Common use of Lease of Additional Premises Clause in Contracts

Lease of Additional Premises. (a) Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, portions of the submezzanine level of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), for a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver possession of the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 2 contracts

Samples: Lease (Madison Square Garden, Inc.), Lease (Madison Square Garden, Inc.)

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Lease of Additional Premises. (a) (i) Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, portions of , (A) the submezzanine level of 48th Floor Premises and the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), 49th Floor Premises for a term commencing on the date of this Amendment (the “Effective 48/49th Floor Premises Commencement Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Extended Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything , (B) the 64th Floor Premises for a term commencing on the date that Landlord delivers possession of the 64th Floor Premises to Tenant free of all leases, tenancies and occupants, in broom-clean condition with the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same work set forth on Exhibit B (the “Early Access PeriodExtension Work). All ) in respect of the terms 64th Floor Premises having been Substantially Completed (as hereinafter defined) (the “64th Floor Premises Commencement Date”) and ending on the Extended Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver possession of the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereoflaw, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows:modified by this Amendment, and (iC) The the 3rd Floor Premises and the 8th Floor Premises for a term commencing on the date that Landlord delivers possession of each such floor to Tenant free of all leases, tenancies and occupants, in broom-clean condition with the work set forth on Exhibit B-1 (the “Expansion Extension Work”) in respect of such floor having been Substantially Completed (a “3/8th Floor Premises Commencement Date” and, together with the 48/49th Floor Premises Commencement Date and the 64th Floor Premises Commencement Date, collectively, the “Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (iiCommencement Dates”) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day Extended Expiration Date, or such earlier date upon which the term of the month which is 12 months after the Effective Date. Thereafter, with respect Lease may expire or be terminated pursuant to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** any of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part conditions of Fixed Rent under clause (a) (ii) of Schedule 2 limitation or other provisions of the Original Lease when calculating Percentage Rent or pursuant to law, upon all of the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 terms and conditions of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afteras modified by this Amendment.

Appears in 2 contracts

Samples: Lease (Lazard LTD), Lease (Lazard Group LLC)

Lease of Additional Premises. (a) Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, portions of the submezzanine level of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), for a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver possession of the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to [***** *] per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by [***** *] of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterafter January 1, 2003, and (b) “Tenant’s Area” shall mean 8,216 rentable square feet.

Appears in 2 contracts

Samples: Lease (MSG Entertainment Spinco, Inc.), Lease (MSG Entertainment Spinco, Inc.)

Lease of Additional Premises. (a) Upon and subject to the terms and conditions as set forth in this First Amendment and the Lease, Landlord hereby leases to Tenant, Tenant and Tenant hereby leases from LandlordLandlord those certain premises consisting of approximately 9,391 rentable square feet located on the fifth floor adjacent to the Existing Premises, portions as depicted on Schedule 2 attached hereto and incorporated by this reference and described herein as the Additional Premises. The term of the submezzanine level of Lease, as it applies to the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), for a term commencing on shall commence upon the date (the “Effective Date”) that is the later to occur earlier of (xa) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all Substantial Completion of the Additional Premises Tenant Improvements, which is currently estimated to be June 1, 2003 (the “Delivery Date”); (b) the date Tenant and ending on commences business operations in the Initial Expiration Date, Additional Premises; or such earlier (c) the date upon which the term Substantial Completion of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same Tenant Improvements would have occurred but for Tenant Delay (the “Early Access Period”foregoing terms are defined in Exhibit A). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) If Landlord shall deliver does not tender possession of the Additional Premises to Tenant on or before the Effective Delivery Date, subject to Force Majeure and Tenant Delay, Landlord will pay to Tenant an amount equal to $17,897.00 (the “Penalty Fee”) in cash within thirty (30) days of the Delivery Date. If Landlord is unable to tender possession of the Premises to Tenant on or before the Delivery Date, the Lease, as it applies to the Additional Premises, remains in full force and effect and Landlord is not liable to Tenant for any resulting loss or damage, except for the payment of the Penalty Fee; provided, however, that unless the delay is caused by Tenant Delay, Additional Premises Base Rent shall not be liable xxxxx on a day-for-day basis for failure those days (after the Delivery Date) during which Landlord is unable to deliver tender possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this AmendmentTenant. The expiration date of the Lease, as it applies to the Additional Premises, shall expire on February 1, 2009, unless sooner terminated pursuant to the provisions of this Article are intended to constitute the Lease (the an express provision to the contraryAdditional Premises Termination Date”). The “Additional Premises Termwithin the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of Lease shall commence on the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole Commencement Date and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of on the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Termination Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 2 contracts

Samples: Office Lease (Eschelon Telecom Inc), Office Lease (Eschelon Telecom Inc)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions all that certain space on the fourth floor of the submezzanine level Building (Suite 450) containing approximately 7,835 RSF of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto space (the “Additional Premises”), for as shown on Exhibit “A”, attached hereto and made a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, or such earlier date upon which the part hereof. The term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to for the Additional Premises prior to the Effective Date in order to inspect the same shall commence (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during Commencement Date”) on the Early Access Perioddate which is the earlier of (i) when Tenant, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver with Landlord’s prior consent, assumes possession of the Additional Premises for its Permitted Uses, or (ii) upon Substantial Completion (defined below) of the improvements required to be made by Landlord, under Article 3. Substantial Completion means that the initial improvements called for by this Fourth Amendment to Lease have been completed to the extent that the Additional Premises may be occupied by Tenant on for its Permitted Use, subject only to completion of minor finishing, adjustment of equipment, and other minor construction aspects, and Landlord has procured a temporary or permanent certificate of occupancy permitting the Effective Date. Landlord shall not be liable for failure to deliver possession occupancy of the Additional Premises or any portion thereof Premises, if required by law (hereafter, “Substantial Completion”). Tenant understands and acknowledges that Tenant’s compliance with the Tele/Data requirements as set forth on Exhibit “B”, attached hereto, is a prerequisite to Substantial Completion of Landlord’s Work. Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided covenants that if Landlord fails to deliver vacant possession of all of the Additional Premises it will comply in accordance good faith with the terms of this Amendment prior to May 1, 2003 (the Exhibit Outside Delivery DateB), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of It is estimated that the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice Commencement Date shall be void on or about December 1, 2011. It is the mutual intention of Landlord and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting that the Additional Premises promptly after the date hereof, shall be leased to cause the existing tenants and/or occupants of the Additional Premises and occupied by Tenant on and subject to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms terms, covenants and conditions of the Original Lease except as otherwise expressly provided to the contrary in this Fourth Amendment to Lease, except as follows: (i) The Additional Premises shall be deemed and to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) that end, Landlord and Tenant shall pay Fixed Rent for hereby agree that from and after the Additional Premises at a rate equal to ***** per square foot per annum for Commencement Date, the period beginning on word “Premises”, as defined in the Effective Date Lease, shall mean and ending on include both the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to Original Premises and the Additional Premises onlyPremises, Fixed Rent for each subsequent year shall increase by ***** containing a total of 30,617 RSF, unless the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Leasecontext otherwise requires. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 2 contracts

