Document:

EXHIBIT 10.30

[ * ] = Certain confidential
information contained in this document, marked by brackets, has been omitted
and filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

June
28, 2006

VIA FAX AND FEDERAL EXPRESS 

David L. Snitman, Ph.D.

Chief Operating Officer

Array BioPharma, Inc.

3200 Walnut Street Boulder, CO 80301

 

RE: Notice of Exercise of Right to Extend Research Term and Amendment
No.7

Dear
Dr. Snitman:

As you know, InterMune, Inc. (“InterMune”)
and Array BioPharma Inc. (“Array”) are parties to that certain Drug
Discovery Collaboration Agreement dated September 13, 2002, as amended by
Amendment No.1 dated May 8, 2003, Amendment No.2 dated January 7, 2004, Amendment
No.3 dated September 10, 2004, Amendment No.4 dated December 7, 2004, Amendment
No.5 dated June 30, 2005 and Amendment No. 6 dated February 3, 2006 and
effective January 1, 2006, (collectively, the “Agreement”). Any
capitalized term contained herein and not otherwise defined herein shall have
the meaning ascribed to such term in the Agreement. As you also know, InterMune
has recently exercised it right to extend the Research Term for an additional
twelve (12)-month period following June 30, 2006 such that the Research Term no
expires June 30, 2007 under the Agreement.

Pursuant to our discussions,, we would like to amend
the Agreement, effective as of the date hereof, as follows:

1.            
Section 2.3 of the Agreement is hereby amended in its entirety to read as
follows:

“2.3 Term and Termination
of Research Collaboration. The Research Collaboration shall commence on the
Effective Date and shall end upon the first to occur of (i) June 30, 2007, (ii)
the termination of this Agreement, or (iii) [ * ] after written notice from InterMune that
InterMune elects (in its sole discretion) to early terminate the Research
Collaboration (such period beginning on the Effective Date and ending upon the
earliest of (i), (ii) and (iii), the “Research Term”).  The Research Term shall automatically be extended
for an additional twelve (12)-month period after June 30, 2007 (“Extension
Term”) on the same terms and conditions as previously conducted (except as
otherwise

 

[ *
] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

David L. Snitman

June
28, 2006

set forth in this Agreement)
unless either party gives the other party written notice on or before March 31,
2007 of its intention not to extend the Research Term. “

2.             Section 5.1.1 of the Agreement is hereby amended in its
entirety to read as follows:

“5.1.1
Research Phase Payment Schedule. 
InterMune agrees to pay Array funding for the conduct of the Research
Collaboration quarterly, in advance, in an amount equal to one quarter (1/4) of
the Allocated Array FTEs (or, if less, the number of Array FTEs described in
this Section 5.1.1 or otherwise scheduled in the Research Plan to be provided
by Array in the upcoming quarter), multiplied by the applicable Array FTE Rate
(as defined below in Section 5.1.2). The Allocated Array FTEs shall be as
follows: (a) [ * ] Array FTEs devoted to [ * ] for the period
of time set forth below in this Section 5.1.1 (or such other number scheduled
in the Research Plan) (the “Discovery FTEs”); (b) [ * ] Array FTEs devoted to [ * ] for the period
of time set forth below in this Section 5.1.1 (or such other number scheduled
in the Research Plan) (the “Manufacture FTEs”); and (c) [ * ] Array FTEs, [ * ] of which will
be [ * ] will be devoted to [ * ] while [ * ] will be devoted to [ * ] for the period
of time set forth below in this Section 5.1.1 (or such other number of FTEs
and/or allocation of such number of FTEs between the manufacturing transfer and
process research activities as scheduled in the Research Plan) (the “Research
FTEs”). Payments shall be made on or before the first day of each calendar
quarter. Such payments are non-creditable and non-refundable, subject to the
remainder of this Section 5.1.1. Within thirty (30) days after the end of each
calendar quarter during which InterMune is funding Array FTEs devoted to the
Research Collaboration, Array shall notify InterMune in writing of the number
of FTEs Array actually devoted to the Research Collaboration during such
calendar quarter. If such actual FTEs are less than the number of FTEs for
which InterMune paid, then InterMune may credit the overpayment against the
next payment due Array under this Agreement. If no payment will be due Array
within the next three (3) months after Array was required to notify InterMune
of such actual FTEs, Array shall promptly refund the overpayment to InterMune.
In addition, InterMune may audit Array’s FTE records relating to the Research
Collaboration, in the same manner and subject to the same restrictions as those
set forth in Array’s-audits pursuant to Section 6.4, and any discrepancies
shall be trued-up as provided in the foregoing two (2) sentences. In no event
shall lnterMune be required to fund a greater number of Array FTEs in any
calendar quarter than one quarter (1/4) of the Allocated Array FTEs for such
calendar quarter, or, if lesser, those provided in the Research Plan for Array
to provide in such calendar quarter.

The
Discovery FTEs shall be funded by InterMune beginning July 1, 2005 through June
30, 2007. When requesting to extend the Research Term in accordance with
Section 2.3, InterMune shall specify in a written notice to be delivered by
InterMune to Array no later

3280 Bayshore Boulevard, Brisbane, CA 94005
Tel: 415.466.2200 Fax: 415.466.2300

 

[ *
] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

than February 28, 2007, the
number of Discovery FTEs to be funded for the Extension Term .

Beginning
February 1, 2006, InterMune shall fund [ * ] Manufacture FTEs until [ * ] (or such other
[ * ] as may be determined by mutual agreement). The Research FTEs shall be
funded by InterMune beginning January 1, 2006 through August 31, 2006, with an
option exercisable by InterMune to extend such funding for an additional six
(6)-month period. Upon the [ * ] by Array as described above, (i) any
remaining raw materials purchased for the [ * ] and for which Array receives reimbursement
from InterMune that are not used for the [ * ] shall be owned by, and also delivered to,
InterMune (or a third party designated by InterMune) and (ii) InterMune shall
have the right to request, by delivering written notice to Array within thirty
(30) days, to [ * ] the number of Research FTEs under this
Section 5.1.1 by up to an additional [ * ] Array FTEs, which additional Research FTEs
will be devoted to [ * ] (which activities shall be with respect to
the [ * ] as set forth in the Research Plan). In the event Array agrees to InterMune’s
request to [ * ] the number of Research FTEs to [ * ] Array FTEs,
such additional Array FTEs will be funded by InterMune until June 30, 2007.”

Except
as set forth in (1) and (2) above, all terms and conditions of the Agreement
will remain in full force and effect.

Please
acknowledge your agreement to the proposed amendments to the Agreement by
having an authorized Array representative countersign both enclosed copies of
this letter where indicated below, and returning one original to the attention
of Lucinda Y. Quan, Director, Legal Affairs at InterMune. We would be happy to
proceed based on receipt of a facsimile copy while awaiting the original.

If
you have any questions on the foregoing, please do not hesitate to contact me.

	
  Sincerely,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Lawrence Blatt,
  PhD

  	
   

  	
   

  
	
  Chief Scientific
  Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  cc:

  	
  General Counsel,
  Array

  	
   

  	
   

  
	
   

  	
  Mr. Larry Kahn,
  InterMune

  	
   

  	
   

  
					

 

[ *
] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

Acknowledged
and Agreed:

ARRAY
BIOPHARMA INC.

	
  By:

  	
   

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  
	
  Title:Exhibit 10.37

OPTION AGREEMENT

This Option Agreement, dated                         ,
2006, is between 3200 Walnut LL, LLC, a Delaware limited liability company (“Seller”)
and Array BioPharma Inc., a Delaware corporation (“Optionee”).

RECITALS

A.                                   Seller
owns certain real property that is described in Exhibit A
attached hereto and made a part hereof (the “Property”).

B.                                     Optionee
desires to acquire an option to purchase the Property from Seller, and Seller
desires to grant Optionee such option, in accordance with the terms and
conditions set forth herein.

AGREEMENT

In consideration of the foregoing, and the mutual
covenants contained herein, the receipt and sufficiency of which are hereby
acknowledged, Seller and Optionee hereby agree as follows:

1.                                       Grant of Option. 
Seller hereby grants to Optionee an exclusive option to purchase the
Property (the “Option”) on the terms and subject to the conditions set forth in
the Purchase and Sale Agreement that is attached hereto as Exhibit B and
made a part hereof (the “PSA”).

a.                                       Option
Payment.  As consideration for the
Option, Optionee shall pay to Seller $1,000.00 in immediately available funds
(the “Option Payment”).  The Option
Payment shall be fully earned on the execution hereof and shall be
non-refundable and shall be applied to the purchase price of the Property as
set forth in the PSA.

b.                                      Term
of Option.  The term of the Option (the
“Option Period”) shall commence on the date hereof and shall expire on July 7,
2006.

c.                                       Exercise
of Option.  Optionee
may elect to exercise the Option at any time
during the Option Period by delivering to Seller the executed PSA.

d.                                      Assignment.  Optionee shall not assign, transfer or convey
its interest in the Option or this Option Agreement without Seller’s prior written consent, which may be withheld
in Seller’s sole and absolute discretion; provided,
however, that Optionee may, upon prior written notice to Seller, assign this
Option Agreement to BioMed Realty, L.P., on condition that, at least two (2)
business days prior to such assignment, Optionee shall deliver to Seller drafts
of the assignment and assumption document for Seller’s reasonable approval.

