Document:

TENANCY AGREEMENT, DATED 2/21/2001

 Exhibit 10.45 
  
 The following 
  
 Tenancy Agreement 
  
 for commercially used rooms 
  
 is herewith concluded between 
  
 Coley Pharmaceutical GmbH 
  
 Elisabeth-Selbert-Strasse 9 
 D-40764
Langenfeld 
 Germany 
  
 Represented by the Managing Director 
  
 Dr. Joachim Schorr 
  
 Business address: 
 Elisabeth-Selbert-Strasse 9 
 D-40764 Langenfeld, Germany 
  
 (hereinafter referred to as “Tenant”) 
  
 and 
  
 G.-L. Gewerbepark Langenfeld KG 
  
 Bokelstr. 10 
 D-33649 Bielefeld 
 Germany 
  
 Represented by the personally liable Managing Director 
  
 Mr. Georg Loer 
  

 Business address: 
 Elisabeth-Selbert-Strasse 1 
 D-40764 Langenfeld, Germany 
  
 (hereinafter referred to as “Landlord”) 
  

  
 I. Rented Property

  
 § 1 Size and location of the rented property

  
 The Landlord lets to the Tenant 
  
 offices on the ground floor of the 4th BA, size 371 sq.m., of the premises

  
 Elisabeth-Selbert-Str. 5 in 40764 Langenfeld, 
  
 in conformity with Annex 1 of the Tenancy Agreement (drawing), as well as

 10 car parking spaces on the outside grounds 
 and 5 spaces in the pallet parking area. 
  
 The
description of the building - Annex 2 - forms an integral part of this Agreement. 
  
 The rented area is calculated from the inside edge of the outside wall plus, proportionally, the entrance hall, foyer, staircase well and functional areas. The position of the inside walls will be co-ordinated with the Landlord in
conformity with the requirements of the Tenant to the extent that the desired changes conform with the standard planning concept. 
  
 The specified area dimensions were established on the basis of the planning documents. In the event that the specified dimensions deviate from the actual dimensions of
the area, then the rent and the area-dependent apportioned charges will be increased or diminished in the same ratio as the actual and specified areas. Insignificant deviations (up to +1% of the size of the area) will not be taken into
account. 
  
 § 2 Manner and use by the Tenant

  
 The areas are let, without competition protection, for the operation of an
administration within the framework of the development of medicines. 
  
 The
Tenant cannot use other parts of the property and building without the previous consent of the Landlord. 
  
 The keys that are necessary for access to the rented areas will be handed over to the Tenant for the duration of the tenancy. 
  

 - 2 - 

 The Tenant must immediately notify the Landlord in the event that the keys are lost or when the Tenant procures keys.

  
 The keys handed over to the Tenant must be returned when the tenancy ends.
Furthermore, any keys that the Tenant may have had made at his expense must be handed over free of charge to the Landlord, or proof of their destruction must be furnished. 
  
 For reasons of safety for the entire property in the event that keys handed over to, or procured by, the Tenant are lost, the Landlord shall
be entitled to have new locks fitted, and have the necessary number of keys cut, at the expense of the Tenant; this provision applies accordingly to a central locking system for the property. 
  
 II. Tenancy period, commencement and end of the tenancy

  
 § 3 Tenancy period 
  
 The tenancy commences after completion, probably on 15.03.2001, and ends on 31.03.2006, or
later if the commencement of the tenancy was deferred. The basic tenancy period is at least five years. 
  
 If the commencement of the tenancy is postponed for more than 4 weeks, then the Tenant shall be entitled to terminate the Agreement for an important reason. The Tenant is entitled to claim compensation from GOLDBECK
Bau GmbH if the commencement of the tenancy is postponed for reasons that GOLDBECK Bau GmbH has to justify. The Tenant can only assert compensation to the extent that it can be proven and documented. 
  
 In such instances compensation is asserted against the general contractor GOLDBECK Bau GmbH
Langenfeld. To confirm this provision and the resulting obligations GOLDBECK Bau GmbH Langenfeld will also sign the Tenancy Agreement. 
  
 The Tenant can request that the tenancy be extended once by 5 years beyond the agreed tenancy period provided that the Tenant’s option right is exercised at the
latest twelve months prior to the expiry of the agreed tenancy period. Orderly notice of termination during the basic term of the Agreement (probably until 31.03.2006) is herewith excluded. Moreover, the Tenant waives the right of orderly notice of
termination for another five years after the basic term. 
  

 - 3 - 

 Notice of termination, objection to an extension of the tenancy, and the assertion of an agreed extension option, must be
in writing. The moment a notice is considered to have been filed in due time is not when the notice was dispatched but rather when it was received by the other party. 
  
 After the tenancy has been terminated it is no longer possible to consider an implicit extension in conformity with § 568 BGB
(German Civil Code). 
  
 In the event that, contrary to expectations, major
parts of the rented property have not been completed, or has not been vacated by the previous tenant, when the tenancy is stipulated to commence, then the beginning of the rental period will be deferred until completion or vacation. Liability of the
Landlord according to § 571, Section II BGB, is herewith excluded. 
  
 § 4 Extraordinary right of termination of the Landlord 
  
 The Landlord can terminate the tenancy with immediate effect, i.e. without observing the notice period, on the basis of the provisions of the German Civil Code. Moreover, it can be terminated with immediate effect in the event of
infringements of § 14 of this Tenancy Agreement or for an important reason. 
  
 Notice of termination must be in writing. 
  
 § 5
Terminating the tenancy 
  
 The rented property must be vacated, completely
cleaned and returned in the contracted state, together with all keys, when the rental period has expired. Any necessary decorative repairs must have been completed by the Tenant by the time the rented property is handed back. 
  
 In the event of non-fulfilment, the Landlord will be entitled to have the extent of the
necessary work or costs established by a cost estimate submitted by a specialised company. Such cost estimates will be handed over to the Tenant. In the event that the Tenant fails to complete the necessary decorative repairs within the set time
limit, and with the threat of refusal, the Landlord shall be entitled to commission the work on the basis of the cost estimates at the expense of the Tenant. 
  

