EXHIBIT 10.24b
FIRST AMENDMENT TO SUBLEASE
THIS FIRST AMENDMENT TO SUBLEASE ("First Amendment") is made as of July 1, 2003
by and between Sorrento Montana, L.P., a California Limited Partnership
("Landlord") and Integra NeuroSciences CA Corporation, a Delaware Corporation
("Tenant"), with reference to the following facts and circumstances:
Landlord and Camino NeuroCare, Inc. entered into a Sublease dated
July 1, 2001 for approximately 16,205 square feet of premises
commonly known as Suites #706 through #714 and Suite #716, 5965
Pacific Center Boulevard, San Diego, California 92121 ("Premises").
Landlord and Tenant desire to modify, amend and supplement the Sublease through
this First Amendment as follows:
1. Paragraph 1.3 ("TENANT") is hereby amended to delete Camino
NeuroCare, Inc., a Delaware Corporation as Tenant and substitute
therefore Integra Neurosciences CA Corporation, a Delaware
Corporation as Tenant.
2. Paragraph 1.5 ("SUBLEASE TERM") is hereby amended to extend the
term of the Sublease an additional twenty-four months through June
30, 2005.
3. Paragraph 1.8 ("INITIAL SECURITY DEPOSIT") is hereby amended to
provide for Tenant's Security Deposit to be increased by Ten
Thousand Sixty-Four and 75/100 Dollars ($10,064.75), resulting in a
Security Deposit of Fifteen Thousand Three Hundred Ninety-Four and
75/100 Dollars ($15,394.75).
4. Paragraph 1.9.1 ("BASE RENT") is amended to provide for payment
by Tenant of Base Rent of Fifteen Thousand Three Hundred Ninety-Four
and 75/100 Dollars ($15,394.75) per month effective July 1, 2003.
Effective July 1, 2004 and every July 1 thereafter throughout the
sublease term, Tenant's Base Rent shall be increased four percent
(4%) over the Base Rent payable by Tenant for the immediately
preceding month.
5. Paragraph 14.0 ("OPTION TO RENEW") is hereby amended to provide
Tenant an Option to Renew ("Renewal Option") this Sublease for one
additional two-year term commencing July 1, 2005 and continuing for
twenty-four consecutive months. Provided Tenant is not in default of
this Sublease or Tenant's July 1, 2001 Sublease of 5955 Pacific
Center Boulevard as subsequently amended, Tenant shall exercise the
Renewal Option by notifying Landlord in writing on or before
December 31, 2004 of Tenant's intention to renew. Tenant's Beginning
Base Rent for the option term shall be ninety-five percent (95%) of
the then-prevailing market rate for comparable space in the Sorrento
Mesa/Sorrento Valley area, but in no event less than $1.03 NNN per
square foot per month. Tenant's failure to exercise the Renewal
Option on or before December 31, 2004 shall constitute a waiver of
the Renewal Option by Tenant.
6. Paragraph 17.0 ("OPTION TO RETURN PREMISES") is hereby added to
provide Tenant with a one-time Option to Return and delete from this
Sublease a portion of Tenant's Premises ("Return Option") upon
thirty
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days' advance written notification served to Landlord any one time
during the period July 1, 2003 and November 30, 2003. The premises
which Tenant may return under the Return Option are specifically
limited to the approximately 1,203 square toot Suite #716 and/or any
one (but not more than one) of the following:
i. Suite #706 (approximately 1,728 square feet)
ii.Suites #706 and #707 (approximately 3,456 square
feet)
iii.Suite #714 (approximately 1,618 square feet)
iv. Suites #714 and #713 (approximately 3,236 square
feet)
v. Suite #706 and #714 (approximately 3,346 square feet)
Thirty days following Landlord's receipt of Tenant's written notice specifically
identifying the suite or suites from the above list to be returned (which may be
served by Tenant any one time during the period July 1, 2003 and November 30,
2003 only), the identified suites shall be deleted from Section 1.4 ("Premises")
of this Sublease without penalty. Tenant's Base Rent payable under Paragraph
1.9.1 shall be reduced by $0.95 NNN per square foot per month for all square
footage of Premises returned under this Return Option effective thirty days from
Landlord's receipt of Tenant's written notice identifying the Premises to be
returned hereunder. The foregoing notwithstanding, Tenant, at Tenant's sole cost
and expense, shall be responsible for physically demising with a wall or walls
as necessary and separating as necessary the system or systems serving the
returned premises, including but not necessarily limited to electrical, heating,
ventilation and air conditioning, from the then-remaining portion of Tenant's
Premises.
Except as specifically provided in this First Amendment, all
of the terms, conditions and definitions set forth in the Sublease shall remain
unchanged and in full force and effect. In the event of any conflict between
this First Amendment and the Sublease, the terms of this First Amendment shall
prevail.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment To
Sublease effective the day and year first written above:
LANDLORD: TENANT:
SORRENTO MONTANA, L.P., A INTEGRA NEUROSCIENCES CA
CORPORATION
A Delaware Corporation
A California Limited Partnership
By: Sorrento Commercial Properties, Inc. By: /s/ Stuart M. Essig
A California Corporation doing business ------------------------
as Sorrento Management Company Title: President and CEO
Date:
By: /s/ Roger W. Hillbrook
-------------------------------
Roger W. Hillbrook
Vice President/Corporate Broker
Date: 7/21/03
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