Expansion Area Sample Clauses
The Expansion Area clause defines a specific portion of property or space that may be made available to a tenant for future lease or use. Typically, this clause outlines the conditions under which the tenant can exercise an option to lease additional space adjacent to or near their current premises, often specifying timelines, procedures, and any applicable rent adjustments. Its core practical function is to provide tenants with flexibility to grow their operations within the same location, while giving landlords a structured process for accommodating such expansion, thereby reducing uncertainty for both parties.
Expansion Area. As applicable, the area in reasonable proximity to any Premises (each Hub and Inspection Center) may include an area for expansion (“Expansion Area”). Either party may at any time during the Term of this Lease elect to develop the Expansion Area by delivery of written notice to the other party. If Landlord elects to develop the Expansion Area then Tenant shall respond in writing to Landlord’s election within 30 days with Tenant’s election to participate or not participate in the development of the Expansion Area. If Tenant elects in its sole discretion to participate then Tenant shall pay an agreed-upon portion of the actual costs incurred to effect such construction or development (“Expansion Costs”) and Tenant shall be entitled to use an equivalent portion of the Expansion Area as part of the Premises. If Tenant elects to not participate then Tenant shall not pay any of the Expansion Costs and shall not be entitled to use any of the Expansion Area as part of the Premises. If Tenant elects to develop the Expansion Area before receiving Landlord’s election to develop the Expansion Area then Tenant shall deliver written notice to Landlord and Landlord shall respond in writing to Tenant’s election within 30 days with Landlord’s election to participate or not participate in the development of the Expansion Area. If Landlord elects to participate then Landlord and Tenant shall mutually agree upon the use of the Expansion Area and whether Tenant will participate in paying for the actual Expansion Costs or pay additional Base Rent. Tenant shall be entitled to use that portion of the Expansion Area as mutually agreed to by the parties and as part of the Premises in the same manner as if Landlord first elected to develop the Expansion Area and Tenant elected to participate. If Landlord does not elect to participate in Tenant’s development of the Expansion Area then Tenant may elect to develop all or less than all of the Expansion Area and Tenant shall pay the entire actual Expansion Cost incurred but be entitled to use the entire developed Expansion Area as part of the Premises and without Tenant consent Landlord shall not be entitled to use any of the Expansion Area developed by Tenant without Landlord’s participation. If less than all of the Expansion Area is developed then the same rights of development and participation shall continue to apply to the balance of the Expansion Area until the earlier of the development of the entire Expansion Area or expiration o...
Expansion Area. The Second Expansion Area shall be defined as the additional 10,208 square feet of Rentable Floor Area being leased by Tenant located on the 1st floor of the Building, as shown in green on Exhibit "B-4" attached hereto. The Expansion Area shall be included in definition of Demised Premises for all purposes of this Lease when such definition would not be consistent with the specific reference to the First Expansion Area."
Expansion Area. A. Subject to all the terms and conditions of the Lease, Sublessor hereby leases the Expansion Area to Subtenant, and Subtenant hereby leases the Expansion Area from Sublessor, for a term (the “Expansion Term”) commencing on September 1, 2013, or such later date, as applicable, as the Expansion Area is delivered to Subtenant in the condition required by Section 5 below (the “Expansion Date”) and expiring on the Sublease Expiration Date, unless otherwise earlier terminated in accordance with the terms and conditions of the Sublease, including without limitation the provisions of this Subsection 4.A., below. Sublessor and Subtenant hereby stipulate and agree that the rentable area for the Expansion Area is 31,281 square feet, and from and after the Expansion Date, the Sublet Premises shall contain 62,562 rentable square feet. The parties hereto acknowledge that the Expansion Area is currently occupied by Sublessor, and that Sublessor is in the process of negotiating a new lease for space that will accommodate the employees of Sublessor currently occupying the Expansion Area (the “New Lease”). If the space under the New Lease is not ready for Sublessor’s occupancy or if, for any reason whatsoever, the New Lease is terminated, Subtenant acknowledges that Sublessor shall be delayed in delivering the Expansion Area to Subtenant. If, for any reason, Sublessor is unable to deliver possession of the Expansion Area to Subtenant on the Expansion Date, Sublessor shall not be liable for any damage caused thereby, nor shall the Sublease or this First Amendment be void or voidable, but rather the commencement of the Expansion Term shall be delayed until, and shall commence upon (and the Expansion Date shall be), the date that possession of the Expansion Area is tendered to Subtenant in the condition required by Section 5, below. Notwithstanding anything contained in this First Amendment or Original Sublease to the contrary, in the event that Sublessor is unable to deliver possession of the Expansion Area to Subtenant on or before December 31, 2013 due to either (i) failure of the new landlord under the New Lease to deliver timely possession of the space under the New Lease to Sublessor or (ii) casualty or condemnation of the space under the New Lease or Expansion Area), Sublessor shall have the right to terminate the Sublease with respect to the Expansion Area only by delivering written notice of such termination to Subtenant at any time from and after December 31, 2013 ...