 - 4 - 

 To re-establish the original state the Landlord can demand that facilities and equipment of the Tenant be removed, and
that constructional changes be reversed, at the expense of the Tenant. 
  
 Late
return of the rented property places the Tenant under the obligation to pay for the duration of retention compensation amounting to the agreed rent, or the rent that is customary for comparable rooms in the locality, or amounting to the rent agreed
with the subsequent tenant, depending on the Landlord’s option. Compensation for delayed return of the rented property must be effected for a whole month. This does not exclude the right to assert further on-going compensation. This is
particularly the case in the event that the Tenant refuses to carry out decorative repairs and other repair work for which the Tenant is liable. 
  
 In the event of premature termination of the tenancy which the Tenant has to justify, then the Tenant shall be liable for the loss of rent, as well as for any attendant
costs and other damage incurred by the Landlord as a result of the vacancy of the rented property during the contractual rental period. 
  
 III. Rent and attendant expenses 
  
 § 6 Rent 
  
 The monthly rent at the commencement of the tenancy is DM 10,785.10 
 (in
words: DM ten thousand seven hundred and eighty five 10/100), classified as follows: 
  

											
	 a.) Basic rent
	  	 	 	 	  	 	  	 	  	 
	 Office space
	  	371.00 m2	 	DM	  	17.50	  	DM	  	6,492.50
	 Cooling
	  	371.00 m2	 	DM	  	1.50	  	DM	  	556.50
	 Parking spaces
	  	10 spaces	 	DM	  	50.00	  	DM	  	500.00
	 Parking spaces in
	  	 	 	 	  	 	  	 	  	 
	 Pallet parking
	  	5 spaces	 	DM	  	90.00	  	DM	  	450.00
	 	  	
	 	
	  	
	  	
	  	

	 	  	 	 	 	  	 	  	DM	  	7,999.00
	 b.) Advance payment of attendant expenses
	  	 	 	 	  	 	  	 	  	 
	 Office space
	  	371.00 m2	 	DM	  	3.50	  	DM	  	1,298.50
	 	  	 	 	 	  	 	  	DM	  	1,298.50
	 c.) Basic rent + advance payment of attendant expenses
	  	 	 	 	  	 	  	DM	  	9,297.60
	 d.) Currently valid value-added-tax 16%
	  	 	 	 	  	 	  	DM	  	1,487.60
	 	  	
	 	
	  	
	  	
	  	

	 Total monthly amount
	  	 	 	 	  	 	  	DM	  	10,785.10

  
 “Cooling” forms an integral
part of the basic rent. 
  
 Changes to the basic rent are governed by § 8 of
the Tenancy Agreement. 
  

 - 5 - 

 The Landlord opts for turnover tax on rented premises. Consequently, the implicit basis of the contract is that the
Tenant only effects transactions that do not exclude input tax deduction or where the share of such transactions is below the fiscally permissible minimal limit. 
  
 At the request of the Landlord the Tenant will submit, within 30 days, a corresponding letter of confirmation from the Tenant’s tax
adviser. In the event that the tax-free transactions exceed the minimal limit of 5%, the Landlord shall then be entitled to immediately terminate the tenancy without notice. Moreover, the Tenant will be obliged to pay compensation equalling the
fiscal disadvantages sustained by the Landlord as a result of the contravention of this provision. 
  
 § 7 Attendant expenses 
  
 The settlement of accounts will be analogous to the particulars of the 3rd Ordinance Relating to Housing Calculations § 27, Annex 3, in the given valid version (II, BV) which, as an annex, forms an integral part of this Tenancy
Agreement. 
  
 A monthly advance payment is levied on the attendant expenses. It
currently amounts to DM 3.50/sq.m. per month for the office space. The Landlord will render the attendant costs accounts once a year. When attendant costs deviate by more than 15% above or below the advance payment amount, then the advance payments
can be readjusted accordingly if this is demanded by one of the parties. The Landlord is entitled to change the accounting period for reasons of convenience. 
  
 Type of attendant expenses - Composition, readings and accounting 
  
 Heating and water supply: 
  
 By consumption - The Tenant’s rented area will be equipped with separate heating and water circuits with electronic or analog meters or technical metering facilities
that comply with given standards and the requirements of the premises. Temperature control is effected within the rented area. 
  
 The Landlord reserves the right to commission an outside company with the installation and permanent maintenance of the technical meter reading facilities; this also
applies to consumption-dependent accounting of the attendant expenses. 
  

 - 6 - 

 Hot-water supply: 
  
 The hot-water supply is centralised within the rented area by under-worktop units, continuous-flow water heaters and the like. The Tenant bears the power costs.

  
 Cost of drainage/waste water: 
  
 The amount of waste water is the result of the used amount of fresh water indicated by the
cold-water meters. 
  
 Surface-water drainage is based on the square meters of
rented area. 
  
 Apportioned by square meters of rented area: 
  

	 	•	 	Cooling 

  

	 	•	 	Property tax 

  

	 	•	 	Waste disposal service 

  

	 	•	 	Road cleaning 

  

	 	•	 	Insurance premiums 

  

	 	•	 	Cleaning the building (general areas/facade) 

  

	 	•	 	Maintenance of the outdoor grounds 

  

	 	•	 	Winter service 

  

	 	•	 	Fire-alarm system 

  

	 	•	 	Cost of the RWA installation 

  

	 	•	 	General power costs, general lighting 

  

	 	•	 	Lift installation costs 

  

	 	•	 	Caretaker services 

  

	 	•	 	Cost of third-party administration 

  
 Fire extinguishers: 
  
 Fire extinguishers must be provided by the Tenant for the rented floor area in the legally stipulated manner and quantity. The Tenant will bear the associated costs. 
  
 Other attendant costs: 
  
 In the event of changes in the sense of Annex 3 concerning § 27, Section 1, of the Calculation Ordinance, the Landlord reserves the
right to apportion new arising or incurring operating expenses/attendant costs by a standard distribution ratio. 
  
 In so far as the Landlord incurs special costs as a result of the use of the property (e.g. surcharge for fire insurance, additional waste bins), then the full amount of
these costs will be apportioned to the tenants. 
  

 - 7 - 

 The apportionment ratio can be changed according to the Landlord’s reasonably exercised discretion if this is
required for reasons of proper administration of the economic unit. 
  
