Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over.
Appears in 2 contracts
Samples: Office Lease Agreement (Adamas Pharmaceuticals Inc), Office Lease Agreement (Adamas Pharmaceuticals Inc)
Reduction. Effective as of January October 1, 2011 1997 (the “Reduction/Extension "Reduction Effective Date”"), the Original Premises is decreased from 12,548 19,705 rentable square feet on the second (2nd) and fourteenth (14th) floor(s) to 9,172 18,937 rentable square feet on the second (2nd) floor by the elimination of the Reduction Space (the “Reduction”)Space. The portion of the Original Premises remaining following the surrender As of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Effective Date, Tenant shall surrender the Reduction Space shall be deemed surrendered by Tenant to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction SpaceLandlord, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “"Premises”", as defined in the Lease, shall be deemed to mean the Retained Original Premises. , less the Reduction Space; provided, if Tenant shall vacate violate any provision hereof or if Tenant's representations herein shall be false or materially misleading, Landlord shall have the right to declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space in accordance with the terms addition to, and not in lieu of the Lease on any other rights or before the Reduction/Extension Date and remedies available to Landlord. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up through the Reduction Effective Date, including those provisions relating to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as condition of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose and removal of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term 's Property therefrom upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms termination or expiration of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base RentRental, Additional Rent Base Rental and other charges respecting the Reduction Space pursuant equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant's liability for consequential and or other damages arising from Tenant’s 's holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space. If Landlord shall install a wall separating the Reduction Space from the balance of the Premises or otherwise incur expense in installing separate utility meters or effecting similar separations, Tenant, upon demand, shall reimburse Landlord's costs in connection therewith.
Appears in 1 contract
Samples: Standard Form Office Lease (Long Beach Holdings Corp)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. 1.1 Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to July 31, 2007, which is the Reduction/Extension date immediately preceding the Reduction Effective Date and (defined in 1.2 below) and, except as expressly set forth in this Section 1.1, Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date, including those provisions relating to the condition of the Reduction Space and removal of Tenant’s Property therefrom; provided however, Landlord and Tenant shall not be required to remove any improvements or alterations made by Tenant hereby acknowledge that as of the date hereof hereof, notwithstanding the applicable Additional Premises Commencement Dates with respect to Sxxxx 000 xxx Xxxxx 000 (as more particularly described in the first sentence of Section 2 below), Tenant has never physically occupied the Reduction Space and therefore shall not have any obligation to remove any personal property, equipment or fixtures from the Reduction Space or to restore the Reduction Space. Tenant hereby agrees that Tenant shall have no right to enter or occupy the Reduction Space at any time and, accordingly, Tenant shall return all keys to the Reduction Space and shall deliver possession of the Reduction Space to Landlord upon Tenant’s execution hereof.
1.2 Effective as of August 1, 2007 (the “Reduction Effective Date”), the Premises is decreased from approximately 17,609 rentable square feet of the Building to approximately 11,319 rentable square feet comprised of Sxxxx 000 xxx Xxxxx 000 of the Building by the elimination of the Reduction Space, and the number of unreserved parking spaces available to Tenant shall be proportionately reduced. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease shall be deemed terminated with respect to the Reduction Space. Notwithstanding , and the foregoing“Premises”, following as defined in the Reduction/Extension DateLease and as used herein shall be deemed to mean the Remaining Premises; provided, if Tenant shall violate any provision hereof or if Tenant’s representations herein shall be permitted false or materially misleading, Landlord shall have the right to enter declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminatein addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
1.3 If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base Monthly Installment of Rent, Additional Rent Tenant’s Proportionate Share of Expenses, Insurance Costs and Taxes and other charges respecting the Reduction Space pursuant equal to the terms 150% of the Lease, including Section 22 thereof, amount in effect under the Lease prorated on a per diem basis and consequential and other on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of Tenant’s liability for damages arising from Tenant’s holding over nor shall it be deemed permission for Tenant to holdover in the Reduction Space. If, as a result of Tenant’s holding over, Landlord shall install a wall separating the Reduction Space from the balance of the Premises or otherwise incur expense in installing separate utility meters or effecting similar separations, Tenant, upon demand, shall reimburse Landlord’s costs in connection therewith.