Samples: Lease (Accolade, Inc.), Lease (Accolade, Inc.)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions all that certain space on the first floor of the submezzanine level Building containing approximately 3,140 RSF of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto space (the “Additional Premises”), for as shown on Exhibit “A”, attached hereto and made a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, or such earlier date upon which the part hereof. The term of the Lease for the Additional Premises shall commence upon substantial completion of Landlord’s Work (as defined in subparagraph (b) hereof) (“Additional Premises Commencement Date”). The Additional Premises shall be deemed substantially completed when Landlord’s Work has been completed to the extent that the Additional Premises may expire be occupied by Tenant for its Permitted Uses, subject only to completion of minor finishing, adjustment of equipment, and other minor construction aspects, and Landlord has procured a temporary or be terminated pursuant to any permanent certificate of occupancy permitting the occupancy of the conditions Additional Premises. Tenant understands and acknowledges that its compliance with the Tele/Data requirements as set forth in Exhibit “B”, attached hereto, is a prerequisite to substantial completion of limitation or other provisions Landlord’ s Work. Tenant covenants that it will comply in good faith with the terms of Exhibit “B”. It is the Lease or pursuant mutual intention of Landlord and Tenant that the Additional Premises shall be leased to law, upon and occupied by Tenant on and subject to all of the terms terms, covenants and conditions of the Original Lease, Lease except as modified by this Amendment. Notwithstanding anything otherwise expressly provided to the contrary contained hereinin this Second Amendment, and provided to that end, Landlord and Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to hereby agree that from and after the Additional Premises prior to Commencement Date, the Effective Date word “Premises”, as defined in order to inspect the same (Lease, shall mean and include both the “Early Access Period”). All of the terms Original Premises and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises, containing a total of 8,699 RSF, unless the context otherwise requires. (b) Landlord shall deliver possession of the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of turnkey the Additional Premises in accordance substantial conformity with the terms of this Amendment prior to May 1floor plan entitled “Accolade Expansion”, 2003 prepared by Xxxxx & Associates, dated February 24, 2009 (the Outside Delivery DateLandlord’s Work”), Tenant shall have the right within 10 days after same of which is attached hereto, made a part hereof and marked as Exhibit “C”. (c) Notwithstanding the Outside Delivery Dateforegoing, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation if any material revision or supplement to Landlord’s Work is deemed necessary by Landlord, those revisions and supplements shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld or delayed. If Tenant timely delivers Landlord shall be delayed in such “substantial completion” as a result of (i) Tenant’s failure to furnish plans and specifications within the aforesaid cancellation noticetime frame stated by Landlord in its reasonable discretion; (ii) Tenant’s request for materials, finishes or installations other than Landlord’s standard; (iii) Tenant’s changes in said plans; (iv) the performance or completion of any work, labor or services by a party employed by Tenant; or (v) Tenant’s failure to approve final plans, working drawings or reflective ceiling plans within the time frame stated by Landlord in its reasonable discretion (each, a “Tenant’s Delay”); then the commencement of the Term of this Second Amendment and the payment of Fixed Rent hereunder shall terminate 15 be accelerated by the number of days after the date of such noticedelay. If any change, unless Landlord delivers vacant possession revision or supplement to the scope of Landlord’s Work is requested by Tenant, then such increased costs associated with such change, revision or supplement shall be paid by Tenant upfront and such occurrence shall not change the Additional Premises within such 15-day period, in which case Commencement Date of the Term and shall not alter Tenant’s cancellation notice shall be void and obligations under this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Second Amendment. (d) Notwithstanding anything to the contrary contained hereinstated in Article 2(c) above, Landlord the Term of this Second Amendment shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting commence on the date the Additional Premises promptly after the date hereofwould have been delivered to Tenant but for Tenant’s Delay or Tenant’s change order. (e) Upon completion of Landlord’s Work, to cause the existing tenants and/or occupants Landlord and Tenant shall schedule an inspection of the Additional Premises to vacate the same in Premises, at which time a timely mannerpunchlist of outstanding items, if any, shall be prepared. Landlord shall give complete the punchlist items to Tenant’s reasonable satisfaction within a reasonable time thereafter, such time not to exceed thirty (30) days from the actual inspection, unless such items cannot be completed within such time, and then, in such reasonable time, so long as Landlord is diligently pursuing such items. (f) The Additional Premises Commencement Date shall be confirmed by Landlord and Tenant at least by the execution of a Confirmation of Lease Term in the form attached hereto as Exhibit “D”. If Tenant fails to execute or object to the Confirmation of Lease Term within ten (10) days’ advance written notice business days of the Effective Date. (c) Effective as its delivery, Landlord’s determination of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises such dates shall be deemed to consist of 8,216 rentable square feet for all purposes of the Leaseaccepted. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 2 contracts

Samples: Lease (Accolade, Inc.), Lease (Accolade, Inc.)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions of the submezzanine level of all that certain space in the Building, designated known as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto Suite 410 containing approximately 2,457 rentable square feet (the “Additional Premises”), as shown on Exhibit “A” attached hereto and made a part hereof. The Term of the Lease for a term commencing the Additional Premises shall commence upon Substantial Completion (as hereinafter defined) (“Additional Premises Commencement Date”), which is estimated to be December I, 2014, and shall expire on the date last day of the month that is coterminous with the Term of the Existing Lease (the Effective Expiration Date”) that ). It is the later mutual intention of Landlord and Tenant that the Additional Premises shall be leased to occur and occupied by Tenant on and subject to all of (x) the date terms, covenants and conditions of mutual execution and delivery of the Existing Lease, except as otherwise expressly provided to the contrary in this Amendment, and (y) the date to that end, Landlord delivers possession of all of and Tenant hereby agree that from and after the Additional Premises Commencement Date the word “Premises”, as defined in the Existing Lease, shall mean and include both the Existing Premises and the Additional Premises, containing a total of 12,915 rentable square feet, unless the context otherwise requires. (b) Except solely as set forth in this subsection (b), Tenant shall accept the Additional Premises in its “AS IS” “WHERE IS” condition, without representation or warranty by Landlord. Landlord’s Work. Landlord, in a good and workmanlike manner and using Building standard materials and finishes, shall construct and do such other work in the Additional Premises (collectively, “Landlord’s Work”) in substantial conformity with the plans and outline specifications attached hereto as Exhibit “A”. If any material revision or supplement to Landlord’s Work is deemed necessary by Landlord, those revisions and supplements shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld or delayed. If Landlord’s Work is delayed in being Substantially Completed (as hereinafter defined) as a result of: (i) Tenant’s failure to furnish plans and ending specifications or provide any other reasonably requested information or approvals related to the furtherance of Landlord’s Work within five (5) business days following Landlord’s written request to Tenant for the same; (ii) Tenant’s request for materials, finishes or installations other than Landlord’s standard; (iii) Tenant’s changes in said plans, including but not limited to any Change Order (as hereinafter defined); (iv) the performance or completion of any work, labor or services by Tenant or any party employed or engaged by or on behalf of Tenant; or (v) Tenant’s failure to approve final plans, working drawings or reflective ceiling plans within five (5) business days following Landlord’s written request to Tenant for the Initial Expiration Datesame (each, or such earlier date upon which a “Tenant’s Delay”); then the term commencement of the Term of the Lease may expire and the payment of Fixed Rent hereunder shall be accelerated by the number of days of such Tenant Delay. If any change, revision, or be terminated pursuant supplement to any the scope of the conditions of limitation or other provisions Landlords Work is requested by Tenant (“Change Order”) then all such increased costs associated with the Change Order shall be paid by Tenant upfront and the occurrence of the Lease or pursuant to law, upon all Change Order shall not change the Commencement Date of the terms Term and conditions of shall not alter Tenant’s obligations under the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, the Term shall commence on the date the Additional Premises would have been delivered to Tenant but for Tenant’s Delay or the Change Order. After receipt of notification from Landlord, Landlord and Tenant shall schedule a pre-occupancy inspection of the Additional Premises at which time a punchlist of outstanding items, if any, shall be generated. Within a reasonable time thereafter, Landlord shall complete the punchlist items to Tenant’s reasonable satisfaction. Tenant and its authorized agents, employees and contractors shall have the right, at Tenant’s own risk, expense and responsibility at all reasonable times prior to the Commencement Date to enter the Additional Premises for the purpose of taking measurements and installing its furnishings, fixtures and equipment, provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and acknowledges that all provisions of the Lease shall apply to the Additional Premises during the Early Access Period, then be in full force and effect (except for the obligation to pay Fixed Rent and Additional Rent in respect of for the Additional Premises. (b) Landlord shall deliver possession of ). Furthermore, Tenant’s entry in the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession interfere with Landlord’s construction and completion of the Additional Premises or Landlord’s Work and any portion thereof to such interference shall be considered a Tenant on any specified date, and Delay hereunder. In connection with such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”)early access, Tenant shall have follow the right within 10 days after the Outside Delivery Date, as its sole policies and exclusive remedy therefor, to cancel this Amendment by giving notice safety directives of cancellation to Landlord and Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Datecontractor. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 1 contract

