Common use of Existing Lease Clause in Contracts

Existing Lease. Landlord and Tenant hereby acknowledge and agree that (i) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into that certain Lease Agreement dated November 30, 2006 (the “Allscripts Lease”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space (the “Existing Premises”) in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased the Existing Premises from Allscripts, and (iii) as of the date hereof, the Allscripts Lease and the Sublease have been terminated. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall have the right to remain in possession of the Existing Premises pursuant to the terms of this Lease, (y) for the purposes of construing Tenant’s obligations in relation to the Existing Premises under the terms of this Lease, all references in this Lease to the “Premises” shall include the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On or before the Commencement Date, Tenant shall vacate the Existing Premises and return possession thereof to Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease of the Existing Premises, which payments shall be made in accordance with the provisions of Section 3 hereof.

Appears in 1 contract

Samples: Lease Agreement (Amber Road, Inc.)

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Existing Lease. Landlord and Tenant hereby acknowledge and agree that (i) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into that certain Lease Agreement dated November 30, 2006 (the “Allscripts Lease”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space (the “Existing Premises”) in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased If the Existing Premises from AllscriptsLease terminates with respect to the Must- Take Space prior to December 31, 2010 and (iii) the Tibco Sublease has not been previously terminated for any reason, the Tibco Sublease automatically shall be deemed terminated as of the date hereofof termination of the Existing Lease (the “Early Termination Date”), the Allscripts Lease and Must-Take Effective Date automatically shall be accelerated to the Sublease have been terminated. Between day immediately following the date of this Lease and Early Termination Date (the Commencement “Advance Must-Take Effective Date”), (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall be deemed to have the right to remain in taken possession of the Existing Premises Must-Take Space pursuant to the terms of the Lease and this LeaseMust-Take provision as of the Advance Must-Take Effective Date, (y) for and the purposes terms and conditions of construing Tenant’s obligations in relation this Lease applicable to the Existing Premises under the terms of this Lease, all references Must-Take Space shall be in this Lease full force and effect with respect to the “Premises” Must-Take Space as of the Advance Must-Take Effective Date, except that (a) the Must-Take Term shall be extended to include the Existing Premisesperiod commencing upon the Advance Must-Take Effective Date through and including December 31, 2010 (such period being referred to herein as the “Advance Must-Take Term”), and (zb) all references in this Lease to the Building shall include Base Rent for the Crossroads I Building. On or before Must-Take Space during the Commencement Date, Tenant shall vacate the Existing Premises and return possession thereof to Landlord in broomAdvance Must-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease of the Existing Premises, which payments Take Term shall be made the then Prevailing Market rate for the Must-Take Space, as determined in accordance with Subsection F below, as modified by this paragraph, provided that there shall be no Minimum Initial Base Rent or Maximum Initial Base Rent for such purposes. Landlord and Tenant acknowledge and agree that the provisions determination of Section 3 hereofBase Rent for the Advance Must-Take Term is independent of and shall not affect in any way the determination of Base Rent for the remainder of the Must-Take Term, as set forth in Subsection F below. In the event that the Tibco Sublease is in effect but Tenant has not yet taken possession of a portion of the Must-Take Space by the Advance Must-Take Effective Date, then Tenant shall take possession of such portion of the Must-Take Space, in its then as-is condition, immediately upon Landlord’s recovery of possession thereof, and Tenant shall not be required to pay Rent with respect to such portion until Landlord has so recovered possession. Promptly following the Early Termination Date, if any (regardless of whether such date is prior to April 1, 2010, notwithstanding Paragraph F.1 below), Landlord shall commence the procedure set forth in Subsection F below for determining the Prevailing Market rate for the Must-Take Space during the Advance Term.

