Option Space Sample Clauses

Option Space. Lessee shall have the option to add to the Demised Premises an additional area of approximately 3,500 — 6,366 square feet (as determined by Lessor and measured under BOMA) of rentable area on the seventh (7th) floor of the Building that is contiguous to the Demised Premises (such space being identified as the “Addendum No. 5 Option Space”, and such option being hereinafter referred to as the “Addendum No. 5 Option Space Option”). The configuration of the Addendum No. 5 Option Space shall satisfy all applicable laws, have reasonable access to common areas and common facilities located on the 7th floor of the Building and be usable for general office purposes. The final configuration of the Addendum No. 5 Option Space shall be designated by Lessor. Lessor shall deliver the Addendum No. 5 Option Space separately demised from the remainder of the seventh (7th) floor with a demising wall constructed, but Lessor shall have no obligation to perform any further work with respect to the Addendum No. 5 Option Space or the delivery thereof. Such demising wall shall be constructed in a manner in compliance with applicable laws and consistent with Building standard finishes. Without limiting the generality of the effect of the foregoing, the corridor side of any such demising wall shall be consistent with Lessor’s Work. Subject to the foregoing, Lessee may exercise the Addendum No. 5 Option Space Expansion Option by giving written notice to Lessor no later than October 31, 2018 (“Lessee’s Addendum No. 5 Option Space Option Notice”). If Lessee delivers Lessee’s Addendum No. 5 Option Space Option Notice, Lessor shall deliver the Addendum No. 5 Option Space to Lessee not earlier than January 1, 2020, and not later than April 30, 2022. If Lessee delivers Lessee’s Addendum No. 5 Option Space Option Notice, then, on or before November 10, 2018, Lessor shall notify Lessee in writing (“Lessor’s Addendum No. 5 Option Space Notice”) of the configuration and rentable square footage of the Addendum No. 5 Option Space and the date Lessor will deliver the Addendum No. 5 Option Space to Lessee (“Addendum No. 5 Option Space Delivery Date”), all in accordance with the terms and conditions hereof. Lessee may not lease less than all of the Addendum No. 5 Option Space designated by Lessor.

Option Space. Tenant is hereby granted a right of first refusal to lease additional space in the Building which is adjacent to the Premises, upon the following terms and conditions: (a) If Landlord receives a bona fide offer to lease a portion of the Building which is adjacent to the Premises, Landlord shall submit to Tenant, in writing, a summary of the Minimum Annual Rent and additional rent which the prospective tenant of the adjacent space has offered to pay, together with a notice of Xxxxxx's right to exercise the right of first refusal to rent the adjacent space. Tenant shall be afforded 15 days from the date of the Landlord's notice to Tenant in which to exercise the right of first refusal. Exercise of the right of first refusal must be made by written notice thereof to Landlord delivered within such 15 day period. If exercised, Tenant shall be obligated to lease the adjacent space which was the subject of the Landlord's notice for the same Minimum Annual Rent and additional rent as was offered by the prospective tenant, but with all other terms (such as the Term of the lease) being the same as set forth in this Lease as if the adjacent space was originally a part of the Premises from the Commencement Date; provided, however, that if the prospective tenant had agreed to lease office space with tenant improvements to be paid by the Landlord and if the Tenant hereunder agrees to take such space without the improvements, Xxxxxx's Minimum Annual Rent shall be reduced by the cost of such foregone tenant improvements, as if amortized over the term of the prospective tenant's proposed lease. Further, in the event of Xxxxxx's exercise of the right of first refusal, Xxxxxx shall execute an addendum to this Lease presented by the Landlord setting forth the inclusion of the adjacent space into the Premises on the foregoing terms. If the Tenant fails to exercise the right of first refusal within the 15 day period specified above, Landlord shall be free to lease the adjacent space to the offeror or any other prospective tenant for the same or greater rental, provided the term of such rental commences within one year of the Landlord's initial notice to the Tenant and, if so rented, such adjacent space shall no longer be subject to this right of first refusal. (b) Notwithstanding the foregoing, this right of first refusal shall not apply to any space leased by the Landlord to any other tenant either (i) during such time as an uncured event of default by the Tenant exists under ...

