Delivery of Possession. Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to deliver the Original Building to Tenant in accordance with the schedule set forth below, subject only to Plan Approval Delays (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (as defined in SECTION 3.7 below) and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Building in accordance with the foregoing schedule, as it may be extended, (i) the Original Commencement Date will be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Building.
Appears in 2 contracts
Samples: Build to Suit Net Lease (Alliance Data Systems Corp), Build to Suit Net Lease (Alliance Data Systems Corp)
Delivery of Possession. (a) Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to shall deliver the Original Building to Tenant in accordance with possession of the schedule set forth below, subject only to Plan Approval Delays Leased Premises at such time as the Improvement Work (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (as defined in SECTION 3.7 Paragraph 2.5 below) is substantially completed pursuant to the Work Letter. If Landlord is unable to so deliver possession of the Leased Premises to Tenant with the Improvement Work substantially completed on or before January 1, 2011, Landlord shall not be in default under this Lease, nor shall this Lease be void, voidable or cancelable by Tenant until the lapse of two hundred eighty five (285) days from the date of this Lease plus one day for each day of Tenant Delay and Permitted Original one half of one day for each day of Force Majeure Delays (as defined in SECTION 3.7 belowexcluding permit delays) (the “Delivery Grace Period”), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Building in accordance Leased Premises to Tenant with the foregoing scheduleImprovement Work substantially completed within the Delivery Grace Period, then Tenant’s sole remedy, except as it expressly set forth herein, shall be to terminate this Lease, and in no event shall Landlord be liable in damages to Tenant for such delay. Tenant may be extendednot terminate this Lease at any time after Substantial Completion (as defined in the attached Work Letter) of the Improvement Work. Notwithstanding the foregoing, in the event Landlord is unable to deliver possession of the Leased Premises to Tenant with the Improvement Work substantially completed for any reason on or before March 15, 2011 (i) the Original Commencement Date will be as extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession Tenant Delay and one-half of the Original Building to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per one day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) daysexcluding permit delays), Tenant will have then the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon Abatement Period and the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except Abated Rent Amount as set forth in this sentence; all improvements to the Premises will become and remain the property Section 3.1 below shall each be increased by one (1) additional day of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts Base Monthly Rent for each day that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery is delayed beyond March 15, 2011.
(in which case such date will be b) Tenant shall have the Original Commencement Date hereunder) or may refuse right, for a period not to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within exceed sixty (60) days after prior to the Original Commencement DateDate (the “Early Entry Period”), to enter the Leased Premises for purposes of planning, constructing and installing Tenant’s furnishings and equipment and wiring in the Leased Premises, provided that in connection with any such early entry (a) such early entry is in compliance with all construction contracts in effect with respect to the Improvement Work, (b) Landlord reasonably determines that such entry would not impede or interfere with Landlord’s construction of the Improvement Work or the schedule therefore, nor impede Landlord’s contractor’s use of elevators, loading docks or other areas necessary for the conduct of the Improvement Work, (c) Tenant delivers written evidence to Landlord that all insurance required to be carried by Tenant pursuant to the terms of this Lease is then in effect, and (d) Tenant’s entry shall be subject to such safety procedures and restrictions as Landlord’s contractor may reasonably impose. With respect to Tenant’s installation of wiring in the Leased Premises, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into shall coordinate with Tenant’s vendors regarding the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant same so that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due be installed during the normal course of construction according to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Buildingindustry custom.