2.                                       Notices.  All
notices shall be in writing sent by either (i) nationally recognized overnight
courier, (ii) certified mail, postage prepaid, return receipt requested, or
(iii) facsimile; addressed as set forth below, or to such other place as either
party may designate by notice:

 1
 

to Optionee at:                                                                 Array
BioPharma Inc.

3200 Walnut Street

Boulder, Colorado 80301

Attn:  Michael Carruthers, CFO

Facsimile No.: (303) 381-6652

with a copy to:                                                                 Array
BioPharma Inc.

3200 Walnut Street

Boulder, Colorado 80301

Attn:  General Counsel

Facsimile No.: (303) 386-1290

to Seller at:                                                                                   3200
WALNUT LL, LLC

c/o Investcorp
Properties Limited

280 Park Avenue,
36th Floor

New York, NY 10017

Attn:  John Fraser

Facsimile No.: 
(212) 983-7073

with a copy to:                                                                 Jacobs
Chase Frick Kleinkopf & Kelley, LLC

1050 17th Street

Suite 1500

Denver, CO 80265

Attn:  Jill K. Rood, Esq.

Facsimile No.: (303) 685-4869

Notice shall be
deemed received as follows:  if given by
facsimile, then upon receipt so long as the sending facsimile machine
electronically confirms receipt and a paper copy thereof is sent the same day
by regular mail; if given by overnight courier, then the business day after
delivery to the overnight courier; and if given by certified mail, then the
third business day (excluding the day of mailing) after mailing, provided that
no notice of either party’s change of address shall be effective until 15 days
after the addressee’s actual receipt thereof.

3.                                       No
Recording.  This Option Agreement
shall not be recorded and any recording hereof shall cause this Option
Agreement to be null and void.

 2
 

IN WITNESS WHEREOF, Seller and Optionee have executed
this Option Agreement as of                           ,
2006.

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  3200 WALNUT LL,
  LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE:

  
	
   

  	
   

  
	
   

  	
  ARRAY BIOPHARMA
  INC., a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
						

 

 3

 

EXHIBIT A

The Property

Lot 1, Synergen
Subdivision Filing No. 3, County of Boulder, State of Colorado.

 A-1

 

EXHIBIT B

PURCHASE AND SALE
AGREEMENT

between

3200 WALNUT LL,
LLC, as Seller

and

                                           ,
as Buyer

Dated                                            ,
2006

 

TABLE OF
CONTENTS

	
  ARTICLE 1 - PURCHASE AND SALE

  	
   

  	
  1

  
	
  1.1

  	
   

  	
  Purchase and Sale

  	
   

  	
  1

  
	
  1.2

  	
   

  	
  Description of Property

  	
   

  	
  1

  
	
  ARTICLE 2 - PURCHASE PRICE AND PAYMENT

  	
   

  	
  2

  
	
  2.1

  	
   

  	
  Purchase Price

  	
   

  	
  2

  
	
  2.2

  	
   

  	
  Payment of Purchase Price

  	
   

  	
  2

  
	
  ARTICLE 3 - BUYER’S DUE DILIGENCE

  	
   

  	
  2

  
	
  3.1

  	
   

  	
  Seller’s Deliveries

  	
   

  	
  2

  
	
  3.2

  	
   

  	
  Buyer’s Duty to Investigate

  	
   

  	
  4

  
	
  3.3

  	
   

  	
  Tenant Estoppels

  	
   

  	
  7

  
	
  3.4

  	
   

  	
  Ongoing Operations

  	
   

  	
  7

  
	
  ARTICLE 4 - CLOSING

  	
   

  	
  8

  
	
  4.1

  	
   

  	
  Manner of Closing; Closing Date

  	
   

  	
  8

  
	
  4.2

  	
   

  	
  Inspection Deadline

  	
   

  	
  8

  
	
  4.3

  	
   

  	
  Documents to Be Deposited into Escrow by Seller

  	
   

  	
  8

  
	
  4.4

  	
   

  	
  Funds and Documents to Be Deposited into Escrow by
  Buyer

  	
   

  	
  8

  
	
  4.5

  	
   

  	
  Buyer’s Closing Conditions

  	
   

  	
  9

  
	
  4.6

  	
   

  	
  Seller’s Closing Conditions

  	
   

  	
  9

  
	
  4.7

  	
   

  	
  Closing Costs

  	
   

  	
  10

  
	
  4.8

  	
   

  	
  Prorations

  	
   

  	
  11

  
	
  ARTICLE 5 – INTENTIONALLY OMITTED

  	
   

  	
  11

  
	
  ARTICLE 6 - REPRESENTATIONS AND WARRANTIES

  	
   

  	
  11

  
	
  6.1

  	
   

  	
  Seller’s Warranties

  	
   

  	
  11

  
	
  6.2

  	
   

  	
  Buyer’s Warranties

  	
   

  	
  12

  
	
  ARTICLE 7 - BROKERAGE COMMISSIONS

  	
   

  	
  13

  
	
  ARTICLE 8 - RISK OF LOSS

  	
   

  	
  13

  
	
  8.1

  	
   

  	
  Major Damage

  	
   

  	
  13

  
	
  8.2

  	
   

  	
  Lesser Damage

  	
   

  	
  14

  
	
  ARTICLE 9 - BREACH

  	
   

  	
  14

  
	
  9.1

  	
   

  	
  Liquidated Damages

  	
   

  	
  14

  
	
  9.2

  	
   

  	
  Buyer’s Pre-Closing-Remedies

  	
   

  	
  15

  
	
  9.3

  	
   

  	
  Post-Closing Remedies

  	
   

  	
  15

  
	
  ARTICLE 10 - GENERAL PROVISIONS

  	
   

  	
  15

  
	
  10.1

  	
   

  	
  Assignment

  	
   

  	
  15

  
	
  10.2

  	
   

  	
  Notices

  	
   

  	
  15

  
	
  10.3

  	
   

  	
  Claims

  	
   

  	
  16

  
	
  10.4

  	
   

  	
  Attorneys’ Fees

  	
   

  	
  16

  
	
  10.5

  	
   

  	
  Time of the Essence

  	
   

  	
  16

  
	
  10.6

  	
   

  	
  No Rights or Obligations to Third Parties

  	
   

  	
  16

  
	
  10.7

  	
   

  	
  Review by Counsel

  	
   

  	
  17

  
	
  10.8

  	
   

  	
  Effectiveness of Agreement; Facsimile and
  Counterpart Signatures

  	
   

  	
  17

  
	
  10.9

  	
   

  	
  No Recording

  	
   

  	
  17

  
	
  10.10

  	
   

  	
    Business Day

  	
   

  	
  17

  
	
  10.11

  	
   

  	
    Miscellaneous

  	
   

  	
  17

  
	
  10.12

  	
   

  	
    Press Release

  	
   

  	
  17

  
	
  10.13

  	
   

  	
    Public Company Requirements

  	
   

  	
  18

  

 

 i

 

PURCHASE AND SALE AGREEMENT

This Purchase and Sale Agreement (“Agreement”) is
entered into as of                       ,
2006 (“Execution Date”), between 3200 WALNUT LL, LLC, a Delaware limited
liability company (“Seller”) and                                       ,
a                                          
(“Buyer’’).

In consideration of the mutual covenants and
conditions herein and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, Seller and Buyer agree as
follows:

1. - PURCHASE AND SALE

1.1                                 Purchase
and Sale.

At Closing (as defined in Section 4.1), Seller shall
sell the Property (as defined in Section 1.2) to Buyer and Buyer shall purchase
the Property from Seller, on the terms and conditions of this Agreement.

1.2                                 Description
of Property.

The “Property” shall consist of all of the following:

a.                                       That
certain parcel of land described in Exhibit A attached hereto (“Land”), together
with all of the improvements and fixtures on the Land, exclusive of improvements
and fixtures owned by tenants under the Leases, if any, including, without
limitation, four (4) buildings containing approximately 143,900 rentable square
feet (collectively, the “Building”), and all privileges and easements
appurtenant to and for the benefit of the Land, if any;

b.                                      Seller’s
interest in and to all assignable contracts, including any parking agreements,
utility contracts, equipment leases and maintenance contracts, relating to
operation and maintenance of the Building, including without limitation, the
contracts listed in Exhibit B
attached hereto (“Contracts”);

c.                                       Seller’s
interest in all assignable governmental permits, licenses, certificates and
authorizations relating to the use or operation of the Land (“Permits”);

d.                                      Seller’s
interest under those leases and/or license agreements affecting the Property,
including without limitation, those listed in Exhibit C attached hereto, together with all rent,
income and all proceeds arising therefrom and security and other deposits made
by the tenants thereunder (“Leases”);

e.                                       Seller’s
interest, if any, in and to all tangible personal property now or hereafter
located on the Land, including without limitation: equipment; machinery;
furniture; art work; furnishings; office equipment and supplies, excluding cash
and deposits, bonds or other security (“Tangible Personal Property”); and

 1
 

 

f.                                         Seller’s
interest, if any, in and to all intangible personal property now or hereafter
used exclusively in connection with the operation, ownership, maintenance,
management, or occupancy of the Land (to the extent assignable); the plans and
specifications for the Building (to the extent assignable); warranties,
indemnities, applications, governmental permits, approvals, certificates and
licenses (to the extent applicable in any way to the Land or the Tangible
Personal Property and assignable); and insurance proceeds and condemnation
awards or claims thereto to the extent required to be assigned to Buyer
hereunder, excluding computer software and all confidential and proprietary
information and intellectual property of Seller (“Intangible Personal Property”).