Option Space. Subject to clause (g) below, the Landlord hereby grants to the Tenant an option, exercisable as hereinafter provided, to lease the space substantially as shown hatched on the diagram attached hereto as Exhibit L and designated as ‘C’ on the 12th Floor of the Building (the “First Option Space”) for a term commencing on the First Option Space Term Commencement Date and ending on September 30, 2013 or on such earlier date upon which said term may expire or be terminated pursuant to this Lease or pursuant to law. The Tenant shall notify the Landlord on or prior to May 31, 1998 (as to which date time is of the essence) of its election to exercise its option with respect to the First Option Space. If such notice is timely given, Fixed Rent payable for the First Option Space will be determined in accordance with clause (e) below.

Option Space. During the term of this Lease, the Tenant shall have the option to add to the Premises that portion of the Building in Exhibit D marked as “Option Space” upon not less than sixty (60) days written notice to the Landlord. It is agreed that the Option Space consists of approximately 1,030 usable square feet of floor area. Upon such exercise, the Option Space shall be deemed to be a part of the Premises and the Basic Rent shall be increased at a rate of usable square footage of the Option Space multiplied by $34.00 per annum. In addition, Tenant shall have full access to Room 3238, the common area immediately across the corridor from the open lab space. Tenant shall not have the right to use the Option Space absent exercise of the option by written notice to the Landlord. In addition, in the event Blue Sky Biotech vacates the office space set forth in blue and marked “Blue Sky” on Exhibit E, Tenant shall have a first right of refusal to occupy such space. It is agreed that the Blue Sky space is approximately 500 usable square feet. Initial General Liability Insurance: $1,000,000 per occurrence/$2,000,000 aggregate (combined single limit) for property damage, bodily injury or death. Permitted Uses: General office uses and scientific laboratory space for research and development in the life sciences field of study which shall be conducted in compliance with all applicable municipal, state and federal laws, rules and regulations and in all events the Permitted Uses shall be conducted in a manner so as to not be unreasonably disruptive in any manner to any other tenant or occupant in the Building. Tenant will procure and maintain in full force and effect all licenses and permits which may be required for any use made of the Premises.

Option Space. For purposes of this Amendment, "Option Space" shall mean as of any date, that certain space located on the 1st floor of the Building and containing approximately 3,538 square feet of rentable area (Suite 175), as shown on EXHIBIT A attached hereto, less such portions of said space, if any, which are leased by Tenant as of such date.

Option Space. (a) The Landlord currently leases the entire seventh floor of the building indicated by the cross-hatching on the diagram attached hereto as Exhibit "E" (the "Option Space") to Maritz Communications Company ("Maritz") pursuant to a lease dated as of July 1, 1992 (the "Maritz Lease") for a term to expire on September 30, 1998. The Tenant shall, upon the expiration or termination of the Maritz Lease (subject to the condition subsequent set forth in paragraph (b) of this Article) have the right and option to lease the Option Space. In order to exercise such option, the Tenant shall give the Landlord written notice of its exercise of such option not later than (x) September 1, 1997 or (y) in the event that the Maritz Lease is terminated prior to September 30, 1997, 30 days after written notice from the Landlord to the Tenant that the Maritz Lease has been terminated. Promptly, upon receipt of such notice and provided that the Tenant is not in default in the payment of rent or the performance of its other obligations under this lease, the Landlord shall send the Tenant a proposed lease amendment with respect to the Option Space, pursuant to which the Landlord shall offer to lease the Option Space to the Tenant on the terms and conditions as set forth below: (i) the annual fixed rent payable by Tenant with respect to the Option Space shall be as follows: Period Annual Fixed Rent ------ ----------------- December 1, 1994 to November 30, 1998 ............... $330,000 December 1, 1998 to November 30, 2003 ............... $374,000 December 1, 2003 to December 31, 2009 ............... $484,000; (ii) the Tenant shall be obligated to pay as additional rent with respect to the Option Space escalations with respect to real estate taxes, operating expense and fuel oil, all on the terms set forth in Article TWENTY-SIXTH hereof, and the dates to be utilized in the definitions of "Increases In Real Estate Taxes", Base Year", and "Base Fuel Cost" in such proposed lease amendment shall be the same dates as those contained in the definitions of such terms in this lease; (iii) the term of the proposed lease of the Option Space shall end concurrently with the term of this lease; (iv) if necessary, Tenant will arrange for the modification and improvement of the Option Space to be leased pursuant to such proposed lease amendment to make them suitable for office use, all in a manner and to the extent provided in Article TWENTY-SEVENTH hereof, and the Landlord will reimburse the Tena...

