Expansion Rights. So long as Tenant is not then in default beyond any applicable notice and cure period under the terms, covenants and conditions of this Lease, then Tenant shall have the right to lease all (but not just a portion) of that certain space located on the second (2nd) floor of the Building that is contiguous to the portion of the original Premises that is located on the second (2nd) floor of the Building as of the Commencement Date (shown on Exhibit E hereto in its entirety as the “Refusal Space”) at such time as Landlord receives an offer from a third parry to lease the Refusal Space which Landlord is prepared to accept (the “Third Party Offer”). In such a case, Landlord shall give written notice to Tenant of the Third Parry Offer, in all its particulars and Tenant shall have a period of twenty (20) days thereafter in which to exercise Tenant’s right to lease the Refusal Space, failing which Landlord may lease the Refusal Space to such third party on the basis of the Third Party Offer. In the event that such third party does not lease the Refusal Space pursuant to the Third Party Offer, and so long as the conditions set forth in the first sentence of this paragraph are satisfied, then Landlord shall be obligated to follow the foregoing procedure for any subsequent Third Party Offer which it receives. If Tenant exercises its option to include the Refusal Space hereunder, effective on the delivery date specified in the Third Party Offer, the Refusal Space shall automatically be included in the Premises and subject to all of the terms and conditions of the Lease, except as set forth in the Third Party Offer and as follows:
a. Tenant’s Proportionate Share shall be recalculated, using the total square footage of the Premises, as increased by the Refusal Space.
b. Except as set forth in the Third Party Offer, the Refusal Space shall be leased on an “as is” basis and Landlord shall have no obligation to improve the Refusal Space or grant Tenant any improvement allowance thereon.
c. If the lease term for the Refusal Space set forth in the Third Party Offer is less than the remaining Term for the Premises, then, at Tenant’s option, the lease term for the Refusal Space shall be automatically extended to be coterminous with the Term for the Premises, in which case the Annual Rent for the Refusal Space for such extended period of time shall be the greater of (i) the per rentable square foot Annual Rent set forth in the Third Party Offer, or (ii) the per rentable square fo...
Expansion Rights. Provided that there has been no Event of Default which is uncured and continuing on the part of the Tenant, other than any which have been waived by the Landlord and the Tenant, as of the date of exercise of its rights under this Section 2.7, and the Tenant is in occupancy of at least sixty percent (60%) of the Premises for its own business purposes, the Tenant shall have the Right of First Opportunity (as hereinafter defined) to lease the following spaces: (A) approximately 50,000 rentable square feet on floors one, two and three (“Expansion Area 1”) as shown on Exhibit B-1 as Suites 330, 200 and 150; (B) approximately 5,388 rentable square feet on the first floor (“Expansion Area 2”) as shown on Exhibit B-1 as Suite 100; and (C) approximately 7,407 rentable square feet on the first floor (“Expansion Area 3”) as shown on Exhibit B-1 as Suite 180. Notwithstanding the foregoing, if at any time during the Term of this Lease, the Tenant shall lease Expansion Area 1 in accordance with this Section 2.7, the Tenant shall thereafter have the Right of First Opportunity to lease any tenantable space in the Building which thereafter may become available, subject to the other terms and conditions of this Section 2.7. With respect to each of Xxxxxxxxx Xxxx 0, Xxxxxxxxx Xxxx 0 and Expansion Area 3, following the expiration or earlier termination of the term of the lease for such space in effect as of the date of this Lease (“Existing Third Party Lease”), as the term of such Third Party Lease may have been or hereafter is extended, Tenant shall have the Right of First Opportunity to lease the pertinent space as set forth below. Notwithstanding the foregoing, the “Existing Third Party Lease” for Expansion Area 3 shall be the new lease entered into by Landlord with a tenant thereof after Tenant has vacated such space as contemplated by Section 2.1(b). If Tenant shall fail to timely exercise its rights and thereafter lease any space in the Building to which it has the Right of First Opportunity, then the lease or leases thereafter entered into by the Landlord for such spaces shall be deemed the Existing Third Party Lease with respect thereto.
