Expansion. Subject to the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with others.
Appears in 1 contract
Samples: Lease Agreement (Viryanet LTD)
Expansion. Subject to the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on Effective as of the date of this Lease and expiring upon (the “Expansion Date”) that is the earlier to occur of any termination of this Lease or (a) February 15, 2014 (the “Target Expansion Date”) and (b) the date six upon which Tenant first occupies the Expansion Space for the purpose of conducting Tenant’s business operations therein (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to “Expansion Date”), the Premises, as more particularly depicted on defined in the floor plan Lease, is increased by the addition of the Expansion Space, and from and after the Expansion Date, the Current Premises and the Expansion Space, collectively, containing 159,240 rentable square feet of space, shall be deemed the “Premises” for all purposes under the Lease. Landlord will deliver possession of the Expansion Space to Tenant for the purpose of allowing Tenant to construct Tenant Improvements (defined in the Work Agreement attached hereto as Exhibit "A"C (the “Work Agreement”) therein within three (3) Business Days following the mutual execution and delivery of this Fourth Amendment (the “Target Delivery Date”). The term for the Expansion Space (the “Expansion Space Term”) shall commence on the Expansion Date and end on the Expiration Date (i.e., and herein referred March 31, 2021). The Expansion Date shall be delayed to the extent that Landlord fails to achieve Delivery on the Target Delivery Date for any reason, including, but not limited to, as "Tenant's Right the holding over by the current occupant of the Expansion Space". If, at Any such delay in the Expansion Date shall not subject Landlord to any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunderliability for any loss or damage resulting therefrom. Promptly following the Expansion Date, Landlord and another person or entity execute Tenant shall enter into a letter of intent with respect to agreement in the leasing of all or any portion of Tenant's Right Space form attached hereto as Exhibit B (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord“Expansion Confirmation Letter”), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of confirming the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersExpansion Date.
Appears in 1 contract
Samples: Lease Agreement (Del Monte Corp)
Expansion. Subject (a) In order to exercise this option, Tenant must so notify Landlord, in writing, on or before the last day of the ninth (9th) full month of the Term, time being of the essence.
(b) Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The Expansion Space shall become part of the Leased Premises, and all of the terms and conditions set forth of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in this Articlethe Expansion Space, Landlord hereby grants or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to Tenant One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the right measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ("$14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Right"Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to be offered by Landlord during park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration Landlord delivers vacant possession of the Initial Term ("Tenant's Right Period") the opportunity Expansion Space to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted Tenant and ending on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersExpansion Date.
Appears in 1 contract
Expansion. Subject to the terms availability of permanent financing, during the first five years of the initial lease term and conditions set forth provided there are at least seven (7) years remaining in the Term of this ArticleLease, including the time of exercise of any extension option, Tenant may one time only require Landlord hereby grants to Tenant construct an addition to the right Leased Premises of not less than 10,000 square feet nor more than 20,000 square feet and increase the parking by 1 space for every 200 square feet ("Tenant's Right"or fraction thereof) the addition to be offered by constructed. Tenant shall exercise the option in writing and Landlord during shall cause the period commencing on expansion to be completed within 270 days after such notice. The expansion shall be of substantially the same design and construction as the Leased Premises. Notwithstanding the provisions of paragraph 3 hereof granting Tenant three options to extend the term for five years each, if Tenant exercises this option to expand the Leased Premises then Tenant may either (a) exercise one or more of the five year options or (b) extend the term of the lease for the number of years necessary to increase the remaining term of the lease to seven years from the date of this Lease exercise and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration periods of the Initial Term ("Tenant's Right Period") renewing options in paragraph 3 shall be adjusted so that the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premisestotal option periods including those exercised previously and by this provision total 15 years. For purposes hereof, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation permanent financing shall be deemed effective available if (a) such financing shall be non-recourse and shall otherwise be on commercially reasonable terms and (b) for purposes of the day prior financing, the Tenant shall be creditworthy. The annual Base Rent shall, upon completion of the expansion space, be increased by an amount equal to such receipt by Landlord)12.5% of the cost of construction of the expansion space and the additional parking. Landlord may select a Contractor to Construct the expansion space, then Landlord including all Tenant Improvements, and shall furnish to notify Tenant a copy of the cost of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Termconstruction. If Tenant notifies Landlord gives Landlord's Notice of Availability to that, in Tenant’s opinion, the cost is too high, then Tenant shall give written notice may obtain bids from other contractors reasonably acceptable to Landlord so that and Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, shall either engage the contractor with the lowest cost or may utilize any contractor it selects but the rent increase shall be based on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherslowest cost estimate.
Appears in 1 contract
Expansion. Subject Effective as of the Expansion Effective Date (as hereinafter defined), the Premises is increased from 11,357 rentable square feet on the 16th floor to 15,017 rentable square feet described as Suite No(s). 1616 and 1625 on the 16th floor by the addition of the Expansion Space. The lease term for the Expansion Space shall commence on the Expansion Effective Date and end on the Termination Date (as hereinafter defined). The Expansion Space is subject to all the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity Lease except as expressly modified herein and except that Tenant shall not be entitled to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premisesreceive any allowances, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person abatements or entity execute a letter of intent other financial concessions granted with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant Premises unless such concessions are expressly provided for herein with respect to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation Expansion Space.
A. The Expansion Effective Date shall be deemed effective on the day prior later to such receipt by Landlord)occur of (i) April 15, then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice 1994 (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available SpaceTarget Expansion Effective Date"), or (ii) the date upon which notice Landlord's improvement work in the Expansion Space has been substantially completed; provided, however, that if Landlord shall specify be delayed in substantially completing the Applicable TermsLandlord's work in the Expansion Space as a result of the occurrence of any of the following (a "Delay"):
1. As used in this ArticleTenant's failure to furnish information or to respond to any request by Landlord for any approval or information within any time period prescribed or, "Applicable Terms" means if no time period is prescribed, then within two (2) Business Days of such request: or
2. Tenant's insistence on materials, finishes or installations that have long lead times after having first been informed by Landlord that such materials, finishes or installations will cause a Delay provided, however. Landlord agrees that the terms materials. finishes and conditions installations set forth in the plans shall not cause a Delay: or
3. Changes in any plans and specifications; or
4. The performance or nonperformance by a person or entity employed by Tenant in the completion of any work (all such letter work and such persons or entities being subject to the prior approval of intent, except Landlord); or
5. Any request by Tenant that Landlord delay the term completion of any of the Landlord's work; or
6. Any breach or default by Tenant in the performance of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be Amendment or the Lease; or
7. Any delay resulting from Tenant's having taken possession of no further force or effect with respect to such Available Space. If Landlord receives the Expansion Space for any reason prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety substantial completion of the Available Space on the Applicable TermsLandlord's work; or, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Termsexcept as required during construction; or
8. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Any other delay, except as approved by Landlord, without modification theretochargeable to Tenant, so that Landlord actually receives such executed written amendment within such five-business-day periodits agents, then Landlord's obligations under this Article shall automatically terminate and be of no further force employees or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with others.independent contractors; or
Appears in 1 contract
Expansion. Subject Effective as of the Fourth Expansion Effective Date as hereinafter defined), the Premises, as defined in the Lease, is increased from 17,513 rentable square feet on the fourth (4th) floor to 28,805 rentable square feet on the fourth (4th) and fifth (5th) floors by the addition of the Fourth Expansion Space, and from and after the Fourth Expansion Effective Date, the Original Premises and the Fourth Expansion Space, collectively, shall be deemed the Premises, as defined in the Lease. The lease term for the Fourth Expansion Space shall commence on the Fourth Expansion Effective Date and end on the Extended Termination Date. Tenant's occupancy of the Fourth Expansion Space and Tenant's occupancy of the Original Premises during the Extended Term are subject to all the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity Lease except as expressly modified herein and except that Tenant shall not be entitled to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premisesreceive any allowances, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person abatements or entity execute a letter of intent other financial concessions or economic incentives previously granted with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of Original Premises unless such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice concessions are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space expressly provided for herein.
A. The Fourth Expansion Effective Date shall be the longer day that is sixty (60) days after mutual execution of this Amendment by Landlord and Tenant (sixty [60] days after mutual execution of this Amendment by Landlord and Tenant is currently estimated to be June 15, 1998, which is referred to herein as the "Target Fourth Expansion Effective Date").
B. The Fourth Expansion Effective Date shall be delayed only as to such portion thereof not already occupied by Tenant to the extent that Landlord fails to deliver possession of the term set forth Fourth Expansion Space for any reason, including but not limited to, holding over by prior occupants. Any such delay in such letter of intent the Fourth Expansion Effective Date shall not subject Landlord to any liability for any loss or the remaining Termdamage resulting therefrom. If Landlord gives Landlord's Notice of Availability to Tenantthe Fourth Expansion Effective Date is delayed, then Tenant the Extended Termination Date (as hereinafter defined) shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherssimilarly extended.
Appears in 1 contract
Expansion. Subject (a) Point Richmond R&D Associates, a California limited partnership (“PRA I”), as landlord, and Tenant, as tenant, are parties to that certain Lease dated as of February 22, 2006 (as amended, the “PRI Lease”), pursuant to which Tenant leases from PRA I, an affiliate of Landlord, the premises commonly known as Suites 110 and 130 (the “PRI Premises”) on the ground floor of the building located at 0000 Xxxx Xxxxxxx Xxxxxxxxx, Xxxxxxxx, Xxxxxxxxxx. Pursuant to the terms PRI Lease, Tenant holds an option to expand (the “PRI Expansion Option”) into space consisting of at least 5,000 rentable square feet of area more than the aggregate of the Rentable Area of the Premises and conditions set forth the rentable area of the PRI Premises (the “Aggregate Premises”).
(b) If PRA I (or its Affiliate) and Tenant have not agreed upon suitable space for Tenant (in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right"’s sole opinion) to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date within six (6) months following Tenant’s exercise of the PRI Expansion Option, Tenant shall have the right to terminate this Lease by providing Landlord one hundred eighty (180) days prior to notice specifying the unequivocal termination of this Lease, and provided further that Tenant provide such termination notice within thirty (30) days of the expiration of such six-month period.
