Reduction of Premises Clause Samples
The Reduction of Premises clause allows for the adjustment or decrease in the amount of leased or licensed space under an agreement. In practice, this clause outlines the conditions and procedures by which a tenant or licensee can reduce the square footage or number of premises they occupy, often requiring advance notice and sometimes payment of a fee or adjustment of rent. Its core function is to provide flexibility for the tenant or licensee to scale down their space commitment in response to changing business needs, thereby reducing financial obligations and risk.
POPULAR SAMPLE Copied 107 times
Reduction of Premises. On or before July 1, 2011, Tenant shall surrender possession to Landlord of the approximately 9,455 square feet of rentable area which is depicted on the floor plan that is attached hereto as Exhibit A-l (the “Reduction Space”) in broom clean condition and with all of Tenant’s personal property removed therefrom. Landlord shall, at Landlord’s expense, promptly thereafter construct a building standard demising wall to separate the Reduction Space from the rest of the Premises. Landlord shall complete the demising wall on the interior of the Premises so that it is sheet-rocked, taped, mudded, sanded and ready for painting. Landlord shall also install, at Landlord’s expense, any HVAC equipment which is required, in Landlord’s commercially reasonable determination, to separate the HVAC systems for the Reduction Space and the Remaining Premises (as defined below) because of the Approved CyberOptics Legal DH construction of such demising wall. Landlord shall, at Tenant’s expense, finish the interior of such demising wall with finishes selected by Tenant and approved by Landlord, which approval shall not be unreasonably withheld. Landlord shall also, at Tenant’s expense, install, reinstall or modify the HVAC venting, ceiling, lighting, air delivery and fire sprinkler systems in the Remaining Premises to the extent required because of the construction of such demising wall. From and after July 1, 2011, or, if later, the date on which Tenant surrenders possession of the Reduction Space in the condition required above, the term “Premises” wherever it appears in this Lease or in any Amendments and Exhibits thereto shall mean the approximately 50,762 square feet of rentable area that is depicted on Exhibit A-l attached hereto (the “Remaining Premises”), whether or not Landlord has then constructed the demising wall; provided that after the demising wall has been constructed, the Remaining Premises shall be re-measured and the actual rentable square footage of the Remaining Premises and Tenant’s Proportionate Share of Operating Expenses shall be memorialized in a Declaration that shall be prepared by Landlord. Notwithstanding anything to the contrary herein, Tenant shall remain obligated to pay Rent for the Reduction Space through June 30, 2011, or, if later, the date on which Tenant actually surrenders possession of the Reduction Space to Landlord in the condition required above (i.e. in broom clean condition and with all of Tenant’s personal property removed therefro...
Reduction of Premises. 1. Upon ▇▇▇▇▇▇’s delivery of an Adjustment Notice to Lessee for a reduction of Premises, Lessor may at Lessor’s sole discretion adjust the Premises by removing Residential Units in the Premises, subject to the requirements of this Section 2.8.
2. In exercising its right to adjust the Premises, Lessor shall not reduce the Premises by removing such number of Residential Units if at that time such reduction of Premises (when also taking into consideration the cumulative addition of units pursuant to Section 2.8(a) above and cumulative reductions from prior reductions of Premises if applicable) would result in an estimated decrease of more than twelve percent (12%) in cumulative Gross Receipts over the Term of the Lease, as calculated pursuant to the methodology set forth in Exhibit C “Maximum Cumulative Gross Receipts Reduction”(“MCGRR”). If the MCGRR Percentage Change (defined in Exhibit C) is at or below the 12% threshold, then the Lessor shall have the right, in Lessor’s sole discretion, to implement the reduction in Premises. If the MCGRR Percentage Change exceeds the 12% threshold, then the Lessor shall not have the right to implement the reduction in Premises, unless the Lessee consents in writing to the reduction of Premises despite the threshold being exceeded.
3. Lessee expressly acknowledges ▇▇▇▇▇▇’s right to adjust the Premises as set forth in this Section 2.8, including Lessor’s right to reduce the number of Residential Units without Lessee’s consent if the MCGRR Percentage Change is at or below the 12% threshold, and Lessee shall have no claim against Lessor whatsoever arising from Lessor’s adjustment of the Premises so long as the conditions in this Section 2.8 are satisfied. Notwithstanding the foregoing, Residential Units temporarily withdrawn from the inventory of available Residential Units for subleasing by Lessee for the purposes of completing Alterations, including but not limited to any emergency repairs, rehabilitation, or restoration, shall not count for the purposes of calculating the Maximum Cumulative Gross Receipts Reduction; nor will such temporary withdrawal for Alterations reduce the Premises.
4. The date to be used for calculating the time of the reduction in Premises shall be the date upon which the reduction in Premises would become effective.
Reduction of Premises. Landlord and Tenant hereby agree to remove from the Tenant Premises the area illustrated and attached hereto as Exhibit A.
