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Document Preview Agreement of Lease |
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Title: |
Agreement of Lease |
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Entities: |
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Date: |
2005 |
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Preview shows 4KB of 85KB total |
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Price: |
$36 |
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ID: |
#1040546 |
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AGREEMENT OF LEASE
AGREEMENT OF LEASE made as of May 10th, 2005 between MARLMAR ASSOCIATES,
LLC, a limited liability company, having its principal office at 80 Davids
Drive, Hauppauge, NY 11788 (hereinafter referred to as "Landlord") and NASTECH
PHARMACEUTICAL CO., INC. a corporation having its principal office at 3450 Monte
Villa Parkway, Bothell, WA 98021 (hereinafter referred to as "Tenant").
RECITAL
Landlord has agreed to demise and lease unto Tenant and Tenant has agreed
to hire and take from Landlord the premises (the Premises), which Premises are
located in the building and improvements erected (the Building) designated as
Building 80 Davids Drive, Suite #2, Hauppauge, York 11788. Now, therefore, in
consideration of the terms, conditions and covenants of this Lease, it is hereby
agreed as follows:
TERM
1. Landlord hereby leases to Tenant and Tenant hereby hires from Landlord,
the Premises for a term of five (5) years (or until such term shall sooner cease
and expire as hereinafter provided) to commence July 1, 2005 (the "Commencement
Date") and to terminate on June 30, 2010 (the "Expiration Date).
TITLE
2. The Premises are let subject to covenants, restrictions and easements
of record, governmental laws, rules, regulations and order, and the reservation
by Landlord of all air rights above, around and about the Premises and all
rights to increase the size of the Building or the sizes of surrounding
buildings based on the air rights appurtenant to the Premises, as, if and when
permitted by any present or future zoning laws, ordinances, orders or
regulations.
RENT
3. (a) Tenant covenants to pay to Landlord at its principal office, or at
such place as Landlord shall from time to time direct in writing, the minimum
annual rent set forth below, and the additional rent required to be paid
pursuant to the terms of this Lease. Minimum annual rent and such
<PAGE>
other additional rent and charges which Tenant shall be required to pay are
hereinafter sometimes referred to as "Rent". Minimum annual rent shall be as
follows:
During the first year of this Lease, the Rent shall be $43,722.00 per
annum, payable in equal monthly installments of $3,643.50.
During the second year of this Lease, the Rent shall be $45,470.88 per
annum, payable in equal monthly installments of $3,789.24.
During the third year of this Lease, the Rent shall be $47,289.72 per
annum, payable in equal monthly installments of $3,940.81.
During the fourth year of this Lease, the Rent shall be $49,181.28 per
annum, payable in equal monthly installments of $4,098.44.
During the fifth year of this Lease, the Rent shall be $51,148.56 per
annum, payable in equal monthly installments of $4,262.38.
(b) Tenant shall pay the minimum annual rent in equal monthly
installments in advance on the first day of each calendar month included in the
Term except for the first month's rent which shall be paid on the signing of
this lease.
(c) All Rent shall be paid in lawful money of the United States
which shall be legal tender in payment of all debts and dues, public and
private, at the time of payment, at the address of Landlord set forth in this
Lease or at such other place as Landlord in writing may designate without
(except as may be otherwise herein expressly provided) any set-off or deduction
whatsoever and without any prior demand therefore.
(d) Unless another time shall be herein expressly provided, any
additional rent shall be due and payable on demand or together with the next
succeeding installment of minimum annual rent, whichever shall first occur; and
Landlord shall have the same remedies for failure to pay the additional rent as
for a non-payment of minimum annual rent.
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