Common use of Expansion Space Clause in Contracts

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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

Appears in 3 contracts

Samples: Space Lease (Accentia Biopharmaceuticals Inc), Space Lease (Accentia Biopharmaceuticals Inc), Space Lease (Accentia Biopharmaceuticals Inc)

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Expansion Space. As used (a) Provided that all of the conditions precedent set forth in this paragraphSection 5(c) below are satisfied by Tenant, Tenant shall have the option (each an “Expansion Option”), exercisable by Tenant delivering irrevocable notice to Landlord (an “Expansion Option Exercise Notice”), within 180 days (as set forth below) after the provision by Landlord to Tenant of an Expansion Notice (as hereinafter defined), to lease all of the rentable area of the 54th floor of the Building, as more particularly shown on Exhibit D-1 attached hereto (the “54th Floor Premises” or the “First Expansion Space”), and all of the rentable area of the 50th floor of the Building, as more particularly shown on Exhibit D-2 attached hereto (the “Second Expansion Space” and, together with the First Expansion Space, collectively, the term “Expansion Space” means any space ”) upon the terms and conditions set forth in this Section 5. The above notwithstanding, if Tenant does not exercise the Building which55th Option, at any time during then the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, First Expansion Space shall be deemed to be the 55th Floor Premises and the term “Tenant’s Expansion Space” means Second Expansion Space which Tenant has elected shall be deemed to lease as provided in this paragraphbe the 54th Floor Premises, for all purposes hereunder. Landlord agrees Each Expansion Option may be exercised only with respect 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 all of the Expansion Space in question. If Tenant fails to timely give the Expansion Option Exercise Notice in respect of an Expansion Space within 150 days after Landlord provided Tenant with the original Expansion Notice in respect thereof and if no Event such failure continues for 30 days after Landlord delivers a second copy of Default exists when Tenant’s notice is giventhe Expansion Notice to Tenant after the expiration of such 150 day period, this Lease will Tenant shall be deemed to be amended to include have waived 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 in question and Landlord shall have no further obligations and Tenant shall have no further rights with respect to such Expansion Space during the term of the Lease. Landlord shall provide Tenant with notice of the anticipated Expansion Space Commencement Date for such portion of the Expansion Space, at least 18 months but not more than 24 months prior to such Expansion Space Commencement Date (an “Expansion Notice”). The Expansion Space Commencement Date in respect of the First Expansion Space (and delivery thereof) shall occur between June 1, or the date on which 2017 and May 31, 2019 and the Expansion Space is first occupied by Tenant; Commencement Date in respect of the Second Expansion Space (ivand delivery thereof) if shall occur between June 1, 2026 and May 31, 2028. Following Tenant’s exercise of an Expansion Option, Landlord shall at least 6 months prior to the Expansion Space contains Commencement Date in question deliver a notice (an “Expansion FMV Notice”) to Tenant setting forth Landlord’s determination of the Expansion Space Fair Market Value (as hereinafter defined) in respect of such Expansion Space and the rentable area of 10,000 square feet or morethe Expansion Space in question (determined in accordance with Section 5(d)(iii) and setting forth Landlord’s then current loss factor). Following the giving of the Expansion Notice by Landlord to Tenant, and if there are less than three (3) Lease Years remaining Landlord shall provide Tenant with access to the Expansion Space in question in order for Tenant to inspect same to the Lease Term, extent Landlord has the Lease Term will be extended right to include three (3) full years from do so. Landlord shall provide Tenant with at least 10 days’ prior notice of the Term Expansion Space Commencement Date with in respect to Tenant’s of each portion of the Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided . If Landlord expects delays in Exhibit E, Basic Rent for each year delivering any portion 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 beyond the date specified in such notice, Landlord shall on or (b) Market Rent determined as provided prior to 3 Business Days prior to the expiration of said 10-day period in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s respect of each floor of Expansion Space will be leased to provide Tenant with a second notice which shall update the Expansion Premises Commencement Date in its “as is” condition and Tenant will, at its expense and in compliance with respect of such floor of the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancyExpansion Space. Landlord and Tenant agree shall thereupon set a mutually convenient time prior to execute such amendments an applicable Expansion Space Commencement Date for Tenant and Landlord to this Lease inspect the applicable Expansion Space and other instruments as either the Expansion Extension Work, at which time Tenant shall prepare and submit to Landlord a list of them considers necessary or desirable Punch List items, if any, to reflect be completed. Upon completion of the inspection, but subject to Tenant’s exercise rights under Section 18(j) of this optionAmendment, Tenant shall acknowledge in writing that Substantial Completion of the Expansion Extension Work has occurred in the applicable portion of the Additional Premises, subject to any Punch List Items to be completed. Landlord shall complete the Punch List Items within 45 days thereafter.

Appears in 2 contracts

Samples: Lease (Lazard Group LLC), Lease (Lazard LTD)

Expansion Space. As used (a) Tenant acknowledges that it is currently in this paragraphpossession of the Existing Premises. Beginning on the Expansion Space Commencement Date (as defined below), the term “Existing Premises shall be expanded to include that certain space on the eleventh (11th) floor of the Building containing approximately seven thousand six hundred ninety-eight (7,698) additional rentable square feet and commonly known as Suite 1100, as indicated on the floor plan attached hereto as EXHIBIT "A" (the "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 As of the Expansion Space Commencement Date, the term "Premises" shall mean 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 the Existing Premises as part of expanded by 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; , unless specifically stated otherwise. Accordingly, except as expressly stated otherwise herein, or where the context would indicate otherwise, all terms and conditions applicable to the Existing Premises shall be equally applicable to the Expansion Space. (iib) Tenant’s Share will be increased to include Landlord and Tenant hereby acknowledge that 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 Tenantseven thousand six hundred ninety-eight (7,698) rentable square feet; (iv) if Tenant’s however, prior to the Expansion Space contains a Commencement Date, Tenant may cause Tenant's space planner to remeasure the rentable area of 10,000 square feet the Expansion Space and, if Tenant's remeasurement, as verified by Landlord's space planner, shows that the rentable area of the Expansion Space is greater or more, and if there are less than three seven thousand six hundred ninety-eight (37,698) Lease Years remaining in the Lease Termsquare feet, 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. then Landlord and Tenant agree shall execute an amendment to execute the Lease adjusting the amount of Base Rent, the amount of the Deposit, Tenant's Share of Increased Costs, and the number of parking spaces available to Tenant based upon the remeasurement of the rentable area of the Expansion Space. If Tenant does not submit such amendments remeasurement to this Lease Landlord for verification prior to the Expansion Space Commencement Date, the Tenant shall be deemed to have irrevocably stipulated and other instruments as either agreed that the rentable area of them considers necessary or desirable to reflect Tenant’s exercise of this optionthe Expansion Space is seven thousand six hundred ninety-eight (7,698) square feet.

Appears in 2 contracts

Samples: Office Space Lease (Adexa Inc), Office Space Lease (Adexa Inc)

Expansion Space. As used 62.1. So long as Tenant is not in default under the terms of 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 rightsLease, Tenant has shall have the option to lease any the approximately 9,062 rentable square feet of the sixth (6th) floor and the approximately 9,469 rentable square feet of the tenth (10th) floor in the Centerpointe II Building which are not presently leased to other tenants ("Expansion Space"), provided that Tenant exercises its option to lease either or both partial floors by written notice delivered to Landlord ("Expansion Notice") on or before March 31, 1993, which notice shall advise Landlord of the date that Tenant shall occupy the Expansion Space, which date shall be no later than March 1, 1994. Landlord shall make available the Expansion Space which Landlord notifies to Tenant is or will become availablefor Tenant Work within five (5) days after Landlord's receipt of the Expansion Notice. 62.2. If Tenant gives delivers to Landlord notice its Expansion Notice at any time on or before March 31, 1993, all of its exercise the terms and conditions of this Lease applicable to the Premises shall apply to such Expansion Space, except as set forth below in this Article. Expansion Space shall be delivered to Tenant in its then "as-is" condition and state of repair, but the Concession Fund shall be increased pro rata based on the square footage of the Expansion Space. 62.3. The Term of this Lease shall commence as to such Expansion Space on such date, which for purposes of this Lease shall be the "Expansion Space Lease Commencement Date," as shall be the date Tenant or anyone claiming under or through Tenant enters such Expansion Space to commence actual construction of the Tenant Work. 62.4. Tenant's obligation to pay Rent for the Expansion Space shall commence on March 1, 1994 ("Expansion Space Rent Commencement Date"). If Tenant occupies the Expansion Space for the Permitted Use prior to the Expansion Space Rent Commencement Date, Tenant shall pay to Landlord for the period between the date of such occupancy and the Expansion Space Rent Commencement Date, an amount equal to Five Dollars ($5.00) per rentable square foot per annum, in equal monthly installments, in advance, as Additional Rent hereunder. All other obligations of Tenant pertaining to the Expansion Space under this Lease shall commence on the Expansion Space Lease Commencement Date. 62.5. Unless Tenant exercises its option to lease both of the partial floors that comprise the Expansion Space, as provided in Article 62.1 above, Landlord agrees, (i) as to one of the two partial floors, to be selected by Landlord, if neither partial floor is so leased by Tenant, or (ii) as to the remaining partial floor, if one of the partial floors is so leased by Tenant (the applicable floor in item (i) or (ii) above is herein defined as "Five Year Space"), that Landlord will not enter into any lease for the Five Year Space for a term that exceeds five (5) years, and following the expiration of the term of such lease for the Five Year Space, Tenant shall have the option to lease the Five Year Space, to be exercised by the delivery of a notice to Landlord within thirty (30) days after notification from Landlord of provides Tenant with written notice as to 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.Five

Appears in 2 contracts

Samples: Lease Agreement (American Management Systems Inc), Lease Agreement (American Management Systems Inc)

Expansion Space. As used (a) Tenant acknowledges that it is currently in this paragraphpossession of the Existing Premises. Beginning on January 1, 1998, (the "Expansion Space Commencement Date"), the Existing Premises shall be expanded to include approximately three thousand nine hundred forty-five (3,945) additional rentable square feet (the "Expansion Space"). The Expansion Space is adjacent to the Existing Premises and is commonly known as Suite 1200B located on the twelfth (12th) floor of the Building, as indicated on the floor plan attached hereto as EXHIBIT "A." Accordingly, as of the Expansion Space Commencement Date, the term "Premises" shall mean and include the Existing Premises as expanded by the Expansion Space” means any space in , unless specifically stated otherwise. (b) Landlord and Tenant hereby acknowledge that the Building which, at any time during rentable area of 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 three thousand nine hundred forty-five (3,945) rentable square feet; however, during 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 first thirty (30) days after notification from Landlord of the availability Expansion Space Commencement Date, Tenant may cause Tenant's space planner to remeasure the rentable area of the Expansion Space and and, if no Event of Default exists when Tenant’s notice is given's remeasurement, 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 verified by Landlord's space planner, shows 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 greater or less than three thousand nine hundred forty-five (3,945) square feet, then Landlord and Tenant shall execute an amendment to the Lease adjusting the amount of Base Rent, the amount of the Deposit. Tenant; (iv) if Tenant’s Expansion Space contains a 's Share of Increased Costs, and the number of parking spaces based upon the remeasurement of the 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; . If Tenant does not submit such remeasurement to Landlord for verification prior to the end of said thirty (30) day period, then Tenant shall be deemed to have irrevocably stipulated and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year agreed that the rentable area 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 is three thousand nine hundred forty-five (b3,945) 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionsquare feet.

Appears in 2 contracts

Samples: Office Space Lease (Adexa Inc), Office Space Lease (Adexa Inc)

Expansion Space. As used in this paragraph(a) Commencing on the Expansion Space Commencement Date (as hereinafter defined), the term Premises: (i) shall be expanded to include that certain space consisting of approximately 36,980 rentable square feet comprising all leasable space on the second (2nd) floor of the Building and commonly known as Suite 200, as more particularly shown on Exhibit “A” attached hereto and by this reference made a part hereof (the “Expansion Space” means any space ”), and (ii) shall then consist of a total of approximately 407,050 rentable square feet. The Lease is hereby amended to add the Expansion Space to the Existing Premises as demised and defined 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 Commencement Date upon the same terms and if provisions specified in the Lease, except Doc#: US1:15707563v2 as herein set forth. On and after the Expansion Space Commencement Date, all references in the Lease to the “Premises” shall mean the Existing Premises together with the Expansion Space (unless specifically set forth herein to the contrary). However, as set forth below, no Event of Default exists when Basic Rental, and no amounts that would otherwise be due as Tenant’s notice is given, this Lease will be deemed to be amended to include Share of Excess Expenses and Tenant’s Share of Excess Taxes or the fee for security services, shall be payable with respect to the Expansion Space until the Expansion Space Rent Commencement Date (as part of the Premises for the remainder hereinafter defined). (b) The term 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 shall commence on the Expansion Space contains a rentable area Commencement Date and shall be coterminous with the term of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Termfor the Existing Premises, 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 Ewhich expires on July 31, 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 2028. The “Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this optionCommencement Date” is July 23, Tenant’s 2020. The “Expansion Space will be leased to Tenant in its “as isRent Commencement Datecondition and Tenant willis August 1, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option2020.

Appears in 1 contract

Samples: Amended and Restated Lease (Rocket Companies, Inc.)

Expansion Space. As used Commencing on the Effective Date and expiring on --------------- November 30, 2007, Landlord leases to Tenant and Tenant leases from Landlord the Fourth Expansion Space. The term "Premises", as defined in Item 2 of the Basic Lease Provisions, is amended as of the Effective Date to reflect the addition of the Fourth Expansion Space and includes approximately 81,834 square feet of Agreed Rentable Area in the Building, consisting of 59,885 square feet of Agreed Rentable Area on Floor 7, 6,155 square feet of Agreed Rentable Area in the Basement, and 15,794 square feet of Agreed Rentable Area on Floor 22. The lease of the Fourth Expansion Space is subject to all of the terms and conditions of the Lease currently in effect, except as modified in this paragraphAmendment. In the event Landlord determines the Conditions Precedent can not be satisfied, Landlord shall have the term “right, upon notice given to Tenant prior to Tenant's cancellation of its right of expansion provided for in such paragraph 2 (the "Relocation Notice"), to relocate the Fourth Expansion Space” means Space from Floor 22 to approximately 15,680 square feet of Agreed Rentable Area, plus or minus ten percent (10%), of comparable space on any space single floor in the Building whichabove Floor 22 (the "Relocated Space") on the same terms and provisions provided for in this Amendment with an appropriate adjustment in the Basic Rent, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with LandlordTenant's Pro Rata Share Percentage, and Finish Allowance to reflect any adjustment in the term “Tenant’s Expansion Space” means Expansion Space which Agreed Rentable Area. Unless 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 objects to the prior rights of other tenants Relocated Space as not being comparable in a notice delivered 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 five (305) business days after notification from Landlord of the availability of date Tenant receives the Expansion Relocation Notice, the Relocation Space and if no Event of Default exists when Tenant’s notice is given, this Lease will shall be deemed to be amended comparable to include Tenant’s the Fourth Expansion Space as part on Floor 22. Effective on the date of the Premises for Relocation Notice, 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 original Fourth Expansion Space will shall be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant deleted 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 replaced with the provisions Relocated Space. In the event of Section 7.06such relocation, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree then the Conditions Precedent shall be deemed to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionbe satisfied.

Appears in 1 contract

Samples: Standard Lease Agreement (Interliant Inc)

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 shall have 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 penthouse level of the Premises will be amended to include Tenant’s Building (the "Penthouse Expansion Space; "), as more particularly shown on Exhibit 1-E annexed hereto and made a part hereof and/or (ii) Tenant’s Share will be increased to include the rentable area balance of Tenant’s the tenth (10th) floor of the Building designated as Rxxx 0000, Xxxx 0000-00 and Room 1026 (individually and collectively, the "Tenth Floor Expansion Space; (iii) the Term Commencement Date "), as more particularly shown hatched on Exhibit 1-F annexed hereto and made a part hereof, exercisable by notice to Landlord given no later than December 31, 2001 with respect to Tenant’s the Penthouse Expansion Space will be and no later than December 31, 2002 with respect to the earlier of sixty (60) days after the date on which Tenant’s Tenth Floor Expansion Space becomes vacant (or within ten (10) business days following notice from Landlord that the Penthouse Expansion Space or Room 1026 are becoming available for lease prior to the expiration dates of the respective existing leases thereof), provided and ready for upon the condition that this Lease shall be in full force, effect and Tenant shall not be in default hereunder beyond applicable notice and grace periods and this Lease shall not have been assigned. The Penthouse Expansion Space and the Tenth Floor Expansion Space (and each portion thereof) are hereinafter individually and collectively referred to as the "Expansion Space". Tenant's right to lease the Tenth Floor Expansion Space shall be further conditioned upon Tenant (and its related corporations) being in use and occupancy of, and not subleasing, the entire Tenth Floor Space and either (provided that date is i) the entire Eleventh Floor or (ii) at least sixty (60%) days after percent of the rentable square footage of the balance of the Premises. If Tenant exercises its option as aforesaid, Landlord shall deliver possession of the Expansion Space (which is the subject of such exercise) to Tenant as soon as reasonably practicable, on such date as Landlord shall notify Tenant in writing, subject to delays beyond Landlord's control (the date(s) of delivery of possession of the Expansion Space to Tenant are each hereinafter referred to as the "Expansion Space Commencement Date"). In the event Tenant exercises its option to lease the Expansion Space)Room 1015 or Room 1016-19, 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, Tenant shall be deemed to have irrevocably exercised its right to lease both Room 1015 and if there are less than three (3) Lease Years remaining Room 1016-19 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 accordance with the provisions of Section 7.06this Article 41; provided, design however, Tenant shall not be deemed to have exercised its right to lease Room 1026 unless Tenant expressly elects to do so and construct all Improvements desired by the definition of Tenth Floor Expansion Space shall be deemed to mean only those portions of the tenth (10th) floor that Tenant for exercises its use and occupancy. Landlord and Tenant agree right to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionlease hereunder.

Appears in 1 contract

Samples: Sublease Agreement (Marvel Enterprises Inc)

Expansion Space. As used in this paragraph(A) In the event Landlord desires to offer to lease or accept a bona tide third party offer to lease all or any portion of the Option Space (herein referred to as the Expansion Space), Landlord shall provide Tenant with written notice thereof to Tenant (“First Right of Refusal Notice”). For a period of five (5) business days after the term First Right of Refused Notice, Tenant shall have the right to lease the entire Expansion Space by providing written notice thereof to Landlord within such five (5) business day period. If Tenant exercises the Expansion option with respect to such Expansion Space, Landlord and Tenant shall enter into a lease agreement (“Expansion Space Lease”) for such Expansion Space” means any space in , upon the Building whichterms and conditions herein set forth. (B) In addition, subject to the terms and conditions of this Expansion Option, 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 first eighteen (3018) 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 months of the Lease Term upon all of the same terms contained Lease, Tenant shall be entitled to provide notice to Landlord (“Tenant Notice”) indicating its desire to lease the following portion of the Option Space: All of the second floor of 2650. Crescent Drive or a portion of the second floor of 0000 Xxxxxxxx Xxxxx, containing not less than twenty thousand (20,000) square feet of Floor Area, located closest to the Demised Premises (“Second Floor Option Space”). Tenant shall specify in this Lease except that (i) the Rentable Tenant Notice the Floor Area of the Premises will be amended portion of the Second Floor Option Space that Tenant desires to include Tenant’s lease (“Second Floor Expansion Space; ”). Within ten (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 (6010) days after the date on which Tenant’s Tenant Notice; Landlord shall provide notice to Tenant indicating whether or not the Second Floor Expansion Space becomes vacant is available for lease, the location of the Second Floor Expansion Space and ready the commencement date of the Lease Term for occupancy the Second Floor Expansion Space, (provided that date is at least sixty (60) days after if available). If Tenant exercises its option to lease the Expansion Option with respect to the Second Floor Expansion Space and the Second Floor Expansion Space is available, Landlord and Tenant shall enter into the Lease for the Second Floor Expansion Space), or upon the date on which terms and conditions herein set forth. All references herein to the Option Space shall include the Second Floor Option Space and all references herein to 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 shall include 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 Second Floor 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

Appears in 1 contract

Samples: Lease Agreement (Alliance Data Systems Corp)

Expansion Space. As used a. The Premises shall be expanded to include an additional 3,325 square feet, as shown in this paragraphyellow on Exhibit "B" attached and made a part hereto ("Expansion Premises") located at 4250 Xxxxxxxxx Xxxx Xxxxx, Xxxxxx 000 and 109, Atlaxxx, Xxxxxxx 00000. Xxmmencement Date" means 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 later of (1) 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 's delivery 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 possession of the Expansion Space and if no Event of Default exists when Premises to 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; or (ii) Tenant’s Share will be increased to include July 1, 2000. If by the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect Landlord has not substantially completed the improvements to Tenant’s the Expansion Space will Premises required to be made hereof or if Landlord, for any reason whatsoever cannot deliver possession of the Expansion Premises to Tenant by the Commencement Date, then the Commencement Date shall be postponed (and rent herein provided, pro-rata to the Expansion Premises, shall not commence) until the earlier of sixty either (60I) days after the date on which Tenant’s Expansion Space becomes vacant and ready for of actual occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease of the Expansion SpacePremises by Tenant or (ii) the date immediately following the day Landlord has achieved substantial completion of such improvements. b. If, and to the extent, Landlord's substantial completion of the improvements to Expansion Premises pursuant to Exhibit "A" attached hereto is delayed due to any act or omission of Tenant or anyone acting under or for Tenant (any such delay being hereinafter referred to as "Tenant's Delay"), or then the Commencement Date shall be 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 morespecified above, 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 Etherein, Basic Rent for each year but without extension as result of Tenant's Delay; provided that from the Commencement Date, as so determined, until the earlier of (I) the date of actual occupancy of the remaining Lease Term Expansion Premises by Tenant or (as it may be extended) will be the greater of (aii) the Basic Rent last paid by date immediately following the Person most recently occupying date Landlord should have achieved substantial completion of such improvements but for Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option's Delay, Tenant’s Expansion Space will 's obligations under this Lease shall be leased to the payment of any and all Rent due hereunder. c. Within five (5) days of written request by Landlord, Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree agrees to execute such amendments and deliver to this Lease Landlord a Letter Agreement As To Term and other instruments as either Premises pursuant to Exhibit "B" attached and made a part hereof, setting forth the exact Commencement Date of them considers necessary or desirable the Expansion and stating that all tenant improvements to reflect Tenant’s exercise of this optionbe constructed by Landlord have been substantially completed, subject to any outstanding punch-list items.

