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EXHIBIT 10.85
AMENDMENT TO LEASES
THIS AMENDMENT TO LEASES ("Amendment") is made this 8th day of
September, 1997 between Clear Creek II, L.P. ("Lessor") and Cortech, Inc.
("Lessee").
WHEREAS, Lessor and Lessee have entered into a Standard Industrial
Lease, dated May 14, 1993 for 0000 Xxxxx Xxxxxxxx, Xxxxx X xxxxxxx X, Xxxxxx,
Xxxxxxxx 00000, containing approximately 15,650 square feet, a Standard
Industrial Lease, dated April 10, 1995 pertaining to 0000 Xxxxx Xxxxxxxx, Xxxxx
X, containing approximately 3,990 square feet, a Standard Industrial Lease,
dated October 1, 1993 pertaining to 0000 Xxxxx Xxxxxxxx, Xxxxx X, containing
approximately 5,070 square feet, a Standard Industrial Lease, dated April 2,
1992 pertaining to 0000 Xxxxx Xxxxxxxx, Suites F and G, containing
approximately 7,850 square feet, a Standard Industrial Lease, dated January 12,
1994 pertaining to 0000 Xxxxx Xxxxxxxx, Xxxxx X, containing 2,751 square feet,
a Standard Industrial Lease, dated November 22, 1993 pertaining to 0000 Xxxxx
Xxxxxxxx, Xxxxx X, containing approximately 2,639 square feet, a Standard
Industrial Lease dated April 1, 1993 pertaining to 0000 Xxxxx Xxxxxxxx, Xxxxx X
and D, containing approximately 5,700 square feet, a Standard Industrial Lease,
dated January 5, 1994 pertaining to 0000 Xxxxx Xxxxxxxx, Xxxxxx X through M,
containing approximately 4,870 square feet, a Standard Industrial Lease, dated
March 5, 1993 pertaining to 0000 Xxxxx Xxxxxxxx, Suites A through C and H
through L, containing approximately 11,975 square feet, and a Standard
Industrial Lease, dated April 2, 1992 pertaining to 0000 Xxxxx Xxxxxxxx, Xxxxxx
X through G, containing approximately 5, 570 square feet (the foregoing
Standard Industrial Leases, and all addenda, amendments and other modifications
thereto, shall be individually referred to as "Lease" and collectively referred
to as the "Leases", to which reference should be made for all terms not
otherwise herein defined); and
WHEREAS, Lessor and Lessee desire to amend the Leases to provide for
the current status of the Term of Leases and the option to further extend the
Leases, as more fully herein set forth.
NOW, THEREFORE, in consideration of the mutual covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:
1. 0000 Xxxxx Xxxxxxxx.
(a) Lessor and Lessee acknowledge that the Term of the
Lease for 0000 Xxxxx Xxxxxxxx shall end on May 31, 1999. The Base Rent is
currently $9,578.00 per month (based upon $7.34 per square foot per year)
through May 31, 1998, and shall be $9,913.22 per month (based upon $7.60 per
square foot per year) from June 1, 1998 to May 31, 1999.
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(b) Lessee shall have the option to extend the Term of
the Lease for 0000 Xxxxx Xxxxxxxx for one (1) additional period of two (2)
years (June 1, 1999 to May 31, 2001) and one (1) additional period of three (3)
years (June 1, 2001 to May 31, 2004) by providing written notice thereof at
least one hundred and eighty (180) days prior to the commencement thereof. If
Lessee exercises such option, the Term of the Lease shall be extended upon the
same terms and conditions, except that the Base Rent shall be at the Market
Rate (as hereinafter defined).
2. 0000 Xxxxx Xxxxxxxx.
(a) Lessor and Lessee acknowledge that the Term of the
Leases for 0000 Xxxxx Xxxxxxxx shall end on December 31, 1997. The Base Rent
is currently $8,557.19 per month (based upon $6.07 per square foot per year)
through December 31, 1997.
(b) Lessee and Lessor acknowledge that Lessee is
currently entitled to extend the Term of Leases for 0000 Xxxxx Xxxxxxxx for two
(2) additional periods of one (1) year each (January 1, 1998 to December 31,
1998 and January 1, 1999 to December 31, 1999) with an increase in the Base
Rent of three and one-half percent (3.5%) from the Base Rent payable during the
calendar month immediately preceding the commencement of each such option, as
provided in the Leases. In addition, Lessee shall have the option to extend
the Term of the Leases for 0000 Xxxxx Xxxxxxxx for one (1) additional period of
two (2) years (January 1, 2000 to December 31, 2001) and one (1) additional
period of three (3) years (January 1, 2002 to December 31, 2004) by providing
written notice thereof at least one hundred and eighty (180) days prior to the
commencement thereof. If Lessee exercises such option, the Term of the Leases
shall be extended upon the same terms and conditions, except that the Base Rent
shall be at the Market Rate.