 The
Landlord is entitled to apportion an increase of operating costs to the tenants by way of a corresponding written declaration that must specify and explain the reason for cost apportionment. In the event of retrospective increases of the operating
costs, the Landlord’s declaration will take effect from the moment in time of the increase. 
  
 § 8 Changing the rent 
  
 Automatic value guarantee 
  
 When the index of the
overall cost of living of all private households in Germany is changed by the Federal Office of Statistics (basis 1995 = 100), future changes by at least 7.5 points compared with the price index applicable to the Tenancy Agreement when it was
concluded, will change the basic rent in the same ratio, starting with the month following the change. This provision is repeatedly applicable if the aforementioned preconditions prevail, proceeding from the moment in time of the immediately
preceding rent change. 
  
 Rent increases arising after the conclusion of the
agreement for value improvement provably to the benefit of the tenants and which were borne by the Landlord will be taken into account in the following manner under application of the stable value clause: 
  
 The necessary change of the price index is rated on the basis of the state of value
improvement at the moment in time when the price increase becomes effective. The change of the price index is based on the increased rent brought about by the improvement in value. 
  
 § 9 Insurance 
  
 The furnishings and inventory (possibly stocks of merchandise and the like) to be installed and housed in the commercial rooms with the approval of the Landlord must be
insured against elementary damage and burglary by the Tenant. The insurance must be concluded before the commencement of the tenancy, and the Tenant must give the Landlord a copy of the insurance contract before the tenancy commences. 
  

 - 8 - 

 § 10 Collateral security 
  
 The Tenant is committed irrevocably to the following collateral security to cover all demands of the Landlord: 
  
 Provision of an absolute, irrevocable and unconditional guarantee that is
not limited in time, and waiving the right of depositing with a major bank or a public savings bank, a security amounting to three months rent, including the attendant costs and valid V.A.T., prior to the handover of the rented property.

  
 If, in spite of a corresponding reminder, the Tenant fails to provide the
collateral security prior to the handover of the rented property, then the Landlord will be entitled to withdraw from the Tenancy Agreement. In the event that fittings according to the Tenant’s requirements are to be installed, then the
collateral security must be provided before the building work commences. 
  
 The
security will be returned following the end of the tenancy agreement as soon as it is established that the Landlord has no claims against the Tenant. 
  
 § 11 Payment of rent and attendant expenses 
  
 The entire monthly rent, including the attendant expenses (and turnover tax) must be paid in advance, at the latest by the 3rd workday of the month, into the account of
G.-L. Gewebepark Langenfeld KG, with the Langenfeld Stadt Sparkasse, Account No.: 129577, Bank Code 37551780. 
  
 The Tenant is obliged to have the rent paid by direct debit at the request of the Landlord. 
  
 The date the amount is transferred is authoritative for payment in due time. The Tenant cannot deduce from repeated late payments the right to late rent payment. Late
payments entitle the Landlord to charge dunning fees and interest on defaults of payment and, possibly, to terminate the tenancy without prior notice. 
  
 If, in addition to the main payment, the Tenant also owes interest and expenses, then a redemption provision is only effective if performance is first charged against the
costs, followed by the interest and finally the main payment. The Landlord can refuse the acceptance of payment if the Tenant stipulates a different manner of settlement. 
  

 - 9 - 

 All DM amounts listed in this Tenancy Agreement can also be paid in the equivalent EURO value until 31.12.2001, but only
by way of cashless transfers. 
  
 § 12 Reduction, set-off,
right of retention 
  
 The legal stipulations are applicable. Set-off against
attendant costs, or a reduction of the attendant costs, by the Tenant is not permissible. 
  
 IV. Implementation of the tenancy 
  
 § 13 Heating and hot-water supply 
  
 The Landlord undertakes to operate the joint heating system to the customary extent. Outside the heating period operation will depend upon the Landlord’s reasonably exercised discretion. 
  
 § 14 Using the rented property 
  
 The Tenant undertakes to treat the rented property and the communal parts of the building,
grounds and facilities with due care. The Tenant must exercise the utmost consideration within the framework of the contractual use of the rented property. The Tenant has accepted the House Rules. 
  
 The Tenant is obliged to create, at the Tenant’s expense, the preconditions for the
operation of a business in the contractually envisaged manner of use, and to maintain these throughout the tenancy period. This rule applies accordingly to constructional changes completed by the Tenant. 
  
 This does not affect the obligation of the Landlord to establish the contractual conditions
specified in § 1 of this Tenancy Agreement. 
  
 The Landlord does not accept
any liability for the observance of these preconditions. The Tenant cannot claim cessation of the contractual basis in the event of non-fulfilment of the afore-mentioned preconditions. 
  
 The Tenant must not use the rented property for any other purpose than those stipulated without the previous consent of the Landlord. The
Tenant must not use anything that was not leased with this Tenancy Agreement. 
  

 - 10 - 

 Any change or substantial expansion of the type of business or business branch, as well as sub-letting and partial or
complete transferral of use of the rented rooms to third parties, are prohibited without the previous approval of the Landlord. This applies especially to a change of company ownership or legal form of the Tenant. 
  
 Failure of the Landlord to give approval does not entitle the Tenant to terminate the
tenancy. 
  
 Approval can only be withheld for an important reason. 
  
 § 15 State of the rented property, maintenance, decorative repairs

  
 The Tenant takes over the rented property in the condition that follows
acceptance of completion as contractually conform and ready for occupation. In the course of the detailed inspection during hand-over, a hand-over protocol will be drawn up specifying all work that still has to be completed and which the Landlord
will have completed within a reasonable period of time if the Landlord is responsible for the given work. The Tenant must immediately notify the Landlord if faults become apparent at a later date. 
  
 The Tenant is obliged to maintain the rented property, including rented equipment and
furnishings, to the extent indicated hereinafter: 
  
 The Tenant must have the
rented property properly cleaned and, depending on the equipment and furnishings, ensure that it is heated and ventilated. Furthermore, the Tenant undertakes to have electrical and gas appliances that are included as accessories in the rented
property, maintained by a specialist at the Tenant’s expense. The Tenant must furnish proof of the completed maintenance work when requested by the Landlord. 
  
