Delayed Delivery. Landlord may lease the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space and the Fifth Expansion Space, or portions thereof, from time to time, to third parties so long as such space is scheduled to be available to be leased to Tenant by the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date. If Landlord is entitled, on the basis of written agreements then in effect, to possession of the Expansion Space on the relevant Expansion Target Date or, if timely exercise, the relevant Extended Effective Date, as applicable, then Landlord shall not be deemed to be in default under this Lease if it is unable to deliver the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space or the Fifth Expansion Space, to Tenant on the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date due solely to the failure of such tenant or any of its subtenants to have vacated it by relevant Expansion Target Date or, if timely exercised, the relevant Extended Effective Date, as the case may be. Landlord agrees that for each day after the sixtieth (60th) day following the relevant Expansion Target Date (or if timely exercised, the relevant Extended Effective Date) that Landlord fails to deliver to Tenant the relevant Expansion Space, Tenant shall be entitled to an abatement of Rent commencing upon the relevant Expansion Space Rent Commencement Date therefore equal to one (1) day’s Rent otherwise payable with respect such Expansion Space. In addition, if Landlord fails to deliver possession of any Expansion Space in the condition required by Paragraphs 35(B)(vii)(4) and (5) by the ninetieth (90th) day after the relevant Expansion Target Date (or if timely exercised, relevant Extended Effective Date), Tenant shall have the option by written notice to Landlord given at any time prior to the delivery to Tenant of the Expansion Space in the condition required by Paragraph 35(B)(vii) (4) and (5), to lease other space in the Building (to the extent and if available) on a temporary basis or for the balance of the Term, as Tenant elects in its notice, and at the lesser of the Current Market Rate and the same rental rate as would have been applicable to the Expansion Space or to rescind its relevant Expansion Notice, in either such event, Landlord shall have no liability to Tenant on account of such failure to timely deliver the Expansion Space (except that Landlord shall not be released from such liability if Landlord breached its covenant not to lease Expansion Space for a term expiring beyond the relevant Expansion Target Date or Extended Effective Date as applicable). Landlord will in all cases use commercially reasonable efforts to regain possession of such space as promptly as reasonably possible, including the prosecution of litigation against any occupant of such space. In addition, Landlord agrees not to grant any right to such occupant to holdover in such space.
Appears in 1 contract
Samples: Lease (Hyatt Hotels Corp)
Delayed Delivery. Landlord may lease the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space and the Fifth Expansion Space, or portions thereof, from time to time, to third parties so long as such space is scheduled to be available to be leased to Tenant by the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date. If Landlord is entitled, on the basis of written agreements then in effect, unable to give Tenant possession of the Expansion Space on Leased Premises in the relevant Expansion Target Required Delivery Condition by the Required Delivery Date orfor any reason, Tenant may either (i) terminate this Lease by delivering written notice thereof to Landlord at any time before possession of the Leased Premises is delivered to Tenant, in which event the parties shall have no further obligations under this Lease, except for those obligations that expressly survive the termination of this Lease, or (ii) opt to extend the Expiration Date by the same number of days between the Required Delivery Date and the date Landlord actually delivers possession of the Leased Premises to Tenant in the Required Delivery Condition. However, if timely exerciseLandlord’s ability to deliver possession by the Required Delivery Date in the Required Delivery Condition is delayed as a result of Tenant’s negligence or willful misconduct or Force Majeure (hereinafter defined) of not more than 10 days in the aggregate, the relevant Extended Effective Datedate of required delivery shall be postponed for a period of time equivalent to the period caused by such delay, and Tenant may terminate this Lease or opt to extend the Expiration Date as applicableprovided in the immediately preceding sentence following the expiration of such period of time. If occupancy of the Leased Premises will be delayed beyond the Required Delivery Date for any reason, then Landlord shall give Tenant