Expansion Right a. Subject to the provisions of this Section 4, Tenant shall have a one-time right to expand (the “Expansion Right”) into the entire Released D2 Premises upon the following terms and conditions.
b. Tenant shall have the right to expand into the Released D2 Premises effective November 1, 2020 (the “Expansion Date”) by giving Landlord written notice of Tenant’s exercise of such right (the “Expansion Notice”) no later than June 1, 2020. If Tenant timely delivers the Expansion Notice, Landlord and Tenant shall execute an amendment to the Lease incorporating the Released D2 Premises into the Premises upon the terms contained in the Lease (including without limitation providing for a Base Rent equal to the Base Rent per rsf of the D2 Remaining Premises and a term that is coterminous with the Lease) within ten (10) business days following Landlord’s delivery to Tenant of a form therefor. If Tenant timely delivers an Expansion Notice and executes a mutually agreeable amendment for the Released D2 Premises, Landlord shall deliver full possession of the Released D2 Premises, free of all tenants and occupants, together with Landlord’s Equipment therein at such time, to Tenant on the Expansion Date, which Released D2 Premises shall be in substantially the same condition as they were in on the date of this Amendment, reasonable wear and tear excepted.
c. If Tenant fails to timely deliver the Expansion Notice or fails to execute a mutually agreeable amendment for the Released D2 Premises within ten (10) business days of receipt from Landlord, Tenant shall be deemed to have waived its rights with respect to Released D2 Premises and Landlord shall be entitled, but not required, to lease all or any portion of the Released D2 Premises to any party or parties on such terms and conditions, including, without limitation, options to extend the term of such lease and/or expand the premises under such lease, and for such rent as Landlord determines, all in its sole discretion, and the Expansion Right shall be of no further force or effect.
d. Notwithstanding any contrary provision of this Lease, the Expansion Right, and any exercise by Tenant of the Expansion Right shall be void and of no effect unless on the date Tenant timely delivers an Expansion Notice to Landlord and on the commencement date of the amendment for the Released D2 Premises (as applicable): (i) this Lease is in full force and effect, (ii) no Event of Default has occurred under this Lease which remains continuing...
Expansion Right. If Tenant is not in default of any term or --------------- provision of this Lease and has not assigned this Lease or sublet any space covered thereby or agreed to do so in the future, Tenant shall have the right (the "Expansion Option") only during the first (1st) year following the Commencement Date to expand into any or all of the three (3) additional spaces in the Building shown on Exhibit D hereto consisting of Module X-0 (xxxx xxxxx), --------- X-0 and B-3, and consisting of a total of 48,207 square feet (each, an "Expansion Space") solely in accordance with the terms of this section, and subject to the following conditions:
(i) The Expansion Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant during the period from the Effective Date to the end of the eleventh (11/th/) month of the Lease Term, which notice shall identify which of the Expansion Spaces are the subject of the notice.
(ii) Tenant shall accept the Expansion Space on an "AS-IS" basis.
(iii) Anything herein to the contrary notwithstanding, if Tenant is in default (following the expiration of any applicable cure or grace period) under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Expansion Option or at any time thereafter prior to or upon the Expansion Effective Date (defined below), Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Expansion Option upon notice to Tenant.
(iv) Tenant shall have the right to exercise the Expansion Option as to any of the three (3) additional spaces shown on Exhibit D hereto, --------- but not as to a portion or less than all of any of the three (3) additional spaces shown thereon.
Expansion Right. Tenant shall have the option to lease additional space within 1 Clock Tower Place or 3 Clock Tower Place consisting of up to approximately 10,000 rentable square feet (the “Second Expansion Premises”) for a lease term of up to three years. The Base Rent for the Second Expansion Premises shall be $13.00 per rentable square foot per year for the initial term of that space.
Expansion Right. Tenant shall have the option to lease additional space consisting of approximately 10,000 rentable square feet (the “Third Expansion Premises”). The Base Rent for the Third Expansion Premises shall be $13.00 per rentable square foot per year for the initial term of that space.
Expansion Right. Tenant shall have the on-going “Right of First Refusal” to lease additional space adjacent to the Relocation Premises within the First Floor of Three Clock Tower Place. Upon receipt by Landlord of a bona-fide offer to lease the adjacent space, Landlord shall notice Tenant of such offer. Tenant shall have Five (5) business days to either accept or reject the offer on the same terms and conditions as the third-party offer. In the event Tenant rejects said offer, Landlord shall have the right to lease the space to the third-party, without further claim of such space by Tenant.
Expansion Right. Tenant shall have the on-going “Right of First Refusal” to lease additional space adjacent to the ROFR Premises within the First Floor of Three Clock Tower Place. Upon receipt by Landlord of a bona-fide offer to lease the adjacent space, Landlord shall notice Tenant of such offer. Tenant shall have Five (5) business days to either accept or reject the offer on the same terms and conditions as the third-party offer. In the event Tenant rejects said offer, Landlord shall have the right to lease the space to the third-party, without further claim of such space by Tenant. Furthermore, Tenant shall have the on-going “Right of First Refusal” to lease additional space within the first and second floors of 1 Clock Tower Place, subject to the expansion rights of existing tenants. Upon receipt by Landlord of a bona-fide offer to lease space on the first or second floors of 0 Xxxxx Xxxxx Xxxxx, Xxxxxxxx shall notice Tenant of such offer. Tenant shall have Five (5) business days to either accept or reject the offer on the same terms and conditions as the third-party offer. In the event Tenant rejects said offer, Landlord shall have the right to lease the space to the third-party, without further claim of such space by Tenant.
Expansion Right. Provided that Tenant is then in compliance with the Conditions, Tenant shall have the following rights during the term of the Lease, to expand the square footage of the Leased Premises in the Building:
Expansion Right. In consideration for Tenant’s execution and delivery of this Lease, provided no material Event of Default remains outstanding and uncured on the date Tenant exercises its rights under this § 1.
Expansion Right. Effective as of the RP Commencement Date, the right of first offer provisions attached to this Amendment as Addendum 1 are hereby incorporated into the Lease.
Expansion Right. Notwithstanding anything to the contrary in the Lease Form:
A. At any time prior to September 1, 1993, Lessee shall have the option, by giving written notice to Lessor prior to the expiration of said period, to expand the Premises by 5,000 square feet into space which shall be contiguous to the original Premises (the "Expansion Premises").
B. Upon Lessee's exercise of the option to expand, the Expansion Premises shall be included within the Premises and leased to Lessee pursuant to the provisions of the Lease and at the same rate per square foot of floor space as the Basic Rental, Additional Rental, and Lessee Improvements (including an allowance for the Expansion Premises at the same rate as the allowance for the original Premises) as set forth in the Lease. Lessee shall have no obligation to begin paying Basic Rental or Additional Rental until all of the conditions set forth in Paragraph 1(A)(ii) of this Addendum are satisfied as they relate to the Expansion Premises.
C. Prior to commencement of the Lessee Improvements in the Expansion Premises, Lessor and Lessee shall execute an amendment to this Lease stating the addition of the Expansion Premises as a part of the Premises and the increased rental therefor (the "Expansion Amendment").
D. If Lessor has not completed construction of the Lessee Improvements for the Expansion premises within six (6) months after Lessee has exercised its option, Lessee may terminate the Expansion Amendment.
