On August 15, 2013, Affymax, Inc. executed a Seventh Amendment to Lease, dated as of August 14, 2013 and effective as of August 15, 2013 (the Seventh Amendment), with CA-Foothill Research Center L.P. (Landlord), which provides for the acceleration of the termination date of the lease agreement for the company's offices and laboratories located at 4001 Miranda Avenue, 4009 Miranda Avenue and 4015 Miranda Avenue, in Palo Alto, California, dated as of May 30, 1990 (the Lease Agreement), as amended by amendments one through six. The Lease Agreement was previously scheduled to expire on September 30, 2014, and the Seventh Amendment provides for the acceleration of the termination date of the Lease Agreement to August 15, 2013. In consideration for the settlement of outstanding and future lease payments and costs associated with a full and complete relinquishment of the facilities under the Lease Agreement, the company agreed to make a payments to the Landlord totaling approximately $2.6 million, which amount includes rent and acceleration payments, forfeiture of the company's Security Deposit held by the Landlord and authorization for the Landlord to draw upon the company's letter of credit held by the Landlord pursuant to the Lease Agreement.