Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant, if more than one, then jointly and severally, hereby accepts and leases from Landlord, that certain one-story industrial building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet ("Building"), together with the real property upon which the same is situated ("Property"), and the use of the parking spaces situated on the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan attached hereto as Exhibit A. A. Tenant shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term"). B. If this Lease shall be in full force and effect on the date of the Option Notice, as hereinafter defined, and on the last day of the Term, and if Tenant shall not then be in default of any of its obligations under this Lease, then, at the option of Tenant by written notice to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Tenant shall only have the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof to the date which is one hundred eighty (180) days before the expiration of the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease Agreement.
Appears in 1 contract
Samples: Lease Agreement (Dt Industries Inc)
Premises and Term. In consideration of the obligation mutual obligations of Landlord and Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereofset forth herein, Landlord hereby demises and leases to Tenant, and Tenant, if more than one, then jointly and severally, Tenant hereby accepts and leases takes from Landlord, that certain one-story industrial approximately 126,750 square feet of space (the "Premises") shown on Exhibit "A" attached hereto and incorporated herein, located in the building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089Braker 12, which consists building has an address of approximately 63,240 square feet 0000 Xxxxxx Xxxx, Xxxxxx, Xxxxxx County, Texas 78750 (the "Building"), together with . The Building is located on the real property upon which the same is situated ("Property"), and the use of the parking spaces situated on the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan Exhibit "A-1" attached hereto as Exhibit A.
A. Tenant shall have and hold the Premises for a incorporated herein. The term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect commence on the date of the Option Notice, as Commencement Date hereinafter defined, set forth and shall end on the last day of the Termmonth that is forty- eight (48) months after the Commencement Date (the "Expiration Date"). Notwithstanding anything to the contrary contained herein, and if on the Commencement Date, Tenant shall not then be in default lease only that portion of any of its obligations under this Lease, then, at the option of Tenant by written notice to Landlord, Premises containing 85,000 square feet and shown on Exhibit "A-2" attached hereto and incorporated herein (the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended TermInitial Premises"). Tenant shall only have lease approximately 20,875 square feet of the right to exercise Premises shown on Exhibit "A-3" attached hereto and incorporated herein (the aforementioned option by written notice ("Option NoticeFirst Additional Premises") to Landlord at any time from the date hereof to not later than the date which is one hundred eighty (180) days before the expiration sixth month anniversary of the TermCommencement Date and Tenant shall lease the remaining approximately 20,875 square feet of the Premises shown on Exhibit "A-4" attached hereto and incorporated herein (the "Second Additional Premises") not later than the first annual anniversary of the Commencement Date. If not so exercisedIn the event Tenant elects to lease the First Additional Premises prior to the six month anniversary of the Commencement Date or Tenant elects to lease the Second Additional Premises prior to the first annual anniversary of the Commencement Date, the option shall lapse. The Extended Term commencement date for such space shall be on the same termsdate Tenant actually occupies the First Additional Premises and/or the Second Additional Premises, covenantsas the case may be, agreementsfor the conduct of Tenant's business. Further, provisionsnotwithstanding anything to the contrary set forth herein, conditions and limitations Tenant shall have no obligations with respect to or liability for the First Additional Premises or the Second Additional Premises until the applicable commencement date for such space, except for the obligation to pay one-half (1/2) of the Operating Expenses attributable to such space as contained provided in this Lease AgreementXxxxxxxxx 0X xxxxx.
Appears in 1 contract
Samples: Lease Agreement (Active Power Inc)
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant, if more than one, then jointly and severally, Tenant hereby accepts and leases from LandlordLandlord certain Premises situated within the County of Forsyth, that certain one-story industrial building commonly known as 0000 Xxxxxxx BoulevardState of Georgia, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet ("Building"), together with more particularly the real property upon which the same is situated ("Property"), and the use portion of the parking spaces situated Building described on the PropertyExhibit "D" attached hereto and incorporated herein by reference, together with all rights, privileges, easements, appurtenances appurtenances, and immunities belongingamenities belonging to or in any way pertaining to the Premises and together with the buildings and other improvements situated or to be situated upon said Premises (said real property, or pertaining thereto, (all of the foregoing are building and improvements being hereinafter collectively referred to as the "Premises"), all as more fully described on . TO HAVE AND TO HOLD the Site Plan attached hereto as Exhibit A.
A. Tenant shall have and hold the Premises same for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Datecommencement date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect on the date of the Option Notice, as hereinafter defined, and on ending sixty (60) months thereafter; provided however, that in the last event the commencement date is a date other than the first day of a calendar month, said term shall extend for said number of months in addition to the Termremainder of the calendar month following the commencement date.
B. The commencement date shall be the later of (i) January 15, 1998 or (ii) fourteen (14) days after the date upon which the buildings and other improvements erected and to be erected upon the Premises shall have been substantially completed, as such term is hereinafter defined, in accordance with the plans and specifications described in Exhibit "B" attached hereto and incorporated herein by reference. Landlord acknowledges and agrees that it shall use all reasonable efforts to substantially complete the Premises on or before January 1, 1998 (the "Target Completion Date"). The commencement date shall be fourteen (14) days after substantial completion, as defined herein, as to allow Tenant time to install FF&E, computer cabling, telephone systems, security systems, fire alarms, racking systems and inventory such fourteen (14) days of activity hereinafter referred to as the "Installation". However, establishing commencement two (2) weeks after substantial completion is not intended to provide free occupancy and rent will commence earlier if Tenant shall has substantially occupied the Premises. If Landlord has failed to substantially complete the Premises within thirty (30) days following the Target Completion Date and such failure is not then be in default the result of any of its obligations under this Leaseeither (i) Tenant Delays, as hereinafter defined, or (ii) force majeure, then, at the option of Tenant by written notice to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). in such event Tenant shall only have receive one day of free rent for every day beyond this thirty (30) day grace period that substantial completion is achieved. For example, if substantial completion is achieved on February 14, 1998, then Tenant will perform the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof Installation and take occupancy on February 28, 1998. Due to the date which is one hundred eighty (180) days before delayed completion rental and the expiration of the Term. If not so exercisedLease would commence on February 28, the option shall lapse1998. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease Agreement.term "
Appears in 1 contract
Premises and Term. In That in consideration of the obligation of Tenant rents hereinafter agreed to pay rent as herein providedbe paid by Lessee to Lessor, and in consideration of the other termscovenants of the respective parties hereto to be performed at the time and in the manner hereinafter provided, provisions Lessor does hereby lease and covenants hereof, Landlord hereby demises and leases to Tenantdemise unto Lessee, and TenantLessee does hereby hire and take from Lessor, if more than one, then jointly and severally, hereby accepts and leases from Landlord, that certain one-story industrial a building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 containing 173,316 square feet of space (the "Building"), together with and all mechanical, electrical, lighting, plumbing and HVAC systems and fixtures attached thereto (the "Fixtures") and the real property upon which (the same is situated ("Property")) on which the Building is located in the 4th Xxxx of the City of Pittsburgh, Allegheny County, Pennsylvania, and more particularly described on Exhibit "A" attached hereto (the use of Building, the parking spaces situated on Fixtures and the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing Property are hereinafter collectively referred to as the "Premises"). In addition to the Premises, this Lease shall also cover, a parking garage, surface parking and related facilities (the "Parking Facilities) all as more fully described on leased to Lessor by Urban Redevelopment Authority of Pittsburgh ("URA") pursuant to a Lease substantially in the Site Plan form attached hereto as Exhibit A.