(c) If Tenant properly exercises its PRI Expansion Right, and PRA I (or its Affiliate) and Tenant are able to agree on a space suitable for Tenant in accordance with the Initial Term PRI Lease ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises“Expansion Space”), as more particularly depicted on evidenced by the floor plan attached hereto as Exhibit "A", execution and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter delivery of intent with respect to the leasing of all or any portion of Tenant's Right Space Expansion Amendment (as it may be designated by Landlord pursuant to defined in the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by LandlordPRI Lease), then Landlord Tenant shall furnish have the right to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to terminate this Lease as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer commencement date of the term set forth in such letter of intent or for the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give Expansion Space by delivering written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on within thirty (30) days following the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety date of the Available Space on Expansion Amendment (as defined in the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable TermsPRI Lease). If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and fails to timely deliver such written amendment termination notice, Tenant shall be deemed to Landlordhave elected to continue this Lease, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under and this Article shall automatically terminate Lease will remain in full force and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherseffect.
Appears in 1 contract
Expansion. Subject Provided that no Event of Default then exists, Landlord agrees that upon receipt of an Expansion Request (defined below) from Tenant, Landlord will use best efforts to provide Tenant with expansion space within the terms Building and/or Complex (“Expansion Space”), i.e., Landlord will promptly provide Tenant with a written list of “available space” for lease within the Building and conditions elsewhere in the Complex that meets the criteria set forth in this Articlethe Expansion Request. As used herein, Landlord hereby grants to Tenant an “Expansion Request” means a written request from Tenant, that includes at least the right following information: ("Tenant's Right"a) to be offered by Landlord during the period commencing on requested size of the Expansion Space, and (b) the date on which Tenant needs the Expansion Space. As used herein, “available space” means space which is (i) not then subject to rights of this Lease third parties, including, without limitation, rights of first notice, expansion rights, extension rights and/or options to lease, and expiring (ii) not then the subject of active negotiations for lease. Any expansion and/or relocation of the Premises resulting from an Expansion Request will be subject to the parties’ negotiation and execution of a lease amendment on terms mutually acceptable to both Landlord and Tenant; provided, however, that upon any such relocation (as opposed to an expansion) of the Premises, Tenant shall be released from all further obligations (except those obligations that expressly survive the expiration or earlier of any termination of this Lease) with regard to the original Premises. Landlord shall not be required to respond to more than one Expansion Request within any 6-month period. LANDLORD AND TENANT EXPRESSLY DISCLAIM ANY IMPLIED WARRANTY THAT THE PREMISES ARE SUITABLE FOR TENANT’S INTENDED COMMERCIAL PURPOSE, AND TENANT’S OBLIGATION TO PAY RENT HEREUNDER IS NOT DEPENDENT UPON THE CONDITION OF THE PREMISES OR THE PERFORMANCE BY LANDLORD OF ITS OBLIGATIONS HEREUNDER, AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TENANT SHALL CONTINUE TO PAY THE RENT, WITHOUT ABATEMENT, DEMAND, SETOFF OR DEDUCTION, NOTWITHSTANDING ANY BREACH BY LANDLORD OF ITS DUTIES OR OBLIGATIONS HEREUNDER, WHETHER EXPRESS OR IMPLIED. This Lease or is executed on the respective dates set forth below, but for reference purposes, this Lease shall be dated as of the date six (6) months prior to first above written. If the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premisesexecution date is left blank, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation this Lease shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space")date first written above. LANDLORD: XXXXXX RTP, which notice shall specify the Applicable Terms. As used in this ArticleLLC, "Applicable Terms" means the terms and conditions set forth in such letter of intenta Delaware limited liability company By: /s/ Xxxxxxx Xxxxxx Name: Xxxxxxx Xxxxxx Title: Authorized Agent Execution Date: April 18, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant2018 TENANT: XXXXXXXX LABS, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m.INC., Atlantaa Delaware corporation By: /s/ Xxxxxx Xxxxxxxxxx Name: Xxxxxx Xxxxxxxxxx Title: President & CEO Execution Date: April 17, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with others.2018
Appears in 1 contract
Expansion. Subject Effective As of the Expansion Effective Date (as hereinafter defined), the Premises, as defined in the Lease, is increased from 3,585 rentable square feet on level forty-two (42) to 5,135 rentable square feet on level forty-two (42) by the addition of the Expansion Space, and from and after the Expansion Effective Date, the Original Premises and the Expansion Space, collectively, shall be deemed the Premises, as defined in the Lease. The Lease Term for the Expansion Space shall commence on the Expansion Effective Date and end on the Extended Termination Date (as hereinafter defined). The Expansion Space is subject to all the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity Lease except as expressly modified herein and except that Tenant shall not be entitled to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premisesreceive any allowances, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person abatements or entity execute a letter of intent other financial concessions granted with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant Original Premises unless such concessions are expressly provided for herein with respect to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation Expansion Space.
A. The Expansion Effective Date shall be deemed effective on the day prior later to such receipt by Landlord)occur of (i) April 1, then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice 1998 (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available SpaceTarget Expansion Effective Date"), and (ii) the date upon which notice Landlord's improvement work in the Expansion Space has been substantially completed; provided, however, that if Landlord shall specify be delayed in substantially completing the Applicable TermsLandlord's work in the Expansion Space as a result of the occurrence of any of the following (a "Delay"):
1. As used Tenant's failure to furnish information or to respond to any request by Landlord for any approval or information within any time period prescribed or, if no time period is prescribed, then within two (2) Business Days of such request; or
2. Tenant's insistence on materials, finishes or installations that have long lead times after having first been informed by Landlord that such materials, finishes or installations will cause a Delay; or
3. Changes in this Article, "Applicable Terms" means any plans and specifications; or
4. The performance or nonperformance by a person or entity employed by Tenant in the terms completion of any work (all such work and conditions set forth such persons or entities being subject to the prior approval of Landlord); or
5. Any request by Tenant that Landlord delay the completion of any of the Landlord's work; or
6. Any breach or default by Tenant in such letter of intent, except that the term performance of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article Amendment or the Lease; or
7. Any delay resulting from Tenant's having taken possession of the Expansion Space for any reason prior to substantial completion of the Landlord's work; or
8. Any other delay chargeable to Tenant, its agents, employees or independent contractors; then, for purposes of determining the Expansion Effective Date, the date of substantial completion shall automatically terminate and be deemed to be the day that said Landlord's work would have been substantially completed absent any such Delay(s). The Expansion, Space shall be deemed to be substantially completed on the date the Landlord reasonably determines that all Landlord's work has been performed (or would have been performed absent any Delays), other than any details of no further force construction, mechanical adjustment or effect any other matter, the noncompletion of which does not materially interfere with respect to such Available Tenant's use of the Expansion Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety The adjustment of the Available Space on Expansion Effective Date and, accordingly, the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion postponement of Tenant's Right Space. The purpose obligation to pay Rent on the Expansion Space shall be Tenant's sole remedy and shall constitute full Settlement of all claims that Tenant might otherwise have against Landlord by reason of the Expansion Space not being ready for occupancy by Tenant on the Target Expansion Effective Date.
B. In addition to the postponement, if any, of the Expansion Effective Date as a result of the applicability of Paragraph I.A. of this Article Amendment, the Expansion Effective Date shall be delayed to the extent Landlord fails to deliver possession of the Expansion Space for any other reason (other than Delays by Tenant), including but not limited to, holding over by prior occupants. Any such delay in the Expansion Effective Date shall not subject Landlord to any liability for any loss or damage resulting therefrom. If the Expansion Effective Date is to provide notice to Tenant so that Tenant may delayed, the Extended Termination Date (as hereinafter defined) shall be in a position to offer to lease the applicable space on a competitive basis with otherssimilarly extended.
Appears in 1 contract
Samples: Office Lease (Symbion Inc/Tn)
Expansion. Subject Tenant leases from Landlord an additional 11,656 Rentable Square Feet in Suite 700 on the 7th floor of the Building (the “Second Expansion Space”) as depicted on the attached Exhibit A. The Lease term for the Second Expansion Space shall commence upon April 1, 2007 (the “Second Expansion Space Commencement Date”), and shall run concurrent with the Term of the Lease. Effective upon the Second Expansion Space Commencement Date the “Premises” shall be deemed to include the Current Premises and the Second Expansion Space for all purposes of the Lease, and will consist of a total of 52,120 Rentable Square Feet. In connection with the foregoing, Landlord agrees that Tenant may enter the Second Expansion Space on or after February 17, 2007 for the sole purpose of installation of furniture, fixtures and equipment (the “Early Entry”) provided that such Early Entry is conducted in a manner as to not unreasonably interfere with any Landlord Work occurring in or around the Second Expansion Space, and further provided that such Early Entry shall be subject to all of the terms and conditions set forth contained in the Lease (other than the payment of Base Rent and Tenant’s Pro Rata Share of Excess Operating Expenses), including, without limitation, Tenant’s insurance and indemnity obligations as contained in this ArticleLease. Prior to any such Early Entry, Tenant shall provide Landlord with certificates of insurance or other evidence acceptable to Landlord evidencing Tenant’s compliance with its insurance obligations. In the event that Tenant’s Early Entry interferes with the Landlord Work or otherwise disrupts Landlord’s operations or the operations of other tenants in the Building, Landlord hereby grants may terminate Tenant’s right to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A"Early Entry, and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is delay in effect and so long as Tenant is not in default hereunder, the Landlord and another person or entity execute a letter of intent with respect Work attributable to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall Early Entry will be deemed effective on a Tenant Delay as provided in the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersattached Work Letter.
Appears in 1 contract
Samples: Office Lease (Gainsco Inc)
Expansion. Subject The above described Unit Area may, with the approval of the A.O. and the Land Commissioner, when practicable be expanded to include therein any additional Tract or Tracts regarded as reasonably necessary or advisable for the purposes of this Agreement provided, however, in such expansion there shall be no retroactive allocation or adjustment of Unit Expense or of interests in the Unitized Substances produced, or proceeds thereof. Pursuant to Subsection (b), the Working Interest Owners may agree upon an adjustment of investment by reason of the expansion. Such expansion shall be effected in the following manner:
(a) The Working Interest Owner or Owners of a Tract or Tracts desiring to bring such Tract or Tracts into this unit, shall file an application therefor with Unit Operator requesting such admission.
