Must Take Space. As used herein, the term “Must-Take Space” means approximately 4,789 square feet of rentable area in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space on the date (the “Must-Take Space Commencement Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in the Must-Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the gross
Appears in 2 contracts
Samples: Lease Agreement (PROCEPT BioRobotics Corp), Lease Agreement (PROCEPT BioRobotics Corp)
Must Take Space. As used herein(a) Subject to the terms and conditions of this Section 19, as of the Must-Take Space Inclusion Date, the term entire rentable area of the 56th floor of the Building (herein referred to as “Must-Take Space” means approximately 4,789 square feet of rentable area ”), as more particularly shown on the floor plan annexed hereto as Exhibit O, shall be added to and included in the Building commonly known Premises upon the terms and subject to the conditions of the Lease and to such additional terms and conditions as Suite 202 and as outlined in Exhibit B-4 attached are hereinafter set forth. Landlord shall send to this Agreement. The Premises shall Tenant a notice (herein called the “Must-Take Notice”), which may not be expanded sent by Landlord prior to include the date which is 18 months prior to the anticipated Must-Take Space Inclusion Date and may not be sent on the date or after December 1, 2021 (the “Must-Take Space Commencement End Date”), indicating that the Must-Take Space shall be coming Available (as defined in Section 9 of this Amendment) that is the earlier of (A) and indicating the date upon of the anticipated Must-Take Inclusion Date. The date on which Tenant first commences to conduct business in Landlord delivers vacant and exclusive possession of the Must-Take Space, with the Expansion Extension Work Substantially Completed and (B) in broom-clean condition shall be referred to herein as the date “Must-Take Space Inclusion Date”; it being understood and agreed that is ninety (90) days after the Must-Take Space Early Occupancy Inclusion Date shall not be earlier than three (as defined below)3) months following the giving of the Must-Take Notice by Landlord to Tenant. Tenant shall be permitted Notwithstanding anything contained in this Section 19 to enter into the contrary, Landlord has no obligation to lease the Must-Take Space on to Tenant and Landlord has no obligation to give the Must-Take Notice.
(b) Effective as of the Must-Take Space Early Occupancy Date without Inclusion Date:
(i) The fixed rent payable under the obligation for payment Lease in respect of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space shall be an amount from the Must-take Inclusion Date equal to (A) $2,410,344.00 per annum [based on $72.00 per rentable square foot] ($200,862.00 per month) during the 1st Rental Period if the Must-Take Rent Commencement Date occurs during the 1st Rental Period, (B) $2,477,298.00 per annum [based on $74.00 per rentable square foot] ($206,441.50 per month) during the 2nd Rental Period if the Must-Take Rent Commencement Date occurs during or prior to the 2nd Rental Period, (C) $2,678,160.00 per annum [based on $80.00 per rentable square foot] ($223,180.00 per month) during the 3rd Rental Period if the Must-Take Rent Commencement Date occurs during or prior to the 3rd Rental Period, (D) $2,879,022.00 per annum [based on $86.00 per rentable square foot] ($239,918.50 per month) during the 4th Rental Period if the Must-Take Rent Commencement Date occurs during or prior to the 4th Rental Period and (E) $3,213,792.00 per annum [based on $96.00 per rentable square foot] ($267,816.00 per month) during the 5th Rental Period if the Must-Take Rent Commencement Date occurs during or prior to the 5th Rental Period, payable at the times and in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that manner specified in the Lease for the payment of fixed rent.
(aii) Tenant first provides Landlord with proof The Must-Take Space shall consist of insurance that is required by the terms 33,477 rentable square feet for all purposes of the Lease, modified to apply to the Must-Take Space, as mutually agreed by Landlord and Tenant.
(biii) all construction by Tenant shall be performed pay all additional rent in accordance with the terms respect of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior payable pursuant to the MustOriginal Lease, including Article Twenty-Take Space Commencement Date shall be subject to all of the terms and conditions of the LeaseFour thereof, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision (A) “Base Real Estate Taxes” set forth in Section 24.3(h) of the LeaseLease shall mean one-half of (x) the R.E. Tax Share of the Real Estate Taxes for the Tax Year beginning on July 1, except to 2012 and ending on June 30, 2013 plus (y) the extent caused by the grossR.
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Samples: Lease (Lazard LTD), Lease (Lazard Group LLC)
Must Take Space. As used herein, A. Tenant hereby leases from Landlord and Landlord hereby leases to Tenant the term “Must-Take Space” means approximately 4,789 4,949 square feet of rentable area described as Suite No. 310 on the 3rd floor of the Building and shown on EXHIBIT A-1 attached hereto (the "MUST-TAKE SPACE"). The Term with respect to the Must-Take Space shall commence on May 1, 2005 (the "MUST-TAKE SPACE COMMENCEMENT DATE") and, unless terminated early in accordance with the Lease, end on the Termination Date, as determined in accordance with Section 3.01 of the Lease. The period commencing on the Must-Take Space Commencement Date and ending on the Termination Date is hereinafter referred to herein as the "MUST-TAKE SPACE TERM". Effective as of the Must-Take Space Commencement Date, the Must-Take Space shall be deemed to be a part of the Premises. Notwithstanding the foregoing to the contrary, the Must-Take Space Commencement Date shall be delayed to the extent that Landlord fails to deliver possession of the Must-Take Space for any reason, including but not limited to, holding over by prior occupants, in which event, the Must-Take Space Commencement Date shall instead be the date on which Landlord tenders delivery of the Must-Take Space to Tenant. However, any delay in the Building commonly known as Suite 202 Must-Take Space Commencement Date shall not subject Landlord to any liability for any loss or damage resulting therefrom. If the Must-Take Space Commencement Date is delayed, the Termination Date under the Lease shall not be similarly extended.
B. The Must-Take Space is leased by Tenant pursuant to all of the terms and as outlined in Exhibit B-4 attached to this Agreement. The Premises conditions of the Lease, except that the financial terms and conditions (i.e., Base Rent, Additional Rent) for the Must-Take Space shall be expanded to include as follows:
1. Tenant shall pay Landlord Base Rent for the Must-Take Space as follows: ANNUAL RATE MONTHLY PERIOD PER SQUARE FOOT BASE RENT ----------------------- --------------- --------- 5/1/05 through 9/30/05 $11.75 $4,845.90 10/1/05 through 9/30/06 $12.25 $5,052.10 10/1/06 through 9/30/07 $12.75 $5,258.31 10/1/07 through 9/30/08 $13.25 $5,464.52 10/1/08 through 9/30/09 $13.75 $5,670.73
2. Effective as of the Must-Take Space Commencement Date, Tenant shall pay Additional Rent (i.e. Expenses and Taxes) for the Must-Take Space on the date (same terms and conditions set forth in Section 4 of the “Lease, provided that effective as of the Must-Take Space Commencement Date”) that is , Tenant's Pro Rata Share shall increase by 3.6026% to account for the earlier addition of (A) the date upon which Tenant first commences to conduct business in the Must-Take Space, Space (and (B) the date that is ninety (90) days from and after the Must-Take Space Early Occupancy Date (as defined belowCommencement Date, Tenant's Pro Rata Share is therefore increased to 13.9016%).
3. Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms Notwithstanding any of the Lease, modified to apply foregoing to the Must-Take Spacecontrary, (b) all construction by if Tenant shall be performed in accordance with the terms takes possession of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date for any reason whatsoever (other than the performance of work (including, planning and/or performance of improvements, installation of furniture, equipment or other personal property) in the Must-Take Space with Landlord's prior approval), such possession shall be subject to all of the terms and conditions of the this Lease, except that including Section 3.02, and Tenant shall pay Base Rent and Additional Rent as applicable to the obligation Must-Take Space to pay Rent shall not commence until Landlord on a per diem basis for each day of occupancy prior to the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the gross.
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Must Take Space. As used hereinLandlord shall have the right, effective upon thirty (30) days’ prior written notice to Tenant, to require Tenant to lease approximately 392 rentable square feet of space located on the term ninth (9th) floor of the Building and more particularly shown on Exhibit A attached hereto and made a part hereof (the “Must-Take Space” means approximately 4,789 square feet of rentable area in ”). In the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include event Landlord exercises such right, then upon the date on which Landlord delivers the Must-Take Space on to Tenant in its as-is condition, subject to Landlord’s ongoing maintenance and repair obligations, broom clean, free of occupancies and otherwise in accordance with the date Lease (the “Must-Take Space Commencement Effective Date”) that is the earlier of ), (Ai) the date upon which Tenant first commences Base Rent will be increased to conduct business in reflect the additional square footage at the same rate per square foot as the Additional Premises, (ii) “Tenant’s Pro Rata Share (Operating Costs)” and “Tenant’s Pro Rata Share (Property Taxes)” will be recalculated to reflect the increased rentable square footage of the Premises and (iii) the “Premises for all purposes under the Lease shall include the Must-Take Space. Landlord shall prepare and submit to the Tenant a Memorandum in the form of Exhibit B (the “Second Amended and Restated Lease Memorandum”), completed in good faith by Landlord, and executed by Landlord. Landlord and Tenant shall execute the Second Amended and Restated Lease Memorandum within ten (B10) Business Days following Landlord’s submission thereof to Tenant. Any refusal or failure by Tenant to execute the date that is ninety (90) days Second Amended and Restated Lease Memorandum shall not prevent nor delay the occurrence of the Must-Take Space Effective Date to the Premises nor the increase in Base Rent or Additional Rent with respect to the Must-Take Space nor any obligation of Tenant under the Lease, and in the event of such refusal or failure, the amounts set forth in the this First Amendment shall become binding for all purposes under the Lease and the Must -Take Space Effective Date set forth in the Second Amended and Restated Lease Memorandum shall become binding for all purposes under the Lease. In no event shall the Second Amended and Restated Lease Memorandum be recorded. Any failure by the parties to complete and execute a Second Amended and Restated Lease Memorandum shall have no effect on the parties’ rights and obligations under the Lease. In connection with the addition of the Must-Take Space to the Premises, from and after the Must-Take Space Early Occupancy Date (as defined below). Tenant Effective Date, the definition of the term “Premises” in paragraph 1 of the Existing Lease shall be permitted to enter into amended and restated as follows: “The portion of the Must-Take Space Building consisting of a portion of the seventh (7th), eighth (8th) and ninth (9th) floors the Building which is depicted on the Must-Take Space Early Occupancy Date without the obligation plan attached as Exhibit B and agreed by Landlord and Tenant for payment all purposes under this Lease to consist of Rent for the purposes of installing its furnitureapproximately 52,317 rentable square feet, fixtures, cabling, files and equipment and improving the Must-Take Space measured in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; standard BOMA Method of Measurement (ANSI-1996). The foregoing number of rentable square feet shall be final, conclusive and provided that controlling and if Landlord remeasures the Building or Premises (a) Tenant first provides Landlord with proof of insurance that is regardless the reason, including whether required by a lender or due to a change in the terms method of measurement employed by Landlord throughout the LeaseBuilding), modified to apply to then notwithstanding the Must-Take Spaceoutcome of such remeasurement, neither the amount of Base Rent nor Tenant’s Pro Rata Share (bOperating Costs) all construction by Tenant or Tenant’s Pro Rata Share (Property Taxes) shall be performed in accordance with the terms changed as a result of the Lease and the Tenant Work Letter attached hereto as Exhibit “Kany such remeasurement.”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the gross
Appears in 1 contract
Samples: Deed of Lease (Opower, Inc.)
Must Take Space. As used hereinIn addition to the initial Premises, Tenant shall lease, for a term equal to the term “Must-Take Space” means then unexpired portion of the Term of this Lease, Suite No. 101 comprising approximately 4,789 2,510 rentable square feet of rentable area in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space described on the date attached Exhibit A (the “Must-Must Take Space”), whereupon the Must Take Space Commencement Date”) that is shall be deemed a part of the earlier Premises as defined herein. Tenant’s leasing of (A) the date upon which Tenant first commences to conduct business in the Must-Take Space, and (B) the date that is ninety (90) days after the Must-Must Take Space Early Occupancy Date (as defined below). Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms of this Lease except that: (i) the term of the Must Take Space (the “Commencement Date for the Must Take Space”) shall commence on July 1, 2020, and shall expire on the Expiration Date; (ii) the Base Rent shall be paid as set forth in Section 1.2 of the Basic Lease Provisions; (iii) effective as of the Commencement Date for the Must Take Space, Tenant shall have the non-exclusive use of an additional 10 unreserved parking stalls at the Project; and (iv) Tenant accepts the Must Take Space in its as-is condition, except Landlord shall convert the kitchen in the Must Take Space into an office. In the event Landlord is unable to deliver possession of the Must Take Space on or before the Commencement Date for the Must Take Space or any other date, Landlord shall not be liable for any damage caused thereby, nor shall this Lease be void or voidable, nor shall the Original Term be extended by such delay. Tenant shall not be liable for Rent for the Must Take Space until Landlord offers possession of the Must Take Space to Tenant. Landlord shall not be required to tender possession of, or access to, the Must Take Space to Tenant until Tenant complies with its obligation to provide evidence of insurance as required pursuant to Section 9 below. Pending delivery of such evidence, Tenant shall be required to perform all of its obligations under this Lease with respect to the Must Take Space from and after the Commencement Date for the Must Take Space, including the payment of Rent for the Must Take Space, notwithstanding Landlord’s election to withhold possession pending receipt of such evidence of insurance. Tenant shall have the right to expand into the Must Take Space prior to July 1, 2020, provided that (x) Tenant gives Landlord at least 60 days’ advance notice of Tenant’s desire to expand into the Must Take Space early, (y) Landlord terminates the existing lease with the tenant of the Must Take Space on terms and conditions of the acceptable to Landlord in its sole discretion, and (z) Tenant and Landlord execute an amendment to this Lease, except that on terms and conditions acceptable to Landlord in its sole discretion, adding the obligation to pay Rent shall not commence until the Must-Must Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by initial Premises for a term commencing prior to the grossinitially scheduled Commencement Date for the Must Take Space.