 The Tenant will also bear the cost of minor maintenance work (repairs) up to a maximum annual amount of DM 800.00 for objects that are
subject to the Tenant’s direct access. The price increase rates of the value improvement agreement are likewise subject to maximization. 
  
 Furthermore, the Tenant is obliged to have running decorative work competently completed as soon as this becomes necessary as a result of the level of wear. This is also
applicable when the tenancy is terminated. 
  

 - 11 - 

 § 16 Structural changes and other measures 
  
 The Tenant can only undertake constructional changes and other alterations, and create new
facilities, after first obtaining the Landlord’s consent. 
  
 Changes carried
out without the consent of the Landlord must be immediately reversed to re-establish the original state at the expense of the Tenant when demanded by the Landlord. After a warning with a reasonable time limit has passed in vain, the Landlord will
then be entitled to have the work completed at the expense of the Tenant. 
  
 The
right of the Landlord to demand that the original condition be re-established at the expense of the Tenant when the tenancy is terminated is not nullified by the fact that the Landlord gave his consent to a Tenant’s constructional change. The
Tenant is liable for all damage associated with all measures carried out by the Tenant. 
  
 § 17 Liability of the Tenant 
  
 The
Tenant is liable vis-à-vis the Landlord for damage to the rented rooms and the economic unit, as well as for damage caused to the rented rooms or the equipment and furnishings belonging to the economic unit by the Tenant’s company or
persons, workers, employees, visitors, customers and suppliers in connection with the Tenant’s business, or by craftsmen commissioned by the Tenant. The Tenant has to prove that it is free of culpable behaviour regarding the rooms, equipment
and furnishings in their care. 
  
 Before heavy objects, machines, equipment and
other facilities are installed in the rented rooms, the Tenant must verify that the permissible load of the intermediate floor is not exceeded. Any calculations that may be necessary for this purpose must be drawn up at the Tenant’s expense and
submitted to the Landlord upon request. Any approvals for change of use required in this context will be at the expense of the Tenant. 
  
 In the event that mobile partition walls are used, the Tenant will be liable for any damage caused to the wall surfaces as a result of incorrect use. Special facilities
can be used to secure pictures, etc., to the walls. More detailed information on the existing capabilities in this respect are available from : 
  
 Mr. Loer, Konstruktion, GOLDBECK Bau GmbH Langenfeld 
 Tel. ++49 (0) 2173 94458 0. 
  
 The cost of such mounting facilities will
be borne by the Tenant. 
  

 - 12 - 

 Detrimental effects of an installation to the building, such as vibrations and cracks, as well as unhealthy effects such
as unreasonable irritation of other people, entitle the Landlord to withdraw a given consent and enforce a prohibition in so far as the effects are unavoidably linked with the operation of the given installation. 
  
 The Tenant is liable vis-à-vis the Landlord for damage to buildings, installations,
equipment and the premises in general caused by the Tenant’s vehicles or vehicles operating in connection with the Tenant. Vehicles of the Tenant may only be parked in their assigned spaces with the consent of the Landlord, while alien vehicles
may only be parked on the premises for the time that is necessary for their loading and unloading. 
  
 The Tenant is obliged to maintain safe conditions in the rented rooms, the jointly rented facilities and areas, customer parking spaces, garage entries, access points and the traffic areas in front of the rented
rooms. Operational dirt must be immediately removed by the Tenant. 
  
 The Tenant
is always under the obligation to scatter appropriate de-icing agents when black ice is formed on the traffic areas in front of the rented rooms. This obligation to exercise due care is also applicable in the event that it is quite obvious that the
snow clearing service will not arrive in time to clear the danger of snow and black ice on the property. An appropriate de-icing agent will be provided at a readily accessible point. 
  
 § 18 Advertising measures 
  
 The Tenant is entitled to install a company sign in a size and design that matches the ambience and style of the building only in
co-ordination and with the approval of the Landlord. After all units have been occupied it is envisaged to install a joint advertising installation for all tenants at the expense of all tenants. 
  
 § 19 Entry of the rented property by the Landlord 
  
 After a corresponding appointment has been made, the Landlord, and parties commissioned by
the Landlord, are entitled to enter the rented rooms during office hours to verify their state. In the event that the Landlord intends to sell or relet the premises, then the Landlord and parties commissioned by the Landlord will be entitled to
enter the rented rooms during the same hours. 
  

 - 13 - 

 The Tenant must ensure that the rented rooms are accessible for entry also during prolonged absence. If the Landlord
thinks there is a reasonable suspicion that the rented rooms are not being properly used, or objects that are subject to the Landlord’s lien are to be removed, or in the event of an imminent danger, then the Landlord or parties commissioned by
the Landlord have the extraordinary right to enter the rented property. 
  
 V. Other stipulations and concluding provisions 
  
 § 20 Aggregate of persons 
  
 Several tenants are jointly and
severally liable for the liabilities arising out of the tenancy. 
  
 A declaration
of intent given by the Landlord to a tenant is sufficient for it to be legally effective. The tenants empower each other to accept the declaration of intent of one tenant also for and against other tenants. The above provisions also apply to
contractual amendments and for receiving notices. 
  
 The premature discharge of a
tenant from this duty requires the previous written consent of the Landlord in each individual case. 
  
 Declarations of intent by the Landlord also become effective if they are delivered by the owner or by an administrator commissioned by the owner. 
  
 § 21 Amendments and supplements 
  
 Subsequent amendments and supplements to this Tenancy Agreement must be in a written contractual form. This also applies to dispensing with
the written form requirement. Amendments only change the specifically mentioned provisions. All the other provisions of the basic Tenancy Agreement remain unaffected by supplements. 
  
 § 22 Effectiveness of the contractual provisions 
  
 If, in the course of contract interpretation by reinterpretation or attribution to an effective core, one or more provisions of this Tenancy
Agreement become invalid, then this shall not affect the validity of the remaining provisions of this Agreement. The ineffective provision should be replaced by a provision that comes closest to the original economic and legal intent of the
ineffective provision. 
  

 - 14 - 

 This Tenancy Agreement has been drawn up in two identical copies which have been read, approved and signed in person.
Both contractual parties have received a copy. 
  

