Common use of Landlord’s Right to Recapture Clause in Contracts

Landlord’s Right to Recapture. Landlord shall have the right to recapture up to One Thousand Three Hundred Sixty Seven (1,367) square feet of the southern end of the Premises as marked in orange on Exhibit "A" (the "Recapture Area") and construct an adjacent expansion area. Landlord may give notice in writing to Tenant of its election to recapture said Recapture Area at any time. ninety (90) days after the date of Landlord's notice (the "Recapture Effective Date") Tenant shall immediately surrender and deliver up the Recapture Area to Landlord. Failure of Tenant to deliver the Recapture Area to Landlord within the above ninety (90) days shall be a material default of this Lease. If Landlord recaptures the Recapture Area, Landlord shall reimburse Tenant for the unamortized cost, amortized on a straight line basis over the ten year term of the Lease, of the new metal roof facade that was installed over the Recapture Area in accordance with Exhibit B, "Work by Tenant in Premises". The square footage of the Premises as defined in paragraph 1 of this Lease shall be amended as of the Recapture Effective Date to be the "Remaining Premises" which shall be computed as follows: the original square footage (4,100 s.f.) minus the Recapture Area square footage equals the new square footage "Remaining Premises". Commencing on the Recapture Effective Date, the monthly Fixed Rent defined in Paragraph 4 of this Lease shall be re-computed by multiplying the Fixed Rent defined in Paragraph 4 by a fraction the numerator of which is the Remaining Premises and the denominator of which is 4,100, with the resultant being the Fixed Rent from the Recapture Effective Date which shall be adjusted annually in accordance with Paragraph 4.

Landlord’s Right to Recapture. Notwithstanding anything to the contrary contained in this Section 22 or the Master Lease, Landlord shall have the right option, by giving written notice to recapture up Tenant within thirty (30) days after receipt of any Tenant’s request for consent to One Thousand Three Hundred Sixty Seven (1,367) square feet a Transfer of the southern end more than one floor of the Premises as marked in orange on Exhibit "A" (the "Recapture Area") and construct an adjacent expansion area. Landlord may give notice in writing other than to Tenant of its election a Permitted Transfer Assignee), to recapture said Recapture Area at any timethe proposed assignment or sublease space or the entirety of the Premises, as determined in Landlord’s sole discretion. ninety Such recapture notice shall cancel and terminate this Lease with respect to either the proposed assignment or sublease space or entire Premises, as applicable, as of the date stated in Tenant’s request for consent to a Transfer as the effective date of the proposed Transfer (90with respect to Landlord’s recapture following receipt of Tenant’s request for consent to an assignment or sublease), and otherwise, such termination shall be effective on the date that is sixty (60) days after the date Landlord’s delivery of Landlord's notice (the "Recapture Effective Date") Tenant shall immediately surrender and deliver up the Recapture Area to Landlord. Failure of Tenant to deliver the Recapture Area to Landlord within the above ninety (90) days shall be a material default of this Leaserecapture notice. If Landlord recaptures the Recapture Area, Landlord shall reimburse Tenant for the unamortized cost, amortized on a straight line basis over the ten year term of the Lease, of the new metal roof facade that was installed over the Recapture Area in accordance with Exhibit B, "Work by Tenant in Premises". The square footage of the Premises as defined in paragraph 1 of this Lease shall be amended as canceled with respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the Recapture Effective Date number of rentable square feet retained by Tenant in proportion to be the "Remaining number of rentable square feet contained in the Premises" which , and this Lease as so amended shall continue thereafter in full force and effect, and upon request of either party, the parties shall execute written confirmation of the same. If Landlord declines, or fails to elect in a timely manner to recapture the proposed assignment or sublease space or the entirety of the Premises under this Section 22, then, provided Landlord and Master Landlord have consented to the proposed assignment or sublease, Tenant shall be computed as follows: entitled to proceed to assignment or sublease such space to the original square footage (4,100 s.f.) minus the Recapture Area square footage equals the new square footage "Remaining Premises". Commencing on the Recapture Effective Dateproposed Transferee, the monthly Fixed Rent defined in Paragraph 4 subject to provisions of this Lease shall be re-computed by multiplying the Fixed Rent defined in Paragraph 4 by a fraction the numerator of which is the Remaining Premises Section 22 and the denominator Master Lease. For avoidance of which is 4,100doubt, with the resultant being the Fixed Rent from the Recapture Effective Date which this Section 22.2 shall be adjusted annually not apply to any Transfer to a Permitted Transfer Assignee as provided in accordance with Paragraph 4Section 22.3 below.

