LEASE AGREEMENT

Exhibit 10.25

LEASE AGREEMENT

     THIS LEASE AGREEMENT (this “Lease”) is made and entered into this ___day of                      , 2008 (which represents the date this Lease was executed by the last of the Lessor and the Lessee, the “ Effective Date ”), by and between the Lessor and the Lessee hereinafter named.

     1.  Definitions and Basic Provisions. The following definitions and basic provisions shall be construed in conjunction with and limited by the references thereto in other provisions of this Lease:

     (A) “Lessor”: Carew Realty, Inc., a Delaware corporation

     (B) “Lessee”: Kendle International Inc., an Ohio corporation

     (C) “Demised Premises”: approximately 128,998 Useable Square Feet (“USF”) in the Building commonly known as the Carew Tower (the “Building”), located at 441 Vine Street, Cincinnati, Ohio 45202; consisting of 17,636 USF on the Fourth (4 ^th ) Floor, 20,814 USF on the Fifth (5 ^th ) Floor, 13,708 USF on the Sixth (6 ^th ) Floor, 11,801 USF on the Seventh (7 ^th ) Floor, 12,754 USF on the Eighth (8 ^th ) Floor, 13,235 USF on the Ninth (9 ^th ) Floor, 13,254 USF on the Eleventh (11 ^th ) Floor, 13,254 USF on the Twelfth (12 ^th ) Floor and 12,542 USF on the Fifteenth (15 ^th ) Floor; such Demised Premises being shown and outlined on the floor plans attached hereto as Exhibits A-1 through A-9. The USF calculations listed above are based upon a complete re-evaluation and analysis provided by Lessor’s architect, PDT Architecture, of the floors proposed above, the method of measurement associated with such analysis and calculations is in accordance with BOMA (ANSI-Z.65 1966) standards. The number of USF in the Demised Premises shall be determined by Lessor’s architect and set forth in the Declaration to be executed by Lessor and Lessee in the form attached hereto as Exhibit C specifying the number of square feet of Useable Area (as such term is defined in the BOMA Standards) included in the Demised Premises. No load factor will be added to the actual USF calculations or charged to Lessee. Within the first month of the Lease Term, Lessee shall have the right, but not the obligation, to have an architect of its choosing remeasure the Demised Premises to verify the exact USF of the Premises. In the event Lessee’s architect’s measurements in the aggregate vary by more than one percent (1%) from Lessor’s architect, Lessee shall notify Lessor of Lessee’s architect’s measurements. Upon receipt of such notice, Lessor, at its option, may (i) accept Lessee’s architect’s measurements as the USF of the Demised Premises and Lessor and Lessee shall execute an amendment to this Lease and Exhibit C to reflect such change, or (ii) request that Lessee and Lessor pick a third architect, agreeable by both, to measure the Demised Premises. The measurement of the third architect shall be averaged with either the Lessor or Lessee’s architect’s measurements, whichever is closer thereto, which averaged amount shall be deemed the USF of the Demised Premises and Lessor and Lessee shall execute an amendment to this Lease and Exhibit C to reflect such change. Lessor and Lessee shall each pay one-half of the fees and expenses of the third architect and each party shall pay the fees and expenses of their own architect. If, pursuant to the foregoing, the USF of the Demised

Premises as set forth in this Section 1(C) is revised, Lessee shall pay any excess Annual Basic Rent (as defined below) owed to Lessor within the next payment thereof, or Lessee shall take a credit for any overpayment against the next payment thereof.

     (D) “Lease Term”: the period commencing on the Effective Date (the first day of the Existing Lease Term being referred to herein as the “Commencement Date”) and ending on May 31, 2019 (the “Expiration Date”). The term “Lease Term” shall include any renewal terms exercised by Lessee pursuant to Section 38 below.

     (E) “Annual Basic Rental”: the Annual Basic Rental for the Demised Premises shall commence on the Commencement Date at rate of Fourteen Dollars and 75/100 ($14.75) per USF.

     The Annual Basic Rental shall increase on June 1, 2010 and each Lease Year thereafter to a per USF amount equal to the sum of (i) Eight Dollars and 27/100 ($8.27), plus (ii) an amount determined by multiplying Six Dollars and 48/100 ($6.48) by a fraction, the numerator of which shall be the most recently published monthly Index (as hereinafter defined) preceding the first day of the Lease Year for which the adjustment is then being made and the denominator of which fraction shall be the monthly Index for the month preceding the Commencement Date of the Lease.

