Expansion Right. Commencing on the Rent Commencement Date and continuing through the date that is 12 months after the Rent Commencement Date (“Expansion Right Expiration Date”), if and for so long as the Expansion Space is available for lease, Tenant shall have the right, but not the obligation, to elect to expand (“Direct Expansion Right”) the Premises to include all and not less than all of the Expansion Space by delivery of written notice to Landlord of its election to exercise the Direct Expansion Right (“Expansion Exercise Notice” ). If Tenant elects to lease the Expansion Space by timely delivering a Expansion Exercise Notice to Landlord, Tenant shall be deemed to agree to lease the Expansion Space on the same terms and conditions as this Lease, except that (i) the amount of the Security Deposit shall be proportionately increased, (ii) the definition of Premises shall be amended to include the Expansion Space, (iii) the Base Rent payable for the Expansion Space shall be equal to the per square foot amount of Base Rent then payable for the Premises, which shall be subject to adjustment pursuant to Section 4, (iv) Tenant’s Share of Operating Expenses shall be proportionately increased based upon the addition of the Expansion Space to the Premises, (v) Tenant shall accept the Expansion Space in its “as is” condition as of the expiration or earlier termination of any then existing lease affecting the Expansion Space, (vi) Landlord shall provide the same per square foot TI Allowance as was provided for the Premises as a tenant improvement allowance for the Expansion Space but ratably reduced based on the length of the remaining Base Term after the Expansion Space is delivered to Tenant for the construction of tenant improvements within the Expansion Space of a fixed and permanent nature desired by Tenant and approved by Landlord, which tenant improvements shall be constructed by Tenant pursuant to the terms of a work letter reasonably acceptable to Landlord and Tenant, (vii) the Base Term of the Lease shall commence with respect to the Expansion Space and Tenant shall commence paying Base Rent and Operating Expenses on the date that is 6 months after the Expansion Exercise Notice, and (viii) the Early Termination Payment (as defined in Section 41 below) shall be increased by $750,000 to $1,500,000 (collectively, the Expansion Right Terms”). Tenant’s failure to timely deliver an Expansion Exercise Notice to Landlord shall be deemed to be an election by Tenant not to exerci...
Expansion Right. (a) Tenant shall have a one-time option (the “Expansion Option”) to lease the remainder of the rentable square footage in the Building which shall constitute the remainder of the first (1st) floor, containing an agreed upon 25,600 square feet of Rentable Area (the “Phase II Premises”), and the second (2nd) floor containing an agreed upon 28,801 square feet of Rentable Area (the “Phase III Premises”), upon the terms and conditions contained in this Section 4. The Phase II Premises and the Phase III Premises shall collectively be referred to herein as the “Expansion Premises.”
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.
Expansion Right. (a) Subject to the provisions of this Section 5, from and after the date on which the Original Space is re-leased in its entirety (such date, the “ROFO Date”), and provided that as of the date of the ROFO Notice (hereinafter defined) (i) there has been no Event of Default nor an event which, with the passage of time and/or the giving of notice would constitute an Event of Default hereunder, and (ii) Tenant is in occupancy of at least seventy percent (70%) of the Premises, Tenant shall have a one-time right of first offer to lease any other rentable areas of the Building (the “ROFO Space”) if, as and when the same shall become available for lease, upon the terms and conditions specified in the ROFO Notice. Tenant’s right of first offer under this Section 5 is further subject to (i) all presently existing extension rights and/or expansion rights of other existing tenants of the Building, and (ii) the extension rights contained in the lease of the Original Space existing as of the ROFO Date. It is understood and agreed that Base Rent for the ROFO Space shall be the fair market rent for the ROFO Space.
Expansion Right. As of the Expansion Premises Commencement Date, the Available Space will no longer include (a) Suite 110 (8000 VMR Building) as shown in the table in Section 39(a) of the Lease since that area constitutes Expansion Premises #1, and (b) Suite 170 (8000 VMR Building) as shown in the table in Section 39(a) of the Lease since that area constitutes Expansion Premises #2. Accordingly, the table set forth in Section 39(a) of the Lease is hereby deleted and replaced with the table below: Suite Lease Expiration Date† 207 (9000 VMR Building) May 31, 2022 210 (9000 VMR Building) May 31, 2020 230 (9000 VMR Building) January 31, 2021 † The table above identifies the expiration date for the lease agreement with the existing tenant, subject to rights of renewal or extension In favor of the existing tenants.
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. 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 § 1.3.1
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. Subject to the terms of this Section 10.4, except during the final eighteen (18) months of the Term of this Lease, Tenant shall have the following rights to lease space in the Expansion Building (the "Expansion Space").
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.
