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Exhibit 10.3
NINTH AMENDMENT TO OFFICE LEASE 

This NINTH AMENDMENT TO OFFICE LEASE ("Ninth Amendment") is made as of 18th day of October, 2022 (the “Ninth Amendment Effective Date”), by and between T-C 888 BRANNAN OWNER LLC, a Delaware limited liability company ("Landlord"), and AIRBNB, INC., a Delaware corporation ("Tenant"). 

RECITALS

A.    Landlord (as successor-in-interest to 888 Brannan LP) is the landlord and Tenant is the tenant under that certain Office Lease dated April 26, 2012 (the “Initial Lease”), as amended by that certain First Amendment to Lease dated as of December 10, 2013 (“First Amendment”), Second Amendment to Office Lease dated May 29, 2014 (“Second Amendment”), Letter Agreements dated April 26, 2012, November 7, 2012 and October 16, 2014, Third Amendment to Office Lease dated February 24, 2015 (“Third Amendment”), Fourth Amendment to Lease dated May 13, 2015 (“Fourth Amendment”), Fifth Lease Amendment executed by Tenant on June 14, 2017 (“Fifth Amendment”), Sixth Amendment to Office Lease dated September 26, 2019 (“Sixth Amendment”), Seventh Amendment to Office Lease dated October 8, 2020 (“Seventh Amendment”) and that certain Eighth Amendment to Office Lease dated September 28, 2021 (“Eighth Amendment”) for premises in the Building known as 850 Brannan and 888 Brannan, consisting of (i) 31,099 RSF on the 2nd floor of the Building, (ii) 24,100 RSF (including mezzanine space) on the ground floor of the Building, (iii) 97,507 RSF on the 3rd floor of the Building, (iv) 59,098 RSF on the 4th floor of the Building, (v) 12,933 RSF on the 5th floor of the Building, (vi) 25,941 RSF on the 2nd floor of the Building and known as Suite 200, (vii) 2,309 RSF of common area corridor space located on the 2nd floor of the Building, and (viii) approximately 36,490 RSF on the 1st floor of the Building (collectively, the “Premises”). As used herein the term “Amended Lease” shall mean the Initial Lease amended as described above and the term “Lease” shall mean the Amended Lease as further amended by this Ninth Amendment.

B.    The parties desire to amend the Amended Lease to extend the Storage Term and make certain other modifications all as more fully set forth below.

    C.    Except as otherwise specifically defined herein all capitalized terms shall have the meanings assigned in the Amended Lease. 

AGREEMENT

In furtherance of the Recitals set forth above, which are incorporated herein by reference, and in consideration of the mutual promises and covenants set forth below, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties acknowledge and agree to the following:

1.Storage Term. The Storage Term (defined in Section 1 of the Seventh Amendment and as amended in the Eighth Amendment) is hereby extended by an additional twelve (12) months (“Second Extended Storage Term”) commencing on November 1, 2022 and ending on October 31, 2023. During the Second Extended Storage Term, Tenant’s Storage use shall continue to be governed by the terms of the Seventh Amendment. 

2.    Base Rent. Tenant shall continue to pay Base Rent for the First Floor Expansion Premises as provided in Section 2(a) of the Sixth Amendment, provided, however, Base Rent for the First Floor Expansion Premises shall be subject to a Rent Escalation as provided in Section 7(b) of the Sixth Amendment until such time as Tenant obtains all necessary Operations Permits and commences regular operations within the First Floor Expansion Premises. 

3.Operating Expenses and Property Taxes. Tenant shall continue to pay Tenant’s Percentage Share of Operating Expenses and Property Taxes for the First Floor Expansion Premises as provided in the Amended Lease. 

4.Certified Access Specialist. This Section 4 is intended to comply with the terms of California Civil Code Section 1938 which requires a commercial property owner or lessor to state the following on every lease or rental agreement executed on or after January 1, 2017:

“A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CAS inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction related accessibility standards within the premises.”

    Pursuant to California Civil Code Section 1938, Landlord hereby advises Tenant that the Premises has not undergone an inspection by a CASp. In accordance with the foregoing, Landlord and Tenant agree that if Tenant requests a CASp inspection of the Premises, then Tenant shall pay (i) the fee for such inspection, and (ii) the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the Premises.

5.OFAC Compliance. 