A. Tenant B and made a part hereof (the "Parking Lease"). The use of the Parking Facilities and other matters relating to the Parking Facilities shall have and hold be as set forth in the Premises Parking Lease. The term of this Lease (the "Term") shall extend for a term commencing on February 1, 1997, or such earlier twenty (20) year period which period shall commence the date as Tenant upon which the Building is permitted to gain access to all or completed and a portion certificate of occupancy is issued (the Premises ("Commencement Date") ). Lessor shall use its best efforts to cause the Commencement Date to be on or before January 1, 1995. Lessor and ending on July 31Lessee agree that following determination of the Commencement Date, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease they will enter into a written agreement evidencing the Commencement Date. Lessee shall be in full force and effect entitled to occupancy on the date of the Option Notice, as hereinafter defined, and on the last day of the Term, and if Tenant shall not then be in default of any of its obligations under this Lease, then, at the option of Tenant Commencement Date. Any holdover by written notice to Landlord, Lessee following the Term of this Lease may for any renewal term shall, unless Lessor agrees otherwise in writing, be extended beyond a holdover on a month-to-month basis only at the Term for one additional term of five (5) years ("Extended Term"). Tenant shall only have same rental paid in the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof to the date which is one hundred eighty (180) days before the expiration last month of the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease Agreement.
Appears in 1 contract
Samples: Lease (Ansaldo Signal Nv)
Premises and Term. In consideration Landlord hereby leases to Tenant and Tenant hereby leases from Landlord that certain space (the "PREMISES") consisting of the obligation entire rentable area on the sixteenth (16th) floor (consisting of Tenant to pay rent as herein provided, 20,667 rentable square feet) (the "SIXTEENTH FLOOR PREMISES") and in consideration the entire rentable area on the seventeenth (17th) floor (consisting of 20,667 rentable square feet) (the other terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant, if more than one, then jointly and severally, hereby accepts and leases from Landlord, that certain one-story industrial building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet ("BuildingSEVENTEENTH FLOOR PREMISES"), together with in the real property upon which building known as Union Tower (the same is situated ("PropertyBUILDING"), and located at 000 Xxxx Xxx Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx (the use "PROPERTY," as further described in Article 25), subject to the provisions herein contained. The term of this Lease (the parking spaces situated "TERM") shall commence on the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, Sixteenth Floor Commencement Date (all of the foregoing are hereinafter collectively referred to as hereafter defined) (the "PremisesCOMMENCEMENT DATE"). If Tenant does not exercise the Expansion Option (as defined in Article 41), all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant Term shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect end on the date of the Option Notice, as hereinafter defined, and on that is the last day of the Term120th full calendar month following the Commencement Date, and if unless sooner terminated as provided herein. If Tenant shall not then be exercises the Expansion Option (as defined in default of any of its obligations under this Lease, then, at the option of Tenant by written notice to LandlordArticle 41), the Term shall end on the date that is the last day of the 120th full calendar month following the Expansion Space Commencement Date (as defined in Article 41), unless sooner terminated as provided herein. The applicable date on which this Lease ends is referred to herein as the "EXPIRATION DATE," The term of this Lease with respect to the Sixteenth Floor Premises shall commence on the date (the "SIXTEENTH FLOOR COMMENCEMENT DATE") which is the earlier to occur of (i) the "sixteenth floor delivery date," or (ii) "Substantial Completion" of the "Sixteenth Floor Work" (as such terms are defined in the Work Agreement between Landlord and Tenant, entered into contemporaneously herewith). The Term of this Lease may be extended beyond with respect, to the Term for one additional term Seventeenth Floor Premises shall commence on the date (the Seventeenth Floor Commencement Date") which is the earlier to occur of five (5i) years the "SEVENTEENTH FLOOR DELIVERY DATE," or (ii) "Extended TermSubstantial Completion" of the "Seventeenth Floor Work" (as such terms are defined in the Work Agreement). Promptly after Landlord Substantially Completes the Sixteenth Floor Work and the Seventeenth Floor Work, Landlord and Tenant shall only have execute and deliver to each other a supplement to this Lease in the right form attached as EXHIBIT E confirming the Commencement Date and Expiration Date. If Tenant exercises the Expansion Option, then promptly after Landlord Substantially Completes the "Expansion Space Work" (as defined in Article 41), Landlord and Tenant shall execute and deliver to exercise each other an additional supplement to this Lease in the aforementioned option by written notice ("Option Notice") to form attached as Exhibit E confirming the Commencement Date and revised Expiration Date. Landlord at any time from and Tenant agree that for purposes of this Lease, the date hereof to the date which is one hundred eighty (180) days before the expiration rentable area of the Term. If not so exercised, Premises is 41,334 square feet and the option shall lapserentable area of the Property is 332,608 square feet. The Extended Term rentable area of the Premises shall be on increase to 62,001 square feet in the same terms, covenants, agreements, provisions, conditions and limitations event that Tenant exercises the Expansion Option (as contained defined in this Lease AgreementArticle 41).
Appears in 1 contract
Samples: Office Lease (Participate Com Inc)
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein providedSection 2.1. Landlord, and in consideration of the other rents herein reserved and the terms, provisions provisions, covenants and covenants hereofagreements on the part of Tenant to be kept, observed and performed; does hereby lease and demise unto Tenant, and Tenant does hereby hire and take from Landlord, the land (the “Land”) and the improvements to be constructed on the Land (the “Building”) at the address set forth in Section 1.1.(a) above and as more particularly described in Exhibit “A” annexed hereto and made a part hereof (the Land and the Building are collectively referred to herein as the “Premises”). The Building is located on Block 2598, Lot 46 and consists of approximately 90,000 rentable square feet. Block 2598, Lots 74 and 86 contain a parking lot serving the Building. SUBJECT TO any and all existing encumbrances, conditions, rights, covenants, easements and restrictions, whether recorded or unrecorded, and all zoning matters, building laws, regulations and codes, and such matters as may be disclosed by an accurate survey or inspection. TO HAVE AND TO HOLD the Premises for the Term, at the rent and upon the conditions provided in this Lease.
Section 2.2. The term (the “Term”) of this Lease shall be the period set forth in Section 1.1(d) of this Lease, commencing on the Commencement Date set forth in Section 1.1(e) of this Lease (the “Commencement Date”) and expiring on the Expiration Date set forth in Section 1.1(f) of this Lease (the “Expiration Date”), unless sooner terminated as hereinafter provided or pursuant to law. Upon the occurrence of the Rent Commencement Date, Landlord hereby demises and leases Tenant shall enter into a Possession Date Agreement, setting forth the Possession Date, the Rent Commencement Date and the Expiration Date, in the form of Exhibit “B” annexed hereto.
