Common use of Expansion Space Clause in Contracts

Expansion Space. (a) Landlord shall deliver to Tenant exclusive, vacant possession of the Expansion Space structurally sound, cleaned and, except for the Landlord FF&E (as defined below), free of debris, furniture, and equipment (unless otherwise agreed to by Tenant), with all fire protection, sprinkler, fire alarm water, sewer, restrooms, mechanical, electrical, plumbing, elevator and elevator systems and controls, and HVAC for the Building (excluding any supplemental AC units dedicated for a specific area in the Building) in good operating condition, with the roof water-tight, with all existing interior or exterior tenant signage removed and all damage caused by the installation and/or removal repaired and with all decommission obligations set forth in Section 2(b) below completed, on February 1, 2024 (the “Required Delivery Date”); provided, that, (i) in the event any of the foregoing is not in good operating condition as of the Required Delivery Date (each, a “Defect”), unless Landlord has scheduled to correct such Defect within thirty (30) days as of the Required Delivery Date, during the first six (6) months after the Expansion Space Commencement Date (as defined below), Tenant shall promptly notify Landlord in writing of such Defect after Tenant becomes aware of such Defect, with documentation reasonably demonstrating such Defect exists as of the Required Delivery Date and was not caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise, and (ii) in no event shall Landlord be responsible for any Defects caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise. In addition to the Existing Premises, effective as of the later of (i) the date Landlord delivers possession of the Expansion Space to Tenant in the required condition, and (ii) February 1, 2024 (such later date, the “Expansion Space Commencement Date”), and continuing for the duration of the Lease Term, Landlord shall lease to Tenant, and Tenant shall lease from Landlord, the Expansion Space upon all of the terms of the Lease (as amended hereby). Effective on the Expansion Space Commencement Date, unless the context clearly indicates otherwise, (i) all references to the “Premises” contained in the Lease shall mean and refer to the entirety of the space in the Expanded Premises, which is approximately 120,200 rentable square feet, (ii) all references to the “Buildings” and “Property” contained in the Lease shall mean and refer to all three (3) buildings of the Expanded Buildings, (iii) all references to the “Building” contained in the Lease shall include, as applicable, the 5303 Building, and (iv) all references to the “Rent” contained in the Lease shall include without limitation the Base Rent and Additional Rent for the Expansion Space. Landlord and Tenant hereby acknowledge and agree that the stated amounts of the rentable square footages of the Expanded Premises are not representations or warranties of the exact number of rentable square feet therein but rather are only reasonable approximations that shall be conclusive and binding as between the parties. Once the Expansion Space Commencement Date is fixed, within ten (10) days following request by Landlord, Tenant shall execute and deliver to Landlord a certificate substantially in the form of Exhibit D to the Lease. Tenant shall have early access to the Expansion Space prior to the Expansion Space Commencement Date for the purpose of space planning and programming, which access shall be subject to the rights of any existing tenants or subtenants in the Expansion Space (including any requirements for notice and compliance with reasonable security and access protocols), and, if all existing tenants or subtenants have vacated the Expansion Space prior to the Expansion Space Commencement Date, such early access shall include the right to perform the Expansion Space Tenant Improvements. Any such early access shall be subject to all of the terms and conditions of the Lease except for the obligations to pay rent. Notwithstanding the foregoing, Landlord shall not be required to remove any Landlord-owned furniture and equipment that may be located in the Expansion Space (the “Landlord FF&E”) and such Landlord FF&E shall be deemed to be conveyed to Tenant as of the Expansion Space Commencement Date in its then “AS- IS” condition. (b) No later than the Required Delivery Date, Landlord shall cause any existing tenant, subtenant or other occupant of the Expansion Space (collectively, the “Existing Occupants”) to surrender the Expansion Space to Landlord free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Expansion Premises or any Common Areas by any Existing Occupants or their respective agents, employees, contractors, subtenants or licensees (collectively, “Existing HazMat Operations”) and released of any license, clearance or other authorization of any kind required to enter into and restore the Expansion Premises issued by any federal, state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (collectively referred to herein as “Hazardous Materials Clearances”) in the Expansion Space. (c) Notwithstanding anything to the contrary herein or in the Lease, (i) if Landlord fails to deliver possession of the Expansion Space to Tenant in the required condition by the Required Delivery Date, then, in addition to Tenant’s other rights and remedies, the Expansion Abatement Period shall be extended by one (1) day for each day thereafter until the Expansion Space is delivered to Tenant in the required condition under Section 2(a) above, and (ii) if Tenant elects to remove the Landlord FF&E, then, the Expansion Abatement Period (as defined below) shall be extended by fifteen (15) days. (d) Tenant shall have the right, within nine (90) days after completion of the Expansion Space Tenant Improvements, to re-measure the Expansion Space in accordance with the BOMA Z65.1-2017 standards (the “BOMA Standard”) to determine the actual rentable square footage of the Expansion Space. In the event the re-measurement discloses that the actual rentable square footage of the Expansion Space as set forth above (i.e., 35,000 rentable square feet) is incorrect, Tenant shall provide Landlord with an architect’s certification of the actual rentable square footage of the Expansion Space for Landlord’s reasonable approval. In the event of any dispute by Landlord in connection with such measurement, Landlord may have its own architect measure the Expansion Space using the BOMA Standard and shall deliver such measurement to Tenant for Tenant’s reasonable approval. If the parties cannot agree on a measurement, they shall agree on the appointment of a third independent architect, whose measurement shall be binding on the parties. The parties shall each pay for their own architect and split the fees of the third independent architect, if any. Upon final determination of the size of the Expansion Space pursuant to the foregoing, Landlord and Tenant hereby agree to be bound by the actual leasable square feet of Expansion Space as determined by such re-measurement and shall execute an amendment to the Lease (i) reflecting the actual rentable square footage of the Expansion Space and (ii) adjusting the Base Rent for the Expansion Space based on the new rentable square footage of the Expansion Space. In the event of an adjustment, Tenant will pay any excess Base Rent owed to Landlord within thirty (30) days after receipt of a statement, or Tenant shall take a credit for any overpayment against the next Base Rent due under the Lease.