Samples: Lease (Ameriquest, Inc.)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions all that certain space on the second floor of the submezzanine level Building (Suite 205) containing approximately 2,979 RSF of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto space (the “Additional Premises”), for as shown on Exhibit “A” which is attached hereto and made a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, or such earlier date upon which the part hereof. The term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to for the Additional Premises shall commence on the date which is the earlier of (i) when Tenant, with Landlord's prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Periodconsent, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver assumes possession of the Additional Premises for its Permitted Uses, or (ii) upon substantial completion of the improvements required to be made by Landlord, if any under Article 2(b) below (“Additional Premises Commencement Date”). Substantial completion means that the initial improvements called for by this First Amendment have been completed to the extent that the Additional Premises may be occupied by Tenant on for its Permitted Use, subject only to completion of minor finishing, adjustment of equipment, and other minor construction aspects, and Landlord has procured a temporary or permanent certificate of occupancy permitting the Effective Date. Landlord shall not be liable for failure to deliver possession occupancy of the Additional Premises, if required by law (hereafter, “substantial completion”). It is the mutual intention of Landlord and Tenant that the Additional Premises or any portion thereof shall be leased to and occupied by Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended subject to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1terms, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms covenants and conditions of the Original Lease except as otherwise expressly provided to the contrary in this First Amendment, and to that end Landlord and Tenant hereby agree that from and after the Additional Premises Commencement Date the word “Premises”, as defined in the Lease, except as follows:shall mean and include both the Original Premises and the Additional Premises, containing a total of 7,718 RSF, unless the context otherwise requires. (ib) The Additional Premises shall be deemed delivered to consist Tenant on an “As Is” basis except as indicated on the mutually agreed upon Plan/Construction Scope of 8,216 rentable square feet for all purposes Work which shall be completed using building standard finishes (“Landlord’s Work”), which is attached hereto, made a part hereof and marked as Exhibit “B”. Upon completion of the Lease. (ii) Landlord’s Work, Landlord and Tenant shall pay Fixed Rent for schedule a pre-occupancy inspection of the Additional Premises at which time a rate equal punchlist of outstanding items, if any, shall be completed. Landlord shall use reasonable efforts to ***** per square foot per annum for complete the period beginning items on the Effective Date and ending on punchlist within thirty (30) days, or if the last day nature of the month which items requires additional time, within such additional time as is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Leasereasonable necessary. (iiic) The Additional Premises Commencement Date shall be confirmed by Landlord and Tenant shall pay additional rent on account by the execution of Taxes with respect a Confirmation of Lease Term in the form attached hereto as Exhibit "C". If Tenant fails to execute or object to the Additional Premises pursuant to Article 8 Confirmation of the Original LeaseLease Term within ten (10) business days of its delivery, except that, with respect to the Additional Premises only, (a) “Base Tax Year” Landlord’s determination of such dates shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterbe deemed accepted.

Appears in 1 contract

Samples: Lease (Cross Country Healthcare Inc)

Lease of Additional Premises. (aA) Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, portions of the submezzanine level of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Fifth Amendment Additional Premises”), Premises for a term commencing on the date (the “Effective Fifth Amendment Additional Premises Commencement Date”) that is the later to occur of (x) day immediately following the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all end of the Additional Premises to Tenant Early Access Period (as hereinafter defined) and ending on the Initial Expiration DateDate (i.e., March 17, 2014), or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (bB) Landlord shall deliver possession of the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession of the Fifth Amendment Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended Landlord shall be deemed to constitute “an express provision to the contrary” within the meaning of Section 223-a have delivered possession of the New York Real Property Law or any successor RequirementFifth Amendment Additional Premises to Tenant upon the giving of notice by Landlord to Tenant stating that the Fifth Amendment Additional Premises are broom clean, vacant and available for Tenant’s occupancy, provided that if (i) such notice shall be factually correct and (ii) Landlord fails to deliver vacant tenders possession of all of the Additional Premises to Tenant in accordance with the terms of this Amendment on or prior to May 1, 2003 (the “Outside Delivery Fifth Additional Premises Commencement Date”), Tenant . There shall have be no postponement of the right within 10 days after Fifth Amendment Additional Premises Commencement Date for any delay in the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice delivery of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Fifth Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Datethat results from any delay caused by or attributable to Tenant. (cC) Effective as of the Effective Fifth Amendment Additional Premises Commencement Date, Tenant shall lease the Fifth Amendment Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i1) The Base Rent payable under the Lease with respect to the Fifth Amendment Additional Premises shall be payable at the times and in the manner specified in the Original Lease for the payment of Base Rent, and shall be at the rates set forth below: Period Annual Base Rent Monthly Base Rent Base Rent Per Rentable Square Foot January 17, 2011 through January 16, 2012 $ 704,460.00 $ 58,705.00 $ 30.00 January 17, 2012 through January 16, 2013 $ 725,593.80 $ 60,466.15 $ 30.90 January 17, 2013 through January 16, 2014 $ 747,432.06 $ 62,286.05 $ 31.83 January 17, 2014 through Expiration Date (i.e., March 17, 2014) $ 769,739.96 $ 64,145.00 $ 32.78 (2) The Fifth Amendment Additional Premises shall be deemed to consist of 8,216 23,482 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for . The Building and/or the Fifth Amendment Additional Premises at a rate equal shall be subject to ***** per square foot per annum for re-measurement; provided, however, that in the period beginning on event of any such re-measurement, the Effective Date total amount of Rent due and ending on payable under the last day of the month which is 12 months after the Effective Date. Thereafter, Lease with respect to the Demised Premises (including the Fifth Amendment Additional Premises onlyPremises) through the period ending on March 17, Fixed Rent for each subsequent year shall increase by ***** 2014, Tenant’s Share of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent Increased Operating Expenses with respect to the Demised Premises (including the Fifth Amendment Additional Premises as part Premises) through the period ending on March 17, 2014 and Tenant’s Share of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Increased Real Estate Taxes with respect to the Demised Premises (including the Fifth Amendment Additional Premises pursuant to Article 8 of Premises) through the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and period ending on June 30March 17, 2003 if the Effective Date occurs on 2014 shall not be increased or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half decreased as a result of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterany such re-measurement.

