Document:

Exhibit 10.69
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EXECUTION COPY
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*Portions of this exhibit have been omitted for confidential treatment pursuant to Item 601(b)(10)(iv) of Regulation S-K.
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LEASE
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BETWEEN
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UNIQURE, INC., AS TENANT
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AND
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G&I IX/GP4 20 MAGUIRE LLC, AS LANDLORD
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20 MAGUIRE ROAD, LEXINGTON, MASSACHUSETTS
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The submission of an unsigned copy of this document to Tenant for Tenant’s consideration does not constitute an offer to lease the Premises or an option to or for the Premises. This document shall become effective and binding only upon the execution and delivery of this Lease by both Landlord and Tenant.
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TABLE OF CONTENTS
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	PAGE

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	ARTICLE 1 BASIC DATA; DEFINITIONS
	1

	1.1
	Basic Data
	1

	1.2
	Additional Definitions
	3

	1.3
	Enumeration of Exhibits
	6

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	ARTICLE 2 PREMISES AND APPURTENANT RIGHTS
	6

	2.1
	Lease of Premises
	6

	2.2
	Appurtenant Rights and Reservations
	6

	2.3
	Option to Extend.
	11

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	ARTICLE 3 BASIC RENT
	13

	3.1
	Payment.
	13

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	ARTICLE 4 CONDITION OF PREMISES
	14

	4.1
	Condition of Premises; Initial Improvements
	14

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	ARTICLE 5 USE OF PREMISES
	14

	5.1
	Permitted Use
	14

	5.2
	Installations and Alterations by Tenant.
	14

	5.3
	Extra Hazardous Use
	16

	5.4
	Hazardous Materials.
	17

	5.5
	Odors and Exhaust
	20

	5.6
	Acid Neutralization Tank
	21

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	ARTICLE 6 ASSIGNMENT AND SUBLETTING
	22

	6.1
	Prohibition.
	22

	6.3
	Landlord’s Consent
	24

	6.4
	Acceptance of Rent
	26

	6.5
	Excess Payments
	26

	6.6
	Landlord’s Recapture Right
	26

	6.7
	Further Requirements
	26

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	ARTICLE 7 RESPONSIBILITY FOR REPAIRS AND CONDITION OF PREMISES;
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	SERVICES TO BE FURNISHED BY LANDLORD
	27

	7.1
	Landlord Repairs.
	27

	7.2
	Tenant Repairs; Compliance with Laws
	28

	7.3
	Floor Load - Heavy Machinery.
	29

	7.4
	Utility Services.
	29

	7.5
	Other Services.
	31

	7.6
	Interruption of Service
	32

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(i)
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	ARTICLE 8 REAL ESTATE TAXES
	33

	8.1
	Payments on Account of Real Estate Taxes.
	33

	8.2
	Abatement
	35

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	ARTICLE 9 OPERATING EXPENSES
	35

	9.1
	Definitions
	35

	9.2
	Tenant’s Payment of Operating Expenses.
	35

	9.3
	Gross-Up Provision
	36

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	ARTICLE 10 INDEMNITY AND PUBLIC LIABILITY INSURANCE
	37

	10.1 
	Tenant’s Indemnity
	37

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	ARTICLE 11 FIRE, EMINENT DOMAIN, ETC.
	41

	11.1 
	Landlord’s Right of Termination
	41

	11.2 
	Restoration; Tenant’s Right of Termination
	41

	11.3 
	Abatement of Rent
	43

	11.4 
	Eminent Domain
	44

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	ARTICLE 12 HOLDING OVER; SURRENDER
	45

	12.1 
	Holding Over
	45

	12.2 
	Surrender of Premises
	45

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	ARTICLE 13 RIGHTS OF MORTGAGEES; TRANSFER OF TITLE
	47

	13.1 
	Rights of Mortgagees or Ground Lessor.
	47

	13.2 
	Assignment of Rents and Transfer of Title
	48

	13.3 
	Notice to Mortgagee
	49

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	ARTICLE 14 DEFAULT; REMEDIES
	49

	14.1 
	Tenant’s Default.
	49

	14.2
	Landlord’s Remedies
	50

	14.3 
	Additional Rent
	54

	14.4 
	Remedying Defaults
	54

	14.5 
	Remedies Cumulative
	54

	14.6 
	Enforcement Costs
	55

	14.7 
	Waiver.
	55

	14.8 
	Security Deposit
	55

	14.9 
	Landlord’s Default
	57

	14.10 
	Independent Covenants
	57

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	ARTICLE 15 MISCELLANEOUS PROVISIONS
	57

	15.1 
	Landlord’s Rights of Access
	57

	15.2 
	Covenant of Quiet Enjoyment
	58

	15.3 
	Landlord’s Liability.
	59

	15.4 
	Estoppel Certificate
	59

	15.5 
	Brokerage
	59

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(ii)
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	15.6
	Rules and Regulations
	60

	15.7
	Financial Statements
	60

	15.8
	Confidentiality
	61

	15.9
	Invalidity of Particular Provisions; Saving Clause
	61

	15.10
	Provisions Binding, Etc
	61

	15.11
	Recording
	61

	15.12
	Notice
	62

	15.13
	Authority
	62

	15.14
	When Lease Becomes Binding; Entire Agreement; Modification
	63

	15.15
	Paragraph Headings and Interpretation of Sections
	63

	15.16
	Joint and Several Liability; Successors and Assigns
	63

	15.17
	Waiver of Jury Trial
	63

	15.18
	Reservation
	63

	15.19
	Prohibited Persons and Transactions
	64

	15.20
	Time Is of the Essence
	64

	15.21
	Matters of Record
	64

	15.22
	Air and Light/Roof/Exterior
	64

	15.23
	ERISA
	65

	15.24
	Multiple Counterparts; Entire Agreement
	65

	15.25
	Governing Law
	65

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	EXHIBIT A Location Plan of Premises
	A-1

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	EXHIBIT B Plan of the Property
	B-1

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	EXHIBIT C Work Letter
	C-1

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	EXHIBIT D Commencement Date Letter
	D-1

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	EXHIBIT E Operating Expenses
	E-1

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	EXHIBIT F Rules and Regulations of Building
	F-1

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	EXHIBIT G Tenant’s Removable Property
	G-1

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	EXHIBIT H List of Tenant’s Hazardous Materials
	H-1

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(iii)
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L E A S E
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THIS LEASE is dated as of November 23, 2021 between the Landlord and the Tenant named below, and is of space in the Building described below.
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ARTICLE 1
BASIC DATA; DEFINITIONS
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1.1Basic Data. Each reference in this Lease to any of the following terms shall be construed to incorporate the data for that term set forth in this Section:
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Landlord:  G&I IX/GP4 20 Maguire LLC, a Delaware limited liability company
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Landlord’s Notice Address:  Griffith Properties, LLC
22 Boston Wharf Road, 7th Floor,
Boston, MA 02210
Attention: [***]
E-mail:  [***]
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With copy to:
DRA Advisors, LLC
220 East 42nd Street, 27th Floor,
New York, NY 100017 
Attention: [***]
E-mail:  [***]
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Tenant: UniQure, Inc.
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Tenant’s Notice Address: 131 Hartwell Avenue, Lexington, MA 02421 Attn: General Counsel, E-mail: [***]
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Property: The land located in Lexington, Massachusetts, together with the Building and other improvements thereon, as shown on Exhibit B attached hereto.
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Building: The building commonly known and numbered as 20 Maguire Road, Lexington, Massachusetts.
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Building Rentable Area: Agreed to be 101,310 square feet.
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Premises: The portion of the first (1st) floor of the Building shown on the location plan attached hereto as Exhibit A.
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Premises Rentable Area: Agreed to be 13,501 square feet.
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1

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Basic Rent: The Basic Rent is as follows:
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	RENTAL PERIOD
	ANNUAL BASIC RENT
	MONTHLY PAYMENT

	First Lease Year
	$850,563.00
	$70,880.25

	Second Lease Year
	$876,079.89
	$73,006.66

	Third Lease Year
	$902,362.29
	$75,196.86

	Fourth Lease Year
	$929,433.16
	$77,452.76

	Fifth Lease Year
	$957,316.15
	$79,776.35

	Sixth Lease Year
	$986,035.63
	$82,169.64

	Seventh Lease Year
	$1,015,616.70
	$84,634.73

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Commencement Date: The Substantial Completion Date of Landlord’s Work as provided in Exhibit C, subject to acceleration for Tenant Delay as further described in Exhibit C. Notwithstanding the foregoing, if Tenant’s personnel shall occupy all or any part of the Premises for the conduct of its business (as distinguished from the installation of furniture, fixtures, and equipment) prior to the Commencement Date as determined pursuant to the preceding sentence, such date of occupancy shall, for all purposes of this Lease, be the Commencement Date. Promptly upon the occurrence of the Commencement Date, Landlord and Tenant shall execute and deliver a letter designating the Commencement Date substantially in the form attached hereto as Exhibit D, but the failure by either party to execute and deliver such a letter shall have no effect on the Commencement Date, as hereinabove determined.
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Tenant’s Proportionate Share: 13.33% (which is based on the ratio of (a) Premises Rentable Area to (b) Building Rentable Area ).
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Security Deposit:  $310,352.71, in the form of a letter of credit acceptable to Landlord (the “Letter of Credit”) to be held and disposed of as provided in Section 14.8.
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Term: The period commencing on the Commencement Date and expiring at the close of the day immediately preceding the seventh (7th) anniversary of the Commencement Date, except that if the Commencement Date is other than the first day of a calendar month, the expiration of the Term shall be at the close of the last day of the calendar month in which such anniversary falls. The Term shall include any extension thereof that is expressly provided for by this Lease and that is effected strictly in accordance with this Lease; if no extension of the Term is expressly provided for by this Lease, no right to extend the Term shall be implied by this provision.
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Initial General Liability Insurance: $1 million per occurrence, $2 million general aggregate limit per location, $2 million personal and advertising limit, $2 million products/completed operations limit and $1 million damage to premises rented to you, with an Excess Limits (Umbrella) Policy in the amount of at least $5 million per occurrence/general aggregate. See Section 10.2.
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2

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Permitted Use: General office, laboratory, research and development, light manufacturing, and all other accessory uses, including an animal holding facility (subject to the provisions herein), in accordance with all applicable Laws and consistent with the character of a first class office and laboratory building.
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1.2Additional Definitions. When used in Lease, the capitalized terms set forth below shall bear the meanings set forth below.
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Adequate Assurance: As defined in Section 14.2.
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Adequate Assurance of Future Performance: As defined in Section 14.2.
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Additional Rent: All charges and sums payable by Tenant as set forth in this Lease (including without limitation, pursuant to any Tenant indemnity obligations or Landlord remedies on account of any default by Tenant hereunder), other than and in addition to Basic Rent.
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Alterations: As defined in Section 5.2.
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Bankruptcy Code: As defined in Section 14.1.
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Base Building: Shall mean all of the Structural Elements (as hereinafter defined) of the Building, the roof and roof system, the common building and core facilities of the Building, and the Base Building Systems serving the Building, but shall not include any Improvements (including without limitation, the Landlord’s Work), Alterations, or other fixtures or personal property installed by or on behalf of Tenant or any party claiming by, through or under Tenant.
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Base Building Systems: Shall mean the mechanical, gas, electrical, sanitary, heating, air conditioning, ventilating, elevator, plumbing, fire control and suppression, sprinkler/life safety and security systems (to the extent installed by Landlord) and other common service systems of the Building, but shall not include the distribution portions of such systems which exclusively serve the Premises (whether located in the Premises or other areas of the Building).
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Brokers: Colliers International and CBRE.
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Business Day: All days except Saturdays, Sundays, New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and the day after Thanksgiving Day, and Christmas Day.
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Common Facilities: As defined in Section 2.2.
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Default Interest Rate: As defined in Section 3.1(a).
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Environmental Condition: Any disposal, release or threat of release of Hazardous Materials on, under, from or about the Building or the Property or storage of Hazardous Materials on, from or about the Building or the Property.
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Environmental Laws: Any federal, state and/or local statute, ordinance, bylaw, code, rule and/or regulation now or hereafter enacted, pertaining to any aspect of the environment or human health, including, without limitation, Chapter 21C, Chapter 21D, and Chapter 21E of the General Laws of Massachusetts and the regulations promulgated by the Massachusetts Department of Environmental Protection, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. § 9601 et seq., the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901 et seq., the Toxic Substances Control Act, 15 U.S.C. §2061 et seq., the Federal Clean Water Act, 33 U.S.C. §1251, and the Federal Clean Air Act, 42 U.S.C. §7401 et seq.
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Escalation Charges: The Additional Rent arising pursuant to Article 8 and Article 9 of this Lease.
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Estimated Commencement Date: April 1, 2022.
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Event of Bankruptcy: As defined in Section 14.1.
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Event of Default: As defined in Section 14.1.
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Force Majeure: Collectively and individually, strikes, lockouts or other labor trouble, fire or other casualty, acts of God, governmental preemption of priorities or other controls in connection with a national or other public emergency or shortages of fuel, pandemics (including without limitation, Covid-19), epidemics, shortages of fuel, supplies or labor resulting therefrom, unusually adverse weather conditions, fire or other casualty, acts of terrorism or bioterrorism, civil commotion, or any other cause, whether similar or dissimilar, beyond the reasonable control of the party required to perform an obligation (except with respect to the obligations imposed with regard to Basic Rent or Additional Rent and other charges to be paid by Tenant or Landlord pursuant to this Lease, which shall not be excused for Force Majeure events or conditions).
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Hazardous Materials: Shall mean chemicals, contaminants, pollutants, flammables, explosives, materials, wastes or other substances defined, determined or identified as hazardous or toxic under or otherwise controlled pursuant to any Environmental Laws, including, without limitation, any “oil,” “hazardous material,” “hazardous waste,” “hazardous substance” or “chemical substance or mixture”, as the foregoing terms (in quotations) are defined in any Environmental Laws.
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Improvements: As defined in Section 10.2.
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Landlord’s Restoration Work: As defined in Section 11.2.
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Landlord’s Work: As defined in Exhibit C, if any.
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Laws: All present and future statutes, laws, codes, regulations, ordinances, orders, rules, bylaws, administrative guidelines, requirements, directives and actions of any federal, state or local governmental or quasi-governmental authority, and other legal requirements of whatever kind or nature that are applicable to the Property, including, without limitation, all Environmental Laws and the Americans With Disabilities Act of 1990 (including the Americans
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With Disabilities Act Accessibility Guidelines for Buildings and Facilities), and any amendments, modifications or changes to any of the foregoing.
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Lease Year: Means each period of one year during the Term commencing on the Commencement Date or on any anniversary thereof, or, if the Commencement Date does not fall on the first day of a calendar month, the first Lease Year shall consist of the partial calendar month following the Commencement Date and the succeeding twelve full calendar months, and each succeeding Lease Year shall consist of a one-year period commencing on the first day of the calendar month following the calendar month in which the Commencement Date fell.
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Operating Expenses: As defined in Section 9.1.
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Operating Year: As defined in Section 9.1.
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Plans: As defined in Exhibit C, if any.
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Recapture Date: As defined in Section 6.5.
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Rules and Regulations: As defined in Section 2.2.
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Specified Restoration Work: As defined in Section 11.2.
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Structural Elements: Shall mean the Building’s footings, foundations, floor and ceiling slabs, exterior structural walls, interior structural columns and other load-bearing elements of the Building.
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Substantial Completion Date: As defined in Exhibit C, if any.
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Successor Landlord: As defined in Section 13.1.
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Superior Lease: As defined in Section 13.1.
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Superior Lessor: As defined in Section 13.1.
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Superior Mortgage: As defined in Section 13.1.
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Superior Mortgagee: As defined in Section 13.1.
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Tangible Net Worth: Shall mean total assets minus intangible assets (including, without limitation, goodwill, patents and copyrights) and total liabilities, all as calculated in accordance with generally accepted accounting principles.
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Taxes: As defined in Section 8.1.
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Tax Year: As defined in Section 8.1.
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Tenant’s Delay: As defined in Exhibit C, if any.
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Tenant’s Removable Property: As defined in Section 5.2.
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5

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Tenant’s Restoration Work: As defined in Section 11.2.
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1.3Enumeration of Exhibits. The following Exhibits are a part of this Lease, are incorporated herein by reference attached hereto, and are to be treated as a part of this Lease for all purposes. Undertakings contained in such Exhibits are agreements on the part of Landlord and Tenant, as the case may be, to perform the obligations stated therein.
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Exhibit A – Location Plan of the Premises
Exhibit B – Plan of the Property
Exhibit C – Work Letter (including without limitation, Schedule
C -1 and Schedule C - 2 thereto)
Exhibit D – Commencement Date Letter
Exhibit E – Operating Expenses
Exhibit F – Rules and Regulations
Exhibit G: Tenant’s Removable Property
Exhibit H: List of Tenant’s Hazardous Materials
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ARTICLE 2
PREMISES AND APPURTENANT RIGHTS
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2.1Lease of Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Premises for the Term and upon the terms and conditions hereinafter set forth.
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2.2Appurtenant Rights and Reservations
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(a)Tenant shall have, as appurtenant to the Premises, the non-exclusive right to use, and permit its invitees to use in common with Landlord and others, (i) public or common lobbies, hallways, stairways, elevators and common walkways necessary for access to the Building and the Premises, and if the portion of the Premises on any floor includes less than the entire floor, the common toilets, corridors and elevator lobby of such floor; and (ii) the access roads, driveways, parking areas, loading areas, pedestrian sidewalks, landscaped areas, trash enclosures and other areas or facilities, if any, which are located in or on the Property and designated by Landlord from time to time for the non-exclusive use of tenants and other occupants of the Property (the “Common Facilities”); but such rights shall always be subject to reasonable rules and regulations from time to time established by Landlord pursuant to Section 15.6 (the “Rules and Regulations”) and to the right of Landlord to designate and change from time to time such areas and facilities so to be used in accordance with Section 15.18 of this Lease. Notwithstanding anything to the contrary herein or in the Lease contained, Landlord has no obligation to allow any particular telecommunication service provider to have access to the Building or to the Premises. If Landlord permits such access, Landlord may condition such access upon the payment to Landlord by the service provider of reasonable fees assessed by Landlord in its sole discretion. Subject to the execution and delivery of a commercially reasonable access agreement between Landlord and Lumen that is acceptable to  Landlord, Landlord hereby approves Lumen as Tenant’s telecommunication service provider.
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6

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(b)Excepted and excluded from the Premises and the Common Facilities are the floor slab, demising walls and perimeter walls and exterior windows (except the inner surfaces of each thereof), and any space in the Premises used for common shafts, stacks, pipes, conduits, fan rooms, ducts, electric or other utilities, sinks or other Building facilities, but the entry doors (and related glass and finish work) to the Premises are a part thereof. Landlord shall have the right to place in the Premises (but in such manner as to reduce to a minimum interference with Tenant’s use of the Premises) interior storm windows, sun control devices, utility lines, equipment, stacks, pipes, conduits, ducts and the like, provided that any such utility lines, equipment, stacks, pipes, conduits, ducts or the like, are located within the walls, below floors, and to the exterior of interior walls. In the event that Tenant shall install any hung ceilings or walls in the Premises, Tenant shall install and maintain, as Landlord may reasonably require, proper access panels therein to afford access to any facilities above the ceiling or within or behind the walls. Tenant shall be entitled to install any such ceilings or walls only in compliance with the other terms and conditions of this Lease. Except in connection with the installation of Alterations approved by Landlord hereunder, Tenant shall have no right to access and use the fan rooms, janitorial, electrical, telephone and telecommunications closets, conduits, risers, plenum spaces and other service areas of the Building without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned, or delayed.
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(c)Tenant shall have the right, on an unreserved, non-exclusive basis, to park in the areas on the Property (the “Parking Areas”), in common with other tenants of the Building upon such terms and conditions as may be established by Landlord from time to time during the Term of this Lease. Tenant agrees not to overburden the Parking Areas and agrees to cooperate with Landlord and other tenants in use of the Parking Areas. For purposes of determining whether Tenant is overburdening the Parking Areas, Tenant shall be deemed to have a parking allocation of 46 parking spaces (which is based on a ratio of 3.4 parking spaces for each one thousand square feet of Premises Rentable Area) and shall have the right to park in such allocated parking spaces regardless of how the remaining parking spaces are allocated to other tenants of the Building. Subject to such allocation, Landlord reserves the right in its sole, but reasonable, discretion to determine whether the Parking Areas are becoming overburdened. Landlord shall have the absolute right (i) to allocate and assign parking spaces among some or all of the tenants of the Building (and Tenant shall comply with any such parking assignments), (ii) to reconfigure, maintain, repair and replace the paving in the Parking Areas, and/or (iii) to modify the existing ingress to and egress from the Parking Areas as Landlord shall deem appropriate, as long as (x) access to such Parking Areas is maintained after any such modification is completed and (y) Tenant at all times after any such modification, reconfiguring, maintenance, repairs or paving replacement, has reasonable access to the parking to which it is entitled hereunder, it being acknowledged by Tenant that Tenant’s parking spaces may be temporarily reduced during the period in which Landlord is performing any work in connection with the foregoing. Landlord may delegate its responsibilities hereunder to a parking operator in which case such parking operator shall have all the rights attributed hereby to Landlord. The parking rights allocated to Tenant pursuant to this Lease are provided to Tenant solely for use by Tenant’s own personnel and invitees and such rights may not be transferred, assigned, subleased or otherwise alienated by Tenant without Landlord’s prior approval, other than to a Transferee in connection with a Transfer permitted without Landlord’s consent under Section 6.1(b) or to a Transferee to whom Landlord consents pursuant to Section 6.1(a). The parking spaces initially will not be separately identified; however Landlord reserves the right to separately identify by
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7