Section 2.3. Simultaneously with the execution and delivery of this Lease, Tenant is entering into a “straight-lease” transaction with the New York City Industrial Development Agency (“XXX”) with respect to the Premises (the “XXX Transaction”). In connection with the XXX Transaction, Landlord, Tenant and XXX are entering into various documents (collectively, the “XXX Documents”), including without limitation the following:
(a) Prime Lease Agreement between Landlord, as lessor, and XXX, as lessee (the “Prime Lease”);
(b) Xxxxxxxxx Agreement, between XXX, as lessor, and Landlord, as lessee (the “Xxxxxxxxx Agreement”);
(c) This Lease, which shall be a sub-sublease of the Premises;
(d) Company Lease Agreement between Tenant, as lessor, and XXX, as lessee (the “Company Lease”); and
(e) Agency Lease Agreement between XXX, as lessor, and Tenant, if more than oneas lessee (the “Agency Lease”). Tenant shall pay, then jointly or on demand shall reimburse Landlord for, all actual, out-of-pocket expenses incurred by Landlord in connection with the XXX Transaction, including, without limitation, Landlord’s and severallyLandlord’s mortgagee’s attorneys’ fees and expenses (provided, hereby accepts and leases from Landlordhowever, that certain one-story industrial building commonly known as 0000 Xxxxxxx Boulevardwith respect to this Lease, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet ("Building"), together Tenant’s responsibility for Landlord’s and Landlord’s mortgagee’s costs and expenses shall be limited to attorneys’ fees and expenses relating to this Section 2.3 or incurred specifically in connection with the real property upon which XXX Transaction). Tenant acknowledges that Landlord shall not suffer any detriment in connection with the same is situated ("Property")XXX Transaction, and the use in furtherance of the parking spaces situated on the Propertyforegoing, together Tenant agrees that (i) Tenant shall timely comply with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect on the date of the Option Notice, as hereinafter defined, and on the last day of the Term, and if Tenant shall not then be in default of any of its obligations under the XXX Documents, (ii) Tenant shall indemnify and hold Landlord harmless against any costs, expenses, claims, losses and liabilities incurred by or asserted against Landlord in connection with the XXX Transaction and the XXX Documents, including, without limitation, any recapture of any Benefits or Impositions (as such terms are defined in the Agency Lease) or any other tax benefits set forth in the XXX Documents, and (iii) any default by Tenant beyond any applicable grace period under any XXX Document shall constitute an Event of Default under this Lease. Landlord agrees that so long as no Event of Default shall have occurred and be continuing, then, at the option of Tenant by written notice to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Tenant Landlord shall only have the right to not exercise the aforementioned option by written notice ("Option Notice"rights of “Owner” to terminate the Xxxxxxxxx Agreement pursuant to Section 17(b) to Landlord at any time from the date hereof to the date which is one hundred eighty (180) days before the expiration of the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease Agreementthereof.
Appears in 1 contract
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, Tenant and Tenant, if more than one, then jointly and severally, Tenant hereby accepts and leases from Landlord, that certain one-story industrial Landlord the Premises defined in the next paragraph in the office building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet (the "Building") to be located on the west half of the block bounded by Clark, Randolph, Lake and Dearborn Streets in Chicxxx, Xxxxxxxx 00000, xxich real estate (the "Land") is depicted on Exhibit A attached hereto and made a part hereof (which Land does not include the North Tower [Phase Two]), together with the real property upon which right to use in common with other tenants the same is situated ("Property")entrances, hallways, corridors, lobbies, rotunda, public lavatories, elevators, escalators, stairways, loading docks and other common areas and the license to use of the parking spaces situated on mini-theater area and security desk as described in Section 43 hereof and the PropertyLoading Dock Bay described in Section 5(k) hereof, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect ) commencing on the date of the Option Notice, as hereinafter defined, Low-Rise Commencement Date and ending on the last day of the Termmonth prior to the month in which the twentieth (20th) anniversary date of the Low-Rise Commencement Date occurs, subject to extension as provided in Section 35 (the "Expiration Date"), unless sooner terminated as provided herein, paying as rent therefor the sums hereinafter provided, without any setoff, abatement, counterclaim or deduction whatsoever, except as otherwise expressly permitted herein. The Term with respect to all space leased by Tenant in the Building, including, without limitation, Pre-Occupancy Expansion Space, Post-Occupancy Expansion Space, First Offer Space, Vault Space and if Tenant Lobby Space shall not then be end on the same date as the termination date for the lease of the Initial Premises, as extended, subject to earlier termination as provided in default of any of its obligations under this Lease, then, at the option of Tenant by written notice to Landlordlease. 10 Initially, the Term Premises shall consist of this Lease (i) office space on floors 2 through 9 and part of floor 10 of the low-rise portion of the Building and the top floor (the "Top Floor") of the high rise portion of the Building which, based on existing design plans for the Building, are estimated to contain a total of approximately 248,000 square feet of Rentable Area, (ii) vault space on lover level III of the Building which, based on existing design plans for the Building, is estimated to contain approximately a total of 13,500 square feet of Rentable Area and (iii) space in the lobby of the Building ("Lobby Space") which, based on existing design plans for the Building, is estimated to contain a total of approximately 1500 square feet of useable area, all of the foregoing as shown in the schematic drawings attached as Attachment 10. Notwithstanding anything herein to the contrary, the Top Floor will contain not more than one hundred five percent (105%) nor less than ninety percent (90%) of the gross floor area shown on the schematic drawings as Attachment 10 for the Top Floor and each of the low-rise floors of the Building will contain not more than one hundred five percent (105%) nor less than ninety-five percent (95%) of the gross floor area shown in the schematic drawings attached hereto as Attachment 10 for such floor, except floor 2 is not less than 89% and floor 3 is not less than 92% and except as specifically permitted with respect to Post-Occupancy Expansion Space described in Section 44. The Building will contain not less than forty (40) stories above street level. The configuration, location and size of the Vault Space as shown in Attachment 1 and in the schematic drawings attached hereto as Attachment 10 may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Tenant shall only have the right to exercise the aforementioned option changed by written notice ("Option Notice") to Landlord at any time from the date hereof prior to the date which that is six (6) months after the commencement of construction of the Building to accommodate physical conditions and Building engineering and structural requirements, so long as the Vault Space is one hundred eighty contiguous block of space on one level, is contiguous to the parking garage forming a part of the Building (180the "Garage"), is served by the low-rise passenger elevator, freight elevator and garage elevator in the general location shown on Attachment 1 hereto and the aggregate area of all of the Vault Space is not reduced by more than ten percent (10%). At such times as the floor plans for the Building are finalized, but in no event later than the commencement of construction, Landlord and Tenant shall enter into an amendment to this lease, which amendment shall have copies of the floor plans attached and the precise location of the Original Premises shall be designated thereon. When construction of the core and shell of the Building has progressed sufficiently to allow computation of the actual Rentable Area or useable square feet, as appropriate, contained in each of the components of the Premises and in the Building, and Tenant's Proportionate Share, Landlord's architect for the construction of the Building (the "Project Architect") and the space planner retained by Tenant to design and supervise construction of the Premises ("Tenant's Space Planner") shall independently determine, in accordance with the provisions of this lease, the Rentable Area or useable square feet, as appropriate, contained in each of the components of the Premises and in the Building and Tenant's Proportionate Share, and shall each promptly furnish such determinations to Landlord and Tenant and supply to Landlord and Tenant all computations, measurements, plans and other back-up information. In the event the Project Architect and Tenant's Space Planner do not make the same determination of the Rentable Area or useable square feet, as appropriate, contained in any of the components of the Premises or in the Building, or Tenant's Proportionate Share, such number(s) shall be determined by arbitration in accordance with Section 65 hereof. The losing party (or the party further from the arbitrator's determined number) shall pay the costs of arbitration. The determinations of Rentable Area or useable square feet, as appropriate, or Tenant's Proportionate Share arrived at pursuant to this Section 1(a) shall be final and binding on Landlord and Tenant for all purposes under this lease including, without limitation, the calculation of Base Rent and Additional Rent. If (x) the size, configuration or location of the Vault Space is changed from that shown in the schematic drawings attached hereto as Attachment 10, or (y) the Rentable Area or useable square feet, as the case may be, of the Building, or any portion of the Premises is determined to be different than that set forth above and on the Exhibits attached hereto, or (z) Tenant's Proportionate Share is changed in accordance with the foregoing then within ten (10) days before the expiration of the Term. If not so exercisedafter either party's request, the option both parties shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained confirm such change in an amendment to this Lease Agreementlease.