ARTICLE 2 - PURCHASE PRICE AND PAYMENT

2.1                                 Purchase
Price.

Buyer shall pay as the purchase price for the Property
the sum of Twenty-Eight Million Five Hundred Thousand Dollars ($28,500,000) (“Purchase
Price”).

2.2                                 Payment
of Purchase Price.

The Purchase Price shall be paid as follows:

a.                                       Within
two (2) business days after Buyer’s execution of this Agreement, Buyer shall
deliver to the Title Company (as defined in Section 3.1) Two Hundred Fifty
Thousand Dollars ($250,000) (together with interest, “Deposit”) to be held in
an interest-bearing escrow account (“Escrow’’). 
The Deposit shall be non-refundable, except as otherwise expressly
provided herein, and shall be credited to the Purchase Price at Closing.

b.                                      At
Closing, Buyer shall pay to Seller the balance of the Purchase Price, subject
to adjustment for the Deposit.

ARTICLE 3 - BUYER’S DUE DILIGENCE

3.1                                 Seller’s
Deliveries.

a.                                       Seller
shall order, cause to be delivered to Buyer, and/or make available to Buyer at
Seller’s property management offices, within ten (10) days following the
Execution Date (collectively, “Seller’s Deliveries”) (i) a current preliminary
title report (“Preliminary Report”) issued by Land America Title Insurance (“Title
Company”) committing to insure merchantable title in Buyer pursuant to an ALTA
1992 form owner’s title insurance policy, together with copies of all title
exception documents in the Preliminary Report and a tax certificate; (ii) a
copy of each of the Contracts and Leases,; and (iii) to the extent the
following are in Seller’s or its property manager’s possession and control: (A)
a copy of each environmental assessment report, study or survey or any material
document, notice or correspondence directly concerning the environmental
condition of the Property, (B) rent rolls, operating statements, tax
statements, property management records and maintenance records for the three
(3) years immediately preceding this Agreement, (C) plans and specifications
relating to the original development of the Property, (D) copies of any
material documents or materials relating to any litigation, investigation,
condemnation or proceeding of any kind pending or threatened against

 2
 

 

the Property; and (E) a
copy of the existing survey of the Land (“Existing Survey”).  At Buyer’s request, Seller shall order an
update to the Existing Survey or a new survey (“Updated Survey”).  Seller shall request that the standard,
preprinted exceptions be deleted from the Title Policy and shall provide such
affidavits and other documentation as may be reasonably requested by the Title
Company to delete such exceptions, subject to Seller’s reasonable approval of
same.

b.                                      On
or before the date that is five (5) days following Buyer’s receipt of the
Preliminary Title Report, copies of all title exception documents in the
Preliminary Report, and (if applicable the Updated Survey, and in any event on
or before the Inspection Deadline (“Title Objection Date “), Buyer shall give
Seller written notice of any exceptions reflected in the Preliminary Report (“Title
Exceptions”) and/or any matters shown on the Existing Survey (or, if
applicable, the Updated Survey) (“Survey Matters”) that are objectionable to
Buyer, in its sole and absolute direction (collectively, “Title Objections”).  Within three (3) business days after
receiving Buyer’s notice of Title Objections, Seller may notify Buyer in
writing whether Seller, in its sole discretion, will cause, on or before the
Closing Date, the removal or other resolution of any Title Exception or Survey
Matter constituting a Title Objection; if Seller fails to provide timely notice
to Buyer, Seller shall be deemed to have elected not to cure such Title
Objection.  If Seller elects not to remove
or otherwise resolve a Title Objection or fails to provide timely notice
thereof to Buyer, Buyer may terminate this Agreement by delivering written
notice to Seller within two (2) days after receiving Seller’s notice electing
not to remove or resolve a Title Objection (or failing to receive Seller’s
timely notice), whereupon the parties’ respective obligations under this
Agreement shall terminate (excluding those which expressly survive Closing) and
Buyer shall receive a refund of the Deposit. 
If Buyer fails to timely provide such notice, Buyer’s Title Objections
shall be deemed waived by Buyer. 
Notwithstanding the foregoing, Seller agrees to remove all Title
Objections consisting of liens or encumbrances that secure obligations for
Seller’s borrowed money and any exceptions or encumbrances to title that are
created by or through Seller after the Execution Date.  Seller may “remove” a Title Objection by
causing the Title Company to provide, at Seller’s expense, affirmative
insurance under the Title Policy against loss arising from the same in form
reasonably acceptable to Buyer.

c.                                       If,
subsequent to the expiration of the Title Objection Date and prior to Closing,
Buyer notifies Seller of the existence of any encumbrance, encroachment, defect
in or other matter materially and adversely affecting title which does not
appear on the Preliminary Report, but is disclosed in an update of such report
(a “Subsequent Defect”), Seller will use such efforts and will expend such
amount as it may, in its sole judgment, deem appropriate to remove or cure such
Subsequent Defect of title prior to Closing. 
Seller will have no obligation, however, to cure any Subsequent Defect;
provided, however, that, in accordance with the foregoing subsection (b),
Seller shall continue to be obligated to remove all liens or encumbrances that
secure obligations for Seller’s borrowed money and any exceptions or
encumbrances to title that are created by or through Seller after the Execution
Date.  If Seller does not or is unable to
so remove or cure all Subsequent Defects prior to Closing, Buyer may (i) waive
all such uncured Subsequent Defects and accept such title as Seller is able to
convey as of Closing without an abatement of the Purchase Price; or (ii)
terminate this Agreement, whereupon the parties’ respective obligations under
this Agreement shall terminate (excluding those which expressly survive
Closing) and Buyer shall receive a refund of the Deposit.  Notice by Buyer to Seller of any Subsequent
Defect must be given to Seller within two (2) business days of the receipt by
Buyer of the updated Title Report that discloses the same.  Buyer’s failure to give Seller notice of

 3
 

 

any such Subsequent Defect
within such period shall constitute Buyer’s waiver of such Subsequent Defect,
and such Subsequent Defect shall become a Permitted Exception.

d.                                      Those
Title Exceptions and/or Survey Matters to which Buyer does not object or with
respect to which Buyer has waived, or is deemed to have waived, any such
objection, shall be “Permitted Exceptions.” 
Permitted Exceptions shall also include all subsequent liens or
encumbrances which Buyer shall accept or approve as provided in this Agreement,
all existing Leases, real property taxes and assessments not yet due and
payable, and all liens or encumbrances which are attributable to the acts or
omissions of Amgen Inc. or Array BioPharma Inc., or persons claiming by,
through or under either of them, including without limitation any mechanics’ or
materialmen’s liens.

e.                                       Buyer
shall have the right to request from the Title Company the Buyer’s
Endorsements.  As used herein the term “Buyer’s
Endorsements” shall mean, to the extent such endorsements are available under
the laws of the state in which the Property is located:  (1) owner’s comprehensive;
(2) access; (3) survey (accuracy of survey); (4) location
(survey legal matches title legal); (5) separate tax lot;
(6) subdivision map act; (7) zoning 3.1, with parking and loading
docks; (8) mechanic’s lien; (9) deletion of creditors’ rights
exception; (10) endorsement over environmental protection liens;
(11) utilities endorsement; and (12) such other endorsements as Buyer
may require before the Title Objection Date based on its review of the
Preliminary Report and Updated Survey. 
Satisfaction of any requirements imposed by the Title Company in
connection with the issuance of the Buyer’s endorsements shall be Buyer’s sole
responsibility and shall not be a condition to or in any way delay the
Closing.  Buyer shall be responsible for
the cost of the Buyer’s Endorsements.

3.2                                 Buyer’s
Duty to Investigate.

a.                                       In
accordance with the terms and conditions of the Access and Due Diligence
Agreement between Seller and Buyer, dated May 23, 2006, Buyer and its
representatives shall have access to the Property for Buyer’s due diligence and
inspections of the Property.  Such Access
and Due Diligence Agreement is hereby incorporated by reference and made a part
hereof.

b.                                      Buyer
acknowledges that it has had or will have the opportunity to conduct whatever
inspection and review of the Property that Buyer deems relevant to Buyer’s
decision to purchase the Property, and agrees to purchase the Property
AS-IS.  Accordingly:

(i)                                     BUYER
HEREBY ACKNOWLEDGES AND AGREES THAT AS A MATERIAL INDUCEMENT TO SELLER TO
EXECUTE AND ACCEPT THIS AGREEMENT AND IN CONSIDERATION OF THE PERFORMANCE BY
SELLER OF ITS DUTIES AND OBLIGATIONS UNDER THIS AGREEMENT, THE SALE OF THE
PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS, WHERE IS” BASIS. EXCEPT AS
PROVIDED IN SECTION 6.1 HEREOF, SELLER HAS NOT MADE, DOES NOT MAKE AND
SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES OR
GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED,
ORAL OR WRITTEN, PAST, PRESENT, FUTURE OR OTHERWISE, OF, AS TO, CONCERNING OR
WITH

 4
 

 

