On May 6, 2016, Progenics Pharmaceuticals, Inc. (the "Company"), BMR-Landmark at Eastview LLC (the "Landlord") and Regeneron Pharmaceuticals, Inc. ("Regeneron") entered into an Assignment and Assumption Agreement (the "Agreement") pursuant to which the Company assigned to Regeneron the amended and restated lease agreement (the "Lease") dated as of October 28, 2009 between the Landlord and the Company for the Company's headquarters at 771 Old Saw Mill River Road, Tarrytown, New York.
Pursuant to the terms of the Agreement, the Company assigned all of its right, title and interest as tenant in and to the Lease, and Regeneron accepts all such right, title, and interest and assumes and agrees to fulfill all of the terms and obligations required to be performed and fulfilled as tenant under the Lease.
The Company expects to occupy its new headquarters space at 1 World Trade Center in lower Manhattan on or about August 1, 2016, and the Agreement will become effective as of the latest to occur of (a) ten (10) days after notice from the Company to Regeneron of the date on which possession of its new headquarters space is delivered to the Company, (b) the date possession of the Company's Tarrytown space is delivered to Regeneron and certain other conditions under the Agreement are satisfied. If the Agreement does not become effective by February 1, 2017 for any reason, Regeneron has the right to terminate the Agreement.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.