Option Space. If Owner and Tenant shall have failed to agree upon such single impartial arbitrator within such period of thirty (30) days, then such single impartial arbitrator shall be appointed by the American Arbitration Association, or its successor pursuant to its rules for commercial matters, or if at such time such association is not in existence and has no successor, then by the presiding Justice of the Appellate Division, First Department, of the Supreme Court of the State of New York, or any successor court, upon request of either Owner or Tenant, as the case may be. (B) Within ten (10) days following the selection or appointment of the single impartial arbitrator each party shall deliver to such arbitrator such party's Fair Market Determination. (C) The arbitrator to be selected, or appointed as above provided, as the case may be, shall be a real estate appraiser or broker having at least fifteen (15) years of experience in acting as a broker or appraiser of office space in high rise office buildings in the Borough of Manhattan, City of New York. (D) The arbitrator, selected or appointed as aforesaid, forthwith shall determine the issue and render its decision as promptly as practicable choosing solely between Owner's or Tenant's Fair Market Determination, and if only one (1) party submits a Fair Market Determination to the arbitrator then it shall choose the Fair Market Determination submitted to it. The decision of such arbitrator shall be in writing and shall be final and binding upon Owner and Tenant whether or not a judgment shall be entered in any court. Duplicate original counterparts of such decision shall be sent by the arbitrator to both Owner and Tenant. (E) The arbitrator, in arriving at its decision, shall take into consideration the fact that there is no brokerage commission payable by Owner (if, in fact, that is the case), the provisions of Article 23, the fact that no work is to be performed by Owner and the absence of any allowance given by Owner to Tenant for the performance of any Alterations and shall also be entitled to consider all testimony and documentary evidence which may be presented at any hearing as well as facts and data which the arbitrator may discover by investigation and inquiry outside of such hearings. The arbitrator shall be bound by the provisions of this Lease, and shall not add to, subtract from, or otherwise modify such provisions. The cost and expense of such arbitration shall be borne equally by Owner and Tenant, exc...

Option Space. Tenant shall have the option to lease one full floor, up to a maximum of two contiguous full floors, of Building Three ("Building Three Option Space") by providing written notice to Landlord at least thirteen (13) months in advance of the desired delivery date of said Building Three Option Space along with the amount of space to be leased. The Building Three Option Space shall be Floor One and Floor Two of Building Three. The last date on which written notice can be given by Tenant to lease this Building Three Option Space is July 1, 2001. If Tenant gives written notice on the last available date, the Building Three Option Space would not be delivered for occupancy until August 1, 2002. Landlord shall determine the configuration (the full floor to be taken if less than two full floors are required and the location on the floor of any space that is more than one full floor but less than two full floors) of the Building Three Option Space with input from Tenant, once written notice is given by Tenant. Landlord reserves the right to either: a. Proceed with construction of Building Three as early as August 1, 1999 for delivery on or about October 1, 2000; or x. Xxxxx the commencement of construction of Building Three until Landlord is in receipt of Tenant's written notice to lease space in Building Three. Landlord reserves the right to enter into leases with third party tenants on Floor Three and Floor Four of Building Three at any time, subject to Tenant's Right of First Refusal per Section 35 below. Should Landlord elect to commence construction of Building Three prior to Tenant providing written notice of its intent to lease the Building Three Option Space, Landlord shall hold the Building Three Option Space off the market for Tenant until July 1, 2001, which is the last date on which Tenant can exercise its option to lease the Building Three Option Space. Tenant's option to lease all of the Building Three Option Space is subject to Tenant meeting certain criterion as described in Exhibit G, Option Space Performance Criterion. As further described in Exhibit G, Tenant's option to lease the Building Three Option Space shall be reduced to one (1) floor (either the first or second floor of Building Three at Landlord's sole discretion) if the criterion is not met. The Rental Rate for the Option Space shall be the current rental rate that Tenant is then paying Landlord under the initial lease term and the Landlord Provided Tenant Improvement Allowance for Buildi...

Option Space. The building located at 0000 Xxxxx Xxxxxx Xxxxxx shall be deemed part of the Option Space and shall be included within, inter alia, the Expansion Option described in Section 10 of Addendum #4 and the option to purchase described in Section 12 of Addendum #4.

Option Space. Clause (a) of Section 1.3 of the Lease is hereby deleted, thereby deleting the Additional Premises from the definition of the "Option Space" under the Lease, and the depiction of the "Option Space" on Exhibit A to the Lease is modified accordingly.