Reduction of Premises. 1. Upon Xxxxxx’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 Xxxxxx’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 Notwithstanding the foregoing, Residential Units temporarily withdrawn from the inventory of available Residential Units for subleasing by Lessee for the purposes of completing Alterations, including but not limited to any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. So long as there does not then exist an uncured, continuing Event of Default as defined in Section 9.1 of this Lease, Tenant may, at its sole option, have the one-time right to reduce the Premises by an amount up to 10,000 rentable square feet, so long as the same is marketable by Landlord, as determined by Landlord in its reasonable discretion (the “Reduction Option”), effective on the 3rd anniversary and fifth (5th) anniversary of the Phase 1 Commencement Date (the “Reduction Date”), by delivering notice (the “Notice”) of its election to Landlord at least nine (9) months in advance, and with such Notice, Tenant shall provide a plan of the space to be reduced (“Reduced Space”) and Tenant shall pay to the Landlord on or before the Reduction Date the applicable Fee as set forth below. The costs incurred to demise the Reduced Space from the Premises shall be done at Tenant’s expense. For purposes hereof, the term “Fee”, as of the third anniversary of the Phase 1 Commencement Date, and assuming all three Phases are delivered to Tenant, shall be equal to $37.00/RSF per the Schedule attached hereto as Exhibit O. The Tenant, from time to time, may request from the Landlord what the amount of the Fee will be based on a fifth (5th) anniversary Reduction Date. If Tenant exercises its Reduction Option, then the “Premises” shall automatically be reduced by the Reduced Space set forth in the Notice (so long as Landlord agrees that the Reduced Space is marketable as set forth herein) as of the Reduction Date (with the same effect as if such Reduction Date were the Term Expiration Date set forth in Section 1.1 as to the Reduced Space) without the necessity of any additional documentation. Adjustments shall be made to the Fixed Rent and additional rent obligations as of the Reduction Date. The remaining Premises and provisions of this Lease shall remain unchanged. There shall be a presumption that if the Reduced Space has access to the Common Areas (including all utility systems) and is not oddly configured, that the Reduced Space is marketable. Landlord shall notify Tenant of its determination of whether the Reduced Space is marketable within twenty (20) days of Landlord’s receipt of the Notice. If Landlord does not object within said twenty (20) day period, then the Reduced Space shall be deemed to be marketable. If Landlord determines that the Reduced Space is not marketable, then Landlord shall notify Tenant of its determination and Tenant shall, within twenty (20) d...
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. 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. 53 EXHIBIT A THE PREMISES............................................. 1 ----------------------- EXHIBIT B THE LAND................................................. 1 ------------------- EXHIBIT C BASE BUILDING WORK....................................... 1 ----------------------------- EXHIBIT C-1 PRELIMINARY PLANS...................................... 1 ------------------------------ EXHIBIT D TENANT IMPROVEMENTS...................................... 1 ------------------------------ EXHIBIT E WORK LETTER.............................................. 1 ---------------------- EXHIBIT F AREAS A AND B............................................ 1 ------------------------ EXHIBIT G BUILDING STANDARD SERVICES............................... 1 ------------------------------------- EXHIBIT H TERMINATION PAYMENT CALCULATION EXAMPLE.................. 1 -------------------------------------------------- EXHIBIT I SUBORDINATION AND NON-DISTURBANCE AGREEMENT.............. 1 ------------------------------------------------------ EXHIBIT I-1 NATIONSBANK SUBORDINATION AND NON-DISTURBANCE ---------------------------------------------------------- AGREEMENT......................................................... 1 ----------- EXHIBIT J LANDLORD'S SUPERIOR INTERESTS............................ 1 ---------------------------------------- EXHIBIT K RULES AND REGULATIONS.................................... 1 -------------------------------- EXHIBIT L RULES AND REGULATIONS FOR USE OF THE ----------------------------------------------- COMMUNICATION EQUIPMENT........................................... 1 -------------------------
Reduction of Premises. Effective as of the Effective Date, the Premises shall be permanently reduced by the elimination therefrom of the Reduction Space. The resulting Premises shall consist of the Remaining Space. Effective on the Effective Date, the Lease is amended to define the term “Premises” to mean the Remaining Space.
