Expansion Option. Tenant shall have the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then: (a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date. (b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below. (c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
Appears in 2 contracts
Samples: Lease (Five Prime Therapeutics Inc), Lease (Five Prime Therapeutics Inc)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the optionoption (the "Expansion Option") to lease up to Five Thousand, exercisable by written notice Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord at any time on or before December 31, 2012, should Tenant choose to cause exercise the Expansion Premises Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be added contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Premises Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Prior Lease on December 31Term of the Lease, 2013, at unless sooner terminated by Tenant in accordance with Paragraph 42 of the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of does not exercise the Expansion Premises is to be tendered to TenantOption on or before October 1, then the exercise of the option 1994, it shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Dateexpire automatically.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
Appears in 2 contracts
Samples: Sublease Agreement (Landacorp Inc), Sublease Agreement (Landa Management Systems Corp)
Expansion Option. Tenant So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the option"Expansion Option"), exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration remainder of the Prior Lease Master Premises (the "Expansion Space") on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the same terms and provisions conditions set forth in this LeaseSublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. If Tenant Notwithstanding anything to the contrary contained herein, if Subtenant is in default hereunder, beyond under any applicable notice and cure periods, on the date of such notice or on the date possession of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Premises is Option, Wind River shall have, in addition to be tendered to Tenant, then the exercise all of the option shall be of no force or effectWind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Premises shall not be added Option upon notice to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:Subtenant.
(a) Landlord In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Tenant Subtenant shall promptly prepare and execute enter into an amendment to this Lease providing for the addition of Sublease to add the Expansion Premises Space to the Premises covered by this Leasedefinition of "Sublease Premises". In addition, effective as of the Direct Term Commencement Date.following terms shall be included in such amendment:
(bi) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet commencement date for the Expansion Premises) (the “Expansion TI Allowance”), to Space shall be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent Space Delivery Date (as defined below);
(ii) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSubtenant's Proportionate Share shall be increased to 100%.
(iii) the Base Rent applicable to the Expansion Space shall be the same as the then applicable Base Rent for the Premises; and
(iv) the term for the Expansion Space shall be the same as the Term set forth herein.
Appears in 2 contracts
Samples: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Expansion Option. Provided that (i) at the time Tenant exercises the expansion option provided herein, Tenant is not in default under any terms and conditions under this Lease beyond the expiration of any applicable notice or cure period, and (ii) the current use of the Leased Premises has not materially changed since the Commencement Date, commencing on the Commencement Date and thereafter during the Term, Tenant shall have the optionoption to expand the Premises (the "Expansion Option") to include the space on the 2nd and 3rd floor identified as “Future Expansion" on the layouts in Exhibit B-1 (the “Expansion Space”), exercisable upon and subject to the following terms and conditions, and subject to the availability of such Expansion Space at the time Tenant wishes to exercise its Expansion Option (for purposes of this Section, net Expansion Space shall be deemed to be "available" only if it is not, on the date of Tenant's exercise of its Expansion Option, subject to a lease agreement with, or occupied by, any tenant, subtenant or other occupant):
A. Tenant may exercise the Expansion Option only by written notice to Landlord (the "Expansion Notice") at any time on or before December 31, 2012, to cause the Expansion Premises to be added least two hundred seventy (270) days prior to the Premises date upon expiration of which Tenant desires to expand into the Prior Lease on December 31, 2013, at available net Expansion Space (the minimum rental rate provided in Section 3.1(a)(ii) "Expansion Date"). The Expansion Date and otherwise upon all the terms and provisions net Expansion Space contemplated by Tenant must be specifically set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then Notice; and at the time Tenant provides its notice of exercise of the option shall be of no force or effectits Expansion Option, the Expansion Premises Space must be available for lease to Tenant.
B. Landlord shall not be added have no obligation to relocate or terminate the leases of any existing tenants who, as of the date that Tenant provides its notice of exercise of its Expansion Option, lease any portion of the designated Expansion Space (or their successors, assignees, subtenants or other occupants), in order for Tenant to exercise its Expansion Option.
C. At the time Tenant exercises its Expansion Option as to the designated Expansion Space, Xxxxxx's First Right of Offer as to said designated Expansion Space shall terminate.
D. All terms, covenants, conditions and provisions of this Lease applicable to the Premises, including without limitation the rate of Minimum Rent per net square foot per annum, shall apply with like force and this option effect to the Expansion Space, except that (1) the term for the lease of the Expansion Space shall be the greater of no further force (hereinafter, the "Expansion Term"): (a) the remaining Term for the lease of the Premises or effect. The option granted herein may be exercised (b) a period of three (3) years; (2) the lease of the Expansion Space by any permitted assignee of Tenant’s interest under this Lease, but may Tenant shall commence on the date that Landlord delivers the Expansion Space to Tenant with Landlord's Expansion Work (as hereinafter defined) Substantially Completed; and (3) Landlord shall not be assigned obligated to make any alterations or exercised by improvements to the Expansion Space, or to provide Tenant with any subtenantallowances or other funds with respect to the Expansion Area, except as otherwise provided in Section 3.10(E) below. If Tenant duly timely and validly properly exercises such optionits Expansion Option as to any Expansion Space, then:
Tenant shall, promptly upon Landlord's request, and within thirty (a30) days after the date on which Tenant provides its written notice to Landlord and that Tenant shall promptly prepare and execute desires to exercise its Expansion Option as to the Expansion Space, enter into an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition Expansion Space as to which Tenant has so exercised its Expansion Option, which amendment shall be in a form reasonably acceptable to both Landlord and Tenant and shall confirm the terms and conditions of Tenant's lease of the Expansion Premises Space as of provided herein, and shall contain such other terms and conditions as Landlord and Tenant reasonably and mutually deem to be necessary or appropriate.
E. Landlord shall construct and renovate the Direct Term Commencement Date shall be governed by Expansion Space, similar to Landlord’s Work for the same provisions applicable to the remainder of the Premises Leased Premise, pursuant to Sections 2.3(a) plans and specs that are mutually acceptable to Landlord and Tenant (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount "Landlord's Expansion Work"). Upon Substantial Completion of One Hundred Seventy-Six Thousand One Hundred Forty-Five Landlord's Expansion Work and No/100 Dollars ($176,145.00, calculated at the rate delivery of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment exclusive possession of the Expansion Premises and/or the construction Space to Tenant as herein provided, Xxxxxx shall execute a letter of tenant improvements understanding, substantially in the form of the Letter of Understanding executed in connection with the Premises.
F. This Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises Option shall be governed by the same provisions applicable personal to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid originally named herein and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used extend to any assignee, except for a Tenant Affiliate or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSuccessor.
Appears in 1 contract
Samples: Lease Agreement
Expansion Option. Landlord hereby grants to Tenant an option (the “Option”) to lease the adjoining contiguous space (Suites 106 and 107) containing 8850 rentable square feet (“Option Space”), which option shall have begin on the optionCommencement Date and shall expire, exercisable by if not sooner exercised, at 5:00 p.m. (est.) on April 1, 2001. To exercise this Option, Tenant must provide written notice to Landlord at any time on or before December 31not later than April 1, 2012, to cause the Expansion Premises to be added to the Premises upon expiration 2001 of its exercise of the Prior Lease on December 31Option to lease the Option Space in which event Landlord shall make all necessary leasehold improvements thereto at Landlord’s cost and expense providing that Tenant shall be required to reimburse Landlord before occupancy for the cost thereof in excess of $24.00 per square foot. Tenant agrees to pay to Landlord together with the Base Rent, 2013, at the minimum rental rate provided monthly sum of $3871.88 plus sales tax thereon until either (i) Tenant has exercised the Option and Landlord has completed the leasehold improvements thereto in Section 3.1(a)(ii) and otherwise upon all which event the terms and provisions Rent shall be the same per square foot rent as set forth in this LeaseAddendum above; (ii) Tenant’s rights to the Option Space have terminated; or (iii) Tenant has cancelled the Option by furnishing not less than ninety (90) days prior written notice of such termination and has vacated the Option Space. From the Commencement Date until July 1, 2001, Tenant may use the option space for storage purposes and for no other purpose. If Tenant is has not exercised the Option in default hereunderaccordance herewith, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Leaseright to use the Option Space for storage will terminate effective on midnight July 1, but may not be assigned to or exercised by any subtenant2001. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective THIS FIRST AMENDMENT TO LEASE is entered into as of the Direct Term Commencement Date28th day of November, 2001, by and between HGL PROPERTIES L.P., LTD.
, a Florida limited partnership (b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI AllowanceLandlord”), and NATIONAL MORTGAGE CENTER, LLC, a Delaware limited liability company (“Tenant”). All terms not otherwise defined herein shall have the meaning assigned to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements them in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this “Lease, will not become Landlord’s property and remain with the Premises ” (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease).
Appears in 1 contract
Expansion Option. From and after the Effective Date and continuing through the Primary Lease Term (the “Expansion Period”), and subject to any existing renewal, expansion, right of first refusal, right of first offer, or other rights of current tenants in the Building, Landlord hereby grants to Tenant an ongoing option to expand in the Building (the “Expansion Option”) for up to 10,000 rentable square feet of space in the Building Complex (the “Expansion Space”), to be exercised in accordance with this Section. This Expansion Option shall automatically terminate upon expiration of the Expansion Period.
A. If Tenant wishes to lease any Expansion Space during the Expansion Period, Tenant shall have so notify Landlord in writing (“Tenant’s Expansion Notice”) identifying the optionsquare footage (and, exercisable by written notice to the extent identified, the location) of Expansion Space it wishes to lease (the “Subject Expansion Space”). Tenant’s Expansion Notice may be given to Landlord on any Subject Expansion Space at any time on or before December 31, 2012, to cause during the Expansion Premises Period. Tenant shall continue to have the Expansion Right during the Expansion Period as to any Subject Expansion Space not identified in Tenant’s Expansion Notice. If Tenant does provide Tenant’s Expansion Notice to Landlord during the Expansion Period and such Subject Expansion Space has not been leased by Landlord to another tenant or is space for which Landlord is not then actively negotiating either a letter of intent or a lease with a prospective tenant, the Subject Expansion Space identified therein shall be added to the Premises upon expiration for all purposes of the Prior this Lease on December 31, 2013, at the minimum rental rate provided following terms and conditions: (i) the term of any such lease of Subject Expansion Space shall be co-terminous with the Lease Term; (ii) the Base Rent shall be Market Rent (as defined in Section 3.1(a)(ii44 below) based on a five year lease term as reasonably determined by Landlord; and otherwise upon (iii) Rent shall commence for the Subject Expansion Space on the date the Subject Expansion Space is delivered to Tenant. Any improvements or Alterations in the Subject Expansion Space constructed by Tenant shall be constructed in accordance with and subject to all of the terms and provisions set forth in conditions of this Lease. If Notwithstanding the foregoing, in the event Tenant leases any Subject Expansion Space during the last 24 months of the Primary Lease Term, Tenant shall be required to extend the lease of the Premises then being leased by Tenant in accordance with Section 44 below.
B. Tenant’s Expansion Option is in default hereunder, beyond any applicable notice and cure periods, subject to the conditions that: (i) on the date that Tenant delivers Tenant’s Expansion Notice, an uncured Event of such Default does not then exist, and (ii) Tenant shall not have assigned this Lease, or sublet all or any portion of the Premises under a sublease which is in effect at any time during the period commencing with Tenant’s delivery of its notice or and ending on the date possession of the Subject Expansion Premises Space is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force to any person or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenantentity other than in connection with a Permitted Transfer. If Tenant duly and validly so exercises such optionits Expansion Option, then:
(a) then within 30 days thereafter, Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing to add the Subject Expansion Space to the Premises as of the date possession of the same is delivered to Tenant, and with an appropriate adjustment to Base Rent, Tenant’s Pro Rata Share and any other provisions that are affected by the rentable square footage of the Premises and, if applicable, such amendment shall include an extension of the Primary Lease Term for the Premises leased by Tenant prior to the addition of the Subject Expansion Premises to the Premises covered by Space. All other terms and conditions of this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date Lease shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) Subject Expansion Space and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in occupancy thereof from and after the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by time that Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasetakes occupancy thereof.
Appears in 1 contract
Samples: Office Building Lease (Ada-Es Inc)
Expansion Option. Provided Tenant is not in default at the time of exercise or at the time of commencement of the expansion option referred to hereinbelow, Tenant shall have the option to lease the entire premises known as Building B, PGA Professional Center (the "Expansion Premises") as more particularly described in the Amended and Restated Business Lease dated July 1, 1996, between Landlord and Catalfumo Construction, Ltd. (the "Catalfumo Lease"). To exercise the option, exercisable by Tenant must give Landlord written notice of its intention to Landlord at any time on or before December 31exercise the option no later than October 30, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease2000. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of elects to lease the Expansion Premises is to be tendered to TenantPremises, then the after such exercise of the option shall be of no force or effectand in any event prior to April 20, the Expansion Premises shall not be added to the Premises2001, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare negotiate in good faith and execute enter into an amendment to this the Lease providing for the addition of which shall incorporate the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights therein and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord which shall provide Tenant with a tenant improvement allowance in that (i) the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot minimum annual rent for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the sum of $15.50 per sq. ft. plus operating expenses and real estate taxes, (ii) the term of the lease of the Expansion Space shall commence no later than June 30, 2001 (or such earlier or later date as may be mutually agreed to in writing between the parties) and shall expire on the same provisions day as the lease expiration date stipulated in the Lease (as the same may be extended by any renewal options exercised in accordance with Paragraph 40 of the Lease), (iii) the base year for determining Excess Operating Expenses for the Expansion Premises shall be the year 2001, (iv) Tenant shall be allowed a 90 day period immediately following commencement to perform, install or construct, at Tenant's expense, any desired improvements to the Expansion Premises ("Tenant Improvements"), during which 90 day period no rent (which term shall include pass-through expenses for taxes, insurance and operating expenses) shall accrue or be payable by Tenant with respect to the Expansion Premises, and (v) all of the remaining terms and conditions of the Lease shall be applicable to the remainder Expansion Premises, except that adjustments reflecting the increased total square footage demised under the Lease shall be made to the Tenant's Proportionate Share of Excess Operating Expenses, the number of additional parking spaces available for the exclusive use of Tenant with respect to the Expansion Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may shall be drawn down not less than ______ spaces, and the amount of any rent reduction then in effect for janitorial or other responsibilities of Landlord assumed by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used in accordance with Paragraphs 5A or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease5C hereinabove.
Appears in 1 contract
Samples: Office Lease (Wackenhut Corp)
Expansion Option. 43.1. Subject to the conditions set forth in this Article 43, Tenant shall have the optionright, exercisable but not the obligation, to expand the Premises (the “Expansion Option”) to include up to (a) approximately twenty-five thousand six hundred ninety-nine (25,699) rentable square feet of additional office space and approximately one hundred two thousand five hundred ninety (102,590) rentable square feet of additional manufacturing space in the Building (the “Primary Expansion Space”) plus (b) subject to the right of first refusal as of the Execution Date (the “Prior Right”) of Revance Therapeutics, Inc. (“Revance”), approximately thirty-two thousand five hundred seventy (32,570) rentable square feet of additional office space and approximately four hundred twenty-six (426) rentable square feet of additional manufacturing space in the Building (the “Secondary Expansion Space” and, collectively with the Primary Expansion Space, the “Expansion Space”). The Primary Expansion Space and Secondary Expansion Space are depicted on Exhibit J attached hereto. Notwithstanding anything in this Lease to the contrary, the Expansion Option with respect to the Secondary Expansion Space shall be subject to the Prior Right.
43.2. Tenant may exercise the Expansion Option by providing Landlord, no later than twelve (12) months after the Term Commencement Date (the “Expansion Option Period”), with not less than three (3) months’ prior written notice that Tenant has elected to Landlord at any time on or before December 31, 2012, to cause exercise the Expansion Premises to be added to Option and the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession portion of the Expansion Space that Tenant has elected to lease; provided, however, that any Expansion Space leased by Tenant shall be contiguous to the then-current Premises is and the remainder shall be in a configuration that is, in Landlord’s opinion, leasable to be tendered a third party tenant.
43.3. Within ten (10) days after Tenant exercises the Expansion Option with regards to Tenantany Primary Expansion Space, then Tenant and Landlord shall enter into a written amendment to the exercise Lease (the “Amendment”), which amendment shall provide, unless otherwise agreed in writing, (a) that the commencement date of the option Expansion Space shall be of no force or effect, the date that is agreed to by the parties but not less than three (3) months after Tenant notifies Landlord that Tenant is exercising the Expansion Option, but in no event later than the date that is fifteen (15) months after the Term Commencement Date, (b) that the Premises under this Lease shall not be added increased to include the rentable square feet of the Expansion Space, (c) the new Base Rent, which shall be determined by multiplying the rentable square feet of the Premises (including the Expansion Space) by the then-current Base Rent per square foot, (d) Tenant’s new Pro Rata Share of Operating Expenses based upon the addition of the Expansion Space to the Premises, and this option (e) the proportionate increase to the Security Deposit (which increase shall be payable to Landlord upon execution of the Amendment), (f) that Landlord shall provide to Tenant a tenant improvement allowance not to exceed Fifteen Dollars ($15) per rentable square foot as of the date first written above (which Tenant shall repay to Landlord as Additional Rent amortized at a rate of nine percent (9%) over the initial Term in accordance with Section 4.1), (g) (provided that Tenant does not lease the entire Building) that Landlord, at its sole cost and expense, shall separate or separately monitor the domestic water, electrical and gas utilities as part of the Premises, but exclusive of the remainder of the Building and install meters or submeters (or other means) to monitor Tenant’s usage of such utilities (if not tied to the meters or submeters for the Premises), (h) (provided that Tenant leases the entire Building) that Tenant shall be responsible for certain additional maintenance obligations related to the Building (to be agreed upon by Landlord and Tenant) that would otherwise be performed by Landlord and (i) (provided that Tenant leases the entire Building) that Articles 43 and 44 shall be void and of no further force or effect. The option granted herein may be exercised by any permitted assignee In all other respects, this Lease shall remain in full force and effect, and shall (except with regard to the free rent period at the commencement of Tenant’s interest under the initial Term of this Lease) apply to the Expansion Space.
43.4. Within three (3) business days after Tenant exercises the Expansion Option with regards to any Secondary Expansion Space, but may not be assigned to or exercised by any subtenantLandlord shall notify Revance in writing in accordance with the terms of Revance’s lease. If Tenant duly and validly exercises Revance does not timely exercise the Prior Right with respect to any such optionSecondary Expansion Space, then:
(a) Landlord and Tenant shall promptly prepare shall, within ten (10) days after the lapse of Revance’s right to notify Landlord that it desires to lease such Secondary Expansion Space pursuant to the Prior Right, enter into an Amendment in accordance with Section 43.3 with respect to such Secondary Expansion Space.
43.5. In the event that Tenant timely exercises the Expansion Option with respect to and execute an amendment to this Lease providing for the addition leases less than all of the Expansion Premises to Space, the Premises covered by this Lease, Expansion Option shall remain effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot Expansion Space for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Expansion Option Period, subject to the terms of this Article 43. Notwithstanding anything in this Lease to the contrary, in the event that Tenant leases the entire Building, the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31consist of three hundred five thousand twenty-six (305,026) rentable square feet, 2014 and thereafter shall no longer be available subject to adjustment in accordance with Section 7.1.
43.6. Notwithstanding anything in this Article 43 to the contrary, Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including exercise the Expansion Premises) upon expiration or termination Option during such period of time that Tenant is in default under any provision of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement Any attempted exercise of the Expansion TI Allowance Option during a period of time in which Tenant is so in default shall be as set forth in void and of no effect. In addition, if Tenant has Defaulted under this Lease two (2) or more times during the Workletter as defined below. Draw-downs of twelve (12)-month period immediately prior to the date that Tenant exercises the Expansion TI Allowance by Option, whether or not Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasehas cured such Defaults.
Appears in 1 contract
Samples: Lease (Daystar Technologies Inc)
Expansion Option. (a) Landlord presently owns the property lying easterly of the Property and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option (the option"Expansion Option"), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location of the space subject to the Expansion Option within the Expansion Property (the "Expansion Space") shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercised.
(b) The Expansion Option shall be exercisable only by written notice from Tenant to Landlord at no later than March 1, 2005, and only if Tenant is not then in default under this Lease (beyond any time on or before December 31applicable notice and cure periods). Such written notice (the "Exercise Notice") shall state that Tenant is exercising the Expansion Option hereunder and shall state specifically the phasing (if any) pursuant to which Tenant proposes to occupy the Expansion Space, 2012subject to the limitations hereinafter set forth. Upon timely giving of a timely Exercise Notice by Tenant, (i) Landlord shall proceed with reasonable diligence and with commercially reasonable efforts to obtain all governmental approvals required for the construction of the Expansion Space, including, but not limited to, any governmental approvals required for the redevelopment of the Expansion Property to accommodate the construction of the Expansion Space (provided that if Landlord is unable, despite the exercise of reasonable diligence and commercially reasonable efforts, to cause obtain all such required governmental approvals within six (6) months after delivery of Tenant's Exercise Notice, then upon written notice thereof by either party to the other, Tenant's Exercise Notice shall be deemed to be rescinded and the Expansion Premises to Option shall be added of no further force or effect) and (ii) subject to the Premises upon expiration receipt of such required governmental approvals, the Prior Lease Expansion Space shall be leased to Tenant on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) following terms (and otherwise upon all on the additional terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice except for Article 6 hereof and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added except to the Premises, and extent inconsistent with the terms specified in this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. 6.3): The Expansion TI Allowance may be drawn down by Tenant Space shall, at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be 's election as set forth in the Workletter as defined below. Draw-downs Exercise Notice, be leased and occupied either all at once, with a single Rent Commencement Date, or in two separate phases, with the first phase having a minimum size of at least fifty percent (50%) of the total Expansion Space and the second phase constituting the balance of the Expansion TI Allowance by Space. The Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be determined in the same manner as provided in Section 2.1 hereof (180 days after Landlord's delivery of a Structural Completion Certificate, subject to any adjustments applicable under the Workletter, or on the date Tenant takes occupancy of and commences operation of its business in the applicable space, whichever occurs first), provided that such Rent Commencement Date shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of occur prior to December 1, 2006 unless triggered at an earlier date by Tenant’s rental obligations under this Lease.'s
Appears in 1 contract
Samples: Build to Suit Lease (Tularik Inc)
Expansion Option. 25.1 Provided no Event of Default exists, Tenant shall have may lease up to 5,175 Rentable Square Feet designated on Exhibit A-1 (the option“Expansion Space”), exercisable by written notice delivering to Landlord at any time Landlord, on or before December 31, 20122017, written notice of Tenant’s election to cause include such space in the Premises, which notice must include the portion of the Expansion Premises Space that Tenant intends to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Leaseoccupy. If Tenant is in default hereundertimely exercises its option, beyond any applicable notice and cure periods, on the date of such notice or on the date then (a) possession of the Expansion Premises is Space shall be delivered to be tendered to Tenant, then Tenant in an “AS-IS” condition on the exercise date Landlord delivers possession of the option shall be of no force or effect, Expansion Space to Tenant (the “Expansion Premises shall not be added to the PremisesDate”), and this option (b) Tenant and Landlord shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing including the Expansion Space in the Premises on the same terms as this Lease, except as follows: (i) the Rentable Square Feet of the Premises shall be increased by the Rentable Square Feet in the Expansion Space; and (ii) the Basic Rent for the addition Expansion Space shall be equal to the per Rentable Square Foot Basic Rent for the Premises then currently payable (provided, Landlord will xxxxx Basic Rent and Tenant’s Proportionate Share of Operating Expense Rental and Real Estate Tax Rental for the Expansion Space for the first one hundred twenty (120) days following the Expansion Date) and Landlord will provide Tenant with the same per square foot Tenant Work Allowance as provided for the Premises, multiplied times a fraction, the numerator of which is the number of months remaining in the Term as of the date of the Expansion Premises Date and the denominator of which is the number of months in the Term.
25.2 If Tenant fails or is unable to the Premises covered by this Leasetimely exercise its right hereunder, effective as such right shall lapse, time being of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations essence with respect to the condition exercise thereof (it being understood that Tenant’s right hereunder is a one-time right only), and Landlord may lease all or a portion of the Expansion Premises Space to third parties on such terms as of the Direct Term Commencement Date Landlord may elect, subject to Article XXVIII. Tenant’s rights under this Article XXV shall be governed by the same provisions applicable terminate if (a) this Lease or Tenant’s right to the remainder possession of the Premises pursuant to Sections 2.3(a) and is terminated, (b) below.
Tenant assigns any of its interest in this Lease or sublets any portion of the Premises, or (c) Landlord shall provide Tenant with a tenant improvement allowance determines, in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00its sole but reasonable discretion, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. that Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following financial condition or creditworthiness has materially deteriorated since the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentencePark Ten Plaza – RigNet, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement Inc. Table of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.Contents
Appears in 1 contract
Samples: Office Lease (RigNet, Inc.)
Expansion Option. The following Expansion Option shall apply to ---------------- the Additional Space: Subject to Subsection 7C below, Tenant may at its option expand the Additional Space as described below for the remaining Additional Space Term, upon the terms contained herein and in the Lease, except that Tenant shall pay Additional Space Base Rent as described in Subsection A below. Any expansion space shall be delivered "As Is"; Landlord shall have no obligation to perform any construction in such space or to contribute to the cost of any construction by Tenant.
A. Tenant shall have the option, exercisable by option to expand into approximately 4,153 of rentable square feet on the eighth (8th) floor of the Building located adjacent to the Additional Space (the "Expansion Space") at any time during the --------------- first year of the Additional Space Term upon three (3) months prior written notice to Landlord at any time on or before December 31, 2012, to cause Landlord. The initial Base Rent for the Expansion Premises Space shall be $17.26 per rentable square foot which shall be increased annually as provided in the Section 4 hereof. The Expansion Space shall become a part of the Additional Space for all purposes of the Lease and this Amendment.
B. If Tenant fails to deliver notice to Landlord within the required time period, Tenant will be added deemed to have waived such option to expand. Promptly after Tenant's exercise of its expansion option, Landlord shall execute and deliver to Tenant an amendment to the Premises upon Lease to reflect changes in the Additional Space, Additional Space Base Rent, the Additional Space Proportionate Share, and any other appropriate terms changed by the addition of the Expansion Space. Within 15 days thereafter, Tenant shall execute, review and return the amendment.
C. Tenant's option to expand the Additional Space is subject to the conditions that: (i) no existing tenant in the Building has any rights to the Expansion Space, (ii) on the date that Tenant delivers its notice exercising its option to expand Tenant is not in default under the Lease after the expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises and (iii) Tenant shall not be added to have assigned the Premises, and this option shall be of no further force Lease or effect. The option granted herein may be exercised by sublet any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder portion of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with or Additional Space under a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant sublease which is effective at any time after January 1 during the final 9 months of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSpace Term.
Appears in 1 contract
Samples: Lease (Focal Communications Corp)
Expansion Option. Tenant shall have the optionoption to expand (the "Expansion Option") the square footage of the Premises to include the first, exercisable by written notice to Landlord at any time second and/or third floors in the Building which are schematically depicted on or before December 31, 2012, to cause the floor plans attached hereto as Exhibit A-3 (the "Expansion Space") provided ----------- that the Expansion Premises to Space actually leased, if any, shall be added in whole floor increments and must be contiguous to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this LeaseInitial Premises. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Tenant's Expansion Premises is to be tendered to Tenant, then the exercise of the option Option shall be of no force or effect, the Expansion Premises shall personal to Tenant and may not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee Transferee without Xxxxxxxx's prior written consent. If Tenant wishes to exercise the Expansion Option, Tenant shall notify Landlord in writing by April 30, 2000 (the "Notification Date"). Tenant's notice shall not be revocable and must specify how many floors of the Expansion Space will be included in the Premises. If Tenant timely exercises the Expansion Option the Expansion Space described in Tenant’s interest 's notice shall be added to and become part of the Initial Premises for all purposes under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition all of the terms and conditions hereof shall apply to such Expansion Premises to the Premises covered by this LeaseSpace, effective as of the Direct Term Commencement Date.
(b) The parties agree except that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions Base Rent applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance Space shall be as set forth in the Workletter as defined belowBasic Lease Information Sheet. Draw-downs If Tenant exercises the Expansion Option on all of the Expansion TI Allowance by Tenant Space prior to the Notification Date then the Base Rent for the entire Premises shall be adjusted as set forth in the Basic Lease Information Sheet. Notwithstanding anything to the contrary in this Section 1.1(b), Xxxxxx's right to lease the Expansion Space -------------- hereunder shall not result be exercisable by Xxxxxx at any time during which Tenant is in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations default under this Lease. If Tenant does not deliver a notice to Landlord exercising the Expansion Option on or before the Notification Date, Tenant's Expansion Option shall terminate and shall be of no further force and effect. If Tenant exercises its Expansion Option then Tenant shall include the Expansion Space in all of its plans pursuant to Exhibit C and Tenant's failure --------- to do so shall constitute a Tenant Delay thereunder and Landlord shall be relieved of its obligation to deliver the Expansion Space to Tenant with the balance of the Initial Premises.
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Expansion Option. Tenant shall have 35.1. If no event of Default has occurred and is continuing, during the optionperiod of 18 months from the Commencement Date (“Reservation Period”), exercisable by written notice (“Election Notice”) from Tenant to Landlord at any time provided on or before December 31the expiration of the Reservation Period, 2012time being of the essence, Tenant will have the option to cause lease all or a portion of the Expansion space consisting of approximately 45,968 rentable square feet on the 4th floor of Building 1 (“Reservation Space”), which Reservation Space is depicted on Exhibit “A”, under the rental rate terms, rental abatement terms, and tenant improvement terms as set forth in this Lease with respect to the Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the remaining Term, excluding any Renewal Term from such proration). If Tenant elects to lease the Reservation Space from Landlord during the Reservation Period, all the obligations, terms, and conditions under this Lease will also apply to the Reservation Space, e.g., amount of Fixed Rent per RSF then-current as of the commencement date for the Reservation Space, except that as of the commencement date for the Reservation Space, (i) the Reservation Space will be deemed part of the Premises (ii) Tenant’s Share as provided in Section 4.1(I) of this Lease will be adjusted (iii) the Expiration Date will be extended to the date that is 60 full calendar month following the commencement date for the Reservation Space (exclusive of Tenant’s 2 Renewal Term options set forth in Section 28.1 so that Tenant will have such 2 Renewal Term options as set forth in Section 28 with respect to the Premises as it then includes the Reservation Space), and (iv) during the Term, on each anniversary of the commencement date for the Reservation Space, Fixed Rent will increase by $0.50 per RSF. Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Landlord’s receipt of the Election Notice.
