COMPLETION OR REMODELING OF THE PREMISES. Provisions regarding remodeling or tenant finish work in the Premises, if any, are set forth in Article 31, below. “Initial Tenant Finish” means the Premises in its “as is” condition on the Commencement Date. Except with regard to Initial Tenant Finish, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts the Premises in its “as is” condition on the Commencement Date. Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of the Premises to be conducted prior to the Commencement Date, at which Tenant and Landlord shall inspect only the components of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrary, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion of the Initial Tenant Finish (as defined in Article 5, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if any. In no event shall the Commencement Date be extended as a result of Punch List Items. As soon as the Term commences, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit C, setting forth the exact Commencement Date and Expiration Date. If during the first year of the Initial Term, Tenant discovers a defect in the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect to the Parties reasonable satisfaction.
Appears in 1 contract
COMPLETION OR REMODELING OF THE PREMISES. 5.1 Provisions regarding the remodeling or tenant finish work in construction of Tenant’s Work within the Premises, if any, Premises are set forth in Article 31, below. a work letter attached to this Lease (the “Initial Tenant Finish” means the Premises in its “as is” condition on the Commencement DateWork Letter”). Except with regard to Initial Tenant Finishas provided in the Work Letter or as otherwise set forth in this Lease, Landlord has no obligation for for, but Landlord shall not delay or interfere with, the completion of Tenant’s Work or remodeling of the Premises, and Tenant accepts the Premises in its “as is” condition on the Commencement Date. Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of the Premises to be conducted prior to the Commencement Date, at which Tenant and Landlord shall inspect only the components of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrary, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion of the Initial Tenant Finish (as defined in Article 5, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if any. In no event shall the Commencement Date be extended as a result of Punch List Items. As soon as the Term commencesInitial Premises Lease Commencement Date occurs, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit CD-1, setting forth the exact Delivery Date for the Initial Premises, the Initial Premises Lease Commencement Date and Expiration Date, as well as actual calendar dates for the payment of Base Rent by Tenant. If As soon as the Delayed Premises Lease Commencement Date occurs, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit D-2, setting forth the exact Delivery Date for the Delayed Premises, the Delayed Premises Lease Commencement Date and Expiration Date, as well as actual calendar dates for the payment of Base Rent by Tenant.
5.2 Landlord agrees to use its commercially reasonable efforts to deliver the Initial Premises in Construction-Ready Condition (as defined in the Work Letter) on Effective Date. Landlord agrees to use its commercially reasonable efforts to deliver the Delayed Premises in Construction-Ready Condition on March 1, 2015. Following the Delivery Date (as defined in the Work Letter) for the Initial Premises and Delayed Premises, as applicable, and during the first year applicable Build-out/Move-in Period (as defined in the Work Letter), Tenant is responsible for the completion of the Tenant’s Work (as defined in the Work Letter) in accordance with the terms and conditions of the Work Letter.
(a) Notwithstanding anything to the contrary contained in this Lease or the Work Letter, if Landlord has not delivered the Initial Premises in Construction-Ready Condition on or before Effective Date (the “Initial Premises Delivery Deadline”), then the same shall constitute a Landlord Delay under the Work Letter but such failure shall not be deemed to be a default by Landlord or otherwise render Landlord liable for damages; provided, however, the commencement of Initial Premises Rent Commencement Date shall be delayed two (2) days for each one (1) day that Landlord fails to timely deliver the Initial Premises in Construction-Ready Condition and Tenant’s obligation to pay Base Rent and other Rent (excluding Excess Usage charges) for the Initial Premises following the expiration of the period between the Initial Premises Lease Commencement Date and the Initial Premises Rent Commencement Date shall likewise be delayed for such period of delay of the Initial Term, Tenant discovers a defect in the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; and Premises Delivery Deadline.
(b) was Notwithstanding anything to the contrary contained in this Lease or the Work Letter, if Landlord has not caused by delivered the actions of Tenant Delayed Premises in Construction-Ready Condition on or anyone acting bybefore March 1, through or under Tenant 2015 (each a the “Latent DefectDelayed Premises Delivery Deadline”), provided then the same shall constitute a Landlord Delay under the Work Letter but such failure shall not be deemed to be a default by Landlord or otherwise render Landlord liable for damages; provided, however, the commencement of Delayed Premises Rent Commencement Date shall be delayed two (2) days for each one (1) day that Landlord is notified by Tenant fails to timely deliver the Delayed Premises in Construction-Ready Condition and Tenant’s obligation to pay Base Rent (including Parking Facility Net Rent), and Operating Expenses and other Rent (excluding Excess Usage charges) for the Delayed Premises following the expiration of the Latent Defect within, five period between the Delayed Premises Lease Commencement Date and the Delayed Premises Rent Commencement Date shall likewise be delayed for such period of delay of the Delayed Premises Delivery Deadline.
