Common use of Expansion Clause in Contracts

Expansion. (a) This Article 22 shall apply if and only if either (i) Tenant shall have exercised the IP Extension Deletion Option and the IP Extension Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.6, or (ii) Tenant shall have exercised the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of Tenant, Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to become available in the Building, to the extent then known by Landlord, and shall permit Tenant to inspect such space. (b) Provided that, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the option at four (4) times specified below in subsection (b) (each, an “Expansion Option”) to expand the floor area of the Premises by adding additional space (the “Expansion Option Space”) in full floor increments only, up to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to Landlord. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the Expansion Option Space, (or portions thereof subject to the limitations hereinafter set forth in this subparagraph), at any time within a twelve (12) month period (the “Leeway Period”) specified below: April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%

Appears in 1 contract

Samples: Lease Agreement (American Financial Realty Trust)

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Expansion. If Lessee requires more industrial space in addition to Module B or in the event Lessee does not exercise its option to lease Module B, Lessor agrees to use its best efforts to provide the additional space adjacent to the Leased Premises as depicted on Exhibit H attached hereto and incorporated herein (athe “Adjacent Space”). If the Adjacent Space cannot be delivered, Lessor shall provide another building (owned by Lessor) This Article 22 to provide the total industrial space required by Lessee. If Lessee agrees to move into another building owned by Lessor, Lessor agrees to (i) reimburse Lessee for all moving expenses incurred by Lessee in connection with the move and (ii) pay for fifty percent (50%) of the tenant improvements to be constructed in the new space. If Lessee decides to exercise its option to expand into the Adjacent Space or if parties agree on a new building to which Lessee can move its operations, the parties hereto shall apply if and only if either (i) Tenant shall have exercised execute an amendment to this Lease which redefines the IP Extension Deletion Option Leased Premises to include the Adjacent Space or substitute the new building as the Leased Premises and recalculates rent by multiplying the IP Extension Deleted Space shall have been deleted from the Premises, as provided rental rate set forth in Section 3.3.6, 5.1 by the new square footage of the Leased Premises or (ii) Tenant shall have exercised enter into a new lease agreement under similar terms and conditions as those set forth herein. Notwithstanding the Minimum Area Deletion Option and foregoing, any new lease or amendment to this Lease entered into between the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If parties pursuant to this Article 22 is applicable, 23 shall include language which sets forth a term or extends the Term for a period of at any time upon request of Tenant, Landlord shall advise Tenant least five (5) years commencing on the execution date of the scheduled expiration dates of space scheduled to become available amendment or the new lease or such other date as set forth therein. It is agreed by the parties that in the Building, event the parties enter into a new lease pursuant to the extent then known by Landlordterms of this Article 23, and Lessee shall permit Tenant to inspect such space. (b) Provided thatcause a guaranty, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the option at four (4) times specified below in subsection (b) (each, an “Expansion Option”) to expand the floor area of the Premises by adding additional space (the “Expansion Option Space”) in full floor increments only, up similar to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect Guaranty granted to add Expansion Option Space Lessor pursuant to its Premises ifExhibit F hereto, but only if, not less than fifteen (15) months before the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option be granted to LandlordLessor. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the Expansion Option Space, (or portions thereof subject to the limitations hereinafter set forth in this subparagraph), at any time within a twelve (12) month period (the “Leeway Period”) specified below: April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%

Appears in 1 contract

Samples: Lease Agreement (Lmi Aerospace Inc)

Expansion. (a) This Article 22 shall apply if and only if either (i) Tenant shall have exercised the IP Extension Deletion Option and the IP Extension Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.6, or (ii) Tenant shall have exercised the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of Tenant, Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to become available in the Building, to the extent then known by Landlord, and shall permit Tenant to inspect such space. (b) Provided that, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the option at four (4) times specified below in subsection (b) (each, an "Expansion Option") to expand the floor area of the Premises by adding additional space (the "Expansion Option Space") in full floor increments only, up to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to Landlord. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the Expansion Option Space, (or portions thereof subject to the limitations hereinafter set forth in this subparagraph), at any time within a twelve (12) month period (the "Leeway Period") specified below: Leeway Period Approximate MaximumPercentage of IP Extension Deleted Space orAdditional Space, as Applicable April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%% _____________________________