     The “Index” used herein shall be the Consumer Price Index for All Urban Consumers, U.S. City Average-All Items (1982-84 = 100), as published from time to time by the Bureau of Labor Statistics of the United States Department of Labor. If this Index shall be discontinued with no successor or comparable successor Index, the parties hereto shall attempt to agree upon a substitute formula, but if said parties are unable to agree upon a substitute formula, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing.

     (F) “Security Deposit”: Intentionally omitted.

     (G) “Permitted Use”: Lessee may use the Demised Premises for general administrative and executive office purposes and all other lawful uses; provided, however, that no such use shall cause the standard of the Building to be decreased below its current condition as a first-class office building. Such uses shall at all times be in conformance with the Rules and Regulations attached hereto as Exhibit E, as the same may be amended, modified or altered, from time to time in a reasonable and non-discriminatory manner.

     (H) “Lease Year”: The period from June 1, 2009 to May 31, 2010, and each of the one year periods thereafter during the Lease Term are hereinafter referred to individually as a “Lease Year” and collectively as “Lease Years”.

     2.  Granting Clause . In consideration of the obligation of the Lessee to pay rent as herein provided and in consideration of the other terms, covenants and conditions hereof, Lessor hereby demises and leases to Lessee, and Lessee hereby takes from Lessor, the Demised Premises to have and to hold the same for the Lease Term specified in Section 1(D) hereof, all upon the terms and conditions set forth in this Lease.

     3.  Services by Lessor. So long as Lessee is not in default hereunder, Lessor agrees to furnish Lessee while occupying the Demised Premises the following services:

     (A) Hot and cold water at those points of supply provided for the general use of Lessee and the other occupants of the Building.

     (B) Heat or air conditioning from the Building systems as appropriate for the season, or connections to the Building’s heating and air conditioning systems, on a 24 hours basis on Monday through (and including) Saturday of each week, public holidays excepted; provided that Lessor shall provide heat or air conditioning on Sundays and public holidays as requested by Lessee (with such request to be given to owner in writing at least 24 hours prior to the commencement of the requested additional heating and air conditioning service), in which case Lessee shall pay (promptly upon receipt of an invoice therefore) and be responsible for the actual costs of the additional heating or air conditioning incurred by Lessor.

     (C) Passenger elevator service in common with other tenants for ingress to and egress from the Demised Premises, with at least one such elevator to be operational at all times without interruption or unreasonable delay.

     (D) Janitorial cleaning services as set forth in Exhibit F attached hereto.

     (E) Electric lighting for public and common areas of the Building in the manner and to the extent similar to that provided in other first class high-rise office buildings in the Cincinnati, Ohio central business district.

     (F) Maintenance of the Common Areas, including removal of rubbish, ice and snow.

     (G) Life safety and security systems that are currently installed within the Building operated in the manner and to the extent similar to that provided by Lessor to date in the Building.

          Lessor may enter the Demised Premises upon twenty-four (24) hours advance notice to Lessee (except in an emergency in which case no notice is necessary) to examine the same or to make alterations and repairs therein or for any purpose which it may deem reasonably necessary for the operation, maintenance, repair and alteration of the Building and the Building equipment. Lessor shall use commercially reasonable efforts to minimize any interruption to or interference with Lessee’s use and enjoyment of the Demised Premises caused by Lessor’s entrance in the Demised Premises.

          Lessor reserves the right of stopping all or any portion of such services at such times as may be necessary by reason of the following which have an impact on the Building or such services to be provided: accidents, repairs, alterations or improvements desirable or necessary to be made until the same shall have been completed, or whenever Lessor, after

exercising ordinary diligence, is unable to furnish all or any portion of such services by reason of electric power failures (except for any power failures due to Lessor’s failure to pay applicable utility charges), labor difficulties, orders of any governmental authority, riots, floods, or any other cause beyond Lessor’s control. Failure to any extent to furnish, or any stoppage of, these defined services, resulting from any cause, shall not render Lessor liable in any respect for damages to either person or property, nor be construed as an eviction of Lessee or work an abatement of rent, nor relieve Lessee from fulfillment of any covenant or agreement hereof. Should any equipment or machinery used to furnish the above-referenced services break down, or for any cause cease to function properly, Lessor shall use reasonable diligence to repair same promptly, but Lessee shall have no claim for rebate or abatement of rent or damages on account of any interruptions in service occasioned thereby or resulting therefrom.

