Exhibit 10.25
 
  REGENERX BIOPHARMACEUTICALS, INC.
  THE REALTY ASSOCIATES FUND V, L.P.




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TABLE OF CONTENTS
 PAGE1. Basic Lease Provisions
    
    
    12. Premises
    
    
    32.1. Lease of Premises and Definition of Project
    
    
    32.2. Calculation of Size of Building and Premises
    
    
    32.3. Common Areas-Defined
    
    
    33. Term
    
    
    33.1. Term and Commencement Date
    
    
    33.2. Delay in Possession
    
    
    33.3. Delays Caused by Tenant
    
    
    33.4. Tender of Possession
    
    
    33.5. Early Possession
    
    
    34. Rent
    
    
    44.1. Base Rent
    
    
    44.2. Operating Expense Increases
    
    
    45. Security Deposit
    
    
    56. Use
    
    
    66.1. Use
    
    
    66.2. Compliance with Law
    
    
    66.3. Condition of Premises
    
    
    67. Maintenance, Repairs and Alterations
    
    
    67.1. Landlords Obligations
    
    
    67.2. Tenants Obligations
    
    
    67.3. Alterations and Additions
    
    
    77.4. Failure of Tenant to Remove Property
    
    
    78. Insurance
    
    
    88.1. Insurance-Tenant
    
    
    88.2. Insurance-Landlord
    
    
    88.3. Insurance Policies
    
    
    88.4. Waiver of Subrogation
    
    
    88.5. Coverage
    
    
    89. Damage or Destruction
    
    
    99.1. Effect of Damage or Destruction
    
    
    99.2. Definition of Material Damage
    
    
    99.3. Abatement of Rent
    
    
    99.4. Tenants Acts
    
    
    99.5. Tenants Property
    
    
    99.6. Waiver
    
    
    910. Real and Personal Property Taxes
    
    
    910.1. Payment of Taxes
    
    
    910.2. Definition of Real Property Tax
    
    
    910.3. Personal Property Taxes
    
    
    910.4. Reassessments
    
    
    911. Utilities
    
    
    1011.1. Services Provided by Landlord
    
    
    1011.2. Intrabuilding Network Cabling
    
    
    1011.3. Occupant Density
    
    
    1011.4. Hours of Service
    
    
    1011.5. Excess Usage by Tenant
    
    
    1011.6. Interruptions
    
    
    1012. Assignment and Subletting
    
    
    1012.1. Landlords Consent Required
    
    
    1012.2. Leveraged Buy-Out
    
    
    1112.3. Standard For Approval
    
    
    1112.4. Additional Terms and Conditions
    
    
    1112.5. Additional Terms and Conditions Applicable to Subletting
    
    
    1212.6. Transfer Premium from Assignment or Subletting
    
    
    1212.7. Landlords Option to Recapture Space
    
    
    1212.8. Landlords Expenses
    
    
    12
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PAGE13. Default; Remedies
    
    
    1313.1. Default by Tenant
    
    
    1313.2. Remedies
    
    
    1313.3. Default by Landlord
    
    
    1413.4. Late Charges
    
    
    1413.5. Interest on Past-due Obligations
    
    
    1413.6. Payment of Rent and Security Deposit After Default
    
    
    1414. Landlords Right to Cure Default; Payments by Tenant
    
    
    1415. Condemnation
    
    
    1416. Vehicle Parking
    
    
    1516.1. Use of Parking Facilities
    
    
    1516.2. Parking Charges
    
    
    1517. Brokers Fee
    
    
    1518. Estoppel Certificate
    
    
    1518.1. Delivery of Certificate
    
    
    1518.2. Failure to Deliver Certificate
    
    
    1519. Landlords Liability
    
    
    1520. Indemnity
    
    
    1521. Exemption of Landlord from Liability
    
    
    1622. Hazardous Material
    
    
    1622.1. Definition and Consent
    
    
    1622.2. Duty to Inform Landlord
    
    
    1622.3. Inspection; Compliance
    
    
    1623. Medical Waste
    
    
    1723.1. Disposal of Medical Waste
    
    
    1723.2. Duty to Inform Landlord
    
    
    1723.3. Inspection; Compliance
    
    
    1724. Tenant Improvements
    
    
    1725. Subordination
    
    
    1725.1. Effect of Subordination
    
    
    1725.2. Execution of Documents
    
    
    1726. Options
    
    
    1726.1. Definition
    
    
    1726.2. Options Personal
    
    
    1726.3. Multiple Options
    
    
    1726.4. Effect of Default on Options
    
    
    1826.5. Limitations on Options
    
    
    1826.6. Notice of Exercise of Option
    
    
    1827. Landlord Reservations
    
    
    1828. Changes to Project
    
    
    1829. Substitution of Other Premises
    
    
    1830. Holding Over
    
    
    1831. Landlords Access
    
    
    1831.1. Access
    
    
    1831.2. Keys
    
    
    1932. Security Measures
    
    
    1933. Easements
    
    
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PAGE34. Transportation Management
    