35.2. If prior to the expiration of the Reservation Period, (i) Tenant has not provided an Election Notice or (ii) Tenant has provided an Election Notice for a portion of the Reservation Space, then in either event, provided that no event of Default has occurred and is continuing, commencing on the date following the expiration of the Reservation Period, Tenant is granted a right of first offer (“Right of First Offer”) to lease such portion(s) of Reservation Space (“Offer Space”), if and as same becomes available for lease, subject to the following terms and conditions:
35.3. At the time Tenant exercises the Right of First Offer:
(A) this Lease will be in full force and effect;
(B) no event of Default has occurred and is continuing;
(C) the Term has at least 5 years remaining thereafter, or, if not, Tenant has exercised its option to renew in accordance with Article 28, if such an option then exists; and
(D) Tenant’s then current financial condition, as revealed by its most recent financial statements (which will include quarterly and annual financial statements, including income statements, balance sheets, and cash flow statements), must demonstrate that either:
1. Tenant’s net worth is at least equal to its net worth at the time this Lease was signed; or
2. Tenant meets the financial criteria reasonably acceptable to Landlord.
35.4. Subject to the other terms of this Article 35, after any part of the Offer Space has or will “become available” for leasing by the Landlord in increments of not less than 1,000 rentable square feet, Landlord will not lease to another tenant that available portion of the Offer Space (“Available Offer Space”) without first offering Tenant the right to lease such Available Offer Space; provided, however, if the Available Offer Space contains more than 1,000 rentable square feet, in in no event will Landlord be obligated to reduce the square footage of the Available Offer Space. By way of example, if the Available Offer Space consists of 7,000 rentable square feet, but Tenant requests that the rentable square footage of the Available Offer Space be reduced so that it contains less than 7,000 rentable square feet, Landlord will not be obligated to reduce the rentable square footage of the Available Offer Space and Tenant will either accept or reject the First Offer Leasing Notice (as hereinafter defined in Section 35.5 of this Lease) with respect the Available Offer Space consisting of 7,000 rentable square feet.
(A) Offer Space will be deemed to “become available” when such space is vacant or the lease for any tenant of all or a portion of the Offer Space expires or is otherwise terminated.
(B) Notwithstanding Section 35.4(A), Offer Space will not be deemed to “become available” if the Offer Space is:
1. assigned or subleased by the current tenant of the space; or
2. re-let by the then current tenant of the space by renewal, extension, or renegotiation.
35.5. Landlord will not lease any such Available Offer Space to another tenant unless and until Landlord has first offered the Available Offer Space to Tenant in writing (“First Offer Leasing Notice”) and Tenant either rejects such offer or a period of 15 days has elapsed from the date that Tenant has received the First Offer Leasing Notice without Tenant having notified Landlord in writing of its acceptance of such First Offer Leasing Notice and supplied Landlord with its most recent quarterly or annual financial statements pursuant to Section 35.3(D) of this Lease, whichever event occurs first. The First Offer Leasing Notice will contain the following information:
(A) a description of the Available Offer Space (which description will include the rentable square footage amount and location of such Available Offer Space) and an attached floor plan that will depict the Available Offer Space;
(B) the date on which the Landlord expects the Available Offer Space to become available;
(C) the amount of fixed rent (per RSF) for the Available Offer Space proposed by Landlord, which will be Landlord’s reasonable determination of the fair market rental for such Available Offer Space; provided, however that the amount of fixed rent (per RSF) for the Offer Space will be as agreed to by Landlord and Tenant but Landlord will not be obligated to provide any free rent (or rent credit) or a contribution towards Tenant’s improvements to the Available Offer Space; however, if the parties are unable to agree upon the fair market rental value for the Available Offer Space within 30 days from the date that Tenant has received the First Offer Leasing Notice, the fair market rental value for the Available Offer Space will be determined in accordance with Section 35.10 of this Lease; and
(D) The increase in Tenant’s Share.
35.6. If Tenant timely delivers to Landlord, in accordance with the conditions of this Article 35, written notice of Tenant’s exercise of the Right of First Offer for all of the Available Offer Space (along with Tenant’s financial statements pursuant to Section 35.3(D) of this Lease, and Landlord determines that Tenant meets all of the conditions provided in this Article 35, the Available Offer Space will be deemed added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all subject to the terms and conditions in this Lease, with the exceptions of those Lease modifications set forth in Section 35.8 of this Lease and the provisions set forth in Article 36 of this Lease.
35.7. If Tenant declines or fails to duly and timely exercise its Right of First Offer or fails to meet all of the conditions provided in this Article 35, Landlord will thereafter be free to lease the Available Offer Space in portions or in its entirety to any third-party tenant at any time without regard to the restrictions in this Article 35 and on whatever terms and conditions Landlord may decide in its sole discretion.
35.8. If Tenant leases the Available Offer Space pursuant to the terms of this Article 35, all the obligations, terms, and conditions under this Lease will also apply to the Available Offer Space except that:
(A) the commencement date for the lease for the Available Offer Space (“Commencement Date for the Available Offer Space”) will be the day the Available Offer Space is delivered to Tenant broom clean, free of tenants or other occupants, and in default hereunderits then “as is” condition;
(B) as of the Commencement Date for the Available Offer Space, beyond any applicable notice the Available Offer Space will be deemed part of the Premises;
(C) as of the Commencement Date for the Available Offer Space, Tenant’s Share will be adjusted in accordance with Section 4.1(I) of this Lease;
(D) As of the Commencement Date for the Available Offer Space, the Fixed Rent will be increased to an amount by multiplying the rentable square footage dollar amount (determined in accordance with Section 35.5(C) of this Lease) for such Available Offer Space by the number of rentable square feet deemed by Landlord to be contained in the Available Offer Space taken by Tenant; and
(E) Article 20 of this Lease will not apply to the Available Offer Space.
35.9. Within 30 days after the Commencement Date for the Available Offer Space, Landlord and cure periodsTenant will confirm the following in a written amendment to this Lease:
(A) the Commencement Date for the Available Offer Space;
(B) the location and size of the Available Offer Space that was leased by Tenant with an exhibit attached depicting the Available Offer Space;
(C) the Fixed Rent to be paid by Tenant; and
(D) Tenant’s Share, on as adjusted.
35.10. If, pursuant to Section 35.5 of this Lease, the parties are unable to agree upon the fair market rental value for the Available Offer Space within 30 days from the date that Tenant has received the First Offer Leasing Notice (the “Fair Market Discussion Period”), the fair market rental value for the Available Offer Space will be determined by the appraisal process as set forth in Section 28.5 of such notice or on the date possession this Lease and each party will appoint its appraiser within 15 days of the Expansion Premises is to be tendered to Tenant, then the exercise last day of the option shall be Fair Market Discussion Period.
35.11. The provisions of no force this Article 35 are personal to Tenant and any assignee as part of a Permitted Assignment, and will become null and void upon the occurrence of an assignment of this Lease except in a Permitted Assignment, or effect, the Expansion Premises shall not be added with respect to the subtenant the provisions of this Article 35 will become null and void upon the occurrence of a sublet of all or a part of the Premises, and this option shall be of no further force or effect. The option granted herein provisions of this Article 35 may not be exercised by any permitted assignee successor to the interest of Tenant by reason of any action under the Bankruptcy Code, or by any public officer, custodian, receiver, United States Trustee, trustee or liquidator of Tenant or substantially all of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Dateproperty.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
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Expansion Option. SECTION 29.1. Subject to Section 29.4, in the event that Rentable Area (other than the Premises) anywhere in the Building excluding retail space (the "Expansion Space") from time to time becomes available during the period commencing on the date hereof until the end of the Term, and provided this Lease is in full force and effect, Tenant shall have the optionoption (the "Expansion Option") to lease such Expansion Space on the terms and conditions hereinafter set forth. Landlord shall send notice in writing (the "Expansion Notice") to Tenant specifying the location and configuration of such Expansion Space and the date on which the Expansion Space is scheduled to become available for occupancy, provided, that in no event shall Landlord send an Expansion Notice to Tenant more than twelve (12) months prior to the time at which the space which is the subject of such Expansion Notice is scheduled to become available for occupancy. Each Expansion Option shall be exercisable by Tenant giving written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option particular Expansion Option within thirty (30) days after Landlord sends the applicable Expansion Notice. Landlord and Tenant shall be of no force or effect, enter into an amendment modifying this Lease to add the Expansion Premises shall not be added Space to the Premises, and this option adding the Expansion Base Rent for the Expansion Space, within ten (10) days of the date Tenant exercises its Expansion Option in accordance with the terms hereof, which shall be co-terminous with the remaining Term of no further force or effectthe Lease. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly shall lease the Expansion Space on the same terms and validly exercises such option, thenconditions as the Premises except that:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing The annual Base Rent for the addition Expansion Space shall equal the product of (i) the Rentable Area of the Expansion Premises Space and (ii) an amount equal to Twenty-two and 50/100 Dollars ($22.50), as escalated in accordance with Section 4.2 of the Premises covered by this Lease, effective Lease ("Expansion Space Base Rent") as of the Direct Expansion Commencement Date (as hereafter defined). For example, if, on the first day of the third (3rd) Lease Year, Tenant expands the Premises to include certain Rentable Area on the fourth (4th) floor of the Building, the Base Rent per square foot of Rentable Area in such Expansion Space shall be Twenty-three and 41/100 Dollars ($23.41). The Expansion Space Base Rent shall escalate thereafter during the remainder of the Term Commencement Date.in accordance with the terms of Section 4.2 of the Lease; and
(b) The parties agree that their respective rights upon the later of the Court Approval Date or the Expansion Commencement Date (as hereafter defined), Landlord shall pay to Tenant an amount ("Expansion Allowance") which shall equal an amount determined by MULTIPLYING (1) the product of One Dollar ($1.00) and obligations with respect the number of square feet in the Rentable Area of the applicable Expansion Space BY (2) a fraction, the numerator of which is the number of months between the Expansion Commencement Date and the Expiration Date (without regard to any renewal option being exercised) and the condition denominator of which is one hundred twenty (120). Payment of the Expansion Premises as Allowance to Tenant is also conditioned upon the Tenant not objecting to, or raising any new conditions or requirements with respect to, the Settlement Agreement, the Joint Plan, the Travelers' Plan and/or any other transfer of the Direct Term Commencement Date shall be governed by Building to Travelers or its designee, and the same provisions applicable assignment and assumption of the Lease in accordance with the terms of the Joint Plan, the Travelers' Plan and/or any other transfer of the Building to Travelers or its designee, including, without limitation, the assignment of the Lease to Travelers, or its designee, pursuant thereto on the Effective Date, except in the event and to the remainder of the Premises pursuant extent that Tenant is permitted to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, do so under the applicable provisions last sentence of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion PremisesSection 3(b)(iii) upon expiration or termination of this LeaseAmendment No. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.5
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Expansion Option. Tenant 25.1 Subtenant shall have a right of first offer to lease any additional space that Sublandlord intends to sublease in the Building. Prior to subleasing any additional space in the Leased Premises, Sublandlord shall provide written notice (the "Offer Notice") to Subtenant of Sublandlord's intention to sublease such space. The Offer Notice shall identify the space proposed to be sublet (the "Additional Space") and specify the time (the "Delivery Date") Sublandlord will deliver possession of the Additional Space as well as the rent and additional payments which would be payable for such Additional Space. Subtenant shall have the option, exercisable right to lease the Additional Space by giving Sublandlord written notice within seven (7) business days after receipt of the Offer Notice that Subtenant is exercising its right to Landlord at any time on or before December 31lease the Additional Space. If Subtenant so exercises its right of first offer, 2012this Sublease shall be deemed modified, as of the Delivery Date, to cause include the Expansion Premises to be added to the Premises upon expiration Additional Space. The lease of the Prior Lease on December 31, 2013, at Additional Space shall be upon the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the same terms and provisions conditions set forth in this Lease. If Tenant is in default hereunderSublease; provided however, beyond any applicable notice and cure periods, on the date of such notice or on Base Rent for the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option Additional Space shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation amount set forth in the preceding sentence, however, Offer Notice. The term of the Expansion TI Allowance lease for the Additional Space leased pursuant to this provision shall expire on the Sublease Expiration Date.
25.2 This right is personal to the Subtenant named herein and is not transferable and may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to revoked by Sublandlord in the disbursement event of repeated late payments by Subtenant or other repeated defaults of material provisions of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSublease.
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Samples: Sublease Agreement (Cybercash Inc)
Expansion Option. Tenant Provided that (i) this Lease shall have the optionbe in full force and effect, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to and (ii) there shall not then be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in an existing default under this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, Tenant shall have the right to expand the Premises to Include Suite 232 located on the date of such notice or on the date possession a portion of the Expansion Premises is second (2nd) floor or the Building (the “Suite 232’’) once Suite 232 becomes, or Landlord reasonably anticipates that Suite 232 will become Available. For the purposes of this Article 49, “Available” means, as to be tendered to Tenant, then the exercise of the option shall be of no force or effectSuite 232, the first instance after the Commencement Date hereof, that Suite 232 is vacant and free of any present or future possessory right now existing by the current tenant thereof or any subtenant (not including Tenant) or any other occupant. Landlord shalt give to Tenant notice (an “Offer Notice”) thereof, specifying a description of Suite 232, more particular identified on Exhibit 3 annexed hereto and the rentable square footage of Suite 232. If Tenant shall give Landlord written notice on or prior to January 1, 2016 electing to so expand the Premises (the “Expansion Premises shall not be added Notice”) to include Suite 232 as part of the Premises, and this option then Landlord shall deliver possession of Suite 232 to Tenant upon the date that Suite 232 becomes Available (the “Suite 232 Commencement Date”). If Tenant shall fail to timely deliver the Expansion notice to Landlord, Tenant shall be deemed to have waived the expansion right set forth in this Article 49, and Landlord shall be free to lease all or any portion of Suite 232 to with third parties on such terms and conditions as Landlord shall determine, the expansion option set forth in this Article 49 shall be null and void and of no further force and effect with respect to all or effect. The option granted herein may be exercised any part of Suite 232 and Landlord shall have no further obligation to offer all or any part of Suite 232 to Tenant, and Tenant shall, as soon as reasonably practicable after demand by any permitted assignee of Landlord, execute an instrument reasonably satisfactory to Landlord and Tenant confirming Tenant’s interest under waiver of, and extinguishing, the expansion option contained in this Article 49. If Tenant timely deliver the Expansion Notice to Landlord in accordance with the conditions hereof, then, on the Xxxxx 000 Xxxxxxxxxxxx Xxxx, Xxxxx 000 shall become part of the Premises, upon all of the terms and conditions set forth in this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant Term, except: (A) Tenant’s Proportionate Share shall be increased to Sections 2.3(areflect the inclusion of Suite 232 as part of the Premises; (B) Tenant shall not be entitled to any rent abatement or free rent; and (bC) below.
the base Rent for Suite 232 shall be equal to the then escalated rent per square foot which Tenant is then paying for the Premises under the Lease (cprior to the inclusion of Suite 232); and (D) Landlord shall provide have no obligation to pay Tenant any work allowance, deliver any materials or perform any alteration or work with a tenant improvement allowance respect to Suite 232 whatsoever, and Tenant shall accept Suite 232 otherwise in the maximum amount of One Hundred Seventyits current then “AS-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment IS” condition as of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSuite 232 Commencement Date.
Appears in 1 contract
Expansion Option. 28.1 Provided no Event of Default exists and the Lease is in full force and effect, by giving Landlord written notice, if at all, on or before the last day of the 45th Lease Month, subject to existing rights of other tenants of the Building and subject to availability, Tenant shall have the optionoption to expand the Premises (the “Expansion Option”), exercisable as provided herein. Tenant may exercise the Expansion Option, if at all, by giving Landlord written notice (“Expansion Notice”) specifying the approximate number of additional square feet in the Building that Tenant desires to Landlord at any time on or before December 31, 2012, to cause lease. In the event that Tenant exercises the Expansion Premises to Option, the “Expansion Space” shall be added to at a location in the Premises Building agreed upon expiration of by Landlord and Tenant. In the Prior Lease on December 31, 2013, at event that Tenant timely exercises the minimum rental rate provided in Section 3.1(a)(ii) Expansion Option and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession location of the Expansion Premises Space is to be tendered to agreed upon by Landlord and Tenant, then thirty (30) days after Tenant's exercise (the exercise of the option shall be of no force or effect“Expansion Space Commencement Date”), the Expansion Space shall be added to, and constitute part of, the “Premises” leased hereunder, and the same shall be leased upon and subject to the same terms, provisions and conditions as are applicable to the other portions of the initial Premises for the remainder of the Term of the Lease, except as provided in this Article. In lieu of three (3) months of rent abatement, Tenant shall be entitled to the number of days of Base Rent abatement equal to ninety (90) multiplied by a fraction, the numerator of which shall be the number of days between the Expansion Space Commencement Date and the Expiration Date, and the denominator of which shall be the number of days between the Lease Commencement Date and the Expiration Date (the “Proration Fraction”). Tenant shall accept the Expansion Space “as is” and Landlord shall not be added required to perform any work therein; however, Landlord shall provide Tenant a construction allowance to reimburse Tenant for the Premisescost of construction performed by Tenant in the Expansion Space in an amount equal to $26.00 multiplied by the number of square feet in the Expansion Space multiplied by the Proration Fraction. Promptly after Tenant exercises the Expansion Option, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for confirming the addition of increase in the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder square footage of the Premises pursuant and all matters incident thereto (such as an increase in Tenant's Proportionate Share and Base Rent and a workletter to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment address payment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, allowance); however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement failure of the parties to timely execute such amendment shall not defer the Expansion TI Allowance Space Commencement Date or otherwise invalidate this Lease or affect the parties' rights or obligations hereunder. In the event demising work is necessary to accommodate Tenant's exercise of its Expansion Option, then Landlord shall build a Building standard multi-tenant corridor (including without limitation construction of a demising wall and separation of the corridor from electrical, fire/life safety, HVAC, and other systems serving the Premises). The cost of such demising work shall be as set forth in borne equally by Landlord and Tenant, provided that Tenant may use the Workletter as defined belowconstruction allowance to pay for Tenant's share of such work. Draw-downs Furthermore, Tenant (and not Landlord) shall be responsible for drywall and finish on the side of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasecorridor located within the Premises.
Appears in 1 contract
Samples: Office Lease Agreement (Wells Real Estate Fund Xi L P)
Expansion Option. A. Provided Tenant is not in default hereunder beyond the giving of notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, then Tenant shall have the optioncontinuous right to lease all or any portion of the Expansion Space which is reasonably capable of being subdivided for Tenant’s use and occupancy, exercisable by and which is not leased or committed or reserved to others and for which no option rights thereto have been given, committed or reserved to other parties, if, as, and when it becomes vacant and available for leasing, from time to time, during the term of this Lease (the “Expansion Option”). Landlord agrees that it will not grant new option rights for the Expansion Space after the execution of this Lease.
B. Tenant shall have given written notice to Landlord at any time on or before December 31of its intent to exercise the Expansion Option (the “Expansion Intent Letter”), 2012which Expansion Intent Letter shall have been received by Landlord not less than nine (9) months prior to the date Tenant wishes to occupy the Expansion Space.
C. If Tenant shall exercise the Expansion Option in accordance with the provisions of this Article, this Lease shall be amended to cause include the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms terms, covenants, and provisions set forth conditions contained in this the Lease. If Tenant is , except that (i) the Base Rent for the Expansion Premises shall be the then escalated Base Rent for the Premises in default hereunder, beyond any applicable notice and cure periods, on effect as of the date of such notice or on Tenant exercises Expansion Option, (ii) the date possession term for the Expansion Space shall expire co-terminously with the Premises, and (iii) provided the term of the Expansion Premises is at least five (5) years, Landlord shall provided Tenant with an allowance of $20.00 per rentable square foot allocated to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not for improvements to be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance performed in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
Appears in 1 contract
Samples: Lease Agreement (First Indiana Corp)
Expansion Option. Tenant shall have Provided that Sublandlord has exercised its option ---------------- under the optionMaster Lease for the rental of such space, exercisable (which Sublandlord agrees to do (so long as it is entitled to do so under the terms of the Master Lease) in the event that Subtenant elects to exercise its option on the Expansion Premises under this Section 23), Subtenant may expand the Subleased Premises to include all or any part of the fifty thousand (50,000) square feet located on the first floor of the Building and adjacent to the initial Subleased Premises (the "Expansion Premises"), on the same terms and conditions as the initial Subleased Premises (except for the rental of such space), by providing written notice of Subtenant's election to Landlord at any time so expand to Sublandlord on or before December 31the expiration of the third full lease year of the Initial Term. Upon Subtenant's exercise of its right to expand, 2012, Sublandlord shall (i) cause structural work comparable to cause the Structural Work to be performed in the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the PremisesSubtenant's reasonable satisfaction, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned (ii) use its best efforts to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment make available to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with Subtenant a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 140.00 per square foot of the Expansion Premises. In the event that Sublandlord is unable, despite its reasonable best efforts, to perform the foregoing obligations, Subtenant shall have the right to terminate this Sublease; provided, however, upon such termination Subtenant shall pay to Sublandlord an amount equal to the unamortized principal balance, at the time of such termination, of the tenant improvement bond financing used to fund the TI Work. Any Expansion Premises leased by Subtenant shall be deemed to be included within the term Subleased Premises as used herein and any annual rent and additional rent due in connection therewith shall be deemed to be included within the terms Annual Rent and Additional Rent as used herein; provided, however, that Annual Rent for such space shall be as provided in Section 3 of this Sublease. Such rent shall commence on the agreed area first day following the completion of 11,743 square feet the Structural Work and the TI Work for the Expansion Premises) (. Excluding the “Expansion TI Allowance”)distinctions in rent, all terms and conditions of this Sublease applicable to the Subleased Premises shall be available for application towards the refurbishment applicable to any or all of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises which are leased by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSubtenant.
Appears in 1 contract
Expansion Option. Tenant shall have the option, exercisable by written notice to Landlord at any time right on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration fifth (5th) anniversary of the Prior Lease Rental Commencement Date to lease up to an additional Three Thousand Two Hundred Eighty (3,280) square feet, on December 31the first floor of the Building, 2013, at or such greater amount of square footage which has not been leased by Tenant if Tenant elects to reduce the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all size of the terms and provisions Demised Premises as set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on Paragraph 1.B. or if Landlord increases the date of such notice or on the date possession size of the Expansion Premises is Building pursuant to Paragraph 47. (The portions of the adjacent square footage on which Tenant shall hold options hereunder and any space leased by Tenant pursuant to Paragraph 39 below, shall be defined herein as the "Additional Space"). Tenant shall only be entitled to lease the Additional Space in increments to be tendered to Tenant, then determined by the exercise size of the option shall be of no force or effect, existing office suites developed in the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effectAdditional Space. The option granted herein may per square foot rental rate for the Additional Space will be exercised the rate then being paid by any permitted assignee of Tenant’s interest Tenant under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of Demised Premises with the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree exception that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant an improvement allowance for the Additional Space equal to the then "Fair Market" (as defined in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five attached Exhibit "K") for such improvement allowances. If Landlord and No/100 Dollars ($176,145.00Tenant cannot agree on a "Fair market" improvement allowance, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to improvement allowance matter will be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable resolved via arbitration pursuant to the remainder procedure set forth in Exhibit "K". Tenant shall provide Landlord with nine (9) months prior written notice of its election to expand into the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of Additional Space in accordance with the calendar year immediately following option granted in this Paragraph 38, failing which, the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed waived and of no further force and effect. Upon delivery of possession of the Additional Space to expire Tenant, Tenant shall have ninety (90) days to construct its leasehold improvements to the Additional Space with Rent to commence for the Additional Space on July 31, 2014 and thereafter shall no longer be available the earlier of occupancy for the purpose of conducting its business of the Additional Space by Tenant or ninety (90) days from the delivery of possession of the Additional Space to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseits leasehold improvements.
Appears in 1 contract
Samples: Lease Agreement (Wackenhut Corp)
Expansion Option. Provided this Lease is in full force and effect and that Tenant shall have is not in Default under any of the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause other terms and conditions of this Lease beyond the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on period either at the date time of such notice or on the date possession Tenant’s exercise of the Expansion Option (defined hereinafter) or at the commencement of the term with respect to the Expansion Space (defined hereinafter) and subject to all other written contract based options held by tenants of the Building and Landlord's right to first offer and lease any such space to any tenant who is then occupying or leasing such space at the time the space becomes available for leasing and pursuant to a written contract based option then held by such tenant, to the extent such space is available, Tenant shall have the one-time option (the “Expansion Option”) to expand into that certain space in the Building containing approximately Two Thousand Nine Hundred Fifty (2,950) rentable square feet which is contiguous with the Premises and is hereby known as Suite 420 and shown on Exhibit A-3 attached hereto (“Expansion Space"). In the event Tenant wishes to be tendered to Tenantexercise the Expansion Option, then Tenant shall provide Landlord with written notice of Tenant’s exercise of the Expansion Option at anytime during the period following the full execution of this Lease by both Landlord and Tenant through December 31, 2011 (the “Expansion Notice Period”), time being of the essence. Such notice shall be given in accordance with Section 21 of the Lease. If notification of the exercise of the option shall be of no force or effectthis Expansion Option is not so given and received, the Expansion Premises Option granted herein shall automatically expire, and Tenant s hall have no further option to expand into the Expansion Space pursuant to this Section 28.04; provided, however, that Tenant’s Offer Right pursuant to Section 28.05 below shall not be added affected by the expiration of the Expansion Option. The Base Rent payable for and other economic terms applicable to the Premises, and this option Expansion Space shall be at the same Base Rent rate and upon the same economic terms (prorated as of no further force or effectthe Expansion Option Commencement Date as applicable) then in effect for the Premises as of the Expansion Option Commencement Date (defined hereinafter) and shall escalate at the same time and at the same rate as the Base Rent for the Premises. Landlord shall construct improvements for Expansion Space subject to the same terms and conditions applicable to the Tenant Improvements for the Premises. The option granted herein may “Expansion Option Commencement Date” shall be exercised the date on which the improvements for Expansion Space are substantially complete, as adjusted due to any delays ca used by any permitted assignee the act or omission of Tenant. The lease term applicable to Expansion Space shall be coterminous with the Term for the Premises. In addition, Base Rent for Expansion Space shall be subject to abatement on the same terms and conditions as provided in Section 28.01 above prorated as of the Expansion Option Commencement Date and through the Partial Rent Abatement Period. Upon Tenant’s interest under exercise of the Expansion Option pursuant to this LeaseParagraph, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant the parties shall promptly prepare and execute an amendment to this Lease providing for reflecting the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation terms set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseherein.
Appears in 1 contract
Expansion Option. So long as Tenant is not in default under the terms of this Lease, Tenant shall have the optionoption to lease all, exercisable by written notice but not less than all, of each of the Twenty First (21st), Twenty Second (22nd), Twenty Third (23rd) and Twenty Fourth (24th) floors of the Building (the "Option Space"). Tenant acknowledges that the availability of the Option Space on the 22nd, 23rd and 24th floors of the Building is subject to Landlord at any time Landlord's ability to obtain appropriate releases for such Option Space from The Prudential Insurance Company of America. The Tenant's option for leasing the Option Space located on or before December the 24th floor shall expire on March 31, 20121993, and Tenant shall notify Landlord, in writing, of its exercise of such option for the 24th floor no later than March 31, 1993. The Tenant's option for leasing the Option Space located on the twenty-first floor shall expire on April 30, 1993, and Tenant shall notify Landlord, in writing, of its exercise of such option for the twenty-first floor no later than April 30, 1993. If Tenant elects to cause exercise its option for Expansion Space on either the Expansion Premises twenty-first or twenty-fourth floors, then Landlord and Tenant will immediately proceed to fulfill all requirements and conditions as set forth in this Lease and in the Work Letter as soon as possible following Tenant's exercise of its option. If Tenant desires to exercise its option to lease the Option Space consisting of each of the 22nd and/or 23rd floors of the Building, then Tenant shall so notify Landlord, in writing, no later than January 1, 1994, with such lease to be added to commenced no later than January 1, 1995. The annual Rent for the Option Space shall be calculated at Tenant's current escalated Rent for its Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions as set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant an improvement allowance for the Option Space in an amount not to exceed the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars unamortized improvement allowance for the Premises initially leased to Tenant ($176,145.00, such amortization to be calculated at by prorating the rate of $15.00 per square foot RSF allowance for Tenant's Work on a monthly basis based on the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment remaining Term of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by TenantLease). Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable 's obligation to pay Rent with respect to the remainder Option Space shall commence upon the Substantial Completion of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseOption Space.