RESPECT TO THE PROPERTY,
INCLUDING WITHOUT LIMITATION:  (1) THE
EXISTENCE OF HAZARDOUS MATERIALS UPON THE LAND OR ANY PORTION THEREOF; (2)
GEOLOGICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION, SUBSIDENCE, SUBSURFACE
CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING
THE WITHDRAWAL OF WATER AND FAULTING; (3) WHETHER OR NOT AND THE EXTENT TO
WHICH THE LAND OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR
UNDERGROUND), BODY OF WATER, FLOOD PRONE AREA, FLOOD PLAIN, FLOODWAY OR SPECIAL
FLOOD HAZARD; (4) DRAINAGE; (5) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF
INSTABILITY, PAST SOIL REPAIRS, SOIL ADDITIONS OR CONDITIONS OF SOIL FILL, OR
SUSCEPTIBILITY TO LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING; (6)
USAGES OF ADJOINING PROPERTIES; (7) THE VALUE, COMPLIANCE WITH THE PLANS AND
SPECIFICATIONS, SIZE, LOCATION, AGE, USE, DESIGN, QUALITY, DESCRIPTION,
DURABILITY, STRUCTURAL INTEGRITY, OPERATION, OR PHYSICAL OR FINANCIAL CONDITION
OF THE PROPERTY OR ANY PORTION THEREOF, OR ANY RIGHTS OR CLAIMS ON OR AFFECTING
OR PERTAINING TO THE LAND OR ANY PART THEREOF INCLUDING, WITHOUT LIMITATION,
WHETHER OR NOT THE IMPROVEMENTS COMPLY WITH THE REQUIREMENTS OF THE AMERICANS
WITH DISABILITIES ACT AND RELATED REGULATIONS; (8) THE PRESENCE OF HAZARDOUS
MATERIALS IN OR ON, UNDER OR IN THE VICINITY OF THE PROPERTY; (9) THE SQUARE
FOOTAGE OF THE LAND OR THE IMPROVEMENTS; (10) IMPROVEMENTS AND INFRASTRUCTURE,
IF ANY; (11) DEVELOPMENT RIGHTS AND EXTRACTIONS; (12) WATER OR WATER RIGHTS;
(13) THE DEVELOPMENT POTENTIAL FOR THE PROPERTY; (14) THE ABILITY OF BUYER TO
REZONE THE PROPERTY OR CHANGE THE USE OF THE PROPERTY; (15) THE ABILITY OF
BUYER TO ACQUIRE ADJACENT PROPERTIES; (16) THE EXISTENCE AND POSSIBLE LOCATION
OF ANY UNDERGROUND UTILITIES; (17) THE EXISTENCE AND POSSIBLE LOCATION OF ANY
ENCROACHMENTS; (18) WHETHER THE IMPROVEMENTS WERE BUILT, IN WHOLE OR IN PART,
IN COMPLIANCE WITH APPLICABLE BUILDING CODES; (19) THE STATUS OF ANY
LIFE-SAFETY SYSTEMS IN THE IMPROVEMENTS; (20) THE CHARACTER OF THE NEIGHBORHOOD
IN WHICH THE LAND IS SITUATED; (21) THE CONDITION OR USE OF THE PROPERTY OR
COMPLIANCE OF THE PROPERTY WITH ANY OR ALL PAST, PRESENT OR FUTURE FEDERAL,
STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR LAWS, BUILDING, FIRE OR ZONING
ORDINANCES, CODES OR OTHER SIMILAR LAWS; OR (22) THE MERCHANTABILITY OF THE
PROPERTY OR FITNESS OF THE PROPERTY FOR ANY PARTICULAR PURPOSE (BUYER AFFIRMING
THAT BUYER HAS NOT RELIED ON SELLER’S SKILL OR JUDGMENT TO SELECT OR FURNISH
THE PROPERTY FOR ANY PARTICULAR PURPOSE, AND THAT SELLER MAKES NO WARRANTY THAT
THE PROPERTY IS FIT FOR ANY PARTICULAR PURPOSE).

(ii)                                  BUYER
ACKNOWLEDGES THAT AS OF THE EXPIRATION OF ITS INSPECTION RIGHTS, BUYER SHALL
HAVE COMPLETED ALL PHYSICAL AND FINANCIAL EXAMINATIONS RELATING TO THE
ACQUISITION OF THE PROPERTY HEREUNDER AND WILL ACQUIRE THE SAME SOLELY ON THE BASIS OF SUCH EXAMINATIONS AND
THE TITLE INSURANCE PROTECTION FOR THE

 5
 

 

PROPERTY AFFORDED BY BUYER’S
TITLE POLICY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY
SELLER.  BUYER FURTHER ACKNOWLEDGES AND
AGREES THAT ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE
PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE
ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO
REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION, EXCEPT
AS PROVIDED IN SECTION 6.1 AND EXCEPT AS PROVIDED IN THE DOCUMENTS DESCRIBED IN
SECTION 4.3.  SELLER SHALL NOT BE LIABLE
FOR ANY FAILURE TO INVESTIGATE THE PROPERTY NOR SHALL SELLER BE BOUND IN ANY
MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS, APPRAISALS,
ENVIRONMENTAL ASSESSMENT REPORTS, OR OTHER INFORMATION PERTAINING TO THE
PROPERTY OR THE OPERATION THEREOF, FURNISHED BY SELLER, OR BY ANY REAL ESTATE
BROKER, AGENT, REPRESENTATIVE, EMPLOYEE, SERVANT OR OTHER PERSON ACTING ON
SELLER’S BEHALF.

(iii)                               THE
CLOSING OF THE PURCHASE OF THE PROPERTY BY BUYER HEREUNDER SHALL BE CONCLUSIVE
EVIDENCE THAT:  (1) BUYER HAS FULLY
AND COMPLETELY INSPECTED (OR HAS CAUSED TO BE FULLY AND COMPLETELY INSPECTED)
THE PROPERTY; AND (2) BUYER ACCEPTS THE PROPERTY AS BEING IN GOOD AND
SATISFACTORY CONDITION AND SUITABLE FOR BUYER’S PURPOSES.

c.                                       Except
for Claims for Seller’s breach of representations and warranties of Seller
provided in Section 6.1 below, or in the documents executed at the Closing,
Buyer for itself and on behalf of each of its successors and assigns
(collectively, the “Releasors”) by this general release of known and unknown
Claims (this “Release”) hereby irrevocably and unconditionally releases and
forever discharges Seller, 3200 Walnut, LLC, 
and their respective members, managers, employees, agents and affiliates
(collectively, the “Releasees”) and each of them, from and against any and all
Claims of any kind or nature whatsoever, WHETHER
KNOWN OR UNKNOWN, suspected or unsuspected, fixed or contingent,
liquidated or unliquidated which any of the Releasors now have, own, hold or
claim to have had, owned or held, against any of the Releasees arising from,
based upon or related to, whether directly or indirectly, any facts, matters,
circumstances, conditions or defects (whether patent or latent) of all or any
kinds, related to, arising from, or based upon, whether directly or indirectly,
the Property, including without limitation (i) the physical condition,
quality and state of repair of the Property conveyed; (ii) any latent or
patent defect affecting the Property conveyed, (iii) the presence of
hazardous materials in, on, about or under the Property or which have migrated
from adjacent lands to the Property or from the Property to adjacent lands, and
(iv) any Claims arising out of alleged construction defects.  The foregoing Release shall be effective as
of the Closing, and shall survive Closing.

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seller’s initials

  	
   

  	
   

  	
  Buyer’s initials

  	
   

  

 

 6
 

 

d.                                      On
or before the Inspection Deadline, Buyer shall notify Seller as to which
Contracts Buyer will assume and which Contracts shall be terminated by Seller
in Buyer’s sole discretion.  Buyer will
assume the obligations arising from and after the Closing Date under those
Contracts which Buyer has elected to assume. 
Seller shall terminate at Closing all Contracts that are not so
assumed.  Seller shall terminate at
Closing, and Buyer shall not assume, any property management or leasing
agreement affecting the Property.

3.3                                 Tenant
Estoppels.

a.                                       Seller
shall endeavor to secure and deliver to Buyer estoppel certificates from
tenants (and subtenants) under all Leases substantially in the form of Exhibit D attached hereto (collectively,
the “Tenant Estoppels”).  Seller shall
use commercially reasonable efforts to obtain the same, duly executed by the
tenants (and any subtenants), and to deliver the same to Buyer prior to the
Closing Date; provided, however, that the Tenant Estoppels shall not be a Buyer’s
Closing Condition.

3.4                                 Ongoing
Operations.

During the pendency of this Agreement:

a.                                       Seller
shall cause the Property to be operated only in the ordinary and usual course
of business and consistent with past practice, shall, subject to reasonable
wear and tear, preserve intact the Property, preserve the good will and
advantageous relationships of Seller with customers, suppliers, independent
contractors, employees and other persons or entities material to the operation
of its business, shall perform its obligations under Leases and Contracts and
shall not take any action or omission which would cause any of the
representations or warranties of Seller contained herein to become inaccurate
or any of the covenants of Seller to be breached.

b.                                      Seller
shall continue to carry its existing insurance through the Closing Date, and
shall not allow any breach, default, termination or cancellation of such
insurance policies or agreements to occur or exist.

c.                                       Seller
will not enter into or amend, terminate, waive any default under, or grant
concessions regarding any contract or agreement that will be an obligation
affecting the Property or binding on Buyer after the Closing without Buyer’s
prior written consent in each instance; provided, however, that prior to the
Inspection Deadline, Buyer’s consent shall not be unreasonably withheld,
conditioned or delayed.

d.                                      Seller
will not enter into any Lease, or amend, terminate, waive any default under,
grant concessions regarding, or incur any obligation for leasing commissions or
otherwise in connection with any Lease without Buyer’s prior written consent in
each instance; provided, however, that prior to the Inspection Deadline, Buyer’s
consent shall not be unreasonably withheld, conditioned or delayed.

e.                                       Seller
will not remove any Tangible Personal Property (other than as is prudent in the
ordinary course of operating the Property) unless it is replaced with a
comparable item of equal quality and quantity as existed as of the time of such
removal.