Appears in 1 contract
Must Take Space. As used herein, Tenant hereby agrees to add to the term “Must-Take Space” means approximately 4,789 Premises the balance of the fourth (4th) floor of the Building stipulated by the parties hereto to contain 9,606 rentable (9207 usable) square feet of rentable area space ("MUST TAKE SPACE"). The effective date of Tenant's lease of the Must Take Space shall be the first day of the thirteenth (13th) month of the Lease Term ("MUST TAKE EFFECTIVE DATE") and Tenant shall not be obligated to pay any Basic Rent or Operating Expenses for the Must Take Space until the Must Take Effective Date. Notwithstanding anything above to the contrary, and upon at least twenty (20) days prior written notice to Landlord, Tenant may enter the Must Take Space three (3) months prior to the Must Take Effective Date in order to commence construction of the Tenant Improvements in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space on the date (the “Must-Take Space Commencement Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in the Must-Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Must Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”Section 12.5; and provided provided, however, that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of such early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date entry shall be subject to all of the terms and conditions provisions of the Lease, this Lease (except that for the obligation to pay rent, unless Tenant commences business operations from the Must Take Space, in which event Tenant's obligation to pay rent shall commence on such date), and such reasonable rules and procedures promulgated by Landlord; provided further, that without limiting the generality of the foregoing, Landlord shall not be responsible for and Tenant is required to obtain insurance covering, any loss, including theft, damage or destruction to any work or material installed or stored by Tenant or Landlord, or any contractor or individual involved in the completion of the Tenant Improvements into the Must Take Space, or for any injury to Tenant or Tenant's employees, invitees, licensees or Tenant's Agents (as such term is defined in Section 12.5 hereof) and provided further that Landlord shall have the right to post the appropriate notices of non-responsibility and to require Tenant to provide Landlord with evidence that Tenant has fulfilled its obligation to provide insurance pursuant to Section 20 of this Lease. Tenant's lease of the Must Take Space shall be on the same terms and conditions as affect the original Premises throughout the Lease Term, including, without limitation, the same Base Year (1997), and, on a per rentable square foot basis, the same Monthly Basic Rent, which Monthly Basic Rent shall not commence until increase, on each annual anniversary of the Must-Take Space Commencement Date, and no such early access by the same per rentable square foot increase as the Monthly Basic Rent for the initial Premises (four percent (4%)). On the Must Take Effective Date, Tenant's Percentage shall alter be increased to take into account the Must-addition of the number of rentable square feet of the Must Take Space Commencement Dateto the Premises. Tenant acknowledges and agrees that the Must Take Space shall be leased to Tenant in its "as is" condition (as of the date hereof). The Lease Term for the Must Take Space shall expire coterminously with the Lease Term for the initial Premises. Notwithstanding anything above to the contrary, Without limiting Landlord shall not be liable to Tenant or otherwise be in default hereunder in the event that Landlord is unable to deliver the Must Take Space to Tenant on the projected delivery date thereof due to the failure of any other provision tenant to timely vacate and surrender to Landlord such Must Take Space, or any portion thereof; provided, however, Landlord agrees to use its commercially reasonable efforts to enforce its right to possession of such Must Take Space against such other tenant. Promptly after Landlord's delivery of the LeaseMust Take Space to Tenant, except Landlord and Tenant shall execute an amendment to this Lease adding the Must Take Space to the extent caused Premises upon the terms and conditions set forth in this Section 1.4. The construction of any improvements by Tenant in the grossMust Take Space shall be in accordance with Section 12.5 of this Lease and Landlord shall, in accordance with Section 12.5 hereof, provide Tenant with an improvement allowance in an amount up to Six Dollars ($6.00) per usable square foot of the Must Take Space for the costs relating to the design and construction of the initial improvements in the Must Take Space, the disbursement of which improvement allowance shall be in strict accordance with Section 12.5 hereof.
Appears in 1 contract
Must Take Space. As used hereinSublessee hereby agrees and acknowledges that, subject to the term “Must-Take Space” means approximately 4,789 square feet rights of rentable area Sublessor described in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises subsection 1.b., Sublessee shall be expanded obligated to include the Must-Take Space on the date (the “Must-Take Space Commencement Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in sublease the Must-Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant Term of this Sublease shall be permitted commence with respect to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without described in the obligation for payment Defined Terms. From and after the Must-Take Date: (i) the Base Rent shall be adjusted as described in the Defined Terms, and (ii) Sublessee's Share shall be adjusted in accordance with the Defined Terms to reflect the increased rentable square footage of Rent for the purposes of installing its furniturePremises. Notwithstanding the foregoing, fixtures, cabling, files Sublessee acknowledges and equipment and improving agrees that Sublessor shall have the right to continue to market the Must-Take Space and sublease such Must-Take Space to third parties at any time prior to the Must-Take Date. If Sublessor enters into a letter of intent (the "Letter of Intent") to sublet the Must-Take Space to a third party prior to the Must-Take Date, Sublessor shall promptly provide Sublessee and Sublessee's broker with a copy of such Letter of Intent. Sublessee shall have a period of five (5) business days from receipt of such Letter of Intent in accordance which to send Sublessor a written notice (the "Sublessee's Notice") that Sublessee desires to sublet the Must-Take Space on all of the terms of that Letter of Intent except that the duration of the term for the Must-Take Space shall be co-terminous with the Tenant Work Letter attached hereto as Exhibit “K”; then existing term hereof, in which event within five (5) business days after the date of the Sublessee's Notice, Sublessor and provided that (a) Tenant first provides Landlord with proof Sublessee shall enter into an amendment to this Sublease evidencing the terms of insurance that is required by such subletting, and the definition of the Base Rent, Term, Must-Take Date and Security Deposit described in the Defined Terms shall be amended accordingly to reflect the terms of the Lease, modified to apply Letter of Intent with respect to the Must-Take Space, (b) all construction by Tenant shall be performed . If Sublessee fails to exercise Sublessee's rights in accordance with a timely manner pursuant to the terms of this subsection 1.b., then Sublessor shall be free to sublease the Lease Must-Take Space to a third party on substantially the same terms (and in no event for economic terms less than 90% of those set forth in the Tenant Work Letter attached hereto as Exhibit “K”of Intent) described in the Letter of Intent and Sublessee's rights to the Must-Take Space shall be null and void, in which event Sublessor and (c) Tenant has notified Landlord Sublessee shall enter into an amendment to this Sublease adjusting the definitions of Tenant’s schedule of early entrythe Base Rent, Sublessee's Share and Security Deposit accordingly. Any access by Tenant or its agents However, the Sublease shall continue in full force and effect with respect to the Initial Sublet Space. If Sublessor does not enter into a sublease for the Must-Take Space prior to the Must-Take Space Commencement Date Date, then Sublessee shall be subject obligated to all of the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until sublet the Must-Take Space Commencement Date, and no such early access shall alter on the Must-Take Space Commencement Date, Without limiting any other provision Date in accordance with the terms of the Lease, except to the extent caused by the grossthis Sublease.
Appears in 1 contract
Must Take Space. As used hereinTenant hereby agrees that not later than August 15, 1998, Tenant shall lease for a term equal to the then unexpired portion of the Term of this Lease, the term “Must-Take Space” means approximately 4,789 15,849 rentable square feet of rentable area in space comprising the second floor of the Building commonly known as Suite 202 and as outlined in shown on Exhibit B-4 A-1 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space on the date Lease (the “Must-Take Space Commencement Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in the Must-"Must Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below"). Tenant shall be permitted provide ten days' prior written notice to enter into Landlord of the Must-date Tenant intends to commence leasing the Must Take Space. The Must Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms of this Lease except that (i) the term shall commence on the date specified in Tenant's notice, which date shall be not later August 15, 1998; (ii) the basic rent for the Must Take Space shall be Nineteen Thousand Eight Hundred Twelve Dollars ($19,812.00) per month; and conditions (iii) the Must Take Space shall be leased in its existing condition (i.e., "as-is"), as more particularly provided in Section 2.2 of this Lease. If the lease of the Lease, except that the obligation to pay Rent shall not commence until the Must-Must Take Space Commencement Datecommences on a date other than the first day of a calendar month, basic and no such early access shall alter additional rent for the Must-Must Take Space Commencement Dateshall be prorated to reflect the actual number of days remaining in such calendar month. Upon the commencement of Tenant's lease of the Must Take Space, Without limiting the Must Take Space shall become part of the "Premises" as that term is used in this Lease. Landlord agrees not to permit any other provision person or entity to occupy the Must Take Space prior to Tenant's lease of the Lease, except to the extent caused by the grossMust Take Space.