Appears in 1 contract

Samples: Office Lease

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Expansion Space. (a) Landlord shall deliver and Tenant hereby confirm and agree that the Demised Premises under the Lease currently consist of 19,362 rentable square feet of space located on the seventh (7/th/) floor of the Building (the "Seventh Floor Space"). Effective on the later to Tenant exclusive, occur of (a) the date that Landlord delivers "broom clean" and vacant possession of the Expansion Space structurally sound, cleaned and, except for the Landlord FF&E (as defined below), free of debris, furniture, and equipment hereinafter defined) to Tenant or (unless otherwise agreed to by Tenant), with all fire protection, sprinkler, fire alarm water, sewer, restrooms, mechanical, electrical, plumbing, elevator and elevator systems and controls, and HVAC for the Building (excluding any supplemental AC units dedicated for a specific area in the Buildingb) in good operating condition, with the roof water-tight, with all existing interior or exterior tenant signage removed and all damage caused by the installation and/or removal repaired and with all decommission obligations set forth in Section 2(b) below completed, on February July 1, 2024 2000 (the “Required Delivery Date”); provided, that, (i) in the event any of the foregoing is not in good operating condition as of the Required Delivery Date (each, a “Defect”), unless Landlord has scheduled to correct such Defect within thirty (30) days as of the Required Delivery Date, during the first six (6) months after the Expansion Space Commencement Date (as defined below), Tenant shall promptly notify Landlord in writing of such Defect after Tenant becomes aware of such Defect, with documentation reasonably demonstrating such Defect exists as of the Required Delivery Date and was not caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise, and (ii) in no event shall Landlord be responsible for any Defects caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise. In addition to the Existing Premises, effective as of the later of (i) such dates being the date Landlord delivers possession of the Expansion Space to Tenant in the required condition, and (ii) February 1, 2024 (such later date, the “"Expansion Space Commencement Date"), approximately 12,209 rentable square feet of space on the seventh (7/th/) floor and continuing for the duration entire rentable area (consisting of approximately 31,571 square feet) of the Lease Term, Landlord shall lease to Tenant, and Tenant shall lease from Landlord, the Expansion Space upon all sixth (6/th/) floor of the terms of Building, as shown on the Lease plans attached hereto as Exhibit A and made a part hereof (as amended hereby). Effective the "Expansion Space") shall be added to the Demised Premises for a term commencing on the Expansion Space Commencement Date and ending on the Termination Date, unless the context clearly indicates otherwise, as extended in paragraph 2 hereof (i) all references to the “Premises” contained in the Lease shall mean and refer to the entirety of the space in the Expanded Premises, which is approximately 120,200 rentable square feet, (ii) all references to the “Buildings” and “Property” contained in the Lease shall mean and refer to all three (3) buildings of the Expanded Buildings, (iii) all references to the “Building” contained in the Lease shall include, as applicable, the 5303 Building, and (iv) all references to the “Rent” contained in the Lease shall include without limitation the Base Rent and Additional Rent for the Expansion Space. Landlord and Tenant hereby acknowledge and agree that the stated amounts of the rentable square footages of the Expanded Premises are not representations or warranties of the exact number of rentable square feet therein but rather are only reasonable approximations that shall be conclusive and binding as between the parties. Once the Expansion Space Commencement Date is fixed, within ten (10) days following request by Landlord, Tenant shall execute and deliver to Landlord a certificate substantially in the form of Exhibit D to the Lease. Tenant shall have early access to the Expansion Space prior to the Expansion Space Commencement Date for the purpose of space planning and programming, which access shall be subject to the rights of any existing tenants or subtenants in the Expansion Space (including any requirements for notice and compliance with reasonable security and access protocols), and, if all existing tenants or subtenants have vacated the Expansion Space prior to the Expansion Space Commencement Date, such early access shall include the Tenant's right to perform the Expansion Space Tenant Improvements. Any such early access extend said term as hereinafter provided in this Amendment) and shall be become subject to all of the terms and conditions of the Lease except for the obligations to pay rentLease. Notwithstanding the foregoingExcept as described below, Landlord shall not be required to remove any Landlord-owned furniture and equipment that may be located in the Expansion Space (the “Landlord FF&E”) and such Landlord FF&E shall be deemed to be conveyed to Tenant as of the Expansion Space Commencement Date in its then “AS- IS” condition. (b) No later than the Required Delivery Date, Landlord shall cause any existing tenant, subtenant or other occupant of the Expansion Space (collectively, the “Existing Occupants”) to surrender the Expansion Space to Landlord free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Expansion Premises or any Common Areas by any Existing Occupants or their respective agents, employees, contractors, subtenants or licensees (collectively, “Existing HazMat Operations”) and released of any license, clearance or other authorization of any kind required to enter into and restore the Expansion Premises issued by any federal, state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (collectively referred to herein as “Hazardous Materials