Appears in 1 contract
Samples: Office Lease (PMC Sierra Inc)
Delivery of Possession. Landlord acknowledges shall deliver to Tenant, and agrees Tenant shall accept, possession of the Leased Premises in its AS IS condition one (1) business day after the Effective Date of this Lease (the “Delivery Date”), provided that Tenant is terminating an existing lease on a specific date in reliance upon Landlord shall remain obligated to complete the Landlord's commitment to deliver the Original Building ’s Work. Landlord warrants to Tenant that upon delivery of the Leased Premises to Tenant on the Delivery Date, the base Building, structural portions of the Building and all plumbing, sewer, drainage, electrical, fire protection, passenger elevator, life safety, security systems and equipment, HVAC systems, and all other mechanical, electrical and communications systems and equipment of the Building (collectively, the “Building Systems”) shall be in accordance good working condition and repair, the roof shall be water-tight, and the power facilities to the Building shall allow electrical capacity of at least 3,000 amps at 277/480 power (collectively, the “Landlord Warranty”). The foregoing Landlord Warranty shall include Landlord’s obligation to obtain all permits and inspections necessary for the use of all passenger elevators within the Leased Premises, and shall expire twelve (12) months after the Lease Commencement Date, after which Landlord shall have no liability relating thereto except solely for (a) written claims (for matters covered by the Landlord Warranty) delivered to Landlord prior to said expiration date specifying the claimed issue in in reasonable detail and (b) Landlord’s maintenance obligations under this Lease. Tenant and its contractors, subcontractors, agents, and employees shall be permitted to enter the Leased Premises from and after the Delivery Date for the purpose of constructing and installing the Tenant Improvements (as defined below), occupying and operating for the Permitted Use, and installing furniture, fixtures, and equipment (the “Early Access Period”), provided that (a) Tenant shall comply with all provisions of this Lease during the Early Access Period other than (i) the payment of Base Monthly Rent or Additional Rent (but Tenant shall pay for utilities after the Landlord’s Work has been substantially completed), and (ii) Paragraphs 5.1(a) and 5.2, and (b) such early access shall not unreasonably interfere with Landlord’s performance of the Landlord’s Work. The parties agree to coordinate and reasonably cooperate to perform, and cause their contractors to perform, all work within the Leased Premises during the Early Access Period in a manner designed to minimize interference with the schedule set forth belowother party’s work. In the event such interference occurs, subject only to Plan Approval Delays any delay caused thereby shall constitute a Tenant Delay (as defined in SECTIONS 3.2 AND 3.3 abovethe Work Letter), and Landlord shall have the right to notify Tenant Original Delays in writing of same, and if such interference is not remedied within two (2) business days after receipt of such notice, Tenant shall upon Landlord’s written request, cause all of the Tenant Parties (as defined in SECTION 3.7 Paragraph 4.2 below) and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver to vacate the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Building in accordance with the foregoing schedule, as it may be extended, (i) the Original Commencement Date will be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with Leased Premises until the Landlord's Original ’s Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right portion thereof to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance which such interference relates) is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Buildingcompleted.
Appears in 1 contract
Samples: Lease Agreement (Personalis, Inc.)
Delivery of Possession. Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to shall deliver the Original Building to Tenant in accordance with possession of the schedule set forth below, subject only to Plan Approval Delays Leased Premises at such time as the Improvement Work (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (Paragraph 2.5 below) is deemed "Substantially Complete" as defined in SECTION 3.7 belowthe Work Letter. If Landlord is unable to so deliver possession of the Leased Premises to Tenant in the agreed condition on or before the Intended Commencement Date, Landlord shall not be in default under this Lease, nor shall this Lease be void, voidable or cancelable by Tenant until the lapse of ninety (90) and Permitted Original Force Majeure Delays days after the Intended Commencement Date (as defined in SECTION 3.7 belowthe "delivery grace period"), which exceed, when taken together, ten . In the event Landlord is (10a) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty up to fifteen (15) days late but less than thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver late (beyond the Original Building Intended Commencement Date) in delivering the Leased Premises to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval DelaysTenant, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten will receive one (101) day of Base Monthly Rent for each day late; (b) more than fifteen (15) days onlybut less than thirty (30) days late (beyond the Intended Commencement Date) in delivering the Leased Premises to Tenant, it being understood Tenant will receive two (2) day of Base Monthly Rent for each day late; (c) more than thirty (30) days but less than sixty (60) days late (beyond the Intended Commencement Date) in delivering the Leased Premises to Tenant, Tenant shall receive three (3) days of Base Monthly Rent for each day late; or (d) more than sixty (60) days late (beyond the Intended Commencement Date) in delivering the Leased Premises, Tenant shall receive four (4) days of Base Monthly Rent for each day late. Special or customized installations, such as but not limited to, the cafeteria, shall not be required to be substantially complete by the Lease Commencement Date and agreed that such dates canwill not be considered in determining the penalties, if any, outlined above. Additionally, the periods above set forth shall be extended for any such number of days as Landlord may be delayed in delivering possession of the Leased Premises to Tenant by reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original of Force Majeure Delays which exceed, when taken together, ten (10) daysor the action or inaction of Tenant. If Landlord is unable to deliver possession of the Original Building Leased Premises in accordance with the foregoing schedule, as it may be extended, (i) the Original Commencement Date will be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building agreed condition to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and within ninety (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (6090) days after the Original Intended Commencement DateDate (including any extension thereof by reason of Force Majeure or the actions or inactions of Tenant), then Tenant's sole remedy shall be to terminate this Lease, and in no event shall Landlord will provide be liable in damages to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into such delay. Tenant may not terminate this Lease at any time after the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after date Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to Leased Premises have been Substantially Complete on put into the day Landlord delivered the Original Building agreed condition and are available for delivery to Tenant with Tenant, unless Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Buildingnotice is not given in good faith.
