Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, to the contrary, so long as there exists no monetary or material non-monetary Event of Default, Tenant shall not be obligated to pay any Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowance.
Appears in 2 contracts
Samples: Office Lease (ServiceTitan, Inc.), Office Lease (ServiceTitan, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), above, to then during the contrary, so long as there exists no monetary or material non-monetary Event period commencing on the first day of Defaultthe first (1st) full calendar month of the Lease Term and continuing through and including the last day of the fourth (4th) full calendar month of the Lease Term (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement AmountAbatement”). At Tenant’s optionLandlord and Tenant acknowledge that the aggregate amount of the Rent Abatement equals $104,956.00 (i.e., by notice $26,239.00 per month). Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Landlord prior Tenant as additional consideration for entering into this Lease, and for agreeing to February 1, 2022, pay the rental and performing the terms and conditions otherwise required under this Lease. If Tenant shall have be in default under this Lease, and shall fail to cure such default within the right notice and cure period, if any, permitted for cure pursuant to utilize terms and conditions of the Lease, or if this Lease is terminated for any reason other than Landlord’s breach of this Lease, then the dollar amount of the unapplied portion of the Total Extended Term Rent Abatement Amount as an addition of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 2 contracts
Samples: Lease (Synthorx, Inc.), Lease (Synthorx, Inc.)
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, to Provided that no event of default is occurring during the contrary, so long as there exists no monetary or material non-monetary Event period commencing on first (1st) day of Defaultthe second (2nd) full calendar month of the Lease Term and ending on last day of the fifth (5th) full calendar month of the Lease Term (the “Full Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Full Base Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and the total amount of such Full Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement AmountAbatement”). At Tenant’s optionLandlord and Tenant acknowledge that the aggregate amount of the Full Base Rent Abatement equals One Hundred Forty-Four Thousand Two Hundred Twenty-Eight and 00/100 Dollars ($144,228.00) (i.e., Thirty-Six Thousand Fifty-Seven and 00/100 Dollars ($36,057.00) per month). Tenant acknowledges and agrees that during such Full Base Rent Abatement Period such abatement of Base Rent for the Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by notice Tenant pursuant to Landlord prior the terms of this Lease, which increases shall be calculated without regard to February 1, 2022such Full Base Rent Abatement. Additionally, Tenant shall have the right be obligated to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the pay all “Extended Term Tenant Improvement Allowance,Additional Rent” (as that term is defined in Section 5.1 4.1 of this Eighth Amendment. Any portion of Lease) during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Full Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherTenant acknowledges and agrees that the foregoing Full Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event default under this Lease and shall Landlordfail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the terms this Lease, or if this Lease, is terminated for any reason other than Landlord’s breach of this Section 4.1.2.2Lease, provide an aggregate then the dollar amount in excess of the Total Extended Term unapplied portion of the Full Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Full Base Rent Abatement rights set forth in this Section 3.2 shall only apply to the Extended Term extent that the Original Tenant Improvement Allowanceor a Permitted Transferee Assignee (and not any other assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Full Base Rent Abatement Period.
Appears in 2 contracts
Samples: Office Lease (Airgain Inc), Office Lease (Airgain Inc)
Abated Base Rent. Notwithstanding anything any contrary provisions set forth in this Article 3 and in Section 4.1.2.1, above, to 4 of the contrary, so long as there exists no monetary or material non-monetary Event of DefaultSummary, Tenant shall not be obligated to pay any (and therefore shall not pay) the monthly installments of Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicablethe “Base Rent Abatement”) for the months of Februarysix (6) month period commencing on November 1, 20222011 and ending on April 30, March, 2022 and April, 2022 2012 (such period, the “Extended Term Base Rent Abatement Period”). In connection with the foregoing, the Base Rent Abatement provided to Tenant pursuant to this Section 3.2 during the Base Rent Abatement Period shall not exceed an aggregate of Two Hundred Twenty-Four Thousand Six Hundred Twenty-Eight and the total amount of 48/100 Dollars ($224,628.48). Tenant acknowledges and agrees that during such Base Rent credit Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Direct Expenses payable by Tenant pursuant to the terms of this Lease, which any Direct Expenses shall be referred to herein as payable during the “Total Extended Term Base Rent Abatement Amount”)Period without regard to the Base Rent Abatement. At Tenant’s optionAdditionally, by notice to Landlord prior to February 1, 2022notwithstanding the foregoing, Tenant shall have the right be obligated to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the pay all “Extended Term Tenant Improvement AllowanceAdditional Rent,” ’’ as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of 4.1, below, during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherThe foregoing Base Rent Abatement has been agreed to by Landlord and Tenant as additional consideration for entering into this Lease, and for Tenant’s agreement to pay the rent and for the parties to perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event Economic Default of this Lease and shall Landlordfail to cure such default within any applicable notice and cure period, then Landlord may elect at its option, by notice to Tenant and in addition to any other remedies Landlord may have under this Lease, that the dollar amount of the unapplied portion of such Base Rent Abatement as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full; provided however, to the extent the Lease is terminated pursuant to the terms provisions of Article 19, below, then as a part of the recovery set forth in Section 19.2, below, Landlord shall be entitled to recover the then-unamortized portion of the monthly Base Rent that was abated under the provisions of this Section 4.1.2.23.2, provide an aggregate amount in excess of the Total Extended Term which Base Rent Abatement Amount for application to monthly Base Rent due for the Premises and as shall be amortized on a level payment basis over a period of sixty (60) months, employing an addition to the Extended Term Tenant Improvement Allowanceinterest factor of zero percent (0%).
Appears in 2 contracts
Samples: Office Lease (Anaptysbio Inc), Office Lease (Anaptysbio Inc)
Abated Base Rent. Notwithstanding anything any provision to the contrary contained in Section 4.1.2.1, 3.1 above, to the contrary, so long as there exists no monetary or material non-monetary Event of Defaultprovided that Tenant is not in default under this Lease, Tenant shall not be obligated entitled to pay any an abatement (the “Base Rent attributable to Abatement”) of one hundred percent (100%) of the Base Rent otherwise due for the Premises during the second (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment2nd), if applicablethird (3rd), fourth (4th), fifth (5th), sixth (6th) for the and seventh (7th) full calendar months of February, 2022, March, 2022 and April, 2022 the Lease Term (such periodcollectively, the “Extended Term Base Rent Abatement Period”), for a total Base Rent Abatement amount equal to $1,380,366.00 in the aggregate. Tenant acknowledges and the total amount of agrees that during such Base Rent credit to be referred to herein as the “Total Extended Term Abatement Period, such abatement of Base Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have no effect on the right to utilize calculation of any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Direct Expenses payable by Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Lease, which Direct Expenses shall be payable during the Base Rent Abatement Period without regard to the Base Rent Abatement. The Base Rent Abatement right set forth in this Section 4.1.2.23.2 has been granted to Tenant as additional consideration for Tenant’s agreement to enter into this Lease and comply with the terms and conditions otherwise required under this Lease. If Tenant shall be in default under this Lease, provide an aggregate or if this Lease is terminated for any reason other than Landlord’s breach of this Lease, then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Lease (Sorrento Therapeutics, Inc.)
Abated Base Rent. Notwithstanding anything in to the contrary contained herein (specifically including Section 4.1.2.13.2(i), above) and provided that Tenant faithfully performs all of the terms and conditions of this Lease, Landlord hereby agrees to xxxxx Tenant’s obligation to pay monthly Base Rent for the six (6) month period commencing August 1, 2010, and ending January 31, 2011. In connection with the foregoing, the Base Rent Abatement provided to Tenant pursuant to this Section 3.3 during the Base Rent Abatement Period shall not exceed an aggregate Three Hundred Nine Thousand Six Hundred and 00/100 Dollars ($309,600.00). Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Direct Expenses payable by Tenant pursuant to the contraryterms of this Lease, so long as there exists no monetary or material non-monetary Event of Defaultwhich Direct Expenses shall be payable during the Base Rent Abatement Period without regard to the Base Rent Abatement. Additionally, notwithstanding the foregoing, Tenant shall not be obligated to pay any Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the all “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement AllowanceAdditional Rent,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of 4.1, below, during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no In the event shall Landlord, pursuant to of a default by Tenant under the terms of this Section 4.1.2.2Lease that results in early termination pursuant to the provisions of Article 19, provide an aggregate amount in excess below, then as a part of the Total Extended Term Rent Abatement Amount for application recovery set forth in Section 19.2, below, Landlord shall be entitled to recover the monthly Base Rent due for that was abated under the Premises and as an addition to the Extended Term Tenant Improvement Allowanceprovisions of this Section 3.3.
