Expansion Space Clause Samples
The Expansion Space clause grants a tenant the right to lease additional space within a property, typically under pre-negotiated terms. This clause outlines the conditions under which the tenant can exercise this right, such as the timing, size, and location of the expansion space, and may specify how rent for the new space will be calculated. Its core practical function is to provide tenants with flexibility to grow their operations without relocating, while giving landlords a clear process for accommodating such growth.
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Expansion Space. As used in this paragraph, the term “Expansion Space” means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with th...
Expansion Space. That certain space located on the second --------------- (2nd) floor of the Building consisting of 1,662 rentable square feet, as outlined on the floor plan attached hereto as Exhibit "A" and made a part hereof, may be referred to herein as the "Expansion Space," Effective as of the date ("Expansion Commencement Date") which is the earlier to occur of (a) the date Tenant commences business operations in the Expansion Space, or (b) the date of "Substantial Completion" of the "Tenant Improvements" (as those terms are defined in the Tenant Work Letter attached hereto as Exhibit "B") in the Expansion Space, Tenant shall lease from Landlord the Expansion Space. Accordingly, effective upon the Expansion Commencement Date, the Existing Premises shall for all purposes relating to the Lease include the Expansion Space, Landlord and Tenant hereby agree that such addition of the Expansion Space to the Existing Premises shall, effective as of the Expansion Commencement Date, increase the number of rentable square feet leased by Tenant in the Building to a total of 4,084 rentable square feet. The Expansion Commencement Date is anticipated to be July 1, 2002. If Landlord does not deliver possession of the Expansion Space to Tenant on or before the anticipated Expansion Commencement Date, Landlord shall not be subject to any liability for its failure to do so, and such failure shall not affect the validity of this First Amendment nor the obligations of Tenant under the Lease as modified by this First Amendment. Effective as of the Expansion Commencement Date, all references to the "Premises" shall mean and refer to the Existing Premises as expanded by the Expansion Space.
Expansion Space. Subject to the terms and conditions contained in the following sections, Lessee shall be obligated to lease that certain space contiguous to the Premises known as Suite 325 which contains approximately 1,308 rentable square feet (the "Expansion Space") as soon as it becomes available to Lessor for leasing.
34.1 Whenever the current tenant of the Expansion Space vacates the same such that the Expansion Space is available to Lessor to re-lease, Lessor shall notify Lessee in writing that the Expansion Space is available. Within ten (10) days after receiving such notice, Lessee shall execute a lease amendment in the form attached hereto and incorporated herein by this reference as Exhibit "D."
34.2 The effective date of Lessee's leasing of the Expansion Space shall be the date Lessor delivers the Expansion Space to Lessee with the Expansion Improvements (as defined in Section 34.3 below) substantially complete. Lessor shall give Lessee ten (10) days' prior notice of the date that Lessor anticipates completing the Expansion Improvements and delivering the Expansion Space to Lessee. Lessee's leasing of the Expansion Space shall be for the same term, and upon the same terms, covenants, and conditions set forth in this Lease, except as follows:
(i) Base Monthly Rental shall be increased by an amount equal to the then-applicable per square foot rental rate set forth in Section 3.1.1 of this Lease (or otherwise calculable based on the monthly figures set forth in such section) multiplied by 1,308, provided, however, if the effective date of Lessee's leasing of the Expansion Space shall occur prior to September 1, 2000, Base Monthly Rental owing under this Lease from such effective date through August 31, 2000, shall be increased by an amount equal to One and 95/100 Dollars ($1.95) multiplied by 1,308, and thereafter increased in accordance with the table set forth in Section 3.1.1 of this Lease.
(ii) Lessee's pro rata share of Operating Expenses, as set forth in Section 11.3 of this Lease, shall be increased by a percentage determined by multiplying 100 times the result of dividing the square footage of the Expansion Space by the rentable area of the Building.
34.3 Prior to delivering possession of the Expansion Space to Lessee, Lessor shall, at its sole cost and expense, complete those mutually agreed upon improvements set forth in the plans and specifications attached hereto and incorporated herein by this reference as Exhibit "I" (the "Expansion Improvements"). I...
Expansion Space. If Tenant provides to Landlord, at least 75 days before the Expansion Delivery Date, written notice identifying any leasehold improvements in the Expansion Space that Tenant does not wish to be removed before the Expansion Delivery Date, then (i) Landlord shall use commercially reasonable efforts to waive any rights it may have under the Current Suite 300 Lease to require the Current Suite 300 Tenant to perform such removal; and (ii) if any such improvement is not so removed, then, for all purposes under the Lease, such improvement shall be deemed a Tenant-Insured Improvement as to which Landlord has timely notified Tenant, pursuant to Section 8 of the Lease, that its removal shall be required pursuant to such Section 8. Landlord shall use commercially reasonable efforts, subject to the rights of the Current Suite 300 Tenant under the Current Suite 300 Lease, to schedule and perform, at least 90 days before the Expansion Delivery Date, a walk-through of the Expansion Space during which representatives of Landlord and Tenant may identify any leasehold improvements in the Expansion Space that (a) Landlord may have the right, under the Current Suite 300 Lease, to require the Current Suite 300 Tenant to remove, and (b) Tenant wishes not to be so removed.