Appears in 1 contract
Samples: Lease (Redback Networks Inc)
Delivery of Possession. Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to deliver the Original Building to Tenant in accordance with the schedule set forth below, subject only to Plan Approval Delays (as defined in SECTIONS Sections 3.2 AND and 3.3 above), Tenant Original Delays (as defined in SECTION Section 3.7 below) and Permitted Original Force Majeure Delays (as defined in SECTION Section 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord Xxxxxxxx must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Building in accordance with the foregoing schedule, as it may be extended, (i) the Original Commencement Date will be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (1010 ) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of LandlordXxxxxxxx's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original BuildingBuilding , but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Building Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEETApproved Original Rentable Square Feet"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION Section 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION Section 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION Section 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION Section 4.1, (B) the Allowance (as provided in SECTION Section 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION Section 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original BuildingBuilding , but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VISection 3.6(vi) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original BuildingBuilding ) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Building.
Appears in 1 contract
Samples: Build to Suit Net Lease (Alliance Data Systems Corp)
Delivery of Possession. 4.1 Tenant shall be entitled to enter the Premises (“Tenant’s Early Occupancy”), at no charge, at any time after Landlord acknowledges has completed construction of that portion of the Shell and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to deliver the Original Building to Tenant in accordance with the schedule set forth below, subject only to Plan Approval Delays Core Work (as defined in SECTIONS 3.2 AND 3.3 above), Exhibit D) that will enable Tenant Original Delays to commence construction of the Tenant Improvements as described in Exhibit L (as defined in SECTION 3.7 below) the “Shell and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 belowCore Work Required for Early Delivery”), which exceedsuch construction is currently scheduled to be completed by July 1, when taken together2017 (the “Early Delivery Date”); provided that Tenant does not thereby unreasonably interfere with Landlord’s construction of the balance of the Shell and Core Work and/or improvements for other tenants in the Building as a result of such occupancy. All provisions of this Lease shall be applicable during Tenant’s Early Occupancy except for Tenant’s maintenance obligation, ten the payment of Base Rent, and the payment of Additional Rent.
4.2 The Estimated Commencement Date set forth in Section 2.4 of this Lease represents an estimate of the actual Commencement Date. The Commencement Date shall be three (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (303) days after Original Punch List delivery ThereforeTenant delivers written notice to Landlord of the Substantial Completion of the Tenant Improvements (defined in Exhibit D). If the Commencement Date is later than the Estimated Commencement Date specified in Section 2.4 above, Landlord must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates canthis Lease shall not be extended void or voidable and Landlord and Tenant shall be entitled to the rights and remedies set forth in Sections 4.3 through 4.6. Landlord and Tenant shall confirm the Commencement Date in writing after the actual Commencement Date has been established. Notwithstanding the forgoing, if Substantial Completion of the Tenant Improvements occurs prior to February 1, 2018, then the Commencement Date shall not be earlier than February 1, 2018 unless Tenant elects to occupy and conduct business on one or more floors of the Premises prior to February 1, 2018.
4.3 If the Landlord fails to (i) complete the Shell and Core Work Required for Early Delivery by the Early Delivery Date, or (ii) complete the Shell and Core Work by January 1, 2018 for any reason other than Plan Approval DelaysTenant Delays or Changes (each as defined in Exhibit D), and Landlord’s failure to timely complete either of same is the proximate cause of Tenant’s inability to achieve Substantial Completion of the Tenant Original Delays and Permitted Original Force Majeure Delays which exceedImprovements by the Estimated Commencement Date, when taken togetherthen Tenant shall be entitled, ten commencing on February 1, 2018, to one (101) daysday of free Base Rent for each day of delay of the Commencement Date up through August 1, 2018. If Landlord is unable the Commencement Date has not occurred by August 1, 2018, then Tenant may, in its sole discretion, elect to deliver possession terminate this Lease without penalty. Notwithstanding anything herein to the contrary, such termination date shall not be subject to extensions for any reason whatsoever (including, without limitation, any force majeure delays described in Section 34 of the Lease). Any free Base Rent awarded herein shall be applied against the most immediate calendar months of the Term for which Base Rent is due. Landlord represents and warrants that it has received all applicable building permits for the Shell and Core Work to construct the Building (“Original Building Shell and Core Permits”), excepting modification to the Original Shell and Core Permits described in accordance with Section 4.6 below. If the foregoing schedule, as it may be extended, Landlord fails to (i) complete the Original Shell and Core Work Required for Early Delivery by the Early Delivery Date, or (ii) complete the Shell and Core Work by January 1, 2018 due to Tenant Delays or Changes, then the Commencement Date will shall be the Estimated Commencement Date.
