Document:

Exhibit 10.25

 

***Text Omitted and Filed Separately

with the Securities and Exchange Commission.

Confidential Treatment Requested

Under 17 C.F.R. Sections 200.80(b)(4)

and 240.24b-2.

 

AMENDED AND RESTATED FOURTH AMENDMENT

TO THE

COLLABORATIVE RESEARCH AND LICENSE AGREEMENT

 

THIS AMENDED AND RESTATED FOURTH
AMENDMENT TO THE COLLABORATIVE RESEARCH AND LICENSE AGREEMENT (the
“Fourth Amendment”)
is made by and between SENOMYX, INC.
(“Senomyx”),
a Delaware corporation, having a principal place of business at 11099 North
Torrey Pines Road, La Jolla, California 92037, and KRAFT FOODS GLOBAL, INC., a Delaware corporation (“Kraft”) having
offices at 801 Waukegan Road, Glenview, IL 60025.

 

WHEREAS, Senomyx
and Kraft entered into that certain Collaborative Research and License
Agreement dated as of December 6, 2000, as amended by that certain First
Amendment dated May 2, 2002, that certain Second Amendment dated April 29, 2005
and that certain Third Amendment dated July 29, 2005, (collectively, the “Agreement”); and

 

WHEREAS Senomyx and
Kraft entered into that certain Fourth Amendment dated December 9, 2005 and wish
to amend and restate such amendment in its entirety (capitalized terms used but
not otherwise defined in this Fourth Amendment shall have the meanings given such
terms in the Agreement).

 

NOW, THEREFORE, in
consideration of the foregoing premises and of the covenants, representations
and agreements set forth below, the parties hereby agree to amend the Agreement
as follows:

 

1.             Section 3.1 of
the Agreement is hereby amended to include a new Subsection 3.1.2 as stated
herein. The numbering of all other sections of Article 3 will remain unchanged.

 

“[***] Phase.

 

(A)          Senomyx
will perform the activities outlined in the Research Plan using reasonable
efforts and the resources allocated to the [***]
Phase under Section 9.1 of the Agreement.

 

(B)           Within
[***] of receipt of the report regarding
the [***] Compounds, Kraft will perform
sensory testing and other evaluations on a limited number of the [***] Compounds and may select a [***]
Compound(s) for further development by notifying Senomyx of such selection in
writing by the end of such [***]. Such [***] may be

 

***Confidential Treatment Requested.

 

 

extended by agreement; such agreement will not be
unreasonably withheld. [***] Compounds,
if any, chosen for further development become Selected [***]
Compounds.

 

(C)                                Senomyx’s
research obligations during the [***] Phase will
be completed upon Senomyx’s submission of a written report to Kraft regarding up
to [***] Compounds. The goal of the
Collaborative Program is for the [***] Compounds to
be [***]. If necessary, Senomyx may provide
additional optimization as agreed to in writing by the parties and approved by
the Steering Committee.”

 

2.             The following
language is hereby added to Section 3.3(C) of the Agreement:

 

“With respect to the [***]
Phase, Senomyx shall be responsible for up to [***]
of the first Selected [***] Compound under
the Collaborative Program. If [***] associated
with the [***] of the first Selected [***] Compounds exceed [***] as
documented by Senomyx, then Senomyx and Kraft will [***]
in any [***], provided, however, that if
Senomyx is also reimbursed for [***] for such
Selected [***] Compound by any third party
collaborator(s) [***], then Kraft will only be
responsible for [***] of the [***].
Kraft will be responsible for all [***], provided,
however, that if Senomyx is also reimbursed for [***]
for such additional Selected [***] Compounds
by any third party collaborator(s) [***], then
Kraft will only be responsible for [***].”

 

The remainder of Section 3.3(C) will remain unchanged.
 

3.             The following
language is hereby added to Section 9.1 of the Agreement:

 

“Beginning on the Fourth Amendment Effective Date,
with respect to the [***] Phase,
Kraft will pay Senomyx at an annual rate of [***]
through the end of the Collaborative Period. These payments will be made in
advance and, at a minimum, on an equal quarterly basis. The first payment for
the [***] Phase will be made within [***] of the effective date of this Fourth Amendment. These
payments are inclusive of overhead, labor and supplies. Additional funding, if
any, will be proposed to the Steering Committee and agreed to in writing by the
parties.”

 

For the avoidance of doubt, this Section 3 will not
affect Kraft’s research funding obligations with respect to the [***] Enhancer Phase.

 

4.             Section 9.1 of
the Agreement is hereby amended to include a new Subsection 9.1.1 as stated
herein.

 

“Initial License Fee.
With respect to the [***] Phase,
Kraft will pay to Senomyx an initial license fee of [***]
within [***] of the Fourth Amendment Effective
Date. Such license fee shall be non-refundable and non-creditable.”

 

5.             Section 9.2 of
the Agreement is hereby amended and restated to include a new Subsection 9.2.1 as
stated herein.

