Excess Space Clause Samples

The Excess Space clause defines how unused or surplus space within a leased property is managed between the landlord and tenant. Typically, this clause outlines the tenant's rights and obligations if they have more space than needed, such as the ability to sublease or surrender the excess area, and may specify conditions for landlord approval or profit sharing from subleasing. Its core function is to provide flexibility for tenants whose space requirements change over time, while protecting the landlord’s interests and ensuring clear procedures for handling surplus premises.
Excess Space. Tenant shall have the following rights to decrease the Rentable Area of the Initial Premises as determined under this Section 2.1 as follows: (a) By up to the greater of (i) eighty thousand (80,000) square feet of Rentable Area, or (ii) the Rentable Area contained in two (2) full Floors with Rentable Areas equivalent to that of Floor Six (6), by notice given to Landlord not later than July 1, 1998; and (b) By up to the greater of (i) forty thousand (40,000) square feet of Rentable Area, or (ii) the Rentable Area contained in one (1) full Floor with a Rentable Area equivalent to that of Floor Six (6), by notice given to Landlord not later than February 1, 1999; provided that the aggregate Rentable Area deleted from the Initial Premises pursuant to clauses (a) and (b) shall not exceed the greater of (i) eighty thousand (80,000) square feet of Rentable Area, or (ii) the Rentable Area contained in two (2) full Floors with Rentable Areas equivalent to that of Floor Six (6). Any such area deleted from the Premises shall hereinafter be referred to as "Excess Space". The size, location and configuration of the Excess Space shall otherwise be determined by Tenant in its sole discretion, except that (x) the Excess Space shall not consist of any portion of Floors Eleven (11) through Thirteen (13), (y) the Excess Space located on Floors other than Floors Two (2) or Three (3) or any Mechanical Floor, shall, if the uppermost or lowermost Floor of the Initial Premises (other than Floors Two (2), Three (3) or any Mechanical Floor) does not include all of the Rentable Area on such Floor, consist of all or any portion of the then-existing Initial Premises then-located on such Floor, and then the remainder of such Excess Space shall be located on the uppermost and/or lowermost Floor of the Initial Premises, and the uppermost and lowermost Floor of the Initial Premises (other than Floors Two (2), Three (3) or any Mechanical Floor), as so adjusted, shall consist of either one-half (1/2) or the entire Rentable Area on such Floor except to the extent the remaining Excess Space available under either clause (a) or clause (b) above does not equal either one-half (1/2) or the entire Rentable Area of a particular Floor, in which case and subject to the total area limitations provided in clause (a) and clause (b) above, the Excess Space on such Floor may consist of all or any portion of the then-existing Initial Premises then-located on such Floor, and (z) the space not leased by Ten...
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Excess Space. Section 2.1.4 of the Lease is hereby amended and restated in its entirety as follows:
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Excess Space. (a) Promptly after the date hereof, Landlord shall commence, and thereafter diligently prosecute the work and improvements described in Exhibit D hereto (“Landlord's Work”). Such Work shall be performed in a manner so as to minimize any disruption to Tenant's use of the Premises and in compliance in all material respects with all applicable governmental laws and regulations. (b) Tenant currently occupies certain space in the Building other than the Premises (the “Excess Space”) and more particularly shown on Exhibit E hereto. Tenant shall vacate and deliver up to Landlord (i) the warehouse portion of the Excess Space, on the later to occur of one hundred twenty (120) days after the Commencement Date or thirty (30) days after the completion of the erection of the demising wall pursuant to Exhibit D (except for a temporary opening therein to permit Tenant to complete its relocation which Landlord shall close promptly after such relocation) and, to the extent required by law, means of ingress and egress complying with applicable ADA requirements and (ii) the remainder of the Excess Space no later than that date which is 180 days after the Commencement Date. Each such date, as the same may be extended in accordance with the immediately succeeding sentence, is called a “Reduction Date”. Upon the occurrence of a Reduction Date the references in this Lease to Excess Space shall no longer include the space to be vacated by the application Reduction Date. Each Reduction Date shall automatically be extended for the period of any delay in renovation work being performed by Tenant in the Premises or Tenant's ability to occupy the Premises upon completion of such renovation work caused by (i) Landlord or its agents or contractors (provided that such extension shall not commence until two (2) days after Buyer is given notice thereof if such cause persists) and (ii) the failure of Landlord to complete Landlord's Work within 150 days of the Commencement Date. Notwithstanding the foregoing, in the event Landlord shall have entered into a lease of any Excess Space Tenant shall use reasonable efforts (but without the obligation to use overtime) to accelerate its surrender of the Excess Space so leased. (c) Until each applicable Reduction Date, Tenant shall have the right to continue to occupy the applicable Excess Space without payment of rent except as provided in Section 4(iii).
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Related to Excess Space

