Reduction Space Expiration Date Clause Samples
The Reduction Space Expiration Date clause defines the specific date by which a party’s right to use or occupy a reduced portion of leased space ends. In practice, this clause is triggered when a tenant exercises an option or right to reduce the amount of space they lease, and it sets a clear deadline for when the tenant must vacate the surrendered area. By establishing a firm expiration date for the reduced space, this clause ensures clarity for both landlord and tenant, preventing disputes over continued occupancy and facilitating smooth transitions in property management.
Reduction Space Expiration Date. Subject to the terms hereof, the term of the Lease shall expire, with respect to the Reduction Space only, on the date occurring 21 days after the mutual execution and delivery of this Amendment (the “Reduction Space Expiration Date”) with the same force and effect as if such term were, by the provisions of the Lease, fixed to expire with respect to the Reduction Space on the Reduction Space Expiration Date (the “Reduction”). Without limiting the foregoing:
1. Tenant shall surrender the Reduction Space to Landlord in accordance with the terms of the Lease on or before the Reduction Space Expiration Date.
2. Tenant shall remain liable for all Rent and other amounts payable under the Lease with respect to the Reduction Space for the period up to and including the Reduction Space Expiration Date, even though ▇▇▇▇▇▇▇▇ for such amounts may occur after the Reduction Space Expiration Date.
3. Tenant’s restoration obligations with respect to the Reduction Space shall be as set forth in the Lease.
4. If Tenant fails to surrender any portion of the Reduction Space on or before the Reduction Space Expiration Date, Tenant’s tenancy with respect to the Reduction Space shall be subject to Article 24 of the Lease.
5. Any other rights or obligations of Landlord or Tenant under the Lease relating to the Reduction Space that, in the absence of the Reduction, would have survived the expiration date of the Lease shall survive the Reduction Space Expiration Date.
Reduction Space Expiration Date. Subject to the provisions hereof, the term of the Lease shall expire, with respect to the Reduction Space only, on December 31, 2009 (the “Reduction Space Expiration Date”) with the same force and effect as if such term were, by the provisions thereof, fixed to expire on the Reduction Space Expiration Date with respect to the Reduction Space, except as provided herein. Without limiting the foregoing, (a) the portion of the Base Rent schedule set forth in Section 2 of the First Amendment that applies to the Reduction Space during the period following the Reduction Space Expiration Date is hereby deleted from the Lease; and (b) Tenant shall surrender the Reduction Space to Landlord in accordance with the terms of the Lease on or before the Reduction Space Expiration Date. From and after the date immediately following the Reduction Space Expiration Date (the “Reduction Effective Date”), the Premises shall consist solely of the Existing Premises less the Reduction Space (the “Balance of the Existing Premises”) and shall be deemed to contain 3,652 rentable square feet. The Balance of the Existing Premises shall be designated as Suite 110.