Expansion Space Rent. However, in the event that, at any time during the Term, Tenant becomes a public corporation (which for the purposes hereof shall be deemed to mean that the stock of Tenant is listed and traded on a nationally recognized stock exchange), and provided the “liquid” net worth of Tenant (which for the purposes hereof shall be deemed to mean the net worth of Tenant held in cash or cash equivalents) is equal to or greater than five (5) times the then remaining monetary obligation of Tenant under this Lease, as evidenced by audited financial statements delivered to Landlord, the Security Deposit required to be deposited with respect to the 12th Floor Expansion Space shall thereinafter be reduced by an amount equal to two (2) monthly installments of the 12th Floor Expansion Space Rent; provided, however, if Tenant’s liquid net worth thereafter decreases to an amount less than five (5) times the then remaining monetary obligation of Tenant under this Lease, then the Security Deposit required to be deposited with respect to the 12th Floor Expansion Space shall be immediately increased by an amount equal to two (2) monthly installments of the 12th Floor Expansion Space Rent, which increase in the Security Deposit shall be payable by Tenant to Landlord upon demand. Tenant shall furnish Landlord annually throughout the Term, within ninety (90) days following the end of Tenant’s fiscal year (or within fifteen (15) business days after Landlord’s request therefor, but in no event more frequently than once annually unless Tenant’s financial situation shall change or Landlord shall have a valid business reason for requesting such financial statement), the then current audited financial statement of Tenant.
Expansion Space Rent. Beginning on the initial Expansion Space Commencement Date and continuing through December 31, 2020, with respect to the Expansion Space (but not the Existing Premises), Tenant shall not be required to pay Rent or any component thereof as defined and provided in Section 3 of the Original Lease, but Tenant shall pay Landlord in lieu thereof the “Expansion Space Rent,” which shall consist of: (a) annual base rent equal to $15.00 per RSF (the “Expansion Space Base Rent”) of the total Expansion Space then leased by Tenant and (b) Tenant’s Proportionate Share of Operating Expenses and Operating Expense Deposits with respect to the total Expansion Space then leased by Tenant. The Expansion Space Base Rent shall increase by 2.5% annually on each anniversary of the initial Expansion Space Commencement Date. The Expansion Space Rent shall be payable in the same manner and at the same time as Rent is paid for the Existing Premises; provided, however, that notwithstanding anything to the contrary contained in this Lease, beginning on the respective Expansion Space Commencement Date for each Phase and continuing for a period of ten (10) months thereafter, the Expansion Space Rent with respect to only the particular Expansion Space which Tenant has begun to lease during such Phase shall xxxxx in its entirety and Tenant shall have no liability therefor during the particular ten (10) month period. For purposes of clarification, such abatement shall apply only to (1) the Phase I Expansion Space during the ten (10) month period following the Expansion Space Commencement Date related to Phase I, (2) the Phase II Expansion Space during the ten (10) month period following the Expansion Space Commencement Date related to Phase II, and (3) the 22nd Floor during the ten (10) month period beginning on January 1, 2010.
Expansion Space Rent. The Base Rent payable by Tenant for the Expansion Space (the "Expansion Space Base Rent") shall be as follows:
Expansion Space Rent. During the Expansion Space Term, and in addition to the Monthly Rent for the Original Premises pursuant to the Current Lease, Tenant shall pay to Landlord Monthly Rent for the Expansion Space in the following amounts: Months Annual Rate Per Rentable Square Foot of the Expansion Space Monthly Expansion Space Rent January 15, 2011- February 14, 2011 $ 0.00 $ 0.00 February 15, 2011 to July 31, 2012 $ 30.00 $ 9,180.00
Expansion Space Rent a. Tenant shall pay Base Rent for the Expansion Space (in addition to the Base Rent payable for the remainder of the Premises) pursuant to Section 1.5.3(a) of the Original Lease; provided that the parties acknowledge and agree that the reference therein to an initial monthly Base Rent of “Sixty Thousand One Hundred Twelve and 66/100 Dollars ($60,112.66)” is erroneous, and the Base Rent payable with respect to the Expansion Space shall be as follows: 1 Period Following Expansion Commencement Date Annual Expansion Space Base Rent Monthly Installmentof Expansion Space Base Rent Monthly Rental Rate per Rentable Square Foot (Rounded) Expansion Commencement Date - November 30, 2013 NA $ 61,742.69 $3.966 December 1, 2013 - November 30, 2014 $ 763,143.36 $ 63,595.28 $4.085 December 1, 2014 - November 30, 2015 $ 786,121.68 $ 65,510.14 $4.208 December 1, 2015 - November 30, 2016 $ 809,660.52 $ 67,471.71 $4.334 December 1, 2016 - November 30, 2017 $ 833,946.60 $ 69,495.55 $4.464 December 1, 2017 - November 30, 2018 $ 858,979.92 $ 71,581.66 $4.598 December 1, 2018 - January 31, 2019 NA $ 73,730.05 $4.736
b. Tenant shall pay Additional Rent for the Expansion Space commencing on the Expansion Commencement Date in accordance with Article 4 of the Original Lease (including, without limitation, the Base Year set forth in Section 7.1 of the Lease Summary). Tenant's Share with respect to the Expansion Space shall be 4.741%.
