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Title: |
Lease Agreement |
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Entities: |
First Union National Bank; Fleet National Bank; Fleet Securities, Inc.; Human Genome Sciences Inc.; Genome Statutory Trust 2001A |
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Date: |
2002 |
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Size: |
Preview shows 21KB of 137KB total |
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Price: |
$44 |
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ID: |
#283206 |
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LEASE AGREEMENT
Dated as of November 7, 2001
between
GENOME STATUTORY TRUST 2001A,
as Lessor,
and
HUMAN GENOME SCIENCES, INC.,
as Lessee
Manufacturing Property
Office Research and Development Property
Rockville, Maryland
{PAGE}
Counterpart No. ___
LESSOR'S INTEREST UNDER THIS LEASE HAS BEEN ASSIGNED TO, AND IS SUBJECT TO A
SECURITY INTEREST IN FAVOR OF, FLEET NATIONAL BANK, AS ADMINISTRATIVE AGENT,
PURSUANT TO AN ASSIGNMENT OF LEASE, DATED AS OF THE DATE HEREOF, BETWEEN LESSOR
AND SAID ADMINISTRATIVE AGENT. INFORMATION CONCERNING SUCH SECURITY INTEREST MAY
BE OBTAINED FROM SAID ADMINISTRATIVE AGENT.
THIS LEASE HAS BEEN EXECUTED IN EIGHT COUNTERPARTS, OF WHICH THIS IS COUNTERPART
NUMBER _____. SEE SECTION 23.16 HEREIN FOR INFORMATION CONCERNING THE RIGHTS OF
THE HOLDERS OF THE VARIOUS COUNTERPARTS HEREOF.
{PAGE}
{TABLE}
{S} {C}
ARTICLE I.
DEFINITIONS
ARTICLE II.
LEASE OF PROPERTY
SECTION 2.1 Demise and Lease...............................................................1
SECTION 2.2 Nature of Lease................................................................1
ARTICLE III.
RENT
SECTION 3.1 Base Rent......................................................................2
SECTION 3.2 Supplemental Rent..............................................................2
SECTION 3.3 Method, Time of Payment........................................................2
SECTION 3.4 Late Payment...................................................................2
ARTICLE IV.
NET LEASE; LESSEE'S ACCEPTANCE OF PROPERTY
SECTION 4.1 Net Lease; No Setoff; Etc......................................................3
SECTION 4.2 Waivers........................................................................4
ARTICLE V.
LESSEE'S PURCHASE OPTION
SECTION 5.1 Purchase Option................................................................4
ARTICLE VI.
TERMINATION
[Intentionally omitted.]
ARTICLE VII.
LESSEE'S DISPOSITION OF LESSOR'S INTERESTS AT LEASE EXPIRATION
SECTION 7.1 Disposition of Lessor's Interests and Distribution of Sale Proceeds............6
SECTION 7.2 Conditions to Lessee's Exercise of the Remarketing Option......................7
ARTICLE VIII.
LIENS
SECTION 8.1 Lessee Obligation to Discharge Liens...........................................8
SECTION 8.2 Lessor's Notice to Potential Lienors...........................................8
SECTION 8.3 Lessee's Right to Encumber Lessee's Property...................................8
SECTION 8.4 Granting of Easements..........................................................9
{/TABLE}
-i-
{PAGE}
{TABLE}
{S} {C}
ARTICLE IX.
MAINTENANCE; ALTERATIONS; TAXES; LEGAL COMPLIANCE
SECTION 9.1 Maintenance and Repair; Utility Charges........................................9
SECTION 9.2 Alterations...................................................................10
SECTION 9.3 Title to Alterations..........................................................11
SECTION 9.4 Location......................................................................11
SECTION 9.5 Permitted Contests............................................................11
SECTION 9.6 Environmental Compliance......................................................12
SECTION 9.7 Compliance with Applicable Laws...............................................13
SECTION 9.8 Ground Sublease and Land Agreements Compliance................................13
SECTION 9.9 Lessee's Right to Enforce Warranties..........................................13
SECTION 9.10 Real Estate Taxes.............................................................13
ARTICLE X.
USE AND NAMING OF PROPERTY
SECTION 10.1 Use...........................................................................13
SECTION 10.2 Naming of the Properties......................................................13
ARTICLE XI.
INSURANCE
SECTION 11.1 Insurance.....................................................................14
SECTION 11.2 Risk of Loss..................................................................14
ARTICLE XII.
RETURN OF LEASED PROPERTY TO LESSOR
SECTION 12.1 Nature of Return..............................................................14
SECTION 12.2 Site Assessment...............................................................15
ARTICLE XIII.
LAND RELEASE
SECTION 13.1 Land Release..................................................................15
ARTICLE XIV.