Appears in 1 contract
Samples: Office Lease (Volcano Corp)
Abated Base Rent. Notwithstanding anything any contrary provisions set forth in this Article 3 and in Section 4.1.2.1, above, to 4 of the contrary, so long as there exists no monetary or material non-monetary Event of DefaultSummary, Tenant shall not be obligated to pay any the monthly installments of Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the first two (2) full calendar months of Februarythe Lease Term, 2022and then shall be obligated to pay only one-half (1/2) of the Base Rent attributable to the Premises for the third (3rd), March, 2022 fourth (4th) and April, 2022 fifth (such period5th) full calendar months of the Lease Term (collectively, the “Extended Term Base Rent Abatement”; such period of abatement hereinafter referred to as the “Base Rent Abatement Period”), which Base Rent Abatement Period shall run from December 1, 2016 through April 30, 2017. The Base Rent Abatement shall not exceed an aggregate of Three Hundred Seventy-Nine Thousand Twenty-Six and 36/100 Dollars ($379,026.36) (i.e., $108,293.25 per month during the first and second full calendar months of the Lease Term, and $54,146.62 per month during the total amount third (3rd) through and including the fifth (5th) full calendar months of the Lease Term). Tenant acknowledges and agrees that during such Base Rent credit Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Direct Expenses payable by Tenant pursuant to the terms of this Lease, which Direct Expenses (if any) shall be referred to herein as payable during the “Total Extended Term Base Rent Abatement Amount”)Period without regard to the Base Rent Abatement. At Tenant’s optionAdditionally, by notice to Landlord prior to February 1, 2022notwithstanding the foregoing, Tenant shall have remain and be obligated to pay during the right to utilize any unapplied portion of the Total Extended Term Base Rent Abatement Amount as an addition to the Period all “Extended Term Tenant Improvement AllowanceAdditional Rent,” as that term is defined in Section 5.1 4.1. The foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Rent and performing the terms and conditions otherwise required under this Lease. If Tenant shall be in Economic Default or Material Non-Economic Default under this Lease at any time during the Base Rent Abatement Period beyond the expiration of this Eighth Amendment. Any all applicable notice and cure periods, if any, then the unamortized portion of the Total Extended Term Base Rent Abatement Amount utilized as an addition granted to Tenant pursuant to this Section 3.2 may be considered when determining the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, remedies available to Landlord pursuant to the terms of Article 19 of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceLease.”
Appears in 1 contract
Abated Base Rent. Notwithstanding anything any contrary provisions set forth in this Article 3 and in Section 4.1.2.1, above, to 4 of the contrary, so long as there exists no monetary or material non-monetary Event of DefaultSummary, Tenant shall not be obligated to pay any the monthly installments of Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the first two full calendar months of Februarythe Lease Term, 2022and then shall be obligated to pay only one-half of the Base Rent attributable to the Premises for the third, Marchfourth, 2022 fifth, sixth and April, 2022 seventh full calendar months of the Lease Term (such periodcollectively, the “Extended Term Base Rent Abatement”; such period of abatement hereinafter referred to as the “Base Rent Abatement Period”), which Base Rent Abatement Period is anticipated to run from December 1, 2016 through June 30, 2017. In connection with the foregoing, but subject to the express provisions of this Section 3.2, the Base Rent Abatement provided to Tenant pursuant to this Section 3.2 during the Base Rent Abatement Period shall not exceed an aggregate of Four Hundred Eighty-Seven Thousand Three Hundred Nineteen and 60/100 Dollars ($487,319.60) (i.e., $108,293.25 per month during the first and second full calendar months of the Lease Term, and $54,146.62 per month during the total third through and including the seventh full calendar months of the Lease Term). Notwithstanding the foregoing, if (a) Landlord delivers Phase One to Tenant Ready for Occupancy on or before the Phase One Anticipated Delivery Date, then Tenant shall lose one full month of Base Rent Abatement, and/or (b) Landlord delivers Phase Two to Tenant Ready for Occupancy on or before the Phase Two Anticipated Delivery Date, then Tenant shall lose one full month of Base Rent Abatement (i.e., a maximum of two full months of lost Base Rent Abatement). Conversely, if (c) Landlord fails to deliver Phase One to Tenant Ready for Occupancy on or before the Phase One Anticipated Delivery Date; provided, however, that such Phase One Anticipated Delivery Date shall be deemed extended by one (1) day for each day of Tenant Delay including any delay by Tenant in adhering to the development schedule attached hereto as Schedule 2 of Exhibit B and Force Majeure delays (but excluding delays in obtaining required governmental permits within the time periods set forth in the development schedule), then Tenant shall be entitled to receive one additional full month of Base Rent Abatement, and/or (d) Landlord fails to deliver Phase Two to Tenant Ready for Occupancy on or before the Phase Two Anticipated Delivery Date; provided, however, that such Phase Two Anticipated Delivery Date shall be deemed extended by one (1) day for each day of Tenant Delay (including any delay by Tenant in adhering to the development schedule) and Force Majeure delays (but excluding delays in obtaining required governmental permits within the time periods set forth in the development schedule), then Tenant shall be entitled to receive one additional full month of Base Rent Abatement (i.e., a maximum of two full months of additional Base Rent Abatement). By way of example only, (x) if Landlord delivers Phase One on or before the Phase One Anticipated Delivery Date and delivers Phase Two on or before the Phase Two Anticipated Delivery Date, then Tenant shall lose two full months of Base Rent Abatement, which shall be the first and second full calendar months of the Lease Term, (y) if Landlord fails to deliver Phase One on or before the Phase One Anticipated Delivery Date and fails to deliver Phase Two on or before the Phase Two Anticipated Delivery Date, then Tenant shall be entitled to receive two full months of additional Base Rent Abatement, which shall be the eighth and ninth full calendar months of the Lease Term, and (z) if Landlord delivers Phase One on or before the Phase One Anticipated Delivery Date but fails to deliver Phase Two on or before the Phase Two Anticipated Delivery Date, or vice versa, then there shall be no change in the amount of Base Rent Abatement, because the two events shall offset each other. Tenant acknowledges and agrees that during such Base Rent credit Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Direct Expenses payable by Tenant pursuant to the terms of this Lease, which Direct Expenses (if any) shall be referred to herein as payable during the “Total Extended Term Base Rent Abatement Amount”)Period without regard to the Base Rent Abatement. At Tenant’s optionAdditionally, by notice to Landlord prior to February 1, 2022notwithstanding the foregoing, Tenant shall have remain and be obligated to pay during the right to utilize any unapplied portion of the Total Extended Term Base Rent Abatement Amount as an addition to the Period: (i) all “Extended Term Tenant Improvement AllowanceAdditional Rent,” as that term is defined in Section 5.1 4.1, below; and (ii) any “Additional Monthly Base Rent,” as that term is defined in Section 2.2 of the Work Letter. The foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Eighth AmendmentLease, and for agreeing to pay the Rent and performing the terms and conditions otherwise required under this Lease. Any If Tenant shall be in Economic Default or Material Non-Economic Default under this Lease at any time during the Base Rent Abatement Period beyond the expiration of all applicable notice and cure periods, if any, then the unamortized portion of the Total Extended Term Base Rent Abatement Amount utilized as an addition granted to Tenant pursuant to this Section 3.2 may be considered when determining the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, remedies available to Landlord pursuant to the terms of Article 19 of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceLease.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, to the contrary, so long as there exists Provided that no monetary event of economic or material non-monetary Event of Defaulteconomic default is occurring (beyond the applicable notice and cure periods) during the periods comprising (i) the six (6) month period commencing on August 1, 2013, and ending on January 31, 2014 (the “Initial Base Rent Abatement Period”), and (ii) the five (5) month fifteen (15) day period commencing on July 1, 2018, and ending on December 15, 2018 (the “Subsequent Base Rent Abatement Period”) (the Initial Base Rent Abatement Period and the Subsequent Base Rent Abatement Period shall be collectively referred to as the “Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Base Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Base Rent Abatement”). Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals One Million Six Hundred Forty-Four Thousand Six Hundred Sixty-Nine and 60/100 Dollars ($1,644,669.60) (i.e., One Hundred Thirty-Two Thousand One Hundred Thirty-Nine and 00/100 Dollars ($132,139.00) per month during the Initial Base Rent Abatement Period and One Hundred Fifty-Four Thousand Eight Hundred Seventy-Nine and 20/100 Dollars ($154,879.20) per month during the Subsequent Base Rent Abatement Period”, ). Tenant acknowledges and the total amount of agrees that during such Base Rent credit Abatement Period, such abatement of Base Rent for the Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of this Lease, which increases shall be referred calculated without regard to herein as the “Total Extended Term such Base Rent Abatement Amount”)Abatement. At Tenant’s option, by notice to Landlord prior to February 1, 2022Additionally, Tenant shall have the right be obligated to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the pay all “Extended Term Tenant Improvement Allowance,Additional Rent” (as that term is defined in Section 5.1 4.1 of this Eighth Amendment. Any portion of Lease) during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherTenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event economic or material non-economic default under this Lease and shall Landlordfail to cure such economic or material non-economic default within the notice and cure period, if any, permitted for cure pursuant to the terms this Lease, or if this Lease, is terminated for any reason other than Landlord’s breach of this Section 4.1.2.2Lease, provide an aggregate then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Base Rent abatement right set forth in this Section 3.2 shall be personal to the Extended Term Original Tenant Improvement Allowanceand any of its Permitted Transferee Assignees and shall only apply to the extent that the Original Tenant or any of its Permitted Transferee Assignees (and not any other assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Samples: Office Lease (Accelrys, Inc.)