(5i) days Notwithstanding the foregoing provisions of Tenant's discovery thereofSection 5.2(b) above, Landlord shall correct such Latent Defect and Tenant agree and acknowledge that Nationstar (as defined in the Addendum to this Lease) currently occupies the Delayed Premises (except the ABFSB Sublease Premises, defined below) as of the date of this Lease. If and to the Parties reasonable satisfaction.extent that Nationstar occupies the Delayed Premises beyond the Delayed
Appears in 1 contract
Samples: Lease Agreement (Tw Telecom Inc.)
COMPLETION OR REMODELING OF THE PREMISES. Provisions regarding remodeling or tenant finish work in the Premises, if any, are set forth in Article 31, below. “Initial Tenant Finish” means the Premises in its “as is” condition on the Commencement Date. Except with regard to Initial Tenant Finish, A. Landlord has shall have no obligation for the completion or remodeling of the Premises, and Tenant accepts shall accept the Premises in its “their "as is” " condition on the Commencement Datedate the Primary Lease Term commences. If Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of is delayed in delivering the Premises to be conducted prior Tenant due to the Commencement Datefailure of a prior occupant to vacate the same, at then the obligation for the payment of rent and the commencement of the Primary Lease Term hereof shall be postponed until Landlord delivers the Premises to Tenant whereupon all of the covenants, conditions, and agreements contained herein shall be in full force and effect. The postponement of Xxxxxx's obligation to pay rent and other sums hereunder shall be in full settlement of all claims which Tenant and Landlord shall inspect only may otherwise have by reason of such delay of delivery.
B. If the components commencement of the Initial Tenant Finish (Primary Lease Term is delayed pursuant to subparagraph A above, and such commencement date would otherwise occur on other than the “Inspection”) and shall mutually agree upon items first day of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrarymonth, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion commencement date of the Initial Primary Lease Term shall be further delayed until the first day of the following month and Tenant Finish shall pay proportionate rent at the same monthly rate set forth herein (as defined also in Article 5, belowadvance) unless for such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if anypartial month. In no the event said commencement date is so delayed, the expiration of the term hereof shall the Commencement Date be extended as a result of Punch List Itemsso that the Primary Lease Term will continue for the full period set forth in Paragraph 2 hereof. As soon as the Primary Lease Term commences, Landlord and Tenant agree to shall execute a commencement agreement certificate in the form attached hereto as Exhibit EXHIBIT C, which may be requested by either party, setting forth the exact Commencement Date date on which the Primary Lease Term commenced and Expiration Date. If during the first year expiration date of the Initial Primary Lease Term, .
C. Taking possession of the Premises by Tenant discovers a defect shall be conclusive evidence as against Tenant that the Premises were in the Initial condition agreed upon between Landlord and Tenant Finish that (a) was not reasonably discoverable during and acknowledgment of satisfactory completion of any fix-up or remodeling, as the Inspection; and (b) was not caused by the actions of Tenant or anyone acting bycase may be, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect which Xxxxxxxx has agreed in writing to the Parties reasonable satisfactionperform.
