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EXHIBIT
10.32
SECOND
ADDENDUM
This Second Addendum made as
of this 29th day of March 1995 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; which was amended by a First Addendum
dated May 5, 1993 (“First Addendum”), collectively
referred to as the “Lease”; and
WHEREAS, Lessee desires to
reduce the square footage of its Demised Premises by 10,000 sq. ft.
from 68,759 sq. ft. to 58,759 sq. ft.
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 April 1, 1995 as follows:
1. Lessor’s Demised
Premises shall be reduced from 68,759 sq. ft. to 58,759 sq. ft. as
outlined on Exhibit A, thereby redefining the Demised Premises as
58,759 sq. ft.
2. Lessee’s Basic Rent,
pursuant to Article 3 of the Lease, shall be amended to the
following schedule:
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|
|
|
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| |
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Monthly |
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Annual |
| June 1,
1995 - May 31, 1997 |
|
$ |
29,921.17 |
|
$ |
359,054.00 |
| June 1,
1997 - May 31, 1999 |
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$ |
35,307.41 |
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$ |
423,688.90 |
3. As the Demised Premises is
hereby redefined, Lessee’s Share of Complex Operating Costs
shall be 68.50% and Lessee’s Share of Real Estate Taxes shall
be calculated in accordance with Article 12 of the Lease
Agreement.
4. Lessee’s Exclusive
Outside Area, pursuant to Article l(c) of the Lease, is hereby
redefined and is outlined on Exhibit B attached.
5. Paragraph 4 of the First
Addendum to Lease is hereby deleted in its entirety.
6. The second paragraph of
Article 32 Option to Renew in the Lease, which was revised
by the First Addendum, shall be replaced by the
following:
The Basic Rent during the
First Renewal Term shall be $36,724.38 (Thirty-Si
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