Appears in 1 contract

Samples: Lease Agreement (Cvent Inc)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions all that certain space on the fifth floor of the submezzanine level Building known as Suite 501 containing 15,759 square feet of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto space (the “Additional Premises”), as shown on Exhibit “A” and made a part hereof. The term of the Lease for a term commencing the Additional Premises shall commence on the date (the “Effective Date”) that is the later to occur of (xi) the date of mutual execution and delivery of this AmendmentDecember 1, and 2012, or (yii) the date Landlord delivers possession of all of the Additional Premises to Tenant in the condition required under Section 2(b) below (“Additional Premises Commencement Date”) and ending shall be coterminous with the Premises. It is the mutual intention of Landlord and Tenant that the Additional Premises shall be leased to and occupied by Tenant on the Initial Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant and subject to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms terms, covenants and conditions of the Original Lease, Lease except as modified by this Amendment. Notwithstanding anything otherwise expressly provided to the contrary contained hereinin this Amendment, and provided to that end, Landlord and Tenant obtains hereby agree that from and after the prior consent later of Landlord, Tenant shall be permitted to have reasonable access to (i) the Additional Premises prior to Rent Commencement Date (as hereinafter defined), (ii) the Effective Suite 240 Commencement Date, and (iii) the Suite 320 Termination Date (as hereinafter defined), the word “Premises”, as defined in order to inspect the same (Lease, shall mean and include both the “Early Access Period”). All of the terms Premises, and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises, containing a total of 49,284 square feet, unless the context otherwise requires. (b) The Additional Premises shall be taken in “AS IS” condition by Tenant, provided that Landlord shall deliver possession of delivers the Additional Premises to Tenant on or before the Effective DateAdditional Premises Commencement Date in broom clean condition, free of all prior tenants and such tenants’ furniture, fixtures, equipment and other personal property, and with all HVAC, plumbing, electrical, mechanical and other Building systems serving the Additional Premises in good working order. Landlord shall not be liable make available to Tenant a tenant improvement allowance of up to $189,288.29 (“Additional Allowance”) to cover costs for failure improvements to deliver possession the Premises or Additional Premises of which up to twenty five percent (25%) of the Additional Allowance may be used for soft costs related to such improvements (including, without limitation, architectural fees, engineering fees and other Premises or any portion thereof costs). Such Additional Allowance shall be paid by Landlord within thirty days of receipt of Tenant’s invoice either to Tenant or as directed by Tenant to its contractors. All invoices must be submitted on any specified dateor before the date that is six (6) months after the Additional Premises Commencement Date. In the event Landlord fails to pay the Additional Allowance within the time periods required hereby and Tenant shall not be default hereunder and shall have complied with the requirements of this Amendment pertaining to the Additional Allowance, and such failure continues for an additional five (5) business days after written notice from Tenant, Tenant shall not impair have the validity of this Amendment. The provisions of this Article are intended right to constitute “an express provision offset such unpaid amounts against the Fixed Rent next becoming due under the Lease. (c) Tenant shall have the right to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of access the Additional Premises in accordance with upon the terms surrender of this Amendment such space by the existing tenant and prior to May the Additional Premises Commencement Date at Tenant’s own risk and responsibility for the purpose of preparing the Additional Premises for Tenant’s use. (d) In the event the Additional Premises Commencement Date has not occurred by April 1, 2003 2013 (the “Outside Delivery Date”unless due to a Tenant Delay), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel terminate this Amendment by giving upon five (5) days’ prior written notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of given prior to the Additional Premises within such 15-day periodCommencement Date, in which case Tenant’s cancellation notice event the parties hereto shall be void and released from all further liability under this Amendment and the Lease shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within ; provided, however, in the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting event the Additional Premises promptly after the date hereofCommencement Date occurs within such five (5)-day period, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises Tenant’s termination shall be deemed to consist of 8,216 rentable square feet for all purposes of the Leasenull and void and this Amendment shall remain in full force and effect. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 1 contract

Samples: Full Service Lease (JGWPT Holdings Inc.)

