Common use of Reduction of Premises Clause in Contracts

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 therefrom).

Appears in 1 contract

Sources: Lease (Cyberoptics Corp)

Reduction of Premises. On or before July 1So long as there does not then exist an uncured, 2011continuing 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 surrender possession 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) days of Tenant’s receipt of Landlord’s notice, either submit the initial plan of the Reduced Space to Landlord with a statement of reasons why Tenant believes it is marketable or submit a different plan 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 Reduced Space (the “Reduction SpaceSecond Notice). If Landlord does not determine that the Reduced Space as initially proposed or as revised is marketable within twenty (20) in broom clean condition and with all days 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 receipt of the PremisesSecond Notice, then the dispute shall be resolved at the election of Tenant by an action brought in the Superior Court Department of Middlesex County or resolved by binding arbitration by a single arbitrator through ▇▇▇▇ Dispute, Inc. under its Arbitration Guidelines in effect at the time of such arbitration. The Landlord and Tenant and arbitrator agree that there shall complete be no more than three (3) days of presentation in the demising wall on arbitration, that the interior arbitration shall be held within thirty (30) days of the Premises so that it is sheet-rockedelection for arbitration, 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 arbitrator shall render his or her decision within ten (as defined below10) because days 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 completion of the construction presentation. The arbitrator shall be provided a copy of such demising wall. From and after July 1, 2011, or, if later, the date on which Tenant surrenders possession this section of the Reduction Space in Lease and agrees to be bound by the condition required above, the term “Premises” wherever it appears in same. Each party shall pay its own costs and expenses for any such action or arbitration. Each determination under 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 Section 10.22 shall be re-measured and the actual rentable square footage of the Remaining Premises binding upon Landlord 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 therefrom).

Appears in 1 contract

Sources: Lease Agreement (Aspen Technology Inc /De/)

Reduction of Premises. On or before July 1, 2011, Tenant shall surrender possession to Landlord A portion of the approximately 9,455 square feet Premises consists of rentable area which is depicted on the floor plan that is attached hereto as Exhibit A-l third and fourth floors of Building 4 (the “"Reduction Space") in broom clean condition and Subtenant has not occupied the Reduction Space. Sublandlord is currently negotiating a sublease with all Motorola, Inc. ("Motorola Sublease") for the Reduction Space. Effective as of Tenant’s personal property removed therefrom. Landlord shallthe commencement date of the Motorola Sublease ("Reduction Effective Date"), at Landlord’s expense, promptly thereafter construct a building standard demising wall to separate the Reduction Space from the rest shall no longer be part of the Premises. Landlord As used in this First Amendment, the "commencement date of the Motorola Sublease" shall complete the demising wall be deemed to occur on the interior of the Premises so first date that it Motorola 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, allowed by Sublandlord to separate the HVAC systems for occupy the Reduction Space under the Motorola Sublease for cabling, installation of furniture, fixtures, or equipment, tenant improvement work, move-in, or any other purpose. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Subtenant to Sublandlord, the Sublease shall be deemed terminated with respect to the Reduction Space, and the Remaining Premises (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 Sublease, shall no longer include the extent required because of Reduction Space. Notwithstanding the construction of such demising wall. From and after July 1, 2011, orforegoing, if laterSubtenant's representations contained in Paragraph 9(E) herein shall be materially false or misleading, Sublandlord shall have the date on which Tenant surrenders possession of right to declare this Amendment null and void and to reinstate the Sublease with respect to the Reduction Space in addition to, and not in lieu of, any other rights or remedies available to Sublandlord. In the condition required aboveevent that the Reduction Effective Date has not occurred by November 30, 2004, either party may terminate this Amendment by written notice to 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”)other party no later than December 15, 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 Landlord2004. Notwithstanding anything in this First Amendment to the contrary hereincontrary, Tenant Subtenant shall remain obligated liable for all of its obligations as Subtenant under the Sublease with respect to pay Rent for the Reduction Space through June 30arising prior to the Reduction Effective Date, 2011, or, if later, and Sublandlord shall remain liable for all of its obligations as Sublandlord under the date on which Tenant actually surrenders possession of Sublease with respect to the Reduction Space arising prior to Landlord in the condition required above (i.e. in broom clean condition and with all of Tenant’s personal property removed therefrom)Reduction Effective Date.