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signs or other markings the area or parking spaces to which Tenant’s parking rights relate . Landlord shall have no obligation to monitor the use of the Parking Areas, nor shall Landlord be responsible for any loss or damage to any vehicle or other property or for any injury to any person. Tenant shall comply with all reasonable rules and regulations which may be adopted by Landlord from time to time with respect to parking and/or the Parking Areas. In the event Landlord elects, or is required by any Law, to limit or control parking, whether by validation of parking tickets or any other method of assessment, Tenant agrees to participate in such validation or assessment program under such reasonable rules and regulations as are from time to time established by Landlord.
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(d)The designation or use from time-to-time of portions of the Property exterior to the Premises as Common Facilities shall not restrict Landlord’s use of such areas for buildings, structures and/or for retail or such other purposes in connection with and consistent with the operations of the Property as Landlord shall determine, Landlord hereby reserving the unrestricted right to build, add to, subtract from, lease, license, relocate and/or otherwise use (temporarily and/or permanently), any buildings, kiosks, other structures, parking areas, roadways or other areas or facilities anywhere upon the Property for such other purposes as Landlord shall determine, provided that such actions do not materially adversely affect Tenant’s quite use and enjoyment of the Premises or increase its obligations hereunder.
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(e)Landlord shall install, at Landlord’s expense, building-standard suite entry signage; provided, that Tenant may install, at Tenant’s expense, non-building-standard signs or lettering on the entry doors to the Premises provided such signs are approved by Landlord in writing in advance and otherwise conform to sign standards for the Building adopted by Landlord in its sole discretion and Tenant has submitted to Landlord a plan or sketch in reasonable detail (showing, without limitation, size, color, location, materials and method of affixation) of the sign to be placed on such entry doors. Except for the foregoing signage, Tenant will not place on the exterior of the Premises (including both interior and exterior surfaces of doors and interior surfaces of windows) or on any part of the Building outside the Premises, any sign, symbol, advertisement or the like visible to public view outside of the Premises. If and only so long as Landlord maintains a tenant directory in the main lobby of the Building, Landlord shall cause Tenant’s name to be listed on such tenant directory; provided, however, that any changes or replacements of such lobby listing after the initial installation shall be at Tenant’s expense.
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(f)Landlord hereby covenants to provide to Tenant, and Tenant will have the non-exclusive right of access to and use of (such right of access and use being at no cost to Tenant), the portion of the surface area of the roof of the Building shown on Exhibit B attached hereto (the “Rooftop Area”) to install and service (at Tenant’s sole cost and expense) a reasonable amount of telecommunication equipment, dedicated HVAC, stand-by generator (a “Generator”), and other equipment (such use, the “Roof Use;” such equipment, the “Rooftop Equipment”); provided that Landlord shall have the right to grant similar access and use rights to other tenants. In exercising Tenant’s right to use the Rooftop Area: (i) Tenant must first notify Landlord and obtain Landlord’s consent to the specific Rooftop Equipment and manner of installation (which consent shall not be unreasonably withheld, conditioned or delayed (provided, that Landlord may condition its approval on Tenant using Landlord’s preferred contractors)); (ii) Tenant shall (x) be responsible for obtaining all permits, approvals, licenses
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and the like, necessary to install any such Rooftop Equipment and for the Roof Use (Landlord agreeing to cooperate in connection with the same, at no cost or liability to Landlord, and without being required to attend any public hearings in connection with the same) and (y) comply with all Laws, with any covenants, conditions and restrictions of record applicable to the Building (including, without limitation, any applicable MassPort requirements, including the MassPort avigation easement), and with all requirements of any board of fire insurance underwriters or similar body and shall obtain any additional insurance coverage reasonably required by Landlord or otherwise required by governmental authorities in connection with Tenant’s Roof Use; (iii) the Roof Use and installation of the Rooftop Equipment shall not void any roof or other warranty applicable to the Building, and Landlord may require that Tenant obtain written confirmation from the roof or other warrantor that the Roof Use and installation of the Rooftop Equipment does not void any such warranty; (iv) such Rooftop Equipment shall be located and screened in a manner mutually acceptable to Landlord and Tenant in their reasonable discretion; (v) such Rooftop Equipment (other than any Rooftop Equipment installed as part of Landlord’s Work, if any) shall be removed by Tenant upon surrender of the Premises (including repair of any damage caused by such removal) (vi) Tenant shall pay, annually in advance, to Landlord, any increases in Landlord’s insurance directly attributable to Tenant’s particular Roof Use as evidenced by Landlord in writing; (vii) Landlord makes no representations, warranties or promises regarding the suitability of the Building’s roof for the Roof Use, and Tenant accepts the roof in its “as is” condition (subject to Landlord’s maintenance and repair obligations set forth elsewhere in this Lease); (viii) the Roof Use and the Rooftop Equipment shall not create any hazardous condition or interfere with or impair the operation of the Building Systems or utilities or other systems or facilities for the Building (including communications equipment installed by Landlord or any other Building tenants) installed prior to such Rooftop Equipment, and shall not directly or indirectly interfere with, delay, restrict or impose any expense, work or obligation upon Landlord in the use or operation of the Building; (ix) the installation, repair, replacement, servicing and maintenance of the Rooftop Equipment shall be at Tenant’s sole cost and expense, including the cost of repairing all damage to the Buildings and any personal injury and/or property damage to the Building to the extent attributable to the installation, inspection, adjustment, maintenance, removal or replacement of any of Tenant’s Rooftop Equipment; (x) the Tenant’s installation of any Rooftop Equipment in the Rooftop Area, or its operation following the installation thereof, shall not interfere with the permitted uses by other tenants or occupants of their premises or of any antennae, communication dishes, or other improvements installed by such tenants or occupants in compliance with applicable Laws, and (xi) the Roof Use shall be solely in the ordinary course of Tenant’s business operations (and Tenant may not sublease, license or otherwise permit third parties to establish communications transmission facilities as part of Tenant’s Roof Use except as a right appurtenant to their subletting of the Premises or assumption of this Lease). Notwithstanding the foregoing, if Landlord reasonably determines that the Tenant’s Rooftop Equipment is interfering with the equipment of other tenants of the Building placed on the roof in compliance with the terms of such tenant’s lease and Tenant’s rights hereunder, Landlord shall notify Tenant and shall afford Tenant not less than five (5) Business Days to cure such interference (or such shorter period as is reasonable under the circumstances relating to the impact of such interference on the equipment of such other tenants). Tenant shall not install any equipment or other property on the roof pursuant to this Section 2.2(f) without Landlord’s prior reasonable approval of the manner of such installation and detailed plans and specifications for such installation and all such installations shall be subject to
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the terms of this Lease applicable to Alterations. Any electric current necessary to operate the Tenant’s Rooftop Equipment shall be obtained by Tenant from the public utility furnishing electricity to the Premises (or derived from the same separately metered or separately check-metered service in the Premises) and Landlord shall have no obligation to furnish any electric current (or any other utilities) in connection therewith. Notwithstanding anything in this Section 2.2(f) to the contrary, Landlord shall have the right, at any time upon thirty (30) days’ prior written notice to Tenant indicating the relocation location and requirement, to require Tenant to relocate any of its Rooftop Equipment to such alternative rooftop location as is reasonably designated by Landlord in such notice; provided that no such relocation shall unreasonably interrupt Tenant’s operations in the Premises and any such relocation shall be scheduled in a manner reasonably necessary to minimize any interference with Tenant’s occupancy of the Premises or business therein. Such relocation shall be at Landlord’s sole cost and expense and shall be to functionally equivalent areas of the roof. If Tenant fails to comply with the terms of this Section 2.2(f) regarding such Roof Use within applicable notice and cure periods, Landlord shall have the right to require Tenant to remove the Tenant’s Rooftop Equipment that is not in compliance with Tenant’s Roof Use rights set forth in this Section 2.2(f), in which event such removal shall be at Tenant’s sole cost and expense.
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(g)Tenant shall be allowed to utilize up to Tenant’s Proportionate Share of space in the chemical storage room on the first floor of the Building (the “Chemical Storage Room”). If the use of Hazardous Materials by Tenant requires fire control areas or chemical storage areas in excess of Tenant’s Proportionate Share, then Tenant shall, at its sole cost and expense and upon Landlord’s written request, establish and maintain a separate area of the Premises in compliance with applicable Laws and the Rules and Regulations. Notwithstanding anything in this Lease to the contrary, Landlord shall not have and expressly disclaims any liability (unless arising from Landlord's negligence or willful misconduct) related to Tenant’s or other tenants’ use or disposal of Hazardous Materials within the Chemical Storage Room, it being acknowledged by Tenant that Tenant and other tenants are best suited to evaluate the safety and efficacy of its Hazardous Materials usage and procedures in the Premises and in the Chemical Storage Room.
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(h)Tenant may operate an animal holding facility within a specific portion of the Premises that is approved in advance in writing by Landlord, such approval not to be unreasonably withheld, conditioned or delayed. The animal holding facility shall be constructed in accordance with all applicable Laws and in accordance with plans and specifications approved in writing by Landlord and shall include a vacuum-enabled disposal facility for bedding waste and any other noxious wastes; provided, that to the extent applicable, if Landlord constructs the animal holding facility as part of a Change (as defined in the Work Letter), Landlord shall construct the same in accordance with all applicable Laws. The animal holding facility shall be used for biopharmaceutical research and development and the handling and testing of small rodents (collectively, the “Permitted Animals”). If Tenant proposes to use any animals other than the Permitted Animals in its operations, it shall first obtain the prior written consent of Landlord. Animal testing, solely of Permitted Animals, shall be permitted subject to the following: (i) all testing shall be conducted in strict compliance with all applicable Laws (including without limitation, Environmental Laws), best scientific and medical practices and in a manner consistent with the highest standards of the industry; (ii) all animal carcasses, any part thereof or any waste product related thereto (including, without limitation, any cages or other
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containers of the Permitted Animals), shall be disposed of, at Tenant’s sole cost and expense, by a qualified and licensed waste disposal company engaged by Tenant, and not in any common disposal receptacles at the Property, and in strict compliance with all applicable Laws (including without limitation, Environmental Laws), best scientific and medical practices and in a manner consistent with the highest standards of the industry; (iii) no odors, noises or any similar nuisance shall be permitted to emanate from or permeate outside the animal holding facility; and (iv) Tenant’s use of the animal holding facility shall not interfere with the quiet use and enjoyment by other tenants or occupants of the Building or their respective premises in the Building. Tenant shall procure and deliver to Landlord copies of all necessary permits and approvals necessary for the use and operation of the animal holding facility before allowing any actual Permitted Animals into the Premises and shall maintain such permits and approvals during the Term and deliver to Landlord copies thereof from time-to-time upon Landlord’s written request. All deliveries of the Permitted Animals to the Premises shall be made through a pathway to the Premises that avoids the lobby of the Building (unless the deliveries are made between the hours of 7:00 p.m. and 7:00 a.m.) and shall not interfere with, damage or adversely affect any items being delivered or any deliveries being made to Landlord or any other tenants or occupants. Prior to the expiration or earlier termination of the Lease, Tenant shall remove the animal holding facility and all contents of the animal holding facility, including without limitation all animals, from the Premises and shall repair any damage caused by such removal at its sole cost and expense.
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2.3Option to Extend.
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(a)Provided that, at the time of such exercise, (i) this Lease is in full force and effect, and (ii) Tenant shall not be in default of any of its obligations hereunder (either at the time of exercise or at the commencement of the Extended Term) (provided that Tenant may retain any right hereunder by curing such default within the applicable cure period), and (iii) Tenant shall be in occupancy of the entire Premises for the conduct of its business (other than to the extent occupancy is not possible because of Force Majeure or on-going Alterations) and shall not have assigned this Lease or sublet the Premises, other than any assignment or sublease permitted under Section 6.1(b) without Landlord’s written consent (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion), Tenant shall have the right and option to extend the Term of this Lease with respect to the entire Premises for one (1) extended term (the “Extended Term”) of five (5) years, by giving written notice to Landlord not later than twelve (12) months prior to the expiration date of the initial Term. The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the initial Term, and Tenant shall have no further option to extend the Term of this Lease. The Extended Term shall commence on the day immediately succeeding the expiration date of the initial Term, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. The Extended Term shall be on all the terms and conditions of this Lease, except: (x) during the Extended Term, Tenant shall have no further option to extend the Term, (y) the Basic Rent for the Extended Term shall be the Fair Market Rental Value of the Premises as of the commencement of the Extended Term, taking into account all relevant factors, determined pursuant to Section 2.3(b) below, and (z) Landlord shall not be required to furnish any materials
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or perform any work to prepare the Premises for Tenant’s occupancy during the Extended Term and Landlord shall not be required to provide any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, or to grant Tenant any rent concession.
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(b)Promptly after receiving Tenant’s notice extending the Term of this Lease pursuant to Section 2.3(a) above, Landlord shall provide Tenant with Landlord’s good faith estimate of the Fair Market Rental Value (as defined in Section 2.3(c) below) of the Premises for the upcoming Extended Term provided that in no event shall Landlord be required to deliver such estimate sooner than eleven (11) months prior to the expiration of the Term then in effect. If Tenant is unwilling to accept Landlord’s estimate of the Fair Market Rental Value as set forth in Landlord’s notice referred to above, and the parties are unable to reach agreement thereon within thirty (30) days after the delivery of such notice by Landlord, then either party may submit the determination of the Fair Market Rental Value of the Premises to arbitration by giving notice to the other party naming the initiating party’s arbitrator within ten (10) days after the expiration of such thirty (30)-day period; provided, that if either party fails to deliver such notice electing to submit the determination of the Fair Market Rental Value to arbitration within such ten (10) day period, then Landlord’s initial determination of Fair Market Rental Value shall be binding on the parties. Within fifteen (15) days after receiving a notice of initiation of arbitration, the responding party shall appoint its own arbitrator by notifying the initiating party of the responding party’s arbitrator. If the second arbitrator shall not have been so appointed within such fifteen (15) day period, the Fair Market Rental Value of the Premises shall be determined by the initiating party’s arbitrator. If the second arbitrator shall have been so appointed, the two arbitrators thus appointed shall, within fifteen (15) days after the responding party’s notice of appointment of the second arbitrator, appoint a third arbitrator. If the two initial arbitrators are unable timely to agree on the third arbitrator, then either may, on behalf of both, request such appointment by the Boston office of JAMS, Inc., or its successor, or, on its failure, refusal or inability to act, by a court of competent jurisdiction. The Fair Market Rental Value of the Premises for the Extended Term shall be determined by the method commonly known as  Baseball Arbitration, whereby Landlord’s selected arbitrator and Tenant’s selected arbitrator shall each set forth its respective determination of the Fair Market Rental Value of the Premises, and the third arbitrator must select one or the other (it being understood that the third arbitrator shall be expressly prohibited from selecting a compromise figure). Landlord’s selected arbitrator and Tenant’s selected arbitrator shall deliver their determinations of the Fair Market Rental Value of the Premises to the third arbitrator within five (5) Business Days of the appointment of the third arbitrator and the third arbitrator shall render his or her decision within ten (10) days after receipt of both of the other two determinations of the Fair Market Rental Value of the Premises. The third arbitrator’s decision shall be binding on both Landlord and Tenant. All arbitrators shall be commercial real estate brokers who are independent from the parties and who have had at least ten (10) years’ experience in leases of comparable premises in comparable laboratory buildings in the central 128 area of suburban Boston. Each party shall pay the fees of its own arbitrator, and the fees of the third arbitrator shall be shared equally by the parties. In the event Tenant initiates the aforesaid arbitration process and as of the commencement of the Extended Term the amount of the Basic Rent for the Extended Term has not been determined, Tenant shall pay the amount of Basic Rent in effect during the last month of the initial Term plus Additional Rent and when the determination has actually been made, an appropriate retroactive adjustment shall be made as of the commencement of the Extended Term if necessary. In the event that such determination shall result in an overpayment by Tenant of any Basic Rent, such
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overpayment shall be paid by Landlord to Tenant promptly after such determination has been made, and if such determination shall result in an underpayment by Tenant of any Basic Rent, Tenant shall pay any such amounts to Landlord promptly following such determination.
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(c)As used in this Lease, the term “Fair Market Rental Value” shall mean the fixed rents being that landlords of comparable first class laboratory buildings in the central 128 area of suburban Boston have agreed to accept, and sophisticated nonaffiliated tenants of comparable buildings have agreed to pay, in current arms-length, nonequity (i.e., not being offered equity in the building), transactions for comparable space (in terms of condition, improvements, floor location and floor height) of a comparable size, for a term equal to the applicable Extended Term and taking into account all other relevant factors, including, to the extent applicable, any tenant improvement allowances, brokerage fees and free rent periods; provided, however, that in no event will the Fair Market Rental Value be less than the Basic Rent in effect during the last month of the initial Term.
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ARTICLE 3
BASIC RENT
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3.1Payment.
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(a)Tenant agrees to pay the Basic Rent and Additional Rent to Landlord, or as directed by Landlord, commencing on the Commencement Date, without offset, abatement, deduction or demand, except as expressly set forth in this Lease. Notwithstanding the foregoing, the first monthly installment of Basic Rent shall be paid to Landlord upon execution and delivery of this Lease by Tenant. Basic Rent shall be payable in equal monthly installments, in advance, on the first day of each and every calendar month during the Term of this Lease, to Landlord at Landlord’s Notice Address or at such other place as Landlord shall from time to time designate by notice, in lawful money of the United States. In the event that any installment of Basic Rent or any payment of Additional Rent is not paid when due, Tenant shall pay, in addition to any charges under Section 14.4, at Landlord’s request an administrative fee equal to 5% of the overdue payment. Notwithstanding the foregoing, Tenant shall not be obligated to pay such late charge for the first such late payment in any twelve (12) month period, provided that such payment is made within five (5) Business Days after notice from Landlord that such amount was not paid when due. In addition to the foregoing, if payment of Rent or other charges due under this Lease are not paid within ten (10) days after the date due, such past due amount shall bear interest from the date due until paid at a rate equal to the lesser of (i) a rate equal to 3% plus the prime rate published from time to time in The Wall Street Journal or its successor publication and (ii) the highest rate permitted to be charged by applicable Law (the “Default Interest Rate”). Landlord and Tenant agree that all amounts due from Tenant under or in respect of this  Lease, whether labeled Basic Rent, Escalation Charges, Additional Rent or otherwise, shall be considered as rental reserved under this Lease for all purposes, including without limitation regulations promulgated pursuant to the Bankruptcy Code, and including further without limitation Section 502(b) thereof.
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(b)Basic Rent for any partial month shall be pro-rated on a daily basis, and if the first day on which Tenant must pay Basic Rent shall be other than the first day of a calendar
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month, the first payment which Tenant shall make to Landlord shall be equal to a proportionate part of the monthly installment of Basic Rent for the partial month from the first day on which Tenant must pay Basic Rent to the last day of the month in which such day occurs, plus the installment of Basic Rent for the succeeding calendar month.
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ARTICLE 4
CONDITION OF PREMISES
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4.1Condition of Premises; Initial Improvements. Except for Landlord’s Work, if any, to be performed by Landlord in accordance with the provisions of Exhibit C or as otherwise expressly provided in this Lease, the Premises are being leased in their present condition, AS IS,  WITHOUT REPRESENTATION OR WARRANTY by Landlord. Except for Landlord’s Work, if any, Landlord shall have no obligation to perform any alterations or to make any improvements to the Premises to prepare them for Tenant’s occupancy. Tenant acknowledges that Tenant has inspected the Premises and Common Facilities and has found the same satisfactory.
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ARTICLE 5
USE OF PREMISES
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5.1Permitted Use. Tenant agrees that the Premises shall be used and occupied by Tenant only for the Permitted Use and for no other use without Landlord’s express written consent. Tenant shall not perform any act or carry on any practice which may injure the Premises, or any other part of the Building, or cause any offensive odors or loud noise or constitute a nuisance or a menace to any other tenant or tenants or other persons in the Building.
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5.2Installations and Alterations by Tenant.
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(a)Tenant shall make no alterations, additions (including, for the purposes hereof, wall-to-wall carpeting), or improvements (collectively, “Alterations”) in or to the Premises (including any Alterations, other than Landlord’s Work, necessary for Tenant’s initial occupancy of the Premises) or any Base Building Systems serving the Premises without Landlord’s prior written consent, which consent shall not be unreasonably withheld or delayed with respect to non-structural Alterations that do not affect any portion of the Base Building or the Base Building Systems. Any Alterations shall be in accordance with Landlord’s Rules and Regulations from time to time in effect and with plans and specifications meeting the requirements set forth in such Rules and Regulations and approved in advance by Landlord, such approval not to be unreasonably withheld, conditioned, or delayed. All Alterations shall (i) be performed in a good and workmanlike manner using only new (except as shown in plans approved by Landlord) and only quality materials and in compliance with all applicable Laws; (ii) be made at Tenant’s sole cost and expense; (iii) become part of the Premises and the property of Landlord upon the expiration or earlier termination of the Term of this Lease unless Landlord otherwise notifies Tenant such Alteration must be removed as provided in Section 5.2(e) below; (iv) be made by contractors and subcontractors approved in advance by Landlord, such approval not to be unreasonably withheld, conditioned, or delayed; and (v) be coordinated with any work
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being performed by Landlord in such a manner as not to damage the Building or interfere with the management, maintenance or operation of the Building. At Landlord’s request, Tenant shall, before its work is started, secure assurances satisfactory to Landlord in its reasonable discretion protecting Landlord against claims arising out of the furnishing of labor and materials for the Alterations where such Alterations exceed $250,000, in any one Lease Year, except to the extent required by any Superior Mortgage. If any Alterations shall involve the removal of fixtures, equipment or other property in the Premises which are not Tenant’s Removable Property, such fixtures, equipment or property shall be promptly replaced by Tenant at its expense with new fixtures, equipment or property of like utility and of at least equal quality, except as shown on plans for Alterations approved by Landlord. Tenant shall promptly reimburse Landlord for all reasonable out of pocket costs, including attorneys’, architects’, engineers’, and consultants’ fees, incurred by Landlord in connection with any request from Tenant pursuant to this Section 5.2. Tenant acknowledges and agrees that any review or approval by Landlord of any plans and/or specifications with respect to any Alterations is solely for Landlord’s benefit, and without any representation or warranty whatsoever to Tenant with respect to the adequacy, correctness or efficiency thereof or otherwise. Landlord shall have the right to require that Tenant use Landlord’s designated structural contractor and architect for the Building for the design and performance of any Alterations affecting the Structural Elements and/or that Tenant use Landlord’s designated fire and life safety contractor and engineer for the Building to perform Tenant’s connection to the Building’s fire alarm system or any Alterations that affect the fire alarm or fire/life safety systems in the Building.
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(b)All articles of personal property and all business and trade fixtures, furniture, moveable partitions, freestanding cabinet work, machinery and equipment owned or installed by Tenant or any party claiming by, through or under Tenant solely at its expense in the Premises (“Tenant’s Removable Property”) shall remain the property of Tenant and may be removed by Tenant at any time prior to the expiration or earlier termination of the Term, provided that Tenant, at its expense, shall repair any damage to the Building caused by such removal. Any provision of this Lease to the contrary notwithstanding, Tenant shall be solely responsible for the ordering, delivery and installation of any telephone, telephone switching, telephone and data cabling, and Tenant’s Removable Property to be installed by or on behalf of Tenant in the Premises and for the removal of all telephone and data cabling and all other lines installed in the Building by or on behalf of Tenant or anyone claiming by, through or under Tenant at the expiration or earlier termination of the Term of this Lease.
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(c)Notice is hereby given to contractors of Tenant that Landlord shall not be liable for any labor or materials furnished or to be furnished to Tenant upon credit, and that no mechanic’s or other lien for any such labor or materials shall attach to or affect the reversion or other estate or interest of Landlord in and to the Premises, the Building or the Property. To the maximum extent permitted by law, before such time as any contractor commences to perform work on behalf of Tenant, such contractor (and any subcontractors) shall furnish a written statement in the form of Attachment II to Exhibit F acknowledging the provisions set forth in the prior clause. Tenant agrees to pay promptly when due the entire cost of any work done on behalf of Tenant, its agents, employees or independent contractors, and not to cause or permit any liens for labor or materials performed or furnished in connection therewith to attach to all or any part of the Property and promptly to discharge or bond over any such liens which may so attach within 20 days following notice of the same (the parties agreeing that the mere filing of a notice
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of contract is not a lien for purposes of this Lease, unless a Superior Mortgagee requires the same to be bonded over or the same is not released of record within thirty (30) days of the completion of the applicable work). If, notwithstanding the foregoing, any lien is filed against all or any part of the Property for work claimed to have been done for, or materials claimed to have been furnished to, Tenant or its agents, employees or independent contractors, Tenant, at its sole cost and expense, shall cause such lien to be dissolved promptly after receipt of notice that such lien has been filed, by the payment thereof or by the filing of a bond sufficient to accomplish the foregoing. If Tenant shall fail to discharge or bond over any such lien within 20 days after notice of the same, Landlord may, at its option, discharge or bond over such lien and treat the cost thereof (including reasonable attorneys’ fees incurred in connection therewith) as Additional Rent payable upon demand, it being expressly agreed that such discharge or bonding over by Landlord shall not be deemed to waive or release the Event of Default in not discharging or bonding over such lien. Tenant shall indemnify and hold Landlord harmless from and against any and all expenses, liens, claims, liabilities and damages based on or arising, directly or indirectly, by reason of the making of any alterations, additions or improvements by or on behalf of Tenant to the Premises under this Section, which obligation shall survive the expiration or termination of this Lease.
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(d)In the course of any work being performed by Tenant (including, without limitation, the installation or removal of any Tenant’s Removable Property), Tenant agrees to maintain labor harmony. As of the date hereof, there is no requirement applicable to the Property requiring that Tenant use union labor with respect to any Alterations.
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(e)Landlord may, by written notice to Tenant prior to the expiration or earlier termination of the Term of this Lease, require Tenant, at Tenant’s expense, to remove any Alterations in the Premises at the expiration or earlier termination of the Term, to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a Building standard tenant improved condition as determined by Landlord. Notwithstanding the foregoing, Tenant shall not be required to remove and/or restore at the expiration or earlier termination of the Term of this Lease the Landlord’s Work to the extent constructed by Landlord pursuant to the Baseline Plans (as defined in the Work Letter). If Tenant fails to complete such removal and/or to repair any damage caused by the removal of any Alterations in the Premises, and return the affected portion of the Premises to a Building standard tenant improved condition as determined by Landlord, then, without limiting Landlord’s other rights and remedies, at Landlord’s option, either (A) Tenant shall be deemed to be holding over in the Premises and Rent shall continue to accrue in accordance with the terms of Article 12, below, until such work shall be completed, or (B) Landlord may do so and may charge the cost thereof to Tenant.
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5.3Extra Hazardous Use. Tenant covenants and agrees that Tenant will not do or permit anything to be done in or upon the Premises, or bring in anything or keep anything therein, which shall increase the rate of property or liability insurance on the Premises or the Property above the standard rate applicable to Premises being occupied for the Permitted Use. If the premium or rates payable with respect to any policy or policies of insurance carried by or on behalf of Landlord with respect to the Property increases as a result of any act or activity on or use of the Premises during the Term or payment by the insurer of any claim arising from any act or neglect of Tenant, its employees, agents, contractors or invitees, Tenant shall pay such
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increase, from time to time, within fifteen (15) days after demand therefor by Landlord, as Additional Rent.
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5.4Hazardous Materials.
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(a)Tenant shall not cause or permit any Hazardous Materials to be brought upon, kept or used in or about the Premises, the Building or the Property in violation of applicable Laws (or that would require any type of zoning relief) by Tenant or any of its employees, agents, contractors or invitees (collectively with Tenant, each a “Tenant Party”). If (i) Tenant breaches such obligation, (ii) the presence of Hazardous Materials as a result of such a breach results in contamination of the Property, any portion thereof, or any adjacent property, (iii) contamination of the Premises otherwise occurs during the Term or any extension or renewal hereof or holding over hereunder other than on account of Hazardous Materials existing at the Property prior to the Commencement Date (except to the extent exacerbated by any Tenant Party), Hazardous Materials migrating to the Premises from elsewhere at the Property (except to the extent exacerbated by any Tenant Party), or to the extent the same is caused by a Landlord Party (as defined below) (collectively, “Excluded Matters”), or (iv) contamination of the Property occurs as a result of Hazardous Materials that are placed on or under or are released into the Property by a Tenant Party, then Tenant shall indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord) and hold the Landlord Indemnitees harmless from and against any and all demands, claims, liabilities, losses, costs, expenses, actions, causes of action, damages, suits or judgments, and all reasonable expenses (including reasonable attorneys’ fees, charges and disbursements, regardless of whether the applicable demand, claim, action, cause of action or suit is voluntarily withdrawn or dismissed) (“Claims”) of any kind or nature, including (w) diminution in value of the Property or any portion thereof, (x) damages for the loss or restriction on use of rentable or usable space or of any amenity of the Property, (y) damages arising from any adverse impact on marketing of space at the Property or any portion thereof and (z) sums paid in settlement of Claims that arise during or after the Term as a result of such breach or contamination. This indemnification by Tenant includes costs incurred in connection with any investigation of site conditions or any clean-up, remedial, removal or restoration work required by any Governmental Authority because of Hazardous Materials present in the air, soil or groundwater above, on, under or about the Property on account of the foregoing. Without limiting the foregoing, if the presence of any Hazardous Materials in, on, under or about the Property, any portion thereof or any adjacent property caused or permitted by any Tenant Party results in any contamination of the Property, any portion thereof or any adjacent property, then Tenant shall promptly take all actions at its sole cost and expense as are necessary to return the Property, any portion thereof or any adjacent property to its respective condition existing prior to the time of such contamination; provided that Landlord’s written approval of such action shall first be obtained (other than in the event of an emergency, in which case Tenant shall give Landlord telephonic notice immediately upon such emergency event and shall provide Landlord with written notice within one (1) business day thereafter), which approval Landlord shall not unreasonably withhold, conditioned or delayed; and provided, further, that it shall be reasonable for Landlord to withhold its consent if such actions could have a material adverse long-term or short-term effect on the Property, any portion thereof or any adjacent property. Tenant’s obligations under this Section shall not be affected, reduced or limited by any limitation on the amount or type of damages, compensation or benefits
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payable by or for Tenant under workers’ compensation acts, disability benefit acts, employee benefit acts or similar legislation.
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(b)Landlord acknowledges that it is not the intent of this Article to prohibit Tenant from operating its business for the Permitted Use. Tenant may operate its business according to the custom of Tenant’s industry so long as the use or presence of Hazardous Materials is strictly and properly conducted in accordance with Applicable Laws. As a material inducement to Landlord to allow Tenant to use Hazardous Materials in connection with its business, Tenant agrees to deliver to Landlord, upon Landlord’s request from time to time as set forth below (i) a list identifying each type and maximum quantity (which shall not exceed the maximum amounts identified in Exhibit H-1 with respect to the materials described therein) of Hazardous Material to be present at the Premises and Chemical Storage Room that is subject to regulation under any Environmental Laws, which list as of the date of this Lease is attached hereto as Exhibit H; (ii) a list of any and all approvals or permits from governmental authorities required in connection with the presence of such Hazardous Material at the Premises; and (iii) correct and complete copies of (x) notices of violations of applicable Laws related to Hazardous Materials at the Premises and (y) plans relating to the installation of any storage tanks to be installed in, on, under or about the Property (provided that installation of storage tanks shall only be permitted after Landlord has given Tenant its written consent to do so, which consent Landlord may withhold in its sole and absolute discretion with respect to below ground tanks) and closure plans or any other documents required by any and all Governmental Authorities for any storage tanks installed in, on, under or about the Property for the closure of any such storage tanks (collectively, “Hazardous Materials Documents”). Tenant shall not use or store Hazardous Materials that are not listed on Exhibit H or a subsequent update thereto previously provided to Landlord by written notice; provided, that (x) as of the date hereof, Tenant has not provided Exhibit H to Landlord, but Tenant shall provide such list to Landlord for Landlord’s review and approval within thirty (30) days after the date hereof and upon such review and approval by Landlord, such list shall constitute Exhibit H for all purposes of this Lease (provided, further that Landlord shall not withhold its consent to such list of Hazardous Materials so long as the same are reasonably necessary for Tenant’s operations, the same are permitted to be used in the Premises under all applicable Laws, the same do not require any zoning relief to be permitted to be used in the Premises and the same do not exceed the maximum quantities for such Hazardous Materials or types of Hazardous Materials listed on Exhibit H-1 where applicable), and (y) in any event, Tenant shall not (under any circumstances) exceed the maximum quantities for such Hazardous Materials or types of Hazardous Materials listed on Exhibit H-1 where applicable and shall not use, store or dispose of such Hazardous Materials or types of Hazardous Materials listed on Exhibit H-1 where applicable in violation of the limits set forth therein for closed or open use. Tenant shall deliver to Landlord updated Hazardous Materials Documents, within fourteen (14) days after receipt of a written request therefor from Landlord, not more often than once per year, unless there are any changes to the Hazardous Materials Documents or Tenant initiates any Alterations or changes its business, in each case in a way that involves any material increase in the types or amounts of Hazardous Materials. For each type of Hazardous Material listed, the Hazardous Materials Documents shall include (t) the chemical name, (u) the material state (e.g., solid, liquid, gas or cryogen), (v) the concentration, (w) the maximum storage amount and storage condition (e.g., in cabinets or not in cabinets), (x) the maximum use amount and use condition (e.g., open use or closed use), (y) the location (e.g., room number or other identification) and (z) if known, the chemical abstract service number.
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Notwithstanding anything in this Section to the contrary, Tenant shall not be required to provide Landlord with any Hazardous Materials Documents containing information of a proprietary nature, which Hazardous Materials Documents, in and of themselves, do not contain a reference to any Hazardous Materials or activities related to Hazardous Materials. Landlord may, at Tenant’s expense (but not to exceed $1,000 on any one occasion), cause the Hazardous Materials Documents to be reviewed by a person or firm qualified to analyze Hazardous Materials to confirm compliance with the provisions of this Lease and with Applicable Laws. In the event that a review of the Hazardous Materials Documents indicates non-compliance with this Lease or applicable Laws, Tenant shall, at its expense, diligently take steps to bring its storage and use of Hazardous Materials into compliance and pay Landlord for the expense of any review identifying the same. Notwithstanding (i) anything in this Lease to the contrary, or (ii) Landlord’s review into Tenant’s Hazardous Materials Documents or use or disposal of hazardous materials, Landlord shall not have and expressly disclaims any liability related to Tenant’s or other tenants’ use or disposal of Hazardous Materials; it being acknowledged by Tenant that Tenant is best suited to evaluate the safety and efficacy of its Hazardous Materials usage and procedures.
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(c)At any time, and from time to time, prior to the expiration of the Term, Landlord shall have the right to conduct appropriate tests of the Property or any portion thereof to demonstrate that Hazardous Materials are present or that contamination has occurred due to the acts or omissions of a Tenant Party. Tenant shall pay the reasonable costs of such tests to the extent such tests reveal that Hazardous Materials exist at the Property in violation of this Lease.
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(d)If underground or other storage tanks storing Hazardous Materials installed or utilized by Tenant are located on the Premises, or are hereafter placed on the Premises by Tenant (or by any other party, if such storage tanks are utilized by Tenant), then Tenant shall monitor the storage tanks, maintain appropriate records, implement reporting procedures, properly close any underground storage tanks, and take or cause to be taken all other steps necessary or required under the applicable Laws. Tenant shall have no responsibility or liability for underground or other storage tanks installed by anyone other than Tenant unless Tenant utilizes such tanks, in which case Tenant’s responsibility for such tanks shall be as set forth in this Section. The provisions of this paragraph shall not be construed to permit Tenant to install any underground or other storage tank.
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(e)Tenant shall promptly report to Landlord any actual or suspected presence of mold or water intrusion at the Premises.
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(f)Tenant’s obligations under this Article shall survive the expiration or earlier termination of the Lease. During any period of time needed by Tenant or Landlord after the termination of this Lease to complete the removal from the Premises of any such Hazardous Materials, Tenant shall be deemed a holdover tenant and subject to the provisions of Section 12.1.
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Subject to Tenant’s obligations under this Lease and under applicable Law, Landlord shall, at its sole cost and expense, comply with all Environmental Laws with respect to the existence of Hazardous Materials in, on or at the Property as of the date of this Lease or arising thereafter as a result of the acts or omissions of Landlord or any Landlord Parties. Nothing in this Section 5.4 or
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elsewhere in this Lease shall be deemed to make Tenant responsible or liable for any Excluded Matters.
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5.5Odors and Exhaust. Tenant acknowledges that Landlord would not enter into this Lease with Tenant unless Tenant assured Landlord that under no circumstances will any other occupants of the Building or the Property (including persons legally present in any outdoor areas of the Property) be subjected to odors or fumes (whether or not noxious), and that the Building and the Property will not be damaged by any exhaust, in each case from Tenant’s operations. Landlord and Tenant therefore agree as follows:
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(a)Tenant shall not cause or knowingly permit (or conduct any activities that would cause) any release of any odors or fumes of any kind from the Premises other than by exhaust systems properly installed for such purposes in compliance with this Section 5.5 and in a manner consistent with first class laboratory buildings and applicable Laws.
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(b)If the Building has a ventilation system that, in Landlord’s judgment, is adequate, suitable, and appropriate to vent the Premises in a manner that does not release odors affecting any indoor or outdoor part of the Property, Tenant shall vent the Premises through such system. If Landlord at any time determines that any existing ventilation system is inadequate for Tenant’s particular use of the Premises, as reasonably evidenced by Landlord, Tenant shall in compliance with applicable Laws, at its sole cost and expense, install such additional ventilation systems as are reasonably required to vent all such additional fumes and odors from the Premises (and remove odors from Tenant’s exhaust stream) as Landlord reasonably requires, Landlord agreeing to cooperate as reasonably required in connection with the same (at no cost or liability to Landlord). The placement and configuration of all ventilation exhaust pipes, louvers and other equipment shall be subject to Landlord’s approval, such approval not to be unreasonably withheld, conditioned, or delayed (unless the same interferes with other tenants’ use and enjoyment of their respective premises or Landlord’s operation of the Common Facilities or would otherwise be visible outside of the Premises, in which case Landlord’s approval may be withheld in its sole discretion). Tenant acknowledges Landlord’s legitimate desire to maintain the Property (indoor and outdoor areas) in an odor-free manner, and Landlord may require Tenant to abate and remove all odors in a manner that goes beyond the requirements of Applicable Laws.
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(c)Tenant shall, at Tenant’s sole cost and expense, provide odor eliminators and other devices (such as filters, air cleaners, scrubbers and whatever other equipment may in Landlord’s judgment be necessary or appropriate from time to time) to completely remove, eliminate and abate any odors, fumes or other substances in Tenant’s exhaust stream that, in Landlord’s reasonable judgment, emanate from Tenant’s Premises. Any work Tenant performs under this Section shall constitute Alterations.
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(d) Tenant’s responsibility to remove, eliminate and abate odors, fumes and exhaust shall continue throughout the Term. Landlord’s approval of any Alterations shall not preclude Landlord from requiring additional measures to eliminate odors, fumes and other adverse impacts of Tenant’s exhaust stream (as Landlord may designate in Landlord’s reasonable discretion). Tenant shall install additional equipment as Landlord requires from time to time
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under the preceding sentence as further set forth above. Such installations shall constitute Alterations.
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(e)If Tenant fails to install satisfactory odor control equipment where required within ten (10) Business Days after Landlord’s demand made at any time, then Landlord may, without limiting Landlord’s other rights and remedies, require Tenant to cease and suspend any operations in the Premises that, in Landlord’s reasonable determination, cause odors, fumes or exhaust. For example, if Landlord determines that Tenant’s production of a certain type of product causes odors, fumes or exhaust, and Tenant does not install satisfactory odor control equipment within ten (10) Business Days after Landlord’s request, then Landlord may require Tenant to stop producing such type of product in the Premises unless and until Tenant has installed odor control equipment reasonably satisfactory to Landlord and otherwise in compliance with this Section 5.5.
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5.6Acid Neutralization Tank; Chemical Safety Program.
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(a)Tenant has the non-exclusive appurtenant right to use an acid neutralization tank (the “Acid Neutralization Tank”) that is located in the Building and connected to the Premises. Tenant shall have the right, through the Term of the Lease, to use the Acid Neutralization Tank and associated connections to the Premises in accordance with applicable laws. Tenant shall obtain, and maintain, all governmental permits and approvals necessary for Tenant’s particular use of the Acid Neutralization Tank, as opposed to the use of the Acid Neutralization Tank, generally (which shall be the responsibility of the Landlord, including without limitation the MWRA Permit for the same). Tenant shall be responsible for Tenant’s portion, as reasonably allocated by Landlord among tenants utilizing the Acid Neutralization Tank on a proportionate basis, of all reasonable out of pocket costs, charges and expenses incurred by Landlord from time to time in connection with or arising out of the operation, use, maintenance, repair or refurbishment of the Acid Neutralization Tank, including all clean-up costs relating to the use of the Acid Neutralization Tank (collectively, “Tank Costs”) (provided that Tank Costs shall not include any costs or expenses that are not includable as an Operating Expense under this Lease). Tenant shall indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord) and hold the Landlord Indemnitees harmless from and against any and all Claims, including (a) diminution in value of the Premises or any portion thereof, (b) damages for the loss or restriction on use of rentable or usable space of the Premises, (c) damages arising from any adverse impact on marketing of space in the Premises or any portion thereof, and (d) sums paid in settlement of Claims that arise during or after the Term as a result of Tenant’s improper use of the Acid Neutralization Tank, except to the extent such Claims result from the negligence or willful misconduct of any of the Landlord Parties or by, through, or under any other tenant in the Building. This indemnification by Tenant includes costs incurred in connection with any investigation of site conditions or any clean-up, remediation, removal or restoration required by any governmental authority caused by Tenant’s improper use of the Acid Neutralization Tank.
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(b)Tenant shall establish and maintain a chemical safety program administered by a qualified individual in accordance with the requirements of the Massachusetts Water Resources Authority (“MWRA”) and any other applicable governmental authority. Tenant shall be solely responsible for all costs incurred in connection with such chemical safety
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program, and Tenant shall provide Landlord with such document as Landlord may reasonably require evidencing Tenant’s compliance with the requirements of (a) the MWRA and any other applicable governmental authority with respect to such chemical safety program and (b) this Section 5.6, in each case with respect to Tenant’s use of the Acid Neutralization Tank. Tenant shall provide all such information regarding Tenant’s activities in the Premises as may reasonably be necessary in order for Landlord to obtain and maintain during the Term (i) any permit required by the MWRA (“MWRA Permit”) and (ii) a wastewater treatment operator license from the Commonwealth of Massachusetts with respect to Tenant’s use of the Acid Neutralization Tank. Tenant shall not introduce anything into the Acid Neutralization Tank serving the Building (x) in violation of the terms of the MWRA Permit, (y) in violation of applicable Laws or (z) that would interfere with the proper functioning of any such acid neutralization tank. Landlord shall cooperate with Tenant as reasonably required to obtain any modifications to the MWRA Permit to the extent necessary to permit Tenant’s use and operations within the Premises, at no out of pocket cost to Landlord; provided, that (i) any such modifications shall be reasonably acceptable to Landlord, and (ii) no such modifications shall impose any additional obligations or liability on Landlord, impact any other tenant’s operations at the Building or use of the Acid Neutralization Tank or impose any restrictions on the use of the Acid Neutralization Tank or Building (other than to the extent affecting Tenant only).
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(c)In addition, if Tenant fails to comply with the provisions of this Section 5.6, then upon written notice from Landlord, Tenant shall immediately cease use of the Acid Neutralization Tank until such time as Tenant complies with the provisions of this Section 5.6, as determined by Landlord.
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ARTICLE 6
ASSIGNMENT AND SUBLETTING
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6.1Prohibition.
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(a)Tenant covenants and agrees that neither this Lease nor the term and estate hereby granted, nor any interest herein or therein, will be assigned, mortgaged, pledged, encumbered or otherwise transferred, whether voluntarily, involuntarily, by operation of law or otherwise, and that neither the Premises nor any part thereof will be encumbered in any manner by reason of any act or omission on the part of Tenant, or used or occupied or permitted to be used or occupied, by anyone other than Tenant, or for any use or purpose other than a Permitted Use, or be sublet (which term, without limitation, shall include granting of concessions, licenses and the like) in whole or in part, or be offered or advertised for assignment or subletting by Tenant or any person acting on behalf of Tenant, without, in each case, the prior written consent of Landlord (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers” and any person to whom any Transfer is made or sought to be made is hereinafter sometimes referred to as a “Transferee”). Without limiting the foregoing, any agreement pursuant to which: (x) Tenant is relieved from the obligation to pay, or a third party agrees to pay on Tenant’s behalf, all or any portion of the Basic Rent or Additional Rent under this Lease; and/or (y) a third party undertakes or is granted by or on behalf of Tenant the right to assign or attempt to assign this Lease or sublet or attempt to sublet all or any portion of the Premises, shall for all purposes hereof be deemed to be a Transfer of this Lease and subject to the provisions of
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this Article 6. A Transfer under this Article 6 shall also include a sale or other transfer (by one or more transfers) of any of the following: the voting stock, partnership interests, membership or other equity interests in Tenant (or any other mechanism such as the issuance of additional stock or the creation of additional partnership or membership interests) which results in a change of control of Tenant or a sale or other transfer (in one or more transfers) of fifty percent (50%) or more of the assets of Tenant, as if such transfer were an assignment of this Lease. Notwithstanding the foregoing, if equity interests in Tenant at any time offered on, or are or become traded on a national securities exchange (as defined in the Securities Exchange Act of 1934) or any other nationally recognized stock exchange, the transfer or issuance of equity interests in Tenant on a national securities exchange shall not be deemed an assignment within the meaning of this Article.
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(b)Notwithstanding the foregoing, Landlord’s consent shall not be required under Section 6.1(a) and Section 6.5 shall not apply to either (x) transactions with an entity into or with which Tenant is merged or consolidated, or into which Tenant is reorganized, or to which all or substantially all of Tenant’s assets are transferred (a “Successor Transaction”), or (y) transactions with any entity (an “Affiliate”) which controls or is controlled by Tenant or is under common control with Tenant; provided and only on condition that in any such event:
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(i)the successor to Tenant has a Tangible Net Worth, computed in accordance with generally accepted accounting principles consistently applied, at least equal to the greater of (1) the Tangible Net Worth of Tenant immediately prior to such merger, consolidation or transfer, or (2) the Tangible Net Worth of Tenant herein named on the date of this Lease,
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(ii)proof satisfactory to Landlord of the Tangible Net Worth of both the transferee and Tenant shall have been delivered to Landlord at least ten (10) days prior to the effective date of any such transaction, or if such transaction is required to remain confidential, promptly (i.e., within five (5) business days) after such transaction,
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(iii)the transfer is for a valid business purpose of Tenant and is not a subterfuge for the provisions of this Article 6, and
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(iv)the transferee agrees, at least ten (10) days prior to the effective date of any such transaction or, if such transaction is required to remain confidential, promptly (i.e., within five (5) business days) after such transaction, directly with Landlord, by written instrument in form satisfactory to Landlord in its reasonable discretion, to be bound by all the obligations of Tenant hereunder, including, without limitation, the covenant against further assignment and subletting (provided that no such agreement is required if such obligations are assumed by operation of law).
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(c)Notwithstanding any provision to the contrary in this Lease, use of less than ten percent (10%) of the Premises by companies, firms or other entities (each, a “Working Partnership”) (i) who are members of a group with whom Tenant has a contractual or other relationship providing for cooperative or collaborative research or development work, (ii) who
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are or typically might be located by Tenant in one of its facilities, (iii) whose rights to use the Premises are evidenced by a written, revocable license with less than a two (2) year term, and (iii) whose use of the Premises is not separately demised, shall not be a Transfer for the purposes of this Article 6 and shall be permitted without the necessity of obtaining Landlord’s consent thereto, but Tenant shall provide Landlord with prior written notice thereof (which notice shall include the number of square feet in occupancy by such entities and such other information reasonably required for financing, insurance (including without limitation, complying with Landlord’s reasonable insurance requirements applicable to the Working Partnership, such as, naming Landlord and Landlord Parties as additional insured on the Working Partnership’s commercial general liability insurance coverage and providing Landlord with a certificate of insurance evidencing the same) and other risk management purposes).
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6.3Landlord’s Consent.
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(a)If Tenant desires Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the “Transfer Notice”) shall include (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (ii) a description of the portion of the Premises to be transferred, (iii) all of the material terms of the proposed Transfer and the consideration therefor, including the name and address of the proposed Transferee, and the proposed documentation effectuating the proposed Transfer, including all operative documents to evidence such Transfer and all agreements incidental or related to such Transfer, (iv) current financial statements of the proposed Transferee certified by an officer, partner or owner thereof, business credit and personal references and history of the proposed Transferee and any other information reasonably required by Landlord which will enable Landlord to determine the financial responsibility, character, and reputation of the proposed Transferee, nature of such Transferee’s business and proposed use of the Premises.
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(b)In the event Landlord does not exercise its options pursuant to Section 6.5 below to recapture the Premises or terminate this Lease, Landlord’s consent to a proposed Transfer shall not be unreasonably withheld, conditioned or delayed, provided and upon condition that:
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(i)There shall not be an Event of Default that remains uncured or other event or condition that with the passage of time or the giving of notice, or both, would constitute an Event of Default;
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(ii)In Landlord’s reasonable judgment the proposed Transferee is engaged in a business which is in keeping with the then standards of the Building and Property and the proposed use is limited to the Permitted Use;
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(iii)The proposed Transferee is a reputable entity and has sufficient financial worth and stability in light of the responsibilities to be undertaken, based on evidence provided by Tenant (and others) to Landlord, as determined by Landlord in its reasonable discretion;
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(iv)Neither (A) the proposed Transferee nor (B) any person or entity which, directly or indirectly, controls, is controlled by, or is under common control with, the proposed Transferee, is then an occupant of any part of the Property (unless there is no available space for lease in the Building and none coming available in the following eighteen (18) month period);
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(v)The proposed Transferee is not a person or entity with whom Landlord is then, or during the preceding nine (9) months has been, actively negotiating to lease space at the Property;
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(vi)The proposed Transfer shall be in form reasonably satisfactory to Landlord and shall comply with the applicable provisions of this Article 6;
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(vii)Tenant shall not have advertised or publicized the availability of the Premises at rental rate less than the base rent and additional rent at which Landlord is then offering to lease other space located in the Building without prior notice to and approval by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed;
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(viii)With respect to a proposed sublease, the proposed sublease involves, in Landlord’s reasonable judgment, a portion of the Premises which is independently leasable space (taking into account any modifications proposed by Tenant that are reasonably acceptable to Landlord);
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(ix)With respect to and after taking into account a proposed sublease, there will not be more two subtenants occupying the Premises;
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(x)The character of the business to be conducted or the proposed use of the Premises by the proposed Transferee or the identity of the proposed Transferee will not create or increase the likelihood of any labor disputes, disharmony, strikes or any other form of protests occurring at the Property;
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(xi)The proposed Transfer shall not have (or potentially have) any adverse effect on any real estate investment trust qualification requirements of Landlord or any of its affiliates or otherwise cause Landlord or any of its affiliates to be in violation of any Laws to which Landlord or such affiliate is subject, including, without limitation, the Employment Retirement Security Act of 1974, as reasonably evidenced by Landlord;
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(xii)The holder of any Superior Mortgage and/or Superior Lease, as applicable, consents to such Transfer, to the extent required under the applicable instrument (as affected by any SNDA); and
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(xiii)Neither the identity nor business of the proposed Transferee would cause Landlord to be in violation of any covenant or restriction contained in another lease at the Property.
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6.4Acceptance of Rent. If this Lease is assigned, or if the Premises or any part thereof is sublet or occupied by anyone other than Tenant, whether or not in violation of the terms and conditions of the Lease, Landlord may, at any time and from time to time (but only following an Event of Default under the Lease in the event Tenant sublets the Premises), collect rent and other charges from the Transferee, and apply the net amount collected to the rent and other charges herein reserved, but no such Transfer, collection or modification of any provisions of this Lease shall be deemed a waiver of this covenant, or the acceptance of the Transferee as a tenant or a release of Tenant from the further performance of covenants on the part of Tenant to be performed hereunder. Any consent by Landlord to a particular Transfer or other act for which Landlord’s consent is required under paragraph (a) of Section 6.1 shall not in any way diminish the prohibition stated in paragraph (a) of Section 6.1 as to any further such Transfer or other act or the continuing liability of the original named Tenant. No Transfer hereunder shall relieve Tenant from its obligations hereunder, and Tenant shall remain fully and primarily liable therefor. Landlord may revoke any consent by Landlord to a particular Transfer if the Transfer does not provide that the Transferee agrees to be independently bound by and upon all of the covenants, agreements, terms, provisions and conditions set forth in this Lease on the part of Tenant to be kept and performed (to the extent applicable to any subleased portion of the Premises, in the event of a sublease).
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6.5Excess Payments. If Tenant assigns this Lease or sublets the Premises or any portion thereof, Tenant shall pay to Landlord as Additional Rent fifty percent (50%) of the amount, if any, by which (a) any and all compensation received by Tenant as a result of such Transfer, net only of reasonable expenses actually incurred by Tenant in consideration such Transfer for brokerage commissions, improvement expenses and allowances (prorated over the term of the Transfer), exceeds (b) in the case of an assignment, the Basic Rent and Additional Rent under this Lease, and in the case of a subletting, the portion of the Basic Rent and Additional Rent allocable to the portion of the Premises subject to such subletting. Such payments shall be made by Tenant, within thirty (30) days following Tenant’s receipt of the same. Notwithstanding the foregoing, the provisions of this Section shall impose no obligation on Landlord to consent to an assignment of this Lease or a subletting of all or a portion of the Premises.
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6.6Landlord’s Recapture Right. Notwithstanding anything herein to the contrary, in addition to withholding or granting consent with respect to any proposed Transfer, Landlord shall have the right, to be exercised in writing within thirty (30) days after receipt of a Transfer Notice, to terminate this Lease (in the event of (i) a proposed assignment or (ii) any sublease of at least 50% of the Premises for more than three years). In any such event, this Lease shall terminate as of the date (the “Recapture Date”) which is the later of (a) sixty (60) days after the date of Landlord’s election, and (b) the proposed effective date of such Transfer, as if such date were the last day of the Term of this Lease unless Tenant rescinds its Transfer request within ten (10) business days following any such termination notice from Landlord.  .
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6.7Further Requirements. Tenant shall reimburse Landlord within 30 days after invoice, as Additional Rent, for any out-of-pocket costs (including reasonable attorneys’ fees and expenses) incurred by Landlord in connection with any actual or proposed assignment or sublease or other act described in paragraph (a) of Section 6.1, whether or not consummated, including the costs of making investigations as to the acceptability of the proposed assignee or