Appears in 1 contract
Expansion Option. Commencing on the Expansion Premises Commencement Date and continuing through the Expiration Date (the “Expansion Option Period”), Tenant shall have the right and option, exercisable subject and subordinate to similar rights of other tenants in the Building existing as of the Execution Date (the “Expansion Option”), to lease additional vacant space on the 2nd floor of the Building (the “Option Premises”) for the remainder of the Lease Term, on the terms and conditions then in effect under the Lease. The Expansion Option shall be exercised only by written notice from Tenant to Landlord at any time on or before December 31, 2012, (the “Expansion Notice”) not less than 60 days prior to cause the intended commencement date as to such space (the “Option Commencement Date”). Within 30 days of Tenant’s delivery of the Expansion Notice, Landlord and Tenant shall execute an amendment to the Lease adding the Option Premises to be added to the Premises upon expiration of on the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the same terms and provisions conditions as set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, thenLease except as follows:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition The square footage of the Expansion Premises to shall be increased by the Premises covered by this Lease, effective as square footage of the Direct Term Commencement DateOption Premises.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises amendment shall be effective as of the Direct Term Option Commencement Date shall be governed by and the same provisions applicable term of the Lease as to the remainder of Option Premises shall expire on the Premises pursuant to Sections 2.3(a) and (b) belowExpiration Date.
(c) Tenant’s Building Expense Percentage shall be proportionally adjusted to include the Option Premises.
(d) Landlord shall provide Tenant with a tenant improvement allowance in deliver the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Option Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permitits “as-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseis” condition.
Appears in 1 contract
Samples: Lease Agreement (Ikaria, Inc.)
Expansion Option. Tenant shall have the optionright to lease from Landlord additional space on the first floor of the Building consisting of approximately 10,000 rentable square feet of space (in a single block of space) to be designated by Landlord (the "First Floor Expansion Space"), exercisable by written notice to Landlord at any time provided that (i) on or before December 31the date that is one hundred twenty (120) days after the Commencement Date for the Phase I Premises, 2012Tenant shall give Landlord written notice of its election to lease the First Floor Expansion Space, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, and (ii) at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable time of such notice and cure periodson the Commencement Date for the First Floor Expansion Space, on Tenant satisfies the Exercise Conditions, Tenant hereby agreeing that if Tenant fails to satisfy the Exercise Conditions as of the date of such notice notice, or on the date possession as of the Commencement Date for the First Floor Expansion Premises is to be tendered to Space, Tenant, then the exercise of the option 's rights under this Section 2.5 shall be of no force or effect, the Expansion Premises shall not be added to the Premises, expire and this option shall be of no further force or and effect. The option granted herein may be exercised by Upon receipt of any permitted assignee of Tenant’s interest under this Leasesuch notice, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly Xxxxxx will prepare and execute an amendment to this Lease providing plans for the addition of First Floor Expansion Space and Landlord shall improve the First Floor Expansion Premises to Space using the Premises covered by this Leaseconstruction procedures described in Section 4.1, effective as of and the Direct Term Commencement Date.
(b) Tenant Allowance and occupancy procedures described in Sections 4.2 and 4.3. The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date for the First Floor Expansion Space shall be governed by the same provisions applicable earlier to occur of (i) the remainder of date on which the Premises pursuant to Sections 2.3(aFirst Floor Expansion Space is Ready for Occupancy, as such term is defined in Section 2.2, or (ii) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers begins to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused conduct business operations in any portion of the First Floor Expansion TI Allowance shall Space. Upon the Commencement Date for the First Floor Expansion Space, the First Floor Expansion Space will be deemed to expire on July 31included as part of the Premises, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of the Tenant's Percentage, or for any cost or expense associated with any movable furnitureBase Rent, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with Rentable Square Feet in the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may and Tenant's Parking Spaces will be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseappropriately increased.
Appears in 1 contract
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the optionoption (the “Expansion Option”) to lease the following spaces in the Building: 2nd Floor (including mezzanine), exercisable 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord at any time (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on or before December 31the respective Last Date, 2012, Landlord shall send to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable a written notice and cure periods, on the date of such notice or on the date possession reminding Tenant of the Expansion Premises Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to be tendered to Tenantthe Last Date for a particular Option Floor, then the exercise of the option time shall be of no force the essence for Tenant to exercise the Expansion Option on or effectbefore the Last Date, failing which, the Expansion Premises Option for the respective Option Floor shall not be added to the Premises, expire and this option shall be of no further force or and effect. The option granted herein may If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be exercised by any permitted assignee deemed extended for an additional five (5) business days after delivery to Tenant of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenantthe Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant duly to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and validly exercises in such optionevent, then:
(a) Landlord if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14 % 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant shall promptly prepare and execute an amendment to timely delivers the Option Notice for a particular Option Floor, then this Lease providing for shall be automatically deemed amended to reflect that: (i) the addition of the Expansion Premises to Option Floor shall be incorporated into the Premises covered by this Lease, effective as of the Direct Term Commencement date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
(b) The parties agree that their In the event Tenant fails to exercise its option for any Option Floor by the later of (i) the respective rights Last Date, and obligations with respect to (ii) the condition fifth day after the delivery of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Reminder Notice, then Landlord shall provide thereafter be free to lease the applicable Option Floor to any third party on whatever terms Landlord determines, in Landlord’s sole and absolute discretion; and Tenant with a tenant improvement allowance in shall have no further right to lease the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five applicable Option Floor; and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), Option with regard to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions such applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance Option Floor shall be deemed to expire on July 31, 2014 null and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasevoid.
Appears in 1 contract
Samples: Lease (G Iii Apparel Group LTD /De/)
Expansion Option. Tenant shall have the option, exercisable right to expand into the balance of the Building (the "Expansion Space") by written providing notice (the "Expansion Notice") to Landlord of its election to do so at any time on or before December 31prior to September 1, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:1998.
(a) Following receipt of the Expansion Notice, Landlord and Tenant shall promptly prepare and execute have thirty (30) days in which to negotiate an amendment to this Lease providing to incorporate the Expansion Space into the Premises, set a new Base Rent for the addition Expansion Space, and set a new Term. The amendment shall also include the following provisions:
(1) Landlord shall provide a roll-up door for the purpose of loading and unloading trucks or delivery vehicles at a convenient location in the Expansion Space;
(2) The early termination right of Tenant set forth in paragraph 4 above shall be deemed waived;
(3) Tenant shall provide for its own power (gas and electricity) for the entire Premises; in consideration, the Base Rent on the existing Premises shall be reduced fifteen cents (15c) per rentable square foot per month; the Base Rent negotiated on the Expansion Space will already reflect that Tenant is providing and paying for this utility; and
(4) Landlord shall have until February 1, 1999 to deliver occupancy of the Expansion Premises to Space, but Tenant may occupy sooner if Landlord notifies Tenant that the Premises covered by this Lease, effective as of the Direct Term Commencement DateExpansion Space will be ready before that time.
(b) If the Expansion Notice is not timely given, then Tenant shall vacate, upon fifteen (15) days notice from Landlord, the lobby and corridor space (the "Reception Area") which is shown as shaded area on Exhibit B-2. Until such notice is given by Landlord, Tenant has the exclusive right to occupy the Reception Area without any additional charge for Base Rent. Following the notice by Landlord and vacation by Tenant, the Reception Area and adjacent restrooms shall become Common Area for the Building and its other tenants. The parties agree that their respective rights and obligations with respect to cost of changing the condition Reception Area into Common Area shall be included as part of the Expansion Premises as of Tenant Improvement Allowance or, if the Direct Term Commencement Date Tenant Improvement Allowance is insufficient, shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot paid for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements , in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31cash, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasecompletion.
Appears in 1 contract
Samples: Full Service Lease (Cerent Corp)
Expansion Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant two (2) separate options to lease, on the terms and conditions hereinafter set forth, space (the “Expansion Space”) at the Building the exact area, configuration and location of the applicable Expansion Space and the date of commencement of the term of the demise with respect to the applicable Expansion Space (each such date being referred to as an “Expansion Space Commencement Date”) and the Rent payable relative to such Expansion Space to be designated by Landlord within the parameters set forth below.
(a) Each of Tenant’s two (2) options to lease Expansion Space (sometimes referred to herein as “Expansion Option 1” and “Expansion Option 2”, respectively) shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not later than the applicable latest exercise date designated below, time being of the essence: If Tenant’s option as to either of the two (2) expansion options described above is not so exercised on or before the applicable latest exercise date described above, such applicable option shall thereupon terminate and Tenant shall not thereafter have any right to lease any portion of the Expansion Space pursuant to such designated expansion option (provided that any remaining expansion option under this Article 28 shall continue in full force and effect and provided further that the failure to exercise any given expansion option under this Article 28 shall have no effect whatsoever on Tenant’s rights of first offer under Article 27 above with respect to the First Offer Space therein described). As to either such expansion option, Tenant may not elect to lease less than the entire area of the Expansion Space designated by Landlord in accordance with the parameters described in Section 28(b) below.
(b) As to each of the two (2) expansion options so exercised by Tenant, Landlord shall determine the applicable Expansion Space Commencement Date, subject to the following conditions:
(1) the area and location of the Expansion Space for Tenant’s respective expansion options shall meet the requirements designated in the table set forth in Section 28(b)(2) below; and
(2) the Expansion Space Commencement Date for each of the two (2) expansion options designated above shall fall within the following designated periods: 1 10,898 rentable square feet on the sixth (6th) floor of the Building, as identified on Exhibit G hereto (“Expansion Space A”) Between June 1, 2007 and January 1, 2008 (inclusive) 2 13,156 rentable square feet on the second (2nd) floor of the Building, as identified on Exhibit H hereto (“Expansion Space B”) Between January 1, 2009 and July 1, 2009 (inclusive)
(c) If Tenant has validly exercised its expansion option under this Article 28, then Landlord shall give Tenant written notice of the applicable Expansion Space Commencement Date and, as it relates to Expansion Option 2, the applicable “Market Rental Rate” for Expansion Space B as contemplated by Section 28(e) below, no later than three (3) months prior to the designated Expansion Space Commencement Date (provided that Landlord shall, in any event, give its determination of “Market Rent Rate” for Expansion Space B within fifteen (15) business days after Tenant’s request therefor (an “Expansion Space B Information Request”), which Expansion Space B Information Request shall be made no earlier than the following date:
(d) Unless Landlord otherwise agrees (at its sole discretion), Tenant may only exercise said option under this Article 28, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the pertinent Expansion Space Commencement Date, this Lease is in full force and effect and Tenant is not in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable cure periods hereunder, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee), if at the time of Tenant’s exercise of such right and as of the pertinent Expansion Space Commencement Date, the original Tenant named in this Lease has not assigned this Lease (other than to a permitted Tenant Affiliate) or sublet greater than fifty percent (50%)of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more Long Term Assignment/Sublet Agreements (as defined in Section 27(e) above) in effect as of either such date. Without limitation of the foregoing, no sublessee or assignee (other than a permitted Tenant Affiliate assignee) shall be entitled to exercise said option, and, unless Landlord otherwise agrees (at its sole discretion), no exercise of said option by the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee shall be effective in the event said Tenant assigns this Lease (other than to a permitted Tenant Affiliate) or subleases all or greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more Long Term Assignment/Sublet Agreements in effect as of the date of Tenant’s exercise of such expansion right or as of the pertinent Expansion Space Commencement Date. In the event of an assignment to a permitted Tenant Affiliate assignee as of the time of Tenant’s exercise of said option under this Article 28 or as of the Expansion Space Commencement Date, then, at Landlord’s election, any exercise of said option under this Article 28 and the corresponding lease amendment under Section 28(f) below must be signed by both the original named Tenant in this Lease and each such permitted Tenant Affiliate assignee in order to be effective (unless, however, the original named Tenant no longer exists as a separate and distinct entity as a direct result of the transaction giving rise to the assignment to such permitted assignee, such as is the case of a merger, in which event only the permitted assignee shall be obligated to execute such expansion exercise notice and corresponding lease amendment hereunder). Notwithstanding anything herein to the contrary, Landlord shall have the right, at its election, to waive any of the conditions precedent to Tenant’s valid exercise of its expansion rights under this Article 28, as such conditions are described above in this Section 28(d), whereupon Tenant’s prior exercise of such expansion rights shall be valid and in full force and effect in all respects. Any such waiver by Landlord must be in writing to be effective for purposes of the preceding sentence.
(e) If Tenant has validly exercised its option to lease any applicable Expansion Space, then effective as of the pertinent Expansion Space Commencement Date, such Expansion Space shall be included in the Demised Premises, subject to all of the terms, conditions and provisions of this Lease, except that:
(1) except as provided in Section 28(h) below, Rent per square foot of rentable area of the Expansion Space shall be equal to the Market Rental Rate (as defined in Article 30 below) for such Expansion Space, and shall be payable by Tenant as and when Rent is otherwise due for the balance of the Demised Premises;
(2) the rentable area of the Demised Premises shall be increased by the rentable area of the Expansion Space for all purposes (including, without limitation, for purposes of determining “Tenant’s Proportionate Share” under this Lease);
(3) the term of the demise covering the Expansion Space shall commence on the pertinent Expansion Space Commencement Date and shall expire simultaneously with the expiration or earlier termination of the Term of this Lease, including any extension or renewal thereof;
(4) any work performed at the Expansion Space by Tenant during the first nine (9) months following delivery of the Expansion Space to Tenant to initially ready the Expansion Space for occupancy shall be performed in accordance with the terms and conditions set forth in Article 25 above relative to the “Tenant’s Work” therein described (provided that there shall be no “Allowance” relative to such work except to the extent provided in Section 28(h) below, as applicable); and
(5) except as provided in Section 28(h) below, the Expansion Space shall be rented in its “as is” condition as of the Expansion Space Commencement Date.
(f) If Tenant has validly exercised its option to lease any Expansion Space, then, within thirty (30) days after request by either party hereto, Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Expansion Space as determined in accordance herewith.
(g) In the event Landlord should be unable, due to the holding over of any existing tenant(s), or due to a fire or other casualty, or for any other reason, to deliver possession of any Expansion Space on the applicable Expansion Space Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession, except as provided below in this Section 28(g). Such failure to deliver possession shall not affect either the validity of this Lease or the obligations of either Landlord or Tenant hereunder, or be construed to extend the expiration of the Term of this Lease either as to such Expansion Space or the balance of the Demises Premises; provided, however, that under such circumstances, the Expansion Space Commencement Date shall be deferred until Landlord is able to deliver possession. Landlord shall use commercially reasonable efforts to deliver possession of each applicable Expansion Space to Tenant as of the stated Expansion Space Commencement Date described herein, or as soon thereafter as is reasonably practicable, including, if applicable, the commencement of an eviction or similar proceeding to recover possession thereof from a holdover tenant. Without limitation of the foregoing, if any such failure to deliver possession of any Expansion Space persists for a period of ninety (90) days following the foregoing stated Expansion Space Commencement Date (the “Outside Expansion Space Commencement Date”) for any reason whatsoever (including reasons beyond Landlord’s reasonable control), then Tenant shall have the optionright to terminate its earlier exercise of its expansion option under this Article 29, exercisable by upon thirty (30) days’ prior written notice thereof given to Landlord at any time on or before December 31, 2012, following such 90-day period and prior to cause the Expansion Premises delivery of possession of such space to be added to the Premises upon expiration Tenant (time being of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(iiessence) and Landlord’s failure to deliver possession of such Expansion Space to Tenant within such 30-day period, whereupon this Lease shall remain in full force and effect without regard to said Expansion Space (provided that Tenant shall continue to have all first offer rights as otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement DateArticle 27 above).
(bh) The parties agree that their respective rights and obligations Notwithstanding the foregoing, with respect to the Expansion Space A exercised by Tenant under Expansion Option 1 above, in lieu of paying Market Rental Rate for such space, Tenant shall instead pay Fixed Rent and Additional Rent with respect to such space in accordance with the same provisions as applicable for the initial Demised Premises hereunder (i.e., with Fixed Rent per square foot of rentable area for such Expansion Space being at the same respective rates from time to time as Fixed Rent for the initial Demised Premises, all as determined pursuant to Article 1 above). Further, with respect to both Expansion Space A and Expansion Space B, the following terms shall apply:
(1) Tenant shall be entitled to an abatement of Fixed Rent and Tenant’s Expense Charge attributable to such Expansion Space for the period from and after the applicable Expansion Space Commencement Date and through the first to occur of (A) ninety (90) days after such Expansion Space Commencement Date, and (B) the day Tenant first occupies such Expansion Space for the conduct of any business operations therefrom; and
(2) such Expansion Space shall be rented in its “as is” condition as of the Expansion Premises as Space Commencement Date; provided that, with respect to Expansion Space A only, Tenant shall be entitled to an “Allowance” in the amount of $38.00 per square foot of rentable area of the Direct Term applicable Expansion Space multiplied by a fraction, the numerator of which is the number of calendar months from and after the applicable Expansion Space Commencement Date therefor and the denominator of which is 132 months. With respect to Expansion Space B only, the “tenant improvement allowance” (if any) shall be governed determined as part of the calculation of the Market Rental Rate for such space. Any work desired by Tenant to ready such space for occupancy will be performed pursuant to, and the foregoing Allowance or tenant improvement allowance shall be disbursed in accordance with, the same provisions applicable terms as set forth in Article 25 above relative to the remainder performance of the Premises pursuant to Sections 2.3(a) “Tenant’s Work” and (b) belowdisbursement of the “Allowance” thereunder.
(ci) Landlord shall provide Tenant If Tenant, pursuant to Article 27 above or otherwise, has leased (with a tenant improvement allowance in the maximum amount term “leased”, for purposes of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars this subparagraph ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”i), meaning either that the demise of such applicable space has then commenced or that Tenant has otherwise then exercised its first offer rights relative to be available for application towards such applicable space) any portion of Expansion Space A prior to exercising the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions first (1st) applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31Article 28, 2014. Any unused then such portion of Expansion Space A so leased by Tenant shall be deducted from the Expansion TI Allowance Space otherwise required for Expansion Option 1 under this Article 28 (provided that any remaining portion of Expansion Space A for such particular expansion option hereunder and the remaining applicable expansion option under this Article 28 shall continue in full force and effect). Further, if Tenant, pursuant to Article 27 above or otherwise, has leased any portion of Expansion Space B prior to exercising the second (2nd) applicable expansion option under this Article 28, then such portion of Expansion Space B so leased by Tenant shall be deemed deducted from the Expansion Space otherwise required for Expansion Option 2 under this Article 28 (provided that any remaining portion of Expansion Space B for such particular expansion option hereunder shall continue in full force and effect).
(j) If Tenant exercises its termination rights under Article 31 hereof prior to expire on July 31the exercise of any expansion option under this Article 28, 2014 and thereafter then Tenant shall no longer be available to Tenant for have any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations further expansion rights under this LeaseArticle 28, and this Article 28 shall thereupon be null and void.
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Expansion Option. Tenant shall have the right and option to expand the Demised Premises, by notifying Landlord in writing of the exercise of such option. Such notice shall include exercise of Tenant’s right to extend the term of this Lease by five years as provided herein. This option for expansion shall be for one addition (the “Addition”), exercisable from twenty thousand (20,000) square feet to at least twenty-five thousand (25,000) square feet, the exact square footage to be determined by written notice Tenant in its sole discretion, and shall be of similar appearance, construction and quality to the Demised Premises. Tenant shall provide the plans, specifications and descriptions for the Addition (the ‘‘Plans”) to Landlord within sixty (60) days of notification of its exercise of such option to expand. Within four (4) months of receipt of the Plans, Landlord shall commence construction of the Addition at any its cost and expense and shall diligently pursue completion of the Addition in a good and workmanlike fashion. Any changes to the Plans must be approved by Tenant and Landlord. Landlord shall diligently proceed with such construction and shall complete the same and deliver possession thereof to Tenant as soon as practicable, provided however, if construction is delayed because of changes in construction requested by Txxxxx, strikes, lockouts, acts of God or the public enemy or other acts beyond the control of Landlord, then the time of completion of such construction shall be extended for the additional time caused by such delay. Commencing as of the date that a certificate of occupancy for the Addition is issued and the Tenant has the right to occupy the Addition (the “Addition Effective Date”), the rental payments due hereunder shall be adjusted as follows: First, the Base Rent rate then in effect shall be applied to the total square footage of the Demised Premises, including the Addition. Second, the construction costs for the Addition, which shall be approved as reasonable by Tenant, shall be amortized over a 240-month period at a rate equal to the interest rate in effect on or before December 31the Addition Effective Date on the financing secured by Landlord from an institutional lender on commercially reasonable terms to construct the Addition, 2012and the amount so determined will be added to the monthly rent due under this Lease. If such financing is subject to a variable interest rate, to cause the Expansion Premises amount to be added to the Premises upon monthly rent due under this Lease shall be re-amortized on each five-year anniversary of the Addition Effective Date using the interest rate in effect as of such anniversary date. Notwithstanding anything herein to the contrary, the amount added to the monthly rent shall be further adjusted to the extent necessary to ensure that the principal amount of the indebtedness incurred by Landlord in connection with the construction of the Addition (the “Outstanding Debt”) shall not exceed $400,000 at the expiration of the Prior Lease on December 31renewal term provided herein, 2013, at provided that the minimum rental rate provided Outstanding Debt shall be computed as if all rent paid to Landlord in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession excess of the Expansion Premises is Base Rent has been applied to be tendered to Tenant, then the exercise reduction of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effectOutstanding Debt. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree acknowledge that their respective rights and obligations financial assistance or tax incentives in connection with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by TenantAddition may be available from state and local governmental sources, and the parties agree to cooperate m securing any such available assistance.”
5. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder All terms and conditions of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid Lease not specifically modified herein shall remain in full force and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.effect
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Expansion Option. (a) Subject to the terms and conditions of this Section 2.5 and subject to the pre-existing rights of Transystems, Inc., as shown on Exhibit FO, Tenant shall have the optionright to expand the Premises to include 16,640 rentable square feet of space on the first floor of the Building, exercisable in the location shown on Exhibit FP-1 (“Expansion Premises”), provided and on condition that (i) this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at upon the Expansion Premises Commencement Date), (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord’s consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this LeaseLandlord’s sole discretion). If Tenant shall give Landlord written notice no later than the date that is in default hereunder, beyond any applicable notice and cure periods, on twelve months after the date of such notice or on this Lease electing to so expand the date Premises, then Landlord shall deliver possession of the Expansion Premises is to Tenant on the Expansion Premises Commencement Date (as defined below). If Tenant shall fail to timely deliver such notice electing to so expand the Premises, Tenant shall be tendered deemed to Tenanthave waived such right, then the exercise and Landlord shall thereafter be free to lease all or any portion of the option Expansion Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject to the provisions of Section 2.6 below.
(b) Promptly after the date of Tenant’s notice, Landlord shall commence and use commercially reasonable efforts to perform certain improvements to the Expansion Premises in order to fit out the space in accordance with a Building standard level of finish consistent with the level of finish for Landlord’s Work in the remainder of the Premises, and a ratio of twenty percent (20%) office space to eighty percent (80%) open space. Such work shall be performed in accordance with and subject to the requirements for Plans, timing of no force Landlord’s Work, Tenant Delay, punchlist, warranty, and other requirements applicable to the initial Premises set forth in Article IV below. The date that Landlord has substantially completed such work and delivered the Expansion Premises to Tenant is hereinafter referred to as the “Expansion Premises Commencement Date”. Landlord shall use commercially reasonable efforts to deliver the Expansion Premises to Tenant on or effectbefore the date that is five (5) months after the date of Tenant’s notice. As of the Expansion Premises Commencement Date, the Premises under this Lease shall be expanded to include the Expansion Premises. Once incorporated into the Premises, Tenant’s rights and obligations with respect to the Expansion Premises shall not be added subject to and with the Premises, benefit of all of the terms and this option shall be conditions of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not except that: (i) the Basic Rent per square foot applicable to the Expansion Premises shall equal the Basic Rent per square foot for the remainder of the Premises; (ii) the Term of the Lease with respect to the Expansion Premises shall be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
coterminous with the remainder of the Premises; (aiii) Landlord and Tenant shall promptly prepare commence payment of such additional amount of Basic Rent with respect to the First Expansion Premises on the Expansion Premises Commencement Date; and execute an amendment (iv) the Escalation Factor shall be revised to this Lease providing for reflect the addition of the Expansion Premises to the Premises covered by this Lease, effective as of in accordance with the Direct Term Escalation Factor Computation. Promptly after the Expansion Premises Commencement Date.
(b) The parties , Landlord and Tenant agree that their respective rights and obligations with respect to enter into an amendment to this Lease memorializing the condition addition of the Expansion Premises as to this Lease and the amendment to the applicable defined terms hereunder, including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of the Direct Term Commencement Date parties to execute such an amendment shall be governed by have no effect on the same provisions applicable to the remainder expansion of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for include the Expansion Premises) (, and the “Expansion TI Allowance”)economic terms associated therewith, to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseabove.
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Expansion Option. (a) Provided that Landlord has not given Tenant notice of a material non-monetary default or any monetary default more than four (4) times in the preceding 24-month period, that there then exists no Event of Default by Tenant under this Lease, and that Tenant and Tenant’s Affiliates occupy all of the Premises, Tenant shall have the right and option to lease the space in the Building adjoining the Premises, consisting of approximately 17,292 rentable square feet (the “Expansion Premises”) as provided below in subsections 29(a)(i), (ii) and (iii). The Existing Lease has a term ending March 31, 2008, with one twenty four (24) month renewal term ending March 31, 2010, requiring nine (9) months prior notice of renewal.
(i) For so long as the Expansion Premises is subject to the lease existing on the date of this lease (the “Existing Lease”) under the initial term or renewal term (except as otherwise more specifically addressed in subsections 29(a)(ii) or (iii)), Tenant shall have an option to lease the Expansion Premises by providing written notice to Landlord, in which event the lease of the Expansion Premises shall commence on the date that is six (6) months following receipt of such notice by Landlord.
(ii) If the tenant under the Existing Lease (the “Existing Tenant”) does not exercise the renewal option for the period April 1, 2008, through March 31, 2010, Landlord shall provide a “notice of availability” to Tenant and Tenant shall have a period of fifteen (15) business days in which to lease the Expansion Premises by providing written notice to Landlord. If Tenant exercises this expansion option, exercisable the lease of the Expansion Premises shall commence upon the expiration of the Existing Lease.
(iii) If the Existing Tenant does exercise the renewal option for the period April 1, 2008 through March 31, 2010, Tenant shall have an option to lease the Expansion Premises by providing written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added not less than six (6) months prior to the Premises upon expiration of the Prior Existing Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Leaserenewal term. If Tenant is in default hereunderexercises this expansion option, beyond any applicable notice and cure periods, on the date of such notice or on the date possession lease of the Expansion Premises is to be tendered to Tenant, then shall commence upon the exercise expiration of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Existing Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition lease of the Expansion Premises as (and the obligation of the Direct Term Commencement Date shall be governed by the same provisions applicable Tenant to the remainder of the Premises pursuant to Sections 2.3(a) pay Minimum Annual Rent and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet Operating Expenses for the Expansion Premises) (shall commence on the “Expansion TI Allowance”date provided in subsection 29(a)(i), to be available (ii) or (iii), as applicable, and shall end on the Expiration Date for application towards the refurbishment Premises. Upon commencement of the lease of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in Premises, the Expansion Premises shall be governed by included in the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below“Premises” for all purposes, and this option, having been exercised, shall terminate. The Expansion TI Allowance may be drawn down by Premises is leased to Tenant at any time after January 1 of in its “as is” condition, and Landlord shall have no obligation to improve the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Expansion Premises for Tenant’s expansion option under this Section 1.3 occupancy. The Existing Tenant may remove the back-up power generator and continuing up refrigerated temperature controlled rooms and equipment, in addition to and including July 31, 2014Existing Tenant’s personal property. Any unused portion Landlord shall deliver possession of the Expansion TI Allowance Premises to Tenant in broom clean condition, free and clear of all personal property of the Existing Tenant. Minimum Annual Rent shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant payable for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentencePremises as follows: 1 $ 6.22 $ 107,556.24 $ 8,963.02 2 $ 6.29 $ 108,766.68 $ 9,063.89 3 $ 6.37 $ 110,150.04 $ 9,179.17 4 $ 6.53 $ 112,916.76 $ 9,409.73 5 $ 6.70 $ 115,856.40 $ 9,654.70 6 $ 6.87 $ 118,796.04 $ 9,899.67 7 $ 7.04 $ 121,735.68 $ 10,144.64 8 $ 7.21 $ 124,675.32 $ 10,389.61 9 $ 7.38 $ 127,614.96 $ 10,634.58 10 $ 7.57 $ 130,900.44 $ 10,908.37 provided, however, that:
(i) If the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement Lease of the Expansion TI Allowance Premises commences during the period: 10/1/05-9/30/06, then Annual Minimum Rent shall be$6.50 per square foot through 9/30/06; or 10/1/06-9/30/07, then Annual Minimum Rent shall be as set forth in $6.75 per square foot through 9/30/07; or 10/1/07-3/31/08 , then Annual Minimum Rent shall be $7.00 per square foot through 3/31/08.
(ii) If Existing Tenant exercises its one renewal option for twenty-four (24) months, and if the Workletter as defined below. Draw-downs Lease of the Expansion TI Allowance by Tenant Premises commences during the period: * The end of each Lease Year for the Expansion Premises shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment correspond with the end of Tenant’s rental obligations under this Leaseeach Lease Year for the initial Premises.
Appears in 1 contract
Samples: Lease Agreement (Novavax Inc)
Expansion Option. During the period between the date of this Lease and April 30, 2018 (the “Expansion Period”), Tenant shall will have the exclusive right to expand the Premises to include all or any portion of the remaining space located on the 7th floor of the Building (the “7th Floor Available Expansion Space”) on the terms set forth in this Section. If Tenant desires to exercise such expansion option, exercisable Tenant must do so by delivering written notice to Landlord at any time on or before December 31(the “Expansion Notice”), 2012, to cause which Expansion Notice must identify the Expansion Premises to be added to the Premises upon expiration location and rentable square footage of the Prior Lease on December 31, 2013, at 7th Floor Available Expansion Space or applicable part thereof (the minimum rental rate provided in Section 3.1(a)(ii“7th Floor Actual Expansion Space”) and otherwise upon all the terms date such expansion will be effective (the “Expansion Commencement Date”), and provisions set forth in this Leasethe Rent Commencement Date for the 7th Floor Actual Expansion Space shall not be later than May 1, 2018. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession exercises its expansion option with respect to only a portion of the 7th Floor Expansion Premises is to be tendered to TenantSpace, then the exercise location, dimensions and layout of such space will be subject to Landlord’s prior approval, which approval will not be withheld so long as the location and dimensions of the option shall be of no force or effect, the 7th Floor Actual Expansion Premises shall Space do not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to make the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment 7th Floor of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by TenantBuilding unmarketable or unusable. Tenant’s construction of any tenant improvements in failure to deliver an Expansion Notice during the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord Period is deemed a valid and binding written exercise waiver of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseoption.