Clearances”) in the Expansion Space. (c) Notwithstanding anything to the contrary herein or in the Lease, (i) if Landlord fails is unable to deliver possession of the Expansion Space due to a casualty, the holding over or retention of possession of any tenant, under tenant or occupants in the Expansion Space or any other reason beyond the reasonable control of Landlord, (i) Landlord shall not be subject to any liability for the failure to give possession on said date or dates, (ii) the validity of the Lease shall not be impaired under such circumstances, and (iii) Tenant waives any right to rescind the Lease and further waives the right to recover any damages which may result from Landlord's failure to deliver possession of the Expansion Space or portion thereof to Tenant on the Expansion Space Commencement Date. In the event Landlord is unable to deliver possession of the Expansion Space on or by August 1, 2000 due to the holding over or retention of possession by any tenant or occupant, Landlord shall promptly institute and diligently pursue to completion a summary process action against such tenant or occupant, including, without limitation an action to collect any rents and holdover rents. In addition, if Landlord has reason to believe that possession of the Expansion Space will not be delivered in the condition required condition hereunder by the Required Delivery DateJuly 1, then2000, Landlord shall endeavor to give Tenant not less than fourteen (14) days advance notice (which may be in addition to Tenant’s other rights and remedies, writing) (i) that Landlord will not be delivering the Expansion Abatement Period Space on July 1, 2000, and (ii) of the date on which it expects to deliver the Expansion Space in the condition required hereunder. In the event that Landlord has not delivered the Expansion Space in the condition required hereunder by August 1, 2000 due to the holdover of any existing tenant or occupant of the Expansion Space, Tenant shall be extended by one (1) day receive a credit of $2,550.52 for each day thereafter until after August 1, 2000 that Landlord does not deliver the Expansion Space is delivered in the condition required hereunder (the "Rent Credit"). Landlord represents to Tenant that, in the required condition under Section 2(a) above, and (ii) if Tenant elects to remove event the Landlord FF&E, then, existing tenant of the Expansion Abatement Period Space, Course Technology, Inc. ("Course"), holds over in the Expansion Space, Course has agreed to pay Landlord $232,735.75 per month (the "Holdover Rent"), or one and one-half (1 1/2) times the Yearly Fixed Rent as defined below) of August 1, 2000. Landlord and Tenant agree that the Rent Credit shall not be due and owing by Landlord unless and until Landlord receives the Holdover Rent due and payable from Course, and Landlord has applied any amounts collected first to the Yearly Fixed Rent due and owing to Landlord of $155,157.17 (but not default interest, late charges and costs of collection). Subject to the foregoing, such Rent Credit shall be extended applied commencing on the Expansion Space Commencement Date. In addition, in the event Landlord has not delivered the Expansion Space in the condition required hereunder by fifteen (15) days. (d) December 1, 2000, Tenant shall have the rightright to terminate this Amendment by delivering written notice to Landlord on or before December 11, within nine 2000 (90but in any case prior to the date that Landlord delivers the Expansion Space in the condition required hereunder), and upon such termination, this Amendment No. 3 shall be void and of no further force and effect. (b) days after completion The Expansion Space is leased to Tenant in its present "AS IS" condition, subject to reasonable wear, tear and damage caused by the use of, and move from, the Expansion Space by the current tenant. Landlord covenants that the heating, ventilating and air conditioning, electrical and plumbing systems serving the Expansion Space and any and all stairwells to and from the Seventh Floor Space and the Expansion Space will be in good working order as of the Expansion Space Tenant Improvements, to re-measure Commencement Date. (c) Effective on the Expansion Space in accordance with the BOMA Z65.1-2017 standards Commencement Date, Articles 1.(12) and (the “BOMA Standard”16) to determine the actual rentable square footage of the Expansion Space. In the event the re-measurement discloses that the actual rentable square footage of the Expansion Space Lease are hereby amended to read in its entirety as set forth above (i.e., 35,000 rentable square feet) is incorrect, Tenant shall provide Landlord with an architect’s certification of the actual rentable square footage of the Expansion Space for Landlord’s reasonable approval. In the event of any dispute by Landlord in connection with such measurement, Landlord may have its own architect measure the Expansion Space using the BOMA Standard and shall deliver such measurement to Tenant for Tenant’s reasonable approval. If the parties cannot agree on a measurement, they shall agree on the appointment of a third independent architect, whose measurement shall be binding on the parties. The parties shall each pay for their own architect and split the fees of the third independent architect, if any. Upon final determination of the size of the Expansion Space pursuant to the foregoing, Landlord and Tenant hereby agree to be bound by the actual leasable square feet of Expansion Space as determined by such re-measurement and shall execute an amendment to the Lease (i) reflecting the actual rentable square footage of the Expansion Space and (ii) adjusting the Base Rent for the Expansion Space based on the new rentable square footage of the Expansion Space. In the event of an adjustment, Tenant will pay any excess Base Rent owed to Landlord within thirty (30) days after receipt of a statement, or Tenant shall take a credit for any overpayment against the next Base Rent due under the Lease.follows:

Appears in 1 contract

Samples: Agreement of Lease (Mainspring Communications Inc)

Expansion Space. That certain space located on the third (a3rd) floor of the 26632 Building known as Suite 305, as outlined on the floor plan attached hereto as EXHIBIT A, shall be referred to herein as the “Expansion Space.” Landlord shall deliver to and Tenant exclusive, vacant possession of hereby stipulate that the Expansion Space structurally sound, cleaned and, except contains 3,547 rentable square feet. Tenant shall commence to pay charges for the Landlord FF&E (Expansion Space pursuant to the Lease, as defined below)hereby amended, free effective as of debris, furniture, and equipment (unless otherwise agreed to by Tenant), with all fire protection, sprinkler, fire alarm water, sewer, restrooms, mechanical, electrical, plumbing, elevator and elevator systems and controls, and HVAC for the Building (excluding any supplemental AC units dedicated for a specific area in the Building) in good operating condition, with the roof water-tight, with all existing interior or exterior tenant signage removed and all damage caused by the installation and/or removal repaired and with all decommission obligations set forth in Section 2(b) below completed, on February November 1, 2024 2014 (the Required Delivery Expansion Commencement Date”); provided, thathowever, that Landlord shall provide Tenant with access to the Expansion Space upon full execution and delivery of this Fifth Amendment by Landlord and Tenant for the purposes of installing Tenant’s furniture, fixtures, and equipment and Tenant’s telephone, network, and data cabling, and Tenant shall have no obligation to pay Basic Rental with respect to the Expansion Space during the period of such access, provided that (i) in the event any Tenant’s access shall not interfere with Landlord’s completion of the foregoing is not Improvement Work, (ii) Tenant shall provide a certificate of insurance in good operating condition as accordance with Section 14 of the Required Delivery Date (each, a “Defect”), unless Landlord has scheduled to correct such Defect within thirty (30) days as of the Required Delivery Date, during the first six (6) months after Original Lease for the Expansion Space Commencement Date (as defined below), Tenant shall promptly notify Landlord in writing of prior to such Defect after Tenant becomes aware of such Defect, with documentation reasonably demonstrating such Defect exists as of the Required Delivery Date and was not caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwiseentry, and (iiiii) in no event the terms and conditions of Section 13(a) of the Original Lease shall Landlord be responsible for any Defects caused or exacerbated apply to such access by Tenant in connection with its Tenant. The addition of the Expansion Space Tenant Improvements or otherwise. In addition to the Existing PremisesPremises shall, effective as of the later Expansion Commencement Date, increase the number of (i) rentable square feet leased by Tenant in the date Landlord delivers possession Development to a total of 131,267 rentable square feet. Effective as of the Expansion Space to Tenant in the required condition, and (ii) February 1, 2024 (such later date, the “Expansion Space Commencement Date”), and continuing for the duration of the Lease Term, Landlord shall lease to Tenant, and Tenant shall lease from Landlord, the Expansion Space upon all of the terms of the Lease (as amended hereby). Effective on the Expansion Space Commencement Date, unless the context clearly indicates otherwise, (i) all references to the “Premises” contained in the Lease shall mean and refer to the entirety of the space in the Expanded Premises, which is approximately 120,200 rentable square feet, (ii) all references to the “Buildings” and “Property” contained in the Lease shall mean and refer to all three (3) buildings of the Expanded Buildings, (iii) all references to the “Building” contained in the Lease shall include, Existing Premises as applicable, the 5303 Building, and (iv) all references to the “Rent” contained in the Lease shall include without limitation the Base Rent and Additional Rent for the Expansion Space. Landlord and Tenant hereby acknowledge and agree that the stated amounts of the rentable square footages of the Expanded Premises are not representations or warranties of the exact number of rentable square feet therein but rather are only reasonable approximations that shall be conclusive and binding as between the