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Exhibit 10.27
SECOND AMENDMENT TO COMMERCIAL REAL PROPERTY LEASE AGREEMENT
EFFECTIVE DATE: November 5, 1996
This SECOND AMENDMENT TO COMMERCIAL REAL PROPERTY LEASE AGREEMENT (the "Second
Amendment") amends that certain COMMERCIAL REAL PROPERTY LEASE AGREEMENT dated
JANUARY 22, 1993 and the AMENDMENT TO COMMERCIAL REAL PROPERTY LEASE AGREEMENT
dated NOVEMBER 15, 1993 (collectively referred to as the "Lease") by and
between AMYLIN PHARMACEUTICALS, INC., a Delaware corporation ("Tenant"), and
LOMA PALISADES, LTD., a California limited partnership ("Landlord"), relating
to the leasing of 0000 Xxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxxxx 00000 (the
"Premises").
Tenant desires and Landlord agrees to extend the Lease for the Premises at 0000
Xxxxx Xxxxx and to expand the Premises to include 9230 Trade Place, Suites
300-500. Therefore, by this Second Amendment commencing November 1, 1996, the
Lease shall be amended as follows:
(a) the "Expiration Date" as defined by the Lease shall be June 14, 2000.
(b) "Premises" as defined by the Lease shall be 0000 Xxxxx Xxxxx and 0000 Xxxxx
Xxxxx, Xxxxx 000-000, Xxx Xxxxx, Xxxxxxxxxx 00000.
(c) "Premises Area" as defined by the Lease shall be 35,627 Rentable Square
Feet.
(d) "Premises Percent of Project" as defined by the Lease shall be 26.37.
(e) "Base Monthly Rent" as defined by the Lease shall be $10,406.00
(f) Subsection (j) of the Term Schedule of the Lease shall be replaced with the
following:
"(j) RENT ADJUSTMENT: Step Increase (to be applied as provided in
Section 5.02, below), as follows:
Date of Rent Increase New Base Monthly Rent
--------------------- ---------------------
February 15, 1997 $16,707.00
February 15, 1998 $17,543.00
February 15, 1999 $18,420.00
February 15, 2000 $19,341.00"
(g) "Brokers" as defined by the Lease as it relates to the Second Amendment
only are Xxxx Xxxxxxx & Company and Ocean West, Inc.
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(h) "Expenses" as defined by the Lease shall be fixed at $.13 per square foot
per month for the period from November 15, 1996 - November 14, 1997 and shall
not increase more than 10 percent (10%) per year thereafter.
(i) Provided Tenant is not in default under the Lease, Tenant shall have 2
options to extend the Lease for an additional 2 years each, on the same terms,
covenants and conditions prescribed in the Lease except as provided otherwise in
this paragraph. The Base Monthly Rent for the first year of the first option
period shall be $18,282.00. Thereafter, the Base Monthly Rent for each
succeeding year in the first or second option period shall increase 5 percent
(5%) per year. Tenant shall exercise the first option by delivering written
notice to Landlord on or before 5:00 PM, March 14, 2000, after which date the
options shall forever lapse and terminate. Tenant shall exercise the second
option by delivering written notice to Landlord on or before 5:00 PM, March 14,
2002, after which date the option shall forever lapse and terminate.
Notwithstanding anything to the contrary set forth above, Tenant shall not be
entitled to exercise either option or to continue in possession of the Premises
pursuant to the exercise of such option at a time when Tenant is in default
under the Lease. Further, notwithstanding anything to the contrary set forth
above, the time limits within which Tenant has to exercise such options shall
not be extended as a result of Tenant then being in default under the Lease.
(j) The rental abatement provision in sub-paragraph (a) of the ADDENDUM TO
COMMERCIAL REAL PROPERTY LEASE AGREEMENT shall be modified to delete months 37,
38, 49 and 50.
(k) Landlord will stripe six parking spaces "Visitor". Three such spaces shall
be in front of the Premises at 0000 Xxxxx Xxxxx and three such spaces shall be
in front of the Premises at 0000 Xxxxx Xxxxx.
(l) Tenant shall be allowed building standard signage in accordance with the
rules and regulations of the Project as well as in accordance with any
applicable governmental codes regulating such signs. Tenant shall pay any and
all costs associated with the manufacturing and installation of any sign.
Should Landlord erect a monument sign, Landlord shall allow Tenant appropriate
identification on the monument sign with Tenant responsible for all costs
associated with placing such identification thereon.
(m) Landlord shall provide Tenant with a Tenant Improvement Allowance in the
amount of $50,000.00. The Tenant Improvement Allowance shall be made available
to Tenant upon full execution of this document and will be payable by Landlord
in the form of joint checks payable to both Tenant and Contractor only after
receipt by Landlord of payment vouchers approved by Tenant.
(n) Landlord and Tenant hereby acknowledge that Tenant, after the Effective
Date, will be making certain alterations to the Premises in the nature of
Tenant Improvements. Any and all such Tenant Improvements so contemplated and
so made by Tenant shall be subject to all of the terms, covenants and
conditions of the Lease, including those concerning Tenant alterations to the
Premises and Tenant Improvements, which include, without limitation, Section 17
("Alterations"), Section 26 ("Surrender") and Exhibit F ("Alterations
Requirements"), as well as those concerning indemnification of Landlord, which
include,
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without limitation, Section 18.02 ("Tenant's Indemnity"). Further, in
connection with any such Tenant Improvements, Tenant hereby agrees to be
responsible for any and all costs, charges and expenses relating thereto or
arising therefrom. Without limitation, such costs, charges and expenses may
include increased taxes or assessments against the Premises or the property
owned by Landlord of which the Premises forms a part, increased utility charges
upon the Premises or the property of which the Premises forms a part, utility
installations or other infrastructure costs necessitated by such Tenant
Improvements or required by governmental authorities in connection therewith
and increased maintenance expenses for the Premises or the property owned by
Landlord of which the Premises forms a part and increased insurance premiums.
However, provided that Tenant obtains property insurance coverage for the
replacement cost of its Tenant Improvements, Tenant will not be required to
reimburse Landlord for any increase in Landlord's insurance premiums for
increases in property coverage related to the Tenant Improvements. The
foregoing named sections of the Lease and the listed costs, charges and
expenses are intended to be illustrative and not limiting as to the matters
addressed hereby.
ALL OTHER TERMS AND CONDITIONS OF THE LEASE SHALL REMAIN IN FULL FORCE AND
EFFECT.
IN WITNESS WHEREOF, this amendment is executed to be effective as of the
Effective Date set forth above.
LANDLORD: LOMA PALISADES LTD.
a California limited partnership
BY: OCEAN WEST, INC.,
a California corporation
Agent
By:/s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, President
TENANT: AMYLIN PHARMACEUTICALS, INC.
a Delaware corporation
BY: /s/ Xxxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, President
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