immediate written notice of the cause for delay and the date the Leased Premises will be ready for occupancy. Notwithstanding anything to the contrary herein, Tenant is not be deemed obligated to be in default pay Rent and other sums under this Lease if it is unable or to deliver the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space or the Fifth Expansion Space, to Tenant on the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date due solely to the failure of such tenant or perform any of its subtenants to the covenants and conditions herein contained until the Leased Premises have vacated it by relevant Expansion Target Date or, if timely exercised, been delivered in the relevant Extended Effective Date, as the case may be. Landlord agrees that for each day after the sixtieth (60th) day following the relevant Expansion Target Date (or if timely exercised, the relevant Extended Effective Date) that Landlord fails to deliver to Tenant the relevant Expansion Space, Tenant shall be entitled to an abatement of Rent commencing upon the relevant Expansion Space Rent Commencement Date therefore equal to one (1) day’s Rent otherwise payable with respect such Expansion SpaceRequired Delivery Condition. In addition, if Landlord fails to deliver possession of any Expansion Space in the condition required by Paragraphs 35(B)(vii)(4) and (5) by event the ninetieth (90th) day after the relevant Expansion Target Date (or if timely exercised, relevant Extended Effective Date), Tenant shall have the option by written notice to Landlord given at any time prior to the delivery to Tenant of the Expansion Space in the condition required by Paragraph 35(B)(vii) (4) and (5), to lease other space in the Building (to the extent and if available) on a temporary basis or for the balance of the Term, as Tenant elects in its notice, and at the lesser of the Current Market Rate and the same rental rate as would have been applicable to the Expansion Space or to rescind its relevant Expansion Notice, in either such eventLease is terminated under this Section 4.1, Landlord shall have no liability to refund all Rent and other sums Tenant on account has prepaid or deposited with Landlord within 10 days after Landlord receives written notice of such failure to timely deliver the Expansion Space (except that Landlord shall not be released termination from such liability if Landlord breached its covenant not to lease Expansion Space for a term expiring beyond the relevant Expansion Target Date or Extended Effective Date as applicable). Landlord will in all cases use commercially reasonable efforts to regain possession of such space as promptly as reasonably possible, including the prosecution of litigation against any occupant of such space. In addition, Landlord agrees not to grant any right to such occupant to holdover in such spaceTenant.
Appears in 1 contract
Samples: Space Lease Agreement
Delayed Delivery. Landlord may lease No adjustment shall be made, and the First Expansion SpaceContract Price shall remain unchanged, for the first thirty (30) days of delay in delivery of the Vessel beyond the date on which delivery is required under the terms of this Contract. If the delivery of the Vessel is delayed more than thirty (30) days beyond the said delivery date, the Second Expansion SpaceContract Price shall be reduced by deducting there from the sum of ******, as liquidated damages, for each day of such delay beyond the above said thirtieth (30th) day. However, unless the parties agree otherwise, the Third Expansion Spacetotal reduction in the Contract Price shall not exceed the amount due to cover the delay of one hundred and twenty (120) days after the above thirtieth (30th) day as computed at the rate of reduction specified in the above. But, if the delay in delivery of the Vessel continues for a period of more than one hundred twenty (120) days from the thirtieth (30th) day after the date on which delivery is required under the terms of this Contract, the Fourth Expansion Space Buyer may, at its option, rescind this Contract by serving upon the Seller a written notice of rescission of this Contract. Such rescission shall be effective as of the date the notice thereof is received by the Seller, and the Fifth Expansion SpaceSeller, or portions thereofafter receipt of such notice, from time shall refund to time, to third parties so long as such space is scheduled to be available to be leased to Tenant the Buyer all installments paid by the relevant Expansion Target DateBuyer, ortogether with interest at two point five percent (2.5%) over the long-term prime rate in Japan per annum from the date of each payment. Such refund by the Seller to the Buyer of all installments paid by the Buyer on account of the Vessel shall forthwith discharge all obligations, if timely exercisedduties and liabilities of