(a)Certification. Tenant certifies, represents, warrants and covenants that:
(i)It is not acting and will not act, directly or indirectly, for or on behalf of any person, group, entity, or nation named by any Executive Order or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person”, or other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule, or regulation that is enforced or administered by the Office of Foreign Assets Control; and
(ii)It is not engaged in this transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or indirectly on behalf of, any such person, group, entity or nation.
(b)Indemnity. Tenant hereby agrees to defend (with counsel reasonably acceptable to Landlord), indemnify and hold harmless Landlord and the Landlord Parties from and against any and all claims arising from or related to any such breach of the foregoing certifications, representations, warranties and covenants.

6.Disability Access Obligations Notice and Access Information Notice. Landlord and Tenant acknowledge and agree that, prior to the mutual execution and delivery of this Ninth Amendment, Landlord and Tenant have executed a Disability Access Obligations Notice pursuant to San Francisco Administrative Code Chapter 38 in the form attached hereto as Exhibit A. In addition, Tenant acknowledges receipt from Landlord of an Access Information Notice in Tenant's requested language in the form attached hereto as Exhibit B, and Tenant hereby confirms that Tenant's requested language is English. Tenant hereby waives any and all rights it otherwise might now or hereafter have under Section 1938 of the California Civil Code and Chapter 38 of the San Francisco Administrative Code. 

7.Landlord Legal Fees. Tenant agrees to reimburse Landlord for Landlord’s reasonable attorney fees incurred in the preparation and negotiation of this Seventh Amendment, up to a maximum of $2,500.00. Tenant shall pay such amounts to Landlord within thirty (30) days of Landlord’s written request. 

8.Brokers. Tenant warrants to Landlord that Tenant has not dealt with any broker or agent in connection with the negotiation or execution of this Ninth Amendment. Tenant shall indemnify, defend and hold Landlord harmless from and against all costs, expenses, attorneys’ fees, liens and other liability for commissions or other compensation claimed by any broker or agent claiming the same by, through, or 
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under Tenant. Landlord shall indemnify, defend and hold Tenant harmless from and against all costs, expenses, attorneys’ fees, liens and other liability for commissions or other compensation claimed by any broker or agent claiming the same by, through, or under Landlord.

9.Entire Agreement. This Ninth Amendment and the Amended Lease constitute the entire agreement between Landlord and Tenant with respect to the subject matter of this Ninth Amendment. 

10.Full Force and Effect. Except as specifically set forth herein, the Amended Lease is and remains in full force and effect and binding on the parties. Tenant confirms that Landlord is not now and has not in the past been in default under the Lease, and Tenant has no claim against Landlord for damages or offset of any type.

11.Authority. Each party acknowledges that it has all necessary right, title and authority to enter into and perform its obligations under this Ninth Amendment, that this Ninth Amendment is a binding obligation of such party and has been authorized by all requisite action under the party's governing instruments, that the individuals executing this Ninth Amendment on behalf of such party are duly authorized and designated to do so, and that no other signatories are required to bind such party. 

12.Counterparts. This Ninth Amendment may be executed in one or more facsimile or pdf counterparts, each of which shall be deemed the original, but which together shall constitute one and the same instrument. 

[Remainder of page intentionally left blank; signatures appear on following page.]

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    IN WITNESS WHEREOF, the parties have executed this Ninth Amendment as of the Ninth Amendment Effective Date.

LANDLORD:

T-C 888 Brannan Owner LLC, 
a Delaware limited liability company

By: /s/ Mark Meehan            
Name: Mark Meehan
Title:   Authorized Signatory

Date: 10/19/2022

TENANT:

AIRBNB, INC., 
a Delaware corporation 

By: /s/ Pierce Neinken            
Name: Pierce Neinken
Title:   Global Portfolio Manager

