Expansion Options. (a) First Expansion. APL shall have the option (the "First Expansion Option") to lease between 10,000 and 12,000 rentable square feet of space on one floor of the Building (the location and exact size and configuration of which shall be designated by Landlord as provided below and which space, at Landlord's election, may consist of either one (1) or two (2) increments, in Landlord's sole discretion, provided that no increment shall consist of less than four thousand (4,000) rentable square feet of space) (the "First Expansion Space") for a term (A) commencing on a date (or dates, if the First Expansion Space consists of two (2) increments) to be designated by Landlord, but which shall be within the period commencing on January 1, 2001, and ending on December 31, 2002, and (B)Eending upon the termination of this Lease. APL shall exercise the option for the First Expansion Space, if at all, by written notice from APL to Landlord given not earlier than May 1, 2000, and not later than June 30, 2000 (subject to the provisions of Subsection 4.3(c) below). Landlord shall notify APL in writing (the "Expansion Designation Notice") of the date of commencement of the term of the lease of each increment of the First Expansion Space, and the exact size and location of each increment of the First Expansion Space, not less than six (6) months prior to such commencement date.
(b) Second Expansion. APL shall have the option (the "Second Expansion Option") to lease one additional floor of the Building (which shall be designated by Landlord, as provided below) (the "Second Expansion Space") for a term (A)Ecommencing on a date to be designated by Landlord, but which shall be within the period commencing on January 1, 2003, and ending on June 30, 2004, and (B)Eending upon the termination of this Lease. APL shall exercise the option for the Second Expansion Space, if at all, by written notice from APL to Landlord given not earlier than May 1, 2002, and not later than June 30, 2002 (subject to the provisions of Subsection 4.3(c) below). Landlord shall notify APL in writing (the "Expansion Designation Notice") of the date of commencement of the term of the lease of the Second Expansion Space, and the exact size and location of the Second Expansion Space, not less than six (6) months prior to such commencement date.
Expansion Options. The Borrower may from time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $5,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $100,000,000. The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided, that no Ineligible Institution may be an Augmenting Lender), to increase their existing Commitments, or to participate in such Incremental Term Loans, or extend Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent (such approval by the Administrative Agent not to be unreasonably withheld) and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit C-1 hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit C-2 hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.04. Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.04 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of th...
Expansion Options. 27.1 Lessee shall have four (4) options to add between 6,000 and 8,000 RSF to its leased premises each time. Such option space shall first be the portion (if any) of floors 18-20 not included in the initial leased premises, and then at Lessor’s election on floors contiguous to the initial leased premises (i.e., floors 17 or 21) or contiguous to floors containing exercised expansion space. Option space will be on the same floor until at least two-thirds of such floor has been added to the leased premises. If part of the leased premises is on floors which are only partially leased by Lessee and the total usable area on such partially leased floors exceeds the average usable area of each such floor, then Lessee’s rent for such space on partially leased floors (based on the rentable area of such space) will be determined using the full floor load factor on the usable area of space on partially leased floors equal to the average usable area of such floors and the partial floor load factor upon the usable area of the balance of such space. For example, if Lessee is leasing 15,000 USF on floor 18, 17,000 USF on floor 17 and 8,000 USF on floor 21 for a total of 40,000 USF on such floors, and the average useable area of floors 17, 18 and 21 is 18,000 USF, then Lessee’s rent for such space shall be determined by applying the full floor load factor on 36,000 USF (18,000 USF x 2) and the partial floor load factor on 4,000 USF (40,000 USF - 36,000 USF). The first, second, third and fourth option spaces shall be added to the Premises on dates specified by Lessor between (1) July 1, 1995 and June 30, 1996, (2) July 1, 1997 and June 30, 1998, (3) July 1, 1999 and June 30, 2000, and (4) July 1, 2001 and June 30, 2002, respectively. Lessor shall use its best efforts so that not less than eighteen months nor more than thirty months pass between expansion space availability dates.