(b) Unit Operator shall circulate a notice of the proposed expansion to each Working Interest Owner in the Unit Area and in the Tract proposed to be included in the unit, setting out the basis for admission, the Tract Participation to be assigned to each Tract in the enlarged Unit Area and other pertinent data. After negotiation (at Working Interest Owners' meeting or otherwise) if at least three Working Interest Owners having in the aggregate seventy-five percent (75%) of the Unit Participation then in effect have agreed to inclusion of such Tract or Tracts in the Unit Area, then Unit Operator shall:
1. After obtaining preliminary concurrence by the A.O. and Land Commissioner, prepare a notice of proposed expansion describing the contemplated changes in the boundaries of the Unit Area, the reason therefor, the basis for admission of the additional Tract or Tracts, the Tract Participation to be assigned thereto and the proposed effective date thereof; and
2. Deliver copies of said notice to Land Commissioner, the A.O. at the proper BLM Office, each Working Interest Owner and to the terms last known address of each lessee and conditions lessor whose interests are affected, advising such parties that thirty (30) days will be allowed for submission to the Unit Operator of any objection to such proposed expansion; and
3. File, upon the expiration of said thirty (30) day period as set forth out in this Article(2) immediately above with the Land Commissioner and
A. O. the following: (a) evidence of mailing or delivering copies of said notice of expansion; (b) an application for approval of such expansion; (c) an instrument containing the appropriate joinders in compliance with the participation requirements of Section 14, Landlord hereby grants and Section 34, infra; and (d) a copy of all objections received along with the Unit Operator's response thereto. The expansion shall, after due consideration of all pertinent information and approval by the Land Commissioner and the A.O., become effective as of the date prescribed in the notice thereof, preferably the first day of the month subsequent to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration notice. The revised Tract Participation of the Initial Term ("Tenant's Right Period") respective Tracts included within the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day Unit Area prior to such receipt by Landlord), then Landlord enlargement shall furnish remain the same ratio one to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersanother.
Appears in 1 contract
Samples: Unit Agreement
Expansion. Subject to Neither Obligor shall incur indebtedness for the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date purposes of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Termsfinancing, or if Landlord does notreceive prior permit the commencement of construction of, any Expansion unless:
(a) Xxxxxxxx or another entity that has a public debt rating equal to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate at least "BBB-" from S&P and be of no further force or effect "Baa3" from Xxxxx'x provides a Completion Guaranty with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease Expansion;
(b) until such Expansion has achieved Completion and the entirety holders of the Available Space on indebtedness incurred to finance such Expansion have released the Applicable Termsapplicable Completion Guaranty, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt recourse of such written amendment execute holders is limited to (i) the applicable Completion Guaranty, (ii) any LTFT Agreements and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect related Shipper Guarantees entered into with respect to such Available Space. In no event shall Tenant's Right apply Expansion, (iii) any new fixed assets financed with the proceeds of such indebtedness, and (iv) a claim to any extension or renewal cash of the term Partnership that would otherwise be available for Distributions permitted under this Indenture; provided, however, such holders shall agree not to take any action or exercise any remedies prior to Completion that will in any way adversely affect the ability of a lease the Partnership to operate the existing Pipeline; and
(c) the percentage of the costs of such Expansion that are financed with respect to all or any portion of Tenant's Right SpaceIndebtedness incurred by the Partnership does not exceed the Applicable Expansion Debt Level. The purpose For the purposes of this Article is clause (c), "Applicable Expansion Debt Level" means the lesser of (x) 70%, (y) the difference between (A) the percentage of additional transportation capacity attributable to provide notice an Expansion that has been contracted by shippers meeting the requirements of the Partnership's FERC tariff and (B) 20% and (z) a percentage that causes the average annual Projected Debt Service Coverage Ratio from the date such Expansion reaches Completion until the Final Maturity Date of the Securities issued on the Closing Date (after taking into account the incurrence of the Indebtedness incurred in connection with such Expansion) to Tenant so be greater than or equal to 1.55 to 1.0. For the purposes of clarity, if 95% of an Expansion's transportation capacity has been contracted to shippers meeting such requirements, the Applicable Expansion Debt Level for such Expansion will be 70% or such lower amount that Tenant may allows the Partnership to satisfy the Projected Debt Service Coverage Ratio test set forth in clause (z); and if 75% of an Expansion's transportation capacity has been contracted to shippers meeting such requirements, the Applicable Expansion Debt Level for such Expansion will be 55% or such lower amount that allows the Partnership to satisfy the Projected Debt Service Coverage Ratio test set forth in a position to offer to lease the applicable space on a competitive basis with othersclause (z).
Appears in 1 contract
Expansion. Subject Tenant shall have a right to require that the terms and conditions set forth in this ArticleLandlord expand the Building at the Premises by an amount of approximately 75,000 square feet, Landlord hereby grants subject to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of permits, zoning, building, fire and sprinkler codes, and all other legal requirements, in accordance with the entire space described therein following terms:
(the "Available Space")A) In order to exercise its rights under this section, Tenant must give Landlord written notice of its election to expand, which notice shall specify include a statement as to the Applicable Termsproposed size, location and description of the expansion (the "Building Expansion"), on or before the 8th anniversary of the Rent Commencement Date. As used in this ArticleUpon such election by Tenant, "Applicable Terms" means the terms and conditions following shall apply:
(1) Such election shall be deemed an election to exercise the then- applicable renewal option set forth in such letter of intentSection 3.1 hereof, except that the term of Tenant's lease of such Available Space shall be renewal together with the longer remainder of the term then-existing Term (and with respect to both the then-existing Premises and the Building Expansion) shall not be less than 7 years (with the understanding that the then-applicable renewal option set forth in Section 3.1 above shall be deemed exercised and the term of such letter of intent or renewal option extended to achieve such 7 year term), and except that the remaining Term. If Landlord gives Landlord's Notice of Availability rent applicable to Tenant, then Tenant the existing Premises for any period in such term beyond the then-current Term shall give written notice be determined in accordance with the procedures set forth in Section 3.1.
(2) The improvements to Landlord so that Landlord actually receives be constructed in connection with such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety expansion of the Available Space on Premises shall be constructed in accordance with the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, terms and procedures set forth in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect Section 14 hereof with respect to such Available Spacethe Tenant Improvements, except that relating to the Allowance.
(3) The monthly Base Rent applicable to the Building Expansion shall be equal to that reflecting (i) amortization of the total cost of all building standard shell improvements (i.e., consistent with the Landlord's Work) which are part of the Building Expansion (including design, permitting, utility extensions, construction and the like) over a period of 20 years with interest at a rate which is 200 basis points in excess of the rate of interest then being paid on 10-year U.S. Treasury Bonds, and (ii) amortization of the total cost of all improvements beyond the building standard shell which are part of the Building Expansion (including design, permitting, utility extensions, construction and the like) over a period which is equal to the term of the Lease with interest at a rate of 10% per annum. If Landlord receives prior to In addition, appropriate adjustments shall be made in the Tenant's Notice Deadline Proportionate Share of Impositions and Operating Costs to reflect the addition of the Building Expansion.
(B) Within 30 days after the Tenant's written notice that Tenant desires exercising its right to lease the entirety of Building Expansion, the Available Space on the Applicable Terms, then Landlord parties shall cause to be given to Tenant enter into a written amendment to this Lease for setting forth the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment foregoing changes to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersLease.
Appears in 1 contract
Samples: Lease Agreement (Drugstore Com Inc)
Expansion. Subject to the terms Landlord and conditions set forth in this Article, Tenant covenant and agree as follows:
(1) Landlord hereby grants to Tenant reserves the right ("Tenant's Right") to be offered by Landlord during make changes in and to alter the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the PremisesBuilding, as more particularly depicted on the floor plan attached hereto as Exhibit "A"automobile parking areas, and herein referred toother Common Areas, as "Tenant's Right Space"and this right shall include the right to elevate or multipledeck or to provide underground parking facilities. If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of This may mean all or any a portion of Tenant's Right Space (as it Tenants view may be designated by Landlord pursuant blocked, and if such occurs, Tenant consents to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior same without any right to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Spacecompensation. In no event shall Tenant's Right apply Landlord be required to maintain any specific parking-to-building ratio for any automobile parking areas.
(2) With respect to any extension premises adjoining or renewal adjacent to the Building which Landlord may now own or henceforth acquire, by deed, easement contract, license or otherwise Landlord expressly reserves unto itself, its successors and assigns, the right (but Landlord, its successors and assigns shall have no obligation) to develop, dedicate, finance, improve, lease, manage, operate and/or convey the adjoining or adjacent premises, or any part thereof, for whatever use or purpose Landlord or Landlord's successors or assigns shall deem appropriate, including, without limitation, the use thereof for expansion of the term Building; and this Lease shall not be construed to limit Landlord's rights, or to restrict the use of a lease with respect to all said adjoining or adjacent premises or any portion of Tenant's Right Spacepart thereof. The purpose foregoing provisions of this Article is paragraph shall not be construed to provide notice give Tenant any rights in common areas within any of the adjoining or adjacent premises, including without limitation, any rights in the parking areas that might be provided in adjoining or adjacent premises.
(3) No such permitted change, alteration, addition to or consolidation of the Building, including without limitation, the performance of all construction and/or excavation required thereof, shall invalidate this Lease or affect Tenants' obligation under any provision hereof and tenant agrees to ratify and approve the modified Building Plan, if any, in writing. Tenant so that Tenant may be in a position expressly waives all claims for inconvenience, interruption and/or loss of Tenants' business or other damage due to offer to lease such permitted change, alteration, addition or consolidation, unless caused by gross negligence by the applicable space on a competitive basis with othersLandlord.
Appears in 1 contract
Samples: Hospital Lease Agreement (Dynacq International Inc)
Expansion. Subject 32.1 Although Tenant does not now wish to have constructed a larger facility, Tenant may in the future desire to expand the Building. Landlord is willing to permit the construction of additional space (the "Expansion Space") to the Building and will agree to construct, or to cause the construction of, the Expansion Space requested by Tenant, all in accordance with and subject to the following terms and conditions of this paragraph 32.
32.2 If Tenant decides it would like to have the Building expanded at any time prior to expiration of the Lease Term, Tenant shall deliver a written notice to Landlord not later than one (1) year before the Lease Term expires specifying the number of additional square feet requested, the general configuration of the Expansion Space, the tenant improvements requested by Tenant to be installed by Landlord in the Expansion Space and the target date for completion of the Expansion Space.
