THIRD LEASE AMENDMENT AGREEMENT
THIRD
LEASE
AMENDMENT AGREEMENT
THIS
THIRD LEASE AMENDMENT AGREEMENT, made as of the 1ST
day of October, 2006
(the
“LEASE Amendment”)
is by
and between ADVAXIS, INC.(“TENANT”), and the NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY (“LANDLORD”).
WHEREAS,
the TENANT and the LANDLORD entered into a certain Lease
Agreement made as of June 1, 2005 (the “Lease”): and
a
certain Lease Amendment as of November 15, 2005: and a second Lease Amendment
as
of March 15, 2006. The Lease Agreement, and the Lease Amendments are
collectively referred to as the “LEASE”.
WHEREAS,
the LANDLORD and TENANT wish to amend certain provisions contained in the
Lease
as more
fully set forth below.
NOW,
THEREFORE, in the joint and mutual exercise of their powers, and in
consideration of the mutual covenants herein contained, the parties amend the
Lease
as
follows:
| 1. |
Definitions
of LEASED PREMISES is hereby amended read as follows:
The term “LEASED PREMISES” means that portion
of the COMMERCIALIZATION CENTER delineated on the floor plans constituting
EXHIBIT
1A
attached hereto and made a part hereof, bounded by the interior sides
of
the centers of all demising walls other than exterior BUILDING walls
and
the exterior sides of all exterior BUILDING walls. For purposes of
this
LEASE, TENANT and LANDLORD agree that the LEASED PREMISES consists
of Two
(2) laboratory units made up of One Thousand Six Hundred (1,600)
Rentable
square feet and Two (2) office units made up of One Hundred twenty
five
(125) square feet each.
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2.
|
Section
5.2 is hereby amended to read as follows:
TENANT covenants and agrees to
pay to
LANDLORD, RENT, in advance, on the first day of each month during
the
LEASE TERM for
the lab units No. 119 and No.
120:
|
-1-
|
Period
|
Annualized
Fixed Rent
|
Monthly
Fixed
Rent
|
|
| October 1, 2006 to |
$36,800.00
|
$4600.00
per month
|
|
| May 31, 2007 |
($2300.00
per
unit)
|
During
the LEASE TERM, TENANT shall pay to LANDLORD Rent for the office unit B113
and
B202/A as follows;
|
Period
|
Annualized
Fixed Rent
|
Monthly
Fixed
Rent
|
|
| October 1, 2006 to |
$8,080.00
|
$1,010.00
per month
|
|
| May 31, 2007 |
$510.00
per month (for
office B113)
$500.00
per month (for
office B202/A)
|
| 3. |
Section
40.1 is hereby amended to read as
follows:
|
Within
five (5) business days following TENANT’S execution of this LEASE. The
TENANT
shall deposit with LANDLORD a security deposit in the amount of $1,000.00
($1,000.00 over previous security deposit) (“SECURITY DEPOSIT”) in cash funds
(paid
by
either certified funds, cashiers check or wire transfer). LANDLORD shall
keep
the
SECURITY DEPOSIT in an interest bearing account with the interest accruing
to the benefit of the TENANT. If an EVENT OF DEFAULT by TENANT exists
under this LEASE at any time, LANDLORD may use, apply or retain the whole
or
any part of the SECURITY DEPOSIT to the extent necessary to cure said
EVENT OF DEFAULT . It is understood that the deposit is not to be considered
as the last rental payment due under this LEASE. If at any time during
the
term
of this LEASE, LANDLORD applies all or a portion of this SECURITY DEPOSIT
to cure TENANT’S EVENT OF DEFAULT, TENANT shall repay to LANDLORD within ten
(10) business days after demand by LANDLORD any amount
necessary to restore the SECURITY DEPOSIT to the full sum set forth above.
-2-
| 4. |
Miscellaneous
|
A.
Except
as
expressly modified hereby, all terms, conditions, definitions, undertakings
and
covenants of the Lease
shall
remain in full force and effect and are in no way abrogated by this LEASE
Amendment.
Capitalized terms used within this LEASE Amendment
but
not
otherwise defined herein shall have the meanings ascribed to them in the
Lease.
B.
This
LEASE Amendment
may be
signed in any number of counterparts with the same effect as if the signatures
thereto and hereto were upon the same instrument.
C.
If
any
provision of this LEASE Amendment
shall be
held invalid or unenforceable by any court of competent jurisdiction, such
holding shall not invalidate or render unenforceable any other provision hereof
or of the Lease.
IN
WITNESS WHEREOF, the parties hereto have duly executed this Third Lease Amendment
as of
the date first written above.
| ATTEST: |
NEW
JERSEY
ECONOMIC DEVELOPMENT AUTHORITY,
LANDLORD
|
|
| |
|
|
|
|
By: | |
|
NAME:
TITLE:
|
Xxxxx
X. Xxxxxxxx
Chief
Executive Officer
|
|
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