Appears in 1 contract

Samples: Lease Agreement (Etre Reit, LLC)

Expansion. (a) This Article 22 shall apply if and only if either (i) Tenant shall have exercised Upon receipt of written notice from Landlord that the IP Extension Deletion Option and the IP Extension Deleted Space shall have been deleted from the Premiseslease for approximately 21,550 rentable square feet to BG Medicine, as provided in Section 3.3.6, or (ii) Tenant shall have exercised the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of Tenant, Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to become available in the Building, to the extent then known by Landlord, and shall permit Tenant to inspect such space. (b) Provided that, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the option at four (4) times specified below in subsection (b) (each, an “Expansion Option”) to expand the floor area of the Premises by adding additional space Inc. (the “Expansion Option SpaceBG Lease”) has terminated and that the BG Expansion Premises are being delivered to Tenant, the Premises shall automatically expand in full floor increments only, up accordance with this Section 2.1.2 to the maximum amount of include an additional 21,550 rentable square feet designated of space in section the Building (c) belowthe “BG Expansion Premises”), which BG Expansion Premises is more particularly shown on the plan attached hereto as Exhibit A-1. Tenant may elect to add Expansion Option Space to its Following the expansion described in this Section 2.1.2, the Premises if, but only if, not less than fifteen (15) months before the commencement will include all common areas of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to Landlord. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession Building. The lease of the BG Expansion Option Space, (or portions thereof subject to Premises shall be on the limitations hereinafter same terms and conditions that are set forth in this subparagraph)Lease for the Premises, at any time within a twelve including without limitation, Section 2.4.1 below, except that the Rent Commencement Date for the BG Expansion Premises shall be ninety (1290) month period days after the date on which the BG Expansion Premises are delivered to Tenant in accordance herewith (the “Leeway PeriodBG Delivery Date), the Improvement Allowance for the BG Expansion Premises shall be $495,650 and the Space Planning Allowance for the BG Expansion Premises shall be $48,487.50. The provisions of this Section 2.1.2 shall be self-operative, but at either party’s request, Landlord and Tenant shall enter into an amendment to this Lease to reflect the expansion of the Premises to include the BG Expansion Premises. The BG Expansion Premises shall be delivered to Tenant in “broom clean” condition, but including all biotechnology trade fixtures that are affixed to the BG Expansion Premises as of the date hereof, including any benches, cabinets and racks, and free of all tenants and occupants, and such delivery shall be subject to the provisions of Section 2.4(d) specified below: April 1. The term of the BG Lease is scheduled to expire on June 30, 2008 (and April the tenant thereunder is entitled to an extension term of one (1) additional year). Notwithstanding the provisions of this Section 2.1.2, the BG Delivery Date shall not occur prior to June 30, 2009 25% April and no later than July 1, 2010 and April 1(the “BG Outside Delivery Date”), 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%it being agreed that Tenant may terminate its rights to the BG Expansion Premises if the BG Delivery date occurs later than the Outside BG Delivery Date.

Appears in 1 contract

Samples: Lease Agreement (Altus Pharmaceuticals Inc.)

