OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenant, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant shall be the right to deliver a notice to Landlord (the "Outside Date Termination Notice") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective Date"). Except as provided hereinbelow, the Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the Outside Date and not later than ten (10) business days after the Outside Date. If Tenant delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten (10) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five (5) business days after receipt of the Outside Date Termination Notice, a certificate of the Contractor (as defined in the Tenant Work Letter) certifying that it is such Contractor's best good faith judgment that Substantial Completion of the Premises will occur within ten (10) days after the original Effective Date. If Substantial Completion of the Premises occurs within said ten (10) day suspension period, then the Outside Date Termination Notice shall be of no further force and effect, if, however, Substantial Completion of the Premises does not occur within said ten (10) day suspension period, then this Lease shall terminate as of the date of expiration of such ten (10) day period If, or to the Outside Date, Landlord determines that Substantial Completion of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date Tenant obtains the Final Space Plan Permits (as defined in Section 3.2 3.4 of the Tenant Work Letter) is approved by Landlord and Tenant), as such Outside Date may be extended by the number of days of Tenant Delays (as defined' defined in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant shall be the right to deliver a notice to Landlord (the "Outside Date Termination Notice") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective Date"). Except as provided hereinbelow, the Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the Outside Date and not later than ten (10) business days after the Outside Date. If Tenant delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten twenty (1020) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five (5) business days after receipt of the Outside Date Termination Notice, a certificate of the Contractor (as defined in the Tenant Work Letter) certifying that it is such Contractor's best good faith judgment that Substantial Completion of the Premises will occur within ten twenty (1020) days after the original Effective Date. If Substantial Completion of the Premises occurs within said ten twenty (1020) day suspension period, then the Outside Date Termination Notice shall be of no further force and effect, ; if, however, Substantial Completion of the Premises does not occur within said ten twenty (1020) day suspension period, then this Lease shall terminate as of the date of expiration of such ten (10) day period If, or to the Outside Date, Landlord determines that Substantial Completion of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination [***] Confidential portions of this Lease pursuant to this Section 2.2, document have been redacted and filed separately with the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this LeaseCommission.
Appears in 2 contracts
Samples: Lease Agreement (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises any Major Project Milestone has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenantfor such Major Project Milestone, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant (in addition to the remedy specified in Section 8.1 above) shall be the right to deliver a notice to Landlord (the "Outside Date Termination NoticeOUTSIDE DATE TERMINATION NOTICE") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective DateEFFECTIVE DATE"). Except However, until the Lease Commencement Date for Building 2 occurs, Tenant may elect to terminate the leases of any or all of the Adjacent Buildings effective as provided hereinbelowof the Effective Date by giving to Landlord notice thereof in the Outside Date Termination Notice (except that the Effective Date for the termination of the Building 1 Lease shall be the date so specified in the Outside Date Termination Notice, which date shall be at least twelve (12) months and not more than twenty-four (24) months after the date of such notice). Landlord and Tenant acknowledge that Tenant's right to terminate any of the Adjacent Building Leases pursuant to this Section 8.2 shall cease as of the Lease Commencement Date for Building 2. The Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the applicable Outside Date and not later than ten (10) business days after the applicable Outside Date. If Tenant timely delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten thirty (1030) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five ten (510) business days after Landlord's receipt of the Outside Date Termination Notice, a certificate of written statement from the Contractor (as defined in the Tenant Work Letter) general contractor certifying that it is such Contractorcontractor's best best, good faith judgment that Substantial Completion of the Premises applicable Major Project Milestone will occur within ten thirty (1030) days after the original Effective Date. If Substantial Completion of the Premises applicable Major Project Milestone occurs within said ten thirty (1030) day suspension period, then the Outside Date Termination Notice shall be of no further force and or effect, ; if, however, Substantial Completion of the Premises applicable Major Project Milestone does not occur within said ten thirty (1030) day suspension period, then this Lease (and the other leases so specified in the Outside Date Termination Notice) shall terminate as of the date of expiration of such ten thirty (1030) day period If(or, or to the Outside Datefor Building 1, Landlord determines that Substantial Completion as of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver so specified in the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by LandlordNotice). Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this Lease.EXHIBIT B -15- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems]
Appears in 1 contract
