Exhibit 10.56
SECOND AMENDMENT TO
LEASE
THIS Second Amendment to Lease
(“Second Amendment”) is entered into upon
execution hereof by both parties (“ Effective Date
”), and between DE ANZA ENTERPRISES, LTD. (“
Landlord ”) and DURECT CORPORATION, a Delaware
corporation (“ Tenant ”).
RECITALS
A. Landlord and Tenant entered that
certain Modified Net Single Tenant Lease dated February 18,
1999 (“ Original Lease ”), whereby Landlord
leased to Tenant and Tenant leased from Landlord certain premises
located at 10240 Bubb Road, Cupertino, California as more
particularly described in the Original Lease.
B. Landlord and Tenant entered into
that certain First Amendment to Lease dated as of February 18,
2004 (“ First Amendment ”) whereby the parties
extended the term of the Original Lease until February 19,
2009. The Original Lease and First Amendment are collectively
referred to hereafter as the “Lease.”
C. As of February 19, 2009, the
term of the Original Lease expired.
D. Tenant and Landlord now desire to
provide an extension of the term of occupancy for a period of
nineteen (19) months and to establish a rent for the premises
for said period.
AGREEMENT
1. Rent . Commencing
on the Effective Date, the monthly rent payable by Tenant to
Landlord shall be $48,238.40 (a rate per square foot of $1.60)
prorated for any fractional month which the Effective Date or the
Expiration Date occurs. Any rent paid by Tenant attributed to any
period of occupancy prior to the Effective Date shall not be
credited to rent payments for occupancy after the Effective
Date.
2. Extension Term .
The term of the Lease is hereby extended and shall expire on
February 19, 2011.
3. Arbitration of Square Foot
of the Premises . Pursuant to certain alterations,
additions and improvements made by Tenant pursuant to
Section 12 of the Original Lease, Tenant installed certain
additions and alterations called “service yards”
outside of the original Premises. Landlord currently contends that
the service yards have added to the total size of the building.
Tenant contends that the said additions have not increased the
rentable premises. In resolution of this dispute, the parties have
agreed, in good faith to arbitrate the following issues.
The arbitr