Abated Base Rent. Notwithstanding anything Provided that no event of default is occurring beyond the applicable notice and cure periods provided in Section 4.1.2.1, above, to this Lease during the contrary, so long as there exists no monetary or material non-monetary Event [********************************************************************************************************************** ****************] full calendar month of Defaultthe initial Lease Term (the “Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Base Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Base Rent Abatement”). [*************************** ********************************************************************************************] Tenant acknowledges and agrees that during such Base Rent Abatement Period”, and such abatement of Base Rent for the total amount Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”)Abatement. At Tenant’s option, by notice to Landlord prior to February 1, 2022Additionally, Tenant shall have the right be obligated to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the pay all “Extended Term Tenant Improvement Allowance,Additional Rent” (as that term is defined in Section 5.1 4.1 of this Eighth Amendment. Any portion of Lease) during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherTenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event default under this Lease and shall Landlordfail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the terms this Lease, or if this Lease is terminated for any reason other than Landlord’s breach of this Section 4.1.2.2Lease, provide an aggregate then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Base Rent Abatement right set forth in this Section 3.2 shall be personal to the Extended Term Original Tenant Improvement Allowanceand shall only apply to the extent that the Original Tenant (and not any assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Samples: Sublease Agreement (Amplitude, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Subtenant is not then in Section 4.1.2.1default of the Sublease (as amended), above, to the contrary, so long as there exists no monetary or material non-monetary Event of Default, Tenant Subtenant shall not be obligated to pay any the Base Rent otherwise attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicablethe "Rent Abatement") for during the calendar months of February, October 2022, March, November 2022 and April, December 2022 (such period, the “Extended Term "Rent Abatement Period”"). Sublandlord and Subtenant acknowledge that the aggregate amount of the Rent Abatement equals [**] (i.e., [ * * ] per month). Subtenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Subtenant as additional consideration for entering into this First Amendment, and for agreeing to pay the total amount of such Base Rent credit to be referred to herein and performing the terms and conditions otherwise required under the Sublease (as the “Total Extended Term Rent Abatement Amount”amended). At Tenant’s If Subtenant shall be in default under the Sublease (as amended) and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the Sublease (as amended), then Sublandlord may at its option, by notice to Landlord prior Subtenant, elect, in addition to February 1any other remedies Sublandlord may have under the Sublease (as amended), 2022one or both of the following remedies: (i) that Subtenant shall immediately become obligated to pay to Sublandlord all Base Rent abated hereunder during the Rent Abatement Period, Tenant shall with interest as provided pursuant to the Sublease (as amended) from the date such Base Rent would have otherwise been due but for the right to utilize any abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Total Extended Term Rent Abatement Amount as an addition of such default shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 Base Rent applicable at the end of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance and Subtenant shall not immediately be provided as a credit against monthly obligated to begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Sublease (Summit Therapeutics Inc.)
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, this Lease to the contrary, so long as there exists no uncured monetary or material non-monetary Event of Default, Tenant shall not be obligated entitled to pay any Base an abatement of Monthly Installment of Rent attributable with respect to the Expansion Premises in the amount of $79,292.50 per month (specifically disregarding and prorated for any First Offer Space leased by Tenant under this Eighth Amendment, if applicablepartial month) for the months of Februaryperiod commencing on January 1, 20222016 and continuing through March 31, March, 2022 and April, 2022 2016 (such period, the “Extended Term Rent Abatement Period”, and the ). The maximum total amount of such Base Monthly Installment of Rent credit abated with respect to be referred to herein as the Expansion Premises in accordance with the foregoing shall equal $237,877.50 (the “Total Extended Term Rent Abatement AmountAbated Monthly Installment of Rent”). At If Landlord terminates this Lease following the occurrence of an Event of Default, then all unamortized Abated Monthly Installment of Rent (i.e. based upon the amortization of the Abated Monthly Installment of Rent in equal monthly amounts, without interest, during the period commencing on the day immediately following the expiration of the Rent Abatement Period and ending on the original Termination Date) shall immediately become due and payable. Only Monthly Installment of Rent shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s optionProportionate Share of Expenses, by notice Insurance Costs and Taxes and all other rent and other costs and charges specified in the Lease, as amended, shall remain as due and payable pursuant to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion provisions of the Total Extended Term Rent Abatement Amount Lease, as an addition to amended. If there exists any uncured monetary or material non-monetary Event of Default at any time during the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, then Tenant’s right to receive the Abatement Monthly Installment of Rent shall toll (and Tenant shall be required to pay Monthly Installment of Rent during such period of uncured Event of Default) until Tenant has cured such Event of Default in no event shall Landlord, pursuant to the terms of accordance with this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceLease.