 

***Confidential Treatment Requested.

 

 

“[***] Phase. Kraft
will pay Senomyx the following non-creditable, non-refundable milestone
payments for the [***] Phase
within [***] of notification of the following
milestone events:

 

(i)                  [***] upon the selection of the [***];

 

(ii) [***] upon the
first [***]; and

 

(iii) [***] upon the [***].

 

Notwithstanding the foregoing, [***]
shall be [***].”

 

For the avoidance of doubt, the milestones for the [***] Enhancer Phase will remain unchanged.

 

6.             Section 9.3.2 is
hereby added to the Agreement as follows:

 

“Royalty for [***] Products.

 

(A)          Royalty.  Kraft
will pay to Senomyx an earned royalty equal to [***]
of total annual Net Sales of [***] Products
during the Royalty Term beginning on the date that Patent Rights Controlled by
Senomyx or its Affiliates arise claiming the composition of matter, or
manufacture [***] or use of a Selected [***] Compound that Kraft incorporates or has incorporated
into a [***] Product made, used, or sold by
Kraft in the country covered by such Patent Rights and ending on the date that
such Patent Rights for such Selected [***] Compound
(i) expire or are canceled, (ii) are declared invalid or unenforceable by an
unreversed and unappealable decision of a court or other appropriate body of
competent jurisdiction, (iii) are admitted to be invalid or unenforceable
through reissue, disclaimer or otherwise, or (iv) are abandoned.

 

(B)           Multi-Component [***] Product.  If a [***] Product in
Field IV is combined with one or more additional food product(s) and sold in
the form of a multi-component food product, which food products themselves are
not in Field IV, then Kraft will be entitled to adjust the royalties paid to
Senomyx under Section 9.3.2(A) by adjusting the Net Sales on which the
royalties are based. In such event, the Net Sales base will be adjusted by the
following percentage: [***]. By way of
illustration, in the event that the [***] Product is
contained within [***] then net
sales will be calculated as follows:

 

[***]

 

For avoidance of doubt, the [***].

 

7.             Section 10.1(D)
is hereby added to the Agreement as follows:

 

“Grant of Rights Regarding [***]
Compounds and [***] Products: 
Senomyx hereby grants to Kraft under the Target IP (i) a non-exclusive,
nontransferable, worldwide license to evaluate [***]
Compound(s) in Field IV; (ii) a non-exclusive, nontransferable,

 

***Confidential Treatment Requested.

 

 

worldwide license, subject to payment and diligence
provisions, to make, have made and use [***] Products
for evaluation in Field IV; (iii) a co-exclusive, with [***]
of Senomyx, nontransferable, worldwide license, subject to payment and
diligence provisions, to make, have made, use, have sold and sell, [***] Products in Field IV and in the Territory.”

 

8.             The following definitions
of Appendix A of the Agreement are hereby amended and restated herein. All
other definitions in the Agreement will remain unchanged.

 

“[***] Field”
means [***] as defined below.

 

•                  [***] as defined
below:

 

o                 “[***]” means any of the following which are [***].

 

o                 “[***]” means any [***].

 

•                  [***] means [***] as defined below:

 

o                 “[***]” means any [***].

 

o                 “[***]” means any [***].

 

o                 “[***]” means any [***].

 

“Collaborative Period”
means (i) in the case of the [***] Phase the
period beginning on the Effective Date and ending three (3) years thereafter,
unless terminated earlier in accordance with Section 15; (ii) in the case of
the [***] Phase the period beginning on the
Effective Date and ending three (3) years thereafter, unless terminated earlier
in accordance with Section 15; (iii) in the case of the [***]
Phase, the period beginning on the First Amendment Effective Date and ending
July 30, 2007, unless terminated earlier in accordance with Section 15; and
(iv) in the case of the [***] Phase, the
period beginning on the Fourth Amendment Effective Date and ending three (3)
years thereafter, unless terminated earlier in accordance with Section 15.

 

“Compound(s)”
means any one or all combinations of the following:  [***]
Compound(s), [***] Compound(s), [***] Compound(s), and [***] Compound(s).

 

“[***] Field”
means [***] including, without limitation, [***]. The [***] Field
includes all forms and types of [***]. Notwithstanding
the foregoing, the [***] Field
specifically excludes: (i) the [***] Category;
(ii) [***]; and (iii) the [***] Category.

 

“Fourth Amendment Effective
Date” means the date below that the last party to this Fourth
Amendment signs this Fourth Amendment.

 

“Field IV” means
[***]. This includes, without
limitation, [***]. Notwithstanding the
foregoing, Field IV specifically excludes the following:  (i) [***]; (ii) [***]; (iii) [***]; and (iv)
the [***] Categories.

 

***Confidential Treatment Requested.

 

 

“Fields” means
collectively, Field I, Field II, Field III and Field IV.

 

“[***] Category”
means [***].

 

“[***] Category”
means [***].

 

“[***] Category”  means [***].

 

“Phase” or “Phases” means one of the four phases of the Collaborative
Program, or collectively, the [***] Phase, the
[***] Phase, the [***]
Phase and the [***] Phase.