			
	Langenfeld, 21.02.2001	 	((signature and stamp))
		
	Signature of Tenant	 	 
		
	Bielefeld, 21,02.2001	 	((signature and stamp))
		
	Signature of the Landlord	 	 
		
	LANGENFELD, 21.2.2001	 	 
		
	((stamp and signature))	 	 
		
	GOLDBECK Bau GmbH Langenfeld	 	 

  
 Annexes: 
 DIN A4 Drawings (Annex 1) 
 Description of the Building (Annex 2) 
 Annex 3 relating to § 27 of II. BV (Annex 3) 
 Attendant Costs (Annex 4) 
 House Rules (Annex 5) 
  

 - 15 -TENANCY AGREEMENT DATED 6/28/2000

 EXHIBIT 10.46 
  
 The following 
  
 Tenancy Agreement 
  
 for commercial rooms is concluded 
  
 between 
  
 Paeschke Immobilien- und Vermögensverwaltungen GmbH & Co. KG, 
 Düsseldorfer Strasse 16, 40764 Langenfeld, 
  
 represented by 
  
 Paeschke Haus- und
Grundstücksverwaltungen GmbH, 
 Bahnhofstrasse 43, 40764 Langenfeld, 
 - Landlord - 
  
 and 
  
 CpG ImmunoPharmaceuticals GmbH, 

Max-Volmer-Strasse 4, 40724 Hilden 
  
 represented by 
  
 Dr. Joachim Schorr, Managing Director 
 - Tenant - 
  
 § 1 Rented rooms 
  

	1.	Office and laboratory rooms for commercial use, Elisabeth-Selbert-Strasse No.     , 40764 Langenfeld 

      office rooms,      corridors, 1 women’s WC, 1 gents’ WC and 10 outside car
parking spaces 
  

	2.	Size of the rented office area
                                        
                            approx. 787.00 sq.m. 

  

	3.	Rented as accessories (e.g. furnishings) 

 (See Handover
Protocol) 
  

	4.	Available for communal use: proportional entrance area  ......... 

  

	5.	The following keys will be handed over to the Tenant, either immediately or when the Tenant moves in: 

 (See Handover Protocol) 
  

	6.	The Landlord does not guarantee that, beyond the criteria stipulated in the description of the building, the rented rooms comply with the general technical requirements, legal
regulations and requirements of the authorities for the intended purpose of renting. The Tenant is responsible for ensuring that the requirements of authorities are fulfilled at the Tenant’s expense. The rooms may only be used for the purpose
permitted by the corresponding regulations of the authorities. 

  

	7.	The Tenant is only entitled to the rooms being handed over after the stipulated security has been fully paid or after a bank guarantee has been submitted. 

 
 § 2 Tenancy period and notice of termination 
  

	1.	The tenancy commences on 1st October 2000. 

  
 If the rented rooms or rented area are not vacated by the previous tenant, or if they cannot be used in due time by the Tenant for other reasons, then the
Landlord will only be liable if he, or his vicarious agent, acted willfully or by gross negligence. 
  
 The tenancy ends on 30th September 2010. 
  
 The tenancy is extended by 5 years (option right twice) if the Tenant has not objected to an extension at the latest six months prior to the expiry of the
tenancy period. 
  
 With regard to the rent amount, if the
Agreement has been extended, the new rent will be calculated on the basis of this rent calculation for the first 10 years. The originally calculated costs for the constructional changes and installed facilities in conformity with the Description of
the Building requested by the Tenant, as well as the likely service life of the installed facilities and the increased maintenance and repair requirements that may be necessary, must be taken into account. 
  

	2.	Notice of termination must be in writing. 

  

	3.	The Tenant must allow leasing notices to be put on the windows and other suitable places during the notice period. 

  

	4.	If the tenancy is terminated by the Landlord (ordinary or extraordinary termination without notice) for reasons which the Tenant has to justify (use contrary to the terms of the
Agreement, rent arrears), then the Tenant is obliged to compensate the Landlord for all damages arising out of the premature termination of the tenancy, e.g. if the rooms/area cannot be partly or entirely let against payment of a rent or any other
manner after the Tenant has moved out or if the they have to be let at a lower rent or other form. This liability of the Tenant prevails until the end of the stipulated tenancy period, but maximum one year after the obligation of the Tenant to pay
rent or utilization compensation ends. 

  
 If the
tenancy is terminated prematurely by the Landlord, or by extraordinary termination by the Tenant for reasons which the Landlord has to justify, then the Landlord is not entitled to any compensatory or damage claims for the construction changes that
have been completed and the facilities that have been installed. 
  
 § 3 Rent and attendant expenses 
  
 The monthly net rent,
including the necessary structural changes and the ventilation (as described in the Annex), without the statutory value-added tax, amounts to DM 25.85 sq.m.: 
  

				
	 Net rent for the offices per month
	  	DM	20,343.95
	 In words:
	  	 	 
	 twenty thousand three hundred and forty three
	  	 	 
		
	 For 10 outside car parking spaces at DM 30.00 per space and month
	  	DM	300.00
		
	 Attendant costs (§ 4) additionally payable in advance per month, together with the rent
	  	DM	2,361.00
	 	  	
	

	 Sub-total
	  	DM	23,004.95
		
	 The statutory value-added tax at the rate valid at the given time, payable together with the rent, currently amounting to 16%
	  	DM	3,680.79
	 	  	
	

		
	 Gross rent
	  	DM	26,685.74
	 	  	
	

  

 - 3 - 

 § 4 Attendant expenses 
  

	1.	The Landlord is entitled to apportion to the tenants all operating expenses in the sense of Annex 3, § 27, Section I of the Second Calculation Ordinance. Annex 3 is enclosed as
an annex to this Agreement. 

  

	2.	With the exception of the subsequently listed positions, the operating expenses are apportioned according to the ratio between the rented area and the entire area covered by the
given operating expenses: 

  

	3.	The operating expenses for the heating system, subdivided by 70% according to the readings of the heat meters and 30% by the ratio between the rented area in relation to the total
area, as defined in the corresponding Heating Costs Ordinance. 

