Exhibit 10.2
LEASE AGREEMENT
THIS LEASE AGREEMENT is made as of this 30th day of December, 2003, between
ARE-Nancy Ridge No. 3, LLC, a Delaware limited liability company ("Landlord"),
and Arena Pharmaceuticals, Inc., a Delaware corporation, ("Tenant").
BASIC LEASE PROVISIONS
ADDRESS:
6138 - 6150 NANCY RIDGE DRIVE, SAN DIEGO,
CALIFORNIA
92121
PREMISES:
THE ENTIRETY OF THE PROJECT.
PROJECT:
THE REAL PROPERTY AND THE BUILDINGS (REFERRED TO INDIVIDUALLY AND
COLLECTIVELY AS THE "BUILDING") TOGETHER WITH ALL IMPROVEMENTS THEREON
(COLLECTIVELY, THE "IMPROVEMENTS") AND APPURTENANCES THERETO AS DESCRIBED ON
EXHIBIT A.
BASE RENT:
$110,561.10 PER MONTH
SECURITY DEPOSIT: 6 MONTHS' BASE RENT
COMMENCEMENT DATE:
DECEMBER 30, 2003
Term:
A term beginning on the Commencement Date and ending
December 30, 2018, unless extended pursuant to Section 41 of this Lease.
Permitted Use:
Research and development laboratory, related office
and other related uses consistent with the character of the Project and
otherwise in compliance with the provisions of Section 7 hereof.
Address for Rent Payment:
Landlord's Notice Address:
135 N. Los Robles Avenue, Suite 250
Pasadena, CA 91101
Attention: Accounts Receivable
135 N. Los Robles Avenue, Suite 250
Pasadena, CA 91101
Attention: Corporate Secretary
Tenant's Notice Address:
Arena Pharmaceuticals, Inc.
6166 Nancy Ridge Drive
San Diego, California 92121
Attention:
Chief Financial Officer
The following Exhibits and Addenda are attached hereto and incorporated herein
by this reference:
EXHIBIT A - DESCRIPTION OF PROJECT
EXHIBIT B - INCLUDED INSTALLATIONS
1.
Lease of Premises.
Upon and subject to
all of the terms and conditions hereof,
Landlord hereby leases the Premises to
Tenant and Tenant hereby leases the Premises from Landlord.
2.
Delivery; Acceptance of Premises;
Commencement Date. Tenant has been in occupancy and possession of the Premises
since, with respect to 6138 Nancy Ridge Drive, August 31, 2001 and with respect
to 6150 Nancy Ridge Drive, May 4, 2000.
Tenant
1
acknowledges receipt and delivery of possession of the Premises and that Tenant
has examined title to, and the condition of, the Premises prior to the execution
and delivery of this Lease and has found the same to be in good order and repair
and satisfactory for all purposes hereunder.
Tenant is renting the Premises "as
is" in its present condition.
LANDLORD MAKES NO WARRANTY OR REPRESENTATION,
EXPRESS OR IMPLIED, WITH RESPECT TO THE PREMISES OR ANY PART THEREOF, EITHER AS
TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR
OTHERWISE, AS TO COMPLIANCE WITH LEGAL REQUIREMENTS, AS TO QUALITY OF THE
MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, OR AS TO LANDLORD'S TITLE
THERETO OR OTHERWISE, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY
TENANT.
TENANT ACKNOWLEDGES THAT THE PREMISES (INCLUDING, WITHOUT LIMITATION,
THE ENVIRONMENTAL CONDITION THEREOF) HAS BEEN INSPECTED BY TENANT AND IS
SATISFACTORY TO IT.
TENANT SHALL ACCEPT THE PREMISES IN THEIR CONDITION AS OF
THE COMMENCEMENT DATE, SUBJECT TO ALL APPLICABLE LEGAL REQUIREMENTS (AS DEFINED
IN SECTION 7 HEREOF); (II) LANDLORD SHALL HAVE NO OBLIGATION FOR ANY DEFECTS IN
THE PREMISES; AND (III)