 7
 

 

f.                                         Seller
shall maintain in existence all licenses, permits and approvals, if any, that
are in its name and necessary or reasonably appropriate to the ownership,
operation or improvement of the Property.

ARTICLE 4 - CLOSING

4.1                                 Manner
of Closing; Closing Date.

The consummation of the purchase and sale of the
Property and the closing of the Escrow (“Closing”) will be administered by the
Title Company and will occur by mail at the Title Company’s office.  The parties shall provide the Title Company
with escrow instructions consistent with this Agreement.  The time and date of the Closing (“Closing
Date”) shall be 2:00 p.m. EDST on July 7, 2006, or such earlier date as
may be agreed to by the parties.  Seller
shall have the right to adjourn the Closing Date for no more than thirty (30)
business days if Seller elects to cure any Title Objection.

4.2                                 Inspection
Deadline.

Buyer may terminate this Agreement by delivering
written notice of Buyer’s objection to the Condition of the Property to Seller
on or before 5:00 p.m. EDST on                              ,
2006 (the “Inspection Deadline”), whereupon the parties’ respective obligations
under this Agreement shall terminate (excluding those which expressly survive
Closing) and Buyer shall receive a refund of the Deposit.  If Buyer fails to deliver such notice in
accordance with this Section, Buyer shall be deemed to have waived its right to
terminate this Agreement pursuant to this Section 4.2.

4.3                                 Documents
to Be Deposited into Escrow by Seller.

On or before the Closing Date, Seller shall deposit
into Escrow: (a) an executed and acknowledged special warranty deed conveying
the Property to Buyer subject to the Permitted Exceptions; (b) two (2) executed
copies of the Assignment and Assumption of Leases, Contracts and Intangible
Personal Property in the form of Exhibit E
attached hereto, assigning to Buyer all of Seller’s right, title and interest
in and to the Leases, Permits, Contracts and Intangible Property; (c) two
(2) executed copies of the Quitclaim Bill of Sale in the form of Exhibit F attached hereto,
quitclaiming to Buyer all of Seller’s right, title and interest, if any, in and
to the Tangible Personal Property; (d) an executed certificate of non-foreign
person (“FIRPTA Certificate”); (e) such affidavits and agreements as the Title
Company may request to issue the Title Policy and which are reasonably
acceptable to Seller; (f) all original Leases and Contracts in Seller’s
possession; (g) a lease termination agreement, terminating Seller’s lease with
3200 Walnut, LLC and a recordable form of termination for any recorded
memorandum of such lease; and (h) such other documents as may be consistent
with this Agreement and necessary or appropriate to effect the Closing.  The documents shall be in a form reasonably
acceptable to Seller and Buyer.

4.4                                 Funds
and Documents to Be Deposited into Escrow by Buyer.

Not later than 12:00 p.m. EDST on the Closing Date,
Buyer shall deposit into Escrow (a) such funds (by wire transfer or other
immediately available United States funds) as are necessary

 8
 

 

to complete payment of
the Purchase Price, less the Deposit, in accordance with Section 2.2 of this
Agreement and to pay Buyer’s portion of the Closing costs; (b) two
(2) executed copies of the Assignment and Assumption of Leases, Contracts
and Intangible Personal Property; (c) two (2) executed copies of the
Quitclaim Bill of Sale; (d) such affidavits and agreements as the Title
Company may request to issue the Title Policy and which are reasonably
acceptable to Buyer; and (e) such other documents as may be consistent
with this Agreement and necessary or appropriate to effect the Closing.  The documents shall be in a form reasonably
acceptable to Seller and Buyer.

4.5                                 Buyer’s
Closing Conditions.

Buyer’s obligation to purchase the Property is
expressly conditioned on the fulfillment of each of the conditions precedent
described below at or before the Closing (“Buyer’s Closing Conditions”):

a.                                       Seller’s
representations and warranties contained herein shall be true and correct as of
the date of this Agreement and as of the Closing Date;

b.                                      As
of the Closing Date, Seller shall have performed its obligations hereunder and
all deliveries required to be made by Seller at Closing have been tendered;

c.                                       As
of the Closing Date, Seller shall not be in default under any Lease or
Contract;

d.                                      The
Title Company shall be irrevocably and unconditionally committed to issue to
Buyer, as of the Closing Date, subject only to payment of the premium therefor,
an owner’s title insurance policy in the form and amount required under Section
3.1(a), subject only to the Permitted Exceptions (“Title Policy”); and

e.                                       No
proceeding has been commenced against Seller under the federal Bankruptcy Code
or any state law for relief of debtors.

4.6                                 Seller’s
Closing Conditions.

Seller’s obligation to sell the Property is expressly
conditioned upon the fulfillment of each of the conditions precedent described
below at or before Closing (“Seller’s Closing Conditions”):

a.                                       Buyer’s
representations and warranties contained herein shall be true and correct as of
the date of this Agreement and as of the Closing Date; and

b.                                      As
of the Closing Date, Buyer shall have performed its obligations hereunder and
all deliveries to be made by Buyer at Closing have been tendered, including the
delivery through Escrow of the funds and documents specified in Section 4.4.

 9
 

 

4.7                                 Closing
Costs.

a.                                       Seller
shall pay the costs and fees of any counsel representing Seller in connection
with this transaction.  Seller shall also
pay the following costs and expenses:

(i)                                     subject
to subsection (v) hereof, the escrow fee, if any, which may be charged by the
Title Company;

(ii)                                  subject
to subsection (v) hereof, the excise, recording, deed, imposed transfer tax,
documentary stamp tax or similar tax which becomes payable by reason of the
transfer of the Property (excluding, however, any sales tax in respect of the
Tangible Personal Property) under applicable state or local law, including,
without limitation, any real estate excise tax;

(iii)                               subject
to subsection (v) hereof, the amount of $20,834 to pay a portion of the owner’s
title insurance premium for the Title Policy (without endorsements), and the
cost of the Updated Survey; and

(iv)                              subject
to subsection (v) hereof, recording fees to transfer title to Buyer.

(v)                                 Seller
shall pay the costs, fees and expenses enumerated in subsections (i) through
(iv) hereof only to the extent that they do not exceed $100,000 in the
aggregate.

b.                                      Buyer
shall pay the costs and fees of any counsel representing Buyer in connection
with this transaction.  Buyer shall also
pay the following costs and expenses:

(i)                                     subject
to subsection (vii) hereof, the escrow fee, if any, which may be charged by the
Title Company;

(ii)                                  subject
to subsection (vii) hereof, the excise, recording, deed, imposed transfer tax,
documentary stamp tax or similar tax which becomes payable by reason of the
transfer of the Property (excluding, however, any sales tax in respect of the
Tangible Personal Property) under applicable state or local law, including,
without limitation, any real estate excise tax;

(iii)                               subject
to subsection (vii) hereof, the cost of the Updated Survey;

(iv)                              subject
to subsection (vii) hereof, recording fees to transfer title to Buyer;

(v)                                 all
of the recording fees for Buyer’s financing documents; and

(vi)                              title
insurance premiums for Buyer’s lender’s title insurance policy, including any
endorsements thereto, and the cost of any Buyer’s Endorsements to the Title
Policy, as well as any premiums for the Title Policy in excess of $20,834.

(vii)                           Buyer
shall pay the costs, fees and expenses enumerated in subsections (i) through
(iv) hereof only to the extent that they exceed $100,000 in the aggregate.

 10
 

 

4.8                                 Prorations.

Buyer is currently responsible for payment of all
taxes and costs of occupying and operating the Property pursuant to its
sublease of the Property.  Accordingly,
no prorations shall be made between Buyer and Seller with respect to the
Closing, except that any rent collected by Seller for the month in which the
Closing occurs shall be prorated as of the Closing Date based on the number of
days in such month that the Property is owned by each party.