Appears in 1 contract
Samples: Lease (Ellie Mae Inc)
Abated Base Rent. Notwithstanding anything Provided that no event of default (beyond the applicable 692500.09/WLA371593-00023/6-13-12/ao/ao -00- XXX XXXXXX[Xxxxxx Realty, L.P.][Concur Technologies, Inc.] notice and cure period set forth in Section 4.1.2.1this Lease) is then occurring, above, the Base Rent applicable to the contraryEleventh Floor Premises and the Twelfth Floor Premises during the four (4) month period commencing on the Lease Commencement Date and ending on the day immediately prior to the fourth (4th) “monthly” anniversary of the Lease Commencement Date (the "Base Rent Abatement Period") shall be abated (the "Base Rent Abatement"). Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals $428,542.64 (i.e., so long as there exists $107,135.66 per month). Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent for the Eleventh Floor Premises and the Twelfth Floor Premises shall have no monetary effect on the calculation of the Base Rent for any other portion of the Premises, or material non-monetary Event on any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of Defaultthis Lease, which increases shall be calculated without regard to such Base Rent Abatement. Additionally, Tenant shall not be obligated to pay any Base Rent attributable to the Premises all "Additional Rent" (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 4.1 of this Eighth Amendment. Any portion of Lease) during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherTenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event default under this Lease and shall Landlordfail to cure such default within the notice and cure period, if any, permitted for cure pursuant to this Lease, and if this Lease is then terminated by reason of such default, then the terms of this Section 4.1.2.2, provide an aggregate dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such termination shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Base Rent abatement right set forth in this Section 3.2 shall be personal to the Extended Term Original Tenant Improvement Allowanceand any Permitted Transferee Assignee and shall only apply to the extent that the Original Tenant or a Permitted Transferee Assignee (and not any other assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, to the contrary, so long as there exists no monetary or material non-monetary Event of Defaultforegoing, Tenant shall not be obligated required to pay any monthly installments of Base Rent otherwise attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the initial four (4) full calendar months of February, 2022, March, 2022 and April, 2022 the Lease Term (such period, the “Extended Term Base Rent Abatement Period”), and the total amount of such Base Rent credit to which period shall be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, determined pursuant to the terms of this Section 4.1.2.23.2. If the Lease Commencement Date occurs on the first day of a calendar month, provide an aggregate amount in excess then the Base Rent Abatement Period shall commence on the Lease Commencement Date and expire on the last day of the Total Extended Term fourth (4th) month of the Lease Term. If, however, the Lease Commencement Date occurs on a day other than the first day of a calendar month, then, the Base Rent Abatement Amount for application to monthly Period shall commence on the first day of the first (1st) full calendar month of the Lease Term and expire on the last day of the fourth (4th) full calendar month of the Lease Term. The amount of the Abated Monthly . Base Rent shall be Thirty Thousand One Hundred Fifty-Three and 70/100 Dollars ($30,153.70) per month for each of the four (4) months of the Base Rent Abatement Period and shall not exceed a total of One Hundred twenty Thousand Six Hundred Fourteen and 80/100 Dollars ($120,614.80) in the aggregate. The foregoing Abated Monthly Base Rent has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rent and performing the terms and conditions otherwise required under this Lease. If Tenant shall be in default of this Lease during the Base Abatement Period and shall fail to cure such default within the notice and cure period, if any, permitted for such cure pursuant to this Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under this Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to repay the Landlord all Base Rent abated hereunder to date, with interest as provided pursuant to this Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of such Abated Monthly Base Rent as of such default shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition to the Extended Term Tenant Improvement Allowance.in full. 621575.04/WLA B0452-039/11-6-07/sb/sb -0- XXXX XXXXXXX PLAZA [BrightSource Energy, Inc.]
Appears in 1 contract
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1the foregoing, above, to the contrary, so long as provided there exists no monetary or material non-monetary Event of Default, Tenant shall is not be obligated to pay any Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased default by Tenant under this Eighth AmendmentLease beyond any applicable notice and cure periods, if applicableLandlord hereby agrees to xxxxx Tenant's obligation to pay fifty percent (50%) for of the months of February, 2022, March, 2022 and April, 2022 Base Rent during the Abatement Months (such period, the “Extended Term Rent Abatement Period”, and the total amount of such abated Base Rent credit to be being hereinafter referred to herein as the “Total Extended Term Rent Abatement Amount”"Abated Base Rent"). At Tenant’s optionDuring such Abatement Months, Tenant will still be responsible for the payment of all other monetary obligations under this Lease. Tenant acknowledges that any default by Tenant under this Lease beyond any applicable notice and cure periods will cause Landlord to incur costs not contemplated hereunder, the exact amount of such costs being extremely difficult and impracticable to ascertain, therefore, should Tenant at any time during the Lease Term be in default under this Lease beyond any applicable notice and cure periods, then the total sum of the Abated Base Rent so conditionally excused as of such date shall become immediately due and payable by Tenant to Landlord prior and any remaining Abated Base Rent shall no longer be available to February 1, 2022, Tenant shall have as a rent credit from the right date of such default. Tenant acknowledges and agrees that nothing in this Section 3.2 is intended to utilize limit any unapplied portion of the Total Extended Term Rent Abatement Amount other remedies available to Landlord at law or in equity under "Applicable Laws" (as an addition to the “Extended Term Tenant Improvement Allowance,” as that such term is defined in Section 5.1 Article 24 of this Eighth AmendmentLease) in the event of a default by Tenant under this Lease. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminateDOCPROPERTY "Document number" 4879-3072-0534. DOCPROPERTY "Document version" 3 DOCPROPERTY "Client" 391132. DOCPROPERTY "Matter" 00001/ SAVEDATE \@ M-d-yy U48er IniP/ DOCPROPERTY "User Init" jll/ DOCPROPERTY "Typist Init" jll -6- DOCPROPERTY "Footer Notes" THE BEACON[Palisade Bio, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowance.Inc.]
Appears in 1 contract
Samples: Office Lease (Palisade Bio, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease beyond all applicable notice and cure periods, above, to then during the contrary, so long as there exists no monetary or material non-monetary Event initial six (6) full calendar months of Defaultthe Must‑Take Space Lease Term (the "MTS Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises Must‑Take Space during such MTS Rent Abatement Period (specifically disregarding any First Offer Space leased by the "MTS Rent Abatement"). Landlord and Tenant acknowledge that, provided the entire MTS Rent Abatement Period occurs during Lease Year 2, the aggregate amount of the MTS Rent Abatement equals $2,768,640.00. Tenant acknowledges and agrees that the foregoing MTS Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Eighth Amendment, if applicable) for Lease. If Tenant shall be in monetary or material non-monetary default under this Lease prior to the months expiration of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term MTS Rent Abatement Period”, and shall fail to cure such default within the total amount notice and cure period, if any, permitted for cure pursuant to terms and conditions of such this Lease, then the MTS Rent Abatement Period shall be tolled until Tenant cures said default and Tenant shall immediately be obligated to begin paying Base Rent credit to be referred to herein as for the “Total Extended Term Rent Abatement Amount”). At Tenant’s optionMust-Take Premises in full, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize but any unapplied portion of the Total Extended Term MTS Rent Abatement Amount as an addition shall be abated again if Landlord subsequently accepts a cure by Tenant of such monetary or material non-monetary default. If this Lease is terminated prior to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 expiration of the MTS Rent Abatement Period for any reason other than Landlord’s breach of this Eighth Amendment. Any Lease, or an event of casualty or condemnation, then, for purposes of calculating Landlord's remedies under Section 1951.2 of the California Civil Code, if any, the dollar amount of the unapplied portion of the Total Extended Term MTS Rent Abatement Amount utilized as an addition of the 4000-0000-0000.5 391174.00001/5-24-21//mem -8- CXXXXX RIDGE [Turning Point Therapeutics] date of such termination, as the case may be, shall be converted to a credit to be applied to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) applicable at the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess end of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceLease Term.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1, above, to the contrary, so long as there exists no monetary or material non-monetary Event of Defaultdefault under the Lease, as hereby amended, beyond any applicable notice and cure period, Tenant shall not be obligated required to pay any Base Rent attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendmentthe "Base Rent Abatement") during the two (2) month period commencing on February 1, if applicable) for 2015 and ending on March 31, 2015 (the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term "Base Rent Abatement Period”"). Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals One Million Two Hundred Ninety-Nine Thousand Nine Hundred Seventy-Two and 80/100 Dollars ($1,299,972.80) (i.e., Six Hundred Forty-Nine Thousand Nine Hundred Eighty Six and 40/100 Dollars ($649,986.40) per month). The foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third Amendment and for agreeing to pay the Rent, and perform the total amount of terms and conditions 723517.06/WLA214064-00020/7-15-14/pjr 3 12400 HIGH BLUFF DRIVEThird Amendment[AMN Healthcare, Inc.] Exhibit 10.1 otherwise required under the Lease, as hereby amended. If Tenant shall be in monetary or material non-monetary default under the Lease, as hereby amended, and shall fail to cure such Base Rent credit to be referred to herein default within the notice and cure period, if any, permitted under the Lease, as the “Total Extended Term Rent Abatement Amount”). At Tenant’s hereby amended, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord prior to February 1may have under the Lease, 2022as hereby amended, Tenant shall have that the right to utilize any dollar amount of the unapplied portion of the Total Extended Term Base Rent Abatement Amount as an addition of the date of such default or termination shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 Base Rent applicable to the Premises at the end of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term and Tenant Improvement Allowance shall not immediately be provided as a credit against monthly obligated to begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1Default of this Lease, above, to then during the contrary, so long as there exists no monetary or material non-monetary Event period commencing on the first (1st) day of Defaultthe initial full calendar month of the Lease Term and ending on the last day of the third (3rd) full calendar month of the Lease Term (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement”). Landlord and Tenant acknowledge that the aggregate amount of the Rent Abatement equals $2,767,115.01. If at any time during the Rent Abatement Period”, Tenant would otherwise be entitled to an abatement of rent payable under this Lease ( e.g., pursuant to the provisions of Article 13, below, or Section 19.5.2, below), then the Rent Abatement Period shall be deemed suspended during the period during which Tenant is otherwise entitled to an abatement of rent payable under this Lease and shall be reinstated following the expiration of such other period of rent abatement (subject to the aggregate amount of the Rent Abatement in the immediately preceding sentence). Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the total rental and performing the terms and conditions otherwise required under this Lease. If Tenant shall be in Default under this Lease, and shall fail to cure such Default within the notice and cure period. if any, permitted for cure pursuant to terms and conditions of this Lease, or if this Lease is terminated for any reason other than as described in Article 11, below, Article 13, below, or Landlord’s breach of this Lease, then the dollar amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition of the date of such Default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Office Lease (Airbnb, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease, above, to then during the contrary, so long as there exists no monetary or material non-monetary Event first (l51) and second (2nd) full calendar months of Defaultthe Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (during such period, the “Extended Term Rent Abatement Period”, Period (the "Rent Abatement"). Landlord and Tenant acknowledge that the total aggregate amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”)equals $162,555.00. At Tenant’s option, by notice to Landlord prior to February 1, 2022In addition, Tenant shall have receive a credit against Base Rent in an amount equal to $54,185.00 (i.e., an amount equal to $5.00 per rentable square foot of the right Premises) (the "Rent Credit"), which Rent Credit shall be applied to utilize the Base Rent otherwise due and owing for the third (3rd) full calendar month of the Lease Term. The Rent Abatement and Rent Credit shall be known collectively as the "Rent Abatement and Credit." Tenant acknowledges and agrees that the foregoing Rent Abatement and Credit has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Lease. If Tenant shall be in default under this Lease, and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to terms and conditions of the Lease, or if this Lease is terminated for any reason other than Landlord's breach of this Lease, then the dollar amount of the unapplied portion of the Total Extended Term Rent Abatement Amount and Credit as an addition of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1Provided that no event of default exists beyond any applicable notice and cure period during the seven (7) month period commencing on October 1, above2017 on ending April 30, to 2018 (the contrary, so long as there exists no monetary or material non-monetary Event of Default“Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Base Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Base Rent Abatement”). Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals $999,740.00 (i.e., $142,820.00 per month). Tenant acknowledges and agrees that during such Base Rent Abatement Period”, and the total amount such abatement of such Base Rent credit to be referred to herein as for the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant Premises shall have no effect on the right to utilize calculation of any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined future increases in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, additional rent payable by Tenant pursuant to the terms of this Section 4.1.2.2Lease, provide an aggregate which increases shall be calculated without regard to such Base Rent Abatement. Additionally, Tenant shall be obligated to pay all additional rent during the Base Rent Abatement Period. Tenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Amendment, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under the Lease. If Tenant shall be in default under this Lease and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the Lease, then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Base Rent Abatement right set forth in this Section 4 shall be personal to the Extended Term Tenant, and any assignee of a Permitted Transfer, and shall only apply to the extent that Tenant Improvement Allowanceor any assignee of a Permitted Transfer (and not any other assignee, or any sublessee, other than a sublessee under a Permitted Transfer, or other transferee of Tenant’s interest in this Lease, other than in connection with a Permitted Transfer) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Samples: Industrial Lease Agreement (CF Finance Acquisition Corp II)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of the Lease, aboveafter expiration of any applicable notice and cure periods, to then (i) during the contrary, so long as there exists no monetary or material non-monetary Event of Defaultsix (6) month period commencing on the Phase I Premises Commencement Date and ending on date that is six (6) months thereafter (the “Initial Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Phase I Premises during such Rent Abatement Period, and (specifically disregarding any First Offer Space leased by ii) during the six (6) month period from the end of the Initial Rent Abatement Period and ending on the day that is twelve (12) months after the Lease Commencement Date (the "Second Rent Abatement Period"), Tenant under this Eighth Amendmentshall be obligated to pay Base Rent with respect to the Phase I Premises as if the Phase I Premises contained only 32,534 RSF (i.e., if applicablethe Base Rent payable during the Second Rent Abatement Period shall be equal to $92,721 per month) (the abated rent for the months of FebruaryInitial Rent Abatement Period and Second Rent Abatement Period, 2022, March, 2022 and April, 2022 (such periodcollectively, the “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement AmountAbatement”). At Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in default under the Lease, after expiration of any applicable notice and cure period, or if the Lease is terminated as a result of an Event of Default by Tenant’s , then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord prior to February 1may have under this Lease, 2022, Tenant shall have that the right to utilize any dollar amount of the unapplied portion of the Total Extended Term Rent Abatement Amount as an addition of the date of such termination shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly pay Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Phase I Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Office Lease (Zeltiq Aesthetics Inc)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease beyond all applicable notice and cure periods, above, to then during the contrary, so long as there exists no monetary or material non-monetary Event initial six (6) full calendar months of Defaultthe Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Initial Premises during such Rent Abatement Period (specifically disregarding any First Offer Space leased by the "Rent Abatement"). Landlord and Tenant acknowledge that the aggregate amount of the Rent Abatement equals $3,528,000.00. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Eighth Amendment, if applicable) for Lease. If Tenant shall be in monetary or material non-monetary default under this Lease prior to the months expiration of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and shall fail to cure such default within the total amount notice and cure period, if any, permitted for cure pursuant to terms and conditions of such this Lease, then the Rent Abatement Period shall be tolled until Tenant cures said default and Tenant shall immediately be obligated to begin paying Base Rent credit to be referred to herein as for the “Total Extended Term Rent Abatement Amount”). At Tenant’s optionInitial Premises in full, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize but any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition shall be abated again if Landlord subsequently accepts a cure by Tenant of such monetary or material non-monetary default. If this Lease is terminated prior to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 expiration of the Rent Abatement Period for any reason other than Landlord’s breach of this Eighth Amendment. Any Lease, or an event of casualty or condemnation, then, for purposes of calculating Landlord's remedies under Section 1951.2 of the California Civil Code, if any, the dollar amount of the unapplied portion of the Total Extended Term Rent Abatement Amount utilized as an addition of the date of such termination, as the case may be, shall be converted to a credit to be applied to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) applicable at the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess end of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceLease Term.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease, abovebeyond any applicable notice and cure periods, to then for the contraryperiod commencing on August 1, so long as there exists no monetary or material non-monetary Event of Default2015 and continuing through and including November 30, 2015 (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent (the “Rent Abatement”), except that, notwithstanding the foregoing, Tenant shall remain obligated to pay, in accordance with the terms of this Lease, (i) Tenant’s Share of Operating Expenses attributable to utilities, heating and air conditioning provided by Landlord to the Premises (specifically disregarding in addition to any First Offer Space leased amounts payable by Tenant pursuant to Section 6.2 below), and (ii) any and all taxes and other charges as set forth in Section 4.5 below. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease and for agreeing to pay the Rent and performing the terms and conditions otherwise required under this Eighth AmendmentLease. If Tenant shall be in default under this Lease, beyond any applicable notice and cure periods, and shall fail to cure such default within the notice and cure period, if applicable) any, permitted for the months of Februarycure pursuant to this Lease and Landlord thereafter terminates this Lease, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord prior to February 1may have under this Lease, 2022, one or both of the following remedies: (i) that Tenant shall have immediately become obligated to pay to Landlord all Rent abated hereunder during the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, with interest as provided pursuant to this Lease from the terms of this Section 4.1.2.2date such Rent would have otherwise been due but for the abatement provided herein, provide an aggregate or (ii) that the dollar amount in excess of the Total Extended Term Rent Abatement Amount for application as of such default shall be converted to monthly Base a credit to be applied to the Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Rent for the Premises and as an addition to in full. The total amount of Base Rent abated during the Extended Term Tenant Improvement AllowanceRent Abatement Period shall not exceed $583,259.60 (i.e., $145,814.90 per month).