Appears in 1 contract
Samples: Industrial Lease (Broadcom Corp)
Must Take Space. As used herein, Tenant hereby agrees that in the event the existing tenant (the “Suite 800 Tenant”) in the 55 Almaden fails to timely exercise its option to renew the term of its lease (the “Must-Take Space” means approximately 4,789 Suite 800 Existing Lease”) which option must be exercised by October 3, 2019, then Tenant shall be obligated to expand in that certain 17,941 square feet of rentable area space designated as Suite 800 in the 55 Almaden Building commonly known as (the “Suite 202 and as outlined 800 Space”) following the Suite 800 Tenant surrendering the Suite 800 Space to Landlord following the expiration or earlier termination of the Suite 800 Existing Lease. The Suite 800 Space is depicted in Exhibit B-4 B attached hereto and incorporated herein for all purposes. Following the date that such Suite 800 Tenant’s existing renewal option lapses, Landlord shall send written notice to Tenant (the “Must Take Notice”) advising Tenant of the same and notifying Tenant that pursuant to this Agreement. The Paragraph 13, the Premises shall be expanded to include the Must-Suite 800 Space. If the Suite 800 Tenant does exercise its renewal option, then this Paragraph 13 shall be null and void and Tenant shall not be obligated to expand into the Suite 800 Space. If Landlord delivers a Must Take Notice to Tenant, then Tenant shall lease the Suite 800 Space on the date following terms: (the “Must-Take Space Commencement Date”) that is the earlier of (Ai) the date upon which Tenant first commences to conduct business in Lease Term for the Must-Take SpaceSuite 800 Space shall be coterminous with the Lease Term for the balance of the Premises, and (Bii) the Lease Term for the Suite 800 Space shall commence on the date that is ninety ten (9010) days after following Landlord’s delivery of the MustSuite 800 Space to Tenant, (iii) the initial Basic Annual Rent rate payable with respect to the Suite 800 Space shall equal $4.45 per square foot of rentable area per month and such rate shall escalate by three percent (3%) on each anniversary of the commencement date with respect to the Suite 800 Space, (iv) the initial three (3) monthly installment of Basic Annual Rent with respect to the Suite 800 Space shall be abated, (v) Tenant shall pay as Additional Rent the Suite 800 Space’s proportionate share of Operating Costs in excess of those incurred in a 2021 Base Year, (vi) Tenant shall lease the Suite 800 Space in its as-Take is condition and Landlord shall have no obligation to improve the same, except that Landlord shall provide a tenant improvement allowance equal to $60 per square foot of Rentable Area in the Suite 800 Space Early Occupancy Date for a total allowance amount of $1,076,460 and (as defined below). viii) in lieu of the Standard Parking Allocation, Tenant shall be permitted provided with three (3) parking spaces per 1,000 square feet of Rentable Area in the Suite 800 Space and shall be required to enter pay the prevailing rate with respect to such parking spaces (plus applicable taxes), as such rate is subject to increase from time to time. Tenant’s expansion into the Must-Suite 800 Space shall be deemed automatic to the extent Landlord delivers the Must Take Space on Notice to Tenant; provided, however, if Landlord requests, Tenant shall execute an amendment to the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files Lease documenting such expansion and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms set forth above. In no event shall Landlord be liable to Tenant in the event there is any delay in delivery of the Lease, modified Suite 800 Space to apply Tenant due to the Must-Take SpaceSuite 800 Tenant holding over in the Suite 800 Space following the expiration or earlier termination of its lease; provided, (b) all construction by however, Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms and conditions of the Lease, except that the have no obligation to pay Rent shall not commence any rent for the Suite 800 Space until Landlord delivers the Must-Take Suite 800 Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the grossTenant.
Appears in 1 contract
Must Take Space. As used herein, Tenant hereby agrees to add to the term “Must-Take Space” means Premises approximately 4,789 additional rentable square feet of rentable area in space located on the Building commonly known floor of the Project, which space is contiguous to the original Premises, as Suite 202 and as outlined in Exhibit B-4 attached to this Agreementsuch space is selected by Landlord (“Must Take Space”). The Premises effective date of Tenant’s lease of the Must Take Space shall be expanded to include a date selected by Landlord which is between the Must-first day of the ( ) month and last day of the ( ) month of the initial Term. Tenant’s lease of the Must Take Space shall be on the date same terms and conditions as affect the original Premises throughout the Term, including, without limitation, the same Basic Rental rate (per rentable square foot) as then applies to the “Must-Take Space Commencement Date”original Premises; provided, however, that (i) that is Tenant’s Proportionate Share shall be increased to take into account the earlier additional number of (A) rentable square feet of the date upon which Tenant first commences to conduct business in the Must-Must Take Space, and (Bii) the date that is ninety (90) days after the Must-Must Take Space Early Occupancy Date shall be leased to Tenant in its then “as is” condition (as defined belowi.e., Landlord shall not be required to construct any improvements in, or contribute any Tenant Improvement Allowance for, the Must Take Space). Landlord shall provide written notice (“Must Take Notice”) to Tenant shall be permitted at least six (6) months prior to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment effective date of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms Tenant’s lease of the Lease, modified to apply to the Must-Must Take Space, (b) all construction by Tenant which notice shall be performed in accordance with indicate the terms location and square footage of the Lease such space and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord anticipated effective date of Tenant’s schedule lease of early entrysuch space. Any access by The Term for the Must Take Space and Tenant’s obligation to pay rent with respect to the Must Take Space shall commence upon the date of delivery of the Must Take Space to Tenant and shall expire co-terminously with the Term for the original Premises. Landlord shall not be liable to Tenant or its agents otherwise be in default hereunder in the event that Landlord is unable to deliver the Must Take Space to Tenant on the projected delivery date thereof due to the Must-failure of any other tenant to timely vacate and surrender to Landlord such Must Take Space, or any portion thereof; provided, however, Landlord agrees to use its commercially reasonable efforts to enforce its right to possession of such Must Take Space prior against such other tenant. Promptly after Landlord’s delivery of the Must Take Notice to Tenant, Landlord and Tenant shall execute an amendment to this Lease adding the Must Take Space to the Must-Take Space Commencement Date shall be subject to all of Premises upon the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the grossset forth in this Section 32(c).]
Appears in 1 contract
Samples: Reaffirmation, Consent to Transfer and Substitution of Indemnitor (Hudson Pacific Properties, Inc.)