    
    1935. Severability
    
    
    1936. Time of Essence
    
    
    1937. Definition of Additional Rent
    
    
    1938. Incorporation of Prior Agreements
    
    
    1939. Amendments
    
    
    1940. Notices
    
    
    1941. Waivers
    
    
    1942. Covenants
    
    
    1943. Binding Effect; Choice of Law
    
    
    2044. Attorneys Fees
    
    
    2045. Auctions
    
    
    2046. Signs
    
    
    2047. Merger
    
    
    2048. Quiet Possession
    
    
    2049. Authority
    
    
    2050. Conflict
    
    
    2051. Multiple Parties
    
    
    2052. Interpretation
    
    
    2053. Prohibition Against Recording
    
    
    2054. Relationship of Parties
    
    
    2055. Rules and Regulations
    
    
    2056. Right to Lease
    
    
    2057. Security Interest
    
    
    2058. Security for Performance of Tenants Obligations
    
    
    2159. Financial Statements
    
    
    2160. Attachments
    
    
    2161. Confidentiality
    
    
    2162. OFAC Certification
    
    
    2163. WAIVER OF JURY TRIAL
    
    
    21ADDENDUM
    
    Add-1EXHIBIT A
    
    
    A-1EXHIBIT B
    
    
    B-1EXHIBIT C
    
    
    C-1
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15245 SHADY GROVE ROAD
ROCKVILLE, MARYLAND
STANDARD OFFICE LEASE
 1. Basic Lease Provisions.
 1.1.
    
    Parties:This Lease, dated for reference purposes only December 10, 2009, is
made by and between THE REALTY ASSOCIATES FUND V, L.P., a Delaware limited partnership,
(Landlord) and REGENERX BIOPHARMACEUTICALS, INC., aDelaware corporation (Tenant).1.2.
    
    Premises:Suite Number 470, as shown on Exhibit A attached hereto (the Premises).1.3.
    
    Rentable Area of Premises:3,451 square feet.1.4.
    
    Building Address:15245 Shady Grove Road, Rockville, Maryland 20850.1.5.
    
    Use:General office use, subject to the requirements and limitations contained in Section 6.1.6.
    
    Term:Three (3) years.1.7.
    
    Commencement Date:February 1, 2010, subject to adjustment in accordance with Section 3 below.1.8.
    
    The Base Rent shall be adjusted annually on each anniversary of the
Commencement Date (unless the Commencement Date is other than the first day of a month,
in which event the Base Rent shall be adjusted annually commencing on the first
anniversary of the first day of the calendar month following the Commencement Date)
during the Term of the Lease as follows
 Lease Period
    
    Annual Base Rent
    
    
    Monthly Base Rent(in full calendar months of the Term)
    
    (annualized amount)01  12
    
    $
    69,020.04
    
    
    $
    5,751.6713  24
    
    $
    95,765.28
    
    
    $
    7,980.4425  36
    
    $
    98,638.20
    
    
    $
    8,219.85
 1.9.
    
    Base Rent Paid Upon Execution:$5,751.67 for the first month of the Term for which Rent is due.1.10.
    
    Security Deposit:$17,255.01 (See Addendum Paragraph 1)1.11.
    
    Tenants Share:1.89%.1.12.
    
    Base Year:The calendar year 2010.1.13.
    
    Number of Parking Spaces:Reserved: N/A Unreserved: 11.1.14.
    
    Parking Rates Per Space:Reserved: $N/A Unreserved: $0.001.15.
    
    Real Estate Broker:
 Landlord:
    
    McShea & Company, Inc.Tenant:
    
    Kent Commercial, Inc.
 1.16.
    
    Attachments to Lease:Addendum; Exhibit A  Premises, Exhibit B 
Verification Letter, Exhibit C  Rules and Regulations1.17.
    