ARTICLE 5 – INTENTIONALLY OMITTED

ARTICLE 6 - REPRESENTATIONS AND WARRANTIES

6.1                                 Seller’s
Warranties.

Seller represents and warrants that:

a.                                       (i)
Seller is duly organized, validly existing and in good standing under Delaware
law; (ii) the persons executing this Agreement and any of the other documents
executed and delivered on behalf of Seller are duly appointed and authorized by
Seller to execute such documents; (iii) as of the date of this Agreement,
Seller has not entered into, and has no actual knowledge of, any option,
contract or other agreement with respect to a purchase or sale of all or any
portion of the Property which remains in effect, except for Seller’s lease with
3200 Walnut, LLC which will be terminated at the Closing; and (iv) to Seller’s
actual knowledge, no third party approval or consent is required for Seller to
enter into this Agreement or to consummate the transactions contemplated
hereby.

b.                                      To
Seller’s actual knowledge, there is not now pending or threatened any action,
suit or proceeding before any court or governmental agency or body against
Seller that would prevent Seller from performing its obligations hereunder or
against or with respect to the Property. 
To Seller’s actual knowledge, no condemnation, eminent domain or similar
proceedings are pending or threatened with regard to the Property.  Seller has not received any written notice
and has no actual knowledge of any pending or threatened liens, special
assessments, impositions or increases in assessed valuations to be made against
the Property.

c.                                       To
Seller’s actual knowledge, the list of Contracts to be delivered to Buyer
pursuant to this Agreement is or will be true, correct, and complete as of the
date of its delivery, and the documents constituting the Contracts that are
delivered to Buyer are true, correct and complete copies of all of the
Contracts affecting the Property.  Neither
Seller nor, to Seller’s actual knowledge, any other party is in default under
any Contract.

d.                                      To
Seller’s actual knowledge, Seller has received no written notice that the
Property or the use thereof violates any governmental law or regulation or any
covenants or restrictions encumbering the Property.  To Seller’s actual knowledge, Seller has not
received any written notices of violations or alleged violations of any laws,
rules, regulations or codes, including building codes, with respect to the
Property which have not been corrected to the satisfaction of the issuer of the
notice.

 11
 

 

e.                                       Seller
has no actual knowledge of, and has received no written notice of, any
violation of Environmental Laws on the Property or the presence or release of
Hazardous Materials on or from the Property in violation of Environmental Laws
except as described in the environmental documents disclosed pursuant to
Section 3.1(a).  The term “Environmental
Laws” includes without limitation the Resource Conservation and Recovery Act
and the Comprehensive Environmental Response Compensation and Liability Act and
other federal laws governing the environment as in effect on the date of this
Agreement, together with their implementing regulations, guidelines, rules or
orders as of the date of this Agreement, and all state, regional, county,
municipal and other local laws, regulations, ordinances, rules or orders that
are equivalent or similar to the federal laws recited above or that purport to
regulate Hazardous Materials.  The term “Hazardous
Materials” includes petroleum, including crude oil or any fraction thereof,
natural gas, natural gas liquids, liquefied natural gas, or synthetic gas
usable for fuel (or mixtures of natural gas or such synthetic gas), and any
substance, material, waste, pollutant or contaminant listed or defined as
hazardous or toxic under any Environmental Law.

f.                                         Other
than this Agreement, the documents delivered at Closing pursuant hereto, the
Permitted Exceptions, and the Leases and Contracts, to Seller’s actual
knowledge there are no contracts or agreements of any kind relating to the
Property to which Seller is a party and that would be binding on Buyer after
Closing.

g.                                      Seller
is not and is not acting on behalf of an “employee benefit plan” within the
meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended, a “plan” within the meaning of Section 4975 of the Internal Revenue
Code of 1986, as amended or an entity deemed to hold “plan assets” within the
meaning of 29 C.F.R. § 2510.3 101 of any such employee benefit plan or plans.

h.                                      The
phrase, to Seller’s “actual knowledge”, in the foregoing representations and
warranties shall be deemed to refer exclusively to matters within the current
actual (as opposed to constructive) knowledge of John Fraser who is the Vice
President of Seller and in charge of the Property for Seller, as of the date of
this Agreement.  No duty of inquiry or
investigation on the part of Seller shall be implied by the making of any
representation or warranty which is so limited to matters within Seller’s
actual knowledge.

6.2                                 Buyer’s
Warranties.

Buyer represents and warrants that:

a.                                       (i)
Buyer is duly organized, validly existing, and in good standing under the laws
of its state of incorporation or organization; (ii) the persons executing this
Agreement and any of the other documents executed and delivered on behalf of
Buyer are duly appointed and authorized by Buyer to execute such documents; and
(iii) no third party approval or consent is required for Buyer to enter into
this Agreement or to consummate the transactions contemplated hereby.

b.                                      To
Buyer’s actual knowledge, there is not now pending or threatened any action,
suit or proceeding before any court or governmental agency or body against
Buyer that

 12
 

 

would prevent Buyer from
performing its obligations hereunder or against or with respect to the
Property.

c.                                       No
duty of inquiry or investigation on the part of Buyer shall be implied by the
making of any representation or warranty which is so limited to matters within
Buyer’s actual knowledge.

ARTICLE 7 - BROKERAGE COMMISSIONS

Seller represents and warrants to Buyer that it has
not negotiated or dealt with any real estate broker, salesperson or agent in
connection with the making of this Agreement or the transaction contemplated
hereby, or incurred any liability for the payment of any brokerage fee,
commission or compensation to any such broker, salesperson or agent, other than
Cushman & Wakefield of Colorado, Inc. (“Cushman”).  Buyer represents and warrants to Seller that
it has not negotiated or dealt with any real estate broker, salesperson or
agent in connection with the making of this Agreement or the transaction
contemplated hereby, or incurred any liability for the payment of any brokerage
fee, commission or compensation to any such broker, salesperson or agent.  Seller shall be responsible for payment of
all brokerage fees payable to such brokers pursuant to its agreement with
Cushman.  Subject to a separate agreement
between Cushman and CRESA Partners, Cushman shall pay CRESA Partners any
brokerage fee that may be due in connection with the closing of this
transaction.  In no event shall CRESA
Partners be entitled to a brokerage fee with respect to both this Agreement and
the Absolute Triple Net Lease between 3200 Walnut, LLC and Array BioPharma Inc.  Buyer shall defend, indemnify, and hold
Seller harmless from any and all other Claims asserted by any broker as a
result of Buyer’s actions regarding the Property (other than any Claim by
Cushman.)  Seller shall defend,
indemnify, and hold Buyer harmless from and against any and all Claims asserted
by any broker as a result of Seller’s actions regarding the sale of the
Property.  These indemnities shall
survive the Closing or the termination of this Agreement.

ARTICLE 8 - RISK OF LOSS

8.1                                 Major
Damage.

If, before the Closing Date, the Property, or any part
thereof, is destroyed or suffers damage which is estimated (by an independent
contractor selected by Seller and reasonably acceptable to Buyer) to cost more
than $1,000,000 to repair, and if such damage is not due to gross negligence of
Buyer, or if condemnation proceedings are commenced against any portion of the
Property which materially and adversely affect access, reduce parking or take
any part of the Building or other permanent improvements located on the
Property, Buyer shall have the right to terminate this Agreement by giving
written notice to Seller within five (5) business days after receiving written
notice of such damage, destruction or condemnation proceedings (but in any
event before the Closing Date), whereupon the parties’ respective obligations
under this Agreement shall terminate (excluding those which expressly survive
Closing) and Buyer shall receive a refund of the Deposit.  If Buyer does not so terminate this
Agreement, Buyer shall accept the Property in its then condition and proceed
with the purchase without reducing the Purchase Price, and at Closing Seller
shall assign to Buyer all insurance proceeds or condemnation awards payable to
Seller by reason of such damage, destruction or condemnation,

 13
 

 

less any amounts applied
to the loss, and credit to Buyer the amount of the deductible under the
applicable insurance.

8.2                                 Lesser
Damage.

In the event of damage to the Property which is
estimated (by an independent contractor selected by Seller and reasonably
acceptable to Buyer) to cost less than $1,000,000  to repair, or if condemnation proceedings are
commenced only against a portion of the Property which does not materially and
adversely affect access, reduce parking or take any part of the Building or
other permanent improvements located on the Property, Buyer shall accept the
Property in its then condition and proceed with the purchase without reducing
the Purchase Price and at Closing Seller shall assign to Buyer all insurance
proceeds or condemnation awards payable to Seller by reason of such damage or
destruction or condemnation, less any amounts applied to the loss, and credit
to Buyer the amount of the deductible under the applicable insurance.

ARTICLE 9 - BREACH

9.1                                 Liquidated
Damages.

If Buyer materially breaches this Agreement, Buyer
shall be responsible for all cancellation charges required to be paid to Title
Company, and this Agreement and the rights and obligations of the parties shall
terminate (except as provided herein with respect to obligations which are
intended to survive termination of this Agreement).

IF THIS AGREEMENT
TERMINATES PURSUANT TO THIS SECTION, THE DEPOSIT SHALL BE RETAINED BY SELLER AS
LIQUIDATED DAMAGES AS SELLER’S EXCLUSIVE REMEDY FOR BUYER’S BREACH OF THE
OBLIGATION TO PURCHASE THE PROPERTY, WHICH SUM SHALL BE PRESUMED TO BE THE
AMOUNT OF ACTUAL DAMAGES SUSTAINED BY SELLER BY REASON OF BUYER’S BREACH.  BUYER AND SELLER AGREE THAT, DUE TO THE
NATURE OF THE TRANSACTION, IT WOULD BE IMPRACTICABLE AND EXTREMELY DIFFICULT TO
FIX THE ACTUAL DAMAGES SELLER WOULD SUSTAIN SHOULD BUYER BREACH ITS OBLIGATION
TO PURCHASE THE PROPERTY.  BUYER AND
SELLER AGREE THAT LIQUIDATED DAMAGES ARE APPROPRIATE FOR THIS TRANSACTION AND
AGREE THAT THE DEPOSIT REPRESENTS A REASONABLE ESTIMATE OF THE DAMAGES SELLER
WOULD SUSTAIN BY VIRTUE OF BUYER’S FAILURE TO PERFORM ITS OBLIGATION TO
PURCHASE THE PROPERTY.  NOTWITHSTANDING
THE FOREGOING, THIS PROVISION SHALL NOT LIMIT SELLER’S RIGHTS TO RECEIVE
REIMBURSEMENT FOR ATTORNEYS’ FEES AND DOES NOT WAIVE OR AFFECT SELLER’S
REMEDIES WITH RESPECT TO BUYER’S INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT.