  • LESSOR'S ACCESS; SHOWING PREMISES; REPAIRS Lessor and Lessor's agents shall have the right to enter the Premises at any time, in the case of an emergency, and otherwise at reasonable times for the purpose of showing the same to prospective purchasers, lenders, or lessees, and making such alterations, repairs, improvements or additions to the Premises or to the Building, as Lessor may reasonably deem necessary. Lessor may at any time place on or about the Premises or Building any ordinary "For Sale" signs and Lessor may at any time during the last one hundred eighty (180) days of the term hereof place on or about the Premises any ordinary "For Lease" signs. All such activities of Lessor shall be without abatement of rent or liability to Lessee.

  • Expansion Premises In addition to the Original Premises, commencing on the Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Expansion Premises.

  • Expansion Space As used in this paragraph, the term “Expansion Space” means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Vacating Premises (i) If the Assuming Bank elects not to purchase any owned Bank Premises, the notice of such election in accordance with Section 4.6(a) shall specify the date upon which the Assuming Bank's occupancy of such premises shall terminate, which date shall not be later than ninety (90) days after the date of the Assuming Bank's notice not to exercise such option. The Assuming Bank promptly shall relinquish and release to the Receiver such premises and the Furniture and Equipment and Fixtures located thereon in the same condition as at Bank Closing, normal wear and tear excepted. By occupying any such premises after the expiration of such ninety (90)-day period, the Assuming Bank shall, at the Receiver's option, (x) be deemed to have agreed to purchase such Bank Premises, and to assume all leases, obligations and liabilities with respect to leased Furniture and Equipment and leased Fixtures located thereon and any ground lease with respect to the land on which such premises are located, and (y) be required to purchase all Furniture and Equipment and Fixtures owned by the Failed Bank and located on such premises as of Bank Closing. (ii) If the Assuming Bank elects not to accept an assignment of the lease or sublease any leased Bank Premises, the notice of such election in accordance with Section 4.6(b) shall specify the date upon which the Assuming Bank's occupancy of such leased Bank Premises shall terminate, which date shall not be later than the date which is one hundred eighty (180) days after Bank Closing. Upon vacating such premises, the Assuming Bank shall relinquish and release to the Receiver such premises and the Fixtures and the Furniture and Equipment located thereon in the same condition as at Bank Closing, normal wear and tear excepted. By failing to provide notice of its intention to vacate such premises prior to the expiration of the option period specified in Section 4.6(b), or by occupying such premises after the one hundred eighty (180)- day period specified above in this paragraph (ii), the Assuming Bank shall, at the Receiver's option, (x) be deemed to have assumed all leases, obligations and liabilities with respect to such premises (including any ground lease with respect to the land on which premises are located), and leased Furniture and Equipment and leased Fixtures located thereon in accordance with this Section 4.6 (unless the Receiver previously repudiated any such lease), and (y) be required to purchase all Furniture and Equipment and Fixtures owned by the Failed Bank at Fair Market Value and located on such premises as of Bank Closing.

  • Existing Premises Notwithstanding anything to the contrary in the Lease as hereby amended, Tenant shall continue to pay Base Rent for the Existing Premises in accordance with the terms of the Lease.