32.3 If Tenant's notice to Landlord is delivered within the first two (2) years of the Lease Term and if Xxxx Companies US, Inc. is still the Landlord, then within sixty (60) days following receipt of Tenant's written request for such expansion, Landlord will deliver to Tenant a written response which will either (A) set forth (i) Landlord's good faith estimate of the total cost to construct the Expansion Space in adherence to the same construction standards set forth in this Article, Landlord hereby grants Lease for the Building plus a 6% fee to Tenant the right Landlord; ("Tenantii) Landlord's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration good faith estimate of the Initial Term increase in monthly base rent expected to result from the Expansion Space, calculated using the applicable rental constant under paragraph 3; and ("Tenant's Right Period"iii) the opportunity expected time to lease complete the Expansion Space, including the projected time to prepare and agree upon plans and specifications and the time to obtain necessary financing, permits, consents and approvals; or (B) advise Tenant that approximate 6,844 rentable square foot sixth-floor space contiguous Landlord elects not to construct the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at Expansion Space for any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions reasons set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Termparagraph 32.5 below. If Landlord gives Landlord's Notice of Availability to Tenantprovides a response under subparagraph (A) above, then Tenant shall give written notice to will notify Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth within thirty (5th30) business day after days of Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to response whether Tenant desires to offer proceed with the expansion.
32.4 If Tenant's notice to lease Landlord is delivered after the entirety first two (2) years of the Available Lease Term or if Xxxx Companies US, Inc. is not still the Landlord, then within sixty (60) days following receipt of Tenant's written request for such expansion, Landlord will deliver to Tenant a written response which will either (A) set forth (i) Landlord's good faith estimate of the total cost to construct the Expansion Space on in adherence to the Applicable Termssame construction standards set forth in this Lease for the Building plus a 6% fee to Landlord; (ii) Landlord's good faith estimate of the increase in monthly base rent expected to result from the Expansion Space, calculated using the applicable rental constant under paragraph 3; and (iii) the expected time to complete the Expansion Space, including the projected time to prepare and agree upon plans and specifications and the time to obtain necessary financing, permits, consents and approvals; or (B) advise Tenant that Landlord elects not to construct the Expansion Space for any reason whatsoever, including without limitation, the reasons set forth in paragraph 32.5 below. If Landlord receives prior to provides a response under subparagraph (A) above, then Tenant will notify Landlord within sixty (60) days of Tenant's Notice Deadline receipt of Landlord's response whether Tenant desires Landlord to proceed with the expansion, during which time Tenant, in its sole discretion, may elect to obtain competitive bids.
32.5 Landlord may decline to construct the Expansion Space requested by Tenant if:
(a) Landlord is unable to obtain financing on terms and conditions satisfactory to Landlord.
(b) The Expansion Space is less than 30,000 square feet.
(c) The Expansion Space is not permitted by applicable law, the Ground Lease, the Subground Lease or any recorded covenants, conditions and restrictions (including without limitation, the Declaration).
(d) Tenant's written notice that Tenant does not desire to lease financial condition has, in the entirety sole opinion of Landlord, adversely changed since the date of the Available Space Lease so as to not be acceptable to Landlord.
(e) Tenant is, or has been during the Lease term, in default under this Lease or any event has occurred which with the giving of notice or passage of time, or both, would constitute an event of default on the Applicable Termspart of Tenant.
32.6 If Landlord is to proceed with construction of the Expansion Space under either paragraph 32.3 or 32.4 above, then the parties will enter into a written amendment to the Lease setting forth the terms and conditions applicable to the Expansion Space, including without limitation the following:
(a) If the Expansion Space is "ready for occupancy" (as defined in paragraph 2 above) after the first five (5) years of the Lease Term, then the initial Lease Term for the Property (including the Expansion Space) will be extended so that it expires ten (10) years from the date the Expansion Space is "ready for occupancy". This extension is independent of and in addition to the Renewal Options set forth in paragraph 31.
(b) Base rent for the Expansion Space will be calculated using the applicable Rental Constant as set forth in paragraph 3 (but with the applicable Subground Lease Annual Payment included only once in calculating base rent in the aggregate for both the original Building and the Expansion Space). If the initial Lease Term is extended as provided above, then (i) the Rental Constant for calculating annual base rent for years 16 through 20, or portion thereof, and, if Landlord does notreceive prior applicable, for years 21 through 25, or portion thereof, shall be computed on the basis of a 2% yearly increase compounded annually in base rent over years 11 through 15 for calculating base rent for years 16 through 20 and then, if applicable, over years 16 through 20 for calculating base rent for years 21 through 25, and (ii) the Subground Lease Annual Payment shall be equal to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety applicable annual rent payable under the Subground Lease for the corresponding year of the Available Space on Lease Term. The amendment will further state that, except as specifically provided to the Applicable Termscontrary in this paragraph 32, then, in either all of such instances, Landlord's obligations under this Article the terms and conditions of the Lease shall automatically terminate and be of no further force or effect with respect apply to such Available the Expansion Space. If the parties cannot agree upon the amendment in sufficient time for Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease commence and complete the entirety of Expansion Space by the Available Space on the Applicable Termstarget completion date, then Landlord shall cause not be obligated thereafter to be given proceed with construction of the Expansion Space.
32.7 If Landlord elects under subpart (B) of either paragraphs 32.3 or 32.4 not to construct or have constructed the Expansion Space, or if Tenant a written amendment to this Lease is not satisfied with Landlord's proposal for the leasing Expansion Space, Tenant shall have the right to construct the Expansion Space at its own expense in accordance with the terms of the Available Space on the Applicable Termsthis paragraph 32. If Tenant does not within five elects to construct the Expansion Space, all construction must be performed in accordance with plans mutually acceptable to Landlord and Tenant and complying with all applicable laws, rules and regulations, the Ground Lease, the Subground Lease and recorded covenants, conditions and restrictions (5) business days after including without limitation, the Declaration). Tenant will be responsible for obtaining at Tenant's receipt of such written amendment execute expense all necessary permits, consents and deliver such written amendment approvals, and Landlord shall cooperate with and assist Tenant as necessary to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate enable Tenant to complete the desired construction. Tenant agrees to carry insurance in commercially reasonable coverages and be of no further force or effect amounts with respect to such Available Spacethe construction satisfactory to Landlord. In no event Tenant shall Tenant's Right apply also obtain payment and performance bonds to any extension or renewal insure for the benefit of Landlord the term of completion and payment for the construction work and shall, prior to beginning construction, record a lease bond satisfying the statutory requirements for keeping the Premises lien free with respect to all or any portion of Tenant's Right construction of the Expansion Space. If the construction is undertaken and paid for by Tenant, Tenant will not be required to pay base monthly rent with respect to the Expansion Space for any period during the Lease Term as extended, including during any Renewal Terms, but shall pay Operating Costs. Under no circumstances shall Landlord be required to obligate itself or encumber the Premises for financing to pay the costs for Tenant's construction of the Expansion Space.
32.8 The purpose duties and obligations of Landlord under this Article is paragraph 32 shall not be binding upon and need not be performed by any mortgagee, trust deed beneficiary or other holder of a financing lien on the Premises or their successors and assigns; provided, however, the foregoing shall not impair or otherwise prejudice Tenant's right under paragraph 32.7 to provide notice to Tenant so that Tenant may be in a position to offer to lease construct the applicable space on a competitive basis with othersExpansion Space.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Expansion. Subject (a) Seller represents that Seller has received all permits and approvals required by the municipal, county, and state authorities, bureaus or agencies having jurisdiction (collectively, the “Governmental Authorities”) relating to the terms construction of a single-story, non-climate controlled building of approximately 7,300 square feet in or about that area marked “Proposed Expansion Area” on Exhibit B (the “Expansion”), subject to submission of stamped, final drawings to the Town of Xxxxxxxxx for such Town’s review and conditions set forth approval.
(b) Prior to the Feasibility Study Termination Date, Buyer shall solicit bids for the Expansion construction project from two (2) or more contractors. Within three (3) days after selecting an Expansion contractor, Buyer shall provide Seller with the name of, and contact information for, Buyer’s selected Expansion contractor (“Buyer’s Contractor”). Seller, at Seller’s sole cost and expense, shall: (i) promptly submit to the Governmental Authorities all materials required in this Articleconnection with the Expansion and, Landlord hereby grants among such materials, provide the Governmental Authorities with the name of, and contact information for, Buyer’s Contractor; (ii) diligently pursue all necessary approvals, licenses and permits associated with the Expansion (collectively, “Expansion Permits and Approvals”) from the Governmental Authorities; and (iii) sign, execute and deliver any and all documents that may be reasonably necessary or appropriate to Tenant obtain Expansion Permits and Approvals.
(c) Notwithstanding anything herein to the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date contrary, for purposes of this Lease Agreement, the requisite Expansion Permits and expiring Approvals shall be deemed to have been obtained only upon satisfaction of the earlier following requirements (the “Requirements”): (i) issuance of any termination of this Lease or a building permit for the date six Expansion by the applicable Governmental Authority; (6ii) months prior to the expiration of the Initial Term period within which appeals from the Governmental Authorities’ actions can be filed without the filing of any such appeal; and ("Tenant's Right Period"iii) each of the opportunity Expansion Permits and Approvals being in a form fully assignable to lease that approximate 6,844 rentable square foot sixth-floor space contiguous Buyer (as determined by Buyer in its sole discretion). Seller shall notify Buyer not less than three (3) days in advance of any public meeting, conference or hearing with governmental officials in connection with the Expansion.
(d) In the event Seller is unable to obtain all Expansion Permits and Approvals prior to the PremisesClosing Date, as more particularly depicted on the floor plan attached hereto as Exhibit "A"parties shall proceed to Closing, and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to but the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation Purchase Price shall be deemed effective on the day prior to such receipt reduced by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice FIFTY THOUSAND DOLLARS (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability"$50,000) of the availability of the entire space described therein (the "Available Space"“Expansion Allocation”), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space The Expansion Allocation shall be held in escrow by the longer of Title Company. In the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia timeevent that, on or after the fifth Closing Date, Seller obtains all Expansion Permits and Approvals, the Title Company shall release the Expansion Allocation to Seller within three (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (53) business days after Tenant's receipt of such written amendment execute following the date that Seller assigns all Expansion Permits and deliver such written amendment Approvals to LandlordBuyer.