Appears in 1 contract
Samples: Office Lease Agreement (Cray Inc)
Expansion Option. Tenant shall have the option, exercisable option to lease the balance of the space on the fourth floor of the Building ("Expansion Option") as shown on the attached floor plan ("Expansion Space") by providing Landlord written notice to Landlord at any time on or before December 31, 2012, 1998. The Expansion Space shall be deemed to cause contain 8,001 rentable sq. ft. If the Expansion Option is exercised, the Leased Premises when combined with the Expansion Space, shall contain 21,033 rentable sq. ft. Landlord will provide the Expansion Space in an "as is" condition and: a) allow Tenant access to and use of any building materials stored therein; b) provide a base buildout allowance of $15.00 per rentable sq. ft. or $120,015.00; c) provide an architectural and engineering allowance of $.50/rentable sq. ft. or $4000.50; and d) provide, at Tenant's option, an additional buildout allowance of $6.00 per rentable sq. ft. or $48,006.00 to be added to amortized monthly over the Premises upon expiration term of the Prior Lease at 10% interest (collectively, the "Buildout Allowances"). Tenant shall have the right to construct improvements in the Expansion Space without paying a construction management fee to Landlord or Landlord's agent, subject only to Landlord's approval of the Expansion Space construction documents, as such approval is described in Rider 301 of the First Amendment to Lease ("Workletter"). Tenant shall pay a Base Rental for the Expansion Space as follows: TERM MONTHLY RATE ANNUAL RATE ---- ------------ ----------- 7/99 - 12/03 $ 1.5416 $ 18.60 1/04 - 12/04 1.6333 19.60 1/05 - 12/05 1.7166 20.60 Whether or not Tenant has completed the buildout of the Expansion Space, the Base Rental shall commence one hundred eighty (180) days after delivery of Tenant's written notice to exercise the Expansion Option but in no event later than July 1, 1999. The lease term on the Expansion Space shall expire on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease2005. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date For purposes of such notice or on the date possession calculating Tenant's Pro Rata Share of Operating Costs attributable to the Expansion Premises is to be tendered to TenantSpace, then the exercise of the option actual Operating Costs for calendar year 1999 shall be of no force or effect, Landlord's Operating Cost contribution. Tenant's Pro Rata Share attributable to the Expansion Premises shall not be added to the PremisesSpace is 4.193% and if this Expansion Option is exercised, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing 11.02% for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Datecombined Leased Premises.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Bionumerik Pharmaceuticals Inc)
Expansion Option. (a) At any time prior to October 31, 2012, Tenant shall have the option, exercisable option (the “Expansion Option”) to lease the approximately 5,366 rentable square feet of space in the Building currently known as Suite 6233 (the “Expansion Space”) in its entirety by providing Landlord written notice to (the “Expansion Notice”) from Tenant of the exercise of its Expansion Option, if:
(i) Tenant is not in default under the Lease, as amended hereby, beyond any applicable cure periods at the time that Landlord at any time on or before December 31, 2012, to cause receives the Expansion Notice; and
(ii) No part of the Premises to be added is sublet at the time Landlord receives the Expansion Notice; and
(iii) The Lease has not been assigned prior to the Premises upon date that Landlord receives the Expansion Notice.
(b) If Tenant is entitled to and properly exercises its Expansion Option, Tenant shall pay Base Rent for the Expansion Space in the amount of $4,248.08 per month. All such Base Rent shall be payable in accordance with the terms of the Lease, as amended hereby. Tenant shall pay Additional Rent and other sums for the Expansion Space in accordance with the terms of the Lease.
(c) The Expansion Space (including improvements and personalty, if any) shall be accepted by Tenant in its “as-built” condition and configuration existing on the earlier of the date Tenant takes possession of the Expansion Space or as of the date the term for the Expansion Space commences. The term for the Expansion Space shall commence on the date Landlord delivers possession of the Expansion Space to Tenant, and shall end, unless sooner terminated pursuant to the terms of the Lease, on the expiration of the Prior Lease on December 31Term of the Lease, 2013as extended hereby, at it being the minimum rental rate provided in Section 3.1(a)(ii) intention of the parties hereto that the term for the Expansion Space and otherwise upon the Term for the current Premises shall be coterminous, The Expansion Space shall be considered a part of the Premises, subject to all the terms and provisions conditions of the Lease, except that no allowances, credits, abatements or other concessions (if any) set forth in this Lease. the Lease for the current Premises shall apply to the Expansion Space.
(d) If Tenant is in default hereunderentitled to and properly exercises the Expansion Option, beyond any applicable notice Landlord and cure periods, on Tenant shall enter into an amendment (the “Expansion Amendment”) to reflect the commencement date of such notice or on the date possession term for the Expansion Space and the changes in Base Rent, square footage of the Premises, Tenant’s Proportionate Share, and other appropriate terms; provided that an otherwise valid exercise of the Expansion Premises Option shall be fully effective whether or not the Expansion Amendment is executed. The Expansion Option granted herein shall terminate upon November 1, 2012 and if Tenant fails to be tendered to timely deliver the Expansion Notice, Tenant, then the ’s exercise of the option Expansion Option shall be of no force or effect, time being of the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition essence in delivery of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement DateNotice.
(be) The parties agree that their respective rights and obligations with respect Notwithstanding anything herein to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00contrary, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction Expansion Option is subject and subordinate to (i) the renewal or extension rights of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at leasing all or any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31Space, 2014 and thereafter shall no longer be available to Tenant for (ii) the expansion rights (whether such rights are designated as a right of first offer, right of first refusal, expansion option or otherwise) of any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement tenant of the Expansion TI Allowance shall be as set forth in Building existing on the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasedate hereof.
Appears in 1 contract
Samples: Lease Agreement (Haemonetics Corp)
Expansion Option. 38.1 Tenant shall have the optionright to expand the Premises in accordance with the terms of this Article. Unless waived by Landlord, exercisable it shall be a condition precedent to the exercise of each option set forth below that no Event of Default exists on the date Notice of the exercise of the expansion option is given by written notice to Landlord at any time Tenant and on or before December 31, 2012, to cause the Expansion Premises to be effective date on which the applicable space is added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions Premises. Except as set forth in this Article, all of the space leased by Tenant under this Article shall be part of the Premises and subject to all of the other provisions of this Lease. If All options granted under this Section 38.1 are personal to Tenant is in default hereunder, beyond any and the applicable notice Related Corporation and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall may not be added to exercised by any assignee or subtenant.
38.2 Tenant shall have the Premisesfollowing additional expansion options, and this option shall be any one or more of no further force or effect. The option granted herein which may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and The entire twelfth (12th) floor of the Building composed of 23,940 rentable square feet marked on the drawing attached hereto as EXHIBIT P. Tenant shall promptly prepare and execute an amendment must give Notice of the Exercise of its option with respect to this Lease providing for space by no later than October 30, 2000 or the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Dateoption shall expire.
(b) The parties agree that their respective rights and obligations entire sixteenth (16th) floor of the Building composed of 22,700 rentable square feet marked on the drawing attached hereto as EXHIBIT Q. Tenant must give Notice of the exercise of its option with respect to this space by no later than October 30, 2000 or the condition option shall expire.
(c) The entire fifty-first (51st) floor of the Expansion Premises Building composed of 5,500 rentable square feet marked on the drawing attached hereto as EXHIBIT R. Tenant must give Notice of the Direct Term Commencement Date exercise of its option with respect to this space by no later than September 30, 1999 or the option shall expire. A portion of this space is under a lease expiring November 30, 1999. Tenant recognizes that the current tenant may holdover after the expiring of its stated term. Any holdover by a tenant shall not negate Tenant's option with respect to such space. Landlord shall use its best efforts to dispossess the holdover tenant, including the enforcement of any holdover terms and commencement and prosecution of a dispossess action and the effective date of the leasing of the space to Tenant shall be governed upon Landlord's Substantial Completion of Landlord's Work.
(d) The entire fifty-second (52nd) floor of the Building composed of 5,500 rentable square feet marked on the drawing attached hereto as EXHIBIT S. Tenant must give Notice of the exercise of its option with respect to this space by no later than July 1, 2006 or the same provisions option shall expire. In the event Tenant does not timely exercise the option set forth in Section 38.2(c), the option set forth in this Section 38.2(d) shall be void and of no further force and effect.
(e) A portion of the lobby of the Building approximately as marked on the drawing attached hereto as EXHIBIT T. The exact usable square footage shall be agreed upon by Landlord and Tenant at the time Tenant exercise this option. Tenant must give Notice of the exercise of its option with respect to this space by no later than September 30, 1999 or the option shall expire. In regard to this space, Landlord shall create a separate entrance to the Premises and it shall be for the exclusive use of Tenant. Tenant shall be permitted to place on the Building a sign setting forth Tenant's name at said entrance and a flag at said entrance, provided said sign and flag meets the requirement set forth in Article 14, and Landlord shall not unreasonably withhold its consent to renaming the applicable entrance. Nothing in this Section shall preclude Tenant's use of the entrance on 00 Xxxxxxxx Xxxxx as an entrance to Tenant's space or an address for the Building. In the event Tenant exercises this option, Landlord shall provide at least one (1) security guard in this area on a 24 hour, 7 day a week basis who shall provide security at a level consistent with security provided to the remainder of the Premises pursuant to Sections 2.3(aBuilding. If Tenant desires a higher level of security or more than one (1) and (b) below.
(c) security guard in the lobby, Landlord shall provide Tenant with a tenant improvement allowance same. Any additional costs in the maximum amount excess of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option one security guard required under this Section 1.3 shall be paid by Tenant, as Additional Rent, within twenty (20) days of presentation of an invoice for same. To the extent the lobby area, entrance (including the doors contained therein), elevators and continuing other areas or equipment associated therewith are used exclusively by Tenant or are dedicated for Tenant's exclusive use, Tenant shall be responsible for all costs associated with such areas or equipment (to the extent such costs would otherwise be included in Operating Expenses or paid directly by Tenant). Tenant shall pay such costs as Additional Rent within twenty (20) days of receipt of an invoice therefor. In the event Tenant exercises the option set forth herein, Landlord, at its cost, shall promptly after Tenant exercises tHIS option bring the Beaver Street entrance and lobby up to the finish and including July 31, 2014. Any unused portion standards of the Expansion TI Allowance shall be deemed 20 Exchange lobby (subject to expire on July 31, 2014 any approvals required by the New York City Landmarks Commission and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance Landlord shall not be used or usable by Tenant for any moving or relocation expenses required to provide ADA access from Beaver Street). At the request of Tenant, or for any cost or expense associated Landlord shall use commercially reasonable efforts to pursue the change of the Beaver Street to another name reasonably acceptable to Landlord and Tenant.
38.3 Time is of the essence with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions respect to each of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation Tenant's Notice deadlines set forth in Section 38.2.
38.4 In the preceding sentence, howeverevent that Tenant properly exercises an expansion option as set forth in Section 38.2, the Expansion TI Allowance may applicable area will be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating leased to Tenant effective as of the day that Landlord Substantially Completes Landlord's Work within the applicable area other than with respect to the disbursement option set forth in Section 38.1(d). In such space, Landlord shall deliver such space fully demolished. Upon delivery of the Expansion TI Allowance such space to Tenant, Tenant's Proportionate Share shall be adjusted accordingly. The Base Rent Commencement Date for any expansion space shall be the three hundred sixty-sixth (366th) day after the Beneficial Occupancy Date. The Base Rent for any expansion space shall be the then effective Base Rent and shall be adjusted as set forth in the Workletter Fundamental Lease Provisions.
(a) Landlord shall complete Landlord's Work within the expansion space.
(b) Landlord shall reimburse Tenant up to a maximum of Forty Two and 50/100 Dollars ($42.50) per rentable square foot in the application expansion area (the "EXPANSION SPACE TENANT IMPROVEMENT ALLOWANCE") to be applied to the same costs and in the same manner as defined belowthe Tenant Improvement Allowance. Draw-downs Tenant shall comply with the provisions of Article 7 with respect to all work to be completed within the applicable expansion area. The Expansion Space Tenant Improvement shall be advanced to Tenant in accordance with the provisions of Section 7.6.
38.6 Any failure by Tenant to exercise any option under this Article 38 shall not adversely affect or diminish the rights of Tenant under Article 43 of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
Appears in 1 contract
Samples: Lease Agreement (Agency Com LTD)
Expansion Option. Provided that as of the date Tenant shall exercises its rights hereunder, (i) Tenant actually occupies at least fifty percent (50%) of the Premises originally demised under this Lease, (ii) Tenant is not in Default, and (iii) the Option Space (defined below) has not been leased to Tenant or to a third party pursuant to Section 1.1.3 below, Tenant will have the option, exercisable commencing on the date that Landlord delivers the Option Space to Tenant in the condition required by written notice to Landlord this Section 1.1.2, but, at any time on or before December 31Tenant’s election, 2012in no event earlier than June 1, 2011 (the “Option Space Commencement Date”), to cause include a total of approximately 22,337 square feet of space on the Expansion Premises to be added to second and fourth floors of the east tower of the Building as shown on Appendix 1.1.2 hereto, as part of the Premises upon expiration (the “Option Space”). If Tenant exercises its right to include the Option Space as part of the Prior Lease on December 31Premises, 2013, at Tenant will lease the minimum rental rate provided in Section 3.1(a)(ii) and otherwise Option Space upon all the terms and provisions conditions of this Lease (i.e., the term for Tenant’s leasing of the Option Space shall expire on the Expiration Date, the Base Years set forth in this Leasethe Schedule of Incorporated Terms hereof shall be applicable to Tenant’s payment of Additional Rent on account of the Option Space, the Base Rent for the Option Space will be at the annual rate of $19.50 per square foot of rentable space commencing no earlier than the Rent Commencement Date set forth herein, and the Option Space shall be delivered to Tenant with the completion by Landlord of certain improvements thereto (as further described below), provided, however the cost to Landlord of such Tenant Improvements shall not exceed $20 per rentable square foot of the Option Space). If Tenant is in default hereunder, beyond any applicable notice and cure periods, Tenant’s payment to Landlord of Rent for the Option Space shall commence on the date of such notice or Option Space Commencement Date, but in no event earlier than the Rent Commencement Date set forth herein. In addition to its obligation to pay Base Rent, commencing on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Option Space Commencement Date.
(b) The parties agree that their respective rights , Tenant will reimburse and obligations pay Landlord with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by Option Space, in the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be manner as set forth in the Workletter Lease, with respect to Operating Expenses, Taxes and other items reimbursable by Tenant, and, commencing on the Option Space Commencement Date, Tenant shall pay the Electric Charges with respect to the Option Space. Effective as of the Option Space Commencement Date, Tenant’s Proportionate Share will be re-determined by Landlord based upon the total floor area of the Premises including the Option Space. If Tenant desires to exercise its option to lease the Option Space, Tenant must deliver written notice of such exercise to Landlord no later than March 1, 2011 (the “Option Space Notice”), such Option Space Notice to include a preliminary space plan of the Option Space showing the requested improvements to the Option Space (provided, however, as set forth above, the cost to Landlord of such improvements shall not exceed $20 per rentable square foot of the Premises). Time is of the essence with respect to the giving of the Option Space Notice. If Tenant does not exercise its Option by such date, Tenant’s rights under this Section 1.1.2 will be null and void. Within thirty (30) days of Tenant’s exercise of the within option, Landlord and Tenant shall enter into an amendment to Lease which adds the Option Space to the Premises and includes all the terms and provisions, set forth herein, with respect to Tenant’s leasing of the Option Space (provided, however, any failure to execute and deliver such Amendment shall not affect the rights or obligations of the parties with respect to the Option Space), and in addition, within eight (8) days of receipt thereof Landlord shall reasonably approve or disapprove Tenant’s preliminary space plan. If Landlord disapproves the preliminary space plan, such disapproval shall be in writing and shall provide a reasonably detailed explanation of the reasons for such disapproval, and to the extent possible, suggestions for alternatives that would be acceptable to Landlord. Landlord and Tenant shall thereafter cooperate to complete such preliminary space plan; provided, however, the failure (despite Landlord’s compliance with the terms of this paragraph) to finalize the preliminary space plan by the date that is thirty (30) days following the date of Landlord’s receipt of the Option Space Notice shall be a Tenant Delay. All revisions and/or review of plans shall be completed within eight (8) days of receipt of comments in connection therewith and copies thereof, respectively. After final approval of the preliminary space plan (the “Final Space Plan”), Landlord shall, based on the Final Space Plan, prepare Construction Plans for the improvements to the Option Space in accordance with Section 2.1 of Appendix 1.3.4 (provided that the term “Space Plans” as used therein shall refer to the Final Plans as defined belowin this Section 1.1.2). Draw-downs Landlord shall use reasonable efforts to substantially complete the improvements to the Option Space on June 1, 2011; provided, however, if the Option Space Notice is given before March 1, 2011, upon Tenant’s request, Landlord shall use reasonable efforts to substantially complete the improvements to the Option Space on the date that is one hundred twenty (120) days after the date of Landlord’s approval of the Expansion TI Allowance Final Space Plan (such applicable substantial completion date is hereinafter referred to as the “Option Space Delivery Date”). If Landlord is not able to deliver possession of the Option Space to Tenant by the Option Space Delivery Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease, or the obligations of Tenant hereunder, or extend the Term hereof, but in such case, Tenant shall not result be obligated to pay rent with respect to the Option Space until the date that Landlord delivers possession of the Option Space to Tenant. Notwithstanding the foregoing, if the delay in any Supplemental Minimum Rent (as defined below) obligation or the Option Space Delivery Date resulted from a Tenant Delay, the Option Space shall be deemed to have been delivered on the date that the improvements to the Option Space would have been substantially complete in any other adjustment the absence of Tenant’s rental obligations under this Leasesuch Tenant Delay.
Appears in 1 contract
Samples: Lease Agreement (Acme Packet Inc)
Expansion Option. Tenant All expansion options granted to Lessee under the Lease, including, without limitation, any and all expansion options, rights of first refusal or rights of first offer, are hereby deleted in their entirety and the following, along with Lessee's rights granted under Section 9 and Section 10 below, are substituted in their place and stead:
(a) Lessor hereby grants to Lessee one (1) option to expand the Premises (the "Expansion Option") by between 17,500 rentable square feet and 19,250 rentable square feet (the "Expansion Premises"), effective as of the Expansion Premises Commencement Date (as hereinafter defined) and expiring on the Extended Expiration Date, unless sooner terminated or extended in accordance with the terms of the Lease, as amended hereby, under the following terms and conditions. The Expansion Premises shall have be located on any of the option8th through the 14th floors of the Building.
(b) Lessee may, exercisable by written notice (the "Expansion Inquiry Notice") given to Landlord Lessor no sooner than October 1, 2009, and no later than November 15, 2009, request Lessee's terms and conditions for a lease of the Expansion Premises. If Lessee timely delivers the Expansion Inquiry Notice to Lessor, Lessor shall, no later than November 30, 2009, notify Lessee ("Lessor's Notice") of the precise location and area of the Expansion Premises, the commencement date of the Lease with respect to the Expansion Premises and the Base Rent for the Expansion Premises. The rentable square footage of the Expansion Premises shall be determined by Lessor within the range identified above. The commencement date of the Lease with respect to the Expansion Premises shall no sooner than January 1, 2011, and no later than March 31, 2011. Base Rent for the Expansion Premises shall be equal to the Fair Market Base Rental (as hereinafter defined and determined), including the Fair Market Base Rental Escalation Rate (as hereinafter defined and determined), for the Expansion Premises for the applicable term of the Lease for the Expansion Premises. After receipt of Lessor's Notice, if Lessee disagrees with Lessor's determination of the Fair Market Base Rental or Fair Market Base Rental Escalation Rate, Lessor and Lessee shall negotiate in good faith to agree upon a Fair Market Base Rental and Fair Market Base Rental Escalation Rate.
(c) Lessee may elect by written notice (the "Expansion Notice") given to Lessor at any time, but no later than January 1, 2010, time on or before December 31, 2012being of the essence, to cause (i) not exercise the Expansion Option, (ii) exercise the Expansion Option and accept the terms set forth in Lessor's Notice (or as otherwise agreed during negotiations as provided above), or (iii) exercise the Expansion Option but submit the determination of Fair Market Base Rental and/or Fair Market Base Rental Escalation Rate for the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate arbitration as provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease13 below. Lessee's election shall be irrevocable once made. If Tenant is in default hereunderLessee fails to timely exercise the Expansion Option, beyond any applicable notice Lessee's rights hereunder with respect to the Expansion Option shall terminate and cure periodsLessor shall have no further obligation hereunder with respect thereto.
(d) If Lessee timely exercises the Expansion Option, on the date of such notice or on the date then Lessor shall deliver possession of the Expansion Premises to Lessee on or before the commencement date stated in Lessor's Notice, provided, however, that in no event shall Lessor be liable to Lessee if Lessor is unable to be tendered to Tenant, then the exercise deliver possession of the option Expansion Premises on or before the designated commencement date for causes outside of Lessor's reasonable control, including the hold over of any existing occupant, provided, however, that in any event, Lessor shall be use all commercially reasonable efforts to obtain possession, including an eviction action, if reasonably necessary. Effective as of no force or effectthe date of such delivery to Lessee (the "Expansion Premises Commencement Date"), the Expansion Premises shall not be added to included in the Premises, Premises and this option shall be subject to all of no further force or effect. The option granted herein may be exercised by any permitted assignee the terms, conditions and provisions of Tenant’s interest under this the Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such optionas amended, thenexcept as follows:
(ai) Landlord and Tenant The rentable area of the Premises shall promptly prepare and execute an amendment to this Lease providing for be increased by the addition rentable square feet of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.and Lessee's Proportionate Share shall be increased accordingly;
(bii) The parties agree that their respective rights and obligations with respect to the condition of Base Rent for the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter Lessor's Notice or as defined below. Draw-downs otherwise determined hereunder; and
(iii) Lessee shall take possession of the Expansion TI Allowance Premises in an "as is" condition.
(e) Lessee's right to exercise the Expansion Option is contingent upon Lessee not being in Default under the Lease, as amended hereby, either on the date that Lessee exercises such Expansion Option or, unless waived in writing by Tenant Lessor for purposes of the Expansion Option, on the date that otherwise would have been the commencement date of the lease term for the Expansion Premises. If Lessee is not in Default under the Lease, as amended hereby, on the date Lessee exercises such Expansion Option but is so in Default on the date that otherwise would have been the commencement date of the lease term for the Expansion Premises and Lessor does not waive in writing such Default for purposes of the Expansion Option, then, notwithstanding Lessee's timely exercise of the Expansion Option, Lessee shall have no right to lease such Expansion Premises as a result of Lessee's exercise of such Expansion Option.
(f) If Lessee exercises the Expansion Option, Lessor and Lessee shall execute and deliver an amendment to the Lease reflecting the lease by Lessor to Lessee of the Expansion Premises on the terms provided above, which amendment shall be executed and delivered promptly after Lessee and Lessor agree on the Fair Market Base Rental and Fair Market Base Rental Escalation Rate.
(g) The Expansion Option shall automatically terminate and become null and void and of no force or effect upon the earlier to occur of (i) the expiration or termination of the Lease, as amended, (ii) the termination of Lessee's right to possession of the Premises, or (iii) the failure of Lessee to timely or properly exercise such Expansion Option. The Expansion Option is personal to Lessee (and to any parent, subsidiary or affiliate of Lessee to which the Lease is assigned pursuant to the terms and conditions of the Lease) and shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this be assignable by Lessee separately from the Lease.
(h) The Expansion Option shall not be deemed altered or affected by Lessee's lease of any First Opportunity Space under Section 9 below or any First Offer Space under Section 10 below unless, as a result of Lessee's exercise of such rights, insufficient space remains on the 8th through 14th floors of the Building.
Appears in 1 contract
Samples: Lease (Playboy Enterprises Inc)
Expansion Option. Section 33.01. Subject to the terms and conditions hereinafter set -------------- forth and provided that the lease is in full force and effect and no event of default shall have occurred which shall be continuing, Tenant shall have the option, option to lease additional space in the Building (the "Expansion Space") as follows. Tenant shall have the option (the "Expansion Option") to lease the space on level 6 of Pod P described in Exhibit J hereto as hereinafter provided. The Expansion Option shall be exercisable by written Tenant upon notice to Landlord at any time on or before December 31given within six (6) months after the date of execution of this lease. If Tenant so exercises its Expansion Option as herein provided, 2012, to cause the Expansion Premises to such space shall be added to the Premises upon expiration and constitute a part of the Prior Lease on December 31premises, 2013and except as expressly otherwise hereinafter provided, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon subject to all the terms and provisions set forth in conditions of this Leaselease. If Tenant delivers to Landlord the drawings, plans, specifications, and other detailed information which Tenant is required to submit to Landlord in default hereunderaccordance with Article 2.02 of Exhibit C, beyond any applicable notice if applicable, containing all information required by Landlord to construct the Base Building Work for the Expansion Space, the Commencement Date, Expiration Date and cure periodsfree rent period as to the Expansion Space shall be the same as those for the initial Premises. If such drawings, plans, specifications, and other detailed information for the Expansion Space are not delivered by the respective dates specified in Article 2.02 of Exhibit C, if applicable, (i) the delivery date by Landlord of the Expansion Space with the Base Building Work substantially completed shall have no effect upon the determination of the Commencement Date for the initial Premises; (ii) the Commencement Date and commencement of the seven-month free- rent period for the Expansion Space shall be the earlier of (A) seven and one- half (7 1/2) months after the date on which Landlord delivers the Expansion Space to Tenant with the Base Building Work substantially completed, (B) the date of such notice or on the date possession Tenant's occupancy of the Expansion Premises is to be tendered to TenantSpace for the conduct of its normal business operations, then the exercise of the option shall be of no force or effect, (C) fifteen (15) days after (1) Tenant Build-out for the Expansion Premises shall not be added Space is substantially completed, and (2) the Communication Systems have been installed on the Building and Land, so as to permit Tenant to occupy the Expansion Space (and the initial Premises) and conduct its normal business operations therein, it being stipulated that Tenant agrees, subject to delay by force majeure as defined in Section 2.01(b), to exercise reasonable diligence to complete and install such Tenant Build-out and Communication Systems after Tenant is afforded access to the PremisesLand, Building, Premises and this option shall be Expansion Space for such purpose; (iii) delays by Tenant as specified in Articles 6 and 7 of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations Exhibit C with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date Space shall be governed by the same provisions applicable operate to the remainder of the Premises pursuant accelerate Tenant's obligation to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet pay rental for the Expansion PremisesSpace; and (iv) (The Expiration Date for the “Expansion TI Allowance”), to be available for application towards Space shall coincide with the refurbishment Expiration Date of the Expansion Premises and/or the construction of tenant improvements initial Premises.
Section 33.02. Landlord shall construct in the Expansion Premises by Tenant. Tenant’s construction of Space the -------------- Base Building Work described in Exhibit C-1 and Landlord shall have no obligation to make any tenant other alterations, decorations, additions or improvements in or to the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSpace.
Appears in 1 contract
Expansion Option. (a) At any time prior to February 28, 1999, Tenant shall have the option to expand the Premises to include either (i) all of the office space on all or one or more entire floors of the Fourth (4th), Fifth (5th) and Sixth (6th) Floors of the Building, or (ii) all of the office space on all or one or more entire floors of the Sixth (6th), Tenth (l0th) and Eleventh (11th) Floors of the Building (the "Expansion Space"), which option hereinafter shall be referred to as the "Expansion Option." Tenant shall not be entitled to exercise the aforesaid Expansion Option to lease Expansion Space if, at the time Tenant is entitled to exercise said option, exercisable by Tenant has subleased or has entered into an agreement to sublease in the future more than twenty-five percent (25%) of the then total amount of rentable square feet of the Premises, unless Tenant itself occupies at all times the Expansion Space and does not relocate its employees from the initial Premises into the Expansion Space in order to comply with this provision. To exercise the Expansion Option, Tenant must deliver to Landlord written notice to Landlord at any time of the exercise of the Expansion Option (the "Expansion Notice") on or before December 31February 28, 2012, 1999. If Tenant delivers to cause Landlord the Expansion Premises to Notice within the time provided herein, the Expansion Space shall be added to the Premises leased upon expiration all of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the same terms and provisions conditions set forth in this Lease. If Lease with respect to the Premises (which terms and conditions shall be adjusted proportionately to account for the increased rentable square footage of the Premises upon inclusion of the Expansion Space), except that: (1) the Lease Term with respect to the Expansion Space shall commence on the later of (A) September 1, 2000, or (B) the date on which Landlord delivers the Expansion Space to Tenant; (2) Tenant is in default hereunder, beyond any applicable notice shall be obligated to pay Base Rent and cure periods, Additional Rent for the Expansion Space beginning on the date of such notice or that is 120 calendar days after the date on which Landlord delivers the Expansion Space to Tenant; (3) if Tenant exercises the Expansion Option with respect to Expansion Space on the date Tenth (10th) or Eleventh (11th) Floors, the Base Rental for that space shall be Two Dollars ($2.00) per rentable square foot greater than that for the remainder of the Premises; and (4) Landlord shall provide to Tenant an "Expansion Space Improvement Allowance" equal to Twenty-Seven and 50/100 Dollars ($27.50) per rentable square foot of the Expansion Space, which shall be paid by Landlord, and may be used by Tenant in accordance with the purposes set forth in Paragraph 3(d), above. The Expansion Space Improvements shall be constructed in accordance with the provisions of EXHIBIT B and the Expansion Space Improvement Allowance shall be paid in accordance with the provisions of Exhibit B.
