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Title: |
Lease |
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Date: |
2002 |
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Preview shows 31KB of 453KB total |
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$99 |
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#331135 |
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Start of Preview |
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LEASE
KILROY REALTY
PACIFIC CORPORATE CENTER LOT 25/27 PROJECT
KILROY REALTY, L.P.,
a Delaware limited partnership,
as Landlord,
and
VICAL INCORPORATED,
a Delaware corporation,
as Tenant.
{Page}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
----
{S} {C}
ARTICLE 1 PREMISES, BUILDING, PROJECT, AND COMMON AREAS..............................5
ARTICLE 2 INITIAL LEASE TERM; OPTION TERM(S).........................................9
ARTICLE 3 BASE RENT; ABATED BASE RENT...............................................13
ARTICLE 4 ADDITIONAL RENT...........................................................14
ARTICLE 5 USE OF PREMISES...........................................................26
ARTICLE 6 SERVICES AND UTILITIES....................................................28
ARTICLE 7 REPAIRS.................................................................. 29
ARTICLE 8 ADDITIONS AND ALTERATIONS.................................................31
ARTICLE 9 COVENANT AGAINST LIENS....................................................33
ARTICLE 10 INSURANCE................................................................34
ARTICLE 11 DAMAGE AND DESTRUCTION...................................................37
ARTICLE 12 NONWAIVER................................................................39
ARTICLE 13 CONDEMNATION.............................................................40
ARTICLE 14 ASSIGNMENT AND SUBLETTING................................................41
ARTICLE 15 SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES..........44
ARTICLE 16 HOLDING OVER.............................................................45
ARTICLE 17 ESTOPPEL CERTIFICATES....................................................46
ARTICLE 18 SUBORDINATION............................................................46
ARTICLE 19 DEFAULTS; REMEDIES.......................................................47
ARTICLE 20 COVENANT OF QUIET ENJOYMENT..............................................50
ARTICLE 21 SECURITY DEPOSIT; LETTER OF CREDIT.......................................50
ARTICLE 22 TELECOMMUNICATIONS EQUIPMENT.............................................54
ARTICLE 23 SIGNS....................................................................54
{/Table}
(ii)
{Page}
{Table}
{S} {C}
ARTICLE 24 COMPLIANCE WITH LAW......................................................57
ARTICLE 25 LATE CHARGES.............................................................58
ARTICLE 26 LANDLORD'S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT.....................58
ARTICLE 27 ENTRY BY LANDLORD........................................................58
ARTICLE 28 TENANT PARKING...........................................................59
ARTICLE 29 MISCELLANEOUS PROVISIONS.................................................60
ARTICLE 30 OPTION TO PURCHASE PREMISES..............................................70
{/Table}
EXHIBITS
EXHIBIT A: OUTLINE OF BUILDING & PACIFIC CORPORATE CENTER
EXHIBIT A-1: LEGAL DESCRIPTION OF PROJECT
EXHIBIT A-2: LOT-LINE ADJUSTMENT DEPICTION
EXHIBIT A-3: CURRENT COMMON AREAS
EXHIBIT A-4: SUPERIOR RIGHTS HOLDERS' EXISTING POSSESSORY RIGHTS
EXHIBIT B: TENANT WORK LETTER
EXHIBIT C: NOTICE OF LEASE TERM DATES
EXHIBIT D: RULES AND REGULATIONS
EXHIBIT E: FORM OF TENANT'S ESTOPPEL CERTIFICATE
EXHIBIT F: RECOGNITION OF COVENANTS, CONDITIONS, AND RESTRICTIONS
EXHIBIT G: INTENTIONALLY OMITTED
EXHIBIT H: FORM OF LETTER OF CREDIT
EXHIBIT I: PURCHASE CONTRACT
EXHIBIT J: PROJECT PARKING SPACES
EXHIBIT K: PACIFIC CORPORATE CENTER COMMON AREA COSTS
(iii)
{Page}
EXHIBIT L: PRE-APPROVED FORM OF TENANT'S SIGNAGE
(APPROVED SIGN SPECIFICATIONS)
EXHIBIT M: SHORT FORM OF MEMORANDUM OF LEASE
(iv)
{Page}
INDEX
{Table}
{Caption}
PAGE(s)
-------
{S} {C}
Abatement Event............................................................14
Accountant.................................................................26
Additional Non-Refundable Deposit..........................................70
Additional Rent............................................................14
Advocate Arbitrators.......................................................12
Affiliate..................................................................44
Alterations................................................................31
Applicable Laws............................................................57
Applicable Reassessment....................................................25
Award......................................................................12
Base Rent..................................................................13
Broker.....................................................................66
BS Exception...............................................................30
Building....................................................................5
Building Structure.........................................................29
Building Systems...........................................................28
CC&Rs......................................................................27
Closing Date...............................................................71
Common Areas................................................................6
Comparable Area............................................................11
Comparable Buildings.......................................................11
Comparable Deals...........................................................10
Comparable Term............................................................10
Control....................................................................44
Damage Termination Date....................................................39
Damage Termination Notice..................................................39
Direct Expenses............................................................14
Effective Date..............................................................9
Eligibility Period.........................................................14
Emergency..................................................................59
Emergency Generator........................................................67
Environmental Laws.........................................................68
Escrow Holder..............................................................70
Estimate...................................................................23
Estimate Statement.........................................................23
Estimated Direct Expenses..................................................23
Exercise Notice........................................................11, 70
Existing CC&Rs.............................................................27
Expense Year...............................................................15
Extraordinary Alterations..................................................33
First Offer Commencement Date...............................................8
First Offer Notice..........................................................7
First Offer Rent............................................................8