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Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions of the submezzanine level of all that certain space in the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto which is a portion Suite 402 containing approximately 2,917 rentable square feet (the “Additional Premises”), as shown on Exhibit “A” attached hereto and made a part hereof. The Term of the Lease for a term commencing the Additional Premises shall commence (“Additional Premises Commencement Date”) on the date (the “Effective Date”) that which is the later to occur of earlier of: (xi) the date of mutual execution and delivery of this Amendmentwhen Tenant, and (y) the date Landlord delivers with Landlord’s prior consent, assumes possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, for its Permitted Uses; or (ii) upon Substantial Completion (as such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of is defined in the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent ) of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to Work (as such term is defined below)The Term shall expire on the Effective last day of the calendar month that is seventy seven (77) months after the Additional Premises Commencement Date in order to inspect the same (the Early Access PeriodAdditional Premises Expiration Date”). All The Additional Premises Commencement Date shall be confirmed by Landlord and Tenant by the execution of a Confirmation of Lease Term (“COLT”) in the terms and provisions of the Lease shall apply form attached hereto as Exhibit “B”. If Tenant fails to execute or object to the Additional Premises during the Early Access PeriodCOLT within ten (10) business days after its delivery, except for the obligation to pay Fixed Rent and Additional Rent in respect Landlord’s determination of the Additional Premisessuch dates shall be deemed accepted. (b) It is the mutual intention of Landlord shall deliver possession of and Tenant that the Additional Premises shall be leased to and occupied by Tenant on the Effective Date. Landlord shall not be liable for failure and subject to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1terms, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms covenants and conditions of the Original Lease, except as follows:otherwise expressly provided to the contrary in this Amendment, and to that end, Landlord and Tenant hereby agree that from and after the Additional Premises Commencement Date the word “Premises”, as defined in the Original Lease, shall mean and include both the Original Premises and the Additional Premises, containing a total of 6,029 rentable square feet, unless the context otherwise requires. (c) Except solely as set forth in this subsection (c), Tenant shall accept the Additional Premises in its “AS IS” “WHERE IS” condition, without representation or warranty by Landlord. Landlord, at no cost to Tenant and in a good and workmanlike manner using Building standard materials and finishes, shall construct and do such other work in the Additional Premises (collectively, “Additional Premises Work”) in substantial conformity with the plans and outline specifications of the plan attached hereto as Exhibit “A” and Exhibit “C” to the Original Lease with the exception that the 16 week period for Substantial Completion shall begin with the full execution of this First Amendment. If any material revision or supplement to Additional Premises Work is deemed necessary by Landlord, those revisions and supplements shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld or delayed. If the Substantial Completion of the Additional Premises Work is delayed as a result of: (i) The Tenant’s failure to furnish plans and specifications or provide any other reasonably requested information or approvals related to the furtherance of Additional Premises shall be deemed Work within five (5) business days following Landlord’s written request to consist of 8,216 rentable square feet Tenant for all purposes of the Lease. same; (ii) Tenant’s request for materials, finishes or installations other than Landlord’s standard; (iii) Tenant’s changes in said plans, including but not limited to any Change Order (as hereinafter defined); (iv) the performance or completion of any work, labor or services by Tenant shall pay Fixed Rent or any party employed or engaged by or on behalf of Tenant; or (v) Tenant’s failure to approve final plans, working drawings or reflective ceiling plans within five (5) business days following Landxxxx’x xritten request to Tenant for the same (each, a “Tenant's Delay”); then the commencement of the Term of the Lease for the Additional Premises at a rate equal and the payment of Fixed Rent hereunder shall be accelerated by the number of days of such Tenant Delay; provided however, that the foregoing shall not in any way relieve Landlord from its obligation to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to continue the Additional Premises onlyWork to Substantial Completion. If any change, Fixed Rent for each subsequent year shall increase by ***** revision or supplement to the scope of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause Work is requested by Tenant (a“Change Order”) (ii) of Schedule 2 then all such increased costs associated with the Change Order shall be paid by Tenant upfront and the occurrence of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant Change Order shall pay additional rent on account of Taxes with respect to not change the Additional Premises pursuant to Article 8 Commencement Date of the Original LeaseTerm and shall not alter Tenant's obligations under this Amendment. Notwithstanding anything to the contrary stated herein, except that, with respect to the Term shall commence on the date the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, would have been delivered to Tenant but for Tenant’s Delay or the Tax Year commencing on January 1Change Order. After receipt of notification from Landlord, 2003 Landlord and ending on December 31, 2003 (i.e., the second half Tenant shall schedule a pre-occupancy inspection of the Tax Year commencing on July 1Additional Premises at which time a punchlist of outstanding items, 2002 and ending on June 30if any, 2003 and shall be generated. Within a reasonable time thereafter, Landxxxx xxxll complete the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterpunchlist items to Tenant’s reasonable satisfaction.

Appears in 1 contract

Samples: Lease (Paratek Pharmaceuticals, Inc.)