Appears in 1 contract
Samples: Office Lease (ZS Pharma, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease (beyond all applicable notice and cure periods), above, to then during the contrary, so long as there exists no monetary or material non-monetary Event three (3) month period commencing on the first day of Defaultthe second (2nd) full calendar month of the Lease Term and continuing through and including the last day of the fourth (4th) full calendar month of the Lease Term (the “Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Base Rent Abatement Period (specifically disregarding any First Offer Space leased by the “Base Rent Abatement”), subject to Section 2.2 of the Tenant Work Letter. Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals One Hundred Ninety-Nine Thousand Nine Hundred Twenty and 00/100 Dollars ($199,920.00). Tenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Eighth Amendment, if applicable) for Lease. If Tenant shall be in default under this Lease during the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Base Rent Abatement Period”, and shall fail to cure such default within the total notice and cure period, if any, permitted for cure pursuant to terms and conditions of this Lease, or if this Lease is terminated for any reason other than Landlord’s breach of this Lease, then the dollar amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Base Rent Abatement Amount as an addition of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Lease (BioAtla, Inc.)
Abated Base Rent. Notwithstanding anything any provision to the contrary contained in Section 4.1.2.1, 3.1 above, to the contrary, so long as there exists no monetary or material non-monetary Event of Defaultprovided that Tenant is not in default under this Lease, Tenant shall not be obligated entitled to pay any an abatement (the “Base Rent attributable to Abatement”) of one hundred percent (100%) of the Base Rent otherwise due for the Premises during the second (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment2nd), if applicablethird (3rd), fourth (4th), fifth (5th), sixth (6th), seventh (7th), eighth (8th) for the and ninth (9th) full calendar months of February, 2022, March, 2022 and April, 2022 the Lease Term (such periodcollectively, the “Extended Term Base Rent Abatement Period”), for a total Base Rent Abatement amount equal to $6,658,764.00 in the aggregate. Tenant acknowledges and the total amount of agrees that during such Base Rent credit to be referred to herein as the “Total Extended Term Abatement Period, such abatement of Base Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have no effect on the right to utilize calculation of any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Direct Expenses payable by Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Lease, which Direct Expenses shall be payable during the Base Rent Abatement Period without regard to the Base Rent Abatement. The Base Rent Abatement right set forth in this Section 4.1.2.23.2 has been granted to Tenant as additional consideration for Tenant’s agreement to enter into this Lease and comply with the terms and conditions otherwise required under this Lease. If Tenant shall be in default under this Lease, provide an aggregate or if this Lease is terminated for any reason other than Landlord’s breach of this Lease, then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Lease (Sorrento Therapeutics, Inc.)
Abated Base Rent. Notwithstanding anything any provision to the contrary contained in Section 4.1.2.1, 3.1 above, to the contrary, so long as there exists no monetary or material non-monetary Event of Defaultprovided that Tenant is not in default under this Lease, Tenant shall not be obligated entitled to pay any an abatement (the "Base Rent attributable to Abatement") of one hundred percent (100%) of the Base Rent otherwise due for the Premises during the second (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment2nd), if applicablethird (3rd), fourth (4th), fifth (5th), sixth (6th), seventh (7th) for the and eighth (8th) full calendar months of February, 2022, March, 2022 and April, 2022 the Lease Term (such periodcollectively, the “Extended Term "Base Rent Abatement Period”"), for a total Base Rent Abatement amount equal to $1,520,993.95 in the aggregate. Tenant acknowledges and the total amount of agrees that during such Base Rent credit to be referred to herein as the “Total Extended Term Abatement Period, such abatement of Base Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have no effect on the right to utilize calculation of any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Direct Expenses payable by Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Lease, which Direct Expenses shall be payable during the Base Rent Abatement Period without regard to the Base Rent Abatement. The Base Rent Abatement right set forth in this Section 4.1.2.23.2 has been granted to Tenant as additional consideration for Tenant’s agreement to enter into this Lease and comply with the terms and conditions otherwise required under this Lease. If Tenant shall be in default under this Lease, provide an aggregate or if this Lease is terminated for any reason other than Landlord's breach of this Lease, then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Lease (Sorrento Therapeutics, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1, above, to the contrary, so long as there exists no monetary economic or material non-monetary Event economic default of Defaultthe Lease (as hereby amended, and beyond any applicable notice and cure periods), then during the period commencing on September 1, 2009 and ending on September 30, 2009 (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Reduced Premises during such Rent Abatement Period (specifically disregarding any First Offer Space leased by the "Rent Abatement"). Landlord and Tenant under acknowledge that the aggregate amount of the ______________________ Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Eighth Second Amendment, if applicableand for agreeing to pay the Rent and performing the terms and conditions otherwise required under the Lease (as hereby amended). If (X) for Tenant shall be in economic or material non-economic default of the months of FebruaryLease (as hereby amended), 2022, March, 2022 (Y) Tenant shall fail to cure such default within the notice and April, 2022 (such cure period, if any, permitted for cure pursuant to the “Extended Term Rent Abatement Period”Lease (as hereby amended), and (Z) the total amount Lease (as hereby amended) is terminated as a result of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s failure, then Landlord may, at its option, by notice to Tenant, elect, in addition to any other remedies Landlord prior to February 1may have under the Lease (as hereby amended), 2022, one or both of the following remedies: (i) that Tenant shall have immediately be obligated to pay Landlord all Base Rent abated hereunder during the right to utilize any Rent Abatement period, or (ii) that the dollar amount of the unapplied portion of the Total Extended Term Rent Abatement Amount as an addition of such default shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 Base Rent applicable at the end of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term and Tenant Improvement Allowance shall not immediately be provided as a credit against monthly obligated to begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Reduced Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Sublease Agreement (Affymetrix Inc)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease beyond applicable notice and cure periods, above, to then during (i) the contrary, so long as there exists no monetary or material non-monetary Event of Defaultsecond (2nd) through fifth (5th) full calendar months following the Lease Commencement Date (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Rent Abatement Period (specifically disregarding any First Offer Space leased by the “Rent Abatement”), subject to Tenant's right to convert all or a portion of the Rent Abatement to pay for all or a portion (up to the Rent Abatement amount) of the Over-Allowance Amount set forth in Section 2 of the Tenant Work Letter, in which event the Rent Abatement Period shall be equitably reduced to reflect the amount of Rent Abatement converted to pay for all or a portion of the Over-Allowance Amount. Landlord and Tenant acknowledge that the aggregate amount of the Rent Abatement equals $[* * *]. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Eighth AmendmentLease. If Tenant shall be in default under this Lease, and shall fail to cure such default within the notice and cure period, if applicable) any, permitted for cure pursuant to terms and conditions of the months Lease, or if this Lease is terminated for any reason other than Landlord’s breach of Februarythis Lease or an event of casualty or condemnation, 2022, March, 2022 and April, 2022 (such period, at any time prior to the “Extended Term expiration of the Rent Abatement Period”, and then the total dollar amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Samples: Lease Agreement (Arcturus Therapeutics Holdings Inc.)