parties. Once the Expansion Space Commencement Date is fixed, within ten (10) days following request expanded by Landlord, Tenant shall execute and deliver to Landlord a certificate substantially in the form of Exhibit D to the Lease. Tenant shall have early access to the Expansion Space prior to the Expansion Space Commencement Date for the purpose of space planning and programming, which access shall be subject to the rights of any existing tenants or subtenants in the Expansion Space (including any requirements for notice and compliance with reasonable security and access protocols), and, if all existing tenants or subtenants have vacated the Expansion Space prior to the Expansion Space Commencement Date, such early access shall include the right to perform the Expansion Space Tenant Improvements. Any such early access shall be subject to all of the terms and conditions of the Lease except for the obligations to pay rent. Notwithstanding the foregoing, Landlord shall not be required to remove any Landlord-owned furniture and equipment that may be located in the Expansion Space (the “Landlord FF&E”) and such Landlord FF&E shall be deemed to be conveyed to Tenant as of the Expansion Space Commencement Date in its then “AS- IS” condition. (b) No later than the Required Delivery Date, Landlord shall cause any existing tenant, subtenant or other occupant of the Expansion Space (collectively, the “Existing Occupants”) to surrender the Expansion Space to Landlord free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Expansion Premises or any Common Areas by any Existing Occupants or their respective agents, employees, contractors, subtenants or licensees (collectively, “Existing HazMat Operations”) and released of any license, clearance or other authorization of any kind required to enter into and restore the Expansion Premises issued by any federal, state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (collectively referred to herein as “Hazardous Materials Clearances”) in the Expansion Space. (c) Notwithstanding anything to the contrary herein or in the Lease, (i) if Landlord fails to deliver possession of the Expansion Space to Tenant in the required condition by the Required Delivery Date, then, in addition to Tenant’s other rights and remedies, the Expansion Abatement Period shall be extended by one (1) day for each day thereafter until the Expansion Space is delivered to Tenant in the required condition under Section 2(a) above, and (ii) if Tenant elects to remove the Landlord FF&E, then, the Expansion Abatement Period (as defined below) shall be extended by fifteen (15) days. (d) Tenant shall have the right, within nine (90) days after completion of the Expansion Space Tenant Improvements, to re-measure the Expansion Space in accordance with the BOMA Z65.1-2017 standards (the “BOMA Standard”) to determine the actual rentable square footage of the Expansion Space. In the event the re-measurement discloses that the actual rentable square footage of the Expansion Space as set forth above (i.e., 35,000 rentable square feet) is incorrect, Tenant shall provide Landlord with an architect’s certification of the actual rentable square footage of the Expansion Space for Landlord’s reasonable approval. In the event of any dispute by Landlord in connection with such measurement, Landlord may have its own architect measure the Expansion Space using the BOMA Standard and shall deliver such measurement to Tenant for Tenant’s reasonable approval. If the parties cannot agree on a measurement, they shall agree on the appointment of a third independent architect, whose measurement shall be binding on the parties. The parties shall each pay for their own architect and split the fees of the third independent architect, if any. Upon final determination of the size of the Expansion Space pursuant to the foregoing, Landlord and Tenant hereby agree to be bound by the actual leasable square feet of Expansion Space as determined by such re-measurement and shall execute an amendment to the Lease (i) reflecting the actual rentable square footage of the Expansion Space and (ii) adjusting the Base Rent for the Expansion Space based on the new rentable square footage of the Expansion Space. In the event of an adjustment, Tenant will pay any excess Base Rent owed to Landlord within thirty (30) days after receipt of a statement, or Tenant shall take a credit for any overpayment against the next Base Rent due under the Lease.

Appears in 1 contract

Samples: Lease (loanDepot, Inc.)