4.4 If Tenant’s failure to achieve Substantial Completion of the Tenant Improvements by the Estimated Commencement Date is caused by (i) Landlord’s failure to complete the Shell and Core Work Required for Early Delivery by the Early Delivery Date due to a Landlord Force Majeure Delay, or (ii) Landlord’s failure to complete the Shell and Core Work by January 1, 2018 due to a Landlord Force Majeure Delay, and either of such delay is the proximate cause of Tenant’s inability to achieve timely Substantial Completion, or (iii) a Tenant Force Majeure Delay (defined below), then the Estimated Commencement Date shall be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession delay so caused. For purposes of the Original Building to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, the term “Landlord Force Majeure Delay” means any payments to Landlord actual delay in the timely completion of portions construction of Tenant's Cost either the Shell and pay to Tenant Core Work Required for Early Delivery or the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages Core and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Shell Work Substantially Completed prior to the dates specified in the schedule set forth aboveextent resulting from any act of God, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) fire or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth aboveother casualty. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Building.FIRST AMENDMENT AVALARA LEASE
Appears in 1 contract
Samples: Office Building Lease (Avalara Inc)
Delivery of Possession. (a) Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to shall deliver the Original Building Premises to Tenant in accordance with ready for construction of the schedule set forth below, subject only Tenant Improvements upon the date of Substantial Completion. Landlord agrees to Plan Approval Delays pursue the Base Building Work (as defined in SECTIONS 3.2 AND 3.3 above)on Exhibit C) with due --------- diligence and continuity so as to cause Substantial Completion to occur as soon as practicable under the circumstances, Tenant Original Delays (with a goal of achieving Substantial Completion on or before November 15, 1997, extended on a day for day basis for delays due to "Force Majeure" [as defined in SECTION 3.7 below) Paragraph 48(d)] and Permitted Original for delays caused by Tenant. If Substantial Completion has not occurred on or before December 15, 1997 (extended on a day for day basis for delays due to Force Majeure Delays and for delays caused by Tenant) (such date, as defined in SECTION 3.7 belowso extended, the "Target Date"), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays Tenant's sole right and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed remedy shall be that such dates cannot Fixed Rent shall be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Building in accordance with the foregoing schedule, as it may be extended, (i) the Original Commencement Date will be extended automatically by abated one day for each day of delay in the period occurrence of Substantial Completion (other than delays due to Force Majeure and for delays caused by Tenant) and, solely with respect to the first thirty (30) days of delay in the occurrence of Substantial Completion after the Third Stage Target Date (excluding delays due to Force Majeure and for delays caused by Tenant), the Initial Expiration Date shall be extended one day for each day of delay [up to a maximum of thirty (30) days]in the occurrence of Substantial Completion Date (other than delays due to the Force Majeure and for delays caused by Tenant).
(b) If for any reason whatsoever (other than delays caused by Tenant), including but not limited to Force Majeure, Substantial Completion does not occur on or before July 15, 1998, Tenant's sole right and remedy shall be to terminate this Lease upon ten (10) days written notice to Landlord, without incurring any liability to Landlord; provided, however, that this Lease shall not terminate if Substantial Completion occurs during such ten (l0) day on which Landlord tenders possession period.
(c) For purposes of the Original Building determining dates pursuant to Tenant with Landlord's Original Work Substantially Completedthis Paragraph 5, less any portion of that period attributable "delays caused by Tenant" shall include but not be limited to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per one day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; May 22 to and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to including the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession a copy of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease executed by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Building.
Appears in 1 contract
Samples: Net Lease Agreement (Wells Real Estate Fund Xi L P)
Delivery of Possession. Except as hereinafter provided, Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to use good faith efforts to deliver the Original Building Premises to Tenant in accordance with the schedule set forth belowcondition called for in Exhibit “C” as soon as reasonably possible after execution of this Lease. The Premises shall be deemed as ready for delivery when Landlord shall have substantially completed construction of the portion of the said Premises to be occupied exclusively by Tenant, subject only to Plan Approval Delays (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (as defined in SECTION 3.7 below) and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver the Original Building to Tenant in accordance with Landlord’s obligations set forth in Exhibit “C”. Landlord shall, from time to time during the foregoing schedule course of construction, provide information to Tenant concerning the progress of construction of said Premises, and will give written notice to Tenant when said Premises are in fact ready for Tenant’s occupancy. It is agreed that by occupying the Premises as such scheduled dates have been delayed due to Plan Approval Delaysa tenant, Tenant Original Delays and Permitted Original Force Majeure Delays which exceedacknowledges that the Premises are in the condition called for hereunder, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended except for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) daysitems specifically excepted in writing at date of occupancy as “incomplete”. If Landlord is shall be unable to deliver give possession of the Original Building in accordance with Premises by no later than February 15, 2008 because the foregoing scheduleLandlord’s Work is not substantially completed or because the Premises are not completed and ready for occupancy, as it may be extendedthen for each day of such delay, (i) the Original Commencement Date Tenant’s Base Monthly Rent will be reduced on a daily, pro-rata basis, provided however, that this provision does not apply if the only remaining items of Landlord’s Work are minor repairs that do not materially interfere with Tenant’s use of the Premises. Notwithstanding the foregoing, the February 15, 2008 deadline for Landlord’s Delivery of Possession shall be extended automatically by one (1) day for each day that the issuance of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building to Tenant with required governmental permits is delayed beyond fourteen (14) days following Landlord's Original Work Substantially Completed’s application therefor, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day and/or for each day after August 31, 1998 in excess of one (as such date may be extended1) business day that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) is delayed due to the City’s failure to conduct required inspections within one (1) business day upon which Landlord tenders possession of Landlord’s calling therefor. Further, there shall be no reduction in Base Monthly Rent or other penalty in the Original Building to Tenant with event that Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession ’s delay in Delivery of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay Possession is caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Building’s contractor.