  

	4.	The tenant pays directly for the electricity consumed. 

  

	5.	The Landlord employs a caretaker to look after the communal areas and facilities. Cost distribution is according to the list of operating costs. 

  

	6.	The operating costs accounts will be settled by the Landlord according to requirements, but at least once a year. In the event that the tenancy is terminated during an accounting
period, then the apportionment for the next accounts will be apportioned in the ratio between tenancy period and accounting period. 

  

	7.	Additional demands from accounting according to Section 5 are payable with the next due rent. 

  

	8.	The Landlord is entitled to re-assess the advance payments on the attendant costs in a commensurate manner. 

  
 § 5 Payment of the rent and attendant costs 
  

	1.	The entire monthly rent is payable to the Landlord in advance, at the latest by the third workday of the month, free of costs, specifying the full name of the Tenant, reference
number, and EDP number. 

  
 The date of the receipt
of the money, not the date it was sent, is definitive for payment in due time. 
  
 The rent is payable post-free and free of charges to the Landlord or to an authorized person or place, namely into the following account: 
  
 Stadt Sparkasse Langenfeld, Account No. 129 924 
 Bank Code: 375 517 80 
  

 - 4 - 

	2.	If the Tenant is in default of payment, the Landlord can then demand a lump sum cost of DM 20.- per warning. Moreover, the Tenant owes default interest of 4% over and above the
given discount rate of Deutsche Bundesbank, but at least 5% of the amount in arrears. 

  
 § 6 Using the lift 
  

	1.	The Tenant is entitled to use the lift. 

  

	2.	The Tenant has no entitlement to uninterrupted service in the event of a breakdown. The Tenant undertakes to fulfil all rules concerning the use of the lift; the Tenant waives the
right to compensation claims against the Landlord arising out of all accidents, other than they were caused willfully or by gross negligence on the part of the Landlord. The Landlord or his authorized person must be immediately notified of operating
faults. 

  
 § 7 Condition of the rented rooms

  

	1.	The Tenant takes over the newly built offices in conformity with the Description of the Building. Handover of the rented rooms is recorded in a Handover Protocol in which possible
faults are also entered. The Tenant undertakes to treat the rooms with due care and to maintain and return them in the contractual state; see also § 18, Cipher 1. The Tenant has to ensure that the floor load permitted by the building
authorities is not exceeded. In the event of any infringement the Tenant will be liable to compensate the Landlord or third party for any arising damage. 

  

	2.	The Tenant is responsible for any culpable damage to the rented property and the entire commercial unit, also in the event that the damage was caused by the Tenant’s employees,
suppliers or workmen. 

  
 Liability for damage
inside the rented rooms does not exist if the Tenant can prove that he is free of any culpable behaviour. This does not apply to warranty against defects. 
  
 3. § 8 Set-off, rent reduction 
  

	1.	The Tenant can only set-off counter-claims against the rent and the attendant costs, or exercise the right of retention, if the counter-claims are not disputed or are established by
a court ruling. 

  

 - 5 - 

	2.	The Tenant is only entitled to reduce the rent on account of a deficiency in the rented property if the Tenant gives the Landlord written notice of the intended reduction one month
before the rent is due. 

  
 § 9 Using the
rented rooms, sub-letting 
  

	1.	The Tenant is only allowed to use the rented rooms for the commercial purposes specified in § 1. Changes to the purpose of use require the previous consent of the Landlord.

  

	2.	The Landlord must be immediately notified when the legal form of the Tenant’s company is changed or any other changes in the management or ownership which have to be recorded
in the Commercial Register. This also applies to a change in the business licence or other change of circumstances that are important regarding this tenancy. With the sale of the company the rights and duties of this Agreement can only be
transferred to the legal successor by the Tenant as a result of a separate agreement with the Landlord. 

  

	3.	Sub-letting or transfer of use to third parties is only permissible with the consent of the Landlord. Such a consent can be withdrawn at any time for important reasons. The Landlord
irrevocably grants, already now, permission to sub-let to associated companies of the Tenant or to such companies that are permanently conducting business with the Tenant. 

  

	4.	In the event of unauthorized sub-letting the Landlord can demand that the Tenant terminates the sub-tenancy as quickly as possible, but at the latest within a month. If this does
not happen, then the Landlord can terminate the main tenancy without a period of notice. 

  

	5.	The Landlord is entitled to make his approval of a sub-tenancy dependent on an agreement for a commensurate sub-letting surcharge. This does not apply to sub-letting to parties
specified in Cipher 3 for which the Landlord has already granted his irrevocable permission. 

  

	6.	In the event of sub-letting and transfer of use, the Tenant will be liable for all actions or failures to act of the sub-tenant or the party to which the use of the rented rooms has
been transferred. 

  

 - 6 - 

	7.	In the event of sub-letting, the Tenant will already now assign as a security to the Landlord the claims to which he is entitled to secure the rent payments as well as the pledge on
movables. 

  
 § 10 Electricity, gas, water,
insurances 
  

	1.	The existing line networks for electricity, gas and water can only be used by the Tenant to the extent that no overloading can arise. To satisfy additional demands the Tenant will
have to have the supply lines changed at his expense with the previous approval of the Landlord. 

  

	2.	The Tenant must ensure that, in the event of faults or damage to supply lines, the affected lines are immediately closed down and the Landlord is immediately notified.

  

	3.	A change in the power supply system, particularly a change of the power voltage, does not entitle the Tenant to claim compensation from the Landlord. 

  

	4.	The Tenant cannot claim compensation from the Landlord for an interruption of the power, gas or water supplies or the drainage system as a result of a circumstance for which the
Landlord is not liable, or in the event of flooding or other catastrophes. Otherwise the Landlord is only liable in the event of intent or gross negligence. 

  

	5.	The office building is equipped with a central gas-fired heating system. Operation of the heating system is supervised by the property manager or the caretaker.

  
 The heating system and its heating capacity
were calculated and dimensioned in keeping with the Heat Protection Ordinance valid at the time the building was completed. 
  

	6.	The Tenant undertakes to continuously operate and maintain the heating system and fittings in the rented rooms in the customary manner throughout the heating period.