Appears in 1 contract

Samples: Research and Development/Office Lease (Affymax Inc)

Existing Lease. Landlord Lessee is currently the tenant and Tenant hereby acknowledge and agree that (i) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into Lessor is currently the landlord under that certain Lease Agreement Lease, dated November 30as of February 11, 2006 1986, as the same has been amended by that certain First Amendment to Lease, dated as of June 1, 1988 and that certain Second Amendment to Lease, dated as of September 14, 1992 (collectively, the “Allscripts "Existing Lease"), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet Lessee currently leases space on the 26th and 35th floors of space the Building (the "Existing Premises”) in Space"). Lessor and Lessee hereby agree that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased the Existing Premises from Allscripts, Lease is modified as follows: (a) From and (iii) as of after the Effective Date until the termination date hereof, the Allscripts Lease and the Sublease have been terminated. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall have the right to remain in possession of the Existing Premises pursuant Lease (as the same may be extended in accordance with subsection (b) hereinbelow), Lessee shall pay to Lessor as the annual Base Rent under the Existing Lease an amount equal to $16.75 per rentable square foot contained in the Existing Space. Such Base Rent shall continue to be paid in accordance with the terms of this the Existing Lease. (b) The Existing Lease shall terminate as of March 31, (y) 1996 as though such date were the termination date set forth in the Lease; provided, however, such termination date shall be extended for each day that the purposes Commencement Date is delayed as a result of construing Tenant’s obligations in relation Lessor's Delay; provided, however, that the termination date of the Existing Lease shall not be extended to the extent that any Lessor's Delay results from Lessee Delay. Notwithstanding any provision in the Existing Premises under Lease to the terms contrary, Lessee shall not be required to pay any termination fee in connection with such termination of the Existing Lease. Notwithstanding any provision in this Lease, all references Section 32 or any other provision in this Lease to the “Premises” contrary, Lessee shall include not be excused from paying Base Rent, Additional Rent and any other sums due and owing or performing any of its other obligations under the Existing PremisesLease accruing through March 31, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On or before the Commencement Date, Tenant shall vacate the Existing Premises and return possession thereof to Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease of the Existing Premises, which payments shall be made in accordance with the provisions of Section 3 hereof1996.

Appears in 1 contract

Samples: Sublease Agreement (Web Street Inc //)

Existing Lease. Landlord (a) The Port Authority and Tenant hereby acknowledge and agree that (i) Landlord’s the Lessee's predecessor in interest, Corning RoadThe First Boston Corporation, L.L.C.have heretofore entered into an agreement of lease dated as of May 10, 1979, and Allscripts, LLC identified by Port Authority Lease No. WT-2209-N-6 (“Allscripts”) entered into that certain Lease Agreement dated November 30, 2006 (the “Allscripts Lease”1497), pursuant which agreement of lease, as the same has been heretofore supplemented and amended, is hereinafter called the "Existing Lease". (b) Effective as of 11:59 o'clock P.M. on December 31, 1998 (which date and hour is hereinafter referred to which Corning Roadas the "Existing Lease Surrender Date"), L.L.C. leased the Lessee hereby surrenders and yields up and does by these presents grant, bargain, sell, surrender and yield up to Allscripts approximately 10,273 rentable square feet of space the Port Authority, its successors and assigns, forever the entire premises under the Existing Lease (such premises under the Existing Lease being hereinafter referred to as the "Existing Premises") in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased term of years with respect thereto under the Existing Premises from AllscriptsLease yet to come, and has given, granted and surrendered and by these presents does give, grant and surrender to the Port Authority, its successors and assigns, all the rights, rights of renewal, licenses, privileges and options of the Lessee granted by the Existing Lease with respect to the Existing Premises, all to the intent and purpose that the said term under the Existing Lease and the said rights of renewal, licenses, privileges and options may be wholly merged, extinguished and determined on the Existing Lease Surrender Date with the same force and effect as if the said term were in, and by the provisions of the Existing Lease originally fixed to expire on such date and further to the extent and purpose that all obligations and rights of the parties under the Existing Lease end on the Existing Lease Surrender Date except for accrued obligations which are unpaid or unsatisfied thereunder on such Existing Lease Surrender Date. (iiic) The Lessee shall not be required to remove or change any of the construction or installation work performed, or any improvements made, in the Existing Premises, or to remove therefrom any furniture, equipment, signs, inventories, trade fixtures and/or other personal property of the Lessee or for which the Lessee is responsible as of the date hereof, the Allscripts Existing Lease and the Sublease have been terminatedSurrender Date. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall have the right to remain in possession The Lessee's continued occupancy of the Existing Premises after the Existing Lease Surrender Date pursuant to the terms provisions of this Lease, (y) Agreement shall be deemed delivery by the Lessee to the Port Authority of the Existing Premises for the purposes of construing Tenant’s obligations in relation to the Existing Premises under the terms paragraph (b) of this LeaseSection. (d) The Lessee shall have the non-exclusive right, all references in this Lease subject to the “Premises” shall include the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On or before the Commencement Date, Tenant shall vacate the Existing Premises and return possession thereof to Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease of the Existing Premises, which payments shall be made in accordance with the provisions terms and conditions of Section 3 hereofthis Agreement, to continue to use, maintain and replace for the term of the letting hereunder all ducts and conduits it was permitted to use under the Existing Lease solely for the purposes it was permitted to use same for its operations under the Existing Lease.