Expansion Area. Within the Expansion Area,
a. All lands within Zone A as shown on Exhibit A (east of U.S. Highway 41) shall attach to the City as of March 1, 2013.
b. All lands in Zone B as shown on Exhibit A shall attach to the City as of March 1, 2018.
c. All lands in Zone C as shown on Exhibit A (east of Clairville Road) shall attach to the City as of March 1, 2023.
d. All lands in Zone D as shown on Exhibit A (west of Clairville Road) shall attach to the City as of March 1, 2043.
e. Lands may be annexed to the City prior to the above dates only upon the unanimous consent of the owners of the lands, exclusive of any right-of- way that may be annexed. Such annexations need not be contiguous to the City and may create town or city islands. Such annexations shall include the entire width of highway rights of way abutting the lands annexed. The Town shall not oppose, nor support opposition to, annexations consistent with the terms of this Agreement.
f. The Town consents to the construction of City utilities in Town rights of way and easements as necessary to serve annexed lands subject to the City’s obligations (i) to maintain access to Town territory, (ii) not to interfere with Town utilities, and (iii) to restore the right of way or easement in accordance with commonly accepted practices.
g. The Town will not interfere with or object to City applications to extend its sewer service area consistent with this Agreement.
h. The City shall provide sanitary sewer, storm sewer and water services to lands prior to annexation or attachment on the same extension, cost and payment terms as those generally applicable to similarly situated lands within the City, provided: (1) such services could be made available to such lands if they were within the City; and (2) the owners of such lands unanimously agree to annexation or attachment to the City effective 5 years after the service is available. Lands under such agreements shall be attached to the City pursuant to this Agreement and shall be subject to City zoning and land use regulation pending the attachment.
i. The City shall be responsible for all actions necessary to accomplish annexations or attachments as provided herein.
Expansion Area. If the tenant under the Lease does not exercise its expansion rights and does not participate in the development of the Expansion Area with HF, then HF shall have the right to either purchase the Expansion Area from the Company (if the Expansion Area has not been previously subdivided, all costs required to subdivide the Expansion Space to satisfy the California Subdivision Map Act or any other conveyance requirements shall be the sole cost of HF, and Skechers shall have the right to approve all such subdivision documents, such approval not to be unreasonably withheld or delayed) at its then fair market value, or to enter into a ground lease of the Expansion area at its then fair market rent (which ground lease shall be for a term of not less then twenty (20) years and upon commercially reasonable market terms and conditions). If the parties cannot agree on fair market value or fair market rent, as the case may be, then such amounts will be determined by an appraisal process as follows: Within fifteen (15) days after one party notifies the other that there is no mutual agreement with respect to the determination of fair market value or fair market rent, as the case may be, each party shall appoint an independent appraiser which has at least ten (10) years experience in appraisals of industrial real estate in the Riverside County, California area and who is a member of the Master Appraisers Institute. Each such appraiser shall submit his or her opinion as to the fair market value or fair market rent, as the case may be, within thirty (30) days after appointment. If only one party appoints an appraiser, then his or her opinion as to fair market value or fair market rent, as the case may be, shall be conclusive and binding on both parties. If the opinions of the two appraisers are within ten percent (10%) of each other, then the average of the two appraisals will be conclusive and binding on the parties as to fair market value and fair market rent, as the case may be. If the opinions differ by more than ten percent (10%), then the two appraisers shall appoint a third, independent appraiser (with the same qualifications as above) who shall submit his or her opinion as to the fair market value or fair market rent, as the case may be, within thirty (30) days thereafter, and such opinion shall be conclusive and binding on the parties. If the two (2) appraisers cannot mutually agree upon a third appraiser, then the third appraiser will be selected by an arbitrator...
