Exhibit 10.2
EIGHTH AMENDMENT TO LEASE
THIS EIGHTH AMENDMENT TO LEASE AGREEMENT (this “Eighth Amendment”) is made as of September 13, 2021, by and between ARE-819/863 MITTEN ROAD, LLC, a Delaware limited liability company (“Landlord”), and CORVUS PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”).
RECITALS
A.Landlord and Tenant are parties to that certain Lease Agreement dated as of January 27, 2015, as amended by that certain First Amendment to Lease dated as of March 19, 2015, as further amended by that certain Second Amendment to Lease dated as of August 20, 2015 (the “Second Amendment”), as further amended by that Third Amendment to Lease dated as of June 27, 2016, as further amended by that certain Fourth Amendment to Lease dated as of August 15, 2016, as further amended by that certain Fifth Amendment to Lease dated as of March 2, 2018, as further amended by that certain Sixth Amendment to Lease dated as of April 5, 2018, and as further amended by that certain Seventh Amendment to Lease dated as of October 11, 2018(as amended, the “Lease”). Pursuant to the Lease, Tenant leases from Landlord certain (the “Premises”) in a building located at 863 Mitten Road and 866 Malcolm Road, Burlingame, California (collectively, the “Building”). The Premises are more particularly described in the Lease. Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.
B.Landlord and Tenant desire, subject to the terms and conditions set forth below, to amend the Lease as provided below.
NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1. | Term. The “Expiration Date” of the Term of the Lease is hereby extended from January 31, 2023, until January 31, 2025. All references in the Lease to Expiration Date shall mean January 31, 2025. Tenant has no right under the Lease to extend the Term of the Lease beyond January 31, 2025. |
Tenant’s occupancy of the Premises shall continue to be on an “as-is” basis and Landlord shall have no obligation to provide any tenant improvement allowance or to make any alterations to the Premises.
2. | Rent. Tenant shall continue to pay Base Rent as provided for in the Lease until January 31, 2023. Commencing on February 1, 2023, Base Rent shall be increased to $4.25 per rentable square foot of the Premises per month and thereafter on each twelve month (12) anniversary, Base Rent shall be increased by three percent (3%) over the Base Rent for the immediately preceding 12-month period. |
Tenant shall continue to pay all Operating Expenses and other amounts due under the Lease until the Expiration Date.
3. | California Accessibility Disclosure. The provisions of the first sentence of Section 3 of the Sixth Amendment continue to apply and balance of the provisions of Section 3 of the Sixth Amendment are incorporated herein by reference. |
4. | OFAC. Tenant and all beneficial owners of Tenant are currently (a) in compliance with and shall at all times during the Term of the Lease remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the “OFAC Rules”), (b) not listed on, and shall not |