Reduction of Premises. As of October 1, 2004 (the "Effective Date"), the Original Premises shall be reduced by the second (2nd) floor space containing approximately 2,886 rentable square feet in the Building which is outlined on the floor plan attached hereto as Exhibit A (the "Give-Back Premises") (the Original Premises, after such reduction, being the "Premises"). As of the Effective Date, the Premises shall be redefined to contain approximately 17,095 rentable square feet on the third (3rd) floor of the Building. As of the Effective Date, Tenant's Proportionate Share shall be amended to 20.16% (i.e., 17,095 rentable square feet in the Premises divided by 84,193 rentable square feet in the Building). Since the expiration date of the Sublease is November 30, 2004, Tenant shall be solely responsible for terminating the Sublease and/or, at Landlord's sole election, arranging a direct transaction between the Subtenant and Landlord. In connection therewith, Tenant shall indemnify and hold Landlord harmless from and against any and all claims, losses or causes of action asserted or alleged by Subtenant resulting from a termination of the Lease as to the Give-Back Premises.
Reduction of Premises. Effective on December 1, 2001 (the "Change Date"), the portion of the Premises more particularly shown on the floor plan for the third floor of the Building attached hereto as EXHIBIT A ("Third Floor Plan") consisting of approximately 22,554 square feet (the "Relinquished Space") shall be released and no longer included in the Premises, and Tenant's obligations under the Lease with respect to the Relinquished Space shall be terminated as of the Change Date, except for those obligations which by their terms survive the termination of the Lease, except that Tenant shall continue to pay all Basic Rent and Additional Rent for the Relinquished Space through and including February 28, 2002. Tenant shall surrender the Relinquished Space to Landlord on the Change Date in its current condition as of the date hereof, reasonable wear and tear excepted, except that the Relinquished Space shall not contain any furniture or other personal property of Tenant. From and after the Change Date, that remaining portion of the Premises on the third floor of the Building consisting of approximately 6,980 square feet, more particularly shown on the Third Floor Plan, shall be the sole remaining portion of the Premises (the "Remaining Premises"0. Commencing on March 1, 2002, the annual rate of Basic Rent for the Remaining Premises shall be as follows (based on the same rates per annum previously applicable to the Premises): March 1, 2002 - June 30, 2002 $239,065.00 per annum ($34.25 per square foot) July 1, 2002 - June 30, 2003 $242,555.00 per annum ($34.75 per square foot) July 1, 2003 - December 31, 2004 $246,045.00 per annum ($35.25 per square foot) From and after the Change Date Tenant shall continue to pay all Additional Rent (including, without limitation, Additional Rent payable for Taxes as set forth in Article 8 and for Operating Expenses as set forth in Article 9 of the Lease) attributable to the Remaining Premises upon the same terms and conditions set forth in the Lease, and Tenant's Proportionate Share for the Remaining Premises shall be calculated as set forth in the Lease.
Reduction of Premises. At the end of the fifth (5th) Rental Year, and provided Tenant shall not have assigned this Lease or sublet all or any part of the Premises except to its parent, subsidiary or affiliated corporation. Tenant shall have one-time the right to reduce the size of the Premises by at least 10,000 square feet but not more than one (1) full floor (the “Surrendered Premises”) by paying to Landlord the sum of (a) the unamortized (at 6% interest over the initial Term) Tenant Improvement Allowance allocable to the Surrendered Premises, plus (b) the value of realized rent abatement allocable to the Surrendered Premises, plus (c) the unamortized portion (on a straight-line basis) of Broker’s commissions allocable to the Surrendered Premises as of the effective date of the surrender of the Surrendered Premises (“Surrender Fee”). Tenant shall give Landlord not less than two hundred seventy (270) days prior written notice of its election to reduce the Premises. Fifty percent (50%) of the Surrender Fee shall be paid by Tenant to Landlord with Tenant’s notice of surrender if the amount of the Surrender Fee is then known by Tenant, otherwise within ten (10) business days after receiving written confirmation of the Surrender Fee from Landlord, and the remaining 50% shall be paid on the date that Tenant vacates the Surrendered Premises. Any reduction of the Premises of less than an entire floor is subject to Landlord’s reasonable approval as to the location and size of the Surrendered Premises. Landlord and Tenant shall enter into an amendment to this Lease to delete the Surrendered Premises; and Tenant shall delver the Surrendered Premises to Landlord broom clean and in as good condition as when received excepting reasonable wear and tear, and otherwise in accordance with the provisions of this 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