3. 0000 Xxxxx Xxxxxxxx.
(a) Lessor and Lessee acknowledge that the Term of the
Leases for 0000 Xxxxx Xxxxxxxx shall end on April 30, 1999. The Base Rent is
currently $5,971.15 per month (based upon $6.46 per square foot per year)
through April 30, 1998 and shall be $6,180.14 per month (based upon $6.69 per
square foot per year) from May 1, 1998 to April 30, 1999.
(b) Lessee shall have the option to extend the Term of
the Leases for 0000 Xxxxx Xxxxxxxx for one (1) additional period of two (2)
years (May 1, 1999 to May 1, 2001) and one (1) additional period of three (3)
years (May 31, 2001 to April 30, 2004) by providing written notice thereof at
least one hundred and eighty (180) days prior to the commencement thereof. If
Lessee exercises such option, the Term of the Leases shall be extended upon the
same terms and conditions, except that the Base Rent shall be at the Market
Rate.
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4. 0000 Xxxxx Xxxxxxxx.
(a) Lessor and Lessee acknowledge that the Term of the
Lease for 0000 Xxxxx Xxxxxxxx shall end on December 31, 1997. The Base Rent is
currently $2,578.25 per month (based upon $6.35 per square foot per year)
through December 31, 1997.
(b) Lessee and Lessor acknowledge that Lessee is
currently entitled to extend the Term of Leases for 0000 Xxxxx Xxxxxxxx for two
(2) additional periods of one (1) year each (January 1, 1998 to December 31,
1998 and January 1, 1999 to December 31, 1999), as provided in the Leases. The
Base Rent for 1998 shall be $2,668.49 per month (based on $6.78 per square foot
per year) and the Base Rent for 1999 shall be $2,840.83 per month (based on
$7.00 per square foot per year). In addition, Lessee shall have the option to
extend the Term of the Leases for 0000 Xxxxx Xxxxxxxx for one (1) additional
period of two (2) years (January 1, 2000 to December 31, 2001) and one (1)
additional period of three (3) years (January 1, 2002 to December 31, 2004) by
providing written notice thereof at least one hundred and eighty (180) days
prior to the commencement thereof. If Lessee exercises such option, the Term
of the Lease shall be extended upon the same terms and conditions, except that
the Base Rent shall be at the Market Rate.
5. 0000 Xxxxx Xxxxxxxx, Suites A-C and H-L.
(a) Lessor and Lessee acknowledge that the Term of the
Lease for 0000 Xxxxx Xxxxxxxx, Suites A-C and H-L, shall end on December 31,
1997. The Base Rent is currently $6,454.62 per month (based upon $6.47 per
square foot per year) through December 31, 1997.
(b) Lessor and Lessee acknowledge that Lessee is
currently entitled to extend the Term of the Lease for 0000 Xxxxx Xxxxxxxx,
Suites A-C and H-L, for one additional period of one (1) year (January 1, 1998
to December 31, 1998), as provided in the Leases. The Base Rent for 1998 shall
be $6,676.06 per month (based upon $6.69 per square foot per year). Lessee
shall have the option to extend the Term of the Lease for 0000 Xxxxx Xxxxxxxx,
Suites A-C and H-L, for one (1) additional period of two (2) years (January 1,
1999 to December 31, 2000) and one (1) additional period of three (3) years
(January 1, 2001 to December 31, 2003) by providing written notice thereof at
least one hundred and eighty (180) days prior to the commencement thereof. If
Lessee exercises the Renewal Option, the Term of the Lease shall be extended
upon the same terms and conditions, except that the Base Rent shall be at the
Market Rate.
6. 0000 Xxxxx Xxxxxxxx, Suites D-G.
(a) Lessor and Lessee acknowledge that the Term of the
Leases for 0000 Xxxxx Xxxxxxxx, Suites D-G, shall end on December 31, 1997.
The Base Rent shall be $2,701.97 per month (based upon $5.82 per square foot
per year) through December 31, 1997.