LOSS DESTRUCTION, CONDEMNATION OR DAMAGE
SECTION 14.1 Event of Loss.................................................................15
SECTION 14.2 Application of Net Proceeds When Lease Continues; Repair and Restoration......16
SECTION 14.3 Application of Proceeds.......................................................17
SECTION 14.4 Application of Proceeds from a Temporary Taking...............................17
SECTION 14.5 Other Dispositions............................................................17
SECTION 14.6 Negotiations..................................................................17
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C}
ARTICLE XV.
CONVEYANCE OF A PROPERTY TO LESSEE
SECTION 15.1 Terms of Conveyance...........................................................17
SECTION 15.2 Right of Lessee to Name Designee..............................................18
SECTION 15.3 Costs of Conveyance...........................................................18
SECTION 15.4 Preference Legal Opinion......................................................18
ARTICLE XVI.
SUBLEASE
SECTION 16.1 Subleasing Permitted; Lessee Remains Obligated................................18
ARTICLE XVII.
INSPECTION
SECTION 17.1 Inspection....................................................................19
ARTICLE XVIII.
LEASE EVENTS OF DEFAULT
SECTION 18.1 Defined.......................................................................19
SECTION 18.2 Remedies......................................................................21
SECTION 18.3 Proceeds of Sale; Deficiency..................................................23
SECTION 18.4 Grant and Foreclosure on Lessee's Estate......................................24
SECTION 18.5 Receipt of a Sufficient Discharge to Purchaser................................25
SECTION 18.6 Sale a Bar Against Lessee.....................................................25
SECTION 18.7 Liabilities to Become Due on Sale.............................................25
SECTION 18.8 Provisions Subject to Applicable Law..........................................26
SECTION 18.9 Survival of Lessee's Obligations..............................................26
SECTION 18.10 Remedies Cumulative; No Waiver; Consents......................................26
SECTION 18.11 Right to Perform Lessee's Obligations.........................................26
ARTICLE XIX.
HOLDING OVER
SECTION 19.1 Holding Over..................................................................27
ARTICLE XX.
GRANT OF SECURITY INTEREST
SECTION 20.1 Grant of Lien.................................................................27
SECTION 20.2 Assignment of Lease and Rents.................................................27
ARTICLE XXI.
COVENANTS OF LESSEE
SECTION 21.1 Assumption Upon Merger, Etc...................................................28
{/TABLE}
-iii-
{PAGE}
{TABLE}
{S} {C}
ARTICLE XXII.
COVENANTS OF LESSOR
SECTION 22.1 Quiet Enjoyment...............................................................29
ARTICLE XXIII.
MISCELLANEOUS
SECTION 23.1 Binding Effect; Successors and Assigns........................................29
SECTION 23.2 Notices.......................................................................29
SECTION 23.3 Severability..................................................................29
SECTION 23.4 Amendment; Complete Agreements................................................30
SECTION 23.5 Headings......................................................................30
SECTION 23.6 Counterparts..................................................................30
SECTION 23.7 Governing Law.................................................................30
SECTION 23.8 Apportionments................................................................30
SECTION 23.9 Priority......................................................................30
SECTION 23.10 No Joint Venture..............................................................30
SECTION 23.11 No Accord and Satisfaction....................................................30
SECTION 23.12 No Merger.....................................................................30
SECTION 23.13 Lessor Bankruptcy.............................................................31
SECTION 23.14 Abandonment...................................................................31
SECTION 23.15 Investments...................................................................31
SECTION 23.16 Counterparts; Deed of Trust; Notice...........................................31
SECTION 23.17 Further Assurances............................................................31
SECTION 23.18 No Merger of Title............................................................31
SECTION 23.19 Non-recourse..................................................................32
{/TABLE}
Exhibit A-1 Description of Traville Site
Exhibit A-2 Description of Manufacturing Facility Site
-iv-
{PAGE}
LEASE AGREEMENT (HGSI)
LEASE AGREEMENT, dated as of November 7, 2001, between GENOME
STATUTORY TRUST 2001A, a Connecticut statutory business trust as lessor, and
HUMAN GENOME SCIENCES, INC., a Delaware corporation as lessee.
In consideration of the mutual agreements herein contained and
other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:
ARTICLE I.
DEFINITIONS
The capitalized terms used herein and not otherwise defined
shall have the meanings assigned thereto in Appendix A of the Participation
Agreement, dated as of the date hereof, among the parties hereto and, inter
alia, Traville LLC, as Ground Lessor, Wells Fargo Bank Northwest, N.A., as
Trustee, BancBoston Leasing Investments Inc. and First Union National Bank, as
Investors, EagleFunding Capital Corporation, as Lender, Fleet Securities, Inc.
as Administrator, Fleet National bank and First Union National Bank, as
Liquidity Providers, Fleet National Bank, as Fleet National Bank Collateral
Agent, First Union National Bank, as First Union Collateral Agent and Fleet
National Bank, as Administrative Agent and Liquidity Agent. In addition, the
rules of construction set forth in said Appendix A shall also be applicable to
this Lease.
