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S-1
PROTEON THERAPEUTICS INC filed this Form S-1 on 09/16/2014
Entire Document
 

 

5.                                      Tenant shall accept the Premises in its “as is” condition during the Third Extended Term, without any obligation on the Landlord’s part to perform any additions, alterations, improvements, demolition or other work therein or pertaining thereto (provided that the foregoing shall not be construed so as to relieve Landlord of any of its maintenance or repair obligations under the Lease).  Notwithstanding the foregoing, Landlord agrees, at its expense, to perform the following work: (i) touch up paint on walls located within the Premises, as reasonably requested by Tenant, and (ii) steam clean the existing carpeting located within the Premises (collectively, the “Third Amendment Work”).  Landlord shall use commercially reasonable efforts to complete the Third Amendment Work by October 1, 2014; provided, however, that Landlord shall have no liability to Tenant or any other person for the failure to complete the same by any particular date so long as Landlord has used commercially reasonable efforts as aforesaid.  In addition, it is acknowledged and agreed that Landlord’s Work will be performed while Tenant is in occupancy of the Premises, and accordingly, Landlord and Tenant hereby agree to cooperate with each other in good faith so that Landlord may complete the work in an efficient and economical manner while at the same time minimizing any unreasonable interference with Tenant’s business operations in the Premises (consistent with the nature of the work being performed).

 

6.                                      Section 9.18 of the Lease is hereby amended by inserting the following after the first paragraph thereof:

 

Landlord shall return a Twenty-Four Thousand Three Hundred Three and 08/100 Dollar ($24,303.08) portion of the security deposit to Tenant so that the remainder of such deposit shall be Fourteen Thousand Five and 17/100 Dollars ($14,005.17) (or if such deposit is in the form of a Letter of Credit, Landlord shall exchange the Letter of Credit for a Letter of Credit delivered by Tenant which reduces the amount secured by the Letter of Credit by the amount stated hereinabove and otherwise in strict conformity with the requirements herein) on January 1, 2015 (the “Reduction Date”), if (i) Tenant is not then in default under the terms of this Lease without the benefit of notice or grace, (ii) Landlord has not applied such deposit or any portion thereof to Landlord’s damages arising from any default on the part of Tenant, whether or not Tenant has restored the amount so applied by Landlord and (iii) there have been no more than two (2) Event of Default occurrences during the Term.

 

If Tenant believes that it has satisfied all the conditions precedent to a reduction in the amount of the security deposit, then it shall request such reduction in writing to Landlord within sixty (60) days after the Reduction Date (“Tenant’s Reduction Request Notice”), which request shall certify to Landlord that all such conditions have been satisfied and shall include any items required above. If Landlord reasonably determines that all of the aforesaid conditions are met, the security deposit shall be so reduced in accordance with this Section 6. No Letter of Credit shall automatically reduce, but any reduction in the amount thereof shall require Landlord’s prior written notice to the issuer of the Letter of Credit of the reduced

 

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