Appears in 1 contract
COMPLETION OR REMODELING OF THE PREMISES. Provisions regarding remodeling or tenant A. If Landlord has agreed to complete finish work in the Premises, if any, are such work shall be initially completed in accordance with Exhibit C attached hereto and made a part hereof (the “Work Agreement”) and such work may be referred to herein as “Landlord’s Work”. Other than as set forth in Article 31the Work Agreement, below. “Initial Landlord shall have no obligation for completion or remodeling of the Premises and the Tenant Finish” means shall accept the Premises in its “as is” condition on the Lease Commencement Date. Except with regard If Landlord is to Initial complete or remodel the Premises and if the Premises are not “Ready for Occupancy” as hereinafter defined on the date the Primary Lease Term is to begin, other than due to delays caused by Tenant, its agents or employees, Tenant’s obligations to pay Base Rent, its Pro Rata Share of Operating Expenses, and other sums owing hereunder shall not commence until the Premises are Ready for Occupancy; provided, however, this Lease and all of the covenants, conditions and agreements herein contained other than Tenant’s obligations to pay Base Rent and other sums owing hereunder shall be in full force and effect. If Tenant Finishtakes possession of all or any part of the Premises prior to the date the Premises are Ready for Occupancy for the purpose of conducting its usual business therein, Tenant shall pay all Base Rent and other amounts owing hereunder. “Ready for Occupancy” as used herein shall mean the date that Landlord has no obligation for substantially completed the Premises or any remodeling work to be performed by Landlord to the extent agreed to in the Work Agreement. The certificate of the architect (or other representative of the Landlord) in charge of supervising the completion or remodeling of the PremisesPremises shall control conclusively the date upon which the Premises are Ready for Occupancy, and Tenant accepts the Premises obligation to pay Rent begins. In addition to the above, if Landlord is delayed in its “as is” condition on the Commencement Date. Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of delivering the Premises to be conducted prior Tenant due to the Commencement Datefailure of a prior occupant to vacate the same, at then the obligation for the payment of Rent and the commencement of the Primary Lease Term hereof shall also be postponed and such postponement shall be in full satisfaction of all claims which Tenant and Landlord shall inspect only the components might otherwise have by reason of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrary, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion of the Initial Tenant Finish (as defined in Article 5, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if any. In no event shall the Commencement Date be extended as a result of Punch List Items. As soon as the Term commences, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit C, setting forth the exact Commencement Date and Expiration Date. If during the first year of the Initial Term, Tenant discovers a defect in the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect to the Parties reasonable satisfactiondelivery.
Appears in 1 contract
COMPLETION OR REMODELING OF THE PREMISES. 5.1 Provisions regarding remodeling or tenant finish work in the Premises, if any, are set forth in Article 31, belowa work letter attached to this Lease (the “Work Letter”). “Initial Tenant Finish” means the Premises in its “as-is condition as is” condition on modified by all work, if any, performed by Landlord at its expense prior to the Commencement DateDate in accordance with the Work Letter. Except with regard to Initial Tenant Finishas provided in the Work Letter, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts the Premises in its “as is” condition on the Commencement Date. If Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of is delayed in delivering the Premises to be conducted prior Tenant in accordance with the Work Letter or due to the Commencement Datefailure of a prior occupant to vacate, at which Tenant and Landlord shall inspect only the components of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrary, then the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion postponed to the Deemed Delivery Date. If the Deemed Delivery Date is a date other than the first day of the Initial Tenant Finish (as defined in Article 5month, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and then the Commencement Date will be the first day of the month following the delivery date but all provisions hereof, excluding Tenant’s obligation to pay Rent will be in effect as of the actual delivery date and Tenant's rental obligations ’s obligation to pay Rent (prorated for a partial month), will be delayed in effect as of the Deemed Delivery Date. The postponement of Tenant’s obligation to pay Rent is in full settlement of all claims which Tenant may otherwise have by the number reason of days equal to the number of days of Net Landlord Delay, if anysuch delay. In no event shall If the Commencement Date is delayed, the Expiration Date shall be extended as a result of Punch List Itemsso that the Term will continue for the full period set forth in Section 1.3. As soon as the Term commences, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit CD, setting forth the exact Commencement Date and Expiration Date. If during the first year of the Initial Term, Tenant discovers a defect in the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect to the Parties reasonable satisfaction.