Appears in 1 contract

Samples: Lease Agreement (Telemate Net Software Inc)

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 shall have the option to lease any approximately 2,683 rentable square feet on the 13th floor of 000 Xxxxxxxx Xxxxx, as shown on Exhibit A-3 to the Eleventh Modification (the “Expansion Space”), for a term commencing on the “Expansion Space which Landlord notifies Tenant is Commencement Date” (hereinafter defined) and continuing through the expiration or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord earlier termination 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 extendedextended or renewed); provided that (i) will be Tenant gives Landlord written notice (the greater “Expansion Notice”) no later than July 1, 2012; (ii) no uncured event of default exists under the Lease (a) following the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as expiration of any applicable notice and cure period provided in the Rent Rider attached as Exhibit E. If Lease) at the time of such Expansion Notice or the Expansion Space Commencement Date; and (iii) Tenant exercises this and its Permitted Transferees remain in occupancy of the entire Premises. Landlord represents that the Expansion Space is not subject to an expansion option, right of first refusal, preferential right or similar obligation, or any other right which is superior to Tenant’s rights with respect to the Expansion Space, existing under any other tenant lease for the Project as of the date of this Eleventh Modification (other than the rights of the existing tenant of the Office Building referenced in Paragraph C of this Rider No. 3. The Basic Rental payable for the Expansion Space will shall be leased at the rates then in effect for the Current Premises, including any projected rate increases over the Lease Term, and the Construction Allowance and Basic Rental abatement available for the Expansion Space shall be reduced proportionately to Tenant account for the difference in its “the Lease Term applicable to the Expansion Space, by multiplying each by a fraction, the numerator of which is the number of months remaining in the Lease Term as is” condition of the Expansion Space Commencement Date and Tenant will, at its expense and in compliance the denominator of which is 126 (with the provisions Basic Rental abatement accruing to the first Basic Rental payable under the Lease with respect to the Expansion Space. This Option to Expand shall terminate upon assignment of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and or subletting of more than 25% of the Premises, other instruments as either of them considers necessary than to a Permitted Transferee. The Expansion Space shall be reduced to the extent Tenant leases any portion thereof, whether or desirable not pursuant to reflect Tenant’s exercise of this optiona formal option provision in the Lease.

Appears in 1 contract

Samples: Office Lease (Westwood Holdings Group Inc)

Expansion Space. As used Provided the Tenant is not in default under any of the provisions of this paragraphLease, the term “Tenant shall have the right to lease (the "Expansion Space” means Right") any other office space located within Xxxxxxxxxx Plaza Building which is not on the Effective Date subject to a right of expansion in favor of another tenant in the Building. The Landlord shall give notice to the Tenant when any space in becomes available for lease (the Building which, at any time during "Notice"). The Tenant shall exercise the Lease Term, is occupied Expansion Right by a Person other than Landlord under a giving 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 notice thereof 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 twenty (3020) days after notification from the Landlord gives Notice to the Tenant. If the Tenant fails to exercise the Expansion Right for the applicable space within such 20-day period, then the same shall terminate and the Landlord shall be free to lease such space to another tenant. The Tenant shall lease the Expansion Space upon the terms, covenants and conditions as are offered by Landlord in its Notice, provided that such terms, covenants and conditions shall be at least as favorable as what Landlord would offer to third-party tenants comparable to Tenant. If the Tenant exercises the Expansion Right, the Landlord and the Tenant shall enter into an appropriate amendment to this Lease, subjecting such Expansion Space to the terms of this Lease, within fifteen (15) days after the expiration of the availability 20-day period set forth above. In the event that the Tenant exercises its right to obtain the Expansion Space, the lease term for the Expansion Space shall commence on the date the Landlord tenders possession of the Expansion Space to the Tenant 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 shall terminate simultaneously with the Premises term 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionPremises.

Appears in 1 contract

Samples: Office Lease (Gse Systems Inc)

Expansion Space. As used in this paragraphIn the absence of an Event of Default by Tenant, Tenant will have the term “Expansion Space” means any space in the Building which, following expansion right: at any time during the Lease TermTerm of this Lease, is occupied by a Person other than before Landlord under a written lease with Landlord, and either markets available space in the term “Tenant’s Building (the "Expansion Space” means ") to third parties, or accepts a third-party offer on such space, Landlord will first offer the Expansion Space which Tenant has elected to lease as provided in this paragraphTenant. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space Any notice so offering is or will become available. Subject to an "Offer Notice" and shall contain either the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space material terms upon which Landlord notifies Tenant is offering the Expansion Space, including Landlord's good faith estimate of the fair market rental value of the Expansion Space, or will become availablethe material terms of a "second proposal" or other offer from a third party which Landlord desires to accept. If Tenant gives notice to Landlord notice within ten (10) days after receipt of its exercise the Offer Notice that Tenant will take the Expansion Space as set forth in the Offer Notice, Landlord and Tenant shall enter into an amendment to this Lease that adds the Expansion Space to the Premises, increases Base Rent and Tenant's Share of Operating Costs, and makes any other necessary change to this Lease to integrate the Expansion Space into the Premises. The term of lease for the Expansion Space will be as follows: If the remaining Term is five (5) years or less and the term in the Offer Notice is longer, the latter applies; if the remaining Term is more than five (5) years and the term in the Offer Notice is shorter then the Term for the Expansion Space shall expire as of the end of the term specified in the Offer Notice. If the remaining Term of this Lease is more than five (5) years at the time the Offer Notice is given, but the term proposed in the Offer Notice will expire prior to the end of the Term, then the term for the Expansion Space at Tenant's option shall be the same as that specified in the Offer Notice, or shall be coterminous with and expire as of the expiration of the Term, in which latter event Landlord and Tenant will negotiate in good faith to determine the market rental rate for the Expansion Space for that period of time beginning at the end of the term specified in the Offer Notice and ending at the expiration of the Term of this Lease. Any tenant improvement allowance will be prorated. If, notwithstanding good faith cooperative efforts on the part of both parties, Landlord and Tenant are unable to arrive at, and execute an acceptable amendment within thirty (30) days after notification from Landlord following the Offer Notice, time being of the availability essence, or if Tenant fails to give Landlord timely notice of Tenant's acceptance of the terms in the Offer Notice, Tenant's rights under this provision will expire, and Landlord will be free to market the Expansion Space and enter into a lease of all or any portion of the Expansion Space to third parties, provided that if a third party thereafter makes an offer on terms materially more favorable to any prospective tenant than set forth in the Offer Notice, then Landlord shall not enter into any lease of the Expansion Space with a third party until Landlord offers the Expansion Space to Tenant under the more favorable terms. Tenant will have seven (7) days to accept or reject the reoffer, and if no Event of Default exists when Tenant’s notice is given, this Lease Tenant does not accept the reoffer in such time period Tenant will be deemed to have rejected it and Landlord shall thereafter 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 free to lease the Expansion Space to third parties under the reoffer terms. Notwithstanding the foregoing, if Tenant elects in writing prior to the first anniversary of the Commencement Date to take the Expansion Space), or the date on which Annual Base Rent (subject to subsequent increases provided in this Lease) and the Operating Costs Expense Stops applicable to the original Premises will apply to 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionwell.

Appears in 1 contract

Samples: Lease Agreement (Pegasus Solutions Inc)

Expansion Space. As used From the period commencing January 15, 2010, and expiring on January 14, 2013, Landlord may request in this paragraph, writing that Tenant construct an expansion to the term LTACH Improvements of up to fifty thousand four hundred forty-one (50,441) square feet on three (3) floors of the LTACH Improvements (the “Expansion Space” means ”) and leasing of such Expansion Space to one or more proposed users (collectively, the “Expansion Space Users”). Landlord will be responsible for providing proposed Expansion Space Users who will occupy the entire Expansion Space. All Expansion Space Users and the terms and conditions of the subleases covering the Expansion Space (collectively, the “Expansion Space Subleases”), together with any space guarantors of any Expansion Space Users and the terms and conditions of any guaranties of Expansion Space Subleases which may be required by Tenants, must be acceptable to Tenant in Tenant’s sole and absolute discretion. In any event, all Expansion Space Subleases must be triple-net, inclusive of the share of each premises in the Building whichExpansion Space of any capital expenditures required to operate and maintain the LTACH Improvements. Prior to any request that Tenant undertakes to construct the Expansion Space, at any time during (i) Landlord shall obtain and provide to Tenant the consent of the Hospital Authority under the Medical Center Master Lease Term, is occupied by a Person other than Landlord under a written lease with Landlordfor the construction of the Expansion Space, and (ii) Landlord shall provide to Tenant such consent for the term “construction of the Expansion Space that may be required under the REA, both of which consents shall be in form and substance acceptable to Tenant in Tenant’s sole and absolute discretion. The items required under the foregoing provisions of this paragraph are herein collectively called the “Expansion Space Precondition Documents.” Upon receipt and approval of the Expansion Space Precondition Documents, Tenant will seek such financing as is required in order to finance the construction of the Expansion Space” means . Landlord recognizes that Tenant’s existing lender will have a lien on the Expansion Space which under its existing mortgage or deed of trust. Therefore, the existing lender will likely be approached by Tenant has elected to lease as provided provide financing for the Expansion Space. If Tenant cannot obtain financing from the existing lender, Tenant will seek other financing in this paragraphorder to refinance the existing debt owed to existing lender and obtain construction financing for the construction of the Expansion Space in the LTACH Improvements. Landlord acknowledges that, if the business terms and economics of such refinancing are less favorable to Tenant than the existing indebtedness with the existing lender, Landlord agrees to notify make Tenant promptly after Landlord learns that any financially whole in such amounts and manner as may be required by the circumstances, as Tenant may determine. If the terms of the refinancing relative to the new debt for the construction of the Expansion Space is or will become available. Subject to are such that such new debt (and/or preferred return on any equity funding) would not be adequately provided by the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has income stream from the option to lease any Expansion Space which Subleases, Landlord notifies Tenant is acknowledges that the Expansion Space Subleases will have to be modified or amended in such manner as to provide an income stream under such Expansion Space Subleases as will become availablebe capable of meeting the proposed debt service for such new debt. If Tenant gives fails to approve any of the Precondition Documents or if Tenant cannot obtain financing for the construction of the Expansion Space, then Landlord will have the right to deliver a written notice to Tenant (the “Landlord Purchase Notice”) setting forth Landlord’s desire to purchase the LTACH Improvements from Tenant. The date of its exercise delivery of this option within the Landlord Purchase Notice is herein called the “Landlord Purchase Notice Delivery Date.” Tenant may also deliver to Landlord a written notice (the “Tenant Purchase Notice”) advising Landlord that the terms and conditions under which the Expansion Space could be constructed are not satisfactory to Tenant. In the event of the delivery of the Tenant Purchase Notice, Landlord will have thirty (30) days after notification from Landlord the receipt of the availability Tenant Purchase Notice to deliver the Landlord Purchase Notice. Failure to deliver the Landlord Purchase Notice within such thirty (30) day period will constitute a waiver of any purchase right that Landlord may have under this Section. In the Expansion Space event Landlord delivers the Landlord Purchase Notice in accordance with this Section, then Landlord and if no Event Tenant agree that they will in good faith negotiate a price and terms of Default exists when Tenant’s notice is given, this Lease will be deemed sale in order for Tenant to be amended sell the LTACH Improvements 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 Landlord during a period of sixty (60) days after days, following the date on which Tenant’s Expansion Space becomes vacant Landlord Purchase Notice Delivery Date, provided that, the parties agree that neither party has any obligation to buy or sell the LTACH Improvements. Further, in the event Landlord and ready for occupancy (provided that date is at least Tenant are not able to agree upon the terms of such sale and consummate the same within such sixty (60) days after Tenant exercises its option day period, then neither party shall have any further obligation to lease negotiate or pursue 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 sale 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 the provisions of Section 7.06, design and construct all LTACH Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionLandlord.

Appears in 1 contract

Samples: Ground Lease Agreement (Cornerstone Healthcare Plus Reit, Inc.)

Expansion Space. As used in this paragraphEffective as of the date on which Landlord delivers possession of the Expansion Space (as hereinafter defined) to Tenant with the Landlord’s Work Substantially Complete (as hereinafter defined) (the “Expansion Space Commencement Date”), approximately 9,660 rentable square feet of space on the term first floor of the Building known as Suite 700, as identified on the plan attached hereto as Exhibit A-1 (the “Expansion Space” means any space ”) and labeled on said plan as Expansion Space shall be deemed added to and incorporated into the Existing Premises. The demise and use of the Expansion Space shall be upon and subject to all of the terms and conditions of the Lease, except as expressly set forth in this First Amendment. Effective as of the Expansion Space Commencement Date, and throughout the Extended Term (as hereinafter defined) all references to the Premises and Existing Premises in the Building whichLease shall include the Expansion Space and all references to Exhibit A in the Lease shall be deemed to include and refer to Exhibit A-1 attached hereto, as applicable. Effective as of the Expansion Space Commencement Date, the total rentable square footage of the Premises, including the Expansion Space, shall be 19,335 rentable square feet. The Expansion Space shall be delivered at Landlord’s sole cost and expense (including the cost of all plans and specifications for the Landlord’s Work), in broom clean condition, free of all occupants, personal property, trade fixtures and equipment, in accordance with the plans and specifications attached hereto as Exhibit B (collectively, the “Landlord’s Work”), and, shall be accepted by Tenant in “as-is”, “where-is” condition without any warranty of fitness for use or occupancy, express or implied, except as set forth in this First Amendment. As part of the Landlord’s Work, Landlord shall, at any time during the Lease Termits sole cost and expense, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “separately meter Tenant’s electricity for the Expansion Space. The Landlord’s Work shall be deemed “Substantially Completemeans on the date Landlord or Landlord’s contractors have delivered notice to Tenant that the Landlord’s Work has been substantially completed in accordance with the plans and specifications set forth in Exhibit B, including finishes of the same standard as the Existing Premises and Landlord has obtained and delivered a copy to Tenant of a certificate of occupancy or temporary certificate of occupancy allowing Tenant to occupy the Expansion Space which for the Permitted Use. Tenant has elected shall identify any punchlist items to lease as provided Landlord in this paragraphwriting within five (5) business days after the date Tenant takes possession of the Expansion Space. Landlord agrees shall use commercially reasonable efforts 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 complete such punchlist items within thirty (30) days after notification from following Landlord’s receipt of Tenant’s notice thereof. Tenant agrees that Landlord of the availability of has no work to perform in or on the Expansion Space and if no Event of Default exists when to prepare same for Tenant’s notice is givenuse and occupancy except for the Landlord’s Work. Tenant shall provide Landlord access to the Existing Premises as reasonably needed during and after business hours to complete the Landlord’s Work. None of the Landlord’s Work as contemplated in this Section shall be considered Required Removables under Article VIII of the Lease. Notwithstanding the foregoing, this Lease will any lab-related items, including casework, hoods, air handlers (including without limitation any portion thereof located on the roof or exterior of the Building), lab sinks, and any specialty items such as any equipment related to “gas storage” and “hazardous materials” storage installed by Tenant shall be deemed to be amended to include Tenant’s considered Required Removables under Article VIII of the Lease. All roof penetrations created by Tenant in the Expansion Space shall be closed and restored back to the condition existing on the date of execution of this First Amendment. Landlord shall use commercially reasonable efforts to cause the Expansion Space Commencement Date to occur on or before May 1, 2015 (the “Scheduled Expansion Space Commencement Date”). In the event that the Expansion Space Commencement Date has not occurred on or before September 1, 2015, as part such date shall be extended one (1) day for every one (1) day of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that delay due to (i) any change in the Rentable Area of the Premises will be amended to include Landlord’s Work requested by Tenant’s Expansion Space; (ii) Tenantany request by Tenant for a delay in the commencement or completion of Landlord’s Share will be increased to include the rentable area of Tenant’s Expansion SpaceWork for any reason; (iii) any act or omission of Tenant or its employees, agents or contractors which reasonably inhibits the Term Commencement Date with respect to TenantLandlord from timely completing the Landlord’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 TenantWork; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet governmental delays; 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 Ematters of force majeure or any causes beyond the reasonable control of Landlord, Basic Tenant shall be credited one (1) day of Base 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 for each one (b1) Market Rent determined as provided in day thereafter until the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased Commencement Date occurs, such abatement to Tenant in its “as is” condition commence upon the Expansion Space Commencement Date. It is understood and Tenant will, at its expense and in compliance with agreed that the provisions of Section 7.06(i) and (ii) above do not, design and construct all Improvements desired by in any way, obligate Landlord to make any Tenant for its use and occupancy. Landlord and Tenant agree requested changes to execute such amendments Landlord’s Work or to this Lease and other instruments as either delay the commencement or completion of them considers necessary or desirable to reflect Landlord’s Work at Tenant’s exercise of this optionrequest.

Appears in 1 contract

Samples: Lease Agreement (Collegium Pharmaceutical, Inc)

Expansion Space. As used in this paragraphProvided that no default by Tenant (which shall include any mater which would constitute a default either with the passage of time or the giving of notice) has occurred prior to the time the "Expansion Space Notice" (as such term is defined below) is received by Landlord or thereafter until the date on which the "Tenant's Exercise Notice" (as such term is defined below) is received by Landlord, Tenant shall have the term “Expansion Space” means ongoing option for the lease of any leaseable space in the Building which(the "Expansion Space") to the extent the same becomes available for lease to Tenant (which for purposes hereof shall mean that such space is not then occupied or subject to lease or option or right for lease extension or premises expansion by any other tenant or person) during the initial Term, exercisable as follows: If Tenant desires to expand the Premises to include any Expansion Space, Tenant shall deliver at any time during the Lease Term, is occupied by a Person other than initial Term deliver written notice thereof to 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 paragraphNotice"). Landlord agrees to notify Tenant promptly after Landlord learns that any Promptly following receipt of the Expansion Space is or will become available. Subject Notice, Landlord shall deliver to the prior rights Tenant written notice 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 available or will become availableavailable during the twelve (12) month period following the date of Tenant's Expansion Space Notice, and Tenant shall have ten (10) business days following the date of such notice from Landlord to elect by written notice to Landlord (the "Tenant's Exercise Notice") to lease (commencing immediately upon availability) all of any one (1) configuration of such Expansion Space for a term co-terminus with the Lease Term and otherwise subject to all applicable terms and conditions of this Lease; provided, however, that Landlord shall have no obligation to improve the Expansion Space for Tenant. If (i) Tenant does not deliver an Expansion Space Notice, or (ii) after delivery of Tenant's Expansion Space Notice and receipt of notice of any available space from Landlord, Tenant does not deliver Tenant's Exercise Notice within such ten (10) business day period electing to lease such Expansion Space, Landlord may proceed to lease such Expansion Space to any party upon any terms and conditions as Landlord desires. If Tenant gives delivers the Expansion Space Notice, then (i) the "Premises" shall thereafter be deemed for all purposes to include the Expansion Space and (ii) Tenant's Base Rent, Percentage Share of Building Operating Expenses, and Building Tax Expenses, Security Deposit, and other matters in this Lease pertaining to the amount of Rentable Area contained within the Premises shall be adjusted accordingly, as reasonably determined by Landlord. Landlord notice of its exercise of this option and Tenant shall within thirty (30) days after notification from Landlord following Landlord's receipt of the availability Tenant's Exercise Notice execute an amendment to this Lease prepared by Landlord to reflect the addition to the Premises of the Expansion Space Space, and if no Event of Default exists when Landlord may, but without obligation to do so, declare the Tenant’s notice is given, this Lease will be deemed 's Exercise Notice to be amended null and void if Tenant fails to include Tenant’s Expansion Space as part of execute such amendment. Notwithstanding anything to the Premises for the remainder of the Lease Term upon all of the same terms contrary contained in this Lease except that (i) paragraph, Tenant may not exercise its rights under this Section 42 after the Rentable Area last day of the Premises will be amended to include Tenant’s Expansion Space; forty-second (ii42) Tenant’s Share will be increased to include month of the rentable area of Tenant’s Expansion Space; (iii) the initial 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 unless it concurrently 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 extend the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period by the Option Term 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option2 above.