(e) Notwithstanding anything to the contrary contained herein, without modification thereto, so if Buyer becomes aware that Landlord actually receives such executed written amendment within such five-business-day period(i) Seller’s representation in Section 15(a) is inaccurate or (ii) it is impracticable for Seller to satisfy the Requirements or (iii) Seller is in default under this Paragraph 15, then Landlord's obligations under Buyer shall promptly provide written notice thereof to Seller (the “Buyer’s Notice”). Buyer shall have all rights at law and in equity to enforce this Article shall automatically terminate Paragraph 15 unless Seller, within forty-five (45) days after the date of the Buyer’s Notice, (A) cures any breach or default referenced in the Buyer’s Notice, (B) obtains all Expansion Permits and be of no further force or effect with respect Approvals and (C) assigns all Expansion Permits and Approvals to such Available SpaceBuyer. In no event shall Tenant's Right apply Buyer recover more than $50,000 in damages as a result of any Seller breach or default under this Paragraph 15.
(f) Notwithstanding anything herein to the contrary, if Seller, using diligent efforts, fails to obtain all Expansion Permits and Approvals within sixty (60) days after the later of (I) the Closing Date or (II) that date which Buyer provides Seller with the name and contact information for Buyer’s Contractor, Buyer shall have the right to itself pursue any extension or renewal of outstanding Expansion Permits and Approvals and the term of a lease with respect Expansion Allocation shall be released to all or any portion of Tenant's Right SpaceBuyer. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersThis Paragraph 15 shall survive Closing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Global Self Storage, Inc.)
Expansion. Subject As used herein, “Expansion Premises” shall mean the increment of space commonly known as Suite D in the building located at 00000 Xxxxxxxxx Xxxxxx consisting of approximately 2,850 square feet more particularly shown on the attached Exhibit #1. The Expansion Premises shall be added to the terms Existing Premises on July 1, 2013 and conditions set forth in this Article, shall remain a portion of the “Premises” (as defined below) throughout the Expansion Term (as defined below). Landlord hereby grants estimates that possession of the Expansion Premises will be tendered to Tenant on July 1, 2013 (the right “Estimated Delivery Date”); provided, however, that if Landlord is unable to tender possession of the Expansion Premises to Tenant by the Estimated Delivery Date, then: ("Tenant's Right"a) to the validity of this Amendment shall not be offered by affected or impaired thereby; (b) Landlord during shall not be in default hereunder or be liable for damages therefor; and (c) Tenant shall accept possession of the period commencing Expansion Premises on the date when Landlord tenders possession thereof to Tenant. As of this July 1, 2013, the definition of “Premises” in the Basic Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration Information of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation Lease shall be deemed effective on modified to provide that the day prior to such receipt by Landlord), then Landlord “Premises” consists of 9,658 square feet (the combined Existing Premises and the Expansion Premises shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein hereafter be referred to as "Landlord's Notice of Availability") the “Premises”). The Expansion Premises shall remain a portion of the availability “Premises” throughout the Term of the entire space described therein (the "Available Space"), which notice shall specify the Applicable TermsLease. As used in this Articleherein, "Applicable Terms" means the terms “Expansion Term” shall mean the period starting on July 1, 2013 and conditions set forth in such letter of intentending on August 31, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term2015. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on accept the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") Expansion Premises in their “as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate is” state and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then condition and Landlord shall cause have no obligation to be given make or pay for any improvements or renovations in or to Tenant a written amendment the Expansion Premises or to this Lease otherwise prepare the Expansion Premises for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with others’s occupancy.
Appears in 1 contract
Samples: Lease (Parametric Sound Corp)
Expansion. Subject Provided Tenant is not in default under this Lease and --------- provided that this Lease is in full force and effect and provided further that Tenant has not assigned this Lease, then Tenant shall have the following rights to lease, at the termination of the existing lease (including, all extension options) to Altera Semiconductor, Inc. ("Altera"), the space in Building D presently leased to Altera. Tenant further acknowledges that Altera has an option to extend the term of its existing lease.
A. Before listing or advertising Building D to prospective tenants or purchasers, Landlord shall first notify Tenant of the availability of Building D and shall present the first offer to lease Building D to Tenant.
B. After presentation of Landlord's offer, and provided that Landlord and Tenant are unable to reach agreement, following good faith negotiations, as to the terms and conditions under which the parties would be willing to enter into a lease of Building D, Tenant shall have a right of first refusal to lease Building D as set forth in this Article, herein. If Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity proposes to lease that approximate 6,844 rentable square foot sixth-floor a space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein Building D (the "Available Space")) to a prospective tenant and if Altera has failed to exercise any right of first refusal it may have as to the Available Space, then Landlord shall notify Tenant in writing of the following basic business terms upon which notice shall specify the Applicable Landlord is willing to lease such space (collectively referred to herein as the "Basic Business Terms. As used in this Article, "Applicable Terms" means ): (i) the terms and conditions set forth in such letter description of intent, except that the Available Space; (ii) the term of the Lease; (iii) the tenant improvements Landlord is willing to construct or that it will require to be constructed and the contribution Landlord is willing to make to pay for such tenant improvements; (iv) the rent for initial term or the formula to be used to determine such rent (including, if applicable) free rent, Tenant's lease share of such Available Space shall taxes, assessments, operating expenses, insurance costs and the like; (v) any option or options to extend (including the rent to be charged during the longer of the extension periods); and (vi) any other material business term set forth in such letter of intent or the remaining Term. Landlord elects to specify.
C. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth within ten (5th10) business day days after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as notice, delivers to whether Tenant desires to offer Landlord its written agreement to lease the entirety of the Available Space on the Applicable Terms. If Basic Business Terms stated in Landlord's Notice, the Landlord receives prior shall lease to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to and Tenant shall lease the entirety of from Landlord the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenantterms and conditions in Landlord's Notice Deadline Tenant's written notice (the "Second Lease") provided, however, that this Lease shall be modified to include, and the Second Lease shall include, a cross-default provision providing that Tenant desires will be in default under both the Second Lease and this Lease, if it is in default under either Lease.
D. If Tenant does not deliver to lease Landlord its written agreement to the entirety of the Available Space Second Lease on the Applicable Terms, then, terms contained in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Termswithin said ten (10) business day period, then Landlord shall cause thereafter have the right to be given lease the Available space on the same Basic business Terms set forth in Landlord's notice and on such form of Lease, as Landlord chooses; provided, however, that Landlord may make any changes to such form of lease at the request of any prospective tenant to induce it to lease such space from Landlord so long as Landlord does not change the Basic Business Terms set forth in Landlord's notice.
E. The provisions of this paragraph shall terminate upon (i) the expiration or earlier termination of this Lease; or (ii) any assignment by Tenant of its interest in this Lease or the subletting by Tenant of substantially all of the Premises for substantially all of the remainder of the Lease Term; or (iii) as to any particular space, Tenant's failure to exercise its right of refusal granted herein as to such space at its first opportunity to do so.
F. Provided that Tenant shall have exercised its option to lease Building D, Landlord shall, at least one hundred twenty (120) days before the renewal date for the insurance carried by Landlord pursuant to Section 11.2, provide Tenant with a statement identifying the material terms of such insurance coverage, including the premiums payable, coverage limits and deductibles required. In the event that Tenant reasonably determines that Tenant can maintain such insurance at a cost to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within at least five percent (5%) business days after Tenant's receipt less than the cost to Tenant of reimbursing the cost of maintaining such written amendment execute and deliver such written amendment coverage to Landlord, without modification theretothen Tenant shall be entitled to notify Landlord, so that Landlord actually receives such executed written amendment within such five-business-day period, then no more than thirty (30) days following receipt of Landlord's obligations under this Article statement, that Tenant intends to maintain such insurance. Tenant shall automatically terminate and be thereafter maintain the insurance required by Section 11.2 hereof, in conformance with consistent requirements imposed from time to time by the holders of no further force mortgages or effect with respect deeds of trust of the Premises, including, if required, delivery to such Available Space. In no event shall Tenant's Right apply to any extension or renewal parties of reasonably satisfactory evidence of the term maintenance of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherssuch coverage.
Appears in 1 contract
Samples: Sublease (Nvidia Corp/Ca)
Expansion. Subject Landlord contemplates the possibility of an expansion (laterally and/or vertically) of the Shopping Center. If Landlord shall proceed as aforesaid (which Landlord shall be permitted to do), then Landlord may elect either of the following procedures:
(a) To exclude all real estate taxes on the land and buildings of said expansion area as well as all common area maintenance charges with respect to said expansion from proratable charges in which Tenant is required to participate, in which case the square footage of floor area of the buildings on the expansion area shall be excluded from the denominator in computing Tenant’s share of taxes and common area maintenance charges hereunder; or
(b) To include all real estate taxes and common area maintenance charges on the expansion area in the charges to be prorated pursuant to the terms of this lease, in which case the square footage of floor area of buildings on the expansion area shall be included in said denominator to the extent provided in Sections 7.3 and conditions 8.3 hereof. Landlord agrees to notify Tenant as to which of the foregoing procedures Landlord elects to follow, which notice shall be sent to Tenant within a reasonable time after said expansion has been completed. In either of the foregoing events if the said expansion area includes a Major Store as aforesaid, then and in that event the minimum rent payable under this lease shall be increased, from and after the date that said Major Store shall first open for business, by ten percent (10%); and the parties agree to execute a supplemental instrument memorializing said increase and the date of its commencement. As aforesaid, as part of such an expansion, Landlord may in the future add or, to the extent then existing, expand or otherwise modify, a second level above one or more of the one-story buildings at Warwick Mall. Landlord shall be permitted so to do subject, however, to the following provisions:
(1) If any such expansion involves the addition above the demised premises and would in any manner affect the demised premises, all expenses involved in such physical aspects shall be borne by Landlord, and Tenant shall not be put to any expense by reason thereof.
(2) If entry into the demised premises is required in connection with construction work for any vertical or horizontal expansion, Landlord agrees that it will attempt to do such work within the demised premises at such times and in such manner so as to reduce to a feasible minimum the interference with Tenant’s use and occupancy of its premises. Landlord will also, in such case, attempt to box-in any working areas of the demised premises to be utilized for said work with dust-proof partitions so as to enable Tenant to continue in business to the maximum extent possible.
(3) If entry into the demised premises is required, Landlord agrees that, subject to the provisions of Section 16.3 hereof, Landlord shall be responsible for any damage to Tenant’s property which can be established by Tenant to have been caused directly by Landlord’s entry and work as aforesaid; but Landlord shall not be responsible for any consequential damages in any event.
