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APDN > SEC Filings for APDN > Form 8-K on 20-Jun-2013All Recent SEC Filings

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Form 8-K for APPLIED DNA SCIENCES INC


20-Jun-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement.

On June 14, 2013, Applied DNA Sciences, Inc., as tenant (the "Company"), entered into a lease with Long Island High Technology Incubator, Inc., as landlord ("LIHTI"), with respect to 50 Health Sciences Drive, Stony Brook, NY, a 30,000 rentable square foot building located on the campus of the State University of New York at Stony Brook ("Premises"). The term of the lease commenced on June 15, 2013 and expires May 31, 2016. The Company has the option to extend the lease term for two additional three-year periods. The base rent during the initial lease term is $449,142 per annum. At the commencement of each renewal term (if any), the base rent would be subject to a Consumer Price Index ("CPI") increase reflecting the CPI increase, if any, that occurred since the commencement of the lease term. The Company is required to pay for ordinary Premises operating expenses, but not real estate taxes with respect thereto. Further, pursuant to the lease, LIHTI, at its sole cost and expense, is responsible for maintaining and replacing the structural elements of the Premises, including the installation of a new roof within the next 12 months, and has expressly agreed to replace the HVAC systems and all equipment and fixtures located outside the Premises, but serving the Premises, at the end of their useful lives. As required under the lease, the Company will deliver a $50,000 lease security deposit to LIHTI. The Premises replace a lesser amount of space, leased by the Company from LIHTI in an adjacent building located at 25 Health Sciences Drive, Stony Brook, NY.


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