Appears in 1 contract

Samples: Office Lease (Ixia)

Expansion Space. As used Tenant may desire to lease additional space --------------- within the Office Park from time to time. In connection therewith, Landlord (with the joinder of Landlord's affiliates who own the remaining buildings in the Office Park) has agreed as follows: (i) So long as this paragraphLease is in full force and effect and there shall not exist any default by Tenant which remains uncured beyond any applicable period of notice, grace or cure, Tenant may notify Landlord in writing of its desire for expansion space in the Office Park, specifying in such notice the size and preferred location of such space and the targeted commencement and length of the term “Expansion Space” means desired by Tenant. Landlord (which designation, for purposes hereof, shall include the owner of the other buildings in question within the Office Park) shall thereupon meet with Tenant for the purpose of developing a good faith projection of space which may be (or become) available to suit Tenant's needs and the anticipated rental and other economic terms applicable thereto (which shall be equal to the fair market rental and terms applicable to unrelated third parties). Space shall not be deemed available if it is subject to any preferential rights or options in favor of another party, if it is the subject of on-going good faith negotiations, or the leasing of such space would adversely impact the reasonable leasing program established by Landlord for the building in question. Landlord shall not be obligated to reserve any space in the Building whichconnection with, at or in anticipation of, such request by Tenant for expansion space nor shall this Lease create any time during the Lease Termoption or reservation in favor of Tenant, is occupied by a Person other than Landlord under a written lease with Landlordbut if Tenant does make such request, and the term “so long as this Lease is in full force and effect without default by Tenant’s Expansion Space” means Expansion Space which , Landlord shall cooperate with Tenant has elected in good faith in order to allow Tenant to lease as provided in this paragraph. such available space on fair market terms. (ii) If Landlord agrees and Tenant are able to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject agree on the leasing of expansion space to suit Tenant's needs, they shall evidence such agreement by the prior rights of other tenants to whom Landlord has granted substantially similar rightsentry into a formal lease agreement, Tenant has which lease agreement shall be generally consistent with 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 form utilized for the remainder building in question. (iii) Landlord shall endeavor to provide notice to Tenant when space becomes available for leasing in the Office Park (i.e., available within the meaning of the Lease Term upon all of the same terms contained in this Lease except that subsection (i) above and after all other prior or preferential rights on 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 Spacespace in question expire), or including the date on size and location of such space and the period for 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 such space 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionleased.

Appears in 1 contract

Samples: Office Lease Agreement (Unisource Worldwide Inc)

Expansion Space. As used Commencing upon the execution of this Lease and ---------------- until the Expansion Space (as defined below) is leased by Oxford Clinical Communications, Inc. ("OCC"), Tenant shall have the right to lease that portion of the balance of the contiguous rentable area of the second floor of the Building that becomes available as shown in this paragraph, the term “cross-hatched area of the floor plan attached as Exhibit "F" hereto (the "Expansion Space” means any space "). Such right of offer shall be on the following conditions: A. Tenant acknowledges and agrees that the right of offer provided herein shall be subject in all respects to the rights of OCC so long as the lease agreement between Landlord and OCC the (the "OCC Lease") shall continue. The provisions of this Section shall be effective only upon the completion of the offer procedures set forth in the Building which, at OCC Lease. B. If any time during of 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 available for lease, and Landlord receives an expression of interest from a prospective tenant for all or will become availablea portion of the Expansion Space, Landlord shall give Tenant written notice of the expression of interest (the "Offer Notice"). Subject to The Offer Notice shall include the prior rights identity of other tenants to whom Landlord has granted substantially similar rightsthe prospective tenant, Tenant has the option to lease any proposed date on which Expansion Space will be available, the proposed length of term of the lease, and all other material terms and conditions upon, which Landlord notifies intends to offer the Expansion Space, including Base Rent, Additional Rent, allowances and concessions. Tenant is or will become available. If Tenant gives shall have ten (10) business days after receipt of the Offer Notice, time being of the essence, to notify Landlord notice of its exercise of this option within thirty (30) days after notification from the offer right hereunder. Tenant acknowledges and agrees that the Offer Notice provided hereunder may be delivered simultaneously to OCC, but that the exercise by OCC of its rights under the OCC Lease shall supersede the rights of Tenant hereunder. C. If Tenant declines by written notice to lease the space identified in the Offer Notice or Tenant fails to timely notify Landlord of the availability its election to lease all or a portion of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed pursuant 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 clause (i) above, Landlord shall be free to lease such space to the Rentable Area prospective tenant identified in the Offer Notice upon such rights to renew, extend and expand as set forth in the Offer Notice (except that Landlord may increase or decrease the economic terms by an amount not greater than ten percent (10%) of the Premises will be amended to include Tenant’s Expansion Space; total economic terms set forth in the Offer Notice) for a period of six (ii6) 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 months following the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy 's response is due as provided in clause (provided that date is at least sixty (60i) days after above. D. Any lease by Tenant exercises its option to lease the Expansion Space), of all or the date on which any portion of the Expansion Space is first occupied by Tenant; (iv) if Tenant’s shall be upon the same covenants, agreements, provisions, terms and conditions as in this Lease, except rent, tenant's proportionate share and tenant improvement allowances, .-and the term of the Lease. The Lease of any Expansion Space contains a rentable area of 10,000 square feet (or moreany additional space within the Building) shall be coterminous with the Lease; provided, and however that if there are less than three five (35) Lease Years remaining years remain 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 shall be leased to Tenant in its “as on an "as-is” condition and Tenant will, " basis at its expense and in compliance with a rental rate equal to the provisions of Section 7.06, design and construct all Improvements desired by Tenant prevailing market rate for its use and occupancy"as-is" space. If Landlord and Tenant agree reach an agreement to execute such amendments lease all or a part of the Expansion Space pursuant to this Article, Landlord and Tenant will enter into an amendment to this Lease increasing the rentable area of the Leased Premises, the Annual Fixed Rent to be paid, Tenant's Proportionate Share and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise the provisions hereof. E. Landlord shall have no obligation to deliver any notice under this Section if an Event of Default shall have occurred and be continuing hereunder beyond all applicable periods of notice and cure. F. Except as specifically provided herein to the contrary, if any part of the Expansion Space is leased by Landlord to a third party and thereafter becomes available for lease, Tenant shall have a subsequent right of first offer thereon as described in this optionSection.

Appears in 1 contract

Samples: Lease Agreement (Collagenex Pharmaceuticals Inc)

Expansion Space. As used Tenant may also give notice to Landlord at any time during the first five (5) years of the Lease term, that it desires that Landlord expand the existing premises to include 115,500 additional square feet to be connected to the original structure by a 30’ wide, 50’ long covered walkway. This notice shall be given in writing to Landlord. Tenant must agree to occupy the expanded space upon the giving of notice. Landlord shall have nine (9) months within which to complete such expansion. The requirements for construction shall be the same as agreed upon herein for the initial construction. Tenant shall occupy the expanded space immediately upon completion of construction. The same terms and conditions of the Lease including all renewal options thereof, shall apply to the expanded space. Rent shall convene upon occupancy by Tenant. It is agreed between Landlord and Tenant that any renewal of this paragraphLease term after the expansion space has been completed and occupied by Tenant, shall include such expansion space. Notwithstanding the term “Expansion Space” means any space in above, Landlord shall have the Building which, right to expand the existing structure on its own without the request of Tenant for up to an additional 115,500 square feet at any time during the Lease Termterm. Provided, 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 rightshowever, Tenant has the option shall not be required to lease any Expansion Space which occupy such space unless Tenant shall give Landlord notifies Tenant is or will become available. If Tenant gives Landlord ninety (90) days written notice of its exercise intent to occupy such expanded Premises. Tenant’s right to occupy the expanded Premises whether built by Landlord under its own initiative or as a result of this option within thirty (30) days after notification from Landlord Tenant’s election hereunder, shall expire upon the completion 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 first five (5) years of the Lease Term upon all of term. In the same terms contained in this Lease except that (i) event Tenant shall occupy 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)expanded 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute an appropriate addendum to Lease Agreement setting out the terms and conditions of the expanded space and the occupancy thereof, such amendments terms and conditions, where applicable, being the same as those in the original Lease. Tenant shall be given first right of refusal to this Lease and other instruments as either lease the expanded space after the expiration of them considers necessary or desirable to reflect Tenant’s exercise of this optionthe five (5) year period should it become available during the lease term.

Appears in 1 contract

Samples: Lease Agreement (Keystone Automotive Operations Inc)

Expansion Space. As used 23.01 If Tenant is not in this paragraph, default under 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 rightsLease, Tenant has shall have the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If expand after September 31, 1998, provided Tenant gives written notice to Landlord notice of its exercise of this option no earlier than nine (9) months prior to the date when the additional space is needed for occupancy by Tenant. Landlord shall notify Tenant within thirty (30) days after notification from of Tenant's notice whether such additional space can be accommodated with either contiguous or noncontiguous space in the Building ("Expansion Space") or by relocating Tenant to new space within the Project which will accommodate Tenant's Premises plus the amount of additional space requested by Tenant in their notice ("New Premises"). Should Tenant's additional space request be accommodated through Expansion Space, then: (a) Landlord shall build out the "Expansion Space" to be of a comparable level to Tenant's existing space, based on mutually approved plans; and (b) Occupancy Costs for the Expansion Space shall be determined in accordance with this Lease; and (c) Commencement Date for the lease of Expansion Space shall be the date set forth in Tenant notice to Landlord; and (d) Term on the Expansion Space shall end on the later of (i) on the expiration of this Lease or (ii) the last day of the availability thirty-sixth (36th) month after the Commencement Date of the Expansion Space; and (e) If the expiration of the Term on the Expansion Space is later than the expiration of this Lease then Tenant agrees to extend the Term of this Lease to be co-terminous with the Expansion Space; and (f) Annual Rent on the Expansion Space and the extended term on the Premises, if no Event any, will be at Market Rent determined in accordance with Article 24.00 of Default exists when this Lease. Should Tenant’s notice is given's additional space be accommodated through New Space, then: (a) Landlord shall build out the New Space to be of a comparable level and layout to Tenant's existing space, based on mutually approved plans; and (b) Tenant agrees to amend this Lease will be deemed to extend the Term 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 five (i5) 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 date Tenant relocates to Tenant’s Expansion the New Space; and and (vc) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Annual Rent for each year of on the remaining Lease Term (as it may New Space shall 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) at Market Rent determined in accordance with Article 24.00 plus the recapture of reduced Annual Rent under this Lease during the initial two years of the Term. The calculation of such reduced rent is two dollars ($2.00) per square foot during the first lease year ($7,474.00) and one dollar ($1.00) per square foot during the second lease year ($3,737). Such reduced rent will be amortized 10% per annum and paid as additional rent over the last five (5) years of the term. If Landlord notifies Tenant that it is unable to accommodate Tenant request for additional space or does not respond within thirty (30) days of Tenant notice and provided in Tenant has greater than twelve (12) months remaining on its original Term, Tenant shall have the Rent Rider attached right to cancel this Lease with six (6) months prior written notice and payment to Landlord, at the time of notice, liquidated damages equal to unamortized transaction costs (which upon final determination will be set forth as Exhibit E. If E of this Lease) plus seven thousand four hundred seventy-four dollars and no/100 ($7,474.00) if canceled prior to the end of the third lease year and three thousand seven hundred thirty seven dollars and no/100 ($3,737.00) if canceled after the third lease year and prior to the end of the fourth lease year. Transaction costs shall be equal to all Tenant exercises this optionImprovement costs and commissions paid to Madison Marquette Realty Services by St. Xxxx Properties, Tenant’s Expansion Space Inc. and will be leased to Tenant in its “as is” condition and Tenant will, amortized at its expense and in compliance with 10% per annum over the provisions term of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. the Lease. 23.02 Documentation Landlord and Tenant agree shall execute and deliver appropriate documentation to execute such amendments to evidence any additional space taken under this Article 23.00. 23.03 Non-Severability The rights of Tenant under this Article 23.00 shall not be severed from this Lease or separately sold, assigned, or otherwise transferred, and other instruments as either shall expire on the expiration of them considers necessary or desirable to reflect Tenant’s exercise earlier termination of this optionLease. 3. The following is added as Article 24.00:

Appears in 1 contract

Samples: Lease Agreement (Eschelon Telecom Inc)

Expansion Space. As used in this paragraph(a) Effective on the first day of the second (2nd) Lease Year (the "Expansion Date"), the term “Demised Premises shall automatically be expanded to include that certain 129,600 square feet of additional warehouse space lying adjacent to the initial Demised Premises and labeled as "Phase II" on Exhibit A hereto (the "Expansion Space” means any space in "), so that from and after such date the Building which, at any time during Demised Premises shall be deemed to include 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 (the entire Building) for all purposes of this Lease. The day prior to lease the Expansion Date is referred to herein as provided in this paragraphthe “Pre-Expansion Date”. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to shall cause 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 construction of the Expansion Space Improvements prior to the Expansion Date , and if no Event of Default exists when Tenant’s notice is given, this Lease will shall be deemed delivered to be amended to include Tenant’s Tenant on the Expansion Date in good order and repair and in broom clean condition. The “Expansion Space Improvements are the improvements described as part “Phase II Improvements” on Exhibit B attached hereto. Prior to delivery 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 , a representative of Landlord and a representative of Tenant together shall inspect the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be and generate a punchlist of any defective items (the earlier of sixty "Expansion Punchlist"). Landlord shall, within forty-five (6045) days after the date Expansion Punchlist is prepared and agreed upon by Landlord and Tenant, remedy such defective work as is set forth on which Tenant’s the Expansion Punchlist provided, however, that if such work cannot reasonably be completed within such forty-five (45) day period, then Landlord shall have such additional time to complete such work as may be reasonably necessary, provided Landlord has commenced such work within such forty-five (45) day period and has thereafter diligently pursued the same to completion. To clarify, the Expansion Improvements will be deemed a portion of the Improvements upon the occurrence of the Expansion Date for purposes of this Lease, including without limitation the insurance requirements. Subject to completion of the Expansion Improvements as required above, Tenant shall (and does hereby agree to) accept the Expansion Space becomes vacant "AS IS/WHERE IS" and ready as suitable for occupancy the Permitted Use. (provided that date is b) At any time prior to the Expansion Date, Tenant shall have the right to expand the Demised Premises to include: (i) one or more bays (increments of approximately 16,200 square feet of space each, “Bays”) which are directly adjacent to the Premises in accordance with, the terms set forth herein (“Early Expansions”). In order to cause the occurrence of an Early Expansion, Tenant must deliver written notice to Landlord at least sixty (60) 45 days after Tenant exercises its option prior to lease the Expansion Space), or the date on which Tenant desires for the particular Early Expansion to occur. (c) If Tenant causes an Early Expansion, Landlord will cause the construction of the Expansion Space is first occupied by Tenant; Improvements related to that portion of the Expansion Improvements prior to the effective date of the Early Expansion. Base Rent for the applicable Bays shall be equal to the product of $3.29 times the square footage of the Bays being leased (iv) if the “Early Expansion Base Rent”), and Tenant’s Percentage Share of Operating Expenses shall be increased to account for the addition of the Bays. If the portion of the Expansion Space contains Improvements applicable to the Early Expansion Bays are not Substantially Complete prior to the effective date of the Early Expansion (as adjusted for Delay), then Tenant will receive a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining credit against the Early Expansion Base Rent for those Bays 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 amount of 2 days Early Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Base Rent for each year day beyond the effective date of the remaining Lease Term Early Expansion was to occur (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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

Appears in 1 contract

Samples: Industrial Lease Agreement (Pfsweb Inc)

Expansion Space. As used in this paragraph, (a) Landlord hereby leases to Tenant the term “space on the first floor of the Building consisting of approximately 10,700 square feet of rentable area as shown on Exhibit A attached hereto (the "Expansion Space” means any space in "), and Tenant hereby --------- leases and hires the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Expansion Space from Landlord, upon and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected subject 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 all of the availability other terms and conditions of the Lease, as amended hereby, for a term commencing upon delivery of the Expansion Space and to Tenant (the "Expansion Space Commencement Date"). Landlord shall endeavor to deliver possession of the Expansion Space to Tenant on January 1, 2001 (the "Anticipated Delivery Date"); provided, however, that if no Event Landlord does not deliver possession of Default exists when Tenant’s notice is givenall or any portion of the Expansion Space to Tenant on the Anticipated Delivery Date for any reason whatsoever, this Lease will Amendment shall not be void or voidable and Landlord shall not be deemed in default or otherwise liable to be amended Tenant for any claims, damages, or liabilities in connection therewith or by reason thereof, but Tenant shall have no obligation to include pay Basic Monthly Rental or Tenant’s 's Percentage Share of Operating Expenses or Real Property Taxes with respect to the Expansion Space as part until possession of the Expansion Space has been delivered to Tenant. Notwithstanding the foregoing, if Landlord has not delivered possession of the Expansion Space to Tenant on or before April 1, 2001 (the "Expansion Space Delivery Deadline"), Tenant, as its sole remedy, shall have the right to cancel this Amendment by giving written notice of such cancellation to Landlord at any time after the Expansion Space Delivery Deadline and prior to the date Landlord delivers possession of the Expansion Space to Tenant, in which event this Amendment shall be cancelled effective fifteen (15) days after Landlord's receipt of Tenant's cancellation notice, unless Landlord delivers possession of the Expansion Space to Tenant within said fifteen (15) day period. If Tenant so elects to cancel this Amendment, Tenant shall continue to lease the Original Premises for in accordance with the remainder terms and conditions of the Lease Term upon all prior to this Amendment, through the Original Expiration Date or earlier termination of the same terms contained Lease pursuant to its terms. (b) Prior to the Expansion Space Commencement Date, the term "Premises" for all purposes of the Lease shall mean only the Original Premises. From and after the Expansion Space Commencement Date, the term "Premises" for all purposes of the Lease shall mean the Expansion Space together with the Original Premises. Tenant shall use the Expansion Space only for the purposes permitted under the Lease. Landlord shall deliver, and Tenant shall accept, the Expansion Space in this a clean and orderly condition, free of debris, but otherwise "as is" in its existing condition, without representation or warranty by Landlord, express or implied, and with no obligation of Landlord to repaint, remodel, repair, improve or alter the Expansion Space, or to perform any construction, remodeling or other work of improvement upon the Premises, except as expressly set forth in the Lease as amended hereby. Landlord agrees that, except in the event of a fire or other casualty, at the time of delivery of the Expansion Space to Tenant, the structure and the exterior of the Building, including the roof, will be in good condition and repair, and that (i) the Rentable Area of fire protection, heating, ventilation and air conditioning, and electrical systems serving the Premises will be amended operational and in good condition and repair. Except in the event of a fire or other casualty, if it is determined, within the first six (6) months following the Expansion Space Commencement Date, that the structure and exterior of the Building or said systems serving the Premises were not in the required condition at the time of delivery of the Expansion Space to include Tenant’s , as Tenant's sole remedy, Landlord, at no expense to Tenant, shall promptly cause the Building and/or said systems to be placed in the required condition. If the Building and/or the Expansion Space; (iiSpace is damaged by fire or other casualty at the time Landlord delivers the Expansion Space to Tenant, the rights and obligations of the parties shall be governed by Paragraph 19 of the Lease. After delivery of the Expansion Space to Tenant, Landlord shall maintain the structure, the exterior, and the public and common areas of the Building and the building systems serving the Premises in accordance with Paragraph 9(b) Tenant’s Share will be increased to include of the rentable area Lease. Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Expansion Space or the suitability of the Expansion Space for the conduct of Tenant’s Expansion Space; 's business, except as expressly set forth herein. (iiic) Tenant shall obtain all necessary governmental approvals for, and shall construct, furnish and install, all improvements, fixtures, furniture and equipment in, and shall make all repairs, renovations and alterations to, the Term Commencement Date with respect to Tenant’s Expansion Space will be as Tenant may deem necessary or appropriate for Tenant's occupancy and use of the earlier Expansion Space in accordance with the provisions of the Work Letter Agreement attached hereto as Exhibit B --------- (the "Work Letter"). (d) Tenant shall have the right, within sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant Commencement Date, to have Tenant's architect verify the rentable area of the Expansion Space. The term "rentable area" shall mean the floor area of the Expansion Space as measured in accordance with the Standard Method for Measuring Floor Area in Office Buildings, ANSI/BOMA Z65.1-1996. If Tenant's determination of the rentable area of the Expansion Space differs from the number specified in Paragraph 2(a), the rentable area shall be re-measured by Landlord's architect, whose determination shall be final. In the event Landlord's architect determines that the rentable area of the Expansion Space differs from the number specified in Section 2(a), Landlord and ready for occupancy (provided that date is at least Tenant shall execute an Amendment to Lease modifying the rentable area of the Expansion Space, the Basic Monthly Rental payable hereunder, the Construction Allowance, and Tenant's Proportionate Share. No adjustment to the rentable area of the Expansion Space, Basic Monthly Rental, the Construction Allowance, or Tenant's Proportionate Share will be made if Tenant fails to verify the Rentable Area and give notice to Landlord of any discrepancy within said 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionday period.