First Offer Space...........................................................7
{/Table}
(v)
{Page}
{Table}
{Caption}
PAGE(s)
-------
{S} {C}
First Offer Waiver Period...................................................8
FO Buildings................................................................7
Force Majeure..............................................................63
Hazardous Material(s)......................................................68
Holdover Notice............................................................45
HVAC.......................................................................28
Initial Abatement Period...................................................13
Initial Non-Refundable Deposit.............................................70
Landlord....................................................................1
Landlord Parties...........................................................34
Landlord Response Date.....................................................11
Landlord Response Notice...................................................11
Landlord's Option Rent Calculation.........................................11
L-C........................................................................51
L-C Amount.................................................................51
L-C Security Deposit.......................................................53
Lease.......................................................................1
Lease Commencement Date.....................................................9
Lease Expiration Date.......................................................9
Lease Term..................................................................9
Lease Year..................................................................9
Lines......................................................................68
Mail.......................................................................63
Market Capitalization......................................................51
Market Rent................................................................10
Net Worth..................................................................44
Neutral Arbitrator.........................................................12
Nondisturbance Agreement...................................................47
Non-Refundable Deposit.....................................................70
Notices....................................................................63
Objectionable Name.........................................................56
Opening of Escrow..........................................................70
Operating Expenses.........................................................15
Option Exercise Period.....................................................70
Option Premises.............................................................9
Option Rent................................................................10
Option Term.................................................................9
Option Term TI Allowance................................................8, 11
Original Improvements......................................................36
Original Tenant.............................................................7
Other Improvements.........................................................69
Outside Agreement Date.....................................................11
Outside Closing Date.......................................................71
Overpayment Amount.........................................................23
Pacific Corporate Center Common Area Costs.................................22
{/Table}
(vi)
{Page}
{Table}
{Caption}
PAGE(s)
-------
{S} {C}
PCC Common Areas............................................................6
Permitted Assignee..........................................................7
Permitted Holdover Term....................................................45
PID........................................................................27
Premises....................................................................5
Project.....................................................................5
Project Common Areas........................................................6
Project Monument Signs.....................................................55
Proposition 13.............................................................21
Proposition 13 Protection Amount...........................................25
Proposition 13 Purchase Price..............................................25
Purchase Contract..........................................................70
Purchase Option............................................................70
Reassessment...............................................................25
Reestablishment Notice.....................................................52
Rent Concessions...........................................................10
Rent.......................................................................14
Rentable Square Feet........................................................7
Required L-C Amount........................................................51
Required Thresholds........................................................51
Security Areas.............................................................59
Security Deposit...........................................................50
Sign Specifications........................................................55
Statement..................................................................23
Subject Space..............................................................41
Summary.....................................................................1
Superior Right Holders......................................................7
Supplemental Statement.....................................................23
Tax Expenses...............................................................20
Tax Increase...............................................................25
TCCs........................................................................5
Telecommunications Equipment...............................................54
Tenant......................................................................1
Tenant Parties.............................................................69
Tenant Repair Notice.......................................................37
Tenant Work Letter..........................................................5
Tenant's Election Notice....................................................7
Tenant's Option Rent Calculation...........................................11
Tenant's Share.............................................................22
Tenant's Signage...........................................................55
Transfer Notice............................................................41
Transfer Premium...........................................................43
Transferee.................................................................41
Transfers..................................................................41
Unusable Area..............................................................14
{/Table}
(vii)
{Page}
PACIFIC CORPORATE CENTER LOT 25/27 PROJECT
LEASE
This Lease (the "LEASE"), dated as of the date set forth in SECTION 1 of
the Summary of Basic Lease Information (the "SUMMARY"), below, is made by and
between KILROY REALTY, L.P., a Delaware limited partnership ("LANDLORD"), and
VICAL INCORPORATED, a Delaware corporation ("TENANT").