 14
 

 

9.2                                 Buyer’s
Pre-Closing-Remedies.

If Seller materially breaches this Agreement, then
Buyer shall be entitled to (a) terminate this Agreement, whereupon the parties’
respective obligations under this Agreement shall terminate (excluding those
which expressly survive Closing) and Buyer shall receive a refund of the
Deposit, or (b) seek specific performance or, if specific performance is
unavailable, then actual (as opposed to consequential, incidental or special)
damages.

9.3                                 Post-Closing
Remedies.

If, after the Closing, Seller or Buyer fails to
perform its respective obligations that expressly survive the Closing, then
Seller or Buyer, as the case may be, may exercise any remedies available to it
at law or in equity, including specific performance or actual (as opposed to
consequential, incidental or special) damages. 
In such event, the liquidated damages provision contained in Section 9.1
shall not apply.

ARTICLE 10 - GENERAL PROVISIONS.

10.1                           Assignment.

Buyer shall not assign, transfer or convey its
interest in this Agreement without Seller’s prior written consent, which may be
withheld in its sole and absolute discretion; provided that, if Buyer is Array
BioPharma Inc., Buyer may, upon written notice to Seller, assign this Agreement
to BioMed Realty, L.P. on condition that BioMed Realty, L.P. shall assume all
of Buyer’s liabilities and obligations under this Agreement.  In addition, Buyer may, after a minimum of
three (3) business days’ prior written notice to Seller, assign this Agreement
to an affiliate of Buyer (including, without limitation, if Buyer is BioMed
Realty, L.P., BMR – 3200 Walnut Street LLC) on conditions that such assignee
shall assume all of Buyer’s liabilities and obligations under this Agreement
and that such assignment shall not be effective until the Closing Date.

10.2                           Notices.

All written notices and demands which either party may
give the other may be given by hand delivery, registered or certified mail,
facsimile, or by a delivery service guaranteeing overnight delivery to a party
at the address below or as may be changed upon written notice to the other
party.

To Seller:                                                                                            3200
Walnut LL, LLC

c/o Investcorp
International, Inc.

280 Park Avenue,
36th Floor

New York, NY 10017

Fax:  212-983-7073

Attn:  John
Fraser

 15
 

 

with a copy to:                                                                 Jill
K. Rood, Esq.

Jacobs Chase Frick
Kleinkopf & Kelley, LLC

1050 17th Street,
Suite 1500

Denver, CO 80233

Fax: 
303-685-4869

To Buyer:

with a copy to:

Notices shall be deemed received as follows:  if hand delivered, then upon delivery; if
given by fax, then upon receipt so long as the sending fax electronically
confirms receipt (and a hard copy thereof is sent promptly by regular mail); if
given by overnight courier, then the business day after delivery to the
overnight courier; and if given by certified mail, then the third business day
(excluding the day of mailing) after mailing.

10.3                           Claims.

The term “Claims” shall mean all claims, demands,
damages, losses, judgments, liabilities, causes of actions, suits, fines,
penalties, costs, fees and expenses, including, without limitation, fees, costs
and expenses of attorneys, consultants and other experts.

10.4                           Attorneys’
Fees.

The prevailing party in any action or proceeding
brought by either party against the other under this Agreement shall be
entitled to recover such court costs, costs and fees of the attorneys, experts
and consultants in such action or proceeding (whether at the administrative,
trial or appellate levels) in such amount as the court may adjudge reasonable.

10.5                           Time
of the Essence.

Time is of the essence in this Agreement as to each
provision in which time is an element of performance.

10.6                           No
Rights or Obligations to Third Parties.

Except as otherwise expressly provided in this
Agreement, the execution and delivery of this Agreement shall not be deemed to
confer any rights upon, nor obligate any of the parties, to any person or
entity other than Seller and Buyer.

 16
 

 

10.7                           Review
by Counsel.

Each party and its counsel have reviewed and approved
this Agreement and any ambiguities shall not be resolved against the drafting
party.

10.8                           Effectiveness
of Agreement; Facsimile and Counterpart Signatures.

This Agreement shall not be effective and shall not be
binding on Buyer and Seller unless and until fully executed by Buyer and
Seller.  Facsimile signature to this
Agreement shall be deemed originals for all purposes.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and, taken together,
shall be deemed to be a full and complete contract between the parties
constituting a single document.

10.9                           No
Recording.

Seller and Buyer agree that neither party shall record
a memorandum of this Agreement.  If Buyer
breaches this provision, Seller shall have the right to terminate this
Agreement and record a notice of termination.

10.10                     Business
Day.

In the event that any of the dates specified in this
Agreement shall fall on a Saturday, a Sunday, or a holiday, then the date of such
action shall be deemed to be extended to the next business day.

10.11                     Miscellaneous.

This is the entire agreement between the parties
regarding the sale of the Property.  This
Agreement shall be governed by the laws of the State of Colorado.  If any provision of this Agreement is invalid
or unenforceable, the remaining provisions shall not be affected thereby, and
every provision of this Agreement shall be valid and enforceable to the fullest
extent permitted by law.  The terms of
this Agreement may not be modified or amended except by an instrument in
writing executed by Seller and Buyer. 
The waiver or failure by either to enforce any provision of this
Agreement shall not operate as a waiver of any future breach of any such
provision or any other provision of this Agreement.  All exhibits attached to this Agreement are
an integral part of this Agreement and are incorporated into this Agreement by
reference.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and Seller’s
successors and assigns.  This Agreement
may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which, together, shall constitute one and the same
instrument.

10.12                     Press
Release.

Until the Closing, neither Seller nor Buyer will
release or cause or permit to be released any press notices, or publicity (oral
or written) or advertising promotion relating to, or otherwise announce or
disclose or cause or permit to be announced or disclosed, in any manner
whatsoever, the terms, conditions or substance of this Agreement without first
obtaining the written consent of the other party except those disclosures that
are required by law, including the

 17
 

 

Securities Act of 1933,
or contractual obligation (in which case notice shall be timely provided to the
other party of such requirement and disclosure).  The foregoing shall not preclude either party
from discussing the substance or any relevant details of such transactions with
any of its attorneys, accountants, professional consultants, lenders, partners,
investors, or any prospective lender, partner or investor, as the case may be,
or prevent either party hereto, from complying with laws, rules, regulations
and court orders, including without limitation, governmental regulatory,
disclosure, tax and reporting requirements, or from making disclosures in the
ordinary course of its due diligence inspections and contacts with third
parties related thereto.  Notwithstanding
the foregoing, any party to this transaction (and each employee, agent or
representative of the foregoing) may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the transaction
and all materials of any kind (including opinions or other tax analyses) that
are provided to them relating to such tax treatment and tax structure except to
the extent maintaining such confidentiality is necessary to comply with any
applicable federal or state securities laws. 
The authorization in the preceding sentence is not intended to permit
disclosure of any other information unrelated to the tax treatment and tax
structure of the transaction including (without limitation) (i) any portion of
the transaction documents or related materials to the extent not related to the
tax treatment or tax structure of the transaction, (ii) the existence or status
of any negotiations unrelated to the tax issues, or (iii) any other term or
detail not relevant to the tax treatment or the tax structure of the
transaction.

10.13                     Public
Company Requirements.

Upon Buyer’s request, for a period of two (2) years
after Closing, Seller shall make any books and records of the Property
remaining in possession of Seller available to Buyer for inspection, copying
and audit by Buyer’s designated accountants, and at Buyer’s expense.  Seller shall provide Buyer, but without
third-party expense to Seller, with copies of, or access to, such factual
information in connection with this Agreement and/or the Property as may be
reasonably requested by Buyer, and in the possession or control of Seller, to
enable Buyer to comply with applicable filing requirements of the Securities
and Exchange Commission.  Buyer or its
designated independent or other accountants may audit the operating statements
of the Property, and Seller shall supply such documentation in its possession
or control as Buyer or its accountants may reasonably request in order to
complete such audit and shall provide to Buyer’s auditors a representation
letter from Seller or its representative reasonably satisfactory to Seller and
to Buyer’s auditors in connection with such audit.

 18
 

 

IN WITNESS WHEREOF, Seller and Buyer have executed
this Agreement as of the Execution Date.

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  3200 WALNUT LL,
  LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  QOL INDEPENDENT
  CORP.,

  
	
   

  	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
   

  	
  ,

  
	
   

  	
  a

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
   

  
												

 

 19

 

EXHIBIT A

LEGAL DESCRIPTION

Lot 1, Synergen
Subdivision Filing No. 3, County of Boulder, State of Colorado.

 A-1

 

EXHIBIT B

CONTRACTS

None.