Appears in 1 contract

Samples: Lease (Micromuse Inc)

Expansion Space. As used in this paragraph, (a) In the term “Expansion Space” means any space in the Building whichevent that Tenant shall, at any time during the first three (3) Lease Termyears, is occupied by a Person other determine that Tenant will require any additional space, but in no event less than Landlord under a written lease with Landlord, 5,000 sq. ft. and in no event more than 30,000 sq. ft. (the term “Tenant’s "Expansion Space” means "), then Tenant shall so notify Landlord. Tenant's notice shall identify the amount of Expansion Space which required by Tenant has elected and shall identify any special needs that Tenant may have for the Expansion Space. Upon receipt of Tenant's notice, Landlord shall endeavor to lease as provided in this paragraph. provide Tenant with suitable Expansion Space, reasonably acceptable to Tenant, within the Office Building or, within a building(s) to be constructed by Landlord agrees to notify Tenant promptly after Landlord learns that any within the Xxxxxxxxx Center Professional Park. (b) The Base Rent for the Expansion Space is or will become available. Subject to shall be calculated based upon the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has market rental rate for comparable space within 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 general vicinity of the Expansion Space (the "Market Rate"). In the event that the parties are unable to reach agreement on the Base Rent for the Expansion Space, then, at the request of either party, Landlord and if no Event Tenant shall mutually select an independent MAI appraiser to determine the Market Rate. If the parties are unable to agree upon a single appraiser, then they shall each select one appraiser, and the two (2) appraisers shall select a third appraiser to determine the Market Rate. Any appraisal costs shall be borne equally by the parties. (c) Upon delivery of Default exists when the Expansion Space to Tenant’s notice is given, this the Lease will shall be deemed to be automatically amended to include Tenant’s the Expansion Space, and each party shall, at the request of the other party, execute and deliver an amendment to the Lease to confirm the inclusion of the Expansion Space. Alternatively, Tenant shall, at the request of Landlord execute a separate lease for the Expansion Space as part of the Premises for the remainder of the Lease Term upon all of containing terms and conditions substantially the same terms contained in this Lease except that as the Lease. (id) If Landlord is not able to provide Tenant with the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; , within the Office Building or within Xxxxxxxxx Center Professional Park, within twelve (ii12) months after the receipt of notice from Tenant’s Share will be increased to include , then Tenant shall have 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 right, exercisable within sixty (60) days after thereafter, to notify Landlord of its election to seek alternative space to satisfy its requirements for the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy and/or to terminate this Lease. In the event that Tenant elects to terminate the Lease, then Tenant shall return the Premises to Landlord in the condition required by the Lease, within ninety (provided that date is at least sixty (6090) days after delivery of Tenant's notice. Provided that Tenant exercises returns the Premises to Landlord in the condition required by the Lease, Tenant shall be entitled to the return of its option to lease security deposit and shall be discharged from any further obligation under the Expansion Space), or Lease from and after the date on which termination date. (e) To the extent that Landlord has provided Tenant with Expansion Space is first occupied by Tenant; (iv) if Tenant’s under this Section 7, Landlord shall be relieved of its obligation to provide Tenant with Alternative Space pursuant to Section 6. Conversely, to the extent that Tenant has exercised its right to relocate to Alternative Space pursuant to Section 6, Landlord shall be relieved of its obligation to provide Tenant with 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments pursuant to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionSection 7.

Appears in 1 contract

Samples: Office Building Lease (Inuvo, Inc.)

Expansion Space. As used in this paragrapha. The Premises shall be expanded to include an additional 6,539 square feet ("Expansion Premises") located at 4200 Xxxxxxxxx Xxxx Xxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000. Xxmmencement Date" means 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 earlier of (1) 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 's delivery 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 possession of the Expansion Space and if no Event of Default exists when Premises to Tenant’s notice is given, this Lease will be deemed or (2) December 15, 1999, subject to existing tenant vacating the space. If by the Commencement Date Landlord has not substantially completed the improvements to the Expansion Premises required to be amended to include Tenant’s Expansion Space as part made hereof or if Landlord, for any reason whatsoever cannot deliver possession of the Expansion Premises for to Tenant by the remainder Commencement Date, then the Commencement Date shall be postponed (and rent herein provided, pro-rata to the Expansion Premises, shall not commence) until the earlier of either (I) the date of actual occupancy of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Expansion Premises will be amended to include Tenant’s Expansion Space; by Tenant or (ii) the date immediately following the day Landlord has achieved substantial completion of such improvements. b. If, and to the extent, Landlord's substantial completion of the improvements to Expansion Premises pursuant to Exhibit "A" attached hereto is delayed due to any act or omission of Tenant or anyone acting under or for Tenant (any such delay being hereinafter referred to as "Tenant’s Share will 's Delay"), then the Commencement Date shall be increased the date specified above, subject to include the rentable area adjustment as provided therein, but without extension as result of Tenant’s Expansion Space's Delay; (iii) provided that from the Term Commencement Date with respect to Tenant’s Expansion Space will be Date, as so determined, until the earlier of sixty (60I) the date of actual occupancy of the Expansion Premises by Tenant or (ii) the date immediately following the date Landlord should have achieved substantial completion of such improvements but for Tenant's Delay, Tenant's obligations under this Lease shall be to the payment of any and all Rent due hereunder. c. Within five (5) days after of written request by Landlord, Tenant agrees to execute and deliver to Landlord a Letter Agreement As To Term and Premises pursuant to Exhibit "B" attached and made a part hereof, setting forth 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 exact Commencement Date of the Expansion Space)and stating that all tenant improvements to be constructed by Landlord have been substantially completed, 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionany outstanding punch-list items.

Appears in 1 contract

Samples: Lease Agreement (Telemate Net Software Inc)

Expansion Space. As used in this paragraphFrom and after April 1, 2004, provided that no default by Tenant (which shall include any matter which would constitute a default either with the passage of time or the giving of notice) has occurred prior to the time the "Expansion Space Notice" (as such term “Expansion Space” means is defined below) is received by Landlord or thereafter until the date on which the "Tenant's Exercise Notice" (as such term is defined below) is received by Landlord, Tenant shall have the ongoing right for the lease of any leaseable space located in the Building which, at (the "Expansion Space") to the extent the same becomes available for lease to Tenant (which for purposes hereof shall mean that such space is not then occupied or subject to lease or any time option or right for lease extension or premises expansion by any other tenant or person (whose option right or right of lease extension predates the date of this Amendment)) during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and exercisable as follows: If Tenant desires to expand the term “Tenant’s Premises to include any Expansion Space” means , Tenant shall deliver written notice thereof to Landlord (the "Expansion Space which Tenant has elected to lease as provided in this paragraphNotice"). Landlord agrees to notify Tenant promptly after Landlord learns that any Promptly following receipt of the Expansion Space is or will become available. Subject Notice, Landlord shall deliver to the prior rights Tenant written notice of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any configurations of Expansion Space which Landlord notifies determines is available or is scheduled to become available during the twelve (12) month period following the date of Tenant's Expansion Space Notice (Landlord shall not be required to break up existing configurations of space if Landlord determines, in its sole discretion, that doing so will make the remaining space less marketable), and Tenant is shall have ten (10) business days following the date of such notice from Landlord to elect by written notice to Landlord (the "Tenant's Exercise Notice") to lease (commencing upon the date Landlord makes the same available to Tenant) all of any one (1) configuration of such Expansion Space for a term co-terminus with the Lease Term and otherwise subject to all applicable terms and conditions of this Lease; provided, however, that (i) the Base Rent initially payable by Tenant for the Expansion Space shall be the fair market rate for comparable space within the Project, in each case as reasonably determined by Landlord, (ii) Base Rent shall thereafter be increased at the times and in the manner applicable to the balance of Tenant's then existing Premises, (iii) no free rent or will become availableother concessions shall be applicable to the Expansion Space and (iv) Landlord shall have the right to either (x) provide Tenant with a tenant improvement allowance equal to the allowance then being offered by Landlord to comparable renewal tenants for comparable space within the Project, in each case as reasonably determined by Landlord, or (y) improve the Expansion Space (which improvements shall constitute an "Alteration" under the Lease) to conform to improvements then being offered by Landlord to comparable renewal tenants for comparable space within the Project, in each case as reasonably determined by Landlord. The tenant improvement allowance or improvement work, if any, performed by Landlord with respect to the Expansion Space shall be used solely for the construction of improvements to be permanently affixed to the Premises, which shall not include Tenant's telephone, computer, and data systems, furniture, or other personal improvements desired by Tenant. If (i) Tenant does not deliver an Expansion Space Notice, or (ii) after delivery of Tenant's Expansion Space Notice and receipt of notice of any available space from Landlord, Tenant does not deliver Tenant's Exercise Notice within such ten (10) business day period electing to lease such Expansion Space, Landlord may proceed to lease such Expansion Space to any party upon any terms and conditions as Landlord desires. If Tenant gives Landlord notice of its exercise of this option delivers the Expansion Space Notice, then (i) the "Premises" shall thereafter be deemed for all purposes to include the Expansion Space. Tenant shall within thirty (30) days after notification from following Landlord's request execute an amendment to this Lease prepared by Landlord of to reflect the availability addition to the Premises of the Expansion Space Space, and if no Event of Default exists when Landlord may, but without obligation to do so, declare the Tenant’s notice is given, this Lease will be deemed 's Exercise Notice to be amended null and void if Tenant fails to include Tenant’s Expansion Space as part of execute such amendment. Notwithstanding anything to the Premises for the remainder of the Lease Term upon all of the same terms contrary 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 paragraph, Tenant may not deliver an Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Notice or otherwise exercise its right to lease any 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)March 31, 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option2009.

Appears in 1 contract

Samples: Office Lease (On Assignment Inc)

Expansion Space. As used in this paragraph, (i) In 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 event that Tenant has elected desires 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 exercise its option to lease and occupy the Expansion Space, and there does not then exist any uncured, continuing Event of Default hereunder, and Tenant is leasing and occupying at least one hundred percent (100%) of the Building, written notice of Tenant's intention to lease and occupy such Expansion Space which (the "Expansion Notice") must be given to Landlord notifies Tenant is or will become availableas aforesaid (the "Expansion Exercise Date"). If Tenant gives elects to expand by leasing and occupying the Expansion Space (the "Lease for the Expansion Space") as herein provided, the annual Fixed Rent for the Expansion Space shall be an amount equal to such rents set forth in Article I hereof. The Lease for the Expansion Space shall be in the same form as this Lease, and, except as herein set forth, on the same terms and conditions as are set forth in this Lease (including without limitation the allowances set forth on Exhibit H attached hereto and the provisions of Section 9.1.1 relating to an additional allowance) and shall be for a Term of twelve (12) years. The Lease for the Expansion Space shall provide for an Expansion Scheduled Term Commencement Date (Landlord notice of its exercise of this option within thirty and Tenant hereby agreeing that such date occur no later than twelve (3012) days months following the Expansion Notice by Tenant) and an Expansion Term Commencement Date, the former to be mutually agreed upon by Landlord and Tenant in good faith, but in no event less than thirty-six (36) weeks or more than forty-four (44) weeks after notification from Landlord of the availability obtaining all required permits and approvals for construction of the Expansion Space Space, considering such factors as weather and if no Event of Default exists when Tenant’s notice is givenmaterial availability (it being agreed by Landlord and Tenant that such Expansion Notice by Tenant occurring between October 1, this and March 1 shall add two (2) additional months to the Expansion Scheduled Term Commencement Date for such space beyond that which would otherwise be expected). The Lease will be deemed to be amended to include Tenant’s for the 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 shall also provide (i) the Rentable Area for an Expansion Outside Delivery Date of the Premises will be amended to include Tenant’s Expansion Space; ninety (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 (6090) days after the date on which Tenant’s Expansion Scheduled Term Commencement Date, (ii) Tenant the right to cancel the Lease for the Expansion Space becomes vacant and ready for occupancy (provided in the event 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 not delivered on or before the Expansion Outside Delivery Date, as extended for delays due to Force Majeure or Tenant; 's Delay as therein described, and (iviii) if that the Tenant’s 's Plans for the Expansion Space contains a rentable area prepared by and being delivered by Tenant to Landlord are attached as an Exhibit to the Lease for the Expansion Space. The proposed form of 10,000 square feet or moreLease for the Expansion Space shall be delivered by Landlord to Tenant promptly after such Expansion Notice to Tenant, and if there are less than three a mutually agreed upon form shall be executed by Landlord and Tenant within forty-five (345) days from the date of Tenant's receipt of a proposed form of Lease Years remaining for the Expansion Space from Landlord in the Lease Termform as herein required, unless such date is extended by mutual agreement of both parties hereto. Tenant and Landlord shall use reasonable efforts, each acting in good faith, to execute the Lease Term will be extended to include three for the Expansion Space within said forty-five (345) full years days from the Term Commencement Date with respect to date of Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E's receipt of a proposed form from Landlord. Notwithstanding the foregoing, 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute that any such amendments to Lease for the Expansion Space shall be in the form of a separate lease agreement and in the same form as this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionaforesaid.

Appears in 1 contract

Samples: Lease Agreement (Netscout Systems Inc)

Expansion Space. As used in this paragraph, County shall expand the term Premises by approximately three thousand nine hundred and nine (3,909) RSF into Suite 100 (“Expansion Space” means any space ”). The Expansion Space shall commence upon the first day of the first full calendar month following Substantial Completion of the Work in the Building whichExpansion Space (the “Expansion Space Commencement Date” or “ESD”), at any time during estimated to occur approximately six (6) months after April 1, 2025 (the “Expansion Space Scheduled Delivery Date”), subject to the terms and Work defined and described in Clause 13 (CONSTRUCTION) and Revised Exhibit I. The Expansion Space shall be subject to the same terms and conditions of this Lease including, without limitation, a coterminous 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 updated Rent for 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 at the then current rate as part for the remaining portion of the Premises for (including free rent), with accompanying Rent adjustments as set forth in Clause 10 (RENT ADJUSTMENT) of this Lease, payment of Rent during any period of occupancy occurring prior to 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 Space Commencement Date with respect to Tenant’s Expansion Space will be the earlier of as set forth in Clause 9 (RENT) and an Improvement Allowance and Moving Allowance as set forth in Clause 13 (CONSTRUCTION). Within sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant Commencement Date, County shall prepare, and ready the Lessor and the Chief Real Estate Officer shall approve and execute (or make any revisions the Parties deem necessary for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option such amendment to lease the Expansion Spacebe factually correct), or an amendment to the date on Lease which confirms such expansion of the Premises and the other provisions applicable thereto (the “Expansion Space Amendment”), including but not limited to updating the Rent and Rent Adjustment clauses; provided, however, execution of the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Amendment shall not be necessary to establish the 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionDate.

Appears in 1 contract

Samples: Lease Agreement

Expansion Space. As used A. The Expansion Spaces available under the Third Expansion Option and the Fourth Expansion Option, as set forth in this paragraphSection 52 of the Original Lease, will not be available to Tenant as a result of floors 18 and 19 (and, if the term “17/24 Exchange is effected, floor 17) being designated as Put Space as set forth above. In lieu thereof, and notwithstanding anything to the contrary contained in said Section 52, Landlord, within ten (10) days following its receipt of written notice from Tenant of Tenant's exercise of the applicable Expansion Option, shall designate a floor of the Building (on any of the 17th through 38th floors of the Building, both inclusive) which will serve as the applicable Expansion Space and the date upon which Landlord will make such Expansion Space available to Tenant notwithstanding the Expansion Space Commencement Date set forth in the Original Lease. Landlord shall deliver possession of such Expansion Space to Tenant during the period which commences on the 180th day prior to the applicable Expansion Space Commencement Date and ends on the 180th day following the applicable Expansion Space Commencement Date. If Landlord shall be unable to designate a full floor of the Building as the applicable Expansion Space” means , Landlord shall be permitted to make available to Tenant as such Expansion Space any space two (2) areas on two separate floors on any of the 17th through 38th floors of the Building, both inclusive, which in the Building whichaggregate consist of not less than 20,000 square feet and not more than 23,000 square feet of Rentable Area, at any time during to serve as the Lease Termapplicable Expansion Space available for said Expansion Option. Tenant, is occupied by a Person other than Landlord under a written lease with following its receipt of Landlord, and 's designation of the term “Tenant’s applicable Expansion Space” means Expansion Space which Tenant has elected , shall have the right 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 rescind its exercise of this option the applicable Expansion Option by delivering written notice of such exercise to Landlord within thirty (30) days after notification following it receipt of such designation from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is givenLandlord, this Lease will failing which, Tenant shall be deemed to be amended have accepted Landlord's designation of such Expansion Space. B. Notwithstanding anything to include Tenant’s Expansion Space as part the contrary contained in Section 52 of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except Original Lease, Tenant acknowledges and agrees that (i) the Rentable Area Expansion Space available under the First Expansion Option (such Expansion Option currently designated as the 21st floor of the Premises will be amended Building (subject to include substitution thereof pursuant to Section 52(A)(i))) is currently leased to a tenant (the "Existing 21st Floor Tenant’s ") that has the right to terminate its lease at any time upon 12 months prior written notice. If at any time prior to November 1, 2004 (such date being the date which is 12 months prior to the Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Space Commencement Date with respect for the First Expansion Option), the Existing 21st Floor Tenant exercises its right to Tenant’s terminate its lease pursuant to the terms thereof such that the First Expansion Space will be available for leasing by Tenant prior to the earlier of sixty (60) days after the date on which Tenant’s scheduled Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option Commencement Date, Landlord shall have the right to lease the Expansion Space), or the date on which redesginate the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Commencement Date applicable to the First Expansion Option to a date prior to the scheduled Expansion Space contains a rentable area Commencement Date (but in no event earlier than the 1st day of 10,000 square feet or morethe 13th calendar month following the day on which Landlord so notifies Tenant of such redesignation in writing). If Landlord delivers written notice to Tenant of any such redesignation (the "Landlord's Redesignation Notice"), Tenant thereafter shall have thirty (30) days within which to exercise the First Expansion Option, whereupon the Expansion Space Commencement Date for such First Expansion Space shall be redesignated as set forth above, failing which, Tenant shall be deemed to have elected not to exercise the First Expansion Option, said option shall thereupon terminate, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended Tenant shall not thereafter have any right 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 lease any Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s pursuant to said First Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionOption.

Appears in 1 contract

Samples: Lease (Northern Trust Corp)

Expansion Space. As used (a) Provided Tenant is not in this paragraphMaterial Default, satisfies 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 Tenant Leasing Requirement and has given Landlord under a written lease with Landlord, and the term notice (“Tenant’s Expansion Space” means Notice”) of the exercise of each option specified below on the terms and conditions specified below for each option, Tenant will have the option (“Expansion Space which Tenant has elected Option”), subject to the terms of this Section 38 to lease additional space in the Building. Provided that Tenant shall have properly exercised its option for the first and second renewal periods in accordance with the terms of Section 1 and so long 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 satisfying the prior rights Tenant Occupancy Requirement, upon the expiration of other tenants to whom Landlord has granted substantially similar rightsthe first renewal period and no later than the last day of the third (3rd) full month following the end of the first renewal period (“Delivery Window”), Tenant has shall have the option to lease any one full floor located in the office portion of the Building (“Expansion Space which Space”). To exercise its option under this Section 38, Tenant must deliver to Landlord, at least twelve (12) calendar months prior to the commencement date of the Delivery Window, written notification of Tenant’s non-binding intention to expand the Premises. Within ten (10) Business Days after receipt of Tenant’s notification, Landlord notifies shall notify Tenant is in writing of the termination date (“First Lease Termination Date”) of the earliest to expire of the leases then in effect that would provide Tenant with the Expansion Space. On or will become available. If Tenant gives Landlord notice before the later to occur of its exercise of this option within (i) twelve (12) calendar months prior to the First Lease Termination Date or (ii) thirty (30) days after notification from Landlord notifies Tenant of the First Lease Termination Date, Tenant must deliver Tenant’s Expansion Notice to Landlord of Tenant’s election to exercise the availability Expansion Option, which election shall be irrevocable. (b) Within fifteen (15) Business Days after delivery of the Tenant’s Expansion Notice, Landlord shall notify Tenant of (i) Landlord’s determination of the Fair Market Rental Value for the Expansion Space, (ii) the date (“Expansion Space Delivery Date”) during the Delivery Window when Landlord anticipates the Expansion Space is available and (iii) the location of the Expansion Space Landlord is prepared to deliver. If Tenant objects to Landlord’s determination of Fair Market Rental Value for the Expansion Space, the parties agree to negotiate in good faith to resolve the dispute. If Landlord and if no Event of Default exists when Tenant’s notice Tenant are unable to resolve the dispute on or before the date that is given, this Lease will be deemed six (6) months prior to be amended to include Tenant’s the Expansion Space as part of Delivery Date, then the Premises for the remainder of the Lease Term upon all of Fair Market Rental Value shall be determined by Arbitration. Except with respect to Base Rent, Tenant shall take such Expansion Space on the same terms and conditions as are contained in this Lease except Lease, including without limitation, a term coterminous with the Term. Base Rent for the Expansion Space shall be ninety-five percent (95%) of the annual Fair Market Rental Value. Rent on the Expansion Space that is leased by Tenant pursuant to this Section 38, shall commence on the earlier to occur of (ix) the Rentable Area of the Premises will be amended to include Tenant’s date Tenant has substantially completed its tenant improvements for such Expansion Space; , subject to punch list items, or (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iiiy) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) date that is 120 days after the date on which Tenant’s Landlord has delivered possession of such Expansion Space becomes vacant to Tenant. The term of this Lease with respect to the Expansion Space shall commence upon the delivery of possession of such space to Tenant and ready shall be coterminous with the Term. Landlord agrees that Tenant shall have the right to construct tenant improvements in the Expansion Space in accordance with the terms of this Lease (including the Workletter) and Occupy it prior to the finalization of any Arbitration; provided Tenant shall pay rent on such Expansion Space equal to the Base Rent and Additional Rent until the Arbitration is resolved. If Tenant has been paying rent on the Expansion Space and the amount of ninety-five percent (95%) of the Fair Market Rental Value for occupancy the Expansion Space as determined by the FMRV Arbitrators is greater or less than the rent Tenant has been so paying, then Tenant shall immediately begin paying ninety-five (provided that date 95%) of the Fair Market Rental Value so determined. If the amount of rent Tenant had been paying is at least sixty less than ninety-five (6095%) of the Fair Market Rental Value so determined, Tenant, within fifteen (15) days after such determination, shall pay such difference to Landlord. If, however, the amount of rent Tenant exercises its option had been paying is greater than the Fair Market Rental Value so determined, Landlord, within fifteen (15) days after such determination, shall refund such difference to lease Tenant or give Tenant a credit against the next installment of Rent due hereunder. (c) If Tenant requests in writing, Landlord shall provide Tenant with an Expansion Space), or the date on which Space construction allowance for the Expansion Space is first occupied by Tenant; (iv) if Tenant’s equal to construction allowances provided to similar tenants leasing similar space in first-class office buildings in downtown Chicago and the determination of the Fair Market Rental Value of the Expansion Space contains a rentable area shall provide for the amortization of 10,000 square feet or morethe amount, if any, of the construction allowance provided by Landlord at the rate of ten percent (10%) per annum. All tenant improvements in the Expansion Space shall be constructed, and if there are less than three such allowance shall be paid, in conformance with the provisions set forth in this Lease (3) Lease Years remaining in including 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 Workletter). All 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 shall be leased delivered to Tenant in its Base Building condition and in an as as-is” condition and Tenant will, at its expense and in compliance as to any portion that has been previously improved with tenant improvements as of the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionExpansion Space Delivery Date.

