On November 4, 2019,UroGen Pharma Ltd. (the "Company") reported that it entered into a lease agreement, dated effective October 31, 2019 (the "Lease"), with Witman Properties, L.L.C., a New Jersey limited liability company, and Alexander Road at Davanne, L.L.C., a New Jersey limited liability company, as tenants in common (collectively, "Landlord"), for the lease of approximately 20,900 square feet of rentable area, which consists of the entire fourth floor of the building located at 400 Alexander Road, West Windsor, New Jersey 08540 constituting approximately 18,300 square feet of usable square footage (the "Premises") (Filing, 8-K, UroGen Pharma, NOV 4, 2019, View Source [SID1234550755]). The commencement date of the Lease (the "Commencement Date") is expected to be in the fourth quarter of 2019. The Company plans to use the Premises as its principal executive offices along with other general operating uses. The term of the Lease (the "Initial Term") is for 38 months after the Commencement Date. The Company has the option to renew the Lease for two additional periods of three years each (each additional period, a "Renewal Period"). The aggregate base rent due over the Initial Term is approximately $1.7 million. For the Renewal Periods, the rent due shall be the fair market value of the Premises at the time of the commencement of the Renewal Period multiplied by the rentable square footage of the Premises. The Company will also be responsible for the payment of additional rent to cover the Company’s share of the annual operating expenses of the building, subject to certain exceptions, and the annual tax expenses of the building. In the event of a default of certain of the Company’s obligations under the Lease, Landlord would have right to terminate the Lease and recover damages as provided by the lease contract and by law.

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