Date: 10/18/2022

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EXHIBIT A

DISABILITY ACCESS OBLIGATIONS UNDER
SAN FRANCISCO ADMINISTRATIVE CODE CHAPTER 38
Before you, as the Tenant, enter into a lease with us, the Landlord, for the certain property located at 888 Brannan Street, San Francisco, California (the "Property"); please be aware of the following important information about the lease:
You May Be Held Liable for Disability Access Violations on the Property. Even though you are not the owner of the Property, you, as the tenant, as well as the Property owner, may still be subject to legal and financial liabilities if the leased Property does not comply with applicable Federal and State disability access laws. You may wish to consult with an attorney prior to entering this lease to make sure that you understand your obligations under Federal and State disability access laws. The Landlord must provide you with a copy of the Small Business Commission Access Information Notice under Section 38.6 of the Administrative Code in your requested language. For more information about disability access laws applicable to small businesses, you may wish to visit the website of the San Francisco Office of Small Business or call 415-554-6134.
The Lease Must Specify Who Is Responsible for Making Any Required Disability Access Improvements to the Property. Under City law, the lease must include a provision in which you, the Tenant, and the Landlord agree upon your respective obligations and liabilities for making and paying for required disability access improvements on the leased Property. The lease must also require you and the Landlord to use reasonable efforts to notify each other if they make alterations to the leased Property that might impact accessibility under federal and state disability access laws. You may wish to review those provisions with your attorney prior to entering this lease to make sure that you understand your obligations under the lease.
PLEASE NOTE: The Property may not currently meet all applicable construction-related accessibility standards, including standards for public restrooms and ground floor entrances and exits.

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By signing below I confirm that I have read and understood this Disability Access Obligations Notice.
LANDLORD:
T-C 888 Brannan Owner LLC, 
a Delaware limited liability company

By: _____________________________
Name: 
Title: 
Date: ____________________________
TENANT:
AIRBNB, INC., 
a Delaware corporation 

By: _____________________________
Name: 
Title: 
Date:____________________________

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EXHIBIT B
SAN FRANCISCO SMALL BUSINESS COMMISSION'S
ACCESS INFORMATION NOTICE

[ATTACHED]

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	30035 00318 ii1779471rDocument

Exhibit 10.4

SECOND AMENDMENT TO OFFICE LEASE 
This SECOND AMENDMENT TO OFFICE LEASE (“Second Amendment”) is made  and entered into effective as of September 27, 2022 (the “Second Amendment Effective Date”),  by and between BCP-CG 650 PROPERTY LLC, a Delaware limited liability company (“Landlord”), and AIRBNB, INC., a Delaware corporation (“Tenant”). 
R E C I T A L S : 
A. Landlord (as successor-in-interest to Big Dog Holdings, LLC) and Tenant are  parties to that certain Office Lease dated June 9, 2017 (the “Office Lease”), whereby Tenant currently leases approximately 294,966 rentable square feet of space (“RSF”) (the “Premises”),  in the building located at 650 Townsend Street and 699 Eighth Street, San Francisco, California (the “Building”). The Office Lease, as amended by that certain First Amendment to Lease dated  February 7, 2019 (the “First Amendment”), is referred to herein collectively as the “Lease”. 
B. The Premises is comprised of (i) approximately 178,234 RSF on the street level,  2nd, 3rd, and 6th floors of the Building (the “Initial Premises”), and (ii) approximately 116,732  RSF on the 4th and 5th floors of the Building (the “Must-Take Space”). 
C. The parties desire to (i) modify certain provisions of the Lease related to the amount  and timing of the payment of the “Tenant Improvement Allowance”, as defined in Section 2.1 of  the Tenant Work Letter attached to the Office Lease as Exhibit B, applicable to the Must-Take  Space, and (ii) otherwise amend the Lease on the terms and conditions set forth in this Second  Amendment. 
A G R E E M E N T : 
NOW, THEREFORE, in consideration of the foregoing recitals which are incorporated  herein by reference and the mutual covenants contained herein, and for other good and valuable  consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto  hereby agree as follows: 
1. Terms. All capitalized terms when used herein shall have the same respective  meanings as are given such terms in the Lease unless expressly provided otherwise in this Second  Amendment. 
2. Tenant Improvement Allowance for Must-Take Space. The amount of the  Tenant Improvement Allowance to be provided for the Must-Take Space is hereby reduced from $105 per RSF of the Must-Take Space, to $60.00 per RSF of the Must-Take Space (the  “Must-Take Allowance”). No portion of the Must-Take Allowance shall be used for the  purchase or installation of furniture, fixtures, equipment, cabling, or other personal property, or  used as a credit towards Rent due under the Lease. The Must-Take Allowance must be used only for Tenant Improvement Allowance Items to be located in the Must-Take Space (and no  portion shall be used for items in the Initial Premises). Landlord acknowledges that Tenant shall  not be obligated to spend any amounts in excess of the Must-Take Allowance on improvements  to the Must-Take Space (provided that Tenant shall be obligated to fully pay for any work  performed 