Appears in 1 contract

Samples: Office Lease (Wells Real Estate Investment Trust Inc)

Expansion Space. As used Effective as of the Effective Date, Article 39 of the Lease shall be deleted in its entirety and the following substituted in its place: (a) Provided this paragraphlease is in full force and effect and no default has occurred hereunder which is then continuing beyond applicable notice and grace periods, Landlord shall notify Tenant if Landlord intends to offer for lease to bona fide third parties (i) all or any portion of the term “Expansion fifth floor of the Building or (ii) all or any portion of the tenth floor of the Building (such portions of the fifth floor and the tenth floor shall herein together be called the "Option Space” means any space "), and Tenant shall have the irrevocable right (during the period and in the manner specified in Section 39.01(b)) to lease the Option Space; provided, however, such expansion option shall be subordinated to any and all expansion options or renewal options held by other tenants of the Building whichin effect on the date hereof and affecting the Option Space. Landlord's notice to Tenant pursuant to this Section 39.01(a) (the "Option Notice") shall specify that portion of the Option Space that Landlord intends to lease, at any time during including the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, number of rentable square feet included therein and the term “Tenant’s Expansion Space” means Expansion date such Option Space which will be available for lease (the "Option Space Anticipated Delivery Date"). (b) If Tenant has elected shall wish to exercise its right under this Section 39.01 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 rightsOption Space, 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 such election (the "Answer") shall be given to Landlord within a period of this option within thirty twenty (3020) days after notification from Landlord the giving of the availability of Option Notice (the Expansion "Acceptance Period"). (i) Provided (A) Tenant shall have properly delivered an Answer in accordance with Section 39.01(b), and (B) Tenant shall on the Option Space Effective Date (as hereinafter defined) not then be in default under this lease beyond any applicable notice and if no Event of Default exists when Tenant’s notice is givencure period, this Lease will then on the Option Space Effective Date, the applicable Option Space shall become and be deemed to be amended to include Tenant’s Expansion Space as comprise part of the Premises for as if originally included in the remainder of the Lease Term demise under this lease, upon all of the same terms contained in and conditions of this Lease lease, except that that: (iI) the Rentable Area Fixed Base Rent shall be increased by an amount determined pursuant to Section 39.02, (II) Tenant's Proportionate Share shall be increased by the percentage obtained by dividing (X) the rentable square footage of the Premises will Option Space by (Y) 294,563, (III) if such Answer is delivered prior to July 1, 1997, (x) Tenant shall receive an abatement of Fixed Base Rent payable on account of such Option 20 Space for the number of days calculated by multiplying 180 by a fraction, the numerator of which shall be amended the number of days in the period commencing on the Option Space Effective Date and ending on December 31, 2006, and the denominator of which shall be the number of days in the period commencing on July 1, 1995 and ending on December 31, 2006, and (y) Tenant shall receive an allowance (each, the "Supplemental Tenant Allowance") in an amount equal to include the product obtained by multiplying (A) $25.00 by (B) the rentable square footage of such Option Space by (C) a fraction, the numerator of which shall be the number of days in the period commencing on the Option Space Effective Date and ending on December 31, 2006, and the denominator of which shall be the number of days in the period commencing on the July 1, 1995 and ending on December 31, 2006 (which Supplemental Tenant Allowance shall be paid by Landlord to Tenant following (1) the completion of the work performed by Tenant to prepare the Option Space for Tenant’s Expansion Space; 's occupancy thereof and (2) the delivery to Landlord of evidence reasonably satisfactory to Landlord establishing that all sums due and owing to contractors, subcontractors and materialmen have been paid, including final lien waivers). (ii) The term "Option Space Effective Date" shall mean the date upon which Landlord delivers vacant possession of the Option Space to Tenant’s Share will be increased . Landlord shall use reasonable efforts to include deliver possession of the rentable area Option Space to Tenant on or prior to the Option Space Anticipated Delivery Date, including, to the extent advisable in Landlord's reasonable business judgment so to do, the institution and prosecution of Tenant’s Expansion holdover or other appropriate proceedings against any occupant of the Option Space; (iii) . If Landlord is unable to deliver possession of the Term Commencement Option Space to Tenant for any reason on or prior to the Option Space Anticipated Delivery Date, the Option Space Effective Date with respect to Tenant’s Expansion Space will thereto shall 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 Landlord is at least sixty (60) days after Tenant exercises its option able 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 moreso deliver possession, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will Landlord shall not 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 any liability and this lease shall not 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 impaired under such circumstances. Tenant exercises hereby waives any right to rescind 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 lease under the provisions of Section 7.06223-a of the Real Property Law of the State of New York, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise agrees that the provisions of this option.Article are intended to constitute "an express provision to the contrary" within the meaning of said Section 223-a.

Appears in 1 contract

Samples: Lease Agreement (Uslife Corp)

Expansion Space. As used in this paragraph, the term “Expansion Space” means If any space in the Building which, at any time becomes available during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and Term or any applicable Renewal Period (the term “Tenant’s "Expansion Space” means Expansion Space which "), Tenant has elected shall have a first right to lease such space on the following terms and conditions: A. At such time as provided in this paragraph. Landlord agrees to elects, Landlord shall 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 in writing of the availability of any Expansion Space and the basic rent and other terms and conditions upon which such space is to be offered to the general public (the "Expansion Notice"); provided that, the economic terms so offered by Landlord shall be consistent with the prevailing economic terms being offered by landlords and accepted by tenants as of the date of the Expansion Notice for leases with premises of comparable size as the Expansion Space in buildings located in the Reston, Virginia area of similar quality as the Building. For a period of ten (10) days after Tenant's receipt of any Expansion Notice from Landlord, Tenant shall have the right to negotiate with Landlord regarding the basic rent and if all other terms and conditions of a lease for such space. If during such ten (10) day period the parties are unable, for any reason whatsoever, to agree upon the basic rent and all other terms and conditions of a lease for such space, Tenant's right to lease such space shall lapse and be of no Event further force or effect. Tenant and Landlord shall each negotiate in good faith concerning the terms 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 a lease for the remainder Expansion Space. If during such ten (10) day period the parties agree on the basic rent and all other terms and conditions of the Lease Term upon all of the same terms contained in a lease for such space, then they shall promptly execute such a lease. B. Tenant's rights under this Lease except that Section 35 are subject and subordinate to (i) the Rentable Area expansion and other rights of all present tenants of the Premises will be amended to include Tenant’s Expansion SpaceBuilding; (ii2) Tenant’s Share will be increased Landlord's right to include initially lease each and every space on the rentable area first floor of Tenant’s Building to "Expansion Space; Space Initial Tenants" (iiias defined below) the Term Commencement Date before Tenant has any expansion right(s) with respect to Tenant’s each and every such space, and (3) Landlord's right to renew present and future expiring leases (including leases entered into by Landlord with Expansion Space will be Initial Tenants) pursuant to rights contained in such expiring leases or pursuant to the earlier mutual agreement of sixty Landlord and tenants under such leases (60) days after regardless of whether such mutual agreement or a renewal right was contained within the date on which Tenant’s applicable lease). The term "Expansion Space becomes vacant Initial Tenant(s)" shall mean the initial tenant of each and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option every space on the first floor of the Building. If any person or entity with rights senior to lease the Expansion Space), or the date on which Tenant's expansion rights under Section 35.A leases the Expansion Space before an Expansion Notice is first occupied by sent to Tenant; (iv) if , then 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 's expansion rights 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 such 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 for that time only shall be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired deemed terminated by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionprior rights.

Appears in 1 contract

Samples: Lease Agreement (Harris Interactive Inc)

Expansion Space. (a) As used a material inducement for Landlord entering into this Lease, Tenant agrees that it shall be obligated in accordance with the terms of this paragraph to lease from Landlord, upon the same terms and conditions as those contained in this paragraphLease, except with respect to the Tenant Improvement Allowance, which shall be determined as set forth below, the term “remainder of the Building not then leased by Tenant (the "Expansion Space” means any space in "). Landlord shall deliver the Building which, Expansion Space to Tenant at any time during between the Lease sixty-first (61st) and seventieth (70th) months of the Term, with all Base Building improvements completed to the extent necessary for Tenant to begin constructing the Tenant Improvements, and with such additional improvements or alterations as Landlord may reasonably elect, provided that such improvements are in good condition and are at all times consistent with a general office use ("Required Condition"). The Expansion Space Delivery Date shall be five (5) business days after Tenant has received a factually correct notice from Landlord that the Expansion Space is occupied by a Person in the Required Condition and available for Tenant's immediate and exclusive use. Tenant's Monthly Basic Rent, Tenant's Percentage of Operating Expenses and any other than Landlord under a written lease with Landlordmonetary obligations of Tenant which are based on the RSF of the Premises shall be equitably adjusted, and Tenant shall pay such increased rental amounts beginning on the earlier of (i) the date of Occupancy for Business in the Expansion Space, or (ii) one hundred twenty (120) days (also the "Construction Period") following the Expansion Space Delivery Date of the Expansion Premises (the "Expansion Space Commencement Date"). Tenant's Monthly Basic Rent for the Expansion Premises shall be the same as the Monthly Basic Rent Tenant is paying for the Initial Premises as of the Expansion Space Commencement Date (i.e. $15.73 per RSF), 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 shall be coterminous with the Lease Term. The Construction Period will be deemed to be amended to include Tenant’s extended one day for each day Tenant is delayed in designing, constructing and moving into the Expansion Space because of Force Majeure Delays or Landlord Delays as part defined in Exhibit B. (b) As of the Expansion Space Commencement Date, Tenant shall be entitled to additional parking spaces at the ratio stated in Subparagraph 1(z) above; however, Tenant shall not be entitled to any additional covered parking spaces. (c) In the event that Landlord delivers the Expansion Premises to Tenant previously improved for another tenant's occupancy, then Tenant shall be entitled to a Tenant Improvement Allowance of $12.50 per RSF for the remainder design, construction and fixturizing 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. If, however, Landlord delivers the space to Tenant not previously improved for another tenant's occupancy (other than the Building Base shell and core work), or then Tenant shall be entitled to a Tenant Improvement Allowance of $25.00 per RSF for the date on which design, construction and fixturizing of the Expansion Space. Landlord shall pay the Tenant Improvement Allowance to Tenant at the time and in the manner specified in the Work Agreement attached hereto, to the extent applicable to the Expansion Space. The provisions of Sections 2, 3 and 4 of the Work Agreement to the extent applicable and to the extent not inconsistent with this Lease, shall apply to the design and construction of the Tenant Improvements in the Expansion Space. (d) Following the Expansion Space is first occupied Commencement Date, all references herein to the "Premises" (other than those specifically addressing the original construction of the Initial Premises and/or the Building) shall mean and include the Initial Premises as expanded 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionunless specifically stated otherwise herein.

Appears in 1 contract

Samples: Office Building Lease (Amwest Insurance Group Inc)

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Expansion Space. As used (a) Landlord leases to Tenant and Tenant leases from Landlord certain space consisting of approximately 51,204 rentable square feet of space commonly referred to as Suite 400 on the fourth (4th) floor of the Building, as more particularly shown on Exhibit “A” attached hereto (the “Fourth Floor Expansion Premises”), subject to and in accordance with the terms and conditions of this Amendment. The term of the Lease for the Fourth Floor Expansion Premises will commence on May 1, 2024 (the “Fourth Floor Expansion Premises Commencement Date”) and end on April 30, 2027, subject to Paragraph 7. (b) Landlord leases to Tenant and Tenant leases from Landlord certain space consisting of approximately 68,122 rentable square feet of space commonly referred to as Suite 1400 on the fourteenth (14th) floor of the Building, as more particularly shown on Exhibit “B” attached hereto (the “Fourteenth Floor Expansion Premises”), subject to and in accordance with the terms and conditions of this Amendment. The term of the Lease for the Fourteenth Floor Expansion Premises will commence on January 1, 2025 (the “Fourteenth Floor Expansion Premises Commencement Date”) and will end on December 31, 2028, such that it will be coterminous with the term of the Lease for the Current Premises. The Current Premises, together with the Fourth Floor Expansion Premises and the Fourteenth Floor Expansion Premises are collectively referred to in this paragraphAmendment as the “Premises”. (c) The parties acknowledge that: (i) during the period commencing on the Fourth Floor Expansion Premises Commencement Date and continuing until the Fourteenth Floor Expansion Premises Commencement Date, 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 total area of the availability of entire Premises under 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 Spaceapproximately 556,739 rentable square feet; (ii) Tenant’s Share during the period commencing on the Fourteenth Floor Expansion Premises Commencement Date and continuing through the Fifth Amendment Expansion Premises Expiration Date (as defined in the Fifth Amendment), the total area of the entire Premises under the Lease will be increased to include the approximately 624,861 rentable area of Tenant’s Expansion Spacesquare feet; and (iii) after the Term Commencement Date with respect to Tenant’s Fifth Amendment Expansion Space Premises Expiration Date, the total area of the entire Premises under the Lease will be approximately 621,695 rentable square feet. If Tenant does not exercise the earlier of sixty Fourth Floor Expansion Premises Extension Option (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 Spaceas defined in Paragraph 7), or after April 30, 2027, the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable total area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the entire Premises under 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionapproximately 570,491 rentable square feet.

Appears in 1 contract

Samples: Amended and Restated Lease (Rocket Companies, Inc.)

Expansion Space. As used in Landlord hereby grants to Tenant the right to lease up to 10,000 square feet of additional space on the second floor of the Building and identified and cross-hatched on Exhibit G (which - will be attached to this paragraph, Lease after the term “Final Plans are approved) (the "Expansion Space” means any space in "), for a period of eighteen (18) months after the Building which, at any time during Commencement Date. Tenant shall give Landlord written notice of Tenant's election to exercise the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, expansion option and such notice shall identify the term “Tenant’s Expansion Space” means portion of 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 availablecovered by such notice. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of exercises the availability expansion right contained herein, the lease of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will shall 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 on the same terms contained in and conditions as this Lease except that (i) for the Rentable Area Premises, including the rental rate, expense stop, tenant improvement obligations of Landlord and 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) tenant improvement allowance and the Term Commencement Date shall be co-terminus with respect to Tenant’s Expansion Space will be the earlier term of sixty (60) days after this Lease; provided, however, in 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 event the Expansion Space is first occupied by Tenant; (iv) if Tenant’s in a shell condition at the time of such exercise, then Landlord shall construct certain tenant finish improvements to the Expansion Space contains a rentable area of 10,000 square feet in accordance with plans and specifications prepared by Tenant and approved by Landlord, which approval shall not be unreasonably withheld or moredelayed, and if there are Landlord shall contribute for such tenant improvements in an amount equal to $20.00 per Rentable Square Foot (and Landlord acknowledges that it is responsible for the construction of the Base Building). Rent for the Expansion Space shall commence on the earlier of the Ready for Occupancy Date (for the Expansion Space) or ninety (90) days after Tenant's written notification of its intent to the Lease the Expansion Space. If Tenant elects to Lease less than three all of the Expansion Space, the expansion option set forth herein shall remain in full force and effect for eighteen (318) Lease Years months after the Commencement Date on the remaining portion of the Expansion Space, which remaining portion shall be subject to the Right of First Refusal set for below upon the expiration of such eighteen (18) month period. In the event Tenant exercises any of its renewal options granted in the Lease TermLease, the Lease Term will be extended exercise of the renewal option shall extend 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

Appears in 1 contract

Samples: Office Lease (Denbury Resources Inc)

Expansion Space. As used in this paragraphA. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord the term “Expansion Space” means any space in entire eleventh floor of the Building which, at any time during consisting of approximately 96,212 square feet of space located on 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 eleventh (3011th) days after notification from Landlord floor of the availability Building (the "Eleventh Floor Space") as such space is more specifically shown by the crosshatched markings on the eleventh (11th) floor plan which plan is attached hereto and made a part hereof as Exhibit "A", for a term commencing as of the Expansion Space date hereof and if no Event of Default exists when Tenant’s notice terminating at 11:59 o'clock eastern standard time on June 30, 2010 unless such term 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 sooner terminated or 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 Leases or by agreement of the parties hereto, their successors or assigns, all on the same terms and conditions as Exhibit E. If are contained in the Leases except as may be specifically modified by and as specifically set forth in this Amendment to Lease (the "Eleventh Floor Term"). As of the date hereof, Tenant exercises this optionwill have the right to immediate occupancy, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord access to the Eleventh Floor Space and Tenant agree the right to execute such amendments condition, improve, alter, modify, fixture, decorate and to this Lease and other instruments as either of them considers do all things necessary or desirable as Tenant may determine to reflect the Eleventh Floor Initial Space all in accordance with the terms and conditions of the Leases and to the extent Landlord's approval is required for same, such approval shall not be unreasonably withheld, conditioned or delayed and may not be withheld for any reason for any condition, improvement, alteration, modification, fixturing or decorating which Tenant has done or constructed or caused to be done or constructed at any time elsewhere in the Building or the Premises under the Leases. B. Landlord hereby leases to Tenant’s exercise , and Tenant hereby hires from Landlord 41,475 square feet of space located on the ninth (9th) floor of the Building (the "Ninth Floor Space") as such space is more specifically shown by the crosshatched markings on the ninth (9th) floor plan, which plan is attached hereto and made a pan hereof as Exhibit "B", for a term commencing January 1,2001 and terminating at 11:59 o'clock eastern standard time on June 30, 2010 unless such term is sooner terminated or is extended as provided in the Leases or by agreement of the parties hereto, their successors or assigns, all on the same terms and conditions as are contained in the Leases except as may be specifically modified by and as specifically set forth in this optionAmendment to Lease (the "Ninth Floor Term"). Tenant will have access to and the right to condition, improve, alter, modify, fixture, decorate and to do all things necessary or desirable as Tenant may determine to the Ninth Floor Space all in accordance with the terms and conditions of the Leases and, to the extent that Landlord's approval is required for same, such approval shall not be unreasonably withheld, conditioned or delayed and may not be withheld for any reason for any condition, improvement, alteration, modification, fixturing or decorating which Tenant has done, constructed or caused to be done or constructed at any time elsewhere in the Building or the Premises under the Leases.