Appears in 1 contract

Sources: Sublease (Interwoven Inc)

Reduction of Premises. On or before July 1, 2011, Tenant shall surrender possession to Landlord As of the Extension Commencement Date, the Original Premises shall be reduced by approximately 9,455 square feet of rentable area which is 9,420 RSF as more particularly depicted and cross-hatched on the floor plan that is Exhibit A attached hereto as Exhibit A-l and incorporated herein by this reference (the “Reduction Vacated Space”). The resulting space shall be Suite 200 and Suite 160 (and storage space) consisting of approximately 34,536 RSF (the “Reduced Premises”) and all references in broom clean the Lease to the “Premises” shall mean the Reduced Premises. Tenant agrees to vacate and surrender possession of the Vacated Space and, unless Landlord provides written notice to Tenant to the contrary, to cause all parties claiming by, through or under Tenant to vacate and surrender possession of the Vacated Space as of the Extension Commencement Date in the condition as required by the Lease and with all of Tenant’s personal property removed therefromthis Amendment. Landlord shall, at Landlord’s expense, promptly thereafter construct a building standard demising wall to separate the Reduction Space from the rest and Tenant hereby acknowledge and agree that effective as of the PremisesExtension Commencement Date, Tenant renounces all right of possession in and to the Vacated Space. Landlord shall complete the demising wall on the interior Any occupancy 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 Vacated Space and the Remaining Premises (as defined below) because of the Approved CyberOptics Legal DH construction of such demising wall. Extension Commencement Date by Landlord shallor any party claiming by, at Tenant’s expense, finish the interior of such demising wall with finishes selected by Tenant and approved by Landlord, which approval through or under Landlord shall not be unreasonably withhelddeemed an eviction (constructive or otherwise). As of the Extension Commencement Date, rights under the Lease solely for the Vacated Space shall be deemed terminated as though they had expired according to their terms, and except as provided herein, Landlord and Tenant shall alsobe relieved of any and all further obligations thereunder; provided, at however, such termination shall not affect Tenant’s expense, install, reinstall or modify the HVAC venting, ceiling, lighting, air delivery liability for rental and fire sprinkler systems in the Remaining Premises other obligations accruing prior to the extent required because of the construction of such demising wall. From and after July 1Extension Commencement Date, 2011including, orwithout limitation, 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 its obligation to pay Tenant’s Proportionate Percentage Share of Operating Expenses shall be memorialized in a Declaration that shall be prepared by Landlord. Notwithstanding anything and Tenant’s Percentage Share of Real Property Taxes attributable to the contrary hereinperiod prior to the Extension Commencement Date, at such time as such obligation is finally determined, nor shall the same affect Landlord’s liability to Tenant shall remain obligated with respect to pay Rent for Adjustments due to Tenant under the Reduction Space through June 30, 2011, or, if later, Lease with respect to 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 therefrom)Vacated Space.

Appears in 1 contract

Sources: Office Lease Agreement (Allos Therapeutics Inc)