(b) Landlord shall use commercially reasonable efforts to deliver the Expansion Space to Tenant by September 1, 2000, or as soon thereafter as possible, by taking all reasonable steps to recover possession of the Expansion Premises Space from the entity that is the tenant of the Expansion Space as of the date of execution of this Lease (the "Current Expansion Space Tenant"). If Landlord does not deliver the Expansion Space to Tenant by September 1, 2000, and as a direct result Tenant is forced to hold over under its existing lease for premises at 0000 Xxxxxxxxx Xxxxxxxxx, Xxxxxxxx, Xxxxxxxx (the "Existing Lease"), then Landlord shall reimburse Tenant for the amounts paid by Tenant under the Existing Lease for the period during which Tenant occupies space pursuant to the Existing Lease after the expiration of the Existing Lease by reason of Landlord's failure to timely deliver the Expansion Space (the "Expansion Holdover Period") that are in excess of the amounts Tenant would have been obligated to pay during the Expansion Holdover Period if those amounts were required to be tendered paid at the rate in effect under the Existing Lease immediately prior to the expiration of the term of the Existing Lease, provided that the total amount of any such reimbursement shall not exceed the amount actually received by Landlord as rent from the Current Expansion Space Tenant after September 1, 2000 that are in excess of the amounts the Current Expansion Space Tenant would have been obligated to pay after the expiration of its lease for the Premises if those amounts were required to be paid at the rate in effect under the Current Expansion Space Tenant, then 's lease for the Premises immediately prior to the expiration of the term of that lease. Tenant shall have the right to rescind the exercise of this expansion option in the option shall be of no force or effect, event that Landlord fails to deliver the Expansion Premises shall not be added Space to the PremisesTenant by June 30, and this 2001, provided that Tenant exercise said option shall be of no further force or effect. The option granted herein may be exercised to rescind by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers giving written notice thereof to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including by July 3110, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease2001.
Appears in 1 contract
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the optionoption (the “Expansion Option”) to lease the following spaces in the Building: 2nd Floor (including mezzanine), exercisable 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord at any time (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on or before December 31the respective Last Date, 2012, Landlord shall send to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable a written notice and cure periods, on the date of such notice or on the date possession reminding Tenant of the Expansion Premises Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to be tendered to Tenantthe Last Date for a particular Option Floor, then the exercise of the option time shall be of no force the essence for Tenant to exercise the Expansion Option on or effectbefore the Last Date, failing which, the Expansion Premises Option for the respective Option Floor shall not be added to the Premises, expire and this option shall be of no further force or and effect. The option granted herein may If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be exercised by any permitted assignee deemed extended for an additional five (5) business days after delivery to Tenant of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenantthe Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant duly to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and validly exercises in such optionevent, then:
(a) Landlord if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant shall promptly prepare and execute an amendment to timely delivers the Option Notice for a particular Option Floor, then this Lease providing for shall be automatically deemed amended to reflect that: (i) the addition of the Expansion Premises to Option Floor shall be incorporated into the Premises covered by this Lease, effective as of the Direct Term Commencement date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
(b) The parties agree that their In the event Tenant fails to exercise its option for any Option Floor by the later of (i) the respective rights Last Date, and obligations with respect to (ii) the condition fifth day after the delivery of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Reminder Notice, then Landlord shall provide thereafter be free to lease the applicable Option Floor to any third party on whatever terms Landlord determines, in Landlord’s sole and absolute discretion; and Tenant with a tenant improvement allowance in shall have no further right to lease the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five applicable Option Floor; and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), Option with regard to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions such applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance Option Floor shall be deemed to expire on July 31, 2014 null and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasevoid.
Appears in 1 contract
Samples: Lease (G Iii Apparel Group LTD /De/)
Expansion Option. Provided Landlord does not have a bona fide ---------------- offer from a third party to lease Building space containing all or a portion of the East Anchor Building Option Space, Tenant shall have the option, exercisable by written notice option to Landlord at any time on lease all or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration a portion of the Prior Lease on December 31, 2013, at Option Space upon not less than sixty (60) days' notice upon the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the same terms and provisions conditions contained herein, including parking ratio. All non-conflicting terms and conditions of the Lease, as amended, shall apply to said Option Space, and the Base Rent for said Option Space shall be the rate per rentable square foot set forth in this LeaseSection 1(i), payable in monthly installments, in advance. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on For purposes of calculating Adjusted Base Rent for the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effectOption Space, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance Base Year shall be as set forth in Section 1(n). Tenant shall receive a construction allowance at a rate per square foot equal to the Workletter original allowance prorated over the remaining Term of this Lease. The Option Space shall be accepted by Tenant in an "as-is" condition, after Landlord performs Items 1, 2, 6 and 8 under Construction/Demolition as defined below. Draw-downs shown on Exhibit "E" on the Option Space, and Tenant shall perform the remainder of the Expansion TI Allowance renovation of said Option Space to meet its requirements. Tenant's allowance shall be administered and distributed consistent with the terms and requirements of this Lease. Tenant agrees to execute an Amendment and Supplement of Lease in form and substance reasonably acceptable to Landlord confirming the exercise of the within option to expand, redefining the newly defined Premises, the redefining the newly defined Premises, the Base Rent and construction allowance. Tenant may, subject to the terms and conditions of this Lease and Landlord's prior approval, (a) install an additional generator or increase the size and wattage of the original generator at Tenant's sole cost and expense, (b) increase the HVAC capacity for the Premises at Tenant's sole cost and expense, (c) install additional antennas at Tenant's sole cost and expense, and (d) upgrade the Building electrical system installed by Landlord to accommodate Tenant's electrical usage in the Option Space at Tenant's sole cost and expense. Landlord shall provide the space for an additional transformer outside the Building to be installed by Tenant as a part of the Option Space's Base Rent. The location(s) of all such improvements shall not result be approved by Landlord in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseLandlord's sole discretion.
Appears in 1 contract
Expansion Option. Tenant shall have the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added Subject to the Premises upon expiration of provisions hereinafter set forth,Landlord hereby grants to Tenant the Prior Lease option to lease, on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions conditions hereinafter set forth in forth, space (the “Expansion Space”) within the area on the 25th floor of the Building shown on Exhibit I to this Lease. If Tenant is in default hereunderLease (the “Total Expansion Space”), beyond any applicable notice the exact area, configuration and cure periods, on location of the Expansion Space and the date of such notice or on the date possession commencement of the term of the demise with respect to the Expansion Premises is Space (the “Expansion Space Commencement Date”) to be tendered to Tenant, then designated by Landlord within the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:parameters set forth below.
(a) Landlord shall determine the portion of the Total Expansion Space to be made available for lease by Tenant as the Expansion Space (without regard to whether other portions of the Total Expansion Space may also be available for leasing) and Tenant shall promptly prepare and execute an amendment the Expansion Space Commencement Date, subject to this Lease providing for the addition following conditions:
(i) the area of the Expansion Premises to Space shall be 10,000 square feet of Rentable Area, plus or minus 20%;
(ii) the Premises covered by this Lease, effective as Expansion Space shall include the portion of the Direct Term 25th floor of the Building where an existing staircase connects . the 24th and 25th floors, unless such portion of the 25th floor has been leased by Tenant pursuant to its right to lease First Offer Space or otherwise leased by Tenant; and
(iii) the Expansion Space Commencement DateDate shall fall within the period commencing on the first day of the sixth Lease Year and ending on the last day of the sixth month of the seventh Lease Year.
(b) The parties agree that their respective rights and obligations with respect Tenant’s option to lease the condition Expansion Space shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not earlier than the first day of the Expansion Premises as fifth Lease Year and not later than the last day of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder sixth month of the Premises fifth Lease Year, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon terminate and Tenant shall not thereafter have any right to lease any portion of the Total Expansion Space pursuant to Sections 2.3(a) and (b) below.this expansion option. Tenant may not elect to lease less than the entire area of the. Expansion Space designated by Landlord!
(c) Landlord shall provide give Tenant with a tenant improvement allowance in written notice of the maximum amount location and Rentable Area of One Hundred Seventy-Six Thousand One Hundred Forty-Five the Expansion Space, the Expansion Space Commencement Date, and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet Market Rental Rate for the Expansion PremisesSpace within sixty (60) days after Tenant’s exercise of its option to lease the Expansion Space.
(d) Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the “time of Tenant’s exercise of said option and on the Expansion TI Allowance”)Space.Commencement Date this lease is in full force and effect and tenant is not in Default under this lease, to be available and (inasmuch as said option is intended only for application towards the refurbishment benefit of the Expansion original Tenant named in this lease and any Tenant Successors and Tenant Affiliates) at least 45,000 square feet of Rentable Area of the Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed is occupied by the same provisions applicable original Tenant named herein or a tenant Successor or Tenant Affiliate, this lease has not been assigned other.’than to a Tenant Successor or Tenant Affiliate, not more than 15,000 square . feet of Rentable Area of the remainder Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates, and Landlord has not terminated this lease as to any part ... , of the Premises pursuant to Section 2.3(c) below15 above. The Without limitation of the. foregoing, no sublessee, and no assignee other man a tenant Successor or tenant Affiliate, shall be entitled to exercise said; option, and no exercise of said option by the original tenant • named herein or a Tenant Successor or Tenant Affiliate shall be effective in the event said . Tenant or Tenant Successor or tenant Affiliate assigns this lease prior to the Expansion TI Allowance may be drawn down by Space Commencement Date other than to a Tenant at any time after January 1 Successor or Tenant Affiliate or more than 15,000 square feet of Rentable Area of the calendar year immediately following Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates as of the date Expansion Space Commence-ment Date or Landlord terminates this lease as to any part of the Premises pursuant to Section 15 above prior to, the Expansion Space Commencement Date. .
(e) If Tenant has validly exercised its option to lease the Expansion Space, then effective as of the Expansion Space Commencement Date the Expansion Space shall be included in the Premises, subject to all of the terms, conditions and provisions of this lease, except that:
(i) Base Rent per square foot of Rentable Area for the Expansion Space shall be equal to the Market Rental Rate for the Expansion Space;
(ii) the Rentable Area of the Premises shall be increased by the Rentable Area of the Expansion Space;
(iii) the term of the demise covering the Expansion Space shall commence on which the Expansion Space Commencement Date and shall expire simultaneously with the expiration or earlier termination of me Term of this tease, including any extension or renewal thereof; and
(iv) the Expansion Space shall be rented in its “as is” condition as of the Expansion Space Commencement Date (inasmuch as tenant improvement work, allowances, and time for construction of tenant improvements, if any, will be reflected in the Market Rental Rate pursuant to Section 38 below).
(f) If Tenant delivers has validly exercised its option to lease the. Expansion Space, within thirty (30) days after request by other party hereto landlord and Tenant shall enter into a written amendment to this lease confirming the terms, conditions and. provisions applicable to the Expansion Space as determined in accordance herewith. •
(g) If Tenant has validly exercised its option to lease the Expansion Space, Landlord a valid shall use reasonable efforts to deliver possession of the Expansion Space on the Expansion Space Commencement Date, but, notwithstanding the provisions of Section 36(a)(iii) above, in the event Landlord should be unable for any reason to deliver possession of the Expansion Space on the Expansion Space Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession. Such failure to deliver possession.shall not affect either the validity of this lease:or the obligations of either Landlord or Tenant hereunder or be construed to extend the expiration of the Term of this lease either as to the Expansion Space or the balance of the Premises; provided, however, that under such circumstances, rent shall not commence as to the Expansion Space until Landlord is able to deliver possession, and binding written exercise Base Rent for the Expansion Space shall be adjusted to reflect the reduction in the length of Tenant’s expansion option under this Section 1.3 and continuing up the term of the. lease of the Expansion Space to and including July 31, 2014. Any unused the extent that the length of such term had an effect on the computation of the Market Rental Rate for the Expansion Space.
(h) In the event the portion of the Total Expansion TI Allowance Space which includes an existing staircase connecting the 24th and 25th floors of the Building is leased to Tenant other than pursuant to the expansion option described herein; such portion of the total Expansion Space shall thereupon be deleted from the Total Expansion Space and the minimum area which Landlord may designate as the Expansion Space pursuant to Section 36(a)(i) above shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable reduced by Tenant for any moving or relocation expenses the Rentable Area of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement such portion of the Total Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseSpace.
Appears in 1 contract
Samples: Office Lease (EMAK Worldwide, Inc.)
Expansion Option. 43.01. Landlord grants Tenant the option (the "Expansion Option") to rent approximately 6,577 rentable square feet of the additional space in the Building that is shown on Exhibit G hereto (the "Expansion Space"). The Expansion Option may be exercised only by Tenant's written notice given to Landlord within 365 days after the date hereof, time being of the essence with respect to the giving of such notice, and only if Tenant shall have the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to not be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on grace period under this Lease either as of the date of the giving of such written notice by Tenant or the first day of the month immediately following the month in which Tenant gives such written notice. If Tenant exercises the Expansion Option in accordance with this Section 43.01, then Landlord shall lease to Tenant the Expansion Space on the date possession same terms and conditions as those contained in this Lease and for a term commencing on the first day of the month immediately following the month in which Tenant gives written notice of its exercise of the Expansion Premises is Option and continuing coterminous with the Term of this Lease. Tenant's Proportionate Share under this Lease shall be adjusted to be tendered to Tenant, then reflect the exercise inclusion of the option Expansion Space. The demise of the Expansion Space shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised accomplished by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for to include the addition Expansion Space as part of the Expansion Premises (but Tenant's failure to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights execute and deliver such an amendment shall not affect its obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Space). If Tenant exercises its Expansion Option Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot have no obligation to pay for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements or perform any work in the Expansion Premises by Space, to prepare such space for Tenant's occupancy. Tenant’s construction of any tenant improvements in Tenant shall have forever waived its right to exercise the Expansion Premises shall be governed by Option if it fails for any reason whatsoever to give notice of exercise to Landlord within the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time 365-day period after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31hereof, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used whether such failure is inadvertent or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseintentional.
Appears in 1 contract
Samples: Lease (Applied Microbiology Inc)
Expansion Option. Tenant shall have the option, exercisable by written notice to Landlord option (“Expansion Option”) at any time during the period beginning on or before December 31the date of full execution of this Lease and ending at 5:00 p.m. on November 1, 20121999 (“Expansion Period”), to cause expand the Premises to include all or any portion of the space located on the thirtieth (30th) floor of the Project as shown on the attached Exhibit A-l (collectively, “Expansion Space”) as follows
A. To exercise the Expansion Option, Tenant shall give Landlord written notice of exercise (“Tenant’s Exercise Notice”) during the Expansion Period identifying the location and approximate rentable square feet of the portion of the Expansion Space to be provided (“Subject Expansion Space”). The exact location and size of the Subject Expansion Space shall be reasonably approved by Landlord subject to applicable legal requirements and reasonable third-party, market leasing considerations. Time is of the essence with respect to Tenant’s Exercise Notice.
B. If Tenant exercises the Expansion Option, the Subject Expansion Space shall be added to and become part of the Premises to for the remaining Term of this Lease (including any renewal or extension thereof) on all of the terms and conditions of this Lease, except that:
(1) The Subject Expansion Space shall be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, effective on the date earlier of such notice or on (“Delivery Date”): (a) the date possession of agreed by the Expansion Premises parties in writing; or (b) sixty (60) days after Tenant’s Exercise Notice is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises given. Landlord shall not be added liable nor shall this Lease be impaired for any delay or inability to deliver the Premises, Subject Expansion Space for reasons beyond Landlord’s control.
(2) Commencing on the Delivery Date and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
continuing during the remaining Term (a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing pay Base Rent for the addition of the Subject Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by Space at the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per rentable square foot as then payable for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c4 of the Schedule to this Lease and subject to the same increases as provided in said Section 4; and (b) belowTenant’s Proportionate Share pursuant to Section 2 of this Lease shall be adjusted appropriately to take into account the rentable square feet in the Subject Expansion Space, and Operating Cost Rent shall thereafter be payable at the same rate per rentable square foot as then payable for the Premises, with the same Base Year as specified in the Schedule to this Lease and subject to the same adjustments as provided in this Lease.
(3) The Subject Expansion Space shall be provided in an “as is” condition; except that Landlord shall provide a Tenant Finish Allowance equal to (a) $21.50 per rentable square foot in the Subject Expansion Space, minus (b) $0. 12 per rentable square feet in the Subject Expansion Space for each month of the Term that has expired as of the Delivery Date. The Expansion TI Tenant Finish Allowance may shall be drawn down by Tenant at any time after January payable on the same terms and conditions as provided in Section 1 of Exhibit C to this Lease, including the calendar year immediately following deferral of the date on which Tenant delivers sum of $3.25 per rentable square foot until Months 61 through 96 of the Term and an additional $3.25 per rentable square foot until Months 121 through 132 of the Term. All leasehold improvements shall be performed substantially in accordance with the provisions of Exhibit C to Landlord this Lease.
(4) As of the Delivery Date, the term “Premises” shall be deemed to refer to and include the Subject Expansion Space, except as expressly provided otherwise in this Lease.
C. In case of a valid and binding written partial exercise of Tenant’s expansion option under this Section 1.3 and continuing up the Expansion Option, the Expansion Option shall continue with respect to and including July 31, 2014. Any unused any remaining portion of the Expansion TI Allowance Space until the end of the Expansion Period, at which time the Expansion Option shall be deemed automatically terminate.
D. Tenant’s right to expire exercise the Expansion Option is subject to the condition that, at the time that Tenant gives Tenant’s Exercise Notice and on July 31the Delivery Date, 2014 and thereafter shall no longer be available to Tenant for is not in default under any purpose. The Expansion TI Allowance shall not be used of the terms or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions conditions of this Lease. Further, will not become Landlord’s property and remain with the Premises (including the Expansion PremisesOption shall automatically terminate upon the earliest to occur of (1) upon the expiration or termination of this Lease. Subject ; (2) the termination of Tenant’s right to possession of the limitation set forth Premises; (3) the assignment of this Lease by Tenant or the sublease by Tenant of all or any part of the Premises except to a Tenant Affiliate as defined in Section 34 below; or (4) the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement expiration of the Expansion TI Allowance Period.
E. Within ten (10) days after written request by either party, Landlord and Tenant shall be as set forth execute and deliver an instrument in the Workletter as defined below. Draw-downs form reasonably satisfactory to Landlord and Tenant confirming any exercise or termination of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseOption.
Appears in 1 contract
Samples: Assignment and Assumption of Leases (Quest Resource Corp)
Expansion Option. a. Provided that this Lease is in full force and effect, Tenant shall have the exclusive option, exercisable to be exercised by written notice to Landlord at any time on or before December 31, 2012(the “Election Notice”) as hereinafter provided, to cause include in this Lease for one (1) year as part of the Leased Premises, (i) that eastern portion of the third (3rd) f1oor of the Building which is presently vacant and does not include the Leased Premises, and contains approximately 15,000 rentable square feet as shown on Exhibit B-2 (the “Entire East Side”).Tenant shall have the exclusive option to lease the Expansion Premises Space, as of a delivery date to be added to mutually agreed upon by the Premises upon expiration of the Prior Lease on December 31parties, 2013, at the minimum rental rate provided in Section 3.1(a)(iibut not greater than ninety (90) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on days from the date of such notice or on the date possession Election Notice.
b. Any Election Notice shall be irrevocable upon delivery and time shall be of the Expansion Premises is to be tendered to Tenant, then essence in connection with the exercise of the option Expansion Option hereunder. If Tenant does not elect to include the Expansion Space as part of the Leased Premises within one (1) year of the Lease Commencement Date, Tenant shall be deemed to have waived its expansion rights with respect to the Expansion Space.
c. The Minimum Annual Rent for the Expansion Space shall be at the same per square foot rental rate as the entire Leased Premises and pursuant to all of no force or effectthe same Lease terms as set forth herein, including but not limited to, parking spaces, office space build out, laboratory buildout and/or rent.
d. In the event Tenant duly and properly exercises the Expansion Option, the Expansion Space shall automatically become part of the Leased Premises shall not be added to the Premises, and covered by this option shall be Lease without execution of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease. At the request of either party, the parties shall promptly execute and deliver a written amendment to this Lease providing for reflecting the addition of the Expansion Premises to the Premises covered by this Lease, effective expansion Space as part of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Leased Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to for the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in Term, the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment increase of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid Minimum Annual Rent and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseadditional rental.
Appears in 1 contract
Samples: Lease Agreement (CONTRAFECT Corp)
Expansion Option. (a) Provided that on the date Tenant exercises the Expansion Option and on the ES Possession Date (i) this Lease shall not have been terminated, (ii) Tenant shall not be in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable notice and grace periods and (iii) Tenant shall not have sublet any of the demised premises, Tenant shall have the option (the "Expansion Option") to lease, at Landlord's option, exercisable either (A) the space on the 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule I ("Expansion Space I") or (B) the space on the 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule N ("Expansion Space II", Expansion Space I or Expansion Space II, as designated by written Landlord as the expansion space to he leased by Tenant, is hereinafter referred to as the "Expansion Space"). Landlord and Tenant confirm that Expansion Space I is conclusively deemed to contain 43,099 rentable square feet and Expansion Space II is conclusively deemed to contain 42,632 rentable square feet. The Expansion Option may be exercised only by Tenant giving Landlord notice thereof (the "Expansion Notice") on or before September 30, 1999. If this Lease shall be terminated or if any of the other conditions to Landlord Tenant's Expansion Option described above shall no longer be satisfied at any time before ES Possession Date, Tenant's Expansion Option, or its exercise thereof, or any lease created by any such exercise, shall be abrogated and rendered null and void. If Tenant fails to timely give such notice, Tenant's Expansion Option shall be terminated and be deemed waived by Tenant. If Tenant is in monetary default at the time it exercises the Expansion Option and Tenant cures such default prior to September 30, 1999, Tenant shall be entitled to re-exercise the Expansion Option by giving Landlord another Expansion Notice on or before December 31September 30, 20121999, to cause so long as the conditions specified above are satisfied as of such exercise date. If Tenant timely gives the Expansion Premises to be added to Notice, on the Premises upon expiration ES Commencement Date, the Expansion Space shall become part of the Prior Lease on December 31demised premises, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all of the terms and provisions conditions set forth in this Lease. If , except that:
(i) The basic annual rent shall be increased by (A) if Tenant is in default hereundershall have timely and properly given an Expansion Notice on or before May 17, beyond any applicable notice and cure periods1999, an amount equal to the product of (x) (i) for the period commencing on the date of such notice or ES Inclusion Date and ending on the date possession day immediately preceding the fifth (5th) anniversary of the Commencement Date, $30.50 and (ii) commencing on the Commencement Date and ending on the Expiration Date, $33.50 and (y) the rentable square footage of the Expansion Space and (B) if Tenant shall have timely and properly given an Expansion Notice after May 17, 1999 and on or before September 30, 1999, the ES Fair Market Rent;
(ii) Tenant's Tax Share shall be increased by (A) 2.87% if the Expansion Space is Expansion Space I and (B) 2.84% if the Expansion Space is Expansion Space II;
(iii) Tenant's Operating Share shall be increased by (A) 3.01% if the Expansion Space is Expansion Space I and (B) 2.98% if the Expansion Space is Expansion Space II; and
(iv) Landlord shall not be required to perform any work, install any fixtures or equipment or render any services or, except as provided in subparagraph (v) below, make any contribution to prepare the Building or Expansion Space for Tenant's use or occupancy and Tenant shall accept the Expansion Space in its "as is" condition on the ES Possession Date.
(v) Tenant shall be entitled to reimbursement of up to an amount equal to $27.50 per rentable square foot of the Expansion Space (the "Expansion Premises Allowance") for Hard Costs and Soft Costs paid by Tenant in connection with the preparation of the Expansion Space for Tenant's occupancy, provided, that Tenant shall not be entitled to reimbursement from the Expansion Premises Allowance for Soft Costs to the extent such Soft Costs exceed an amount (the "Expansion Space Soft Costs Maximum") equal to 25% of the Expansion Premises is Allowance. Tenant shall have the right to submit to Landlord, from time to time, but not more frequently than once per month, a notice setting forth the dollar amount requested, which notice shall be tendered accompanied by (i) paid invoices or other evidence reasonably satisfactory to Tenant, then the exercise Landlord of the option amounts paid by Tenant for such Hard Costs and/or Soft Costs, (ii) a certificate from a financial officer of Tenant that Tenant has not been reimbursed previously for such Hard Costs and/or Soft Costs, (iii) a certificate from Tenant's architect which certifies that the work for which Tenant is seeking reimbursement has been completed substantially in accordance with the plans and specifications previously approved or deemed approved by Landlord and in compliance with all applicable Legal Requirements and (iv) evidence reasonably - 84 - satisfactory to Landlord (including, without limitation, lien waivers) that all sums properly due and owing to contractors, subcontractors and materialmen in connection with the work for which Tenant is seeking reimbursement have been paid. Within thirty (30) days after receipt of such notice and other information and provided the certificates and other deliveries made therewith are correct, Landlord shall be reimburse Tenant for the amount thereof until the total of no force or effect, all such reimbursements is equal to the Expansion Premises Allowance (it being understood that in no event shall not Landlord be added obligated to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition expend in excess of the Expansion Premises Allowance or reimburse Tenant for Soft Costs in excess of the Expansion Space Soft Costs Maximum). Anything to the contrary contained herein notwithstanding anything, Landlord shall have the right to withhold $25,000 from the Expansion Premises covered by this LeaseAllowance, effective which amount shall not be released to Tenant unless and until Tenant delivers to Landlord final working drawings, with amendments, or the mylar set of "as built" plans, drawings and specifications for the work performed in the Expansion Space and the disk carrying the same in accordance with Section 6.01(11).
(vi) If Tenant shall have timely and properly given an Expansion Notice on or before May 17, 1999, the term of the Direct Term leasing of the Expansion Space shall commence on the ES Commencement Date and expire on the last day of the month that is 120 months after the month in which the ES Commencement Date occurs (it being understood that if Tenant shall have timely and properly given an Expansion Notice after May 17, 1999 and on or before September 30, 1999, the term of the leasing of the Expansion Space shall commence on the ES Commencement Date and expire on the originally scheduled Expiration Date).
(b) The parties agree "ES Possession Date" shall be the date that their respective rights and obligations with respect to the condition Landlord delivers vacant possession of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable Space to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated broom-clean with any all movable furniture, trade fixtures, furniture and personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseremoved.
Appears in 1 contract
Expansion Option. (i) Subject to and upon the terms, provisions and conditions set forth in this Section 9(a), Tenant shall have have, and is hereby granted, a one-time option (the option"EXPANSION OPTION") to lease those certain premises designated by Landlord (hereinafter sometimes called the "ADDITIONAL EXPANSION PREMISES") located on any single floor selected by Landlord located between Floors 24 through 35 of the Building and consisting of approximately 3,000 square feet of net rentable area (+/-10%), exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause exercised by Tenant within ten (10) days following the expiration of the thirtieth (30th) month following the Expansion Premises Commencement Date. If Tenant does not exercise the Expansion Option on or prior to such date, the Expansion Option shall be added to the Premises upon expiration of the Prior Lease on December 31, 2013waived.
(ii) The Expansion Option may be exercised only if, at the minimum rental rate provided time of such exercise no event of default under the Lease exists (unless Landlord, in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Leaseits sole discretion, elects to waive such condition). If such condition is not satisfied or waived by Landlord, any purported exercise thereof shall be null and void.
(iii) If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of elects to exercise the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effectOption, the Additional Expansion Premises shall not be added subject to all of the Premisesterms, covenants and this option shall be conditions of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for except that the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations Base Rental with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Additional Expansion Premises shall be governed the Market Base Rental Rate as determined by Landlord in accordance with the same provisions applicable Lease. Tenant's obligation to pay rental for the remainder Additional Expansion Premises shall commence on the date (the "ADDITIONAL EXPANSION RENTAL COMMENCEMENT DATE") that is the thirtieth (30th) day following Landlord's delivery of possession of the Additional Expansion Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The construction of Leasehold Improvements desired by Tenant.
(iv) If Tenant elects to lease the Additional Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Premises, Landlord will furnish the Additional Expansion Premises to Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under and Tenant will accept the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Additional Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth , in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management its then current condition (I.E. "AS IS" and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease"WITH ALL FAULTS").
Appears in 1 contract
Expansion Option. If, at any time prior to the first anniversary of the Commencement Date, Landlord desires to lease any space on the 13th, 16th, 17th, 18th or 19th floor of the building which contains at least 7,500 rentable square feet and is then or, within six (6) months following the date Landlord’s OS Availability Notice (as hereinafter defined) is given, will be vacant and available for leasing by Landlord (i.e., subject only to the option of another tenant granted prior to the Effective Date), then Landlord shall notify Tenant of such fact, which notice (“Landlord’s OS Availability Notice”) shall include a description of the layout, configuration and rentable square foot area of such space (an “Option Space”), and the date Landlord reasonably anticipates the term of the leasing of such space shall commence (the “Anticipated Commencement Date”). If and so long as Tenant is not in default under this lease beyond any applicable notice and/or grace period, Tenant shall have the optionone-time option (with respect to such space) to add all but not part of such space to the demised premises, exercisable by subject to the following terms and conditions:
(i) Tenant shall give Landlord written notice of its election so to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added add all but not part of an Option Space to the Premises upon expiration of the Prior Lease on December 31demised premises, 2013, at the minimum rental rate provided in Section 3.1(a)(iiwhich notice shall be given no later than thirty (30) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on days after the date of such notice or on the date possession of the Expansion Premises Landlord’s OS Availability Notice is to be tendered to Tenant, then the exercise of the option given. Time shall be of no force the essence in connection with the exercise by Tenant of any option hereunder.