(4) There shall be a fair and equitable abatement of minimum rent and other charges for each business day during which Tenant’s use of its premises is interfered with, due regard being given to the extent to which Tenant is required to curtail, reduce, or close down its operations by reason thereof. Furthermore, if Landlord decides to expand, remodel or reconfigure Warwick Mall (but Landlord agrees not to invoke these relocation provisions solely in order to combine the demised premises with other non-Major Store premises for use by another mall store tenant) and Landlord determines that the same would require that the area in which the demised premises are located be changed in any manner, then and in that event, Landlord shall notify Tenant thereof and in such notice shall specify an effective date, if applicable in accordance with the following provisions, of a shift in location of the demised premises, which effective date shall not be sooner than ninety (90) days after the date of such notice. In such event, Landlord and Tenant shall attempt in good faith to agree upon a suitable new location (if any is available) for Tenant’s store (“New Premises”) in the original or expansion area of the mall building of the Shopping Center which New Premises are comparable in size and mall frontage to the original demised premises hereunder. If so available, Landlord shall designate such New Premises within the “footprint” of the area shown on Sheet 2 of Exhibit “A” hereto as the “Relocation Area”; and if Landlord so designates such New Premises within said Relocation Area footprint, then Tenant shall accept same and the demised premises shall be shifted into same subject to and in accordance with the following provisions of this section; if Landlord shall in good faith determine that it cannot offer any available such space to Tenant within the Relocation Area, then Landlord may offer to Tenant such New Premises (if available) in another location but Tenant shall not be required to accept a relocation into such New Premises outside of the Relocation Area. If Landlord and Tenant agree on a new location in accordance with the foregoing, they shall enter into an amendment to this lease (“Amendment”) which shall set forth the shift in location of the demised premises into the New Premises as of the aforesaid effective date. In such event: (a) this lease shall be amended by the Amendment to be for a term approximating in length the original term hereof (that is, expiring seven (7) years after the effective date of the shift into the New Premises; (b) minimum rent under this lease shall be amended by the Amendment to be at the same per square foot rate as originally set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during lease for the period commencing on through the original expiration date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter Section 1.1 (the “Original Expiration Date”) and minimum rent shall be increased by $3.33 per square foot per annum every two (2) years for the balance of intent or the remaining Term. If Landlord gives Landlord's Notice term after the Original Expiration Date; (c) Tenant will remodel the New Premises and otherwise prepare to and open for business in the New Premises (subject only to force majeure delays in so doing) by the aforesaid effective date of Availability to Tenantthe shift, then in accordance with the provisions of ARTICLES III and VI of this lease (all as if the New Premises were the original demised premises and the effective date of the shift were the term commencement date); and (d) Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on vacate the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute original demised premises and deliver such written amendment possession thereof to Landlord, without modification theretoon or before the aforesaid effective date of the shift, so in the condition required as at the end of the term hereof. In the event of such a shift in location and execution of the Amendment as specified above, Landlord agrees that Landlord actually receives such executed written amendment within such five-business-day period, if (a) Tenant shall not then Landlord's obligations be in default under this Article lease (and, without limitation, shall automatically terminate have vacated the original demised premises leaving the same in the condition required as at the end of the term, and be shall have opened for business in the New Premises), and (b) Tenant shall have certified to Landlord the amount of no further force or effect “Tenant’s Leasehold Improvement Costs” (as defined below), and furnished Landlord with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal certification and reasonable back-up (such as paid invoices and the like) as Landlord may request confirming the same not later than sixty (60) days after the original commencement date of the term of this lease, then it shall be a lease with respect condition of the effectiveness of such shift in location that Landlord pay to all or any Tenant, within thirty (30) days after satisfaction of the foregoing conditions, an amount equal to the then unamortized portion of Tenant's Right Space’s Leasehold Improvement Costs, amortized on a straight-line basis over the original term of this lease. In addition, Landlord shall thereupon reimburse Tenant an amount equal to Tenant’s reasonable costs paid by Tenant to third parties (as likewise confirmed to Landlord’s reasonable satisfaction) for physically moving from the original demised premises to the New Premises Tenant’s inventory and any other personal property to be sold from or used in its operations in the New Premises. In the event that Landlord makes any such election but no agreement is reached to shift the location of the demised premises or such Amendment is not signed within thirty (30) days after Tenant’s receipt of Landlord’s notice of its election, Landlord shall have the right to terminate this lease by giving Tenant notice of Landlord’s desire to do so prior to the execution of such Amendment. If Landlord shall give Tenant such termination notice, this lease shall terminate as of the termination date specified in such notice, which date shall not be sooner than sixty (60) days after the date of such notice. Such termination shall have the same force and effect as if the date so stipulated was the date originally established as the expiration date of the term hereof; provided, however, that within thirty (30) days after the effectiveness of such termination and the execution and delivery by Tenant to Landlord of a recordable instrument satisfactory to Landlord for the purpose of confirming such termination of this lease, and the payment of all charges hereunder payable by Tenant and vacating by Tenant of the demised premises in accordance with all applicable provisions of this lease — Landlord shall pay to Tenant an amount equal to the then unamortized portion of Tenant’s Leasehold Improvement Costs determined and certified to Landlord within sixty (60) days after the original term commencement date, and amortized, all as aforesaid. The purpose foregoing provisions of this Article is Section shall not be construed to provide notice confer upon Tenant any so-called option, right of refusal or other right, or to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersimpose upon Landlord any obligation except as expressly hereinabove set forth.
Appears in 1 contract
Samples: Lease Agreement (Nbty Inc)
Expansion. Subject to the terms and conditions set forth in provisions of this ArticleSection, Landlord hereby grants to Tenant Lessee shall have the right option (the "Tenant's RightExpansion Option") to subject the second floor of the Building, containing approximately 6,500 rentable square feet (the "Expansion Premises"), to all of the terms of this Lease (except for Basic Rent, which shall be offered calculated in the manner provided below). Lessee acknowledges that the Expansion Premises are currently occupied by Landlord during another lessee ("Current Occupant") whose lease expires on or about December 31, 1994. Provided that both (i) an "Event of Default" (as hereinafter defined) has not occurred and is not then continuing as of the period day on which Lessee purports to exercise the option herein granted, and (ii) as of such date the Lessee named herein is actually occupying at least twenty-five (25%) percent of the Premises, Lessee shall have the right to lease the Expansion Premises for a term commencing on the date on which Lessor delivers possession thereof to Lessee, and ending on the last day of the "Lease Term" (as hereinafter defined), by giving written notice of exercise to Lessor not later than July 1, 1994. If Lessee exercises its right under this Section to lease the Expansion Premises, then such space shall become subject to all of the terms of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior EXCEPT that "Basic Rent" for such space shall be in an amount equal to the expiration of "Fair Market Value" thereof (as these terms are hereinafter defined). In the Initial Term ("Tenant's Right Period") the opportunity event that Lessee, for any reason whatsoever, fails or refuses to lease that approximate 6,844 rentable square foot sixth-floor space contiguous give such notice by July 1, 1994, Lessee shall be deemed to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent have waived its rights under this Section with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to Expansion Premises for the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") remainder of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Lease Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with others.
Appears in 1 contract
Samples: Lease (Alkermes Inc)
Expansion. Subject A Commission of two percent (2%) of Total Monthly Base Rent (excluding Additional Rent) attributable to an expansion of the leased premises for the initial Term (or such lesser term as may be agreed to by Owner and Tenant) only will be paid to Broker if Tenant expands during the initial Term of this Lease (excluding renewals and extensions), delivers its Representation Letter to Owner naming Broker as its exclusive representative for such purpose, and retains the Broker as its agent to negotiate the expansion. If the initial Lease grants the Tenant an expansion option and the Tenant exercises this option without additional negotiations required between Owner and Tenant, the Broker shall be paid such commission subject to the terms of the Agreement. If the provisions of the expansion option are altered or revised, the Broker must be actively involved in the negotiations to receive such commission, subject to Section 10 of this Agreement. Such commission will not be paid unless: (a) the Broker delivers the Representation Letter signed by Tenant to Owner and conditions set forth actively participates in the negotiations or (b) the expansion option is specifically provided in the Lease and exercised without negotiations. Commission paid as a result of an expansion shall be paid, subject to the terms hereof, including section 6 below, by the method of payment selected in section 3 above or such other method mutually agreed to by Owner and Broker. In the event of a sale, assignment, or transfer by Kogex Xxxity, Inc. ("Kogex") xf its interest in the Building or in this ArticleLease to a successor in interest who assumes the commission obligations of Kogex xxxeunder, Landlord hereby grants Kogex xxxll be released or discharged from any and all commission obligations hereunder and the Broker agrees to Tenant look solely to such successors and assigns of Kogex xxx the right ("Tenant's Right") to be offered by Landlord during the period commencing on payment of any commissions after the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherstransfer.
Appears in 1 contract
Samples: Lease Agreement (Insurance Management Solutions Group Inc)
Expansion. Subject Effective as of the Expansion Effective Date (as hereinafter defined), the Premises is increased from 15,240 rentable square feet on the third (3rd) floor to 19,043 rentable square feet on the third (3rd) floor by the addition of the Expansion Space. The Lease term for the Expansion Space shall commence on the Expansion Effective Date and end on the Extended Termination Date (as hereinafter defined). The Expansion Space is subject to all the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term Lease except as expressly modified herein and except that Tenant shall not be entitled to receive any allowances, abatements or other financial concessions ("Tenant's Right Period"which are non-remedial in nature, e.g., other than abatement due to condemnation, casualty, etc.) the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent granted with respect to the leasing Premises unless such concessions are expressly provided for herein with respect to the Expansion Space.