  

	7.	To avoid damage to the building, and in the interest of the other tenants in the building, the Tenant will ensure that his offices are also adequately heated and ventilated during
the night and during prolonged absence. 

  

	8.	The Tenant is obliged to conclude a liability insurance and to maintain this insurance at his expense throughout the duration of the contractual relationship. Furthermore, the
Tenant is advised to include an inventory insurance because the building insurance only covers those parts that are firmly connected to the building. 

  

 - 7 - 

 § 11 Advertising measures 
  

	1.	A joint company-sign panel has been installed. The Tenant undertakes to use this panel and to bear the pro rata expenses. 

  

	2.	Company signs, logos, advertising texts, display cases, vending machines, a.s.o., can only be installed with the consent of the Landlord. Such a consent can be revoked. In such a
case, as well as when the rented rooms are cleared, the Tenant will be obliged to re-establish the original state. 

  

	3.	The Tenant is obliged to observe the legal rules and the directives of the authorities regarding outdoor advertising. 

  
 § 12 Repairs and constructional changes by the Landlord

  

	1.	The landlord can complete repairs and constructional changes to maintain the building or the rented rooms, or to avert imminent danger or to eliminate damage, without the consent of
the Tenant. This also applies to work that is not necessary but expedient, e.g. modernisation of the building and the rented rooms. The Tenant must ensure that the affected rooms are accessible; the execution of the work must not be impeded or
delayed by the Tenant. 

  

	2.	The Landlord must give notice of forthcoming work as early as possible, and must ensure that this work is completed with care. 

  

	3.	In so far as the Tenant has to tolerate the work he is not entitled to reduce the rent or exercise a retention right. 

  
 § 13 Constructional changes by the Tenant 
  

	1.	Changes to the rented rooms, especially conversions, fixtures, installations and the like, can only be carried out with the consent of the Landlord. If, when the tenancy is
terminated, the Tenant wishes to remove facilities that he has installed in the rented rooms, then he must first offer them to the Landlord for take-over. If the Landlord wishes to take-over the facilities, then he must pay the Tenant the cost of
their manufacture minus a commensurate amount for wear. An annual wear and tear amounting to 10% of the acquisition cost is considered to be commensurate. 

  

 - 8 - 

 If the Landlord does not make use of his right and the facilities are removed by the Tenant, then the
Tenant is obliged to re-establish the original state. 
  
 The
Landlord can demand that facilities are removed. 
  
 The above
obligation does not apply to building measures which were necessary as a result of the transformation of the rented property according to stipulations in the Description of the Building, even if such building measures will only be completed after
having moved into the building. 
  

	2.	The Tenant is liable for all damage arising in connection with building measures that he has carried out. This does not apply to building measures that have been stipulated in the
Description of the Building. 

  
 § 14
Maintaining the rented rooms 
  

	1.	The Landlord or his authorised person must be immediately notified of any damage to and in the building and in the rented rooms. The Tenant is liable for any damage resulting from
delayed notification. 

  

	2.	The Tenant is liable for damage resulting from the infringement of the duty to exercise due care, especially if supply and drainage lines, toilets, heating facilities, a.s.o. have
been improperly treated, the rooms have been inadequately ventilated or heated, or inadequately protected against frost. The Tenant has to bear the cost of eliminating clogged pipes up to the point of the main pipe. 

  

	3.	The Tenant is also liable for damage culpably caused in the rented rooms by members of his family, his employees, workers, sub-tenants, visitors, suppliers, workmen, etc.

  

	4.	If damage has been caused to the rented rooms or other rented objects, then the Tenant will have to prove that he was not responsible nor any of the people listed in No. 3. This
does not apply to warranty deficiencies. 

  

 - 9 - 

	5.	Irrespective of who is culpable, the Tenant is obliged to bear the expenses for minor repairs if the individual case does not exceed a price of DM 500.00. The total expenditures for
minor repairs arising in the course of a calender year must be borne by the Tenant up to a maximum annual amount of DM 2,500.00. The Tenant only has to bear the cost of minor repairs to such objects of the rented property that are exposed to his
frequent access, e.g. the installation objects for electricity, water and gas, the heating facilities, windows and doors as well as the operating devices for windows and roller blinds. 

  

	6.	The Tenant must maintain the facilities and equipment jointly rented in the rented rooms, for instance hot-water heaters, etc., and to have them cleaned and maintained one a year by
a specialist, at his expense. The Tenant only bears the maintenance costs up to an annual amount of DM 500.00, and only if the Landlord has not concluded a maintenance agreement and levies these costs as operating costs. 

  

	7.	The Tenant must ensure that pipes, lines and installations for electricity and gas, sanitary facilities, locks, roller blinds and similar facilities are maintained in an operable
condition. The Tenant must replace broken glass panes and mirrors at his expense. The Landlord assigns possible claims against third parties to the Tenant. 

  

	8.	The Tenant must keep the rented rooms free of pests at his expense. 

  

	9.	The Tenant must immediately remedy damage for which he is culpable. If he does not fulfil the obligation within a reasonable period of time in spite of a written warning, then the
Landlord can have the necessary work carried out at the expense of the Tenant. A written notice is not required in the event of imminent danger or the whereabouts of the Tenant is unknown. 

  
 § 15 Decorative repairs 
  

	1.	The Landlord must maintain the rented rooms in a contractual condition in so far as no alternative stipulations are made hereafter. The fuse box for electricity is one of the
objects that belongs to the rented installations. 

  

 - 10 - 

	2.	The Tenant is obliged to complete decorative repairs. These include wall-papering, painting the walls and ceilings, floor care, painting interior doors and the entrance door on the
inside, other woodwork, the radiators and supply pipes within the rented rooms in neutral colours. The parquetry must be maintained in a sealed state. Carpets must be cleaned when necessary. High-gloss latex paints to paint the ceilings and walls,
and ceiling and wall cladding made of plastic (styrene, poron, etc.), are impermissible. 

  
 It is impermissible to stick paper or the like onto the entrance door and room doors, nor to drill holes into them. Name plates and the like must not be
screwed onto the doors. 
  
 All bonded objects, such as hooks, as
well as all adhesive residues, must be carefully removed to ensure a perfectly clean state. 
  