          If Lessee requests that repairs, improvements, decorating, or other work in the Leased Premises be done after regular business hours, Lessor may charge Lessee any additional costs (including overtime) resulting therefrom.

     4.  Payments.

     (A) Lessee shall pay to Lessor, at the address set forth in Section 30 below or to such other payee or at such other address as designated by Lessor, as Annual Basic Rental for the Demised Premises the sum specified in Section 1(E) hereof, payable in equal consecutive monthly installments, in advance, on or before the first day of each and every calendar month during the Lease Term; provided, however, that if the Commencement Date shall be a day other than the first day of a calendar month, the Annual Basic Rental installment for the first and last fractional months of the Lease Term shall be prorated on the basis of the number of days during the month this Lease was in effect in relation to the total number of days in such month. Except as expressly provided herein, the obligation of the Lessee to pay Annual Basic Rental is an independent covenant, and no act or circumstance whether constituting breach of covenant by Lessor or not, shall release Lessee of the obligation to pay rent. All monthly utility charges (including meter reading fees and all charges for natural gas) for the Demised Premises are included in the Annual Basic Rental specified in Section 1(E) hereof. The parties acknowledge and agree that all operating expenses for the Building are included in the Annual Basic Rental and there shall not be any additional rent for any operating expenses for the Building.

     (B) Lessee shall, and hereby agrees to, supply, replace and pay for its own supplies and labor for all replacements of light bulbs, fluorescent and otherwise, ballasts and any above building standard light fixtures in the Demised Premises; provided, however, Lessee shall not be responsible for any repair or replacement of any building standard light fixtures unless the need for such repair or replacement is caused by Lessee, its employees, invitees, or contractors.

     (C) In the event payment of any and all amounts required to be paid pursuant to this Lease are not timely made within five (5) days of their due date, a service fee of five (5%) of the unpaid amount(s) will be due as additional rent, at the election of Lessor.

     5.  Repairs and Re-Entry. Except as otherwise provided herein as Lessor’s obligation, Lessee will, at Lessee’s own cost and expense, keep the Demised Premises and all other improvements to the extent covered by this Lease in sound condition and good repair, including but not limited to any separate heating and air conditioning units or systems serving Lessee’s data centers within the Demised Premises, and shall repair or replace any damage or injury done to the Building or any part thereof by Lessee or Lessee’s agents, contractors, employees and invitees, and if Lessee fails to make such repair or replacements within thirty (30) days after the need therefor arises or in the event of any damage or injury that affects other tenants in the Building or the Building’s systems Lessee fails to immediately make such repair or replacements, Lessor may at its option make such repair or replacement, and Lessee shall pay the reasonable cost thereof to Lessor within fifteen (15) days of Lessor’s written demand to Lessee therefor. Lessor shall repair or replace any HVAC units or systems serving the Building or the Demised Premises, except any separate heating and air conditioning units or systems serving Lessee’s data centers within the Demised Premises, which shall be Lessee’s responsibility; provided Lessee shall collect all equipment manuals relating to the HVAC systems installed by or on behalf of Lessee and deliver them to Lessor and assign all written warranties relating to such HVAC systems to Lessor. Lessee will not commit or allow to be committed any waste or damage to or on any portion of the Demised Premises, and shall at termination of this Lease by lapse of time or otherwise, deliver up said Demised Premises and all other improvements to which Lessor is entitled by this Lease to Lessor in as good condition as at the date of possession, ordinary wear and tear not impairing functionality excepted, failing which Lessor may restore the Demised Premises to such condition and Lessee shall pay the reasonable costs of same to Lessor within fifteen (15) days of Lessor’s written demand to Lessee therefor. Lessor, its agents, contractors, employees and representatives, shall have the right, upon twenty-four (24) hours prior notice to Lessee (except in the event of an emergency, in which case no notice is required), to enter into and upon all parts of the Demised Premises to inspect same or clean or to make such repairs, alternations or additions as Lessor may from time to time deem necessary, and Lessee shall not be entitled to any abatement or reduction of rent as a result of such entry. In addition, Lessee shall permit Lessor or Lessor’s agents and any other person authorized by the same to enter the Demised Premises upon twenty-four (24) hour prior notice during the last six (6) months of the Lease Term for the purpose of exhibiting the Demised Premises to prospective lessees so long as such entry does not unreasonably interfere with Lessee’s business operations in the Demised Premises.

