FIRST AMENDMENT TO LEASE
Published on February 16, 2010
EXHIBIT 10.3
FIRST
AMENDMENT TO LEASE
This
First Amendment to Lease ("Agreement") is made and entered into as of February
1, 2010, by and between Glenborough Aventine, LLC, a Delaware limited liability
company, ("Landlord") and Aethlon Medical, Inc., a Nevada corporation (together,
"Tenant").
RECITALS
This
Agreement is made with reference to the following facts and
objectives:
A. By
Office Lease by and between Landlord and Tenant dated as of September 16, 2009,
(the "Lease") Tenant leases the Premises depicted in Exhibit A to the Lease,
demised in Section 1.1.1 of the Lease, and described in Section 2 of the Summary
of Basic Lease Information of the Lease ("Summary") as Suite 255 (relocated
herein) deemed to contain approximately 1,791 (increased after relocation)
rentable square feet of space and located at 8910 University Center Lane, San
Diego, California 92122, in the Building known as The Aventine.
B. Landlord
and Tenant desire to relocate the Premises subject to the provisions set forth
below.
NOW,
THEREFORE, Landlord and Tenant hereby agree as follows:
AGREEMENT
1.
On February 15, 2010, (the "Effective Date") Tenant shall relocate to Suite 660
and the
following modifications and amendments shall be made to the Lease:
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The
reference to Suite 255 in Section 2.2 of the Summary shall be replaced by
Suite 660.
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The
reference to 1,791 rentable square feet of space in Section 2.2 of the
Summary shall be replaced by 2,281 rentable square feet of
space.
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Exhibit
A attached hereto and made a part hereof depicting Suite 660 shall be
deemed to have replaced former Exhibit A to the
Lease.
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The
reference to 0.8248% as Tenant's Share in Section 6 of the Summary shall
be replaced by 1.0504%
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The
September 30, 2012, Expiration Date provided by Section 3.3 of the Lease
shall be replaced by September 30,
2013.
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The
2009 Base Year set forth in Section 5 of the Summary shall remain
unchanged.
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The
$5,084.20 Security Deposit set forth in Section 8 of the Summary shall be
replaced with $6,701.81. Therefore, Tenant shall remit an additional
$1,617.61 to Landlord when it returns its signed originals of this
Agreement to Landlord for review and approval to increase the Security
Deposit to said $6,701.81.
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The
monthly Base Rent schedule in Section 4 of the Summary shall be replaced
by the following:
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February
15, 2010,
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through
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September
30, 2010,
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$6,044.65
/ month
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October
1, 2010,
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through
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September
30, 2011,
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$6,256.21
/ month
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October
1, 2011,
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through
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September
30, 2012,
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$6,475.19
/ month
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October
1, 2012,
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through
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September
30, 2013,
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$6,701.81
/ month
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2. Tenant
shall retain its existing Option to Extend as set forth in Section 31 of the
Addendum to Lease.
3. The
ROFO (right of first offer) set forth in Section 30 of the Addendum to Lease is
of no further force or effect.
4. Landlord
has already installed new carpet and paint in Suite 660 to prepare it for
marketing as a "spec suite" or model suite. No additional work has been promised
to Tenant or will be provided.
5. Tenant
may commence its move-in to Suite 660 on the weekend immediately preceding the
Effective Date (on February 13 and 14) at no additional charge. All insurance
requirements and other provisions of the Lease shall apply to both the old and
new Premises during any said overlap in occupancy, except for payment of Base
Rent on Suite 660 until the Effective Date.
6. Tenant
may immediately (following full execution of this Agreement) begin cabling Suite
660 for telephone and data wiring. All insurance requirements and other
provisions of the Lease shall apply to both the old and new Premises during any
said early access for cabling, except for payment of Base Rent on Suite 660
until the Effective Date.
7. Capitalized
terms not defined herein are defined in the Lease. All other terms, covenants,
and conditions of the Lease remain in full force and effect, but to the extent
there are any inconsistencies between this Agreement and the Lease, this
Agreement shall govern. There are no oral agreements or other written agreements
on the subject matter of this Agreement which are separate from this
Agreement.
[Remainder
of page intentionally blank; signature blocks on next page.]
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IN
WITNESS WHEREOF, Landlord and Tenant have executed this Agreement as of the date
first above written.
LANDLORD:
GLENBOROUGH
AVENTINE, LLC,
a Delaware limited liability company
By: /s/ signature
Its: SVP
TENANT:
AETHLON
MEDICAL, INC.,
a
Nevada corporation
By:
/s/ James Joyce
Name:
James Joyce
Title:
Chairman, CEO
By:
/s/ James Frakes
Name:
James B. Frakes
Title: SVP - Finance
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