Available Space. Provided that (a) there is not then in existence an Event of Default and (b) there have not been more than two (2) Events of Default during the period of the preceding two (2) years with respect to any obligations of Tenant under this Lease (including, without limitation the payment of any Rent under this Lease), in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available Space, as hereinafter defined, and (c) Tenant is then in occupancy of at least seventy percent (70%) of the Demised Premises at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the term as to the Available Space, as hereinafter defined, and provided further that the right and option of Tenant hereinafter granted shall be subject and subordinate to (i) the right of Landlord to lease the Available Space to initial tenant(s) thereof [solely pursuant to the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and (ii) the prior rights and options of all such initial tenants as to said Available Space, then solely during the period commencing on the date of expiration of the tenancy of each such initial Tenant and ending on the last day of the initial Term, Tenant shall have a right to receive from Landlord, an offer to lease the Available Space to Tenant on the terms set forth in Landlord's Offer, which offer shall be accepted or rejected at Tenant's option and which right shall be a one-time right as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time). "Available Space" means only that office space which is contiguous to the Demised Premises and located on the ninth (9th) floor of the Building or that office space located on the tenth (10th) floor of the Building, or both, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenant; provided, however, that Tenant shall not have the right to lease any Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year of the initial Term unless Tenant simultaneously exercises its Renewal Option as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease and any other Available Space which has already been leased by Tenant, together with the Available Space located on the tenth (10th) floor of the Building which is the subject of the offer from Landlord) and simultaneously executes an amendment to this Lease with respect to the first (1st) Renewal Period; further provided, that if at the time that Tenant exercises such right to lease Available Space on the tenth (10th) floor of the Building and simultaneously exercises its first Renewal Option, there is less than fifteen (15) months remaining in the initial Term, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to the expiration of the initial Term. The Available Space shall be offered to and accepted (if at all) by Tenant on the terms and conditions set forth in Landlord's offer to Tenant as to such Available Space ("Landlord's Offer"), which may include an offer of all of the Available Space at one time or offers of portions of the Available Space in multiple offers made by Landlord, as determined by Landlord in its sole and absolute discretion.
Appears in 1 contract
Samples: Lease Agreement (Lecg Corp)
Available Space. Provided that (a) there is not then in existence an Event of Default and (b) there have not been more than two (2) Events of Default during For the period purposes of the preceding two (2) years with respect to any obligations of Tenant under this Lease (including, without limitation the payment of any Rent under this Lease), in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available Space, as hereinafter defined, and (c) Tenant is then in occupancy of at least seventy percent (70%) of the Demised Premises at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the term as to the Available Space, as hereinafter defined, and provided further that the right and option of Tenant hereinafter granted shall be subject and subordinate to Expansion Right: (i) the right term "First Floor Available Space" shall mean any Rentable Area within the first floor of Landlord to lease the Available Space to initial tenant(s) thereof [solely pursuant to Building other than the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and Demised Premises; (ii) the prior rights and options of all such initial tenants as to said term "Second Floor Available Space" shall mean any Rentable Area within the second floor of the Building which Landlord is not obligated, then solely during the period commencing on as of the date hereof, to deliver to Genos Biosciences, Inc. pursuant to the terms of expiration of its lease; (iii) the tenancy of each such initial Tenant term "3530 Available Space" shall mean any Rentable Area within any free-standing office or laboratory building upon the land immediately adjacent to the Building to be constructed and ending on the last day of the initial Term, Tenant shall to have a right to receive from Landlord, an offer to lease mailing address of 3530 Xxxx Xxxxxxx Xxxxx; and (iv) the Available Space to Tenant on the terms set forth in Landlord's Offer, which offer shall be accepted or rejected at Tenant's option and which right shall be a one-time right as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time). term "Available Space" means only that office space which is contiguous shall mean, collectively, the First Floor Available Space, the Second Floor Available Space and the 3530 Available Space. Tenant may exercise the Expansion Right as to the Demised Premises and located on the ninth (9th) floor of the Building or that office space located on the tenth (10th) floor of the Building, or both, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenantany Available Space; provided, however, that Tenant (notwithstanding anything to the contrary contained herein) Tenant's ability to exercise the Expansion Right as to any Second Floor Available Space shall not have be subordinate to the right of Genos Biosciences, Inc. to lease any Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year of the initial Term unless Tenant simultaneously exercises exercise its Renewal Option expansion right as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease and any other Available Space which has already been leased by Tenant, together with the Available Space located on the tenth (10th) floor of the Building which is the subject of the offer from Landlord) and simultaneously executes an amendment to this Lease with respect such space pursuant to the first (1st) Renewal Periodterms of its lease executed concurrently herewith; further provided, however, that if at (notwithstanding anything to the time that Tenant exercises such right contrary contained herein) Tenant's ability to lease exercise the Expansion Right as to any 3530 Available Space on shall only arise in the tenth (10th) floor of event that Landlord constructs or determines to pursue a speculative development project for a free-standing office or laboratory building upon the land immediately adjacent to the Building and simultaneously exercises its first Renewal Optiondesires to lease such new building for any purpose other than for parking, there is less than fifteen (15) months remaining in the initial Termstorage or placement of temporary trailers; and further provided, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to the expiration of the initial Term. The Available Space shall be offered to and accepted (however, that if at all) by Tenant on the terms and conditions set forth in Landlord's offer to Tenant as to such Available Space ("Landlord's Offer"), which may include an offer of all of the Available Space at one time or offers of portions of was configured for use by a single tenant, Tenant must exercise the Available Space in multiple offers made by Landlord, Expansion Right as determined by Landlord in its sole and absolute discretion.to all of
Appears in 1 contract
Samples: Axys Pharmecueticals Inc
Available Space. Provided Landlord shall make reasonable efforts to keep --------------- Tenant informed of any space in the Building and in the building known as 0000 Xxxxxxxx Xxxx, Xxxx Xxxxxx, Xxxxxxxxxx (the "Other Building") that becomes Available (aas defined below) there is not then in existence an Event of Default and (b) there have not been more than two (2) Events of Default during the period of the preceding two (2) years Term. Tenant, however, has no rights with respect to any obligations space in the Building or the Other Building and Landlord's failure to inform Tenant of the Availability of any such space shall not give Tenant under this Lease any rights against Landlord or prohibit or otherwise impair Landlord's leasing of any such space. As used herein, "Available" means that the space (includingi) is not part of the Premises, (ii) is not then subject to a lease, (iii) is not then subject to any rights of any tenant to renew their lease or expand their premises as set forth in their lease, including without limitation the payment any rights of any Rent under this Lease), in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available Space, as hereinafter definedfirst offer, and (civ) Tenant is not then in occupancy subject to any negotiations between Landlord and a prospective tenant or an existing tenant. The provisions of at least seventy percent (70%) of Paragraph 39 are applicable to this Paragraph. In the Demised Premises at event Landlord ceases to own the time of Landlord's OfferOther Building, as hereinafter defined, and at the time of the commencement of the term as Paragraph shall no longer apply to the Available SpaceOther Building. LANDLORD AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN AND, as hereinafter definedBY EXECUTION OF THIS LEASE, and provided further that the right and option of Tenant hereinafter granted shall be subject and subordinate to (i) the right of Landlord to lease the Available Space to initial tenant(s) thereof [solely pursuant to the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and (ii) the prior rights and options of all such initial tenants as to said Available SpaceSHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, then solely during the period commencing on the date of expiration of the tenancy of each such initial Tenant and ending on the last day of the initial TermAT THE TIME THIS LEASE IS EXECUTED, Tenant shall have a right to receive from Landlord, an offer to lease the Available Space to Tenant on the terms set forth in Landlord's Offer, which offer shall be accepted or rejected at Tenant's option and which right shall be a one-time right as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time). "Available Space" means only that office space which is contiguous to the Demised Premises and located on the ninth (9th) floor of the Building or that office space located on the tenth (10th) floor of the Building, or both, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenant; provided, however, that Tenant shall not have the right to lease any Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year of the initial Term unless Tenant simultaneously exercises its Renewal Option as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease and any other Available Space which has already been leased by Tenant, together with the Available Space located on the tenth (10th) floor of the Building which is the subject of the offer from Landlord) and simultaneously executes an amendment to this Lease with respect to the first (1st) Renewal Period; further provided, that if at the time that Tenant exercises such right to lease Available Space on the tenth (10th) floor of the Building and simultaneously exercises its first Renewal Option, there is less than fifteen (15) months remaining in the initial Term, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to the expiration of the initial Term. The Available Space shall be offered to and accepted (if at all) by Tenant on the terms and conditions set forth in Landlord's offer to Tenant as to such Available Space ("Landlord's Offer"), which may include an offer of all of the Available Space at one time or offers of portions of the Available Space in multiple offers made by Landlord, as determined by Landlord in its sole and absolute discretionTHE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PREMISES.