Expansion Space. Tenant hereby agrees to lease from Landlord and Landlord hereby agrees to lease to Tenant, Suite 900, which is the entire ninth (a9th) Landlord floor of the Building (the "Expansion Space") on the terms and conditions hereinafter set forth. The "Rentable Area in the Expansion Space" shall deliver to Tenant exclusive, vacant possession mean the area contained within the demising walls of the Expansion Space structurally sound, cleaned and, except and any other area designated for the Landlord FF&E (as defined below), free exclusive use of debris, furniture, and equipment (unless otherwise agreed to by Tenant plus an allocation of Tenant), with all fire protection, sprinkler, fire alarm water, sewer, restrooms, mechanical, electrical, plumbing, elevator and elevator systems and controls, and HVAC for the Building (excluding any supplemental AC units dedicated for a specific area in the Building) in good operating condition, with the roof water-tight, with all existing interior or exterior tenant signage removed and all damage caused by the installation and/or removal repaired and with all decommission obligations set forth in Section 2(b) below completed, on February 1, 2024 (the “Required Delivery Date”); provided, that, (i) in the event any 's pro rata share of the foregoing is not in good operating condition as square footage of the Required Delivery Date (each, a “Defect”), unless Landlord has scheduled to correct such Defect within thirty (30) days as of Common Areas and the Required Delivery Date, during the first six (6) months after Service Areas. The Rentable Area in the Expansion Space Commencement Date consists of approximately 20,456 square feet of rentable area (18,822 usable square feet) as defined belowmeasured in accordance with standards observed by the Building Owners and Managers Association, including ANSI-Z65.1-1996, as interpreted by Xxxxxxxxx Systems (the "BOMA Standard"), Tenant shall promptly notify Landlord in writing of such Defect after Tenant becomes aware of such Defect, with documentation reasonably demonstrating such Defect exists as and is depicted on Exhibit "A" attached hereto. Exhibit "A" attached hereto showing the Expansion Space is hereby incorporated into and made a part of the Required Delivery Date and was not caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwiseLease as amended hereby, and (ii) in no event shall Landlord be responsible for any Defects caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise. In addition to supplementing the Existing Premises, effective as description of the later of (i) the date Landlord delivers possession Premises set forth therein. Tenant's use and occupancy of the Expansion Space to Tenant in the required condition, and (ii) February 1, 2024 (such later date, the “Expansion Space Commencement Date”), and continuing for the duration of the Lease Term, Landlord shall lease to Tenant, and Tenant shall lease from Landlord, the Expansion Space upon all of the terms of the Lease (as amended hereby). Effective on the Expansion Space Commencement Date, unless the context clearly indicates otherwise, (i) all references to the “Premises” contained in the Lease shall mean and refer to the entirety of the space in the Expanded Premises, which is approximately 120,200 rentable square feet, (ii) all references to the “Buildings” and “Property” contained in the Lease shall mean and refer to all three (3) buildings of the Expanded Buildings, (iii) all references to the “Building” contained in the Lease shall include, as applicable, the 5303 Building, and (iv) all references to the “Rent” contained in the Lease shall include without limitation the Base Rent and Additional Rent for the Expansion Space. Landlord and Tenant hereby acknowledge and agree that the stated amounts of the rentable square footages of the Expanded Premises are not representations or warranties of the exact number of rentable square feet therein but rather are only reasonable approximations that shall be conclusive and binding as between the parties. Once the Expansion Space Commencement Date is fixed, within ten (10) days following request by Landlord, Tenant shall execute and deliver to Landlord a certificate substantially in the form of Exhibit D to the Lease. Tenant shall have early access to the Expansion Space prior to the Expansion Space Commencement Date for the purpose of space planning and programming, which access shall be subject to the rights of any existing tenants or subtenants in the Expansion Space (including any requirements for notice and compliance accordance with reasonable security and access protocols), and, if all existing tenants or subtenants have vacated the Expansion