Appears in 1 contract
Samples: Lease Agreement (Cybersource Corp)
Delivery of Possession. Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to shall deliver the Original Building to Tenant in accordance with possession of the schedule set forth below, subject only to Plan Approval Delays (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (as defined in SECTION 3.7 below) and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty Leased Premises thirty (30) days after Original Punch List delivery Thereforeprior to the Intended Commencement Date in its then "AS-IS" condition, Landlord must deliver the Original Building to Tenant WITH ALL FAULTS, except as otherwise expressly provided in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) daysthis Lease. If Landlord is unable to deliver possession of the Original Building in accordance with the foregoing schedule, as it may be extended, (i) the Original Commencement Date will be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building Leased Premises to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1thirty (30) days before the Intended Commencement Date, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord shall not more than 30 days after such deadline date. Upon a termination be in default under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, includingnor shall this Lease be void, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) voidable or may refuse to accept delivery until any date selected cancelable by Tenant that is no later than until the dates specified in the schedule set forth above. Within sixty lapse of ninety (6090) days after the Original Intended Commencement DateDate (the "delivery grace period"); however, Landlord will provide if Landlord's inability to so deliver the Leased Premises to Tenant a complete set is caused by the existing tenant's hold over in the Leased Premises beyond the term of as-built drawings of its current lease or by Landlord's Original Work and manuals for all equipment incorporated into gross negligence or willful misconduct, the Improvements as a part of Landlord's Original Work. Landlord and Tenant Lease Commencement Date shall not be deemed to have sixty occurred until thirty (6030) days after the actual date of delivery. If Landlord is unable to deliver possession of the Leased Premises in the agreed condition to Tenant within the described delivery grace period (including any extension thereof by reason of Force Majeure or the actions or inactions of Tenant), then Tenant's sole remedy shall be to terminate this Lease, and in no event shall Landlord be liable in damages to Tenant for such delay. Tenant may not terminate this Lease at any time after the date Landlord notifies Tenant that the Original Building has been Substantially Completed Leased Premises are available for delivery to Tenant, unless Landlord's notice is not given in which to remeasure good faith. Notwithstanding the Original Building, but after the expiration of such sixty (60) day foregoing delivery grace period, neither Landlord shall provide the Leased Premises to Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance for early occupancy no later than thirty (30) days in the size advance of the Original Building (as the same may change due Lease Commencement Date, subject to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation Tenant's compliance with all of the Original Basic Rent, Allowance or Financed Amount. In the absence terms and conditions of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area payment of Base Monthly Rent. At the time Landlord delivers the Leased Premises to Tenant, Landlord shall also deliver to Tenant an executed Xxxx of Sale in the form attached as Exhibit F and possession of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Buildingfurniture described therein.
Appears in 1 contract
Samples: Lease (Ultratech Stepper Inc)
Delivery of Possession. 4.1 Tenant shall be entitled to enter the Premises at any time after the Effective Date (the “Early Delivery Date”) for supervision and coordination of the construction of the Landlord acknowledges Improvements, planning, measurement, construction of improvements, cabling, and agrees installation of furniture, fixtures, inventory and equipment (“Tenant’s Early Occupancy”); provided that Tenant is terminating an existing lease does not thereby unreasonably interfere with the completion of Landlord’s construction of the Landlord Improvements as a result of such occupancy. All provisions of this Lease shall be applicable during Tenant’s Early Occupancy except for Tenant’s maintenance obligation, the payment of Base Rent, payment for utilities, and the payment of Additional Rent for Real Property Taxes, Operating Expenses and Common Area Maintenance Expenses.
4.2 Landlord shall deliver the Premises to Tenant on a specific date in reliance upon Landlord's commitment “turn-key” basis condition and Landlord shall complete the construction and installation of certain improvements to deliver the Original Building to Tenant Premises (collectively the “Landlord Improvements”) in accordance with the schedule Schematic Drawings and Specification Letter provided by SkB Architects, dated April 10, 2013 and attached hereto as Exhibit B (the “Work Letter”), and depicted on Exhibit B-1 (the “Floor Plan”). The aforesaid turn-key condition shall include but not be limited to the following: all partitioning, air conditioned, ceiling in place where indicated, lighting in place, sink and counters in place, all doors and jambs, all locks and hardware, all electrical wiring and outlets, all phone outlets, plumbing, structural work, painting/wall covering, flooring and carpet where shown.