Appears in 1 contract
Samples: Lease (Qualstar Corp)
Available Space. Provided that (a) there Tenant is not then in existence an default and has not been in default more than once during the period of the preceding two (2) years with respect to the payment of Rent under this Lease, and there is then no uncured Event of Default and (b) there have not been more than two (2) Events of Default during the period of the preceding two (2) years years, with respect to any obligations of Tenant under this Lease (including, without limitation other than the payment of any Rent under this Lease), in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available Space, as hereinafter defined, and (c) Tenant is has not then in occupancy of at least seventy subleased more than twenty percent (7020%) of the rentable floor area comprising the Demised Premises at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the term as to the Available Space, as hereinafter defined, and provided further that the right and option of Tenant hereinafter granted shall be subject and subordinate to (i) the right of Landlord to lease the Available Space to initial tenant(s) thereof [solely pursuant to the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and (ii) the prior rights and options of all such initial tenants as to said Available Space, then solely during the period commencing on the date of expiration first day of the tenancy of each such initial Tenant fifth (5th) Lease Year and ending on the last day of the initial Termseventh (7th) Lease Year (the "Expansion Period"), Tenant shall have a one-time (as to each component of the Available Space) right to receive from Landlord, not earlier than one (1) year, and at least ninety (90) days, prior to the date said Available Space will become available prior to the next leasing of said Available Space by Landlord, an offer to lease the Available Space to Tenant on the terms set forth in Landlord's Offer, which offer (i) shall be accepted or rejected at Tenant's option and which right shall be a one-time right not vary the terms of this Lease as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time). "Available Space" means only that office space which is contiguous they apply to the Demised Premises and located on the ninth (9th) floor of the Building or that office space located on the tenth (10th) floor of the Building, or both, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenant; provided, however, that Tenant shall not have the right to lease any Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year of the initial Term unless Tenant simultaneously exercises its Renewal Option as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease and any other Available Space which has already been leased by Tenant, together with the Available Space located on the tenth (10th) floor of the Building which is the subject of the offer from Landlord) and simultaneously executes an amendment to this Lease with respect to the first (1st) Renewal Period; further provided, that if at the time that Tenant exercises such right to lease Available Space on the tenth (10th) floor of the Building and simultaneously exercises its first Renewal Option, there is less than fifteen (15) months remaining in the initial Term, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to the expiration of the initial Term. The Available Space shall be offered to and accepted (if at all) by Tenant on the terms and conditions set forth in Landlord's offer to Tenant as to such Available Space ("Landlord's Offer"), which may include an offer of all of the Available Space at one time or offers of portions of the Available Space in multiple offers made by Landlord, as determined by Landlord in its sole and absolute discretion.original
Appears in 1 contract
Samples: Lease Agreement (National Consumer Cooperative Bank /Dc/)
Available Space. Provided that (a) there CapitalSource is not then in existence an Event of Default default and (b) there have has not been in default more than two (2) Events of Default once during the period of the preceding two (2) years with respect to any obligations of Tenant under this Lease (including, without limitation the payment of any Rent under this Lease)Term, in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available 7th Floor Space, as hereinafter defined, and (c) Tenant is then in occupancy of at least seventy fifty percent (7050%) of the Demised Premises at the time of Landlord's 7th Floor Offer, as hereinafter defined, and at the time of the commencement of the term as to the Available 7th Floor Space, as hereinafter defined, and provided further that the right and option of Tenant CapitalSource hereinafter granted granted, shall be subject and subordinate to the prior right and option of The Ritz-Carlton Hotel Company, L.L.C. or any Permitted Transferee, as xxxx term is defined in that certain Office Lease Agreement (ithe 'Ritz-Carlton Lease') the right of between Landlord and Ritz-Carlton (collectivelx 'Xitz-Carlton'), to lease said 7xx Xxxxx Xxxce (the Available Space to initial tenant(s) thereof [solely pursuant to the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and (ii) the prior rights and options of all such initial tenants 'Ritz-Carlton Xxxxxxion Option'), as to said Available Spacehereinafter defined, then solely during thxx xxxxxx xxring the period commencing on the date of expiration of the tenancy of each such initial Tenant and ending on the last day of the initial TermThird Expansion Space Commencement Date, Tenant CapitalSource shall have a one-time right to receive from Landlord, after the earlier to occur of the expiration of the Ritz-Carlton Expansion Option, as set forth in the Ritz-Carxxxx Xxxxx, as to the 7th Floor Space or Landlord's xxxxxxx xx a written waiver from Ritz-Carlton of the Ritz-Carlton Expansion Option, an offer to lease the Available Space to Tenant xx xxxxx xxe 7th Floor Xxxxx xx CapitalSource on the terms set forth in Landlord's 7th Floor Offer, which offer shall be accepted or rejected at TenantCapitalSource's option and which right shall be a one-time right as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time)option. "Available '7th Floor Space" ' means only that office space which is contiguous to the Demised Premises and located on the ninth (9th) floor of the Building or that office space located on the tenth (10th) 7th floor of the Building, or bothBuilding and shown on Exhibit Q attached to this