Expansion Space. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”) and any “Permitted Transferee Assignee,” as that term is defined in Section 14.8, below, the right to lease the Expansion Space, as set forth in Section 2.5 of the Summary above, upon the terms and conditions set forth in this Section 1.3 and this Lease.
Expansion Space. The Tenant hereby agrees to add to the Current Premises and lease from Landlord, and Landlord hereby agrees to add to the Current Premises and lease to Tenant, on the terms and conditions set forth in the Lease as modified by this Amendment, an additional Four Thousand One Hundred Fifteen (4,115) rentable square feet (“Expansion Space”) located on the second floor of the Building and depicted on Exhibit A attached hereto. Effective upon the delivery of the Expansion Space to Tenant, the term “Premises” shall mean collectively the Current Premises and the Expansion Space.
Expansion Space. Tenant hereby agrees to add to the Premises and lease from Landlord, and Landlord hereby agrees to add to the Premises and lease to Tenant, on the terms and conditions set forth in the Lease as modified by this Amendment, an additional Five Thousand Sixty Two (5,062) rentable square feet (“Expansion Space”) located on the third floor of the Building and depicted on Exhibit A attached hereto.
Expansion Space. Effective as of the Expansion Space Commencement Date (as defined below), Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, that certain space containing approximately seven thousand four hundred eleven (7,411) square feet of Rentable Area located on the first (1st) floor of the Building (as more particularly described on Exhibit A attached hereto, the “Expansion Space”). From and after the Expansion Space Commencement Date, the term “Premises” as used in the Lease shall mean the Existing Premises plus the Expansion Space. 2.1 Expansion Space Term. The Term with respect to the Expansion Space shall commence on the date (the “Expansion Space Commencement Date”) that is the later of (a) July 1, 2017 and (b) the day immediately following the day that Regulus (as defined below) surrenders the Expansion Space to Landlord in accordance with all of the terms, conditions and provisions of the Regulus Lease (as defined below), and the Term with respect to the Expansion Space shall thereafter be coterminous with the Term for the Existing Premises, such that the Term with respect to the Existing Premises and the Expansion Space shall expire on the Term Expiration Date (as defined in Article 2 of the First Amendment).
Expansion Space. 2.1 The "Future Premises" is hereby redefined to be all of the interior RSF on Floor 1 in the Building, with the exceptions of (a) the portions thereof already included in the Initial Premises, (b) a certain below-described common area lobby (which may be excluded on only a temporary basis, as outlined below) and (c) the portion thereof in excess of 25,000 RSF. Such excess portion (likely to be roughly 3,000 RSF to roughly 5,000 RSF) shall be deemed to be part of the below-described "Expansion Space" and shall hereinafter be referred to as the "Higher Rent Portion of Floor 1", because the primary reason for drawing a distinction between the Future Premises and the Higher Rent Portion of Floor 1 is that the Higher Rent Portion of Floor 1, being a part of the Expansion Space, will cost Tenant and generate to Landlord higher rent than is the case with regard to the Future Premises. The "Expansion Space" is hereby defined to be the Higher Rent Portion of Floor 1 and all of the interior RSF on Floors 2, 3 and 4 in the Building, with the exception of the portions thereof already included in the Initial Premises, and with the further exception of a certain below-described common area lobby (which may be excluded on only a temporary basis, as outlined below). In other words, the Expansion Space is made up of (a) the Higher Rent Portion of Floor 1, (b) roughly the south half of Floors 2 and 3, each of which half floor contains roughly 30,000 RSF, and (c) roughly 25,000 RSF on Floor 4, yielding an Expansion Space totaling approximately 90,000 RSF. The Floor 2 portion of the Expansion Space shall hereinafter be referred to as "Expansion Space Two"; the Floor 3 portion of the Expansion Space shall hereinafter be referred to as "Expansion Space Three" ; and the Floor 4 portion of the Expansion Space shall hereinafter be referred to as "Expansion Space Four".
2.2 The RSF in the Expansion Space shall be measured in accordance with Section 2(a) of the Lease. Landlord and Tenant acknowledge and agree that the Future Premises and all of the Expansion Space will forever exclude an exterior entrance (on Floor 1) and small elevator lobby (on Floors 1 through 4) in the southeast corner of the Building, which entrance and lobby shall serve the occupants of the Ground Floor and Floor 5. The location and approximate dimensions of such southeast entrance and lobby are shown on the floor plan attached hereto as Exhibit A, and incorporated herein by this reference. In addition, at le...
Expansion Space. In the event that Tenant’s Initial Improvement Work are damaged by any cause during the course of the construction thereof, Tenant shall immediately repair the same at Tenant’s sole cost and expense. The Contractor shall maintain all of the foregoing insurance coverage in force until Tenant’s Initial Improvement Work are fully completed and accepted by Landlord, except for any Products and Completed Operation Coverage insurance required by Landlord, which is to be maintained for ten (10) years following completion of the work and acceptance by Landlord and Tenant. All policies carried under this Paragraph 8 shall insure Landlord and Tenant, as their interests may appear, as well as the Contractor. All insurance, except Workers’ Compensation, maintained by the Contractor shall preclude subrogation claims by the Insurer against anyone insured thereunder. Such insurance shall provide that it is primary insurance as respects the owner and that any other insurance maintained by owner is excess and noncontributing with the Insurance required hereunder.