Appears in 1 contract
Samples: Lease (Chicago Title Corp)
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, (a) Landlord hereby demises rents and leases to Tenant, and Tenant, if more than one, then jointly and severally, Tenant hereby accepts rents and leases from Landlord, that certain one-story industrial building commonly known the following described space (the “Premises”): Floor: 15th Suite: 0000 Xxxxxxxx Xxxxxx Feet: 2,561 Usable Square Feet: 2,208 located at the herein called “Building”: Building: Corporate Center VI Address: Six Concourse Parkway Xxxxxx County, Georgia Total Building Rentable Area: 697,400
(b) The Premises are more particularly shown and outlined on the space plans attached hereto as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet ("Building"), together with the real property upon which the same is situated ("Property")Exhibit “A”, and made a part hereof. The term of this Lease (the use of the parking spaces situated “Term”) shall commence on the Property, together with all rights, privileges, easements, appurtenances and immunities belongingearlier to occur of (i) the date the Tenant Improvements have been Substantially Complete or the date the Tenant Improvements would have been Substantially Complete in the absence of Tenant Delay, or pertaining thereto, (all ii) the date Tenant occupies the Premises or any portion thereof for the purpose of conducting business therefrom (the foregoing are earlier to occur of (i) or (ii) being hereinafter collectively referred to as the "Premises"“Commencement Date”), all as more fully described and shall end at midnight on the Site Plan attached hereto as Exhibit A.
A. Tenant shall have and hold last day the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of thirty-ninth (39’’) full calendar month following the Premises Commencement Date ("Commencement the “Expiration Date") and ending on July 31, 2003”), unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this as herein provided. This Lease shall be in full force effective and effect enforceable upon its execution and delivery, whether such execution and delivery occurs on, prior to, or after the Commencement Date. Landlord currently estimates that the Commencement Date will occur on the date of the Option NoticeJanuary 1, as hereinafter defined2006, and on the last day of the Term, and if Tenant shall not then be in default of any of its obligations under this Lease, then, at the option of Tenant by written notice to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Tenant shall only have the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof subject to the date which is one hundred eighty (180) days before the expiration provisions of the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions Paragraph 4 below and limitations to confirmation by delivery of an “Acceptance of Premises” agreement as contained described in this Lease AgreementParagraph 5 below.
Appears in 1 contract
Premises and Term. (a) In consideration of the obligation mutual obligations of Landlord and Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereofset forth herein, Landlord hereby demises and leases to Tenant, and TenantTenant hereby takes from Landlord the Premises situated within the Town of Mansfield, if County of Bristol, Commonwealth of Massachusetts, more than oneparticularly described and depicted on Exhibit "A" attached hereto and incorporated herein by reference, then jointly and severally, hereby accepts and leases from Landlord, that certain one-story industrial building commonly known as 0000 00-00 Xxxxxxx BoulevardXxxx, Buffalo Grove, Illinois 60089, which consists and consisting of approximately 63,240 52,700 square feet (the "Premises"), located within a building consisting of approximately 58,800 square feet (the "Building"), together with the real property upon which right to use, in common with all other occupants of the same is situated Building, the walkways, sidewalks and parking areas identified on Exhibit "A," to have and to hold, subject to the terms, covenants and conditions in this Lease. The term of this Lease shall commence on the "Commencement Date" hereinafter set forth and shall end on August 31, 2021.
("Property"b) The Commencement Date shall be the later of (i) the date of substantial completion of the Landlord Improvements (as hereinafter defined) or (iii) fourteen (14) days after the Move-in Date (as hereinafter defined). Notwithstanding the foregoing, provided that this Lease has been fully executed and that Tenant has delivered to Landlord the LOC (as defined in Paragraph 2(b) below), the required certificate(s) of insurance, and the use first monthly installment of escrow charges pursuant to Paragraph 2(a) below, and subject to Tenant's receipt of all required municipal approvals, Tenant shall have the parking spaces situated on right to access the PropertyPremises prior to the Commencement Date for the purpose of completing the work within the Premises designated as Tenant's responsibility in the scope of work, together with all rights, privileges, easements, appurtenances plans and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan construction schedule attached hereto as Exhibit A.
A. Tenant shall have and hold "B" (collectively, the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement DateImprovements Plans") and ending on July 31, 2003, unless sooner terminated or extended pursuant according to any provision hereof the schedule set forth therein (the "TermEarly Access Period").
B. If . During the Early Access Period, all terms and conditions of this Lease shall be in full force and effect (except Tenant's obligation to pay Base Rent and other monthly charges) and Tenant shall conduct its permitted work at its sole cost, risk and expense and in a manner that avoids interference with the performance of the Landlord Improvements.
(c) Provided that this Lease has been fully executed and that Tenant has delivered to Landlord the LOC, the required certificate(s) of insurance, and the first monthly installment of escrow charges pursuant to Paragraph 2(a) below, and subject to Tenant's receipt of all required municipal approvals, Landlord shall use commercially reasonable efforts to have the Premises in "move-in condition" (as hereinafter defined) and permit Tenant to move into the Premises by February 21, 2011 (the "Target Move-in Date"). For purposes of the Lease, the term "move-in condition" shall mean Landlord shall have completed the floor epoxy treatment in the Premises. The date upon which the Premises shall be in "move-in condition" and Landlord shall permit Tenant to commence moving into the Premises is hereinafter referred to as the "Move-In Date." From the Move-in Date through the Commencement Date, all terms and conditions of this Lease shall be in full force and effect (except Tenant's obligation to pay Base Rent and other monthly charges) and Tenant shall conduct its permitted work at its sole cost, risk and expense and in a manner that avoids interference with the performance of the Landlord Improvements.
(d) Tenant acknowledges that (i) it has inspected and accepts the Premises in its as-is, where-is condition, with all faults, (ii) the Building and improvements comprising the same are suitable for the purpose for which the Premises are leased, (iii) the Premises are in good and satisfactory condition, and (iv) no representations as to the repair of the Premises, nor promises to alter, remodel or improve the Premises have been made by Landlord (unless otherwise expressly set forth in this Lease). Notwithstanding anything contained in this Lease to the contrary, Landlord hereby represents to Tenant that, to Landlord's knowledge, but without independent investigation whatsoever: (i) the Building is in compliance with all applicable laws including all Environmental Laws (as defined in Paragraph 24(a) below), (ii) all utility and other systems servicing or otherwise benefiting the Premises are in compliance with all applicable laws, and (iii) the Building is structurally sound. Nothing contained in this paragraph shall operate to modify the parties' respective repair and maintenance obligations as more particularly described in Paragraphs 4 and 5 hereof.