Expansion. (a) This Article 22 Landlord shall apply if use commercially reasonable efforts to deliver the Option B Expansion Premises to Tenant broom clean, free and only if either clear of tenants or other occupants, in a structurally sound condition and otherwise "as-is" (the "Delivery Condition") on September 1, 2018 (except for the Intrinsiq Space for which Landlord shall use commercially reasonable efforts to deliver such space to Tenant on October 1, 2018) (as applicable, the "Estimated Expansion B Delivery Date"). The "Option B Expansion Premises Commencement Date" shall be the later of (i) Tenant shall have exercised the IP Extension Deletion Option October 1, 2018 and the IP Extension Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.6, or (ii) the date that the Option B Expansion Premises (or portion thereof) is delivered to Tenant in the Delivery Condition; provided that, in the event Tenant does not occupy any portion of the Option B Expansion Premises until all of the Option B Expansion Premises has been delivered to Tenant, then the Option B Expansion Premises Commencement Date shall be the later of (a) October 1, 2018 and (b) the date on which all of the Option B Expansion Premises has been delivered to Tenant. On the Option B Expansion Premises Commencement Date the "Premises" shall be deemed to be expanded to include such space, subject to the terms of this First Amendment. If Landlord fails to deliver any portion of the Option B Expansion Premises by the date that is ninety (90) days after the Estimated Expansion B Delivery Date for occupied space (Intrinsiq Space and Additional Expansion Space) and sixty (60) days after the Estimated Expansion B Delivery Date for unoccupied space (Vacant Space), in each case other than for Force Majeure, then Tenant shall have exercised receive a rent credit of one (1) day of Base Rent with respect to the Minimum Area Deletion applicable portion of the Option and B Expansion Premises for each day during which Landlord so failed to deliver to Tenant the Minimum Area Deleted Space shall have been deleted from respective portion of the PremisesOption B Expansion Premises in the Delivery Condition beyond such sixty (60) or ninety (90) day period, as provided in Section 3.3.8applicable. If this Article 22 is applicableLandlord fails to deliver the Intrinsiq Space and/or the Vacant Space by February 28, 2019 or the Additional Expansion Space by May 31, 2019, for any reason, including, but not limited to, the holding over of any prior tenant, then Tenant may, as its sole remedy, at any time upon request of Tenant, Landlord shall advise Tenant after such respective dates and prior to Landlord's actual delivery of the scheduled expiration dates respective portion(s) of space scheduled the Option B Expansion Premises, cancel (a) the exercise of its option to become available in lease the Building, to the extent then known by Landlord, entire Option B Expansion Premises and shall permit Tenant to inspect such space. (b) Provided thatthis First Amendment by giving to Landlord a written cancellation notice; provided, at however, if Landlord delivers the time respective portion(s) of each exercise the Option B Expansion Premises to Tenant on or before the date that is thirty (i30) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of days after Landlord receives such cancellation notice, such cancellation notice shall be void and without further force or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the option at four (4) times specified below in subsection (b) (each, an “Expansion Option”) to expand the floor area of the Premises by adding additional space (the “Expansion Option Space”) in full floor increments only, up to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to Landlord. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the Expansion Option Space, (or portions thereof subject to the limitations hereinafter set forth in this subparagraph), at any time within a twelve (12) month period (the “Leeway Period”) specified below: April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%

Appears in 1 contract

Samples: Lease (Everbridge, Inc.)

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Expansion. Subject to the terms and conditions of this Sixth Amendment, commencing retroactively as of May 1, 2018 and continuing thereafter for the duration of the Term of the Lease (a) This Article 22 shall apply if and only if either as the same may be extended), (i) Landlord agrees to lease and Tenant agrees to accept in its "AS IS WHERE IS" condition, the Suite 400 Expansion Premises; (ii) Paragraph 2.1 of the Lease shall have exercised be amended to include the IP Extension Deletion Option Suite 400 Expansion Premises and the IP Extension Deleted Space shall have been deleted from total rentable square footage of the Existing Premises, as provided in Section 3.3.6expanded by the Suite 400 Expansion Premises, or shall be approximately 44,317 square feet; (iiiii) Tenant the Premises under the Lease shall have exercised mean the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Existing Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of Tenant, Landlord expanded by the Suite 400 Expansion Premises; (iv) the Term for the Suite 400 Expansion Premises shall advise Tenant be coterminous with the remainder of the scheduled expiration dates of space scheduled to become available in Existing Premises (including the Building, to the extent then known by Landlord, and shall permit Tenant to inspect such space. existing one (b1) Provided that, at the time of each exercise five (i5) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the year renewal option at four (4) times specified below in subsection (b) (each, an “Expansion Option”) to expand the floor area of the Premises by adding additional space (the “Expansion Option Space”) in full floor increments only, up to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to Landlord. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the Expansion Option Space, (or portions thereof subject to the limitations hereinafter set forth in this subparagraphSection 5 of the Fourth Amendment); (v) Paragraph 3.1 of the Lease is hereby amended to state that Tenant's obligation to pay Base Rent and Tenant's Prorata Share of Operating Expenses for the Suite 400 Expansion Premises commences retroactively as of May 1, at any time within a twelve 2018; (12vi) month period Paragraph 3.2 of the Lease is hereby amended to state that Tenant's obligation to pay Tenant's Prorata Share of Operating Expenses for the Suite 400 Expansion Premises commences retroactively as of May 1, 2018; (vii) Article I and Paragraph 3.2 of the Lease are hereby amended to provide that the “Leeway Period”Base Year” for purposes of the Suite 400 Expansion Premises and Tenant's Prorata Share of Operating Expenses for the Suite 400 Expansion Premises shall be calendar year 2011; and (viii) specified below: April 1in the event Tenant elects to exercise its renewal option granted under the Lease in accordance with the terms and conditions of Section 5 of the Fourth Amendment, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25then Base Rent for the Suite 400 Expansion Premises shall increase annually by two percent (2%).