(ii) The term of the leasing of such Option Space shall commence on the OS Commencement Date (as hereinafter defined), and shall end on the expiration or effectsooner termination date of the initial term of this lease, or, if the Tenant exercises its renewal option as in Article 32 provided, the Expansion Premises expiration or sooner termination date of the Extended Term. The term “OS Commencement Date” when used herein shall not be added mean the thirty-first (31st) day after the date when Landlord delivers vacant possession of an Option Space to Tenant (free of any occupancies or tenancies) with Landlord’s OS Work (as hereinafter defined) therein substantially completed. Landlord shall give Tenant fifteen (15) days’ prior written notice of the Premises, and this option date Landlord will substantially complete Landlord’s OS Work. Landlord’s OS Work shall be deemed to have been substantially completed in an Option Space despite the fact that minor insubstantial details of no further force construction and mechanical adjustments (i.e., “punch list items”) remain to be completed, provided the Option Space is accessible and reasonably usable by Tenant for the purpose of effecting Tenant’s OS Initial Installation Work (as hereinafter defined) therein; and provided, further, that the building systems through which the services which are required to be provided by Landlord hereunder (including, without limitation, the Building Chilled and Warm Water Equipment and the chilled and warm water service provided thereby) are available in the Option Space (or effect. The option granted herein may be exercised by any permitted assignee in locations outside of the demised premises, if so provided hereunder), so that, upon completion of Tenant’s interest under this LeaseOS Initial Installation Work, but may not such services can be assigned to or exercised provided by any subtenantLandlord as required hereunder. If Tenant duly and validly exercises Landlord shall nevertheless complete such option, then:
punch list items within thirty (a30) Landlord days of the OS Commencement Date (and Tenant shall promptly prepare provide Landlord and execute an amendment its contractors with such access to this Lease providing for the addition demised as is reasonably necessary to do so, using reasonable diligence and without the necessity of incurring overtime or premium labor charges, provided Landlord uses commercially reasonable efforts to minimize any interference with Tenant’s OS Initial Installation Work). Landlord shall, in accordance with the foregoing, fix the OS Commencement Date and notify Tenant of the Expansion Premises to date so fixed. When the Premises covered by this LeaseOS Commencement Date has so been determined, effective the parties hereto shall, within thirty (30) days thereafter, at Landlord’s request, execute a written agreement confirming such date as the OS Commencement Date. Any failure of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to execute such written agreement shall not affect the condition validity of the Expansion Premises OS Commencement Date as fixed and determined by Landlord, as aforesaid. Any dispute regarding the occurrence of the Direct Term an OS Commencement Date shall be governed resolved by arbitration in accordance with the provisions of Article 41 of this lease. Tenant by entering into occupancy of an Option Space shall be conclusively deemed to have agreed that Landlord up to the time of such occupancy had substantially completed Landlord’s OS Work, unless within twenty (20) days after such date Tenant shall give written notice (hereinafter called the “OS Punch List Notice”) to Landlord specifying the respects in which the same provisions applicable were not in satisfactory condition, in which event the Option Space shall be conclusively deemed to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance be in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot satisfactory condition except for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation items set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and feesOS Punch List Notice. Additional conditions and procedures relating to the disbursement The giving of the Expansion TI Allowance OS Punch List Notice shall be as set forth in have no effect whatsoever upon the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseOS Commencement Date.
Appears in 1 contract
Samples: Lease Agreement (Coty Inc /)
Expansion Option. A. Landlord agrees that, with respect to any full floor of space currently leased to Xxxx Elsevier, Inc. ("Xxxx"), Tenant shall have the optionshall, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is not then in default hereunder, of this Lease beyond any applicable notice and cure periodsperiods and provided Xxxx fails to renew or extend the term of its lease, on have the option to lease such space provided Tenant notifies Landlord of its election to do so not later than December 24, 2000 (which is fifteen months and one week prior to the current Read lease expiration date of such notice or on the date possession of the Expansion Premises is to be tendered to March 31, 2002) ("Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant's Notice"). If Tenant duly and validly exercises shall notify Landlord in writing of its election to enter into such lease as tenant for such additional premises within said period Landlord shall, on or before January 15, 2001, advise Tenant concerning Xxxx'x extension or failure to extend the term of its lease and, if Xxxx fails to exercise its option, then:
(a) Landlord shall subsequently deliver and Tenant shall promptly prepare and execute an amendment to a modification of this Lease providing for incorporating the addition of the Expansion Premises to the Premises covered by this Leaserent, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights terms and obligations conditions with respect to the condition additional premises. Time is of the Expansion Premises essence with respect to Tenant's exercise of such expansion option. The term of Tenant's leasing such premises shall be from the date Xxxx vacates such space until June 15, 2012. The Fixed Rent during such (approximately) ten year and two month period shall be at the greater of 95% of Fair Market Value ("FMV"), as hereinafter defined, or as provided in paragraph 2 of the Direct Term Commencement Date Fourth Lease Modification Agreement. The Base Year shall be governed as provided in paragraph 3 of the Fourth Lease Modification Agreement. FMV shall be determined by mutual agreement of the parties. If the parties are unable to agree on the FMV, the parties shall choose a licensed Real Estate Appraiser who shall determine the FMV. The cost of said Real Estate Appraiser shall be borne equally by the same provisions applicable parties. If the parties are unable to agree on a licensed Real Estate Appraiser, each party shall select one Appraiser to appraise the FMV. If the difference between the two appraisals is 20% or less of the lower appraisal, then the FMV shall be the average of the two appraisals. If the difference between the two appraisals is greater than 20% of the lower appraisal, the two Appraisers shall select a third licensed Real Estate Appraiser to appraise the FMV. The FMV shall in such case be the average of the three appraisals. The cost of the third appraisal shall be borne equally by the parties.
B. If Tenant shall fail to notify Landlord in writing of its election to enter into a modification to its lease incorporating the additional premises, within the period referred to in subsection (A) hereof, then the expansion option granted to the remainder Tenant as set forth in subsection (A) of the Premises pursuant this Section shall automatically terminate and come to Sections 2.3(a) and (b) belowend.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount C. This right of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available first refusal so granted to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under terminate and become null and void upon the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or sooner termination of this Lease. Subject .
D. Notwithstanding anything contained herein or in the Lease to the limitation set forth contrary, in the preceding sentenceevent Tenant exercises its right to expand by forwarding the Tenant's Notice as provided in subsection (A) of this section, howeverTenant shall have waived, automatically and without any further documentation, its right as provided in paragraph 6 of the Expansion TI Allowance may be used for architecturalFourth Lease Modification Agreement to cancel the Lease effective as of June 15, engineering2007. The foregoing shall not alter or modify Tenant's right to cancel on June 15, project management and permit-related costs and fees. Additional conditions and procedures relating 2012, subject to the disbursement terms of such paragraph 6 of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseFourth Lease Modification Agreement.
Appears in 1 contract
Samples: Lease Modification Agreement (Alliance Capital Management Lp)
Expansion Option. 40.1 Provided that this Lease has been fully executed by the parties hereto and Tenant has delivered to Landlord all prepaid rental required hereunder, Tenant shall have the optionoption (the “Expansion Option”) to lease all or a portion of the remainder of the space located on the 19th floor of the Building containing approximately 9,000 square feet of rentable area as shown on Exhibit F to this Lease (the “19th Floor Expansion Space”). Tenant’s Expansion Option may be exercised by Tenant more than once with respect to portions of the 19th Floor Expansion Space only, exercisable provided that all of the conditions of this Article 40 are met with respect to each such exercise by Tenant. In the event that Tenant exercises its Expansion Option in accordance with this Article as to the entire remainder of the 19th Floor Expansion Space, then Tenant’s Expansion Option shall also apply to either (a) all or a portion of the space containing approximately 17,000 rentable square feet located on the 17th floor of the Building or (b) all or a portion of the approximately 17,000 rentable square feet of space located on the 20th Floor of the Building, as such spaces are shown on Exhibit F-1 to this Lease (each, an “Additional Expansion Space”), provided that Landlord shall determine, in its sole discretion, whether the Expansion Option as to any Additional Expansion Space applies to the space located on the 17th floor of the Building or to the space located on the 20th floor of the Building. Notwithstanding the foregoing, Tenant shall have no Expansion Option with respect to any of the Additional Expansion Space if Tenant fails to exercise the Expansion Option as to the entire 19th Floor Expansion Space. The 19th Floor Expansion Space and the Additional Expansion Space, if any, as to which Tenant exercises its Expansion Option pursuant to this Section are sometimes hereinafter referred to as the “Expansion Space”.
40.2 Notwithstanding anything to the contrary set forth herein, Tenant may only exercise its Expansion Option pursuant to this Article 40 if: (i) Landlord receives a binding written notice to Landlord at any time on or before December 31, 2012, to cause (the “Expansion Premises to be added to the Premises upon expiration Notice”) from Tenant of the Prior Lease exercise of its Expansion Option on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions conditions set forth in this Article 40 no later than June 1, 2009 (the “Expansion Option Period”), which Expansion Notice as to the 19th Floor Expansion Space shall identify the portion of the 19th Floor Expansion Space Tenant desires to lease pursuant to this Section; (ii) the commencement date of the term for such Expansion Space, including the commencement of Annual Rent and Tenant’s Proportionate Share of Taxes and Expenses (subject to Sections 40.3 and 40.4, below) for such Expansion Space, shall be no later than four (4) months after the later date of Tenant’s delivery of its Expansion Notice; (iii) Tenant is not in default under this Lease beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; (iv) no part of the Premises is sublet at the time Landlord receives the Expansion Notice; (v) this Lease has not been assigned prior to the date that Landlord receives the Expansion Notice; (vi) the Expansion Space is intended for the exclusive use of Tenant only during the Term; (vii) Tenant has not vacated or abandoned the Premises at the time Landlord receives the Expansion Notice; (viii) in the event Tenant exercises the Expansion Option only as to a portion of the 19th Floor Expansion Space, such portion shall be not less than 3,000 rentable square feet, and the remaining portion of the 19th Floor Expansion Space as to which Tenant does not exercise the Expansion Option shall be in a marketable configuration, as determined by Landlord in Landlord’s sole discretion. In the event that the Expansion Option applies to the Additional Expansion Space pursuant to Section 40.1 above, upon receipt of Tenant’s Expansion Notice, Landlord shall notify Tenant of the floor on which the potential Additional Expansion Space as to which the Expansion Option shall apply is located (“Landlord’s Notice”). Tenant shall, within five (5) business days after receipt of Landlord’s Notice, deliver to Landlord an Expansion Notice notifying Landlord of Tenant’s exercise of its Expansion Option of such Additional Expansion Space, which Expansion Notice shall identify the portion of Additional Expansion Space Tenant desires to lease pursuant to this Lease, provided that in the event that Tenant exercises its Expansion Option as to only a portion of the Additional Expansion Space described in Landlord’s Notice, if such Additional Expansion Space described in Landlord’s Notice is located on the 17th floor, such portion exercised by Tenant shall be no less than fifty percent (50%) of the entire Additional Expansion Space described in Landlord’s Notice, and if such Additional Expansion Space described in Landlord’s Notice is located on the 20th floor, such portion exercised by Tenant shall be no less than twenty-five percent (25%) of the entire Additional Expansion Space described in Landlord’s Notice, and the remaining portion of the subject Additional Expansion Space as to which Tenant does not exercise the Expansion Option shall be in a marketable configuration, as determined by Landlord in Landlord’s sole discretion. In the event Tenant fails to deliver an Expansion Notice for such Additional Expansion Space within such five (5) business day period, Tenant’s Expansion Option as to the Additional Expansion Space shall be deemed to be null and void and Tenant shall have no further rights to lease any Additional Expansion Space hereunder.
40.3 The initial Annual Rent rate per rentable square foot for the subject Expansion Space shall be the same as the Annual Rent rate per rentable square foot for the initial Premises on the date the term for the Expansion Space commences. The Annual Rent rate for the subject Expansion Space shall increase at such times and in such amount as the Annual Rent rate for the initial Premises, it being the intent of Landlord and Tenant that the Annual Rent rate per rentable square foot for the Expansion Space shall always be the same as the Annual Rent rate per rentable square foot for the initial Premises. Monthly Installment of Rent attributable to the Expansion Space shall be payable in monthly installments in accordance with the terms and conditions of Article 3 of this Lease. If Tenant is exercises its Expansion Option during the Expansion Option Period, Tenant shall be entitled to an abatement of Monthly Installment of Rent with respect to such Expansion Space on a prorated straight-line basis for the then-remaining Term, as determined by Landlord, in default hereunderproportion to the abatement of Monthly Installment of Rent applicable to the initial Premises.
40.4 Tenant shall pay additional rent (including without limitation, beyond any applicable notice Tenant’s Proportionate Share of Taxes and cure periods, Expenses) for the Expansion Space on the date same terms and conditions set forth in Article 4 of such notice or on this Lease, including the date possession of the Expansion Premises same Base Year that is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added applicable to the initial Premises, and this option Xxxxxx's Proportionate Share shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned increase appropriately to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing account for the addition of the Expansion Premises to Space.
40.5 The Expansion Space (including improvements and personalty, if any) shall be accepted by Tenant in its “as-built” condition and configuration existing on the Premises covered by this Lease, effective earlier of the date Tenant takes possession of the Expansion Space or as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations date the term for the Expansion Space commences. In addition, Tenant shall be entitled to an Improvement Allowance with respect to the condition Expansion Space, as described in Section 40.8 below.
40.6 The term for the subject Expansion Space shall commence on the date Landlord delivers possession of the Expansion Premises as Space to Tenant, and shall end, unless sooner terminated pursuant to the terms of this Lease, on the Termination Date of this Lease, it being the intention of the Direct parties hereto that the term for the Expansion Space and the Term Commencement Date for the initial Premises shall be governed by coterminous. If Landlord is delayed delivering possession of the same provisions applicable subject Expansion Space due to the remainder holdover or unlawful possession of such space by any party, Landlord shall use reasonable efforts to obtain possession of the Premises pursuant space, and the commencement of the term for the Expansion Space shall be postponed until the date Landlord delivers possession of the Expansion Space to Sections 2.3(a) and (b) belowTenant free from occupancy by any party.
40.7 The Expansion Space shall be considered a part of the Premises, subject to all the terms and conditions of this Lease, except that no allowances, credits, abatements or other concessions (cif any) Landlord set forth in this Lease for the initial Premises shall provide apply to the Expansion Space, except as may be specifically provided otherwise in this Article 40.
40.8 Tenant with a tenant shall be entitled to receive an improvement allowance (the “Improvement Allowance”) in accordance with the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five terms and No/100 Dollars ($176,145.00conditions set forth below, calculated at with respect to the rate of $15.00 Expansion Space:
40.8.1 The Improvement Allowance per square foot for of rentable area in the agreed area Expansion Space leased by Tenant shall be in an amount determined by multiplying $0.5392 by the number of 11,743 square feet full calendar months remaining in the Term on the commencement date for the Expansion PremisesSpace. For example, if there are one hundred (100) full calendar months remaining in the Term on the commencement date of the Expansion Space, Tenant shall be entitled to receive an Improvement Allowance of $53.92 per square foot of rentable area of Expansion Space ($0.5392 x 100 = $53.92). Such Improvement Allowance shall be applied toward the hard costs of performing the initial improvements in the Expansion Space (the “Expansion TI AllowanceImprovements”), to .
40.8.2 The Improvement Allowance shall be available for application towards the refurbishment disbursed during construction of the Expansion Premises and/or Improvements (but no more often than once every thirty (30) days) upon receipt by Landlord of necessary waivers of mechanics liens from the construction general contractor and the subcontractors, percentage completion certificates from Tenant, the general contractor and Xxxxxx's architect, a sworn contractor's affidavit from the general contractor, a request to disburse from Tenant containing an approval by Tenant of tenant improvements the work done, and such other documents as Landlord may reasonably request. Landlord shall disburse the Improvement Allowance funds within thirty (30) days of receipt of the documentation described above, subject to ten percent (10%) retention, to the order of the general contractor or, at Xxxxxxxx's election, to the joint order of the general contractor and all included subcontractors. If the cost of the Expansion Improvements exceeds the Improvement Allowance, then the Improvement Allowance will be disbursed in the Expansion Premises by Tenant. Tenant’s construction proportion that the Improvement Allowance bears to the total cost of any tenant improvements in the Expansion Premises Improvements. Upon completion of the Expansion Improvements, and prior to final disbursement of the Improvement Allowance, Tenant shall be governed by furnish Landlord with: (a) general contractor and architectural completion affidavits, (b) full and final waivers of lien, (c) receipted bills covering all labor and materials expended and used, (d) as-built plans of the same provisions Expansion Improvements, (e) the certification of Tenant and its architect that the Expansion Improvements have been installed in a good and workmanlike manner in accordance with the approved plans and in accordance with applicable codes and ordinances, and (vi) such other documents as Landlord may reasonably request to evidence the proper completion and payment of the Expansion Improvements.
40.8.3 Notwithstanding anything herein to the remainder of the Premises pursuant contrary, Landlord shall not be obligated to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at disburse any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Improvement Allowance during the continuance of an uncured default under this Lease, and Xxxxxxxx's obligation to disburse shall be deemed to expire on July 31, 2014 only resume when and thereafter shall no longer be available to Tenant for any purposeif such default is cured. The Expansion TI Improvement Allowance shall not may only be used for the cost of labor, material, permits and contractors fees for the Expansion Improvements to the Expansion Space. In no event shall more than $10.00 per rentable square foot of the Improvement Allowance for the Expansion Space be used for (i) any soft costs, including the cost of preparing plans, drawings and specifications, or usable by Tenant for any moving (ii) the purchase of equipment, furniture or relocation expenses other items of personal property of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Improvements. Any Improvement Allowance remaining after the date which is seven (7) months following the commencement of the term for the Expansion Space shall accrue to Landlord and Tenant shall have no claim in connection therewith.
40.9 If Tenant is entitled to and properly exercises the Expansion Option, Landlord shall prepare an amendment (the “Expansion Amendment”) to reflect the commencement date of the term for the Expansion Space and the changes in Monthly Installment of Rent, rentable square footage of the Premises, Xxxxxx's Proportionate Share and other appropriate terms. A copy of the Expansion Amendment shall be sent to Tenant within a reasonable time after Xxxxxxxx’s receipt of the Expansion Notice, and Tenant shall execute and return the Expansion Amendment to Landlord within ten (10) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentencebusiness days thereafter, provided, however, that the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating parties agree to the disbursement negotiate any other appropriate terms of the Expansion TI Allowance shall be as set forth Amendment in the Workletter as defined belowgood faith and in a commercially reasonable manner. Draw-downs An otherwise valid exercise of the Expansion TI Allowance by Tenant Option shall be fully effective whether or not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasethe Expansion Amendment is executed.
Appears in 1 contract
Samples: Lease Agreement
Expansion Option. Tenant shall have the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Provided that Tenant is not in default hereunder, under this Lease beyond any applicable notice and cure periodsperiod, on Tenant shall have the date of such notice or on the date possession of the right, ("Expansion Premises is Option") to be tendered to Tenant, then the exercise of the option shall be of no force exercised on or effect, the Expansion Premises shall not be added before one month prior to the Premisesexpiration of any Term under the Lease, as hereby amended, to expand the Demised Premises to include the additional premises depicted on Attachment 2 attached hereto and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest made a part hereof, which the parties hereto agree for all purposes under this Lease, but may contains an area of 3,041 rentable square feet ("Expansion Space"). Tenant shall give Landlord and Overlandlord thirty (30) days prior written notice of its exercise of the right to expand into the Expansion Space as herein provided. Tenant agrees to accept the Expansion Space in an "as is" physical condition and Tenant shall not be assigned entitled to receive any allowance, credit, concession or exercised by any subtenantpayment from Landlord for the improvement thereof. If All of the terms and provisions of this Lease shall be applicable to the Expansion Space. The annual Base Rent for the Expansion Space shall be equal to: (i) Twenty Dollars and Fifty Cents ($20.50) per rentable square foot per year thereof during the period commencing on May 1, 2004 and ending on January 31, 2005; (ii) $21.50 per rentable square foot per year thereof during the period commencing February 1, 2005 and ending on January 31, 2006; (iii) Twenty Two Dollars and Six Cents ($22.06) during the period commencing on February 1, 2006 and ending on December 30, 2006; (iv) Twenty Five Dollars and No Cents ($25.00) per rentable square foot per year during the first Renewal Term, if any; and (v) Twenty Six Dollars and No Cents ($26.00) per rentable square foot per year during the second Renewal Term, if any, which shall be payable in equal monthly installments on the first day of each month after the Expansion Space is so added to the Demised Premises. In the event Tenant duly and validly exercises such optionthe Expansion Option, then:
(a) Landlord and Tenant shall promptly prepare mutually execute and execute deliver an amendment to this Lease providing for the addition of reflecting the Expansion Premises to Space on the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) belowterms herein provided. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 Option herein granted shall automatically terminate upon the earliest to occur of (i) the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject , (ii) the termination of Tenant's right to possession of the limitation set forth premises, (iii) any assignment or subletting by Tenant except as provided for in Section 6.03, or (iv) the preceding sentence, however, failure of Tenant to timely or properly exercise the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseOption.
Appears in 1 contract
Samples: Lease Amendment and Attornment Agreement (Penwest Pharmaceuticals Co)
Expansion Option. (i) Subject to subparagraph (b) below, Tenant shall have the optionoption no more than two (2) times during the term of this Lease (the "Expansion Option"), exercisable to be exercised by delivery of written notice ("Expansion Option Notice") to ---------------- ----------------------- Landlord at any time on or before December 31, 2012, to cause Landlord to construct the Expansion Premises as provided herein and to be added to include the Expansion as part of the Premises upon expiration as of Substantial Completion thereof (as defined in the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(iiConstruction Addendum) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is (the "Expansion ---------- Commencement Date"). Tenant shall specify to be tendered to Tenant, then Landlord the exercise of the option shall be of no force or effect, date upon which the Expansion Premises shall not must be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of Substantially Completed ----------------- in the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement DateOption Notice.
(bii) The parties agree that their respective rights and obligations with respect to monthly Base Rent for the condition of Premises shall be increased effective upon the Expansion Premises as of the Direct Term Commencement Date Date. The increase in monthly Base Rent shall be governed by the same provisions applicable to the remainder of the Premises calculated pursuant to Sections 2.3(a) and subparagraph (b) below.
(ciii) If Tenant shall exercise the Expansion Option as provided herein, Landlord shall design and construct the expansion of the original Premises to contain up to an aggregate of 50,000 square feet of additional leaseable and usable space with parking for 20 additional cars (the "Expansion"). The Expansion shall be designed and constructed by Landlord --------- as a connected expansion of the original Premises, utilizing a common demising wall, between the original Premises and the Expansion full and free access of persons and full and free handling and processing of inventory. The design and construction of the Expansion shall be performed in a manner consistent with the Construction Addendum, subject to the following:
(1) Landlord shall provide commence preparation of the design of the Expansion within thirty (30) days after exercise by Tenant with a tenant improvement allowance in of the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five Expansion Option. The final plans and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet specifications for the Expansion Premises) (shall be prepared by Landlord and approved by Tenant in a manner consistent with the “Expansion TI Allowance”), to be available for application towards the refurbishment provisions of the Expansion Premises and/or Construction Addendum for the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder preparation and approval of the Premises pursuant to Section 2.3(cFinal Plans for the Initial Improvements.
(2) below. The Expansion TI Allowance may be drawn down Except as agreed otherwise by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may shall be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating substantially similar in all respects to the disbursement original Premises, including without limitation the type and quality of materials and the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseexterior and interior appearance and finish.
Appears in 1 contract
Samples: Lease Agreement (Us Can Corp)
Expansion Option. (a) Provided Tenant is neither in an Event of Default at the time of exercise nor has Tenant ever incurred an Event of Default (irrespective of the fact that Tenant cured such Event of Default) of any monetary obligations under the Lease, Landlord shall notify Tenant with regard to that certain 3,162 rentable square foot space in the Building commonly known as Suite 120 (“Expansion Space”) as shown on Exhibit “G”, attached hereto and incorporated herein, if and when a potential tenant becomes interested in the Expansion Space. Landlord shall have an affirmative obligation to first offer to Tenant the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession lease of the Expansion Premises is to be tendered to Tenant, then Space on the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Dateterms set forth below.
(b) The parties agree In the event that their respective rights and obligations Landlord is required to offer such Expansion Space to Tenant pursuant to this Section, Landlord shall provide notice to Tenant on the Expansion Terms (as hereinafter defined). In any event, the Expansion Space shall be leased by Tenant pursuant to this Section for a term which would be coterminous with respect to the condition Term of the Expansion Premises as initial Premises. Tenant shall have ten (10) business days following Landlord’s delivery of such notice within which to accept such terms in writing to Landlord, time being of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) belowessence.
(c) For purposes hereof, the “Expansion Terms” shall be defined as: if the Expansion Space is leased to Tenant pursuant to this Section the Expansion Terms shall be as follows: (A) the Fixed Rent for the Expansion Space shall be the same Fixed Rent as then is applicable for the initial Premises on a per square foot basis and shall escalate at the same rate and timing as set forth in Section 1 hereof; (B) Tenant shall be entitled to a free Fixed Rent period calculated as follows: a fraction which shall be the total number of months of the Abatement Period divided by the total Term of the initial Premises (excluding any extension or renewal term) the product of which shall be multiplied by the total number of months of the Term of the Lease of the Expansion Space and (C) Landlord shall provide to Tenant with a tenant an improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion PremisesSpace equal to the amount on a per rentable square foot as the initial Premises (excluding, however, those costs for the initial Premises related to the above ceiling improvements) (the “Expansion TI Improvement Allowance”), which share of the Improvement Allowance shall be calculated as follows: a fraction, which shall be the remaining Term for the initial Premises divided by 138, the product of which shall be multiplied by the Improvement Allowance and which will be referred to as the "Expansion Space Improvement Allowance." The improvement allowance shall be available for application towards used by Tenant to complete physical improvements to the refurbishment Expansion Space as mutually agreed to by Landlord and Tenant and which allowance shall be fully utilized or forfeited by Tenant on the date that is twelve (12) months following the delivery of possession of the Expansion Premises and/or Space to Tenant.
(d) Should Tenant accept such terms as are specified by Landlord, the construction parties shall negotiate the terms of tenant an amendment to the Lease, to memorialize their agreement. In the absence of any further agreement by the parties, such additional space shall be delivered with the improvements in that are mutually agreed to by Landlord and Tenant performed by Landlord and Rent shall commence upon such delivery of the Expansion Premises by additional space to Tenant. If Tenant shall not accept Landlord’s terms within such ten (10) business day period, or if the parties shall not have executed and delivered a mutually satisfactory lease amendment within thirty (30) days next following Landlord’s original notice under this Section, then Tenant’s rights to lease such space shall lapse and terminate, and Landlord may, at its discretion, lease such space on such terms and conditions as Landlord shall determine. Tenant’s construction rights hereunder shall not include the right to lease less than all of any tenant improvements the space identified in Landlord’s notice.
(e) Nothing contained in this Section is intended nor may anything herein be relied upon by Tenant as a representation by Landlord as to the availability of the Expansion Premises Space within the Building at any time. Tenant’s rights hereunder shall be governed continue throughout the Term hereof (or any extension of the Term) until the final three (3) years of the Term, provided that Tenant first-above named (or its successors by the same provisions applicable to the remainder merger or consolidation) shall remain in occupancy of not less than one hundred percent (100%) of the Premises pursuant to Section 2.3(c) beloworiginally demised hereunder. The Expansion TI Allowance may be drawn down by In the event that Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written should not exercise of Tenant’s expansion its option under this Section 1.3 31 and continuing up Landlord leases it to another tenant, then Tenant shall have a right of first offer if and including July 31when the Expansion Space becomes available during the Term (or any extension of the Term) on the terms set forth above.
(f) Notwithstanding anything to the contrary, 2014. Any unused portion the terms and conditions of this Section and, after the initial leasing of the Expansion TI Allowance Space to any tenant(s), Tenant's expansion right shall be deemed not apply to expire on July 31(i) any space that is subject to any renewal, 2014 and thereafter shall no longer be available expansion, or other option heretofore or hereafter given or granted to Tenant for any purpose. The Expansion TI Allowance existing occupant of the Building, (ii) any space where Landlord has permitted any then-existing tenant to renew or extend its lease (either by the execution of a new lease or by an amendment to its existing lease) with respect to such space, whether or not such lease contains an option to do so or (iii) any space recaptured by Landlord from a tenant as a result of Landlord exercising its right to do so upon receiving a request to sublease from such tenant.
(g) Landlord shall not be used or usable by Tenant liable for any moving or relocation expenses failure of Tenanta prior tenant to vacate such space upon the expiration of its lease term, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, howeverevent of any such holding over, the Expansion TI Allowance may be used for architectural, engineering, project management obligations of Landlord and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance Tenant under this Section shall be suspended during the period of holding over and until Landlord can deliver possession of such space to Tenant. Landlord shall use reasonable efforts to recover possession as set forth in the Workletter soon as defined below. Draw-downs of the Expansion TI Allowance by Tenant possible and upon such recovery, Landlord shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of deliver possession thereof to Tenant’s rental obligations under this Lease.
Appears in 1 contract
Samples: Lease (Inovio Pharmaceuticals, Inc.)
Expansion Option. (a) Subject to Section 12(b), if (i) Tenant is not in default beyond all applicable grace, notice and cure periods in respect of the performance of its obligations arising under the terms of this Lease, (ii) this Lease is in full force and effect in accordance with its terms, (iii) the Initial Term has not been terminated, (iv) the total stockholder equity of Guarantor (as defined in Section 38) is not less than $500 Million, and (v) its ratio of current assets to current liabilities is not less than 1.0 (taking into account available proceeds under any credit facility in place at the time in question), then Tenant has the option (the Expansion Option) to lease an addition to the Building (the Expansion) that Landlord will erect in order to enlarge the floor area of the Building. For purposes of calculating the Guarantor’s total stockholder equity and current ratio, its most recent published annual report or 10Q on file with the Securities and Exchange Commission shall be used.