Must Take Space. As used hereinSublessee hereby agrees to (a) add to the Subleased Premises, on the term “Must-Take Space” means date that is thirty (30) days after the date of the mutual execution of this Amendment, approximately 4,789 50,000 additional rentable square feet of rentable area in xxxx house space contiguous to the Building commonly known original Subleased Premises, as Suite 202 and as outlined in Exhibit B-4 attached such space is designated by Sublessor (the "First Must Take Space"); (b) add to this Agreement. The Premises shall be expanded to include the Must-Take Space Subleased Premises, on the date that is sixty (60) days after the date of the mutual execution of this Amendment, approximately 50,000 additional rentable square feet of warehouse space contiguous to the First Must Take Space, as such space is designated by Sublessor (the “Must-"Second Must Take Space"); and (c) add to the Subleased Premises, on the date that is six (6) months after the date of the mutual execution of this Amendment, the remainder of the Master Premises, containing approximately 182,600 additional rentable square feet of warehouse space contiguous to the Second Must Take Space (the "Third Must Take Space), as such space is designated by Sublessor. The square footages of the First Must Take Space, Second Must Take Space and Third Must Take Space set forth in this Section 2 are hereby stipulated by Sublessor and Sublessee to be true and correct. The effective date of Sublessee's lease of the First Must Take Space shall be the date that is thirty (30) days after the date of the mutual execution of this Amendment (the "First Must Take Commencement Date”) ), the effective date of Sublessee's lease of the Second Must Take Space shall be the date that is sixty (60) days after the earlier date of the mutual execution of this Amendment (the "Second Must Take Commencement Date") and the effective date of Sublessee's lease of the Third Must Take Space shall be the date that is six (6) months after the date of the mutual execution of this Amendment (the "Third Must Take Commencement Date"). Sublessee's lease of the First Must Take Space, Second Must Take Space and Third Must Take Space shall be on the same terms and conditions as affect the original Subleased Premises; provided, however, that (A) Sublessee's proportionate share of taxes, insurance, Operating Costs, and all other items for which Sublessee is responsible for its proportionate share under the date upon which Tenant first commences Sublease shall be increased to conduct business take into account the additional number of rentable square feet of the First Must Take Space, Second Must Take Space and Third Must Take Space, as further set forth in Section 4 below, and (ii) the Must-First Must Take Space, Second Must Take Space and Third Must Take Space shall be leased to Sublessee in their then current condition, subject to the improvements to be constructed pursuant to Section 6 below, without any representations or warranties. The term of Sublessee's lease for the First Must Take Space, Second Must Take Space and Third Must Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant shall be permitted Sublessee's obligation to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files pay rent and equipment and improving the Must-Take Space in accordance all other charges with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply respect to the Must-First Must Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Second Must Take Space prior to the Must-and Third Must Take Space Commencement Date shall be subject to all of commence upon the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-First Must Take Space Commencement Date, Second Must Take Commencement Date and no such early access Third Must Take Commencement Date respectively, and shall alter expire on the Must-"Expiration Date". Sublessor shall not be liable to Sublessee or otherwise be in default hereunder in the event that Sublessor is unable to deliver the First Must Take Space, Second Must Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the grossor Third Must Take Space
Appears in 1 contract
Samples: Sublease (Icon Health & Fitness Inc)
Must Take Space. As used hereinLandlord and Tenant acknowledge that the second (2nd) floor of the Project (the “Must Take Space”) consisting of approximately 48,896 rentable square feet is currently subject to a Lease (the “Omnivision Lease”) to Omnivision Technologies (“Omnivision”). The Omnivision Lease is scheduled to expire on June 30, 2009. Landlord and Tenant hereby agree that subject to Article 33 below, the term “Must-Take Space” means approximately 4,789 square feet of rentable area in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Must Take Space on effective as of the date (the “Must-Must Take Space Commencement Date”) that is the earlier later of (i) July 1, 2009, and (ii) the date by which all of the following have occurred (the “Must Take Delivery Conditions”): Landlord has delivered the Must Take Space to Tenant in a broom clean condition, free of any personal property of any prior tenants other than cubicles and furniture and in substantially its configuration existing as of the date of this Lease and with the following work to such space to be substantially completed by Landlord at no charge or cost to Tenant: (a) cause all Building-standard lighting within the Must Take Space to be in good working condition, (b) replace damaged and/or stained ceiling tiles throughout the Must Take Space, (c) cause all bathroom fixtures and door handles for the restrooms to be in proper working order, (d) cause all life-safety systems within the Must Take Space to be in good working order, and (e) patch and match finishes within the conference rooms of the Must Take Space where permanent fixtures have been removed (if any). Commencing on the Must Take Commencement Date, Tenant’s lease of the Must Take Space shall be on the same terms and conditions as affect the original Premises throughout the Term, including, without limitation, the same Basic Rental rate (per rentable square foot) as then applies to the original Premises; provided, however, that (A) as indicated in Section 1(E) above, Tenant’s Proportionate Share shall be increased to take into account the date upon which Tenant first commences to conduct business in additional number of rentable square feet of the Must-Must Take Space, and (B) except for the date that is ninety (90) days after Must Take Delivery Conditions, the Must-Must Take Space Early Occupancy Date (as defined below). Tenant shall be permitted leased to enter into Tenant in its then “as is” condition (i.e., Landlord shall not be required to construct any additional improvements in, or contribute any additional Tenant Improvement Allowance for, the Must-Must Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, D” shall not apply to the Must Take Space). The Term for the Must Take Space and (c) Tenant has notified Landlord of Tenant’s schedule of early entryobligation to pay rent with respect to the Must Take Space shall commence upon the Must Take Commencement Date and shall expire co-terminously with the Term for the original Premises. Any access by Landlord shall not be liable to Tenant or its agents otherwise be in default hereunder in the event that Landlord is unable to deliver the Must Take Space to Tenant on the projected delivery date thereof due to the Must-failure of Omnivision to timely vacate and surrender to Landlord the Must Take Space, or any portion thereof; provided, however, that Landlord agrees to use its commercially reasonable efforts to enforce its right to possession of such Must Take Space prior against such other tenant. Promptly after the Must Take Commencement Date has occurred, Landlord and Tenant shall execute an amendment to this Lease adding the Must Take Space to the Must-Take Space Commencement Date shall be subject to all of Premises upon the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the grossset forth in this Section 2(b).
Appears in 1 contract
Must Take Space. As used herein, (a) Must-Take Space Taken on Must-Take Space Date. If Tenant is not then leasing that certain space consisting of 8,280 square feet of Floor Rentable Area in the term “Building known as Suite 360 and as depicted on Exhibit A attached hereto and by this reference made a part hereof (the "Must-Take Space” means approximately 4,789 square feet of rentable area in "), on July 1, 2009 (the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The "Must-Take Space Date"), the Demised Premises shall be automatically expanded to include all of the Must-Take Space on the date (the “Must-Take Space Commencement Date”) that is the earlier and as of (A) the date upon which Tenant first commences to conduct business in the Must-Take Spacesuch date, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until as amended. Tenant will accept the Must-Take Space Commencement Date, "AS IS" and acknowledges that Landlord will have no such early access shall alter obligation to make any tenant improvements or alterations to the Must-Take Space Commencement Dateor to provide any credit, Without limiting any abatement or adjustment of Rent or other provision of sum payable under the Lease, as amended herein, except as expressly set forth in the Second Amendment. Tenant shall commence paying Base Rental and Tenant's Additional Rental on the Must-Take Space in the same manner and calculated at the same rate as Base Rental and Tenant's Additional Rental is then calculated and paid on the Demised Premises under the Lease, subject to future adjustment as provided in the extent caused by Lease, being the grossearlier to occur of: (i) ninety (90) days after Landlord delivers the Must-Take Space to Tenant in its AS-IS condition or (ii) the date Tenant commences business operations from all or any portion of the Must-Take Space. The Construction Allowance for improvements provided to Tenant for the Must-Take Space shall be an amount equal to $37.00 per square foot of Net Floor Area of the Must-Take Space. Tenant's lease of the Must-Take Space hereunder and during the remainder of the Extension Term will be subject to all terms and conditions of the Second Amendment, as amended herein.
