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EXHIBIT
10.31
FIRST
ADDENDUM
THIS FIRST ADDENDUM made as
of this 5 th day
of May 1993 between Baker Properties Limited Partnership , a
Connecticut limited partnership, having an office at 485 Washington
Avenue, Pleasantville, New York 10570 (“Lessor”) and
Immunomedics, Inc., having an office at 300 American Road,
Morris Plains, New Jersey 07950
(“Lessee”).
WITNESSETH:
WHEREAS, Lessor and Lessee
previously entered into a Lease Agreement (“Lease”)
dated January 16, 1992; and
WHEREAS, the Lease grants
Lessee Right of First Offer on vacant space under Article 34 of
said Lease; and
WHEREAS, Lessor received an
acceptable offer on 10,000 square feet of existing adjacent vacant
space (as outlined in red on Exhibit A and hereinafter defined as
“Additional Space”) in its “As-Is”
condition at $5.25 per square foot net/net/net; and
WHEREAS, Lessee has elected
to exercise their Right of First Offer.
NOW, THEREFORE, in
consideration of the mutual covenants herein set forth and for good
and valuable consideration, the parties hereby agree to amend the
Lease as of March 15, 1993 as follows:
1. Lessor hereby lets to
Lessee and Lessee hereby takes and leases from Lessor the
Additional Space which shall hereinafter become part of the Demised
Premises as outlined on Exhibit A, thus making the total space in
the Demised Premises 68,759 sq. ft.
2. Lessee’s triple net
rent will increase, effective June 1, 1993, by $52,500.00
(Fifty-Two Thousand Five Hundred Dollars and no cents) per annum to
$405,054.00 (Four Hundred Five Thousand Fifty-Four Dollars and no
cents) per annum, equivalent to $33,754.50 (Thirty-Three Thousand
Seven Hundred Fifty-Four Dollars and fifty cents) per month through
May 31, 1997. Commencing June 1, 1997 through
May 31, 1998, Lessee’s Basic Rent will increase to
$469,688.90 (Four Hundred Sixty-Nine Thousand Six Hundred
Eighty-Eight Dollars and ninety cents) per annum, the equivalent of
$39,140.74 (Thirty-Nine Thousand One Hundred Forty Dollars and
seventy-four cents) per month. Commencing June 1, 1998 through
May 31, 1999, Lessee’s Basic Rent will increase to
$488,188.90 (Four Hundred Eighty-Eig
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