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Exhibit
10.250
SIXTH LEASE AMENDMENT TO
LEASE AGREEMENT
THIS SIXTH LEASE AMENDMENT TO
LEASE AGREEMENT (hereinafter referred to as the 30 th
day of December 2005, 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 further amended by that certain Fifth
Lease Amendment to Lease Agreement dated July 7, 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 Rent Adjustment for the entire Premises as set
forth in the Fifth Lease Amendment to Lease Agreement;
and
WHEREAS, the parties hereto
desire to amend the Lease, among other things, to reflect such
modification; 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. Base Rent, Operating
Expenses and Security Deposit. The Rent Adjustment provision as
set forth in Article 2(a) of that certain Fifth Lease Amendment to
Lease Agreement is deleted in its entirety and replaced with the
following:
“Rent
Adjustment. On November 9, 2008 (the “Rent
Adjustment Date”), Tenant’s Base Rent for the entire
Premises shall be adjusted to the lesser of (i) an amount
equal to one hundred three percent (103%) of the Base Rent per
square foot for the twelve (12) month period immediately
preceding the Rent Adjustment Date, or (ii) the then current
Market Rent (as hereinafter defined) and taking into account the
readjustment of the operating expenses as set out in Paragraph 2(b)
of the Second Amendment; provided, however, that in no event shall
the Base Rent per square foot, as adjusted, be less than
Tenant’s then current rent. Beginning on November 9,
2009, Tenant’s Base Rent, as determined above, will be
increased by three percent (3%) for each successive twelve
(12) month period through the expiration of the current Lease
term.”
2. Effective Date. The
provisions of this Amendment shall be and become effective as of
the date and year first above written.
3. Severability. In
the event any term, covenant or condition of this Amendment, the
Lease, or any amendments thereto shall to any extent be invalid or
unenforceable, the remainder shall not be affected thereby and each
term, covenant or condition shall be valid and enforceable to the
full extent permitted by law.
4. Successors and
Assigns. This Amendment shall apply to, inure to the benefit
of, and be binding upon the parties hereto and upon their
respective heirs, legal representatives, successors and permitted
assigns, except as otherwise provided herein.
5. Authority of
Tenant. Tenant certifies to Landlord that
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