Appears in 1 contract
Must Take Space. As used herein, Tenant agrees to add to the term “Premises the approximately 4,676 Rentable Square Feet (approximately 4,138 Useable Square Feet) of space contiguous to the Premises presently known as Suite 301 of the Building (the "Must-Take Space” means approximately 4,789 square feet of rentable area in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 "). The Must-Take Space is depicted on EXHIBIT A-3 attached to this AgreementLease. Landlord shall deliver the Must-Take Space to Tenant, and Tenant shall accept tender thereof from Landlord, in its then "as-is" condition and at such time as the existing occupant vacates the Must-Take Space whether due to the scheduled expiration or earlier termination of such occupant's lease with Landlord (the "Delivery Date"). Beginning on the Delivery Date and continuing for the balance of the Lease Term (including any extensions): (a) the Must-Take Space shall be part of the Premises under this Lease (so that the term "Premises" in this Lease shall refer to the space in the Premises immediately before the Delivery Date plus the Must-Take Space), and (b) Tenant's Share of Direct Expenses shall be adjusted, in accordance with Subsection 5.2.6 of this Lease, to reflect the increased Rentable Area of the Premises. Tenant's lease of the Must-Take Space shall be on the same terms and conditions as affect the Premises provided, however, that upon taking possession of the Must-Take Space, Tenant shall be entitled to an allowance from Landlord in an amount equal to Five Dollars ($5.00) per square foot of Useable Area within the Must-Take Space for use by Tenant in refurbishing the Must-Take Space (the "Refurbishment Allowance"). The Premises Refurbishment Allowance may only be used for general cleaning and repairs, installation of new carpet, paint and wall coverings, and other permanent improvements to the Must-Take Space and must be used by Tenant, if at all, within one hundred and eighty (180) days following the Delivery Date. Tenant's failure to use the Refurbishment Allowance within such one hundred and eighty (180) day period shall be expanded constitute Tenant's waiver of its right to include the Refurbishment Allowance. Basic Rent and Tenant's Share of Direct Expenses shall start to accrue with respect to the Must-Take Space on the date Delivery Date. Landlord shall provide written notice (the “"Must-Take Space Commencement Notice") to Tenant at least ten (10) days before the Delivery Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in the . The Must-Take Space, and (B) Notice shall indicate the anticipated date that is ninety (90) days after of Landlord's delivery of the Must-Take Space Early Occupancy Date (as defined below)to Tenant. Tenant shall be permitted to enter into After Landlord delivers the Must-Take Space on to Tenant, Landlord and Tenant shall enter into an amendment to this Lease specifying that the Must-Take Space Early Occupancy Date without is a part of the obligation Premises under this Lease, that for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files calculating the Rentable Area and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms Useable Area of the LeasePremises and the Building, modified to apply the Third floor corridor shall be deemed a part of the Premises, and containing other appropriate terms and provisions relating to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the gross.
Appears in 1 contract
Samples: Office Lease (Cayenta Inc)
Must Take Space. As used hereinTenant hereby agrees to add to the Premises, the term “Must-Take Space” means approximately 4,789 12,176 additional rentable square feet of rentable area in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space space located on the date fifth (5th) floor of the Building, as such space is further described on Exhibit “Must-Take Space Commencement Date”) that is the earlier of A” attached hereto (A) the date upon which Tenant first commences to conduct business in the Must-“Must Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below”). Tenant shall be permitted to enter into So long as Landlord delivers the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Must Take Space in accordance with the Tenant Work Letter attached hereto terms of this Lease, the effective date of Tenant’s lease of the Must Take Space shall be November 1, 2008 (“Must Take Commencement Date”). Tenant’s lease of the Must Take Space shall be on the same terms and conditions as Exhibit “K”affect the original Premises throughout the Lease Term, including, without limitation, the same Base Rent (per rentable square foot) as then applies to the Premises; and provided provided, however, that (ai) Tenant first provides Landlord with proof of insurance that is required by the terms as set forth in Section 9.2 of the LeaseSummary, modified Tenant’s Share shall be increased to apply to take into account the Must-additional number of rentable square feet of the Must Take Space, (bii) all construction by Tenant shall be performed entitled to a one-time Improvement Allowance for the Must Take Space in the amount of $25.00 per usable square foot of the Must Take Space, which allowance shall be distributed at the same time as the Improvement Allowance for the entire Premises) and (iii) the number of parking passes to which Tenant is entitled shall be increased in accordance with the terms ratio set forth in Section 12 of the Summary. Anything herein to the contrary notwithstanding, (i) the Lease Term for the Must Take Space and Tenant’s obligation to pay rent with respect to the Tenant Work Letter attached hereto as Exhibit “K”Must Take Space shall commence upon the Must Take Commencement Date and shall expire co-terminously with the Lease Term, and (cii) Landlord shall deliver the Must Take Space to Tenant has notified at the same time Landlord of delivers the Original Premises to Tenant and Tenant, at Tenant’s schedule option, shall have full use and occupancy of early entry. Any access by Tenant or its agents to the Must-Must Take Space prior to the Must-Must Take Commencement Date. In the event Tenant occupies the Must Take Space prior to the Must Take Commencement Date Tenant shall be subject required to all make applicable payments of Additional Rent. The Options to extend set forth in Section 2.3 below shall apply to the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Must Take Space Commencement Dateand the original Premises as a single space (i.e., Tenant may elect to extend the Term as to both the original Premises and no such early access shall alter the Must-Must Take Space Commencement Date, Without limiting any other provision of the Lease, except and not as to the extent caused by the grosseither space independently).
Appears in 1 contract
Samples: Office Lease (HMS Holdings Corp)
Must Take Space. As used Subject to the terms and conditions herein, the term “Must-Take Space” means approximately 4,789 square feet of rentable area in the Building commonly known as Suite 202 Landlord shall deliver and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space on the date (the “Must-Take Space Commencement Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in the Must-Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant shall be permitted required to enter into the Must-lease such Must Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (aSpace(s) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of this Section 39 (the Lease “Must Take Provision”). Each increment of the Must Take Space shall be delivered in the Delivery Condition. The “Delivery Condition” means: (i) in its then existing condition as second generation space with reasonable wear and tear and, if applicable, fixtures and equipment having been removed (it being the intention of the parties that Landlord shall not be required to perform any improvements in any of the Must Take Space other than repairing holes in walls and the Tenant Work Letter attached hereto as Exhibit “K”like), (ii) subject to the terms of Section 2 of this Lease, the Building Systems (HVAC, mechanical, electrical and plumbing) are operational, (iii) that all necessary hazardous materials clearances required by applicable laws have been obtained with respect to such increment of the Must Take Space, and (civ) free of the prior tenant’s personal property and otherwise in broom clean condition. Landlord shall endeavor to provide no less than 30 days advance written notice to Tenant has notified of the actual delivery date of each increment of the Must Take Space and shall use commercially reasonable efforts to deliver each increment of Must Take Space to Tenant in the Delivery Condition as promptly as reasonably possible after the surrender of such increment by the prior tenant. Landlord shall use reasonable efforts to cause the prior tenant of Tenant’s schedule each increment to surrender the applicable increment of early entry. Any access by Tenant the Must Take Space on or its agents before the estimated delivery date (subject to the Must-rights of existing tenants of the Must Take Spaces to extend the term of their lease) for such space, provided that reasonable efforts shall not include taking legal action against any such prior tenant. If Landlord does not deliver a particular increment of Must Take Space prior (each, a “Delayed Must Take Space”) within 30 days after the estimated delivery date (subject to the Must-rights of existing tenants of the Must Take Spaces to extend the term of their lease) for such Must Take Space Commencement Date shall be subject to all (each, a “Must Take Abatement Date”) because of the terms and conditions prior tenant’s failure to surrender such Delayed Must Take Space, then Tenant shall receive 1 day of abated Base Rent with respect to such Delayed Must Take Space for each day after the applicable Must Take Abatement Date that Landlord fails to deliver such Delayed Must Take Space to Tenant in the Delivery Condition. Notwithstanding the foregoing, if any increment of the LeaseMust Take Space is not delivered to Tenant on or before November 1, except that the obligation to pay Rent 2020, then Tenant shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except be obligated to the extent caused by the grosslease same.