Expansion Area. [See Attached] Schedule 1.1 to Divestment Letter Agreement [See Attached] Exhibit A to Divestment Letter Agreement
Expansion Area. As per 10/01/2024, Tenant agrees to lease the other areas available in the building in accordance with Sec. 1.1 - Office areas on the 2nd floor (MB 11, 15, 16) at approx. 2,070.27 m2 - Parking spaces 25 units (so-called “expansion area”) as outlined in green in the ground plan enclosed as Addendum 1.4. The location of parking spaces shall be determined by Landlord based on available parking spaces and to be specified in the amendment agreement yet to be concluded. Where possible, Landlord agrees to specify contiguous parking spaces in the area of the already leased parking spaces. Landlord has the right to lease the aforementioned expansion area, or parts thereof, prior to 10/01/2024, provided such lease agreements end no later than 09/30/2024. The parties agree to document the expansion of the leased areas and the location of the parking spaces, any associated changes of the lease agreement, and the improvement condition owed by Landlord in the form of a written form-compliant amendment to this lease agreement by no later than 04/01/2024. The rent payable for the expansion area corresponds to the per m2 rent payable for existing areas on the 2nd floor. The prepayments payable by Tenant for additional service charges shall be adjusted accordingly. In relation to the condition owed for the expansion area, the Parties already here and now agree that Landlord shall improve this expansion area as stipulated in agreements for areas 1.2.c and as contractually rendered by Landlord upon handover of existing areas. The improvements rendered by Landlord and agreed as reference during the condition transcript (Section 2.11.5 et. seq.) shall be definitive in this regard. Where Tenant desires improvements above and beyond the condition owed by Landlord, any additional costs generated by said improvements shall be absorbed by Tenant. Landlord is only required to implement Tenant’s wishes when the improvements are technically possible in the building and permitted by existing regulatory specifications. Landlord is entitled to demand from Tenant an appropriate cost advance for improvement costs to be absorbed by Tenant. Landlord shall provide a statement of accounts for improvement costs after improvement work is completed. The share payable by Tenant is due for payment within 4 weeks following receipt of an invoice compliant with statutory specifications. Any delays in completing the leased premises attributable to Tenant’s non-standard requests / additional furnishings ...
Expansion Area. The area within 200 feet to the west (except that area currently in the roadway right-of-way approximately 175 feet from the west boundary line) and 400 feet to the east of the western and eastern boundaries, respectively, of the Premises and having the same north-south depth as the said western and eastern boundaries (hereinafter called the "expansion area") shall be reserved for expansion of LESSEE'S operations; LESSOR hereby grants to LESSEE an option, to be exercised at any time while any part of the expansion area remains unimproved by LESSOR, by giving 30 days' written notice to LESSOR, to add to the area included within this Lease any or all of such unimproved expansion area at the same rental as is then being paid for the Premises for a term which shall be the same as the unexpired term of this Lease with the same renewal option provisions and subject to the same rental adjustments. LESSOR will not construct any building or otherwise improve the expansion area without LESSEE'S prior written consent. If LESSOR shall request such consent and LESSEE shall deny the same, without itself exercising the aforesaid option to expand, then, in that event, LESSEE shall pay to LESSOR one quarter (1/4) of the then applicable rental per square foot for the Premises for the duration of the Lease and its renewal periods or until the LESSEE shall either exercise its option to utilize the said expansion area or consent to LESSOR'S proposed use of the expansion area.
Expansion Area. The Premises shall be expanded to include an -------------- additional 1,406 square feet all as ▇▇▇▇ particularly shown on the Exhibit ------- E attached hereto and constituting a part hereof (the "Expansion Area"), - which brings to total square footage of the Premises to 5,848 square feet.
Expansion Area. During the period commencing upon February -------------- 15, 2000 and concluding one hundred twenty days (120) thereafter (the "First Expansion Period"), Tenant shall have the right to first negotiate with Owner for Tenant's rental of that portion of the first floor of the Building depicted on Exhibit A-1 (the "Expansion Area"). Following the expiration of the ----------- Expansion Period, Tenant shall the right to first negotiate with Owner for Tenant's rental of the Expansion Area for an additional six (6) calendar months (the "Second Expansion Period"). If Tenant desires to continue its right to first negotiate for the rental of the Expansion Area during the Second Expansion Period, Tenant shall so notify Owner prior to the expiration of the First Expansion Period and Tenant shall pay to Owner the sum of $.50 per square foot of rentable area in the Expansion Area for each month during the period from the commencement of the Second Expansion Period until the earlier of:
(a) the expiration of the Second Expansion Period; (b) the date of Tenant's waiver of its right to first negotiate for the rental of the Expansion Area; or (c) the date of Tenant's rental of all or a portion of the Expansion Area.