Lease, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenant; provided, however, that Tenant shall not have the right to lease any Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year term, or earlier termination, of the initial Term unless Tenant simultaneously exercises its Renewal Option existing lease between Landlord and the tenant of said 7th Floor Space as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease and any other Available Space which has already been leased by Tenant, together with the Available Space located on the tenth (10th) floor of the Building date upon which Ritz-Carlton is entitled to exercise the subject of the offer from Landlord) and simultaneously executes an amendment to this Lease with respect to the first (1st) Renewal Period; further provided, that if at the time that Tenant exercises such right to lease Available Space on the tenth (10th) floor of the Building and simultaneously exercises its first Renewal Option, there is less than fifteen (15) months remaining in the initial Term, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to the expiration of the initial TermRitz-Carlton Expansion Optxxx. The Available 7th Floor Space shall be offered to xxxxxxx xx and accepted (if at all) by Tenant CapitalSource on the terms and conditions set forth in Landlord's offer to Tenant CapitalSource as to such Available 7th Floor Space ("'Landlord's 7th Floor Offer"'), which may include an offer of all of Landlord's 7th Floor Offer shall provide that the Available Space at one time or offers of portions of proposed Base Rent Per Annum shall be the Available Space in multiple offers made by Landlordprevailing market rent, as determined by Landlord in its sole and absolute discretionpursuant to Section 3.5(a) of this Lease.
Appears in 1 contract
Available Space. Provided that (a) there is not then in existence an Event of Default and (b) there have not been more than two (2) Events of Default during the period of the preceding two (2) years with respect to any obligations of Tenant under this Lease (including, without limitation the payment of any Rent under this Lease), in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available Space, as hereinafter defined, and (c) Tenant is then in occupancy of at least seventy percent (70%) of the Demised Premises at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the The term as to the Available Space, as hereinafter defined, and provided further that the right and option of Tenant hereinafter granted shall be subject and subordinate to (i) the right of Landlord to lease the Available Space to initial tenant(s) thereof [solely pursuant to the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and (ii) the prior rights and options of all such initial tenants as to said Available Space, then solely during the period commencing on the date of expiration of the tenancy of each such initial Tenant and ending on the last day of the initial Term, Tenant shall have a right to receive from Landlord, an offer to lease the Available Space to Tenant on the terms set forth in Landlord's Offer, which offer shall be accepted or rejected at Tenant's option and which right shall be a one-time right as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time). "Available Space" means only that office shall mean any space which in the Building which, in Landlord's determination in its sole discretion, as of the date of Tenant's Notice, (i) is contiguous not the subject of lease negotiations per a written lease proposal, (ii) is not in a shell condition, (iii) is not the subject of rights or interests conferred to other tenants' space, as contained in any lease, or otherwise, then in effect, including, without limitation, options or rights regarding renewal, extension or expansion, subleases or assignments, and (iv) has in its lease a relocation clause. Notwithstanding the foregoing to the Demised Premises and located on the ninth (9th) floor of contrary, Landlord agrees to use reasonable efforts to include a Landlord's relocation provision in all leases within the Building containing 5,000 or that office space located on the tenth (10th) floor of the Building, or both, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenantless rentable square feet; provided, however, that Tenant any such relocation clause shall not be expressly contingent upon Landlord's ability to relocate such tenant in the Building and if no space exists at the time of Tenant's Notice, then, notwithstanding anything contained in this Paraxxxxx 00, Xxxxxxxx xxxll have the right no obligation to lease relocate any such tenants to create Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year of the initial Term unless for Tenant simultaneously exercises its Renewal Option as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease Paragraph 35. It is also understood and any other Available Space which has already been leased by Tenant, together with agreed that the Available Space located on identified in Landlord's Notice shall be in a configuration and location as determined by Landlord, may not be contiguous to the tenth (10th) floor Premises, may consist of multiple suites in the Building which is are not contiguous to one another, and that the subject of suites comprising the offer from Available Space will be provided to Tenant only in their then existing demised rentable square foot increments, which may or may not equal precisely 5,000 rentable square feet. Further, Tenant hereby acknowledges that nothing contained herein shall be deemed to limit or preclude Landlord) and simultaneously executes an amendment to this Lease with respect to the first (1st) Renewal Period; further provided, that if at the time that Tenant exercises such 's right to actively market or lease Available Space on the tenth (10th) floor of the Building and simultaneously exercises its first Renewal Option, there is less than fifteen (15) months remaining in the initial Term, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to enter into any and all lease commitments with any party pertaining to the expiration of the initial Term. The Available Space shall be offered to and accepted (if at all) by Tenant on the terms and conditions set forth in Landlord's offer to Tenant as to such Available Space ("Landlord's Offer"), which may include an offer of all of the Available Space at one time or offers of portions of the Available Space in multiple offers made by Landlord, as determined by Landlord in its sole and absolute discretionsame.