Landlord’s Right to Recapture. Landlord shall have the right If Tenant desires to recapture up assign all or part of this Lease or to One Thousand Three Hundred Sixty Seven (1,367) square feet sublease all or any portion of the southern end Premises, Tenant will first submit to Landlord the documents described in Section 9.3, below, and will offer in writing,(a) with respect to a prospective assignment, to assign this Lease to Landlord without any payment of money or other consideration for such assignment, or (b) with respect to a prospective sublease, to sublease to Landlord the portion of the Premises as marked involved (“Leaseback Area”) for the term specified by Tenant in orange its offer and at the lower of (i) Tenant’s proposed sub-rental or (i) the rate of Monthly Rent and Additional Rent then in effect according to this Lease, and on Exhibit "A" the same terms, covenants and conditions contained under Lease and applicable to the Leaseback Area. The offer will specify the date when the Leaseback Area will be made available to Landlord. That dxxx will not be earlier than thirty (the "Recapture Area"30) and construct an adjacent expansion area. Landlord may give notice in writing to Tenant of its election to recapture said Recapture Area at any time. ninety days nor later than one hundred eighty (90180) days after the date of Landlord's notice ’s acceptance of the offer. If an offer of sublease is made, it will also specify the term of the proposed sublease except that if the proposed sublease will result in all or substantially all of the Premises being subleased, then Landlord will have the option to extend the term of the proposed sublease for the balance of the Term of this Lease less one (1) day. Landlord will have thirty (30) days from the "Recapture Effective Date") receipt of the offer either to accept or reject it. If Landlord accepts the offer, Tenant shall immediately surrender will then execute and deliver up the Recapture Area to Landlord, or to anyone designated or named by Landlord, an assignment or sublease, as the case may be, in either case in a form reasonably satisfactory to Landlord’s counsel. Failure of Tenant to deliver the Recapture Area If such a sublease is made to Landlord within or its designee, such sublease will expressly: (a) permit Landlord to make further subleases of all or any part of the above ninety Leaseback Area and to make and authorize any and all changes, alterations, installations and improvements in such space as Landlord deems necessary for such subletting, at Landlord’s expense; (90b) days shall provide that Tenant will permit reasonably appropriate means of ingress to and egress from the Leaseback Area at all times; (c) negate any intention that the estate created under such sublease be merged with any other estate held by Landlord or Tenant; (d) provide that Landlord will accept the Leaseback Area “as is” except that Landlord, at Tenant’s Landlord’s Initials Tenant’s Initials expense, will perform all such work and make all such alterations as may be required physically to separate the Leaseback Area from the remainder of the Premises and to permit lawful occupancy; and (e) provide that at the expiration of the term of such sublease, Tenant will accept the Leaseback Area as may be reasonably necessary to preserve the Leaseback Area in good order and condition, ordinary wear and tear excepted. Performance by Landlord, or its designee, under a material default sublease of the Leaseback Area will be deemed performance by Tenant of any similar obligation under this Lease. If Landlord recaptures the Recapture Area, Landlord shall reimburse Tenant will not be liable for the unamortized cost, amortized on a straight line basis over the ten year term of the Lease, of the new metal roof facade that was installed over the Recapture Area in accordance with Exhibit B, "Work by Tenant in Premises". The square footage of the Premises as defined in paragraph 1 of any default under this Lease shall be amended as of the Recapture Effective Date or deemed to be the "Remaining Premises" which shall be computed as follows: the original square footage (4,100 s.f.) minus the Recapture Area square footage equals the new square footage "Remaining Premises". Commencing on the Recapture Effective Date, the monthly Fixed Rent defined in Paragraph 4 of default under this Lease shall be re-computed if such default is occasioned by multiplying the Fixed Rent defined in Paragraph 4 by a fraction the numerator or arises from any act or omission of which is the Remaining Premises and the denominator of which is 4,100, with the resultant being the Fixed Rent from the Recapture Effective Date which shall be adjusted annually in accordance with Paragraph 4any occupant holding under or pursuant to any such sublease.