Appears in 1 contract
Must Take Space. A. If the term of the lease for the current tenant of the Must-Take Space (hereinafter defined) is not renewed or otherwise extended beyond the current expiration date of July 31, 2016 (the "Must-Take Space Condition"), then, Landlord and Tenant hereby acknowledge and agree that Landlord shall lease to Tenant, and Tenant shall lease from Landlord, for a term commencing on the Must-Take Space Commencement Date (hereinafter defined) and ending on the Expiration Date (but subject to extension pursuant to the terms of Paragraph II, below), approximately 7,202 rentable square feet of office space located on the second (2"d) floor of the Building (the "Must-Take Space," as shown as the shaded space on the attached Exhibit A-2). If the Must-Take Space Condition occurs, Landlord shall notify Tenant thereof, and, promptly after the expiration or earlier termination of the term of the lease of the current tenant of the Must-Take Space, Landlord shall use commercially reasonable efforts to regain possession of the Must-Take Space and deliver same to Tenant. As used herein, the term “Must-Take Space” means approximately 4,789 square feet of rentable area in the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises shall be expanded to include the Must-Take Space on the date (the “"Must-Take Space Commencement Date”) that is the earlier of (A) " shall mean the date upon which Tenant first commences to conduct business in Landlord delivers the Must-Take SpaceSpace to Tenant.
B. Landlord shall deliver the Must-Take Space to Tenant in its "as-is" condition, but with the base Building HVAC, electrical and plumbing systems serving the Must-Take Space in good working order, without (i) any obligation on Landlord's part to undertake or, except as set forth in this Paragraph I 0, pay for, any improvements or alterations therein; or (ii) except as otherwise expressly set forth in this Paragraph I 0, any representations or warranties regarding the condition thereof. Notwithstanding the foregoing, Landlord shall provide Tenant with a tenant improvement allowance for the Must-Take Space in an amount per rentable square foot of the Must-Take Space equal to the product obtained by multiplying (i) Six and 251100 Dollars ($6.25) (i.e., the Refurbishment Allowance per rentable square foot of the Premises) by a fraction, the numerator of which is the number of months remaining in the Term as of the Must-Take Space Commencement Date, and the denominator of which is seventy (B70).
C. Effective as of the Must-Take Space Commencement Date, but subject to the terms of this Paragraph IO(C), Tenant shall pay Base Rent to Landlord for the Must-Take Space ("Must Take Space Annual Base Rent") in amounts (on a per rentable square foot basis) equal to the date Base Rent then payable by Tenant for the remainder of the Premises. The Must-Take Space Annual Base Rent shall increase at the same time, and in the same manner as, the Base Rent for remainder of the Premises increases pursuant to the terms of the Lease. Notwithstanding the foregoing, and provided that Tenant is ninety not then in default of the Lease, Landlord shall provide Tenant with an abatement of Base Rent for the Must-Take Space for a period of calendar months following the Must-Take Space Commencement Date equal to the product obtained by multiplying (90i) days Five (5) (i.e., the number of calendar months of Base Rent abated with respect to the Third Additional Premises and the Fourth Additional Premises) by a fraction, the numerator of which is the number of months remaining in the Term as of the Must-Take Space Commencement Date, and the denominator of which is seventy (70) (it being expressly understood that such product may not result in a whole number, in which event Base Rent for such partial month shall be partially abated [i.e., if such product is equal to 3Y, months, then Base Rent for such fourth (4'") month shall be abated by 50%]).
D. From and after the Must-Take Space Early Occupancy Commencement Date (as defined belowand provided that all of the TAP Commencement Date, the FoAP Commencement Date and the FiAP Commencement Date have previously occurred): (i) the aggregate number of rentable square feet demised under the Lease shall be 36,255; (ii) wherever the term "Premises" appears in this Lease, it is hereby deemed to mean the entire 36,255 rentable square feet (consisting of the Original Premises, the Additional Premises, the Second Additional Premises, the Third Additional Premises, the Fourth Additional Premises and the Must-Take Space); and (iii) Tenant's New Share shall be increased by seventeen and four hundredths percent (17.04%) to reflect the addition of the Must-Take Space.
E. If the Must-Take Space Condition occurs, and Landlord's delivery of the Must- Take Space to Tenant is delayed for any reason, Tenant shall remain obligated to lease the Must-Take Space from Landlord pursuant to the terms of this Paragraph I 0 and Tenant shall have no claim against Landlord by reason of any such delay. Tenant hereby acknowledges and agrees that Landlord's obligation to deliver the Must-Take Space to Tenant is expressly, contingent upon (i) the occurrence of the Must-Take Space Condition and (li) the subsequent surrender to Landlord of the Must-Take Space by the current tenant thereof. Notwithstanding anything to the contrary contained in this Paragraph 10, Tenant shall not be permitted required to enter lease the Must-Take Space unless (a) Landlord notifies Tenant on or before June 30,2016 that the Must-Take Space Commencement Date will occur on or before January l, 2017 and (b) the Must-Take Space Commencement Date occurs on or before January l, 2017. Landlord shall use commercially reasonable efforts, exercised in good faith, to deliver the Must-Take Space to Tenant on or before January I, 2017; provided, however, that Tenant hereby expressly acknowledges and agrees that such commercially reasonable efforts by Landlord shall take into consideration the fact that the current tenant of the Must-Take Space has the right to renew the term of its lease at the Building beyond the current expiration date of July 31, 2016.
F. In the event Tenant refuses to accept delivery of the Must-Take Space on the Must-Take Space Early Occupancy Date without Commencement Date, time being of the obligation for payment essence, such refusal shall constitute an immediate Default of Rent for the purposes Lease, whereupon Landlord may elect to (i) pursue all of installing its furnitureremedies as provided in the Lease, fixtures, cabling, files and equipment and improving at law or in equity; and/or (ii) lease the Must-Take Space (or any portion thereof) to any person or entity of Landlord's choice on whatever terms and conditions Landlord elects in accordance with its sole discretion.
G. Landlord and Tenant shall co-operate in good faith in order to execute an amendment modifying the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified Lease to apply to incorporate the Must-Take Space, (b) all construction by Tenant shall be performed Space into the remainder of the Premises in accordance with the terms of this Paragraph I 0, provided, however, that the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of failure by any party to execute such amendment shall not nullify Tenant’s schedule of early entry. Any access by Tenant or its agents 's obligation to lease the Must-Take Space prior pursuant to the Must-Take Space Commencement Date shall be subject to all terms of the terms and conditions of the Lease, except that the obligation to pay Rent shall not commence until the Must-Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting this Paragraph 10 or any other provision term or condition of the Lease, except to the extent caused by the grossthis Paragraph 10.