Appears in 1 contract
Samples: Lease Agreement (Redwood Trust Inc)
COMPLETION OR REMODELING OF THE PREMISES. Provisions 5.1 All provisions regarding remodeling or tenant finish work in the Premises, if any, are set forth in Article 31, belowthe work letter attached hereto (the "Work Letter"). “"Initial Tenant Finish” " means the Premises in its “as is” is condition on as modified by all work, if any, performed by Landlord at its expense in accordance with the Commencement DateWork Letter. Except with regard to Initial Tenant Finishas provided in the Work Letter, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts the Premises in its “"as is” " condition on upon delivery in accordance with the Commencement DateWork Letter. If Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of is delayed in delivering the Premises to be conducted prior to Tenant in accordance with the Work Letter beyond the Commencement Date, at which Tenant and Landlord shall inspect only the components of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrary, then the Commencement Date and will be postponed to the date Landlord delivers the Premises to Tenant's Rent obligations will not be delayed or extended by any delay in completion . If delivery is on other than the first day of the Initial Tenant Finish (as defined in Article 5month, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and then the Commencement Date and will be the first day of the month following the delivery date but all provisions hereof, including Tenant's rental obligations obligation to pay Rent (prorated for a partial month), will be delayed in effect as of the delivery date. The postponement of Tenant's obligation to pay Rent is in full settlement of all claims which Tenant may otherwise have by the number reason of days equal to the number of days of Net Landlord Delay, if anysuch delay. In no event shall If the Commencement Date is delayed, the Expiration Date shall be extended as a result of Punch List Itemsso that the Term will continue for the full period set forth in Section 1.3. As soon as the Term commences, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit CD, setting forth the exact Commencement Date and Expiration DateDate and the date the Premises were delivered Ready for Occupancy in accordance with the Work Letter. If during In accordance with the first year Work Letter, upon notice from Landlord that the Premises have been substantially completed in accordance with the Work Letter (which completion is currently estimated to be on or about September 1, 1999), Tenant may occupy the Premises from the date of notice of substantial completion until January 1, 2000 for purposes of installing its furniture, fixtures and equipment and conducting its business. During such period, all terms of the Initial TermLease, Tenant discovers a defect in except for the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; payment of Base Rent and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery Pro Rata Share of increases in Operating Expenses, shall be in effect with regard to Tenant's occupancy thereof, Landlord shall correct such Latent Defect to the Parties reasonable satisfaction.
Appears in 1 contract
Samples: Lease Agreement (Digimarc Corp)
COMPLETION OR REMODELING OF THE PREMISES. A. Provisions regarding any remodeling of or tenant finish work to be completed in the Premises, if any, are shall be set forth in Article 31, below. “Initial Tenant Finish” means a work letter attached to this Lease as an exhibit (the Premises in its “as is” condition on the Commencement Date"Work Letter"). Except with regard to Initial Tenant Finishas set forth in the Work Letter, Landlord has shall have no obligation obligations for the completion or remodeling of the Premises, and Tenant accepts shall accept the Premises in its “their "as is” " condition on the Commencement Datedate the Primary Lease Term commences. If Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of is delayed in delivering the Premises to be conducted prior Tenant due to the Commencement Datefailure of a prior occupant to vacate the same, at then the obligation for the payment of rent and the commencement of the Primary Lease Term hereof shall be postponed until Landlord delivers the Premises to Tenant -whereupon all of the covenants conditions, and agreements contained herein shall be in full force and effect. The postponement of Xxxxxx's obligation to pay rent and other sums hereunder shall be in full settlement of all claims which Tenant and Landlord shall inspect only may otherwise have by reason of such delay of delivery.
B. If the components commencement of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts Primary Lease Term is delayed pursuant to complete subparagraph A above or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to of the contraryWork Letter, and such commencement date would otherwise occur on other than the first day of the month, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion commencement date of the Initial Primary Lease Term shall be further delayed until the first day of the following month and Tenant Finish shall pay proportionate rent at the same monthly rate set forth herein (as defined also in Article 5, belowadvance) unless for such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if anypartial month. In no the event said commencement date is so delayed, the expiration of the term hereof shall the Commencement Date be extended as a result of Punch List Itemsso that the Primary Lease Term will continue for the full period set forth in Paragraph 2 hereof. As soon as the Primary Lease Term commences, Landlord and Tenant agree to shall execute a commencement agreement certificate in the form attached hereto as Exhibit C, which may be requested by either party, setting forth the exact Commencement Date date on which the Primary Lease Term commenced and Expiration Date. If during the first year expiration date of the Initial Primary Lease Term, Tenant discovers a defect .
C. Except as provided in the Initial Tenant Finish that (a) was not reasonably discoverable during Work Letter attached hereto, taking possession Of the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified Premises by Tenant shall be conclusive evidence as against Tenant that the Premises were in the condition agreed upon between Landlord and Tenant and acknowledgment of satisfactory completion of any fixup or remodeling, as the Latent Defect withincase may be, five (5) days of Tenant's discovery thereof, which Landlord shall correct such Latent Defect has agreed in writing to the Parties reasonable satisfactionperform.