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subtenant, but in any event not to exceed $5,000 in the aggregate with respect to any one Transfer. Any sublease to which Landlord gives its consent shall not be valid unless and until Tenant and the sublessee execute a commercially reasonable consent agreement in form and substance satisfactory to Landlord in its reasonable discretion and a fully executed counterpart of such sublease has been delivered to Landlord. Any sublease shall provide that: (i) the term of the sublease ends no later than one day before the last day of the Term of this Lease; (ii) such sublease is subject and subordinate to this Lease; (iii) Landlord may enforce the provisions of the sublease, including collection of rents following an Event of Default; and (iv) in the event of termination of this Lease or reentry or repossession of the Premises by Landlord, Landlord may, at its sole discretion and option, take over all of the right, title and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord, but nevertheless Landlord shall not (A) be liable for any previous act or omission of Tenant under such sublease; (B) be subject to any defense or offset previously accrued in favor of the subtenant against Tenant; or (C) be bound by any previous modification of such sublease made without Landlord’s written consent or by any previous prepayment of more than one month’s rent.
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ARTICLE 7
RESPONSIBILITY FOR REPAIRS AND CONDITION OF PREMISES; SERVICES TO
BE FURNISHED BY LANDLORD
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7.1Landlord Repairs.
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(a)Except as otherwise provided in this Lease, Landlord agrees to keep in good order, condition and repair and in compliance with applicable Laws, the roof and roof system, the Base Building and Base Building Systems (but specifically excluding any supplemental heating, ventilation or air conditioning equipment or other supplemental systems exclusively serving the Premises that are currently installed, installed as part of Landlord’s Work or at Tenant’s request or as a result of Tenant’s requirements in excess of Building standard design criteria, including, without limitation, all systems and equipment supporting Tenant’s laboratory, research and development operations (“Tenant’s Laboratory Systems”)), all insofar as they affect the Premises, except that Landlord shall in no event be responsible to Tenant for the repair of glass in the interior Premises, the doors (and related glass and finish work) leading to the Premises, or any condition in the Premises or the Building caused by any act or neglect of Tenant, its invitees or contractors. Landlord shall also keep and maintain all Common Facilities in a good and clean order, condition and repair, free of snow and accumulation of dirt and rubbish and with reasonable treatment of ice on driveways and pedestrian walkways, and shall keep and maintain all landscaped areas at the Building in a neat and orderly condition. Landlord shall not be responsible to make any improvements or repairs to the Building other than as expressly in this Section 7.1 provided, unless expressly provided otherwise in this Lease.
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(b)Landlord shall never be liable for any failure to make repairs which Landlord has undertaken to make under the provisions of this Section 7.1 or elsewhere in this Lease, unless Tenant has given notice to Landlord of the need to make such repairs, and Landlord has failed to commence to make such repairs within a reasonable time after receipt of such notice, or fails to proceed with reasonable diligence to complete such repairs.
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7.2Tenant Repairs; Compliance with Laws.
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(a)Tenant shall keep and maintain the Premises and the Improvements, Landlord’s Work, Tenant’s trade fixtures and appurtenances therein or thereon installed by or on behalf of Tenant (including, without limitation, Tenant’s Laboratory Systems, electrical and mechanical systems not considered part of the Base Building Systems or any portion of such systems that have been installed as Landlord’s Work or Alterations for the exclusive use and benefit of Tenant such as additional HVAC equipment, hot water heaters, electronic, data, phone, and other telecommunications cabling and related equipment, and security or telephone systems for the Premises), neat and clean and in good order, condition and repair, excepting only those repairs for which Landlord is responsible under the terms of this Lease, reasonable wear and tear of the Premises, and damage by fire or other casualty or as a consequence of the exercise of the power of eminent domain; and Tenant shall surrender the Premises, at the end of the Term, in such condition. Subject to Section 10.5 regarding waiver of subrogation, Tenant shall be responsible for the cost of repairs which may be made necessary by reason of damage to the Building caused by any act or neglect of Tenant, or its employees, contractors or invitees (including any damage by fire or other casualty arising therefrom).
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(b)Tenant shall comply with all Laws from time to time in effect and all directions, rules and regulations of governmental agencies having jurisdiction, and the standards recommended by the local Board of Fire Underwriters applicable to the Premises and Tenant’s use and occupancy thereof and its business and operations therein, and shall, at Tenant’s expense, obtain all permits, licenses and the like required thereby. Notwithstanding the foregoing, Tenant shall not be obligated to make structural repairs or alterations to the Premises in order to comply with any Laws unless the need for such repairs or alterations arises from (i) the specific manner and nature of Tenant’s use or occupancy of the Premises, as distinguished from the Permitted Use, generally, (ii) the manner of conduct of Tenant’s business or operation of its installations, equipment or other property therein, (b) any cause or condition created by or at the instance of the Tenant, including, without limitation, the performance of the Landlord’s Work and/or any other Alterations made by Tenant, or (iii) a breach by Tenant of any provisions of this Lease. Any of the foregoing conditions caused by any employee, agent, contractor, or subtenant of Tenant or any other party claiming by, through, or under Tenant shall be attributable to Tenant for purposes of this Lease. Tenant shall also be responsible for the cost of compliance with all present and future Laws in respect of the Building to the extent arising from any of the causes set forth in clauses (i) through (iii) above of this Section 7.2(b), in which event, at Landlord’s election, Tenant shall (x) either be responsible to perform, at Tenant's sole cost and expense, such repairs or alterations, whether or not such compliance requires work which is structural or non-structural, ordinary or extraordinary, foreseen or unforeseen, or (y) be responsible for Landlord’s costs to perform such repairs or alterations and shall reimburse Landlord for such costs, from time to time, within thirty (30) days of Landlord invoicing Tenant therefor
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(c)If repairs are required to be made by Tenant pursuant to the terms hereof, and Tenant fails to make the repairs within applicable notice and cure periods, upon not less than ten (10) days’ prior written notice (except that no notice shall be required in the event of an emergency), Landlord may make or cause such repairs to be made (but shall not be required to do so), and the provisions of Section 14.4 shall be applicable to the costs thereof. Landlord shall
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not be responsible to Tenant for any loss or damage whatsoever that may accrue to Tenant’s stock or business by reason of Landlord’s making such repairs, except to the extent arising out of the negligence or willful misconduct of Landlord or any Landlord Party.
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7.3Floor Load - Heavy Machinery.
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(a)Tenant shall not place a load upon any floor in the Premises exceeding the load it was designed to carry, or such lower limit as may be proscribed by applicable Law. Landlord reserves the right to proscribe the weight and position of all business machines and mechanical equipment, including safes, which shall be placed so as to distribute the weight. Business machines and mechanical equipment shall be placed and maintained by Tenant at Tenant’s expense (except to the extent included in Landlord’s Work) in settings sufficient, in Landlord’s reasonable judgment, to absorb and prevent vibration, noise and annoyance. Tenant shall not move any safe, heavy machinery, heavy equipment, oversized freight, bulky matter or oversized fixtures into or out of the Building without Landlord’s prior written consent, which consent shall not be unreasonably withheld or delayed and may include a requirement to provide applicable insurance, naming Landlord as an additional insured, in such amounts as Landlord may reasonably require.
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(b)If any such safe, machinery, equipment, freight, bulky matter or fixtures requires special handling, Tenant agrees to employ only persons holding a Master Rigger’s license to do such work, and that all work in connection therewith shall comply with applicable Laws. Any such moving shall be at the sole risk and hazard of Tenant, and Tenant will exonerate, indemnify and save Landlord harmless against and from any liability, loss, injury, claim or suit resulting directly or indirectly from such moving, except to the extent resulting from Landlord’s negligence or willful misconduct.
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7.4Utility Services.
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(a)Landlord shall, on Monday through Friday from 7:00 a.m. to 6:00 p.m. in the office portion of the Premises and 24 hours, seven (7) days a week in the laboratory areas (including the animal holding facility) of the Premises, furnish heating and cooling as normal seasonal changes may require to provide reasonably comfortable space temperature and ventilation for occupants of the Premises and for use of the animal holding facility and Tenant’s laboratory operations under normal business operation at an occupancy level not exceeding the occupancy requirements for the Building and applicable Laws (but in any event, Landlord will provide make-up air to the animal holding facility and Tenant’s laboratory portions of the Property at a rate of 2.0 CFM/square foot and conditioning air to the office area portions of the Property at a rate of 1.2 CFM/square foot (provided, however, that such obligation of Landlord will only be applicable if the breakdown between the portion of the Premises used for office space and the portion of the Premises used for laboratory (including the animal holding facility) remains as contemplated by the Baseline Plans (as defined in the Work Letter)) and an electrical load not exceeding twelve (12) watts per rentable square foot. If Tenant shall require air conditioning, heating or ventilation to the office areas of the Premises outside the hours and days above specified, Landlord may furnish such service and Tenant shall pay therefor such charges as may from time to time be in effect for the Building upon demand as Additional Rent. In the event Tenant introduces into the Premises personnel or equipment which overloads the capacity
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of the Building system or in any other way interferes with the system’s ability to perform adequately its proper functions and does not cure the same within applicable notice and cure periods, supplementary systems may, if and as needed, at Landlord’s option, be provided by Landlord, and the cost of such supplementary systems shall be payable by Tenant to Landlord upon demand as Additional Rent.
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(b)Landlord shall supply electricity to the Premises for the Permitted Use to meet, but not exceed, a demand requirement not to exceed twelve (12) watts per rentable square foot of the Premises for standard single-phase 120 volt alternating current, and Tenant agrees in its use of the Premises (i) not to exceed such requirements (including without limitation, that such usage will not exceed twelve (12) watts per rentable square foot of the Premises for standard single-phase 120 volt alternating current), and (ii) that its total connected load will not exceed the maximum from time to time permitted under applicable governmental regulations. If, without in any way derogating from the foregoing limitation, Tenant shall require electricity in excess of the requirements set forth above, Tenant shall notify Landlord and Landlord may (without being obligated to do so) supply such additional service or equipment at Tenant’s sole cost and expense. Landlord shall purchase and install, at Tenant’s expense based on the actual cost of the same, all lamps, tubes, bulbs, starters and ballasts. Landlord shall install check meters serving the Premises as part of the Landlord’s Work and shall invoice Tenant for the actual costs of electricity provided to the Premises based on the usage shown on the check meter serving the Premises and Tenant shall pay Landlord the invoiced amount as Additional Rent hereunder within thirty (30) days after receipt of each such invoice. In order to assure that the foregoing requirements are not exceeded and to avert possible adverse effect on the Building’s electric system, Tenant shall not, without Landlord’s prior written consent, connect any fixtures, appliances or equipment to the Building’s electric distribution system drawing more than 15 amps at 120/208 volts. All charges to Tenant under this paragraph shall be due and payable as Additional Rent within thirty (30) days after receiving Landlord’s invoice therefor.
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(c)From time to time during the Term of this Lease, Landlord shall have the right to have an electrical consultant selected by Landlord make a survey of Tenant’s electric usage, the result of which survey shall be conclusively binding upon Landlord and Tenant, absent manifest error. In the event that such survey shows that Tenant has exceeded the requirements set forth in paragraph (b), in addition to any other rights Landlord may have hereunder, Tenant shall, upon demand, reimburse Landlord for the cost of such survey and the cost, as determined by such consultant, of electricity usage in excess of such requirements as Additional Rent.
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(d)Landlord shall have the right to discontinue furnishing electricity to the Premises at any time upon not less than thirty (30) days’ notice to Tenant; provided that Landlord shall, at Tenant’s expense, separately meter the Premises directly to the applicable public utility company. If Landlord exercises such right, from and after the effective date of such discontinuance, Landlord shall not be obligated to furnish electricity to the Premises, and Landlord shall permit Landlord’s existing wires, risers, conduits and other electrical equipment of Landlord to be used to supply electricity to Tenant, provided that the limits set forth in paragraph (b) shall not be exceeded, and Tenant shall be responsible for payment of all electricity charges directly to such utility.
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7.5Other Services.
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Landlord shall also provide, at all times during the Term:
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(a)Passenger elevators service from the existing passenger elevators system and freight elevator service in common with Landlord and others entitled thereto.
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(b)Warm water for lavatory purposes and cold water (at temperatures supplied by the city in which the Property is located) for laboratory, drinking, lavatory and toilet purposes. Such water shall be made available from the main connection point for such service on the floor on which the Premises is located and the distribution of water within the Premises shall be provided by Tenant. If Tenant uses water for any purpose other than for the purposes set forth above, Landlord may assess a reasonable charge for the additional water so used, or install a water meter and thereby measure Tenant’s water consumption for all purposes. In the latter event, unless such meter exists as of the Commencement Date, Tenant shall pay the cost of the meter and the cost of installation thereof as Additional Rent upon demand and shall keep such meter and installation equipment in good working order and repair. Tenant agrees to pay for water consumed, as shown on such meter, together with the sewer charge based on such meter charges, within 30 days after invoice, and in the event Tenant fails timely to make any such payment, Landlord may pay such charges and collect the same from Tenant upon demand as Additional Rent.
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(c)Cleaning and janitorial services only to the Common Facilities and Landlord shall provide a dumpster and/or compactor at the loading dock (or such other location reasonably determined by Landlord) Building tenants’ use for the disposal of non-hazardous/non-controlled substances. Landlord will not provide cleaning and janitorial services to the Premises, which shall be the sole obligation of Tenant.
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(d)Access to the Premises and Common Facilities serving the same at all times, subject to reasonable security and safety precautions from time to time in effect, if any, and subject always to reasonable restrictions based on emergency conditions.
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(e)Landlord may from time to time, but shall not be obligated to, provide one or more attendants in or about the lobby of the Building, and the costs of such services shall constitute Operating Expenses in accordance with the provisions of Article 9 hereof. Tenant expressly acknowledges and agrees that, if provided: (i) such attendants shall not serve as police officers, and will be unarmed, and will not be trained in situations involving potentially physical confrontation; and (ii) such attendants will be solely an amenity to tenants of the Building for purposes such as assisting visitors and invitees of tenants and others in the Building, monitoring fire control and alarm equipment, and summoning emergency services to the Building as and when needed, and not for the purpose of securing any individual tenant premises or guaranteeing the physical safety of Tenant’s Premises or of Tenant’s employees, agents, contractors or invitees. The Building contains a card key access security system controlling access to Building and the elevators. Landlord shall provide a reasonable initial number of access cards to Tenant. The actual out of pocket costs for Landlord to provide any replacement cards shall be at Tenant’s expense. If and to the extent that Tenant desires to provide security for the Premises or for such persons or their property, Tenant shall be responsible for so doing, after having first consulted
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with Landlord and after obtaining Landlord’s written consent, which shall not be unreasonably withheld, conditioned, or delayed, Landlord acknowledging that Tenant may install a security system serving the Premises subject to the provisions of Section 5.2. Landlord expressly disclaims any and all responsibility and/or liability for the physical safety of Tenant’s property, and for that of Tenant’s employees, agents, contractors and invitees, and, without in any way limiting the operation of Article 10 hereof, Tenant, for itself and its agents, contractors, invitees and employees, hereby expressly waives any claim, action, cause of action or other right which may accrue or arise as a result of any damage or injury to the person or property of Tenant or any such agent, invitee, contractor or employee, except to the extent arising out of the negligence or willful misconduct of Landlord or the negligence of any Landlord Party. Tenant agrees that, as between Landlord and Tenant, it is Tenant’s responsibility to advise its employees, agents, contractors and invitees as to necessary and appropriate safety precautions within the Property.
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(f) The loading dock, receiving area and the freight elevator shall be shared by Building tenants. Tenant and its authorized contractors and cleaning personnel shall have 24-hour access to the loading docks and disposal areas included within the Common Facilities, subject to Landlord’s reasonable rules and regulations regarding the timing of use for certain activities.
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7.6Interruption of Service.
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(a)Landlord reserves the right to curtail, suspend, interrupt and/or stop the supply of water, sewage, electrical current, cleaning, and other services, and to curtail, suspend, interrupt and/or stop use of entrances and/or lobbies serving access to the Building, or other portions of the Property, for reasonable periods, without thereby incurring any liability to Tenant, when necessary by reason of accident or emergency, or for repairs, alterations, replacements or improvements in the judgment of Landlord reasonably exercised desirable or necessary, or when prevented from supplying such services or use due to any act or neglect of Tenant or Tenant’s agents employees, contractors or invitees or any person claiming by, through or under Tenant or by Force Majeure, including, but not limited to, strikes, lockouts, difficulty in obtaining materials, accidents, laws or orders, or inability, by exercise of reasonable diligence, to obtain electricity, water, gas, steam, coal, oil or other suitable fuel or power. No diminution or abatement of rent or other compensation, nor any direct, indirect or consequential damages shall or will be claimed by Tenant as a result of, nor shall this Lease or any of the obligations of Tenant be affected or reduced by reason of, any such interruption, curtailment, suspension or stoppage in the furnishing of the foregoing services or use, irrespective of the cause thereof. The failure or omission on the part of Landlord to furnish any of the foregoing services or use as provided in this paragraph shall not be construed as an eviction of Tenant, actual or constructive, nor entitle Tenant to an abatement of rent, nor to render the Landlord liable in damages, nor release Tenant from prompt fulfillment of any of its covenants under this Lease.
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(b)Notwithstanding anything to the contrary contained in this Lease, if all or a significant portion of the Premises are rendered unusable for the normal conduct of Tenant’s business and Tenant, in fact, ceases to use the affected area of the Premises for the normal conduct of its business as a result of an interruption or failure of utilities caused by an event within the reasonable control of Landlord to remedy (an “Abatement Event”), then Tenant shall give Landlord notice of such Abatement Event, and if such Abatement Event continues for five
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(5) consecutive Business Days after Landlord’s receipt of any such notice (the “Eligibility Period”), then the Basic Rent and Tenant’s Proportionate Share of Operating Expenses and Taxes, and any other Escalation Charges, shall be abated or reduced, as the case may be, commencing after the expiration of the Eligibility Period and continuing for such time that Tenant continues to be so prevented from using, and does not use, the Premises or a portion thereof, in the proportion that the rentable area of the portion of the Premises that Tenant is prevented from using, and does not use, bears to the total rentable area of the Premises; provided, however, in the event that Tenant is prevented from using, and does not use, a portion of the Premises for a period of time in excess of the Eligibility Period and the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such remaining portion, then for such time after expiration of the Eligibility Period during which Tenant is so prevented from effectively conducting its business therein, the Basic Rent and Tenant’s Share of Operating Expenses and Taxes, and any other Escalation Charges, for the entire Premises shall be abated for such time as Tenant continues to be so prevented from using, and does not use, the Premises. If, however, Tenant recommences normal business operations in any portion of the Premises during such period, the Basic Rent and Tenant’s Share of Operating Expenses and Taxes, and any other Escalation Charges, allocable to such portion, based on the proportion that the rentable area of such portion of the Premises bears to the total rentable area of the Premises, shall be payable by Tenant from the date Tenant recommences normal business operations in such portion of the Premises. The foregoing rights to abate Basic Rent and Tenant’s Share of Operating Expenses and Taxes, and any other Escalation Charges, in this Section 7.6 shall be Tenant’s sole and exclusive remedies at law or in equity for an Abatement Event. If an Abatement Event continues for a period of more than 270 days, then Tenant shall have the right to terminate this Lease upon 30 day’s prior written notice to Landlord (provided that such termination shall be of no force or affect if such Abatement Event ceases within such 30 days period). Except as provided in this Section 7.6, nothing contained herein shall be interpreted to mean that Tenant is excused from paying rent due hereunder.
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ARTICLE 8
REAL ESTATE TAXES
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8.1Payments on Account of Real Estate Taxes.
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(a)“Tax Year” shall mean a twelve-month period commencing on July 1 and falling wholly or partially within the Term, and “Taxes” shall mean (i) all taxes, assessments (special or otherwise), levies, fees and all other government levies, exactions and charges of every kind and nature, general and special, ordinary and extraordinary, foreseen and unforeseen, which are, at any time prior to or during the Term, imposed or levied upon or assessed by governmental authorities against the Property or any portion thereof, or against any Basic Rent, Additional Rent or other rent of any kind or nature payable to Landlord by anyone on account of the ownership, leasing or operation of the Property, or which arise on account of or in respect of the ownership, development, leasing, operation or use of the Property or any portion thereof; (ii) all gross receipts taxes or similar taxes imposed or levied by governmental authorities upon, assessed against or measured by any Basic Rent, Additional Rent or other rent of any kind or nature or other sum payable to Landlord by anyone on account of the ownership, development,
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leasing, operation, or use of the Property or any portion thereof; (iii) all value added, use and similar taxes at any time levied, assessed or payable by governmental authorities on account of the ownership, development, leasing, operation, or use of the Property or any portion thereof; and (iv) reasonable expenses of any proceeding for abatement of any of the foregoing items included in Taxes; but the amount of special taxes or special assessments included in Taxes shall be limited to the amount of the installment (plus any interest, other than penalty interest, payable thereon) of such special tax or special assessment required to be paid during the year in respect of which such Taxes are being determined. There shall be excluded from Taxes all income, estate, succession, inheritance and transfer taxes of Landlord; provided, however, that if at any time during the Term, the present system of ad valorem taxation of real property shall be changed so that a capital levy, franchise, income, profits, sales, rental, use and occupancy, or other new or additional tax or charge shall in whole or in part be substituted for, or added to, such ad valorem tax and levied against, or be payable by, Landlord with respect to the Property or any portion thereof, such tax or charge shall be included in the term “Taxes” for the purposes of this Article but only to the extent calculated as if the Building and the Property were the only real estate owned by Landlord. Taxes shall exclude any Taxes assessed on future development, or any other building located on the Property, or the portions of the Property allocable to such future development or buildings, any interest or penalties resulting from the late payment of Taxes by Landlord (except to the extent due to Tenant’s failure to make timely payments), transfer taxes; any environmental assessments, charges or liens arising in connection with the remediation of Hazardous Materials from the Building or Property (subject to Tenant’s obligations hereunder); costs or fees payable to public authorities in connection with any future construction of additional buildings or similar improvements on the Property (including any such fees for transit, housing, schools, open space, child care, arts programs, traffic mitigation measures, environmental impact reports and traffic studies); and reserves for future Taxes.
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(b)For each Tax Year during the Term, commencing on the Commencement Date, Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to Tenant’s Proportionate Share of Taxes for each Tax Year, such amount to be apportioned for any portion of a Tax Year in which the Commencement Date falls or the Term expires.
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(c)Estimated payments by Tenant on account of Taxes shall be made on the first day of each and every calendar month during the Term of this Lease, in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the time real estate tax payments are due with a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time, on account of Taxes for the then current Tax Year. Promptly after receipt by Landlord of bills for such Taxes, Landlord advise Tenant of the amount thereof and the computation of Tenant’s payment on account thereof, and at Tenant’s request, Landlord shall provide Tenant with copies of the same. If estimated payments theretofore made by Tenant for the Tax Year covered by such bills exceed the required payment on account thereof for such Tax Year, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant on account of Taxes (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Tax Year are greater than estimated payments theretofore made on account thereof for such Tax Year, Tenant shall pay the difference to Landlord within thirty (30) days after being so advised by Landlord,
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and the obligation to make such payment for any period within the Term shall survive expiration of the Term.
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8.2Abatement. If Landlord shall receive any tax refund or reimbursement of Taxes or sum in lieu thereof with respect to any Tax Year all or any portion of which falls within the Term, then out of any balance remaining thereof after deducting Landlord’s reasonable, out of pocket expenses in obtaining such refund, Landlord shall, provided there does not then exist an Event of Default, credit an amount equal to such refund or reimbursement or sum in lieu thereof (exclusive of any interest, and apportioned if such refund is for a Tax Year a portion of which falls outside the Term,) multiplied by Tenant’s Proportionate Share against the monthly installments of Escalation Charges next due under this Lease (or refund such amount to Tenant if the Term has ended and Tenant has no further obligations to Landlord); provided, that in no event shall Tenant be entitled to a credit in excess of the payments made by Tenant on account of Taxes for such Tax Year pursuant to paragraph (b) of Section 8.1.
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ARTICLE 9
OPERATING EXPENSES
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9.1Definitions. “Operating Year” shall mean each calendar year all or any part of which falls within the Term, and “Operating Expenses” shall mean the aggregate costs and expenses incurred by Landlord with respect to the operation, administration, cleaning, insuring, repair, maintenance, replacement and management of the Property, including, without limitation, the costs and expenses set forth in Exhibit E attached hereto.
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9.2Tenant’s Payment of Operating Expenses.
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(a)For each Operating Year during the Term, commencing on the Commencement Date, Tenant shall pay to Landlord, as an Escalation Charge, an amount equal to Tenant’s Proportionate Share of Operating Expenses, such amount to be apportioned for any portion of an Operating Year in which the Commencement Date falls or the Term of this Lease ends.
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(b)Estimated payments by Tenant on account of Operating Expenses shall be made on the first day of each and every calendar month during the Term of this Lease, in the fashion herein provided for the payment of Basic Rent. The monthly amount so to be paid to Landlord shall be sufficient to provide Landlord by the end of each Operating Year a sum equal to Tenant’s required payment, as reasonably estimated by Landlord from time to time during each Operating Year, on account of Operating Expenses for such Operating Year. Landlord shall submit to Tenant a reasonably detailed accounting of Operating Expenses for such Operating Year, and Landlord shall certify to the accuracy thereof. If estimated payments theretofore made for such Operating Year by Tenant exceed Tenant’s required payment on account thereof for such Operating Year according to such statement, Landlord shall credit the amount of overpayment against subsequent obligations of Tenant with respect to Operating Expenses (or promptly refund such overpayment if the Term of this Lease has ended and Tenant has no further obligation to Landlord); but if the required payments on account thereof for such Operating Year are greater than the estimated payments (if any) theretofore made on account thereof for such
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Operating Year, Tenant shall make payment to Landlord within thirty (30) days after being so advised by Landlord, and the obligation to make such payment for any period within the Term shall survive expiration of the Term. Amounts for Operating Expenses not charged to Tenant by the date that is one year following the Operating Year in which they are occurred shall be deemed waived.
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(c)Tenant shall have the right at its own expense to inspect the books and records of Landlord pertaining to Operating Expenses and Taxes once in any calendar year by any employee of Tenant or by a certified public accountant mutually acceptable to Landlord and Tenant (provided such certified public accountant charges for its service on an hourly basis and not based on a percentage of any recovery or similar incentive method) at reasonable times, and upon reasonable written notice to Landlord as hereinafter provided. Tenant’s right to inspect such books and records is conditioned upon Tenant first paying Landlord the full amount billed by Landlord. Within ninety (90) days after receipt of Landlord’s annual reconciliation of Operating Expenses and Taxes, Tenant shall have the right, after at least thirty (30) days prior written notice to Landlord, to inspect at the offices of Landlord or its property manager, the books and records of Landlord pertaining solely to the Operating Expenses and Taxes for the immediately preceding calendar year covered in such annual reconciliation statement. All expenses of the inspection shall be borne by Tenant and must be completed within fifteen (15) days after commencement of such inspection. If Tenant’s inspection reveals a discrepancy in the comparative annual reconciliation statement, Tenant shall deliver a copy of the inspection report and supporting calculations to Landlord within thirty (30) days after completion of the inspection. If Tenant and Landlord are unable to resolve the discrepancy within thirty (30) days after Landlord’s receipt of the inspection report, either party may upon written notice to the other have the matter decided by an inspection by an independent certified public accounting firm approved by Tenant and Landlord (the “CPA Firm”), which approval shall not be unreasonably withheld or delayed. If the inspection by the CPA Firm shows that the actual aggregate amount of Operating Costs or Taxes payable by Tenant is greater than the amount previously paid by Tenant for such accounting period, Tenant shall pay Landlord the difference within thirty (30) days. If the inspection by the CPA Firm shows that the actual applicable amount is less than the amount paid by Tenant, then the difference shall be applied in payment of the next estimated monthly installments of Operating Costs and/or Taxes owing by Tenant, or in the event such accounting occurs following the expiration of the Term hereof, such difference shall be refunded to Tenant. Tenant shall pay for the cost of the inspection by the CPA Firm, unless such inspection shows that Landlord overstated the aggregate amount Operating Costs or Taxes by more than five percent (5%), in which case Landlord shall pay for the cost of the inspection by the CPA Firm.
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Tenant acknowledges and agrees that any information revealed in the above described inspection may contain proprietary and sensitive information and that significant damage could result to Landlord if such information were disclosed to any party other than Tenant’s auditors. Tenant shall not in any manner disclose, provide or make available any information revealed by the inspection to any person or entity without Landlord’s prior written consent, which consent may be withheld by Landlord in its sole and absolute discretion.
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9.3Gross-Up Provision. If the Property is not at least ninety-five percent (95%) occupied, in the aggregate, during any calendar year of the Term of this Lease, or if Landlord is
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not supplying services to at least ninety-five percent (95%) of the Building Rentable Area, at any time during any calendar year of the Term, actual Operating Expenses that vary with occupancy for purposes hereof shall be determined as if the Property had been ninety-five percent (95%) occupied and Landlord had been supplying services to ninety-five percent (95%) of the Building Rentable Area during such year.
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ARTICLE 10
INDEMNITY AND PUBLIC LIABILITY INSURANCE
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10.1Tenant’s Indemnity. Except to the extent arising from the gross negligence or willful misconduct of Landlord or its agents or employees, Tenant shall defend with counsel first approved by Landlord, save harmless, and indemnify Landlord and Landlord’s managing agent, beneficiaries, partners, members, shareholders, subsidiaries, officers, directors, agents, trustees and employees (“Landlord Parties”) from and against all claims, losses, cost, damages, any liability or expense of whatever nature arising from injury, loss, accident or damage to any person or property, arising from or claimed to have arisen (a) from any accident, injury or damage whatsoever to any person, or to the property of any person, occurring in the Premises; (b) from the negligent act or omission, or willful misconduct of Tenant or Tenant’s agents, employees, contractors, licensees or invitees, or (c) in connection with Tenant’s use of the Premises or any business conducted therein or any work done or condition created in the Premises by Tenant, its agent, employees or contractors, or anyone claiming by, through or under Tenant and, in any case, occurring after the Commencement Date (or such earlier date as of which Tenant takes possession of the Premises) until the expiration of the Term of this Lease and thereafter so long as Tenant is in occupancy of any part of the Premises. This indemnity and hold harmless agreement shall include indemnity against all losses, costs, damages, expenses and liabilities incurred in or in connection with any such claim or any proceeding brought thereon, and the defense thereof, including, without limitation, reasonable attorneys’ fees and costs at both the trial and appellate levels. The provisions of this Section 10.1 shall survive the expiration or earlier termination of this Lease.
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10.2Tenant Insurance. Tenant shall, on or before the earlier of the Commencement Date or the date on which Tenant first enters the Premises, obtain and keep in full force and effect at all times during the Term of this Lease the following insurance coverages relating to the Premises:
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(a)Commercial General Liability. Insurance against loss or liability in connection with bodily injury, death, or property damage or destruction, occurring on or about the Premises under one or more policies of commercial general liability insurance. Each policy shall be written on an occurrence basis and contain coverage reasonably acceptable to Landlord. Each policy shall specifically include the Premises. The insurance coverage shall be in an amount of at least the limits set forth in Section 1.1 on a per location basis, with no deductible. Each policy shall also include the broad form comprehensive general liability endorsement or equivalent and, in addition, shall provide at least the following extensions or endorsements, if available: (1) [intentionally omitted]; (2) personal injury coverage to include liability assumed under any contract; (3) a cross liability or severability of interest extension or endorsement or equivalent so that if one insured files a claim against another insured under the policy, the policy
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affords coverage for the insured against whom the claim is made as if separate policies had been issued; (4) a knowledge of occurrence extension or endorsement so that knowledge of an occurrence by the agent, servant, or employee of the insured shall not in itself constitute knowledge by the insured, unless a managing general partner or an executive officer, as the case may be, shall have received the notice from the agent, servant, or employee; (5) a notice of occurrence extension or endorsement so that if the insured reports the occurrence of an accident to its workers’ compensation carrier and the occurrence later develops into a liability claim, the failure to report the occurrence immediately to each or any other company when reported to the workers’ compensation carrier shall not be deemed a violation of the other company’s policy conditions; (6) an unintentional errors and omissions extension or endorsement so that failure of the insured to disclose hazards existing as of the inception date of the policy shall not prejudice the insured as to the coverage afforded by the policy, provided the failure or omission is not intentional; and (7) a blanket additional insured extension or endorsement or equivalent providing coverage for unspecified additional parties as their interest may appear with the insured.
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(b)Hazardous Materials.  Intentionally Omitted.
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(c)Automobile. Comprehensive automobile liability insurance on an occurrence basis in an initial amount of at least $1 million combined single limit. This policy shall be on the then most current ISO form, providing the broadest coverage written to cover owned, hired, and nonowned automobiles. The policy shall include cross liability and severability of interest endorsements, if available.
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(d)Property. Special coverage/all risk property insurance, including fire and lightning, extended coverage, sprinkler damage, theft, vandalism and malicious mischief, or the ISO causes of loss-special form; and flood insurance (if required by Landlord, any Mortgagee of the Building, or any governmental authority) in an amount adequate to cover 100% of the replacement costs, without co-insurance, of Tenant’s personal property and trade fixtures, as well as all tenant improvements located from time to time in the Premises, whether made by or on behalf of Tenant or otherwise existing in the Premises as of the Commencement Date (such tenant improvements (collectively the “Improvements”) and Alterations, whether provided or performed by or through Landlord or Tenant.
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(e)Workers’ Compensation. Workers’ compensation insurance in the amount required by law and employer’s liability coverage of at least $1 million bodily injury per accident, $1 million for bodily injury by disease for each employee, and $1 million bodily injury disease aggregate and covering all persons employed, directly or indirectly, in connection with Tenant’s business or the Improvements or any future Alterations.
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(f)Business Interruption. Business income and extra expense insurance covering the risks to be insured by the special coverage/all risk property insurance described above, on an actual loss sustained basis for a period of at least twelve (12) months, but in all events in an amount sufficient to prevent Tenant from being a coinsurer of any loss covered under the applicable policy or policies.
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(g)Other Insurance. Such other insurance as may be carried on the Premises and Tenant’s operation of the Premises, as may be reasonably required by Landlord.
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(h)Construction. Except for work to be performed by Landlord, before any Improvements or Alterations are undertaken by or on behalf of Tenant, Tenant shall obtain and maintain, at its expense, or Tenant shall require any contractor performing work on the Premises to obtain and maintain, at no expense to Landlord, in addition to workers’ compensation insurance as required by applicable Law, all risk builder’s risk insurance for the replacement cost of the applicable tenant improvements or alterations (or such other amount reasonably required by Landlord), automobile and commercial general liability insurance (including contractor’s liability coverage, contractual liability coverage, completed operations coverage, broad form property damage coverage, and contractor’s protective liability) and Excess (Umbrella) insurance written on an occurrence basis, and employer’s liability coverage, with minimum limits as provided in this Section 10.2 above. The contractor’s commercial general liability insurance shall cover claims arising out of: (1) the general contractor’s operations; (2) acts of independent contractors; (3) products/completed operations (with broad form property damage); (4) liability assumed under contract (on a broad form property damage basis); (5) liability assumed under contract (on a broad form blanket basis); (6) explosion, collapse, and underground damage hazards, when applicable; and (7) owned/nonowned/hired vehicles.
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All insurance policies required of Tenant under this Lease shall be: (1) in form reasonably satisfactory to Landlord; (2) written with insurance companies reasonably satisfactory to Landlord and having a policyholder rating of at least “A-” and a financial size category of at least “Class VIII” as rated in the most recent edition of “Best’s Key Rating Guide” for insurance companies, and authorized to engage in the business of insurance in the State in which the Building is located; and (3) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and is non-contributing with any insurance required of Tenant. LANDLORD, ITS PROPERTY MANAGER AND ANY OTHER PARTIES DESIGNATED BY LANDLORD FROM TIME TO TIME (“ADDITIONAL INSUREDS”) SHALL BE NAMED AS ADDITIONAL INSUREDS ON EACH OF SAID POLICIES (EXCLUDING THE WORKER’S COMPENSATION POLICY, BUSINESS INTERRUPTION AND PROPERTY POLICIES). EACH OF SAID POLICIES SHALL ALSO INCLUDE AN ENDORSEMENT PROVIDING THAT LANDLORD SHALL RECEIVE THIRTY (30) DAYS’ PRIOR WRITTEN NOTICE OF ANY CANCELLATION, NONRENEWAL OR REDUCTION OF COVERAGE (EXCEPT THAT TEN (10) DAYS’ NOTICE SHALL BE SUFFICIENT IN THE CASE OF CANCELLATION FOR NON-PAYMENT OF PREMIUM). Regardless of carrier/agent notification to Landlord, Tenant shall provide Landlord with at least ten (10) days prior notice of any policy cancellation or material reduction in coverage limits or coverage amounts, with respect to any policy required of Tenant under this Lease. The minimum limits of insurance specified in this Section 13.3 shall in no way limit or diminish Tenant’s liability under this Lease. Tenant shall furnish to Landlord, not less than fifteen (15) days before the date the insurance is first required to be carried by Tenant, and thereafter at least fifteen (15) days before the expiration of each policy, true and correct photocopies of all insurance policies or other evidence of insurance required under this article, together with any amendments and endorsements to the policies, evidence of insurance (on ACORD 25, ACORD 28 or other form acceptable to Landlord), and such other evidence of coverages as Landlord may reasonably request, and evidence of payment of all premiums and other expenses owed in connection with
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the policies. Any minimum amount of coverage specified in this Section 10.2 shall be subject to increase at any time after commencement of the third full year of the Lease Term, if Landlord shall reasonably determine that an increase is necessary for adequate protection. Within thirty (30) days after demand by Landlord that the minimum amount of any coverage be increased, Tenant shall furnish Landlord with evidence of the increased coverage.
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10.3Tenant’s Risk. Tenant agrees to use and occupy the Premises and to use such other portions of the Property as Tenant is herein given the right to use at Tenant’s own risk. Landlord shall not be liable to Tenant, its employees, agents, invitees or contractors for any damage, injury, loss, compensation, or claim (including, but not limited to, claims for the interruption of or loss to Tenant’s business) based on, arising out of or resulting from any cause whatsoever, including, but not limited to, repairs to any portion of the Premises or the Property, any fire, robbery, theft, mysterious disappearance and/or any other crime or casualty, the actions of any other tenants of the Building or of any other person or persons, or any leakage in any part or portion of the Premises or the Building, or from water, rain or snow that may leak into, or flow from any part of the Premises or the Building, or from drains, pipes or plumbing fixtures in the Building, unless due to the gross negligence or willful misconduct of Landlord or Landlord’s agents, contractors or employees. Any goods, property or personal effects stored or placed in or about the Premises shall be at the sole risk of Tenant, and neither Landlord nor Landlord’s insurers shall in any manner be held responsible therefor. Landlord shall not be responsible or liable to Tenant, or to those claiming by, through or under Tenant, for any loss or damage that may be occasioned by or through the acts or omissions of persons occupying adjoining premises or any part of the premises adjacent to or connecting with the Premises or any part of the Property or otherwise. Notwithstanding the foregoing, Landlord shall not be released from liability for any injury, loss, damages or liability to the extent arising from any gross negligence or willful misconduct of Landlord, its servants, employees or agents acting within the scope of their authority on or about the Premises; provided, however, that in no event shall Landlord, its servants, employees or agents have any liability to Tenant based on any loss with respect to or interruption in the operation of Tenant’s business except as expressly set forth below. The provisions of this Section 10.3 shall be applicable from and after the execution of this Lease and until the end of the Term of this Lease, and during any additional period as Tenant may use or be in occupancy of any part of the Premises or of the Building.
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10.4Landlord’s Insurance. Landlord shall maintain, as a part of Operating Expenses, special form property insurance on the Building in such amounts and subject to such deductibles as Landlord may reasonably determine. Such insurance shall be maintained with an insurance company selected by Landlord or a Superior Mortgagee, and payment for losses thereunder shall be made solely to Landlord subject to the rights of the Superior Mortgagee from time to time. Additionally Landlord may maintain such additional insurance, including, without limitation, earthquake insurance, terrorism insurance, flood insurance, liability insurance and/or rent insurance, as Landlord may in its sole discretion elect. The cost of all such additional insurance shall also be part of the Operating Expenses. Any or all of Landlord’s insurance may be provided by blanket coverage maintained by Landlord or any affiliate of Landlord under its insurance program for its portfolio of properties or (except for property insurance) by Landlord’s or any affiliate of Landlord’s program of self insurance, and in such event Operating Expenses shall include the portion of the reasonable cost of blanket insurance that is allocated to the Building.
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10.5Waiver of Subrogation. Notwithstanding anything herein to the contrary, Landlord and Tenant each hereby waives any and all rights of recovery, claim, action, or cause of action against the other, its agents, employees, licensees, or invitees for any loss or damage to or at the Premises or the Property or any personal property of such party therein or thereon by reason of fire, the elements, or any other cause which is covered, or would have been covered, by the insurance coverages required to be maintained by Landlord and Tenant, respectively, under this Lease, regardless of cause or origin, including omission of the other party hereto, its agents, employees, licensees, or invitees. Landlord and Tenant covenant that no insurer shall hold any right of subrogation against either of such parties with respect thereto. The parties hereto agree that any and all such insurance policies required to be carried by either shall be endorsed with a subrogation clause, substantially as follows: “This insurance shall not be invalidated should the insured waive, in writing prior to a loss, any and all right of recovery against any party for loss occurring to the Property described therein,” and shall provide that such party’s insurer waives any right of recovery against the other party in connection with any such loss or damage.
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ARTICLE 11
FIRE, EMINENT DOMAIN, ETC.
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11.1Landlord’s Right of Termination. If the Premises or the Building are substantially damaged (the term “substantially damaged” meaning damage of such a character that the same cannot, in the ordinary course, reasonably be expected to be repaired within one hundred eighty (180) days from the time that repair work would commence) by fire or other casualty (each, a “Casualty”), then Landlord shall have the right to terminate this Lease by giving written notice of Landlord’s election so to do within ninety (90) days after the occurrence of such Casualty, whereupon this Lease shall terminate thirty (30) days after the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. In no event shall Landlord have any liability for damages to Tenant for inconvenience, annoyance or interruption of business arising from any Casualty.
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11.2Restoration; Tenant’s Right of Termination
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(a)If the Building or the Premises shall be partially or totally damaged or destroyed by a Casualty and if this Lease is not terminated as provided in this Article 11, then (i) Landlord shall repair and restore the Building and the Premises (but excluding Tenant’s Removable Property, Alterations, and the Landlord’s Work (“Landlord’s Restoration Work”)) with reasonable dispatch (but Landlord shall not be required to perform the same on an overtime or premium pay basis) after notice to Landlord of the Casualty and the collection of the insurance proceeds attributable to such Casualty, and (ii) Tenant shall repair and restore in accordance with Section 5.2 all of Tenant’s Removable Property and the Improvements (“Tenant’s Restoration Work”) with reasonable dispatch after the Casualty, subject to Tenant’s rights to modify the same. Notwithstanding anything to the contrary contained herein, if in Landlord’s reasonable discretion it would be appropriate for safety reasons, health reasons or the efficient operation or restoration of the Premises for Landlord to perform all or a portion of Tenant’s Restoration Work on behalf of Tenant, then, subject to reasonable coordination between Landlord and Tenant and the approval of Tenant’s insurer as required, (x) Landlord shall give Tenant a written notice specifying the portion of Tenant’s Restoration Work to be performed by Landlord (the
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“Specified Restoration Work”), (y) Landlord shall perform the Specified Restoration Work, and (z) Tenant shall make available to Landlord out of insurance proceeds received by Tenant the cost of such Specified Restoration Work as such work progresses, plus such additional out of pocket amounts as are reasonably required to complete the Specified Restoration Work.
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(b)If all or part of the Premises is damaged or destroyed by a Casualty, and neither party elects to exercise its termination right under this Article 11 (or if no such termination rights are triggered), Landlord may, by written notice to Tenant given within thirty (30) days after the date of such Casualty, relocate Tenant to available space in the Building which is comparable to the Premises, including without limitation in fit, finish and level of improvement (the “Interim Space”) during the restoration of the Premises, provided (i) Landlord shall pay the reasonable and actual costs to move Tenant’s moveable fixtures, furniture and equipment into the Interim Space, and back into the Premises after restoration, (ii) the square footage of the Interim Space shall not be less than the Premises Rentable Area, (iii) the Interim Space shall be suitable for the conduct and operation of Tenant’s business as determined by Tenant in its good faith discretion, (iv) Tenant’s business is not interrupted or adversely affected on account of any such relocation to Interim Space, (v) Tenant does not incur any costs on account of such relocation to Interim Space unless Landlord reimburses Tenant for the same, and (vi) upon occupancy of the Interim Space, Tenant shall pay Landlord Rent for the Interim Space at the same per square foot rental rate as is then applicable under this Lease, adjusted to reflect the actual square footage of the Interim Space (but which Rent shall not exceed the Rent for the Premises). If Landlord exercises the foregoing option, Tenant shall relocate from the Premises to the Interim Space within thirty (30) days after delivery of such Interim Premises in the condition required by this paragraph; and Tenant shall relocate from the Interim Space to the restored Premises within thirty (30) days after restoration of the Premises, the Landlord’s Work, and any Alterations have been substantially completed by Landlord and Tenant in accordance with this Section 11.2.
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(c)Landlord shall not carry any insurance on Tenant’s Removable Property, the Landlord’s Work or on Alterations that constitute part of Tenant’s Restoration Work and shall not be obligated to repair or replace Tenant’s Removable Property or such Landlord’s Work and Alterations (whether or not installed by or at the expense of Landlord). Tenant shall look solely to its insurance for recovery of any damage to or loss of Tenant’s Removable Property and any Landlord’s Work and Alterations. Tenant shall notify Landlord promptly of any casualty in the Premises. In the event of a partial or total destruction of the Premises, Tenant shall as soon as practicable (but no later than ten (10) Business Days after receiving a notice from Landlord) remove any and all of Tenant’s Removable Property from the Premises or the portion thereof destroyed, as the case may be, and if Tenant does not promptly so remove Tenant’s Removable Property, Landlord, at Tenant’s expense, may remove Tenant’s Removable Property to a bonded public warehouse for storage with at least three (3) Business Days’ prior written notice to Tenant. Tenant shall be solely responsible for arranging for any visits to the Premises by Tenant’s insurance adjuster that may be desired by Tenant prior to the removal of Tenant’s Removable Property by Tenant, or the performance by Landlord of Landlord’s Restoration Work or the Specified Restoration Work and Landlord shall be under no obligation to delay the performance of same, nor shall Landlord have any liability to Tenant in the event that Tenant fails to do so. Tenant shall promptly permit Landlord access to the Premises for the purpose of performing Landlord’s Restoration Work .
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(d)Within ninety (90) days after the occurrence of any Casualty affecting the Premises or the common areas necessary for the use and enjoyment of the same, Landlord shall deliver to Tenant a written estimate (“Landlord’s Estimate”) from a reputable contractor designated by Landlord as to the probable length of time that will be necessary to substantially complete Landlord’s Restoration Work. If such time estimate exceeds 180 days from the date that repair work would commence, Tenant shall have the right to terminate this Lease by giving written notice to Landlord thereof within thirty (30) days after receipt of such estimate (time being of the essence with respect to the giving of such notice by Tenant). If Tenant is entitled pursuant to the terms of this Section 11.2(d) to terminate this Lease and Tenant fails to deliver a termination notice to Landlord within the thirty (30) day period set forth herein, Tenant will be deemed to have waived Tenant’s rights under this Section 11.2(d) to terminate the Lease on account of such Casualty. The provisions of this Section are in lieu of any statutory termination provisions allowable in the event of a Casualty. Furthermore, if Landlord has not substantially completed the Landlord’s Restoration Work within the time set forth in the Landlord’s Estimate, then Tenant shall have the right to terminate this Lease by written notice given within 30 days following the expiration of such period.
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(e)If this Lease is terminated under any of the provisions of this Article XI as a result of a Casualty, Landlord shall be entitled to retain for its benefit the proceeds of insurance maintained by Tenant on the Landlord’s Work in an amount not to exceed the unamortized cost of the Landlord’s Work, amortized over the initial term of the Lease. This Section 11.2 shall be deemed an express agreement governing any damage or destruction of the Premises by fire or other casualty, and any law providing for a contingency in the absence of an express agreement, now or hereafter in force, shall have no application.
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11.3Abatement of Rent. If the Premises is damaged by a Casualty, Basic Rent and Escalation Charges payable by Tenant shall abate proportionately for the period from the date of such fire or other casualty until the earlier of (a) the date that Landlord substantially completes Landlord’s Restoration Work (provided that if Landlord would have completed Landlord’s Restoration Work at an earlier date but for Tenant having failed to cooperate with Landlord in effecting such Work or collecting insurance proceeds, following notice from Landlord of such failure and the passage of 10 days without Tenant curing such failure, then the Premises shall be deemed to have been repaired and restored on such earlier date and the abatement shall cease) plus a period of four months, or (b) the date Tenant or other occupant reoccupies any portion of the Premises for the conduct of its business as opposed to the completion of Tenant’s restoration obligations (in which case the Basic Rent and Escalation Charges allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). Notwithstanding any provision contained in this Lease to the contrary, (i) there shall be no abatement with respect to any portion of the Premises which has not been rendered untenantable for Tenant’s particular use by reason of fire or other casualty and which is accessible, whether or not other portions of the Premises are untenantable, and (ii) any abatement of Basic Rent or Escalation Charges applicable to any portion of the Premises which was rendered untenantable by reason of a casualty shall cease on the earliest of the dates referred to in clauses (a) or (b) of the preceding sentence provided such portion is accessible, whether or not other portions of the Premises remain untenantable. Landlord’s determination of the date Landlord’s Restoration Work to the Premises shall have been substantially completed shall be controlling unless Tenant disputes same by notice to Landlord given within ten (10) days after such determination by Landlord, and pending
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resolution of such dispute, Tenant shall pay Basic Rent and Escalation Charges in accordance with Landlord’s determination. Notwithstanding the foregoing, if by reason of any act or omission by Tenant, any subtenant or any of their respective partners, directors, officers, servants, employees, agents or contractors, Landlord or any Mortgagee shall be unable to collect all of the insurance proceeds (including, without limitation, rent insurance proceeds) applicable to the casualty, following notice from Landlord and Tenant’s failure to cure the same within 10 days, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Basic Rent or of Escalation Charges.
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11.4Eminent Domain
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(a)If the Premises shall be taken by any exercise of the power of eminent domain, Basic Rent and Escalation Charges payable by Tenant shall be justly and equitably abated and reduced according to the nature and extent of the loss of use thereof suffered by Tenant. In no event shall Landlord have any liability for damages to Tenant for inconvenience, annoyance or interruption of business arising from such exercise of the power of eminent domain.
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(b)If any part of the Building is taken by any exercise of the right of eminent domain, then Landlord shall have the right to terminate this Lease (even if Landlord’s entire interest in the Premises may have been divested) by giving notice of Landlord’s election so to do within ninety (90) days after the occurrence of the effective date of such taking, whereupon this Lease shall terminate thirty (30) days after the date of such notice with the same force and effect as if such date were the date originally established for the expiration of the Term of this Lease. If any material portion of the Premises is rendered permanently untenantable for Tenant’s particular business on account of any such right of eminent domain, then Tenant shall have the right to terminate this Lease upon 30 days’ prior notice to Landlord given with ninety (90) days after the occurrence of the effective date of such taking.
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(c)If this Lease shall not be terminated pursuant to Section 11.4(b), Landlord shall thereafter use due diligence to restore the affected areas of the Building and Premises (excluding any Tenant’s Removable Property installed by Tenant pursuant to Section 5.2) to proper condition for Tenant’s use and occupation, provided that Landlord’s obligation shall be limited to the amount of compensation recoverable by Landlord from the taking authority. If, for any reason, such restoration shall not be substantially completed within six (6) months after the expiration of the ninety (90) day period referred to in Section 11.4(b) (which six month period may be extended for such periods of time as Landlord is prevented from proceeding with or completing such restoration for any cause beyond Landlord’s reasonable control, but in no event for more than an additional three (3) months), Tenant shall have the right to terminate this Lease by giving notice to Landlord thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Lease shall cease and come to an end thirty (30) days after the giving of such notice, without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration.
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(d)Landlord shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to Landlord, all rights to recover for damages to the Property and the leasehold interest hereby created (including any Alterations made by Tenant pursuant to Section 5.2, but excluding any of Tenant’s Removable Property), and to compensation accrued or hereafter to accrue by reason of such taking, and by way of confirming the foregoing, Tenant hereby grants and assigns, and covenants with Landlord to grant and assign to Landlord, all rights to such damages or compensation, and covenants to deliver such further assignments and assurances thereof as Landlord may from time to time request, and Tenant hereby irrevocably appoints Landlord its attorney in fact to execute and deliver in Tenant’s name all such assignments and assurances. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceedings a claim for the value of any of Tenant’s Removable Property installed in the Premises by Tenant at Tenant’s expense and for relocation expenses, provided that such action shall not affect the amount of compensation otherwise recoverable by Landlord from the taking authority.
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ARTICLE 12
HOLDING OVER; SURRENDER
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12.1Holding Over. If Tenant or anyone claiming by, through or under Tenant shall remain in possession of all or any part of the Premises (which shall include a failure by Tenant to remove any Tenant’s Removable Property or Alterations which Landlord notified Tenant were to be removed at the expiration or earlier termination of the Term) after the expiration or earlier termination of the Term of this Lease, such holding over shall be treated as a daily tenancy at sufferance at a Basic Rent equal to one hundred fifty percent (150%) for the first 30 days and two hundred percent (200%) thereafter of the Basic Rent in effect for the last rental period of the Term, plus Escalation Charges and other Additional Rent herein provided (prorated on a daily basis). In addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs and damages, direct and/or indirect, sustained by reason of any such holding over in excess of 30 days, including, without limitation, claims made by and loss of any succeeding tenant arising out of such failure to timely surrender possession in the condition required under this Lease. In all other respects, such holding over shall be on the terms and conditions set forth in this Lease as far as applicable (and excluding any extension, expansion or rights of first offer of tenant) in the Lease. Nothing contained in this Article 12 shall be construed as a consent by Landlord to any holding over by Tenant, and Landlord shall have the right to immediately terminate such holding over pursuant to applicable Law. The provisions of this Article 12 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law.
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12.2Surrender of Premises.
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(a)At least thirty (30) days prior to Tenant’s surrender of possession of any part of the Premises, Tenant shall provide Landlord with a facility decommissioning and Hazardous Materials closure plan for the Premises with respect to Hazardous Materials used by Tenant or any Tenant Party at the Premises during the term of this Lease (“Exit Survey”) prepared by an independent third party state-certified professional with appropriate expertise, which Exit Survey must be reasonably acceptable to Landlord. The Exit Survey shall comply