Appears in 1 contract

Samples: Lease Amendment (Sungard Data Systems Inc)

Expansion Space. As used in Tenant shall have the option to expand the Premises and take occupancy of the entire New Multiple Tenant Building, exercisable by written notice (the “Expansion Notice”) delivered to Landlord not later than 30 days before the date on which Landlord reasonably projects that Landlord’s Work shall have reached the stage of Substantial Completion (as finally determined under Section 4.2), time being of the essence. Landlord shall give Tenant at least 30 days prior notice of the anticipated deadline for the Expansion Notice. From and after the date that Tenant delivers its Expansion Notice to Landlord, this paragraph, Lease shall be automatically amended to include the term balance (the “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 New Multiple Tenant Building within the Expansion Space and if no Event of Default exists when Tenant’s notice is givenNew Multiple Tenant Building Premises (without the need for any further agreement amending this Lease), this Lease will be deemed to be amended to include Tenant’s Expansion Space it being expressly understood that, except as part of the Premises for the remainder of the Lease Term upon specifically provided otherwise, all of the same terms contained and conditions set forth in this Lease except that (i) shall apply to such Expansion Space. Without limiting the Rentable Area generality of the foregoing, it is agreed that: 66.1 The Estimated Term Commencement Date under Section 2.6, the Rent Commencement Date for the entire Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include under Section 2.7, the rentable area of Tenant’s Expansion Space; (iii) Term Expiration Date under Section 2.8, the Term Commencement Date with respect to Tenant’s under Section 5.2, the TI Allowance under Section 5.5, the TI Rent under Section 5.6, the New Premises Basic Annual Rent under Section 6.1, the Security Deposit under Section 2.9, and the Imputed Land Cost under Subsection 6.2(a) for such Expansion Space will shall be the earlier of sixty determined separately under said Sections (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 as applied solely to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (ivwithout thereby affecting these variables for any other Premises) 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, same manner as the Lease Term will be extended to include three (3) full years from same are determined for 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 balance of the remaining Lease Term (as it may be extended) will be the greater of New Premises initially leased hereunder, except that: (a) the Basic Rent last paid Estimated Term Commencement Date shall be as specified by Landlord in good faith promptly after receiving the Person most recently occupying Tenant’s Expansion Space or Notice; and (b) Market Rent determined the Term Expiration Date for the entire Premises (including the Expansion Space) shall be the same as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Term Expiration Date without regard to the Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance Space; 66.2 The Rentable Area of Premises (with the provisions Expansion Space) under Section 2.2 shall be increased to 256,664; 66.3 The Rentable Area of Buildings for New Multiple Tenant Building (with the Expansion Space) under Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree 2.2 shall be increased to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.111,708;

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

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 shall have the option to lease any a minimum of 7,500 Rentable Square Feet on the 8th floor of the Building, up to the entire 8th floor (the “Expansion Space”), for a term commencing October 1, 2007 (the “Expansion Space which Landlord notifies Tenant is Commencement Date”) and continuing through the expiration or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord earlier termination 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 extendedextended or renewed); provided that (i) will be Tenant gives Landlord written notice (the greater “Expansion Notice”) no later than January 31, 2007 specifying the amount of Expansion Space it desires to lease; (aii) no uncured event of default exists under the Lease at the time of such Expansion Notice or the Expansion Space Commencement Date; (iii) Tenant remains in occupancy of the entire Premises; and (iv) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space is not subject to an expansion option, right of first refusal, preferential right or similar obligation existing under any other tenant lease for the Property as of the Effective Date. The Base Rent payable for the Expansion Space shall be at the Market Rental Rate (bdefined in Paragraph C of Rider No. 1) Market Rent determined as provided for comparable space in the Rent Rider attached Building as Exhibit E. of the Expansion Space Commencement Date, including any projected rate increases over the expansion term and any tenant improvement allowance. If Tenant exercises this optionelects to lease less than the entire floor, Tenant’s then Landlord shall have the right to determine the location of the Expansion Space will be leased within the 8th floor. This Option to Tenant in its “as is” condition Expand shall terminate upon relocation of the Premises, and Tenant willexcept for a Permitted Transfer, at its expense and in compliance with the provisions assignment of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either or subletting of them considers necessary all or desirable to reflect Tenant’s exercise any part of this optionthe Premises.

Appears in 1 contract

Samples: Office Lease (Varolii CORP)

Expansion Space. As used in this paragraphA. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord the term “Expansion Space” means any space in entire eleventh floor of the Building which, at any time during consisting of approximately 96,212 square feet of space located on 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 eleventh (3011th) days after notification from Landlord floor of the availability Building (the “Eleventh Floor Space”) as such space is more specifically shown by the crosshatched markings on the eleventh (11th) floor plan which plan is attached hereto and made a part hereof as Exhibit “A”, for a term commencing as of the Expansion Space date hereof and if no Event of Default exists when Tenant’s notice terminating at 11:59 o’clock eastern standard time on June 30, 2010 unless such term 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 sooner terminated or 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 Leases or by agreement of the parties hereto, their successors or assigns, all on the same terms and conditions as Exhibit E. If are contained in the Leases except as may be specifically modified by and as specifically set forth in this Amendment to Lease (the “Eleventh Floor Term”). As of the date hereof, Tenant exercises this optionwill have the right to immediate occupancy, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord access to the Eleventh Floor Space and Tenant agree the right to execute such amendments condition, improve, alter, modify, fixture, decorate and to this Lease and other instruments as either of them considers do all things necessary or desirable as Tenant may determine to reflect the Eleventh Floor Initial Space all in accordance with the terms and conditions of the Leases and to the extent Landlord’s approval is required for same, such approval shall not be unreasonably withheld, conditioned or delayed and may not be withheld for any reason for any condition, improvement, alteration, modification, fixturing or decorating which Tenant has done or constructed or caused to be done or constructed at any time elsewhere in the Building or the Premises under the Leases. B. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord 41,475 square feet of space located on the ninth (9th) floor of the Building (the “Ninth Floor Space”) as such space is more specifically shown by the crosshatched markings on the ninth (9th) floor plan, which plan is attached hereto and made a pan hereof as Exhibit “B”, for a term commencing January 1,2001 and terminating at 11:59 o’clock eastern standard time on June 30, 2010 unless such term is sooner terminated or is extended as provided in the Leases or by agreement of the parties hereto, their successors or assigns, all on the same terms and conditions as are contained in the Leases except as may be specifically modified by and as specifically set forth in this Amendment to Lease (the “Ninth Floor Term”). Tenant will have access to and the right to condition, improve, alter, modify, fixture, decorate and to do all things necessary or desirable as Tenant may determine to the Ninth Floor Space all in accordance with the terms and conditions of the Leases and, to the extent that Landlord’s exercise of this optionapproval is required for same, such approval shall not be unreasonably withheld, conditioned or delayed and may not be withheld for any reason for any condition, improvement, alteration, modification, fixturing or decorating which Tenant has done, constructed or caused to be done or constructed at any time elsewhere in the Building or the Premises under the Leases.

Appears in 1 contract

Samples: Lease Agreement (SunGard Availability Inc.)

Expansion Space. As used 20.01 Provided that this Lease shall then be in full force and effect and the Tenant shall not then be in default of the Lease, Tenant shall have the right to add an additional approximately 5,000 square feet of Tenant's Net Rentable Area to its Leased Premises (the "Expansion Space"). Tenant may only exercise its right to add the Expansion Space under this paragraphparagraph by giving written notice to Landlord on or before January 1, 1992. If Tenant exercises its right to add the Expansion Space, Landlord shall prepare the space in accordance with Tenant's finish plans, the term “Expansion Space” means any space in Exhibit D portion of the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with work to be Landlord, 's expense and the term “Extra Work to be at Tenant’s Expansion Space” means Expansion Space which 's expense, payable upon completion of the work. Tenant has elected shall provide Landlord with all architectural plans, ceiling plans, electrical plans, lighting plans, final finishes and all specifications and any other plans necessary to lease as provided in construct the Leased Premises, within ninety days after notice of exercise of the right to expand under this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Upon the Expansion Space is or will become availableCommencement Date, the Tenant's Net Rentable Area shall be adjusted by addition of the square footage for the Expansion Space, the Basic Minimum Annual Rent for the Initial Term shall be increased by $17.80 per square foot of Tenant's Net Rentable Area for the Expansion Space, and all other items based on Tenant's Net Rentable Area shall be adjusted accordingly. Subject to The "Expansion Commencement Date" shall be the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space date upon which Landlord notifies Tenant is or will become availableobtains a certificate of occupancy for the space, substantially completed (as defined in paragraph 19.01) in accordance with Tenant's finish plans, which in either case shall be, at Landlord's election, during the 34th month through the 40th month from the original Commencement Date (January 1, 1990). If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of Notwithstanding the availability of foregoing, in the case where the Expansion Space and has not been previously fitted up, if no Event of Default exists when Tenant shall not furnish Tenant’s notice is given, this Lease will 's finish plans within the time period set forth above or the Expansion Commencement Date shall be deemed to be amended to include Tenant’s Expansion Space as part accelerated by the period of the Premises for delay in providing the remainder finish plans. If the Expansion Commencement Date shall not be on or before the last day of the Lease Term upon all of 40th month from the same terms contained in this Lease except original Commencement Date, and provided 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) Tenant has delivered its final and complete finish plans within 90 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 notice of exercise of its option right to lease add the Expansion Space), or the date on which Basic Minimum Annual Rent for the Expansion Space is first occupied shall be abated by Tenant; (iv) if Tenant’s two days for every day beyond the last day of the 40th month that the 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionis delayed.

Appears in 1 contract

Samples: Lease (Tsi International Software LTD)

Expansion Space. As used Upon the substantial completion of Landlord’s Work (the “Expansion Space Commencement Date”), which is anticipated to be on or about December 15, 2011 (however, in this paragraphthe event of a delay in the Expansion Space Commencement Date, Tenant shall not have any claim against Landlord, and Landlord shall have no liability to Tenant, by reason thereof), approximately 3,730 rentable square feet of space on the term first floor of The Xxxxxxxx House, 500 Level shown on the plan attached hereto as Exhibit A-1 (such space, hereinafter referred to as the “Expansion Space” means any space in ”) shall be deemed added to and incorporated into the Building whichPremises demised under the Lease. Additionally, Tenant shall have the exclusive license to use the area known as the upper floors of The Xxxxxxxx House for general office and storage use only (the “As Is Space”) at any time during the Lease Termno additional cost and Tenant shall not sublet, is occupied by a Person other than Landlord under a written lease with Landlordassign, transfer or otherwise convey or encumber this license, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected shall not permit or suffer any other person or entity to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that use or occupy all or 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 part of the availability of As Is Space. Upon the Expansion Space Commencement Date, all references to the Premises in the Lease shall include the Expansion Space, and if no Event of Default exists when Tenant’s notice is given, this all references to Exhibit A in the Lease will shall be deemed to be amended include and refer to include Tenant’s Exhibit A-1. The Expansion Space shall be delivered free of all occupants, personal property, trade fixtures and equipment and, except as part expressly provided herein, shall be accepted by Tenant in “as-is”, “where-is” condition without any warranty of the Premises fitness for the remainder of the Lease Term upon all of the same terms contained use or occupancy, expressed or implied; and Tenant agrees that, except for Landlord’s Work, Landlord has no work to perform 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 or 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 to prepare same for 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord , and that any work to be done in or on the Expansion Space in addition to Landlord’s Work will be performed by Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect at Tenant’s exercise sole cost and expense in accordance with the terms and conditions of this optionthe Lease.

Appears in 1 contract

Samples: Lease (Synageva Biopharma Corp)

Expansion Space. As used in this paragraphLandlord hereby leases to Tenant, and Tenant accepts from Landlord, Expansion Space A and Expansion Space B effective on the term “Expansion Space” means any space in the Building whichSpace A Commencement Date and Expansion Space B Commencement Date, respectively, as such terms are hereinafter defined. With respect to Expansion Space A, Tenant may give Landlord written notice at any time during the Lease Termprior to December 16, is occupied by a Person other than Landlord under a written lease with Landlord1998, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant that it has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any add Expansion Space is or will become available. Subject A to the Premises effective on any date prior rights of other tenants to whom Landlord has granted substantially similar rightsDecember 31, Tenant has 1998, but not sooner than fifteen (15) days after such notice. Effective on the option to lease any date specified in such notice, Expansion Space which Landlord notifies Tenant is or will become availableA shall be added to the Premises and considered part thereof. If Tenant gives does not give such notice specifying a date prior to December 31, 1998, then automatically effective on December 31, 1998 (the earlier of the date so specified or December 31, 1998, the "EXPANSION SPACE A COMMENCEMENT DATE"), without notice or writing of any kind, Expansion Space A shall be added to the Premises and considered part thereof. Upon the Expansion Space A Commencement Date, the Base Rent shall increase by the amount specified of Base Rent attributable to Expansion Space A specified in Article 3 hereof, and additional rent shall increase to reflect the increase in Tenant's Share attributable to Expansion Space A as specified in Article 4 hereof. With respect to Expansion Space B, Tenant may give Landlord written notice of its exercise of this option within thirty at any time prior to September 15, 1999, that it has elected to add Expansion Space A to the Premises effective on any date prior to September 30, 1999, but not sooner than fifteen (3015) days after notification from Landlord such notice. Effective on the date specified in such notice, Expansion Space B shall be added to the Premises and considered part thereof. If Tenant does not give such notice specifying a date prior to September 30, 1999, then automatically effective on September 30, 1999 (the earlier of the availability date so specified or September 30, 1999, the "EXPANSION SPACE B COMMENCEMENT DATE"), without notice or writing of any kind, Expansion Space B shall be added to the Premises and considered part thereof. Upon the Expansion Space and if no Event B Commencement Date, the Base Rent shall increase by the amount specified of Default exists when Tenant’s notice is given, this Lease will be deemed Base Rent attributable to be amended to include Tenant’s Expansion Space as part of B specified in Article 3 hereof, and additional rent shall increase to reflect the Premises for the remainder of the Lease Term upon all of the same terms contained increase in this Lease except that (i) the Rentable Area of the Premises will be amended Tenant's Share attributable 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 B as specified 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionArticle 4 hereof.

Appears in 1 contract

Samples: Lease Agreement (First International Bancorp Inc)

Expansion Space. As used Pursuant to that certain Wall Street Building --------------- Agreement of even date herewith ("Wall Street Agreement") between Tenant and WRC Wall Street LLC, an affiliate of Landlord, Landlord, through its affiliate, has agreed to provide Tenant with an option to expand into a new building to be constructed by Landlord's affiliate. The lease to be entered into between Tenant and WRC Wall Street LLC is hereinafter referred to as the "Wall Street Lease." In certain instances, as set forth in this paragraph, Sections 3(a) and 3(b) of the term “Expansion Space” means any space Wall Street Agreement (or pursuant to comparable sections 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 rightsWall Street Lease), Tenant has the option right to lease any Expansion Space which Landlord notifies Tenant terminate the Wall Street Agreement and, if then in effect, the Wall Street Lease, if Landlord's affiliate is or will become availableunable to meet certain deadlines related to the construction of such new building. If Tenant gives Landlord notice of its exercise of this option within thirty (30so elects to terminate the Wall Street Agreement and, if then in effect, the Wall Street Lease, Tenant has certain remedies as set forth in Section 3(c) days after notification from Landlord of the availability Wall Street Agreement. If the Wall Street Agreement and, if then in effect, the Wall Street Lease, are so terminated pursuant to Section 3(a) or Section 3(b) of the Expansion Space Wall Street Agreement (or pursuant to comparable Sections in the Wall Street Lease), and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed Tenant elects to be amended to include Tenant’s Expansion Space as part move out of the Premises for the remainder as set forth in 3(c)(ii) of the Lease Term upon all of the same terms contained in Wall Street Agreement, and assign this Lease except that (i) or sublease the Rentable Area entire Premises, then Landlord's right to recapture all or any portion of the Premises will in connection with such assignment or sublease, as set forth in Section 17(b) above, shall not apply, and Tenant shall be amended entitled to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include receive the rentable area amount by which all sums paid under such sublease or assignment exceed the total of Tenant’s Expansion Space; (iii) the Term Commencement Date Rent and Additional Rent due under this Lease with respect to Tenant’s Expansion Space will such space. All costs of subleasing, assigning or re-tenanting such space, including without limitation leasing commissions, design fees, legal fees and tenant improvement costs, shall 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 borne 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 the . Any provisions of Section 7.0617(b) to the contrary are superseded by this Section 11. EXHIBIT E SUBORDINATION, design NON-DISTURBANCE AND ATTORNMENT AGREEMENT AGREEMENT made this _____ day of __________, 19__ ________________ ("Lender"), ________________, a ________________ organized under the laws of the state of ________________ ("Borrower"), and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either ________________, a ________________ organized under the laws of them considers necessary or desirable to reflect the state of ________________ ("Tenant’s exercise of this option").

Appears in 1 contract

Samples: Lease Agreement (Visio Corp)

Expansion Space. As used in this paragraph, (a) In the term “Expansion Space” means any space in the Building whichevent that Tenant shall, at any time during the first three (3) Lease Termyears, is occupied by a Person other determine that Tenant will require any additional space, but in no event less than Landlord under a written lease with Landlord, 5,000 sq. ft. and in no event more than 30,000 sq. ft. (the term “Tenant’s "Expansion Space” means "), then Tenant shall so notify Landlord. Tenant's notice shall identify the amount of Expansion Space which required by Tenant has elected and shall identify any special needs that Tenant may have for the Expansion Space. Upon receipt of Tenant's notice, Landlord shall endeavor to lease as provided in this paragraph. provide Tenant with suitable Expansion Space, reasonably acceptable to Tenant, within the Office Building or, within a building(s) to be constructed by Landlord agrees to notify Tenant promptly after Landlord learns that any within the Summerlin Center Professional Park. (x) Xhe Base Rent for the Expansion Space is or will become available. Subject to shall be calculated based upon the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has market rental rate for comparable space within 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 general vicinity of the Expansion Space (the "Market Rate"). In the event that the parties are unable to reach agreement on the Base Rent for the Expansion Space, then, at the request of either party, Landlord and if no Event Tenant shall mutually select an independent MAI appraiser to determine the Market Rate. If the parties are unable to agree upon a single appraiser, then they shall each select one appraiser, and the two (2) appraisers shall select a third appraiser to determine the Market Rate. Any appraisal costs shall be borne equally by the parties. (c) Upon delivery of Default exists when the Expansion Space to Tenant’s notice is given, this the Lease will shall be deemed to be automatically amended to include Tenant’s the Expansion Space, and each party shall, at the request of the other party, execute and deliver an amendment to the Lease to confirm the inclusion of the Expansion Space. Alternatively, Tenant shall, at the request of Landlord execute a separate lease for the Expansion Space as part of the Premises for the remainder of the Lease Term upon all of containing terms and conditions substantially the same terms contained in this Lease except that as the Lease. (id) If Landlord is not able to provide Tenant with the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; , within the Office Building or within Summerlin Center Professional Park, within twelve (ii00) xxxths after the receipt of notice from Tenant’s Share will be increased to include , then Tenant shall have 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 right, exercisable within sixty (60) days after thereafter, to notify Landlord of its election to seek alternative space to satisfy its requirements for the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy and/or to terminate this Lease. In the event that Tenant elects to terminate the Lease, then Tenant shall return the Premises to Landlord in the condition required by the Lease, within ninety (provided that date is at least sixty (6090) days after delivery of Tenant's notice. Provided that Tenant exercises returns the Premises to Landlord in the condition required by the Lease, Tenant shall be entitled to the return of its option to lease security deposit and shall be discharged from any further obligation under the Expansion Space), or Lease from and after the date on which termination date. (e) To the extent that Landlord has provided Tenant with Expansion Space is first occupied by Tenant; (iv) if Tenant’s under this Section 7, Landlord shall be relieved of its obligation to provide Tenant with Alternative Space pursuant to Section 6. Conversely, to the extent that Tenant has exercised its right to relocate to Alternative Space pursuant to Section 6, Landlord shall be relieved of its obligation to provide Tenant with 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments pursuant to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionSection 7.

