09/21/2021 | Press release | Distributed by Public on 09/21/2021 05:52
Termination of Material Definitive Agreement
On September 17, 2021, Acorda Therapeutics, Inc. (the "Company") sent to BMR-Ardsley Park LLC ("BMR") notice of exercise of its early termination option (the "Early Termination Option") under its Lease dated as of June 23, 2011, between the Company and BMR (as amended, the "Lease"). The Lease is for the Company's Ardsley, N.Y. corporate headquarters, which the Company believes is substantially larger than its needs for the foreseeable future. Pursuant to the Early Termination Option, the Lease will terminate on June 22, 2022 (the "Early Termination Date"), subject to the conditions that (a) on the last business day before the Early Termination Date, the Company pays an early termination fee of approximately $4.7 million, (b) on the day immediately prior to the Early Termination Date, the Company is not in "Default" under the Lease beyond applicable cure periods, and (c) as of the Early Termination Date, the Company has complied with its end-of-term obligations.