Appears in 1 contract

Samples: Lease Agreement (Credit Suisse First Boston Usa Inc)

Existing Lease. Landlord and Tenant hereby acknowledge and agree that (i) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into that certain the holdover term of the Existing Lease Agreement dated November 30shall expire on October 31, 2006 (the “Allscripts LeaseExisting Lease Expiration Date”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space (the “Existing Premises”) in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased the Existing Premises from Allscripts, and (iii) as of the date hereof, the Allscripts Lease and the Sublease have been terminated. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree .; provided that Tenant shall have the right to remain extend the Existing Lease Expiration Date for a period of one (1) month, through November 30, 2006, by giving Landlord irrevocable written notice thereof no later than October 24, 2006. Tenant’s base rent for the Existing Space through the Existing Lease Expiration Date (as it may have been extended) shall continue to be $53,361.00 per month, and Tenant shall continue to be liable for its proportionate share of Direct Expenses (as such term is defined in possession the Existing Lease) and any other additional rent amounts accruing under the Existing Lease until its expiration as herein provided. All terms of the Existing Premises pursuant Lease shall continue in full force and effect, including without limitation the surrender provisions thereof. Notwithstanding anything to the terms of this contrary herein or in the Existing Lease, Tenant shall have the right, prior to surrender of the Existing Space, to remove (i) Tenant’s personal property from the Existing Space and (ii) Tenant’s installed audio-visual equipment from the audio-visual room therein, provided that (x) Tenant surrenders the Existing Space in broom clean condition and (y) for Tenant repairs at its own expense any damage to the purposes of construing building in which the Existing Space is located caused by such removal or by Tenant’s obligations in relation to vacation of the Existing Premises under the terms of this Lease, all references in this Lease to the “Premises” shall include the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I BuildingSpace. On or before the Commencement DateHowever, Tenant shall vacate have no obligation to restore the Existing Premises and return possession thereof Space to the condition it was in at the time of its delivery to Tenant. Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to acknowledges that it currently holds a security deposit of $9,476.84 per calendar month for its lease of 182,132.43 under the Existing PremisesLease, which payments shall be made returned to Tenant following the Existing Lease Expiration Date (as it may have been extended) subject to and in accordance with the provisions terms of the Existing Lease and applicable law. Tenant and Landlord expressly agree that all rights and remedies available to Landlord under the Existing Lease and under applicable law shall apply in the event Tenant does not surrender the Existing Space to Landlord on the Existing Lease Expiration Date, as it may have been extended (subject to Tenant’s rights with respect to the Permitted Holdover Period, as set forth below), including without limitation the right to increase the monthly base rent thereunder as provided in Section 3 hereof24 of the Existing Lease to $308,308.00 (the “Unpermitted Holdover Rent”). Notwithstanding anything in this Section 5 to the contrary, Landlord shall allow Tenant up to a ten (10)-day grace period after the Existing Lease Expiration Date (as it may have been extended) to complete Tenant’s vacation and surrender of the Existing Space (the “Permitted Holdover Period”) at no cost to Tenant. However, if Tenant fails to surrender the Existing Space in the required condition on or before 5:00 p.m. on November 10, 2006 (or December 10, 2006, if the Existing Lease Expiration Date has been extended as permitted by this Agreement), then Tenant shall be obligated to pay holdover rent in the amount of the Unpermitted Holdover Rent as set forth above in this Section 5 for the entire month of November, 2006 or December, 2006, as applicable (and any succeeding months of hold-over), such Permitted Holdover Period being voided by such extended unpermitted holdover.