Lease of Additional Premises. (a) Landlord Sublandlord hereby leases subleases to TenantSubtenant, and Tenant Subtenant hereby leases subleases from Landlord, portions of Sublandlord the submezzanine level of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), Premises for a term commencing on the later of (i) the date upon which Sublandlord receives written consent from Hiro Real Estate Co. (“Overlandlord”) to Subtenant’s subleasing of the Additional Premises from Sublandlord (the “Effective DateOverlandlord Consent”) that is (which Overlandlord Consent shall be evidenced by Overlandlord’s signature appended hereto or a separate consent in the later to occur of form utilized by Overlandlord), or (xii) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord upon which Sublandlord delivers possession of all of the Additional Premises to Tenant Subtenant (the later of such dates, the “Additional Premises Commencement Date”; provided, however, that Sublandlord shall notify Subtenant on the date it receives the Overlandlord Consent), and ending on the Initial Sublease Expiration Date, or such earlier date upon which the term of the Lease Sublease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease Sublease or pursuant to law, . upon all of the terms and conditions of the Original Lease, Sublease. as modified by this Amendment. Following the execution of this Amendment by Sublandlord and Subtenant. Sublandlord shall promptly and diligently pursue the Overlandlord Consent in accordance with the terms and conditions of the Xxxxxxxxx (as such term is hereinafter defined below). Sublandlord and Subtenant shall execute an instrument in form and substance reasonably acceptable to both parties setting forth the Additional Premises Commencement Date; provided, however, that the failure to prepare or execute such instrument shall not affect or be a condition to the commencement of the sublease of the Additional Premises. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises Commencement Date and upon Sublandlord’s prior reasonable approval, Subtenant may enter the Additional Premises, at times reasonably convenient to the Effective Date in order Sublandlord, solely to inspect the same Additional Premises (the “Early Access Period”including FF&E (as such term is hereinafter defined below). All ) and to take inventory of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises.FF&E. (b) Landlord Notwithstanding anything in this agreement to the contrary, Sublandlord shall endeavor to deliver the Additional Premises to Subtenant on or before June 30, 2009; provided, however, that so long as Sublandlord takes reasonable steps to timely vacate the Additional Premises, and without prejudice to Subtenant’s right to possession of the Additional Premises and specific performance of this Amendment, failure of Sublandlord to deliver possession of the Additional Premises to Tenant Subtenant on the Effective Date. Landlord such date shall not be liable grounds for failure to deliver possession termination of the Additional Premises or any portion thereof to Tenant on any specified datethis Amendment, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Additional Premises Commencement Date, Tenant Subtenant shall lease sublease the Additional Premises upon all of the terms and conditions of the Original LeaseSublease, except as follows: (i) The fixed rent payable under the Sublease with respect to the Additional Premises shall be an amount equal to (A) $456,120.00 per annum ($38,010.00 per month) for the period commencing on the Additional Premises Commencement Date and ending on the day preceding the first year anniversary of the Additional Premises Commencement Date, both dates inclusive (subject, however, to the rent abatement described in Section 2(c)(iv) below), and (B) $465,242.40 per annum ($38,770.20 per month) for the period commencing on the first year anniversary of the Additional Premises Commencement Date and ending on the day preceding the second year anniversary of the Additional Premises Commencement Date, both dates inclusive, and (C) $474,547.24 per annum ($39,545.60 per month) for the period commencing on the second year anniversary of the Additional Premises Commencement Date and ending on the Sublease Expiration Date, both dates inclusive, payable at the times and in the manner specified in the Sublease for the payment of fixed rent. If the Additional Premises Commencement Date is other than the first day of a calendar month, then the fixed rent payable with respect to the Additional Premises shall be appropriately pro-rated. (ii) The Additional Premises shall be deemed, without representation by either party, to consist of 15,204 rentable square feet for all purposes of the Sublease. (iii) Subtenant shall continue to pay all additional rent payable pursuant to the Original Sublease, including Section 1.2 thereof, except that with respect to the Additional Premises only, (A) Subtenant’s proportionate share of ‘creases in Taxes (as such term is defined in the Xxxxxxxxx) over the Premises Base Tax Year (as such terra is hereinafter defined below) shall be deemed to be 1.05% and (B) the “Additional Premises Base Tax Year” shall be the Taxes as finally determined for the 2009/2010 tax fiscal year of New York City. (iv) Notwithstanding the foregoing, provided that the Sublease is in full force and effect and Subtenant shall not be in default beyond the expiration of any applicable notice and cure periods set forth in the Sublease of any of the terms, conditions or covenants contained in the Sublease. Subtenant’s obligation to pay fixed rent in the amount of $38,010.00, with respect to the Additional Premises only, shall be abated for the period commencing on the Additional Premises Commencement Date and ending thirty (30) days thereafter, both dates inclusive. (d) Subtenant has inspected the Additional Premises and agrees (A) to accept possession of the Additional Premises in the “as is” condition existing on the Additional Premises Commencement Date, it being agreed, however, that Sublandlord shall deliver the Additional Premises to Subtenant vacant (except for FF&E), broom-clean, and in the same condition existing on the date hereof, ordinary wear and tear excepted, (B) that, except as otherwise provided in the Sublease, neither Sublandlord nor Sublandlord’s agents have made any representations or warranties with respect to the Additional Premises, the Premises or the Building, and (C) Sublandlord has no obligation to perform any work, supply any materials, incur any expense or make any alterations or improvements to the Additional Premises to prepare the Additional Premises for Subtenant’s occupancy, except as follows: (i) The Additional Premises shall include the furniture, fixtures and equipment set forth on the furniture plan and inventory attached hereto as Exhibit B (the “FF&E”), the cost of which shall be included in fixed rent, for the remainder of the Sublease Term. The terms and conditions of the Sublease shall apply to the FF&E, including, without limitation, the fact that the FF&E shall be delivered in its “as-is” condition. If Subtenant is not in default under the Sublease beyond the expiration of any applicable notice and cure periods, then in consideration of the fixed rent and additional rent payable under the Sublease plus the additional sum of One Dollar ($1.00), the FF&E shall become the exclusive property of Subtenant at the end of the Sublease Term. This section shall be self-operative and no further instrument of transfer or conveyance with respect to the FF&E shall be required. Sublandlord represents and warrants to Subtenant that as of the date hereof (which shall be deemed to consist of 8,216 rentable square feet for all purposes be remade as of the LeaseAdditional Premises Commencement Date), (a) the FF&E is in working order, and (b) Sublandlord owns the FF&E free and clear of all liens and other encumbrances. During the Sublease Term, Subtenant shall have the right to dispose of any unwanted FF&E as it deems appropriate, at its sole cost and expense. (ii) Tenant Sublandlord represents and warrants to Subtenant that as of the date hereof (which shall pay Fixed Rent for be deemed to be remade as of the Additional Premises at Commencement Date), to the best of its knowledge, the Additional Premises are in compliance with all codes and regulations pursuant to any federal, state or local governmental law or regulation, including, without limitation, the American with Disabilities Act of 1992 (“Applicable Legal Requirements”): ‘provided. however. that such representation shall be no greater than Overlandlord’s representations to Sublandlord in Article 9 or any other Article or Section in that certain lease between Overlandlord and Sublandlord’s predecessor-in-interest, dated as of September 6, 1996 (as amended, the “Xxxxxxxxx”). Sublandlord agrees to deliver the Additional Premises (including the life safety systems therein) in a rate equal condition that complies with all Applicable Legal Requirements, with fully code-compliant sprinklers and fire safety equipment installed as required, and access to ***** per square foot per annum for the period beginning on the Effective Date base-building lavatories in compliance with all Applicable Legal Requirements. (iii) Sublandlord represents and ending on the last day warrants to Subtenant that as of the month date hereof (which is 12 months after shall be deemed to be remade as of the Effective Additional Premises Commencement Date), to the best of its knowledge, the Additional Premises are free of known asbestos and other hazardous materials; provided, however, that such representation shall be no greater than Overlandlord’s representations to Sublandlord in Sections 4.4 and 9.2 or any other Article or Section in the Xxxxxxxxx. ThereafterIn addition, prior to the Additional Premises Commencement Date, Sublandlord shall deliver to Subtenant a duly and properly issued copy of the ACP-5 Form issued with respect to the Additional Premises onlyPremises. To the extent that such ACP-5 Form reveals the existence of asbestos or other hazardous materials in the Additional Premises, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant Sublandlord shall be permitted to include responsible, at its sole cost and expense, for the Fixed Rent prompt removal or abatement of such asbestos or other hazardous materials in full compliance with respect to all Applicable Legal Requirements. In such event, the Additional Premises as Commencement Date shall be delayed until the date on which Sublandlord delivers possession of the Additional Premises to Subtenant free from all such asbestos and other hazardous materials and in compliance with all other terms and conditions of the Sublease. (e) Subtenant’s occupancy of any part of Fixed Rent under clause the Additional Premises shall be conclusive evidence, as against Subtenant, that (a1) (ii) of Schedule 2 Subtenant has accepted possession of the Original Lease when calculating Percentage Rent Additional Premises in their then current condition, latent defects relating to or arising from existing tenant installments excepted, and (2) subject to the repair and maintenance obligations of Overlandlord under the Xxxxxxxxx, the Additional Premises, the Premises and, to the best of Subtenant’s knowledge, the Building are in a good and satisfactory condition as required by this Amendment. Notwithstanding the foregoing, nothing in the Sublease shall be interpreted to release Overlandlord from liability for any latent defects in the Premises whether or not arising in connection with a tenant installation, and Sublandlord shall, at Subtenant’s sole cost and expense, take appropriate action to secure the remedy of any such latent defects or shall permit Subtenant to act in Sublandlord’s name as more particularly described in Section 7.1 of the Sublease. (f) As of the date hereof, there shall be no increase in the amount of security deposit held by Sublandlord pursuant to the Original Lease. Sublease; it being agreed that Subtenant shall continue to be entitled to a reduction in the amount of the security deposit on the second anniversary of the Sublease Commencement Date (iiias defined in the Original Sublease) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 and in accordance with the terms of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterSection 1.3