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises any Major Project Milestone has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenantfor such Major Project Milestone, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant (in addition to the remedy specified in Section 8.1 above) shall be the right to deliver a notice to Landlord (the "Outside Date Termination NoticeOUTSIDE DATE TERMINATION NOTICE") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective DateEFFECTIVE DATE"). Except However, until the Lease Commencement Date for Building 2 occurs, Tenant may elect to terminate the leases of any or all of the Adjacent Buildings effective as provided hereinbelowof the Effective Date by giving to Landlord notice thereof in the Outside Date Termination Notice (except that the Effective Date for the termination of the Building 1 Lease shall be the date so specified in the Outside Date Termination Notice, which date shall be at least twelve (12) months and not more than twenty-four (24) months after the date of such notice). Landlord and Tenant acknowledge that Tenant's right to terminate any of the Adjacent Building Leases pursuant to this Section 8.2 shall cease as of the Lease Commencement Date for Building 2. The Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the applicable Outside Date and not later than ten (10) business days after the applicable Outside Date. If Tenant timely delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten thirty (1030) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five ten (510) business days after Landlord's receipt of the Outside Date Termination Notice, a certificate of written statement from the Contractor (as defined in the Tenant Work Letter) general contractor certifying that it is such Contractorcontractor's best best, good faith judgment that Substantial Completion of the Premises applicable Major Project Milestone will occur within ten thirty (1030) days after the original Effective Date. If Substantial Completion of the Premises applicable Major Project Milestone occurs within said ten thirty (1030) day suspension period, then the Outside Date Termination Notice shall be of no further force and or effect, ; if, however, Substantial Completion of the Premises applicable Major Project Milestone does not occur within said ten thirty (1030) day suspension period, then this Lease (and the other leases so specified in the Outside Date Termination Notice) shall terminate as of the date of expiration of such ten thirty (1030) day period If(or, or to the Outside Datefor Building 1, Landlord determines that Substantial Completion as of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver so specified in the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this LeaseNotice).
Appears in 1 contract
Samples: Office Lease (Peregrine Systems Inc)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises has not occurred by the "“Outside Date," ” which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and TenantApril 1, 2005, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' defined in the Tenant Work Letter) and by the number of days of "“Force Majeure" ” delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant shall be the right to deliver a notice to Landlord (the "“Outside Date Termination Notice"”) electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "“Effective Date"”). Except as provided hereinbelow, the Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the Outside Date and not later than ten (10) business days after the Outside Date. If Tenant delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten thirty (1030) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five (5) business days after receipt of the Outside Date Termination Notice, a certificate of the Contractor (as defined in the Tenant Work Letter) certifying that it is such Contractor's ’s best good faith judgment that Substantial Completion of the Premises will occur within ten thirty (1030) days after the original Effective Date. If Substantial Completion of the Premises occurs within said ten thirty (1030) day suspension period, then the Outside Date Termination Notice shall be of no further force and effect, ; if, however, Substantial Completion of the Premises does not occur within said ten thirty (1030) day suspension period, then this Lease shall terminate as of the date of expiration of such ten thirty (1030) day period period. If, or prior to the Outside Date, Landlord determines that Substantial Completion of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's ’s opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's ’s agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's ’s right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat set forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas parties shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier sooner termination of this Lease.
Appears in 1 contract
Samples: Office Lease (1st Pacific Bancorp)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises any Major Project Milestone has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenantfor such Major Project Milestone, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant (in addition to the remedy specified in Section 8.1 above) shall be the right to deliver a notice to Landlord (the "Outside Date Termination NoticeOUTSIDE DATE TERMINATION NOTICE") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective DateEFFECTIVE DATE"). Except However, until the Lease Commencement Date occurs, Tenant may elect to terminate the leases of any or all of the Adjacent Buildings effective as provided hereinbelowof the Effective Date by giving to Landlord notice thereof in the Outside Date Termination Notice (except that the Effective Date for the termination of the Building 1 Lease shall be the date so specified in the Outside Date Termination Notice, which date shall be at least twelve (12) months and not more than twenty-four (24) months after the date of such notice). Landlord and Tenant acknowledge that Tenant's right to terminate any of the Adjacent Building Leases pursuant to this Section 8.2 shall cease as of the Lease Commencement Date. The Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the applicable Outside Date and not later than ten (10) business days after the applicable Outside Date. If Tenant timely delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten thirty (1030) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five ten (510) business days after Landlord's receipt of the Outside Date Termination Notice, a certificate of written statement from the Contractor (as defined in the Tenant Work Letter) general contractor certifying that it is such Contractorcontractor's best best, good faith judgment that Substantial Completion of the Premises applicable Major Project Milestone will occur within ten thirty (1030) days after the original Effective Date. If Substantial Completion of the Premises applicable Major Project Milestone occurs within said ten thirty (1030) day suspension period, then the Outside Date Termination Notice shall be of no further force and or effect, ; if, however, Substantial Completion of the Premises applicable Major Project Milestone does not occur within said ten thirty (1030) day suspension period, then this Lease (and the other leases so specified in the Outside Date Termination Notice) shall terminate as of the date of expiration of such ten thirty (1030) day period If(or, or to the Outside Datefor Building 1, Landlord determines that Substantial Completion as of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver so specified in the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this LeaseNotice).