(b) Lessee and Lessor acknowledge that Lessee is
currently entitled to extend the Term of Leases for 0000 Xxxxx Xxxxxxxx, Suites
D-G, for two (2) additional periods of one (1) year each (January 1, 1998 to
December 31, 1998 and January 1, 1999
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to December 31, 1999) as provided in the Lease. The Base Rent for 1998 shall
be $3,017.08 per month (based on $6.50 per square foot per year) and the Base
Rent for 1999 shall be $3,249.17 per month (based on $7.00 per square foot per
year). In addition, Lessee shall have the option to extend the Term of the
Leases for 0000 Xxxxx Xxxxxxxx, Suites D-G, for one (1) additional period of
two (2) years (January 1, 2000 to December 31, 2001) and one (1) additional
period of three (3) years (January 1, 2002 to December 31, 2004) by providing
written notice thereof at least one hundred and eighty (180) days prior to the
commencement thereof. If Lessee exercises such option, the Term of the Lease
shall be extended upon the same terms and conditions, except that the Base Rent
shall be at the Market Rate.
7. Market Rate. The term "Market Rate" means the rate at which
Lessor under no compulsion to lease the Demised Premises and a tenant under no
compulsion to lease the Premises would determine as the rental for the
respective option term, as of the commencement thereof, taking into
consideration the uses permitted under the Lease, the quality, size, location
and condition of the Demised Premises (without considering any alterations or
installations made by Lessee), the rent for comparable space in the
metropolitan Denver area, and that no leasehold improvements or brokerage
commissions shall be required to be paid by Lessor in connection therewith. If
Lessor and Lessee are unable to agree upon the Market Rate, then the Market
Rate shall be determined by an appraiser mutually agreed upon by Lessor and
Lessee. If Lessor and Lessee are unable to select an appraiser, Lessor and
Lessee shall each select one appraiser and the two appraisers shall select a
third appraiser to complete the panel of appraisers, and the Market Rate shall
be the average of all three appraisals.
8. Options. Section 39.2 of the Leases is hereby deleted.
9. Force and Effect. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their successors and assigns.
As herein modified, the Leases shall remain in full force and effect in
accordance with the terms and conditions thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.
LESSEE:
CORTECH, INC.
By: /s/ Xxxxxx X. Xxxxxx
----------------------
Name: Xxxxxx X. Xxxxxx
------------------
Title: CFO
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LESSOR:
CLEAR CREEK II, L.P.
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------
Name: Xxxxxxx X. Xxxxxxxx
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Title: Senior Vice President
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ADDENDUM A TO LEASE
This Addendum A to lease (the "Lease") between CLEAR CREEK II, L.P. as
Lessor and CORTECH, INC. as Lessee covering the premises known as 6870 N.
Broadway, Suites K, L & M (4,870 square feet), Xxxxxx, Xxxxxxxx 00000.
This Addendum is hereby made a part of and incorporated in the Lease
dated January 5, 1994. The Lease is hereby amended and modified as provided
below:
1. Lessor and Lessee agree to extend the term of this Lease from
March 15, 1996 to December 31, 1997.
2. Lessor and Lessee agree to the following rent schedule over
the Lease term:
3/15/96 - 3/14/97 - $2,491.06 per month
3/15/97 - 12/31/97- $2,578.25 per month
3. Lessor and Lessee agree all other terms and conditions of the
original Lease dated January 5, 1994 shall remain in full
force and effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 3/28/96 Executed on 3/25/96
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ADDENDUM A TO LEASES
This Addendum A to leases (the "Leases") between CLEAR CREEK II, L.P.
as Lessor and CORTECH, INC. as Lessee covering the premises known as 0000 X.
Xxxxxxxx, Xxxxxx X, X, X & D (11,090 square feet), Xxxxxx, Xxxxxxxx 00000.
This Addendum is hereby made a part of and incorporated in the Leases
dated April 1, 1993, November 22, 1993 and January 12, 1994. The Leases are
hereby amended and modified as provided below:
1. Lessor and Lessee agree to extend the term of these Leases
from May 1, 1996 to April 30, 1999.
2. Lessor and Lessee agree to the following rent schedule over
the Lease term:
5/1/96 - 4/30/97 - $5,769.23 per month
5/1/97 - 4/30/98 - $5,971.15 per month
5/1/98 - 4/30/99 - $6,180.14 per month
Each year reflects a 3.5% upward rental adjustment.
3. Lessor and Lessee agree all other terms and conditions of the
original Leases shall remain in full force and effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 3/28/96 Executed on 3/25/96
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ADDENDUM B TO LEASES
This Addendum B to leases (the "Leases") between CLEAR CREEK II, L.P.
as Lessor and CORTECH, INC. as Lessee covering the premises known as 0000 X.
Xxxxxxxx, Xxxxxx X, X, F & G (16,910 square feet), Xxxxxx, Xxxxxxxx 00000.