 

“Product(s)”
means any one or all combinations of the following:  [***]
Product(s), [***] Product(s), [***] Product(s) and [***]
Product(s).

 

“Royalty Term”
means (i) in the case of a [***] Product
and as to any country, the period of time commencing on the First Commercial
Sale for use or consumption of such [***] Product in
such country and ending upon the date that is ten (10) years after the date of
such First Commercial Sale for use or consumption of such [***]
Product in such country; (ii) in the case of a [***]
Product and as to any country, the period of time commencing on the First
Commercial Sale for use or consumption of such [***]
Product in such country and ending upon the date that is ten (10) years after
the date of such First Commercial Sale for use or consumption of such [***] Product in such country; and (iii) in the case of [***] Product(s) and [***] Product(s)
the earlier of the date that (a) there no longer exists a Valid Claim in a
Patent Right Controlled by Senomyx or its Affiliates covering the manufacture,
use or sale of such Product in any country in which the Product is sold; or (b)
the date that is seventeen years after the date of such First Commercial Sale
for use or consumption of such Product.

 

“Selected Compound(s)”
means any one or all combinations of the following: Selected [***] Compound(s), Selected [***]
Compound(s), Selected [***]
Compound(s) and Selected [***]
Compound(s).

 

“Selected [***] Compound(s)”
means those [***] Compound(s) selected by Kraft
for development, which are subject to certain payment and diligence provisions.

 

“[***] Compound(s)”
means compounds Controlled by Senomyx that enhance the [***],
which are discovered in the course of the [***] Phase of
the Collaborative Program that may be optimized and further tested for
selectivity and in vitro toxicity by Senomyx and for which Senomyx will prepare
a written report of data to be reviewed by Kraft.

 

“[***] Phase”
means that part of the Collaborative Program wherein Senomyx will pursue the
identification of [***] Compounds.

 

“[***] Product(s)”
means any [***] product that incorporates a Selected
[***] Compound(s).

 

“[***] Category”
means the following [***].

 

***Confidential Treatment Requested.

 

 

“Territory”
means United States of America and Canada.

 

9.             The Research Plan
will be reviewed and updated at the first meeting of the Steering committee
following the Fourth Amendment Effective Date.

 

10.          For [***] following the Fourth Amendment Effective Date, Kraft
shall have the right of first negotiation to enter into a further amendment to
this Agreement to include the [***] Field and the
[***] Field under the [***] Phase. In the event that such negotiations are not
concluded within such period, Senomyx shall be free to enter into agreements
with Third Parties.

 

11.          Subject to prior
written approval of Kraft, Senomyx will issue a press release to announce the
execution of this Fourth Amendment and the material terms. Thereafter, Kraft
and Senomyx may each disclose to Third Parties the information contained in
such press release without the need for further approval by the other party.

 

12.          Except as
specifically amended by this Fourth Amendment, the terms and conditions of the
Agreement shall remain in full force and effect.

 

13.          This Fourth Amendment
will be governed by the laws of the State of California, as such laws are
applied to contracts entered into and to be performed entirely within such State.

 

14.          This Fourth Amendment
may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

 

IN WITNESS WHEREOF,
the parties have executed this Fourth Amendment effective as of December 9, 2005.

 

	
  KRAFT FOODS GLOBAL, INC.

  
	
   

  
	
  By:

  	
   /s/ Jean E. Spence

  	
   

  
	
   

  
	
  Title:

  	
   Executive Vice President

  	
   

  
	
   

  
	
  Date:

  	
   December 16, 2005

  	
   

  
	
   

  
	
   

  
	
  SENOMYX, INC.

  
	
   

  
	
  By:

  	
   /s/ Kent Snyder

  	
   

  
	
   

  
	
  Title:

  	
   President and CEO

  	
   

  
	
   

  
	
  Date:

  	
   December 22, 2005

  	
   

  
								

 

***Confidential Treatment Requested.Exhibit 10.30

 

PROPERTY MANAGEMENT AGREEMENT

 

This
PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of the first day of               
200  , by and between                                 ,
                                                ,
hereinafter referred to as “Owner,” and
Standard Parking Corporation, a Delaware corporation, hereinafter referred to
as “Operator.”

 

W I T N E S S E T H:

 

THAT,
WHEREAS, Owner presently owns or controls a (retail)(office)(mixed use)
facility (described herein below) of approximately            
square feet and has the authority to contract for the management of said
(retail)(office)(mixed use) facility; and

 

WHEREAS,
Owner and Operator desire to enter into an agreement whereby Operator will manage
the (retail)(office)(mixed use) facility upon the terms, covenants and
conditions herein set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained, the parties hereto agree as follows:

 

1.                                      APPOINTMENT. Owner hereby appoints and retains Operator,
and Operator hereby accepts such appointment and retention, as the exclusive
operator and manager of the (retail)(office)(mixed use) facility known as                         
and located at                                       ,
                                      ,
hereinafter referred to as the “Premises.”