Reduction of Premises. On or before July 1, 2011, Tenant shall surrender possession to Landlord Effective as of the approximately 9,455 Effective Date (the “Relinquishment Date”), Landlord does hereby agree to take back from Tenant, and Tenant does hereby agree to relinquish to Landlord, the Floor 57 portion of the Existing Premises (i.e., 22,561 square feet of net rentable area which is depicted area) (the “Relinquishment Premises”), as reflected on the floor plan that is of the Relinquishment Premises attached hereto and made a part hereof for all purposes as Exhibit A-l EXHIBIT A. Tenant shall vacate the Relinquishment Premises (other than the “Reduction Space”Angola Sublease Premises” defined below and depicted on EXHIBIT A) on or prior to the Relinquishment Date and surrender same to Landlord in broom broom-clean condition and condition, with all of Tenant’s trade fixtures, furnishings, equipment and other personal property removed therefrom. Landlord shall, at Landlord’s expense, promptly thereafter construct a building standard demising wall to separate therefrom with the Reduction Space from the rest exception of the furniture located therein if Tenant agrees to sell such furniture to Breitburn Management Company LLC or some other party next occupying the Relinquishment Premises. Landlord shall complete and Tenant hereby acknowledge and agree that from and after the demising wall on Relinquishment Date, all of Tenant’s rights, privileges, duties and obligations accruing with respect to the interior Relinquishment Premises (other than those obligations that expressly or by their nature survive the termination of the Premises so that it is sheet-rockedLease with respect to the Relinquishment Premises), tapedincluding, muddedwithout limitation, sanded Tenant’s right to possession and ready for paintinguse thereof, shall terminate. Landlord shall also installFrom and after the Relinquishment Date, 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 Leased Premises (as defined belowin the Lease) because shall consist of the Approved CyberOptics Legal DH construction of such demising wall. Landlord shallExisting Premises less the Relinquishment Premises, at Tenant’s expense, finish and 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 net rentable area 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 Leased Premises shall be re-measured and the actual rentable stipulated to be 44,463 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 therefrom)feet.

Appears in 1 contract

Sources: Lease Agreement (Edelman Financial Group Inc.)

Reduction of Premises. (a) Effective as of the Extension Commencement Date, the Original Premises shall be reduced to exclude that portion thereof consisting of approximately 12,681 rentable square feet located on the first floor of the Building (the “Surrender Premises”) thereby leaving only the Reduced Premises. (b) On or before July 1, 2011the original Expiration Date of the Lease (prior to the extension set forth in Section 1 above), Tenant shall surrender possession the Surrender Premises to Landlord in “AS-IS” condition, “broom clean” and with all personal property removed(normal “wear and tear” excepted). (c) Effective upon the Extension Commencement Date, the Reduced Premises shall be the “Premises” covered by the Lease for all purposes and rentals and charges shall commence to be payable in respect of the approximately 9,455 square feet of rentable area which is depicted on Reduced Premises as set forth herein. (d) Subject to Landlord’s obligation to complete the floor plan that is Tenant Improvements pursuant to the Work Letter attached hereto as Exhibit A-l A (the “Reduction SpaceWork Letter) ), Tenant shall accept the Reduced Premises in broom clean condition and their “AS-IS” condition. Except only as set forth in the Work Letter, Landlord shall have no obligation whatsoever to prepare the Reduced Premises for use by Tenant or pay or reimburse Tenant for any costs or expenses incurred in connection 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 Tenant Improvements or other remodeling or alteration of the Reduced Premises. Landlord shall complete the demising wall Tenant Improvements on a schedule mutually acceptable to Landlord and Tenant but in any case not later than December 31, 2010, as extended by one day for each day of Tenant Delay (defined in the interior Work Letter) and force majeure (defined in Paragraph 33 of the Premises so that it is sheet-rockedLease). For purposes of clarity, tapedTenant shall not have a restoration requirement for Tenant Improvements executed by the Landlord under the Work Letter, mudded, sanded and ready for painting. Landlord shall also installagrees, 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 end of the Approved CyberOptics Legal DH construction of such demising wall. Landlord shall, at Tenant’s expense, finish First Extended Term (or any extension thereof) to return 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 “AS-IS” condition, “broom clean condition clean” and with all of Tenant’s personal property removed therefrom(normal “wear and tear” excepted).