Appears in 1 contract
Samples: Lease (Avanir Pharmaceuticals)
Reduction. (a) Effective as of January 111:59 p.m. on April 30, 2011 (the “Reduction/Extension "Partial Termination Date”"), without affecting the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination continued validity and effectiveness of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated terminate for all purposes with respect to the Reduction Terminated Space only; provided however that any liabilities or obligations that survive termination of the Lease in accordance with its terms shall survive such termination. Tenant (and all persons claiming by, through or under Tenant) shall vacate the Terminated Space, remove all furniture, trade fixtures, personal property, workstations, equipment, computers and all communications and computer wires and cabling located in or exclusively serving the Terminated Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premisesrepair any damage caused by such removal. Tenant shall vacate the Reduction Space in accordance with the terms otherwise surrender and deliver exclusive possession of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply Terminated Space to Landlord in its presently existing condition, with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required no obligation to remove any improvements Alterations therefrom or alterations made to make any repairs, except for the repair of any damage to such space (beyond normal wear and tear) occurring after the date of this Agreement and/or caused by Tenant's removal of wiring and cabling. Tenant as shall have until May 21, 2011 (the "Surrender Deadline") to comply with the requirements of the date hereof to foregoing two (2) sentences (collectively, the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”"Surrender Requirements"), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender have the Server Room pursuant right to access the Terminated Space until the Surrender Deadline to perform the Surrender Requirements (but not for the conduct of business); provided that all insurance requirements and indemnity obligations shall remain in effect with respect to the terms Terminated Space during such prolonged access period.
(b) Notwithstanding anything to the contrary set forth in this Agreement, if Tenant has failed to satisfy the Surrender Requirements by the Surrender Deadline, Article 16 of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant Original Lease shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) apply for each day after the date Surrender Deadline that Tenant fails to satisfy the Surrender Requirements, without regard to the last sentence thereof and provided that Landlord shall be entitled to damages incurred by Landlord due to the loss of prospective third party tenants or delay in delivery the Premises or any portion thereof to prospective third-party tenants resulting from Tenant's holdover without regard to clauses (a) and (b) of Article 16 of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Original Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over.
Appears in 1 contract
Reduction. Effective as of January 1, 2011 the “substantial completion” of the “Tenant Improvements” (as such terms are defined in the Work Letter attached hereto as Exhibit “B”) (the “Reduction/Extension Reduction Effective Date”), the Original Premises is shall be decreased from 12,548 Nine Thousand Four Hundred Ninety-eight (9,498) rentable square feet on the first floor to 9,172 One Thousand Six Hundred Forty-three (1,643) rentable square feet on the first floor by the elimination of the Reduction Space (the “Reduction”)Space. The portion of the Original Premises remaining following the surrender As of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Effective Date, Tenant shall surrender the Reduction Space shall be deemed surrendered by Tenant to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction SpaceLandlord, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Original Premises, less the Reduction Space. Landlord shall deliver to Tenant written notice of the Reduction Effective Date (the “Reduction Effective Date Notice”). Tenant shall vacate the Reduction Space as of tenth (10th) day following Landlord’s delivery of the Reduction Effective Date Notice (such date that Tenant is required to vacate the Reduction Space being referred to herein as the “Vacation Date”) and return the same to Landlord in “broom clean” condition and otherwise in accordance with the terms and conditions of the Lease on or before Lease. Notwithstanding anything to the Reduction/Extension contrary contained herein, during the period between the Reduction Effective Date and the Vacation Date (such period being referred to herein as the “Vacation Period”), Tenant shall fully comply with all obligations under the Lease (as amended hereby) respecting the Reduction Space up to as though the Reduction/Extension Date; provided howeverReduction Space were still deemed part of the Premises hereunder, except that Tenant shall not be required obligated to remove any improvements pay Base Rent or alterations made by Tenant as of the date hereof Additional Rent with respect to the Reduction SpaceSpace during the Vacation Period (however Tenant shall be obligated to pay Base Rent with respect to Premises, except as provided for in Paragraph 3(d) below) . Notwithstanding In accordance with the foregoing, following the Reduction/Extension DateLease, Tenant shall be permitted have no obligations to enter remove the original tenant improvements currently existing in the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room NoticeSpace. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeVacation Date, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant equal to 150% of the amount in effect for the month prior to the terms Extension Date (i.e., July 2010) prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant’s liability for consequential and or other damages arising from Tenant’s holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space.
Appears in 1 contract
Reduction. A. Tenant shall vacate the Original Premises on or prior to April 30, 2010 and return the same to Landlord in “broom clean”, “as-is” condition (but subject to any arrangements with a new tenant approved by Landlord regarding a transfer of existing furniture and equipment within the Original Premises) and, except as provided below, Tenant shall fully comply with all obligations under the Lease respecting the Original Premises up to the Reduction Effective Date.