	3.	The Tenant takes over the rented rooms in a renovated state. He is obliged to return them in a renovated state when the tenancy is terminated. The Tenant can complete decorative
repairs himself or commission a specialist company to complete such work. 

  

	4.	No holes must be drilled into any of the tiles in the office rooms. It is impermissible to stick transfers on the files. The same applies to hand basins and toilets. If drilling is
imperative, then this must only be completed in the joints with the consent of the Landlord. 

  
 § 16 Right of lien 
  

	1.	The Tenant undertakes to ensure that the Landlord’s legal right of lien to the objects brought in by the Tenant is maintained and that no action is taken that could contravene
this right of lien without the consent of the Landlord. 

  

	2.	The Landlord must be immediately notified of every seizure of brought-in objects. This also applies when a third party asserts claims to objects brought in by the Tenant.

  

 - 11 - 

 § 17 Access to the rented rooms by the Landlord 
  

	1.	After previous notification the Landlord and his authorised person are entitled to enter the rented rooms during business hours to check their condition. Access at any time of the
day and night is permitted in the event of danger. 

  

	2.	If the Landlord or his authorised person intends to sell the property, then he is entitled to enter the rented rooms together with interested parties during business hours. If the
tenancy has been terminated, then the Landlord or his authorised person can enter the rooms together with interested parties during business hours. 

  

	3.	The Tenant must ensure that the rooms can be accessed in his absence—in emergencies. If requested, the Landlord should be given telephone numbers in the event of an emergency.

  
 § 18 Terminating the tenancy

  

	1.	When the tenancy is terminated, or in the event of previously moving out, the rented rooms must be returned in the same condition as they were when the tenancy commenced,
irrespective of contractual decorative repairs (§ 15) and all keys, also those procured by the Tenant, must be returned. This means, among other things, newly overpainted wood-chip wallpaper, as well as ceilings and walls that have not been
wallpapered but newly painted in a neutral colour and washed clean. Holes in walls, ceilings and wood must be properly closed and damaged tiles must be replaced. 

  

	2.	If the Tenant does not fulfil these obligations, then after a corresponding warning and setting a reasonable period of time, the Landlord will be entitled to enter the rented rooms,
have them cleaned and have new locks fitted, at the expense of the Tenant. The Landlord can have objects that have been left by the Tenant stored at the Tenant’s expense or have them destroyed if they have not been removed after the Tenant was
warned once and set a reasonable time limit. 

  

	3.	If the return of the offices is delayed by the Tenant, or if decorative repairs are still necessary after the rooms have been returned, then the Tenant will be obliged to pay the
Landlord the rent or compensation for use until the rooms have been completely cleared and all work has been completed. This does not affect the Landlord’s right to claim further compensation for damage. 

  

 - 12 - 

 § 19 Several people as tenants 
  

	1.	A Landlord’s declaration is legally effective if it was given to one of the tenants. 

  
 § 20 Competition protection 
  
 Competition protection for the Tenant is excluded. 
  
 § 21 Security 
  

	1.	As a security for all claims of the Landlord, the Tenant will provide a security amounting to 3 net monthly rent payments, equalling DM 57,775.00; This can also be rendered by a
bank guarantee. 

  
 § 22 Other
agreements/Changes to the Agreement 
  

	1.	Waste resulting from the commercial activity of the Tenant must not be deposited in the waste bins provided for the general requirements of the tenants. 

  

	2.	All subsequent changes and supplements to this Agreement must be in writing to be legally effective. 

  

	3.	In the event that provisions of this Agreement, or additional arrangements, are or become ineffective, then this will not affect the validity of the remaining provisions. The
parties undertake to replace the ineffective provisions by legally effective ones that come closest to the original intent. 

  

	4.	The Tenant is given an option to rent a further area in a planned new building at the front of the house. The total area is in the order of 2,500 to 3,500 sq.m. The option to rent
the area that is still to be constructed remains valid for 24 months commencing with the time the Tenant moves into the offices rented by way of this Agreement. The Tenant will be integrated in the planning for the new building. The completion of
the new building is expected approx. 12 months after renting assurance has been given or after a corresponding tenancy agreement has been concluded. 

  

 - 13 - 

 The tenancy agreement will be likewise concluded at the customary market terms for a period of 10 years.
It is extended by 5 years (option right twice) if the Tenant does not object to the extension at the latest six months prior to the expiry of the tenancy period. 
  

	5.	If the Tenant is unable to exercise his option right with regard to a further area within 24 months, as of moving into the offices rented by way of this Agreement, then the Tenant
will be entitled to the right of an extraordinary termination of the existing Tenancy Agreement. 

  
 In this event the Landlord will have no claims to adjustment or compensation for damage on account of premature termination of the Tenancy Agreement.

  
 § 23 Additional arrangements/Stable value clause

  

	1.	The amount of monthly rent payable by the Tenant during the tenancy period will be secured at a stable value by the following: 

  
 Stable value clause 
  
 If, according to the Land Office of Statistics for North Rhine Westphalia, the index of the
overall cost of living of a household of four people with an average income (basis 1995 = 100) rises are falls by more than 5 points over the index level for the month of September 2000, then the monthly rent changes for the next month in the same
percentage ratio as the index. 
  
 If the basis changes, then the index must be
converted to the basis 1995 = 100. 
  
 If the rent has been adapted in the
afore-indicated manner, then the above regulation is applied each time, again, when the level of the cost of living index that determined the last rent stipulation forms the starting point for the new rent increase. 
  

 - 14 - 

 The subsequently listed annexes form an integral part of this Agreement: 
  

	 	•	 	Inventory/Handover Protocol 

  

	 	•	 	Annex 3 relating to § 27, Section 1, of the Second Calculation Ordinance 

  

	 	•	 	Group plan of the offices 

  

	 	•	 	Description of the building in conformity with the joint talks and in co-ordination with the technicians 

  

	 	•	 	Calculation of the usable floor space 

  

							
	 Langenfeld, dated 6. July 2000
	 	Hilden, dated 28/6/2000	  	 
				
	 ((stamp and signature))
	 	 	  	((stamp and signature))	  	 
				
	 Landlord
	 	 	  	Tenant	  	 

  

 - 15 -

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