Basement Premises Clause Samples
The 'Basement Premises' clause defines and specifies the portion of a property that is considered the basement for the purposes of a lease or agreement. It typically outlines the boundaries, access rights, and permitted uses of the basement area, clarifying whether it is included in the leased premises and under what conditions. This clause ensures both parties understand which areas are covered by the agreement, helping to prevent disputes over space usage and responsibilities related to the basement.
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Basement Premises. A. The portion of the basement space in the building as shown on the rental plan annexed hereto as Exhibit "B" and made a part hereof (the "Basement Premises") is now occupied pursuant to a lease (the "Basement Lease") which is scheduled to expire as set forth in Exhibit "D" hereto. Provided that this lease shall be in full force and effect and without default of any of the obligations required to be observed or performed by Tenant hereunder beyond the expiration of applicable notice and cure periods, and Tenant named herein shall occupy all of the demised premises for the conduct of its business, then Tenant shall have the one-time option (the "Basement Option") exercisable only upon delivery of notice to Landlord (the "Basement Notice") no later than June 30, 2000 (the "Basement Notice Date") to lease the Basement Premises in accordance with the terms of this Article commencing on the date of tendering of delivery of possession thereof to Tenant (the "Basement Commencement Date") for the remainder of the term of this lease; provided, however, that if the Existing Basement Lease shall terminate as the result of a default by tenant thereunder prior to the stated expiration date thereof, Tenant shall have the Basement Option provided above with a Basement Notice Date which is thirty (30) days following notice by Landlord to Tenant of such earlier termination (the "Early Basement Option").
B. In the event that Tenant shall desire to exercise the Basement Option or the Early Basement Option, Tenant shall send the Basement Notice to Landlord on or before the Basement Notice Date. Time is of the essence with respect to Tenant's giving of the Basement Notice to Landlord.
C. If Tenant fails to give the Basement Notice to Landlord on or before the Basement Notice Date, the Early Basement Option and the Basement Option shall be deemed revoked, null and void, and of no further force and effect, and Landlord may thereafter proceed with the leasing of all or a portion of the Basement Premises during the balance of the term of this lease upon any terms and conditions.
D. If Tenant shall exercise the Early Basement Option by sending the Basement Notice to Landlord on or before the Basement Notice Date and in the manner set forth in Section B, then Section E of this Article shall be of no further force or effect, the parties shall enter into an amendment to this lease (the "Basement Amendment") for the Basement Premises, which Basement Amendment shall provide that effect...
Basement Premises. Except as otherwise specifically set forth herein below, Landlord, at Landlord’s sole cost and expense, prior to Landlord’s delivery of the Basement Premises (i) shall construct full-height demising partitions with insulation (the “Basement Demising Walls”), and (ii) separate all systems on a commercially reasonable basis such that the Basement Premises shall operate independently from other space in the basement not leased by Tenant (collectively, the “Basement Demising Work”). The Basement Demising Walls shall be framed, drywalled, and level 4 finish toped on the interior, Basement Premises side thereof. Subject to the express terms of this Section 1.3.2, the Basement Demising Work shall be consistent with Building standards. Except as otherwise specifically set forth herein, the Basement Demising Work shall be a part of the “Delivery Condition” required in connection with the Basement Premises, Notwithstanding anything in this Section 1.3.2 to the contrary, in no event shall the Basement Demising Work require Landlord to perform Basement Demising Work with respect to any Initial Premises Basement Premises (or to otherwise construct walls or separate any Initial Premises Basement Premises for Tenant), Tenant hereby agreeing that (a) Tenant shall be responsible for any such work (and any other desired improvements in the Initial Premises Basement Premises), subject to and in accordance with the terms of this Tenant Work Letter, and (b) no work shall be required under this Section 1.3.2 to satisfy Landlord’s obligation with respect to the Delivery Condition for any Initial Premises Basement Premises.
Basement Premises. Tenant shall retain the Basement Premises during the Extended Term; provided, however, that the monthly Base Rent for the Basement Premises, from and after the Effective Date (but retroactively adjusted to the Start Date in the same manner as described in Section 6 below for the 2-4-7 Floor Premises), shall be equal to fifty percent (50%) of the monthly Base Rent (on a per RSF basis) payable from time to time for the remainder of the 2-4-7 Floor Premises. Prior to the Effective Date, the Lease shall remain in full force and effect as to the Basement Premises and Tenant shall pay all Base Rent, Operating Expenses, Real Property Taxes and other amounts payable by Tenant under the Lease, as amended by this Amendment, with respect to the Basement Premises for periods accruing prior to the Effective Date. The Parties acknowledge that Tenant has requested the ability to convert the Basement Premises to reserved parking spaces for Tenant (at the same monthly Base Rent as provided above, based on 549 RSF, and not at the reserved parking rates set forth elsewhere in this Amendment). Landlord will consider such request within a reasonable time following the Execution Date and shall not unreasonably withhold its consent to such request; provided, however, it shall be considered reasonable for Landlord to withhold its consent if such conversion is not permitted by applicable law or would impose any additional obligations on Landlord (other than the issuance of additional Parking Passes for such area). If Landlord grants its consent and Tenant converts the Basement Premises to reserved parking, such conversion shall be governed by the alterations provisions of the Lease.
Basement Premises. Operation of the Ph Neutralization system and for no other purpose. Mezzanine Space: General business offices and for no other purpose.
Basement Premises. As of and following the Lease Commencement Date applicable to the Must-Take Premises 1, Tenant shall pay monthly Base Rent for the Basement Premises in an amount equal to $2.00 for each rentable square foot of the Basement Premises; provided, however, that the monthly Base Rent for the Basement Premises shall increase on each anniversary of the Must-Take Premises 1 Lease Commencement Date by an amount equal to three percent (3%).
Basement Premises. Landlord and Tenant hereby acknowledge and agree that, as part of the Basement Demising Work, Landlord shall install double door entry doors to provide entry to and exit from the Basement Premises off of the corridor set forth on Exhibit A-2, attached hereto, in a specific location designated by Tenant, subject to Landlord’s reasonable approval. Such designation shall be made by Tenant within thirty (30) days following the date of this First Amendment.
Basement Premises. If at any time prior to the expiration of the Term (as extended by the First Extension Term or any other extensions), the Surrender Premises Tenant, or any subsequent tenant in the Surrender Premises, vacates the portion of the Surrender Premises that it leases from Landlord, or makes such space available for sublease, then upon three (3) months’ prior written notice to Tenant, Landlord shall have the right to terminate the Lease solely with respect to approximately 3,244 rentable square feet in the Basement Premises (the “Surrendered Basement Premises”) and the Surrendered Basement Premises shall cease to be a part of the Renewal Premises and shall be surrendered to Landlord in accordance with the terms and conditions of the Lease.
Basement Premises. Landlord and Tenant hereby acknowledge and agree that (i) the “Basement Premises” shall be comprised of 6,827 rentable square feet of space located on the basement level of the Building, as more particularly set forth on Exhibit A, attached hereto, and (ii) Tenant shall have no further or additional right to deliver a “Basement Premises Designation Notice,” as that term is defined in Section 2.2.2 of the Summary. Landlord and Tenant hereby further acknowledge and agree that the “Basement Premises” is comprised, collectively, of the “Initial Premises Basement Premises” and the “Must-Take Premises 1 Basement Premises,” as those terms are defined in Sections 2.2 and 4, respectively, of this First Amendment.