Appears in 1 contract

Samples: Lease Termination Agreement (Intervoice Inc)

Existing Lease. Landlord and Tenant hereby acknowledge and agree that (i) Landlord’s predecessor in interestTenant is currently a tenant at 2840 San Txxxx Expressway, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into that certain Lease Agreement dated November 30, 2006 (one of the “Allscripts Lease”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space Other Buildings located on the Real Property (the “Existing PremisesSpace”) in that certain office building now owned by Landlord pursuant to an Office Lease dated June 11, 1990, as amended and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina assigned (the “Crossroads I BuildingExisting Lease”). The Existing Lease is hereby extended from the expiration date thereof, i.e., March 31, 2006, through the fifth (ii5th) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 business day following the Commencement Date hereunder (the “SubleaseExisting Space Holdover Period”), pursuant . Notwithstanding anything to which Tenant subleased the contrary in the Existing Premises from AllscriptsLease, and (iii) as of Tenant’s Base Rent for the date hereof, Existing Space for the Allscripts Lease and the Sublease have been terminated. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall have the right to remain in possession entirety of the Existing Premises pursuant to Space Holdover Period (but excluding the terms of this Lease, five (y5) business days following the Commencement Date for the purposes of construing Tenant’s obligations in relation to which Base Rent shall not be charged on the Existing Premises Space) shall be Fifty-Three Thousand Three Hundred Sixty-One and 00/100 Dollars ($53,361.00) per month. Tenant shall continue to be liable for its proportionate share of Direct Expenses and any other additional rent amounts accruing under the terms of this Lease, all references in this Existing Lease to the “Premises” until its expiration as provided herein. Tenant shall include surrender the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On or before the Commencement Date, Tenant shall vacate the Existing Premises and return possession thereof to Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease of the Existing Premises, which payments shall be made Space in accordance with the provisions terms of Section 3 hereof.the Existing Lease. In the event of termination of this Lease for any reason prior to Tenant’s relocation from the Existing Space to the Premises, the Existing Space Holdover Period shall terminate thirty (30) days following the date of such Lease termination and Tenant shall surrender the Premises by the end of such extended Existing Space Holdover Period. If Tenant fails to timely surrender the Existing Space as required hereunder, Tenant shall be liable for holdover rent as originally provided in the Existing Lease. In the event the Commencement Date does not occur by September 29, 2006 as a result of Landlord Delay (hereinafter defined), the Base Rent for the Existing Space during the remainder of the Existing Space Holdover Period thereafter occurring (but excluding the five (5) business days following the Commencement Date for which Base Rent shall not be charged on the Existing Space) shall be reduced to $22,530.20 per month (payable on a per diem basis). The term “

Appears in 1 contract

Samples: Office Lease (Intervoice Inc)