Appears in 1 contract

Sources: Lease (Supergen Inc)

Reduction of Premises. On or before July 1, 2011, Tenant shall surrender possession to Landlord A portion of the approximately 9,455 square feet Premises consists of rentable area which is depicted on the floor plan that is attached hereto as Exhibit A-l third and fourth floors of Building 4 (the “Reduction Space.”) in broom clean condition and Subtenant has not occupied the Reduction Space. Sublandlord is currently negotiating a sublease with all Motorola, Inc. (“Motorola Sublease”) for the Reduction Space. Effective as of Tenant’s personal property removed therefrom. Landlord shallthe commencement date of the Motorola Sublease (“Reduction Effective Date”), at Landlord’s expense, promptly thereafter construct a building standard demising wall to separate the Reduction Space from the rest shall no longer be part of the Premises. Landlord As used in this First Amendment, the “commencement date of the Motorola Sublease” shall complete the demising wall be deemed to occur on the interior of the Premises so first date that it Motorola 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, allowed by Sublandlord to separate the HVAC systems for occupy the Reduction Space under the Motorola Sublease for cabling, installation of furniture, fixtures, or equipment, tenant improvement work, move-in, or any other purpose. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Subtenant to Sublandlord, the Sublease shall be deemed terminated with respect to the Reduction Space, and the Remaining Premises (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 Sublease, shall no longer include the extent required because of Reduction Space. Notwithstanding the construction of such demising wall. From and after July 1, 2011, orforegoing, if laterSubtenant’s representations contained in Paragraph 13(E) herein shall be materially false or misleading, Sublandlord shall have the date on which Tenant surrenders possession of right to declare this Amendment null and void and to reinstate the Sublease with respect to the Reduction Space in addition to, and not in lieu of, any other rights or remedies available to Sublandlord. In the condition required aboveevent that the Reduction Effective Date has not occurred by November 30, 2004, either party may terminate this Amendment by written notice to 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”)other party no later than December 15, 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 Landlord2004. Notwithstanding anything in this First Amendment to the contrary hereincontrary, Tenant Subtenant shall remain obligated liable for all of its obligations as Subtenant under the Sublease with respect to pay Rent for the Reduction Space through June 30arising prior to the Reduction Effective Date, 2011, or, if later, and Sublandlord shall remain liable for all of its obligations as Sublandlord under the date on which Tenant actually surrenders possession of Sublease with respect to the Reduction Space arising prior to Landlord in the condition required above (i.e. in broom clean condition and with all of Tenant’s personal property removed therefrom)Reduction Effective Date.

Appears in 1 contract

Sources: Sublease (Ariba Inc)

Reduction of Premises. On As of the Extension Commencement Date, the Original Premises shall be reduced by approximately 9,420 RSF as more particularly depicted and cross-hatched on Exhibit A attached hereto and incorporated herein by this reference (the "Vacated Space"). The resulting space shall be Suite 200 and Suite 160 (and storage space) consisting of approximately 34,536 RSF (the "Reduced Premises") and all references in the Lease to the "Premises" shall mean the Reduced Premises. Tenant agrees to vacate and surrender possession of the Vacated Space and, unless Landlord provides written notice to Tenant to the contrary, to cause all parties claiming by, through or before July 1, 2011under Tenant to vacate and surrender possession of the Vacated Space as of the Extension Commencement Date in the condition as required by the Lease and this Amendment. Landlord and Tenant hereby acknowledge and agree that effective as of the Extension Commencement Date, Tenant shall surrender renounces all right of possession in and to Landlord the Vacated Space. Any occupancy of the approximately 9,455 square feet of rentable area which is depicted on the floor plan that is attached hereto Vacated Space 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. Extension Commencement Date by Landlord shall complete the demising wall on the interior of the Premises so that it is sheet-rockedor any party claiming by, taped, mudded, sanded and ready for painting. through or under 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 withhelddeemed an eviction (constructive or otherwise). As of the Extension Commencement Date, rights under the Lease solely for the Vacated Space shall be deemed terminated as though they had expired according to their terms, and except as provided herein, Landlord and Tenant shall alsobe relieved of any and all further obligations thereunder; provided, at however, such termination shall not affect Tenant’s expense, install, reinstall or modify the HVAC venting, ceiling, lighting, air delivery 's liability for rental and fire sprinkler systems in the Remaining Premises other obligations accruing prior to the extent required because of the construction of such demising wall. From and after July 1Extension Commencement Date, 2011including, orwithout limitation, 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 its obligation to pay Tenant’s Proportionate 's Percentage Share of Operating Expenses shall be memorialized in a Declaration that shall be prepared by Landlord. Notwithstanding anything and Tenant's Percentage Share of Real Property Taxes attributable to the contrary hereinperiod prior to the Extension Commencement Date, at such time as such obligation is finally determined, nor shall the same affect Landlord's liability to Tenant shall remain obligated with respect to pay Rent for Adjustments due to Tenant under the Reduction Space through June 30, 2011, or, if later, Lease with respect to 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 therefrom)Vacated Space.