SUMMARY OF BASIC LEASE INFORMATION
{Table}
{Caption}
TERMS OF LEASE DESCRIPTION
-------------- -----------
{S} {C}
1. Date: January 30, 2002
2. Premises
2.1 Building: That certain building located at 10390 Pacific
Center Court in the "Project" in Sorrento Mesa,
which Building contains 68,400 rentable
square feet of space.
2.2 Premises: All of the Building, as more particularly
identified in EXHIBIT A to this Lease, and 273
parking spaces as more particularly set forth in
Summary SECTION 9 below and ARTICLE 28 of
this Lease.
2.3 Project: The Building is part of a single building
project known as the "PACIFIC CORPORATE
CENTER LOT 25/27 PROJECT", as further set forth
in SECTION 1.1.2 of this Lease, the legal
description of which is set forth in EXHIBIT A-1
to this Lease; provided, however, such legal
description is subject to adjustment in
conjunction with the anticipated lot-line
adjustment more particularly described in
SECTION 1.1.2 of this Lease.
3. Lease Term
(ARTICLE 2).
3.1 Length of Term: Fifteen (15) years and three (3) months.
3.2 Lease Commencement Date: June 1, 2002, subject to extension due to
"Lease Commencement Date Delays," as that
term is set forth SECTION 5 of the Tenant Work
{/Table}
{Page}
{Table}
{S} {C}
Letter attached to this Lease as EXHIBIT B.
3.3 Lease Expiration Date: The last day of the one hundred eighty-third
(183rd) calendar month after the Lease
Commencement Date (which Lease Expiration
Date is scheduled to occur on August 31, 2017
to the extent the Lease Commencement Date is
June 1, 2002).
3.4 Option Term(s): Three (3)five (5)-year options to renew, as
more particularly set forth in SECTION 2.2 of this
Lease.