A. The Expansion Effective Date shall be the earlier to occur of (i) December 27, 1996 ("Target Expansion Effective Date"), and (ii) the date upon which Landlord's improvement work in the Expansion Space (the "Landlord Work") has been substantially completed; provided, however, that if Landlord shall be delayed in substantially completing the Landlord Work in the Expansion Space as a result of the occurrence of any of the following (a "Delay"):
1. Tenant's failure to furnish information reasonably requested or to respond to any reasonable request by Landlord for any approval or information within any time period prescribed or, if no time period is prescribed, then within two (2) Business Days of such request; or
2. Tenant's insistence on materials, finishes or installations that have long lead times after having first been informed by Landlord that such materials, finishes or installations will cause a Delay; or
3. Changes in any plans and specifications mutually agreed by Landlord and Tenant; or
4. The performance or nonperformance by a person or entity employed by Tenant in the completion of any work (all such work and such persons or entities being subject to the prior approval of Landlord); or
5. Any request by Tenant that Landlord delay the completion of any portion of Landlord Expansion Work; or
6. Any breach or default by Tenant in the performance of Tenant's Right obligations under the Lease; or
7. Any delay resulting from Tenant's having taken possession of the Expansion Space (as it may be designated by for any reason prior to substantial completion of the Landlord pursuant Expansion Work; or
8. Any other delay chargeable to the foregoing within a reasonable period of time after Tenant, its agents, employees or independent contractor; or
9. Any other cause reasonably beyond Landlord's receipt control; then, for purposes of such letter determining the Expansion Effective Date, the date of intent, in which event such designation substantial completion shall be deemed effective to be the day that said Landlord Work would have been substantially completed absent any such Delay(s); provided, however, the Expansion Effective Date shall in no event be later than December 27, 1996. Notwithstanding anything herein to the contrary, the Expansion Effective Date will be deferred beyond December 27, 1996 to the extent substantial completion occurs thereafter due to Landlord fault or delay or contractor fault or delay in completing Landlord Work beyond the date submitted in contractor s bid for construction. The Expansion Space shall be deemed to be substantially completed on the day prior to such receipt by date that Landlord's architect reasonably determines that all Landlord Expansion Work has been performed (or would have been performed absent any Delays), then Landlord shall furnish to Tenant a copy other than any details of such executed letter construction, mechanical adjustment or any other matter, the noncompletion of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlordwhich does not materially interfere with Tenant's Notice of Availability") use of the availability Expansion Space. The adjustment of the entire space described therein (Expansion Effective Date, if any, and, accordingly, the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term postponement of Tenant's lease of such Available Space obligation to pay Rent on the Expansion Space, shall be the longer Tenant's sole remedy and shall constitute full settlement of all claims that Tenant might otherwise have against Landlord by reason of the term set forth Expansion Space not being ready for occupancy by Tenant on the Target Expansion Effective Date.
B. As of the date of execution of this Second Amendment, the Expansion Space is occupied by Railcar, Ltd., an affiliate of Tenant. Landlord is negotiating with Railcar, Ltd. to relocate it to other space in the Building. The parties hereto agree that if Landlord fails to deliver the Expansion Space on or before the Target Expansion Effective Date as a result of continued occupancy of the Expansion Space by Railcar, Ltd., such letter of intent delay shall not delay the Expansion Effective Date nor shall it subject Landlord to any liability for any loss or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenantdamage resulting therefrom; provided however, then Tenant shall give written notice have no obligation to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, pay rental on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") Expansion Space so long as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable TermsRailcar, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article Ltd. is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherspaying rental thereon.
Appears in 1 contract
Samples: Lease Agreement (First Capital Institutional Real Estate LTD 1)
Expansion. Subject Effective as of the earlier of (i) the first date on which Tenant conducts business in the Expansion Space pursuant to this Amendment, or (ii) November 1, 2016 (such earlier date being the “Expansion Effective Date”), the Premises shall be increased from 27,532 rentable square feet on the sixth floor to 40,341 rentable square feet on the fourth and sixth floors by the addition of the Expansion Space, and, from and after the Expansion Effective Date, the Existing Premises and the Expansion Space shall collectively be deemed the Premises. The term of the Lease for the Expansion Space (the “Expansion Term”) shall commence on the Expansion Effective Date and, unless sooner terminated in accordance with the Lease, end on the last day of the term of the Lease for the Existing Premises (which the parties acknowledge is November 30, 2022). From and after the Expansion Effective Date, the Expansion Space shall be subject to all the terms and conditions set forth in this Article, Landlord hereby grants to Tenant the right ("Tenant's Right") to be offered by Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term Lease except as provided herein. Except as may be expressly provided herein, ("Tenant's Right Period"a) the opportunity Tenant shall not be entitled to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premisesreceive, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing of all Expansion Space, any allowance, free rent or any portion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect other financial concession granted with respect to such Available Space. If the Existing Premises, and (b) no representation or warranty made by Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available the Existing Premises shall apply to the Expansion Space. In no event shall Tenant's Right apply to any extension or renewal Notwithstanding the foregoing, Tenant may enter the Expansion Space as of the term date hereof (and prior to the Expansion Effective Date), solely for the purpose of a lease performing Tenant Improvement Work (defined below) and installing telecommunications and data cabling, equipment, furnishings and other personal property in the Expansion Space. Other than the obligation to pay Monthly Rent with respect to the Expansion Space, all or any portion of Tenant's Right Space. The purpose ’s obligations under the Lease and hereunder shall apply during any period of this Article is such early entry prior to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersExpansion Effective Date.
Appears in 1 contract
Expansion. Subject In the event that the suite immediately adjacent to the terms New Premises which contains approximately 2,117 square feet (“Expansion Space”) shall be available for lease any time between May 15, 1999 (or such earlier date as the existing tenant vacates the Expansion Space) and conditions set forth in this Articlethe New Premises Expiration Date, Landlord hereby grants shall immediately lease to Tenant and Tenant shall immediately lease from Landlord the right Expansion Space in its AS-IS condition ("Tenant's Right"except that Landlord shall paint and carpet the Expansion Space with Building-standard paint and carpeting) to be offered by Landlord during and at the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square per-square-foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is Base Rent in effect and so long as hereunder from time to time. Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent shall pay Additional Rent with respect to the leasing of all or any portion of Tenant's Right Expansion Space (on the terms specified in Paragraph 4 above. In the event Tenant leases the Expansion Space as it may be designated by Landlord pursuant provided herein, the parties shall promptly execute an amendment to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on Lease providing for the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space Expansion Space, which amendment shall be the longer of the term set forth substantially similar in such letter of intent or the remaining Termform to this Amendment. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so acknowledges and agrees that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer its willingness to lease the entirety Expansion Space from Landlord in accordance with this Paragraph 8 is an integral part of the Available Space on consideration to Landlord for the Applicable Terms. If execution of this Amendment and that Landlord receives prior to would not execute this Amendment but for Tenant's Notice Deadline Tenant's written notice that Tenant does not desire ’s willingness to lease the entirety Expansion Space. Any failure of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of Expansion Space from Landlord in accordance with this Paragraph 8 shall constitute an immediate Default under the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article Lease and shall automatically terminate and be of no further force or effect with respect to such Available Space. If entitle Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersits rights and remedies thereunder.
Appears in 1 contract
Expansion. Subject Paragraph 1 of Section 8.13A of Addendum No. 2 attached to the terms Lease is hereby deleted in its entirety and conditions set forth in this Articlereplaced with the following:
(a) The plans and specifications (the “Plans and Specifications”) for the Additional Improvements are attached hereto and made a part hereof as Exhibit B. The Plans and Specifications detail certain work to be completed by Landlord (“Landlord’s Work”) and certain work to be completed by Tenant (“Tenant’s Work”). Promptly following the execution hereof, Landlord hereby grants shall commence Landlord’s Work and diligently pursue the same to completion. Landlord’s Work shall be completed at the sole cost and expense of Landlord, except for any change orders requested by Tenant as provided below. Landlord shall request its contractor to take all reasonable precautions to avoid any material interference with Tenant’s operations at the Demised Premises.
(b) Upon completion of the construction of Landlord’s Work, Landlord shall assign to Tenant the right ("Tenant's Right") to be offered by any warranties or guarantees which Landlord during the period commencing on the date of this Lease and expiring upon the earlier of any termination of this Lease or the date six (6) months prior to the expiration of the Initial Term ("Tenant's Right Period") the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent received with respect to the leasing of all Landlord’s Work, and Tenant shall look solely to such warranties or guarantees if there are any portion defects in Landlord’s Work. Upon completion of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing within a reasonable period of time after Landlord's receipt of such letter of intent’s Work, in which event such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") of the availability of the entire space described therein (the "Available Space"), which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice assign to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether all warranties or guarantees which Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect received with respect to Tenant’s Work. The foregoing assignments shall be partial assignments and shall not preclude Landlord and Tenant from continuing to enforce such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force warranties or effect guaranties in their own name with respect to such Available SpaceLandlord’s Work and Tenant’s Work, respectively.
(c) Tenant shall be solely responsible for the cost and expense to complete Tenant’s Work, and Tenant shall indemnify and hold Landlord harmless from any and all liabilities, liens, claims, damages or obligations (including reasonable attorneys’ fees) which are incurred by or asserted against Landlord as a result of or in connection with Tenant’s Work. In no event shall any delay in the completion of Tenant's Right apply to ’s Work result in a delay in the Expansion Commencement Date, as defined below. Landlord shall indemnify and hold Tenant harmless from any extension and all liabilities, liens, claims, damages or renewal obligations (including reasonable attorneys’ fees) which are incurred by or asserted against Tenant as a result of or in connection with Landlord’s Work.
(d) The commencement date of this Lease for the Additional Improvements (the “Expansion Commencement Date”) shall be upon the substantial completion of Landlord’s Work. Upon substantial completion of Landlord’s Work, Landlord and Tenant shall jointly prepare a punch list of defective or uncompleted items and Landlord shall diligently pursue completion of the term punch list. Landlord shall use all reasonable efforts to substantially complete Landlord’s Work by July 31, 1996; subject to force majeure and delays caused by Tenant; provided, however, that Tenant’s sole remedy for failure to substantially complete Landlord’s Work by July 31, 1996 shall be to extend the Expansion Commencement Date until Landlord’s Work is substantially complete. From and after the Expansion Commencement Date, Tenant shall be obligated to pay Basic Rent for the Additional Improvements in accordance with the schedule set forth below, all references in the Lease to the “Building” shall specifically include the Additional Improvements and Tenant’s use and occupancy of the Additional Improvements shall be on the same terms and conditions as provided for in the Lease. All references in the Lease to the “Improvements” following the Expansion Commencement Date shall be deemed to include the Additional Improvements.