B. Effective as of January the later of the date Tenant vacates the Original Premises or May 1, 2011 2010 (the “Reduction/Extension Reduction Effective Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by shall no longer be considered part of the elimination Premises. As of the Reduction Space (the “Reduction”). The portion of Effective Date, the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred shall be deemed surrendered by Tenant to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction SpaceLandlord, the Lease shall be deemed terminated with respect to the Reduction SpaceOriginal Premises, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained PremisesSubstitution Space. Except as expressly provided in this Amendment (including the next succeeding subparagraph), Landlord hereby releases, acquits and discharges Tenant shall vacate and its officers, directors, shareholders, employees, agents, successors and assigns of and from all obligations and liabilities under the Lease with respect to the Original Premises arising from and after the Reduction Space Effective Date (expressly including, without limitation, any obligations of the Tenant under Sections 9.4, 26, 27, 28 or elsewhere in accordance with the Lease to remove any Alteration, Leasehold Improvement or any other real or personal property from the Original Premises, excepting Tenant’s obligation to remove the Tenant’s Property (as defined in Section 9.4 of the Lease), maintain existing signage and to leave the Original Premises in broom clean “as-is” condition pursuant to the terms of Paragraph III A. above and the monetary obligations expressly described in this Amendment). However, notwithstanding the foregoing and for purposes of Tenant’s rental obligations only, Tenant and Landlord hereby agree that Tenant shall continue to be obligated to pay all Rent under the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting entire Original Premises, from the Reduction Space up to Effective Date until the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Substitution Effective Date, Tenant shall be permitted to enter as if the Reduction Space for the sole purpose of accessing the server room Premises remained at 69,184 rentable square feet (the “Server Room”) located thereinsee Section IV.A below); provided, however, Landlord may terminate Tenant’s right obligation to pay for any utility services consumed within the Original Premises shall cease as of entry into the Server Room at Reduction Effective Date. If Tenant timely vacated the Original Premises as required herein, then from and after the Substitution Effective Date, Tenant’s Rent obligations shall be as set forth in Section IV.B below.
C. Notwithstanding anything to the contrary in this Amendment, if Tenant shall holdover in the Original Premises beyond April 30, 2010, but not beyond August 31, 2010 (which dates, in each instance shall be extended without penalty by the amount of time equal to any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”delay caused by Force Majeure Events [as such term is hereinafter defined]), whereupon such hold over shall not be deemed to be an Event of Default hereunder prior to August 31, 2010, however, Tenant’s right of entry obligation to pay Rent under the Lease on the entire Original Premises shall immediately terminatebe extended on a day-for-day basis after the Substitution Effective Date (i.e., and one day for each day that Tenant shall surrender fails to vacate the Server Room pursuant to Original Premises as required in Section III.A above), all as if the terms of Premises remained at 69,184 rentable square feet. For example, if Tenant vacated the Amended LeasePremises on May 3, including removal all furniture2010, fixturesthen Tenant would pay full Rent on the Original Premises through October 3, equipment and personal property from the Server Room on or before the Server Room Notice. 2010.
D. If Tenant shall holdover in the Reduction Space Original Premises beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth August 31, 2010 for any reason (30th) after the date including Force Majeure Event), then without limiting any of the Server Room NoticeLandlord remedies set forth in the Lease, the following provisions shall also apply to Tenant:
1. Tenant shall be liable for Base Rent, Tenant’s Operating Cost Payment, any other Additional Rent and other charges respecting the Reduction Space pursuant Original Premises equal to twice the terms of amount in effect under the Lease, including Section 22 thereof, prorated on a per diem basis and on a per square foot basis for the Original Premises. Such holdover amount shall not be in limitation of Tenant’s liability for consequential and or other damages arising from Tenant’s holding over, nor shall it be deemed permission for Tenant to holdover in the Original Premises.
2. Such holdover shall be deemed an immediate Event of Default under the Lease without the necessity of notice therefore being delivered by Landlord to Tenant.
3. As of September 1, 2010, Tenant hereby waives any requirement of service of any statutory notice or demand as a condition precedent to Landlord exercising any of its rights under this subsection D.
4. Landlord may terminate Tenant’s right of possession of the Premises (with or without terminating the Lease), re-enter the Premises by summary proceedings or otherwise, expel Tenant and remove any or all property from the Original Premises, and Tenant shall be deemed to have relinquished any and all leasehold rights (whether statutory or otherwise) to the Original Premises.
5. Landlord may cancel and terminate this Amendment, and all provisions of the Lease shall be reinstated and effective as if this Amendment was never executed or effective.
6. Upon receipt of written notice from Landlord, Tenant shall immediately increase its Security Deposit to $2,333,400 and deliver to Landlord a Letter of Credit in that amount or a cash disbursement so that Landlord is holding that amount as the Security Deposit under the Lease.