This Addendum is hereby made a part of and incorporated in the Leases
dated April 2, 1992, October 1, 1993 and April 10, 1995. The Leases are hereby
amended and modified as provided below:
1. Lessor and Lessee agree to extend the term of these Leases
from January 1, 1997 to December 31, 1997.
2. Lessor and Lessee agree to the following rent schedule over
the Lease term:
1/1/97 - 12/31/97 - $8,557.19 per month
3. Lessor and Lessee agree all other terms and conditions of the
original Leases shall remain in full force and effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 3/28/96 Executed on 3/25/96
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ADDENDUM A TO LEASE
This Addendum A to lease (the "Lease") between CLEAR CREEK II, L.P.
(formerly Xxxx Xxxxxxx Associates) as Lessor and CORTECH, INC. as Lessee
covering the premises known as 6840 N. Broadway, Suites A through I (15,650
square feet), Xxxxxx, Xxxxxxxx 00000.
This Addendum is hereby made a part of and incorporated in the Lease
dated May 14, 1993. The Lease is hereby amended and modified as provided
below:
1. Lessor and Lessee agree to extend the term of this Lease from
June 1, 1996 to May 31, 1999.
2. Lessor and Lessee agree to the following rent schedule over
the Lease term:
6/1/96 - 5/31/97 - $9,254.10 per month
6/1/97 - 5/31/98 - $9,578.00 per month
6/1/98 - 5/31/99 - $9,913.22 per month
Each year reflects a 3.5% upward rental adjustment.
3. Lessor and Lessee agree all other terms and conditions of the
original Lease dated May 14, 1993 shall remain in full force
and effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 3/28/96 Executed on 3/25/96
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ADDENDUM A TO LEASE
This Addendum A to lease (the "Lease") between CLEAR CREEK II, L.P. as
Lessor and CORTECH, INC. as Lessee covering the premises known as 0000 X.
Xxxxxxxx, Xxxxxx X, X, X, X, X, X, X & L (11,975 square feet), Xxxxxx, Xxxxxxxx
00000.
This Addendum is hereby made a part of and incorporated in the Lease
dated March 5, 1993. The Lease is hereby amended and modified as provided
below:
1. Lessor and Lessee agree to extend the term of this Lease from
March 15, 1996 to December 31, 1997.
2. Lessor and Lessee agree to the following rent schedule over
the Lease term:
3/15/96 - 3/14/97 - $6,236.35 per month
3/15/97 - 12/31/97 - $6,454.62 per month
3. Lessor and Lessee agree all other terms and conditions of the
original Lease dated March 5, 1993 shall remain in full force
and effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 3/28/96 Executed on 3/25/96
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ADDENDUM B TO LEASE
This Addendum B to lease (the "Lease") between CLEAR CREEK II, L.P. as
Lessor and CORTECH, INC. as Lessee covering the premises known as 0000 X.
Xxxxxxxx, Xxxxxx X, X, F & G (5,570 square feet), Xxxxxx, Xxxxxxxx 00000.
This Addendum is hereby made a part of and incorporated in the Lease
dated April 2, 1992. The Lease is hereby amended and modified as provided
below:
1. Lessor and Lessee agree to extend the term of this Lease from
January 1, 1997 to December 31, 1997.
2. Lessor and Lessee agree to a gross monthly rental of $2,701.97.
3. Lessor and Lessee agree all other terms and conditions of the
original Lease dated April 2, 1992 shall remain in full force
and effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 3/28/96 Executed on 3/25/96
--------- --------
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ADDENDUM A TO LEASE
This Addendum A to lease (the "Lease") between CLEAR CREEK II, L.P.
(formerly Xxxx Xxxxxxx Associates) as Lessor and CORTECH, INC. as Lessee
covering the premises known as 0000 X. Xxxxxxxx, Xxxxxx X, X, F & G (5,570 sq.
ft.) Xxxxxx, Xxxxxxxx 00000.
This Addendum is hereby made a part of and incorporated in the Lease
dated April 2, 1992. The Lease is hereby amended and modified as provided
below:
1. Lessor and Lessee agree to extend the term of this Lease from
October 1, 1995 to December 31, 1996.
2. Lessor and Lessee agree to a gross monthly rental of $2,610.60.
3. Lessor and Lessee agree all other terms and conditions of the
Lease dated April 2, 1992 shall remain in full force and
effect.
CLEAR CREEK II, L.P. CORTECH, INC.
By /s/ Xxxxxxx X. Xxxxxxxx By/s/ Xxxxxx X. Xxxxxx
------------------------- ---------------------
Xxxxxxx X. Xxxxxxxx Xxxxxx X. Xxxxxx
Senior Vice President Vice President,
Finance & Administration
Executed on 2/9/96 Executed on 2/21/96
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