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Existing Lease. Landlord and Tenant hereby acknowledge and agree that (i) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into that certain Lease Agreement dated November 30, 2006 (the “Allscripts Lease”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space (the “Existing Premises”) in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (iia) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3acknowledges that, 2008 (as of the “Sublease”)Lease Date, pursuant to which Tenant subleased occupies the Existing Premises from Allscripts, and (iii) as of under the date hereof, the Allscripts Lease and the Sublease have been terminated. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall have the right to remain in possession terms of the Existing Premises pursuant Lease, and that, subject to the terms of this Lease, (y) for the purposes of construing Tenant’s rights and obligations in relation with respect to the Existing Premises are and shall remain governed solely by he Existing Lease. Tenant agrees to vacate and surrender possession of the Existing Premises and to complete the relocation of its business operations to the Premises no later than five (5) business days following the Rent Commencement Date (the “Existing Premises Surrender Date”). Tenant shall surrender possession of the Existing Premises in such good and clean condition as is required by the Existing Lease as if such surrender of the Existing Premises was being effected as of the expiration of the Term of the Existing Lease, and, except as hereinafter provided, Tenant’s obligation to pay rent with respect to the Existing Premises shall cease to accrue as of the Rent Commencement Date. Notwithstanding the foregoing, except as provided in Exhibit J (with the items identified therein being referred to as the “Existing Lease Removal Obligations”), Tenant shall not be required to restore any condition or remove any alterations that exist in the Existing Premises as of the Lease Date. Tenant’s failure or refusal to vacate and surrender possession of the Existing Premises on or before the Existing Premises Surrender Date (other than in de minimis respects) in the condition required by this Section 2.2 shall, at the election of Landlord, upon notice to Tenant, constitute an Event of Default under the Existing Lease, and the payment of rent as to the Existing Premises in accordance with the Existing Lease shall continue to accrue as if Tenant was holding over possession of the Existing Premises beyond the expiration of the term of the Existing Lease without the consent of Landlord (in addition to the rent payable with respect to the Premises) until the actual vacation and surrender of the Existing Premises in accordance with the terms of this Lease. Subject to the foregoing, all references the Existing Lease shall be deemed terminated as of the Existing Premises Surrender Date, and Tenant shall have no further responsibility or obligations with respect to the Existing Premises except as provided in this Section 2.2(b). (b) Nothing herein is intended as a release of Tenant of any obligations under the Existing Lease to pay Operating Expenses and Tax Expenses accruing prior to the “Premises” shall include later to occur of the Rent Commencement Date and, if Tenant does not surrender the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On Premises on or before the Commencement Existing Premises Surrender Date, Tenant shall vacate the actual date of surrender of the Existing Premises in the condition required by this Section 2.2(a) (the “Existing Lease Early Termination Date”) and, in addition, shall not be a release by Landlord of any claim or right of indemnification by Tenant for any third party claims filed prior to or after the Existing Lease Early Termination Date and return possession thereof relating to Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease use and/or occupancy of the Existing PremisesPremises by Tenant or any of its, which payments shall be made in accordance with the provisions of Section 3 hereofemployees, agents, contractors customers or invitees.

Appears in 1 contract

Samples: Office Lease (iRhythm Technologies, Inc.)

Existing Lease. Landlord Lessee is currently occupying other space in the building pursuant to a lease between Penn Center Plaza No. Two, Ltd., an Ohio limited partnership and Tenant Lessor's predecessor in interest as the owner of the building, as landlord, and Home Unity Savings & Loan Association, as tenant, dated February 13, 1986, as thereafter amended (as so amended, the "Existing Lease"), Lessee having succeeded to the tenant's interest thereunder effective as of August 27, 1993. Lessor, as a material inducement to Lessee to enter into this lease, hereby acknowledge agrees with Lessee, and agree Lessee hereby agrees with Lessor, that the Existing Lease and the respective rights and obligations of the parties thereunder shall continue in full force and effect upon all of its terms and conditions (except as to its expiration date) until the Commencement Date and shall automatically and without the necessity of any further action by Lessor or Lessee terminate on the Commencement Date of the initial term of this lease (or, if this lease is for any reason terminated prior to the Commencement Date, the Existing Lease shall automatically terminate on the later of the date on which this lease terminates or February 28, 1994), except for liabilities accrued to the date of such termination, including, without limitation, Lessee's liability for all minimum and additional rent due under the Existing Lease through the date of such termination and Lessee's obligation to surrender the premises demised by the Existing Lease to Lessor. Lessor further agrees with Lessee that (i) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into that certain Lease Agreement dated November 30, 2006 (the “Allscripts Lease”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space (the “Existing Premises”) in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased the Existing Premises from Allscripts, and (iii) as of the date hereof, the Allscripts Lease and the Sublease have been terminated. Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant Lessee shall have the right (but not the obligation) to remain in possession relocate and utilize all of said former tenant's trade fixtures, furniture and equipment, including safety deposit boxes, ATM's arid night depositories, acquired by Lessee from The Resolution Trust Corporation, 4nd (ii) Lessee shall have no obligation to (a) restore or repair the Existing Premises premises demised pursuant to the terms Existing Lease at the termination thereof, (b) remove the vault or any other fixtures or equipment from such space, or (c) remove the vault or any other fixtures from the premises demised hereunder at the expiration of this Lease, (y) for the purposes of construing Tenant’s obligations in relation to the Existing Premises under the terms of this Lease, all references in this Lease to the “Premises” shall include the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On or before the Commencement Date, Tenant shall vacate the Existing Premises and return possession thereof to Landlord in broom-clean condition. Between the date hereof and the Commencement Date, Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease of the Existing Premises, which payments shall be made in accordance with the provisions of Section 3 hereoflease.