 B-1

 

EXHIBIT C

LEASES

Lease, between Boulder Headquarters LLC and Amgen
Inc., dated May 13, 1999 (as amended to date)

Absolute Triple Net Lease, between Seller and Array
BioPharma Inc., dated                                        ,
2006

 C-1

 

EXHIBIT D

TENANT ESTOPPEL

 D-1
 

 

ESTOPPEL
CERTIFICATE

	
  To Purchaser:

  	
   

  	
  Landlord

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Its affiliates successors and/or assigns

  	
   

  	
  Its affiliates successors and/or assigns

  
					

 

As an inducement for                                    
(“Purchaser”) to acquire the Premises (as hereinafter defined),                                    
the undersigned hereby acknowledges that:

1.             The undersigned is the tenant (“Tenant”) of the building
known as                                    
in Boulder, Colorado (the “Premises”), under a certain lease from                                    
(“Landlord”), dated as of                                    ,
as amended by                                    ,
dated as of                                    
(as amended, the “Lease”), which provides for an Initial Monthly Rent as set
forth in the Lease (“Initial Monthly Rent”).

(a)           The Initial Monthly Rent under the Lease
provides for annual increases as set forth in the Lease.  No rent has been prepaid more than thirty
(30) days in advance and the rent has been paid through                                    .

(b)           The commencement
date of the
Lease is                                    , and the primary
Lease term expires                                    , unless sooner
terminated in accordance with the terms of the Lease.

(c)           Except as set forth
in the Lease, if any, Tenant has no options to renew the term of the
Lease.  Tenant has not exercised any of
the options except as follows:  None.  Except as set forth in this Lease and the                                    ,
if any, Tenant has no other option or right to renew or extend the Lease or to
lease the Premises, no right to cancel the Lease (other than by reason of
default by Landlord), and no right to expand the Premises.

(d)           Except as set forth
in the Lease, if any, the Lease does not contain and Tenant has no outstanding
options or rights of first refusal to purchase any part of the Premises.

2.             Tenant has entered and accepted the possession of the
Premises, is currently doing business in a portion thereof and commenced
payment in full of rent under the Lease. 
To Tenant’s actual knowledge, the Premises is in compliance with the
Lease.

3.             Tenant has paid a security deposit of $                       
to Landlord.  No other security deposit
has been deposited with Landlord other than as set forth herein.

4.             The Lease sets forth the entire agreement between
Landlord and the undersigned, is presently in full force and effect in
accordance with its terms, and has not, in any way, been assigned or sublet
except as set forth below, nor amended or modified except as referred to in
Section 1 above, and there are no other agreements with Landlord or any master
landlord with regard to the Premises other than the Lease and                                    .  Tenant has sublet

 D-2
 

 

portions of the Premises
to                                    
pursuant to a Lease dated                                    ,
as amended by                                        
dated                                    .

5.             Except as set forth in the Lease, if any, Tenant is not
entitled to any rent concessions, free rent, allowances or other similar
compensation relating to the Premises. 
To Tenant’s actual knowledge, as of this date, all improvements to the
Premises required to be made by Landlord under the Lease, if any, have been
completed to the satisfaction of Tenant, all cash allowances, if any, due
Tenant for the leasing and initial construction of the Premises have been paid
in accordance with the Lease, and Landlord has no obligation to assume Tenant’s
liabilities under leases of other premises (whether within the building, on the
Premises or elsewhere), except as follows: 
None.

6.             To Tenant’s actual knowledge, of this date, there exists
no default or other grounds by either party to the Lease, nor has Tenant
asserted any claims, counterclaims, defenses or rights of setoffs, or for
ceasing or reducing the payment of rentals, or for cancellation or termination
of the Lease, nor any state of facts which, with the giving of notice, the
passage of time, or both, would constitute a default under the Lease.

7.             To Tenant’s actual knowledge, all leasing brokerage
commissions or similar compensation due and payable with respect to the Lease
have been paid and no person has made any claim for any such leasing brokerage
commissions or similar compensation.

8.             There are no actions, whether voluntary or otherwise,
pending against Tenant under the bankruptcy or insolvency laws of the United
States or any state thereof.

9.             The individual executing this Estoppel Certificate on
behalf of Tenant represents and warrants that (s)he has the power and authority
to execute this Estoppel Certificate on behalf of Tenant.

	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
   

  	
  ,

  
	
   

  	
  a

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
  Dated:  

  	
   

  	
  , 2006

  	
   

  
							

 

 D-3

 

EXHIBIT E

ASSIGNMENT AND ASSUMPTION
OF LEASES,

CONTRACTS AND
INTANGIBLE PERSONAL PROPERTY

 E-1
 

 

ASSIGNMENT AND ASSUMPTION OF
LEASES,

CONTRACTS
AND INTANGIBLE PERSONAL PROPERTY

FOR AND IN CONSIDERATION of the sum of Ten and No/100ths Dollars
($10.00) and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, 3200 WALNUT LL, LLC, a Delaware limited liability company (“Assignor”), hereby sells, assigns,
transfers and sets over unto                                            ,
a                                               
(“Assignee”) the leases, contracts and intangible personal property described
on Exhibit A attached hereto (the “Assigned Property”), affecting
the real estate legally described on Exhibit
B attached hereto.

Assignee does hereby accept the foregoing assignment, and agrees to
assume and perform the obligations of Assignor under and relating to the
Assigned Property, but only to the extent such obligations first arise and
accrue on or after the date hereof.

Assignor agrees to indemnify, defend and hold harmless Assignee from
and against any and all claims, damages, liabilities, losses, costs and
expenses (including, without limitation, reasonable attorneys’ fees and
expenses) asserted against or suffered or incurred by Assignee as a result of
or in connection with any liabilities or obligations of the landlord under any
of the Leases and relating to periods prior to the date hereof.

Assignee agrees to indemnify, defend and hold harmless Assignor from and
against any and all claims, damages, liabilities, losses, costs and expenses
(including, without limitation, reasonable attorneys’ fees and expenses)
asserted against or suffered or incurred by Assignor as a result of or in
connection with any liabilities or obligations of the landlord under any of the
Leases and relating to periods on or after the date hereof.

This Assignment and Assumption of Leases, Contracts and Intangible
Personal Property shall be binding on and shall inure to the benefit of Assignor
and Assignee and their respective successors and assigns.

This Assignment and Assumption of Leases, Contracts and Intangible
Personal Property may be executed in counterparts, and as so executed shall
constitute one and the same agreement.

 E-2
 

 

IN WITNESS WHEREOF, the parties hereto have executed this Assignment
and Assumption of Leases, Contracts and Intangible Personal Property as of the       
day of                  ,
2006.

	
  

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  3200 WALNUT LL,
  LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  QOL INDEPENDENT
  CORP.,

  
	
   

  	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  a,

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
   

  
												

 

 E-3
 

 

EXHIBIT A

Leases, Contracts
and Intangible Personal Property

Leases:

Lease, between Boulder Headquarters LLC and Amgen
Inc., dated May 13, 1999 (as amended to date)

Absolute Triple Net Lease, between Seller and Array
BioPharma Inc., dated                                       ,
2006

Contracts:

None.

Intangible Personal
Property:

Assignor’s interest, if any, in and to all intangible
personal property now used exclusively in connection with the operation,
ownership, maintenance, management, or occupancy of the real estate described
on Exhibit B (to the extent assignable) (the “Real Estate”); the plans and
specifications for the buildings located on the Real Estate  (to the extent assignable); warranties,
indemnities, applications, governmental permits, approvals, certificates and
licenses (to the extent applicable in any way to the Real Estate and
assignable); excluding computer software and all confidential and proprietary
information and intellectual property of Assignor.

 E-4
 

 

EXHIBIT B

Legal Description

Lot 1, Synergen
Subdivision Filing No. 3, County of Boulder, State of Colorado.

 E-5

 

EXHIBIT F

QUITCLAIM BILL OF
SALE

 F-1
 

 

QUITCLAIM
BILL OF SALE

FOR VALUE RECEIVED, 3200 WALNUT LL, LLC, a Delaware limited liability
company whose address is c/o Investcorp International, Inc., 280 Park Avenue,
36th Floor, New York, NY 10017 (“Grantor”) does hereby
remise, release, sell, transfer and quitclaim to                                                  
a,                                                  
whose address is                                                                                                   
(“Grantee”) the right, title and interest Grantor now has in and to the
tangible personal property (collectively, the “Personal Property”) located at
or in the real property described on Exhibit A attached hereto and made a part
hereof.

This Quitclaim Bill of Sale is made without any warranties,
representations or covenants, either express or implied.

THE PERSONAL PROPERTY IS SOLD “AS-IS”, “WHERE-IS”, AND EXCEPT AS
SPECIFIED IN THE PRECEDING PARAGRAPH, GRANTOR DISCLAIMS MAKING, AND GRANTEE BY
ACCEPTING THIS BILL OF SALE, ACKNOWLEDGES THAT IT HAS NOT RELIED ON AND WAIVES,
AND THAT THIS BILL OF SALE EXCLUDES, ANY WARRANTIES, EXPRESS OR IMPLIED, WITH
RESPECT TO QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OF THE
PERSONAL PROPERTY.

DATED this                       
day of                              ,
2006.

	
  

  	
  GRANTOR:

  
	
   

  	
   

  
	
   

  	
  3200 WALNUT LL,
  LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  QOL INDEPENDENT
  CORP.,

  
	
   

  	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
							

 

 F-2
 

 

Exhibit A

Real Property

Lot 1, Synergen
Subdivision Filing No. 3, County of Boulder, State of Colorado.

 F-3

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