(e) Prior to the Commencement Date, Landlord, at Landlord's sole cost and expense, but subject to the Tenant Contribution (as defined below), shall in a good, workmanlike and diligent manner, and in compliance with all applicable laws, ordinances, building codes and requirements of public authorities and insurance underwriters, complete the work within the Premises in accordance with the Improvement Plans, which work (including materials, supplies, components, labor and services therefor, except for materials, supplies, components, labor and services with respect to the work expressly designated as Tenant's responsibility) (collectively, the "Landlord Improvements"). Tenant shall fully cooperate and not interfere with Landlord's performance of the Landlord Improvements, including the movement of furniture or other personal property at its sole cost and risk. As part of the Landlord Improvements, Landlord shall deliver the Premises to Tenant on the Commencement Date with all Building systems in good working condition and repair. Following the substantial completion of the Landlord Improvements, as reasonably determined by Landlord, Tenant shall deliver a payment to Landlord in the amount of One Hundred Fifteen Thousand and 00/100 Dollars ($115,000.00) (the "Tenant Contribution") to reimburse Landlord for a portion of the cost of performing the Landlord Improvements within fifteen (15) days after Tenant's receipt of an invoice therefor accompanied by reasonable supporting documentation. For purposes of Paragraphs 1(e) and (f) hereof, the terms "substantial completion" and "substantially completed" shall mean that state of completion of the Landlord Improvements which will, except for any improvements or work to be performed by Tenant, allow Tenant to utilize the Premises for its intended purpose without material interference to the customary business activities of Tenant by reason of the completion of any work being performed by Landlord; provided, however, that substantial completion cannot occur until Landlord has obtained and delivered to Tenant a temporary certificate of occupancy or its equivalent for the Premises. Substantial completion shall be deemed to have occurred notwithstanding that minor or insubstantial details of construction, decoration or mechanical adjustment remain to be performed. The foregoing minor or insubstantial details, commonly referred to as punchlist items, shall be completed by Landlord no later than thirty (30) days following the date of substantial completion (except for items which cannot reasonably be completed within such thirty (30) day period, which items shall be completed as promptly as practicable thereafter using diligent efforts).
(f) Tenant shall have the Option Noticeright to commence moving into the Premises on the Move-in Date and Landlord shall use commercially reasonable efforts to substantially complete the Landlord Improvements by the fourteenth (14th) day after the Move-In Date (the "Target Commencement Date"); provided, however, if for any reason the Premises is not in "move-in condition" by the Target Move-in Date or Landlord shall not have substantially completed the Landlord Improvements by the Target Commencement Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease or the obligations of Tenant hereunder, except as expressly set forth herein. If the Premises is not in "move-in condition" by the Target Move-in Date or Landlord shall not have substantially completed the Landlord Improvements by the Target Commencement Date (such dates, as the same may be extended, being referred to herein as the "Deadline" or Deadlines," as applicable), subject to extensions of one (1) day for each day for Force Majeure Delays (as defined in Paragraph 22(c) below) and one (1) day for each day of delay caused by Tenant or Tenant's employees, contractors, or invitees, including Tenant's failure to timely deliver the LOC to Landlord pursuant to the terms and conditions of Paragraph 2(b) below ("Tenant Delay"), Tenant shall receive two (2) additional days of free Base Rent and escrow charges for each day beyond one or both Deadlines, as applicable, that the Premises is not delivered in the required condition, commencing on each Deadline and continuing through the actual date of delivery in the required condition, as Tenant's sole and exclusive remedy against Landlord. In lieu of the foregoing remedy, Landlord may elect to provide Tenant with a credit against the Tenant Contribution in an amount equal to two (2) days of Base Rent and escrow charges for each day of delay beyond each Deadline, subject to the extensions set forth in the preceding sentence. After the Commencement Date, Tenant shall, upon demand, execute and deliver to Landlord a letter of acceptance of delivery of the Premises, confirming the Move-In Date, Commencement Date, Expiration Date, Abatement Period (as hereinafter defined), rent schedule and on such other information as the last day of parties may reasonably request. Notwithstanding anything contained in this Lease to the Termcontrary, and if no Tenant Delay shall not then be in default deemed to have occurred to the extent that such delay results from (i) Landlord's breach of any of its obligations under this Lease, then(ii) the negligent or wrongful act or omission of Landlord or of any of its agents, employees, contractors or invitees, or (iii) any matter beyond the reasonable control of Tenant. Furthermore, in those situations where Tenant is not aware of the existence of a particular alleged Force Majeure or Tenant Delay, Landlord agrees to give Tenant notice of such alleged Force Majeure or Tenant Delay no later than two (2) business days after Landlord becomes aware of the existence of the same, so as to enable Tenant to promptly mitigate the impact of any such delay. For purposes of this Paragraph 1(f) only, Force Majeure Delays shall not include labor disputes, a holdover by the current tenant at the option Premises or material shortages so long as, with respect to material shortages, Tenant agrees to make substitution of materials of equivalent grade and quality when and if any specified material shall not be readily and reasonably available. If Tenant fails to agree to such substitution within twenty-four (24) hours of being notified of same by written notice to Landlord, Tenant's approval of such substitution shall be deemed given.
(g) This Lease shall be contingent upon and shall not take effect unless and until Landlord and the Term current tenant at the Premises execute an agreement to relocate such tenant from the Premises into a new space. In the event the current tenant fails to execute an agreement to relocate within twenty-four (24) hours after the full execution of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Lease, Tenant shall only have the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord terminate this Lease at any time prior to such current tenant's execution of the agreement to relocate, by giving notice thereof to Landlord. Furthermore, in the event the current tenant at the Premises fails to surrender the Premises by February 1, 2011, Tenant shall have the right to terminate this Lease during the time period from February 1, 2011 through and including February 4, 2011, by giving written notice thereof to Landlord. Finally, if Landlord fails to substantially complete the date hereof to the Landlord Improvements by that date which is one hundred eighty sixty (18060) days before following the expiration of Deadline, Tenant shall have the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in right to terminate this Lease Agreement.within two
Appears in 1 contract
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, Landlord hereby demises and leases Leases to Tenant, and Tenant, if more than one, then jointly and severally, Tenant hereby accepts and leases Leases from LandlordLandlord certain Premises situated within the County of Shelby, that certain one-story State of Tennessee, consisting of: Approximately 120,000 square feet of industrial building commonly space, together with adjoining ramps, loading docks and parking areas, as shown on Exhibit “A” attached hereto and incorporated herein by reference (herein referred to as the “Premises” or the “Leased Premises”). The Premises are located in a Building known as 0000 Xxxxxxx BoulevardXxxx Xxxx, Buffalo GroveXxxxxxx, Illinois 60089Xxxxxx Xxxxxx, which consists Xxxxxxxxx (such building is herein referred to as the “Building;” the Building and surrounding grounds, including surrounding grounds for a property known as 0000 Xxxxxxx Xxxx Road, are herein referred to collectively as “Xxxxxx Xxxx XX”). Subject to certain restrictions set forth below, the rights granted to Tenant hereunder include the exclusive right to park vehicles (including trucks and trailers) within the property comprising the “Premises”; the non-exclusive right (in common with Landlord, the other tenants of approximately 63,240 square feet the Building and their respective permittees) to park in the “non-exclusive parking and access areas” identified on Exhibit “A” hereto in connection with Tenant’s usage of the Premises; the non-exclusive right ("Building")in common with Landlord, together with the real property upon which other tenants of the same is situated ("Property"), Building and their respective permittees) to continuous driveway access through such “non-exclusive parking and access areas” to public roads adjacent to Xxxxxx Xxxx XX; and the use non-exclusive right (in common with Landlord, the other tenants of the parking spaces situated on Building and their respective permittees) to use the Propertywalkways, hallways, sidewalks and all other common areas adjacent to or serving the Premises or the Building, together with all rights, privileges, easements, and appurtenances and immunities belonging, belonging to or in any way pertaining thereto, (all to any of the foregoing are hereinafter collectively referred rights. Notwithstanding anything herein to as the "Premises")contrary, all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant shall have not permit vehicles to be parked in such a manner that will interfere with the free flow of traffic through any of the “non-exclusive parking and hold access areas” identified on Exhibit “A.” From and after the date on which the premises immediately adjacent to the Premises are occupied by a tenant, Tenant shall not permit any vehicle to be wholly or partially parked within the area reserved for the exclusive use of such tenant, such space being identified on Exhibit “A” hereto. TO HAVE AND TO HOLD the same for a term of 60 months (the “Term”) commencing on February December 1, 19972006 (“Commencement Date”) and, or such earlier date as subject to Tenant’s renewal option set forth in Section 28 hereof, ending November 30, 2011 (“Termination Date”). Tenant is permitted to gain access to all or a portion currently in possession of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof the Existing Lease Agreements ("Term").
