Exhibit 10.67
THIRD AMENDMENT TO
LEASE
This Third Amendment to
Lease (“Amendment”) made and entered into this 30th day
of October, 2008, by and between G &I VI 321/323 NORRISTOWN FE
LLC, a Delaware limited liability company, hereinafter referred to
as “Landlord” and CLINFORCE, INC., a Delaware
corporation with its principal place of business at 4815 Emperor
Boulevard, Durham, NC 27713, hereinafter referred to as
“Tenant”
WHEREAS, Landlord leased
a total of 11,154 rentable square feet (“RSF”) of space
commonly referred to as Suite 200 (4,739 RSF), Suite 205 (2,979
RSF) and Suite 215 (3,436 RSF) (collectively, the “Original
Premises”) located at 321 Norristown Road, Ambler, PA,
19002 (“Building”), to Tenant pursuant to that certain
Lease dated August 7, 2006, as amended January 2, 2007, and as
amended September 23, 2008, hereinafter collectively referred to as
“Lease,” the Original Premises being more particularly
described therein; and
WHEREAS, Tenant desires
to expand the size of the Original Premises by adding an additional
3,305 RSF of space (Suite 225) under the Lease;
WHEREAS, Landlord and
Tenant wish to amend the Lease as follows;
NOW, THEREFORE, in
consideration of these present and the agreement of each other,
Landlord and Tenant agree that the Lease shall be and the same is
hereby amended as follows:
1.
Incorporation of
Recitals .
The recitals set forth above, the Lease referred to therein
and the exhibits attached hereto are hereby incorporated herein by
reference as if set forth in full in the body of this Amendment.
Capitalized terms not otherwise defined herein shall have the
meanings given to them in the Lease.
2.
Lease of Additional
Premises .
(a)
The Lease is hereby amended to
provide that Landlord hereby demises and lets unto Tenant, and
Tenant hereby leases and hires from Landlord, all that certain
space on the second floor of the Building containing
approximately 3,305 RSF of space (Suite
225) (the “Additional Premises”), as shown
on Exhibit “A” , attached hereto and made a part
hereof.
(b)
The term of the Lease for the
Additional Premises shall commence on the date which is the earlier
of (i) when Tenant, with Landlord's prior consent, assumes
possession of the Additional Premises for its Permitted Uses, or
(ii) upon substantial completion of the improvements required to be
made by Landlord to the Additional Premises under Article
2(c ) below (“Additional Premises Commencement
Date”). Substantial completion means that the
initial improvements called for by this Third Amendment have been
completed to the extent that the Additional Premises may be
occupied by Tenant for its Permitted Use, subject only to
completion of minor finishing, adjustment of equipment, and other
minor construction aspects, and Landlord has procured a temporary
or permanent certificate of occupancy permitting the occupancy of
the Additional Premises, if required by law (hereafter,
“substantial completion”). It is estimated
that the Additional Premises Commencement Date will be December 1,
2008. It is the mutual intention of Landlord and Tenant that
the Additional Premises shall be leased to and occupied by Tenant
on and subject to all of the terms, covenants and conditions of the
Lease except as otherwise expressly provided to the contrary in
this Third Amendment, and to that end, Landlord and Tenant hereby
agree that from and after the Additional Premises Commencement
Date, the word “Premises”, as defined in the Lease,
shall mean and include both the Original Premises and the
Additional Premises, containing a total of 14,459 RSF, unless the
context otherwise requires.
(c)
The Additional Premises shall
be delivered to Tenant on an “As Is” basis except as
indicated on the mutually agreed upon Plan/Construction Scope of
Work entitled “SP-2”, dated August 20, 2008 and drawn
by Charles Matsinger Associates, which shall be turn-keyed by
Landlord using building standard finishes (“Landlord’s
Work”), and which is attached hereto, made a part hereof and
marked as Exhibit “B”.
(d)
Upon completion of Landlord’s Work,
Landlord and Tenant shall schedule a pre-occupancy
1
inspection of the
Additional Premises, at which time a punchlist of outstanding
items, if any, shall be completed. Landlord shall use
reasonable efforts to complete the items on the punchlist within
thirty (30) days, or if the nature of the items requires additional
time, within such additional time as is reasonable necessary.
(e)
The Additional Premises
Commencement Date shall be confirmed by Landlord and Tenant by the
execution of a Confirmation of Lease Term in the form attached
hereto as Exhibit "C" . If Tenant fails to execute or
object to the Confirmation of Lease Term within ten (10) business
days of its delivery, Landlord’s determination of such dates
shall be deemed accepted.
3.
Term
:
The Lease Term for the
Additional Premises shall commence on the Additional Premises
Commencement Date. The Additional Premises shall expire
co-terminous with the Second Amendment to Lease dated September 23,
2008, 59 months following the Additional Premises Commencement Date
(“Additional Premises Termination Date”).
4.
Fixed
Rent:
(a)
From and after the
Additional Premises Commencement Date, Tenant shall pay to Landlord
Fixed Rent for the Original Premises and the Additional Premises
(14,459 RSF) as follows:
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TIME
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PER
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MONTHLY
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ANNUAL
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PERIOD
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RSF
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INSTALLMENT
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BASE RENT
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Additional Premises
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Commencement Date-
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9/30/09
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$19.50
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$23,495.88
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$281,950.50
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10/1/09-9/30/10
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$20.00
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$24,098.33
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$289,180.00
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10/1/10-9/30/11
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$20.50
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$24,700.79
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$296,409.50
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10/1/11-9/30/12
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$21.00
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$25,303.25
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$303,639.00
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10/1/12- Additional
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$21.50
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$25,905.71
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$310,868.50
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Premises Termination
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Date
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(b)
Tenant shall pay
to Landlo