1. |
Effective July 1, 2019 (the “Effective Date”), the rentable area of the Premises shall be amended to decrease the Original Premises by one thousand seven hundred twenty-seven (1,727) rentable square feet consisting of Suite 475 (hereinafter called “Surrender Space”) to five thousand four hundred sixty-six (5,466) rentable square feet consisting of Suite 455 (hereinafter called “Reduced Premises”). On or before the Effective Date, Tenant shall surrender the Surrender Space to Landlord in accordance with Section 7.2 (b) of the Lease and, subject to those provisions contained in the Lease which by their terms
specifically survive the expiration or earlier termination of the Lease, the Lease shall terminate with respect to the Surrender Space effective on the
Effective Date. From and after the Effective Date, except as otherwise provided herein, all references in the Lease to the Premises shall refer to the Reduced Premises.
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2. |
The terms of the Lease shall be extended for an additional period of sixty (60) calendar months. This period shall commence July 1, 2019 and shall terminate upon June 30, 2024. Both Landlord and Tenant agree that there are no options in which this Lease may be further extended and any term or provision in the Lease that may give rise to any such right to extend the
Lease is hereby deemed to be deleted from the Lease and of no further force or effect.
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3. |
The “Base Rent” shall be modified to show the minimum annual rent to be as follows:
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4. |
Effective as of July 1, 2020 and as of the first day of each July thereafter, during the term hereof, the Base Rent then in effect shall be increased by the product of (i) two and one-half percent (2.5%) and (ii) the Base Rent in effect immediately prior to such increase, and the monthly
installments of Base Rent shall be upwardly adjusted accordingly.
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5. |
Notwithstanding the foregoing, Tenant shall receive an abatement of Base Rent for the month of July 2019.
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6. |
Tenant shall have the right to terminate this Lease as of June 30, 2021 (the “Early Termination Date”) by timely notifying Landlord in writing of its intention to exercise such right at least
six (6) months prior to the Early Termination Date (the “Early Termination Notice”)
provided that (i) Landlord receives the Early Termination Notice from Tenant sent via certified or registered mail, return receipt requested or by any national overnight courier service, (ii) no default beyond any applicable notice
and cure periods is occurring on the date Tenant provides the Early Termination Notice or at any time thereafter prior to the Early Termination Date, and
(iii) Tenant surrenders the Reduced Premises to Landlord in the condition as described in Section 7.2 (b) of the Lease. If Tenant timely provides the Early
Termination Notice to Landlord but fails to vacate the Reduced Premises completely and in the condition required by this Lease on or before the Early Termination Date, then, at Landlord’s option (A) Tenant shall be treated as a
holdover tenant subject to the terms and condition of Section 30 of the Lease or (B) Tenant’s right to terminate this Lease pursuant to this Section shall
automatically lapse and be of no further force or effect. Except in the event of a Permitted Transfer as defined in Section 12.8 of the Lease, Tenant’s right to terminate this Lease pursuant to this Section is personal to Tenant and
may not be exercised by any transferee or assignee of Tenant it being understood that Tenant’s right under this Section shall immediately lapse and be of no further force or effect upon any assignment of this Lease or sublease of any
portion of the Reduced Premises.
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7. |
Notwithstanding anything to the contrary contained in the Lease, the following set forth herein below shall
control:
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8. |
All sums payable by Tenant shall be paid to Landlord in legal tender of the United States, at the address
to which notices to Landlord are to be given or to such other party or such other address as Landlord may designate in writing. Upon receipt of written notice from Landlord, Tenant shall be obligated to make all subsequent payments
of Base Rent and additional rent by automatic electronic funds transfer or an automated clearing house (ACH) to an account specified by Landlord. Tenant shall immediately notify Landlord of any changes to Tenant’s bank account
that would alter the electronic funds transfer or ACH process. Landlord’s acceptance of rent after it shall have become due and payable shall not excuse a delay upon subsequent occasions nor constitute a waiver of rights,
notwithstanding any endorsement or restriction that Tenant may include with such payment.
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9. |
Landlord and Tenant recognize CBRE, Inc., as Tenant’s agent, as the sole broker (“Broker’’) with
respect to this Sixth Amendment. Landlord agrees to be responsible for the payment of any leasing commissions owed to the Broker in accordance with the terms of a separate commission agreement entered into between Landlord and
Broker. Landlord and Tenant each represent and warrant to the other that no other broker has been employed in carrying on any negotiations relating to this Sixth Amendment and shall each indemnify and hold harmless the other
from any claim for brokerage or other commission arising from or out of any breach of the foregoing representation and warranty.
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10. |
Tenant shall be liable to all of the terms, covenants and conditions of the Lease and this Sixth Amendment.
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11. |
All other terms, covenants and conditions of the Lease shall remain the same.
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Landlord:
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Shady Grove Plaza Rockville, Md. LLC
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By /s/ William Sondericker
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William Sondericker, Vice President
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Date: March 19,2019
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Tenant:
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Rexahn Pharmaceuticals, Inc.
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By: /s/Douglas J. Swirsky
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Name:Douglas J. Swirsky
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Title:President and CEO
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Date:March 18, 2019
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STATE OF Maryland | ) |
COUNTY OF Montgomery) ss.: |
/s/ Sherri N. Spence
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Notary Public
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