Appears in 1 contract

Samples: Lease Agreement (United Bancshares Inc /Pa)

Existing Lease. (a) Landlord and Tenant hereby acknowledge and agree that Tenant currently occupies the Premises (itogether with certain other space within the Project) Landlord’s predecessor in interest, Corning Road, L.L.C., and Allscripts, LLC (“Allscripts”) entered into pursuant to the terms of that certain Lease Agreement dated November 30, 2006 (the “Allscripts Lease”), pursuant to which Corning Road, L.L.C. leased to Allscripts approximately 10,273 rentable square feet of space (the “Existing Premises”) in that certain office building now owned by Landlord and commonly known as Crossroads Office Building I located at 0000 Xxxxxxx Xxxx, Cary, North Carolina (the “Crossroads I Building”), (ii) Tenant and Allscripts entered into that certain Sublease Agreement dated December 3, 2008 (the “Sublease”), pursuant to which Tenant subleased the Existing Premises from Allscripts, and (iii) as of the date hereofMarch 29, 2004 between Landlord's predecessor-in-interest (Mxxxxxx Office Park Investors LLC) and Tenant (as amended, the Allscripts Lease and the Sublease have been terminated"Existing Lease"). Between the date of this Lease and the Commencement Date, (x) Landlord and Tenant hereby acknowledge and agree that Tenant shall have the right to remain in possession of the Existing Premises pursuant to the terms of this Lease, (y) for the purposes of construing Tenant’s obligations in relation to the Existing Premises under the terms of this Lease, all references in this Lease to the “Premises” shall include the Existing Premises, and (z) all references in this Lease to the Building shall include the Crossroads I Building. On or before Until the Commencement Date, Tenant shall vacate continue to perform all of its obligations under the Existing Premises Lease (including, without limitation, the timely payment of rent and return possession thereof to Landlord in broom-clean conditionall other charges thereunder). Between the date hereof and Effective as of the Commencement Date, the Existing Lease shall terminate and neither Landlord nor Tenant shall pay Landlord Minimum Rental equal to $9,476.84 per calendar month for its lease have any rights, liabilities or obligations thereunder, except those obligations of Tenant under the Existing Lease or at law which survive the expiration or earlier termination of the Existing Lease (collectively, the "Surviving Obligations"). Tenant hereby acknowledges and agrees that, notwithstanding anything to the contrary set forth in the Existing Lease, the Surviving Obligations shall include, without limitation, Tenant's indemnification obligations, reconciliation payments due and owing on account of operating expenses and/or other charges that became due and owing under the Existing Lease, Tenant's obligation to vacate and surrender the premises leased by Tenant pursuant to the Existing Lease (other than the Premises, which payments shall be made ) in accordance with the provisions terms and conditions of Section 3 hereofthe Existing Lease, and Tenant's responsibility for any damages to the Premises during the term of the Existing Lease. (b) Releases.

Appears in 1 contract

Samples: Office Lease (Alliance Fiber Optic Products Inc)

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