Abated Base Rent. Notwithstanding anything any conflicting provision of the Lease or this First Amendment, provided that no event of Default then exists and is not cured within any applicable cure period provided in Section 4.1.2.1the Lease, aboveduring the seven (7) month period commencing on June 1, to 2013 and ending on December 31, 2013 (the contrary, so long as there exists no monetary or material non-monetary Event of Default“Base Rent Abatement Period”), Tenant shall not be obligated have any obligation to pay any Base Rent attributable to the Original Premises or the Substitute Premises, as applicable, during such Base Rent Abatement Period (specifically disregarding any First Offer Space leased by the “Base Rent Abatement”). Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals $435,103.06 (i.e., $62,157.58 per month). Notwithstanding such abatement of Base Rent (a) all other sums due under this Eighth AmendmentLease, if applicableincluding Additional Rent, shall be payable as provided in this Lease, and (b) any increases in Base Rent set forth in the Lease (as hereby amended) shall occur on the dates scheduled therefor. The Base Rent Abatement provided for in this Section 6.3 is conditioned upon Tenant’s full and timely performance of all of its obligations under the months Lease (as hereby amended). If Tenant shall be in Default of Februarythe Lease (as hereby amended), 2022and such Default is not cured within any applicable cure period provided in the Lease, March, 2022 and April, 2022 (such period, at any time during the “Extended Term Base Rent Abatement Period”, and the total amount of such then Tenant’s right to receive any unapplied Base Rent credit to Abatement shall be referred to herein as suspended until the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion first day of the Total Extended Term Rent Abatement Amount as an addition to first calendar month following the “Extended Term date upon which Tenant Improvement Allowance,” as that term is defined in Section 5.1 cured such event of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceDefault.
Appears in 1 contract
Samples: Office Lease (Bsquare Corp /Wa)
Abated Base Rent. Notwithstanding anything any provision to the contrary contained in Section 4.1.2.1, 3.1 above, to the contrary, so long as there exists no monetary or material non-monetary Event of Defaultprovided that Tenant is not in default under this Lease, Tenant shall not be obligated entitled to pay any an abatement (the “Base Rent attributable to Abatement”) of one hundred percent (100%) of the Base Rent otherwise due for the Premises during the second (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment2nd), if applicablethird (3rd), fourth (4th), fifth (5th), thirteenth (13th), fourteenth (14th) for the and fifteenth (15th) full calendar months of February, 2022, March, 2022 and April, 2022 the Lease Term (such periodcollectively, the “Extended Term Base Rent Abatement Period”), for a total Base Rent Abatement amount equal to $686,373.00 in the aggregate; provided, however, that Landlord may, upon thirty (30) days’ prior notice to Tenant and at Landlord’s sole option, elect to accelerate Base Rent Abatement that will occur in a future month by converting such amount into a credit against Rent and applying the total same to an earlier Lease Month(s) as designated by Landlord in such notice. The Base Rent Abatement right set forth in this Section 3.2 has been granted to Tenant as additional consideration for Tenant’s agreement to enter into this Lease and comply with the terms and conditions otherwise required under this Lease. If Tenant shall be in default under this Lease, or if this Lease is terminated for any reason other than Landlord’s breach of this Lease, then the dollar amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Base Rent Abatement Amount as an addition of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion Base Rent applicable at the end of the Total Extended Lease Term Rent Abatement Amount utilized as an addition and Tenant shall immediately be obligated to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly begin paying Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancein full.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, to Provided that no event of default is occurring during the contrary, so long as there exists no monetary or material non-monetary Event seven (7) month period commencing on the first (1st) day of Defaultthe first (1st) full calendar month of the Lease Term and ending on the last day of the seventh (7th) full calendar month of the Lease Term (the “Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Base Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Base Rent Abatement”). Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement equals One Hundred Seventy-Two Thousand Two Hundred Thirty-Three and 60/100 Dollars (i.e., $24,604.80 per month). Tenant acknowledges and agrees that during the Base Rent Abatement Period”, and such abatement of Base Rent for the total amount Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”)Abatement. At Tenant’s option, by notice to Landlord prior to February 1, 2022Additionally, Tenant shall have the right be obligated to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the pay all “Extended Term Tenant Improvement Allowance,Additional Rent” (as that term is defined in Section 5.1 4.1 of this Eighth Amendment. Any portion of Lease) during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherTenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event default under this Lease and shall Landlordfail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the terms this Lease, or if this Lease, is terminated for any reason other than Landlord’s breach of this Section 4.1.2.2Lease, provide an aggregate then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Base Rent abatement right set forth in this Section 3.2 shall be personal to the Extended Term Original Tenant, and shall only apply to the extent that the Original Tenant Improvement Allowance(and not any assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, to Provided that no event of default is occurring on or before the contrary, so long as there exists no monetary or material non-monetary Event last day of Defaultthe third (3rd) full calendar month of the Lease Term, Tenant shall not be obligated to pay (i) any Base Rent (the “Full Base Rent Abatement”) otherwise attributable to the Premises during the two (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable2) for month period commencing on the months first (1st) day of February, 2022, March, 2022 the first (1st) full calendar month of the Lease Term and April, 2022 ending on the last day of the second (such period, 2nd) full calendar month of the Lease Term (the “Extended Term Full Base Rent Abatement Period”), and the total amount (ii) seventy-five percent (75%) of such any Base Rent credit (the “Partial Base Rent Abatement”) otherwise attributable to the Premises during the third (3rd) full calendar month of the Lease Term (the “Partial Base Rent Abatement Period”). For purposes of this Lease, the Full Base Rent Abatement and the Partial Base Rent Abatement shall collectively be referred to herein as the “Total Extended Term Base Rent Abatement,” and the Full Base Rent Abatement Amount”Period and the Partial Base Rent Abatement Period shall collectively be referred to herein as the “Base Rent Abatement Period.” Landlord and Tenant acknowledge that the aggregate amount of the Base Rent Abatement shall equal One Hundred Nineteen Thousand Two Hundred Thirty-Seven and 39/100 Dollars ($119,237.39). At Tenant’s optionTenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent for the Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by notice Tenant pursuant to Landlord prior the terms of this Lease, which increases shall be calculated without regard to February 1, 2022such Base Rent Abatement. Additionally, Tenant shall have the right be obligated to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the pay all “Extended Term Tenant Improvement Allowance,Additional Rent” (as that term is defined in Section 5.1 4.1 of this Eighth Amendment. Any portion of Lease) during the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. FurtherTenant acknowledges and agrees that the foregoing Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Base Rent and perform the terms and conditions otherwise required under this Lease. If Tenant shall be in no event default under this Lease and shall Landlordfail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the terms this Lease, or if this Lease, is terminated for any reason other than Landlord’s breach of this Section 4.1.2.2Lease, provide an aggregate then the dollar amount in excess of the Total Extended Term unapplied portion of the Base Rent Abatement Amount for application as of the date of such default or termination, as the case may be, shall be converted to monthly a credit to be applied to the Base Rent due applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises and as an addition in full. The foregoing Base Rent Abatement right set forth in this Section 3.2 shall be personal to the Extended Term Original Tenant Improvement Allowanceand shall only apply to the extent that the Original Tenant (and not any assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Samples: Office Lease (Versartis, Inc.)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of the Lease (as hereby amended), abovethen during the first two (2) years of the Expansion Term (the “Rent Abatement Period”), Tenant's obligation to pay monthly installments of Base Rent otherwise attributable to the contraryExpansion Premises shall be modified as follows (the “Rent Abatement”): (i) during the first full six (6) calendar months of the Expansion Term, so long one hundred percent (100%) of the Base Rent otherwise attributable to the Expansion Premises shall be abated, (ii) during the seventh (7th) through twelfth (12th) full calendar months of the Expansion Term, fifty percent (50%) of the Base Rent otherwise attributable to the Expansion Premises shall be abated, (iii) during the thirteenth (13th) through twenty-fourth (24th) full calendar months of the Expansion Term, twenty-five percent (25%) of the Base Rent otherwise attributable to the Expansion Premises shall be abated. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as there exists no monetary or material non-monetary Event of Defaultadditional consideration for entering into this First Amendment, and for agreeing to pay the Rent and performing the terms and conditions otherwise required under the Lease (as hereby amended). If Tenant shall not be obligated in default under the Lease (as hereby amended) and shall fail to pay cure such default within the notice and cure period, if any, permitted for cure pursuant to the Lease (as hereby amended), or if the Lease is terminated for any reason other than Landlord’s breach of the Lease, as amended, then Landlord may at its option, by notice to Tenant, require that (a) the dollar amount of the unapplied portion of the Rent Abatement as of the date of such default shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Term, and (b) Tenant's right to xxxxx all or any portion of the Base Rent attributable to the Expansion Premises (specifically disregarding any First Offer Space leased by shall immediately terminate and Tenant under this Eighth Amendment, if applicable) shall immediately be obligated to begin paying Base Rent for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined Expansion Premises in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowancefull.