(b) If Tenant exercises the Expansion Option during the first Lease Year, the Expansion must be for at least 20,000 rentable square feet, the Annual Base Rent for the Expansion will be the same as the Annual Base Rent (on a per square foot basis) for the initial Premises, the term for the Expansion shall end conterminously with the term of the lease for the Initial Premises and all other terms of this Lease will remain the same.
(c) If Tenant exercises the Expansion Option after the first Lease Year, the initial Term for the initial Premises will automatically be extended so that the initial Term with respect to the initial Premises and the Expansion are coterminous and last for 12 years from the Expansion Commencement Date (as defined below). Other than the Base Rent, the terms of this Lease with respect to the initial Premises during the balance of the 12-year term will remain as stated in this Lease. The Base Rent payable by Tenant with respect to the initial Premises will remain in effect until the Expiration Date for the Expansion, with the Annual Base Rent increasing by 6.12% on the first day of the 13th Lease Year (based in the initial Term) and on the first day of each succeeding fourth Lease Year (i.e., 16th, 20th, etc.).
(d) If Tenant exercises the Expansion Option for an Expansion which would exceed 25,000 rentable square feet, then:
(i) Landlord is not required to construct any Expansion if (x) the size of the Expansion would cause the expanded Premises not to comply with all applicable laws, ordinances, and codes, including, without limitation, parking code requirements, or (y) the expanded Premises is not, in Landlord’s sole opinion, marketable to a replacement tenant or tenants. If this Subsection 12(d)(i) is applicable, then Landlord shall promptly so notify Tenant. Notwithstanding the foregoing, if Landlord notifies Tenant that Subsection 12(d)(i)(y) is applicable, then Tenant may notify Landlord within 10 business days after receipt of Landlord’s notice that Tenant elects to reduce the size of the Expansion to 25,000 rentable square feet or less and Landlord will proceed with the construction of the Expansion under this Section 12.
(ii) If Subsection 12 (d)(i) is not applicable, then Landlord shall notify Tenant of the parking ratio which it will provide for such Expansion and the overall parking ratio for the Building, as expanded; and Tenant may elect to reduce the size of such Expansion after review of such parking ratios.
(e) If Tenant exercises the Expansion Option by giving written notice of exercise to Landlord, then, subject to Subsection 12(d)(i):
(i) The parties will promptly enter in good faith into an agreement whereby (x) Landlord agrees to construct the Expansion within 12 months or less after the execution of such agreement, (y) the parties agree to increase the Base Rent for the Expansion in the manner as set forth in this Section 12, payable during the period from the date Landlord substantially completes construction of the Expansion (the Expansion Commencement Date) and that ends at 11:59 p.m. (Dallas, Texas local time) on either the day prior to the 12th anniversary of the Expansion Commencement Date, if the Expansion Commencement Date occurs on the first day of a calendar month, or on the day prior to the 12th anniversary of the first day of the first full month following the calendar month in which the Expansion Commencement Date occurs, if the Expansion Commencement Date does not occur on the first day of a month, whichever is applicable (the Expansion Term).
(ii) Landlord shall construct the Expansion on the same terms as for the construction of the Landlord Improvements (except for Base Rent as specified in this Section 12), granting Tenant the same Tenant Allowances included in this transaction (on a per rentable square foot basis), except as otherwise specified in Exhibit D.
(iii) If Tenant exercises the Expansion after the first Lease Year, the Base Rent for the Expansion will be the amount determined by multiplying the Expansion Construction Costs by the sum of (A) the interest rate on 10-year U.S. Treasury Bills as of the Expansion Commencement Date plus (B) 400 basis points. Within 30 days following Landlord’s substantial completion of the construction of the Expansion, Landlord shall furnish to Tenant a detailed itemization of the costs by major construction trade (the Expansion Construction Costs) that Landlord incurred in connection with the design and construction of the Expansion and copies of invoices, statements, contracts, subcontracts, and other information that Tenant may reasonably request in order to confirm the accuracy of Landlord’s itemization.
(iv) Landlord shall construct the Expansion in accordance with the Outline Specifications and as specified in Section 2 for the initial Building. Landlord shall solicit bids from at least three contractors appearing on a list of contractors jointly developed and mutually approved by the parties. Landlord shall award the contract for the construction of the Expansion to the lowest qualified bidder, subject to Tenant’s approval, which will not be unreasonably withheld, conditioned, or delayed. Within sixty (60) days after Tenant exercises the Expansion Option, Landlord shall provide Tenant with an estimate of the Expansion Construction Costs and a proposed construction schedule. If Tenant determines in its sole discretion that the cost to construct the Expansion is too high, or that the construction schedule is unacceptable, Tenant may elect to nullify its election to exercise the Expansion at any time prior to Tenant’s written approval of the construction budget for the Expansion. If, within sixty (60) days after the estimate of Expansion Construction Costs and the construction schedule has been received by Tenant, Tenant fails either to approve the estimate of the Expansion Construction Costs and the construction schedule or to commence discussions with the Landlord to value engineer the estimate of Expansion Construction Costs and/or to refine the construction schedule, then Tenant shall be deemed to have nullified its election to exercise the optionExpansion Option.
(v) On or about the date that Landlord substantially completes the construction of the Expansion, exercisable Landlord will cause its architect to determine the rentable square footage of the Expansion (in accordance with BOMA ANSI Z65.1-1996, for a single tenant building), and the parties will promptly execute and deliver an amendment to this Lease that confirms the addition of the Expansion to the Premises, the Expansion Commencement Date, and the Base Rent that will be payable through the Expiration Date with respect to the Expansion and the initial Premises.
(vi) As a condition precedent to Landlord’s obligation to construct the Expansion, Guarantor shall confirm in writing to Landlord that its Lease Guaranty, attached hereto as Exhibit I, applies to Tenant’s lease obligations for the Expansion Premises pursuant to the Expansion Agreement (as such terms are hereinafter defined).
(vii) Landlord shall cause the Expansion to be constructed and substantially completed and the Expansion premises (the Expansion Premises) to be delivered to Tenant in broom clean condition in accordance with all applicable laws on or before three hundred sixty five (365) days from the execution and delivery of the agreement described in Section 12(d) (the Expansion Agreement). If substantial completion and tender of possession of the Expansion Premises to Tenant does not occur by written the following dates, each of which is subject to extension by one day for each day of Excused Delays, but not more than one hundred eighty (180) days in the aggregate for all Excused Delays, other than days of Tenant Delay which shall not be so limited):
(A) 365 days from the execution of the Expansion Amendment, then commencing on the Expansion Commencement Date Tenant will receive one day of free Base Rent (for the Expansion Premises only) for each day of delay through the 425th day after the execution of the Expansion Amendment.
(B) the 426th day after the execution of the Expansion Amendment, then commencing on the Expansion Commencement Date Tenant will receive three days of free Base Rent (for the Expansion Premises only) for each day of delay thereafter; and
(C) the 445th day after the execution of the Expansion Amendment, then Tenant may, at its option by giving notice to Landlord at any time on or before December 31thereafter until Landlord substantially completes the Expansion Premises, 2012elect to take over completion of the Expansion in which event Tenant shall be entitled to a credit against Base Rent for all reasonable costs incurred by Tenant in completing the Expansion.
(f) In lieu of exercising the Expansion Option, Tenant may, at its sole cost and expense, elect to construct an Expansion. If Tenant elects to construct an Expansion, then:
(i) The design and construction plans for the Expansion shall be subject to Landlord’s approval, not to be unreasonably withheld.
(ii) Tenant shall cause the Expansion Premises to be added constructed in a good and workmanlike manner and in accordance with all applicable laws and the approved plans. Subsections 2(n),(o) and (p) of this Lease shall apply to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession construction of the Expansion Premises is to be tendered to Tenant, then by Tenant or its contractor(s).
(iii) On or about the exercise date that Tenant substantially completes the construction of the option Expansion, Landlord will cause its architect to determine the rentable square footage of the expansion (in accordance with BOMA ANSI 265.1-1996 for a single tenant building).
(iv) The term of the Lease shall not be extended.
(v) Base Rent shall not be increased.
(vi) Tenant shall modify its property insurance to include builder’s risk insurance as reasonably required by Landlord.
(g) Upon completion and acceptance by Tenant of no force or effectsame, the Expansion Premises shall not be added deemed to be part of the Building and the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed owned by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) belowLandlord.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
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Expansion Option. Provided that this Lease is in full force and effect and Tenant is not in default of its monetary obligations hereunder and is not in default of its non-monetary obligations hereunder beyond any applicable cure period, Tenant shall have the optionright, exercisable during the first ninety (90) days of the Term of this Lease, to lease and occupy all or any portion of the First Floor, provided that the portion of the First Floor not leased and occupied by Tenant is configured and located so as to be leaseable to third parties in accordance with customary market terms reasonably acceptable to Landlord (the "Expansion Space"). The lease term for the Expansion Space shall expire coterminous with this Lease. Tenant may exercise this right only by giving Landlord written notice to Landlord at any time on or before December 31, 2012, to cause during the first ninety (90) days of the Term of the Lease. Annual Base Rent for the Expansion Premises to Space shall be added to the Premises upon expiration of the Prior Lease on December 31, 2013, charged at the minimum rental rate provided per rentable square foot then in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to effect for the Premises, and this option which rate shall increase pursuant to the terms of Section 1.11 of the Lease. In addition, Tenant's Proportionate Share shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Leaseadjusted to reflect the Expansion Space, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition with all other terms of the Expansion Premises Lease to remain the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) same. Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet Tenant Improvement Allowance for the Expansion Premises) Space in an amount equal to $20.00 per rentable square foot (constituting the “"Expansion TI Tenant Improvement Allowance”"), . The improvements to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements constructed in the Expansion Premises Space shall be designed and constructed in accordance with the applicable procedures set forth in Exhibit C and Rent shall commence on a date determined by Landlord and Tenant. , which date shall not be more than ninety (90) days after Landlord's receipt of written notice of Tenant’s construction 's exercise of any tenant improvements in the option for the Expansion Premises shall be governed Space. Any costs incurred by the same provisions applicable to the remainder Tenant in excess of the Premises pursuant to Section 2.3(c) below. The foregoing Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Improvement Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses the sole responsibility of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
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Expansion Option. Tenant shall have the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Provided Tenant is not in default hereunder, beyond any the applicable cure period and has not abandoned the Premises, Tenant shall have the right (the "Expansion Right"), upon written notice and cure periodsto Landlord, on to require Landlord to construct an approximately two hundred forty-two thousand five hundred twenty (242,520) square foot expansion of the date of such notice or on Improvements (the date possession "Expansion") subject to the conditions herein stated. Within sixty (60) days after Tenant's exercise of the Expansion Premises is to be tendered to TenantRight, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare agree on preliminary concept plans and execute an amendment to this Lease providing specifications and a construction schedule for the addition Expansion (collectively the "Expansion Preliminary Plans"). After the Expansion Preliminary Plans have been approved and signed by Landlord and Tenant, Landlord shall cause an architect approved by Landlord and Tenant to proceed, with final plans and specifications and a construction schedule for the Expansion (collectively the "Expansion Plans and Specifications"). Tenant shall supply to the architect sufficient information to allow for the completion of the Expansion Premises Plans and Specifications on an as-needed basis as determined by the architect. The Expansion shall be substantially similar to the Premises covered by this Lease, effective as construction and finish of the Direct Term Commencement Date.
Improvements as originally constructed (including the quality and type of base building systems and all interior finishes). Landlord and Tenant shall have the right to approve the Expansion Plans and Specifications, which approval shall not be unreasonably withheld, conditioned or delayed. The Expansion Preliminary Plans and the Expansion Plans and Specifications shall be prepared at Tenant's expense unless the Expansion is built in which case the cost thereof shall be Project Costs as provided below and paid by Landlord. After the Expansion Plans and Specifications have been approved, Landlord shall establish basic rent resulting from the Expansion, and the Basic Rent shall be increased in accordance with the following formula at the time of Substantial Completion of the Expansion: The initial annual basic rent for the Expansion ("Expansion Initial Annual Basic Rent") shall be the product of Project Costs times [the interest rate on 10-year United States Treasury Notes at the time of Substantial Completion of the Expansion plus six hundred eighty five (685) basis points]. For purposes of this Section 33, "Project Costs" means the total budgeted costs to be incurred for the Expansion based on a competitive bidding process [minimum three (3) bids for every major trade], including but not limited to (i) all hard costs of construction including payments to all contractors (including a general contractor fee of 5% of hard costs), subcontractors and materialmen, (ii) all soft costs, (iii) all financing costs, including but not limited to any higher rate of interest or prepayment fees charged upon the principal of that portion of the loan that represents a refinancing of the initial Premises, survey fees, environmental assessment fees, appraisal fees, title insurance fees, architects' and engineers' fees, construction period interest payments, permit fees, reasonable attorneys' fees, (including but not limited to the cost of the Expansion Preliminary Plans and the Expansion Plans and Specifications) and such other costs as are reasonable and customary for projects such as the construction of the Expansion and (iv) a fee to Landlord for corporate, non project specific overhead and profit equal to five percent (5%) of the sum of (a) construction "hard costs" under clause (i) above plus (b) The parties agree architects', engineers' and design fees but no other soft costs plus (c) typical "general conditions" type costs directly and actually incurred by Landlord and/or Landlord's general contractor in connection with the construction of the Expansion; provided, however, that their respective rights the Project Costs shall not exceed a reasonable and obligations customary amount. Upon completion of competitive bidding by Landlord, Landlord shall review all bids with respect Tenant and shall prepare, for Tenant's review and approval, the budget of Project Costs based on such bids and the Project Costs approved shall be the Project Costs for purposes of the increase in Basic Rent for the Expansion calculation and shall not be adjusted for any reason other than Tenant initiated change orders to the condition Expansion regardless of whether the actual Project Costs differ from the Project Costs so approved by Tenant. Change Orders requested by Tenant shall be handled in the same manner as Change Orders for the initial Improvements. The Expansion Initial Annual Basic Rent shall be fixed for the first sixty (60) months following Substantial Completion of the Expansion Premises as and shall then increase by twelve percent (12%) for the next sixty (60) month period. In addition to Basic Rent, Tenant shall pay all increased Additional Rent attributable to the Expansion. The initial Term of the Direct Term Commencement Date Lease shall be governed by extended for ten (10) years beginning with Substantial Completion of the same provisions applicable Expansion. Basic Rent attributable to the remainder original 505,250 square feet shall remain for the original ten (10) year Term as specified in Exhibit C and shall then change to Market Rent for the period remaining in the ten (10) year period following Substantial Completion of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) belowExpansion. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year Extension Term provided in Section 32 shall begin immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion ten (10) year period following Substantial Completion of the Expansion. Provided that Tenant's credit at the time of Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses is at least as good as at the time of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions execution of this Lease, will not become Landlord’s property and remain with Landlord shall use its best efforts to finance the Expansion. Given equal or better Tenant credit, if Landlord is unable to finance the Expansion, Landlord shall offer to sell the Premises to Tenant for fair market value (including "FMV"). The arbitration method referenced in Section 32 shall be used to determine FMV, except that the Expansion Premisesexperience requirement shall be at least ten (10) upon expiration or termination of this Lease. Subject to the limitation set forth years experience in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management appraisal of warehousing and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth distribution buildings in the Workletter as defined belowIndianapolis area. Draw-downs of In no event shall FMV be less than $14,000,000 in the Expansion TI Allowance year 2002 and increasing annually thereafter by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseCPI.
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Samples: Lease Agreement (Guitar Center Inc)
Expansion Option. 1. Subject to and upon the terms, provisions and conditions set forth in this Exhibit I, Tenant shall have have, and is hereby granted, a one time option (the option“Expansion Option”) to lease those certain premises (hereinafter sometimes called the “Expansion Premises”) located on Floor 8 of the Building and consisting of approximately 16,017 Rentable Square Feet, exercisable as reflected on the floor plan attached hereto and made a part hereof for all purposes as Exhibit I-1 by written notice to Landlord no later than October 1, 2004. If Tenant exercises the Expansion Option and rents the entire 8th Floor of the Building, the 8th Floor shall be deemed to have 33,732 Rentable Square Feet. If Tenant does not exercise the Expansion Option within the required time period, the Expansion Option shall be deemed waived. In addition to the foregoing, Expansion Option shall automatically terminate, if not previously exercised, thirty (30) days after Landlord has advised Tenant, in writing, that Landlord has leased 94,000 Rentable Square Feet of the approximately 140,000 Rentable Square Feet in the Building which is vacant at any the time on or before December 31of the execution of this Lease.
2. The Expansion Option may be exercised only if, 2012, to cause at the time of such exercise and at the time of Landlord’s delivery of the Expansion Premises to Tenant (a) no Event of Default exists and (b) Tenant is in possession of the entire Premises. If such condition(s) are not satisfied, any purported exercise of the Expansion Option shall be added to null and void. No assignee of Tenant or sublessee of the Premises upon expiration may exercise the Expansion Option other than an assignee of Tenant pursuant to a Permitted Transfer (defined in Section 8.1(A) of the Prior Lease on December 31Lease), 2013, at however this provision shall not prevent Tenant from exercising the minimum rental rate provided Expansion Option to enable a sublessee pursuant to a Permitted Transfer (defined in Section 3.1(a)(ii8.1(A) of the Lease to utilize the Expansion Premises.
3. If Tenant elects to exercise the Expansion Option, the Expansion Premises shall be subject to all of the terms, covenants and otherwise upon all the terms and provisions set forth in conditions of this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, Tenant’s obligation to pay the Rent for the Expansion Premises shall commence on the date (the “Expansion Rental Commencement Date”) Landlord receives a temporary certificate of such notice occupancy or on a certificate of occupancy for the date Expansion Premises and tenders possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added subject to the Premisescompletion of items on the Punch List (defined in Exhibit I-2) and subject to adjustment as a result of Tenant Delay (defined in Exhibit I-2) as provided in Exhibit I-2, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseLease Term.
Appears in 1 contract
Expansion Option. (a) Subject to the expansion rights of Ask Jeeves, Inc., Tenant may lease additional space on the fourth floor of the Project ("4th Floor Expansion Option Space") under the following terms and conditions. Landlord shall provide Tenant with notice if Ask Jeeves, Inc. does not exercise its expansion option(s) ("Expansion Notice"). Tenant shall have the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause a period of fifteen (15) days after receipt of the Expansion Premises Notice to be added notify Landlord of its election to lease the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii4th Floor Expansion Option Space ("Expansion Option")
(b) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, properly exercises its Expansion Option:
1. Landlord shall deliver for lease to Tenant the 4th Floor Expansion Space for a term commencing on the date of such notice or Substantial Completion of the space if the tenant improvements are constructed by Landlord and 90 days after delivery of the space to Tenant if the tenant improvements are constructed by Tenant and expiring on the date possession Expiration Date of this Lease.
2. The Base Monthly Rent for the 4th Floor Expansion Space shall be determined in accordance with the schedule of Base Monthly Rent set forth in the Basic Lease Information. The Base Year for the 4th Floor Expansion Space shall be the year such space is incorporated into the Premises.
3. Landlord will provide an allowance of $35.00 per rentable square foot and, the tenant improvements will be constructed in such expansion space in accordance with the construction procedures established by and the terms and conditions of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) belowWork Letter.
(c) Landlord shall provide Tenant with a tenant improvement allowance prepare an amendment to this Lease to reflect changes in the maximum amount Premises, Monthly Base Rent, Tenant's Share, the number of One Hundred Seventy-Six Thousand One Hundred Forty-Five parking spaces allocated to Tenant, the Security Deposit and No/100 Dollars ($176,145.00, calculated at other appropriate terms. A copy of the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), amendment shall be sent to be available for application towards the refurbishment Tenant within a reasonable time after exercise of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises Option and shall be governed executed by Tenant and returned to Landlord for its execution. Upon delivery to Tenant of the same provisions applicable 4th Floor Expansion Option Space, it shall be considered Premises, subject to the remainder all terms and conditions of this Lease.
(d) This Expansion Option is personal to Tenant and may not be transferred or assigned in connection with an assignment or sublease of the Premises pursuant except to Section 2.3(c) belowan Affiliate of Tenant. The Further, Tenant may not exercise this Expansion TI Allowance may be drawn down by Tenant at any time after January 1 Option if it enters into subleases for more than 10,000 square feet of Rentable Area of the calendar year immediately following Premises to entities other than an Affiliate.
(e) Notwithstanding anything to the date on which contrary contained, herein, the Expansion Option shall terminate at Landlord's option and upon notice to Tenant, and shall be of no further force and effect, whether or not Tenant delivers to Landlord has timely exercised such option if a valid and binding written material, monetary Default exists at the time of exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed Option or at the time of its commencement, provided that Landlord previously has given Tenant notice and an opportunity to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable cure such Default as required by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.
Appears in 1 contract
Expansion Option. (a) Subject to the terms and conditions of this Section 2.5 and subject to the pre-existing rights of Transystems, Inc., as shown on Exhibit FO, Tenant shall have the optionright to expand the Premises to include 16,640 rentable square feet of space on the first floor of the Building, exercisable in the location shown on Exhibit FP-1 ("Expansion Premises"), provided and on condition that (i) this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at upon the Expansion Premises Commencement Date), (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord's consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this LeaseLandlord's sole discretion). If Tenant shall give Landlord written notice no later than the date that is in default hereunder, beyond any applicable notice and cure periods, on twelve months after the date of such notice or on this Lease electing to so expand the date Premises, then Landlord shall deliver possession of the Expansion Premises is to Tenant on the Expansion Premises Commencement Date (as defined below). If Tenant shall fail to timely deliver such notice electing to so expand the Premises, Tenant shall be tendered deemed to Tenanthave waived such right, then the exercise and Landlord shall thereafter be free to lease all or any portion of the option Expansion Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject to the provisions of Section 2.6 below.
(b) Promptly after the date of Tenant's notice, Landlord shall commence and use commercially reasonable efforts to perform certain improvements to the Expansion Premises in order to fit out the space in accordance with a Building standard level of finish consistent with the level of finish for Landlord's Work in the remainder of the Premises, and a ratio of twenty percent (20%) office space to eighty percent (80%) open space. Such work shall be performed in accordance with and subject to the requirements for Plans, timing of no force Landlord's Work, Tenant Delay, punchlist, warranty, and other requirements applicable to the initial Premises set forth in Article IV below. The date that Landlord has substantially completed such work and delivered the Expansion Premises to Tenant is hereinafter referred to as the "Expansion Premises Commencement Date". Landlord shall use commercially reasonable efforts to deliver the Expansion Premises to Tenant on or effectbefore the date that is five (5) months after the date of Tenant's notice. As of the Expansion Premises Commencement Date, the Premises under this Lease shall be expanded to include the Expansion Premises. Once incorporated into the Premises, Tenant's rights and obligations with respect to the Expansion Premises shall not be added subject to and with the Premises, benefit of all of the terms and this option shall be conditions of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not except that: (i) the Basic Rent per square foot applicable to the Expansion Premises shall equal the Basic Rent per square foot for the remainder of the Premises; (ii) the Term of the Lease with respect to the Expansion Premises shall be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
coterminous with the remainder of the Premises; (aiii) Landlord and Tenant shall promptly prepare commence payment of such additional amount of Basic Rent with respect to the First Expansion Premises on the Expansion Premises Commencement Date; and execute an amendment (iv) the Escalation Factor shall be revised to this Lease providing for reflect the addition of the Expansion Premises to the Premises covered by this Lease, effective as of in accordance with the Direct Term Escalation Factor Computation. Promptly after the Expansion Premises Commencement Date.
(b) The parties , Landlord and Tenant agree that their respective rights and obligations with respect to enter into an amendment to this Lease memorializing the condition addition of the Expansion Premises as to this Lease and the amendment to the applicable defined terms hereunder, including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of the Direct Term Commencement Date parties to execute such an amendment shall be governed by have no effect on the same provisions applicable to the remainder expansion of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for include the Expansion Premises) (, and the “Expansion TI Allowance”)economic terms associated therewith, to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseabove.
Appears in 1 contract
Expansion Option. Tenant Federal shall also have an on-going option through July 31, 1999 (the option"Federal Expansion Option"), exercisable to lease all or any portion of the Expansion Space which has not been leased to a third party after a failure by written notice Federal to exercise the Federal ROFR with respect to such space under Section 4 above; provided, however, the term of the lease with respect to such Expansion Space may commence no earlier than November 1, 1998, and no later than July 31, 1999. The Federal Expansion Option must be exercised, and the lease of such Expansion Space shall be, in accordance with the following terms and conditions. Federal may notify Interactive and Landlord of its wish to exercise the Federal Expansion Option at any time and from time to time on or before December 31, 2012, to cause the Expansion Premises to be added ninety (90) days prior to the Premises date upon expiration which the lease with respect to such Expansion Space is to commence and of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession portion of the Expansion Premises is Space to be tendered to Tenant, then the so leased. Upon each such exercise of the option Federal Expansion Option, the Federal Lease shall be of no force or effect, amended to add the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition portion of the Expansion Premises to Space so designated as a portion of the Premises covered by this LeaseFederal Premises, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations commencement date with respect to such Expansion Space specified in Federal's notice; provided, however, as of the condition effective date of such expansion, the rental under the Federal Lease shall be increased to at all times reflect that the rental of the Expansion Premises as of the Direct Term Commencement Date shall Space is to be governed by at the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 rent per square foot from time to time as is applicable under the Federal Lease to the original Federal Premises. In addition, Landlord shall not be obligated to license to Federal more than three (3) additional parking spaces for each 1,000 square feet of additional space leased by Federal, with the fee for such additional spaces to be at the same rate as for the agreed area of 11,743 square feet for spaces licensed to Federal under the Federal Lease. If Federal exercises the Federal Expansion Premises) (Option, then Landlord agrees to accept the “Expansion TI Allowance”)surrender of, and Interactive agrees to be available for application towards surrender, the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire Space on July 31, 2014 the same terms and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses conditions as specified in the first paragraph of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions Section 1 of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentenceAgreement; provided, however, the number of parking spaces surrendered shall be in accordance with Section 10(d) below and the Base Rent and Tenant's Pro Rata Share of Operating Expenses and Taxes shall also be proportionately reduced. In no event shall the Federal Expansion TI Allowance may be used for architecturalOption apply during any extension of the Federal Lease pursuant to Section 2.2 of the Federal Lease but, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to if the disbursement Federal Expansion Option has been exercised so that the Federal Lease includes portions of the Expansion TI Allowance shall be as set forth in Space prior to July 31, 1999, and the Workletter as defined below. Draw-downs term of the Lease has been extended pursuant to Section 2.2 of the Federal Lease, then such extension shall apply to all of the space then leased under the Federal Lease including, but not limited to, space leased pursuant to the Federal Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseOption.
Appears in 1 contract
Samples: Sublease Agreement (Interactive Flight Technologies Inc)
Expansion Option. A. Provided Tenant is not in default hereunder beyond the giving of notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, then at any time during the first three (3) Lease Years from and after the Rent Commencement Date, Tenant shall have the optioncontinuous right and option (the “Expansion Option”) to lease the remaining vacant portions of the first (1st) floor or the second (2nd) floor of the of the Building as more particularly described on Exhibit F annexed hereto and made a part hereof (collectively the “Expansion Space”). Notwithstanding the foregoing, exercisable by Tenant’s Expansion Option is subject to the superior rights of the following current tenants in the Building: Xxxxxx & Xxxxxxx, Marsulex Environmental Technologies, and Ikaria, Inc.
B. Tenant shall have given written notice to Landlord at any time on or before December 31of its intent to exercise the Expansion Option in accordance with Section 17.1 above (the “Expansion Intent Letter”), 2012which Expansion Intent Letter shall have been received by Landlord not less than thirty (30) days prior to the date Tenant wishes to occupy the Expansion Space within the first three (3) Lease Years from and after the Rent Commencement Date.
C. If Tenant shall exercise the Expansion Option in accordance with the provisions of this Section, this Lease shall be amended to cause include the Expansion Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms terms, covenants, and provisions set forth conditions contained in the Lease, except that (i) the Base Rent payable for the Expansion Space shall be equal to the then escalated rent under this Lease. If Lease at the time Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date takes possession of the Expansion Space, and (ii) the term for the Expansion Space and the Premises is to be tendered to Tenant, then the exercise of the option shall be extended for a term of no force or effect, five (5) years from the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If date Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition takes possession of the Expansion Space.
D. Notwithstanding the provisions of the Section 19.27(B) above, in the event Tenant exercises the first Renewal Option, the Renewal Rental Rate for the Expansion Space and the Premises shall be equal to the Premises covered by then escalated rent under this Lease, effective Lease as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition commencement of the Expansion Premises as of the Direct Term Commencement Date first Renewal Term, which rate shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated escalate at the rate of $15.00 0.50 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaseannum.