Appears in 1 contract

Samples: Lease Agreement (Texas Roadhouse, Inc.)

Expansion. The "Premises" leased by Tenant under the Lease shall be expanded and redefined to include the 35th Floor Expansion Space for the three (a3) This Article 22 year period commencing upon the 35th Floor Commencement Date (as defined below) and expiring upon the 35th Floor Expiration Date (as defined below). The 35th Floor Expansion Space shall apply if be leased on the same terms and only if either conditions set forth in the Lease, subject to the modifications set forth in this Fourth Amendment. Landlord and Tenant hereby agree and have verified that the rentable square feet of the 35th Floor Expansion Space (as set forth in Recital F above) has been calculated in accordance with 1996 BOMA, and is not subject to adjustment or re-measurement by Landlord or Tenant. Notwithstanding the expansion and redefinition of the Premises to include the 35th Floor Expansion Space as provided herein above or the Second Amendment Expansion Space pursuant to the Second Amendment: (i) Tenant the provisions of Sections 4.3.4 and 14.7 of the Original Lease shall have exercised not be applicable to the IP Extension Deletion Option and 35th Floor Expansion Space or the IP Extension Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.6, or Second Amendment Expansion Space; (ii) Tenant shall not have exercised any right to terminate the Minimum Area Deletion Option Lease (as amended hereby) with respect to the entire Premises pursuant to Sections 11.2, 13.1 or 19.7.2 of the Original Lease (and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of Tenant, Landlord shall advise Tenant not have such termination right with respect to the entire Premises pursuant to Sections 11.2 or 13.1 of the scheduled expiration dates of space scheduled to become available Original Lease) in the Buildingevent of any casualty damage, condemnation or Abatement Event, respectively, that pertains only to the 35th Floor Expansion Space and/or the Second Amendment Expansion Space, but each party shall retain their respective termination rights to terminate the Lease (as amended hereby) as to either the 35th Floor Expansion Space and/or the Second Amendment Expansion Space, only, if and to the extent then known by Landlordsuch casualty damage, condemnation or Abatement Event affects such applicable space and shall permit Tenant to inspect such space.otherwise satisfies the requirements for termination as set forth in Sections 11.2, 13.1 and/or 19.7.2, respectively, of the Original Lease; (biii) Provided thatthe Permitted Use for the 35th Floor Expansion Space and the Second Amendment to Expansion Space shall be limited to Office Space Permitted Use, at the time of each only; and (iv) Tenant shall not be entitled to exercise (iA) there then exists no Event Tenant's options to renew the Lease Term pursuant to Section 2.2 of Default the Original Lease with respect to the 35th Floor Expansion Space or condition or state of facts which with the passage of time or giving of noticeSecond Amendment Expansion Space, or both(B) Tenant's option to terminate the Lease pursuant to Section 2.4 of the Original Lease with respect to the 35th Floor Expansion Space or the Second Amendment Expansion Space, would constitute an Event it being understood that such options to renew and terminate shall not apply thereto; however, the 3Sth Floor Expansion Space and the Second Amendment Expansion Space shall each be subject to Tenant's right of Default, and first offer 866683.06/LAI84321-00047/8-11-10/nng/dbs -2- UNION BANK PLAZA[Union Bank of California] set forth after the first three (ii3) this sentences of Section 1.5 of the Original Lease is then in full force and effect(i.e., Tenant shall have the option at four (4) times specified below in subsection (b) (each, an “Expansion Option”) no right to expand the floor area of the Premises by adding additional space (the “Expansion Option Space”) in full floor increments only, up deliver to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to Landlord. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord a Request Notice and Landlord shall have no obligation to deliver to Tenant a Response Notice with respect to the flexibility 35th Floor Expansion Space or the Second Amendment Expansion Space), and if Tenant leases the 35th Floor Expansion Space or the Second Amendment Expansion Space as First Offer Space pursuant to such provisions of delivering possession Section 1.5 of the Expansion Option SpaceOriginal Lease, (or portions thereof then such applicable First Offer Space shall be subject to such options to renew and terminate to the limitations hereinafter set forth extent provided in this subparagraphSections 1.5, 2.2 and/or 2.4 of the Original Lease (as applicable), at any time within a twelve (12) month period (the “Leeway Period”) specified below: April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%.

