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Exhibit
10.251
SEVENTH LEASE AMENDMENT TO
LEASE AGREEMENT
THIS SEVENTH LEASE AMENDMENT
TO LEASE AGREEMENT (hereinafter referred to as the “Seventh
Amendment”) is made as of the 6th day of February 2006, by
and between DUKE REALTY LIMITED PARTNERSHIP, an
Indiana limited partnership doing business in North Carolina as
Duke Realty of Indiana Limited Partnership, successor by merger to
Weeks Realty, L.P. (hereinafter referred to as “
Landlord”) and PPD DEVELOPMENT LP, a Texas limited
partnership and successor in interest to PPD Development, Inc.
(hereinafter referred to as “Tenant”).
WITNESSETH:
WHEREAS, pursuant to a Lease
Agreement dated June 26, 1998 by and between Landlord and
Tenant, as amended by that certain First Lease Amendment to Lease
Agreement dated October 28, 1998, and as amended by that
certain Second Amendment to Lease Agreement dated October 1,
2002, and as amended by that certain Third Lease Amendment to Lease
Agreement dated September 22, 2003, and as amended by that
certain Fourth Lease Amendment to Lease Agreement dated
March 31, 2005, and as amended by that certain Fifth Lease
Amendment to Lease Agreement dated July 7, 2005, and as
further amended by that certain Sixth Lease Amendment to Lease
Agreement dated December 30, 2005 (the Lease Agreement, and
all amendments thereto shall be referred to herein collectively as
the “Lease”), Landlord leased to Tenant certain
premises consisting of approximately 96,145 rentable square feet
(the “Premises”) in a building located on certain land
(the “Land”) which had been provided the address of
4023 Paramount Parkway, but is now known as 3900 South Paramount
Parkway, Morrisville, Wake County, North Carolina 27560, all as
more particularly described in the Lease; and
WHEREAS, the parties hereto
desire to modify the Lease to reflect a termination option;
and
NOW, THEREFORE, for and in
consideration of Ten Dollars ($10.00) paid by Landlord and Tenant
to one another, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by
Landlord and Tenant, Landlord and Tenant amend the Agreement as
follows:
1. Surrender of a Portion
of the Premises. Pursuant to Section 17.03(b) of that
certain Office Lease by and between Landlord and Tenant dated
December 29, 2005 for the lease of approximately 30,000
rentable square feet of space in a building to be constructed by
Landlord at 3800 Paramount Parkway, Morrisville, North Carolina
27560 (the “3800 Lease”), Tenant has the option to
surrender one or more of Suites 150, 225 and 250 (each a
“Suite”) of the Premises if at anytime prior to the
third anniversary of the execution of the 3800 Lease, the rentable
square footage of the premises under the 3800 Lease is increased to
60,000 rentable square feet pursuant to the terms of
Section 17.03(b) of the 3800 Lease. (Tenant acknowledging,
however, that while Tenant shall have the right to surrender less
than all three of said Suites, Tenant shall not have the right to
surrender only a portion of a Suite). In order to exercise said
surrender right, Tenant shall notify Landlord of such exercise
within ten (10) days following Tenant’s execution and
delivery of an amendment to the 3800 Lease evidencing the expansion
of the premises under the 3800 Lease, and together with such notice
Tenant shall deliver to Landlord an amount equal to all accrued and
unpaid interest together with the unamortized portion of any tenant
improvement allowance attributable to such Suite(s) that are being
surrendered under the Lease. In the event Tenant exercises this
surrender right, Landlord and Tenant shall enter into an amendment
to the Lease whereby with respect to such Suite(s) under the Lease.
Landlord and Tenant shall be released and discharged from their
respective obligations under the Lease with respect to such
Suite(s), and neither party shall have any further liability under
the Lease with respect to such Suite(s), excluding, however, the
obligations of Tenant attributable to any period of the Lease on or
prior to the Surrender Date (including without limitation the
payment of Minimum Annual Rent and the Annual Rental Adjustment)
and any obligations of Tenant under the Lease which survive
termination thereof. The effective date of the surrender of such
Suite(s) (the “Surrender Date”) shall be the
commencement date of the lease of such expansion space under the
3800 Lease.
2. Severability. In
the event any term, covena
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