Appears in 1 contract
Samples: Lease (Daily Journal Corp)
COMPLETION OR REMODELING OF THE PREMISES. Provisions regarding remodeling or tenant finish work A. Landlord has agreed to complete the Landlord's Work (as such term is defined in the Premises, if any, are set forth in Article 31, below. “Initial Tenant Finish” means the Premises in its “work letter attached hereto as is” condition on the Commencement Date. Except with regard to Initial Tenant Finish, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts the Premises in its “as is” condition on the Commencement Date. Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of the Premises to be conducted prior to the Commencement Date, at which Tenant and Landlord shall inspect only the components of the Initial Tenant Finish Exhibit E (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”"Work Letter")). Landlord shall use commercially reasonable efforts pay, or reimburse Tenant for, the costs incurred in completing the Landlord's Work and the Tenant Work (as hereinafter defined) up to complete or correct a maximum of Twenty Dollars ($20.00) per square foot of the Punch List Items in Rentable Area (the "Allowance") (i.e., a timely mannertotal maximum of $709,540.00). Notwithstanding any provision in this Lease The Allowance will first be used to pay the costs incurred with respect to the contraryLandlord's Work and then, and only then, to the costs incurred with respect to the Tenant Work. In the event a portion of the Allowance is used to pay costs incurred with respect to the Tenant Work, the Commencement Date costs incurred with respect to the first item listed on Addendum 3 attached hereto shall be paid first (i.e., card entry system identical to the card entry system currently in use at the entrance doors to the Building, including any related cabling therefor, and all installation costs therefor), and thereafter any remaining Allowance amounts shall be used to pay the costs incurred with respect to items listed on Addendum 3 attached hereto in descending order from the first item listed. In the event the Landlord's Work and the Tenant Work exceeds the Allowance, any excess amount shall be at Tenant's Rent obligations will sole cost and expense and shall be promptly paid by Tenant upon receipt of billing therefor which Landlord, shall, in its sole and absolute discretion, shall have the right to require be paid prior to Landlord's commencement of the Landlord's Work or Tenant Work, subject to Tenant's right of review and approval (which approval shall not be delayed unreasonably withheld, conditioned or extended delayed) of all invoices and bills therefor. For purposes of this Lease, the "Tenant Work" shall mean the work or items set forth in Addendum 3 attached hereto constructed by any delay in completion of the Initial Tenant Finish Landlord's Contractor (as defined in Article 5the Work Letter attached hereto as Exhibit E) or, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely if required by Landlord, a general contractor selected by Tenant, and reasonably approved by Landlord pursuant to plans submitted for Landlord's failure review and approval, which approval shall not be unreasonably withheld, conditioned or delayed. Tenant's right to substantially complete use the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and Allowance hereunder shall terminate six (6) months after the Commencement Date and Tenant's rental obligations will be delayed by Date; provided that Tenant may apply for reimbursement from the number of days equal to the number of days of Net Landlord Delay, if any. In no event shall Allowance for applicable Tenant expenses only two (2) times after the Commencement Date be extended as a result of Punch List Items. As soon as the Term commences, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit C, setting forth the exact Commencement Date and Expiration Date. If during the first year of the Initial Term, Tenant discovers a defect in the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect to the Parties reasonable satisfaction.
Appears in 1 contract
Samples: Lease (Infocrossing Inc)
COMPLETION OR REMODELING OF THE PREMISES. A. Provisions regarding any remodeling of or tenant finish work to be completed in the Premises, if any, are shall be set forth in Article 31, below. “Initial Tenant Finish” means a work letter attached to this Lease as an exhibit (the Premises in its “as is” condition on the Commencement Date"Work Letter"). Except with regard to Initial Tenant Finishas set forth in the Work Letter or elsewhere in this Lease, Landlord has shall have no obligation obligations for the completion or remodeling of the Premises, and Tenant accepts shall accept the Premises in its “their "as is” " condition on the Commencement Datedate the Primary Lease Term commences. If Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection of is delayed in delivering the Premises to Tenant then the obligation for the payment of rent and the commencement of the Primary Lease Term hereof shall be conducted prior postponed until Landlord delivers the Premises to Tenant whereupon all of the Commencement Datecovenants, at conditions, and agreements cOntained herein shall be in full force and effect. The postponement of Tenant's obligation to pay rent and other sums hereunder shall be in full settlement of all claims which Tenant and Landlord shall inspect only may otherwise have by reason of such delay of delivery.