Space prior to the Expansion Space Commencement Date, such early access shall include the right to perform the Expansion Space Tenant Improvements. Any such early access shall be subject to all of the terms and conditions of the Lease except as amended hereby. Upon completion of the tenant improvements for the obligations Expansion Space, Landlord's architect shall provide to pay rent. Notwithstanding Tenant "as-built" CAD drawings for the foregoingExpansion Space and Tenant shall be entitled to independently verify the rentable and usable areas of the Expansion Space using the BOMA Standard; provided, Landlord shall not be required to remove any Landlord-owned furniture and equipment however, that may be located the Rentable Area in the Expansion Space (and the usable square footage thereof shall not be modified unless Landlord FF&E”) and such Landlord FF&E shall be deemed Tenant both agree to be conveyed to Tenant as of either increase or decrease the Expansion Space Commencement Date in its then “AS- IS” condition. (b) No later than the Required Delivery Date, Landlord shall cause any existing tenant, subtenant or other occupant of the Expansion Space (collectively, the “Existing Occupants”) to surrender the Expansion Space to Landlord free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Expansion Premises or any Common Areas by any Existing Occupants or their respective agents, employees, contractors, subtenants or licensees (collectively, “Existing HazMat Operations”) and released of any license, clearance or other authorization of any kind required to enter into and restore the Expansion Premises issued by any federal, state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (collectively referred to herein as “Hazardous Materials Clearances”) in the Expansion Space. (c) Notwithstanding anything to the contrary herein or in the Lease, (i) if Landlord fails to deliver possession of the Expansion Space to Tenant in the required condition by the Required Delivery Date, then, in addition to Tenant’s other rights and remedies, the Expansion Abatement Period shall be extended by one (1) day for each day thereafter until the Expansion Space is delivered to Tenant in the required condition under Section 2(a) above, and (ii) if Tenant elects to remove the Landlord FF&E, then, the Expansion Abatement Period (as defined below) shall be extended by fifteen (15) days. (d) Tenant shall have the right, within nine (90) days after completion of the Expansion Space Tenant Improvements, to re-measure the Expansion Space in accordance with the BOMA Z65.1-2017 standards (the “BOMA Standard”) to determine the actual rentable square footage of the Expansion Space. In If the event parties are unable to agree upon said increase or decrease, either party shall have the re-measurement discloses that right to submit the actual rentable square footage matter to arbitration under the terms and conditions specified in Section 30 of the Lease. As of the Expansion Space Commencement Date (as set forth above (i.e.hereinafter defined), 35,000 rentable square feet) is incorrect, Tenant shall provide Landlord with an architect’s certification of all references in the actual rentable square footage of the Expansion Space for Landlord’s reasonable approval. In the event of any dispute by Landlord in connection with such measurement, Landlord may have its own architect measure the Expansion Space using the BOMA Standard and shall deliver such measurement to Tenant for Tenant’s reasonable approval. If the parties cannot agree on a measurement, they shall agree on the appointment of a third independent architect, whose measurement shall be binding on the parties. The parties shall each pay for their own architect and split the fees of the third independent architect, if any. Upon final determination of the size of the Expansion Space pursuant Lease to the foregoing, Landlord defined term "Premises" shall mean and Tenant hereby agree refer to be bound by the actual leasable square feet of Expansion Space as determined by such re-measurement and shall execute an amendment to the Lease (i) reflecting the actual rentable square footage of the Expansion Space and the Existing Premises (iihereinafter collectively, the "New Premises"). The New Premises shall consist of approximately 60,517 rentable (55,736 usable) adjusting square feet in the Base Rent for the Expansion Space based on the new rentable square footage of the Expansion Space. In the event of an adjustment, Tenant will pay any excess Base Rent owed to Landlord within thirty (30) days after receipt of a statement, or Tenant shall take a credit for any overpayment against the next Base Rent due under the Leaseaggregate.