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with the American National Standards Institute’s Laboratory Decommissioning guidelines (ANSI/AIHA Z9.11-2008) or any successor standards published by ANSI or any successor organization (or, if ANSI and its successors no longer exist, a similar entity publishing similar standards). In addition, at least ten (10) days prior to Tenant’s surrender of possession of any part of the Premises, Tenant shall (i) provide Landlord with written evidence of all appropriate governmental releases related to Tenant’s operation at the Premises, to the extent such releases are necessary for the re-occupancy of the same or otherwise if required by Landlord, obtained by Tenant in accordance with applicable Laws, including laws pertaining to the surrender of the Premises, (ii) place Laboratory Equipment Decontamination Forms on all decommissioned equipment to assure safe occupancy by future users and (ii) conduct a site inspection with Landlord. In addition, Tenant agrees to remain responsible after the surrender of the Premises for the remediation of any recognized environmental conditions set forth in the Exit Survey for which Tenant is responsible under this Lease and comply with any recommendations set forth in the Exit Survey. Tenant’s obligations under this Section shall survive the expiration or earlier termination of the Lease.
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(b)In addition to the foregoing requirement, upon the expiration or earlier termination of the Term of this Lease, Tenant shall promptly and peaceably quit and surrender to Landlord the Premises in neat and clean condition and in good order, condition and repair, excepting only ordinary wear and use and damage by fire or other casualty or condemnation for which, under other provisions of this Lease, Tenant has no responsibility to repair or restore together with all Alterations which may have been made or installed in, on or to the Premises prior to or during the Term of this Lease (except as otherwise required by Landlord pursuant to Section 5.2(e) above), and all attached equipment, decorations, fixtures, laboratory casework, non-movable trade fixtures, and Alterations built into the Premises (including Landlord’s Work) made by either of the parties (including all floor and wall coverings; paneling; sinks and related plumbing fixtures; immovable laboratory benches; exterior venting fume hoods; walk-in freezers and refrigerators; ductwork; conduits; electrical panels and circuits; attached, non -movable business and trade fixtures; attached, non-movable machinery and equipment; and built-in furniture and cabinets, in each case, together with all additions thereto). Tenant shall remove all of Tenant’s Removable Property, all signs installed by Tenant in or on the Premises and the Building, all lines and other wiring and cabling installed by Tenant prior to or during the Term. No Landlord’s Work shall be considered Tenant’s Removable Property (whether or not the same is movable). For the avoidance of doubt, the items listed on Exhibit G attached hereto (which Exhibit G may be updated by Tenant from and after the Commencement Date, subject to Landlord’s written consent provided that such consent shall not be unreasonably withheld, conditioned or delayed with respect to items purchased and brought onto the Premises by Tenant after the Commencement Date) constitute Tenant’s Removable Property and shall be removed by Tenant upon the expiration or earlier termination of the Lease, and no Landlord’s Work shall be considered Tenant’s Removable Property (whether or not the same is movable).
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(c)Tenant shall repair any damage to the Premises or the Building caused by such removal and restore the affected area to its condition prior to the installation thereof. Any Tenant’s Removable Property which shall remain in the Building or on the Premises after the expiration or termination of the Term of this Lease shall, if not removed within 10 days after notice by Landlord, be deemed conclusively to have been abandoned, and either may be retained
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by Landlord as its property or may be disposed of in such manner as Landlord may see fit, at Tenant’s sole cost and expense.
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ARTICLE 13
RIGHTS OF MORTGAGEES; TRANSFER OF TITLE
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13.1Rights of Mortgagees or Ground Lessor.
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(a)This Lease, and all rights of Tenant hereunder, are and shall be subject and subordinate to any ground or underlying leases of the Property and to all renewals, extensions, modifications and replacements thereof, and to the lien of all mortgages, deeds of trust or similar encumbrances which may now or hereafter affect the Property, whether or not such mortgages or other encumbrances shall also cover other lands and/or buildings, and to each and every advance made or hereafter to be made under such mortgages and other encumbrances, and to all renewals, modifications, replacements, extensions and consolidations of such mortgages and other encumbrances; provided that so long as an Event of Default does not then exist, as a condition to the foregoing, such future mortgagees or other holders enter into a commercially reasonable non-disturbance and recognition agreement that recognizes Tenant as a direct tenant on all of the terms hereunder. This Section shall be self operative and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall promptly execute, acknowledge and deliver any commercially reasonable instrument that Landlord, the lessor under any such lease or the holder of any such mortgage or other encumbrance or any of their respective successors in interest may reasonably request to evidence such subordination. Any lease to which this Lease is, at the time referred to, subject and subordinate is herein called “Superior Lease” and the lessor of a Superior Lease or its successor in interest at the time referred to, is herein called “Superior Lessor”; and any mortgage or other encumbrance to which this Lease is, at the time referred to, subject and subordinate, is herein called “Superior Mortgage” and the holder of a Superior Mortgage, or its successor in interest at the time referred to, is herein called “Superior Mortgagee.” If any Superior Mortgagee, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such Superior Mortgage. The election of any such Superior Mortgagee shall become effective upon either notice from such Superior Mortgagee to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder’s office of an instrument in which the Superior Mortgagee subordinates its rights under such Superior Mortgage to this Lease. At Tenant’s cost and expense, including without limitation, any costs of Superior Mortgagee for which Landlord is obligated to pay, Landlord shall use commercially reasonable efforts to obtain an SNDA for the benefit of Tenant from any Superior Mortgagee existing as of the Effective Date, but failure to do so shall not be deemed to be a default of Landlord.
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(b)If any Superior Lessor or Superior Mortgagee or the nominee or designee of any Superior Lessor or Superior Mortgagee shall succeed to the rights of Landlord under this Lease, whether through possession or foreclosure action or delivery of a new lease or deed, or otherwise, then at the request of such party so succeeding to Landlord’s rights (herein called
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“Successor Landlord”), Tenant shall attorn to and recognize such Successor Landlord as Tenant’s landlord under this Lease and shall promptly execute and deliver any commercially reasonable instrument that such Successor Landlord may reasonably request to evidence such attornment. Tenant waives the provisions of any law or regulation, now or hereafter in effect, which terminates or may give or purport to give Tenant any right to terminate or otherwise affect this Lease or the obligations of Tenant hereunder in the event that any such foreclosure, termination or other proceeding is filed, prosecuted or completed. Upon such attornment, this Lease shall continue in full force and effect as a direct lease between the Successor Landlord and Tenant upon all of the terms, conditions and covenants as are set forth in this Lease, except that (subject to the terms of any SNDA between Tenant and such successor) the Successor Landlord shall not be (i) liable in any way to Tenant for any act or omission, neglect or default on the part of Landlord under this Lease, (ii) responsible for any monies owing by or on deposit with Landlord to the credit of Tenant, (iii) subject to any counterclaim or setoff which theretofore accrued to Tenant against Landlord (other than setoffs expressly permitted under this Lease), (iv) bound by any modification of this Lease subsequent to such Superior Lease or Superior Mortgage, or by any previous prepayment of fixed rent for more than one (1) month in advance of the date due, which was not approved in writing by the Superior Lessor or the Superior Mortgagee thereto, (v) liable to the Tenant beyond the Successor Landlord’s interest in the Property and the rents, income, receipts, revenues, issues and profits issuing from such Property, (vi) responsible for the performance of any work to be done by the Landlord under this Lease to render the Premises ready for occupancy by the Tenant, (vii) liable for the payment of any improvement allowance or similar amount owing to Tenant on account of the performance of any alterations or leasehold improvements to the Premises or the Building, or (b) required to remove any person occupying the Premises or any part thereof, except if such person claims by, through or under the Successor Landlord.
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13.2Assignment of Rents and Transfer of Title.
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(a)With reference to any assignment by Landlord of Landlord’s interest in this Lease, or the rents payable hereunder, conditional in nature or otherwise, which assignment is made to a Superior Mortgagee on property which includes the Premises, Tenant agrees that the execution thereof by Landlord, and the acceptance thereof by the Superior Mortgagee shall never be treated as an assumption by the Superior Mortgagee of any of the obligations of Landlord hereunder unless the Superior Mortgagee shall, by notice sent to Tenant, specifically otherwise elect and, except as aforesaid, the Superior Mortgagee shall be treated as having assumed Landlord’s obligations hereunder only upon foreclosure of the Superior Mortgage and the taking of possession of the Premises.
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(b)In no event shall the acquisition of Landlord’s interest in the Property by a purchaser which, simultaneously therewith, leases Landlord’s entire interest in the Property back to the seller thereof be treated as an assumption by operation of law or otherwise, of Landlord’s obligations hereunder, but Tenant shall look solely to such seller-lessee, and its successors from time to time in title, for performance of Landlord’s obligations hereunder, to the extent such seller-lessee has assumed the obligations under this Lease. In any such event, this Lease shall be subject and subordinate to the lease to such purchaser subject to the provisions of this Section 13.2(b). For all purposes, such seller-lessee, and its successors in title, shall be the Landlord
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hereunder unless and until Landlord’s position shall have been assumed by such purchaser-lessor.
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(c)Except as provided in paragraph (b) of this Section, in the event of any transfer of title to the Property by Landlord, Landlord shall thereafter be entirely freed and relieved from the performance and observance of all covenants and obligations hereunder except with respect to monetary obligations owed by Landlord to Tenant to the extent the same accrued prior to the date of such transfer.
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13.3Notice to Mortgagee. Tenant shall not seek to enforce any remedy it may have for any default on the part of Landlord (other than those remedies expressly set forth in Section 7.6(b)) without first giving any Superior Mortgagee and Superior Lessor, as applicable, of which Tenant has prior notice written notice by certified mail, return receipt requested, specifying the default in reasonable detail, and affording such Superior Mortgagee and Superior Lessor, as applicable, (i) a reasonable opportunity to perform Landlord’s obligations hereunder (but not less than thirty (30) days), if such default can be cured without such Superior Mortgagee or Superior Lessor, as applicable, taking possession of the mortgaged or leased estate, or (ii) time to obtain possession of the mortgaged or leased estate and then to cure such default of Landlord, if such default cannot be cured without such Superior Mortgagee or Superior Lessor or taking possession of the mortgaged or leased estate. The curing of any of Landlord’s defaults by a Superior Mortgagee or Superior Lessor shall be treated as performance by Landlord.
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ARTICLE 14
DEFAULT; REMEDIES
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14.1Tenant’s Default.
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(a)If at any time subsequent to the date of this Lease any one or more of the following events (herein referred to as an “Event of Default”) shall occur:
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(i)Tenant shall fail to pay the Basic Rent, Escalation Charges or any other Additional Rent hereunder when due and such failure shall continue for three (3) Business Days after written notice to Tenant from Landlord (except that such written notice shall only be required once in any twelve (12) month period with respect to Basic Rent or any Escalation Charges, with any subsequent failure to pay such sums constituting an Event of Default unless paid within three (3) Business Days after the date due without need for an additional written notice); or
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(ii)(ii)Tenant shall neglect or fail to perform or observe any other covenant herein contained on Tenant’s part to be performed or observed and Tenant shall fail to remedy the same within thirty (30) days after notice to Tenant (or such shorter period for completing a cure for such default as may be required by applicable Laws or by virtue of an emergency situation) specifying such neglect or failure, or if such failure is of such a nature that Tenant cannot reasonably remedy the same within such thirty (30) day period, Tenant shall fail to commence promptly (and in any event within such thirty (30) day period) to
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remedy the same and thereafter to diligently prosecute such remedy to completion with diligence and continuity (and in any event, within ninety (90) days after the notice described in this subparagraph (ii)), provided that (x) in no event shall Tenant have such additional period of time that would (A) subject Landlord or any Superior Lessor or any Superior Mortgagee to prosecution for a crime or any other fine or charge, or (B) subject the Property, or any part thereof, to any lien or encumbrance which is not removed or bonded within the time period required under this Lease or
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(iii)Tenant’s leasehold interest in the Premises shall be taken on execution or by other process of law directed against Tenant; or
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(iv)If Tenant or any guarantor of this Lease shall (i) make an assignment for the benefit of creditors, (ii) acquiesce in a petition in any court in any bankruptcy, reorganization, composition, extension or insolvency proceedings, (iii) seek, consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of any guarantor of this Lease or of all or any part of Tenant’s or such guarantor’s property, (iv) file a petition seeking an order for relief under the Title 11 of the United States Code, as now or hereafter amended or supplemented (the “Bankruptcy Code”), or by filing any petition under any other present or future federal, state or other statute or law for the same or similar relief, or (v) fail to win the dismissal, discontinuation or vacating of any involuntary bankruptcy proceeding filed under the Bankruptcy Code, or under any other present or future federal, state or other statute or law for the same or similar relief, within ninety (90) days after such proceeding is initiated; or
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(v)Any lien has been filed against the Property, or any portion thereof, as a result of Tenant’s acts, omissions or breach of this Lease, and Tenant fails, within 30 days after the lien is filed, either (1) to cause said lien to be removed from the Property, or (2) to furnish a bond sufficient to remove the lien or cause a title insurance endorsement to be issued with respect to such lien, which endorsement shall be satisfactory, in form and substance to Landlord, in Landlord’s sole discretion; then in any such case Landlord may exercise any of Landlord’s rights or remedies available under this Lease, at law or in equity.
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14.2Landlord’s Remedies.
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(a)During the continuance of an Event of Default, Landlord shall have the following remedies, in addition to any and all other rights and remedies available at Law or in equity or otherwise provided in this Lease, any one or more of which Landlord may resort to cumulatively, consecutively, or in the alternative:
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(i)Landlord may continue this Lease in full force and effect, and collect Rent and other charges as and when due, without prejudice to Landlord’s
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right to subsequently elect to terminate this Lease on account of such Event of Default;
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(ii)Landlord may terminate this Lease upon written notice to Tenant to such effect, in which event this Lease (and all of Tenant’s rights hereunder) shall immediately terminate, but such termination shall not affect those obligations of Tenant which are intended by their terms to survive the expiration or termination of this Lease, and Tenant shall remain liable for damages as hereinafter set forth in this Section 14.2. This Lease may also be terminated by a judgment specifically providing for termination;
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(iii)Landlord may terminate Tenant’s right of possession without terminating this Lease upon written notice to Tenant to such effect, in which event Tenant’s right of possession of the Premises shall immediately terminate, but this Lease shall continue subject to the effect of this Section 14.2;
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(iv)Landlord may, but shall not be obligated to, perform any defaulted obligation of Tenant, and to recover from Tenant, as Additional Rent, the costs incurred by Landlord in performing such obligation. Notwithstanding the foregoing, or any other notice and cure period set forth herein, Landlord may exercise its rights under this Section 14.2(a)(iv) without prior notice or upon shorter notice than otherwise required hereunder (and as may be reasonable under the circumstances) in the event of any one or more of the following circumstances is present: (i) there exists a reasonable risk of prosecution of Landlord under applicable Law unless such obligation is performed sooner than the stated cure period; (ii) there exists an emergency arising out of the defaulted obligation; or (iii) the Tenant has failed to obtain insurance required by this Lease, or such insurance has been canceled by the insurer without being timely replaced by Tenant, as required herein; and
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(v)Landlord shall have the right to recover damages from Tenant, as set forth in this Section 14.2.
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(b)Upon any termination of this Lease or of Tenant’s right of possession, Landlord, at its sole election, in compliance with applicable Law, may (i) re-enter the Premises, either by summary proceedings, ejectment or otherwise, and remove and dispossess Tenant and all other persons and any and all property from the same, as if this Lease had not been made, (ii) remove all property from the Premises and store the same in a public warehouse or elsewhere at Tenant’s expense, and/or (iii) deem such property to be abandoned, and, in such event, Landlord may dispose of such property at Tenant’s expense, free from any claim by Tenant or anyone claiming by, through or under Tenant. It shall not constitute a constructive or other termination of this Lease or Tenant’s right to possession if Landlord (a) exercises its right to repair or maintain the Premises, (b) performs any unperformed obligations of Tenant, (c) stores or removes Tenant’s property from the Premises after Tenant’s dispossession, (d) attempts to relet, or, in fact, does relet, the Premises or (e) seeks the appointment of a receiver on Landlord’s initiative to protect Landlord’s interest under this Lease.
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(c)If this Lease shall have been terminated as provided in this Article, Tenant shall pay the Basic Rent, Escalation Charges, Additional Rent and other sums payable hereunder up to the time of such termination, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such termination, and whether or not the Premises shall have been relet, shall be liable to Landlord for, and shall pay to Landlord, as liquidated current damages: the Basic Rent, Escalation Charges, Additional Rent and other sums that would be payable hereunder if such termination had not occurred, less the net proceeds, if any, of any reletting of the Premises, after deducting all out of pocket expenses incurred by Landlord in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, legal expenses, reasonable attorneys’ fees, advertising, out of pocket expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay the portion of such current damages referred to in the preceding sentence to Landlord monthly on the days which the Basic Rent would have been payable hereunder if this Lease had not been terminated.
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(d)At any time after termination of this Lease as provided in this Article, whether or not Landlord shall have collected any such current damages, as liquidated final damages and in lieu of all such current damages beyond the date of such demand, at Landlord’s election Tenant shall pay to Landlord an amount equal to the excess, if any, of the Basic Rent, Escalation Charges, Additional Rent and other sums as hereinbefore provided which would be payable hereunder from the date of such demand assuming that, for the purposes of this paragraph, annual payments by Tenant on account of Taxes and Operating Expenses would be the same as the payments required for the immediately preceding Operating or Tax Year plus a three percent (3%) annual increase per year for what would be the then unexpired Term of this Lease if the same remained in effect, over the then fair net rental value of the Premises for the same period.
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(e)In case of any Event of Default, re-entry, expiration and dispossession by summary proceedings or otherwise, Landlord may (i) relet the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term of this Lease and may grant concessions or free rent to the extent that Landlord considers advisable and necessary to re let the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord considers advisable and necessary for the purpose of reletting the Premises; and the making of such alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Tenant, for itself and any and all persons claiming through or under Tenant, including its creditors, upon the termination of this Lease and of the term of this Lease in accordance with the terms hereof, or in the event of entry of judgment for the recovery of the possession of the Premises in any action or proceeding, or if Landlord shall enter the Premises by process of law or otherwise, hereby waives any right of redemption provided or permitted by any statute, law or decision now or hereafter in force, and does hereby waive, surrender and give up all rights or privileges which it or they may or might have under and by reason of any present or future law or decision, to redeem the Premises or for a continuation of this Lease for the term of this Lease hereby demised after having been dispossessed or ejected therefrom by process of law, or otherwise.
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(f)In addition to any other remedies under this Article 14, Tenant shall be liable to Landlord for all damages proximately caused by Tenant’s breach of its obligations under this Lease, including all costs Landlord incurs in reletting (or attempting to relet) the Premises or any part thereof, including, without limitation, brokers’ commissions, expenses of cleaning, altering and preparing the Premises for new tenants, legal fees and all other like expenses properly chargeable against the Premises and the rental received therefrom and like costs, provided that nothing set forth in this Section 14.2(f) shall be construed to impose upon Landlord any obligation to relet the Premises or to mitigate its damages hereunder, except to the extent expressly required under applicable Law. If Landlord does elect to relet the Premises (or any portion thereof), such reletting may be for a period shorter or longer than the remaining Term, and upon such terms and conditions as Landlord deems appropriate, in its sole and absolute discretion, and Tenant shall have no interest in any sums collected by Landlord in connection with such reletting except to the extent expressly set forth herein. If the Premises or any part thereof shall be relet in combination with any other space, then proper apportionment on a per-square foot basis shall be made of the rent received from such reletting and of the expenses of such reletting. If Landlord shall succeed in reletting the Premises during the period in which Tenant is paying monthly rent damages as described in Section 14.2(c), Landlord shall credit Tenant with the net rents collected by Landlord from such reletting, after first deducting from the gross rents, as and when collected by Landlord, (A) all out of pocket expenses incurred or paid by Landlord in collecting such rents, and (B) any theretofore unrecovered costs associated with the termination of this Lease or Landlord’s reentry into the Premises, including any theretofore unrecovered expenses of reletting or other damages payable hereunder. If the Premises or any portion thereof be relet by Landlord for the unexpired portion of the Term before presentation of proof of such damages to any court, commission or tribunal, the amount of rent reserved upon such reletting shall, prima facie, constitute the fair and reasonable rental value for the Premises, or part thereof, so relet for the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or, if the Premises or any part are relet, for its failure to collect the rent under such reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this Lease.
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(g)If the trustee or the debtor in possession assumes the Lease under applicable bankruptcy law, it may assume and assign its interest in this Lease only if the proposed assignee first provides Landlord with (1) notice of such proposed assignment, setting forth (i) the name and address of the proposed assignee, its proposed use of the Premises, reasonably detailed character and financial references for such person (including its most recent balance sheet and income statements certified by its chief financial officer or, if available, a certified public accountant) and any other information reasonably requested by Landlord, and (ii) all of the terms and conditions of such offer, shall be given to Landlord by Tenant or such trustee no later than twenty (20) days after receipt by Tenant or such trustee of such offer, but in any event no later than ten (10) days prior to the date that Tenant or such trustee shall make application to a court of competent jurisdiction for authority and approval to assume this Lease and enter into such assignment; (2) Adequate Assurance of Future Performance (as hereinafter defined) of all of Tenant’s obligations under this Lease, and (3) Landlord determines, in the exercise of its reasonable business judgment, that the assignment of this Lease will not breach any other lease, or any mortgage, financing agreement, or other agreement relating to the Property by which Landlord or the Property is then bound (and Landlord shall not be required to
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obtain consents or waivers from any third party required under any lease, mortgage, financing agreement, or other such agreement by which Landlord is then bound). Landlord shall have the option, to be exercised by notice to Tenant or such trustee given at any time prior to the date the application is filed for court approval of the assumption and assignment of this Lease to the proposed assignee, to accept an assignment of this Lease upon the same terms and conditions and for the same consideration, if any, as the bona fide offer made by such proposed assignee, less any brokerage commissions which may be payable out of the consideration to be paid by such person for the assignment of this Lease.
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(h)For purposes only of paragraph (g) above, and in addition to any other requirements under the Bankruptcy Code, any future federal bankruptcy law and applicable case law, “Adequate Assurance of Future Performance” means at least the satisfaction of the following conditions, which Landlord and Tenant acknowledge to be commercially reasonable:
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(i)the proposed assignee submitting a current financial statement, audited by a certified public accountant, that allows a net worth and working capital in amounts determined in the reasonable business judgment of Landlord to be sufficient to assure the future performance by the assignee of Tenant’s obligation under this Lease; and
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(ii)if requested by Landlord in the exercise of its reasonable business judgment, the proposed assignee obtaining a guarantee (in form and substance satisfactory to Landlord) from one or more persons who satisfy Landlord’s standards of creditworthiness; and
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(iii)the proposed assignee is of a character and financial worth such as is in keeping with the standards of Landlord in those respects for the Property, the assignee’s tenancy is of the same quality as other tenants at the Property, and the purposes for which the proposed assignee intends to use the Premises are uses expressly permitted by and not prohibited by this Lease or prohibited by any other lease at the Property.
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14.3Additional Rent. If Tenant shall fail to pay when due any sums under this Lease designated as an Escalation Charge or other Additional Rent, Landlord shall have the same rights and remedies as Landlord has hereunder for failure to pay Basic Rent.
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14.4Remedying Defaults. Following the expiration of applicable notice and cure periods, Landlord shall have the right, but shall not be required, to pay such sums or do any act which requires the expenditure of monies which may be necessary or appropriate by reason of the failure or neglect of Tenant to perform any of the provisions of this Lease, and in the event of the exercise of such right by Landlord, Tenant agrees to pay to Landlord forthwith upon demand all such sums, together with interest thereon at the Default Interest Rate, as Additional Rent.
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14.5Remedies Cumulative. The specified remedies to which Landlord may resort hereunder are not intended to be exclusive of any remedies or means of redress to which Landlord may at any time be entitled lawfully, and Landlord may invoke any remedy (including the remedy of specific performance) allowed at law or in equity as if specific remedies were not
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herein provided for. Nothing in this Lease shall prohibit Tenant from pursuing such remedies as may be available to Tenant in equity, including injunctive relief and specific performance. In no event shall Tenant be liable for any indirect or consequential damages, except as set forth in Section 12.1.
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14.6Enforcement Costs. Tenant shall pay all costs and expenses (including, without limitation, attorneys’ fees and expenses at both the trial and appellate levels) incurred by or on behalf of Landlord in connection with the successful enforcement of any rights of Landlord or obligations of Tenant hereunder, whether or not occasioned by an Event of Default.
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14.7Waiver.
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(a)Failure on the part of Landlord or Tenant to complain of any action or non-action on the part of the other, no matter how long the same may continue, shall never be a waiver by Tenant or Landlord, respectively, of any of the other’s rights hereunder. Further, no waiver at any time of any of the provisions hereof by Landlord or Tenant shall be construed as a waiver of any of the other provisions hereof, and a waiver at any time of any of the provisions hereof shall not be construed as a waiver at any subsequent time of the same provisions. The consent or approval of Landlord or Tenant to or of any action by the other requiring such consent or approval shall not be construed to waive or render unnecessary Landlord’s or Tenant’s consent or approval to or of any subsequent similar act by the other.
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(b)Any waiver by either party of any provisions of this Lease must be in a writing signed by the party against whom such waiver is claimed. In addition, Landlord’s acceptance of any payment from Tenant after a termination of this Lease due to an Event of Default by Tenant shall not have the effect of reinstating this Lease, nor estop Landlord from exercising any of the rights and remedies granted to Landlord hereunder arising out of such Event of Default. No payment by Tenant or acceptance by Landlord of a lesser amount than the Basic Rent, Escalation Charges, Additional Rent and other sums due hereunder shall be deemed to be other than on account of the total amount due from Tenant to Landlord, to be applied in such order as Landlord deems appropriate. In no event shall any endorsement or statement on any check or accompanying any check or payment be deemed an accord and satisfaction; and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Basic Rent, Escalation Charges, Additional Rent or other sum and to pursue any other remedy provided in this Lease.
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14.8Security Deposit. If a security deposit is specified in Section 1.1 hereof, Tenant agrees that the same will be paid upon execution and delivery of this Lease, and that Landlord shall hold the same throughout the Term of this Lease as security for the performance by Tenant of all obligations on the part of Tenant hereunder. Landlord shall have the right from time to time, without prejudice to any other remedy Landlord may have on account thereof, to apply such deposit (or if the security deposit is in the form of a Letter of Credit, to draw on the same and so apply such drawn proceeds), or any part thereof, to Landlord’s damages arising from, or to cure, any Event of Default. If Landlord shall so apply any or all of such deposit, Tenant shall immediately upon demand deposit with Landlord the amount so applied to be held as security hereunder. Landlord shall return the deposit, or so much thereof as shall not have theretofore been applied in accordance with the terms of this Section, to Tenant on the expiration or earlier
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termination of the Term of this Lease and surrender of possession of the Premises by Tenant to Landlord at such time, provided that there is then existing no Event of Default (nor any circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default). While Landlord holds such deposit, Landlord shall have no obligation to pay interest on the same and shall have the right to commingle the same with Landlord’s other funds. If Landlord conveys Landlord’s interest under this Lease, the deposit, if the same is in the form of cash, or any part thereof not previously applied, shall be turned over or credited by Landlord to Landlord’s grantee, and, thereafter, Tenant agrees to look solely to such grantee for proper application of the deposit in accordance with the terms of this Section, and the return thereof in accordance herewith. The holder of a mortgage shall not be responsible to Tenant for the return or application of any such deposit, whether or not it succeeds to the position of Landlord hereunder, unless such deposit shall have been received in hand by such holder.
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If the security deposit is in the form of a Letter of Credit, the Letter of Credit shall have a stated duration of and shall be effective for at least one (1) year with provision for automatic successive annual one-year extensions during the Term and for sixty (60) days thereafter. Tenant shall keep the Letter of Credit in force throughout the Term and for sixty (60) days after the expiration date or the earlier termination of the Term, except that if such earlier termination is based on a default by Tenant hereunder, Tenant shall keep the Letter of Credit in force until sixty (60) days after the date when the Term would have expired had it not been earlier terminated. Tenant shall deliver to Landlord a renewal Letter of Credit no later than thirty (30) days prior to the expiration date of any Letter of Credit issued under this Section 14.8, and if Tenant fails to do so, Landlord may draw the entire amount of the expiring Letter of Credit and hold the proceeds in cash as the security deposit, as hereinafter provided, but in that event, Tenant shall, upon demand, provide Landlord with a new Letter of Credit, meeting the requirements of this Lease as the security deposit, in lieu of such cash, and upon receipt of such replacement Letter of Credit, Landlord shall promptly return such cash security deposit to Tenant. The Letter of Credit shall be issued by a commercial bank satisfactory to and reasonably approved by Landlord and shall be in a form reasonably approved by Landlord, the parties acknowledging that Bank of America, N.A. is an approved issuer.
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If Landlord so uses or applies all or any portion of the Letter of Credit, Tenant shall within twenty (20) days after written demand therefor, restore the Letter of Credit to the initial face amount thereof. If Tenant performs all of Tenant's obligations hereunder, the Letter of Credit, or so much thereof as shall not then have been applied by Landlord, shall be returned without payment of interest or other amount for its use, to Tenant (or, at Landlord's option, to the last assignee, if any, of Tenant's interest hereunder) within a reasonable time (not to exceed sixty (60) days) after the expiration of the Term hereof, and after Tenant has vacated and delivered the Premises as required hereunder. No trust relationship is created herein between Landlord and Tenant with respect to the Letter of Credit. Tenant acknowledges that the Letter of Credit is not an advance payment of any kind or a measure of or limit on Landlord's damages in the event of Tenant's default. Any application of the Letter of Credit by Landlord shall be without prejudice to any other right or remedy. If Landlord conveys Landlord's interest under this Lease, the Letter of Credit, or any part thereof not previously applied, shall be turned over by Landlord to Landlord's grantee, and, once turned over, Tenant agrees to look solely to such grantee for proper application of the Letter of Credit in accordance with the terms of this Section 14.8, and the return thereof in accordance herewith (and if required, Tenant shall cooperate as necessary to
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transfer the Letter of Credit to such grantee). The holder of a mortgage shall not be responsible to Tenant for the return or application of any the Letter of Credit, whether or not it succeeds to the position of Landlord hereunder, unless the Letter of Credit shall have been received in hand by such holder. Tenant hereby waives the provisions of any law which is inconsistent with this Section 14.8.
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14.9Landlord’s Default. Landlord shall in no event be in default under this Lease unless Landlord shall neglect or fail to perform any of its obligations hereunder and shall fail to remedy the same within thirty (30) days after notice to Landlord specifying such neglect or failure, or if such failure is of such a nature that Landlord cannot reasonably remedy the same within such thirty (30) day period, Landlord shall fail to commence promptly (and in any event within such thirty (30) day period) to remedy the same and to prosecute such remedy to completion with diligence and continuity.
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14.10Independent Covenants. Tenant hereby acknowledges and agrees that (i) the obligations of Tenant hereunder shall be separate and independent covenants and agreements, (ii) the obligations of Tenant hereunder, including, without limitation the obligation to pay Basic Rent, Escalation Charges, Additional Rent and other sums due hereunder, shall continue unaffected, unless the requirement to pay or perform the same shall have been terminated or abated pursuant to an express provision of this Lease, and (iii) Tenant shall have no right to withhold or abate any payment of Basic Rent, Escalation Charges, Additional Rent or any other sums due hereunder, or to set off any amount against any such payment of Basic Rent, Escalation Charges, Additional Rent or any other sums due hereunder or to terminate this Lease, because of any default or alleged default by Landlord under this Lease or because of the condition of the Premises, except to the extent expressly set forth in this Lease. Such waiver and acknowledgements by Tenant are a material inducement to Landlord entering into this Lease. To the extent of any conflicts or inconsistencies between the terms and provisions of this Section 14.10 and the terms and provisions of the remainder of this Lease, the terms and provisions of this Section 14.10 shall control.
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ARTICLE 15
MISCELLANEOUS PROVISIONS
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15.1Landlord’s Rights of Access. Landlord and its agents, representatives, contractors and employees shall have the right to enter the Premises upon prior reasonable notice (except in an emergency, in which event Landlord shall endeavor to give such notice as is reasonably practicable under the circumstances and in all events notice under this Article 15 may be by telephone notwithstanding anything to the contrary in this Lease) for the purpose of doing maintenance, making such repairs, alterations or improvements as Landlord shall reasonably require or shall have the right to make by the provisions of this Lease or otherwise in exercising Landlord’s rights or fulfilling Landlord’s obligations under this Lease. Landlord and its agents, representatives, contractors and employees shall have the right to enter the Premises without notice to Tenant for the purpose of performing janitorial and other services which Landlord is obligated to provide under this Lease or for exercising any of Landlord’s rights under Article 14 of this Lease. Landlord and its invitees shall also have the right on reasonable prior notice to enter the Premises, for the purpose of inspecting them or exhibiting them to prospective
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purchasers, prospective or actual Superior Lessors or Superior Mortgagees of the Building and, during the final twelve (12) months of the Term, to prospective tenants. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in the Premises, excluding Tenant’s vaults, safes and special security areas designated in advance by Tenant to Landlord. In an emergency, Landlord shall have the right to use any means that Landlord may deem proper to open the doors in and to the Premises. Any entry into the Premises by Landlord in the manner hereinbefore described shall not be deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. No provision of this Lease shall be construed as obligating Landlord to perform any repairs, alterations or decorations except as otherwise expressly agreed to be performed by Landlord in this Lease.
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Except in emergency situations, anyone who has access to any portion of the Premises pursuant to this Lease after Tenant has first commenced to use the Premises for the Permitted Uses may, at Tenant’s election, be subject to Tenant’s reasonable security measures and protocols, requiring the wearing of an ID badge, and obligating visitors to comply with reasonable protocols so as protect confidential information contained within the Premises. Except in the event of an emergency, and except as otherwise approved by Tenant, any entry in the Premises must be done in the presence of a representative of Tenant so long as Tenant makes such representative available in a reasonable manner (and in any event within twenty-four hours of Landlord’s notice provided under the preceding paragraph). Tenant may prohibit access to certain areas of the Premises (“Secure Areas”) reasonably identified by Tenant in a prior written notice to Landlord from time to time, which notice shall set forth the reasonable basis on which Tenant has determined that access must be prohibited to such areas in non-emergency situations (provided that in the event that Landlord requires access to such Secure Areas to maintain, repair or replace the Building and/or any Common Facilities, Landlord may access such Secure Areas on reasonable prior notice to Tenant to perform such maintenance, repair or replacement, subject to Tenant’s reasonable safety protocols). In no event shall Landlord be deemed to be in default hereunder, nor shall Landlord have any liability hereunder, to the extent that Landlord is prevented from performing any of its obligations as a result of its inability to access the Secure Areas in non-emergency situations. Notwithstanding the foregoing, in case of emergency, Landlord may enter any part of the Premises (including without limitation the Secure Areas) without prior notice or a Tenant’s representative; provided that Landlord provides Tenant with notice of such entry as soon as reasonably possible thereafter and Landlord takes reasonable precautions to protect the health and safety of its entrants.
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15.2Covenant of Quiet Enjoyment. Subject to the terms and conditions of this Lease, on payment of the Basic Rent and Escalation Charges and other Additional Rent and observing, keeping and performing all of the other terms and conditions of this Lease on Tenant’s part to be observed, kept and performed (subject in all events to applicable notice and cure periods), Tenant shall lawfully, peaceably and quietly enjoy the Premises during the term hereof, without interference, hindrance or ejection by any persons lawfully claiming under Landlord to have title or other rights to the Premises superior to Tenant. The foregoing covenant of quiet enjoyment is in lieu of any other covenant, express or implied.
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15.3Landlord’s Liability.
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(a)Tenant agrees to look solely to  Landlord’s then equity interest in the Property at the time of recovery for recovery of any judgment against Landlord, and agrees that neither Landlord nor any successor of Landlord nor any beneficiary, trustee, member, manager, partner, director, officer, employee or shareholder of Landlord or such successor shall ever be personally liable for any such judgment, or for the payment of any monetary obligation to Tenant. The provision contained in the foregoing sentence is not intended to, and shall not, limit any right that Tenant might otherwise have to obtain injunctive relief against Landlord or any successor of Landlord, or to take any action not involving the personal liability of Landlord or any successor of Landlord to respond in monetary damages from Landlord’s assets other than Landlord’s equity interest in the Property. Nothing in this Section 15.3(a) shall prevent Tenant from naming Landlord as a defendant in any lawsuit where necessary to pursue damages or equitable relief in a manner otherwise permitted pursuant to this Lease. In the event of a sale or conveyance by Landlord of the Building or the Property, Landlord shall be released from any and all liability under this Lease accruing after the date of such transfer and so long as the same are assumed by the successor in interest expressly or by operation of law.
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(b)In no event shall Landlord ever be liable to Tenant for any loss of business or any other indirect, special or consequential damages suffered by Tenant from whatever cause, nor for any punitive damages, and Tenant waives any rights it may have to such damages under this Lease in the event of a breach or default by Landlord under this Lease.
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(c)Where provision is made in this Lease for Landlord’s consent, and Tenant shall request such consent, and Landlord shall fail or refuse to give such consent, Tenant shall not be entitled to any damages for any withholding by Landlord of its consent, it being intended that Tenant’s sole remedy shall be an action for specific performance or injunction, and that such remedy shall be available only in those cases where Landlord has expressly agreed in writing not to unreasonably withhold its consent. Furthermore, whenever Tenant requests Landlord’s consent or approval (whether or not provided for herein), Tenant shall pay to Landlord, on demand, as Additional Rent, any reasonable expenses incurred by Landlord (including without limitation reasonable attorneys’ fees and costs, if any) in connection therewith.
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(d)Any repairs or restoration required or permitted to be made by Landlord under this Lease may be made during normal business hours, and Landlord shall have no liability for damages to Tenant for inconvenience, annoyance or interruption of business arising therefrom.
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15.4Estoppel Certificate. Tenant shall, at any time and from time to time, upon not less than ten (10) Business Days prior written notice by Landlord, execute, acknowledge and deliver to Landlord an estoppel certificate containing such statements of fact as Landlord reasonably requests.
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15.5Brokerage. Tenant warrants and represents that Tenant has dealt with no broker in connection with the consummation of this Lease other than Broker(s), and, in the event of any brokerage claims against Landlord predicated upon dealings with Tenant, Tenant agrees to defend the same and indemnify Landlord against any such claim, except any claim by the
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Broker(s), and all costs, expenses and liabilities incurred in connection with such claims, including reasonable attorneys’ fees and costs. Landlord shall pay any commission or fees due to the Broker(s) in connection with this Lease pursuant to a separate written instrument between Landlord and Broker(s). Landlord warrants and represents that Landlord has dealt with no broker in connection with the consummation of this Lease other than Broker(s), and, in the event of any brokerage claims against Tenant predicated upon dealings with Landlord, Landlord agrees to defend the same and indemnify Tenant against any such claim, and all costs, expenses and liabilities incurred in connection with such claims, including reasonable attorneys’ fees and costs.
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15.6Rules and Regulations. Tenant, its employees, representatives, agents, subtenants, licensees, contractors, and invitees shall abide by the Rules and Regulations from time to time established by Landlord, it being agreed that Landlord shall have the right from time to time during the Term to make reasonable changes in and additions to the Rules and Regulations as Landlord deems necessary for the management, safety, care, cleanliness, conservation and sustainability of the Building and the Property and for the preservation of good order therein, provided that no such changes shall apply to Tenant until Tenant has written notice of the same or shall materially increase Tenant’s obligations hereunder. The Rules and Regulations shall be generally applicable to all tenants of the Building of similar nature to the Tenant named herein. Landlord agrees that any such Rules and Regulations will be uniformly enforced, provided, however, Landlord may waive any one or more of the Rules and Regulations for the benefit of any particular tenant if Landlord reasonably deems such waiver appropriate, but no such waiver shall be construed as a waiver of such Rules and Regulations in favor of any other tenant, nor prevent Landlord from enforcing such Rules and Regulations against any or all tenants of the Building. Landlord shall not have any obligation to enforce the Rules and Regulations or the terms of any other lease against any other tenant and Landlord shall not be liable to Tenant for violation thereof by any other tenant, its employees, representatives, agents, contractors, visitors, subtenants, licensees or invitees. In the event that there shall be a conflict between such Rules and Regulations and the provisions of this Lease, the provisions of this Lease shall control. The Rules and Regulations currently in effect are set forth in Exhibit F attached hereto and made a part hereof.
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15.7Financial Statements. So long as Tenant remains an entity whose stock is publicly traded on a national exchange (or publicly listed in an equivalent manner, such as on NASDAQ) that requires its financial statements to be publicly disclosed (a “Publicly Traded Tenant”), Tenant shall have no obligation to deliver any financial statements to Landlord and the remainder of this Section 15.7 shall not be applicable to Tenant. At any time that Tenant is not a Publicly Traded Tenant, Tenant shall deliver to Landlord, within ten (10) days after Landlord’s reasonable request for the same, Tenant’s most recently completed financial statements (audited if available) prepared and certified by an independent certified public accountant and, if not so certified, certified by an officer of Tenant as being true and correct in all material respects. Landlord and its affiliates and investors shall keep such financial statements confidential, provided that Landlord shall be permitted to deliver such financial statements to a lender, purchaser or lessor or a prospective lender, purchaser or lessor in connection with (i) a sale or financing of the Building or the Property or any interest in any deed of trust encumbering the Building or the Property, or (ii) a sale of all or substantially all of the interests in Landlord or (iii) any other recapitalization of the equity interests in Landlord, so long
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as Landlord first advises the recipient of the confidential nature of such statements, or to the extent required by Law. Any such financial statements may be relied upon by any actual or potential lessor, purchaser, or mortgagee of the Property.
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15.8Confidentiality. Tenant agrees that this Lease and the terms contained herein will be treated as strictly confidential and except as required by Law (or except with the written consent of Landlord) Tenant shall not disclose the same to any third party except for Tenant and Tenant’s Transferee’s respective partners, existing and prospective lenders, existing and prospective investors, accountants, officers, directors, employees, consultants and attorneys who have been advised of the confidentiality provisions contained herein. In the event Tenant is required by Law to provide this Lease or disclose any of its terms, Tenant shall, to the extent practicable, give Landlord prompt notice of such requirement prior to making disclosure so that Landlord may seek an appropriate protective order. If failing the entry of a protective order Tenant is compelled to make disclosure, Tenant shall only disclose portions of the Lease which Tenant is required to disclose and will exercise reasonable efforts to obtain assurance that confidential treatment will be accorded to the information so disclosed.
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15.9Invalidity of Particular Provisions; Saving Clause. If any term or provision of this Lease, or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by law. If (but solely to the extent) the limitations on Landlord’s liability set forth in this Lease would be held to be unenforceable or void in the absence of a modification holding the Landlord liable to Tenant or to another person for injury, loss, damage or liability arising from Landlord’s omission, fault, negligence or other misconduct on or about the Premises, or other areas of the Property appurtenant thereto or used in connection therewith and not under Tenant’s exclusive control, then such provision shall be deemed modified as and to the extent (but solely to the extent) necessary to render such provision enforceable under applicable Law. The foregoing shall not affect the application of Section 15.3 to limit the assets available for execution of any claim against Landlord.
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15.10Provisions Binding, Etc. Except as herein otherwise provided, the terms hereof shall be binding upon and shall inure to the benefit of the successors and assigns, respectively, of Landlord and Tenant (except in the case of Tenant, only such successors and assigns as may be permitted hereunder) and, if Tenant shall be an individual, upon and to his heirs, executors, administrators, successors and permitted assigns. Any reference in this Lease to successors and assigns of Tenant shall not be construed to constitute a consent to assignment by Tenant.
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15.11Recording. Tenant agrees not to record this Lease, but, if the Term of this Lease (including any extended term) is seven (7) years or longer, each party hereto agrees, on the request of the other, to execute a notice of lease/short form memorandum of lease in recordable form and complying with applicable Law and shall contain no information other than what is statutorily required to record a notice of lease/short form memorandum of lease. In no event shall such document set forth the rent or other charges payable by Tenant under this Lease; and any such document shall expressly state that it is executed pursuant to the provisions contained in this Lease, and is not intended to vary the terms and conditions of this Lease. At any time
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following Landlord’s request following the expiration of the Term or earlier termination of this Lease, Tenant shall execute and deliver to Landlord within ten (10) days after such request a release of any document recorded in the real property records for the location of the Property evidencing this Lease or notice of termination of this Lease in recordable form. The obligations of Tenant under this Section shall survive the expiration or any earlier termination of the Term.
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15.12Notice. Whenever, by the terms of this Lease, notice shall or may be given either to Landlord or to Tenant (excluding notices pursuant to Section 15.1), such notice shall be in writing and shall be sent by hand, registered or certified mail, or overnight, e-mail of a notice sent as a PDF attachment or other commercial courier, postage or delivery charges, as the case may be, prepaid as follows:
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If intended for Landlord, addressed to Landlord at the address set forth in Article 1 of this Lease (or to such other address or addresses as may from time to time hereafter be designated by Landlord by like notice).
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If intended for Tenant, addressed to Tenant at the address set forth in Article 1 of this Lease except that from and after the Commencement Date the address of Tenant shall be the Premises (or to such other address or addresses as may from time to time hereafter be designated by Tenant by like notice).
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Except as otherwise provided herein, all such notices shall be effective when received; provided, that (i) if receipt is refused, notice shall be effective upon the first occasion that such receipt is refused, (ii) if the notice is unable to be delivered due to a change of address of which no notice was given, notice shall be effective upon the date such delivery was attempted, or (iii) if the notice is sent by e-mail, such notice shall be effective when received (or, if after 5 p.m. on a business day, the next business day following receipt).
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Any notice given by an attorney on behalf of Landlord or by Landlord’s managing agent shall be considered as given by Landlord and shall be fully effective.
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15.13Authority. Each of Landlord and Tenant hereby represents and warrants to the other party that (i) it is duly organized and validly existing in good standing under the laws of the state of its organization or incorporation as set forth in Section 1.1, and possesses all licenses and authorizations necessary to carry on its business, (ii) it has full power and authority to carry on its business, enter into this Lease and consummate the transaction contemplated by this Lease, (iii) the individual executing and delivering this Lease on its behalf has been duly authorized to do so, (iv) this Lease has been duly executed and delivered by it, (v) this Lease constitutes its valid, legal, binding and enforceable obligation (subject to bankruptcy, insolvency or creditor rights laws generally, and principles of equity generally), (vi) the execution, delivery and performance of this Lease by it will not cause or constitute a default under, or conflict with, its organizational documents or any agreement to which it is a party, (vii) the execution, delivery and performance of this Lease by it will not violate any applicable Law, and (viii) all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required on its part for the execution, delivery and performance of this Lease have been obtained or made.
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15.14When Lease Becomes Binding; Entire Agreement; Modification. The submission of this document for examination and negotiation does not constitute an offer to lease, or a reservation of, or option for, the Premises, and this document shall become effective and binding only upon the execution and delivery hereof by both Landlord and Tenant. This Lease is the entire agreement between Landlord and Tenant, and this Lease expressly supersedes any negotiations, considerations, representations and understandings and proposals or other written documents relating hereto. This Lease may be modified or altered only by written agreement between Landlord and Tenant, and no act or omission of any employee or agent of Landlord shall alter, change or modify any of the provisions hereof.
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15.15Paragraph Headings and Interpretation of Sections. The paragraph headings throughout this instrument are for convenience and reference only, and the words contained therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction or meaning of the provisions of this Lease. The provisions of this Lease shall be construed as a whole, according to their common meaning (except where a precise legal interpretation is clearly evidenced), and not for or against either party. Use in this Lease of the words “including,” “such as” or words of similar import, when followed by any general term, statement or matter, shall not be construed to limit such term, statement or matter to the specified item(s), whether or not language of non-limitation, such as “without limitation” or “including, but not limited to,” or words of similar import, are used with reference thereto, but rather shall be deemed to refer to all other terms or matters that could fall within a reasonably broad scope of such term, statement or matter.
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15.16Joint and Several Liability; Successors and Assigns. If there shall be more than person or entity which constitute the “Tenant” hereunder, the obligations of Tenant hereunder shall be joint and several for all such persons and entities. The covenants and conditions herein contained, subject to the provisions as to assignment, shall inure to and bind the heirs, successors, executors, administrators and assigns of the parties hereto.
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15.17Waiver of Jury Trial. In any action or proceeding arising herefrom, Landlord and Tenant hereby consent to (i) the jurisdiction of any competent court within the state where the Building is located, (ii) service of process by any means authorized by the law of the state where the Building is located, and (iii) in the interest of saving time and expense, trial without a jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other or their successors in respect of any matter arising out of or in connection with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the premises, and/or any claim for injury or damage, or any emergency or statutory remedy. In the event Landlord commences any summary proceedings or action for nonpayment of Basic Rent or Additional Rent, Tenant shall not interpose any counterclaim of any nature or description (unless such counterclaim shall be mandatory) in any such proceeding or action, but shall be relegated to an independent action at law.
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15.18Reservation. Nothing set forth in this Lease shall be deemed or construed to restrict Landlord from making any repairs, renovations, replacements, improvements and modifications to, or to reconfigure, any of the parking or Common Facilities serving the Property, and Landlord expressly reserves the right to make any such repairs, renovations, replacements, improvements and modifications or reconfigurations to such areas and other
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facilities of the Building and Common Facilities as Landlord may deem appropriate, including the addition or deletion of temporary or permanent improvements therein, or the conversion of areas now dedicated for the non- exclusive common use of tenants (including Tenant) to the exclusive use of one or more tenants or licensees within the Building, provided that none of the foregoing unreasonably interfere with Tenant’s use of the Premises or materially increase Tenant’s obligations hereunder. In connection with the foregoing, Landlord may temporarily close or cover entrances, doors, windows, corridors, or other facilities without liability to Tenant; however, in doing so, Landlord shall use commercially reasonable efforts to not unreasonably interfere with or disturb Tenant’s use and occupancy of the Premises.
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15.19Prohibited Persons and Transactions. Tenant represents and warrants that neither Tenant nor any of its affiliates, nor any of their respective partners, members, shareholders or other equity owners (provided, that to the extent Tenant or any of such affiliates or their respective partners, members, shareholders, or other equity owners is an entity whose stock is publicly traded on a national exchange (or publicly listed in an equivalent manner, such as on NASDAQ) then this representation and warranty with respect to such shareholders who have acquired shares on such national exchange shall be limited to Tenant’s knowledge), and none of their respective employees, officers, directors, representatives or agents is, nor will they become, a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC“) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and will not Transfer this Lease to, contract with or otherwise engage in any dealings or transactions or be otherwise associated with such persons or entities.
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15.20Time Is of the Essence.  Time is of the essence of each provision of this Lease.
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15.21Matters of Record. Except as otherwise provided herein, this Lease and Tenant’s rights hereunder are subject and subordinate to all matters affecting Landlord’s title to the Property recorded in the real property records of the County in which the Property is located, prior to and subsequent to (to the extent not adversely affecting Tenant’s rights, or increasing Tenant’s obligations, hereunder) the date hereof, including, without limitation, all covenants, conditions and restrictions. Tenant agrees for itself and all persons in possession or holding under it that it will comply with and not violate any such covenants, conditions and restrictions or other matters of record affecting Landlord’s title to the Property, if any. Landlord reserves the right, from time to time, to grant such easements, rights and dedications as Landlord deems necessary or desirable, and to cause the recordation of parcel maps and covenants, conditions and restrictions affecting the Premises, the Building or the Property, as long as such easements, rights, dedications, maps, and covenants, conditions and restrictions do not materially and adversely interfere with the use of the Premises by Tenant. At Landlord’s request, Tenant shall join in the execution of any of the aforementioned documents (but without cost or liability to Tenant). 
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15.22Air and Light/Roof/Exterior. This Lease does not grant or guarantee Tenant continuance of or any right of a view or an easement for light or air over any property adjoining
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the Premises or the Building. Except as set forth in Section 2.2(f), Tenant shall have no right of access to the roof of the Premises or the Building and shall not install, repair or replace any aerial, fan, air conditioner or other device on the roof of the Premises or the Building without the prior written consent of the Landlord. Landlord shall have the right at any time to install, affix and maintain any and all signs on the exterior and on the interior of the Building as Landlord may, in Landlord’s sole discretion, desire, and to prescribe the location and style of all signs visible from the Common Areas or from the exterior of the Building
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15.23ERISA. Tenant is not an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), which is subject to Title I of ERISA, or a “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, which is subject to Section 4975 of the Internal Revenue Code of 1986; and (b) the assets of Tenant do not constitute “plan assets” of one or more such plans for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986; and (c) Tenant is not a “governmental plan” within the meaning of Section 3(32) of ERISA, and assets of Tenant do not constitute plan assets of one or more such plans; or (d) transactions by or with Tenant are not in violation of state statutes applicable to Tenant regulating investments of and fiduciary obligations with respect to governmental plans.
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15.24Multiple Counterparts; Entire Agreement. This Lease may be executed in multiple counterparts, and in electronic format, such as PDF or DocuSign, each of which shall be deemed an original and all of which together shall constitute one and the same document. This Lease constitutes the entire agreement between the parties hereto, Landlord’s managing agent and their respective affiliates with respect to the subject matter hereof and thereof and supersedes all prior dealings between them with respect to such subject matter, and there are no verbal or collateral understandings, agreements, representations or warranties not expressly set forth in this Lease. No subsequent alteration, amendment, change or addition to this Lease shall be binding upon Landlord or Tenant, unless reduced to writing and signed by the party or parties to be charged therewith.
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15.25Governing Law. This Lease shall be governed by the laws of the state in which the Property is located, without regard to application of any conflict of law principles.
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[Signatures commence on following page]
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[Signature page of lease]
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IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be duly executed by persons hereunto duly authorized, as of the date first set forth above.
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	LANDLORD:

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	G&I IX/GP4 20 MAGUIRE LLC,

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	a Delaware limited liability company

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	By:
	G&I IX Investment 20 Maguire LLC,

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	a Delaware limited liability company,

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	its manager

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	By:
	/s/ *

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	Name:
	Valla Brown

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	Title:
	Vice President

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	TENANT:

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	UNIQURE, INC.

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	By:
	/s/ Matt Kapusta

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	Name:
	Matt Kapusta

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	Title:
	Chief Executive Officer

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EXHIBIT A
Location Plan of Premises

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A-1

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EXHIBIT B
Plan of the Property
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See Attached
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B-1

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B-2

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EXHIBIT C
Work Letter
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1.        Preparation of Plans. Landlord has prepared, and Tenant hereby approves, the plans and specifications listed on Schedule C-1 attached hereto for the interior finish and other tenant improvements to the Premises (as the same exist on the date of this Lease in the form attached hereto as Schedule C-1, the “Baseline Plans;” the Baseline Plans as the same may be modified, from time to time, by Changes in accordance with this Work Letter, the “Approved Plans”). The parties intend that (x) Landlord shall be responsible at its sole cost and expense for the hard and soft costs of completing the work to the Premises shown in the Baseline Plans, which work Landlord has commenced prior to the date of this Lease, and (y) Tenant shall be responsible at its sole cost and expense for the hard and soft costs necessary to effect any Changes (as defined below).
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2.         Performance of Landlord’s Work. Promptly after the mutual execution of this Lease, using Building standard materials, finishes, equipment and installations (except where indicated on the Baseline Plans (if applicable) (such standard, the “Building Standard”), Landlord shall commence and exercise all reasonable efforts to complete the improvements to the Premises as shown on the Approved Plans (collectively, “Landlord’s Work”) at Landlord’s sole cost and expense except as expressly provided herein (including without limitation, with respect to any Changes, which will be at Tenant’s sole cost and expense); provided, however, that Tenant shall be responsible for all work identified in the “Tenant Install” column in the Responsibility Matrix attached hereto as Schedule C-2 to the extent that Tenant desires the same. In the event that Tenant requests that the Landlord’s Work be performed in variation of the Baseline Plans (and/or in variation of any Approved Plans) or that Landlord use materials, finishes, equipment or installations that vary from the Baseline Plans (and/or in variation of any Approved Plans), and Landlord agrees to so modify Landlord’s Work in accordance with this Work Letter (such agreement not to be unreasonably withheld, conditioned, or delayed) (any such request approved by Landlord, a “Change”), Tenant will be responsible for any increase to the actual, out of pocket hard and soft costs for Landlord to evaluate any requested Change (whether or not the same is approved by Landlord) and for Landlord to complete the Landlord’s Work on account of such Change (including without limitation, any work necessary to undo or reverse any previously-completed Landlord’s Work to make the Premises ready for the Change to be performed), which Tenant shall pay to Landlord within fifteen (15) days after receipt of an invoice therefor as such work progresses and Landlord provides Tenant with reasonable evidence of the same. Prior to proceeding with any requested Change, Landlord shall provide Tenant with an order of magnitude estimate of any such additional costs and an estimate of the additional time needed for Landlord to Substantially Complete the Landlord’s Work on account of effecting such Change (including without limitation, additional design, engineering and construction time and an estimate of any delays described in subsections (b) and (c) of the definition of Tenant Delays set forth in Section 5 below) (the “Cost/Time Estimate”), which additional time shall constitute a Tenant Delay, subject to the provisions below. Tenant shall have two (2) business days to provide Landlord with written notice that Tenant has elected to proceed with the Change,
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C-1

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in which case, the Tenant shall be responsible for the additional costs set forth in the Cost/Time Estimate and such additional time to achieve Substantial Completion set forth in the Cost/Time Estimate shall be deemed to constitute a Tenant Delay; and if Tenant fails to respond within such two (2) business day period, Tenant shall be deemed to have elected to not proceed with the Change. Within 90 days following the final completion of the Landlord’s Work, Landlord shall provide Tenant with a final accounting of the Landlord’s Work payable by Tenant, together with all applicable back up from the contractor and subcontractors, showing the actual cost of Landlord’s Work payable by Tenant and the amounts previously contributed by Tenant, such that Tenant shall pay the proper amount due hereunder. Landlord shall reimburse Tenant for any overpayment, and Tenant shall reimburse Landlord for any underpayment, of the cost of Landlord’s Work payable by Tenant within 30 days following such final reconciliation.
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The Baseline Plans and Approved Plans may not be modified other than in accordance with an approved Change, and Landlord shall construct the Landlord’s Work in accordance with the Approved Plans (as modified by such Changes). Landlord and Tenant shall hold weekly design meetings and construction meetings during the progress of the Landlord’s Work, and Tenant shall be entitled to have a representative present at each of Landlord’s regularly scheduled weekly construction meetings with the contractor. With respect to any Change, Landlord, in good faith, shall provide Tenant with “open book” full access to all aspects of the pricing and construction of the work covered by such Change.
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If the Substantial Completion Date (subject to acceleration as set forth below on account of Tenant Delay) does not occur by the date that is 30 days following the Estimated Commencement Date, subject to extension for Force Majeure, then Tenant shall be entitled to a day for day abatement of Base Rent for each day until the Substantial Completion Date. If the Substantial Completion Date (subject to acceleration as set forth below on account of Tenant Delay) does not occur by the date that is 180 days following the Estimated Commencement Date, subject to extension for Force Majeure, then Tenant may elect to terminate this Lease upon 30 days prior written notice to Landlord (provided that if Substantial Completion occurs within such 30 day period, then such termination notice shall be null and void).
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3.Substantial Completion. The Landlord’s Work shall be deemed substantially complete on the first day as of which Landlord’s Work has been completed except for customary, minor items of work (and, if applicable, adjustment of equipment and fixtures) which can be completed after occupancy has been taken without unreasonably interfering with Tenant’s operation of its business in the Premises (i.e. so-called “punch list” items) (“Substantially Complete”); provided, however, that if substantial completion of Landlord’s Work is delayed as a result of any Tenant Delays described in Section 5 below, then Substantial Completion shall be the date that Landlord’s Work would have been substantially completed but for such Tenant Delays (nothing in this sentence, however, being deemed to relieve Landlord of its obligation to complete the Landlord’s Work). Landlord and Tenant shall inspect the Premises within five days following the occurrence of Substantial Completion and Landlord’s architect shall prepare the punchlist for review and comment by Landlord and Tenant based on such inspection. The date upon which Substantial Completion occurs is hereinafter called the “Substantial Completion Date.” Subject to Tenant Delays and Force Majeure, Landlord will exercise commercially
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reasonable efforts to complete the “punch list” items as soon as conditions reasonably permit, and in any event within 60 days following the Substantial Completion Date, and Tenant shall afford Landlord reasonable access to the Premises for such purposes. Except to the extent the same is accelerated on account of a Tenant Delay, the Substantial Completion Date shall not be deemed to have occurred unless and until Landlord has obtained the necessary municipal sign-offs permitting Tenant to lawfully occupy the Premises (except to the extent that the same are unavailable due to (x) any uncompleted work identified in the “Tenant Install” column in the Responsibility Matrix attached hereto as Schedule C-2, or (y) any Tenant fixturization required to be completed as a condition of the issuance of the same), the Premises are broom clean, Landlord’s architect has certified that Substantial Completion has occurred, the Premises are in compliance with all applicable Laws, free from Hazardous Materials (except those introduced by any Tenant Party) and the Premises are free of occupants and any personal property of Landlord or any third party (except to the extent contemplated by the Approved Plans), with all Building systems serving the Premises in good working order and condition.
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4. Condition; Landlord’s Performance. Tenant shall give Landlord notice, not later than 350 days after the Commencement Date, of any respects in which Landlord has not performed Landlord’s Work fully, properly and in accordance with the terms of this Lease. Except as identified in any such notice from Tenant to Landlord, Tenant shall have no right to make any claim that Landlord has failed to perform any of Landlord’s Work fully, properly and in accordance with the terms of this Lease or to require Landlord to perform any further Landlord’s Work. Landlord shall obtain a one-year construction warranty from the contractor for the Landlord’s Work. In addition, after expiration of such one (1) year period, Landlord shall use commercially reasonable efforts (at Tenant’s written request and Tenant’s cost and expense) to enforce any rights under Landlord’s construction contract for the Landlord’s Work with respect to any defects first discovered after expiration of such one (1) year period; provided further that Tenant shall reimburse Landlord for such costs within thirty (30) days of Landlord invoicing Tenant therefor.
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If and as long as Tenant does not interfere in any way with the construction process (by causing disharmony of labor relations at the Property, scheduling or coordination difficulties, etc.), Tenant may, at Tenant’s sole risk and expense, enter the Premises within the sixty (60) day period prior to the Commencement Date for the purpose of installing Tenant’s furniture, fixtures, equipment and telecommunications wiring and cabling (collectively, the “FF&E”). The provisions of this paragraph shall apply only during the period prior to the Commencement Date. Prior to the Commencement Date, Tenant shall comply with and perform, and shall cause its employees, agents, contractors, subcontractors, material suppliers and laborers to comply with and perform, all of Tenant’s obligations under this Lease except the obligations to pay Base Rent, Additional Rent and additional charges and other charges and other obligations the performance of which would be clearly incompatible with the installation of the FF&E. Any independent contractor of Tenant (or any employee or agent of Tenant) performing any work in the Premises prior to the Commencement Date shall be subject to all of the terms, conditions and requirements contained herein. Neither Tenant nor any Tenant contractor shall interfere in any way with construction of, nor damage, the Landlord’s Work or the common areas or other parts of the Building, and each shall do all things reasonably requested by Landlord to expedite
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construction of the Landlord’s Work. Without limitation, Tenant shall require each Tenant contractor to adjust and coordinate any work or installation in or to the Premises to meet the schedule or requirements of other work being performed by or for Landlord throughout the Building. In all events, Tenant shall indemnify Landlord in the manner provided in the Lease against any claim, loss or cost arising out of any interference with, or damage to, the Landlord’s Work or any other work in the Building, or any delay thereto, or any increase in the cost thereof on account in whole or in part of any act, omission, neglect or default by Tenant or any Tenant contractor. Without limiting the generality of the foregoing, to the extent that the commencement or performance of Landlord’s Work is actually delayed in whole or in part on account of any act, omission, neglect, or default by Tenant or any Tenant contractor, then such delay shall constitute a Tenant Delay. Any requirements of any such Tenant contractor for services from Landlord or Landlord’s contractor, such as electrical or mechanical needs, shall be paid for by Tenant and arranged between such Tenant contractor and Landlord or Landlord’s contractor. Should the work of any Tenant contractor depend on the installed field conditions of any item of Landlord’s Work, such Tenant contractor shall ascertain such field conditions after installation of such item of Landlord’s Work. Neither Landlord nor Landlord’s contractor shall ever be required or obliged to alter the method, time or manner for performing Landlord’s or work elsewhere in the Building, on account of the work of any such Tenant contractor. Tenant shall cause each Tenant contractor performing work on the Premises to clean up regularly and remove its debris from the Premises and Building.
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5.Tenant Delays. For purposes of this Exhibit C, "Tenant Delays" shall mean any delay in the completion of Landlord’s Work resulting from any or all of the following: (a) any work by Tenant performed under Section 4 above (provided that Landlord notifies Tenant reasonably promptly after such act that results in a Tenant Delay); (b) Tenant's request for materials, finishes, work, equipment or installations (i) which are not readily available, or (ii) which vary from the Building Standard, Baseline Plans, Approved Plans or are otherwise incompatible with the Building and any Building Systems or which are inconsistent with the Approved Plans (provided that Landlord notifies Tenant that such request may result in a Tenant Delay); (c) any Change and/or any Tenant’s request for any Changes (in all events, including without limitation, (i) the time necessary for Landlord to review and evaluate any requested Change (regardless if the same is approved by Landlord), (ii) the time necessary for Landlord to modify, undo, demolish or reverse, as applicable, any work previously performed by Landlord (including any such work performed prior to the date hereof with respect to any Change requested prior to the date hereof) as necessary to effect a Change, (iii) any necessary design and engineering time to effect the Change, and (iv) any stoppage of Landlord’s Work while the parties determine whether to proceed with a Change); (d) any delay of Tenant in making payment to Landlord for any amounts required to be paid by Tenant under this Exhibit C; (e) the delays set forth in any Cost/Time Estimate, which Cost/Time Estimate shall include an estimate of any delays described in subsections (b) and (c), above) (provided, that upon final completion of the Landlord’s Work required by a Change, the actual delays on account thereof (whether more or less than the estimate in the Cost/Time Estimate) shall be deemed to be the Tenant Delays for all purposes of the Lease); or (f) any other act or, where Tenant has a duty to act, failure to act by Tenant, Tenant's employees, agents, architects, independent contractors, consultants and/or any other person performing or required to perform services on behalf of
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Tenant, including without limitation, any delay in Landlord’s Work caused by Tenant’s fit-out of the Premises prior to the Commencement Date, provided that Landlord notifies Tenant reasonably promptly after such act or failure that a Tenant Delay may result and provides Tenant with a reasonable estimate of such Tenant Delay.
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If Landlord is delayed in achieving Substantial Completion of the Landlord’s Work as a result of any Tenant Delay (including without limitation, on account of any Changes), the Substantial Completion Date and the Commencement Date (in each case solely for purposes of determining the commencement of payments of Base Rent, Additional Rent (including without limitation, Escalation Charges), determining the applicability of the penalties set forth in Section 2 above and the expiration of the Term) shall be deemed advanced by the number of days of Tenant Delay experienced by Landlord to Substantially Complete the Landlord’s Work. Tenant hereby acknowledges that but for any Tenant Delay (including without limitation, on account of any Changes), Landlord would Substantially Complete the Landlord’s Work on or before April 1, 2022; accordingly, in the event of any Tenant Delay that delays the Substantial Completion Date and the Commencement Date beyond April 1, 2022, the Substantial Completion Date and the Commencement Date shall be deemed to be April 1, 2022 solely for purposes of determining the commencement of payments of Base Rent, Additional Rent (including without limitation, Escalation Charges), determining the applicability of the penalties set forth in Section 2 above and the expiration of the Term. The length of any Tenant Delay shall be the actual number of days that the Landlord’s Work is delayed. If claiming an acceleration of the Substantial Completion Date and the Commencement Date hereunder on account of any Tenant Delay, Landlord shall notify Tenant in writing of Landlord’s claimed length of such Tenant Delay(s). Unless Tenant disputes Landlord’s estimate by written notice delivered to Landlord within two (2) business days, Landlord’s estimate shall be deemed the conclusive determination of the length of such Tenant Delay; provided, that if Tenant elects to proceed with any requested Change after receipt of Landlord’s Cost/Time Estimate for such requested Change, Landlord shall be deemed to have provided such notice claiming as a Tenant Delay the additional time to achieve Substantial Completion as stated in the Cost/Time Estimate and by electing to proceed with such requested Change, Tenant shall be deemed to have accepted such additional time as a Tenant Delay. Nothing in this paragraph shall relieve Landlord of its obligation to actually complete the Landlord’s Work.
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SCHEDULE C-1
Approved Plans

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SCHEDULE C-2
Responsibility Matrix

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EXHIBIT D
Commencement Date Letter
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___________________, 20__
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[Name of Contact]
[Name of Tenant]
[Address of Tenant]
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RE:[Name of Tenant]
[Premises Rentable Area and Floor]
[Address of Building]
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Dear [Name of Contact]:
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Reference is made to that certain Lease, dated as of _________________, 20__, between [Landlord], as Landlord and [Tenant] as Tenant, with respect to Premises on the ______floor of the above-referenced building. In accordance with Section [____] of the Lease, this is to confirm that the Commencement Date of the Term of the Lease occurred on ______________, and that the Term of the Lease shall expire on ________________.
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If the foregoing is in accordance with your understanding, kindly execute the enclosed duplicate of this letter, and return the same to us.
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	Very truly yours,

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	[Landlord]

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	By:
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	Name:
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	Title:
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Accepted and Agreed:
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[Tenant]
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	By:
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	Name:
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	Title:
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	Date:
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EXHIBIT E
Operating Expenses
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Operating Expenses shall mean the aggregate costs and expenses incurred by Landlord with respect to the operation, administration, cleaning, insuring, repair, maintenance, replacement and management of the Property, including, without limitation, the following:
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		1.
	All expenses incurred by Landlord or Landlord’s agents which shall be directly related to employment of personnel, including amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and similar taxes, workmen’s compensation insurance, disability benefits, pensions, hospitalization, retirement plans and group insurance, uniforms and working clothes and the cleaning thereof, and expenses imposed on Landlord or Landlord’s agents pursuant to any collective bargaining agreement for the services of employees of Landlord or Landlord’s agents in connection with the operation, repair, maintenance, cleaning, management and protection of the Property, including without limitation day and night supervisors, manager, accountants, bookkeepers, janitors, carpenters, engineers, mechanics, electricians and plumbers and personnel engaged in supervision of any of the persons mentioned above; provided that, if any such employee is also employed on other property of Landlord, such compensation shall be suitably prorated among the Building and such other properties.

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		2.
	The cost of services, utilities, materials, equipment (including rental) and supplies furnished or used (i) in the operation, repair, maintenance, replacement, cleaning (including without limitation, cleaning supplies), snow plowing or removal, or both, management and protection of the Property and the Building, care of landscaping and irrigation systems of or at the Property and the Building, and (ii) installing intrabuilding network cabling and maintaining, repairing, securing and replacing existing intrabuilding network cabling.

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		3.
	The cost of replacements for tools and other similar equipment used in the repair, maintenance, replacement, operation, cleaning and protection of the Property, provided that, in the case of any such tools and equipment used jointly on other property of Landlord, such costs shall be suitably prorated among the Property and such other properties.

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		4.
	Where the Property is managed by Landlord or an affiliate of Landlord, management fees at reasonable rates for self-managed buildings consistent with the class of building and the services rendered, which management fees shall not exceed five percent (5%) of gross annual income in the aggregate, whether or not actually paid, or where managed by other than Landlord or an affiliate thereof, the reasonable amounts accrued for management which management fees shall not exceed five percent (5%) of gross annual income in the aggregate, together with, in either case, amounts accrued for other professional fees relating to the Property,

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but excluding such fees and commissions paid in connection with services rendered for securing or renewing leases and for matters not related to the normal administration and operation of the Property.
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		5.
	Premiums and deductibles for insurance against damage or loss to the Property from such hazards as Landlord shall determine, including, but not by way of limitation, insurance covering loss of rent attributable to any such hazards, and commercial general liability insurance.

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		6.
	If, during the Term of this Lease, Landlord shall make a capital expenditure, the total cost of which is not properly includable in Operating Expenses for the Operating Year in which it was made, there shall nevertheless be included in such Operating Expenses for the Operating Year in which it was made and in Operating Expenses for each succeeding Operating Year only the annual charge-off of such capital expenditure, provided that no capital improvements or replacements (as opposed to repairs) shall be included in Operating Expenses unless reasonably calculated to reduce Operating Expenses or as required under any governmental laws, regulations or ordinances which were not applicable to the Building as of the Commencement Date. Annual charge-off shall be determined by dividing the original capital expenditure plus an interest factor, reasonably determined by Landlord, as being the interest rate then being charged for long-term mortgages by institutional lenders on like properties within the locality in which the Property located, by the number of years of useful life of the capital expenditure; and the useful life shall be determined reasonably by Landlord in accordance with sound accounting and management and practices in effect at the time of making such expenditure.

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		7.
	Costs for electricity, water and sewer use charges, gas and other utilities supplied to the Property and not paid for directly by tenants.

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		8.
	Betterment assessments, provided the same are apportioned equally over the longest period permitted by law, and to the extent, if any, not included in Taxes.

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		9.
	Amounts paid to independent contractors for services, materials and supplies furnished for the operation, repair, maintenance, cleaning and protection of the Property.

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		10.
	Community association dues, assessments and charges and property owners’ association dues, assessments and charges which may be imposed upon Landlord by virtue of any recorded instrument affecting title to the Property and the cost of any licenses, permits and inspection fees.

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Notwithstanding anything to the contrary set forth in the Lease, Operating Expenses shall not include the following:
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(i) Any cost or expense to the extent to which Landlord is paid or reimbursed (other than as a payment for Operating Expenses), including work or services performed for any tenant
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(including Tenant) at such tenant’s cost or the cost of any item for which Landlord has been paid or reimbursed by insurance, warranties, service contracts, condemnation proceeds or otherwise;
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(ii)The cost of any work or services performed for any other property other than the Property;
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(iii)Marketing and leasing costs, including leasing commissions, attorneys’ fees, space planning costs, and other costs and expenses incurred in connection with lease, sublease and/or assignment negotiations and transactions with present or prospective tenants or other occupants of the Building;
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(iv)Costs associated with the operation of the business of the entity which constitutes Landlord as the same are distinguished from the costs of operation of the Building;
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		(v)
	Taxes and items expressly excluded from Taxes;

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(vi)Costs (including permit, license, and inspection fees) incurred in renovating, improving, decorating, painting or redecorating vacant leasable space or space for tenants;
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(vii)Depreciation and amortization on the Building, except as expressly permitted elsewhere in the Lease;
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(viii)Subject to paragraph 4 above in this Exhibit E, cost paid to subsidiaries or affiliates of Landlord for management or other services on or to the Property or for supplies or other materials, to the extent that the costs of the service, supplies or materials exceed the competitive costs of the services, supplies or materials were they not provided by a subsidiary or affiliate;
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(ix)Interest on debt or amortization payments on mortgages or deeds of trust or any other debt for borrowed money;
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(x)Items and services which Tenant is not entitled to receive under this Lease but which a Landlord provides selectively to one or more tenants of the Building other than Tenant or for which Landlord is separately reimbursed;
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(xi)Costs incurred, in excess of the deductible, in connection with repairs or other work needed to the Building because of fire, windstorm, or other casualty or cause paid for by insurance proceeds; and
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(xii)Any costs, fines or penalties incurred because Landlord violated any governmental rule or authority.
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(xiii)capital expenditures for capital improvements or replacements (as opposed to repairs), except as otherwise expressly set forth above, or rental costs in excess of the capital expenditures that would have been incurred had such rental items been purchased by Landlord.
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(xiv)financing and refinancing costs in respect of any mortgage or security interest placed upon the Property or any portion thereof, including finance or other charges, and any points and commissions in connection therewith, or any rental payments on any ground leases.
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(xv)Legal expenses.
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(xvi)wages, salaries or fringe benefits or other personnel costs paid to any employees or personnel above the grade of building manager; or where employees or personnel devote time to properties other than the Property, the portion properly allocated to such other properties.
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(xvii)costs incurred in connection with the making of repairs or replacements which are the obligation of another tenant or occupant of the Property.
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(xviii)costs (including, without limitation, attorneys’ fees and disbursements) incurred in connection with any judgment, settlement or arbitration award resulting from any tort liability of Landlord; or any dispute between Landlord and any third party.
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(xix)any utility or other service used or consumed in the premises leased or leasable to any tenant or occupant, including, without limitation, gas, electricity, water, and sewer.
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(xx)costs incurred in connection with Landlord’s preparation, negotiation, dispute resolution and/or enforcement of leases or incurred in connection with disputes with prospective tenants, employees, consultants, management agents, leasing agents, purchasers or mortgagees.
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(xxi)costs of any additions to or expansions of the Property or the Building.
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(xxii)the cost of correcting latent defects in the Building’s original construction, including Landlord’s renovation of the Building completed prior to the Commencement Date.
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(xxiii)any costs in the nature of fees, fines or penalties charged to Landlord because of Landlord’s violation of applicable Laws (including costs, fines, interest, penalties and costs of litigation incurred as a result of late payment of taxes and/or utility bills; provided, however, if any such late payment by Landlord is related to Tenant’s failure to pay Rent when due hereunder, Tenant shall pay such fees and costs).
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(xxiv)reserves.
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(xxv)except to the extent that such costs are Tenant’s responsibility, the costs of environmental or Hazardous Materials monitoring, compliance, testing, and remediation performed in, on or around the Property
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(xxvi)costs associated with the initial development of the Building or any other building or any future development or redevelopment of the Building or Property, or any other building or property, such as mitigation payments, permitting, design, site planning, and pre-construction costs;
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(xxvii) any rent subsidy, rent, operating expenses and real estate taxes applicable to Landlord’s management and/or leasing office for the Building, or any other offices or spaces of
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Landlord or any related entity, or any retail premises, concession, or other amenity located at the Building, Property, or any other building or property;
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(xxviii)management or supervisory fees other than as expressly provided above;
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(xxix)charitable or political contributions;
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(xxx)costs related to maintaining Landlord’s existence, either as a corporation, partnership, or other entity, including costs related to formation and continuing legal qualification of the Landlord entity (and any constituent entities thereof);
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(xxxi)Janitorial services for the premises of any other tenant of the Property;
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(xxxii)costs of selling any of Landlord’s interest in the Property; and
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(xxxiii)costs to operate any concessions or amenities at the Property unless the same is provided to Tenant.
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EXHIBIT F
Rules and Regulations of Building
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The following regulations are generally applicable:
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		1.
	The public sidewalks, entrances, passages, courts, elevators, vestibules, stairways, corridors or halls shall not be obstructed or encumbered by Tenant (except as necessary for deliveries) or used for any purpose other than ingress and egress to and from the Premises.

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		2.
	No awnings, curtains, blinds, shades, screens or other projections shall be attached to or hung in, or used in connection with, any window of the Premises or any outside wall of the Building. Such awnings, curtains. blinds, shades, screens or other projections must be of a quality, type, design and color, and attached in the manner, approved by Landlord.

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		3.
	No show cases or other articles shall be put in front of or affixed to any part of the exterior of the Building, nor, if the Building is occupied by more than one tenant, displayed through interior windows into the common areas of the Building, nor placed in the halls, corridors or vestibules.

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		4.
	The water and wash closets and other plumbing fixtures shall not be used for any purposes other than those for which they were designed and constructed, and no sweepings, rubbish, rags, acids or like substances shall be deposited therein. All damages resulting from any misuse of the fixtures shall be borne by the Tenant.

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		5.
	Tenant shall not use the Premises or any part thereof or permit the Premises or any part thereof to be used as a public employment bureau or for the sale of property of any kind at auction.

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		6.
	Tenant must, upon the termination of its tenancy, return to the Landlord all locks, cylinders and keys to offices and toilet rooms of the Premises.

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		7.
	Landlord reserves the right to exclude from the Building after business hours and at all hours on days other than Business Days all persons connected with or calling upon the Tenant who do not present a pass to the Building signed by the Tenant or who are not escorted in the Building by an employee of Tenant. Tenant shall be responsible for all persons for whom it issues any such pass and shall be liable to the Landlord for all wrongful acts of such persons.

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		8.
	The requirements of Tenant will be attended to only upon application at the Building Management Office. Employees of Landlord shall not

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perform any work or do anything outside of their regular duties, unless under special instructions from the office of the Landlord.
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		9.
	There shall not be used in any space in the Building, or in the public halls of the Building, either by Tenant or its agent, contractors, employees or others, in the delivery or receipt of merchandise, any hand trucks, except those equipped with rubber tires and side guards.

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		10.
	No vehicles or animals of any kind shall be brought into or kept in or about the Premises other than service animals and animals used in connection with research within the premises. Bicycles may not be used, kept or brought into the lobby. Bicycles may only be stored in the bike room.

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		11.
	No tenant shall make, or permit to be made, any unseemly or disturbing noises or disturb or interfere with occupants of this or any neighboring building or premises or those having business with them whether by use of any musical instrument, radio, talking machine, unmusical noise, whistling, singing, or in any other way. No tenant shall throw anything out of the doors, windows or skylights or down the passageways.

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		12.
	The Premises shall not be used for lodging or sleeping or for any immoral or illegal purpose.

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		13.
	No smoking shall be permitted in the Premises or the Building. Smoking shall only be permitted in smoking areas outside of the Building in accordance with applicable Laws. Tenant shall comply with all applicable “No Smoking” and if Tenant is required by Law to adopt a written smoking policy, a copy of said policy shall be on file in the property manager’s office in the Building.

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		14.
	Landlord shall have the right, exercisable without notice and without liability to any tenant, to change the name and street address of the Building.

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		15.
	Tenant shall not use the name of the Building for any purpose other than Tenant’s business address; Tenant shall not use the name of the Building for Tenant’s business address after Tenant vacates the Premises; nor shall Tenant use any picture or likeness of the Building in any circulars, notices, advertisements or correspondence. Tenant shall not represent itself as being associated with any company or corporation by which the Building may be known.

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		16.
	No article which is explosive or dangerous is allowed in the Building except subject to the terms of the Lease.

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		17.
	Room-to-room canvassing to solicit business from other tenants of the Building is not permitted.

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		18.
	Tenant shall not waste electricity, water or air-conditioning and shall cooperate fully with Landlord to assure the most effective and efficient operation of the Building’s heating and air-conditioning systems. Tenant shall participate in any recycling programs undertaken by Landlord or required by applicable Laws.

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		19.
	No locks or similar devices shall be attached to any door except by Landlord and Landlord shall have the right to retain a key to all such locks. Tenant may not install any locks without Landlord’s prior approval, which approval shall not be unreasonably withheld.

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		20.
	To the extent permitted by law, Tenant shall not cause or permit picketing or other activity which would interfere with the business of Landlord or any other tenant or occupant of the Building, or distribution of written materials involving its employees in or about the Building, except in those locations and subject to time and other limitations as to which Landlord may give prior written consent.

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		21.
	Tenant shall not cook, otherwise prepare or sell any food or beverages in or from the Premises or use the Premises for housing accommodations or lodging or sleeping purposes except that Underwriters’ Laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea and similar beverages for Tenant’s employees and visitors provided such use is in compliance with applicable Laws and does not disturb other tenants in the Building with odor, refuse or pests.

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		22.
	All office equipment of any electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord to absorb or prevent any vibration, noise or annoyance. Tenant shall not permit the use of any apparatus for sound production or transmission in such manner that the sound so transmitted or produced shall be audible or vibrations therefrom shall be detectable beyond the Premises; nor permit objectionable odors or vapors to emanate from the Premises.

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		23.
	Tenant shall not construct or place partitions, furniture or other obstructions that interfere with Landlord’s free access to mechanical installations located in the Building, including air-cooling, fan, ventilating and machine rooms and mechanical and electrical closets, the proper functioning of the Base Building Systems or the moving of Landlord’s equipment to and from the enclosures containing said installations. Neither Tenant nor any contractor, invitee or licensee of Tenant shall at

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any time enter said enclosures or tamper with, adjust, touch or otherwise affect in any manner such mechanical installations
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		24.
	No floor covering shall be affixed to any floor in the Premises by means of glue or other adhesive without Landlord’s prior written consent not to be unreasonably withheld.

​
		25.
	Tenant shall comply with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governmental agency.

​
		26.
	Tenant shall cause all freight to be delivered to or removed from the Building and the Premises in accordance with the requirements established by Landlord therefor.

​
		27.
	The rules and regulations set forth in Attachment I to this Exhibit, which is by this reference made a part hereof, are applicable to any Alterations being undertaken by or for Tenant in the Premises pursuant to Section 5.2 of the Lease.

​

F-4

​

Attachment I to Exhibit F
Rules and Regulations for Tenant Alterations
​
		A.
	General

​
1.All Alterations made by Tenant in, to or about the Premises shall be made in accordance with the requirements of this Exhibit and by contractors or mechanics approved by Landlord in accordance with the Lease.
​
2.Tenant shall, prior to the commencement of any work, submit for Landlord’s written approval, complete plans for the Alterations, with full details and specifications for all of the Alterations, in compliance with Section D below to the extent required by the Lease.
​
3.Alterations must comply with the Building Code applicable to the Property and the requirements, rules and regulations and any other governmental agencies having jurisdiction.
​
4.No work shall be permitted to commence before Tenant obtains and furnishes to Landlord copies of all necessary licenses and permits from all governmental authorities having jurisdiction.
​
5.All demolition, removals or other categories of work that may inconvenience other tenants or disturb Building operations, must be scheduled and performed before 7:00 a.m. or after 6:00 p.m. and Tenant shall provide the Building manager with at least 48 hours’ notice prior to proceeding with such work.
​
6.All inquiries, submissions, approvals and all other matters shall be
​
processed through Landlord’s property manager except where otherwise required pursuant to the Lease.
​
7.All work, if performed by a contractor or subcontractor, shall be subject to reasonable supervision and inspection by Landlord’s representative. Such supervision and inspection shall be at Tenant’s sole expense and Tenant shall pay Landlord’s reasonable charges for such supervision and inspection (not to exceed three percent (3%) of the hard costs of such work) as Additional Rent within thirty (30) days after receiving Landlord’s invoice therefor.
​
		B.
	Prior to Commencement of Work

​
1.Tenant shall submit to the property manager a request to perform the work. The request shall include the following enclosures:
​
		(i)
	A list of Tenant’s contractors and/or subcontractors for Landlord’s approval in accordance with the Lease.

​
		(ii)
	Four complete sets of plans and specifications; and, prior to commencing such work, a set of properly stamped by a registered architect or professional engineer and meeting the requirements in Section D below.

​

F-5

​

		(iii)
	Prior to commencing such work, a properly executed building permit application form.

​
		(iv)
	Contractor’s and subcontractor’s insurance certificates evidencing compliance with the requirements of Attachment II for each contractor.

​
2.Landlord will return the following to Tenant:
​
		(i)
	Two sets of plans approved or a disapproved with specific comments as to the reasons therefor (such approval or comments shall not constitute a waiver of approval of governmental authorities).

​
		(ii)
	Two fully executed copies of the Insurance Requirements Agreement.

​
3.Landlord’s approval of the plans, drawings, specifications or other submissions in respect of any Alterations shall create no liability or responsibility on the part of Landlord for their completeness, design sufficiency or compliance with requirements of any applicable laws, rules or regulations of any governmental or quasi-governmental agency, board or authority. Any plan or design approval rights reserved to or exercised by Landlord hereunder are for the sole and exclusive benefit of Landlord to ensure compatibility of such work with Building systems and Building standards, and such approval does not constitute any representation or warranty whatsoever as to the adequacy, correctness, efficiency or compliance with applicable Law of such plan or design or the work shown thereon and Landlord is expressly not reviewing Tenant’s plans for such purposes.
​
4.Tenant shall obtain a building permit from the Building Department and necessary permits from other governmental agencies. Tenant shall be responsible for keeping current all permits. Tenant shall submit copies of all approved plans and permits to Landlord and shall post the original permit on the Premises prior to the commencement of any work.
​
C.Requirements and Procedures
​
1.All structural and floor loading requirements shall be subject to the prior approval of Landlord’s structural engineer.
​
2.All mechanical (HVAC, plumbing and sprinkler) and electrical requirements shall be subject to the approval of Landlord’s mechanical and electrical engineers and all mechanical and electrical work shall be performed by contractors who are engaged by Landlord in constructing, operating or maintaining the Building or as otherwise approved by Landlord. When necessary, Landlord will require engineering and shop drawings, which drawings must be approved by Landlord before work is started. Drawings are to be prepared by Tenant and all approvals shall be obtained by Tenant.
​
3.Elevator service for construction work shall be charged to Tenant at standard Building rates which will include the cost of operators and supervisory staff
​
​

F-6

​

3.Prior arrangements for elevator use shall be made at least 48 hours in advance with Building manager by Tenant. No material or equipment shall be carried under or on top of elevators. If an operating engineer or master mechanic is required by any union regulations, such engineer or master mechanic shall be paid for by Tenant.
​
4.If shutdown of risers and mains for electrical, HVAC, sprinkler and plumbing work is required, such work shall be supervised by Landlord’s representative and shall be performed only at times approved by Landlord. No work will be performed in Building mechanical equipment rooms without Landlord’s approval and under Landlord’s supervision.
​
5.Tenant’s contractor shall:
​
		(i)
	have a superintendent or foreman on the Premises at all times;

​
		(ii)
	police the job at all times, continually keeping the Premises orderly;

​
		(iii)
	maintain cleanliness and protection of all areas, including elevators and lobbies.

​
		(iv)
	protect the front and top of all peripheral HVAC units and thoroughly clean them at the completion of work;

​
		(v)
	block off supply and return grills, diffusers and ducts to keep dust from entering into the Building air conditioning system; and

​
		(vi)
	avoid disturbance of other tenants.

