Common use of Expansion Clause in Contracts

Expansion. Lessee shall have a right of first offer (“ROFO”) to lease additional space as it becomes available in the Building (“ROFO Space”) during the initial Term of the Lease, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, (b) Lessee actually occupies and operates its business in at least 80% of the Leased Premises, (c) no event of Default of the Lessee’s obligations hereunder beyond all applicable notice and cure periods exists as of the date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of Xxxxxx’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Space, such space leases to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as set forth in this Article 41.

Appears in 2 contracts

Samples: Lease Agreement (Allurion Technologies Holdings, Inc.), Lease Agreement (Allurion Technologies Holdings, Inc.)

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Expansion. Lessee shall have a right of first offer (“ROFO”) the option to lease certain additional space as it becomes available adjacent to the Premises currently leased to IDC, Inc. (the "IDC Space") and additional areas in the Building building in which the Premises are located as existing leases in such building expire. With respect to the IDC Space, Lessee shall be entitled to lease such space at any time, upon one hundred twenty (“ROFO 120) days prior notice to Lessor, so long as IDC, Inc. is still the tenant of such space under a lease under a lease under which Lessor has a lease termination right. With respect to other additional areas in the building in which the Premises are located (except for the IDC Space) during the initial Term of the Lease, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, (b) Lessee actually occupies and operates its business in at least 80% of the Leased Premises, (c) no event of Default of the Lessee’s obligations hereunder beyond all applicable notice and cure periods exists as of the date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give provide Lessee prompt written with notice of the availability pending expiration of the ROFO Spaceexisting leases. Lessee shall have twenty sixty (2060) days from the receipt of Xxxxxx’s Lessor's notice to notify Lessor whether Lessee wishes to lease exercise its option for such space. Expansion into the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space adjacent warehouse area will be on substantially similar terms at $4.75 per square foot if such expansion occurs before December 31, 1993 and any other such areas and any space in the adjacent warehouse area after December 31, 1993 shall be at the prevailing market rate. In the event Lessee needs to this Lease. To exercise expand the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO SpaceLessor cannot accommodate Lessee's expansion needs, or if Lessee needs additional parking spaces to accommodate its expansion and Lessor cannot accommodate such space leases to be co-terminus. If, parking needs as required in any particular instanceSECTION 1(A), Lessee does shall have the right to terminate this Lease provided Lessee pays the unamortized portion of Lessor's Improvement Advance plus the portion of the real estate commission referenced in SECTION 31 equal to the balance of the term remaining; PROVIDED, HOWEVER, that if Lessee has, within the prior ninety (90) day period, received notice from Lessor of the availability of additional space, and Lessee did not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right option to lease with respect thereto as set forth in such space, it must give Lessor three (3) months prior notice of its intent to terminate this Article 41Lease.

Appears in 1 contract

Samples: Lease Agreement (Tollgrade Communications Inc \Pa\)

Expansion. Lessee (a) This Article 22 shall apply if and only if either (i) Tenant shall have a right 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 first offer 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 ROFOExpansion Option”) to lease expand the floor area of the Premises by adding additional space as it becomes available in (the Building (ROFO Expansion Option Space”) during in full floor increments only, up to the initial Term maximum amount of the Lease, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, (b) Lessee actually occupies and operates its business rentable square feet designated in at least 80% of the Leased Premises, section (c) no event of Default 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 Lessee’s obligations hereunder beyond all applicable Leeway Period (defined in subsection (c) below), Tenant has given notice and cure periods exists as 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 date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of Xxxxxx’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Expansion Option Space, such space leases (or portions thereof subject to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as limitations hereinafter set forth in this Article 41.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)

Expansion. Lessee (a) This Article 22 shall apply if and only if either (i) Tenant shall have a right 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 first offer (“ROFO”) Tenant, Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to lease additional space as it becomes become available in the Building (“ROFO Space”) during Building, to the initial Term of the Leaseextent then known by Landlord, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, and shall permit Tenant to inspect such space. (b) Lessee actually occupies 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 operates its business (ii) this Lease is then in full force and effect, Tenant shall have the option at least 80% four (4) times specified below in subsection (b) (each, an "Expansion Option") to expand the floor area of the Leased PremisesPremises 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) no event of Default 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 Lessee’s obligations hereunder beyond all applicable Leeway Period (defined in subsection (c) below), Tenant has given notice and cure periods exists as 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 date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of Xxxxxx’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Expansion Option Space, such space leases (or portions thereof subject to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as limitations hereinafter set forth in this Article 41.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)

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Expansion. Lessee shall have a right of first offer (“ROFO”) to lease additional space as it becomes available in the Building (“ROFO Space”) during the initial Term of the Lease, provided (a) Lessee is 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 party originally named herein or a permitted “PRI Lease”), pursuant to which Tenant leases from PRA I, an affiliate assigneeof 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 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 the rentable area of the PRI Premises (the “Aggregate Premises”). (b) Lessee actually occupies If PRA I (or its Affiliate) and operates its business Tenant have not agreed upon suitable space for Tenant (in at least 80% Tenant’s sole opinion) within six (6) months following Tenant’s exercise of the Leased PremisesPRI Expansion Option, Tenant shall have the right to terminate this Lease by providing Landlord one hundred eighty (180) days prior 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) no event of Default 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 PRI Lease (the “Expansion Space”), as evidenced by the execution and delivery of the Lessee’s obligations hereunder beyond all applicable notice and cure periods exists Expansion Amendment (as defined in the PRI Lease), Tenant shall have the right to terminate this Lease as of the commencement date of exercise the term for the Expansion Space by delivering written notice to Landlord within thirty (30) days following the date of the rights described Expansion Amendment (as defined in this Article 41the PRI Lease). For purposes hereofIf Tenant fails to timely deliver such termination notice, the ROFO Space will Tenant shall be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, deemed to be marketed by Lessor have elected to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of Xxxxxx’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to continue this Lease. To exercise the ROFO, a minimum term of five (5) years and this Lease will be required for the existing Leased Premises remain in full force and ROFO Space, such space leases to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as set forth in this Article 41effect.

Appears in 1 contract

Samples: Lease Agreement (Transcept Pharmaceuticals Inc)

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