Image Exhibit


Exhibit 10.15


 


 


SIXTH AMENDMENT TO LEASE


 


 


THIS SIXTH AMENDMENT TO LEASE (the "Amendment") dated this 3rd of March. 2017 amends that certain Lease dated July 24, 2007 and amended on November 4, 2008, March 2, 2012, June 15, 2012, November 26. 2012 and August 19, 2014 by and between BIOLIFE SOLUTIONS, INC. ("Tenant'") and MONTE VILLA FARMS LLC ("'Landlord") (the "Lease"') in the project known as "Monte Villa Farms" located in Bothell, Washington.


 


RECITALS


 


WHEREAS, Tenant and Landlord are desirous of reflecting the Lease Commencement Memorandum in an amendment on the terms and conditions set forth herein.


 


NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each of the parties hereto, Landlord and Tenant agree to amend the Lease as follows:


 


I. Exhibit B.5 shall be replaced by Exhibit B. 6.


 


Other than set forth above, all terms and conditions of the lease remain in full force and effect. The parties hereby reaffirm and confirm such terms and conditions. This agreement may be executed in several counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. Facsimile copies will be considered originals.


 


	TENANT	LANDLORD
	 	 
	BIOLIFE SOLUTIONS, INC.	MONTE VILLA FARMS LLC,
	a Delaware corporation	a Washington limited liability company
	 	 
	By: /s/ Roderick de Greef	By Bothell Land Co., a Washington corporation
	 	 
	Name: Roderick de Greef	By: /s/ Robert E. Hibbs
	Its: CFO	 
	 	Name: Robert E. Hibbs
	 	Its: President



 





 










 








 


EXHIBITB. 6


 


BASIC ANNUAL RENT


 


25,864 RSF


	Applicable Portion of Lease Term	 	 	 	 	 	 	 	 	
			Monthly Base


			 


			Rent


			Installment


			(Annual + 12)

				 
	
			Beginning

				Ending	 	 	
			Rate Per Rentable


			Sq. Ft. /


			Annum/NNN


			 

				 	 	
			Annual Base Rent

				 	 	 
	
			1-Aug-14

				
			31-Jan-15

				 	 	$	24.59	 	 	$	635,995.76	 	 	$	52,999.65	 
	
			1-Feb-15

				
			31-Jul-15

				 	 	$	22.28	 	 	$	576,249.92	 	 	$	48,020.83	 
	
			1-Aug-15

				
			31-Jul-16

				 	 	$	22.72	 	 	$	587,630.08	 	 	$	48,969.17	 
	
			1-Aug-16

				
			31-Jul-17

				 	 	$	23.18	 	 	$	599,527.52	 	 	$	49,960.63	 
	
			1-Aug-17

				
			31-Jul-18

				 	 	$	23.64	 	 	$	611,424.96	 	 	$	50,952.08	 
	
			1-Aug-18

				
			31-Jul-19

				 	 	$	24.11	 	 	$	623,581.04	 	 	$	51,965.09	 
	
			1-Aug-19

				
			31-Jul-20

				 	 	$	24.60	 	 	$	636,254.40	 	 	$	53,021.20	 
	
			1-Aug-20

				
			31-Jul-21

				 	 	$	25.09	 	 	$	648,927.76	 	 	$	54,077.31	 



 


 


4,493 RSF


	Applicable Portion of Lease Term	 	 	 	 	 	 	 	 	
			Monthly Base


			 


			Rent


			Installment


			(Annual + 12)

				 
	
			Beginning

				Ending	 	 	
			 


			Rate Per Rentable


			Sq. Ft. /


			Annum/NNN


			 

				 	 	
			Annual Base Rent

				 	 	 
	
			26-Dec-14

				
			31-Dec-14

				 	 	$	18.00	 	 	$	80,874.00	 	 	$	6,739.50	 
	
			1-Jan-15

				
			31-Dec-15

				 	 	$	18.00	 	 	$	80,874.00	 	 	$	6,739.50	 
	
			1-Jan-16

				
			31-Dec-16

				 	 	$	18.45	 	 	$	82,895.85	 	 	$	6,907.99	 
	
			1-Jan-17

				
			31-Dec-17

				 	 	$	18.91	 	 	$	84,968.25	 	 	$	7,080.69	 
	
			1-Jan-18

				
			31-Dec-18

				 	 	$	19.38	 	 	$	87,092.45	 	 	$	7,257.70	 
	
			1-Jan-19

				
			31-Dec-19

				 	 	$	19.87	 	 	$	89,269.76	 	 	$	7,439.15	 
	
			1-Jan-20

				
			31-Dec-20

				 	 	$	20.37	 	 	$	91,501.51	 	 	$	7,625.13	 
	
			1-Jan-21

				
			31-Jul-21

				 	 	$	20.87	 	 	$	93,789.05	 	 	$	7,815.75	 



 


* In months 1, 6, 58 and 60 no base rent will be due


 


 


Landlord has the right to create up to 50,000 sq ft of additional space on the Property (the "Additional Space"). The creation of the Additional Space will reduce the Operating Expenses for the Premises (the '·Additional Space Expense Reduction"). Tenant agrees that should Landlord create the Additional Space then the Rent shall be increased (effective as of the date of the inclusion of the Additional Space) by the amount of any Additional Space Expense Reduction. Such a reduction shall be computed (within six months of the inclusion of Additional Space) by subtracting (i) the Tenant's Proportionate Share of the Operating Expenses and Taxes computed after the inclusion of the Additional Space in the square footage calculations from (ii) Tenant's Proportionate Share of the Operating Expenses and Taxes computed before the inclusion of the Additional Space in the square footage calculations. Landlord shall provide Tenant with such computations for Tenant's review.