Appears in 1 contract

Sources: Office Lease Agreement (Allos Therapeutics Inc)

Reduction of Premises. On or before July 1As of the Extension Commencement Date (as hereinafter defined), 2011, the Original Premises shall be reduced by approximately 3,288 square feet (Suite 160 and Storage Space) as more particularly depicted and cross-hatched on Exhibit A attached hereto and incorporated herein by this reference (the "Vacated Space"). The resulting space shall be approximately 31,248 RSF (the "Reduced Premises") and all references in the Lease to the "Premises" shall mean the Reduced Premises. Tenant shall agrees to vacate and surrender possession to Landlord of the approximately 9,455 square feet Vacated Space and to cause all parties claiming by, through or under Tenant to vacate and surrender possession of rentable area which is depicted on the floor plan that is attached hereto Vacated Space as Exhibit A-l of the Extension Commencement Date in the condition as required by the Lease and this Amendment (the “Reduction Space”) i.e., in broom clean condition condition, casualty, obsolescence, and normal wear and tear excepted, without any requirement to remove any Alterations, but with the obligation to remove all electronic, phone and data cabling and related equipment that is installed by or for the benefit of Tenant’s personal property removed therefromTenant and located in the Premises or other portions of the Building or Project and the access card reader and to repair any damage as a result of such removal). Landlord shall, at Landlord’s expense, promptly thereafter construct a building standard demising wall to separate the Reduction Space from the rest and Tenant hereby acknowledge and agree that effective as of the PremisesExtension Commencement Date, Tenant renounces all right of possession in and to the Vacated Space. Landlord shall complete the demising wall on the interior Any occupancy 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 Vacated Space and the Remaining Premises (as defined below) because of the Approved CyberOptics Legal DH construction of such demising wall. Extension Commencement Date by Landlord shallor any party claiming by, at Tenant’s expense, finish the interior of such demising wall with finishes selected by Tenant and approved by Landlord, which approval through or under Landlord shall not be unreasonably withhelddeemed an eviction (constructive or otherwise). 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 As of the construction of such demising wall. From and after July 1Extension Commencement Date, 2011, or, if later, rights under the date on which Tenant surrenders possession of Lease solely for 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 Original Premises shall be re-measured deemed terminated as though they had expired according to their terms, and except as provided herein, Landlord and Tenant shall be relieved of any and all further obligations thereunder; provided, however, such termination shall not affect Tenant's liability for rental and other obligations accruing prior to the actual rentable square footage of the Remaining Premises and Extension Commencement Date, including, without limitation, its obligation to pay Tenant’s Proportionate 's Percentage Share of Operating Expenses shall be memorialized in a Declaration that shall be prepared by Landlord. Notwithstanding anything and Tenant's Percentage Share of Real Property Taxes attributable to the contrary hereinperiod prior to the Extension Commencement Date, 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 therefrom)at such time as such obligation is finally determined.