​
6.If Tenant’s contractor is negligent in any of its responsibilities, Tenant shall be charged for corrective work.
​
7.All equipment and installations must be equal to the standards generally in effect with respect to the remainder of the Building. Any deviation from such standards will be permitted only if indicated or specified on the plans and specifications and approved by Landlord.
​
8.A properly executed air balancing report signed by a professional engineer shall be submitted to Landlord upon the completion of all HVAC work.
​
9.Upon completion of the Alterations, Tenant shall submit to Landlord a permanent certificate of occupancy and final approval by the other governmental agencies having jurisdiction.
​
10.Tenant shall submit to Landlord a final “as-built” set of drawings in Auto-CAD format and one set of blueprints showing all items of the Alterations in full detail.
​
11.Additional and differing provisions in the Lease, if any, will be applicable and will take precedence.
​
​

F-7

​

D.Standards for Plans and Specifications
​
Whenever Tenant shall be required by the terms of the Lease (including this Exhibit) to submit plans to Landlord in connection with any Alterations, such plans shall include at least the following:
​
1.Floor plan indicating location of partitions and doors (details required of partition and door types).
​
2.Location of standard electrical convenience outlets and telephone outlets.
​
3.Location and details of special electrical outlets; e.g., photocopiers, etc.
​
4.Reflected ceiling plan showing layout of standard ceiling and lighting fixtures. Partitions to be shown lightly with switches located indicating fixtures to be controlled.
​
5.Locations and details of special ceiling conditions, lighting fixtures, speakers, etc.
​
6.Location and specifications of floor covering, paint or paneling with paint colors referenced to standard color system.
​
7.Finish schedule plan indicating wall covering, paint, or paneling with paint colors referenced to standard color system.
​
8.Details and specifications of special millwork, glass partitions, rolling doors and grilles, blackboards, shelves, etc.
​
9.Hardware schedule indicating door number keyed to plan, size, hardware required including butts, latchsets or locksets, closures, stops, and any special items such as thresholds, soundproofing, etc. Keying schedule is required.
​
10.Verified dimensions of all built-in equipment (file cabinets, lockers, plan files, etc.)
​
11.Location and weights of storage files.
​
12.Location of any special soundproofing requirements.
​
13.Location and details of special floor areas exceeding 50 pounds of live load per square foot.
​
14.All structural, mechanical, plumbing and electrical drawings, to be prepared by the base building consulting engineers, necessary to complete the Premises in accordance with Tenant’s Plans.
​
15.All drawings to be uniform size (30” x 46”) and shall incorporate the standard project electrical and plumbing symbols and be at a scale of 1/8” = 1’ or larger.
​

F-8

​

16.All drawings shall be submitted in hard-copy paper form (together with a PDF scanned copy of all paper drawings) and on disk in Auto-CAD Version 2000.
​
17.All drawings shall be stamped by an architect (or, where applicable, an engineer) licensed in the jurisdiction in which the Property is located and without limiting the foregoing, shall be sufficient in all respects for submission to applicable authorization in connection with a building permit application.
​
​

F-9

​

Attachment II to Exhibit F
Contractor’s Insurance Requirements
​
Building:
​
​
​
Landlord:
​
Tenant:
​
Premises:
​
The undersigned contractor or subcontractor (“Contractor”) has been hired by the tenant named above (hereinafter called “Tenant”) of the Building named above (or by Tenant’s contractor) to perform certain work (“Work”) for Tenant in the Premises identified above. Contractor and Tenant have requested the landlord named above (“Landlord”) to grant Contractor access to the 
Building and its facilities in connection with the performance of the Work, and Landlord agrees to grant such access to Contractor upon and subject to the following terms and conditions:
​
1.Contractor agrees to indemnify and save harmless Landlord and its respective officers, employees and agents and their affiliates, subsidiaries and partners, and each of them, from and with respect to any claims, demands, suits, liabilities, losses and expenses, including reasonable attorneys’ fees, arising out of or in connection with the Work (and/or imposed by law upon any or all of them) because of personal injuries, bodily injury (including death at any time resulting therefrom) and loss of or damage to property, including consequential damages, whether such injuries to person or property are claimed to be due to negligence of the Contractor, Tenant, Landlord or any other party entitled to be indemnified as aforesaid except to the extent specifically prohibited by law (and any such prohibition shall not void this Agreement but shall be applied only to the minimum extent required by law).
​
2.Contractor shall provide and maintain at its own expense, until completion of the Work, the following insurance [•Insert Limits Consistent with Section 10.2 of the Lease]:
​
(a)    “Builder’s All Risk” insurance in an amount at least equal to 100% of the replacement value of such Alterations.
​
(b)    Workmen’s Compensation and Employers Liability Insurance covering each and every workman employed in, about or upon the Work, as provided for in and in the amounts required by each and every statute applicable to Workmen’s Compensation and Employers’
Liability Insurance [•________________]
​
(c)    Commercial General Liability Insurance including coverages for Protective and Contractual Liability (to specifically include coverage for the indemnification clause of this Agreement) for not less than the following limits:
​
[•________________]
​
​

F-10

​

(d)    Commercial Automobile Liability Insurance (covering all owned, non-owned and/or hired motor vehicles to be used in connection with the Work) for not less than the following limits:
​
[•________________]
​
Contractor shall furnish a certificate from its insurance carrier or carriers to the Building office before commencing the Work, showing that it has complied with the above requirements regarding insurance and providing that the insurer will give Landlord ten (10) days’ prior written notice of the cancellation of any of the foregoing policies.
​
3.Contractor shall require all of its subcontractors engaged in the Work to provide the following insurance:
​
(a)    Workmen’s Compensation and Employers Liability Insurance covering each and every workman employed in, about or upon the Work, as provided for in and in the amounts required by each and every statute applicable to Workmen’s Compensation and Employers’ Liability Insurance.
​
(b)    Commercial General Liability Insurance including Protective and Contractual Liability coverages with limits of liability at least equal to the limits stated in paragraph 2(c).
​
(c)    Commercial Automobile Liability Insurance (covering all owned, non-owned and/or hired motor vehicles to be used in connection with the Work) with limits of liability at least equal to the limits stated in paragraph 2(d).
​
Upon the request of Landlord, Contractor shall require all of its subcontractors engaged in the Work to execute an Insurance Requirements agreement in the same form as this Agreement.
​
Notice is hereby given that Landlord shall not be liable for any labor or materials furnished or to be furnished to Tenant upon credit, and that no mechanic’s or other lien for any such labor or materials shall attach to or affect the reversion or other estate or interest of Landlord in and to the Premises, the Building or the Property.
​
Agreed to and executed this day of            , 20 .
​
	​

	​

	​
	Contractor:

	​
	​

	​
	​

	​
	By:
	​

	​
	​
	​

	​
	Name:
	​

	​
	​
	​

	​
	Title:
	​

​
​
​

F-11

​

EXHIBIT G
Tenant’s Removable Property
​
Autoclaves
Computer servers / data center hardware
Glasswashers
Process pressure reducing stations
RODI pure water skid
MilliQ Water Systems
UPS's
Workstations
​
​
​

g-1

​

EXHIBIT H
List of Tenant’s Hazardous Materials
​
[***]
​
​

H-1

​

​
EXHIBIT H-1
​
[***]
​

H-1

​

***

H-2

​

​
***
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

H-3

​

​
​
​
***

H-4​

Exhibit 10.70
​
*Portions of this exhibit have been omitted for confidential treatment pursuant to Item 601(b)(10)(iv) of Regulation S-K.
​
​
LEASE
​
BY AND BETWEEN
​
NRL 91 HARTWELL LLC 
(“Landlord”)
​
and
​
UNIQURE, INC. 
(“Tenant”)
​
​
​

​

​

TABLE OF CONTENTS
​
	​

	​

	​

	​

	​
	​
	​
	Page

	1.
	TERMS
	​
	1

	​
	​
	​
	​

	2.
	THE PREMISES
	​
	4

	​
	​
	​
	​

	3.
	TERM
	​
	4

	​
	​
	​
	​

	4.
	CONDITION OF THE PREMISES
	​
	5

	​
	​
	​
	​

	5.
	MONTHLY RENT
	​
	5

	​
	​
	​
	​

	6.
	TAXES
	​
	6

	​
	​
	​
	​

	7.
	OPERATING EXPENSES
	​
	7

	​
	​
	​
	​

	8.
	RECONCILIATION
	​
	8

	​
	​
	​
	​

	9.
	INSURANCE.
	​
	9

	​
	​
	​
	​

	10.
	WAIVER OF SUBROGATION
	​
	11

	​
	​
	​
	​

	11.
	SECURITY DEPOSIT
	​
	11

	​
	​
	​
	​

	12.
	USE
	​
	12

	​
	​
	​
	​

	13.
	MAINTENANCE; SERVICES.
	​
	13

	​
	​
	​
	​

	14.
	SUBLEASE; ASSIGNMENT
	​
	14

	​
	​
	​
	​

	15.
	INDEMNITY; NON-LIABILITY OF LANDLORD
	​
	16

	​
	​
	​
	​

	16.
	UTILITIES
	​
	17

	​
	​
	​
	​

	17.
	HOLDING OVER
	​
	18

	​
	​
	​
	​

	18.
	NO RENT DEDUCTION OR SET OFF
	​
	18

	​
	​
	​
	​

	19.
	CASUALTY
	​
	19

	​
	​
	​
	​

	20.
	SUBORDINATION; ESTOPPEL LETTERS
	​
	20

	​
	​
	​
	​

	21.
	ALTERATIONS; RESTORATION
	​
	20

	​
	​
	​
	​

	22.
	DEFAULT; REMEDIES
	​
	22

	​
	​
	​
	​

	23.
	NOTICES
	​
	25

	​
	​
	​
	​

	24.
	EMINENT DOMAIN
	​
	25

	​
	​
	​
	​

	25.
	QUIET ENJOYMENT
	​
	26

	​
	​
	​
	​

	26.
	RULES AND REGULATIONS
	​
	26

	​
	​
	​
	​

	27.
	ENVIRONMENTAL
	​
	26

	​
	​
	​
	​

	28.
	FINANCIAL STATEMENTS
	​
	29

	​
	​
	​
	​

	29.
	BROKERS
	​
	29

​

- i -

​

	​
	​
	​
	​

	30.
	RIGHT OF FIRST OFFER TO LEASE ADDITIONAL SPACE
	​
	29

	​
	​
	​
	​

	31.
	MISCELLANEOUS
	​
	30

	​
	​
	​
	​

	32.
	PARKING
	​
	32

	​
	​
	​
	​

	33.
	SIGNAGE
	​
	33

	​
	​
	​
	​

	34.
	SUBSTITUTION OF PREMISES
	​
	33

	​
	​
	​
	​

	35.
	CERTAIN RIGHTS RESERVED TO LANDLORD
	​
	34

	​
	​
	​
	​

	36.
	LEASE COMMENCEMENT/ACCEPTANCE OF PREMISES
	​
	35

	​
	​
	​
	​

	37.
	WAIVER OF RIGHT TO JURY TRIAL
	​
	35

	​
	​
	​
	​

	38.
	RECORDING
	​
	35

​
​

- ii -

​

1. TERMS. Each reference in this Lease to any of the following subjects shall be construed to incorporate the data stated for that subject in this Section 1.
​
	​

	​

	​

	Date of this Lease:
	January 14, 2022
	​

	​
	​
	​

	Name of Tenant:
	uniQure, Inc.,
	​

	​
	a Delaware corporation
	​

	​
	​
	​

	Notice Address of Tenant:
	​
	​

	​
	113 Hartwell Avenue
	​

	​
	Lexington, MA 02421
	​

	​
	Attn: General Counsel
	​

	​
	​
	​

	​
	with a copy to:
	​

	​
	​
	​

	​
	DLA Piper LLP (US)
	​

	​
	33 Arch Street
	​

	​
	Boston, MA 02210
	​

	​
	Attn: Geoff Howell, Esq.
	​

	​
	​
	​

	Name of Landlord:
	NRL 91 Hartwell LLC,
	​

	​
	a Delaware limited liability company
	​

	​
	​
	​

	Notice Address of Landlord:
	NRL 91 Hartwell LLC
	​

	​
	c/o North River Company
	​

	​
	610 West 26th Street, Suite 910
	​

	​
	New York, NY 10001
	​

	​
	Attn: Christopher Flagg
	​

	​
	​
	​

	​
	NRL 91 Hartwell LLC
	​

	​
	c/o Bulgroup Properties
	​

	​
	175 McClellan Highway
	​

	​
	East Boston, MA 02128
	​

	​
	Attn: Andy Dulac
	​

	​
	​
	​

	with a copy to:
	Seyfarth Shaw LLP
	​

	​
	Two Seaport Lane, Suite 300
	​

	​
	Boston, MA 02210
	​

	​
	Attn: Michael Dowley, Esq.
	​

	​
	​
	​

	​
	​
	​

	Landlord’s Remittance Address:
	c/o North River Company, LLC
	​

	​
	610 West 26th Street, Suite 910
	​

	​
	New York, New York 10001
	​

	​
	Attn: Accounting Department
	​

​
​

1

​

​
	Building:
	The building located at 91 Hartwell Avenue,
	​

	​
	Lexington, Massachusetts 02421
	​

	​
	​
	​

	Property:
	The Building and the real property on which the
	​

	​
	Building is located, as more particularly described
	​

	​
	on Exhibit A-1, and any other buildings and
	​

	​
	improvements located thereon.
	​

	​
	​
	​

	Premises:
	Approximately 12,716 rentable square feet of
	​

	​
	space on the 1st floor of the Building, as more
	​

	​
	particularly shown by the floor plan attached
	​

	​
	hereto as Exhibit A.
	​

	​
	​
	​

	Permitted Use:
	For general office purposes, and customary lawful
	​

	​
	uses ancillary thereto consistent with first class
	​

	​
	office use, and no other use or purpose.
	​

	​
	​
	​

	Term:
	The period of time beginning on the
	​

	​
	Commencement Date and ending at 11:59 P.M.
	​

	​
	on the Expiration Date.
	​

	​
	​
	​

	Commencement Date:
	The earlier to occur of (i) the later of the date that
	​

	​
	Landlord Substantially Completes the Landlord’s
	​

	​
	Work and delivers the Premises to Tenant in the
	​

	​
	condition required herein or five months after
	​

	​
	Landlord’s written approval of the initial Site
	​

	​
	Plan (as defined in the Work Letter) in
	​

	​
	accordance with the Work Letter, and (ii) the date
	​

	​
	Tenant commences operation of its business in
	​

	​
	the Premises (as distinguished from the
	​

	​
	installation of furniture, fixtures and equipment).
	​

	​
	Tenant shall confirm the Commencement Date
	​

	​
	pursuant to Section 36. The estimated
	​

	​
	Commencement Date is five months after
	​

	​
	Landlord’s written approval of the initial Site
	​

	​
	Plan (as defined in the Work Letter) in
	​

	​
	accordance with the Work Letter (the “Estimated
	​

	​
	Commencement Date”).
	​

	​
	​
	​

	Expiration Date:
	That certain date which is the last day of the
	​

	​
	Eighty-eight (88) complete calendar month
	​

	​
	following the Commencement Date.
	​

	​
	​
	​

​
​

2

​

	​

	​

	​

	​

	Tenant’s Percentage:
	10.48%, being the ratio of rentable square footage
	​

	​
	of the Premises to the total rentable square
	​

	​
	footage of the Building, which is 12,716 rentable
	​

	​
	square feet. The rentable square footage of the
	​

	​
	Building may be adjusted from time to time as
	​

	​
	reasonably determined by Landlord, but in no
	​

	​
	event shall Tenant’s Percentage be increased or
	​

	​
	decreased on account of any such adjustments.
	​

	​
	​
	​

	Base Taxes:
	The Taxes for the tax year 2022.
	​

	​
	​
	​

	Tax Excess:
	Tenant’s Percentage of the amount by which
	​

	​
	Taxes for any tax year during the Term exceed
	​

	​
	Base Taxes.
	​

	​
	​
	​

	Base Operating Expenses:
	The Operating Expenses for the calendar year
	​

	​
	2022.
	​

	​
	​
	​

	Operating Expenses Excess:
	Tenant’s Percentage of the amount by which
	​

	​
	Operating Expenses exceed Base Operating
	​

	​
	Expenses for any calendar year during the Term.
	​

	​
	​
	​

	Security Deposit:
	$112,851.51, in the form of an unconditional,
	​

	​
	clean, irrevocable standby letter of credit subject
	​

	​
	to and in accordance with the provisions of
	​

	​
	Section 11.
	​

	​
	​
	​

	​
	​
	​

	Exhibits:
	Exhibit A
	The Premises
	​

	​
	​
	​

	​
	Exhibit A-1
	Legal Description
	​

	​
	​
	​

	​
	Exhibit B
	Additional Stipulations
	​

	​
	​
	​

	​
	Exhibit C
	Rules and Regulations
	​

	​
	​
	​

	​
	Exhibit D
	Commencement Letter
	​

	​
	​
	​

	​
	Exhibit E
	Work Letter
	​

	​
	​
	​

	​
	Exhibit F
	Superior Rights
	​

	​
	​
	​

	​
	Exhibit G
	Form of Letter of Credit
	​

	​
	​
	​

	​
	All of the Exhibits listed above are incorporated
	​

	​
	into and made part of this Lease.
	​

	​
	​
	​

​

3

​

​
	Rent:
	Base Rent and all Additional Rent.
	​

	​
	​
	​

	Additional Rent:
	All amounts required to be paid by Tenant to
	​

	​
	Landlord pursuant to this Lease other than Base
	​

	​
	Rent, including, without limitation, Operating
	​

	​
	Expenses and Taxes.
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Base Rent:
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	Months of Term
	Base Rent
	Base Rent
	Base Rent

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	(per annum)
	(per month)
	(per rentable square

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	foot, per annum)

	Commencement Date-12
	$451,418.00
	$37,618.17
	$35.50

	13-24
	$460,955.00
	$38,412.92
	$36.25

	25-36
	$470,492.00
	$39,207.67
	$37.00

	37-48
	$480,029.00
	$40,002.42
	$37.75

	49-60
	$489,566.00
	$40,797.17
	$38.50

	61-72
	$499,103.00
	$41,591.92
	$39.25

	73-84
	$508,640.00
	$42,386.67
	$40.00

	85-88
	$518,177.00
	$43,181.42
	$40.75

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Notwithstanding the foregoing, Base Rent shall be abated for the period commencing on the Commencement Date until the date that is four (4) months following the Commencement Date (the “Base Rent Abatement Period”). The Base Rent due for any partial calendar month immediately following the Base Rent Abatement Period shall be prorated based on the number of days in that month. In no event shall the Base Rent Abatement Period be deemed to reduce or eliminate Tenant’s obligation to pay Additional Rent or any other amounts due hereunder other than Base Rent. If Tenant defaults under this Lease prior to the expiration of the four month period, then Tenant’s right to abate the Base Rent shall immediately terminate and be of no further force and effect and any and all Base Rent which had been abated prior to Tenant’s default shall immediately become due and payable.
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2.THE PREMISES. Landlord leases to Tenant, and Tenant leases from Landlord, upon and subject to the terms and conditions of this Lease, the Premises. The Premises are leased with the right of Tenant to use for its customers, employees and visitors, in common with other parties entitled thereto, such common areas and facilities as Landlord may from time to time designate and provide, including without limitation the Amenities (as defined below) parking and loading areas and elevators serving the Premises (collectively, the “Common Areas”). Tenant shall have the right to use the conference facilities, fitness room, and grab-and-go café located in the Common Areas as of the date of this Lease, or reasonable replacement for the same in the Building or on the Property (the “Amenities”) and Landlord shall make such Amenities, or reasonably equivalent amenities, available for the duration of the term, subject to the terms of this Lease regarding casualty and Force Majeure, and for temporary shutdowns in connection with renovations or modifications to the same.
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3.TERM. The Premises are leased for the Term, unless such Term is sooner terminated. If for any reason Landlord is unable to deliver possession of the Premises to Tenant on or prior to
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the Estimated Commencement Date, which date shall be extended in the event of Tenant Delay and/or Force Majeure, then Landlord shall not be liable to Tenant for any resultant loss or damage and this Lease shall not be affected except that the Base Rent Abatement Period shall be extended by one (1) day for each day of such delay in excess of 30 days until the Commencement Date actually occurs and, if the Premises are not delivered to Tenant by twelve (12) months after Landlord’s written approval of the Site Plan (as defined in the Work Letter) in accordance with the Work Letter, subject to extension for Tenant Delay and Force Majeure or eighteen (18) months after Landlord’s written approval of the Site Plan (as defined in the Work Letter) in accordance with the Work Letter regardless of Force Majeure, then Tenant shall have the right to terminate the Lease upon 30 days’ prior written notice to Landlord (but if the Commencement Date occurs within such 30 day period, then such termination notice shall be null and void). The Base Rent Abatement Period shall not be extended for any delay caused by a Tenant Delay (as defined in the Work Letter) or that arises as a result of any Force Majeure (as defined below) event. Tenant shall have the option to extend the Term subject to the terms and conditions of Exhibit B attached hereto.
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4. CONDITION OF THE PREMISES. The Premises are leased in an “as is” and “where is” condition without any warranty of fitness for use or occupation express or implied, it being agreed that Tenant has had an opportunity to examine the condition of the Premises, that Landlord has made no representations or warranties of any kind with respect to such condition, and that Landlord has no obligation to do or approve any work or make or approve any improvements to or with respect to the Premises in order to prepare the same for Tenant’s occupancy except as specifically provided in this Section.
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Landlord shall make improvements to the Premises as described in the Work Letter attached as Exhibit E.
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5. MONTHLY RENT. Commencing on the Commencement Date (but subject to the Base Rent Abatement Period), Base Rent shall be paid monthly in advance on or before the first day of each calendar month in accordance with the schedule set forth in Section 1. The Base Rent shall not be adjusted or modified if the actual rentable square footage of the Premises varies from the rentable square footage set forth in Section 1. If the Base Rent Abatement Period shall expire on any day other than the first day of a calendar month, Base Rent for the partial month shall be prorated based on the number of days in that month. Unless otherwise provided herein, commencing on the Commencement Date, Additional Rent shall be paid monthly in advance on or before the first day of each calendar month. Additional Rent for any partial month shall be prorated based on the number of days in that month. Rent shall be paid to Landlord, without notice or demand, and without deduction or offset, in lawful money of the United States of America, at Landlord’s Remittance Address as set forth in Section 1 or to such other address as Landlord may from time to time designate in writing by at least 30 days’ prior notice to Tenant. Tenant acknowledges that the late payment of Rent or other sums due hereunder shall cause Landlord to incur costs not contemplated by this Lease, the exact amount of which shall be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Property. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be received by Landlord within five (5) days after the same is due (provided that on the
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first occasion in any 12 month period Tenant shall be entitled to notice of such late payment and 10 days to cure the same before such late charge shall apply) , Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount. In addition, any amount due to Landlord, if not paid within five (5) days after the same is due, shall bear interest from the date due until paid at the lesser of: (i) the Prime Rate (as hereinafter defined) plus five percent (5%) per annum, or (ii) the highest rate permitted by law (the “Default Rate”). The term “Prime Rate” shall mean the Prime Rate as published in The Wall Street Journal from time to time. The parties agree that such late charges represent a fair and reasonable estimate of the costs Landlord shall incur by reason of late payment by Tenant. The acceptance of such late charges by Landlord shall in no event constitute a waiver of Tenant’s default with respect to the overdue amount, be deemed an accord and satisfaction, or prevent Landlord from exercising any of the other rights and remedies granted hereunder. Notwithstanding anything to the contrary in this Lease, Tenant shall pay the first full monthly installment of Base Rent due hereunder (i.e. Base Rent for the first complete month of the Term, or, if applicable, for the first complete month following any initial abatement period) simultaneously with Tenant’s execution and delivery of this Lease to Landlord.
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6. TAXES. Tenant shall pay monthly, as Additional Rent, one-twelfth (1/12) of the Tax Excess based on reasonable estimates provided by Landlord from time to time and subject to reconciliation as provided in Section 8 below. No credit or payment shall be due to Tenant in the event Taxes for any year are less than Base Taxes. “Taxes” means all taxes, assessments and fees levied upon the Property by any governmental entity based upon the ownership, leasing, renting or operation of the Property. Landlord shall equitably allocate Taxes incurred with respect to multiple buildings on the Property, if any, among such buildings based on the relative assessed values of such Buildings as evidenced by the assessors’ records for the Town of Lexington. Taxes shall not include any federal, state or local net income, capital stock, succession, transfer, replacement, gift, estate or inheritance taxes; provided, however, if at any time during the Term, a tax or excise on income is levied or assessed by any governmental entity in lieu of or as a substitute for, in whole or in part, real estate taxes or other ad valorem taxes, such tax shall constitute and be included in Taxes but only to the extent calculated as if the Property were the only real estate owned by Landlord. In addition to the foregoing, Tenant shall pay Landlord, as Additional Rent, for any use, rent or sales tax, service tax, value added tax, franchise tax or any other tax on Rent however designated as well as for any taxes which are reasonably attributable to the cost or value of Tenant’s equipment, furniture, fixtures and other personal property located in the Premises or the cost or value of any leasehold improvements made in or to the Premises by or for Tenant if the same are separately assessed on the tax bills received by Landlord and all tenants in the Building are similarly separately charged for the taxes on their leasehold improvements. All expenses, including reasonable attorneys’ fees and disbursements, experts’ and other witnesses’ fees, incurred in contesting the validity or amount of any Taxes or in obtaining a refund of Taxes shall be considered as part of the Taxes for the year in which the expenses are incurred. Taxes shall exclude any interest or penalties resulting from the late payment of Taxes by Landlord (except to the extent due to Tenant’s failure to make timely payments), transfer taxes; any environmental assessments, charges or liens arising in connection with the remediation of Hazardous Materials from the Building or Property; costs or fees payable to public authorities in connection with any future construction of additional buildings or similar improvements on the Property (including any such fees for transit, housing, schools, open space, child care, arts programs, traffic mitigation
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measures, environmental impact reports and traffic studies); reserves for future Taxes; Taxes on other tenant’s leasehold improvements; and any personal property taxes attributable to sculptures, paintings or other objects of art. Taxes for any other structures or improvements on the Property (besides the Building) shall be allocated to those structures or improvements on a proportionate basis based on square footage or such other method as is used by the Town of Lexington tax assessor as evidenced by the tax bill for the Property.
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7. OPERATING EXPENSES. Tenant shall pay monthly, as Additional Rent, one-twelfth (1/12) of the Operating Expenses Excess based on reasonable estimates provided by Landlord from time to time and subject to reconciliation as provided in Section 8 below. No credit or payment shall be due to Tenant in the event Operating Expenses for any year are less than Base Operating Expenses. “Operating Expenses” means and includes all expenses, costs, fees and disbursements paid or incurred by or on behalf of Landlord for owning, managing, operating, maintaining, improving, servicing or repairing the Building or Property and all associated plumbing, heating, ventilation, air conditioning, lighting, electrical, mechanical and other systems, including, without limitation, costs of: performing the Landlord’s obligations described in Section 13; the repair, maintenance, repaving and re-striping of any parking; providing any services or amenities such as conference rooms, parking garage, cafeteria, or gymnasium; security costs for the Building and the Property; exterior maintenance, repair and repainting; landscaping; snow removal; electricity charges; all other utilities; janitorial services for the common areas of the Property; capital repairs, replacements and improvements, management fees not to exceed 3% of gross revenues from the Building; supplies and sundries; sales or use taxes on supplies or services; charges or assessments under any easement, license, declaration, restrictive covenant or association of record as of the date hereof; accounting expenses; Insurance Premiums; and compensation and all fringe benefits, worker’s compensation insurance premiums and payroll taxes paid to, for or with respect to all persons engaged in the operation, administration, maintenance and repair of the Property. The costs of capital repairs, replacements and improvements, together with any actual out of pocket interest incurred to finance the same with third party debt, where applicable, shall be amortized over their useful life as reasonably determined by Landlord in accordance with generally accepted accounting principles. Landlord shall equitably allocate any item of Operating Expenses that benefits multiple buildings on the Property among such buildings. Landlord shall equitably allocate any item of Operating Expenses among different portions or occupants of the Building or Property based on use where such use is not general office use, or other considerations as reasonably determined by Landlord in Landlord’s reasonable discretion.
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Notwithstanding the foregoing, Operating Expenses shall not include costs of alterations to the premises of other tenants of the Property, depreciation charges, interest and principal payments on mortgages, ground rental payments and real estate brokerage and leasing commissions; costs incurred for Landlord’s general overhead and any other expenses not directly attributable to the operation and management of the Building or the Property; janitorial services for the Premises (which is a cost included in the Base Rent) or the premises of any other tenant of the Property; costs of selling or financing any of Landlord’s interest in the Property; management fees incurred by Landlord that are in excess of three percent (3%) of the gross revenues realized by Landlord from the Property; costs incurred by Landlord for the repair of damage to the Property to the extent that Landlord is reimbursed by insurance proceeds; and the costs of services and utilities separately
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chargeable to individual tenants of the Building; salaries of executives and owners not directly employed in the management/operation of the Property or above the level of property manager; the cost of services for any particular tenant that are not available to Tenant or that are consumed or supplied to such tenant in excess of those provided to Tenant; the cost of items that, by generally accepted accounting principles, would be capitalized on the books of Landlord or are otherwise not properly chargeable against income, except to the extent such capital item is (A) required by any applicable laws enacted after the Commencement Date, or (B) reasonably projected and determined by Landlord and its engineers, design professionals and/or other professionals in good faith to reduce Operating Expenses, in each case amortized as provided above; the costs of Landlord’s Work (including any costs to correct defects in the Landlord’s Work); Taxes or items expressly excluded from Taxes; Insurance Premiums for insurance coverages not typically carried by first class office buildings in the vicinity of the Property; costs allocable to any other building or Property; costs relating to maintaining Landlord’s existence as a corporation, partnership or other entity; advertising and other fees and costs incurred in procuring tenants; the cost of any items for which Landlord is entitled to be reimbursed by any third party (other than as Operating Expenses by other tenants), including via insurance, condemnation awards, refund, rebate or otherwise, and any expenses for repairs or maintenance to the extent covered by warranties, guaranties and service contracts; costs incurred in connection with any disputes between Landlord and its employees, between Landlord and Building management, or between Landlord and other tenants or occupants; accounting fees; fines and penalties; costs and expenses of investigating, monitoring or remediating existing Hazardous Materials on, under or about the Building or the Property; charitable or political contributions; all items and services for which Tenant is separately charged or reimburses Landlord; reserves of any kind; the costs of goods and services provided by affiliates of Landlord, to the extent only that the costs of such goods and/or services exceed competitive costs of such goods or services provided by unrelated third parties; costs incurred, and increases in costs resulting from, the redevelopment of the Building or the development and construction of additional structures on the Property (including without limitation any future development); the cost of acquiring and maintaining sculptures, paintings and other objects of art; and the cost of advertising or promotion of (a) the Property or any part thereof or (b) any operations at the Property; and costs to operate any concessions or amenities at the Property that are not available to Tenant (and in any event after deducting any revenues received for use of the same).
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8. RECONCILIATION. Any failure by Landlord to deliver any estimate or statement of Additional Rent required under this Lease shall not operate as a waiver of Landlord’s right to collect all or any portion of Additional Rent due hereunder, except that failure to bill Tenant for any Operating Expenses or Taxes more than two (2) years following the year in which they were incurred shall be deemed a waiver of the same. On an annual basis, within 180 days following the expiration of each calendar year during the Term, Landlord shall provide Tenant with a statement of all actual Operating Expenses and Taxes for the preceding year. If Tenant has made estimated payments of Operating Expenses or Taxes in excess of the actual amount due, Landlord shall credit Tenant with any overpayment against the next Rent otherwise due, provided, however, if such overpayment occurs within or after the final year of the Term, then Landlord shall reimburse Tenant in the amount of such overpayment in cash as part of Landlord’s reconciliation procedure at the end of the Term and such obligation shall survive the expiration or earlier termination of this Lease. If the actual amount due exceeds the estimated payments made by Tenant during the
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preceding year, Tenant shall pay the difference to Landlord within thirty (30) days and such obligation shall survive the expiration or earlier termination of this Lease.
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Tenant shall have the right during the Term, by providing written notice to Landlord (the “Review Notice”) within sixty (60) days after receiving Landlord’s statement of actual Operating Expenses and Taxes, to review Landlord’s records relating to Operating Expenses and Taxes for such year. Within a reasonable period of time after receipt of a timely Review Notice, Landlord shall make such records available for Tenant’s review by electronic means or at either Landlord’s home office or at the office of the property manager for the Building. If Tenant fails to give Landlord written notice stating in reasonable detail any objection to Landlord’s statement of actual Operating Expenses within forty-five (45) days after such records are made available to Tenant for review then Tenant shall be deemed to have approved Landlord’s statement of Operating Expenses for such year (absent manifest error) and Tenant shall have no further right to object or contest such statement. Upon Landlord’s receipt of a timely objection notice from Tenant, Landlord and Tenant shall work together in good faith to resolve the discrepancy between Landlord’s statement and Tenant’s review. If Landlord and Tenant determine that Operating Expenses for the year in question are less than reported in Landlord’s statement, Landlord shall provide Tenant with a credit against future Rent in the amount of any overpayment by Tenant, provided, however, if after the final year of the Term, then Landlord shall reimburse Tenant in the amount of such overpayment in cash and such obligation shall survive the expiration or earlier termination of this Lease. Likewise, if Landlord and Tenant determine that Operating Expenses for the year in question are greater than reported in Landlord’s statement, Tenant shall forthwith pay to Landlord the amount of underpayment by Tenant. Any information obtained by Tenant pursuant to the provisions of this section shall be treated as confidential and Landlord may require that Tenant execute a reasonable confidentiality agreement as a condition of Tenant’s review (provided that Tenant shall be entitled to share any such information with its agents, attorneys and consultants provided that it instructs them of the confidential information and is responsible for any unpermitted disclosure of the same). If Tenant retains an agent to review Landlord’s books and records for any year, such agent must (i) be a CPA firm or professional real estate services firm with experience in conduction of such audits (ii) not be compensated on a contingency basis, and (iii) execute a reasonable confidentiality agreement with respect to such review. Tenant shall be solely responsible for all costs incurred by Tenant in connection with such review unless such review reveals an overcharge of more than 5%, in which case Landlord shall reimburse Tenant for the reasonable out of pocket costs of such review. Notwithstanding anything herein to the contrary, Tenant shall not be permitted to review Landlord’s records or to dispute any statement of Operating Expenses if Tenant is in default or if Tenant has not first paid to Landlord the amount due as shown on Landlord’s statement of actual Operating Expenses.
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9.INSURANCE.
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(A)Tenant shall maintain the following insurance in force from the date upon which Tenant first enters the Premises and throughout the Term and thereafter for so long as Tenant is in occupancy of any part of the Premises:
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(i)Commercial General Liability insurance with limits of at least $1,000,000 per occurrence, $2,000,000 general aggregate, , covering bodily injury and property damage
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arising out of the use of the Premises, , blanket contractual liability, personal injury and advertising liability;
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(ii)Worker’s Compensation insurance as required by the state in which the Premises is located covering occupational injuries or disease to all employees of Tenant and to any contractors, subcontractors or other agents used by Tenant for work or other activities on or about the Premises. Such policy shall include Employer’s Liability limits of at least $500,000 each accident, $500,000 each employee, and $500,000 disease;
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(iii)Business Automobile Liability insurance for all owned (Symbol 1), non-owned (Symbol 9) hired, rented and/or borrowed (Symbol 8) vehicles used by the Tenant, its employees or agents. Such policy shall include a combined single limit of liability of at least $1,000,000 per claim for bodily injury and property damage and shall provide that employees are insureds;
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(iv)Excess or Umbrella Liability insurance with a limit of at least $5,000,000 providing additional limits of insurance over the primary per occurrence and aggregate limits of the Commercial General Liability (including bodily injury, property damage, products/completed operations, personal/advertising injury and blanket contractual liability), Employer’s Liability, and Business Auto Liability insurance required in (i), (ii), and (iii) above;
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(v)Property insurance covering “all risk” of physical damage to Tenant’s personal property and any property in the care, custody, and control of the Tenant. In addition this policy shall cover any direct or indirect physical damage to all Alterations made by Tenant to the Premises. Such coverage shall be for the full replacement value of the covered property; and
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(vi)Business interruption insurance with a limit of liability representing loss of at least approximately twelve (12) months of rent.
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(B)Tenant’s Commercial General Liability, Property, and Excess Liability/Umbrella Liability policies shall name Landlord, Landlord’s managing agent, and Landlord’s mortgagee as Additional Insureds and shall be primary insurance as to any insurance carried by the parties designated as Additional Insureds. All policies purchased and maintained by Tenant to satisfy the requirements in this Lease must be purchased from an insurance company with a minimum rating of “A- VII” or its equivalent from one of the major rating agencies (AM Best, Moodys, Standard & Poors, Fitch) that is admitted or eligible to do business in the state where the Premises is located.
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(C)Tenant shall provide Landlord with a certificate of insurance for each policy prior to entering the Premises and at least thirty (30) days prior to each renewal of such insurance. Such certificates of insurance shall be on an ACORD Form 27 or ISO Form 2026 or their equivalent, shall certify that such policy has been or shall be issued and that it provides the coverage and limits required above, and Tenant shall endeavor to provide that the insurance shall not be canceled or materially changed unless thirty (30) days prior written notice shall have been given to Landlord and, if such insurer will not provide such notice, Tenant shall provide Landlord with 30 days’
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notice of cancellation or any material change that would cause non-compliance with the provisions of this Section 9. In addition to providing the certificates of insurance required herein, Tenant shall also promptly furnish any reasonable additional information which may include policies in the event of an actual claim for personal injury or property damage (and Landlord shall provide Tenant with copies of its insurance policies in such event), as Landlord may request from time to time pertaining to Tenant’s insurance coverage. Tenant shall notify Landlord in writing as soon as practicable if Tenant receives a notice that its insurance company intends to cancel or non-renew such insurance for any reason, or if the required coverage or limits are to be materially and adversely changed from the initial requirements in this Lease. In the event that the applicable statutory time period is less than sixty (60) days, then Tenant shall notify Landlord within three (3) business days of receipt of any cancellation or non-renew notice. In the event that Tenant fails to obtain or maintain the insurance required above or fails to provide the Certificates of Insurance required, Landlord may, at its option, upon five days’ notice to Tenant, obtain such insurance on behalf of Tenant. Tenant shall pay, as Additional Rent upon demand, the reasonable cost of such insurance plus a 10 %) surcharge. Landlord’s failure to obtain such coverage on behalf of Tenant shall not limit Tenant’s liability in the event of an uncovered loss.
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(D) Landlord shall carry or cause to be carried such insurance in amounts and with deductibles as a reasonably prudent landlord would purchase and maintain with respect to the Property, including without limitation replacement cost insurance on the Building and any tenant improvements in the Premises. Tenant shall pay Tenant’s Percentage of Landlord’s insurance premiums (“Insurance Premiums”) during the Term of the Lease as a part of Operating Expenses. Tenant shall not do or permit to be done anything which shall contravene, invalidate, or increase the cost of the Landlord’s insurance and shall comply with all rules, orders, regulations, requirements and recommendations of Landlord or its insurance companies relating to or affecting the condition, use, or occupancy of the Premises. If Tenant does conduct any activity within or about the Premises that results in an increase to the cost of Landlord’s insurance Tenant shall reimburse Landlord for the entire amount of such additional premiums or surcharges within 30 days following demand.
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10.WAIVER OF SUBROGATION. Notwithstanding any other language of this Lease to the contrary, Landlord and Tenant each waive their respective rights to recover from the other for any and all loss of or damage to their respective property if such loss or damage is covered, or required by this Lease to be covered, by insurance. Each party shall obtain an endorsement acknowledging such waiver from its insurance company(s) evidencing compliance with this Section .
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11.SECURITY DEPOSIT. In lieu of a cash Security Deposit, Tenant shall deliver with executed copies of this Lease a letter of credit (the “Letter of Credit”) substantially in the form of Exhibit G attached hereto and otherwise acceptable to Landlord. The initial Letter of Credit must be issued by Bank of America and any subsequent or replacement Letter of Credit shall be issued by a domestic bank reasonably acceptable to Landlord whose deposits are insured by the FDIC. The Letter of Credit shall (i) be unconditional, irrevocable, transferable, and payable to Landlord or Landlord’s agent solely upon presentment by Landlord or Landlord’s agent of a sight draft in person, by courier, overnight mail, or by facsimile transmission in partial or full draws, and (ii)
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contain an “evergreen” provision which provides that it is automatically renewed on an annual basis unless the issuer delivers sixty (60) days’ prior written notice of cancellation to Landlord. If the Letter of Credit is lost, mutilated, stolen, or destroyed, Tenant shall cooperate with Landlord to have the Letter of Credit replaced at no cost to Tenant. If the financial status of the Letter of Credit or its issuer is called into material question for any reason, including, without limitation, if the issuer fails or becomes insolvent or is placed in receivership, or its financial rating is downgraded or any other event occurs which makes Landlord, in its sole discretion exercised in good faith, insecure in its ability to rely on the Letter of Credit as security, then Tenant shall, within ten (10) days following Landlord’s demand, provide to Landlord a substitute letter of credit from a financial institution reasonably acceptable to Landlord. Tenant’s failure to timely provide such substitute Letter of Credit shall be deemed an immediate Event of Default for which no additional notice or grace period shall apply. Without limiting any of Landlord’s rights or remedies hereunder, if the bank issuing the Letter of Credit provides Landlord with a cancellation notice, Landlord may immediately draw upon all or any part of the Letter of Credit and Tenant shall provide Landlord with a replacement letter of credit in similar form (at which time Landlord shall return any such funds drawn to Tenant, to the extent not applied in accordance with this Lease). Any and all fees or costs charged by the issuer in connection with the issuance, maintenance or transfer of the Letter of Credit shall be paid by Tenant. The Letter of Credit shall remain effective through the date that is ninety (90) days following the expiration of this Lease and the delivery of possession of the Premises to Landlord in accordance with the provisions of this Lease. If Tenant defaults with respect to any provision of this Lease beyond applicable notice and cure periods, including without limitation the provisions relating to the payment of Rent, Landlord may, but shall not be required to, draw upon all or any part of Tenant’s Letter of Credit to the extent necessary to cure such default and to reimburse Landlord for any damages to which Landlord is entitled hereunder. If any of the proceeds of the Letter of Credit are not applied to cure any default of Tenant or damages payable to Landlord, Landlord promptly return the same to Tenant. If any portion of the Letter of Credit is drawn upon, Tenant shall cause the Letter of Credit to be increased to the amount required as the Security Deposit under this Lease within ten (10) days after written demand from Landlord, and in such event, provided there is then no outstanding default by Tenant, any proceeds of the Letter of Credit retained by Landlord as a cash Security Deposit and not applied to cure any default shall be returned to Tenant. The Letter of Credit shall not operate as a limitation on any recovery to which Landlord may be entitled. Provide that no default is then continuing beyond applicable notice and cure periods, and Tenant has surrendered the Premises in accordance with this Lease upon the expiration or earlier termination of this Lease, Landlord shall return the Letter of Credit and any cash proceeds then held by Landlord therefrom to Tenant within 30 days following the expiration or earlier termination of this Lease.
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12. USE. The Premises shall be used for the Permitted Use and for no other purposes whatsoever. Tenant shall not do or permit to be done in or about the Premises anything which is prohibited by any ordinance, order, rule, regulation, certificate of occupancy, or other governmental requirement, now in force or which may hereafter be enacted, including, without limitation, the Americans with Disabilities Act of 1990, as amended (collectively, “Applicable Law”). Tenant shall comply with all Applicable Law in its use of the Premises and common areas of the Property. Tenant shall use and cause all contractors, agents, employees, invitees and visitors of Tenant to use the Premises and any common area of the Property in such a manner as to prevent
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waste, nuisance and any disruption of other occupants. Tenant shall not place a load upon any floor in the Premises exceeding the floor load per square foot of area which such floor was designed to carry or which is allowed by Applicable Law . Tenant shall, at Tenant’s sole cost and expense, make any changes necessary to bring the Premises into compliance with any Applicable Law as a result of Tenant’s particular use, as opposed to office use generally. The judgment of any court of competent jurisdiction or the admission by Tenant in any action or proceeding against Tenant, whether Landlord is a party thereto or not, that Tenant has violated any Applicable Law in the use or occupancy of the Premises, Building or Property shall be conclusive of that fact as between Landlord and Tenant. Notwithstanding anything to the contrary in this Lease, Landlord shall be responsible for the compliance of the Building (other than to the extent of Tenant’s repair and maintenance obligations within the Premises) with Applicable Laws, except to the extent resulting from Tenant’s particular use of the Premises (as opposed to office use generally).
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13. MAINTENANCE; SERVICES. Excepting only those obligations for which Landlord is expressly responsible pursuant to this section, Tenant will, throughout the Term and at its sole cost, keep and maintain the Premises and all Tenant-installed fixtures and equipment located therein, including, without limitation, carpeting, wall-covering, doors, plumbing and other fixtures, and any Alterations performed for the benefit of the Premises, clean safe and in good working order, condition and repair and make all necessary repairs and replacements thereto, including, without limitation, replacing all interior broken glass with glass of the same size and quality as that broken and repairing or replacing all systems or portions of systems installed by Tenant and exclusively serving the Premises including, without limitation, supplemental heating, ventilating and air conditioning systems. All repairs and replacements required of Tenant in connection herewith shall be of a quality and class at least equal to the minimum building standards established by Landlord and shall be done in a good and workmanlike manner in compliance with all applicable laws and the terms and conditions of this Lease. If Tenant fails to maintain the Premises in compliance with the terms hereof beyond applicable notice and cure periods, Landlord shall have the right to do such acts and expend such funds at the expense of Tenant as are reasonably required and Tenant shall reimburse Landlord for the out of pocket cost thereof as Additional Rent upon demand. If Tenant uses heat generating machines or equipment in the Premises that materially affect the temperature otherwise maintained by the heating, ventilating and air conditioning system, Landlord reserves the right to direct Tenant to cease such use, and if Tenant does not cease such use, to install supplementary units for the Premises and the reasonable out of pocket cost thereof, including the out of pocket cost of installation, operation and maintenance, shall be paid by Tenant to Landlord as Additional Rent upon demand. Should Tenant require any additional service not provided by Landlord pursuant to this Lease, including any services furnished outside the Building’s normal business hours, Landlord may, but shall not be obligated to, furnish such additional service and Tenant agrees to pay Landlord’s charges therefor, including a reasonable administrative fee, any taxes imposed thereon, and, where appropriate, a reasonable allowance for depreciation of any systems being used to provide such service, as Additional Rent upon demand.
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Landlord shall maintain the roof and roof system, foundation, exterior walls and glass, structural portions, elevators, if any, any common areas and electrical, plumbing, mechanical, life safety, and fire protection systems (excepting only systems installed by or on behalf of Tenant
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exclusive to the Premises) and Common Areas of the Building, the cost of which shall be included as a part of Operating Expenses subject to the terms of this Lease, provided that Landlord shall have no obligation to make any repairs unless Landlord has first received written notice of the need for such repairs from Tenant or Landlord otherwise has notice of the same. Notwithstanding the foregoing, subject to Section 10 of this Lease, any damage to the Property occasioned by the negligence or willful misconduct of Tenant or any person claiming under Tenant, or contractors, agents, employees, invitees or visitors of Tenant or any such person, shall be repaired by and at the sole expense of Tenant, except that Landlord shall have the right, at its sole option, to make such repairs and to charge Tenant for all costs and expenses incurred in connection therewith and Tenant shall pay the cost therefor as Additional Rent within 30 days following invoice. In addition to the foregoing, during normal hours of operation of the Building throughout the Term, Landlord shall provide: (i) reasonable quantities of electricity for the common areas and Premises; (ii) customary heating, ventilation and air conditioning for the comfortable use and occupancy of the Premises during the normal hours of operation of the Building; (iv) building standard window washing and janitorial services; (v) hot and cold water for drinking, cleaning, kitchenette and restroom purposes only; (v) passenger elevator service to the floors on which the Premises is located (with accommodations for customary office freight use in accordance with Building rules and regulations), (vi) removal of unreasonable accumulations of snow and ice from walks and drives, (vii) access to the Premises and Common Areas serving the same 24 hours a day, 7 days a week, 365 days a year, and (viii) such other services as Landlord reasonably determines are necessary or appropriate, all in a manner consistent with comparable office buildings in the Lexington, Massachusetts area.
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14. SUBLEASE; ASSIGNMENT. Tenant shall not mortgage, pledge, hypothecate or otherwise encumber its interest in this Lease. Tenant shall not allow the Premises to be occupied, in whole or in part, by any other party and shall neither sublet the Premises, in whole or in part, nor assign this Lease, nor amend any sublease or assignment to which Landlord has consented, without in each case obtaining the prior written consent of Landlord. Any sublease or assignment, or amendment to any sublease or assignment, without Landlord’s prior written consent where required hereunder shall, at Landlord’s option, be null, void and of no effect, and shall, at Landlord’s option, constitute an Event of Default. The provisions of this section shall apply to a transfer, by one or more transfers, of all, or substantially all, of the business or assets of Tenant, of a direct or indirect majority of the stock, partnership or membership interests, or other evidences of ownership, of Tenant, and of any shares, voting rights or ownership interests of Tenant which results in a change in the identity of the entity or entities which exercise, or may exercise, effective control of Tenant as if such transfers were an assignment of this Lease, but shall not apply to any other transfers of interests in Tenant. Tenant must request Landlord’s consent to any assignment or sublease at least sixty (60) days prior to the proposed effective date of the assignment or sublease. At the time of its request, Tenant shall provide Landlord in writing: (a) the name and address of the proposed assignee or subtenant, (b) a complete copy of the proposed form of assignment or sublease, if available, (c) reasonably satisfactory information about the nature, business, and business history of the proposed assignee or subtenant and its proposed use of the Premises, and (d) banking, financial or other credit information about the proposed assignee or subtenant sufficient to enable Landlord to determine its financial condition and operating performance (provided that Landlord shall keep such information confidential to the extent that
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Tenant is required to do the same). Landlord shall not unreasonably withhold, condition, or delay its consent to Tenant’s written request to sublease the Premises or assign this Lease which is made in compliance with the terms and conditions of this section. Without limiting the other instances in which it may be reasonable for Landlord to withhold its consent to an assignment or sublease, Landlord’s refusal to consent to any proposed assignment or sublease shall not be unreasonable if: (a) the financial condition or operating performance of the proposed subtenant (if the sublease is for all or substantially all of the Premises for all or substantially all of the remaining term) or assignee, determined in Landlord’s reasonable discretion, is less than the greater of the financial condition or operating performance of the Tenant on (i) the date of Tenant’s request for Landlord’s consent to the proposed assignment or sublease, (b) Tenant is in default under any of the terms, covenants or conditions of this Lease, (c) the proposed use of the Premises may result in: (i) increased wear and tear on the Premises, Building or Property or (ii) any adverse effect on other tenants in the Building or adjacent buildings owned by Landlord, (d) the proposed subtenant or assignee is a governmental agency, (e) the proposed subtenant or assignee is a prospect to whom Landlord has made a proposal for the lease of space within the market area within the prior six (6) months, (f) the proposed assignee or subtenant is a tenant in any building owned by Landlord or any affiliate of Landlord at the Property including, without limitation, the Building and Landlord or such affiliate has available space for lease that meets the requirement of such subtenant or assignee, (g) the proposed subtenant or assignee would cause Landlord to be in violation of any covenant or restriction contained in another lease or other agreement, and/or (h) Landlord’s lender, if any, does not consent to the proposed sublease or assignment, to the extent that such consent is required under the applicable loan documents.
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No subletting or assignment shall release Tenant from Tenant’s obligations under this Lease or alter the primary liability of Tenant to pay the Rent and to perform all other obligations to be performed by Tenant hereunder. Any subtenant shall, at Landlord’s election, attorn to Landlord following any early termination of this Lease and any assignee shall be jointly and severally liable for the full performance of all of Tenant’s obligations hereunder. Landlord may require, as a condition to granting Landlord’s consent with respect to the provisions of this section, that the proposed subtenant or assignee enter into a reasonable written agreement with Landlord confirming the obligations of such subtenant or assignee under this Lease. Tenant shall pay, as Additional Rent on demand, all reasonable out of pocket legal fees incurred by Landlord in connection with each proposed assignment or sublease whether or not Landlord’s consent is obtained in an amount not to exceed $7,500 per sublease or assignment. If Tenant receives rent or other payments under any assignment (to the extent reasonably allocated to the Lease) or sublease (in each case other than pursuant to a Permitted Transfer) in excess of the payments made by Tenant to Landlord under this Lease (as such amounts are adjusted on a per square foot basis if less than all of the Premises is transferred), after deducting the reasonable out of pocket costs incurred by Tenant in connection with such sublet or assignment, then Tenant shall pay Landlord one-half of such excess when paid by such assignee or subtenant. Landlord’s consent to one assignment or sublease shall not be deemed a waiver of the requirement of Landlord’s consent to any subsequent assignment or sublease. In the event Tenant seeks to assign its interest in this Lease (other than with respect to a Permitted Transfer), and Landlord does not consent to such proposed assignment, Landlord may, within ten (10) days following delivery to Landlord of Tenant’s request to assign the Lease, elect to terminate this Lease in its entirety, and the last day
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of the Term of this Lease shall be the thirtieth (30th) day after Landlord notifies Tenant of Landlord’s election to terminate this Lease unless Tenant rescinds its request to consent to such assignment within such 30 day period. In the event Tenant seeks to sublet all or any portion of the Premises (other than with respect to a Permitted Transfer) and Landlord does not consent to such proposed sublease, within 10 days followings delivery to Landlord of Tenant’s request to sublet this Lease, Landlord may elect to terminate this Lease with respect to the portion of the Premises that would be subject to such sublease (provided that such portion consists of at least 33% of the Premises) and the last day of the Term of this Lease for such space shall be the thirtieth (30th) day after Landlord notifies Tenant of Landlord’s election to terminate this Lease (and, if less than the entire Premises is affected, Landlord shall perform any alterations to make such space a self-contained rental unit) unless Tenant rescinds its request to consent to such sublease within such 30 day period.
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Notwithstanding anything to the contrary in this Lease, Tenant may, from time to time and at any time with at least 30 days’ prior written notice to Landlord (unless such notice is prohibited pursuant to a confidentiality agreement negotiated at arms-length and not in avoidance of the provisions of this paragraph in which case such notice shall be provided within 10 business days following such transfer), make the following assignments and sublets without the need for the prior consent of Landlord (any of the following, a “Permitted Transfer”): (1) Tenant may assign the Lease, sublet, or otherwise permit the occupancy of any portion of the Premises by person or entity that controls Tenant, is controlled by Tenant or is under common control with Tenant; (2) Tenant may assign the Lease to a successor entity in connection with the merger or consolidation of Tenant and such other entity or to the purchaser or transferee of all or substantially all of the business and assets of Tenant, provided that the tangible net worth (computed in accordance with generally accepted accounting principles, consistently applied) (the “Net Worth”) of Tenant is not materially reduced as a result of such transfer below the Net Worth of the Tenant as of the date of such transfer; and/or (2) Tenant may permit occupancy of a portion of the Premises (not to exceed 5% in the aggregate at any one time) under a revocable license to any individual or entity providing professional services to Tenant or any entity under common control with Tenant in connection with the performance of such services. Any such Permitted Transfer shall not relieve Tenant of its obligations under this Lease.
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15. INDEMNITY; NON-LIABILITY OF LANDLORD. Except to the extent prohibited by law, as a material part of the consideration for Landlord’s execution of this Lease or otherwise resulting from Landlord’s or its agents, contractor’s or employees negligence or willful misconduct, Tenant shall neither hold nor attempt to hold Landlord or its employees or Landlord’s agents or contractors or their employees liable for, and Tenant covenants and agrees that it shall indemnify and defend Landlord for and against any and all penalties, damages, fines, causes of action, liabilities, judgments, expenses (including, without limitation, attorneys’ fees) or charges incurred in connection with or arising from: (i) the use or occupancy of the Premises by Tenant or any person claiming under Tenant; (ii) any negligent acts or omissions of Tenant or any person claiming under Tenant, or contractors, agents, employees, invitees or visitors of Tenant or any such person; (iii) any breach, violation or nonperformance by Tenant or any person claiming under Tenant or the employees, agents, contractors, invitees or visitors of Tenant or any such person of
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any law, ordinance or governmental requirement of any kind in connection with this Lease; or (v) any matter occurring in the Premises during the Term.
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Except to the extent resulting from Landlord’s or its agents, contractor’s or employees negligence or willful misconduct, Landlord, to the fullest extent not prohibited by law, shall not be liable for any damage occasioned by failure to keep the Premises, Building or Property in repair, nor for any damage done or occasioned by or from plumbing, gas, electricity, water, sprinkler, or other pipes or sewerage or the bursting, leaking or running of any pipes, tank or plumbing fixtures, in, above, upon or about the Premises or the Building nor from any damage occasioned by water, snow or ice being upon or coming through the roof, skylights, trap door or otherwise, nor for any damages arising from acts, or neglect of co-tenants or other occupants of the Building or of any owners or occupants of adjacent or contiguous property, nor for any loss of or injury to property or business occurring, through, in connection with or incidental to the failure to furnish any such services or the interruption of any services to the Premises. Further, Landlord shall not be liable or responsible to Tenant for any loss or damage to any property or person occasioned by theft or any other criminal act, fire, act of God, public enemy, injunction, riot, strike, insurrection, war, court order, law of requisition or order of any governmental authority.
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Except as otherwise expressly set forth in this Lease, neither party under this Lease shall be liable to the other in any event for incidental or consequential damages to the other by reason of any default hereunder, whether or not such party is notified that such damages may occur. The term “Landlord”, as used in this Lease, so far as covenants or obligations to be performed by Landlord are concerned, means only the owner or owners at the time in question of the Landlord’s interest in the Building, and in the event of any transfer or transfers of title to the Landlord’s interest in the Building and notice to Tenant of the same, the Landlord herein named (and in case of any subsequent transfers or conveyances, the then grantor) shall be automatically released and relieved from and after the date of such transfer or conveyance of all liability as respects the performance of any covenants or obligations on the part of the Landlord contained in this Lease thereafter to be performed. Tenant’s sole recourse against Landlord, and any successor to the interest of Landlord in the Premises, is to the interest of Landlord, and any successor, in the Premises and the Building of which the Premises are a part and the proceeds therefrom. In no event whatsoever shall Landlord or any beneficiary of any trust of which Landlord is a trustee or any of Landlord’s officers, directors, partners, managers, members, shareholders, agents, attorneys and employees ever be personally liable hereunder.
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16. UTILITIES. If any utility serving the Premises is not separately metered to the Premises, the cost of such utility consumed on the Premises, as reasonably determined by Landlord based on the reading of check or submeters, shall be paid by Tenant as Additional Rent to the extent not included in Operating Expenses. Landlord and Tenant acknowledge that electricity is not separately metered as of the date hereof. As part of the Landlord’s Work, but at Landlord’s sole cost and expense, the Premises shall be separately or check-metered for electricity serving Tenant’s lights and plugs . Tenant’s obligation to pay for utilities provided to the Premises during the Term shall survive the expiration or earlier termination of the Lease. Tenant shall not utilize an alternative provider for a utility service other than the public utility providers servicing the Property unless Tenant shall first obtain the written consent of Landlord. Landlord shall in no way
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be liable or responsible for any loss, damage, or expense that Tenant may sustain or incur by reason of any change, failure, interruption, or defect in the supply or character of the electric energy furnished to the Premises or Building.(collectively, “Interruption”) nor shall such Interruption constitute or be construed as a constructive or other eviction of Tenant. To ensure the proper functioning and protection of all utilities, Tenant agrees to abide by all reasonable regulations and requirements which Landlord may prescribe and to allow Landlord and its utility providers access to all electric lines, feeders, risers, wiring, and any other machinery within the Premises (subject to Section 26)
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Notwithstanding anything to the contrary in this Lease, if: (i) Landlord ceases to furnish any service in the Building due to a condition reasonably within the control of Landlord for a period in excess of ten (10) consecutive business days after Tenant notifies Landlord of such cessation (the “Interruption Notice”); (ii) such cessation does not arise as a result of an act or omission of Tenant; (iii) such cessation is not caused by a fire or other casualty (in which case Section 19 shall control); and (iv) the restoration of such service is reasonably within the control of Landlord; and (v) as a result of such cessation, a material (25% or more) portion of the Premises is rendered untenantable, then Tenant shall be entitled to receive an equitable abatement of Base Rent payable hereunder during the period beginning on the eleventh (11th) consecutive business day, based on the proportion of the Premises rendered untenantable, after Landlord's receipt of the Interruption Notice and ending on the day when the service in question has been restored. If any such interruption renders a substantial part of the Premises untenantable and restoration is within the reasonable control of Landlord but is not complete within 180 days following the Interruption Notice, then Tenant may terminate this Lease upon 30 days’ prior written notice
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17.HOLDING OVER. If Tenant or any party claiming by or under Tenant remains in occupancy of the Premises or any part thereof beyond the expiration or earlier termination of this Lease, such holding over shall be without right and a tenancy at sufferance, and following the 30th day of any such holdover Tenant shall be liable to Landlord for any loss or damage incurred by Landlord as a result thereof, including consequential damages. In addition, for each month or any part thereof that such holding over continues, Tenant shall pay to Landlord a monthly fee for the use and occupancy of the Premises equal to the greater of (a) the monthly fair market rental for the Premises and (b) one hundred fifty percent (150%) of the Base Rent payable for the month immediately preceding such hold over for the first 30 days and two hundred percent (200%) thereafter, and there shall be no adjustment or abatement for any partial month (together with all otherwise applicable payments of Additional Rent). The provisions of this Section shall not be deemed to limit or exclude any of Landlord’s rights of re-entry or any other right granted to Landlord hereunder, at law or in equity.
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18.NO RENT DEDUCTION OR SET OFF. Tenant’s covenant to pay Rent is and shall be independent of each and every other covenant of this Lease. Tenant agrees that any claim by Tenant against Landlord shall not be deducted from Rent nor set off against any claim for Rent in any action. No payment by Tenant or receipt by Landlord of a lesser amount than the Rent herein stipulated shall be deemed to be other than on account of the earliest stipulated Rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without
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prejudice to Landlord’s right to recover the balance of such Rent or pursue any remedy provided in this Lease or at law. In connection with the foregoing, Landlord shall have the absolute right in its sole discretion to apply any payment received from Tenant to any account or other payment of Tenant then not current and due or delinquent.
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19. CASUALTY. If the Premises or any part thereof are damaged by fire or other casualty, Tenant shall give prompt notice thereof to Landlord. If the Premises or the Building are totally or partially damaged or destroyed by fire or other casualty, thereby rendering the Premises totally or partially inaccessible or unusable, Landlord shall diligently restore and repair the Premises and the Building to substantially the same condition they were in prior to such damage. Provided that such damage was not caused by the negligence, act or omission of Tenant or any of its employees, agents, licensees, invitees or subtenants (but subject to the provisions of Section 10 of this Lease), until the repair and restoration of the Premises is completed Base Rent shall be abated for that part of the Premises that Tenant is unable to access or use without substantial interference and is not occupied while repairs are being made, based on the ratio that the amount of unusable rentable area bears to the total rentable area of the Premises. Landlord shall bear the costs and expenses of repairing and restoring the Premises and the Building, provided, however, that Landlord shall not be obligated to spend more than the net proceeds of insurance proceeds made available for such repair and restoration nor shall Landlord be obligated to repair or restore, or to pay for the repair or restoration of, any furnishings, equipment or personal property belonging to Tenant or any alterations, additions, or improvements (including carpeting, floor coverings, paneling, decorations, fixtures) made to the Premises or Building by Tenant or by Landlord at Tenant’s request or for Tenant’s benefit (but expressly excluding Landlord’s Work, which shall be restored by Landlord). It shall be Tenant’s sole responsibility to repair and restore all such items.
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Notwithstanding the foregoing, (a) if there is a destruction of the Building that exceeds twenty-five percent (25%) of the replacement value of the Building from any risk, whether or not the Premises are damaged or destroyed, or (b) if Landlord reasonably believes that the repairs and restoration cannot be completed despite reasonable efforts within one hundred fifty (150) days after the occurrence of such damage, or (c) if Landlord reasonably believes that there shall be less than two (2) years remaining in the Term (exclusive of any extension options) upon the substantial completion of such repairs and restoration, or (d) if any mortgagee or lender fails or refuses to make sufficient insurance proceeds available for repairs and restoration, or (e) if zoning or other Applicable Law or regulations do not permit such repairs and restoration, Landlord shall have the right, at its sole option, to terminate this Lease by giving written notice of termination to Tenant within one hundred eighty (180) days after the occurrence of such damage, provided that Landlord is also terminating leases of other tenants similarly affected. If this Lease is terminated pursuant to the preceding sentence, all Rent payable hereunder shall be apportioned and paid through the date of termination.
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In the event that (a) Landlord fails to give written notice within sixty (60) days after receipt of the Estimate (as defined below) of its intention to restore the Premises as provided herein, or (b) the Estimate indicates that the Landlord’s repair work will not be completed within one hundred eighty (180) days after the date of such damage, or (c) if any mortgagee or lender fails or refuses to make sufficient insurance proceeds available for repairs and restoration (unless Landlord agrees
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to fund the same) or (d) Landlord fails to restore the Premises to the condition described above within one hundred twenty (120) days after the estimated completion date in the Estimate, then Tenant may elect to terminate this Lease by written notice to Landlord to be given no later than thirty (30) days of the date last mentioned. For purposes of this Lease, “Estimate” shall mean a written and stamped opinion from a qualified general contractor giving a good faith estimate as to the duration of the repairs that will be needed to repair the damage as herein contemplated.
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All time periods provided in this Section for Landlord’s performance shall be subject to extension on account of reasonable delays in effectuating a satisfactory settlement with any insurance company involved and events beyond Landlord’s reasonable control, including, without limitation, Tenant Delay (as defined in the Work Letter) and/or (for a period not to exceed 180 days) Force Majeure. In the event of any damage or destruction to the Building or Premises, it shall be Tenant’s responsibility to secure the Premises and, upon notice from Landlord, to remove forthwith, at its sole cost and expense, property belonging to Tenant or its licensees from such portion of the Premises as Landlord shall request to the extent practicable.
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20.SUBORDINATION; ESTOPPEL LETTERS. This Lease is expressly subordinate to any current or future mortgage or mortgages placed on the Property and to all other documents executed in connection with any such mortgage, so long as Tenant enters into a subordination, non-disturbance and attornment agreement with a mortgagee of the Property on a commercially reasonable form. Landlord represents and warrants that, as of the date of this Lease, Needham Bank (“Landlord’s Lender”) is the holder of a mortgage secured by, among other things, the Property. Tenant agrees not to pay rent more than thirty (30) days in advance of the due date and to attorn to any party acquiring rightful possession of the Premises by or through any such mortgage. Tenant agrees that from time to time it shall deliver to Landlord or Landlord’s mortgagee or designee within ten (10) business days of the date of Landlord’s or Landlord’s mortgagees or such other designee’s request, a statement, in writing, certifying (i) that this Lease is unmodified and in full force and effect, if this is so, or if there have been modifications, that the Lease, as modified, is in full force and effect; (ii) the dates to which Rent and other charges have been paid; (iii) that, to Tenant’s knowledge, Landlord is not in default under any provisions of this Lease or, if in default, the nature thereof in detail; (iv) [intentionally omitted] and (v) such other factual statements as Landlord or Landlord’s mortgagee or designee may require. On or prior to the execution of this Lease, Landlord and Tenant shall execute and deliver to the other party the subordination, non-disturbance and attornment agreement on a form reasonably required by Landlord’s Lender; and, thereafter, within 20 days after Landlord’s written request, Tenant will enter into a subordination, non-disturbance and attornment agreement with any future mortgagee of the Property on a commercially reasonable form. Tenant’s failure to execute and deliver such statements within the time required, plus an additional five business day period following a reminder notice from Landlord, shall, at Landlord’s election, be an Event of Default and shall also be conclusive upon Tenant that (a) this Lease is in full force and effect and has not been modified except as represented by Landlord; (b) that Landlord is not in default under any provisions of this Lease and that Tenant has no right of offset, counterclaim or deduction against Rent other than as expressly provided in this Lease; and (c) not more than one month’s Rent has been paid in advance.
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	21.
	ALTERATIONS; RESTORATION.