Appears in 1 contract

Samples: Office Building Lease (Findwhat Com Inc)

Expansion Space. As used Provided that Tenant is not in default under this paragraphLease (which shall include any mater which would constitute a default either with the passage of time or the giving of notice) at any time prior to the time the "Expansion Space Notice" (as such term is defined below) is received by Landlord or thereafter until the date on which the "Tenant's Exercise Notice" (as such term is defined below) is received by Landlord, Tenant shall have the term “Expansion Space” means ongoing option for the lease of any leaseable space in the Building which, at (the "Expansion Space") to the extent the same becomes available for lease to Tenant (which for purposes hereof shall mean that such space is not then occupied or subject to lease or option or right for lease extension or premises expansion by any time other tenant or person) during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and exercisable as follows: If Tenant desires to expand the term “Tenant’s Premises to include any Expansion Space” means , Tenant shall during the initial Term deliver at least ninety (90) days' written notice of such desire to Landlord (the "Expansion Space Notice"). Promptly following receipt of the Expansion Space Notice, Landlord shall deliver to Tenant written notice of any configurations of then available of Expansion Space and Expansion Space which will become available during the twelve (12) month period following the date of Tenant's Expansion Space Notice, and Tenant has elected shall have ten (10) days following the date of such notice from Landlord to elect by written notice to Landlord ("Tenant's Exercise Notice") to notify Landlord, in writing, of which configuration of Expansion Space, if any, Tenant desires to lease as provided in (commencing immediately upon availability) from Landlord, which lease shall be for a term co-terminus with the Lease Term and otherwise subject to all applicable terms and conditions of this paragraph. Lease; provided, however, that Landlord agrees shall have no obligation to notify Tenant promptly after Landlord learns that any improve the Expansion Space is for Tenant. If (i) Tenant does not deliver an Expansion Space Notice, or will become available. Subject to the prior rights (ii) after delivery of other tenants to whom Landlord has granted substantially similar rightsTenant's Expansion Space Notice and receipt of notice of any available space from Landlord, Tenant has the option does not deliver Tenant's Exercise Notice within such ten (10) day period electing to lease any such Expansion Space, Landlord may proceed to lease such Expansion Space which to any party upon any terms and conditions as Landlord notifies Tenant is or will become availabledesires. If Tenant gives delivers the Expansion Space Notice and actually leases the Expansion Space, then (i) the "Premises" shall thereafter be deemed for all purposes to include the Expansion Space and (ii) Tenant's Base Rent, Percentage Share of Building Operating Expenses, and Building Tax Expenses, Security Deposit, and other matters in this Lease pertaining to the amount of Rentable Area contained within the Premises shall be adjusted accordingly, as reasonably determined by Landlord. Landlord notice of its exercise of this option and Tenant shall within thirty (30) days after notification from Landlord following Landlord's receipt of the availability Tenant's Exercise Notice execute an amendment to this Lease prepared by Landlord to reflect the addition to the Premises of the Expansion Space Space, and if no Event of Default exists when Landlord may, but without obligation to do so, declare the Tenant’s notice is given, this Lease will be deemed 's Exercise Notice to be amended null and void if Tenant fails to include Tenant’s Expansion Space as part of execute such amendment. Notwithstanding anything to the Premises for the remainder of the Lease Term upon all of the same terms contrary contained in this Lease except that (i) paragraph, Tenant may not exercise its rights under this Section 40 after the Rentable Area last day 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.sixtieth

Appears in 1 contract

Samples: Office Lease (Act Networks Inc)

Expansion Space. As used in this paragrapha. The Premises shall be expanded to include an additional 6,488 square feet ("Expansion Premises") located at 4200 Xxxxxxxxx Xxxx Xxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000. Xxmmencement Date" means 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 earlier of (1) 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 's delivery 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 possession of the Expansion Space and if no Event of Default exists when Premises to 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; or (ii) Tenant’s Share will be increased to include January 1, 2000. If by the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect Landlord has not substantially completed the improvements to Tenant’s the Expansion Space will Premises required to be made hereof or if Landlord, for any reason whatsoever cannot deliver possession of the Expansion Premises to Tenant by the Commencement Date, then the Commencement Date shall be postponed (and rent herein provided, pro-rata to the Expansion Premises, shall not commence) until the earlier of sixty either (60I) days after the date on which Tenant’s Expansion Space becomes vacant and ready for of actual occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease of the Expansion SpacePremises by Tenant or (ii) the date immediately following the day Landlord has achieved substantial completion of such improvements. b. If, and to the extent, Landlord's substantial completion of the improvements to Expansion Premises pursuant to Exhibit "A" attached hereto is delayed due to any act or omission of Tenant or anyone acting under or for Tenant (any such delay being hereinafter referred to as "Tenant's Delay"), or then the Commencement Date shall be 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 morespecified above, 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 Etherein, Basic Rent for each year but without extension as result of Tenant's Delay; provided that from the Commencement Date, as so determined, until the earlier of (I) the date of actual occupancy of the remaining Lease Term Expansion Premises by Tenant or (as it may be extended) will be the greater of (aii) the Basic Rent last paid by date immediately following the Person most recently occupying date Landlord should have achieved substantial completion of such improvements but for Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option's Delay, Tenant’s Expansion Space will 's obligations under this Lease shall be leased to the payment of any and all Rent due hereunder. c. Within five (5) days of written request by Landlord, Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree agrees to execute such amendments and deliver to this Lease Landlord a Letter Agreement As To Term and other instruments as either Premises pursuant to Exhibit "B" attached and made a part hereof, setting forth the exact Commencement Date of them considers necessary or desirable the Expansion and stating that all tenant improvements to reflect Tenant’s exercise of this optionbe constructed by Landlord have been substantially completed, subject to any outstanding punch-list items.

Appears in 1 contract

Samples: Lease Agreement (Telemate Net Software Inc)

Expansion Space. As used (i) So long as Tenant is not in this paragraphdefault hereunder, Tenant shall have the term right (the “Expansion Option”) to lease Suite 510 containing approximately 5,219 rentable square feet of space (the “Expansion Space” means any ”) on April 30, 2013. The Expansion Space shall mean the space designated on Exhibit L attached hereto and by this reference made a part hereof. In the event other space located on the 2nd and 5th floors between 5,000 and 10,000 rentable square feet becomes available during the Term, Landlord reserves the right to offer such space to Tenant as expansion space in the Building whichlieu of Suite 510. (ii) The Expansion Option shall be exercised by Tenant, if at any time during the Lease Termall, is occupied by a Person other than Landlord under a Tenant’s written lease with notice to Landlord, to be determined to Landlord no later than October 31, 2012. Should Tenant fail to duly and the term “timely exercise this Expansion Option it shall become null and void and of no further force and effect. Landlord shall, within (15) days of receipt of Tenant’s notice, (a) propose a space delivery date for the subject option space, (b) provide Tenant with plan of the proposed expansion space (the “Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to ”) and (c) notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject of the proposed market terms and conditions (including Base Rent and a Tenant Improvement Allowance, if any) applicable to the prior rights space. Tenant shall have fifteen (15) days after receipt of other tenants Landlord’s expansion option proposal to whom provide 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 written notice of its exercise acceptance of the market terms and conditions (“Prevailing Market Rate”) proposed by Landlord. Failure by Tenant to provide Landlord with a written notice of acceptance within the fifteen (15) day period shall be deemed an acceptance of said offer and Landlord shall prepare an appropriate amendment. The term of the lease with respect to the Expansion Space shall be co-terminus with the Term of the Lease for the Initial Premises and the Expansion Space shall be added to this Lease from and after the date Landlord delivers the Expansion Space to Tenant, or such earlier date to which Landlord and Tenant may mutually agree, through the last day of the Term, as the same may be extended. The Expansion Space shall be subject to all terms and provisions of this option within Lease, as amended, then in effect for the Premises. (iii) If Tenant does not accept Landlord’s determination of the applicable market terms and conditions, Landlord and Tenant shall negotiate in good faith for a period of up to thirty (30) days after notification from Landlord the date of Landlord’s notice to Tenant of the availability of proposed market terms to reach an agreement on the market terms and conditions applicable to the Expansion Space Space. If Landlord and if no Event of Default exists when Tenant’s notice is givenTenant are unable to agree upon the market terms and conditions within said thirty (30) day period, this Lease will be deemed then Tenant can elect to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of (a) cease negotiations and the Lease Term upon all of shall continue under 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 conditions as in the Lease Termand the Expansion Option shall be null and void and of no further force or effect, 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) cause the market terms and conditions to be determined by the method set forth below. “Prevailing Market Rent determined Rate” shall mean the annual gross rental rate per square foot (inclusive of operating expense pass-through) of net rentable area then being charged for a lease the duration of the Renewal Term in comparable buildings located in Atlanta, Georgia for space comparable to the Premises (taking into consideration use, location, and/or floor level within the applicable building, the definition of rentable floor area, leasehold improvements provided, remodeling credits or allowances granted, commissions quality, age and location of the applicable building, rental concessions (such as provided in abatements or lease assumptions) offered to both new and renewing tenants, the Rent Rider attached as Exhibit E. If provision of free or paid unassigned parking, at the time the particular rate under consideration became effective, size of tenant, relative operating expenses, relative services provided, Tenant exercises this optionImprovement Allowances, moving allowances, rental abatement, current base year for operating expenses, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant willcredit worthiness, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments relevant and applicable factors. Bona fide written offers to lease comparable space located elsewhere in the Building, from third parties (at arms length), may be used as either an indication of them considers necessary or desirable to reflect Tenant’s exercise of this optionthe Prevailing Market Rate.

Appears in 1 contract

Samples: Office Lease (TRX Inc/Ga)

Expansion Space. As used in (A) For purposes of this paragraphSub Sublease, the term “Expansion Space” means any shall mean that certain space in constituting the balance of the Building whichcontaining approximately Thirty Seven Thousand Thirty Seven (37,037) square feet of rentable warehouse space located on the first floor of the Building, at as shown on Exhibit E attached hereto. (B) Provided the Sublease has not been terminated and Tengion is not in default beyond any time applicable grace period, Tengion shall have the right to lease the Expansion Space, in its entirety, during the Lease Termperiod beginning on the Sub-Sublease Commencement Date upon the terms and conditions set forth in this Section 9. Prior to December 1, is occupied by a Person other than Landlord under a written lease 2007, Corporate Interiors shall not be permitted to sublease any of such space to any party except if such further subleases are subject to termination in connection with Landlord, and Tengion’s exercise of its rights to expand into the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord and such third party agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to return 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 portion of the Expansion Space and if no Event it sublets to the condition of Default exists when Tenantthe space as of the commencement of such third party’s sub-sublease term upon vacating. Such right shall be exercised by Tengion by providing Corporate Interiors written notice is given, this Lease will be deemed at least six (6) months prior to be amended to include TenantTengion’s occupancy of the Expansion Space. Tengion’s Expansion Space Right (as part hereinafter defined) shall not expire with respect to any portion of the Premises for Expansion Space during the remainder Sub-Sublease Term unless and until such space is subleased to a third party following the delivery of the Lease Term Corporate Interiors’ Notice as described below. (C) After December 1, 2007, and provided Tengion has not exercised the Expansion Right, in the event Corporate Interiors desires to sub-sublease the Expansion Space, or any part thereof (the “Refusal Space”), to a third party sub-subtenant and Corporate Interiors has an agreement in principle (in the form of an agreed upon all letter of the same terms contained in this Lease except that intent or other similar instrument) with said third party sub-subtenant, Corporate Interiors shall give Tengion written notice thereof (“Corporate Interiors’ Notice”) prior to Corporate Interiors entering into any sub-sublease for such Refusal Space, which notice shall specify (i) the Rentable Area square footage and layout of the Premises will be amended Refusal Space which Corporate Interiors desires to include Tenant’s Expansion Space; sub-sublease, (ii) Tenant’s Share will the date upon which such Refusal Space shall be increased to include the rentable area of Tenant’s Expansion Spaceavailable for occupancy; (iii) the Term Commencement Date intended manner of use of the Refusal Space by the prospective sub-subtenant and (iv) the terms upon which such Refusal Space is intended to be Sub-Subleased. Tengion shall thereupon have a right (a “Refusal Right”) to include in the Sub-Subleased Premises all, but not less than all, of the Refusal Space (as specified in Corporate Interiors’ Notice or as otherwise provided in this Section) and for a term which is coterminous with the term of this Sub-Sublease, upon the following terms and conditions: (i) Tengion shall give Corporate Interiors written notice of its election to exercise a Refusal Right within five (5) business days after Corporate Interiors gives Tengion Corporate Interiors’ Notice for such Refusal Right; and (ii) Tengion is not in default under this Sub-Sublease or any of the provisions of the Lease or the Sublease either on the date Tengion exercises such Refusal Right or the right of expansion set forth in Section 9(A) hereof (the “Expansion Right”) or at any time prior to the proposed effective date of inclusion of the applicable portion of the Expansion Space in the Sub-Subleased Premises. (D) In the event that Tengion does not timely or properly exercise either the Refusal Right or the Expansion Right, Corporate Interiors may at any time thereafter sub-sublease the Expansion Space or the Refusal Space respectively to any third party tenant without any further rights of Tengion to sub-sublease such Refusal Space provided, however, if such sub-sublease is not executed and delivered by the parties thereto within ninety (90) days following the date of Corporate Interiors’ Notice or if the terms of such proposed sub sublease are altered in any material way (excluding any alteration to the economic terms which are not the subject of Tengion’s review), Corporate Interiors shall again offer the Refusal Space to Tengion as provided in Section 9(C). (E) Minimum Rent for the Expansion Space and the Refusal Space shall be paid in accordance with the chart set forth below: 03/01/2006-02/28/2007 $ 6.25 03/01/2007-02/29/2008 $ 6.50 03/01/2008-02/28/2009 $ 6.75 03/01/2009-02/28/2010 $ 7.00 03/01/2010-02/28/2011 $ 7.25 In no event shall the rent per square foot of the Expansion Space or the Refusal Space be averaged or blended with the Minimum Rent paid with respect to Tenant’s the balance of the Sub-Subleased Premises and the rents to be paid for the Expansion Space will or Refusal Space shall be calculated separate and apart from the earlier Minimum Rent for balance of sixty the Sub-Subleased Premises. (60F) days after In the date on event Tengion exercises any Refusal Right or Expansion Right provided herein, all of the terms and provisions of the Lease, the Sublease and this Sub-Sublease shall be applicable to that portion of the Refusal Space or the Expansion thereby included in the Sub-Subleased Premises, except as specifically set forth in this Section 9. (G) In the event Tengion exercises the Refusal Right or an Expansion Right, the Letter of Credit tendered for the Security Deposit shall increase by an amount equal to the product obtained by multiplying (x) the first eighteen months of Minimum Rent to be paid by Tengion for the Refusal Space leased (or if less, the Minimum Rent to be paid for the balance of the Sublease Term with respect to the Refusal Space) by (y) a fraction the numerator of which Tenant’s is the number of months remaining in the Sublease Term and the denominator of which is seventy five (75) and Corporate Interiors and Tengion shall promptly execute and deliver an amendment to this Sub-Sublease reflecting the inclusion of the applicable portion of such Expansion Space becomes vacant or Refusal Space in the Sub-Subleased Premises on the terms herein provided. In the event the restrooms depicted on Exhibit G are included in the Refusal Right, it shall be a condition to Tengion’s rights under this Section that Tengion will agree to construct comparable replacement restrooms in the event that the entire Expansion Space is not subleased by Tengion; provided, however, Tengion shall not be obligated to construct such restrooms unless and until such space is being utilized by Corporate Interiors or is sub-subleased to third party as provided in this Section 9 (i.e. Tengion shall not be obligated to construct such restrooms for purposes of making such space ready for occupancy in connection with Corporate Interiors’ sub-subleasing efforts). (provided H) Tengion agrees to accept possession of such portion of such Expansion Space or Refusal Space in an “as is”, “where is” physical condition and Tengion shall not be entitled to any credit or allowance or other economic concession from Corporate Interiors for the improvement thereof. (I) All Refusal Rights and Expansion Rights granted in this Sub-Sublease shall automatically terminate upon the earlier to occur of (i) the expiration or termination of this Sub-Sublease, (ii) the termination of Tengion’s right to possession of the Sub-Subleased Premises, or (iii) the assignment of this Sub-Sublease by Tengion or the sublease by Tengion of the Sub-Subleased Premises, or any part thereof except as permitted by Section 15 below. (J) Tengion and Corporate Interiors each represent to the other that date is at least sixty (60) days after Tenant exercises its option to lease they have not dealt with any brokers or agents in connection with the negotiation of the Expansion Space), Right 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, Refusal Right and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will no commissions shall be extended due to include three (3) full years from the Term Commencement Date any broker with respect to Tenant’s the exercise of any such right. Furthermore, the commissions due to Binswanger and Xxxxxxxx Xxxx as described in Section 26 below are not applicable to the Expansion Space; Right or the Refusal Right. Each of Corporate Interiors and (v) subject Tengion agree to adjustment during each Fixed Rental Period as provided in Exhibit Eindemnify and hold harmless the other from and against any and all costs, Basic Rent liabilities or claims for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid commission or other compensation by any broker or agent employed by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided indemnifying party and/or who claim to have been employed by the indemnifying party 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 connection with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optioneither the Refusal Right or the Expansion Right.

Appears in 1 contract

Samples: Sub Sublease Agreement (Tengion Inc)

Expansion Space. As used (a) Landlord hereby leases to Tenant and Tenant hereby leases from Landlord certain space consisting of approximately 3,166 rentable square feet identified as Suite 140 on the first (1st) floor of the Building, as more particularly shown on Exhibit A attached hereto (the “Fifth Amendment Expansion Premises”), subject to and in accordance with the terms and conditions of this paragraphAmendment. Landlord will deliver the Fifth Amendment Expansion Premises to Tenant upon the full execution and delivery of this Amendment. The term of the Lease for the Fifth Amendment Expansion Premises will commence on the date that Landlord delivers the Fifth Amendment Expansion Premises to Tenant (the “Fifth Amendment Expansion Premises Commencement Date”) and shall end on December 31, 2025 (the “Fifth Amendment Expansion Premises Expiration Date”). Therefore, the term of the Lease for the Fifth Amendment Expansion Space” means any space Premises will not be coterminous with the term of the Lease for the Current Premises. (b) The parties acknowledge that: (i) during the period commencing on the Fifth Amendment Expansion Premises Commencement Date and continuing through the Monroe Wing Surrender Date (as such term is defined in the Building whichFourth Amendment), 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 total area of the availability of entire Premises under 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 Spaceapproximately 537,573 rentable square feet; (ii) Tenant’s Share during the period after the termination of the Lease with respect to both of the Surrender Spaces (as such term is defined in the Fourth Amendment) and continuing through the Fifth Amendment Expansion Premises Expiration Date, the total area of the entire Premises under the Lease will be increased to include the approximately 505,535 rentable area of Tenant’s Expansion Spacesquare feet; and (iii) after the Term Commencement Date with respect to Tenant’s Fifth Amendment Expansion Space Premises Expiration Date, the total area of the entire Premises under the Lease 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 approximately 502,369 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionfeet.

Appears in 1 contract

Samples: Amended and Restated Lease (Rocket Companies, Inc.)

Expansion Space. As used (a) Pursuant to and in accordance with Section 24.25 of the Lease, Tenant has previously exercised its right to lease the Expansion Space (i.e., Suite 1402 consisting of approximately 2,841 rentable square feet). (b) The term “Expansion Space Commencement Date” is the date of this paragraphFirst Amendment, and effective as of the Expansion Space Commencement Date: (i) Landlord hereby leases to Tenant and Tenant hereby lenses from Landlord the Expansion Space; and (ii) the term “Premises” shall include the Expansion Space” means any space , and Tenant’s lease of the Expansion Space shall be subject to all the terms and conditions of the Lease, as modified hereby. (c) The Lease Term for the Expansion Space shall commence on the Expansion Space Commencement Date and shall expire as and when the Lease Term for the initial Premises expires. (d) The Rent Commencement Date for the Expansion Space shall be the earlier of (a) ninety (90) days after the Expansion Space Commencement Date, and (b) the date Tenant commences beneficial use of the Expansion Space. Tenant shall be deemed to have commenced beneficial use of the Expansion Space when Tenant begins normal business operations 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 is in material breach of its exercise of any obligation under the Lease or this option within thirty (30) days after notification from Landlord of the availability Amendment, then at Landlord’s written election, Tenant shall not have any right to commence beneficial use of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, rights pursuant to this Lease will be deemed to be amended to include Tenant’s Expansion Space as part Paragraph 2 (and Section 24.25 of the Premises for Lease) shall be of no further force or effect. If 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 Rent 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 not the first occupied by Tenant; day of a month, then on the Rent Commencement Date for the Expansion Space, Tenant shall pay the Base Rent for the month in which such Rent Commencement Date occurs, calculated at a daily rate of one-thirtieth (iv1/30th) if Tenant’s of an installment of the monthly Base Rent for such Expansion Space. (e) Base Rent per rentable square foot of the Expansion Space contains a for the period from the Rent Commencement Date for the Expansion Space through the end of the then current Lease Year for the Premises shall be the then current Base Rent per rentable area square foot of 10,000 square feet or morethe Premises being paid by Tenant (thereafter Base Rent for the Expansion Space shall be increased on the same day, and if there are less than three (3) Lease Years remaining in the Lease Termsame manner and using the same percentage for increases in Base Rent as applicable to the Premises), except that the Lease Term will be extended to include three first four (34) full years from calendar months of Base Rent due for 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 only shall be abated. (bf) Market Rent determined as provided in Landlord shall deliver and Tenant shall accept 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 as of the Expansion Space Commencement Date, and Landlord is under no obligation to make any Alterations in or to the Expansion Space except as otherwise expressly provided in the Lease. (g) Landlord shall provide Tenant willan allowance (the “Expansion Space Allowance”) of twenty-five dollars ($25.00) per rentable square foot of the Expansion Space. The Expansion Space Allowance is provided in order to help Tenant finance the cost of tenant improvements to the Expansion Space (“Expansion Space Work”). As part of the Expansion Space Work, Tenant shall be permitted: (i) to eliminate all demising walls on the 14th floor of the Building so that all space leased by Tenant on the 14th floor of the Building is contiguous; and (ii) to renovate the restrooms located on the 14th floor of the Building; in each case subject to Landlord’s approval of the design for such renovations, such approval not to be unreasonably conditioned, withheld or delayed. Landlord shall have no duty to advance any portion of the Expansion Space Allowance until Landlord has approved final working drawings for such Expansion Space Work, which approval shall not be unreasonably withheld, conditioned or delayed. The Expansion Space Allowance may be used for any portion of the Expansion Space Work, including, but not limited to, build-out, design, drawings, and CD’s and a reasonable and customary construction management fee of one percent (1%) of total construction costs payable to Landlord, and up to $5.00 per rentable square foot of the Expansion Space Allowance may be used to pay the costs of furniture, telecommunications equipment, cabling and wiring. Within thirty (30) days after the written request of Tenant, provided that at its expense the time of Tenant’s written request the Expansion Space Work is substantially complete, as certified by Tenant’s architect and verified by Landlord’s construction manager, Landlord shall reimburse Tenant for reasonable expenses incurred by Tenant to date in compliance constructing such Expansion Space Work to the extent of the Expansion Space Allowance, provided: (i) such request is accompanied by a copy of the invoice for such expenses; (ii) copies of all contracts, bills, vouchers, change orders and other information relating to the expenses for which reimbursement is being sought as may be reasonably requested by Landlord shall be made available to Landlord by Tenant; (iii) the work and materials for which payment is requested are substantially in accordance with the provisions final working drawings approved by Landlord; (iv) the work and materials for which payment is requested have been physically incorporated into the Expansion Space, free of Section 7.06any security interest, design lien or encumbrance; and construct (v) Tenant has delivered to Landlord written, unconditional final waivers of mechanics’ and materialmen’s liens against the Expansion Space, the Premises and the Building from all Improvements desired contractors, subcontractors, laborers and material suppliers. Notwithstanding anything above to the contrary, Landlord shall not be required to reimburse Tenant for any invoice received later than six (6) months following the Rent Commencement Date for the Expansion Space, and any Expansion Space Allowance not spent for the Expansion Space Work or for which payment is not requested by such date by Tenant as aforesaid shall remain the property of Landlord. The Expansion Space Allowance must be used for its use work and occupancymaterials physically incorporated into the Expansion Space. (h) Tenant shall receive an additional fifteen (15) access cards for entry to the Building and Garage at no cost within ten (10) days of the Expansion Space Commencement Date. Replacement access cards or additional access cards may be provided by Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect upon Tenant’s exercise of this optionrequest and at Landlord’s standard charge.