4.3 The Estimated Commencement Date set forth below, subject only to Plan Approval Delays in Section 2.4 of this Lease represents an estimate of the actual Commencement Date. The Commencement Date shall be the date that is three (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (as defined in SECTION 3.7 below) and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (303) days after Original Punch List delivery ThereforeLandlord delivers written notice to Tenant of the Substantial Completion (defined in Exhibit E) of the Landlord Improvements. If the Commencement Date is later than the Estimated Commencement Date specified in Section 2.4 above, this Lease shall not be void or voidable but Tenant shall receive a credit for Base Rent as set forth in Section 4.4 below. Landlord and Tenant shall confirm the Commencement Date in writing after the actual Commencement Date has been established. Upon mutual execution of this Lease, Landlord must deliver shall commence construction of the Original Building Landlord Improvements and exercise commercially reasonable efforts to Tenant in accordance with diligently prosecute the foregoing schedule as such scheduled dates have been delayed due same to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cancompletion.
4.4 If the Commencement Date has not be extended occurred by the Estimated Commencement Date for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original or Changes (each as defined in Exhibit E) or a Force Majeure Delays Delay (defined below), then Tenant shall be entitled to two (2) days of free Base Rent for every one (1) day after the Estimated Commencement Date until the Commencement Date has occurred, which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession free Base Rent shall be applied against the most immediate calendar months of the Original Building Term for which Base Rent is actually payable (i.e. months that do not have $0.00 Base Rent). For purposes of this Lease, the term "Force Majeure Delays" means any actual delay in accordance with the foregoing schedule, as it may be extended, completion of construction of the Landlord Improvements to the extent resulting from any of the following (i) the Original Commencement Date will be extended automatically by one day for each day any act of the period after the Third Stage Completion Date to the day on which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially CompletedGod, less any portion of that period attributable to Tenant Original Delays; and fire or other casualty, or (ii) Landlord will pay Tenant, as liquidated damages, an amount equal the failure of a governmental entity to $2,000.00 per day issue any applicable permit or approval for each day after August 31, 1998 (as such date may be extended) that the First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession construction of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed Improvements on or before December June 1, 1998 (plus any period of delay caused by Plan Approval Delays2013, Tenant Original Delays provided Landlord submits application for such permits and approvals on or Permitted Force Majeure Delay which exceedbefore May 15, when taken together, ten (10) days), Tenant will have the right 2013 and uses commercially reasonable efforts to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after timely obtain such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute permits and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original Buildingapprovals.
Appears in 1 contract
Delivery of Possession. Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to deliver the Original Building to Tenant in accordance with the schedule set forth below, subject only to Plan Approval Delays (as defined in SECTIONS 3.2 AND 3.3 above), Tenant Original Delays (as defined in SECTION 3.7 below) and Permitted Original Force Majeure Delays (as defined in SECTION 3.7 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Premises to Tenant when the Building Shell and the Tenant Improvements have been substantially completed in accordance with the foregoing schedule, as it may be extended, Subparagraph (ib) the Original Commencement Date above. The parties estimate that Landlord will be extended automatically by one day for each day of the period after the Third Stage Completion Date to the day on which Landlord tenders deliver possession of the Original Building Premises to Tenant with Landlord's Original and the Term of this Lease will commence on or before the estimated commencement date set forth in the Work Substantially Completed, less any portion of that period attributable Schedule delivered to Tenant Original Delays; and pursuant to Paragraph 2 above (ii) the "Projected Commencement Date"). Landlord will pay Tenant, as liquidated damages, an amount equal agrees to $2,000.00 per day for each day after August 31, 1998 (as such date may use its commercially reasonable efforts to cause the Premises to be extended) that substantially completed on or before the First Stage Completion has not occurred; and (iii) if Projected Commencement Date. In the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List to Landlord that the Final Completion has not occurred; and (vi) if event Landlord does not tender possession substantially complete construction of the Original Building to Tenant with the Landlord's Original Work Substantially Completed Improvements on or before December 1, 1998 (plus any period 1999, which date shall be extended day-for-day for each day of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted and/or Force Majeure Delay which exceedDelays (as such terms are defined in Paragraphs 9 and 10 below) (as so extended, when taken together, ten (10) daysthe "First Damage Date"), for reasons solely attributable to the fault of Landlord, then the sole remedy of Tenant will have be the right to terminate this Lease by delivering written notice receive one and one-half (1-1/2) day's worth of termination Monthly Base Rent credit for every day past the First Damage Date that Landlord is late in substantially completing construction of the Tenant Improvements. In the event Landlord does not substantially complete construction of the Tenant Improvements on or before February 1, 2000, which date shall be extended day-for-day for each day of Tenant Delays and/or Force Majeure Delays (as so extended, the "Second Damage Date"), for reasons solely attributable to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) abovethe fault of Landlord, each party will, upon then the other's request, execute and deliver an agreement in recordable form containing a release and surrender sole remedy of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations be the right to each other, including, without limitation, any obligations to pay receive two and one-half (2-1/2) days worth of Monthly Base Rent credit for work previously performed every day past the Second Damage Date that Landlord is late in substantially completing construction of the Original Building through the date of such termination except as set forth in this sentence; all improvements Tenant Improvements. Notwithstanding anything to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant contrary in connection with this Lease, includingif the Commencement Date has not occurred by December 1, without limitation2000 for any reason other than Tenant Delays, any payments then Tenant may, at its option by notice to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty (60) day period, neither Tenant nor Landlord may remeasure the Original Building. Landlord and Tenant agree that provided the Original Building is otherwise Substantially Completed, a variance in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original BuildingLease.