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(A) Tenant shall not make or permit to be made any alterations, additions, or improvements in or to the Premises (“Alterations”) without first obtaining the prior written consent of Landlord which consent may be withheld in Landlord’s sole discretion. All Alterations (i) must comply with all Applicable Law, (ii) must be compatible with the Building and its mechanical, electrical, heating, ventilating, air-conditioning and life safety systems; (iii) must not interfere with the use and occupancy of any other portion of the Building by any other tenant or their invitees; and (iv) must not affect the integrity of the structural portions of the Building. In addition, Landlord may impose as a condition to such consent such additional, reasonable requirements as Landlord in its reasonable discretion deems necessary or desirable, including, without limitation: (a) Tenant’s submission to Landlord, for Landlord’s prior written approval, of all plans and specifications relating to the Alterations (to the extent plans and specifications are typically created for such Alterations); (b) Landlord’s prior written approval of the time or times when the Alterations are to be performed (provided that reasonable times are permitted for such work); (c) Landlord’s prior written approval of the contractors and subcontractors performing work in connection with the Alterations, which approval shall not be unreasonably withheld, conditioned or delayed; (d) Tenant’s receipt of all necessary permits and approvals from all governmental authorities having jurisdiction over the Premises prior to the construction of the Alterations; (e) Tenant’s delivery to Landlord of evidence of such bonds or other customary assurances of performance such as subguard default insurance (with respect to work costing in excess of $500,000) and insurance as Landlord customarily requires from such contractors or subcontractors; (f) Tenant’s payment to Landlord of a commercially reasonable fee for Landlord’s supervision of any Alterations, not to exceed 1% of the hard costs of constructing such Alterations or, if such Alterations costs in excess of $500,000, a commercially reasonable amount not to exceed 3% of the hard costs of constructing such Alterations; (g) Tenant’s and Tenant’s contractor’s compliance with such reasonable construction rules and regulations and building standards as Landlord promulgates from time to time of which Tenant has prior written notice (which rules shall not be enforced in a discriminatory manner against Tenant), with any conflict between such rules and regulations and this Lease being resolved in favor of this Lease; and (h) Tenant’s delivery to Landlord of “as built” drawings of the Alterations in such form or medium as Landlord may reasonably require (provided that no such “as built” plans shall be required if the Alterations were not subject to plans and specifications). All direct and indirect costs relating to any modifications, alterations or improvements of the Building, whether outside or inside of the Premises, required by any governmental agency or by Applicable Law as a condition or as the result of any Alteration requested or effected by Tenant shall be borne by Tenant. Tenant shall not permit any mechanic’s lien or other liens to be placed upon the Premises or the Building as a result of any materials, services or labor ordered by or provided to Tenant or any of Tenant’s agents, officers, or employees (other than inchoate liens). Without waiving any other rights or remedies under this Lease, Landlord may bond or insure or otherwise discharge any such lien not discharged or bonded over within 15 days after the same has been placed on the Premises or Property (the parties acknowledging that a notice of contract is not a lien for the purposes of this sentence) and Tenant shall reimburse Landlord for any amount paid by Landlord in connection therewith as Additional Rent upon demand. Subject to Landlord’s reasonable approval of the plans therefor, Tenant may utilize glass treatments on the interior windows and doors of the Premises if reasonably necessary to protect the privacy of activities within the Premises (to the extent the same would otherwise be visible from the street level adjacent to the Building) and install its own security system within the Premises. Landlord
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acknowledges that frosted glass on the interior windows and doors within the Premises is a reasonable window treatment for purpose so the immediately preceding sentence.
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(B) Upon the expiration or earlier termination of the Lease, Tenant shall surrender the Premises in the condition in which it was delivered to Tenant, reasonable wear and tear and damage by casualty or condemnation excepted. Tenant shall remove any and all Alterations, trade fixtures, equipment, data/telecommunications cabling and wiring installed by or on behalf of Tenant (to the extent not connected at both ends or cut and capped at interior walls in compliance with applicable codes) and furniture from the Premises and Tenant shall fully restore and repair any damage, including any structural damage, occasioned by the removal of the same. Notwithstanding the foregoing, Landlord may require, by notice given at least 90 days prior to Lease expiration, that Tenant not remove any or all Alterations and any such Alteration or Alterations shall become a part of the Building and shall belong to Landlord without compensation, and title thereto shall pass to Landlord under this Lease as by a bill of sale. At Landlord’s election, all Alterations, trade fixtures, equipment, wire and cable, furniture, fixtures, other personal property not removed shall conclusively be deemed to have been abandoned by Tenant and may be appropriated, sold, stored, destroyed or otherwise disposed of by Landlord without notice to Tenant or to any other person and without obligation to account for them. Tenant shall pay Landlord all reasonable expenses incurred in connection with Landlord’s disposition of such property, including without limitation the cost of repairing any damage to the Building or the Premises caused by removal of such property, and shall hold Landlord harmless from loss, liability, or expense arising from the claims of third parties such as Tenant’s lenders whose loans are secured by such property. Tenant’s obligations under this Section shall survive the end of this Lease.
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Notwithstanding the foregoing or anything to the contrary contained herein, Landlord’s consent shall not be required for interior non-structural alterations or improvements to the Premises, including without limitation the installation, repair, replacement and relocation from time to time of Tenant’s personal property, trade fixtures, equipment and furnishings (to the extent the foregoing constitute alterations); provided such interior non-structural alterations or improvements cost less than $10.00 per square foot of the Premises per alteration.
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22.DEFAULT; REMEDIES.
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(A) In addition to any other acts or omissions designated in this Lease as Events of Default, each of the following shall constitute an Event of Default by Tenant hereunder: (i) the failure to make any payment of Rent or any installment thereof or to pay any other sum required to be paid by Tenant under this Lease or under the terms of any other agreement between Landlord and Tenant within five (5) days after notice that such amount is past due (provided that no such notice shall be required more than one time in any 12 month period for any payments of Base Rent or Additional Rent on account of Operating Expenses or Taxes); (ii) the use or occupancy of the Premises for any purpose other than the Permitted Use without Landlord’s prior written consent or the conduct of any activity in the Premises which constitutes a violation of Applicable Law; (iii) if the interest of Tenant or any part thereof under this Lease shall be levied on under execution or other legal process and said interest shall not have been cleared by said levy or execution within thirty (30) days from the date thereof; (iv) if any voluntary petition in bankruptcy or for corporate
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reorganization or any similar relief shall be filed by Tenant or any guarantor of the Lease, or if any involuntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed against Tenant or any guarantor of the Lease or if a receiver shall be appointed for Tenant or any guarantor or any of the property of Tenant or guarantor and in any event is not discharged or dismissed within sixty (60) days thereafter; (v) if Tenant or any guarantor of the Lease shall make an assignment for the benefit of creditors or if Tenant shall admit in writing its inability to meet Tenant’s debts as they mature; (vi) if any insurance required to be maintained by Tenant pursuant to this Lease shall be cancelled or terminated or shall expire or shall be reduced or materially and adversely changed, except, in each case, as permitted in this Lease, or mutually agreed to in writing by the parties; (vii) if Tenant shall fail to discharge or bond over any lien placed upon the Premises in violation of this Lease within 20 days after the same has been placed upon the Premises; (viii) if any Security Deposit required to be maintained by Tenant pursuant to this Lease shall be cancelled or terminated or shall expire or shall be reduced or materially changed, except, in each case, as permitted in this Lease, or mutually agreed to in writing by the parties; (ix) if Tenant shall abandon or vacate the Premises during the Term; (x) if Tenant shall fail to execute and deliver an estoppel certificate or subordination agreement as and when required hereunder; or (xi) the failure to observe or perform any of the other covenants or conditions in this Lease which Tenant is required to observe and perform and which Tenant has not corrected within thirty (30) days after written notice thereof to Tenant; or if said failure reasonably requires a longer period to cure, then provided Tenant promptly commences and diligently and continuously pursues such cure Tenant shall have such additional time as is necessary for the purposes of consummating such curative action not to exceed ninety (90) consecutive days in the aggregate.
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(B) Upon the occurrence of an Event of Default by Tenant, Landlord may, at its option, with or without notice or demand of any kind to Tenant or any other person (except as expressly required herein or by applicable law), exercise any one or more of the following described remedies, in addition to all other rights and remedies provided at law, in equity or elsewhere herein, and such rights and remedies shall be cumulative and none shall exclude any other right allowed by Applicable Law:
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(i) Landlord may terminate this Lease, repossess and re-let the Premises, in which case Landlord shall be entitled to recover as damages (in addition to any other sums or damages for which Tenant may be liable to Landlord for the period prior to such election) a lump sum equal to the greater of (A) an amount equal to the total Rent that would have been payable during the twelve (12) month period (or lesser period then remaining in the term) immediately following the termination of this Lease if this Lease had not been terminated as a result of an Event of Default, or (B) the amount (if any) by which the aggregate of the unpaid Rent and all other sums payable under this Lease for the balance of the Term (as if the Lease had not been terminated and assuming Operating Expenses and Taxes increased three (3%) percent per year) exceeds the amount of such rental loss, if any, as Tenant affirmatively proves could be reasonably avoided, with such difference being discounted to present value at the federal funds rate (but in no event less than zero percent) Should the fair market rental value of the Premises for the balance of the Term (after deduction of all anticipated expenses of reletting) exceed the value of the Rent to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to or otherwise credit Tenant
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for any such excess amount. Landlord and Tenant specifically acknowledge and agree that accelerating the Rent as liquidated damages is fair and reasonable because, among other reasons, each of the foregoing defaults is significant and material and the parties cannot foresee when in the Term any such default may occur, what the commercial rental market for the Premises may be at the time of such default, what the cost of finding a substitute tenant may be at such time, or how long the premises may remain vacant following any such default
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(ii) Landlord may, without terminating the Lease, terminate Tenant’s right of possession, repossess the Premises including, without limitation, removing all or any part of Tenant’s personal property in the Premises (after notice to Tenant) and to place such personal property in storage or a public warehouse at the expense and risk of Tenant, and relet the same for the account of Tenant for such rent and upon such terms as shall be satisfactory to Landlord. For the purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the Premises. Tenant shall pay to Landlord as damages a sum equal to all Rent under this Lease for the balance of the Term unless and until the Premises are relet. If the Premises are relet, Tenant shall be responsible for payment upon demand to Landlord of any deficiency between the Rent as relet and the Rent for the balance of this Lease, all costs and expenses of reletting, and all reasonable decoration, repairs, remodeling, alterations, additions and collection of the Rent accruing therefrom to the extent allocable to the remainder of the Term. Tenant shall not be entitled to any rents received by Landlord in excess of the Rent provided for in this Lease. No re-entry or taking possession of the Premises by Landlord shall be construed as an election to terminate this Lease unless a written notice of such intention is given to Tenant or unless the termination thereof is decreed by a court of competent jurisdiction. Notwithstanding any reletting without termination, as set forth in Section 22(b)(ii) above, Landlord may at any time thereafter elect to terminate this Lease for any breach, and in addition to the other remedies it may have, recover as damages (in addition to any other sums or damages for which Tenant may be liable to Landlord) a lump sum equal to the amount by which the present value of the excess Rent remaining to be paid by Tenant for the balance of the Term of the Lease exceeds the fair market rental value of the Premises, after deduction of all anticipated expenses of reletting. In the event Landlord repossesses the Premises as provided above, Landlord may (with prior notice to Tenant) remove all persons and property from the Premises and store any such property at the cost of Tenant, without liability for damage; and
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(iii) Landlord may, but shall not be obligated to, and without waiving or releasing Tenant from any obligations of Tenant hereunder, make any payment or perform such other act on Tenant’s part to be made or performed as provided in this Lease. All sums so paid by Landlord and all necessary incidental costs shall be payable to Landlord as Additional Rent on demand and Tenant covenants to pay such sums in accordance with the terms and conditions of this Lease.
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(C)[Intentionally Omitted ] .
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(D)Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section from time to time and that no suit or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord (except to the extent the same would result in double recovery of any such amounts by Landlord).
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(E)Tenant shall promptly pay upon notice, as Additional Rent, all reasonable out of pocket costs, charges and expenses incurred by Landlord (including, without limitation, reasonable fees and out-of-pocket expenses of legal counsel, collection agents, and other third parties retained by Landlord) together with interest thereon at the rate set forth in Section 5 of this Lease, in collecting any amount due from Tenant, enforcing any obligation of Tenant hereunder following an Event of Default, or preserving any rights or remedies of Landlord following an Event of Default; and Tenant shall pay all reasonable attorneys’ fees and expenses arising out of any litigation, or settlement negotiation in which Tenant causes Landlord, without Landlord’s fault, to become involved or concerned.
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(F)No waiver of any provision of this Lease shall be implied by any failure of either party to enforce any remedy on account of the violation of such provision, even if such violation be continued or repeated subsequently, and no express waiver by either party shall be valid unless in writing and shall not affect any provision other than the one specified in such written waiver and that provision only for the time and in the manner specifically stated in the waiver. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Term or Tenant’s right of possession hereunder or after the giving of any notice shall reinstate, continue or extend the Term or affect any notice given Tenant prior to the receipt of such monies, it being agreed that after the service of notice or the commencement of a suit or after final judgment for possession of the Premises, Landlord may receive and collect any Rent due, and the payment of Rent shall not waive or affect said notice, suit or judgment. Landlord shall not be required to serve Tenant with any notices or demands as a prerequisite to its exercise of any of its rights or remedies under this Lease, other than those notices and demands specifically required under this Lease or applicable law.
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23.NOTICES. All notices permitted or required hereunder shall be in writing and (i) delivered personally, (ii) sent by U.S. certified mail, postage prepaid, with return receipt requested, or (iii) sent overnight by nationally recognized overnight courier and sent to the respective parties at the Notice Addresses provided in Section 1 of this Lease, together with electronic mail notices to Tenant and/or Landlord at the e-mail addresses provided below where applicable. Notices shall be deemed given upon receipt or upon refusal to accept delivery. Notices may be given by an agent on behalf of Landlord or Tenant. Any notice to Tenant regarding a payment due hereunder shall also be sent by electronic mail to [***]. Any other notice to Tenant hereunder shall also be sent by electronic mail to [***]. Any notice to Landlord hereunder shall also be sent by electronic mail to [***] and [***].
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24.EMINENT DOMAIN. If during the Term (a) the whole of the Premises or the Building shall be taken by any governmental or other authority having powers of eminent domain or conveyed to such entity under threat of the exercise of such power or (b) any part of the Premises
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or the Building shall be so taken or conveyed and as a result, the remainder of the Premises or the Building has been rendered impractical, in Landlord’s sole judgment, for the operation of Landlord’s rental activities on the Property, this Lease shall terminate on the date of the taking or conveyance, and rent shall be apportioned to the date thereof, provided that Landlord is also terminating the leases of any other tenants similarly affected. Tenant shall have no right to any apportionment of or any share in any condemnation award or judgment for damages made for the taking or conveyance of any part of the Premises or the Building (nothing herein prohibiting Tenant from making a separate claim for its loss of personal property and moving or relocation expenses, if any). If any portion of the Premises, all reasonable access thereto, or such portions of the Building or Property are taken such that Tenant cannot reasonably use and enjoy the Premises in accordance with this Lease, then Tenant may terminate this Lease upon notice to Landlord, such termination to take affect as of the date of the taking or conveyance. Rent shall equitably abate with respect to any portion of the Premises so taken or conveyed.
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25.QUIET ENJOYMENT. Landlord represents and warrants that it has full right and authority to enter into this Lease and that Tenant, while paying the rental and performing its other covenants and agreements contained in this Lease within applicable notice and cure periods, shall peaceably and quietly have, hold and enjoy the Premises for the Term without hindrance or molestation from Landlord or anyone claiming by, through or under Landlord, subject to the terms and provisions of this Lease. Landlord shall not be liable for any interference or disturbance by other tenants or third persons, nor shall Tenant be released from any of the obligations of this Lease because of such interference or disturbance on account of the provisions of this Section 25.
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26.RULES AND REGULATIONS. Tenant agrees to comply with (and cause its agents, contractors, employees and invitees to comply with) the rules and regulations attached hereto as Exhibit C and with such reasonable modifications thereof and additions thereto as Landlord may from time to time make upon advance written notice to Tenant. Landlord agrees to enforce the rules and regulations uniformly against all tenants of the Property. Landlord shall not be liable, however, for any violation of said rules and regulations by other tenants or occupants of the Building or Property. To the extent of any conflict between the terms of such rules and regulations and this Lease, the terms of this Lease shall govern.
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	27.
	ENVIRONMENTAL.

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(A) “Environmental Laws” shall mean all federal, state and local laws (including, without limitation, case and common law), statutes, regulations, rules, ordinances, guidance, permits, licenses, grants, orders, decrees and judgments relating to the environment, human health and safety. “Hazardous Substances” shall mean all explosive materials, radioactive materials, hazardous or toxic materials, wastes, chemicals or substances, petroleum, petroleum by-products and petroleum products (including, without limitation, crude oil or any fraction thereof), asbestos and asbestos-containing materials, radon, lead, polychlorinated biphenyls, mold, urea-formaldehyde, and all materials, wastes, chemicals and substances that are regulated by any Environmental Law. Tenant shall not (i) manufacture, generate, utilize, store, handle, treat, process, or release any Hazardous Substances at, in, under, from or on the Premises or Property or (ii) suffer or permit to occur any violation of Environmental Laws with respect to the Premises or Property. Except to the extent of any Excluded Matters (as defined below), Tenant shall
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indemnify, defend (with counsel reasonably acceptable to Landlord and at Tenant’s sole cost) and hold harmless Landlord and its partners, managers, members, officers, directors, employees, agents, successors, grantees, assigns and mortgagees from any and all claims, demands, liabilities, damages, expenses, fees, costs, fines, penalties, suits, proceedings, actions, causes of action and losses of any and every kind and nature, including, without limitation, diminution in value of the Property, damages for the loss or restriction on use of the rentable or usable space or of any amenity, natural resource damages, damages arising from any adverse impact on leasing space on the Premises or Property, and sums paid in settlement of claims and for attorney’s fees, consultant’s fees and expert’s fees that may arise during or after the Term or any extension of the Term in connection with any breach by Tenant of the covenants contained in this section, the presence, release or threatened release of Hazardous Substances at, in, under, from, to or on the Premises or Property arising out of Tenant’s use of the Premises and/or otherwise caused by or as a result of Tenant as a result of Tenant’s activities at the Property, or any violation or alleged violation of any Environmental Laws arising out of Tenant’s use of the Premises and/or otherwise caused by or as a result of Tenant’s activities at the Property. For purposes of this section, the term “costs” includes, without limitation, costs, expenses and consultant’s fees, expert’s fees and attorney’s fees incurred in connection with any investigation of site conditions or any cleanup, remedial, removal, restoration, monitoring or maintenance work. This covenant of indemnity shall survive the termination of this Lease. Notwithstanding the foregoing, the prohibition contained herein shall not apply to ordinary office and cleaning products that may contain de minimis quantities of Hazardous Substances, provided such products are used in compliance with Environmental Laws; however, Tenant’s indemnification obligations are not diminished with respect to the presence of such products. Tenant shall promptly notify Landlord of any Release or threatened Release at, in, under, from, to or on the Premises or Property of which Tenant has knowledge. Landlord shall be responsible for the remediation and abatement of any Hazardous Substances at the Property other than to the extent arising out of Tenant’s use of the Premises (the “Excluded Matters”). Except as disclosed in that certain environmental report furnished by Landlord to Tenant prior to the date hereof, which Landlord is furnishing to Tenant without representation or warranty, and without any reliance rights, and for Tenant’s information only, to the best of Landlord’s actual knowledge, Landlord represents and warrants to Tenant that, as of the Commencement Date, the Premises and Common Areas shall be free of Hazardous Substances in violation of Legal Requirements.
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(B) Tenant shall not suffer or permit to occur any violation of Environmental Laws with respect to the Premises or Property on account of any person acting by, through, or under Tenant as a result of Tenant’s activities on the Property. Tenant shall not Release any Hazardous Substance at, in, under, from, or on the Premises or Property. Tenant shall not manufacture, generate, treat or process any Hazardous Substances, on the Premises or Property. Tenant shall not utilize, store or handle any Hazardous Substances, on the Premises or Property except those which are necessary and customary in the ordinary course of Tenant’s business and the Permitted Use, and provided that in doing so Tenant complies with all Environmental Laws. Tenant shall not install any underground storage tanks for any Hazardous Substances at the Property. Tenant shall indemnify, defend (with counsel reasonably acceptable to Landlord and at Tenant’s sole cost) and hold harmless Landlord and its partners, managers, members, officers, directors, employees, agents, successors, grantees, assigns and mortgagees from any and all claims, demands, liabilities,
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damages, expenses, fees, costs, fines, penalties, suits, proceedings, actions, causes of action and losses of any and every kind and nature, and sums paid in settlement of claims and for attorney’s fees, consultant’s fees and expert’s fees that may arise during or after the Term or any extension of the Term in connection with any breach by Tenant of the covenants contained in this Section , the presence, Release or threatened Release of Hazardous Substances at, in, under, from, to, about or on the Premises or Property, or any violation or alleged violation of any Environmental Laws. For purposes of this Section, the term “costs” includes, without limitation, costs, expenses and consultant’s fees, expert’s fees and attorney’s fees incurred in connection with any investigation of site conditions or any cleanup, remedial, removal, restoration, monitoring or maintenance work. This covenant of indemnity shall survive the expiration or termination of this Lease.
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(C)Tenant shall promptly notify Landlord and provide copies upon receipt of all written complaints, claims, citations, demands, inquiries, reports, notices or requests for information relating to the condition of the Premises with respect to Hazardous Materials or compliance with Environmental Laws at the Premises. Tenant shall promptly supply Landlord with copies of all notices, reports, correspondence, and submissions exchanged between Tenant and the United States Environmental Protection Agency, the United States Occupational Safety and Health Administration, and any other local, state, or federal authority which requires submission of any information pursuant to Environmental Laws with respect to Tenant’s operations at the Premises. Tenant shall immediately notify Landlord of any actions brought against Tenant which pertains to Environmental Laws on account of Tenant’s activity at the Premises or Property and provide Landlord, from time to time upon Landlord’s request, with periodic updates as to the status of the same. Tenant shall keep the Premises free of any lien imposed pursuant to any Environmental Law on account of Tenant and shall promptly notify Landlord of any such lien, whether actually imposed or threatened to be imposed.
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(D)Landlord and Landlord’s agents, servants, and employees including, without limitation, legal counsel and environmental consultants and engineers retained by Landlord, may (but without the obligation or duty so to do), at any time and from time to time, inspect the Premises and any documentation which Tenant is required by Applicable Law to maintain with respect to any Hazardous Substance (including, without limitation, “Material Safety Data Sheets” as such term is defined under Environmental Laws) at the Premises to determine whether Tenant is complying with Tenant’s obligations set forth in this Section , and to perform environmental inspections and samplings. If Tenant is not in compliance with Tenant’s obligations set forth in this Section within applicable notice and cure periods or is otherwise in violation of any Environmental Laws then such may constitute an Event of Default under the Lease and Landlord may (but without the obligation or duty to do so), in addition to Landlord’s other remedies available under this Lease, at law or in equity, enter upon the Premises immediately and take such action as Landlord in its sole judgment deems appropriate and Landlord shall not be liable for any interference caused by Landlord’s entry and remediation efforts. The out-of-pocket costs of any remediation performed by Landlord pursuant to this Section (including, without limitation, transportation and storage costs) shall be paid by Tenant as Additional Rent on demand.
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(E)Landlord may, at Tenant’s sole cost and expense, cause a certified industrial hygienist or a qualified engineering or environmental firm or a licensed site professional (collectively, the
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“Environmental Consultant”) to inspect the Premises and/or Property and in the event that Tenant has caused a Release or threatened Release of Hazardous Substances, Tenant shall, at its sole cost and expense, promptly remediate such Hazardous Substances to the extent required by and in compliance with Environmental Laws for unrestricted use of the Property and Premises for the Permitted Use. Alternatively, Landlord may elect, at Tenant’s sole cost and expense, to remediate in lieu of Tenant such Hazardous Substances. If Tenant has caused a Release or threatened Release of Hazardous Substances, Tenant shall pay Landlord the out-of-pocket costs and expenses of the Environmental Consultant and the costs and expenses of any such remediation as Additional Rent on demand.
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28.FINANCIAL STATEMENTS. From time to time, but not more often than twice each year, if Tenant’s financial statements are not publicly available, Tenant shall furnish Landlord within fifteen (15) business days of such request copies of financial statements showing Tenant’s current financial condition and the results of the previous year’s operations which shall be certified as true, correct and complete in all material respects by the chief financial officer, or other responsible officer, of Tenant.
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29.BROKERS. Landlord utilized the services of Lincoln Property Group (the “Listing Broker”) and Tenant utilized the services of Colliers International (the “Non-Listing Broker”) in connection with this Lease. Tenant represents to Landlord that Tenant did not involve any other brokers in procuring this Lease. Landlord represents to Tenant that Landlord did not involve any other brokers in procuring this Lease. Landlord shall pay a commission to the Non-Listing Broker and the Listing Broker as is agreed to by the parties per a separate agreement. Tenant agrees to forever indemnify, defend and hold Landlord harmless from and against any commissions, liability, loss, cost, damage or expense (including reasonable attorneys’ fees) that may be asserted against or incurred by Landlord by any broker other than the Listing Broker and Non-Listing Broker as a result of any misrepresentation by Tenant hereunder. Landlord agrees to forever indemnify, defend and hold Tenant harmless from and against any commissions, liability, loss, cost, damage or expense (including reasonable attorneys’ fees) that may be asserted against or incurred by Tenant by any broker other than the Listing Broker and Non-Listing Broker as a result of any misrepresentation by Landlord hereunder or Landlord’s failure to pay the same when due.
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	30.
	RIGHT OF FIRST OFFER TO LEASE ADDITIONAL SPACE.

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(A) Provided that (i) no Event of Default then exists and no condition exists which, with the giving of notice or passage of time or both, would constitute an Event of Default hereunder, (ii) this Lease is then in full force and effect, (iii) the Tenant named herein has not (x) assigned this Lease other than pursuant to a Permitted Transfer, or (y) sublet of more than 25% of the Premises under then-effective sublease(s), if, at any time during the Term, all or any portion of that certain space that is located on the first (1st) floor of the Building and then contiguous to the Premises (“ROFO Space”) is or will be “available for lease” and Landlord desires to lease such space, Landlord shall notify Tenant. Landlord’s notice shall identify the space available (the “Offered Space”), set forth the terms and conditions on which it is willing to lease the Offered Space including the rental rate (the “Proposed Rent”), the term (which may not be coterminous with the Term applicable to the Premises), and the date on which such Offered Space is expected to be available (collectively, the “Terms”). Tenant shall thereupon have the right and option to lease the
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Offered Space on the Terms by delivering notice to Landlord within ten (10) business days after receipt of Landlord’s notice, time being of the essence. If Tenant elects to lease the Offered Space, it shall, within twenty (20) days after such election, enter into an amendment to this Lease on a form prepared by Landlord incorporating the Offered Space as part of the Premises subject to the Terms and the other terms and conditions of this Lease.
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(B)If Tenant shall not elect to lease the Offered Space within such 10-business day period, or fails to enter into such an amendment to this Lease within such 20-day period (provided that such amendment is consistent with the terms of this Section), then Tenant shall have no further rights under this Section with respect to the Offered Space until and unless (1) Landlord enters into a lease for such space and thereafter such space once again becomes available for lease, or (2) Landlord has failed to enter into a lease for the Offered Space within nine (9) months following the date of the ROFO Notice, then in either case, Landlord shall once again offer such space to Tenant pursuant to the terms of this Section 30.
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(C)Space shall not be deemed to be “available for lease” if such space is the subject of any option or commitment now held by another tenant as further set forth on Exhibit F or the renewal or extension of an expiring lease with a then existing tenant. Landlord shall not be liable for any damages for any holdover tenant or other occupant of any Offered Space. If for any reason Landlord is unable to deliver possession of the Offered Space due to a holdover tenant or other occupant in the Offered Space, Landlord shall not be liable to Tenant for any resultant loss or damage and this Lease shall not be affected in any way, except that Tenant shall have the right to rescind its exercise of its right to lease such Offered Space.
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(D)Notwithstanding anything to the contrary contained herein, Tenant’s right of first offer to lease the ROFO Space shall be subject to the rights of any other tenant(s) of the Property held by another tenant as of the date hereof, as further set forth on Exhibit F; and, nothing provided herein shall be deemed to grant Tenant a superior right to lease the ROFO Space over any existing tenant(s) of the Property as of the date of this Lease that is identified on Exhibit F.
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31.MISCELLANEOUS.
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	(A)
	Time is of the essence of this Lease and each of its provisions.