Appears in 1 contract

Samples: Sublease (IntraLinks Holdings, Inc.)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions all that certain space on the second floor of the submezzanine level Building containing approximately 5,064 RSF of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto space (the “Additional Premises”), as shown on Exhibit “A” and made a part hereof. The term of the Lease for a term commencing on the date Additional Premises shall commence upon the later of (i) March 15, 2009, and (ii) substantial completion of the Landlord’s Work (as defined in subparagraph (b) hereof) (Effective Additional Premises Commencement Date”) ). The Additional Premises shall be deemed substantially completed when the Landlord’s Work has been completed to the extent that the Additional Premises may be occupied by Tenant for its Permitted Uses, subject only to completion of minor finishing, adjustment of equipment, and other minor construction aspects, and Landlord has procured a temporary or permanent certificate of occupancy permitting the occupancy of the Premises. It is the later mutual intention of Landlord and Tenant that the Additional Premises shall be leased to occur and occupied by Tenant on and subject to all of (x) the date terms, covenants and conditions of mutual execution and delivery of the Lease except as otherwise expressly provided to the contrary in this Amendment, and (y) the date to that end Landlord delivers possession of all of and Tenant hereby agree that from and after the Additional Premises Commencement Date the word “Premises”, as defined in the Lease, shall mean and include both the Original Premises and the Additional Premises, containing a total of 17,330 RSF, unless the context otherwise requires. (b) Landlord shall construct and do such other work in the Additional Premises (collectively, the “Landlord’s Work”) in substantial conformity with the plans and outline specifications of the plan, SK-1, prepared by Xxxxx Xxxxxxxx Architects dated November 18, 2009, which have been initialed by the parties, and which are herein incorporated by reference. If any material revision or supplement to Landlord’s Work is deemed necessary by Landlord, those revisions and supplements shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld or delayed. If Landlord shall be delayed in such “substantial completion” as a result of (i) Tenant’s failure to furnish plans, specifications or other reasonably requested information for the furtherance of Landlord’s Work within five (5) business days following Landlord’s written request to Tenant for the same; (ii) Tenant’s request for materials, finishes or installations other than Landlord’s standard; (iii) Tenant’s changes in said plans; (iv) the performance or completion of any work, labor or services by a party employed by Tenant; or (v) Tenant’s failure to approve final plans, working drawings or reflective ceiling plans within five (5) business days following Landlord’s written request to Tenant for the same (each, a “Tenant’s Delay”); then the Additional Premises Commencement Date and ending the payment of Fixed Rent hereunder shall be accelerated by the number of days of such delay . If any change, revision or supplement to the scope of the Landlord’s Work is requested by Tenant then such increased costs associated with such change, revision or supplement shall be paid by Tenant upfront and such occurrence shall not change the Additional Premises Commencement Date of the Term and shall not alter Tenant’s obligations under this Lease. Notwithstanding anything to the contrary stated in Article 2(a) above, the Term shall commence on the Initial Expiration Date, date the Additional Premises would have been delivered to Tenant but for Tenant’s Delay or such earlier date upon which the term Tenant’s change order. Landlord’s Work constitutes an Alteration under Article 8 of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that if the entire Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver possession of the Additional Premises to Allowance is not spent by Tenant on Landlord’s Work, the Effective Date. Landlord shall not balance may be liable for failure to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure spent by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained hereinfor furniture, Landlord shall exercise reasonable diligence (at no cost to Landlord)fixtures, including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Dateequipment. (c) Effective as of the Effective Date, Tenant shall lease From and after the Additional Premises upon all of the terms and conditions of the Original LeaseCommencement Date, except as follows:Tenant’s Share shall be 5.10%. (id) The Additional Premises Commencement Date shall be confirmed by Landlord and Tenant by the execution of a Confirmation of Lease Term in the form attached hereto as Exhibit “B”. If Tenant fails to execute or object to the Confirmation of Lease Term within ten (10) business days of its delivery, Landlord’s determination of such dates shall be deemed to consist of 8,216 rentable square feet for all purposes of the Leaseaccepted. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by ***** of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after

Appears in 1 contract

Samples: Lease (Qlik Technologies Inc)

Lease of Additional Premises. (a) Landlord hereby leases to Tenant, Tenant and Tenant hereby leases from Landlord, portions of Landlord the submezzanine level of the Building, designated Additional Premises as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), for a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Term Commencement Date (as defined below) for use by Tenant in accordance with the Permitted Use and ending on the Initial Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of in accordance with the terms and conditions of the Original Lease. From and after the Effective Date: a. All references to the “Premises” in the Amended Lease, as modified by this Amendment. Notwithstanding anything shall be to the contrary contained herein, and provided that Tenant obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Current Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of together with the Additional Premises. b. Subsection (bii) Landlord shall deliver possession of Section 1(a)(iii) of the Additional Premises to Tenant on Amended Lease is hereby deleted in its entirety and replaced with the Effective Date. Landlord shall not be liable for failure to deliver possession following: “(ii) 7,888 square feet of Rentable Area consisting of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute an express provision to the contrarynorth wingwithin the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all first floor of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 Building (the “Outside Delivery DateFirst Floor North Wing Premises”; and together with the First Floor South Wing Premises, the “First Floor Premises”), Tenant shall have ;” and all references in the right within 10 days after Amended Lease to the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers “First Floor North Wing Premises” or the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice “First Floor Premises” shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate term as the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Dateis amended by this Second Amendment, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Leaseincluding, except as follows: without limitation, (i) The Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, representations made by Landlord with respect to the Additional First Floor North Wing Premises only, Fixed Rent for each subsequent year shall increase by ***** and/or First Floor Premises set forth in Section 2(c) of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) Amended Lease, and (ii) references contained in the description of Schedule 2 Base Building Work. c. The portion of Exhibit C of the Original Amended Lease when calculating Percentage Rent pursuant depicting the First Floor Premises is hereby deleted in its entirety and replaced with the depiction attached hereto as Exhibit A. d. All references to the Original Lease. (iii) Tenant shall pay additional rent on account square feet of Taxes with respect to the Additional Premises pursuant to Article 8 Rentable Area of the Original Premises contained in the Amended Lease, except thatincluding in Section 1(a)(iii) the Amended Lease, with respect are hereby amended to the Additional Premises only, (a) read Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or after68,423”.

Appears in 1 contract

Samples: Lease (Cerus Corp)

Lease of Additional Premises. (a) Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, portions of the submezzanine level of the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto (the “Additional Premises”), for a term commencing on the date (the “Effective Date”) that is the later to occur of (x) the date of mutual execution and delivery of this Amendment, and (y) the date Landlord delivers possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, or such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant Xxxxxx obtains the prior consent of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to the Effective Date in order to inspect the same (the “Early Access Period”). All of the terms and provisions of the Lease shall apply to the Additional Premises during the Early Access Period, except for the obligation to pay Fixed Rent and Additional Rent in respect of the Additional Premises. (b) Landlord shall deliver possession of the Additional Premises to Tenant on the Effective Date. Landlord shall not be liable for failure to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms and conditions of the Original Lease, except as follows: (i) The Additional Premises shall be deemed to consist of 8,216 rentable square feet for all purposes of the Lease. (ii) Tenant shall pay Fixed Rent for the Additional Premises at a rate equal to [***** *] per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to the Additional Premises only, Fixed Rent for each subsequent year shall increase by [***** *] of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause (a) (ii) of Schedule 2 of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant shall pay additional rent on account of Taxes with respect to the Additional Premises pursuant to Article 8 of the Original Lease, except that, with respect to the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, or the Tax Year commencing on January 1, 2003 and ending on December 31, 2003 (i.e., the second half of the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 and the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterafter January 1, 2003, and (b) “Tenant’s Area” shall mean 8,216 rentable square feet.

Appears in 1 contract

Samples: Lease (MSGE Spinco, Inc.)