each of the parties hereto to the other under this Contract. In case the Buyer has not served notice of rescission, the relevant Extended Effective DateSeller shall immediately after the expiration of such period of delay in delivery, propose a future delivery date and demand that the Buyer shall make an election. The Buyer shall, within fourteen (14) days after such demand is received by the Buyer, notify the Seller by facsimile confirmed in writing of its intention to rescind the Contract or of its consent to accept the Vessel at an agreed future date, it being understood by the parties that if the Vessel is not delivered by such future date, the Buyer shall have the same right of rescission upon the same terms as hereinbefore provided. If Landlord is entitledthe Buyer fails to notify the Seller of its intention to rescind the Contract as above specified, on within the basis of written agreements then in effectaforementioned fourteen (14) days, the Buyer shall be deemed to possession have consented to the delivery of the Expansion Space on Vessel at the relevant Expansion Target Date or, if timely exerciselater date proposed by the Seller. For the purpose of this Paragraph, the relevant Extended Effective Date, as applicable, then Landlord delivery of the Vessel shall not be deemed to be in default under this Lease delayed when and if it the Vessel, after taking into full account extension of the delivery date by reason of permissible delays as herein provided, is unable to deliver the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space or the Fifth Expansion Space, to Tenant on the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date due solely to the failure of such tenant or any of its subtenants to have vacated it by relevant Expansion Target Date or, if timely exercised, the relevant Extended Effective Date, as the case may be. Landlord agrees that for each day after the sixtieth (60th) day following the relevant Expansion Target Date (or if timely exercised, the relevant Extended Effective Date) that Landlord fails to deliver to Tenant the relevant Expansion Space, Tenant shall be entitled to an abatement of Rent commencing upon the relevant Expansion Space Rent Commencement Date therefore equal to one (1) day’s Rent otherwise payable with respect such Expansion Space. In addition, if Landlord fails to deliver possession of any Expansion Space in the condition required by Paragraphs 35(B)(vii)(4) and (5) not delivered by the ninetieth (90th) day after date upon which delivery is required under the relevant Expansion Target Date (or if timely exercised, relevant Extended Effective Date), Tenant shall have the option by written notice to Landlord given at any time prior to the delivery to Tenant terms of the Expansion Space in the condition required by Paragraph 35(B)(vii) (4) and (5), to lease other space in the Building (to the extent and if available) on a temporary basis or for the balance of the Term, as Tenant elects in its notice, and at the lesser of the Current Market Rate and the same rental rate as would have been applicable to the Expansion Space or to rescind its relevant Expansion Notice, in either such event, Landlord shall have no liability to Tenant on account of such failure to timely deliver the Expansion Space (except that Landlord shall not be released from such liability if Landlord breached its covenant not to lease Expansion Space for a term expiring beyond the relevant Expansion Target Date or Extended Effective Date as applicable). Landlord will in all cases use commercially reasonable efforts to regain possession of such space as promptly as reasonably possible, including the prosecution of litigation against any occupant of such space. In addition, Landlord agrees not to grant any right to such occupant to holdover in such spacethis Contract.
Appears in 1 contract
Samples: International Shipholding Corp
Delayed Delivery. Landlord may lease No adjustment shall be made, and the First Expansion SpaceContract Price shall remain unchanged, for the first thirty (30) days of delay in delivery of the Vessel beyond the date on which delivery is required under the terms of this Contract. If the delivery of the Vessel is delayed more than thirty (30) days beyond the said delivery date, the Second Expansion SpaceContract Price shall be reduced by deducting therefrom the sum of ******, as liquidated damages, for each day of such delay beyond the above said thirtieth (30th) day. However, unless the parties agree otherwise, the Third Expansion Spacetotal reduction in the Contract Price shall not exceed the amount due to cover the delay of one hundred and twenty (120) days after the above thirtieth (30th) day as computed at the rate of reduction specified in the above. But, if the delay in delivery of the Vessel continues for a period of more than one