Appears in 1 contract
Samples: Office Lease (Convergent Group Corp)
Available Space. Provided that CapitalSource Finance LLC, a Delaware limited liability company (a'CapitalSource') there is not then in existence an Event of Default default and (b) there have has not been in default more than two (2) Events of Default once during the period of the preceding two (2) years with respect to any obligations of Tenant under this Lease (including, without limitation the payment of any Rent under this Lease)Term, in each case both at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the Term as to the Available 11th Floor Space, as hereinafter defined, and (c) Tenant is then in occupancy of at least seventy fifty percent (7050%) of the Demised Premises at the time of Landlord's Offer, as hereinafter defined, and at the time of the commencement of the term as to the Available 11th Floor Space, as hereinafter defined, and provided further that the right and option of Tenant CapitalSource hereinafter granted shall be subject and subordinate to (i) the prior right and option of Landlord to lease any existing tenant, as of the Available Space to initial tenant(s) thereof [solely pursuant date of the Third Amendment, as to the initial lease(s) to such initial tenant(s) and any extension or renewal options contained in such initial lease] and (ii) the prior rights and options of all such initial tenants as to said Available 11th Floor Space, then as hereinafter defined, then, solely during the period commencing on the date of expiration of the tenancy of each such initial Tenant and ending on the last day of the initial TermThird Expansion Space Commencement DATE, Tenant CapitalSource shall have a one-time right to receive from Landlord, prior to the next leasing of said 11th Floor Space by Landlord, an offer to lease the Available 11th Floor Space to Tenant CapitalSource on the terms set forth in Landlord's 11th Floor Offer, which offer shall be accepted or rejected at TenantCapitalSource's option and which right shall be a one-time right as to each portion of the Available Space which is offered by Landlord to Tenant (or a one-time right as to all of the Available Space if it is offered by Landlord to Tenant in its entirety at one time)option. "Available '11th Floor Space" ' means only that office space which is contiguous to the Demised Premises and located on the ninth (9th) floor of the Building or that office space located on the tenth (10th) 11th floor of the BuildingBuilding currently occupied by HealthCare Financial Partners REIT, or bothInc. ('HealthCare') and shown on Exhibit P attached to this Lease, as said space may become available for lease after the initial leasing thereof by Landlord to another Tenant; provided, however, that Tenant shall not have the right to lease any Available Space located on the tenth (10th) floor of the Building after the expiration of the seventh (7th) Lease Year term, or earlier termination, of the initial Term unless Tenant simultaneously exercises its Renewal Option as to the entire Demised Premises (that is, the Demised Premises originally demised under this Lease existing lease between Landlord and any other Available Space which has already been leased by Tenant, together with the Available Space located on the tenth (10th) floor of the Building which is the subject of the offer from Landlord) and simultaneously executes an amendment to this Lease HealthCare with respect to the first (1st) Renewal Period; further provided, that if at the time that Tenant exercises such right to lease Available Space on the tenth (10th) floor of the Building and simultaneously exercises its first Renewal Option, there is less than fifteen (15) months remaining in the initial Term, then the procedures set forth in Paragraph 55 hereof for determining the Prevailing Market Rent for the Renewal Period shall commence fifteen (15) months prior to the expiration of the initial Term11th Floor Space. The Available 11th Floor Space shall be offered to and accepted (if at all) by Tenant CapitalSource on the terms and conditions set forth in Landlord's offer to Tenant CapitalSource as to such Available 11th Floor Space ("'Landlord's 11th Floor Offer"'), which may include an offer of all of Landlord's Offer shall provide that the Available Space at one time or offers of portions of proposed Base Rent Per Annum shall be the Available Space in multiple offers made by Landlordprevailing market rent, as determined by Landlord in its sole and absolute discretionpursuant to Section 3.5(a) of this Lease.
Appears in 1 contract