by Tenant or on behalf of Tenant in the Must-Take Space to the extent the cost of  such work exceeds the Must-Take Allowance). 
3. Outside Date to Utilize Must-Take Allowance. The date by which Tenant is  required to utilize the Must-Take Allowance, as provided in Section 2.1 of the Tenant Work  Letter, is hereby extended from the date that is 24-months after the Must-Take Commencement  Date, to December 31, 2024. 
4. Use of Must-Take Allowance by Subtenants. Tenant shall be permitted to  transfer its right to use the Must-Take Allowance to any “Transferee”, as defined in Section 14.1 of the Office Lease, of the Must-Take Space, which Transferee is properly approved by Landlord  as provided in and to the extent required by Article 14 of the Office Lease, provided that the use  of the Must-Take Allowance by any such Transferee shall continue to be subject to all of the  applicable terms and conditions of the Lease and Tenant Work Letter, as the same may be  modified by this Second Amendment. 
5. Landlord’s Warranty Work. Landlord and Tenant agree that the “Landlord  Warranty Period”, as defined in Section 1.2 of the Tenant Work Letter, has expired, and that  Landlord shall have no further obligation to perform or pay for any Landlord’s Warranty Work. 
6. No Option to Extend. Section 2.2 of the Office Lease is hereby deleted and of no  further force or effect. Tenant shall have no further right to extend or renew the Lease Term. 
7. No Recurring Right of Availability. Section 1.4 of the Office Lease is hereby  deleted and of no further force or effect. Tenant shall have no further right to lease additional  space in the Building. 
8. No Roof Deck Rights. Section 5.5 of the Office Lease and Section 2.3 of the First  Amendment are hereby deleted and of no further force or effect. Tenant shall have no further  right to install or use any roof top deck or dog run located on the roof of the Building. 
9. Landlord’s Entry to Atrium and Roof. Notwithstanding anything to the contrary  contained in the Lease, Landlord shall have the right to access the atrium areas of the Building  and the Building rooftop at all times during the Lease Term, and to perform modifications to the  atrium areas and rooftop in connection with accommodating Landlord’s installation of additional  HVAC capacity in the Building and Project. Landlord shall use commercially reasonable efforts  to minimize any interference with Tenant’s use of or access to the Premises and Building  Common Areas in connection with any such work and to provide reasonable advance notice to  Tenant of any scheduled entry or work (except in the case where such entry or work is  necessitated due to an emergency), which notice shall describe the nature of the entry or work  contemplated and the anticipated duration of the same.

10. Landlord Early Termination Right.  
10.1 Termination Right. Tenant hereby grants to Landlord an ongoing right to  terminate the Lease with respect to all or any full floor of the Premises, which right may be  exercised on multiple occasions during the remaining Lease Term (the “Landlord Termination  Right”). Landlord shall exercise the Landlord Termination Right by delivering not less than 90- 
days prior written notice to Tenant (the “Termination Notice”), which Termination Notice shall  indicate (i) the full floor or floors of the Premises as to which Landlord is electing to terminate the  Lease (the “Terminated Space”), and (ii) the elected date of termination (the “Termination  

