Exhibit 10.1
AGREEMENT FOR TERMINATION OF LEASE
AND VOLUNTARY SURRENDER OF PREMISES
This Agreement for Termination of Lease and Voluntary Surrender of Premises (this “Agreement”) is made and entered into as of March 11, 2022, by and between ARE-SD REGION NO. 30, LLC, a Delaware limited liability company (“Landlord”), and METACRINE, INC., a Delaware corporation (“Tenant”), with reference to the following:
RECITALS
A. Pursuant to that certain Lease dated as of June 16, 2017 (as amended, the “Lease”), Tenant now leases from Landlord a portion of certain premises known as Suite C (and also known as Suite 130) in the building located at 3985 Sorrento Valley Boulevard, San Diego, California 92121, which Premises consists of approximately 20,475 rentable square feet (the “Premises”), all as more particularly described in the Lease. Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.
B. The term of the Lease is scheduled to expire on March 31, 2023 (the “Expiration Date”).
C. Tenant and Landlord desire, subject to the terms and conditions set forth below, to accelerate the Expiration Date of the Term of the Lease.
D. Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.
NOW, THEREFORE, in consideration of the foregoing and of the mutual promises made herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, Landlord and Tenant agree as follows:
1. Accelerated Termination Date. Landlord and Tenant agree, subject to the terms of this Agreement, to accelerate the Expiration Date of the Term of the Lease from March 31, 2023, to the later of (x) March 31, 2022 and (y) the date that Landlord notifies Tenant that Landlord has executed a lease agreement, on terms and conditions acceptable to Landlord, with a third party for the Premises (as applicable, the “Termination Date”). In no event shall Landlord have any liability to Tenant if the requirement set forth in clause (y) of the preceding sentence does not occur.
2. Termination. Notwithstanding anything to the contrary contained in this Agreement, if Tenant does not surrender the Premises on or before the Termination Date in strict accordance with the terms of this Agreement, the Term of the Lease shall nonetheless terminate on the Termination Date and the holdover provisions of the Lease shall apply.
3. Base Rent and Other Charges. Tenant shall be responsible for the payment of all Base Rent, Operating Expenses and for any other amounts payable by Tenant under the Lease through the Termination Date. Tenant shall not be required to pay Base Rent for any period following the Termination Date so long as Tenant surrenders the Premises in strict compliance with this Agreement and the Lease, as modified by this Agreement, and Tenant is not in breach hereof or under the Lease.
4. Termination and Surrender. Tenant shall voluntarily surrender the Premises as provided in this Agreement. Tenant agrees to cooperate reasonably with Landlord in all matters, as applicable, relating to surrendering the Premises in accordance with the surrender requirements set forth in the Lease and in the condition required pursuant to the Lease, as modified by this Agreement. Notwithstanding anything in the Lease to the contrary, Tenant shall not be required to remove from the Premises on or before the Termination Date (i) any wires, cables or similar equipment installed by Tenant at the Premises; (ii) any Installations or any Notice-Only Alterations; (iii) the Monument Sign, or any other signage installed by Tenant at the Premises or (iv) the Personal Property listed on Exhibit A and Exhibit B. After the Termination Date, Tenant shall have