Expansion Rights. Tenant shall have two (2) additional options to expand the Premises, subject to Section 43.01(ii). The first option (“Expansion Option One”) is to expand the Premises by the addition thereto of approximately 16,654 rentable square feet on the 4th floor of Tower III (“Expansion Space One”) and the second option (“Expansion Option Two”) is to expand the Premises by the addition thereto of approximately 5,413 rentable square feet on the 4th floor of Tower III (“Expansion Space Two”). Expansion Space One and Expansion Space Two are designated on Exhibit A-3. In the event Tenant exercises a right of first offer as provided in Article 43 with respect to space within Expansion Space One and/or Expansion space Two, the space that landlord is obligated to deliver hereunder shall be correspondingly reduced. The right to exercise Expansion Option One is subject only to the prior rights of the current tenant thereof to extend or renew its lease thereof pursuant to existing rights contained in its lease as of the date hereof on or before March 31, 2014. The right to exercise Expansion Option Two is subject only to the right of first offer granted to the current tenant of Expansion Space One prior to the date of this Lease. Each option to expand requires notice of the exercise of the option by the applicable Expansion Notice Date (hereinafter defined), time being of the essence, and the space which is the subject of such option to expand shall be delivered by Landlord to Tenant by the applicable Expansion Delivery Date (as hereinafter defined). “Expansion Notice Date” for Expansion Option One is March 1, 2014 and for Expansion Option Two is July 1, 2014. “Expansion Delivery Date” for Expansion Space One is March 1, 2015 and for Expansion Space Two is July 1, 2015. Rent will be payable on the space added by the exercise of Expansion Option One beginning on July 1, 2015. Rent will be payable on the space added by the exercise of Expansion Option Two beginning on November 1, 2015. With respect to expansion space added to the Premises under this Section 42.02, such expansion space shall be leased on all of the terms and conditions of this Lease as amended from time to time, except that (i) the Term for such expansion space shall begin on the applicable Expansion Delivery Date and end on the Termination Date (as the same may be extended or reduced as provided in this Lease), (ii) Base Rent shall be increased by the addition thereto of the Annual Base Rent per Rentable Square...
Expansion Rights. Landlord grants Tenant certain expansion rights on portions of the Building located on the 8th floor as described in Section 1.3 of the Lease and the remainder of the Building as described in Section 1.4 of the Lease.
Expansion Rights. After the Initial Closing or the Subsequent Closing, as applicable, Purchaser shall and shall cause its Affiliates to, at the request of Seller, use their commercially reasonable efforts to negotiate in good faith to reach agreement on, and if agreement is reached, execute and deliver, or cause to be executed and delivered, all such documents and instruments (including a co-tenancy agreement, shared facilities agreement or any other agreement providing similar co-tenancy or shared facility rights) as may be necessary for Seller to exercise its Expansion Rights; provided, that (a) all such documents and instruments shall be on terms and conditions mutually agreeable to the parties thereto and no less favorable to Purchaser and its Affiliates than similar arms-length negotiated arrangements, and (b) Purchaser and its Affiliates shall have no obligation to negotiate or enter into any document or instrument which (i) may be in violation of applicable Law, (ii) cause a default or breach of any Contract, Permit or Governmental Approval to which Purchaser or its Affiliates is a party or to which their assets are subject or (iii) have a negative material impact on a Project (as reasonably determined by the Purchaser, after consultation with an independent engineer) unless Seller executes and delivers (or causes to be executed and delivered) a customary build-out agreement in form and substance reasonably satisfactory to Purchaser.
Expansion Rights. 3 (v) Exhibits................................................................3 2. PREMISES....................................................................
Expansion Rights. In addition to the Right of First Refusal above, Tenant shall have the right to lease the 1st floor of the Building any time after Lease execution through October 31, 2013 and receive the same pro rata rental rate.
Expansion Rights. Tenant shall have the First Right of Offer on any available space in the Building that is listed on the market subject to Section 22.4 of this Lease. Tenant shall have a Right of First Refusal on Suite 202 subject to Section 22.5 of this Lease. Exhibits: Exhibits A (Diagram of Premises), B (Commencement Date Memorandum), C (Rules and Regulations), and D (Work Letter).
Expansion Rights. (a) [***]