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(B)This Lease and all covenants and agreements herein contained shall be binding upon, apply, and inure to the respective heirs, executors, successors, administrators and assigns of all parties to this Lease (subject to the provisions of Section 14 hereof).
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(C)This Lease contains the entire agreement of the parties, all other and prior representations, negotiations and agreements whether written or oral, or if made by agent, manager or other employees of Landlord to the contrary. having been merged herein and extinguished hereby. No modification, waiver or amendment of this Lease or of any of its conditions or provisions shall be binding upon either party hereto unless in writing signed by both parties.
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(D)The captions of sections and subsections of this Lease are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such sections or subsections.
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(E)Interpretation of this Lease shall be governed by the laws of the state or commonwealth in which the Premises is located, without regard to conflict of laws. Tenant irrevocably submits to the nonexclusive jurisdiction of the courts of said state or commonwealth and agrees that all suits, actions, claims or proceedings shall be heard and determined in such courts. Tenant waives any objection which it may have at any time to the laying of venue of any suit, action, claim or proceeding arising out of or relating to this Lease.
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(F)This Lease is and shall be deemed and construed to be the joint and collective work product of Landlord and Tenant and, as such, this Lease shall not be construed against either party, as the otherwise purported drafter of same, by any court of competent jurisdiction in order to resolve any inconsistency, ambiguity, vagueness or conflict, if any, in the terms or provisions contained herein.
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(G)In the event that either party thereto shall be delayed or hindered in or prevented from the performance of any act required hereunder by reason of pandemics (COVID-19 or otherwise), strikes, lock-outs, labor troubles, inability to procure labor, inability to procure materials or equipment or reasonable substitutes therefore, failure of power, fire or other casualty, restrictive government laws or regulations, judicial orders, enemy or hostile government actions, riots, insurrection or other civil commotions, war or other reason of a like nature not at the fault of the party delayed in performing any act as required under the terms of this Lease (“Force Majeure”), then performance of such act shall be excused for the period of delay and the period for the performance of any such act shall be extended for a period equivalent to the period of such delay. Force Majeure shall not operate to excuse Tenant from the prompt payment of Rent or excuse either party from promptly making any other payments required under the terms of this Lease.
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(H)Tenant shall reimburse Landlord as Additional Rent on demand for all reasonable out-of-pocket expenses, including without limitation legal, engineering or other professional services or expenses incurred by Landlord in connection with any requests by Tenant for consents or approvals hereunder (but in no event to exceed $7,5000 in any one instance).
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(I)A final determination by a court of competent jurisdiction that any provision of this Lease is invalid shall not affect the validity of any other provision, and any provision so determined to be invalid shall, to the extent possible, be construed to accomplish its intended effect.
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(J)If more than one person or entity shall ever be Tenant, the liability of each such person and entity shall be joint and several.
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(K)If Tenant is a corporation, a limited liability company, an association or a partnership, it shall, concurrently with the signing of this Lease, at Landlord’s option, furnish to Landlord certified copies of the resolutions of its board of directors (or of the executive committee of its board of directors) or consent of its members or partners authorizing Tenant to enter into this Lease or other evidence of authority satisfactory to Landlord. Moreover, Tenant represents and warrants that each individual executing this Lease on behalf of Tenant is duly authorized to execute and deliver this Lease and that Tenant is a duly organized corporation, limited liability company, association or partnership under the laws of the state of its incorporation or formation, is qualified to do business in the jurisdiction in which the Building is located, is in good standing under the laws of the state of its incorporation or formation and the laws of the jurisdiction in which the
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31

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Building is located, has the power and authority to enter into this Lease, and that all corporate or partnership action requisite to authorize Tenant to enter into this Lease has been duly taken.
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(L)The submission of this Lease to Tenant is not an offer to lease the Premises, or an agreement by Landlord to reserve the Premises for Tenant. Landlord shall not be bound to Tenant until Tenant has duly executed and delivered an original Lease to Landlord and Landlord has duly executed and delivered an original Lease to Tenant. Notwithstanding the Commencement Date or Commencement Date contemplated in Section 1 hereof, this Lease shall take effect and be binding upon the parties hereto as of its execution and delivery.
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(M)This Lease may be executed in any number of counterparts, and by different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Any signature to this Lease transmitted via facsimile (or other electronic means) shall be deemed an original signature and be binding upon the parties hereto. The exchange of executed copies of this Lease by Portable Document Format (PDF) transmission (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law (e.g., www.docusign.com)) shall constitute effective execution and delivery of this Lease as to the parties for all purposes, and signatures of the parties transmitted by facsimile or PDF, including any electronic signature as aforesaid, shall be deemed to be their original signatures for all purposes.
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(N)Tenant represents and warrants to Landlord that neither Tenant nor, to Tenant’s knowledge, any of Tenant’s members, shareholders or other equity owners, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. Landlord represents and warrants to Tenant that neither Landlord nor to Landlord’s knowledge, any of Landlord’s members, shareholders or other equity owners, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action.
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32. PARKING. Tenant shall be entitled to the non-exclusive use, on a first come-first serve basis, of not more than thirty (30) parking spaces (i.e., 2.4 spaces per 1,000 rentable square feet) in parking areas located on the Property and reasonably designated by Landlord, at no cost to Tenant.
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Landlord shall not be obligated to enforce parking limits. Tenant shall not use any parking space designated by Landlord as visitor parking (other than by Tenant’s visitors) or as exclusive to other parties. If Tenant uses parking in excess of that provided for herein, and if such excess use occurs
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32

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on a regular basis, and if Tenant fails, after written notice from Landlord of any one violation, to reduce its excess use of the parking areas, then such excess use shall constitute an Event of Default if not cured within applicable notice and cure periods.
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Notwithstanding the foregoing or anything to the contrary in this Lease, Landlord may temporarily relocate parking for tenants in the Building, including Tenant, to another location off the Property (within a reasonable distance from the Premises, unless a shuttle or valet service is provided by Landlord at Landlord’s cost) in connection with the development of an additional building or parking structure on the Property, provided that Landlord provides Tenant with other parking at Landlord’s sole cost and expense, and, in connection with such temporary relocation, Tenant hereby acknowledges and agrees that the minimum parking space required to be furnished to Tenant on the Property that are set forth above shall not be required to be maintained by Landlord on the Property during the construction of such structure on the Property. Any such temporary relocation shall not exceed five hundred and fifteen (515) days in duration.
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33.SIGNAGE. Subject to Landlord’s review and approval, Tenant, at Landlord’s expense, shall be entitled to Building standard suite entry and directory signage. Landlord may specify that the design of such signage be similar to, or consistent with, the design and location of other signs identifying tenants in the Building. Tenant may use its corporate logo on any signage. Such signage shall be subject to all Applicable Law and ordinances.
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34.SUBSTITUTION OF PREMISES. At any time after the date of execution of this Lease, Landlord may, but on no more than one occasion during the Term, substitute other premises in the Building for the Premises (“Substitute Premises”), in which event the Substitute Premises shall be deemed to be the Premises for all purposes under this Lease upon delivery of the same to Tenant in the condition required by this Lease; provided, however, that: (i) the Substitute Premises shall be located in the Building, in contiguous space on a single floor, shall be no less than the Premises in square footage, and at least equivalent in appropriateness for the Permitted Use, with tenant improvements that are constructed at Landlord’s sole cost and expense to replicate the tenant improvements existing (or required to be existing pursuant to this Lease) in the Premises in accordance with a mutually agreeable plan; (ii) Landlord shall pay the reasonable expense of, and arrange for, the moving Tenant, its property and equipment to the Substitute Premises in a manner reasonably acceptable to Tenant; (iii) there is no material interruption in Tenant’s business as a result of such relocation (e.g., any move occurs outside of Tenant’s normal business hours in the Premises, such as over a weekend), and (iv) Landlord shall give to Tenant not less than 180 days’ prior written notice of such substitution. In no event shall tenant have any obligation to pay more in Base Rent or Additional Rent on account of any Substitute Premises. Following any such notice of Landlord’s intent to relocate the Premises in accordance with this Section 34, Landlord and Tenant shall enter into a mutually agreeable amendment to this Lease memorializing the same. If the substitution occurs in accordance with the terms and conditions of this Section 34 prior to the occurrence of the Commencement Date, Tenant shall be entitled to an increase in the Landlord’s Work Cost Cap in an amount equal to $60 per square foot of any additional rentable square feet within the substituted Premises, and in no event shall any Tenant Delay be deemed to occur on account of such substitution or the need to revise Tenant’s Site Plan to reflect the substituted Premises.
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35. CERTAIN RIGHTS RESERVED TO LANDLORD. Landlord reserves the following rights, each of which Landlord may exercise without notice or liability to Tenant, and the exercise of any such rights in compliance with this Lease shall not be deemed to constitute an eviction or disturbance of Tenant’s use or possession of the Premises and shall not give rise to any claim for set-off or abatement of Rent or any other claim: (a) to enter the Premises upon reasonable prior notice to Tenant subject to this Section 35 for the purposes of examining the same or to make repairs or alterations or to provide any service; (b) to change the arrangement and/or locations of entrances, or passageways, doors and doorways, and corridors, windows, elevators, stairs, parking areas and any other common areas, other than with respect to the Premises, (c) to change the name or street address of the Building or the suite number of the Premises on at least 30 days’ prior notice to Tenant; (d) to install, affix and maintain any and all signs on the exterior or interior of the Building; (e) to make repairs, decorations, alterations, additions or improvements, whether structural or otherwise, in, about and to the Building or common areas and for such purposes temporarily close doors, corridors and other areas of the Building and to temporarily interrupt or temporarily suspend services or use of common areas in connection with the same; (f) to retain at all times, and to use in appropriate instances, keys to all doors within and into the Premises; subject to this Section 35; (g) to grant to any person or to reserve unto itself the exclusive right to conduct any business or render any service in the Building (other than in a manner that materially adversely affects Tenant’s right to occupy the Premises); (h) to show the Premises at reasonable times within the final 12 months of the Term; (i) to install, use and maintain in and through the Premises pipes, conduits, wires and ducts serving the Building provided the same are installed behind walls, above ceilings, and below floors (or, to the extent that ceilings of the Premises are exposed on the Commencement Date, within the customary space beneath an exposed ceiling that is used for Building mechanical equipment in similar first class office space); (j) to reasonably approve the weight, size and location of safes or other heavy equipment or other articles which may be located in the Premises and to reasonably determine the time and manner in which such articles may be moved in, about or out of the Building or Premises; and (k) to take any other action which Landlord deems reasonable in connection with the operation, maintenance, repair, replacement, marketing or preservation of the Premises or Building. Landlord shall conduct any of its activities under this Section 35 in a manner consistent with similar office buildings in the Lexington, Massachusetts area and in a manner that does not unreasonably interfere with Tenant’s use and occupancy of the Premises, access thereto, or otherwise result in a breach of this Lease. Tenant shall have a right to accompany any such access other than in the event of an emergency threatening life or property. Landlord acknowledges that Tenant may designate limited areas of the Premises as “secure areas” where confidential information may be kept by Tenant, and Landlord’s access to such areas shall require Tenant to accompany Landlord at all times in connection with such entry (other than in the event of an emergency threatening life or property). The reduction or elimination of Tenant’s light, air or view by (i) the construction of additional buildings at a distance from the Building that is greater than the setback requirement established by the Town of Lexington and other applicable laws (without the application of any zoning or other relief), (ii) the construction of electrical transformers, generator equipment, or other similar equipment and fixtures in a manner consistent with similar office complexes in suburban office parks located in the Greater Boston area, or (iii) the temporary repair and maintenance of the exterior windows or façade of the Building for reasonable periods, shall not affect Tenant’s liability under this Lease, nor shall it create any liability of Landlord to Tenant.
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34

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36.LEASE COMMENCEMENT/ACCEPTANCE OF PREMISES. At Landlord’s request, Landlord and Tenant shall enter into a commencement letter agreement (the “Commencement Letter”) in form substantially similar to that attached hereto as Exhibit D within 15 days after Landlord’s delivery of the same to Tenant, provided that failure to enter into any such agreement shall not be deemed to modify or amend the Commencement Date under this Lease or Tenant’s obligation to pay rent when due.
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37.WAIVER OF RIGHT TO JURY TRIAL. LANDLORD AND TENANT WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER PARTY AGAINST THE OTHER ON ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, AND/OR TENANT’S USE OR OCCUPANCY OF THE PREMISES OR BUILDING (INCLUDING ANY CLAIM OF INJURY OR DAMAGE OR THE ENFORCEMENT OF ANY REMEDY UNDER ANY CURRENT OR FUTURE LAWS, STATUTES, REGULATIONS, CODES OR ORDINANCES).
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38.RECORDING. Tenant shall not record this Lease without the prior written consent of Landlord. Tenant, upon the request of Landlord, and Landlord, upon the request of Tenant, shall execute and acknowledge a short form memorandum of this Lease for recording purposes.
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[signatures on following page]
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IN WITNESS WHEREOF, the parties hereto have executed this Lease.
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	TENANT:
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	LANDLORD:

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	UNIQURE, INC.
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	NRL 91 HARTWELL LLC

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	By:
	/s/ Matt Kapusta 
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	By:
	/s/*

	Name: Matt Kapusta
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	Name: Christopher Flagg

	Title: CEO
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	Title: President

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	Date:
	February 1, 2022
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	Date:
	February 1, 2022

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EXHIBIT A-1
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PROPERTY DESCRIPTION
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That certain parcel of land situate in Lexington, in the County of Middlesex and Commonwealth of Massachusetts described as follows:
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SOUTHEASTERLY by Hartwell Avenue, two hundred thirty-seven and 47/100 feet;
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SOUTHEASTERLY by a curving line forming the junction of said Hartwell Avenue and Hartwell Place, as shown on the plan hereinafter mentioned, thirty nine and 27/100 feet;
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SOUTHWESTERLY five hundred thirty-two and 23/100 feet;
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SOUTHWESTERLY, SOUTHERLY and SOUTHEASTERLY one hundred ninety and 25/100 feet, by said Hartwell Place;
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SOUTHERLY by lot 9 on said plan, three hundred seventy-four and 57/100 feet;
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SOUTHWESTERLY three hundred sixty-seven and 65/100 feet;
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NORTHWESTERLY thirty-one and 12/100 feet;
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NORTHWESTERLY again eight hundred ninety and 63/100 feet, by land now or formerly of The United States of America; and
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NORTHEASTERLY by said United States of America land and by land now or formerly of John W. O’Connor et al, nine hundred thirty-three and 87/100 feet.
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Said parcel is shown as lot 10 on said plan, (Plan No. 31330D).
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All of said boundaries are determined by the Court to be located as shown on a subdivision plan, as approved by the Court, filed in the Land Registration Office, a copy of which is filed in the Registry of Deeds for the South Registry District of Middlesex County in Registration Book 835, Page 146, with Certificate 141096.
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Exhibit A - 1

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EXHIBIT A
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THE PREMISES
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[See Attached]
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Exhibit A - 2

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EXHIBIT B
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ADDITIONAL STIPULATIONS
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These additional stipulations are a part of the Lease dated January 14, 2022 by and between NRL 91 HARTWELL LLC, a Delaware limited liability company and UNIQURE, INC., a Delaware corporation for the Premises located as 91 Hartwell Avenue, Lexington, MA 02421.
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EXTENSION OPTION. So long as there exists no default either at the time of exercise or on the first day of the Extension Term (as hereinafter defined) and Tenant has not assigned this Lease in whole or in part other than to a Permitted Transferee nor are sublets of more than 25% of the Premises in effect as of the commencement of the Extension Term, Tenant shall have the option to extend the Term for one (1) additional five (5) year period (the “Extension Term”) upon written notice to Landlord given not less than nine (9) months and not more than twelve (12) months prior to the expiration of the Term. If Tenant fails to exercise its option to extend the Term strictly within the time period set forth in this section, then Tenant’s option to extend the Term shall automatically lapse and be of no further force or effect. In the event that Tenant exercises the option granted hereunder, the Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Extension Term except that the Base Rent due from the Tenant shall be modified as provided herein, and Tenant shall have no further right or option to extend the Term or to any additional abatements, improvement allowance or other inducements on account of the Extension Term. If Tenant timely exercises its option to extend the Term, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the Fair Market Rent (as defined below) for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Landlord’s determination of the Fair Market Rent by written notice to Landlord within fifteen (15) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the Fair Market Rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s determination of Fair Market Rent for the Extension Term, the parties shall use commercially reasonable efforts to agree upon the Fair Market Rent for the Extension Term, provided, however, if the parties cannot agree upon the Fair Market Rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the determination of Fair Market Rent shall be submitted to arbitration as further provided below.
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If Tenant timely objects to Landlord’s Rental Notice, and the parties cannot agree on Base Rent for the Extension Term within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Term shall automatically be extended and Base Rent for the Extension Term shall be submitted to arbitration as follows: Base Rent shall be determined by impartial arbitrators (who shall be qualified brokers with at least ten (10) years of experience dealing with like types of properties in the market area), one to be chosen by the Landlord, one to be chosen by Tenant, and a third to be selected, if necessary, as below provided, and shall reflect the greater of (i) the rate that would be agreed upon in an arms’ length negotiation between a landlord and a tenant on or about the date on which the Extension Term is to begin for a comparable term and for space comparable to the Premises in the Building and buildings comparable to the Building in the market
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Exhibit B - 1

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area, taking into account all reasonable factors considered in the determination of such fixed monthly rent, including, without limitation, any material economic differences between the terms of this Lease and any comparison lease, such as the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes and (ii) the Base Rent payable during the last month of the current Term (as applicable, the “Fair Market Rent”). The unanimous written decision of the two first chosen (without selection and participation of a third arbitrator), or otherwise the written decision of a majority of three arbitrators chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen arbitrator within ten (10) days following the call for arbitration and, unless such two arbitrators shall have reached a unanimous decision within thirty (30) days after their designation, they shall select an impartial third arbitrator to determine the market value as herein defined. Such third arbitrator and the first two chosen shall render their decision within thirty (30) days following the date of appointment of the third arbitrator and shall notify Landlord and Tenant thereof, which decision shall be final and binding on the parties. Landlord and Tenant shall each pay the expenses of its own arbitrator and shall share the payment of expenses of the third arbitrator equally, regardless of the outcome of arbitration. If the dispute between the parties as to the Base Rent for the Extension Term has not been resolved before the commencement of the Extension Term, Tenant shall pay Base Rent for the Extension Term at the last Base Rent applicable under the Lease until either (i) agreement of the parties as to the Fair Market Rent, or (ii) decision of the arbitrators, as the case may be, at which time Tenant shall promptly pay any underpayment of Base Rent to Landlord, or Landlord shall credit the overpayment of Base Rent against the next installment of rental or other charges due to Landlord.
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Exhibit B - 2

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EXHIBIT C
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RULES AND REGULATIONS
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1.The water and wash closets and other plumbing fixtures shall not be used for any purposes other than those for which they were constructed, and no sweepings, rubbish, rags or other substances (including, without limitation, coffee grounds) shall be thrown therein. All damages resulting from misuse of the fixtures shall be borne by Tenant if Tenant or its servants, employees, agents, visitors or licensees shall have caused the same.
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2.No cooking (except for hot-plate and microwave cooking by Tenants’ employees for their own consumption, the location and equipment of which is first approved by Landlord) and no sleeping or lodging shall be permitted by any tenant on the Premises. No tenant shall cause or permit any unusual or objectionable odors to be produced upon or permeate from the Premises.
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3.Except as otherwise provided in the Lease, no flammable, combustible, or explosive fluid, material, chemical or substance shall be brought or kept upon, in or about the Premises. Fire protection devices, in and about the Building, shall not be obstructed or encumbered in any way.
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4.Canvassing, soliciting and peddling at the Property is prohibited and each tenant shall cooperate to prevent the same.
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5.There shall not be used in any space, or in the public halls of the Building, either by any tenant or by its agents, contractors, jobbers or others, in the delivery or receipt of merchandise, freight, or other matters, any hand trucks or other means of conveyance except those equipped with rubber tires, rubber side guards, and such other safeguards as Landlord may require, and Tenant shall be responsible to Landlord for any loss or damage resulting from any deliveries to Tenant in the Building. Deliveries of mail, freight or bulky packages shall be made through the freight entrance or through doors specified by Landlord for such purpose.
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6.Mats, trash or other objects shall not be placed in the public corridors. The sidewalks, entries, passages, elevators, public corridors and staircases and other parts of the Building which are not occupied by Tenant shall not be obstructed or used for any other purpose than ingress or egress.
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7.Tenant shall not install or permit the installation of any awnings, shades, draperies and/or other similar window coverings, treatments or like items visible from the exterior of the Premises other than those approved by the Landlord in writing.
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8.No vehicles or materials shall be permitted to block any sidewalks, driveways, loading docks or any other common area nor shall any vehicle be parked in the parking lot for longer than is necessary for the customary business purposes of Tenant. Landlord shall have the right, but not the obligation, to remove any vehicles and dispose of any materials, debris, or other
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Exhibit C - 1

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items in violation of this Section and such removal or disposal shall be at the sole risk of Tenant and Tenant shall pay the cost therefor to Landlord as Additional Rent upon demand.
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9.Tenant shall not allow any signs, cards or placards to be posted, or placed within the Premises such that they are visible outside of the Premises except as specifically provided for in this Lease.
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10.Tenant shall not construct, maintain, use or operate within said Premises or elsewhere in the Building or on the outside of the Building, any equipment or machinery which produces music, sound or noise which is audible beyond the Premises.
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11.Bicycles, motor scooters or any other type of vehicle shall not be brought into the lobby or elevators of the Building or into the Premises except for those vehicles which are used by a physically disabled person in the Premises.
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12.All blinds for exterior windows shall be building standard and shall be maintained by Tenant.
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13.No additional locks shall be placed upon doors to or within the Premises except as shall be necessary adequately to safeguard United States Government security classified documents stored with the Premises. The doors leading to the corridors or main hall shall be kept closed during business hours, except as the same may be used for ingress or egress. If Landlord provides a proximity card or key for the entry doors, Landlord may make a reasonable charge for such proximity cards or keys, and replacements. Tenant, upon termination of it tenancy, shall deliver to the Landlord all keys of offices, rooms and toilet rooms which have been furnished Tenant or which the Tenant shall have had made, and in the event of loss of any keys so furnished shall pay Landlord therefore.
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14.Landlord reserves the right to temporarily shut down the air conditioning, electrical systems, heating, plumbing and/or elevators when necessary by reason of accident or emergency, or for repair, alterations, replacements or improvement, provided that at least one elevator services the Premises at all times during the Term, provided that at least one elevator services the Premises at all times during the Term (absent emergency circumstances).
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15.No carpet, rug or other article shall be hung or shaken out of any window of the Building and Tenant shall not sweep or throw or permit to be swept or thrown from the Premises any dirt or other substances into any of the corridors or halls, elevator, or out of the doors or windows or stairways of the Building. Tenant shall not use, keep or permit to be used or kept any foul or noxious gas or substance in the Premises, or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors and/or vibrations, or interfere in any way with other tenants or those having business therein, nor shall any animals or birds be kept in or about the Building. Smoking or carrying lighted cigars or cigarettes in the elevators of the Building is prohibited.
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Exhibit C - 2

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16.Landlord reserves the right to restrict access to the Building on weekdays outside of normal hours for the Building and at all hours on weekends and legal holidays; provided, however, that reasonable access for Tenant’s employees and customers shall be accorded.
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17.Tenant agrees to keep all windows closed at all times and to abide by all rules and regulations issued by Landlord with respect to the Building’s air conditioning and ventilation systems.
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18.Tenant shall not conduct or give notice of any auction, liquidation, or going out of business sale in the Premises.
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19.In the event it becomes necessary for the Landlord to gain access to the underfloor and/or ceiling electric and telephone distribution system for purposes of adding or removing wiring, then upon request by Landlord, Tenant agrees to temporarily remove the carpet over the access covers, if necessary, to the underfloor ducts for such reasonable period of time until work to be performed has been completed. The cost of such work shall be borne by Landlord except to the extent such work was requested by or is intended to benefit Tenant or the Premises, in which case the cost shall be borne by Tenant.
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20.Violation of these rules, or any amendments thereof or additions thereto, may be considered a default of Tenant’s lease and, subject to notice and cure periods, shall be sufficient cause for termination of the Lease pursuant to the provisions of the Lease at the option of Landlord.
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Exhibit C - 3

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EXHIBIT D
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COMMENCEMENT LETTER
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___________, 20___
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RE: Lease dated January 14, 2022 by and between NRL 91 HARTWELL LLC, a Delaware limited liability company (“Landlord”) and UNIQURE, INC., a Delaware corporation (“Tenant”) concerning the Premises located at 91 Hartwell Avenue, Lexington, MA 02421.
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In accordance with the above-referenced Lease, we request that you and/or the proper authority, please confirm the following statements:
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1.The Commencement Date is deemed to be ______________ and the Expiration Date is ______________.
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2.Tenant acknowledges and agrees that as of the date of this letter (i) all improvements required by the Lease to be performed by Landlord to the Premises have been Substantially Completed; and (ii) Tenant has accepted the Premises in its current condition subject to the terms of the Lease.
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Please confirm your agreement with the above terms of this letter by signing below and returning a copy to Landlord.
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	Sincerely,

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	By:
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	Name:

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	Its:

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	AGREED TO & ACCEPTED BY:
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	By:
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	Name:
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	Its:
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Exhibit D - 1

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EXHIBIT E
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WORK LETTER
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1. Landlord’s Work. Landlord will make certain improvements to the Premises (the “Landlord’s Work”) as set forth on that certain design and space plan and scope of work (collectively, the “Site Plan”), which Site Plan shall be prepared by or for Tenant no later than February 15, 2022, and shall provide for a scope of work that can be completed by the Estimated Commencement Date as reasonably estimated by Landlord upon the advice of the General Contractor (as defined below) unless Tenant agrees in writing that any time estimated by the General Contractor beyond the Estimated Commencement Date shall be treated as Tenant Delay. Such Site Plan shall be subject to the prior written approval of Landlord and Tenant after the date hereof. Following the date of this Lease, and Tenant’s initially approved Site Plan, Landlord shall further develop the Site Plan in a manner consistent with the initial Site Plan to permit the Landlord to obtain a building permit and construct the Landlord’s Work in accordance with the project design and construction milestones referenced on Schedule 1, attached. Landlord has retained H&H Builders as the general contractor for the Landlord’s Work (the “General Contractor”) and Dimella Shaffer as the architect for the Landlord’s Work (the “Architect”). With respect to the Site Plan design phases set forth on Schedule 2, attached, Tenant shall have five (5) business days from Landlord’s submission of such design phases to Tenant to approve or disapprove the same. Tenant’s failure to so approve or disapprove within such five (5) business day period shall constitute a Tenant Delay (as defined herein) and, at Landlord’s election, be deemed Tenant’s approval thereof. Tenant’s disapproval of such plans and specifications shall specifically identify the nature of such disapproval. Landlord shall then have such plans and specifications amended to incorporate those items specified in Tenant’s disapproval to which Landlord agrees. Landlord’s and Tenant’s approval of such plans and specifications shall not be unreasonably withheld, conditioned or delayed. Landlord and Tenant shall diligently work together in good faith to agree upon such plans and specifications, it being agreed that Tenant shall have no right to request that such plans and specifications be revised to reflect any work which is not contemplated on Schedule 1 attached hereto or reasonably inferable therefrom except pursuant to Section 4 below. Upon approval, or deemed approval, of such additional plans and specifications the same shall be deemed the “Site Plan” for the purposes of this Work Letter. Except as may be otherwise shown on the Site Plans, Landlord shall perform Landlord’s Work using building standard materials, quantities and procedures then in use by Landlord, all in a manner consistent with similar office buildings in the Lexington, Massachusetts area.
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Notwithstanding the foregoing or anything to the contrary contained herein, Landlord shall only be required to pay for, and be responsible for the cost of, Landlord’s Work up to an amount not to exceed Seven Hundred Sixty-Two Thousand Nine Hundred Sixty Dollars ($762,960.00) (the “Landlord Work Cost Cap”), which Landlord Work Cost Cap shall include, without limitation, architectural and engineering costs. In the event the Cost (as defined below) of Landlord’s Work exceeds the Landlord Work Cost Cap, then Tenant shall pay such excess (the “Excess Costs”) to Landlord as Additional Rent within thirty (30) days of each invoice from Landlord therefor (such
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Exhibit E - 1

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invoices to be issued no more than once each month as such work progresses, together with reasonable back-up evidencing such Costs).
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Until Landlord has incurred Costs in an amount equal to the Landlord Work Cost Cap, in connection with any payments to Landlord’s contractors in connection with the Landlord’s Work, each of Landlord and Tenant shall fund its respective pro rata share of such payment based on the ratio of the Excess Cost to the Estimate (as defined below). By way of example and for illustration purposes only, if the total Costs in the Estimate were $10.50 psf, the Landlord Work Cost Cap $7 psf, and the Excess Costs were $3.50 psf, Tenant and Landlord would be required to fund one-third and two-thirds, respectively, of each interim and final payment.
​
“Costs” means the actual out of pocket costs incurred by Landlord in the permitting, design and construction of the Landlord’s Work, with the categories of Costs to be as shown on the preliminary non-binding budget (which budget is based on Landlord’s consultation with the General Contractor and Architect; Tenant acknowledging that the Landlord is not guarantying any amounts set forth in the budget) (the “Estimate”). The form of Estimate is attached as Schedule 3. In no event shall Costs include any payments to Landlord or its affiliates (other than the construction management fee referenced below), amounts incurred to repair defective or non-conforming work, Costs incurred for, or allocable to, work that is not Landlord’s Work, and finance charges or interest, or costs not permitted under the construction contract (which shall be subject to Tenant’s reasonable review and approval).
​
Tenant shall also pay Landlord a construction management fee on account of its supervision and coordination of Landlord’s Work in an amount equal to five percent (5%) of the total Costs of such Landlord’s Work that has been incurred by Landlord, which construction management fee shall be paid by Tenant, as Additional Rent, on a monthly basis as such costs and expenses related to Landlord’s Work are actually incurred by Landlord, prorated over the duration of the Landlord’s Work.
​
2. Substantial Completion. “Substantial Completion” or “Substantially Complete” means that Landlord’s Work has been sufficiently completed such that the Premises is suitable for its intended purpose without unreasonable interference on account of the completion of the remainder of the Landlord’s Work, notwithstanding any minor or insubstantial details of construction, decoration or mechanical adjustment that remain to be performed (“Punch List Items”); provided that Landlord has delivered the Premises to Tenant free of occupants and personal property, and broom clean in compliance with Legal Requirements, and with all Building systems serving the same in good working order in all material respects. The Landlord shall give Tenant at least two (2) Business Days’ prior written notice of the date of Substantial Completion, following which date Landlord and Tenant shall walk through the Premises with the Architect to identify the Punch List Items, if any. Landlord shall promptly thereafter request the Architect to promptly deliver a list of the Punch List Items to Landlord and Tenant for their confirmation. Landlord shall complete all Punch List Items within 30 days following the date of Substantial Completion (or such longer period as is reasonably required, but in any event not more than 60 days); and, to the extent Tenant shall have given Landlord notice of any subsequently discovered
​
​

Exhibit E - 2

​

​
latent defects in the Landlord’s Work not reasonably identifiable during the aforementioned walk-through not later than 350 days after the Commencement Date, Landlord shall cause the General Contractor to repair the same at no cost or expense to Tenant. To the extent that Tenant fails to timely notify Landlord of any such latent defects, Tenant shall be deemed conclusively to have approved the completion of Landlord’s Work and Tenant shall have no claim that Landlord has failed to perform any of Landlord’s Work required under this Work Letter. Landlord will use commercially reasonable efforts to Substantially Complete Landlord’s Work on or before one (1) year after Landlord’s written approval of the initial Site Plan (as defined in the Work Letter) in accordance with this Work Letter. If there is a delay in the Substantial Completion of the Landlord’s Work for any reason neither Landlord, nor the managing or leasing agent of the Building, nor any of their respective agents, partners or employees, shall have any liability to Tenant in connection with such delay, nor shall the Lease be affected in any way except as expressly provided in the Lease. Notwithstanding the foregoing or any language of the Lease to the contrary, if the completion of Landlord’s Work is delayed by a Tenant Delay (as defined below) then Tenant shall begin paying Rent as required under the Lease as of the date the Commencement Date would have occurred but for such Tenant Delay, as reasonably evidenced by Landlord to Tenant in writing prior to the date upon which Landlord claims that such amounts are due.
​
3.Performance of Landlord’s Work. Landlord shall cause the Landlord’s Work to be performed in a good and workmanlike manner, in compliance with Legal Requirements, and, except as set forth herein, at Landlord’s sole cost and expense. Tenant shall have the opportunity to request changes in compliance with this Work Letter for value engineering purposes and Tenant acknowledges that any such changes may result in Tenant Delay as further provided herein.
​
4.Tenant Delay. In addition to any other occurrence expressly defined in the Lease or in this Work Letter as Tenant Delay, “Tenant Delay” means the occurrence of any one or more of the following which cause a delay in the completion of Landlord’s Work: (i) Tenant is Delinquent (as hereafter defined) in submitting to Landlord any information, authorization or approvals requested by Landlord in connection with the performance of Landlord’s Work; (ii) the performance or completion of any work or activity by a party employed by Tenant, including any of Tenant’s employees, agents, contractors, subcontractors and materialmen, provided that Landlord first notifies Tenant of the occurrence of such Tenant Delay upon its receipt of actual notice of such Tenant Delay; (iii) any postponements or delays requested by Tenant and agreed to by Landlord regarding the completion of the Landlord’s Work; (iv) any error in Landlord’s Work caused by any act or omission by Tenant or its employees or agents where Tenant has a duty act under this Lease, provided that Landlord first notifies Tenant of the occurrence of such Tenant Delay upon its receipt of actual notice of such Tenant Delay; (v) the performance of any TI Changes (as defined below) provided that in connection with the approval of such TI Changes Landlord provides Tenant with a non-binding estimated amount of the Tenant Delay that may result from such TI Change; or (vi) any other act or omission of the Tenant, where Tenant has a duty to act under the Lease or where Tenant has interfered with Landlord’s Work, which causes a delay in the completion of Landlord’s Work, provided that Landlord first notifies Tenant of the occurrence of such Tenant Delay upon its receipt of actual notice of such Tenant Delay. For the purposes of this Section, the term “Delinquent” shall mean that the action or communication
​
​

Exhibit E - 3

​

​
required of Tenant is not taken within five (5) business days following written request (which may be sent via electronic mail to Tenant’s Authorized Representative by Landlord’s Authorized Representative, so long as such e-mail contains a clear statement that a failure to respond within such five (5) business day period may gave rise to Tenant Delay hereunder) by Landlord unless a longer period of time is expressly specified in this Work Letter. For purposes hereof, Andy Dulac and Chris Flagg (e-mail: [***]) shall be Landlord’s Authorized Representatives; and Scott Hemphill (e-mail: [***]) shall be Tenant’s Authorized Representatives.
​
5.Changes to Landlord’s Work. Tenant will have no right to make any changes (“TI Changes”) to the Site Plan or Landlord’s Work without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned, or delayed, and the execution by Landlord and Tenant of a written change order which specifies (i) the nature of the TI Changes and (ii) an estimate of the cost to Tenant as a result of such TI Changes. Tenant shall be solely responsible for the Costs of all TI Changes to the extent in excess of the Landlord’s Work Cost Cap including a construction management fee of five percent (5%) of the total costs of all TI Changes in excess of the Landlord’s Work Cost Cap (when aggregated with all other Costs of Landlord’s Work), and, until Landlord has incurred Costs equal to the Landlord’s Work Cost Cap (in which event such Costs shall be borne by Landlord and Tenant pro rata in accordance with the terms and conditions of Section 1 of this Work Letter), Tenant shall pay such Costs as Additional Rent within 30 days following invoice as such work progresses, such invoices to be issued no more than once each month as such work progresses, together with reasonable back-up evidencing such Costs).
​
Within 90 days following the completion of the Landlord’s Work, Landlord shall provide Tenant with a final reconciliation of all Costs, with reasonable back-up evidencing the same, and Tenant and Landlord shall make any final adjustments necessary to ensure that Tenant has paid the final amount of Costs actually due hereunder.
​
6.Prior Access. Not later than thirty (30) days prior to Substantial Completion of Landlord’s Work, Landlord shall provide Tenant access to the Premises to install furniture systems, fixtures, equipment and telephone/data equipment (collectively, “Tenant’s Work”) in preparation for Tenant’s occupancy of the Premises. Such access shall be subject to scheduling by Landlord in a reasonable manner intended to permit Landlord to timely Substantially Complete the Landlord’s Work and for Tenant to timely complete the Tenant’s Work prior to the Commencement Date, without use of overtime labor. In connection with such access, Tenant agrees (a) to cease promptly upon notice from Landlord any Tenant’s Work which has not been approved by Landlord, where such approval is required, or is not in compliance with the provisions of this Lease or which shall interfere with or delay the performance of Landlord’s Work (the mere performance of such work in accordance with Landlord’s schedule not being deemed to result in any such delay), and (b) to comply promptly with all reasonable procedures and regulations prescribed by Landlord from time to time for coordinating the Landlord’s Work and the Tenant’s Work, each with the other and with any other activity or work in the Building. Such access by Tenant shall be deemed to be subject to all of the applicable provisions of the Lease, except that
​
​

Exhibit E - 4

​

​
there shall be no obligation on the part of Tenant solely because of such access to pay Base Rent or Additional Rent with respect to the Premises until otherwise required by the terms of the Lease. Without limiting the foregoing, prior to accessing the Premises, Tenant shall provide to Landlord, in form and substance reasonably acceptable to Landlord: (i) a detailed description of and schedule for Tenant’s Work; (ii) the names and addresses of all contractors, subcontractors and material suppliers and all other representatives of Tenant who or which will be entering the Premises on behalf of Tenant to perform Tenant’s Work or will be supplying materials for such work, and the approximate number of individuals, itemized by trade, who will be present in the Premises; (iii) [Intentionally Omitted]; and (iv) certificates of insurance (in amounts required by the Lease and with the parties identified in, or required by, the Lease named as additional insureds).
​
If Tenant fails or refuses to comply or cause its contractors to comply with any of the obligations described or referred to above, then immediately upon notice to Tenant, Landlord may revoke Tenant’s right to access the Premises prior to the date of Substantial Completion of Landlord’s Work. Landlord shall assume no responsibility for the quality or completion of the Tenant’s Work under this Section, and shall not be responsible for equipment or supplies left or stored in the Premises by Tenant or Tenant’s contractors except to the extent of Landlord’s or its agents or their respective employees’ gross negligence or willful misconduct. Tenant’s access to the Premises pursuant to this Section shall be at the sole risk of Tenant except as expressly set forth herein.
​
​

Exhibit E - 5

​

Schedule 1
​
Landlord’s Work Milestones
​
	​

	​

	​

	Action Items:
	Estimated Dates:

	​
	​
	​

	1.
	Obtain Development Set Permit Plans
	On or before one (1) month from Landlord’s

	​
	​
	approval in writing of the initial Site Plan.

	​
	​
	​

	2.
	Obtain building permit
	On or before one (1) month from completion

	​
	​
	of Development Set Permit Plans.

	​
	​
	​

​
​
​

Exhibit E - 1

​

​
Schedule 2
​
	1.
	Expense
	Amount

	2.
	A&E Fees
	​

	3.
	Construction Costs (GMP) (sum of
	​

	​
	(a)-(c))
	​

	​
	a) Contractor’s fee
	​

	​
	b) General Conditions
	​

	​
	c) Labor & Materials
	​

	4.
	Building Permit (if not by Contractor)
	​

	5.
	Insurance
	​

	6.
	Landlord’s CM Fee (5%)
	​

	​
	​
	​

​
​

​

​

​
EXHIBIT F
​
Superior Rights
​
[NONE]
​
​

​

​

​
EXHIBIT G
​
LETTER OF CREDIT
​
[SEE ATTACHED]
​
​

​

​

​
	​

	​

	BANK OF AMERICA - CONFIDENTIAL
	PAGE: 1

	DATE: [***]
	​

	IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER:
	[***]

​
	APPLICANT
	BENEFICIARY

	UNIQURE, INC
	NRL 91 HARTWELL LLC.

	113 HARTWELL AVENUE
	610 WEST 26TH STREET, SUITE 910

	LEXINGTON MA 02421
	NEW YORK, NY 10001

	​

	​

	​

	ISSUING BANK

	​
	BANK OF AMERICA, N.A.

	​
	ONE FLEET WAY

	​
	PA6-580-02-30

	​
	SCRANTON, PA 18507-1999

	AMOUNT
	​

	NOT EXCEEDING USD 112,851.51
	​

	NOT EXCEEDING ONE HUNDRED TWELVE THOUSAND EIGHT HUNDRED FIFTY ONE AND

	51/100’S US DOLLARS
	​

​
EXPIRATION
DECEMBER 29, 2022 AT OUR COUNTERS
​
WE HEREBY ISSUE THIS IRREVOCABLE LETTER OF CREDIT NO. ________ IN YOUR FAVOR, FOR THE ACCOUNT OF APPLICANT, FOR UP TO AN AGGREGATE AMOUNT OF USD $112,851.51 AVAILABLE BY YOUR DRAFT(S) DRAWN ON US AT SIGHT, ACCOMPANIED BY THE FOLLOWING:
​
1. BENEFICIARY'S WRITTEN, DATED STATEMENT ON BENEFICIARY LETTERHEAD SIGNED BY AN AUTHORIZED SIGNATORY READING:
​
"BENEFICIARY IS PERMITTED TO DRAW ON THIS LETTER OF CREDIT UNDER THE EXPRESS TERMS OF THE LEASE DATED _______________, BY AND BETWEEN UNIQURE, INC. AND NRL 91 HARTWELL LLC."
​
2. THE ORIGINAL OF THIS LETTER OF CREDIT AND AMENDMENT(S), IF ANY.
​
PARTIAL AND MULTIPLE DRAWINGS ARE PERMITTED.
​
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT IS DEEMED TO BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR PERIOD(S) OF ONE YEAR EACH FROM THE CURRENT EXPIRY DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY EXPIRATION DATE, WE NOTIFY YOU BY REGISTERED MAIL OR OVERNIGHT COURIER AT THE ABOVE LISTED ADDRESS THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT EXTENDED FOR ANY SUCH ADDITIONAL PERIOD. HOWEVER, IN NO EVENT SHALL THIS LETTER OF CREDIT BE AUTOMATICALLY EXTENDED BEYOND JANUARY 31, 2035.
​
ANY SUCH NOTICE SHALL BE EFFECTIVE WHEN SENT BY US AND UPON SUCH
​

​

​

​
	​

	​

	BANK OF AMERICA - CONFIDENTIAL
	PAGE: 2

	​
	​

	THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER:
	[***]

​
NOTICE TO YOU, YOU MAY DRAW AT ANY TIME PRIOR TO THE THEN CURRENT EXPIRATION DATE, UP TO THE FULL AMOUNT THEN AVAILABLE HEREUNDER, AGAINST YOUR DRAFT(S) DRAWN ON US AT SIGHT AND THE ORIGINAL OF THIS LETTER OF CREDIT AND ALL AMENDMENTS THERETO, ACCOMPANIED BY YOUR STATEMENT, SIGNED BY AN AUTHORIZED SIGNATORY, ON YOUR LETTERHEAD STATING THAT YOU ARE IN RECEIPT OF BANK OF AMERICA, N.A.'S NOTICE OF NONEXTENSION UNDER LETTER OF CREDIT NO. ________ AND THE APPLICANT'S OBLIGATION TO YOU REMAINS.
​
THIS LETTER OF CREDIT IS TRANSFERABLE IN FULL AND NOT IN PART. ANY TRANSFER MADE HEREUNDER MUST CONFORM STRICTLY TO THE TERMS HEREOF AND TO THE CONDITIONS OF RULE 6 OF THE INTERNATIONAL STANDBY PRACTICES (ISP98) FIXED BY THE INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 590.
​
SHOULD YOU WISH TO EFFECT A TRANSFER UNDER THIS CREDIT, SUCH TRANSFER WILL BE SUBJECT TO THE RETURN TO US OF THE ORIGINAL CREDIT INSTRUMENT, ACCOMPANIED BY OUR FORM OF TRANSFER, PROPERLY COMPLETED AND SIGNED BY AN AUTHORIZED SIGNATORY OF YOUR FIRM, BEARING YOUR BANKERS STAMP AND SIGNATURE AUTHENTICATION, SUCH TRANSFER FORM IS ATTACHED HERETO. TRANSFER CHARGES ARE FOR THE ACCOUNT OF THE APPLICANT AND PAYMENT OF SAME SHALL NOT BE A CONDITION TO TRANSFER.
​
DRAFT(S) MUST STATE: "DRAWN UNDER BANK OF AMERICA, N.A. STANDBY L/C NO. ________ DATED _____________________."
​
DRAFTS AND DOCUMENTS MUST BE PRESENTED AT OUR OFFICE VIA COURIER ADDRESSED: BANK OF AMERICA, N.A., 1 FLEET WAY, SCRANTON, PA 18507-1999, ATTN: GTO - STANDBY DEPT.
​
PRESENTATION OF DRAFTS DRAWN HEREUNDER MAY ALSO BE MADE VIA FACSIMILE TO [***] (IF PRESENTED BY FAX IT MUST BE FOLLOWED UP BY A PHONE CALL TO US AT [***] TO CONFIRM RECEIPT). ANY SUCH FACSIMILE DOCUMENTATION SHALL NOT REQUIRE PRESENTATION OF THE ORIGINAL DOCUMENTATION BY MAIL.
​
WE HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON DUE PRESENTATION TO US.
​
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), THE INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 590.
​
​

​

​

​
	​

	​

	BANK OF AMERICA - CONFIDENTIAL
	PAGE: 3

	​
	​

	THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 
	[***]

​
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL [***] .
​
[***]
​
AUTHORIZED SIGNATURE
​
THIS DOCUMENT CONSISTS OF 3 PAGE(S).

​

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