 

2.                                      TERM. The term of this Agreement shall be for
month to month commencing on                   
1, 200   (the “Commencement Date”)
and continuing (a) until terminated by either party, without cause or
penalty, upon not less than thirty (30) days prior written notice, with the
effective date of termination to be on the last day of the first calendar month
following the month in which said notice is received, or (b) until
terminated under any other provision hereof.

 

3.                                      OPERATOR’S OBLIGATIONS AND
SERVICES; OPERATING EXPENSES. Operator hereby covenants and agrees that it will:

 

(a)                                  Manage the operation of the Premises and
render the usual and customary services incidental thereto, in a professional,
businesslike and efficient manner, with discretion as to the specifics thereof
as the Operator deems advisable, subject only to the limitations contained in
this Agreement. Owner reserves the right to establish all rental rates to be
charged tenants of the Premises (“Tenants”) and to determine the form of
leases to be entered into with said Tenants (“Tenant Leases”).

 

 

(b)                                 Advertise the availability of units, display “for
lease” signs, cancel existing Tenant Leases and negotiate Tenant Leases with
existing and prospective tenants, all upon term and conditions outlined by
Owner. All Tenant Leases shall be on Owner’s standard lease form or on a
lease form approved by Owner. Tenant Leases may be signed by
Operator, provided Owner’s form of Tenant Lease and Owner’s rent schedule are
used.

 

(c)                                  Bill and take all reasonably necessary action
to collect all rents and other amounts due Owner under the Tenant Leases in
accordance with the terms of the Tenant Leases.

 

(d)                                 Hire, pay, provide customary benefits for and
supervise sufficient experienced and qualified personnel who will render the
services required by this Agreement for the professional, businesslike and
efficient operation of the Premises. Operator shall not provide any on-site
employees. All persons employed to provide the services hereunder shall be
employees of Operator and not of Owner, and shall have no authority to act as
the agent of Owner.

 

(e)                                  Handle and promptly respond to all Tenant
requests and negotiations.

 

(f)                                    Perform repairs and maintenance of a
custodial nature and arrange and supervise routine improvements, alterations
and repairs as may be required by Owner and good management standards.

 

(g)                                 With Owner’s prior written approval as to any
contracts over $500.00, bid, negotiate and enter into, and supervise, all
repair, maintenance service, material and utility contracts on behalf of Owner
and the Premises.

 

(h)                                 Promptly notify Owner of any matter that in
Operator’s reasonable judgment requires Owner’s attention.

 

(i)                                     Advise and cooperate with Owner in the
development and implementation of rules and regulations applicable to the
Premises, and enforce such applicable rules and regulations as Owner shall
adopt.

 

(j)                                     Obtain and maintain the policies of insurance specified in Section 7(a) hereof.

 

(k)                                  Prepare and file all necessary returns,
reports and forms required by law in connection with unemployment insurance,
social security taxes, worker’s compensation insurance, disability benefits,
Federal and state income tax withholding and other similar taxes and all other
returns and reports required by any Federal, state or municipal authority
(other than income and property tax returns of the Owner) and pay or make all
deposits required for such taxes.

 

 

(l)                                     Annually during the term, Operator shall
prepare and deliver to Owner a budget, for Owner’s reasonable approval,
reflecting the Gross Receipts and Operating Expenses (defined below) which
Operator expects to receive and incur, respectively, during Owner’s forthcoming
fiscal year (the “Budget”), it
being agreed that if Owner for any reason does not respond to any proposed
Budget within thirty (30) days after Owner’s receipt thereof, said Budget shall
be deemed approved. If at any time during the period covered by an approved
Budget it appears to Operator that the actual total of all Operating Expenses
likely to be incurred during said period will exceed the Budget’s projected
total by more than ten percent (10%), Operator shall promptly so advise Owner,
and Owner and Operator shall jointly discuss what actions, if any, could be
taken to minimize the Operating Expenses without substantially impairing
operations hereunder.

 

The
Owner shall pay Operator for expenses incurred by Operator in the performance
of its duties, obligations and services pursuant to this Agreement
(collectively, “Operating Expenses”). Operating
Expenses shall include, without limitation, all costs, charges and
administrative expenses for:  to the
extent applicable, salaries and wages and associated payroll burden (including,
without limitation, payroll taxes and fringe benefits); license and permit
fees; supplies, maintenance and repair to be performed by Operator; utility
charges (except to the extent paid directly by Owner); bookkeeping and administrative
services; health insurance and workers’ compensation. Owner shall procure the
property insurance specified in Section 11 herein, but the cost shall be
deemed an Operating Expense. In addition, certain Owner costs as designated in Section 9
herein below may be deemed Operating Expenses at Owner’s option. Such
Operating Expenses shall be paid from the Premises Account (defined in Section 4
below).