Appears in 1 contract
Expansion Option. (a) Those certain premises being suites 110 (approximately 8,231 rsf) and 112 (approximately 4,824 rsf), in the Building located on the first floor and as shown on Exhibit “H” attached hereto (each an “Expansion Space”) are, as of the date of this Lease, not leased to another party. If, on or before April 1, 2017 (the “Outside Offer Date”), Tenant desires to lease any or all of the Expansion Spaces, Tenant shall have the option, exercisable exclusive option (the “Expansion Option”) to expand the size of the Premises to include any or all of the Expansion Space(s) (the “Expansion Option”) by providing written notice to Landlord at any time on or before December 31of such intention (the “Tenant Expansion Notice”). Provided Landlord receives the Tenant Expansion Notice prior to the Outside Offer Date, 2012, Tenant’s lease of the subject Expansion Space shall be pursuant to cause the terms of this Lease except that: (i) the financial terms for Tenant’s lease of the subject Expansion Space shall be consistent with the terms of this Lease with respect to Fixed Rent/rsf and scheduled escalations for the Premises as set forth in Section 4 of the Lease; (ii) the commencement date of the lease of the Expansion Premises Space shall be the date that is 150 days following the exercise of the Expansion Option and the term shall be coterminous with the Term set forth in Section 3(a); (iii) the subject Expansion Space shall be leased in its “as is”, “where is” condition and Landlord shall have no obligations whatsoever to improve or pay to improve the Expansion Space for Tenant’s use or occupancy, provided that Landlord shall provide Tenant with an additional allowance to improve the subject Expansion Space with such allowance to be added equal to $00.32308/rsf for each month of the Expansion Space term (for example, if the Expansion Space term commenced August 1, 2017, for Suite 110, the allowance would equal 129 months x $00.32308 x 8,231 = $343,046.02); (iv) Tenant’s Proportionate Share shall be increased pro rata; (v) the Security Deposit will increase on a pro rata basis determined by Fixed Rent payable before and after the lease of the Expansion Space; and (vi) Fixed Rent, but not Tenant Energy Costs, shall be conditionally abated at the rate equal to $00.17147/rsf for each month of the Expansion Space term (for example, if the Expansion Space term commenced August 1, 2017, for Suite 110, the abatement would equal 129 months x $00.17147 x 8,231 = $182,066.67) to be applied 50% to the Premises upon expiration first 5 months and 50% during months 13-17 of the Prior Lease on December 31, 2013, at Expansion Space term. Any improvements made to the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all Expansion Space shall be made by Landlord subject to the terms and provisions of Section 8, with a management fee payable to $1.02/rsf for the Expansion Space improvements plus two percent (2%) of the net cost increase or decrease resulting from any Change Order.
(b) Notwithstanding anything to the contrary contained in this Lease, the term of the Lease for the Expansion Space shall expire on the date set forth in this Lease. Lease as the Expiration Date (as the same may be extended pursuant to Section 39 hereof).
(c) If (i) Tenant does not notify Landlord prior to the Outside Offer Date that Tenant desires to lease the Expansion Space, this Expansion Option shall terminate and the Expansion Space shall after such Outside Offer Date be deemed an Un-Leased RFO Space as defined in Section 41 of the Lease and shall thereafter be subject to the terms and conditions as set forth in Section 41.
(d) If Tenant is exercises the Expansion Option, the space described in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession Tenant’s Expansion Notice will be deemed a part of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this LeaseLease whether or not a lease amendment is signed, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such optionupon written request of Landlord, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition incorporating such terms within ten (10) business days of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement DateLandlord’s request.
(be) The parties agree that their respective rights and obligations Time is of the essence with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasehereunder.
Appears in 1 contract
Samples: Lease Agreement (Trevena Inc)
Expansion Option. Tenant shall have At Tenant's request, Landlord will use its best efforts to expand the option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added include up to the Premises upon expiration an additional 100,000 square feet of the Prior Lease on December 31, 2013, at the minimum rental rate leasable space ("Phase II Premises") provided in Section 3.1(a)(ii) and otherwise upon all that Tenant has not defaulted under the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for and Tenant's financial strength and credit ratings are at least as strong as they are upon the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination execution of this Lease. Subject Landlord shall not be obligated to spend more than $8,000,000 for Landlord's Work Costs to construct the Phase II Premises. Tenant shall pay all construction costs in excess of $8,000,000 plus all financing costs and prepayment penalties related to refinancing the Premises to provide for the Phase II Premises. Prior to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement commencement of the Expansion TI Allowance construction of the Phase II Premises Tenant shall execute a modification of this Lease which shall provide as follows: The term of this Lease shall be as set forth in extended to fifteen (15) years from the Workletter as defined below. Draw-downs Substantial Completion of the Expansion TI Allowance Phase II Premises with the Base Rent for the existing Premises ("Phase I Premises") to remain as provided for in this Lease except that the escalators provided for in Section 4.1 shall continue through the end of the revised term. The Base Rent for the Phase II Premises shall equal the product of Landlord's Work Costs for the Phase II Premises multiplied by Tenant the Rent Constant Factor. The Rent Constant Factor shall be determined using a 15 year amortization period and the Debt Constant. The Debt Constant shall equal the lowest commercially available rate which Landlord can obtain. FOR EXAMPLE, IF THE DEBT CONSTANT IS 8.5% AND THE AMORTIZATION PERIOD IS 15 YEARS THEN THE RENT CONSTANT FACTOR EQUALS 11.8169. IF THE LANDLORD'S WORK COST OF THE PHASE II PREMISES IS 8,000,000 THEN THE BASE RENT FOR THE PHASE II PREMISES PER YEAR SHALL EQUAL $945,352 ($8,000,000 X .118169) PLUS ESCALATORS EVERY 30 MONTHS AS PROVIDED FOR IN SECTION 4.1. Landlord shall not result build on the Premises for the benefit of anyone other than Tenant. If, for any reason Landlord fails to perform its obligation to expand the Premises with reasonable diligence, then Tenant's sole remedy shall be to perform the construction at Tenant's own expense. In such event Tenant may extend the Lease Term for up to an additional fifteen (15) years from the date of Substantial Completion thereof and at no increase in any Supplemental Minimum Base Rent (as defined below) obligation or on account of such expansion. Notwithstanding the above, if Tenant assigns this Lease after the fifth anniversary, Landlord may elect in any other adjustment of Tenant’s rental obligations under this Leaseits sole discretion not to provide funding for the expansion.
Appears in 1 contract
Samples: Lease Agreement (Quantum Corp /De/)
Expansion Option. So long as no event of default then exists under this Lease following the expiration of any applicable notice and cure period, Tenant shall have the optionright (the “Expansion Option”) to lease the Expansion Space (as that term is hereinafter defined) pursuant to and in accordance with the following terms and conditions:
a. Effective as of March 1, exercisable 2009 (“Effective Date A”), Tenant shall have the right to lease all or a minimum of 12,000 rentable square feet of space on Floor 7 of the Building (“Expansion Space A”). Effective as of March 1, 2011 (“Effective Date B”), Tenant shall have the right to lease all or a minimum of 12,000 rentable square feet of space on Floor 9 of the Building (“Expansion Space B”). Expansion Space A and Expansion Space B shall collectively be referred to herein as the “Expansion Space.” If Tenant leases less than all remaining space on the applicable Floor (with a minimum of 12,000 rentable square feet as aforesaid), the location of such space will be one internally contiguous block of space having direct elevator lobby exposure, the exact location of which will be determined based on the configuration of the other tenants on the Floor and in such a manner as to ensure that the remaining unleased space is marketable in Landlord’s reasonable judgment.
b. Each Expansion Option shall be exercised by Tenant, if at all, by Tenant providing written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added least ten (10) months prior to the Premises upon expiration applicable Expansion Option Effective Date. Should Tenant fail to duly and timely exercise any Expansion Option, it shall become null and void and of no further force and effect. Should Tenant duly and timely exercise an Expansion Option, Landlord shall deliver the Prior Lease on December 31, 2013, at applicable Expansion Space to Tenant within six (6) months following the minimum rental rate provided in Section 3.1(a)(ii) applicable Effective Date for Tenant to commence its improvements therein and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effectdelivery, the Expansion Premises Space shall not be added to the Premises. Rent for the applicable Expansion Space shall commence on the earlier to occur of ( ) one hundred twenty (120) days after the date Landlord delivers the Expansion Space to Tenant or (ii) the date Tenant begins conducting business in the applicable Expansion Space (the “Rent Effective Date”), and this option through the last day of the term, as the same may be extended. The Expansion Space shall be subject to all terms and provisions of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Leaselease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such optionas amended, then:
including Base Rental (a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with on a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot of net rentable area basis), and additional rent then in effect for the agreed area of 11,743 square feet Premises.
c. Tenant improvements for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises Space shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid designed and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain installed in accordance with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation procedures and conditions set forth in the preceding sentence, howeverExhibits attached to this lease as Exhibit C and Exhibit D and Tenant’s allowance for improvements shall be an amount equal to the product of multiplying $31.00 times the number of square feet of net rentable area in the Expansion Space times a fraction, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to numerator of which is the disbursement number of the Expansion TI Allowance shall be as set forth full calendar months remaining in the Workletter as defined below. Draw-downs initial term after the applicable Option Effective Date, and the denominator of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasewhich is 120.
Appears in 1 contract
Samples: Lease Agreement (Homebanc Corp)
Expansion Option. (a) Landlord presently owns the property lying easterly of the Property and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option (the option"Expansion Option"), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location of the space subject to the Expansion Option within the Expansion Property (the "Expansion Space") shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercised.
(b) The Expansion Option shall be exercisable only by written notice from Tenant to Landlord at no later than March 1, 2005, and only if Tenant is not then in default under this Lease (beyond any time on or before December 31applicable notice and cure periods). Such written notice (the "Exercise Notice") shall state that Tenant is exercising the Expansion Option hereunder and shall state specifically the phasing (if any) pursuant to which Tenant proposes to occupy the Expansion Space, 2012subject to the limitations hereinafter set forth. Upon timely giving of a timely Exercise Notice by Tenant, (i) Landlord shall proceed with reasonable diligence and with commercially reasonable efforts to obtain all governmental approvals required for the construction of the Expansion Space, including, but not limited to, any governmental approvals required for the redevelopment of the Expansion Property to accommodate the construction of the Expansion Space (provided that if Landlord is unable, despite the exercise of reasonable diligence and commercially reasonable efforts, to cause obtain all such required governmental approvals within six (6) months after delivery of Tenant's Exercise Notice, then upon written notice thereof by either party to the other, Tenant's Exercise Notice shall be deemed to be rescinded and the Expansion Premises to Option shall be added of no further force or effect) and (ii) subject to the Premises upon expiration receipt of such required governmental approvals, the Prior Lease Expansion Space shall be leased to Tenant on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) following terms (and otherwise upon all on the additional terms and provisions set forth in this Lease, except for Article 6 hereof and except to the extent inconsistent with the terms specified in this Section 6.3): The Expansion Space shall, at Tenant's election as set forth in the Exercise Notice, be leased and occupied either all at once, with a single Rent Commencement Date, or in two separate phases, with the first phase having a minimum size of at least fifty percent (50%) of the total Expansion Space and the second phase constituting the balance of the Expansion Space. If Tenant is The Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be determined in default hereunderthe same manner as provided in Section 2.1 hereof (180 days after Landlord's delivery of a Structural Completion Certificate, beyond subject to any adjustments applicable notice and cure periodsunder the Workletter, on the date of such notice or on the date possession Tenant takes occupancy of and commences operation of its business in the applicable space, whichever occurs first), provided that such Rent Commencement Date shall not occur prior to December 1, 2006 unless triggered at an earlier date by Tenant's occupancy of and commencement of operation of its business in the applicable space or unless an earlier date is mutually agreed upon by Landlord and Tenant. If Tenant elects to take down the Expansion Space in two phases as provided above, then the Rent Commencement Date for the second phase of the Expansion Premises Space shall occur on the earlier of December 1, 2007 or the date Tenant actually occupies and commences operation of its business in the second phase of the Expansion Space, unless an earlier date is mutually agreed upon by Landlord and Tenant. Landlord shall perform the equivalent of Landlord's Work (as defined in the Workletter) at its sole cost and expense, for the Expansion Space, subject to such modifications of the scope and definition of Landlord's Work as are consistent with Landlord's design, plans and specifications for the other buildings and facilities to be tendered constructed on the Expansion Property, and Tenant shall be entitled to Tenanta Tenant Improvement Allowance of One Hundred Thirty-Five and No/100 Dollars ($135.00) per square foot for the Expansion Space. The minimum monthly rental commencing as of the Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be $4.43 per square foot per month, with annual escalations thereafter on each anniversary of such Rent Commencement Date in an amount equal to three percent (3.0%) of the rental rate in effect immediately prior to the applicable escalation date. If Tenant elects to take down the Expansion Space in two phases as provided above, then the minimum monthly rental applicable to the second phase as of the Rent Commencement Date for such second phase shall be equal to the minimum monthly rental rate then in effect for the first phase, and the minimum monthly rental rate for the second phase shall thereafter at all times be equal to the minimum monthly rental rate in effect for the first phase from time to time, as escalated in accordance with the foregoing provisions. Tenant's Operating Expense obligations with respect to the Expansion Space shall be determined in a manner both similar to and proportional to the Operating Expense obligations of other tenants of the Expansion Property, depending on whether, in Landlord's discretion, the Expansion Property is combined with the Center for Operating Expense purposes or is operated on a stand-alone basis for such purposes, and if operated on a stand-alone basis, whether the Expansion Property is operated on a project-wide basis for Operating Expense purposes or the respective buildings within the Expansion Property are operated in whole or in part on a stand-alone basis for such purposes. Following a timely exercise of the option shall be of no force or effectExpansion Option by Tenant, the Expansion Premises parties shall not be added promptly (and in all events within ten (10) business days after delivery of Tenant's Exercise Notice) execute a lease amendment or other written agreement reflecting the terms applicable to the PremisesExpansion Space as set forth above and reflecting all other terms and provisions of this Lease not inconsistent with the terms set forth above, except for Article 6 hereof and except as the parties may otherwise mutually agree. If Tenant does not validly and timely exercise the Expansion Option in accordance with this option Section 6.3 or if the parties do not timely enter into such a lease amendment or other written agreement with respect to the Expansion Space, then the Expansion Option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned effect and Landlord shall thereafter have the right to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of lease the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights Space and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant Property at any time after January 1 of the calendar year immediately following the date and from time to time to such persons or entities and on which Tenant delivers to such terms as Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31in its sole discretion may deem appropriate, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for without any purpose. The Expansion TI Allowance shall not be used further limitation or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaserestriction hereunder.
Appears in 1 contract
Samples: Sublease (Prothena Corp PLC)
Expansion Option. Landlord has disclosed to Tenant shall have that Landlord is currently negotiating a lease with Amherst Securities (the option"Amherst Securities Lease") for approximately 4,000 square feet in the 2nd Option Space, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added which space is adjacent to the Premises upon expiration and is reflected on Exhibit "C" attached hereto (the "Amherst Premises"). Landlord acknowledges and agrees that the Amherst Securities Lease will be subject to Tenant's existing Expansion Option as set Forth in Section 2.05 and Exhibit "G" of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added In Addition to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective 's rights and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Current Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be Option as set forth in the Workletter Lease, Landlord hereby grants to Tenant, for a period of sixty (60) days from the date of this Second Amendment, the limited right to exercise Tenant's Expansion Option for a maximum of 6,000 Rentable Square Feet in the 2nd Option Space and/or the 3rd Option Space (excluding the Amherst Premises). Except as defined below. Draw-downs set forth in this Section 6 of this Second Amendment, all of the terms and conditions of Exhibit "G" shall be applicable to Tenant's right to exercises the Expansion TI Allowance by Option on such portions of the 2nd Option Space and/or the 3rd Option Space. Further, Landlord agrees not to enter into any additional leases related to the 2nd Option Space or the 3rd Option Space (other than the Amherst Securities Lease) during this sixty (60) day period. If Tenant elects not to exercise its right to exercise the Expansion Option during such sixty (60) day period, Tenant's limited right to exercise the Expansion Option early as set forth in this Second Amendment shall terminate, but Tenant shall not result continue to have all rights to exercise the Expansion Option in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment accordance with Exhibit "G" of Tenant’s rental obligations under this Leasethe Lease at the times set forth therein.
Appears in 1 contract
Samples: Two Bridgepoint Lease Agreement (Brigham Exploration Co)
Expansion Option. In the event Landlord is unable to deliver the Advance Premises, the Sprint Premises and/or the SAS Premises prior to February 28, 2001 in accordance with the terms of this Lease, Tenant shall have an expansion option ("Expansion Space Option") which shall require Landlord to, prior to offering the optionsame to any party, exercisable by written notice first offer to Landlord at any time on or before December 31, 2012, to cause the Expansion Premises to be added lease to the Premises Tenant named herein any space located within the Building (the "Expansion Space") upon expiration of the Prior Lease on December 31same terms, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) covenants and otherwise upon all the terms and provisions set forth conditions contained in this Lease, for a term to commence on the Expansion Space Commencement Date (hereinafter defined) and to end on the Expiration Date, unless sooner cancelled or terminated pursuant to any of the terms, conditions or covenants of this Lease or pursuant to this Paragraph. If and when, during the Term, all or any portion of the Expansion Space first becomes, or is first likely to become available, Landlord shall give Tenant notice as to the anticipated date that the subject portion of the Expansion Space is, or is likely to become, available for occupancy by Tenant ("Option Notice"). Tenant may exercise the Expansion Space Option by delivering written notice ("Exercise Notice") to Landlord within ten (10) business days after receipt of the Option Notice, time being of the essence as to such ten (10) business day period. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of fails or refuses to timely exercise such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effectoption, the Expansion Premises Space Option shall not be added to the Premises, no longer exist and this option Paragraph 41 shall be of no further force or effecteffect as to the portion of the Expansion Space not accepted by Tenant but shall remain in full force and effect on any remaining Expansion Space that has not been included in any Option Notice. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If In the event Tenant duly and validly exercises such optionthe Expansion Space Option in accordance with the provisions of this Paragraph 41, thenthe Lease shall be deemed modified as of the Expansion Space Commencement Date as follows:
(a) The Leased Premises shall include all (but not less than all) of the available Expansion Space as described in the Option Notice for all purposes of this Lease;
(b) Tenant shall accept the Expansion Space in the condition set forth in Subsection 1.4 hereof at the then-applicable Base Rent provided for in Schedule "D" for such Expansion Space and subject to any CPI Formula increase as set forth on Schedule "D" for such portion of the Expansion Space hereof and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements.
(c) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Expansion Space Commencement Date.
. The Expansion Space Commencement Date shall be the day on which the Landlord delivers vacant possession of the applicable Expansion Space to Tenant free of leases, tenancies and occupancies provided, however, if Tenant, or any other person or entity claiming by, through or under Tenant, shall occupy all or any portion of the Expansion Space for the conduct of business prior to the Expansion Space Commencement Date, then the Expansion Space Commencement Date shall apply as of such earlier date and Tenant shall pay and perform the obligations to be paid and performed by Tenant, including, without limitation, the obligation to pay Basic Rent and Additional Rent. Tenant's rights hereunder shall be subject to the now-existing renewal rights of other tenants in the Building. As to any Expansion Space that has not been incorporated into the Leased Premises by amendment as provided for in this Paragraph 41, Tenant's rights hereunder shall terminate if (bi) The parties agree that their respective rights the Expansion Space Option is terminated as provided in this Paragraph 41 or this Lease or Tenant's right to possession of the Leased Premises is terminated, (ii) Tenant assigns any of its interest in this Lease or sublets any portion of the Leased Premises other than as provided for in Subsection 11.7 herein, (iii) a default exists beyond any applicable notice and obligations grace period at the time of Tenant's Exercise Notice or on the Expansion Space Commencement Date, and/or (iv) Tenant fails to timely exercise its right hereunder, time being of the essence with respect to the condition exercise thereof. In any of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) such events, Landlord shall provide Tenant with may lease all or a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed Space to expire third parties on July 31such terms as Landlord may elect. Notwithstanding anything contained in the Lease to the contrary, 2014 and thereafter shall no longer be available Tenant hereby waives the right to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property rescind this Lease in the event all or any other item or element which, under portion of the applicable provisions of this Lease, will Expansion Space does not become Landlord’s property and remain with available during the Premises (including the Expansion Premises) upon expiration or termination Term of this Lease. Subject Upon request of either Landlord or Tenant, from time to the limitation set forth in the preceding sentence, howevertime, the Expansion TI Allowance may be used for architecturalnon requesting party shall execute and deliver to such requesting party an instrument in form and substance reasonably satisfactory to such requesting party, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of stating that Tenant has or has not exercised the Expansion TI Allowance shall be as set forth Space Option contained in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseParagraph 41.
Appears in 1 contract
Expansion Option. Tenant shall have the option, exercisable by written notice right ("Expansion Option") to Landlord at any time on or before December 31, 2012, to cause ---------------- expand the Expansion Premises to be added to include the area designated as "Expansion Space" on Exhibit A on the ground floor, which will increase the Premises by 4,559 square feet for a total of 14,557 square feet upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the following terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, thenconditions:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition Tenant's written notice of exercise of the Expansion Premises to Option must be received by Landlord on or before the Premises covered by this last day of the ninth (9th) month from the commencement date of the Lease and shall be effective commencing with the first day of the 13th month from the commencement date of the Lease, effective as subject to postponement for delay in completing Improvements in accordance with the terms of the Direct Term Commencement DateWorkletter.
(b) The parties agree that their respective rights and obligations with respect terms of this Lease shall apply to the condition Expansion Space, except as follows:
(1) The Rent then in effect will be applied on a rentable square foot basis to the Expansion Space.
(2) Tenant's share of the Operating Expenses will be increased to reflect the addition of the Expansion Space to the Premises.
(3) Tenant shall be entitled to the same Tenant Improvement Allowance (on a square foot basis) as it was entitled to for the original Premises as and the Rent shall be increased by the difference between the amount necessary to amortize such Tenant Improvement Allowance over 48 months versus 60 months. For example, if the cost of the Direct Term Commencement Date Tenant Improvements for the Expansion Space was $75,000, Rent would be increased by $312.50 per month or $.06 per square foot (i.e., 5,000 sq. ft. x $15 psf = $75,000/48 mos $1,562.50 per month less $1,250.00 (60 mos amortization)).
(4) Tenant shall not be governed by entitled to free rent regarding the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) belowExpansion Space.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount If notice of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment exercise of the Expansion Premises and/or Option is not received within the construction time provided, the Expansion Option shall expire without notice or action on the part of tenant improvements any party and Tenant shall have no further interest or rights in the Expansion Premises by TenantSpace and shall, upon request, execute documentation confirming such expiration. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder Time is expressly of the Premises pursuant essence with regard to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this LeaseOption.
Appears in 1 contract
Expansion Option. (a) Landlord presently owns the property lying easterly of the Property and commonly known as 300 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (the “Expansion Property”). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord’s present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant’s rights under this Section 6.3. Tenant shall have a one-time option (the option“Expansion Option”), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location of the space subject to the Expansion Option within the Expansion Property (the “Expansion Space”) shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercised.
(b) The Expansion Option shall be exercisable only by written notice from Tenant to Landlord at no later than March 1, 2005, and only if Tenant is not then in default under this Lease (beyond any time on or before December 31applicable notice and cure periods). Such written notice (the “Exercise Notice”) shall state that Tenant is exercising the Expansion Option hereunder and shall state specifically the phasing (if any) pursuant to which Tenant proposes to occupy the Expansion Space, 2012subject to the limitations hereinafter set forth. Upon timely giving of a timely Exercise Notice by Tenant, (i) Landlord shall proceed with reasonable diligence and with commercially reasonable efforts to obtain all governmental approvals required for the construction of the Expansion Space, including, but not limited to, any governmental approvals required for the redevelopment of the Expansion Property to accommodate the construction of the Expansion Space (provided that if Landlord is unable, despite the exercise of reasonable diligence and commercially reasonable efforts, to cause obtain all such required governmental approvals within six (6) months after delivery of Tenant’s Exercise Notice, then upon written notice thereof by either party to the other, Tenant’s Exercise Notice shall be deemed to be rescinded and the Expansion Premises to Option shall be added of no further force or effect) and (ii) subject to the Premises upon expiration receipt of such required governmental approvals, the Prior Lease Expansion Space shall be leased to Tenant on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) following terms (and otherwise upon all on the additional terms and provisions set forth in this Lease, except for Article 6 hereof and except to the extent inconsistent with the terms specified in this Section 6.3): The Expansion Space shall, at Tenant’s election as set forth in the Exercise Notice, be leased and occupied either all at once, with a single Rent Commencement Date, or in two separate phases, with the first phase having a minimum size of at least fifty percent (50%) of the total Expansion Space and the second phase constituting the balance of the Expansion Space. If Tenant is The Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be determined in default hereunderthe same manner as provided in Section 2.1 hereof (180 days after Landlord’s delivery of a Structural Completion Certificate, beyond subject to any adjustments applicable notice and cure periodsunder the Workletter, on the date of such notice or on the date possession Tenant takes occupancy of and commences operation of its business in the applicable space, whichever occurs first), provided that such Rent Commencement Date shall not occur prior to December 1, 2006 unless triggered at an earlier date by Tenant’s occupancy of and commencement of operation of its business in the applicable space or unless an earlier date is mutually agreed upon by Landlord and Tenant. If Tenant elects to take down the Expansion Space in two phases as provided above, then the Rent Commencement Date for the second phase of the Expansion Premises Space shall occur on the earlier of December 1, 2007 or the date Tenant actually occupies and commences operation of its business in the second phase of the Expansion Space, unless an earlier date is mutually agreed upon by Landlord and Tenant. Landlord shall perform the equivalent of Landlord’s Work (as defined in the Workletter) at its sole cost and expense, for the Expansion Space, subject to such modifications of the scope and definition of Landlord’s Work as are consistent with Landlord’s design, plans and specifications for the other buildings and facilities to be tendered constructed on the Expansion Property, and Tenant shall be entitled to Tenanta Tenant Improvement Allowance of One Hundred Thirty-Five and No/100 Dollars ($135.00) per square foot for the Expansion Space. The minimum monthly rental commencing as of the Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be $4.43 per square foot per month, with annual escalations thereafter on each anniversary of such Rent Commencement Date in an amount equal to three percent (3.0%) of the rental rate in effect immediately prior to the applicable escalation date. If Tenant elects to take down the Expansion Space in two phases as provided above, then the minimum monthly rental applicable to the second phase as of the Rent Commencement Date for such second phase shall be equal to the minimum monthly rental rate then in effect for the first phase, and the minimum monthly rental rate for the second phase shall thereafter at all times be equal to the minimum monthly rental rate in effect for the first phase from time to time, as escalated in accordance with the foregoing provisions. Tenant’s Operating Expense obligations with respect to the Expansion Space shall be determined in a manner both similar to and proportional to the Operating Expense obligations of other tenants of the Expansion Property, depending on whether, in Landlord’s discretion, the Expansion Property is combined with the Center for Operating Expense purposes or is operated on a stand-alone basis for such purposes, and if operated on a stand-alone basis, whether the Expansion Property is operated on a project-wide basis for Operating Expense purposes or the respective buildings within the Expansion Property are operated in whole or in part on a stand-alone basis for such purposes. Following a timely exercise of the option shall be of no force or effectExpansion Option by Tenant, the Expansion Premises parties shall not be added promptly (and in all events within ten (10) business days after delivery of Tenant’s Exercise Notice) execute a lease amendment or other written agreement reflecting the terms applicable to the PremisesExpansion Space as set forth above and reflecting all other terms and provisions of this Lease not inconsistent with the terms set forth above, except for Article 6 hereof and except as the parties may otherwise mutually agree. If Tenant does not validly and timely exercise the Expansion Option in accordance with this option Section 6.3 or if the parties do not timely enter into such a lease amendment or other written agreement with respect to the Expansion Space, then the Expansion Option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned effect and Landlord shall thereafter have the right to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of lease the Expansion Premises to the Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights Space and obligations with respect to the condition of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant Property at any time after January 1 of the calendar year immediately following the date and from time to time to such persons or entities and on which Tenant delivers to such terms as Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31in its sole discretion may deem appropriate, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for without any purpose. The Expansion TI Allowance shall not be used further limitation or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leaserestriction hereunder.
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Expansion Option. Provided that no Event of Defaults is then existing, Tenant shall have the optionoption (the "Expansion Option"), exercisable by effective as of the fifth (5th) anniversary of the Commencement Date, to lease all (but not less than all) of the second level of the Building containing approximately 25,000 square feet of Net Rentable Area (the "Expansion Space") to be exercised with no more than twelve (12) months nor less than nine (9) months prior written notice to Landlord at any time on or before December 31, 2012, to cause Landlord. The portion of the Expansion Premises Space to be added to the Premises upon expiration of (the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii"Expansion Premises") and otherwise upon all the terms and provisions set forth in this Lease. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date possession of the Expansion Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effectsubject to the same terms, covenants and conditions under the Lease, except that (a) the Base Rental Rate for the Expansion Premises shall not be the prevailing MRR (as defined in Exhibit "H" above) as of the date such Expansion Space shall be added to the Premises, and this option (b) the Tenant Allowance for the Expansion Premises shall be equal to $15.00 per square foot of Net Rentable Area in the Expansion Premises (and the MRR shall be increased to allow for such improvement allowance), (c) there shall be no further force or effectrefurbishment allowance applicable to such Expansion Premises and (d) the term of such lease shall expire as of the expiration of the Term. The option granted herein may be exercised Landlord may, on a date established by any permitted assignee of at least sixty (60) days' notice to Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then:
(a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of deliver the Expansion Premises to Tenant up to three (3) months prior to the Premises covered by this Lease, effective as end of the Direct Term fifth (5th) anniversary of the Commencement Date.
, or up to six (b6) The parties agree that their respective rights and obligations with respect to months after the condition end of the fifth (5th) anniversary of the Commencement Date. Within thirty (30) days of receipt of Tenant's notice of the exercise of the Expansion Premises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Option, Landlord shall provide Tenant with written notice of its estimation of the MRR for such Expansion Premises. Tenant shall then have fifteen (15) days to notify Landlord in writing that it accepts or rejects Landlord's determination of MRR and to provide Landlord with Tenant's estimation of MRR. If the parties cannot agree on a tenant improvement allowance determination of MRR within fifteen (15) days thereafter Tenant may either (i) withdraw its Expansion Option or (ii) elect that such MRR shall be determined in accordance with the appraisal provisions set forth in Paragraph 3 of Exhibit "H", which MRR shall then be binding on the parties. Tenant shall not be required to pay (and the MRR shall so reflect) any amount for parking for such Expansion Premises, which shall be provided in the maximum amount same ratios as provided with respect to the Initial Premises. Tenant's obligation to commence paying Rent on such space shall commence (A) in the case of One Hundred Seventy-Six Thousand One Hundred Forty-Five space in the Building not previously built out with tenant improvements, on the 90th day, and No/100 Dollars ($176,145.00B) in the case of previously built out space, calculated at on the rate 30th day, after the availability of $15.00 per square foot such space for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of the tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to and including July 31, 2014. Any unused portion of the Expansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Leasetherein.
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