Date”) which Termination Date shall not be less than 90-days nor more than twelve (12) months  after the date of delivery of the Termination Notice. If Landlord exercises the Landlord  Termination Right as provided above, then the Lease shall terminate and be of no further force or  effect with respect to the Terminated Space as of the Termination Date, and Landlord and Tenant  shall be relieved of their respective obligations under the Lease with respect to the Terminated  Space, except those obligations under the Lease which expressly survive the expiration or earlier  termination of the Lease (including, without limitation, the payment by Tenant of all amounts  owed by Tenant under the Lease with respect to the Terminated Space through and including the  Termination Date). Without limiting the generality of the foregoing, Tenant shall vacate and  surrender possession of the Terminated Space to Landlord on or before such Termination Date in  the condition otherwise required to be vacated and surrendered at the end of the Lease Term. In  the event Tenant fails to so surrender the Terminated Space to Landlord on or before the  Termination Date, the holdover provisions of Article 16 of the Office Lease shall apply (it being  understood and agreed that any holdover rent for purposes of Terminated Space will be based  upon, and limited to, the rentable square footage of the Terminated Space). 
10.2 Termination Fee. If Landlord exercises the Landlord Termination Right,  then Tenant shall be required to pay a fee (the “Termination Fee”) to Landlord, on or before the  applicable Termination Date, for the applicable Terminated Space. The Termination Fee shall be  equal to thirty percent (30%) of the total amount of (i) the Base Rent and (ii) Tenant’s Share of  Direct Expenses that would have been payable with respect to the Terminated Space from the  Termination Date through the natural expiration of the Lease Term (for purposes of calculating  the portion of the Termination due under this item (ii), the then current “Estimated Excess” as  defined in Section 4.4.2 of the Office Lease, shall be used for the remainder of the then calendar  year, and on January 1 of each calendar year occurring during the remainder of the then Lease  Term, the “Estimated Excess” shall be deemed to increase by the “Growth Factor” (as defined  herein), provided that in no event shall the Growth Factor exceed 5%. For purposes hereof, the “Growth Factor” shall mean the percentage increase in then “CPI,” as defined below, published  most recent to the applicable Termination Date over the CPI for the same month for the  immediately preceding calendar year. Tenant’s obligation to pay the Termination Fee shall survive  the termination of the Lease with respect to the Terminated Space as well as any subsequent  expiration of the Lease Term. For purposes of this Section 10.2, “CPI” shall mean the index of  the "All Items" Consumer Price Index for Urban Consumers for the San Francisco-Oakland-Hayward, CA, 1982-84=100, compiled by the U.S. Bureau of Labor Statistics or any successor  agency or successor index. 
10.3 Tenant Right to Sublease. Notwithstanding the terms of Section 10.1,  above, Tenant shall have the right to suspend Landlord’s Termination Right with respect to any portion of the Premises as to which Tenant is prepared to enter into a sublease with a third party  (the “Proposed Sublease Space”), by giving written notice to Landlord of Tenant’s intention to  sublease such space, which notice shall (i) designate the Proposed Sublease Space, and (ii) include  evidence that Tenant has entered into or is in the process of finalizing a letter of intent or proposal  to sublease with respect to such Proposed Sublease Space (the “Subleasing Notice”). If Landlord  fails to exercise the Landlord Termination Right with respect to the Proposed Sublease Space  within thirty (30) days after receipt of the Subleasing Notice, then (a) the Landlord Termination  Right shall be suspended for a period of ninety (90) days from the end of such 30-day period (or  from such earlier date that Landlord notifies Tenant that Landlord will not be exercising the  Landlord Termination Right) with respect to the Proposed Sublease Space (the “Suspension  Period”), and (b) if Tenant enters into a sublease of the Proposed Sublease Space (as sublet, the  “Sublet Space”) prior to the end of the Suspension Period, then so long as such 

sublease remains  in effect Landlord shall have no further Landlord Termination Right with respect to the Sublet Space. 
11. Counterparts. This Second Amendment may be executed in two or more identical  counterparts, with the same force and effect as if all required signatures were contained in a  single, original instrument. 
12. Manner of Execution. This Second Amendment may be executed via facsimile,  pdf or electronic signature (e.g., via DocuSign), and Landlord and Tenant hereby acknowledge  and agree that the same shall be fully effective in the same manner as if both parties hereto had  executed the same document in original counterparts by hand. . 
13. No Further Modification. Except as specifically set forth in this Second  Amendment, all of the terms and provisions of the Lease shall remain unmodified and in full  force and effect.

IN WITNESS WHEREOF, this Second Amendment has been executed as of the Second  Amendment Effective Date. 

“LANDLORD”                 BCP-CG 650 PROPERTY LLC,  
a Delaware limited liability company 

By: /s/ McClure Kelly                    
Name:     McClure Kelly        
Title:       Senior Managing Director    

Date:       10/5/22             
The effective date of this Second Amendment 
shall be and remain the Second Amendment 
Effective Date. The date below the  
Landlord’s signature is merely intended to  
reflect the date of Landlord’s execution of this  
Agreement. 

“TENANT”                    AIRBNB, INC.,
                        a Delaware corporation

                        By:     /s/ Garth Bossow            
                        Name:     Garth Bossow                
                        Title:     Authorized Signatory

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