TO RENEW LEASE. Tenant did not exercise its right to
renew the Lease under Section 47 of the Lease and no further
options to renew exist.
5. RESTORATION. Both parties acknowledge and agree that the terms
and conditions of Section 49 of the Lease shall survive the
original expiration of the Lease and continues in full force
and effect. Landlord hereby rescinds its notice/request to
restore the Premises at this time, in accordance with
Landlord's letter/fax to Tenant dated September 25, 2003.
IN WITNESS WHEREOF, the parties herein have hereunto set their hands
and seals, in triplicate, the date and year first above written.
LANDLORD: HIGHLANDS PARK ASSOCIATES
By: Xxxxxx Xxxx Properties, Inc.
Managing General Partner
/s/ Xxx X. Xxxxxx
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By: Xxx X. Xxxxxx
Its: President
TENANT: BIOSANTE PHARMACEUTICALS, INC.
/s/ Xxxxxxx X. Xxxxx
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(Signature)
By: Xxxxxxx X. Xxxxx
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(Print Name)
By: CEO and President
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(Title)