B. If this Lease shall be as defined in full force and effect on the date of the Option Notice, as hereinafter defined, and on the last day of the Term, and if Tenant shall not then be in default of any of its obligations under this Lease, then, at the option of Tenant by written notice to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"Section 27 hereof). Tenant acknowledges that the Premises are in good and satisfactory condition as of the date hereof. Tenant acknowledges that no representations as to the repair of the Premises, nor promises to alter, remodel or improve the Premises have been made by Landlord, unless such are expressly set forth in this Lease. For the purposes hereof a “lease year” shall only have the right to exercise the aforementioned option by written notice be a calendar year concluding December 31 and a partial lease year shall be ("Option Notice"a) to Landlord at any time from the date hereof to the date which is one hundred eighty Commencement Date until December 31,2006 and (180b) days before the expiration from January 1 of the Term. If not so exercised, final calendar year of the option shall lapse. The Extended Term shall be on Lease until the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease AgreementTermination Date.
Appears in 1 contract
Samples: Lease Agreement (Bway Corp)
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, Section 1.1. Landlord hereby demises and leases to Tenant, Tenant and Tenant, if more than one, then jointly and severally, Tenant hereby accepts and leases from Landlord, that certain one-story industrial building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists Landlord the demised premises consisting of approximately 63,240 14,551 rentable square feet (including Tenant's prorata share of building common areas) located on the first floor of the approximately 64,491 square foot building located at 000 Xxxxxxxxxxxx Xxxxx, Xxxxx Xxxx, Xxxxxxxxxx (as described in Exhibit "BuildingA" and located substantially as shown on Exhibit "B" attached hereto), together upon and subject to the terms and provisions of this Lease for a demised term of approximately Forty Two (42) calendar months (plus any partial period prior to the commencement of the first full calendar month), commencing one (1) day after substantial completion of the Tenant Improvements described in Article 3, as certified by Landlord and Landlord's Contractor, with all approvals and permits from the real property upon which appropriate governmental authorities required for the same is situated legal occupancy of the demised premises based on the substantial completion of the Tenant Improvements having been obtained (the "PropertyCommencement Date"), and the use of the parking spaces situated on the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect on the date of the Option Notice, as hereinafter defined, and on the last day of the TermForty Second (42nd) calendar month (exclusive of such partial period, if any) after such commencement. Landlord shall use commercially reasonable efforts to deliver the demised premises to Tenant with the Tenant Improvements substantially completed on or before November 30, 2003. Subject to the following conditions, in the event Landlord has not commenced construction of the Tenant Improvements in the demised premises on or before November 1, 2003 (the "Anticipated TI Commencement Date"), or has not substantially completed the construction of the Tenant Improvements in the demised premises on or before December 15, 2003 (the "Anticipated TI Completion Date"), then Tenant shall have, as its sole and exclusive remedy (unless Landlord has not used its commercially reasonable efforts as required above), the one (1) time right to terminate this Lease upon written notice given to Landlord within three (3) days after the Anticipated TI Commencement Date or Anticipated TI Completion Date, as the case may be; provided that (i) Tenant shall submit Tenant's final Plans to Landlord for Landlord's approval on or before August 26, 2003; and shall make any needed corrections thereto such that Landlord can submit the Plans for permits on or before August 27, 2003, (ii) once Landlord has approved Tenant's final Plans and has submitted such Plans to the appropriate governmental agencies for permits, Tenant and Tenant's Architect shall diligently pursue all such required approvals including immediately responding to requests and/or making modifications to the Plans as required by the appropriate governmental agencies (and including bearing the cost of an outside plan checker subject to the allowance); and if Tenant does not submit Tenant's final Plans to Landlord for Landlord's approval on or before August 26, 2003, or make any needed corrections such that Landlord can submit the Plans for permits on or before August 27, 2003, or if Tenant (or Tenant's Architect) does not diligently pursue all the required approvals, then the Anticipated TI Commencement and Completion Dates shall be extended on a day for day basis by the number of days of delay caused by Tenant's failure to timely perform such obligations; (iii) Tenant's final Plans as submitted to the appropriate governmental agencies shall not require a use permit and, if a use permit is required, Tenant shall modify the Plans within five (5) days of notice that such a use permit is required to eliminate the need for the same; and (iv) if Tenant requests extra work and/or a change order, or if Tenant accesses the demised premises to install fixtures and equipment therein as described below, which results in a delay in substantially completing the Tenant Improvements, then the Anticipated TI Completion Date shall be extended on a day for day basis by the number of days of any such delay. Tenant shall have the right to access the demised premises for the purposes of installing Tenant's fixtures and equipment during the two (2) weeks prior to the Commencement Date. From and after the date Tenant first accesses any portion of the demised premises, all of the provisions of this Lease (other than the obligation to pay rent) shall be applicable notwithstanding that the demised term has not yet commenced. Specifically, but without limitation, Tenant's and Landlord's obligations with respect to insurance and indemnities shall be operable as of the date Tenant accesses any portion of the demised premises, and Tenant shall provide certificates of insurance for the insurance required of Tenant pursuant to Articles 9 and 10 of this Lease prior to accessing any portion of the demised premises. Tenant shall indemnify Landlord and all occupants of the building of which the demised premises (the "building") is a part against any and all claims arising out of Tenant's access and/or work or other activity in the demised premises. Tenant agrees that such access and installation of fixtures and equipment will not interfere with or delay Landlord's completion of the Tenant Improvements and that any such delay caused by such access or installation shall not delay the commencement of the demised term or the payment of rent hereunder.