Appears in 1 contract
Samples: Lease (Cytori Therapeutics, Inc.)
Abated Base Rent. Notwithstanding anything in Section 4.1.2.1, above, this Lease to the contrary, so long as there exists no uncured monetary or material non-monetary Event of Default, Tenant shall not be obligated to pay any Base Monthly Installment of Rent attributable to the Initial 4430 Expansion Premises (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of Februaryfour (4) month period commencing on April 1, 20222017, Marchand ending on July 31, 2022 and April, 2022 2017 (such period, the “Extended Term 4430 Rent Abatement Period”, and the total ). The aggregate amount of such Base Monthly Installment of Rent credit to be referred abated with respect to herein as the 4430 Expansion Premises in accordance with the foregoing shall equal 806,362.40 (the “Total Extended Term Rent Abatement AmountAbated 4430 Rent”). At If Landlord terminates this Lease following the occurrence of an Event of Default, then all unamortized Abated 4430 Rent (i.e. based upon the amortization of the Abated 4430 Rent in equal monthly amounts, without interest, during the period commencing on the day immediately following the expiration of the 4430 Rent Abatement Period and ending on the Lease Expiration Date) shall immediately become due and payable. Only the Monthly Installment of Rent shall be abated pursuant to this Section, and Tenant’s optionProportionate Share of Expenses, by notice Insurance Costs and Taxes and all other rent and other costs and charges specified in the Lease, as amended, shall remain as due and payable pursuant to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion provisions of the Total Extended Term Rent Abatement Amount Lease, as an addition to amended. If there exists any uncured monetary or material non-monetary Event of Default at any time during the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term 4430 Rent Abatement Period. Further, then Tenant’s right to receive the Abated 4430 Rent shall toll (and Tenant shall be required to pay the Monthly Installment of Rent during such period of uncured Event of Default) until Tenant has cured such Event of Default in no event shall Landlord, pursuant to the terms of accordance with this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement AllowanceLease.
Appears in 1 contract
Samples: Lease (Ellie Mae Inc)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of this Lease, abovebeyond any applicable notice and cure periods, to then for the contrary, so long as there exists no monetary or material non-monetary Event period commencing on the first day of DefaultLease Month 1 and ending on the expiration of Lease Month 12 (but excluding the remainder of the calendar month in which the Lease Commencement Date occurs if the Lease Commencement Date falls on other than the first day of such month) (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent which would otherwise be payable under Section 3.1 above with respect to such Rent Abatement Period (the "Rent Abatement"), except that, notwithstanding the foregoing, Tenant shall remain obligated to pay all of its other monetary obligations under this Lease with respect to the Rent Abatement Period other than such Rent Abatement, including, without limitation, (i) Tenant's Share of Operating Expenses, (ii) Tenant's costs and expenses attributable to utilities, heating and air conditioning provided to the Premises (specifically disregarding in addition to any First Offer Space leased amounts payable by Tenant pursuant to Section 6.2 below), and (iii) any and all taxes and other charges as set forth in Section 4.5 below. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease and for agreeing to pay the Rent and performing the terms and conditions otherwise required under this Eighth AmendmentLease. If Tenant shall be in default under this Lease, beyond any applicable notice and cure periods, and shall fail to cure such default within the notice and cure period, if applicable) any, permitted for cure pursuant to this Lease, and this Lease terminated by Landlord under Article 19 as a result of such default, then as a part of the months recovery set forth in Section 19.2.2 of Februarythis Lease, 2022, March, 2022 Landlord shall be entitled to the recovery of the unamortized portion of the Rent Abatement as of the date of such termination (and April, 2022 (such period, for this purpose only the “Extended Rent Abatement shall be amortized in equal monthly installments without interest over the portion of the initial Lease Term commencing upon expiration of the Rent Abatement Period”, and the ). The total amount of such Base Rent credit to be referred to herein as abated during the “Total Extended Term Rent Abatement Amount”). At Tenant’s option, by notice to Landlord prior to February 1, 2022, Tenant shall have the right to utilize any unapplied portion of the Total Extended Term Rent Abatement Amount as an addition to the “Extended Term Tenant Improvement Allowance,” as that term is defined in Section 5.1 of this Eighth Amendment. Any portion of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance Period shall not be provided as a credit against monthly Base Rent hereunder and shall shorten exceed $2,473,696.80 (or eliminatei.e., if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant to the terms of this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowance$206,141.40 per month).
Appears in 1 contract
Samples: Lease (Veeco Instruments Inc)
Abated Base Rent. Notwithstanding anything Provided that Tenant is not then in Section 4.1.2.1default of the Lease, aboveas amended, to then during the contraryperiod commencing on June 1, so long as there exists no monetary or material non-monetary Event of Default2013 and continuing through and including November 30, 2015 (the “Fifth Amendment Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to a portion of the Building B Premises consisting of 952 rentable square feet during such Rent Abatement Period (specifically disregarding any First Offer Space leased by Tenant under this Eighth Amendment, if applicable) for the months of February, 2022, March, 2022 and April, 2022 (such period, the “Extended Term Fifth Amendment Rent Abatement Period”, and the total amount of such Base Rent credit to be referred to herein as the “Total Extended Term Rent Abatement AmountAbatement”). At Tenant’s optionLandlord and Tenant acknowledge that the aggregate amount of the Fifth Amendment Rent Abatement equals $45,341.86. Tenant acknowledges and agrees that the Fifth Amendment Rent Abatement has been granted to Tenant as additional consideration for entering into the Lease, by notice as amended, and for agreeing to Landlord prior to February 1pay the rental and performing the terms and conditions otherwise required under the Lease, 2022, as amended. If Tenant shall have be in default under the right Lease, as amended, and shall fail to utilize cure such default within the notice and cure period, if any, permitted for cure pursuant to terms and conditions of the Lease, or if the Lease, as amended, is terminated for any reason other than Landlord’s breach of the Lease, as amended, then the dollar amount of the unapplied portion of the Total Extended Term Fifth Amendment Rent Abatement Amount as an addition of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the “Extended Base Rent applicable at the end of the Lease Term and Tenant Improvement Allowance,” as that term is defined shall immediately be obligated to begin paying Base Rent for the Premises in full. The Rent Abatement set forth in Section 5.1 of this Eighth Amendment. Any portion 5.3 of the Total Extended Term Rent Abatement Amount utilized as an addition to the Extended Term Tenant Improvement Allowance Fourth Amendment shall not be provided as a credit against monthly Base Rent hereunder and shall shorten (or eliminate, if applicable) the Extended Term Rent Abatement Period. Further, in no event shall Landlord, pursuant applicable to the terms 952 rentable square feet of space referenced in this Section 4.1.2.2, provide an aggregate amount in excess of the Total Extended Term Rent Abatement Amount for application to monthly Base Rent due for the Premises and as an addition to the Extended Term Tenant Improvement Allowance3.2.
Appears in 1 contract
Samples: Office Lease (Ixia)