Lease of Additional Premises. (a) The Lease is hereby amended to provide that Landlord hereby leases to demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, portions of the submezzanine level of all that certain space in the Building, designated as Space ‘O’, Space ‘Q’, Space ‘R’, Space ‘U’, Space ‘W’, Space ‘X’, Space ‘Z’, Space ‘EE’ and Space ‘K’, all being more particularly shown on Exhibit A attached hereto which is a portion Suite 402 containing approximately 2,917 rentable square feet (the “Additional Premises”), as shown on Exhibit “A” attached hereto and made a part hereof. The Term of the Lease for a term commencing the Additional Premises shall commence (“Additional Premises Commencement Date”) on the date (the “Effective Date”) that which is the later to occur of earlier of: (xi) the date of mutual execution and delivery of this Amendmentwhen Tenant, and (y) the date Landlord delivers with Landlord’s prior consent, assumes possession of all of the Additional Premises to Tenant and ending on the Initial Expiration Date, for its Permitted Uses; or (ii) upon Substantial Completion (as such earlier date upon which the term of the Lease may expire or be terminated pursuant to any of the conditions of limitation or other provisions of the Lease or pursuant to law, upon all of the terms and conditions of is defined in the Original Lease, as modified by this Amendment. Notwithstanding anything to the contrary contained herein, and provided that Tenant obtains the prior consent ) of Landlord, Tenant shall be permitted to have reasonable access to the Additional Premises prior to Work (as such term is defined below)The Term shall expire on the Effective last day of the calendar month that is seventy seven (77) months after the Additional Premises Commencement Date in order to inspect the same (the Early Access PeriodAdditional Premises Expiration Date”). All The Additional Premises Commencement Date shall be confirmed by Landlord and Tenant by the execution of a Confirmation of Lease Term (“COLT”) in the terms and provisions of the Lease shall apply form attached hereto as Exhibit “B”. If Tenant fails to execute or object to the Additional Premises during the Early Access PeriodCOLT within ten (10) business days after its delivery, except for the obligation to pay Fixed Rent and Additional Rent in respect Landlord’s determination of the Additional Premisessuch dates shall be deemed accepted. (b) It is the mutual intention of Landlord shall deliver possession of and Tenant that the Additional Premises shall be leased to and occupied by Tenant on the Effective Date. Landlord shall not be liable for failure and subject to deliver possession of the Additional Premises or any portion thereof to Tenant on any specified date, and such failure shall not impair the validity of this Amendment. The provisions of this Article are intended to constitute “an express provision to the contrary” within the meaning of Section 223-a of the New York Real Property Law or any successor Requirement, provided that if Landlord fails to deliver vacant possession of all of the Additional Premises in accordance with the terms of this Amendment prior to May 1terms, 2003 (the “Outside Delivery Date”), Tenant shall have the right within 10 days after the Outside Delivery Date, as its sole and exclusive remedy therefor, to cancel this Amendment by giving notice of cancellation to Landlord. If Tenant timely delivers the aforesaid cancellation notice, this Amendment shall terminate 15 days after the date of such notice, unless Landlord delivers vacant possession of the Additional Premises within such 15-day period, in which case Tenant’s cancellation notice shall be void and this Amendment shall continue in full force and effect. Failure by Tenant to exercise such right to cancel this Amendment within the aforesaid 10-day period shall constitute a waiver of such right; time being of the essence with respect thereto. Notwithstanding anything to the contrary contained herein, Landlord shall exercise reasonable diligence (at no cost to Landlord), including exercising its right of termination pursuant to any leases or license agreements affecting the Additional Premises promptly after the date hereof, to cause the existing tenants and/or occupants of the Additional Premises to vacate the same in a timely manner. Landlord shall give Tenant at least ten (10) days’ advance written notice of the Effective Date. (c) Effective as of the Effective Date, Tenant shall lease the Additional Premises upon all of the terms covenants and conditions of the Original Lease, except as follows:otherwise expressly provided to the contrary in this Amendment, and to that end, Landlord and Tenant hereby agree that from and after the Additional Premises Commencement Date the word “Premises”, as defined in the Original Lease, shall mean and include both the Original Premises and the Additional Premises, containing a total of 6,029 rentable square feet, unless the context otherwise requires. (c) Except solely as set forth in this subsection (c), Tenant shall accept the Additional Premises in its “AS IS” “WHERE IS” condition, without representation or warranty by Landlord. Landlord, at no cost to Tenant and in a good and workmanlike manner using Building standard materials and finishes, shall construct and do such other work in the Additional Premises (collectively, “Additional Premises Work”) in substantial conformity with the plans and outline specifications of the plan attached hereto as Exhibit “A” and Exhibit “C” to the Original Lease with the exception that the 16 week period for Substantial Completion shall begin with the full execution of this First Amendment. If any material revision or supplement to Additional Premises Work is deemed necessary by Landlord, those revisions and supplements shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld or delayed. If the Substantial Completion of the Additional Premises Work is delayed as a result of: (i) The Tenant’s failure to furnish plans and specifications or provide any other reasonably requested information or approvals related to the furtherance of Additional Premises shall be deemed Work within five (5) business days following Landlord’s written request to consist of 8,216 rentable square feet Tenant for all purposes of the Lease. same; (ii) Tenant’s request for materials, finishes or installations other than Landlord’s standard; (iii) Tenant’s changes in said plans, including but not limited to any Change Order (as hereinafter defined); (iv) the performance or completion of any work, labor or services by Tenant shall pay Fixed Rent or any party employed or engaged by or on behalf of Tenant; or (v) Tenant’s failure to approve final plans, working drawings or reflective ceiling plans within five (5) business days following Landlord’s written request to Tenant for the same (each, a “Tenant's Delay”); then the commencement of the Term of the Lease for the Additional Premises at a rate equal and the payment of Fixed Rent hereunder shall be accelerated by the number of days of such Tenant Delay; provided however, that the foregoing shall not in any way relieve Landlord from its obligation to ***** per square foot per annum for the period beginning on the Effective Date and ending on the last day of the month which is 12 months after the Effective Date. Thereafter, with respect to continue the Additional Premises onlyWork to Substantial Completion. If any change, Fixed Rent for each subsequent year shall increase by ***** revision or supplement to the scope of the Fixed Rent in effect during the immediately preceding year. Tenant shall be permitted to include the Fixed Rent with respect to the Additional Premises as part of Fixed Rent under clause Work is requested by Tenant (a“Change Order”) (ii) of Schedule 2 then all such increased costs associated with the Change Order shall be paid by Tenant upfront and the occurrence of the Original Lease when calculating Percentage Rent pursuant to the Original Lease. (iii) Tenant Change Order shall pay additional rent on account of Taxes with respect to not change the Additional Premises pursuant to Article 8 Commencement Date of the Original LeaseTerm and shall not alter Tenant's obligations under this Amendment. Notwithstanding anything to the contrary stated herein, except that, with respect to the Term shall commence on the date the Additional Premises only, (a) “Base Tax Year” shall mean the Tax Year commencing on July 1, 2002 and ending on June 30, 2003 if the Effective Date occurs on or before December 31, 2002, would have been delivered to Tenant but for Tenant’s Delay or the Tax Year commencing on January 1Change Order. After receipt of notification from Landlord, 2003 Landlord and ending on December 31, 2003 (i.e., the second half Tenant shall schedule a pre-occupancy inspection of the Tax Year commencing on July 1Additional Premises at which time a punchlist of outstanding items, 2002 and ending on June 30if any, 2003 and shall be generated. Within a reasonable time thereafter, Landlord shall complete the first half of the Tax Year commencing on July 1, 2003 and ending on June 30, 2004) if the Effective Date occurs on or afterpunchlist items to Tenant’s reasonable satisfaction.

Appears in 1 contract

Samples: Lease (Paratek Pharmaceuticals, Inc.)

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