 

Operating
Expenses shall not include (i) the costs of maintenance and repair
required of Owner hereunder, or (ii) Owner’s various costs associated with
its ownership and/or occupancy of the Premises, including without limitation
depreciation, real estate taxes and assessments, taxes on Owner’s personal
property, debt retirement (including without limitation mortgage interest),
rent and such costs and expenses as may be necessitated to comply with the
Americans With Disabilities Act of 1990). Payment of such expenses and costs
are the sole obligation of Owner.

 

“Reimbursable Costs” are any expenses which are not deemed
Operating Expenses and are approved by Owner prior to expenditure.

 

If
Owner disputes any Operating Expense or Reimbursable Cost, Owner shall give
Operator written notice specifying the item disputed and the reason therefor. Payment
for any Operating Expense or Reimbursable Cost which is not disputed shall not
be withheld. The parties shall, in good faith, diligently pursue resolution of
any disputed item within thirty (30) days of said notice.

 

4.                                      GROSS RECEIPTS; NET PROFIT. All Gross Receipts collected by Operator
shall be deposited in an account in the State of                           
(the “Premises

 

 

Account”) established at a federally insured bank or
trust company, and Operator shall be under no liability or responsibility for
any loss resulting from the insolvency of any such depository.

 

“Gross Receipts” shall mean (a) all cash collected by
Operator from Tenants for amounts due under the Tenant Leases, whether rent,
reimbursable charges, or other amounts, provided all said amounts are amounts
that are due under the Tenant Leases, and (b) all cash collected from all
other operations whatsoever at the Premises including, without limitation, and
as applicable, laundry and vending machines and billboard and other
advertising.

 

“Net Profit” is the balance remaining after deducting all
Operating Expenses and Reimbursable Costs from Gross Receipts. All Net Profit
[less deductions for Operator’s Management Fee and the amount necessary to
maintain the Working Capital Level (defined in Section 6 herein below) in
the Premises Account] shall be paid to Owner concurrently with the delivery of
the monthly statement required in Section 8 of this Agreement.

 

5.                                      MANAGEMENT FEE. As compensation for Operator’s services
hereunder, Owner shall pay Operator a management fee of $            
per month (the “Management Fee”), which fee may be
deducted by Operator from the Premises Account. Provided this Agreement is
still in effect, on                   
1, 200   and on each                   
1 thereafter during the term of this Agreement, the Management Fee shall be
increased annually by the greater of (a) two percent (2%) or (b) the
annual percentage increase in the U.S. Consumer Price Index for Urban Consumers
–                       
area (“CPI”) (1982-84 = 100).

 

6.                                      WORKING CAPITAL LEVEL. Operator is hereby authorized to and shall
disburse amounts in the Premises Account to pay Operating Expenses,
Reimbursable Costs and Operator’s Management Fee. Owner agrees that the balance
in the Premises Account (the “Account Balance”) shall at all times be
maintained at no less than an amount (the “Working Capital Level”) sufficient
to pay for all Operating Expenses reasonably projected and/or anticipated by
Operator to be required in connection with operations hereunder of and the
performance of Operator’s duties hereunder for the immediately succeeding eight
(8) week period. If the Account Balance should at any given time be less
than the Working Capital Level, Owner shall deposit into the Premises Account
the amount of the deficiency within five (5) days after receiving written
notice thereof from Operator. If Owner fails to deposit the deficiency within
said five (5) day period, Owner agrees to reimburse Operator for any and
all Operating Expenses and Reimbursable Costs paid by Operator from its own
funds (it being expressly agreed and understood, however, that Operator shall
not be under any obligation to do so) together with interest thereon at the
highest legal rate permitted by law on the unpaid balance from the date such
payment became due and payable. In addition, at its option, Operator may terminate
this Agreement upon written notice, without waiving or limiting any of its
legal remedies (including the right to recover attorneys’ fees and any other
expenses incurred) which Operator may pursue to collect the amount owed.

 

 

7.                                      OPERATOR’S INSURANCE COVERAGES.

 

(a)                                  Operator shall
carry and maintain, as an Operating Expense, the following insurance coverages:

 

(1)                                  Worker’s Compensation insurance in compliance
with the Worker’s Compensation Act of the State of                           .

 

(2)                                  Employer’s liability insurance on all
employees for the Premises not covered by the Worker’s Compensation Act, for
occupational accidents or disease, for limits of not less than $1,000,000 for
any one occurrence.

 

(b)                                 Owner shall carry and maintain, at its
expense, the following insurance coverages:

 

(1)                                  Commercial
general liability insurance on an occurrence form basis with limits of not
less than $2,000,000 per occurrence with an annual aggregate limit of
$2,000,000 per location.

 

(2)                                  Automobile liability insurance (if
applicable) covering losses for owned, non-owned or hired vehicles including
comprehensive and collision coverage with a limit of not less than $2,000,000
per occurrence.

 

(3)                                  Comprehensive crime insurance including
employee theft, premise, transit and depositor’s forgery coverage with limits
as to any given occurrence of $1,000,000.

 

(4)                                  Umbrella liability insurance with an annual
aggregate limit of not less than $20,000,000.

