EXHIBIT 10.11
AMENDMENT TO LEASE #2
In connection with a lease currently in effect between the parties at 233,
234, 236, 238, 240 and 252 West Cummings Park, Woburn , Massachusetts, executed
on March 10, 1995 and terminating February 28, 2004, and in consideration of the
mutual benefits to be derived herefrom, Cummings Properties, LLC, LESSOR, and
Anika Therapeutics, Inc., LESSEE, hereby agree to amend said lease as follows:
1. * The size of the leased premises is hereby increased by approximately
5,600 square feet, from approximately 24,970 square feet, to a new total
of approximately 30,570 square feet with the addition of 254 West Cummings
Park.
2. In consideration of this expansion, Section 10 of the Lease Extension
dated November 23, 1998 is hereby deleted and of no further force or
effect.
3. LESSEE agrees to take possession of 254 West Cummings Park in "as is"
condition.
4. The parties acknowledge and agree that 254 West Cummings Park is presently
under lease to a third party whose lease terminates on or about December
30, 1999. Upon full execution of this amendment and full payment of the
increased security deposit provided in Section 5 below, LESSOR will use
reasonable efforts to obtain possession of said premises from the existing
tenant prior to the termination of its lease. In the event that LESSOR
fails for any reason to deliver possession of said premises by the
effective date of this amendment, LESSEE may deduct $6,838.97 from each
monthly rental payment (to be apportioned for any partial month's
occupancy following delivery of possession) until such time as LESSOR
delivers possession of said premises to LESSEE. This rent deduction shall
be LESSEE's sole remedy for any delay in delivery of said premises.
5. * The Security Deposit is hereby increased by $7,200 from $59,500 to a new
total of $67,200. LESSEE shall pay this increase upon LESSEE's execution
of this amendment.
6. * LESSOR authorizes LESSEE, at LESSEE's sole expense, to use one
double-faced panel of the lighted cluster sign in the landscaped area on
Washington Street as shown on the attached plan. LESSEE shall supply and
install the sign panels at LESSEE's sole expense, with LESSOR's prior
written approval as to content, materials, colors and graphics.
7. * LESSEE shall also be responsible for a proportionate share of the charge
for any repairs to said sign and for obtaining any necessary permits,
licenses and government approvals in connection with the sign (other than
the initial building permit). LESSEE shall also pay for LESSEE's ongoing
use of said sign and for LESSEE's share of electricity, relamping and
cleaning charges for said sign as provided in the rent increase below.
A-1
8. LESSOR may elect to terminate LESSEE's use of said sign for any reason or
no reason at all by serving LESSEE with 15 days prior written notice to
that effect at any time during the term of this lease. In such event, the
annual base rent for the then remaining term of the lease shall be
decreased by $1,759.53 and Section 10 below shall be deleted and of no
further force or effect.
9. * LESSOR shall have the right to relocate LESSEE's sign panels within the
same cluster sign or to another cluster sign on Washington Street at any
time during the term of this lease.
10. Notwithstanding monthly rent as provided below, LESSEE may deduct $75 per
month from each monthly rental payment due from September 1, 1999, through
February 28, 2004 (only), provided LESSEE is not in default of the lease
or in arrears of any rent or invoice payments.
11. * LESSOR represents that Cummings Properties, LLC has succeeded to all
interests of Cummings Properties Management, Inc. as LESSOR.
This amendment shall not bind either party in any manner until it has been
executed by both parties. All other terms, conditions and covenants of the
present lease shall continue to apply except that adjusted base rent shall be
increased by $83,867.69 annually, from a total of $365,936.31 to a new annual
total of $449,804.00 or $37,483.66 per month, annual base rent for purposes of
computing any future escalations thereon shall be $439,691.10. This amendment
shall be effective September 1, 1999 and shall continue through the balance of
the lease and any extensions thereof unless further modified by written
amendment(s).
In Witness Whereof, LESSOR and LESSEE have hereunto set their hands and
common seals this 27th day of September, 1999.
LESSOR: CUMMINGS PROPERTIES, LESSEE: ANIKA THERAPEUTICS, INC.
LLC
By: /s/ DOUGLAS STEPHENS By: /s/ SEAN MORAN
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Executive Vice President Sean Moran 04/99