Section 1.2. Provided this Lease is in full force and effect and Tenant is not, at the time of giving the notice described below or at any time thereafter until commencement of the option term, in default of under any of its obligations under the terms, conditions and covenants of this Lease, thenand subject to the terms and conditions set forth herein, at Tenant shall be granted the option of Tenant by written notice to Landlord, extend the Term term of this Lease may be extended beyond the Term for one (1) consecutive period of twenty-four (24) months (the "option term") as provided below:
(a) Tenant shall notify Landlord in writing of Tenant's exercise of the option to extend the Lease not less than six (6), nor more than nine (9), full calendar months prior to the expiration of the initial term;
(b) The option term will commence on the day after the expiration of the initial term and shall terminate twenty-four (24) months later;
(c) There shall be no further option to extend and there shall be no Tenant Allowance;
(d) The option to extend can be exercised only by XTent, Inc. for its sole use of the demised premises and may not be transferred or assigned to any sublessee, assignee or other party, nor may this option be exercised by XTent, Inc. for the use of the demised premises by any sublessee, assignee or party other than XTent, Inc., except for subleases of less than fifty percent (50%) of the demised premises in the aggregate and except that the option can be transferred to a Permitted Transferee described in Section 6.F. hereof;
(e) The then current payments for additional rent shall continue to be adjusted during the option term pursuant to the provisions of this Lease;
(f) The base rent as described hereinbelow for each year of the option term shall (subject to the provisions hereof) equal ninety-five percent (95%) of the Fair Market Rental Value (hereinafter defined). "Fair Market Rental Value" shall mean the market rent, including annual increases (if any), being charged on the first day of the option term for similar space in buildings of comparable quality as the building in which the demised premises is situate which are located in similar areas of the Cities of Menlo Park and Palo Alto. In determining the Fair Market Rental Value comparable transactions shall be considered, including without limitation, length of lease term, landlord and tenant inducements and rent increases, if and to the extent then a part of market conditions. The rent on comparable leases shall be adjusted to reflect the value or cost of such inducements since neither Landlord nor Tenant shall have any obligation to pay or perform any such inducements (except for rent increases if applicable). For purposes of the determination of Fair Market Rental Value it shall be assumed the Landlord and Tenant are each ready, willing and able to enter into such a lease but are under no compulsion to do so. Within twenty (20) calendar days after Tenant's written notice of exercise, Tenant shall advise Landlord of its estimate of the Fair Market Rental Value for the demised premises. Landlord, within twenty (20) calendar days thereafter, shall advise Tenant in writing of its estimate of the Fair Market Rental Value. During the next twenty (20) calendar days the parties shall meet and confer for the purpose of agreeing upon Fair Market Rental Value. If the parties are then unable to agree, then the Fair Market Rental Value shall be determined by an appraisal as herein set forth and the Fair Market Rental Value as so determined shall be binding upon Landlord and Tenant. Within ninety (90) calendar days after the Tenant's notice of exercise, Landlord and Tenant shall each appoint an appraiser and notify the other xxxxx in writing of its choice. Thereupon, the two appraisers so elected shall elect a third appraiser within thirty (30) calendar days of their appointment, unless during such period the two appraisers shall have agreed upon a Fair Market Rental Value, or have reconciled their appraisals to within ten percent (10%) of each other in which event the average of the two appraisals will be the Fair Market Rental Value, in which case their determination shall be final and binding. If the two appraisers shall be unable to agree upon a third appraiser, then the Landlord and Tenant shall immediately request the Presiding Judge of the San Mateo County Superior Court to make such selection. The three appraisers shall meet and confer for a period not to exceed sixty (60) calendar days and the determination of Fair Market Rental Value by a majority of the three shall be final and binding. In the event that a majority cannot agree, then the third (neutral) appraiser shall direct each of the party appraisers to review their appraisals for a period of seven (7) calendar days and return to a meeting of the three appraisers within five (5) calendar days thereafter with each respective party appraiser having indicated their final appraisal of Fair Market Rental Value in a sealed envelope and signed by that appraiser. The third appraiser will do the same. The envelopes will be opened in the presence of the three appraisers and the Fair Market Rental Value of the party appraiser which is closest to the Fair Market Rental Value of the third appraiser will be the final Fair Market Rental Value and binding on the parties. Each party shall bear the cost of the appraiser selected by it and the cost of the third appraiser shall be shared equally (including all costs associated with an appointment by the Superior Court of San Mateo, if applicable, regardless of which party filed the application). To be appointed as an appraiser the person so appointed shall hold the professional designation of MAI awarded by the American Institute of Real Estate Appraisers or such designation as may then be the preeminent professional designation, hold any licenses which may then be required by law, and have at least five (5) years current experience appraising commercial/light industrial properties in San Mateo County. Notwithstanding the foregoing to the contrary, in no event shall the base rent for each year of the option term be reduced below the base rent payable by Tenant for the last year ("Extended Term")or partial year) of the original demised term. When the base rent for the option term is determined pursuant to the above provisions, the parties shall promptly execute an amendment to this Lease stating the base rent to be paid during the option term. In the event Tenant has retained the services of a real estate broker to represent Tenant during the negotiations of the option term, it is expressly understood that Landlord shall have no obligation for the payment of all or any part of a real estate commission or other brokerage fee to Tenant's real estate broker in connection therewith. Tenant shall only have be solely responsible for the right payments of fees for services rendered to exercise the aforementioned option Tenant by written notice ("Option Notice") to Landlord at any time from the date hereof to the date which is one hundred eighty (180) days before the expiration of the Term. If not so exercised, such broker in connection with the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease Agreementterm.
Appears in 1 contract
Samples: Lease (Xtent Inc)
Premises and Term. In consideration of the obligation mutual obligations of Tenant Lessor and Lessee set forth herein, Lessor leases to pay rent as herein providedLessee, and Lessee hereby takes from Lessor the premises (the "LAND") situated within the County of Dentxx, Xxate of Texas, more particularly described on EXHIBIT A attached hereto and incorporated herein by reference (subject to adjustment as provided in consideration of the other terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant, if more than one, then jointly and severally, hereby accepts and leases from Landlord, that certain one-story industrial building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet ("Building"), together with the real property upon which the same is situated ("Property"), Section 26.D.) and the use of improvements contemplated to be constructed thereon pursuant to this Lease (the parking spaces situated on "IMPROVEMENTS") (the Property, Land and Improvements being herein collectively referred to as the "PREMISES") together with all rights, privileges, easements, appurtenances appurtenances, and immunities belongingamenities belonging to or in any way pertaining to the Premises, or pertaining theretoto have and to hold, subject to the terms, covenants and conditions in this Lease. The term of this Lease (all of the foregoing are hereinafter collectively referred to as the "PremisesPRIMARY TERM"), all as more fully described ) shall commence on the Site Plan attached hereto as Exhibit A.
A. Tenant commencement date hereinafter set forth and shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect on the date of the Option Notice, as hereinafter defined, and end on the last day of the Term, and if Tenant shall not then be month that is 120 months after the commencement date (subject to extension as provided in default of any of its obligations under this Lease). Lessor shall notify Lessee of the substantial completion of the Improvements, then, at which shall be deemed to occur on the option of Tenant by written notice to Landlord, the Term date determined in accordance with this Paragraph. The term of this Lease may be extended beyond shall commence on the Term for one additional term latest of five the following three dates (5herein referred to as the "COMMENCEMENT DATE"): (i) years ("Extended Term"). Tenant shall only have the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof to the date which is one hundred eighty fourteen (18014) days before after Lessor's notice to Lessee that the expiration Premises are fixture-ready, permitting Lessee to install furniture, equipment, fixtures, and other personal property in the warehouse portion of the TermImprovements in accordance with Paragraph I A(iv) (the "MOVE IN Period"); (ii) the date of substantial completion of the Improvements, determined in accordance with Paragraph 1; and (iii) April 1, 1997. If not so exercisedLessor hereby waives payment of rent during the Move In Period, or at any time prior to the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease Agreementcommencement date.
