SECOND AMENDMENT TO LEASE (1194 Building)
EXHIBIT 10.50
SECOND AMENDMENT TO LEASE
(1194 Building)
(1194 Building)
THIS SECOND AMENDMENT TO LEASE (this “Amendment”) is made as of October 14, 2009 the
(“Effective Date”) by and between SUNNYVALE OFFICE PARK, L.P., Delaware limited partnership
(“Landlord”), and JUNIPER NETWORKS, INC., a Delaware corporation (“Tenant”), with
reference to the following facts:
RECITALS
A. Landlord, as successor in interest to CSHV Xxxxxxxx XX, LLC, successor in interest to the
original landlord, and Tenant are parties to that certain Lease dated as of June 18, 1999, as
amended by that certain First Amendment to Lease dated as of February 28, 2002, for the office
building commonly known as 0000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxx (as so amended, the
“Lease”).
B. Landlord and Tenant desire to extend the term of the Lease to June 30, 2020 and modify the
base rent payable thereunder for the remainder of such term, all as more particularly provided in
this Amendment.
NOW, THEREFORE, with reference to the foregoing Recitals and for other good and valuable
consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, Landlord
and Tenant hereby agree as follows:
1. Definitions. All capitalized terms used but not defined in this Amendment have the
meanings given such terms in the Lease.
2.1 Term. Article 1, Paragraph 1.1 of the Lease is amended to delete the term
“Lease Term” therefrom. “Lease Term” shall continue to have the meaning set forth in
Paragraph 2.3 of the Lease.
2.2 Lease Expiration Date. In Article 1, Paragraph 1.1 of the Lease, the
definition of the term “Lease Expiration Date” is amended and restated as follows:
“June 30, 2020, unless earlier terminated in accordance with
the terms of the Lease, or extended by Tenant pursuant to
Article 15.”
2.3 Base Monthly Rent. In Article 1, Paragraph 1.1 of the Lease, the
definition of “Base Monthly Rent” is amended and restated as follows:
“The term ‘Base Monthly Rent’ shall mean the following:
| Period | Monthly Amount | |||
7/1/00 - 5/31/01 |
$ | 360,787.50 | ||
At the end of the 11th month after the actual
Delivery Date and at the end of each 12 month period thereafter
(until October 31, 2009), Base Monthly Rent shall be increased
at a rate of 3.5% per annum compounded annually.
Thereafter, commencing on November 1, 2009 and continuing through June 30,
2020, the ‘Base Monthly Rent’ shall be as follows:
| Period | Monthly Amount | |||
11/1/09-6/30/11 |
$ | 369,457.59 | ||
7/1/11-6/30/12 |
$ | 380,670.86 | ||
7/1/12-6/30/13 |
$ | 392,220.54 | ||
7/1/13-6/30/14 |
$ | 404,116.70 | ||
7/1/14-6/30/15 |
$ | 416,369.75 | ||
7/1/15-6/30/16 |
$ | 428,990.39 | ||
7/1/16-6/30/17 |
$ | 441,989.65 | ||
7/1/17-6/30/18 |
$ | 455,378.89 | ||
7/1/18-6/30/19 |
$ | 469,169.80 | ||
7/1/19-6/30/20 |
$ | 483,374.44 | ” | |
2.4 Landlord’s Liability. Article 12, Paragraph 12.4 of the Lease is hereby
amended and restated as follows:
“Limitation of Tenant’s Recourse. The liability of
Landlord for Landlord’s obligations under the Lease, as amended
from time to time, and any other documents executed by Landlord
and Tenant in connection with the Lease, as amended from time to
time (collectively, the “Lease Documents”), shall be
limited to Landlord’s interest in the Building and Tenant shall
not look to any other property or assets of Landlord or the
property or assets of any direct or indirect partner, member,
manager, shareholder, director, officer, principal, employee or
agent of Landlord (collectively, the “Landlord Parties”)
in seeking either to enforce Landlord’s obligations under the
Lease Documents or to satisfy a judgment for Landlord’s failure
to perform such obligations; and none of the Landlord
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Parties shall be personally liable for the performance of
Landlord’s obligations under the Lease Documents.”
3. Rent Credit. For the month of November 2009 only, Tenant shall receive
a credit against the Base Monthly Rent in the amount of $122,656.56.
4. Brokers. Tenant hereby represents and warrants to Landlord that except for Xxxxx
Xxxx LaSalle Brokerage, Inc. (“Tenant’s Broker”), Tenant has had no dealings with any real
estate broker or agent in connection with the negotiation of this Amendment. Landlord shall pay
each of Tenant’s Broker and Landlord’s broker (Tishman Speyer Properties, L.P.) a commission in the
amount, and on the terms and subject to the conditions, set forth in separate written agreements
between Landlord and each such broker. Tenant shall indemnify, defend and hold Landlord harmless
from and against any claims, demands, losses, liabilities, judgments, costs and expenses
(including, without limitation, reasonable attorneys’ fees) with respect to any leasing commission
or equivalent compensation alleged to be owed or owing to (i) Tenant’s Broker, to the extent
exceeding the amount payable under the agreement between Landlord and Tenant’s Broker, and (ii) any
other broker, agent or other person claiming to have acted on Tenant’s behalf.
5. No Other Amendments. The Lease has not been amended other than by this Amendment
and, as amended by this Amendment, the Lease is and remains in full force and effect and is hereby
ratified by Landlord and Tenant. In the event of any conflict between this Amendment and the
Lease, the terms of this Amendment shall prevail.
6. Counterparts. This Amendment may be executed in counterparts, each of which shall
be an original and all of which counterparts taken together shall constitute but one and the same
agreement.
7. Condition Precedent. This Amendment is contingent upon Landlord and Tenant
concurrently entering into amendments to the leases for the buildings located at 1184 and 0000
Xxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxx, respectively, in the forms agreed upon by the parties.
8. Miscellaneous.
8.1 Voluntary Agreement. The parties have read this Amendment and on the
advice of counsel they have freely and voluntarily entered into this Amendment.
8.2 Attorneys Fees. If either party commences an action against the other
party arising out of or in connection with this Amendment, the prevailing party shall be
entitled to recover from the losing party reasonable attorney’s fees and costs of suit.
8.3 Successors. This Amendment shall be binding upon and inure to the benefit
of the parties’ respective successors or assigns.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.
| LANDLORD: | SUNNYVALE OFFICE PARK, L.P., | |||||||
| a Delaware limited partnership | ||||||||
| By: | Sunnyvale Office Park GP, L.L.C., a Delaware limited liability company, General Partner |
|||||||
| By: | /s/ Xxxxxx X. Xxxxxxxx
|
|||||||
| Title: Sr. Managing Director | ||||||||
| TENANT: | JUNIPER NETWORKS, INC., | |||||||
| a Delaware corporation | ||||||||
| By: | /s/ Xxxxx X. Xxxxxxx | |||||||
| Name: Xxxxx X. Xxxxxxx | ||||||||
| Title: Executive VP & CFO | ||||||||
| By: | /s/ Xxxxxxxx X. Xxxxxx | |||||||
| Name: Xxxxxxxx X. Xxxxxx | ||||||||
| Title: Senior VP & General Counsel | ||||||||
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