STANDARD INDUSTRIAL LEASE AGREEMENT
Property Address: 600 Supreme Drive
Bensenville, Illinois 60106
NET ESCROW
Execution Copy Date: December 4, 2000
LEASE AGREEMENT
THIS LEASE AGREEMENT, made and entered into by and between, AMB PROPERTY II, L. P., a Delaware limited partnership, or its assigns, hereinafter referred to as "Landlord", and AMERICAN PHARMACEUTICAL PARTNERS, INC., a California corporation, hereinafter referred to as "Tenant";
WITNESSETH:
1. PREMISES AND TERM. In consideration of the mutual obligations of Landlord and Tenant set forth herein, Landlord leases to Tenant, and Tenant hereby takes from Landlord the Premises situated within the Village of Bensenville, County of DuPage, State of Illinois, more particularly described and depicted on EXHIBIT "a" attached hereto and incorporated herein by reference, commonly known as 600Supreme Drive, and consisting of approximately 108,711 square feet (the "Premises"), to have and to hold, subject to the terms, covenants and conditions in this Lease. The term of this Lease shall commence on the "Commencement Date" hereinafter set forth and shall end on September 30, 2004.
The Commencement Date shall be September 15, 2001. Tenant shall, as of ten (10) days prior to the Commencement Date, have the right to, and shall, inspect the Premises and list those items which must be remedied by Landlord prior to the start of the Lease, and shall, upon satisfactory completion of such inspection and the completion of such remedies by Landlord, reaffirm that (i) it has inspected and accepts the Premises in its as-is, where-is condition, with all faults, (ii) the buildings and improvements comprising the same are suitable forth e purpose for which the Premises are leased, (iii) the Premises are in good and satisfactory condition, and (iv) no representations as to the repair of the Premises, nor promises to alter, remodel or improve the Premises have been made by Landlord (unless otherwise expressly set forth in this Lease). If this Lease is executed before the Premises become vacant or otherwise available and ready for occupancy, or if any present Tenant or occupant of the Premises holds over, and Landlord cannot, using good faith efforts, acquire possession of the Premises prior to the date above recited as the Commencement Date of this Lease, Landlord shall not be deemed to be in default hereunder nor in any way liable to Tenant because of such failure, and Tenant agrees to accept possession of the Premises at such time as Landlord is able to tender the same, which date shall thenceforth be deemed to be the "Commencement Date"; and the term of this Lease automatically shall be extended so as to include the full number of months herein before provided for, except that if the Commencement Date is other than the first day of a calendar month such term also shall be extended for the remainder of the calendar month in which possession is tendered. Landlord hereby waives payment of rent covering any period prior to such tendering of possession. After the Commencement Date, Tenant shall, upon demand, execute and deliver to Landlord a letter of acceptance of delivery of the Premises.
2. BASE RENT, SECURITY DEPOSIT AND ESCROW PAYMENTS.
A. Tenant agrees to pay to Landlord rent for the Premises, in advance, without demand, deduction or set off, at the following rates:
Time Period |
|
Monthly Base Rent |
September 15, 2001- September 30, 2002 |
|
$47,561.00 |
October 1, 2002- September 30, 2003 |
|
$48,750.00 |
October 1, 2003- September 30, 2004 |
|
$49,969.00 |
Renewal Period (if Option to Renew is exercised) |
|
Paragraph 26 |
The first such monthly installment, plus the other monthly charges set forth in Paragraph 2C below shall be due and payable as follows: one-half of such installment ($26,992.00) shall be due and payable on or before June 15, 2001 and the balance of such installment ($26,992.00) shall be due and payable on or before July 15, 2001. The failure of Tenant to make either of these payments within five (5) days after same are due shall result in a default under the Lease, entitling Landlord to terminate the Lease and re-market the Premises. The next full monthly installment shall be due and payable on or before the first day of each calendar month succeeding the Commencement Date, except that all payments due hereunder for any fractional calendar month shall be prorated.
In addition, Tenant agrees to deposit with Landlord ten (10) days prior to the Commencement Date the sum of Fifty-Three Thousand Nine Hundred Ninety-Three and 00/100 Dollars ($53,993.00) (the "Security Deposit") which shall be held by Landlord, without obligation for interest, as security for the performance of Tenant's obligations under this Lease, it being expressly understood and agreed that this Deposit is not an advance rental deposit or a measure of Land lore's damages in case of Tenant's default. Upon each occurrence of an event of default, and the expiration
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