 

(c)                                  The liability policies affording the
coverages described in Subsection (b) above shall be primary and
non-contributory to any insurance carried by Operator and endorsed (1) to
cover Operator and its employees, agents, directors and officers as additional
insureds and (2) to cover liability arising out of the acts or omissions
of said additional insureds, but only in connection with the additional
insureds’ occupying, managing and/or operating the Premises.

 

(d)                                 As evidence of the insurance required
pursuant to Subsection (b) above, Owner shall deliver certificates of
insurance to Operator. Renewal policies shall be timely obtained so that there
shall never be a lapse in coverage, and Owner shall endeavor to provide
Operator with certificates of renewal policies at least thirty (30) days prior
to expiration. The certificates of insurance shall state that the issuing
company shall mail thirty (30) days’ prior written notice to the certificate
holder should any of the policies be cancelled prior to the expiration date.

 

 

8.                                      MONTHLY REPORTING. Within ten (10) days after the end of
each calendar month, Operator shall mail to Owner a statement showing all Gross
Receipts, Operating Expenses, Reimbursable Costs, the Management Fee and Net
Profit for the preceding calendar month. The report of Gross Receipts shall
include a schedule summarizing the status of rent payments for each Tenant
Lease. Within ninety (90) days following the last month of the term of this
Agreement, Operator shall mail a like final statement.

 

Operator
shall keep complete and accurate reports and records (collectively, the “Records”) of all Gross Receipts, Operating Expenses,
Reimbursable Costs and Net Profit relating to the Premises. Such Records shall
be kept in accordance with good accounting practices. Operator shall permit
Owner to inspect Operator’s Records at Operator’s offices during reasonable
business hours and at Owner’s expense.

 

9.                                      OWNER’S OBLIGATIONS. Owner shall, at its expense, be responsible
for performance of the following:

 

(a)                                  Maintaining the Working Capital Level in the
Premises Account and maintaining the insurance required of Owner by this
Agreement.

 

(b)                                 Except for Operator’s obligations pursuant to
Section 3 above, repair and maintenance of the Premises, systems and
improvements in good condition and repair, including (as applicable):  heating, air conditioning, ventilating,
exhaust, fire protection, alarm, utility, plumbing (including lavatory
facilities), sewage, drainage, security and lighting systems; paving; painting;
striping; directional signs, fencing; landscaping; windows and doors; plate
glass; driveways, sidewalks and curbs (including curb cuts); elevators; sealing
and waterproofing; electrical or mechanical equipment, including traffic control
devices used at or in the Premises; and all structural repairs. Notwithstanding
any contrary provision in this Agreement, Owner’s costs under this subsection,
at Owner’s election, may be paid from the Premises Account.

 

(c)                                  Providing Operator with full and complete
copies of all Tenant Leases, as same may be modified or renewed from time
to time, and all other documents or records necessary or desirable to properly
manage the Premises, including but not limited to all correspondence regarding
Tenant Leases, reports of the status of rent payments, and copies of existing
service contracts.

 

(d)                                 Alterations, improvements and additions that
Owner deems necessary and/or as may be required by the Americans With
Disabilities Act of 1990, and payment of architectural, engineering or
consulting fees with respect thereto. Notwithstanding any contrary provision in
this Agreement, Owner’s costs under this subsection, at Owner’s election, may be
paid from the Premises Account.

 

(e)                                  Safety and/or security personnel and equipment.
Notwithstanding any

 

 

contrary
provision in this Agreement, Owner’s costs under this subsection, at Owner’s
election, may be paid from the Premises Account.

 

With
respect to Subsection (e) above, Owner expressly acknowledges that
Operator does not have knowledge or expertise as a guard or security service,
and does not employ personnel for that purpose, nor do Operator’s employees
undertake the obligation to guard or protect tenants or customers against the
intentional acts of third parties. Owner shall determine, at Owner’s
discretion, whether and to what extent any precautionary warnings, security
devices, or security services may be required to protect patrons in and
about the Premises. Owner further agrees to indemnify and to hold harmless Operator
from and against any claims, demand, suits, liabilities, or judgments arising
from Operator’s alleged failure to warn, to guard, or to protect persons in or
about the Premises from and against intentional threats, harm, or injury,
except for the negligent or intentionally committed acts of or by Operator or
Operator’s employees.

 

Owner
agrees that any contract between Owner and a third party contractor for work on
behalf of Owner at the Premises shall require (i) the third party
contractor to indemnify, save and hold Owner and Operator harmless from and
against and free and clear of all claims, suits, actions, and damages which may arise,
occur or result from work performed by said third party contractor, and (ii) to
require the third party contractor to name Owner and Operator as additional
insureds on the third party contractor’s policy of insurance and furnish Owner
and Operator with a certificate of insurance evidencing such coverages.