B. If the components commencement of the Initial Tenant Finish (the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts Primary Lease Term is delayed pursuant to complete subparagraph A above or correct the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to of the contraryWork Letter, and such commencement date would otherwise occur on other than the first day of the month, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion commencement date of the Initial Primary Lease Term shall be further delayed until the first day of the following month and Tenant Finish shall pay proportionate rent at the same monthly rate set forth herein (as defined also in Article 5, belowadvance) unless for such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if anypartial month. In no the event said commencement date is so delayed, the expiration of the term hereof shall the Commencement Date be extended as a result of Punch List Itemsso that the Primary Lease Term will continue for the full period set forth in Paragraph 2 hereof. As soon as the Primary Lease Term commences, Landlord and Tenant agree to shall execute a commencement agreement certificate in the form attached hereto as Exhibit C, which may be requested by either party, setting forth the exact Commencement Date date on which the Primary Lease Term commenced and Expiration Date. If during the first year expiration date of the Initial Primary Lease Term, Tenant discovers a defect .
C. Except. as provided in the Initial Tenant Finish that (a) was not reasonably discoverable during Work Letter attached hereto, taking possession of the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified Premises by Tenant shall be conclusive evidence as against Tenant that the Premises were in the condition agreed upon between Landlord and Tenant and acknowledgment of satisfactory completion of any fix-up or remodeling, as the Latent Defect withincase may be, five (5) days of Tenant's discovery thereof, which Landlord shall correct such Latent Defect has agreed in writing to the Parties reasonable satisfactionperform.
Appears in 1 contract
Samples: Lease (Exactis Com Inc)
COMPLETION OR REMODELING OF THE PREMISES. 5.1 Provisions regarding remodeling or tenant finish work (the "Tenant Work") in the Premises, if any, are set forth in Article 31, belowa work letter attached to this Lease (the "Work Letter"). “"Initial Tenant Finish” " means the Premises in its “as-is condition as is” condition on modified by all work, if any, performed by Landlord at its expense prior to the Commencement DateDate in accordance with the Work Letter. Except with regard to Initial Tenant Finishas provided in the Work Letter, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts the Premises in its “"as is” " condition on upon delivery by Landlord in accordance with the Commencement DateWork Letter (subject to punchlist items and latent defects, such items and defects to be resolved pursuant to the Work Letter). If Landlord shall notify Tenant of the pending substantial completion of the Initial Tenant Finish; whereupon the Parties shall schedule an inspection is delayed in delivering Phase I of the Premises to Tenant in accordance with the Work Letter, then the Commencement Date will be conducted prior postponed to the date Landlord delivers Phase I to Tenant. If delivery is on other than the first day of the month, then the Commencement Date, at which Tenant and Landlord shall inspect only Date (for purposes of triggering the components running of the Initial Term of 10 years and 4 months) will be the first day of the month following the delivery date for Phase I but all provisions hereof, including Tenant's obligation to pay Rent (prorated for a partial month), will be in effect as of the delivery date. The postponement of Tenant's obligation to pay Rent is in full settlement of all claims which Tenant Finish (may otherwise have by reason of such delay. If the “Inspection”) and Phase II Completion Date is delayed beyond January 1, 2001, the Expiration Date shall mutually agree upon items of work from be extended so that the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct Term expires at the Punch List Items in a timely manner. Notwithstanding any provision in this Lease to the contrary, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion end of the Initial Tenant Finish (as defined in Article 5, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete month 10 years following the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if any. In no event shall the Commencement Date be extended as a result of Punch List ItemsPhase II Completion Date. As soon as the Term commencesPhase II Completion Date occurs, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit C, D setting forth the exact Commencement Date and Expiration Date. If during Notwithstanding the first year of foregoing or the Initial TermWork Letter, if the Commencement Date has not occurred by March 15, 2001 (the "Outside Date"), as such date shall be extended on a day-for-day basis due to "Tenant discovers a defect Delay" as defined in the Initial Tenant Finish that Work Letter, or causes beyond Landlord's reasonable control (a) was not reasonably discoverable during the Inspection; and (b) was not caused by the actions up to a maximum of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”30 days), provided that Tenant, at its sole option, may terminate this Lease upon notice to Landlord given no later than 10 days after the Outside Date. If Tenant exercises its right to terminate hereunder, effective on the day such notice is notified received by Landlord, this Lease will be null and void and of no further force and effect. If Tenant of fails to timely exercise its right to terminate, this Lease will continue in full force and effect and the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect to Commencement Date will be established in accordance with the Parties reasonable satisfactionWork Letter.