    Address for Notices:
 Landlord:
    
    The Realty Associates Fund V, L.P.c/o McShea & Company, Inc.100 Lakeforest BoulevardSuite 500Gaithersburg, Maryland 20877Attention: Laurie CraftWith Copy To:
    
    TA Associates Realty28 State StreetBoston, Massachusetts 02109Attention: Asset Manager-MarylandTenant:
    
    RegeneRx Biopharmaceuticals, Inc.Prior to
    
    3 Bethesda Metro, Suite 630Occupancy:
    
    Bethesda, Maryland 20814Attention: Neil LyonsAfter Occupancy:
    
    RegeneRx Biopharmaceuticals, Inc.15245 Shady Grove Road, Suite 470Rockville, Maryland 20850Attention: Neil Lyons
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1.18.
    
    Rent Payment Address:

Realty Associates Fund V, LP
c/o McShea Management, Inc.
Box 223342
Pittsburgh, PA 15251-23421.19.
    
    Agent for Service of Process:The name and address of Tenants registered agent for service of process is:
 
 1.20.
    
    Interpretation.The Basic Lease Provisions shall be interpreted in
conjunction with all of the other terms and conditions of this Lease. Other terms and
conditions of this Lease modify and expand on the Basic Lease Provisions. If there is
a conflict between the Basic Lease Provisions and the other terms and conditions of
this Lease, the other terms and conditions shall control.
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2. Premises.
 2.1. Lease of Premises and Definition of Project.
 2.2. Calculation of Size of Building and Premises.
 2.3. Common Areas-Defined.
 3. Term.
 3.1. Term and Commencement Date.
 3.2. Delay in Possession.
 3.3. Delays Caused by Tenant.
 3.4. Tender of Possession.
 3.5. Early Possession.
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4. Rent.
 4.1. Base Rent.
 4.2. Operating Expense Increases.
 Tenants Share
 Comparison Year
 Operating Expenses
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th
 5. Security Deposit.
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See Addendum Paragraph 1
 6. Use.
 6.1. Use.
 6.2. Compliance with Law.
   6.3. Condition of Premises.
 7. Maintenance, Repairs and Alterations.
 7.1. Landlords Obligations.
 7.2. Tenants Obligations.
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7.3. Alterations and Additions.
      7.4. Failure of Tenant to Remove Property.
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8. Insurance.
 8.1. Insurance-Tenant.
    8.2. Insurance-Landlord.
   8.3. Insurance Policies.
 8.4. Waiver of Subrogation.
 8.5. Coverage.
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9. Damage or Destruction.
 9.1. Effect of Damage or Destruction.
 9.2. Definition of Material Damage.
 9.3. Abatement of Rent.
 9.4. Tenants Acts.
 9.5. Tenants Property.
 9.6. Waiver.
 10. Real and Personal Property Taxes.
 10.1. Payment of Taxes.
 10.2. Definition of Real Property Tax.
 10.3. Personal Property Taxes.
 10.4. Reassessments.
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11. Utilities.
 11.1. Services Provided by Landlord.
 11.2. Intrabuilding Network Cabling.
 11.3. Occupant Density.
 11.4. Hours of Service.
 11.5. Excess Usage by Tenant.
 11.6. Interruptions. th
 12. Assignment and Subletting.
 12.1. Landlords Consent Required.
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12.2. Leveraged Buy-Out. , e
 12.3. Standard For Approval. e.g.
 12.4. Additional Terms and Conditions.
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12.5. Additional Terms and Conditions Applicable to Subletting.
   12.6. Transfer Premium from Assignment or Subletting.
 12.7. Landlords Option to Recapture Space.
 12.8. Permitted Transfers
 (i)
    
    Tenant shall remain fully liable under the terms of the Lease;
 (ii)
    
    such Permitted Transfer shall be subject to all of the terms, covenants and conditions of
the Lease;
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(iii)
    
    such Permitted Transferee has a net worth at least equal to the net worth of Tenant as
of the date of this Lease, and
 (iv)
    