Appears in 1 contract

Samples: Office Lease Agreement (New Century Financial Corp)

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Expansion Space. (a) Subject to the terms and conditions set forth herein, Landlord shall deliver hereby leases to Tenant exclusive, vacant possession of the Expansion Space structurally sound, cleaned and, except for the Landlord FF&E (as defined below), free of debris, furnitureTenant, and equipment (unless otherwise agreed to by Tenant)Tenant hereby leases from Landlord, with all fire protection, sprinkler, fire alarm water, sewer, restrooms, mechanical, electrical, plumbing, elevator and elevator systems and controls, and HVAC for the Building (excluding any supplemental AC units dedicated for a specific area in the Building) in good operating condition, with the roof water-tight, with all existing interior or exterior tenant signage removed and all damage caused by the installation and/or removal repaired and with all decommission obligations set forth in Section 2(b) below completed, term beginning on February 1, 2024 (the “Required Delivery Date”); provided, that, (i) in the event any of the foregoing is not in good operating condition as of the Required Delivery Date (each, a “Defect”), unless Landlord has scheduled to correct such Defect within thirty (30) days as of the Required Delivery Date, during the first six (6) months after the Expansion Space Commencement Date (as defined below), Tenant shall promptly notify Landlord in writing of such Defect after Tenant becomes aware of such Defect, with documentation reasonably demonstrating such Defect exists as of the Required Delivery Date and was not caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise, and (ii) in no event shall Landlord be responsible for any Defects caused or exacerbated by Tenant in connection with its Expansion Space Tenant Improvements or otherwise. In addition to the Existing Premises, effective as of the later of (i) the date Landlord delivers possession of the Expansion Space to Tenant in the required condition, and (ii) February 1, 2024 (such later date, the “Expansion Space Commencement Date”), and continuing for the duration of the Lease Term, Landlord shall lease to Tenant, and Tenant shall lease from Landlord, the Expansion Space upon all of the terms of the Lease (as amended hereby). Effective ending on the Expansion Space Commencement Expiration Date, unless the context clearly indicates otherwise, (i) all references to the “Premises” contained in the Lease shall mean and refer to the entirety approximately 5,293 rentable square feet of the space in the Expanded PremisesBuilding, which is approximately 120,200 rentable square feet, shown on the attached Exhibit A (ii) all references to the “Buildings” and “Property” contained in the Lease shall mean and refer to all three (3) buildings Expansion Space”). As of the Expanded Buildings, (iii) all references to the “Building” contained in the Lease shall include, as applicableEffective Date, the 5303 Building, and (iv) all references to the “Rent” contained in the Lease shall include without limitation the Base Rent and Additional Rent for the Expansion Space. Landlord and Tenant hereby acknowledge and agree that the stated amounts of the rentable square footages of the Expanded Premises are not representations or warranties of the exact aggregate number of rentable square feet therein but rather are only reasonable approximations that shall be conclusive and binding as between the parties. Once the Expansion Space Commencement Date is fixed, within ten (10) days following request by Landlord, Tenant shall execute and deliver to Landlord a certificate substantially in the form of Exhibit D to the Lease. Tenant shall have early access to the Expansion Space prior to the Expansion Space Commencement Date for the purpose of space planning and programming, which access shall be subject demised to Tenant under the rights of any existing tenants or subtenants in the Expansion Space Lease (including any requirements for notice and compliance with reasonable security and access protocols), and, if all existing tenants or subtenants have vacated the Expansion Space prior to the Expansion Space Commencement Date, such early access shall include the right to perform the Expansion Space Tenant Improvements. Any such early access shall be subject to all consisting of the terms Original Premises and conditions of the Lease except for the obligations to pay rent. Notwithstanding the foregoing, Landlord shall not be required to remove any Landlord-owned furniture and equipment that may be located in the Expansion Space (the “Landlord FF&E”) and such Landlord FF&E shall be deemed to be conveyed to Tenant as of the Expansion Space Commencement Date in its then “AS- IS” condition. (b) No later than the Required Delivery Date, Landlord shall cause any existing tenant, subtenant or other occupant of the Expansion Space (collectively, the “Existing Occupants”) to surrender the Expansion Space to Landlord free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Expansion Premises or any Common Areas by any Existing Occupants or their respective agents, employees, contractors, subtenants or licensees (collectively, “Existing HazMat Operations”) and released of any license, clearance or other authorization of any kind required to enter into and restore the Expansion Premises issued by any federal, state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (collectively referred to herein as “Hazardous Materials Clearances”) in the Expansion Space. (c) shall be 16,314. Notwithstanding anything any provision to the contrary herein or contained in the Lease, (i) if Landlord fails hereby warrants and represents to deliver possession Tenant that, as of the date of delivery of the Expansion Space to Tenant in the required condition by the Required Delivery Date, then, in addition to Tenant’s other rights and remedies, the Expansion Abatement Period shall be extended by one (1) day for each day thereafter until base Building systems serving the Expansion Space is delivered to Tenant as of such date, including HVAC, electrical, life safety, mechanical and plumbing systems (collectively, the “Base Building Systems”), shall be in the required condition under Section 2(a) abovegood working order and condition, and (ii) if Landlord hereby warrants and represents, to the best of Landlord’s knowledge, to Tenant elects to remove that, as of the Landlord FF&E, then, the Expansion Abatement Period (as defined below) shall be extended by fifteen (15) days. (d) Tenant shall have the right, within nine (90) days after completion date of delivery of the Expansion Space Tenant Improvementsto Tenant, to re-measure the base Building is structurally sound and the Base Building Systems serving the Expansion Space are not in accordance with violation of any applicable Legal Requirements (hereinafter defined), (iii) Landlord hereby warrants and represents to Tenant that, to the BOMA Z65.1-2017 standards (the “BOMA Standard”) to determine the actual rentable square footage best of Landlord’s knowledge, as of the Expansion Space. In the event the re-measurement discloses that the actual rentable square footage date of delivery of the Expansion Space as set forth above (i.e.to Tenant, 35,000 rentable square feet) is incorrect, Tenant shall provide Landlord with an architect’s certification of the actual rentable square footage of the Expansion Space for Landlord’s reasonable approval. In the event of (specifically excluding any dispute by Landlord in connection with such measurement, Landlord may have its own architect measure the Expansion Space using the BOMA Standard Tenant Improvements (hereinafter defined) and shall deliver such measurement to Tenant for Tenant’s reasonable approval. If the parties cannot agree on a measurement, they shall agree on the appointment of a third independent architect, whose measurement shall be binding on the parties. The parties shall each pay for their own architect and split the fees of the third independent architect, if any. Upon final determination of the size of the Expansion Space pursuant to the foregoing, Landlord and Tenant hereby agree to be bound by the actual leasable square feet of Expansion Space as determined by such re-measurement and shall execute an amendment to the Lease (i) reflecting the actual rentable square footage of the Expansion Space and (ii) adjusting the Base Rent for the Expansion Space based on the new rentable square footage of the any Expansion Space. In the event of an adjustment, Tenant will pay any excess Base Rent owed to Landlord within thirty (30) days after receipt of a statement, or Tenant shall take a credit for any overpayment against the next Base Rent due under the Lease.

Appears in 1 contract

Samples: Lease Agreement (Aldagen Inc)

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