Reduction of Premises. Tenant shall vacate and surrender the Seventh Floor Premises (the Seventeenth Floor Premises shall be referred to as the "First Reduction Space") to Landlord no later than March 31, 2018 (the "First Reduction Date"). Tenant shall vacate and surrender the Fifth Floor Premises and the Sixth Floor Premises (the Fifth Floor Premises and the Sixth Floor Premises shall be collectively referred to as the "Second Reduction Space") to Landlord no later than June 30, 2018 (the "Second Reduction Space"). Accordingly, commencing from and after the applicable Reduction Date and following Tenant's delivery of the applicable Termination Consideration (defined below), the applicable Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease as amended hereby (the "Amended Lease") shall be deemed terminated with respect to the applicable Reduction Space (except as to those provisions which expressly survive termination of the Lease), and the "Premises", as defined in the Lease, shall be deemed to mean the Retained Premises. As consideration for Landlord's agreement to accept Tenant's surrender of the Reduction Space, Tenant shall pay to Landlord a total of Seven Million Four Hundred Seventy Two Thousand Two Hundred Ninety-Eight and 90/100 Dollars ($7,472,298.90) (The "Termination Consideration"). The Termination Consideration shall be payable in two (2) installments, the first being due no later than March 1, 2018 in the amount of Two Million Six Hundred Seventeen Thousand Six Hundred Eighty Seven and 21/100 Dollars ($2,617,687.21) and the second installment being due no later than May 31, 2018 in the amount of Four Million Eight Hundred Fifty-Four Thousand Six Hundred Eleven and 69/100 Dollars ($4,854,611.69).
Reduction of Premises. Tenant shall surrender and set over to Landlord possession of that certain space in the Shopping Center, containing approximately 4,000 square feet ("Reduction Space"), upon the earlier of (i) January 31, 2002 or (ii) the date upon which Tenant vacates said Reduction Space (hereinafter "Surrender Date"). Tenant shall surrender the Reduction Space in accordance with Section
1. 6 of the Lease. Landlord shall have no responsibility to make any improvements which may be required to the Premises for permitted use following surrender of the Reduction Space. Tenant shall at its sole cost and expense perform all necessary improvements to reconfigure the Premises following surrender of the Reduction Space, as more particularly set forth as Tenant's Work in Exhibit B attached hereto and made a part hereof, including, but not limited to, obtaining all necessary governmental approvals and permits.
2. As of the Surrender Date, all references in the Lease to the Premises shall exclude the Reduction Space. Accordingly, Common Area costs, Real Estate Taxes and Assessments and all other charges due under the Lease shall thereafter be based upon 29,065 square feet.
Reduction of Premises. Commencing on the Effective Date of this Fifth Amendment the Premises shall be reduced by the subtraction therefrom of approximately 6,105 rentable square feet of space known as Suite 300 in the Building (“Suite 300”) for all purposes under the Lease. All references in the Lease to the “Premises” shall refer to Premises as so reduced by the subtraction of Suite 300 from and after the Effective Date. From and after the Effective Date, Suite 300 shall have no part in calculations regarding Term, Base Rent, and Tenant’s Share of increases in Operating Expenses and Taxes; provided, that Tenant shall pay all Additional Rent attributable to Suite 300 that had accrued in calendar year 2017 prior to the Effective Date of this Fifth Amendment when such Additional Rent becomes due and payable under the Lease.
Reduction of Premises. Notwithstanding anything to the contrary in the Lease, the parties agree that, provided that Tenant is not then in default beyond any applicable notice and cure periods, the Lease and Tenant’s obligations thereunder (including the payment of rent) shall terminate with respect to the 101 Main Premises effective as of the date of Tenant’s delivery of the 101 Main Premises to Landlord as hereinafter set forth (the “Reduction Date”), in the same manner and with the same effect as if that date had been originally fixed in the Lease for the expiration of the term, conditioned on the performance by the parties of the provisions of this Amendment. Tenant shall in any event deliver possession not later than September 1, 2016. Tenant shall deliver the 101 Main Premises in the condition required pursuant to the Lease, in “broom-clean” condition with all furniture and equipment removed therefrom; provided, however, that Tenant shall not be obligated to remove wiring/cabling which is within walls, floors or ceilings or any HVAC equipment specifically dedicated to Tenant’s use (if any). Tenant’s failure to deliver the 101 Main Premises to Landlord in the required condition on or before September 1, 2016 shall be treated as a holdover tenancy pursuant to the Lease.
Reduction of Premises. Effective as of the Partial Surrender Effective Date (as defined below), the Existing Premises shall be modified to exclude that certain portion containing approximately three thousand nine hundred eighty-six (3,986) square feet of Rentable Area located on the first (1st) floor of the Building (as more particularly described on Exhibit B attached hereto, the “Surrender Premises”). From and after the Partial Surrender Effective Date, the term
Reduction of Premises. 2.1 As of October 13, 1998, the Original Premises shall be reduced by the space known as Suite 414, which contains 2,621 rentable square feet (the "Recapture Space #1") as shown on Exhibit A attached hereto and made a part hereof.
2.2 As of December 1, 1998, the Original Premises shall be reduced by the space known as Suite 412, which contains 2,654 rentable square feet (the "Recapture Space #2") as shown on Exhibit B attached hereto and made a part hereof. Definition of "Premises".
3.1 For the period commencing on October 13, 1998 and ending on November 30, 1998, any references in the Lease to the "Premises" shall refer to 46,242 rentable square feet.
3.2 For the period commencing on December 1, 1998 and continuing through the expiration of the Term, any references in the Lease to the "Premises" shall refer to 43,588 rentable square feet.
3.3 Landlord shall use such varying definitions of "Premises" to compute Tenant's liability for any additional rent hereunder, including, without limitation, Building Expenses and Taxes.
Reduction of Premises. Per Section 10.22 Right of First Refusal and Option to Rent: Per Exhibit C Option to Extend: Per Exhibit F Market Rent: Per Exhibit H Allowance: Per Exhibit M Swing Space: Per Exhibit N