 

10.                               INDEMNIFICATION. Except to the extent covered by the insurance
required of Owner pursuant to Section 7(b) above, Operator shall
indemnify and hold harmless Owner from any and all loss and liability on
account of any damage or injury and from all losses, claims and demands caused
by the negligence of the Operator. Owner shall indemnify and hold harmless
Operator from all loss or liability on account of any damage or injury, claims
and demands arising out of any failure by Owner to provide the insurance
required pursuant to Section 7(b) above, or the acts or omissions of
the Owner, its agents or employees, or by reason of the physical or structural
condition of the Premises, or equipment contained therein, or by failure to
keep said Premises or equipment in good order and repair, or by fire, gas,
water, electricity failure or malfunction, or by the breaking overflowing or
leaking of roofs, pipes, or walls of said Premises, or for such other damage or
injury caused by any acts or events whatsoever.

 

11.                               OWNER’S INSURANCE. Owner shall, at its expense, provide and
maintain fire and extended coverage, vandalism and malicious mischief, and
all-risk insurance coverages for buildings, improvements and any other real or
personal property of Owner located on the Premises in an amount equal to the
full replacement cost thereof.

 

12.                               RELEASE AND WAIVER OF SUBROGATION. In the event all or any part of the
Premises (including any buildings, improvements or other real or personal
property thereon) are damaged or destroyed by fire or other casualty, the
rights or claims of either party or its employees, agents, successors or
assigns against the other with respect to liability for such

 

 

loss,
destruction or damage resulting therefrom, including loss, destruction or
damage suffered as a result of negligence of either party or their employees or
agents, are hereby released and discharged, and any and all subrogation rights
or claims are hereby waived to the extent of the actual insurance coverage
carried by the parties or which is commonly covered under an all-risk insurance
policy, in either case irrespective of applicable deductibles.

 

All
such insurance policies shall contain a clause or endorsement providing that
the insurance shall not be prejudiced if the insured has waived its rights of
recovery (including subrogation rights) against any person or company prior to
the date of loss, destruction or damage.

 

13.                               LICENSES AND PERMITS. Operator shall obtain and maintain all
licenses and permits required by an operator of apartment complexes by any
governmental body or agency having jurisdiction over Operator’s operations at
the Premises and will abide by the terms of such licenses and permits. Any
license or permit fees incurred by Operator shall be deemed an Operating
Expense.

 

14.                               LAWS AND ORDINANCES. Operator shall not use all or any part of
the Premises for any use or purpose which is (i) forbidden by or in
violation of any law of the United States, any state law or any city ordinance,
or (ii) may be dangerous to life, limb or property.

 

15.                               LOSS OR DAMAGE TO PREMISES. In case of any substantial loss of or
damage to the Premises as the result of a taking under the power of eminent
domain, or by fire, storm or other casualty, Owner may (i) repair or
restore the Premises at Owner’s expense, or (ii) abandon the operation and
terminate this Agreement by giving at least ten (10) days’ prior written
notice to Operator. If Owner so terminates, Owner shall not be liable to
Operator for Management Fees arising after the date of taking or casualty;
provided, however, if any portion of the Premises remains suitable for rental
housing and Operator, with Owner’s prior written approval, continues its
operations, Operator shall be entitled to receive its Management Fees for the
period during which such operations are continued. If Owner repairs and restores
the Premises, no Management Fees shall be due for the period the Premises are
unsuitable for rental housing, and Operator shall not be required to provide
services hereunder, but this Agreement shall continue in effect and the term
shall be extended for a period equal to the period needed for repair and
restoration.

 

16.                               RELATIONSHIP OF THE PARTIES. No partnership or joint venture between the
parties is created by this Agreement, it being agreed that Operator is an
independent contractor.

 

17.                               FORCE MAJEURE. Neither party shall be in violation of this
Agreement for failure to perform any of its obligations by reason of
strikes, boycotts, labor disputes, embargoes, shortages of materials, acts of
God, acts of the public enemy, acts of public authority, weather conditions,
riots, rebellion, accidents, sabotage or any other circumstances for

 

 

which
it is not responsible and which are not within its control. No Management Fee
shall be due to Operator if it suspends operations for any such cause or event.

 

18.                               GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of                           .

 

19.                               APPROVALS. Whenever the approval of either party is
required herein, such approval shall not be unreasonably withheld or delayed.

 

20.                               WAIVERS. No waiver of default by either party of any
term, covenant or condition hereof to be performed or observed by the other
party shall be construed as, or operate as, a waiver of any subsequent default
of the same or any other term, covenant or condition hereof.

 

21.                               SEVERABILITY. If any provision hereof is held to be
invalid by a court of competent jurisdiction, such invalidity shall not affect
any other provision hereof, provided such invalidity does not materially
prejudice either party in its rights and obligations contained in the valid
provisions of this Agreement.

 

22.                               TERMINATION. In addition to all other termination rights
hereunder, either party may terminate this Agreement upon the breach by
the other party of any covenant, term or condition hereof, provided the
breaching party first receives written notice of such breach and fails to
remedy same, within ten (10) days if a monetary breach or within twenty
(20) days if a non-monetary breach, after receipt of written notice thereof, or
if the breaching party fails to commence remedying such non-monetary breach
within said 20-day period if such breach cannot be reasonably remedied within
twenty (20) days. Either party may terminate this Agreement in the event
the other party files a voluntary petition or similar pleading for bankruptcy,
insolvency, receivership or makes an assignment for the benefit of creditors,
with such termination to be effective upon giving notice thereof.