     6.  Assignment or Sub-Letting. Lessee shall not mortgage, sell, assign or transfer this Lease, or any interest herein, or allow the same to be done by operation of law or otherwise, or sublet the Demised Premises or any part thereof, except to a parent, affiliate or wholly-owned subsidiary, or use or permit the Demised Premises to be used for any purpose other than a Permitted Use set forth in Section 1(G) hereof without the prior written consent of Lessor, which consent shall not be unreasonably withheld, conditioned, or delayed. In the event Lessee desires to assign this Lease or sub-let the Demised Premises, Lessee shall provide Lessor with not less than thirty (30) days written notice of Lessee’s request, specifying in detail any and all terms of such assignment or sub-lease and providing all information regarding same as may be reasonably requested by Lessor. In the event Lessor

gives such consent, Lessee shall remain primarily liable for the payment of all rents and other payments and for the performance of all of the other terms and covenants contained in this Lease on its part to be performed. In addition, in the event Lessor consents to an assignment or sub-lease of the Demised Premises, which assignment or sub-lease results in monthly payments to Lessee in excess of the monthly payments due and owing from Lessee under the terms of this Lease with respect to the same portion of the Demised Premises, such excess monthly payments shall be shared equally between Lessee and Lessor.

     7.  Alterations, Additions, Improvements. Except as provided in Subsection 19(B) below, Lessee will not make or allow to be made any alteration or additions in or to the Demised Premises or the Building without the prior written consent of Lessor, which consent shall not be unreasonably withheld, conditioned, or delayed; except that Lessee may make non-structural alterations which have no impact or affect on the Building’s mechanical, electrical and plumbing systems, security systems, or life safety systems without the consent of Lessor. Such alterations, physical additions, or improvements when made to the Demised Premises or Building by Lessee shall be constructed in accordance with the Contractor Rules & Regulations attached hereto as Exhibit D-1. All alterations, physical additions or improvements shall be surrendered to Lessor and become the property of Lessor upon termination in any manner of this Lease, but this clause shall not apply to moveable non-attached fixtures, equipment or furniture of Lessee. If any mechanic’s lien is filed against the Demised Premises or the Building as a result of any act or omission by Lessee, its agents, employees or invitees, Lessee shall cause same to be discharged of record within thirty (30) days after the lien is filed by payment, deposit, bond, order of a court of competent jurisdiction or otherwise. Lessor shall not charge Lessee for the review of plans or any inspections that Lessor deems necessary with regard to any future alterations. Prior to the commencement of any construction by or on behalf of Lessee, Lessee must provide detailed construction “permit” drawings for Lessor’s review and written approval, as well as the appropriate insurance and permit documentation required by Lessor or by any governmental authority for all of such alterations. The approval of any designs, plans or specifications required pursuant to this Section 7 or Section 19(B) below by Lessor shall not (a) be deemed to create any liability on the part of Lessor, or any rights on behalf of any third party, with respect to such designs, plans or specifications or be deemed an acknowledgement or representation that such designs, plans and specifications are in compliance with applicable legal requirements or good engineering, architectural or construction practices or be deemed a waiver of any obligation to provide improvements which meet specified standards of design, construction and finish, or (b) unless expressly and specifically authorized by Lessor, relieve Lessee of its obligation to cause such improvements to be completed in accordance with the approved designs, plans or specifications and the requirements of this Lease.

     8.  Legal Use and Violations of Insurance Coverage. Lessee will maintain the Demised Premises in a clean and orderly, sanitary and good and safe condition and comply with all laws, ordinances, orders, rules, and regulations of all state, federal, municipal and other agencies or bodies having jurisdiction with respect to the use, condition, or occupancy of the Demised Premises. Lessee will not occupy or use, nor permit the Demised Premises to be occupied or used for any business or purpose which is unlawful in part or in whole, nor permit anything to be done which will in any way increase the rate of insurance on the

Building or its contents, and in the event that there shall be any increase in the rate of insurance on the Building or its contents created by Lessee’s acts or conduct of business then Lessee hereby agrees to pay such increase to Lessor within fifteen (15) days of Lessor’s written demand to Lessee therfor. Lessee will at all times conduct its business, and control its agents, employees, and invitees in such a manner as not to create any nuisance, interference with or interruption to the quiet enjoyment privileges of other tenants of the Building or Lessor in the management of the Building.