Appears in 1 contract
Premises and Term. In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions and covenants hereof, (a) Landlord hereby demises rents and leases to Tenant, and Tenant, if more than one, then jointly and severally, Tenant hereby accepts rents and leases from Landlord, that certain one-story industrial building commonly known the following described space (the “Premises”): Floors: 17 and 00 Xxxxxxxx Xxxxxx Feet: 50,994 Usable Square Feet: 46,358 located at the herein called “Building”: Building: Corporate Center V Address: Five Concourse Parkway Xxxxxx County, Georgia Total Building Rentable Area: 687,107
(b) The Premises are more particularly shown and outlined on the space plans attached hereto as 0000 Xxxxxxx BoulevardExhibit “A”, Buffalo Groveand made a part hereof. Subject to the provisions of Paragraph 4 below, Illinois 60089the term of this Lease (the “Term”) shall commence on the earliest to occur of (i) the thirtieth (30th) day following the date the Tenant Improvements have been Substantially Complete or the date the Tenant Improvements would have been Substantially Complete in the absence of Tenant Delay; (ii) the date Tenant occupies the Premises or any portion thereof for the purpose of conducting business therefrom; or (iii) July 15, which consists 2006 (the earliest to occur of approximately 63,240 square feet ("Building"i), together with the real property upon which the same is situated ("Property"), and the use of the parking spaces situated on the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, ii) or pertaining thereto, (all of the foregoing are ii) being hereinafter collectively referred to as the "Premises"“Commencement Date”), all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant and shall have and hold the Premises for a term commencing on February 1, 1997, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 2003, unless sooner terminated or extended pursuant to any provision hereof ("Term").
B. If this Lease shall be in full force and effect on the date of the Option Notice, as hereinafter defined, and end at midnight on the last day of the Termninety-sixth (96th) full calendar month following the Commencement Date (the “Expiration Date”), and if Tenant shall not then be in default of any of its obligations under this Leaseunless sooner terminated as herein provided. Notwithstanding the foregoing, then, at the option of Tenant by written notice to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Tenant shall only have the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof to the date which is one hundred eighty (180) days before the expiration of the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions effective and limitations as contained in this Lease Agreementenforceable upon its execution and delivery by Landlord and Tenant.
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Samples: Lease Agreement (First Horizon Pharmaceutical Corp)
Premises and Term. (a) In consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other terms, provisions provisions, and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant, if more than one, then jointly and severally, Tenant hereby accepts and leases from Landlord, that certain one-story industrial the following described space, to wit: Approximately 3,860 rentable square feet identified as Suite 155 as crosshatched on the plan attached hereto as Exhibit "A" (the "Leased Premises") which is located in the building commonly known as 0000 Xxxxxxx Boulevard, Buffalo Grove, Illinois 60089, which consists of approximately 63,240 square feet 2600 Xxxxx Xxxxx (the "Building"), together with situated on the real property upon which described in Exhibit "B" attached hereto (the same is situated ("Property"), . The Leased Premises shall be used for the following purposes and no others: General Office TO HAVE AND TO HOLD the use of the parking spaces situated on the Property, together with all rights, privileges, easements, appurtenances and immunities belonging, or pertaining thereto, (all of the foregoing are hereinafter collectively referred to as the "Premises"), all as more fully described on the Site Plan attached hereto as Exhibit A.
A. Tenant shall have and hold the Premises same for a term (the "Lease Term") of 48 months commencing on February August 1, 19971995, or such earlier date as Tenant is permitted to gain access to all or a portion of the Premises ("Commencement Date") and ending on July 31, 20031999, unless sooner terminated or extended pursuant to any provision hereof ("Term")hereof. Tenant acknowledges hat no representations as to the repair of the Leased Premises, nor promises to alter, remodel or improve the Leased Premises have been made by Landlord, unless such are expressly set forth in this Lease.
B. (b) If this Lease is executed before the Leased Premises become vacant or otherwise available and ready for occupancy, or if any present tenant or occupant of the Leased Premises holds over, and Landlord cannot, using good faith efforts, acquire possession of the Leased Premises prior to the date above recited as the commencement date of this Lease, Landlord shall not be deemed to be in default, nor in any way liable to Tenant because of such failure, and Tenant agrees to accept possession of the Leased Premises at such time as Landlord is able to tender the same. The Lease Term shall commence (the "Commencement Date") upon the earlier to occur of the following two events: (i) the taking of possession of the Leased Premises by Tenant; or (ii) the date upon which construction of the Leased Premises has been substantially completed in accordance with the plans and specifications of Landlord and possession thereof has been tendered to Tenant. In the event the Commencement Date occurs after the date first hereinabove provided, the term of this Lease shall automatically be extended so as to include the full number of months hereinbefore provided, except that if the Commencement Date is other than the first day of a calendar month, such term shall also be extended for the remainder of the calendar month in which possession is tendered. Landlord hereby waives payment of rent (including such portion of the additional rent which is related to Tenant's use of occupancy of the Leased Premises) covering any period prior to the Commencement Date.
(c) Notwithstanding the foregoing, in the event that Tenant's possession is delayed because Landlord has not sufficiently completed the Building or the Leased Premises, the Commencement Date shall be the date upon which the Building, other improvements on the Property and the Leased Premises have been substantially completed in full force accordance with the plans and effect specifications of Landlord (other than any work which cannot be completed on such date, provided such incompletion will not substantially interfere with Tenant's use of the Leased Premises); provided, however, that if Landlord shall be delayed in such substantial completion as a result of: (i) Tenant's failure to agree to plans and specifications; (ii) Tenant's request for materials, finishes or installations other than Landlord's standard; (iii) Tenant's changes in plans; or (iv) the performance or completion by a party employed by Tenant, the Commencement Date and the payment of rent hereunder shall be accelerated by the number of days of such delay. Landlord shall notify Tenant in writing as soon as Landlord deems the Building, other improvements, and the Leased Premises to be completed and ready for occupancy as aforesaid. In the event that the Building, other improvements, or the Leased Premises have not in fact been substantially completed as aforesaid, Tenant shall notify Landlord in writing of its objections within five (5) days after Tenant receives the aforesaid notice from Landlord. Landlord shall have a reasonable time after delivery of such notice in which to take such corrective action as Landlord deems necessary and shall notify Tenant in writing as soon as it deems such corrective action, if any, has been completed so that the Building, other improvements, and the Leased Premises are completed and ready for occupancy.
(d) The taking of possession by Tenant shall be presumptive evidence that the Building, other improvements, and the Leased Premises have been completed in accordance with the plans and specifications and are in good and satisfactory condition as of when possession was so taken (except for such items as Landlord is permitted to complete at a later date, which items shall be specified by Landlord to Tenant in writing). Upon such "Commencement Date" Tenant shall execute and deliver to Landlord a letter of acceptance of delivery of the Leased Premises that is reasonable in form. In the event of any dispute as to when and whether the work performed or required to be performed by Landlord has been substantially completed, the certificate of an A.I.A. registered architect or a temporary or final certificate of occupancy issued by the local governmental authority shall be presumptive evidence of such completion, effective on the date of the Option Notice, as hereinafter defined, and on the last day delivery of the Term, and if Tenant shall not then be in default a copy of any of its obligations under this Lease, then, at the option of Tenant by written notice such certificate to Landlord, the Term of this Lease may be extended beyond the Term for one additional term of five (5) years ("Extended Term"). Tenant shall only have the right to exercise the aforementioned option by written notice ("Option Notice") to Landlord at any time from the date hereof to the date which is one hundred eighty (180) days before the expiration of the Term. If not so exercised, the option shall lapse. The Extended Term shall be on the same terms, covenants, agreements, provisions, conditions and limitations as contained in this Lease AgreementTenant.
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