EXHIBIT 10.3
AMENDMENT TO LEASE AGREEMENT
THIS AMENDMENT TO LEASE AGREEMENT is made and entered into this 29th
day of March, 1996, by and between BOYER RESEARCH PARK ASSOCIATES V, by its
general partner, THE BOYER COMPANY, L.C. ("Landlord") and MYRIAD GENETICS, INC.
(the "Tenant").
R E C I T A L S:
WHEREAS, on the first day of October 1995, Landlord and Tenant entered
into that certain Lease Agreement (the "Lease") providing for the lease by
Landlord to Tenant of certain built to suit office space located at 350 Wakara
Way, Salt Lake City, Utah, for the rental and on the terms and conditions more
particularly set forth in said Lease; and
WHEREAS, Landlord and Tenant desire to amend the Lease in certain
respects, all as more particularly set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree that the
Lease shall be amended as follows:
1. Article 1.1(a): The first sentence of Article 1.1(a) of the Lease
shall be amended and restated in its entirety to read as follows:
(a) That certain floor area consisting of approximately
48,483 gross rentable square feet (the "Leased Premises"),
consisting of 15,361 gross rentable square feet on Floor
One, 16,519 gross rentable square feet on Floor Two, and
16,603 gross rentable square feet on Floor Three, of the
48,483 gross rentable square feet three-story office
building (the "Building") located at approximately 350
Wakara Way in Salt Lake City, Utah on the real property
(the "Property") described on Exhibit "A" attached hereto
and by this reference incorporated herein.
2. Article 1.1(c): Article 1.1 (c) shall be amended and restated in
its entirety to read as follows:
(c) The exclusive right to use all areas designated and
suitable for vehicular parking, including the exclusive
right to the use of not less than 163 parking stalls.
3. Article 2.3 Construction of Leased Premises: The third sentence
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of Article 2.3 shall be amended and restated in its entirety to read as follows:
Landlord shall pay $910,778 ($22.00 per usable square
foot multiplied by 41,399 usable square feet as determined
by architect) of the cost listed (excluding cost to
construct Shell Building) and Tenant shall be obligated
for the remaining costs shown on Exhibit "E".
4. Article 3.1 Basic Annual Rent: The first sentence of Article 3.1
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shall be amended and restated in its entirety to read as follows:
Tenant has hereby exercised its right contained in the Rider
hereof to lease 100% of the Building now containing 48,483
gross rentable square feet. Tenant agrees to pay to
Landlord as basic annual rent (the "Basic Annual Rent") at
such place as Landlord may designate, without prior demand
therefore and without any deduction or setoff whatsoever,
the sum of Six Hundred Seventy Seven Thousand Six Hundred
Sixty Four Dollars ($677,664.00).
5. Article 3.1: A new sentence is hereby added at the end of the
first paragraph of Article 3.1 to read in its entirety as follows:
Landlord and Tenant understand and agree that the total
incremental dollar amount per year above the projected
ground lease payments under the Ground Lease with the
University of Utah is $10,000 per year.
6. Article 4.1(c): The second sentence of Article 4.1(c) is hereby
amended and restated in its entirety to read as follows:
The Estimated Costs for the calendar year in which the
Lease commences is $218,173.50, and are not included in
the Basic Annual Rent.
7. Article 4.1(d): Article 4.1(d) is hereby amended and restated to
read in its entirety as follows:
"Tenant's Proportionate Share of Basic Costs" shall mean
100% of Basic Costs for the Leased Premises.
8. Article 7.1: A new sentence is hereby added at the end of Article
7.1 to read in its entirety as follows:
In addition to the foregoing, Landlord has implemented
into the design and construction of the Building certain
energy saving devices and equipment the approximate cost
of which is
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currently contemplated to be $100,000. The cost of such
energy saving devices shall be financed through an energy
service contract with PacifiCorp d/b/a Utah Power & Light
Company (the "Energy Service Contract"). Upon execution
such Energy Service Contract shall be attached as an exhibit
to this Lease. It is currently contemplated that the
monthly service charge under the Energy Service Contract
shall be $1,338, which amount shall be added to Tenant's
monthly utility bill.
9. Article 22.10: The third sentence of Article 22.10 is hereby
amended and restated in its entirety to read as follows:
In the event of a sale or assignment (except for purposes
of security or collateral) by Landlord of all of (i) the
Building, (ii) the Leased Premises, or (iii) this Lease,
to an unrelated third party (the "Buyer") reasonably
acceptable to Tenant, Landlord shall, from and after
the date of such sale or assignment, be entirely relieved
of all of its obligations under this Lease, provided
that (i) such Buyer fully assumes all of the obligations
of Landlord under this Lease, and (ii) Tenant's rights
and benefits under this Lease continue in full force
and effect following the date of such sale or assignment.
10. Exhibit "C" Work Letter, Section I, Paragraph A.: The third
sentence of paragraph I.A. of Exhibit "C" is hereby amended and restated in its
entirety to read as follows:
Without limiting the generality of the foregoing,
preliminary plans shall provide for a three (3) story
building containing 48,483 gross rentable square feet
of space and shall be generally consistent with the
conceptual plans and drawings attached hereto as
Exhibit "B" and incorporated herein (the "Conceptual
Drawings").
11. Exhibit "E": Exhibit "E" is hereby modified by changing the
square footage on the third line of Exhibit "E" from 24,476 to 48,483. A new
revised Exhibit "E" is attached hereto and incorporated herein by this
reference.
The Lease shall remain in full force and effect as herein stated
except as herein modified or amended by this Amendment to Lease Agreement.
IN WITNESS WHEREOF, this Amendment to Lease Agreement has been
executed the day and year first above written.
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LANDLORD: BOYER RESEARCH PARK ASSOCIATES V,
by its general partner,
THE BOYER COMPANY, L.C.
/s/ Kem C. Gardner
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By: Kem C. Gardner
President and Manager
TENANT: MYRIAD GENETICS, INC.
By: /s/ James S. Evans
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Its: Controller
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