Landlord’s Right to Recapture. Landlord shall have the right If Tenant desires to recapture up assign all or part of this Lease or to One Thousand Three Hundred Sixty Seven (1,367) square feet sublease all or any portion of the southern end Premises, Tenant will first submit to Landlord the documents described in Section 9.3, below, and will offer in writing, (a) with respect to a prospective assignment, to assign this Lease to Landlord without any payment of money or other consideration for such assignment, or (b) with respect to a prospective sublease, to sublease to Landlord the portion of the Premises as marked involved (“Leaseback Area”) for the term specified by Tenant in orange its offer and at the lower of (i) Tenant’s proposed sub-rental or (i) the rate of Monthly Rent and Additional Rent then in effect according to this Lease, and on Exhibit "A" the same terms, covenants and conditions contained under Lease and applicable to the Leaseback Area. The offer will specify the date when the Leaseback Area will be made available to Landlord. That date will not be earlier than thirty (the "Recapture Area"30) and construct an adjacent expansion area. Landlord may give notice in writing to Tenant of its election to recapture said Recapture Area at any time. ninety days nor later than one hundred eighty (90180) days after the date of Landlord's notice ’s acceptance of the offer. If an offer of sublease is made, it will also specify the term of the proposed sublease except that if the proposed sublease will result in all or substantially all of the Premises being subleased, then Landlord will have the option to extend the term of the proposed sublease for the balance of the Term of this Lease less one (1) day. Landlord will have thirty (30) days from the "Recapture Effective Date") receipt of the offer either to accept or reject it. If Landlord accepts the offer, Tenant shall immediately surrender will then execute and deliver up the Recapture Area to Landlord, or to anyone designated or named by Landlord, an assignment or sublease, as the case may be, in either case in a form reasonably satisfactory to Landlord’s counsel. Failure of Tenant to deliver the Recapture Area If such a sublease is made to Landlord within or its designee, such sublease will expressly: (a) permit Landlord to make further subleases of all or any part of the above ninety Leaseback Area and to make and authorize any and all changes, alterations, installations and improvements in such space as Landlord deems necessary for such subletting, at Landlord’s expense; (90b) days shall provide that Tenant will permit reasonably appropriate means of ingress to and egress from the Leaseback Area at all times; (c) negate any intention that the estate created under such sublease be merged with any other estate held by Landlord or Tenant; (d) provide that Landlord will accept the Leaseback Area “as is” except that Landlord, at Tenant’s expense, will perform all such work and make all such alterations as may be required physically to separate the Leaseback Area from the remainder of the Premises and to permit lawful occupancy; and (e) provide that at the expiration of the term of such sublease, Tenant will accept the Leaseback Area as may be reasonably necessary to preserve the Leaseback Area in good order and condition, ordinary wear and tear excepted. Performance by Landlord, or its designee, under a material default sublease of the Leaseback Area will be deemed performance by Tenant of any similar obligation under this Lease. If Landlord recaptures the Recapture Area, Landlord shall reimburse Tenant will not be liable for the unamortized cost, amortized on a straight line basis over the ten year term of the Lease, of the new metal roof facade that was installed over the Recapture Area in accordance with Exhibit B, "Work by Tenant in Premises". The square footage of the Premises as defined in paragraph 1 of any default under this Lease shall be amended as of the Recapture Effective Date or deemed to be the "Remaining Premises" which shall be computed as follows: the original square footage (4,100 s.f.) minus the Recapture Area square footage equals the new square footage "Remaining Premises". Commencing on the Recapture Effective Date, the monthly Fixed Rent defined in Paragraph 4 of default under this Lease shall be re-computed if such default is occasioned by multiplying the Fixed Rent defined in Paragraph 4 by a fraction the numerator or arises from any act or omission of which is the Remaining Premises and the denominator of which is 4,100, with the resultant being the Fixed Rent from the Recapture Effective Date which shall be adjusted annually in accordance with Paragraph 4any occupant holding under or pursuant to any such sublease.