{/Table}
4. Base Rent (ARTICLE 3):
{Table}
{Caption}
Monthly
Monthly Rental Rate
Period of Annual Installment per Rentable
Lease Term Base Rent of Base Rent Square Foot
---------- --------- ------------- -------------
{S} {C} {C} {C}
June 2002 to
August 2002* n/a n/a $ 0.00
September 2002 to
August 2003 $2,298,240.00 $191,520.00 $2.800
September 2003 to
August 2004** $2,367,192.00 $197,266.00 $2.884
September 2004 to
August 2005 $2,438,208.00 $203,184.00 $2.971
September 2005 to
August 2006 $2,511,348.00 $209,279.00 $3.060
September 2006 to
August 2007 $2,586,684.00 $215,557.00 $3.151
September 2007 to
August 2008 $2,664,288.00 $222,024.00 $3.246
September 2008 to
August 2009 $2,744,220.00 $228,685.00 $3.343
September 2009 to
August 2010 $2,826,540.00 $235,545.00 $3.444
September 2010 to
August 2011 $2,911,344.00 $242,612.00 $3.547
September 2011 to
August 2012 $2,998,680.00 $249,890.00 $3.653
September 2012 to
August 2013** $3,058,656.00 $254,888.00 $3.726
September 2013 to
August 2014 $3,119,832.00 $259,986.00 $3.801
September 2014 to
August 2015 $3,182,220.00 $265,185.00 $3.877
September 2015 to
{/Table}
-2-
{Page}
{Table}
{S} {C} {C} {C}
August 2016 $3,245,868.00 $270,489.00 $3.955
September 2016 to
August 2017 $3,310,788.00 $275,899.00 $4.034
{/Table}
To the extent Tenant elects to increase the amount of the Tenant Improvement
Allowance pursuant to SECTION 2.2.2 of the Tenant Work Letter, such "TIA
Increase," as that term is defined in SECTION 2.2.2 of the Tenant Work Letter,
shall be amortized over the then-remaining initial Lease Term commencing on the
date on which the applicable portion of the TIA Increase is disbursed to Tenant
by Landlord (excluding any holdbacks relating to the "Final Retention," as that
term is set forth in Section 2.2.3.2 of the Tenant Work Letter), using an
amortization rate of twelve and one-half percent (12 1/2%) per annum, the
monthly payment of which shall be payable in the same place and in the same
manner as Base Rent for each month of the initial Lease Term occurring after
such applicable disbursement date as "Additional Rent," as that term is set
forth in SECTION 4.1 of the Lease. Accordingly, by way of example only, for each
dollar of TIA Increase utilized by Tenant prior to the Rent Commencement Date,
each year's Base Rent payable by Tenant, as set forth in SECTION 4 of the
Summary, shall be increased by an amount equal to $0.01233 per rentable square
foot of the Premises per month commencing on the Rent Commencement Date. Any
such Additional Rent shall not be subject to increase during the Term of the
Lease.
* The date upon which Base Rent commences (the "Rent Commencement Date") shall
be, pursuant to the terms of Section 3.2 of this Lease, the date occurring
three (3) months following the Lease Commencement Date (following any
adjustments to the Lease Commencement Date or the Rent Commencement Date due
to any Lease Commencement Date Delays, as more particularly set forth in
SECTION 5 of the Tenant Work Letter).
** Annual Base Rent (and Monthly Installment of Base Rent/Monthly Rental Rate
per Rentable Square Foot) was calculated (i) using three percent (3.0%)
increases for each of Lease Years 2-10, and (ii) using two percent (2.0%)
increases for each of Lease Years 11-15; provided, however, that in each
instance, the resulting Monthly Installment of Base Rent was rounded up or
down, as applicable, to the nearest dollar, and the Annual Base Rent is,
therefore, an amount equal to twelve (12) times such rounded Monthly
Installment of Base Rent amount.
{Table}
{S} {C}
5. Intentionally Omitted.
6. Tenant's Share One hundred percent (100%) of the Project,
(ARTICLE 4): subject to the adjustments set forth in
SECTION 4.3 of this Lease.
7. Permitted Use Tenant may only use the Premises for office,
research and development, biotechnology labs,
(ARTICLE 5): drug manufacturing, warehousing, and any
other legally permitted uses pursuant to the
applicable zoning and the Pacific Corporate
Center P.I.D.
{/Table}
-3-
{Page}
{Table}
{S} {C}
8. Security Deposit $191,520.00. In addition to the Security
(ARTICLE 21): Deposit, Tenant shall have additional security
obligations, in the form more particularly set
forth in SECTION 21.2, and subject to reductions
pursuant to the TCC's of SECTION 21.2.
9. Parking Spaces Two hundred seventy-three (273) parking
(ARTICLE 28): spaces within the Project in the location(s)
identified on Exhibit J, all of which shall be
designated as "reserved for Vical", all as more
particularly described in ARTICLE 28 of this
Lease. As more particularly set forth in
ARTICLE 28, such parking spaces shall be
provided at no additional charge to Tenant
throughout the initial Lease Term and any
Option Terms.
10. Address of Tenant
(SECTION 29.18): See SECTION 29.18 of the Lease.
11. Address of Landlord
(SECTION 29.18): See SECTION 29.18 of the Lease.
12. Broker(s) CB Richard Ellis
(SECTION 29.24): 4365 Executive Drive, Suite 900
San Diego, California 92121
Attention: Mr.Rick Sparks
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