    such Permitted Transferee shall expressly assume the obligations of Tenant under the
Lease by a document reasonably satisfactory to Landlord.
 12.9. Landlords Expenses.
 13. Default; Remedies.
 13.1. Default by Tenant.
         13.2. Remedies.
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13.3. Default by Landlord.
 13.4. Late Charges.
 13.5. Interest on Past-due Obligations.
 13.6. Payment of Rent and Security Deposit After Default.
 14. Landlords Right to Cure Default; Payments by Tenant.
 15. Condemnation.
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16. Vehicle Parking.
 16.1. Use of Parking Facilities. e.g.
 16.2. Intentionally Omitted.
 17. Brokers Fee.
 18. Estoppel Certificate.
 18.1. Delivery of Certificate.
 18.2. Failure to Deliver Certificate.
 19. Landlords Liability.
 20. Indemnity.
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21. Exemption of Landlord from Liability.
 22. Hazardous Material.
 22.1. Definition and Consent.
 22.2. Duty to Inform Landlord.
 22.3. Inspection; Compliance.
 22.4. Landlords Representations.
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23. Medical Waste.
 23.1. Disposal of Medical Waste.
 23.2. Duty to Inform Landlord.
 23.3. Inspection; Compliance.
 24. Tenant Improvements.
 See Addendum Paragraph 2
 25. Subordination.
 25.1. Effect of Subordination.
 25.2. Execution of Documents.
 26. Options.
 26.1. Definition.
 26.2. Options Personal.
 26.3. Multiple Options.
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26.4. Effect of Default on Options.
 26.5. Limitations on Options.
 26.6. Notice of Exercise of Option.
 See Addendum Paragraph 3
 27. Landlord Reservations.
 28. Changes to Project.
 29. Substitution of Other Premises.
 30. Holding Over.
 31. Landlords Access.
 31.1. Access.
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31.2. Keys.
 32. Security Measures.
 33. Easements.
 34. Transportation Management.
 35. Severability.
 36. Time of Essence.
 37. Definition of Additional Rent.
 38. Incorporation of Prior Agreements.
 39. Amendments.
 40. Notices.
 41. Waivers.
 42. Covenants.
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43. Binding Effect; Choice of Law.
 44. Attorneys Fees.
 45. Auctions.
 46. Signs.
 See Addendum Paragraph 4
 47. Merger.
 48. Quiet Possession.
 49. Authority.
 50. Conflict.
 51. Multiple Parties.
 52. Interpretation.
 53. Prohibition Against Recording.
 54. Relationship of Parties.
 55. Rules and Regulations.
 56. Right to Lease.
 57. Security Interest.
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58. Security for Performance of Tenants Obligations.
 59. Financial Statements.
 60. Attachments.
 61. Confidentiality.
 62. OFAC Certification.
 62.1.
 62.2.
 63. WAIVER OF JURY TRIAL.
 [SIGNATURES ON NEXT PAGE]
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LANDLORD
    
    
    TENANTTHE REALTY ASSOCIATES FUND V, L.P., 
a Delaware limited partnership
    
    REGENERX BIOPHARMACEUTICALS, INC.,
a Delaware corporationBy:

    Realty Associates Fund V LLC, a Massachusetts
limited liability company, general partnerBy:
    Realty Associates Advisors LLC, a
    
    By:
    
    /s/ C. Neil LyonsDelaware limited liability company, managerC. Neil LyonsBy:
    Realty Associates Advisors Trust, a
Massachusetts business trust, manager
    
    
    
    (Print Name)By:
    
    /s/ Christopher J. Good
    
    Its:
    
    Chief Financial OfficerRegional Director
    
    
    
    (Print Title)
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THE REALTY ASSOCIATES FUND V, L.P. REGENERX BIOPHARMACEUTICALS, INC.
 Security Deposit
  Date of Reduction
    
    Reduction Amount
    
    
    New Face Amount1st day of the 13th month of the Term of the Lease
    
    $
    5,751.67
    
    
    $
    11,503.341st day of the 24th month of the Term of this Lease
    
    $
    5,751.67
    
    
    $
    5,751.67
  Tenant Improvements
 Option to Renew .
    Signs
  Add-1




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A-1




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REGENERX BIOPHARMACEUTICALS, INC. THE REALTY ASSOCIATES FUND V, L.P.
 Number of Rentable Square Feet in Premises:Commencement Date:Lease Termination Date:Tenants Share:Initial Base Rent:Billing Address for Tenant:Attention:Telephone Number:Federal Tax I.D. No.:
  TENANTREGENERX BIOPHARMACEUTICALS, INC.,a Delaware corporationBy:(print name)Its:(print title)
   THE REALTY ASSOCIATES FUND V, L.P.,a Delaware limited partnershipBy:
    
    Realty Associates Fund V LLC, a Massachusetts limited
liability company, general partnerBy:
    
    Realty Associates Advisors LLC, a Delaware limited
liability company, managerBy:
    
    Realty Associates Advisors Trust, a 
Massachusetts business trust, managerBy:[Officer]
  B-1




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C-1




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C-2