Appears in 1 contract

Samples: Office/Retail Lease (KBS Real Estate Investment Trust II, Inc.)

Expansion. Landlord hereby leases to Tenant and Tenant hereby rents from Landlord an additional 15,078 rentable square feet located adjacent to the Original Premises and more commonly known as Suite 200, as identified on Exhibit A attached hereto and incorporated herein by this reference (a) This Article 22 "Additional Space"). The Additional Space, together with the Original Premises, aggregate 24,118, and is hereinafter referred to collectively as the "Premises." The Additional Space is leased by Tenant on the following terms and conditions: A. The Additional Space shall apply if and only if either (i) Tenant be completed in accordance with the terms of the Work Letter attached as Exhibit D to the Original Lease, except that the Submission Date with respect to Tenant's delivery of space plans for the Additional Space shall have exercised the IP Extension Deletion Option be October 1, 1999 and the IP Extension Deleted Premises shall be Ready for Occupancy on or before January 1, 2000. Landlord shall give Tenant a tenant finish allowance for the Additional Space in the amount of $22.00 per rentable square foot of the Additional Space (i.e. $331,716.00) ("Additional Space Allowance"). The Additional Space Allowance shall have been deleted from be paid by Landlord to Tenant on the Premises, same terms and conditions as provided in Section 3.3.6, or (ii) Tenant shall have exercised the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of Tenant, Lease with respect to payment by Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to become available in the Building, to the extent then known by Landlord, and shall permit Tenant to inspect such spaceFinish Allowance. (b) Provided thatB. On January 1, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect2000, Tenant shall have commence paying Base Rent and Additional Rent on the option at four Additional Space as hereinafter set forth. C. Simultaneously with execution of this Amendment, Tenant shall increase the Security Deposit by depositing with Landlord an additional Seventeen Thousand Three Hundred Thirty-Nine and 70/100 Dollars (4) times specified below in subsection (b) (each, an “Expansion Option”$17,339.70) to expand the floor area be held by Landlord in accordance with Section 4 of the Premises Original Lease. The aggregate amount of the Security Deposit to be held by adding additional space (Landlord shall be $28,108.70. D. Tenant's Pro Rata Share is equal to 24.63%. E. Except as modified by this Amendment, all other terms and provisions of the “Expansion Option Space”) Original Lease shall apply to Tenant's lease of the Additional Space and all references in full floor increments only, up the Lease to the maximum amount of rentable square feet designated in section (c) below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before "Premises" shall include the commencement of the applicable Leeway Period (defined in subsection (c) below), Tenant has given notice of its exercise of each respective Expansion Option to LandlordAdditional Space. (c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the Expansion Option Space, (or portions thereof subject to the limitations hereinafter set forth in this subparagraph), at any time within a twelve (12) month period (the “Leeway Period”) specified below: April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%

Appears in 1 contract

Samples: Lease (Channelpoint Inc)

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