Appears in 1 contract
Samples: Office Lease (Chimerix Inc)
Must Take Space. As used hereinTenant shall lease, for a term equal to the then unexpired portion of the Term of this Lease, the term “Must-entire rentable area of the ground floor of the Adjacent Building (the "Must Take Space” means approximately 4,789 square feet "), whereupon the Must Take Space shall be deemed a part of the Premises. The rentable area in of the Building commonly known as Suite 202 and as outlined in Exhibit B-4 attached to this Agreement. The Premises Must Take Space is approximately 23,920 rentable square feet, which measurement shall be expanded subject to include the Must-Take Space on the date (the “Must-Take Space Commencement Date”) that is the earlier of (A) the date upon which Tenant first commences to conduct business in the Must-Take Space, and (B) the date that is ninety (90) days after the Must-Take Space Early Occupancy Date (as defined below). Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space recalculation in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; procedures and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms criteria set forth in Section 2.1. Tenant's lease of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Must Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms of the Lease (including the provisions of the Work Letter attached as Exhibit X), except as follows:
(i) the commencement of the Lease Term of the Must Take Space (the "Commencement Date for the Must Take Space") shall be determined pursuant to the criteria set forth in Section 3.1, provided that the Shell Completion Date shall be deemed to refer to the substantial completion of the Landlord's Work for the Adjacent Building; (ii) Tenant shall have the right to terminate only its obligation to lease the Must Take Space (but not the entire Lease) pursuant to Subsection 3.2(a) above if the Shell Completion Date for the Adjacent Building does not timely occur as provided in that Subsection based on an Estimated Completion Date for the Adjacent Building of August 1, 1999; (iii) the Basic Rent for the Must Take Space shall be at the same rate per rentable square foot as is payable from time to time for the initial Premises in accordance with the Basic Rent schedule set forth in Item 6 of the Basic Lease Provisions; (iv) the Property Tax and conditions Building Cost Bases for the Must Take Space shall equal the Property Taxes and Building Costs, respectively, actually incurred by Landlord from the Commencement Date for the Must Take Space through June 30, 2000, as reasonably extrapolated by Landlord to a full year of operation and taxation, and Tenant's obligation to fund Operating Expenses for the Must Take Space shall commence concurrently with its obligation to make such payments for the initial Premises; (v) Tenant shall be afforded non-exclusive exterior signage rights on the Adjacent Building as provided in Subsection 52(b) of the Lease (it being understood that the condition set forth in Subsection 5.2(b) that the signage be available shall be deemed satisfied); (vi) reserved parking stalls shall be allotted with respect to the Must Take Space as provided below in Section 6.4; (vii) Tenant be afforded the right to install one (1) satellite dish or antenna on the roof of the Adjacent Building in accordance with the provisions of Section 22.6 below, including the monthly license fee set forth therein; (viii) Tenant shall have no right to install any additional emergency generator for the Must Take Space except as may otherwise hereafter be agreed in writing by Landlord; and (ix) all electric, gas, and, at Landlord's option, water services to the Must Take Space may be separately metered and billed to Tenant in accordance with the provisions of Paragraph 8 of Exhibit B hereto. For purposes of the Lease, except all references to the "Building" shall be deemed to refer to the Initial Building and/or the Adjacent Building, either individually or collectively as the context may require. In addition to the foregoing Landlord agrees that should Tenant enter into any sublease for a portion of the Must Take Space only (i.e., exclusive of the initial Premises) which would commence within the six (6) month period beginning on the Commencement Date for the Must Take Space, then with respect to any such sublease (A) Tenant's obligation to pay share any excess rent with Landlord pursuant to Subsection 9.1(c)(2) below shall only be applicable if the sublease term exceeds two (2) years and (B) Landlord's rights to disapprove the subtenant pursuant to Subsections 9.1(c)(3), (4) or (5) or to recapture the subleased premises pursuant to Subsection 9.1(d) shall only be applicable if the sublease term exceeds three (3) years. Not later than June 1, 1999, Tenant shall deliver to Landlord the sum of Fifty-Five Thousand Seven Hundred Thirty-Four Dollars ($55,734.00) which shall be applied against the Basic Rent shall not commence until first due and payable for the Must-Must Take Space Commencement Date, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision of the Lease, except to the extent caused by the grossSpace.
Appears in 1 contract
Must Take Space. As used hereinTenant shall be required to lease the 8th Floor Space, the term “Must-Take Space” means approximately 4,789 square feet of rentable area in the Building commonly known as Suite 202 defined below and as outlined shown on Schedule “G-9” attached hereto, with at least four (4) months’ prior written notice to Landlord, but in Exhibit B-4 attached to this Agreementany event, no later than May 1, 2015. The Premises shall be expanded to include date on which Tenant leases the Must-Take Space on the date (8th Floor Space, but in any event no later than May 1, 2015, is herein called the “Must-Take Space Commencement Date”) that is the earlier . If, prior to May 1, 2015, Tenant fails to notify Landlord of (A) the date upon on which Tenant first commences to conduct business in it will lease the 8th Floor Space, then the Must-Take Date will, ipso facto, be May 1, 2015. The “8th Floor Space” consists of 16,709 rentable square feet of space in the Building known as Suite 800. The Leased Premises shall be automatically expanded to include all of the 8th Floor Space and, and (B) the date that is ninety (90) days after as of the Must-Take Date, the 8th Floor Space Early Occupancy Date (as defined below). Tenant shall be permitted to enter into the Must-Take Space on the Must-Take Space Early Occupancy Date without the obligation for payment of Rent for the purposes of installing its furniture, fixtures, cabling, files and equipment and improving the Must-Take Space in accordance with the Tenant Work Letter attached hereto as Exhibit “K”; and provided that (a) Tenant first provides Landlord with proof of insurance that is required by the terms of the Lease, modified to apply to the Must-Take Space, (b) all construction by Tenant shall be performed in accordance with the terms of the Lease and the Tenant Work Letter attached hereto as Exhibit “K”, and (c) Tenant has notified Landlord of Tenant’s schedule of early entry. Any access by Tenant or its agents to the Must-Take Space prior to the Must-Take Space Commencement Date shall be subject to all of the terms and conditions of this Lease, and Tenant shall commence paying Basic Rent and Additional Rent on the 8th Floor Space in the same manner and calculated at the same rate as Basic Rent and Additional Rent is then calculated and paid on the Leased Premises under the Lease, except that subject to the obligation Abatement, which Abatement shall be equal to pay Rent The Abatement for the 8th Floor Space shall not commence until be prorated and shall be an amount equal to the Must-Take Space Commencement Dateproduct of multiplying 12 times a fraction, the numerator of which is the number of full calendar months remaining in the initial Term as of the commencement of Tenant’s lease of the 8th Floor Space, and no such early access shall alter the Must-Take Space Commencement Date, Without limiting any other provision denominator of which is 192 and otherwise subject to Section 3(a) of the Lease. The Improvements for the 8th Floor Space shall be designed and installed in accordance with the procedures and conditions set forth in Schedule “F”, except to the extent caused by applicable. Tenant’s allowance for the grossImprovements to the 8th Floor Space shall be paid in accordance with Schedule “F” and shall be prorated and be an amount equal to the product of multiplying $83.50 times the number of square feet of rentable area in the 8th Floor Space times a fraction, the numerator of which is the number of full calendar months remaining in the initial Term as of the commencement of Tenant’s lease of the 8th Floor Space, and the denominator of which is 192.
Appears in 1 contract
Samples: Lease Agreement (Carters Inc)