Landlord’s Right to Recapture. If Tenant proposes to enter into an Occupancy Transaction, Tenant shall provide Landlord with a preliminary notice of Tenant's interest in entering into such Occupancy Transaction which notice shall include the information described in SECTION 15.3 ("PRELIMINARY OCCUPANCY TRANSACTION NOTICE"), and Landlord shall have a period of fifteen (15) business days following the receipt of such Preliminary Occupancy Transaction Notice in which Landlord may, at Landlord's option, upon notice to Tenant elect to recapture the entire Premises ("LANDLORD'S ELECTION NOTICE"). If Landlord fails to send the Landlord's Election Notice, Landlord shall be irrevocably deemed to have waived its right to recapture up to One Thousand Three Hundred Sixty Seven (1,367) square feet of the southern end of the Premises as marked for the transaction described in orange on Exhibit "A" the Preliminary Occupancy Transaction Notice. If Landlord sends the Landlord's Election Notice within such fifteen (the "Recapture Area"15) and construct an adjacent expansion area. business day period, Tenant may elect to (i) not proceed with such Occupancy Transaction (in which case Landlord may give notice in writing to Tenant of its election shall not have any right to recapture said Recapture Area at any time. ninety the Premises with respect to the transaction described in the Preliminary Occupancy Transaction Notice) or (90ii) within fifteen (15) days after following Tenant's receipt of Landlord's Election Notice, accept the recapture offer in which case this Lease shall terminate and the Rent and other charges payable hereunder shall be pro rated to the date of Landlord's notice such termination, which shall be the date which is sixty (60) days following the "Recapture Effective Date") Tenant shall immediately surrender and deliver up date of the Recapture Area to LandlordPreliminary Occupancy Transaction Notice. Failure of Tenant to deliver the Recapture Area to Landlord within the above ninety (90) days expressly accept Landlord's recapture offer shall be a material default of this Leasedeemed its election to not proceed with the proposed Occupancy Transaction. If Landlord recaptures the Recapture Areadoes not elect to recapture as set forth above, Landlord shall reimburse Tenant for the unamortized cost, amortized on a straight line basis over the ten year term of the Lease, of the new metal roof facade that was installed over the Recapture Area in accordance with Exhibit B, "Work by Tenant in Premises". The square footage of have no further right to recapture the Premises with respect to the transaction described in the Preliminary Occupancy Transaction Notice, however such proposed Occupancy Transaction shall remain subject to Landlord's approval as defined provided in paragraph 1 of this Lease Article 15 and Tenant shall be amended as of remain obligated to provide the Recapture Effective Date to be the "Remaining Premises" which shall be computed as follows: the original square footage (4,100 s.frequest and information described in Section 15.) minus the Recapture Area square footage equals the new square footage "Remaining Premises". Commencing on the Recapture Effective Date, the monthly Fixed Rent defined in Paragraph 4 of this Lease shall be re-computed by multiplying the Fixed Rent defined in Paragraph 4 by a fraction the numerator of which is the Remaining Premises and the denominator of which is 4,100, with the resultant being the Fixed Rent from the Recapture Effective Date which shall be adjusted annually in accordance with Paragraph 4.

