Exhibit 10.86
FIRST AMENDMENT OF LEASE
THIS FIRST AMENDMENT OF LEASE is
made and entered into as of June 1, 2009, by and between
Wheatley-Fields, LLC, a California Limited Liability Company,
successor in interest to The Board of Trustees of the Leland
Stanford Junior University, hereinafter called Landlord and Jazz
Pharmaceuticals Inc, a Delaware Corporation hereinafter called
Tenant.
RECITALS
WHEREAS Landlord and Tenant entered
into a lease dated June 2, 2004 (“Lease”) for the
entire two story building consisting of approximately 43,848
rentable square feet of space commonly known as 3180 Porter Drive,
Palo Alto, Santa Clara County, California.
(“Premises”);
AND WHERAS Tenant exercised its
First Renewal Option for the Renewal Term from September 1,
2008 through August 31, 2009;
AND WHEREAS Landlord and Tenant
desire to amend the terms and conditions of said Lease;
Now THEREFORE, in consideration of
the mutual covenants and promises of the parties, the receipt and
adequacy of which are hereby acknowledged, the parties intending to
be legally bound do hereby agree as follows:
1. EFFECTIVE DATE AND LEASE
EXTENSION : The effective date of this First Amendment of Lease
shall be September 1, 2009 (“Effective Date”).
Landlord and Tenant hereby agree to extend the Term of the Lease
for a period of three (3) years (“Extended Term”)
as of the Effective Date such that Tenant’s lease Term will
continue through and the lease Termination Date shall be
August 31, 2012.
2. BASIC RENT: Landlord and
Tenant hereby agree that Basic Rent shall be reset as of the
Effective Date for the Extended Term as follows:
$65,772.00 shall be due and payable
on or before September 1, 2009 and on or before the first day
of each succeeding month of the Lease through August 31,
2010.
$74,541.60 shall be due and payable
on or before September 1, 2010 and on or before the first day
of each succeeding month of the Lease through August 31,
2011.
$78,926.40 shall be due and payable
on or before September 1, 2011 and on or before the first day
of each succeeding month of the Lease through August 31,
2012.
3. RENEWAL OPTIONS:
Section 4.2 of the Lease is hereby deleted in its entirety and
replaced with the following:
Tenant shall have two
(2) consecutive options (each, a “Renewal Option”)
in Tenant’s sole discretion, each to extend the Term for a
period of two (2) years. Each Renewal Option shall be
automatically void if an Event of Default by Tenant exists and
remains uncured at the time of
exercise of the Renewal Option. Each Renewal
Option must be exercised, if at all, by written notice from Tenant
to Landlord given not less than six (6) months prior to the
expiration of a) the Extended Term in the case of the first of the
two Renewal Options above or b) the first of the two Renewal Terms
in the case of the second Renewal Option listed above. Each Renewal
Option is personal to Tenant and shall be inapplicable and null and
void if Tenant assigns its interest under this Lease, except in the
event of an assignment pursuant to Section 14.7 of the Lease.
Each Renewal Term shall be upon the same terms and conditions
as