Appears in 1 contract
Samples: Office Lease (Peregrine Systems Inc)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises any Major Project Milestone has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenantfor such Major Project Milestone, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant (in addition to the remedy specified in Section 8.1 above) shall be the right to deliver a notice to Landlord (the "Outside Date Termination NoticeOUTSIDE DATE TERMINATION NOTICE") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective DateEFFECTIVE DATE"). Except However, until the Lease Commencement Date for Building 2 occurs, Tenant may elect to terminate the leases of any or all of the Adjacent Buildings effective as provided hereinbelowof the Effective Date by giving to Landlord notice thereof in the Outside Date Termination Notice (except that the Effective Date for the termination of the Building 1 Lease shall be the date so specified in the Outside Date Termination Notice, which date shall be at least twelve (12) months and not more than twenty-four (24) months after the date of such notice). Landlord and Tenant acknowledge that Tenant's right to terminate any of the Adjacent Building Leases pursuant to this Section 8.2 shall cease as of the Lease Commencement Date for Building 2. The Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the applicable Outside Date and not later than ten (10) business days after the applicable Outside Date. If Tenant timely delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten thirty (1030) days after the original Effective Date. EXHIBIT B -15- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] In order to suspend the Effective Date, Landlord must deliver to Tenant, within five ten (510) business days after Landlord's receipt of the Outside Date Termination Notice, a certificate of written statement from the Contractor (as defined in the Tenant Work Letter) general contractor certifying that it is such Contractorcontractor's best best, good faith judgment that Substantial Completion of the Premises applicable Major Project Milestone will occur within ten thirty (1030) days after the original Effective Date. If Substantial Completion of the Premises applicable Major Project Milestone occurs within said ten thirty (1030) day suspension period, then the Outside Date Termination Notice shall be of no further force and or effect, ; if, however, Substantial Completion of the Premises applicable Major Project Milestone does not occur within said ten thirty (1030) day suspension period, then this Lease (and the other leases so specified in the Outside Date Termination Notice) shall terminate as of the date of expiration of such ten thirty (1030) day period If(or, or to the Outside Datefor Building 1, Landlord determines that Substantial Completion as of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver so specified in the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this LeaseNotice).
Appears in 1 contract
Samples: Office Lease (Peregrine Systems Inc)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises any Major Project Milestone has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenantfor such Major Project Milestone, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant (in addition to the remedy specified in Section 8.1 above) shall be the right to deliver a notice to Landlord (the "Outside Date Termination NoticeOUTSIDE DATE TERMINATION NOTICE") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective DateEFFECTIVE DATE"). Except However, until the Lease Commencement Date for Building 2 occurs, Tenant may elect to terminate the leases of any or all of the Adjacent Buildings effective as provided hereinbelow, of the Effective Date by giving to Landlord notice thereof in the Outside Date Termination Notice. Landlord and EXHIBIT B -14- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] Tenant acknowledge that Tenant's right to terminate any of the Adjacent Building Leases pursuant to this Section 8.2 shall cease as of the Lease Commencement Date for Building 2. The Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the applicable Outside Date and not later than ten (10) business days after the applicable Outside Date. If Tenant timely delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten thirty (1030) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five ten (510) business days after Landlord's receipt of the Outside Date Termination Notice, a certificate of written statement from the Contractor (as defined in the Tenant Work Letter) general contractor certifying that it is such Contractorcontractor's best best, good faith judgment that Substantial Completion of the Premises applicable Major Project Milestone will occur within ten thirty (1030) days after the original Effective Date. If Substantial Completion of the Premises applicable Major Project Milestone occurs within said ten thirty (1030) day suspension period, then the Outside Date Termination Notice shall be of no further force and or effect, ; if, however, Substantial Completion of the Premises applicable Major Project Milestone does not occur within said ten thirty (1030) day suspension period, then this Lease (and the other leases so specified in the Outside Date Termination Notice) shall terminate as of the date of expiration of such ten thirty (1030) day period If, or to the Outside Date, Landlord determines that Substantial Completion of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this Leaseperiod.