     9.  Indemnity, Liability and Loss or Damage. Except as otherwise specifically set forth in Section 27 or otherwise herein, Lessor and Lessee shall not be liable or responsible for any loss or damage to any property or person occasioned by theft, fire, act of God, public enemy, injunction, riot, strike, insurrection, war, court order, requisition or order of governmental body or authority, or any other matter beyond the control of either party or for any damage or inconvenience which may arise through repair or alteration of any part of the Building, or failure to make such repairs, or from bursting or leaking of water or steam pipes, or from any other cause whatsoever beyond either Lessor’s or Lessee’s reasonable control.

     (A)  Lessee’s Indemnity. Lessee indemnifies, defends, and holds Lessor harmless from claims for personal injury, death, or property damage occurring in or about the Demised Premises, the Building in which the Demised Premises are located or the Common Area that are caused by the negligence or willful misconduct of Lessee, its agents, employees, or invitees. When such a claim is caused by the joint negligence or willful misconduct of Lessee and Lessor or Lessee and a third party unrelated to Lessee, except Lessee’s agents, employees, or invitees, Lessee’s duty to defend, indemnify and hold Lessor harmless will be in proportion to Lessee’s allocable share of the joint negligence or willful misconduct.

     (B)  Lessor’s Indemnity. Lessor indemnifies, defends, and holds Lessee harmless from claims for personal injury, death or property damage occurring in or about the Demised Premises, the Building in which the Demised Premises are located or the Common Area that are caused by the negligence or willful misconduct of Lessor, its agents, employees, or invitees. When such a claim is caused by the joint negligence or willful misconduct of Lessor and Lessee or Lessor and a third party unrelated to Lessor, except Lessor’s agents, employees, or invitees (including, without limitation, contractors, subcontractors, or other parties employed in connection with the construction of or on the Demised Premises and/or building), Lessor’s duty to defend, indemnify and hold Lessee harmless will be in proportion to Lessor’s allocable share of the joint negligence or willful misconduct.

          Notwithstanding any obligations imposed upon Lessor, Lessee shall bear the sole risk of any loss of, or damage to, any personal property (including but not limited to, any furniture, machinery, equipment, goods or supplies) of Lessee or which Lessee may have on or in the Demised Premises, or any trade fixtures installed by or paid for by Lessee on or in the Demised Premises, or any additional improvements which Lessee may construct on or in the Demised Premises, or Lessee’s trade or business, unless such loss or damage results from the negligence or willful misconduct or omission of Lessor.

     10.  Rules of Building . Lessor has heretofore delivered to Lessee, and Lessee hereby acknowledges the receipt of, a set of rules applicable to the Building. Lessee and Lessee’s agents, employees, and invitees, will comply fully with all rules of the Building, which rules are made a part hereof as though fully set out herein. Lessor shall at all times have the right to change such rules, make new rules, or amend such rules in such reasonable manner as Lessor may deem reasonably advisable, all of which new rules, changes and amendments will be posted or forwarded to Lessee in writing and shall be prospectively applied and carried out and observed by Lessee. Lessor and Lessee acknowledged that different tenants in the Building may negotiate changes in the Rules and Regulations applicable specifically to them. To the extent that the same Rules and Regulations apply to Lessee and other tenants in the Building, Lessor shall apply and enforce the same uniformly and in a non-discriminatory manner.

     11.  Holding Over . If Lessee retains possession of the Demised Premises or any part thereof after the expiration or termination of this Lease by lapse of time or otherwise, Lessee shall pay to Lessor (i) for the initial three (3) months, or portion thereof, during such holdover period, an amount equal to one hundred and ten percent (110%) of the rate of Annual Basic Rental by Lessee to Lessor with respect to the Demised Premises for the month immediately preceding the month of expiration or termination, and (ii) for any month, or portion thereof, after the initial three (3) months during such holdover period, an amount equal to one hundred and twenty-five percent (125%) of the rate of Annual Basic Rental by Lessee to Lessor with respect to the Demised Premises for the month immediately preceding the month of expiration or termination. Such holding over or retention of the Demised Premises by Lessee shall operate and be construed only as a month-to-month tenancy, shall not in any way be construed as an extension or renewal of the term of this Lease, and shall be terminated only by giving thirty (30) calendar day’s prior written notice to terminate. Provided, however, that if Lessor gives Lessee written notice to vacate the Demised Premises not less than sixty (60) days prior to the end of the original term hereof (as the same may have been extended pursuant to the exercise of any option contained herein), any holding over shall constitute a forcible entry and detainer as defined by the law of the State of Ohio.