27.2 Lessor shall notify Lessee at least twelve months prior to the date an option space is available as to the commencement date, location and size of the option space. Lessee shall have the right to delay the commencement date of an expansion option by six months and/or reduce the square footage to be leased by up to 25%, provided that the unleased space is in a leasable configuration (i.e., if Lessee elects to exercise its expansion option, Lessee must lease at least seventy-five percent (75%) of the space stated in Lessor’s notice within six (6) months after the commencement date specified in Le...
Expansion Options. Landlord will lease any vacant space, subject to prior leasing, on a month-to-month basis for Tenant's short term projects with terms mutually agreeable between all parties.
Expansion Options. For the first two years following the Agreement Date, JT shall have options to expand the Collaboration to include the areas of Indication #2 (as such term is defined on Exhibit A attached hereto) (the "Indication #2 Option") and Indication #3 (as such term is defined on Exhibit A attached hereto) (the "Indication #3 Option") upon the terms and conditions contained in this Agreement. If the Research Program with respect to Indication #1 is terminated by JT pursuant to Section 2.6 prior to the exercise or expiration of either Indication #2 Option or Indication #3 Option, JT shall inform Gene Logic in writing prior to the expiration of the applicable six-month notice period of whether or not JT will be exercising either or both of such options prior to its expiration and if so, when it will exercise such option. In the event that JT does not exercise the Indication #2 Option or the Indication #3 Option prior to the expiration of the two-year period following the Agreement Date or their earlier termination as provided in this Section 6.1, then Gene Logic shall thereafter be free to grant rights to a Third Party in the areas of Indication #2 or Indication #3, as applicable.
Expansion Options. At the option of Guest, Host shall expand the Building as hereinafter provided.
Expansion Options. All Option rights granted to the Tenant by the Original Lease for expanding into additional space at the Building, specifically but not exclusively Exhibit F, Section 1 of the Original Lease for the 2nd Floor of the Building and Exhibit F, Section 2 of the Original Lease for the 3rd Floor of the Building, are hereby terminated.
Expansion Options. (a) Expansion Areas. Tenant shall have two options (each, an "Expansion Option") to expand the Premises in accordance with the provisions of this Section to include (i) the Swing Space (referenced herein as “Expansion Area A”) and (ii) the space on the 4th Floor of the North Pod of the Building known as Suite 425, containing approximately 11,396 square feet of Rentable Floor Area as shown on Exhibit A-2 (referenced herein as “Expansion Area B”) (each herein, an "Expansion Area" and together the “Expansion Areas”). The “Estimated Expansion Date” for Expansion Area A shall be August 1, 2015. The “Estimated Expansion Date” for Expansion Area B shall be the fourth (4th) anniversary of the Term Commencement Date. If Tenant timely exercises an Expansion Option in accordance with this Section 2.1.2, the Expansion Area shall be added to the Premises for the remainder of the Term effective as of the date on which the Expansion Area is delivered to Tenant in accordance with this Section. Annual Fixed Rent for any Expansion Area shall be paid in accordance with the terms and conditions of Section 2.5 at an Annual Fixed Rent Rate equal to the Annual Fixed Rent rates set forth in this Section 2.1.2
Expansion Options. After the Landlord has fully leased the Building, thereafter subject to any prior Tenant rights, Tenant shall have the ongoing Right of First Refusal (“ROFR”) on all space within the Building (the “Expansion Premises”) at the same terms and conditions as this Lease so long as at least thirty-six (36) months of the Lease Term remains. If less than thirty-six (36) months remain, then, unless an option to extend is exercised by Tenant, the expansion shall be at a market Rental Rate or the new length of the lease term shall be added to the original lease. Tenant shall have three (3) business days to accept the ROFR. Landlord will send a ROFR letter to Tenant upon receiving a RFP from a prospect to Landlord, or a submission of a proposal from Landlord to a prospect.
Expansion Options. Rider 3 to the Lease, as amended by Section 10 of the Fourth Amendment, and Exhibit E to the Fourth Amendment, are hereby deleted in their entireties. Tenant shall have a right of first offer with respect to all available space in the Building, upon the terms and conditions set forth in Exhibit D attached hereto.
