EXHIBIT
10.2
THIRD
AMENDMENT TO LEASE AGREEMENT
THIS THIRD AMENDMENT TO
LEASE AGREEMENT
(“ this Third Amendment ”) is made as of
June 30, 2008, by and between ARE-QRS CORP. , a
Maryland corporation, having an address at 385 E. Colorado Blvd.,
Suite 299, Pasadena, California 91101 (“ Landlord
”), and EMERGENT PRODUCT DEVELOPMENT GAITHERSBURG INC.
, formerly known as Emergent Immunosolutions Inc. and as successor
in interest to Antex Biologics, Inc., a Delaware corporation,
having an address at Suite 100, 300 Professional Drive,
Gaithersburg, Maryland 20879 (“ Tenant
”).
RECITALS
A.
Landlord and Tenant have entered
into that certain Lease (“ Original Lease
”) dated as of December 1, 1998, as amended by a First
Amendment to Lease dated as of September 30, 2004 (“ First
Amendment ”), and a Second Amendment to Lease dated as of
March 31, 2008 (“ Second Amendment ”; the
Original Lease, the First Amendment, and the Second Amendment are
hereinafter collectively referred to as the “ Lease
”), wherein Landlord leased to Tenant certain premises
(“ Premises ”) located at 300 Professional
Drive, Gaithersburg, Maryland 20879, as more particularly described
herein and in the Lease. The Premises contain approximately 24,164
rentable square feet on the 1 st floor of the Building
(“ First Floor Space ”) and approximately 12,252
rentable square feet comprising the Expansion Space located on the
2 nd floor of the Building.
B. Landlord
and Tenant intended that the Second Amendment apply only to the
First Floor Space and not to the Expansion Space. As a result, that
portion of the Lease applicable to the Expansion Space expires on
November 30, 2008. Tenant now desires to extend the term of the
Lease applicable to the Expansion Space for a period of 1 year so
that it will expire on November 30, 2009, the expiration date of
that portion of the Lease applicable to the First Floor Space.
Thus, the expiration date for the entire Premises will be November
30, 2009. Landlord is willing to so extend the term of the Lease
applicable to the Expansion Space on the terms herein set
forth.
AGREEMENT
NOW, THEREFORE, the parties hereto
agree that the Lease is amended as follows:
1.
Extension of Term . Effective as of the date hereof,
the definition of Term Expiration Date in Section 2.1.7(c) of the
Lease is hereby amended by deleting that definition in its entirety
and replacing it with the following new definition so that the Term
Expiration Date for the entire Premises (i.e., the First Floor
Space and the Expansion Space) will occur on November 30,
2009:
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(c)
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Term Expiration Date : November 30, 2009, subject to extension as set
forth in
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2.
Increase in Expansion Space
Base Rent . The
Expansion Space Base Rent shall increase by the amount set forth in
Section 6 of the Lease (i.e., 3%) for the period December 1, 2008
to November 30, 2009.
3.
Extension Right
. Effective as of the date hereof,
Section 41 the Lease (as amended by the First Amendment and the
Second Amendment) is hereby deleted in its entirety and replaced
with the following new Section 41:
41. Extension Right . Tenant shall have the right (“
Extension Right ”) to extend the term of this Lease
for 5 years (“ Extension Term ”) for the entire
Premises only on the
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Third Amendment to Lease Agreement–
Emergent Product Development Gaithersburg,
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