     12.  Condemnation and Casualty .

     (A) In the event the Building or any portion thereof necessary, in the reasonable opinion of Lessor, to the continued efficiency and/or economically feasible use of the Building shall be taken or condemned in whole or in part for any public or quasi-public purposes, then the term of this Lease shall, at the option of the Lessor, forthwith cease and terminate. In the event the Demised Premises, or such portion thereof as would prevent Lessee from occupying and using the Demised Premises for the purposes herein provided, shall be taken or condemned for any public or quasi-public purpose, then, at Lessor’s option, either (i) the Term of this Lease shall forthwith cease and terminate, or (ii) Lessor shall, to the extent reasonably practicable, provide Lessee with such additional space and make such repairs to the Demised Premises as may be necessary to enable Lessee to use such additional and repaired space for the purposes herein provided. All compensation awarded for any such taking, condemnation, or sale proceeds in lieu thereof, shall be the property of Lessor

without any deduction therefrom for any present or future estate of Lessee, and Lessee shall have no claim thereto, the same being hereby expressly waived by Lessee, except for any portions of such award or proceeds which are specifically allocated by the condemning or purchasing party for the taking of or damage to trade fixtures of Lessee, which Lessee specifically reserves to itself.

     (B) If the Demised Premises or the Building in which the Demised Premises are located shall be damaged by any cause or means whatsoever not caused or contributed to by the negligence or willful misconduct of Lessee, its employees, servants, agents or visitors, and if said damage can be repaired within a period of four (4) months by using standard working methods and procedures, Lessor shall, within a reasonable time of occurrence of said damage, enter and make repairs, and this Lease shall not be affected but shall continue in full force and effect. However, if within thirty (30) days from the date of the occurrence of said damage, Lessor reasonably determines that said damage cannot be repaired within a period of four (4) months by using standard working methods and procedures, or that there is not sufficient insurance to fully restore the Demised Premises to substantially their condition prior to the occurrence of said damage, then this Lease shall cease and terminate as of the date of such occurrence, and Lessee shall pay rent hereunder to the date of the occurrence of said damage and shall within thirty (30) days of such determination by Lessor surrender the Demised Premises to Lessor; provided, however, that if within a period of thirty (30) days from the date of such occurrence Lessor elects to keep this Lease in force and to restore the Demised Premises to substantially the condition as existed prior to the date of occurrence, Lessor shall provide Lessee with written notice of such election within said thirty (30) day period. If Lessor so elects to continue the lease and restore the Demised Premises, Lessor shall, within a reasonable time after the date of the notice of said election, enter the Demised Premises and make repairs, and this Lease shall not be affected, except that rents hereunder shall be reduced or abated while such repairs are being made for the period of time and in the proportion that the Demised Premises are untenantable. If, however, such damage is contributed to or results from the negligence or willful misconduct of Lessee, or Lessee’s employees, servants, agents, or visitors, and if Lessor does not have insurance covering such damage, the damage not covered by Lessor’s insurance shall promptly be repaired by and at the expense of Lessee under the control, direction and supervision of Lessor, and the rent shall continue without abatement or reduction. The completion of the repair of all such damage is subject to reasonable delays resulting from causes beyond the reasonable control of the party obligated to make such repairs. Lessor shall not be obligated to repair any damage to the Demised Premises or the Building that is not covered by insurance.

     13.  Entire Agreement . It is expressly agreed by Lessee, as a material consideration of this Lease, that there are, and were, no verbal representations, understanding, stipulations, agreements or promises pertaining hereto not incorporated in writing herein, and it is likewise agreed that this Lease shall not be altered, waived, amended or extended other than as provided herein or in a writing signed by the parties to this Lease or their authorized agents.

     14.  Transfer of Lessor’s Rights . Lessor shall have the right to transfer and assign, in whole or in part, all of its rights and obligations hereunder and in the Building. Upon any

such transfer or assignment, the term “Lessor” shall be deemed to refer only to the transferee or assignee of Lessor’s interest hereunder, and Lessor shall thereafter be released from all liability