Exhibit 10.26
FIRST AMENDMENT TO TRIPLE NET
SPACE LEASE
This First Amendment to Triple Net
Space Lease (the “ Amendment ”), is dated as of
March 31, 2008, by and between SRI Eight Pacific Shores LLC, a
Delaware limited liability company, successor by assignment to
Pacific Shores Investors LLC, a Delaware limited liability company
(the “ Landlord ”) and PDL Biopharma, Inc.,
a Delaware corporation (the “ Tenant
”).
RECITALS:
A.
Pacific Shores Investors LLC and the Tenant have previously entered
into that certain Triple Net Space Lease, dated July 6, 2006
(the “ Lease ”) for the lease of approximately
164,732 square feet of space located in Building 10 and certain
property more commonly known as 1500 Seaport Boulevard, Redwood
City, California 94063. All initially-capitalized terms not
defined herein shall have the meanings ascribed to them in the
Lease.
B.
The parties wish to amend the Lease on the terms and conditions set
forth herein.
NOW, THEREFORE, in consideration of
the foregoing, the mutual promises set forth herein, and other good
and valuable consideration, the receipt and sufficiency of which
the parties hereby acknowledge, the parties agree as
follows:
1.
Section 8.04 of the Lease is revised to read as
follows:
In no event shall Lessor have any
liability for, nor shall it be required to repair or restore, any
injury or damage to Lessee’s Alterations or personal
property or to any other personal property of
Lessee in or upon the Premises, Building 10 or the Project ,
except for any Tenant Improvements or Alterations made by Lessee
(which Lessor is required to