Appears in 1 contract

Sources: Office Lease Agreement (Allos Therapeutics Inc)

Reduction of Premises. On or before July 1, 2011a. As of the Effective Date, Tenant shall surrender possession deliver to Landlord possession of the portion of the Premises consisting of: (i) approximately 9,455 square feet of rentable area which is depicted Ten Thousand (10,000) rsf located on the floor 9th Floor of the Building, which portion is shown on the plan that is attached hereto to and made a part of this Amendment as Exhibit A-l A (the “Reduction Ninth Floor Space”); and (ii) 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 approximately Two Hundred Ninety-Six (296) rsf located on the Reduction Space from the rest 4th Floor of the Premises. Landlord shall complete the demising wall Building, which portion is shown on the interior plan attached to and made a part of this Amendment as Exhibit B (the Premises so that it is sheet-rocked, taped, mudded, sanded and ready for painting“Fourth Floor Space”). 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 The Fourth Floor Space and the Remaining Premises (Ninth Floor Space shall be referred to collectively 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. “Surrender Space.” b. From and after July 1the Effective Date, 2011, or, if later, the date on which Tenant surrenders possession of the Reduction Space in the condition required above, (i) the term “Premises” wherever it appears in this the Lease or in and any Amendments and Exhibits thereto shall mean no longer include the approximately 50,762 Surrender Space and (ii) the Lease is hereby amended so that the area of the Premises set forth therein shall be reduced by a total of Ten Thousand Two Hundred Ninety-Six (10,296) rsf and the new total rentable 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 reFifty-measured Seven Thousand Seven Hundred Eighty-Six (57,786) rsf on the 2nd, 3rd, and the actual rentable square footage 8th floors of the Remaining Premises and Tenant’s Proportionate Share of Operating Expenses shall be memorialized in a Declaration that shall be prepared by LandlordBuilding. Notwithstanding anything to the contrary herein, Tenant shall remain obligated to pay Rent Landlord all amounts which Tenant would otherwise be obligated to pay Landlord under the Lease as amended hereby with respect to the Surrender Space and perform all obligations Tenant is obligated to perform under the Lease as amended hereby with respect to the Surrender Space which accrue or arise on or before the Effective Date. As of the Effective Date, Tenant shall be fully released from all obligations under the Lease with respect to the Surrender Space as if such date were the date set for the Reduction Space through June 30, 2011, or, if later, the date on which Tenant actually surrenders possession expiration of the Reduction Space to Landlord in Term of the condition required above (i.e. in broom clean condition and with all of Tenant’s personal property removed therefrom)Lease.

Appears in 1 contract

Sources: Office Lease (Pennsylvania Real Estate Investment Trust)