Appears in 1 contract
Samples: Industrial Lease (Cutter & Buck Inc)
Delivery of Possession. Landlord acknowledges and agrees that Tenant is terminating an existing lease on a specific date in reliance upon Landlord's commitment to shall deliver the Original Building to Tenant in accordance with possession of the schedule set forth below, subject only to Plan Approval Delays Expansion Premises at such time as the Expansion Premises is Substantially Complete (as defined in SECTIONS 3.2 AND 3.3 aboveSection 11 below), which date is anticipated to be no later than July 1, 2022 (“Anticipated Delivery Date”). If Landlord is unable to so deliver possession of the Expansion Premises to Tenant Original Delays in the agreed condition on or before the Anticipated Delivery Date, as the same may be extended due to a Tenant’s Delay, Landlord shall not be in default under the Lease, nor shall the Lease be void, voidable or cancelable by Tenant; however, as Tenant’s sole remedy, Tenant shall be entitled to one (1) day of abatement of Expansion Premises Base Rent for each day Landlord fails to deliver the Expansion Premises after the Delivery Grace Period until delivery occurs, which day for day abatement shall be applied beginning after Abatement Period (as defined in SECTION 3.7 Section 6 below), and in no event shall Landlord be liable in damages to Tenant for such delay or failure to deliver the Premises. The foregoing day for day abatement of Expansion Premises Base Rent shall be limited to sixty (60) days (the “Expansion Premises Abatement Period”). The “Delivery Grace Period” shall be the seven (7) day period between the Anticipated Delivery Date and Permitted Original the actual delivery date of the Expansion Premises. For the avoidance of doubt, the Expansion Premises Abatement Period shall commence at the expiration of the Grace Period; which Grace Period shall be extended for such number of days as Landlord may be delayed in delivering possession of the Expansion Premises to Tenant by reason of Force Majeure Delays (as defined in SECTION 3.7 the Original Lease) or Tenant’s Delay (as defined in Section 11 below), which exceed, when taken together, ten (10) days: First Stage Completion: August 31, 1998 Second Stage Completion: September 10, 1998 Third Stage Completion: September 20, 1998 Final Completion: Thirty (30) days after Original Punch List delivery Therefore, Landlord must deliver the Original Building to Tenant in accordance with the foregoing schedule as such scheduled dates have been delayed due to Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days only, it being understood and agreed that such dates cannot be extended for any reason other than Plan Approval Delays, Tenant Original Delays and Permitted Original Force Majeure Delays which exceed, when taken together, ten (10) days. If Landlord is unable to deliver possession of the Original Building in accordance Expansion Premises with the foregoing schedule, as it may be extended, (i) Tenant Improvements Substantially Complete by the Original Commencement Date will be extended automatically by one day for each day expiration of the period after the Third Stage Completion Date Expansion Premises Abatement Period, then Tenant’s sole remedy (at Tenant’s option) shall be to the day on which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed, less any portion of that period attributable to Tenant Original Delays; and (ii) Landlord will pay Tenant, as liquidated damages, an amount equal to $2,000.00 per day for each day after August 31, 1998 (as such date may be extended) that the terminate this First Stage Completion has not occurred; and (iii) if the First Stage Completion has occurred, Landlord will pay to Tenant, as liquidated damages, $2,000.00 per day for each day after September 10, 1998 (as such date may be extended) that the Second State Completion has not occurred; and (iv) Landlord will pay to Tenant, as liquidated damages, $4,000.00 per day for each day after September 20, 1998 (as such date may be extended) to the day upon which Landlord tenders possession of the Original Building to Tenant with Landlord's Original Work Substantially Completed; and (v) if Landlord has Substantially Completed the Original Building, Landlord will pay to Tenant $500.00 per day for each day after the thirtieth day after Tenant delivers the Original Punch List Amendment by written notice delivered to Landlord that the Final Completion has not occurred; and (vi) if Landlord does not tender possession of the Original Building to Tenant with the Landlord's Original Work Substantially Completed on or before December 1, 1998 (plus any period of delay caused by Plan Approval Delays, Tenant Original Delays or Permitted Force Majeure Delay which exceed, when taken together, within ten (10) days), Tenant will have the right to terminate this Lease by delivering written notice of termination to Landlord not more than 30 days after such deadline date. Upon a termination under clause (vi) above, each party will, upon the other's request, execute and deliver an agreement in recordable form containing a release and surrender