hundred twenty (120) days from the thirtieth (30th) day after the date on which delivery is required under the terms of this Contract, the Fourth Expansion Space Buyer may, at its option, rescind this Contract by serving upon the Seller a written notice of rescission of this Contract. Such rescission shall be effective as of the date the notice thereof is received by the Seller, and the Fifth Expansion SpaceSeller, or portions thereofafter receipt of such notice, from time shall refund to time, to third parties so long as such space is scheduled to be available to be leased to Tenant the Buyer all installments paid by the relevant Expansion Target DateBuyer, ortogether with interest at two point five percent (2.5%) over the long-term prime rate in Japan per annum from the date of each payment. Such refund by the Seller to the Buyer of all installments paid by the Buyer on account of the Vessel shall forthwith discharge all obligations, if timely exercisedduties and liabilities of each of the parties hereto to the other under this Contract. In case the Buyer has not served notice of rescission, the relevant Extended Effective DateSeller shall immediately after the expiration of such period of delay in delivery, propose a future delivery date and demand {N1783113.1.2} that the Buyer shall make an election. The Buyer shall, within fourteen (14) days after such demand is received by the Buyer, notify the Seller by facsimile confirmed in writing of its intention to rescind the Contract or of its consent to accept the Vessel at an agreed future date, it being understood by the parties that if the Vessel is not delivered by such future date, the Buyer shall have the same right of rescission upon the same terms as hereinbefore provided. If Landlord is entitledthe Buyer fails to notify the Seller of its intention to rescind the Contract as above specified, on within the basis of written agreements then in effectaforementioned fourteen (14) days, the Buyer shall be deemed to possession have consented to the delivery of the Expansion Space on Vessel at the relevant Expansion Target Date or, if timely exerciselater date proposed by the Seller. For the purpose of this Paragraph, the relevant Extended Effective Date, as applicable, then Landlord delivery of the Vessel shall not be deemed to be in default under this Lease delayed when and if it the Vessel, after taking into full account extension of the delivery date by reason of permissible delays as herein provided, is unable to deliver the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space or the Fifth Expansion Space, to Tenant on the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date due solely to the failure of such tenant or any of its subtenants to have vacated it by relevant Expansion Target Date or, if timely exercised, the relevant Extended Effective Date, as the case may be. Landlord agrees that for each day after the sixtieth (60th) day following the relevant Expansion Target Date (or if timely exercised, the relevant Extended Effective Date) that Landlord fails to deliver to Tenant the relevant Expansion Space, Tenant shall be entitled to an abatement of Rent commencing upon the relevant Expansion Space Rent Commencement Date therefore equal to one (1) day’s Rent otherwise payable with respect such Expansion Space. In addition, if Landlord fails to deliver possession of any Expansion Space in the condition required by Paragraphs 35(B)(vii)(4) and (5) not delivered by the ninetieth (90th) day after date upon which delivery is required under the relevant Expansion Target Date (or if timely exercised, relevant Extended Effective Date), Tenant shall have the option by written notice to Landlord given at any time prior to the delivery to Tenant terms of the Expansion Space in the condition required by Paragraph 35(B)(vii) (4) and (5), to lease other space in the Building (to the extent and if available) on a temporary basis or for the balance of the Term, as Tenant elects in its notice, and at the lesser of the Current Market Rate and the same rental rate as would have been applicable to the Expansion Space or to rescind its relevant Expansion Notice, in either such event, Landlord shall have no liability to Tenant on account of such failure to timely deliver the Expansion Space (except that Landlord shall not be released from such liability if Landlord breached its covenant not to lease Expansion Space for a term expiring beyond the relevant Expansion Target Date or Extended Effective Date as applicable). Landlord will in all cases use commercially reasonable efforts to regain possession of such space as promptly as reasonably possible, including the prosecution of litigation against any occupant of such space. In addition, Landlord agrees not to grant any right to such occupant to holdover in such spacethis Contract.