Landlord’s Right to Recapture. Landlord shall have the right If Tenant desires to recapture up assign all or part of this Lease or to One Thousand Three Hundred Sixty Seven (1,367) square feet sublease all or any portion of the southern end Premises, Tenant will first submit to Landlord the documents described in Section 9.3, below, and will offer in writing, (a) with respect to a prospective assignment, to assign this Lease to Landlord without any payment of money or other consideration for such assignment, or (b) with respect to a prospective sublease, to sublease to Landlord the portion of the Premises as marked in orange on Exhibit involved ("A" (the "Recapture Leaseback Area") for the term specified by Tenant in its offer and construct an adjacent expansion areaat the lower of (i) Tenant's proposed sub-rental or (i) the rate of Monthly Rent and Additional Rent then in effect according to this Lease, and on the same terms, covenants and conditions contained under Lease and applicable to the Leaseback Area. Landlord may give notice in writing The offer will specify the date when the Leaseback Area will be made available to Tenant of its election to recapture said Recapture Area at any timeLandlord. ninety That date will not be earlier than thirty (9030) days nor later than one hundred eighty (180) days after the date of Landlord's notice acceptance of the offer. If an offer of sublease is made, it will also specify the term of the proposed sublease except that if the proposed sublease will result in all or substantially all of the Premises being subleased, then Landlord will have the option to extend the term of the proposed sublease for the balance of the Term of this Lease less one (1) day. Landlord will have thirty (30) days from the "Recapture Effective Date") receipt of the offer either to accept or reject it. If Landlord accepts the offer, Tenant shall immediately surrender will then execute and deliver up the Recapture Area to Landlord, or to anyone designated or named by Landlord, an assignment or sublease, as the case may be, in either case in a form reasonably satisfactory to Landlord's counsel. Failure of Tenant to deliver the Recapture Area If such a sublease is made to Landlord within or its designee, such sublease will expressly: (a) permit Landlord to make further subleases of all or any part of the above ninety Leaseback Area and to make and authorize any and all changes, alterations, installations and improvements in such space as Landlord deems necessary for such subletting, at Landlord's expense; (90b) days shall provide that Tenant will permit reasonably appropriate means of ingress to and egress from the Leaseback Area at all times; (c) negate any intention that the estate created under such sublease be merged with any other estate held by Landlord or Tenant; (d) provide that Landlord will accept the Leaseback Area "as is" except that Landlord, at Tenant's expense, will perform all such work and make all such alterations as may be required physically to separate the Leaseback Area from the remainder of the Premises and to permit lawful occupancy; and (e) provide that at the expiration of the term of such sublease, Tenant will accept the Leaseback Area as may be reasonably necessary to preserve the Leaseback Area in good order and condition, ordinary wear and tear excepted. Performance by Landlord, or its designee, under a material default sublease of the Leaseback Area will be deemed performance by Tenant of any similar obligation under this Lease. If Landlord recaptures the Recapture Area, Landlord shall reimburse Tenant will not be liable for the unamortized cost, amortized on a straight line basis over the ten year term of the Lease, of the new metal roof facade that was installed over the Recapture Area in accordance with Exhibit B, "Work by Tenant in Premises". The square footage of the Premises as defined in paragraph 1 of any default under this Lease shall be amended as of the Recapture Effective Date or deemed to be the "Remaining Premises" which shall be computed as follows: the original square footage (4,100 s.f.) minus the Recapture Area square footage equals the new square footage "Remaining Premises". Commencing on the Recapture Effective Date, the monthly Fixed Rent defined in Paragraph 4 of default under this Lease shall be re-computed if such default is occasioned by multiplying the Fixed Rent defined in Paragraph 4 by a fraction the numerator or arises from any act or omission of which is the Remaining Premises and the denominator of which is 4,100, with the resultant being the Fixed Rent from the Recapture Effective Date which shall be adjusted annually in accordance with Paragraph 4any occupant holding under or pursuant to any such sublease.