EXHIBIT 10.54

 

FIRST AMENDMENT TO LEASE

 

THIS FIRST AMENDMENT TO LEASE (this “Amendment”), dated as of May 10, 2005 (the
“Amendment Date”), is entered into by and between BMR-201 Industrial Road LLC, a
Delaware limited liability company (“Landlord”), and Nuvelo, Inc., a Delaware
corporation (“Tenant”). Landlord and Tenant shall each be referred to herein as
a “Party” and collectively as the “Parties.” Capitalized terms not otherwise
defined herein shall have the meanings assigned to them in the Original Lease
(as defined below).

 

RECITALS

 

WHEREAS, Landlord and Tenant are parties to that certain Lease dated as of
January 11, 2005 (the “Original Lease”), pursuant to which Tenant leases from
Landlord certain space (the “Original Premises”) located in the Project; and

 

WHEREAS, the Parties desire to amend the Original Lease, among other matters,
and to increase and confirm the square footage of the Premises.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

AMENDMENT

 

1. Additional Premises. Tenant hereby leases from Landlord, and Landlord hereby
leases to Tenant, additional space in the Project (the “Additional Premises”).
From and after the Amendment Date, (a) the term “Premises,” when used in the
Lease (as defined below), shall include the Original Premises and the Additional
Premises, as shown on Exhibit B-1 hereto, and (b) Exhibit B-1 to this Amendment
shall replace Exhibit B-1 to the Original Lease in its entirety. From and after
the Amendment Date, the total “Rentable Area” under Section 2 of the Original
Lease shall equal sixty-one thousand eight hundred twenty-six (61,826) rentable
square feet.

 

2. Rent on Additional Premises. Commencing on the Rent Commencement Date, Tenant
shall pay Rent on the Additional Premises at the rate set forth in the Original
Lease for the Premises. The Rent Commencement Date for the Additional Premises
shall be deemed to be the same as the Rent Commencement Date for the Original
Premises, and the initial Lease Term for the Additional Premises shall expire on
the same date as the initial Lease Term for the Original Premises. “Tenant’s Pro
Rata Share of Operating Expenses,” as set forth in Section 2 of the Original
Lease, shall equal seventy and one hundredth percent (70.01%) with respect to
Operating Expenses for the Building, and thirty-seven and seventy-three
hundredths percent (37.73%) with respect to Operating Expenses for the Project.

 

3. Delivery of Additional Premises. Upon execution of this Amendment, Landlord
shall deliver the Additional Premises to Tenant for construction of Tenant
Improvements.

 

4. Increase in Security Deposit. Tenant shall increase the amount of the
Security Deposit to Four Hundred Thirty-Five Thousand Eight Hundred Seventy-Four
Dollars ($435,874) (the “Increased Security Deposit”). Upon execution of this
Amendment, Tenant shall deposit with Landlord the difference between the
Increased Security Deposit and the Security Deposit required under the Original
Lease. The provisions in the Original Lease applicable to the Security Deposit
shall apply to the increase in the Security Deposit required by this Section 4.

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5. Increase in Tenant Improvement Allowance. Tenant shall be entitled to an
increase in the Tenant Improvement Allowance of One Hundred Forty Dollars ($140)
per rentable square foot for the Additional Premises, increasing the total
Tenant Improvement Allowance under the Lease to Eight Million Six Hundred
Fifty-Five Thousand Six Hundred Forty Dollars ($8,655,640), the use and terms of
which shall be governed by the Original Lease. If not used by Tenant prior to
the date that is twelve (12) months after the Rent Commencement Date, Tenant
shall forfeit the right to such increase in the Tenant Improvement Allowance.

 

6. Expansion Option. Section 29.1 of the Original Lease is amended by replacing
“[10,000]” with “seven thousand six hundred twenty-four (7,624)”. Exhibit G to
the Original Lease is hereby replaced in its entirety with Exhibit G attached
hereto. Tenant’s Pro Rata Share of Operating Expenses for the Expansion Space,
if Tenant exercises the Expansion Option, would be eight and sixty-three
hundredths percent (8.63%) with respect to Operating Expenses for the Building,
and four and sixty-five hundredths percent (4.65%) with respect to Operating
Expenses for the Project.

 

7. Confirmation of Exhibits. The Parties agree that (a) Exhibit A attached
hereto constitutes Exhibit A to the Original Lease, (b) Exhibit B attached
hereto constitutes Exhibit B to the Original Lease, (c) Exhibit B-2 attached
hereto constitutes Exhibit B-2 to the Original Lease, (d) Exhibit E attached
hereto constitutes Exhibit E to the Original Lease and (e) Exhibit F attached
hereto constitutes Exhibit F to the Original Lease.

 

8. Lease Defined. Except as expressly amended by this Amendment, the Lease shall
remain unmodified and in full force and effect, enforceable in accordance with
its terms. From and after the Amendment Date, the term “Lease,” when used in the
Lease, shall mean the Lease as amended by this Amendment.

 

9. Counterparts. This Amendment may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument executed on the date first set forth.

 

10. Authorization. Each individual executing this Amendment on behalf of its
respective party represents and warrants that the execution and delivery of this
Amendment on behalf of such party is duly authorized, and that he or she is
authorized to execute and deliver this Amendment on behalf of such party.

 

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IN WITNESS WHEREOF the parties hereto have signed this Amendment as of the date
first above written.

 

LANDLORD:

 

BMR-201 INDUSTRIAL ROAD LLC,

a Delaware limited liability company

By:  

/s/ Gary A. Kreitzer

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Name:  

Gary A. Kreitzer

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Its:  

Executive V.P.

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TENANT:

NUVELO, INC.,

a Delaware corporation

By:  

/s/ Lee Bendekgey

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Name:  

Lee Bendekgey

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Title:  

Senior Vice President, Chief Financial

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Officer, and General Counsel

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