(e) If Tenant desires any changes to Landlord’s Work (a lease “Change Order”), Tenant shall be solely responsible for any increased costs associated with respect the Change Order, together with a fee equal to all or ten percent (10%) of the increased cost (collectively, the “Change Order Cost”) represented by the Change Order. Tenant shall pay Landlord the Change Order Cost within ten (10) days following written demand therefor and failure to do so shall constitute a monetary default under the Lease. If any portion Change Order causes a delay in the substantial completion of Tenant's Right Space. Landlord’s Work, the Expansion Commencement Date shall occur on the date that Landlord’s Work would have been substantially completed but for the Change Order in question.
(f) The purpose Basic Rent for the Additional Improvements shall be as follows: Expansion Commencement Date - July 31, 1996 $ 124,750.00 $ 10,395.83 August 1, 1996 - July 31, 1997 127,245.00 10,603.75 August 1, 1997 - July 31, 1998 135,977.50 11,331.46 August 1, 1998 - July 31, 1999 139,969.50 11,664.13 August 1, 1999 - July 31, 2000 139,969.50 11,664.13 August 1, 2000 - July 31, 2001 146,955.50 12,246.29 August 1, 2001 - July 31, 2002 151,446.50 12,620.54 August 1, 2002 - July 31, 2003 155,937.50 12,994.79 August 1, 2003 - July 31, 2004 159,929.50 13,327.46 August 1, 2004 - July 31, 2005 165,418.50 13,784.88 August 1, 2005 - July 31, 2006 170,408.50 14,200.71 August 1, 2006 - July 31, 2007 175,398.50 14,616.54 August 1, 2007 - July 31, 2008 180,638.00 15,053.17 August 1, 2008 - July 31, 2009 186,127.00 15,510.58 August 1, 2009 - July 31, 2010 191,865.50 15,988.79 (g) The Basic Rent for the Additional Improvements shall be the amount set forth in the above table, regardless of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersactual gross leasable area of the Additional Improvements.
Appears in 1 contract
Samples: Lease (Gc Net Lease Reit, Inc.)
Expansion. Subject The Unit Area may, when practicable, be expanded to include therein any additional Tract or Tracts regarded as reasonably necessary or advisable for the purposes of this agreement. Such expansion shall be effected in the following manner.
(a) The Working Interest Owner or Owners of a Tract or Tracts desiring to bring such Tract or Tracts into the Unit Area shall file an application therefor with Unit Operator requesting such admission.
(b) Unit Operator shall circulate a notice of the proposed expansion to each Working Interest Owner in the tract or tracts proposed to be included in the Unit and/or affected by the proposed expansion setting out the basis for admission, the Tract Participation proposed to be allocated to such Tract or Tracts, and other pertinent data. After negotiation (at Working Interest Owners' meeting or otherwise) if Working Interest Owners having a combined Phase II Unit Participation of ninety percent (90%) or more have agreed to such Tract or Tracts being brought into the Unit Area, then Unit Operator shall, after preliminary concurrence by the Commissioner and the Commission:
(1) Prepare a notice of proposed expansion describing the contemplated changes in the boundaries of the Unit Area, the reason therefor, the basis for admission of the additional Tract or Tracts, the Tract Participation to be allocated thereto, and the proposed effective date thereof; and
(2) Furnish copies of said notice to the terms Commissioner and conditions set forth in this Articlethe Division, Landlord hereby grants each Working Interest Owner and to Tenant the right ("Tenant's Right") lessee and lessor whose interests are proposed to be offered by Landlord during committed, advising such parties that thirty (30) days will be allowed for submission to the period commencing on the date of this Lease and expiring upon the earlier Unit Operator of any termination of this Lease or the date six objections to such proposed expansion; and
(63) months prior to File, upon the expiration of said thirty-day period as set out in Subsection (2) immediately above, with the Initial Term Commissioner and Division the following: ("Tenant's Right Period"a) Evidence of mailing copies of said notice of expansion; (b) An application for such expansion;
(c) An instrument containing the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to appropriate joinders in compliance with the Premisesqualification requirements of Section 13, as more particularly depicted on the floor plan attached hereto as Exhibit "A"Tracts Qualified for Unit Participation, infra; and herein referred to(d) Copies of any objections received. The expansion shall, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute a letter of intent with respect to the leasing after due consideration of all or any portion pertinent information and upon approval by the Commissioner and Division, become effective as of Tenant's Right Space (as it may be designated by Landlord pursuant to the foregoing date prescribed in the notice thereof. The revised Tract Participation of the respective Tracts included within a reasonable period of time after Landlord's receipt of such letter of intent, in which event such designation shall be deemed effective on the day Unit Area prior to such receipt by Landlord), then Landlord enlargement shall furnish remain in the same ratio one to Tenant a copy another. There shall never be any retroactive allocation or adjustment of such executed letter operating expenses or of intent and a written notice interest in the Unitized Substances produced (collectively, such letter of intent and written notice are herein referred to as "Landlord's Notice of Availability") or the proceeds of the availability sale thereof) by reason of an expansion of the entire space described therein (the "Available Space")Unit Area; provided, which notice however, this limitation shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in not prevent any adjustment of investment necessitated by such letter of intent, except that the term of Tenant's lease of such Available Space shall be the longer of the term set forth in such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with othersexpansion.
Appears in 1 contract
Samples: Unit Agreement
Expansion. Subject to the terms and conditions set forth --------- herein, LESSEE shall have the option from time to time to lease the space located on the second and third floors of the building located immediately in this Articlefront of the building in which the Premises is located (such building being hereinafter referred to as "Building B"), Landlord hereby grants but excluding the space currently utilized as the cafeteria (such expansion space is hereinafter referred to Tenant as the right ("Tenant's RightAdditional Space") to be offered by Landlord during upon the period commencing same terms and conditions as this Lease except that the term thereof must end, at LESSEE's option, either on March 31, 2004 or the date upon which the Term of this Lease and expiring upon the earlier expires. LESSOR shall provide LESSEE with (a) a copy of any termination letter of this Lease or the date six (6) months prior to the expiration intent that is executed with any prospective tenant of the Initial Term Additional Space ("Tenant's Right Period"or if no such letter of intent is executed by LESSOR, then a copy of the proposed draft of the lease for such space) the opportunity to lease that approximate 6,844 rentable square foot sixth-floor space contiguous to the Premises, as more particularly depicted on the floor plan attached hereto as Exhibit "A", and herein referred to, as "Tenant's Right Space". If, at any time during Tenant's Right Period while Tenant's Right is in effect and so long as Tenant is not in default hereunder, Landlord and another person or entity execute (b) a copy of a negotiated letter of intent with a prospective tenant of the Additional Space with terms that appear to be acceptable to such prospective tenant, together in any event with a notice stating that such notice is delivered pursuant to this Section 18.18. LESSEE shall notify LESSOR, in writing, within ten (10) days of receipt of such notice that LESSEE elects to lease the Additional Space. LESSEE's failure to timely respond in writing shall constitute a waiver of LESSEE's option to lease such space. In the event that LESSOR fails to execute a lease for the Additional Space with such prospective tenant within one hundred twenty (120) days of receipt of such notice by LESSEE, then LESSEE's option shall be reinstated with respect to the leasing Additional Space. In the event that LESSEE elects to lease any Additional Space, LESSEE and LESSOR shall execute and deliver an amendment to the Lease increasing the number of all or any portion square feet constituting the Premises by the amount of Tenant's Right the Additional Space, and otherwise subjecting the Additional Space to the same terms and conditions of the Lease as currently in effect, including but not limited to a provision providing that Rent for the Additional Space shall be the same rent per square foot as currently in effect under the Lease (as it the same may be designated by Landlord pursuant increased as provided in the Lease). Rent payment for any Additional Space shall begin upon the first to the foregoing within a reasonable period occur of time after Landlord's receipt (a) occupancy of such letter Additional Space by LESSEE for the purposes of intentconducting business or (b) 90 days after the exercise by LESSEE of the expansion option. In the event that LESSOR notifies LESSEE of its intention to lease the Additional Space within Building B as provided in this Section 18.18, and the third and fourth floors of the building located immediately in which event front of Building B (such designation shall be deemed effective on the day prior to such receipt by Landlord), then Landlord shall furnish to Tenant a copy of such executed letter of intent and a written notice (collectively, such letter of intent and written notice are herein building is hereinafter referred to as "Landlord's Notice of AvailabilityBuilding A") is unleased, and the LESSEE elects not to take the Additional Space within Building B, then for the purposes hereof the Additional Space shall thereafter mean the third and fourth floors of Building A. Notwithstanding anything herein to the contrary, in the event that the space to be leased to a prospective tenant constitutes all of Building A and Building B, then in order to exercise the expansion option granted herein, LESSEE must elect to lease all of such space, or in the event that the space to be leased to any prospective tenant constitutes all of the availability of Additional Space and any other space within Building A or Building B, then in order or exercise the entire space described therein (the "Available Space")expansion option granted herein, which notice shall specify the Applicable Terms. As used in this Article, "Applicable Terms" means the terms and conditions set forth in such letter of intent, except that the term of Tenant's LESSEE must elect to lease all of such Available Space shall be the longer of the term set forth in space which such letter of intent or the remaining Term. If Landlord gives Landlord's Notice of Availability prospective tenant proposes to Tenant, then Tenant shall give written notice to Landlord so that Landlord actually receives such written notice before 5:00 p.m., Atlanta, Georgia time, on the fifth (5th) business day after Tenant's receipt of Landlord's Notice of Availability ("Tenant's Notice Deadline") as to whether Tenant desires to offer to lease the entirety of the Available Space on the Applicable Terms. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant does not desire to lease the entirety of the Available Space on the Applicable Terms, or if Landlord does notreceive prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then, in either of such instances, Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. If Landlord receives prior to Tenant's Notice Deadline Tenant's written notice that Tenant desires to lease the entirety of the Available Space on the Applicable Terms, then Landlord shall cause to be given to Tenant a written amendment to this Lease for the leasing of the Available Space on the Applicable Terms. If Tenant does not within five (5) business days after Tenant's receipt of such written amendment execute and deliver such written amendment to Landlord, without modification thereto, so that Landlord actually receives such executed written amendment within such five-business-day period, then Landlord's obligations under this Article shall automatically terminate and be of no further force or effect with respect to such Available Space. In no event shall Tenant's Right apply to any extension or renewal of the term of a lease with respect to all or any portion of Tenant's Right Space. The purpose of this Article is to provide notice to Tenant so that Tenant may be in a position to offer to lease the applicable space on a competitive basis with otherslease.
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Samples: Space Lease (Equifax Inc)