c. Pursuant to Section 1.5.3(b) of the Original Lease, as amended, Tenant shall not be obligated to pay thirty seven point seventy-nine percent (37.79%) of the Base Rent for the Expansion Space for months one (1) through eight (8), seventeen (17), eighteen (18), twenty-six (26), twenty-seven (27), thirty-seven (37) and thirty-eight (38) following the Expansion Commencement Date. Tenant shall be and remain obligated during each of such months to pay the remaining sixty-two point twenty-one percent (62.21%) of the Base Rent for the Expansion Space and all Additional Rent otherwise due with respect to the Expansion Space, including, without limitation, pursuant to Article 4 of the Original Lease. If a Default has occurred and is continuing at a time when Tenant would otherwise be entitled to Base Rent abatement hereunder, Tenant shall not be entitled to such abatement; provided, however, that if the Lease is not terminated due to the Default and Tenant cures the Default, Landlord shall apply any Base Rent abatement held in abeyance during the continuance of ...
Expansion Space Rent. In addition to the rent to be paid in Paragraph 4 above, the Tenant agrees to pay rent on the Expansion Space beginning on the Expansion Space Commencement Date, in the amount of $7,986.46 per month (equal to $27.50 per rentable square foot) in advance, and thereafter due on the 1st day of each month, provided the Expansion Space Rent for any initial partial month period shall be apportioned on a per diem basis and shall be due five (5) days after the Expansion Space Commencement Date. On the following dates, the Expansion Space Rent shall be increased as follows:
Expansion Space Rent. As of the Expansion Rent Commencement Date, Tenant shall pay Rent on the Expansion Space at the rate set forth in the Existing Lease for the Current Premises. For purposes of calculating Rent increases pursuant to Section 5 of the Original Lease, the Rent Commencement Date for the Expansion Space shall be deemed to be the same as the Rent Commencement Date for the Current Premises, and the initial Lease Term for the Expansion Space shall expire on the same date as the initial Lease Term for the Current Premises. As of the Expansion Rent Commencement Date, “Tenant’s Pro Rata Share of Operating Expenses” shall equal seventy-eight and sixty-four hundredths percent (78.64%) with respect to Operating Expenses for the Building, and forty-two and thirty-eight hundredths percent (42.38%) with respect to Operating Expenses for the Project. Within ten (10) business days of the Expansion Rent Commencement Date, Tenant shall deliver to Landlord an Acknowledgement of Expansion Rent Commencement Date in the form attached as Exhibit B hereto.
Expansion Space Rent. Commencing on the Expansion Space -------------------- Commencement Date, and continuing throughout the Expansion Space Term, Tenant shall pay to Landlord as monthly rent for the Expansion Space ("Monthly Expansion Space Rent"), on the first day of each calendar month without offset or deduction, in accordance with the following schedule: MONTHLY MONTHS MONTHLY BASE RENT RATE PER RSF ------ ----------------- ------------ 1-30 $23,456.00 $1.00 31-end of the term $30,492.80 $1.30 Notwithstanding the foregoing, Monthly Base Rent for the Expansion Space shall be abated for the portion, if any, of the Expansion Space Term which is in effect during the first two (2) months of the Term of the Lease (i.e., the --- months in which Monthly Base Rent under the Lease for the Existing Premises is 0). Monthly Expansion Space Rent for any partial month during the Expansion Space Term shall be prorated. In the event of a failure by Tenant to timely pay Monthly Expansion Space Rent, Landlord shall have the same rights and remedies under the Lease as in the case of a failure to pay Monthly Base Rent for the Existing Premises.
Expansion Space Rent. For each of the following periods during the Term on and after the Expansion Commencement Date, Tenant shall pay to Landlord, as Base Rent for the Expansion Space, the following amounts ("Expansion Space Rent"):
Expansion Space Rent. Commencing on the Expansion Commencement Date, and in addition to the Monthly Rent for the Original Premises, Tenant shall pay to Landlord the Monthly Expansion Space Rent for the Expansion Space in the following amount: Months 1 – 2 $ 0.00 $ 0.00 Months 3 – 12 $ 29.00 $ 8,874.00 Months 13 – 24 $ 30.00 $ 9,180.00 Months 25 – 36 $ 31.00 $ 9,486.00 If the Expansion Commencement Date shall occur on a day other than the first day of a calendar month, then notwithstanding the foregoing schedule of Monthly Expansion Space Rent, Tenant’s period of rent free occupancy shall be the first sixty (60) days of the Expansion Space Term (the “Free Rent Period”), and then Tenant shall pay, at the end of the Free Rent Period, the Monthly Expansion Space Rent for the period between the end of the Free Rent Period and the first day of the next calendar month prorated on a per diem basis based on Monthly Expansion Space Rent for the next calendar month.