Appears in 1 contract

Samples: Lease Agreement (Alarm.com Holdings, Inc.)

Expansion Space. As used SECTION 1. If Texaco Inc. and/or an Affiliate of Texaco Inc. is in ownership of the Building: (A) Provided that this paragraph, the term “Expansion Space” means any space Lease is in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlordfull force and effect, and the term “Tenant’s Expansion Space” means Expansion Space which that Tenant has elected faithfully kept and performed all of the terms and obligations on its part then to lease as be performed under the Lease, then Tenant shall have the option provided in this paragraphSection to expand the Demised Premises to include the space as reflected on Exhibit "F" annexed hereto and made a part hereof (the "Preliminary Expansion Space"). 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 rightsTo exercise such expansion option, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives shall give Landlord notice of its intention to exercise such expansion option on or prior to the three (3) year anniversary of the Commencement Date (the "Preliminary Expansion Space Notice"). This expansion option shall be deemed waived unless Tenant properly gives the Preliminary Expansion Space Notice. Tenant and Landlord agree and stipulate that the total number of rentable square feet of space of the Preliminary Expansion Space is approximately twenty thousand (20,000) square feet and that upon such expansion the Leased Floor Space will be increased by the actual amount. Measurement of the actual amount shall be performed by first using the BOMA method for measuring useable rentable space and then multiplying the result by 1.1765 (which accounts for a 15% loss factor from gross rentable to usable rentable space) to achieve the figure for gross rentable space. The base rent to be charged and the tenant improvement allowances allocable to the Preliminary Expansion Space shall be determined based upon similar rent charges and tenant improvement allowances applicable to a lease of comparable space, in terms of age, quality, size, location, services, amenities, quality of construction, appearance and length of lease (the "Fair Market Value"). The lease term for the Preliminary Expansion Space shall commence six (6) months after Tenant properly gives the Preliminary Expansion Space Notice (but in no event later than the three (3) year, six (6) month anniversary of the Commencement Date), and shall be coterminous with the Lease Term ("Preliminary Expansion Space Term"), provided that Landlord shall have made the Preliminary Expansion Space available to Tenant on the commencement of the Preliminary Expansion Space Term in accordance with Section 3 of this Article. (B) Provided that this Lease is in full force and effect, that Tenant has faithfully kept and performed all of the terms and obligations on its part then to be performed under the Lease, and that Tenant is not then currently assigning or subletting more than a total of fifteen (15%) percent of the Demised Premises (as from time to time constituted, exclusive of such assignments and subleases), then Tenant shall have the option provided in this Section, to further expand the Demised Premises. In the event that Tenant has properly exercised its option to lease the Preliminary Expansion Space pursuant to the preceding subparagraph (A) hereof and is currently occupying such space, then the space subject to Tenant's further option shall be the -100- 105 space reflected on Exhibit "G" annexed hereto and made a part hereof; in all other cases, the space subject to Tenant's further option shall include a portion of the space reflected on Exhibit "I" annexed hereto and made a part hereof as designated by Landlord in Landlord's reasonable discretion, provided there is direct access to such space for Tenant from the Demised Premises. (The space referenced on Exhibit "G" or, if applicable, the space referenced on Exhibit "I" and so designated by Landlord, shall hereinafter be referred to as the "Expansion Space"). To exercise such expansion option, Tenant shall give Landlord notice of its intention to exercise such expansion option on or prior to the seven (7) year, three (3) month anniversary of the Commencement Date (the "Expansion Space Notice"). This expansion option shall be deemed waived unless Tenant properly gives the Expansion Space Notice. Tenant and Landlord agree and stipulate that the total number of rentable square feet of space of the Expansion Space is approximately thirty thousand (30,000) square feet, which amount may be adjusted upward or downward so that Landlord may reasonably situate the Expansion Space in the Building, and the Leased Floor Space will be increased by the actual amount. Measurement of the actual amount shall be performed by first using the BOMA method for measuring useable rentable space and then multiplying the result by 1.1765 (which accounts for a 15% loss factor from gross rentable to usable rentable space) to achieve the figure for gross rentable space. The base rent to be charged and the tenant improvement allowance allocable to the Expansion Space shall be determined based upon Fair Market Value. The lease term for the Expansion Space shall commence on the later of (y) the four (4) year anniversary of the Commencement Date, and (x) nine (9) months after Tenant properly gives the Expansion Space Notice (but in no event later than the day before the eight (8) year anniversary of the Commencement Date), and shall be coterminous with the Lease Term ("Expansion Space Term"), provided that Landlord shall have made the Expansion Space available to Tenant on the commencement of the Expansion Space Term in accordance with Section 3 of this Article. (C) Provided that this Lease is in full force and effect, that Tenant has faithfully kept and performed all of the terms and obligations on its part then to be performed under the Lease, and that Tenant is not then currently assigning or subletting more than a total of fifteen (15%) percent of the Demised Premises (as from time to time constituted, exclusive of such assignments and subleases), then Tenant shall have the option provided in this Section, to further expand the Demised Premises. In the event that Tenant has properly exercised its option -101- 106 to lease the Preliminary Expansion Space and the Expansion Space pursuant to the preceding subparagraphs (A) and (B) hereof and is currently occupying such space, then the space subject to Tenant's further option shall be the space reflected on Exhibit "H" annexed hereto and made a part hereof; in all other cases, the space subject to Tenant's further option shall include a portion of the space reflected on Exhibit "I" annexed hereto and made a part hereof as designated by Landlord in Landlord's reasonable discretion, provided there is direct access to such space for Tenant from the Demised Premises. (The space referenced on Exhibit "H" or, if applicable, the space referenced on Exhibit "I" and so designated by Landlord, shall hereinafter be referred to as the "Additional Expansion Space"). To exercise such expansion option, Tenant shall give Landlord notice of its intention to exercise such expansion option on or prior to the eleven (11) year, three (3) month anniversary of the Commencement Date (the "Additional Expansion Space Notice"). This expansion option shall be deemed waived unless Tenant properly gives the Additional Expansion Space Notice. Tenant and Landlord agree and stipulate that the total number of rentable square feet of space of the Additional Expansion Space is approximately thirty thousand (30,000) square feet, which amount may be adjusted upward or downward so that Landlord may reasonably situate the Additional Expansion Space in the Building, and the Leased Floor Space will be increased by the actual amount. Measurement of the actual amount shall be performed by first using the BOMA method for measuring useable rentable space and then multiplying the result by 1.1765 (which accounts for a 15% loss factor from gross rentable to usable rentable space) to achieve the figure for gross rentable space. The base rent to be charged and the tenant improvement allowance allocable to the Additional Expansion Space shall be determined based upon Fair Market Value. The lease term for the Additional Expansion Space shall commence on the later of (y) the eight (8) year anniversary of the Commencement Date, and (x) nine (9) months after Tenant properly gives the Additional Expansion Space Notice (but in no event later than the day before the twelve (12) year anniversary of the Commencement Date), and shall be coterminous with the Lease Term ("Additional Expansion Space Term"), provided that Landlord shall have made the Additional Expansion Space available to Tenant on the commencement of the Additional Expansion Space Term in accordance with Section 3 of this Article. SECTION 2. If Texaco Inc. and/or an Affiliate of Texaco Inc. is not in ownership of the Building: (A) Tenant shall have the option provided in this Section to expand the Demised Premises to include the Preliminary Expansion Space on the same terms and conditions, and subject to the same limitations, as are set forth in Article 34, Section 1(A). (B) Tenant shall have the option provided in this Section to expand the Demised Premises to include the Expansion Space on the same terms and conditions, and with the same limitations, as are set forth in Article 34, Section 1(B), subject to the remaining provisions of this Section 2(B). To exercise such expansion option, Tenant shall give Landlord notice of its intention to exercise such expansion option on or prior to the three (3) year, three (3) month anniversary of the Commencement Date (the "Alternate Expansion Space Notice"). The lease term for the Expansion Space shall commence on the four (4) year anniversary of the Commencement Date, and shall be coterminous with the Lease Term ("Alternate Expansion Space Term"), provided that Landlord shall have made the Expansion Space available to Tenant on the commencement of the Alternate Expansion Space Term in accordance with Section 3 of this Article. (C) Tenant shall have the option provided in this Section to expand the Demised Premises to include the Additional Expansion Space on the same terms and conditions, and with the same limitations, as are set forth in Article 34, Section 1(C), subject to the remaining provisions of this Section 2(C). To exercise such expansion option, Tenant shall give Landlord notice of its intention to exercise such expansion option on or prior to the seven (7) year, three (3) month anniversary of the Commencement Date (the "Alternate Additional Expansion Space Notice"). The lease term for the Additional Expansion Space shall commence on the eight (8) year anniversary of the Commencement Date, and shall be coterminous with the Lease Term ("Alternate Additional Expansion Space Term"), provided that Landlord shall have made the Additional Expansion Space available to Tenant on the commencement of the Alternate Additional Expansion Space Term in accordance with Section 3 of this Article. SECTION 3. The Preliminary Expansion Space, Expansion Space and Additional Expansion Space shall be considered part of the Demised Premises and shall be subject to all of the terms and conditions of this Lease as applied to the Demised Premises. Each of the Preliminary Expansion Space, the Expansion Space and the Additional Expansion Space shall be delivered to Tenant in its then "as is" condition free of all leases, tenants and/or occupants and provided further that Landlord shall have removed therefrom all of Landlord's (or such prior -103- 108 occupant's) furniture, office equipment and any other articles of movable personal property provided the same are not built into or installed. Landlord shall not be obligated to perform any work to prepare either the Preliminary Expansion Space, the Expansion Space or the Additional Expansion Space for Tenant. The construction or build out of the Preliminary Expansion Space, Expansion Space or Additional Expansion Space shall be Tenant's responsibility and shall be subject to all of the terms and conditions required for the construction of the Demised Premises as set forth in Article 2 and other parts of this Lease, except that the Tenant Improvement Allowance authorized for the construction of each of these additional spaces shall be based upon Fair Market Value. SECTION 4. Promptly following Tenant's delivery to Landlord of notice that Tenant is exercising its option to take the Preliminary Expansion Space, Expansion Space and the Additional Expansion Space, Landlord shall notify Tenant of the amount which, in Landlord's reasonable opinion represents the Fair Market Value for the base rent and/or tenant improvement allowances relative to such space. Within twenty (20) days of such notice, if Tenant disagrees with the Fair Market Value proposed by Landlord, Tenant shall notify Landlord that Tenant so disagrees that the base rent and/or tenant improvement allowances therein provided constitutes Fair Market Value, and shall specify what base rent and/or tenant improvement allowance, in Tenant's opinion, constitutes Fair Market Value ("Tenant's Fair Market Value Notice"). In the event no Tenant's Fair Market Value Notice is timely given to Landlord as aforesaid, the base rent and/or tenant improvement allowances set forth in Landlord's aforementioned notice to Tenant shall be deemed to be Fair Market Value. In the event Tenant's Fair Market Value Notice is timely given, and Landlord and Tenant still cannot agree on the Fair Market Value, then the procedure set forth in Section 5 of this Article 34 shall be used in determining Fair Market Value. SECTION 5. In the event the parties cannot agree upon the base rent and/or tenant improvement allowance constituting the Fair Market Value within seven (7) business days following Tenant's Fair Market Value Notice, then at the request of either party to the other (called the "Fair Market Value Initial Request"), Landlord and Tenant shall each nominate one appraiser deemed by them, respectively, to be fit, reputable and impartial, to appraise and determine the Fair Market Value. The nomination of each such appraiser shall be in writing and -104- 109 shall be given by each party to the other within twenty (20) days following a party's receipt of the Fair Market Value Initial Request and the two appraisers shall thereafter make their respective determinations of the Fair Market Value within thirty (30) days after notification from Landlord of their both having been appointed. If only one party shall so nominate an appraiser, then that appraiser shall act alone. If the Fair Market Value as determined by one appraiser is not more than 110% of the availability of Fair Market Value as determined by the Expansion Space and if no Event of Default exists when Tenant’s notice is givenother appraiser, 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 Fair Market Value will be the earlier average of the two Fair Market Value amounts. In all other cases, the appraisers will jointly select a third appraiser who is a fit, reputable and impartial person, which appointment shall be made within sixty (60) days after the date on second of the first two appraisers has been appointed. The third appraiser will, within twenty (20) days of its retention, determine its view of the Fair Market Value, which Tenant’s may be any amount that is between the Fair Market Value determinations made by the first two appraisers. The determination of the Fair Market Value in accordance with this Section will be final, binding and conclusive upon the parties. Tenant agrees to take the Preliminary Expansion Space, Expansion Space becomes vacant and/or Additional Expansion Space in accordance with such determination, and ready for occupancy to execute confirming agreements with respect thereto within ten (provided that date is at least sixty (6010) days after Tenant exercises Landlord's submission thereof to Tenant. Each party shall bear the expense of its option own appraiser, but the fees of the third appraiser shall be shared equally. SECTION 6. No person shall be qualified for appointment as an appraiser hereunder unless he or she is a licensed real estate broker or agent with at least five (5) years of experience in leasing office space. Any appraiser may be removed by the parties or other persons who appointed that appraiser, as the case may be, for failure to lease the Expansion Spaceperform his or her duties expeditiously, and a successor appraiser shall be promptly appointed by such parties or person(s), or as 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 case 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionbe.

Appears in 1 contract

Samples: Lease Agreement (Atlas Air Inc)

Expansion Space. As used (a) In the event Tenant exercises its right to renew the Lease Term in accordance with the provisions of Rider No. 1 to this paragraphLease, Landlord agrees that provided Tenant is not in default hereunder, beyond any applicable notice and cure period, Tenant shall be afforded the term “right, exercisable at Tenant's option to lease an additional 2,437 square feet of space on the twelfth (12th) floor of the Office Building which is contiguous to the Premises (the "Expansion Space” means any space in the Building which, ") at any some time during the first two (2) Lease Years of the Renewal Term, is occupied by a Person other than Landlord under a written lease with Landlord, and . The date upon which 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 made available to Tenant during the first two (2) Lease Years of the Renewal Term shall be determined by Landlord in its sole discretion. (b) Landlord shall notify Tenant of the availability of the Expansion Space. (c) The annual base rent with respect to the prior rights Expansion Space shall be equal to one hundred percent (100%) of the then prevailing fair market rent for such space reflecting the concessions then being quoted by Landlord and other tenants building owners for office buildings of comparable size, location and quality to whom the Office Building in the North Bethesda, Montxxxxxx Xxxnty, Maryland area. (d) For a period often (10) days after receipt of any such notice from Landlord has granted substantially similar rightspursuant to Section 25.1(a) above, Tenant has shall have the option right to lease any the Expansion Space which from Landlord notifies upon the terms and conditions set forth in the notice from Landlord. In the event Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option agrees to lease the Expansion Space within such ten (10) day period, the parties shall have thirty (30) days after notification from Landlord receipt of Tenant's acceptance in which to agree on the availability base rent which shall be payable during each year 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 with respect to the same terms contained Expansion Space. The parties shall be obligated to conduct such negotiations in this Lease except that good faith. Among the factors to be considered by the parties during such negotiations shall be (i) the Rentable Area of general office rental market in the Premises will be amended to include Tenant’s Expansion Space; North Bethesda, Montxxxxxx Xxxnty Maryland area, (ii) Tenant’s Share will be increased the rental rates and concessions then being quoted by other building owners for the office buildings of comparable size, location and quality to include the rentable area of Tenant’s Expansion Space; Office Complex in the North Bethesda, Montxxxxxx Xxxnty, Maryland area, (iii) the Term Commencement Date rental rates and concessions then being quoted by Landlord to prospective tenants for comparable office space, in "as is" condition, in the Office Complex. If the parties agree on the base rent payable with respect to Tenant’s the Expansion Space, they shall promptly execute an amendment to the Lease indicating the location and configuration of the Expansion Space will be and stating the earlier of sixty rent so agreed upon. If during such thirty (6030) days after day period, the date parties are unable to agree on which Tenant’s the annual base rent payable with respect to the Expansion Space becomes vacant then Tenants option to expand the Premises shall cease and ready for occupancy expire and be of no further force and effect. (provided that date is at least sixty e) In the event Tenant does not agree to lease the Expansion Space within such ten (6010) days after day period or if Tenant exercises fails to timely notify Landlord of its option election to lease the Expansion Space), Landlord shall have the right to lease such space to any other person or entity upon any terms and conditions which Landlord desires, in its discretion. (f) The term of the lease for the Expansion Space shall commence on the date (the "Expansion Space Availability Date") on which the Expansion Space is first occupied made available to Tenant for its use and shall be coincident with the remaining Lease Term under this Lease. Any and all installations and other related activity by Tenant; (iv) if Tenant’s Tenant or its contractors in the 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 prior to the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to the Expansion Space shall be coordinated with Landlord and its general contractor, if any, to insure that Tenant’s 's work in and to the Expansion Space; Space does not interfere with the work being performed by Landlord and its contractors, if any. All terms and conditions of this Lease, including, without limitation, the insurance, release and waiver of liability provisions of Articles XIII and XV hereof, shall apply to and be effective during such period of installation and activity in the Expansion Space by Tenant. (vg) subject to adjustment during each Fixed Rental Period Tenant shall accept the Expansion Space in "as is" condition, except as provided in Exhibit Esubsection (c) above. Landlord shall have no obligation to construct, Basic Rent alter, renovate, repaint, recarpet or to provide any construction allowance for each tenant improvements in the Expansion Space. (h) Any work done and materials furnished and performed in connection with the construction and installation of improvements in the Additional Expansion Space shall be governed and construed in accordance with and subject to all of the provisions, conditions and requirements of Article IX of the Lease. (i) The term of the Lease for the Additional Expansion Space shall be for not less than one (1) year of and shall be coincident with the remaining Lease Term (as it may be extendedsubject to Tenant's right to renew such term) will be under this Lease. (j) In no event shall Tenant have the greater right to lease less than all 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this optionavailable.

Appears in 1 contract

Samples: Lease Modification and Extension Agreement (E Centives Inc)

Expansion Space. As used in this paragraph, Each of the term “Expansion Space” means any space in Sixth Floor Space and the Building which, at any time during the Lease Term, Fourteenth Floor Space is occupied by a Person other than Landlord under a written third party tenant, with the anticipated expiration date of the third-party tenant’s lease with Landlordfor the Sixth Floor Space being July 31, 2015, and the term “Tenantanticipated expiration date of the third-party tenant’s Expansion Space” means lease for the Fourteenth Floor Space being September 30, 2015. Provided that Tenant has timely exercised its right under this Section 1.3 as set forth above, then no later than one hundred twenty (120) days prior to the date on which the applicable Expansion Space which shall be delivered by Landlord to Tenant, Landlord shall deliver written notice to Tenant has elected to lease as provided in this paragraphdesignating whether the Sixth Floor Space or the Fourteenth Floor Space shall be the Expansion 692500.09/WLA371593-00023/6-13-12/ao/ao -8- KEY CENTER[Xxxxxx Realty, L.P.][Concur Technologies, Inc.] Space. Landlord agrees to notify Tenant promptly after Landlord learns that any Because the applicable Expansion Space is currently occupied by a third party tenant, Landlord's ability to deliver possession of the Expansion Space to Tenant is dependent upon the vacation and surrender of the Expansion Space by such third party tenant to Landlord. Landlord shall have no liability whatsoever to Tenant relating to or will become availablearising from Landlord's delay in delivering the Expansion Space to Tenant. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rightsIn addition, Tenant has the option Tenant’s right to lease any Expansion Space which Landlord notifies Tenant is subject and subordinate to the expiration or will become available. If Tenant gives Landlord notice earlier termination of its the existing lease(s) for such Expansion Space (including the exercise of this option within thirty (30) days after notification from Landlord any renewal right currently in effect as of the availability date of this Lease, and Landlord represents to Tenant that the only renewal rights currently in effect for the Sixth Floor Space and the Fourteenth Floor Space are as follows: the occupant of the Expansion Sixth Floor Space (or its successors 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 (iassigns) 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 has three (3), five (5) Lease Years remaining year options to extend the term of its lease, and the occupant of the Fourteenth Floor Space (or its successors and assigns) has one (1), five (5) year option to extend the term of its lease. Accordingly, in the Lease Term, event that Landlord is unable to deliver either the Lease Term will be extended Sixth Floor Space or the Fourteenth Floor Space to include three (3) full years from Tenant as Expansion Space due to 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 existing tenants’ extension of the remaining Lease Term (as it may be extended) will be terms of their respective leases, then 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 the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise terms of this optionSection 1.3 shall terminate and be of no force of effect.

Appears in 1 contract

Samples: Office Lease (Concur Technologies Inc)

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