FIFTH AMENDMENT TO LEASE
THIS FIFTH AMENDMENT TO
LEASE ("Amendment") made as of the 2nd day of November,
2007, by and between 111 BARCLAY ASSOCIATES
("Landlord"), sole beneficiary under CHICAGO TITLE LAND TRUST
COMPANY, as successor trustee to LASALLE BANK NATIONAL
ASSOCIATION, as successor trustee to AMERICAN NATIONAL BANK
AND TRUST COMPANY OF CHICAGO, under Trust Agreement dated
January 1, 1991 and known as Trust No. 113370-03 ("Trustee"),
and BIOSANTE PHARMACEUTICALS, INC. ("Tenant").
W I T N E S S E T H:
WHEREAS, Landlord and
Tenant entered into that certain Lease dated December 19,
2003, as amended by First Amendment to Lease dated February
26, 2004, as modified by Letter Amendment dated March 19,
2004 (the "Lease"), as amended by Second Amendment to Lease
dated January 4, 2005, as amended by Third Amendment to Lease
dated January 27, 2006, and as amended by Fourth Amendment to
Lease dated March 7, 2007, which Lease demised to Tenant a
portion of the 2 nd
floor, known as Suite 280 ("Premises") of the building known
as 111 Barclay Boulevard, Lincolnshire, Illinois
("Building"); and
WHEREAS, the parties
hereto desire to extend the term of the Lease and to amend
the Lease in certain other respects.
NOW, THEREFORE, in
consideration of the mutual covenants and conditions
contained herein, the Lease is hereby further amended as
follows:
1.
Extended Term. The term of the Lease is hereby
extended to March 21, 2009 on the same terms and conditions as set
forth in the Lease, except as modified herein and unless sooner
terminated pursuant to the terms of the Lease.
2.
Rent . As of March 22, 2008, the Base Rent payable
under the Lease shall be as follows:
Original
Base Rent:
|
Period
|
Annual
Base
Rent
|
Monthly
Installment
|
|
3/22/08-3/21/09
|
$90,113.25
|
$7,509.43
|
Extended
Base Rent:
|
Period
|
Annual
Base
Rent
|
Monthly
Installment
|
|
3/22/09-3/21/10
|
$93,513.75
|
$7,792.81
|
|
3/22/10-3/21/11
|
$96,914.25
|
$8,076.19
|
3.
Work . Landlord shall repaint the walls of the
Premises. The cost to repaint the Premises is
$7,000.00. Landlord and Tenant shall each pay ½
of the cost, or $3,500.00; provided, however, that if Tenant fails
to exercise its option to extend the term of the Lease for the
second year (for clarity, 03/22/09 – 03/21/10) then Tenant
shall reimburse Landlord for its share of the repainting cost, or
$3,500.00.
4.
Extended Term . Tenant shall have the right to
extend the Term for all of the Premises for two (2) extension terms
of one (1) year each ("Extended Term") which shall commence on the
day following the expiration of the initial Term and end on the
first anniversary of the Expiration Date or the expiration date of
the first Extended Term, as the case may be, unless the Extended
T
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