of all right, title and interest in and to this Lease; neither Landlord nor Tenant will have any further obligations to each other, including, without limitation, any obligations to pay for work previously performed in the Original Building through the date of such termination except as set forth in this sentence; all improvements to the Premises will become and remain the property of Landlord; and Landlord will refund to Tenant any sums paid to Landlord by Tenant in connection with this Lease, including, without limitation, any payments to Landlord of portions of Tenant's Cost and pay to Tenant the amounts that have accrued under clauses (ii) through (v) above. Such postponement of the commencement of the Term, payment of liquidated damages and termination and refund right will be in full settlement of all claims that Tenant might otherwise have against Landlord by reason of Landlord's failure to have complied with the schedule set forth above. If Landlord delivers possession of the Original Building with the Landlord's Original Work Substantially Completed prior to the dates specified in the schedule set forth above, then Tenant may either accept such delivery (in which case such date will be the Original Commencement Date hereunder) or may refuse to accept delivery until any date selected by Tenant that is no later than the dates specified in the schedule set forth above. Within sixty (60) days after the Original Commencement Date, Landlord will provide to Tenant a complete set of as-built drawings of Landlord's Original Work and manuals for all equipment incorporated into the Improvements as a part of Landlord's Original Work. Landlord and Tenant have sixty (60) days after Landlord notifies Tenant that the Original Building has been Substantially Completed in which to remeasure the Original Building, but after the expiration of such sixty the Expansion Premises Abatement Period (60) day periodas extended, neither Tenant nor Landlord may remeasure the Original Building. if applicable), in which event Landlord and Tenant agree that shall be discharged from all obligations hereunder, provided the Original Building is otherwise Substantially Completed, a variance Landlord immediately returns to Tenant all amounts previously paid by Tenant to Landlord (if applicable) in the size of the Original Building (as the same may change due to any Original Change Order) by more or less than one percent (1%) shall be permitted and shall have no effect on the Original Building being Substantially Completed, nor on the calculation of the Original Basic Rent, Allowance or Financed Amount. In the absence of such remeasurement or the right to do so, it shall be conclusively deemed that the Original Building contains 114,419 Rentable Square Feet (subject to any approved revisions to the Approved Original Base Building Plans, connection with the final Rentable Square Feet as shown in the Approved Original Base Building Plans being sometimes referred to as the "APPROVED ORIGINAL RENTABLE SQUARE FEET"). If Tenant does timely elect to remeasure the Original Building, and the variance is greater than one percent (1%) but less than two percent (2%), the variance shall be permitted and have no affect on the Original Building being Substantially Completed, but (A) the Basic Rent (as provided in SECTION 4.1) will be adjusted to be $5.95 per Rentable Square Foot under clause (a) of SECTION 4.1, $11.98 per Rentable Square Foot under clause (b) of SECTION 4.1 and $13.45 per Rentable Square Foot under clause (c) of SECTION 4.1, (B) the Allowance (as provided in SECTION 3.10) will be adjusted to be $20.00 per Rentable Square Foot and (C) the Financed Amount (as provided in SECTION 3.10) will be adjusted to be $5.00 per Rentable Square Foot. If the Original Building contains more than 102% of the Approved Original Rentable Square Feet, then the Allowance and Financed Amount will be adjusted based on the actual amount of square feet in the Original Building, but all other amounts will be calculated as if the Original Building contains 102% of the Approved Original Rentable Square Feet. If the Original Building contains less than 98% of the Approved Original Rentable Square Feet, then Landlord must make all alterations necessary to increase the size of the Original Building to at least 98% of the Approved Original Rentable Square Feet and the Original Building will be deemed to be not Substantially Complete. If, in such event, Tenant fails to terminate this Lease pursuant to SECTION 3.6(VI) above, then Tenant will be deemed to have accepted the size of the Original Building and the Original Building will be deemed to have been Substantially Complete on the day Landlord delivered the Original Building to Tenant with Landlord's Original Work (other than the area of the Original Building) Substantially Complete. In such event, the Allowance and Financed Amount will be calculated based on Approved Original Rentable Square Feet, but all other amounts will be calculated on the actual size of the Original BuildingExpansion Premises.
Appears in 1 contract
Samples: Lease (Design Therapeutics, Inc.)