Appears in 1 contract
Samples: Lease Agreement (Lifeminders Inc)
COMPLETION OR REMODELING OF THE PREMISES. Provisions 5.1 The Premises shall be located in a Building to be constructed by Landlord. "Base Building" means the Building upon completion by Landlord of the base building work that Landlord is obligated to complete in accordance with the Work Letter. All provisions regarding remodeling or tenant finish work in the Premises, if any, Premises beyond the Base Building (the "Finish Work") are set forth in Article 31the Work Letter. Landlord shall provide a tenant finish allowance to Tenant and, belowat Tenant's election, either Landlord shall contract for completion of the Finish Work for the Premises (in accordance with Option A Work Letter, attached hereto) or Tenant shall contract for completion of the Finish Work (in accordance with Option B Work Letter attached hereto). “Initial Tenant Finish” shall give written notice to Landlord on or before August 8, 1997, of Tenant's election to utilize either the Option A Work Letter or Option B Work Letter; if Tenant fails to give notice by such date, Tenant shall be deemed to have elected to be governed by the Option B Work Letter ("Work Letter" as used herein means the Premises in its “as is” condition on the Commencement Datework letter elected or deemed elected under this provision). Except with regard to Initial Tenant Finishas provided in the Work Letter, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts . If Landlord is delayed in delivering the Premises to Tenant in its “accordance with the Work Letter, then the Commencement Date will be postponed in accordance with the Work Letter. If the Commencement Date occurs on other than the first day of the month in accordance with the provisions of the Work Letter, then the commencement of the Initial Term will be delayed to the first day of the month following the Commencement Date but all provisions hereof, including Tenant's obligation to pay Rent at the monthly rate set forth in Section 1.4 for Month 1 (prorated for a partial month), will be in effect as is” condition on of the Commencement Date. Landlord shall notify Tenant The postponement of Tenant's obligation to pay Rent and Tenant's right to hold over in temporary premises located in the Solarium Building, which is owned by an affiliate of Landlord, in accordance with the terms of the pending substantial completion lease between Landlord's affiliate and Tenant (the "Solarium Lease") is in full settlement of all claims which Tenant may otherwise have by reason of such delay. If the commencement of the Initial Tenant Finish; whereupon Term is delayed, the Parties Expiration Date shall schedule an inspection of the Premises to be conducted prior to the Commencement Date, at which Tenant and Landlord shall inspect only the components of extended so that the Initial Tenant Finish (Term will continue for the “Inspection”) and shall mutually agree upon items of work from the Initial Tenant Finish that are not satisfactorily completed (The “Punch List Items”). Landlord shall use commercially reasonable efforts to complete or correct the Punch List Items full period set forth in a timely manner. Notwithstanding any provision in this Lease to the contrary, the Commencement Date and Tenant's Rent obligations will not be delayed or extended by any delay in completion of the Initial Tenant Finish (as defined in Article 5, below) unless such delay is caused by “Net Landlord Delay”. The term “Landlord Delay” means any delay, other than due to Force Majeure Events), Tenant Delay or completion of Punch List items, caused by solely by Landlord's failure to substantially complete the Initial Tenant Finish. All delays other than Landlord Delay are deemed “Tenant Delay”. “Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and the Commencement Date and Tenant's rental obligations will be delayed by the number of days equal to the number of days of Net Landlord Delay, if any. In no event shall the Commencement Date be extended as a result of Punch List ItemsSection 1.3. As soon as the Term commencesCommencement Date occurs, Landlord and Tenant agree to execute a commencement agreement in the form attached as Exhibit CEXHIBIT D, setting forth the exact Commencement Date and Expiration Date. If during , the first year date of commencement of the Initial Term, Tenant discovers a defect in Term and the Initial Tenant Finish that (a) was not reasonably discoverable during the Inspection; and (b) was not caused by the actions of Tenant or anyone acting by, through or under Tenant (each a “Latent Defect”), provided that Landlord is notified by Tenant of the Latent Defect within, five (5) days of Tenant's discovery thereof, Landlord shall correct such Latent Defect to the Parties reasonable satisfactionExpiration Date.
Appears in 1 contract
Samples: Lease Agreement (Verio Inc)