Reduction of Premises. On or before July 1Notwithstanding anything in the Amended Lease to the contrary, 2011Landlord may, upon at least thirty (30) days’ prior written notice to Tenant (the “Recapture Notice”), recapture that portion of the Premises comprising approximately 29,348 square feet (subject to increase due to the designation by Landlord of certain areas as common area (outlined in green on Exhibit A attached hereto) in the event that Landlord delivers a Recapture Notice) of Rentable Area depicted on Exhibit A attached hereto (the “Recapturable Premises”). In the event that Landlord issues a Recapture Notice: a. Tenant shall surrender possession the Recapturable Premises to Landlord as of the approximately 9,455 square feet date specified in the Recapture Notice (but no earlier than thirty (30) days after Tenant’s receipt of rentable area which is depicted on the floor plan that is attached hereto as Exhibit A-l said Recapture Notice) (the “Reduction SpaceRecapture Date”) in broom clean the condition and with all delivering the deliverables to Landlord required by the Amended Lease; b. The remaining Premises comprising approximately 26,240 square feet (subject to reduction due to the designation by Landlord 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 certain areas as common area (outlined in green 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 belowExhibit A attached hereto) 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 event that Landlord delivers a Recapture Notice) 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 Rentable Area (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 as depicted on Exhibit A attached hereto. The Recapture Notice shall state the actual rentable square footage Rentable Areas of the Remaining Premises and the Building, as determined by Landlord’s architect, and shall identify which areas, if any, outlined in green on Exhibit A are common areas; c. Neither the amount of Basic Annual Rent payable by Tenant nor the amount of the Security Deposit shall be affected; d. Landlord shall pay for any costs (without any obligation by Tenant to reimburse Landlord for the same) necessary to demise the Recapturable Premises from the remaining Premises (including segregating utilities and Building systems, if Landlord undertakes such activities); e. Tenant shall be entitled to non-exclusive use of its pro rata share (determined by dividing the rentable area of the Remaining Premises by the rentable area of the Building) of parking spaces at the Project; f. Tenant shall pay to Landlord its proportionate (based on one of the following, as reasonably determined by Landlord: (i) the actual Rentable Area of the Remaining Premises by the actual Rentable Area of the Building or (ii) the usage (as reasonably determined by Landlord) by Tenant and other tenants of the Building) share of Taxes, Insurance Costs and other operating expenses for the Property for which Tenant is otherwise responsible under the Lease (collectively, “Operating Expenses”); and g. From and after the Recapture Date, Landlord shall assume from Tenant any of Tenant’s Proportionate Share obligations under the Lease to maintain, repair or replace any common areas of the Property, including the parking areas and any Building systems that service (either exclusively or in conjunction with part or all of the Remaining Premises) portions of the Property other than the Premises (the “Common Obligations”), and all costs incurred by Landlord in connection with Common Obligations shall constitute Operating Expenses for purposes of Section 3(f) hereof; provided that Landlord shall clarify in a writing to Tenant (delivered no later than twenty-one (21) days prior to the Recapture Date) which obligations Landlord shall be assuming and, at Tenant’s request, shall meet with a representative of Tenant to discuss the same. In no event shall the Common Obligations include Landlord’s Obligations (as defined in Section 18.1 of the Original Lease). h. Operating Expenses shall be memorialized not include: any expenses in a Declaration that shall be prepared by connection with Landlord. Notwithstanding anything ’s Obligations; any expenses relating solely with respect to the contrary hereinRecapturable Premises or the tenant(s)/occupant(s) therein, Tenant shall remain obligated with respect to pay Rent for the Reduction Space through June 30, 2011, or, if later, the date on which Tenant actually surrenders possession period after Tenant’s surrender of the Reduction Space Recapturable Premises to Landlord in the condition required above by the Amended Lease; expenses for any item or service which Tenant pays directly to a third party or separately pays to Landlord; costs incurred due to the gross negligence or willful misconduct of Landlord or its agents and employees; penalties, fines and other costs incurred due to violation of Applicable Laws by Landlord; or any interest or penalties attributable to late payment by Landlord of any Operating Expenses. With respect to any Operating Expenses that constitute capital expenditures under generally accepted accounting principles (i.e. in broom clean condition as reasonably determined by Landlord), Landlord shall amortize the same over the useful life of the same and include within Operating Expenses for a given calendar year only the annual amortization. i. Within one hundred twenty (120) days after each calendar year during the Term, Landlord shall provide Tenant with all a statement of Operating Expenses for the Property and Tenant’s personal property removed therefrom)share of the same. Tenant shall have the right to review Landlord’s records with respect to Operating Expenses, and Landlord shall provide Tenant with reasonable access to Landlord’s books and records to facilitate such review at Landlord’s office. Any discrepancy in Landlord’s determination of Operating Expenses or Tenant’s share of the same shall be promptly reconciled.

Appears in 1 contract

Sources: Lease (Zosano Pharma Corp)