 

So
long as Operator is not in default of this Agreement, Operator shall have the
right of first refusal to meet any bona fide offer by a third party to manage
the Premises after the term hereof which is received by Owner during the
Initial Term or any extension term of this Agreement and is acceptable to Owner.
Owner, upon its receipt of any such offer and before accepting and executing an
acceptance thereof and/or an agreement incorporating the terms thereof with the
offeror, shall provide Operator with a true and complete copy thereof. Upon
receipt of such copy from Owner, Operator shall have fifteen (15) days to
notify Owner in writing, that Operator is willing to meet said offer. If Owner
does not receive such notice within such fifteen (15) day period, Owner shall
be free to proceed to accept such offer and enter into an agreement
incorporating the terms of such offer, provided Owner notifies Operator, in
writing, as to the effective date of such new agreement, which effective date
shall not be any earlier than the expiration date of this Agreement.

 

 

23.                               SALE OF PREMISES. Subject and subordinate to all termination
rights hereunder, in the event of a sale of the Premises, in whole or in part,
this Agreement and Operator’s rights hereunder shall not be disturbed so long
as Operator keeps and performs its agreements contained herein.

 

24.                               ASSIGNMENT. Operator shall not assign or transfer this
Agreement or its right, title or interest herein without the prior written
consent of Owner, which consent shall not be unreasonably withheld. Operator is
hereby given the right to assign this Agreement to an affiliate of Operator or
to a corporation substantially all of the stock of which is owned by Operator
and/or to collaterally assign its right, title and interest herein to a
financial institution as security for any present or future loans to Operator.

 

25.                               NOTICES. Any notice or communication required to be
given to or served upon either party hereto shall be given or served by
personal service or by express delivery or by mailing the same, postage
prepaid, by United States registered or certified mail, return receipt
requested, to the following addresses:

 

 

	
   

  	
  TO
  OWNER:

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TO
  OPERATOR:

  	
  Standard
  Parking Corporation

  
	
   

  	
   

  	
  Attn:
  Legal Department

  
	
   

  	
   

  	
  Suite 1600

  
	
   

  	
   

  	
  900
  North Michigan Avenue

  
	
   

  	
   

  	
  Chicago,
  IL 60611

  
	
   

  	
   

  	
   

  
	
   

  	
  with
  copy (by regular mail) to:

  	
  Standard
  Parking Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

Either
party may designate a substitute address at any time hereafter by written
notice thereof to the other party.

 

26.                               ENTIRE AGREEMENT. This Agreement, together with all exhibits
hereto, constitutes the entire agreement between the parties, and supercedes
all representations, statements or prior agreements and understandings both
written and oral with respect to the matters contained in this Agreement and
exhibits hereto. No person has been authorized to give any information or make
any representation not contained in this Agreement. This Agreement may be
amended only by written agreement of the parties.

 

27.                               PARTIES BOUND. This Agreement shall be binding upon and inure
to the

 

 

benefit
of the parties hereto and their heirs, successors, executors, administrators,
legal representatives and permitted assigns.

 

28.                               NEITHER PARTY DEEMED DRAFTER. The parties to this Agreement have had
sufficient time to consult legal counsel and negotiate changes regarding the
terms hereof. Therefore, neither party shall be deemed the drafter of this
Agreement and, as such, this Agreement shall not be construed against either
party due to the drafting hereof.

 

29.                               ATTORNEY FEES. In the event that either party hereto should (i) retain
legal counsel and/or institute any suit against the other for violation of this
Agreement or to enforce any of the covenants or conditions herein, or (ii) intervene
in any suit in which the other is a party to enforce or protect its interest or
rights hereunder, the prevailing party in any such suit shall be entitled to
all of its costs, expenses and reasonable fees of its attorney(s) (if and to
the extent permitted by law) in connection therewith. The rights and
obligations of this Section shall survive the termination or expiration of
this Agreement.

 

30.                               AUTHORITY.
The individual signing this Agreement on behalf of Owner hereby represents
that he or she has been empowered with full authority to act on behalf of Owner
in connection with this Agreement, and that execution of this Agreement has
been duly authorized by Owner. If this Agreement is signed by an agent of
Owner, then the individual signing below on behalf of Owner’s agent hereby
represents that he or she has been empowered with full authority to act on
behalf of said agent in connection with this Agreement, and that execution of
this Agreement has been duly authorized by said agent and by Owner. The
individual signing this Agreement on behalf of Operator hereby represents that
he or she has been empowered with full authority to act on behalf of Operator
in connection with this Agreement, and that execution of this Agreement has
been duly authorized by Operator.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

 

 

	
  OWNER:

  	
  OPERATOR:

  
	
   

  	
   

  
	
   

  	
   

  	
  Standard
  Parking Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

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