ARTICLE II.
LEASE OF PROPERTY
SECTION 2.1 Demise and Lease. On the Lease Commencement Date for
a Property, Lessor hereby agrees to accept delivery of such Property and, as a
precondition for such acceptance, to simultaneously lease to Lessee for the
Lease Term, such Property and, in the case of the Traville Site, sublease such
Site for the Lease Term. Lessee hereby agrees to lease from Lessor for the Lease
Term, commencing on the related Lease Commencement Date, such Property and, in
the case of the Traville Site, sublease such Site for the Lease Term. The demise
and lease of each Property pursuant to this Article II shall include any
additional right, title or interest in each Property of Lessor which may at any
time be acquired by Lessor, the intent being that all right, title and interest
of Lessor in and to each Property during the Lease Term shall be demised and
leased hereunder.
SECTION 2.2 Nature of Lease. The parties hereto intend that (i)
for financial accounting purposes with respect to Lessee, (A) Lessor will be
treated as the sublessor of the Traville Site under the Lease and the owner and
the lessor of the Improvements and the Manufacturing Facility Site and Lessee
will be treated as the lessee of the Manufacturing Facility Site and the
sublessee of the Traville Site under the Lease and the lessee of the
Improvements, and (B) the Investors will be deemed to have an equity investment
in Lessor, and (ii) for all federal and all state and local income tax purposes
and bankruptcy and commercial law purposes, (A) the Lease will be treated as a
financing arrangement, (B) Lessor, the Investors and the Lenders will be deemed
lenders making loans to Lessee in an amount equal to the sum of the Investor
Amounts and the outstanding principal amount of the Loans, which loans are
secured by the Liquid Collateral to the extent of the Lessor's interest therein
and each Property, (C) Lessee
{PAGE}
LEASE AGREEMENT (HGSI)
will be treated as the owner of the Properties for tax purposes and will be
entitled to all tax benefits ordinarily available to an owner of property like
the Properties for such tax purposes and (D) the obligations of Lessee to pay
the Base Rent and any part of the Lease Balance shall be treated as payments of
interest and principal, respectively, for Federal and state income tax and
bankruptcy and commercial law purposes. Nevertheless, each party acknowledges
and agrees that no other party has made any representations or warranties to any
other party concerning the tax, accounting or legal characteristics of the
Operative Documents and that each party has obtained and relied upon such tax,
accounting and legal advice concerning the Operative Documents as it deems
appropriate. Lessor shall have a valid and binding security interest in and Lien
on the Liquid Collateral and each Property, free and clear of all Liens other
than Permitted Liens, as security for the obligations of Lessee under the
Operative Documents.
ARTICLE III.
RENT
SECTION 3.1 Base Rent. Commencing on each Lease Commencement
Date with respect to each Property and on each Scheduled Payment Date,
throughout the Lease Term, Lessee shall pay to Lessor base rent ("Base Rent") in
an amount equal to the sum of (a) Loan Base Rent and (b) Investor Base Rent.
SECTION 3.2 Supplemental Rent. Commencing on each Lease
Commencement Date, Lessee shall pay to Lessor, or to such other Person as shall
be entitled thereto in the manner contemplated herein, any and all Supplemental
Rent as the same shall become due and payable. In the event of Lessee's failure
to pay any Supplemental Rent, Lessor shall have all rights, powers and remedies
provided for herein or by law or in equity or otherwise in the case of
nonpayment of Base Rent.
SECTION 3.3 Method, Time of Payment. Base Rent, and any
Supplemental Rent payable to Lessor shall be paid to the Administrative Agent as
designee for Lessor and its permitted assignees at such place and in such amount
in the contiguous continental United States as is specified in the Security
Agreement or as Administrative Agent (as such designee) shall specify in writing
to Lessee at least ten (10) Business Days prior to the due date therefor. Each
such payment of Rent shall be made by Lessee in funds consisting of lawful
currency of the United States of America which shall be immediately available at
the place of payment not later than 1:00 p.m. (New York time) on the date such
payment is due hereunder, and the Administrative Agent shall pay such funds on
the same date to the Person entitled thereto in accordance with Article X of the
Participation Agreement. Payments received following such time shall be deemed
received on the next succeeding Business Day unless Administrative Agent applies
such funds on such date in accordance with Article X of the Participation
Agreement.
SECTION 3.4 Late Payment. If any portion of the Rent due to
Lessor or any Participant shall not be paid by Lessee on or before the date such
payment was due hereunder, Lessee shall pay interest thereon from (and
including) the date such payment was due hereunder to (but excluding) the date
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