Appears in 1 contract
Samples: International Shipholding Corp
Delayed Delivery. Landlord may lease and Tenant mutually acknowledge that Tenant is now, and will be at the First Expansion Spacecommencement of the Term of this Lease, in possession of Increment 1 of the Premises pursuant to the terms of a sublease between Tenant's affiliate, Cleaxx, Xxamxx & Xuitxx, Xxc., as subtenant, and Landels, Riplxx & Xiamond ("Landels"), as sublessor, the Second Expansion Spaceterm of which sublease is presently scheduled to expire on March 31, 1996. Landlord and Tenant further acknowledge that Increment 1 and Increment 2 of the Third Expansion Space, the Fourth Expansion Space and the Fifth Expansion Space, or portions thereof, from time Premises are presently leased by Landlord to time, Landels pursuant to third parties so long as such space a lease which is scheduled to expire on March 31, 1996, and that Increment 3 of the Premises is presently leased to another tenant of Landlord for a term which is scheduled to expire on September 14. 1996. Landlord shall use commercially reasonable, good-faith efforts to deliver Increment 2 of the Premises to Tenant on Hay 1, 1996, or as soon thereafter as possible, and to deliver Increment 3 of the Premises to Tenant on October 1, 1996, or as soon thereafter as possible. Notwithstanding the foregoing or the provisions of Paragraphs 2.c. and 2.e. above, if Landlord, for any reason whatsoever, cannot deliver possession Increment 2 of the Premises to Tenant on or before May 1, 1996, or cannot deliver possession of Increment 3 of the Premises to Tenant on or before October 1, 1996, this Lease shall not be available void or voidable, except as specified below, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, but the Monthly Rent under Paragraph 5 below and the Additional Rent payable under Paragraph 7 below shall be leased abated as follows. If Landlord does not deliver Increment 2 of the Premises to Tenant on or before April 1, 1996, Monthly Rent in the amount of $5,290.00 per month and the Additional Rent payable under Paragraph 7 below with respect to such Increment shall be abated for the period from the scheduled Commencement Date through and including the day preceding the date Landlord delivers possession of Increment 2 to Tenant. If Landlord does not deliver Increment 3 of the Premises to Tenant on or before October 1, 1996, Monthly Rent in the amount of $5,696.00 per month and the Additional Rent payable under Paragraph 7 below with respect to Increment 3 shall be abated for the period commencing on October 1, 1996, through and including the day preceding the date Landlord delivers possession of Increment 3 of the Premises to Tenant. If Landlord cannot deliver Increment 2 of the Premises to Tenant by October 1, 1996 (the relevant Expansion Target Date"Delivery Deadline"), or, if timely exercised, the relevant Extended Effective Date. If Landlord is entitled, on the basis of written agreements then in effect, to possession or cannot deliver Increment 3 of the Expansion Space on the relevant Expansion Target Date orPremises to Tenant by April 1, if timely exercise, the relevant Extended Effective Date, as applicable1997 (also a "Delivery Deadline"), then Landlord shall not be deemed to be in default under Tenant may terminate this Lease if it is unable to deliver the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space or the Fifth Expansion Space, to Tenant on the relevant Expansion Target Date, or, if timely exercised, the relevant Extended Effective Date due solely to the failure of such tenant or any of its subtenants to have vacated it by relevant Expansion Target Date or, if timely exercised, the relevant Extended Effective Date, as the case may be. Landlord agrees that for each day after the sixtieth (60th) day following the relevant Expansion Target Date (or if timely exercised, the relevant Extended Effective Date) that Landlord fails to deliver to Tenant the relevant Expansion Space, Tenant shall be entitled to an abatement of Rent commencing upon the relevant Expansion Space Rent Commencement Date therefore equal to one (1) day’s Rent otherwise payable with respect such Expansion Space. In addition, if Landlord fails to deliver possession of any Expansion Space in the condition required by Paragraphs 35(B)(vii)(4) and (5) by the ninetieth (90th) day after the relevant Expansion Target Date (or if timely exercised, relevant Extended Effective Date), Tenant shall have the option by written notice to Landlord given at within five (5) calendar days after the applicable Delivery Deadline. No delay in delivery of possession of any time prior to the delivery to Tenant Increment of the Expansion Space in the condition required by Paragraph 35(B)(vii) (4) and (5), to lease other space in the Building (to the extent and if available) on a temporary basis or for the balance of the Term, as Tenant elects in its notice, and at the lesser of the Current Market Rate and the same rental rate as would have been applicable to the Expansion Space or to rescind its relevant Expansion Notice, in either such event, Landlord Premises shall have no liability to Tenant on account of such failure to timely deliver the Expansion Space (except that Landlord shall not be released from such liability if Landlord breached its covenant not to lease Expansion Space for a term expiring beyond the relevant Expansion Target Date or Extended Effective Date as applicable). Landlord will in all cases use commercially reasonable efforts to regain possession of such space as promptly as reasonably possible, including the prosecution of litigation against any occupant of such space. In addition, Landlord agrees not to grant any right to such occupant to holdover in such space.operate
Appears in 1 contract
Samples: CKS Group Inc