Appears in 1 contract
Samples: Office Lease (Peregrine Systems Inc)
OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date Tenant obtains the Final Space Plan Permits (as defined in Section 3.2 3.4 of the Tenant Work Letter) is approved by Landlord and Tenant), as such Outside Date may be extended by the number of days of Tenant Delays (as defined' defined in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant shall be the right to deliver a notice to Landlord (the "Outside Date Termination Notice") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective Date"). Except as provided hereinbelow, the Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the Outside Date and not later than ten (10) business days after the Outside Date. If Tenant delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten twenty (1020) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five (5) business days after receipt of the Outside Date Termination Notice, a certificate of the Contractor (as defined in the Tenant Work Letter) certifying that it is such Contractor's best good faith judgment that Substantial Completion of the Premises will occur within ten twenty (1020) days after the original Effective Date. If Substantial Completion of the Premises occurs within said ten twenty (1020) day suspension period, then the Outside Date Termination Notice shall be of no further force and effect, ; if, however, Substantial Completion of the Premises does not occur within said ten twenty (1020) day suspension period, then this Lease shall terminate as of the date of expiration of such ten (10) day period If, or to the Outside Date, Landlord determines that Substantial Completion of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this Lease.this
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OUTSIDE DATE TERMINATION. In the event that Substantial Completion of the Premises has not occurred by the "Outside Date," which Outside Date shall be that date which is one hundred fifty (150) days after the date the Final Space Plan (as defined in Section 3.2 of the Tenant Work Letter) is approved by Landlord and Tenant, as such Outside Date may be extended by the number of days of Tenant Delays (as defined' in the Tenant Work Letter) and by the number of days of "Force Majeure" delays (as defined in Section 24.17 hereof) then the sole remedy of Tenant shall be the right to deliver a notice to Landlord (the "Outside Date Termination Notice") electing to terminate this Lease effective upon receipt of the Outside Date Termination Notice by Landlord (the "Effective Date"). Except as provided hereinbelow, the Outside Date Termination Notice must be delivered by Tenant to Landlord, if at all, not earlier than the Outside Date and not later than ten (10) business days after the Outside Date. If Tenant delivers the Outside Date Termination Notice to Landlord, then Landlord shall have the right to suspend the Effective Date for a period ending ten (10) days after the original Effective Date. In order to suspend the Effective Date, Landlord must deliver to Tenant, within five (5) business days after receipt of the Outside Date Termination Notice, a certificate of the Contractor (as defined in the Tenant Work Letter) certifying that it is such Contractor's best good faith judgment that Substantial [***] Confidential portions of this document have been redacted and filed separately with the Commission. Completion of the Premises will occur within ten (10) days after the original Effective Date. If Substantial Completion of the Premises occurs within said ten (10) day suspension period, then the Outside Date Termination Notice shall be of no further force and effect, if, however, Substantial Completion of the Premises does not occur within said ten (10) day suspension period, then this Lease shall terminate as of the date of expiration of such ten (10) day period If, or to the Outside Date, Landlord determines that Substantial Completion of the Premises will not occur by the Outside Date, Landlord shall have the right to deliver a written notice to Tenant stating Landlord's opinion as to the date by which Substantial Completion of the Premises shall occur and Tenant shall be required, within five (5) business days after receipt of such notice, to either deliver the Outside Date Termination Notice (which will mean that this Lease shall thereupon terminate and shall be of no further force and effect) or agree to extend the Outside Date to that date which is set by Landlord. Failure of Tenant to so respond in writing within said five (5) business day period shall be deemed to constitute Tenant's agreement to extend the Outside Date to that date which is set by Landlord. If the Outside Date is so extended, Landlord's right to request Tenant to elect to either terminate this Lease or further extend the Outside Date shall remain and shall continue to remain, with each of the notice periods and response periods sat forth above, until the Substantial Completion of the Premises or until this Lease is terminated. Upon termination of this Lease pursuant to this Section 2.2, the parkas shall be relieved of all further obligations under this Lease except for those obligations under this Lease which expressly survive the expiration or sootier termination of this Lease.
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