Appears in 1 contract
Reduction. Effective Without limiting its other rights, ARENA may, at its discretion reduce the amount of any Milestone payment or the overall ARENA Funding payable under this Agreement if, on the date for payment of further ARENA Funding: the Recipient has not spent or Legally Committed the ARENA Funding which has been paid to the Recipient; or the Recipient Contributions or Other Contributions due to be used or spent by the Recipient in accordance with this Agreement have not been used, spent or Legally Committed, by the amount(s) that has not been used, spent or Legally Committed. Change in Commonwealth government policy Without limiting any other rights or remedies ARENA may have arising out of or in connection with this Agreement, if there has been a change in Commonwealth government policy with respect to ARENA or funding provided by ARENA that relates to ARENA's obligations under this Agreement: ARENA may by notice terminate this Agreement or reduce the scope of the Project, effective from the time specified in the notice; the parties will work cooperatively to facilitate the orderly cessation of the Project or reduction in its scope; and the Recipient will be entitled to payment in accordance with clause 29.1 but will not be entitled to claim any other amount from ARENA. Termination with cause or reduction in scope (other than an Insolvency Event) Without limiting any other rights or remedies ARENA may have arising out of or in connection with this Agreement, ARENA may, by notice, immediately terminate this Agreement or reduce the scope of the Project if: the Recipient commits a Material Breach (other than an Insolvency Event) and the Material Breach has not been remedied within 10 Business Days (or such other time as agreed by ARENA) of January 1, 2011 (the “Reduction/Extension Date”)earlier of: the date on which the Recipient receives notice of the Material Breach from ARENA; and the date on which the Recipient becomes aware of the Material Breach; if applicable, the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet Recipient fails to: satisfy the Conditions Precedent by the elimination CP Satisfaction Date; or achieve one or more of the Reduction Space (Milestones by the “Reduction”). The portion time required in item 1.4 of Schedule 1; or subject to clause 17.2, there is a Change in Control of the Original Premises remaining following Recipient and ARENA considers that: the surrender identity of the Reduction Space commonly known as Suite 1050 person who directly or indirectly controls the Recipient could affect ARENA's or the Commonwealth’s reputation; or there is hereafter referred a resulting risk to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender successful completion of the Reduction SpaceProject. Termination for an Insolvency Event Subject to clause 28.2, and without limiting any other rights or remedies ARENA may have arising out of or in connection with this Agreement, ARENA may, to the Lease shall be deemed terminated extent permitted by Law, terminate this Agreement by notice, if an Insolvency Event occurs with respect to the Reduction SpaceRecipient. Where an Insolvency Event occurs with respect to the Recipient, ARENA may, at its discretion, request the Recipient to nominate in writing to ARENA, a suitably qualified and experienced party to perform the remaining obligations of the Recipient under this Agreement, and the term “Premises”Recipient may provide a nomination within 10 Business Days of ARENA’s request. ARENA must, as defined within 10 Business Days of the Recipient’s nomination under clause 28.2, approve or reject the party nominated by the Recipient under clause 28.2. Without limiting any other rights or remedies ARENA may have arising out of or in connection with this Agreement, where the LeaseRecipient does not provide a nomination to ARENA, shall or ARENA rejects the party nominated by the Recipient, ARENA may, to the extent permitted by Law, terminate this Agreement by notice. Where ARENA approves the party nominated by the Recipient under clause 28.1, the parties will work cooperatively to facilitate the transfer of this Agreement and the Project to the nominated party. Rights and entitlements upon termination If this Agreement is terminated under clause 26.1, ARENA is liable to the Recipient only for: payments due under clause 6.1 in accordance with this Agreement before the effective date of termination, but only to the extent that those monies have been spent or Legally Committed; and where the Recipient has undertaken work on but not completed a Milestone at the time the Recipient receives the notice of termination, payment of ARENA Funding in accordance with this Agreement to the extent that those monies have been spent or Legally Committed by the Recipient on that Milestone at the time the Recipient receives the notice of termination, written evidence of which must be deemed provided by the Recipient to mean ARENA. Without limiting any of ARENA's other rights or remedies, on termination of this Agreement: subject to clause 29.1, ARENA is not obliged to pay to the Retained PremisesRecipient any outstanding amount of funding under this Agreement; and ARENA is entitled to exercise any right to recover from the Recipient, including repayment rights under clause 31. Tenant shall vacate If the Reduction Space scope of the Project is reduced under clauses 26.1 or 27.1: ARENA's liability to pay the funding under this Agreement abates in accordance with the terms reduction in the Project; and the Recipient must continue to undertake any part of the Lease on Project not affected by the notice (unless the Recipient, acting reasonably, notifies ARENA that it is not commercially viable to do so). Termination of this Agreement does not affect any accrued rights or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as remedies of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding overa party.
Appears in 1 contract
Samples: Funding Agreement
Reduction. Effective as (a) Provided no uncured Event of January 1Default shall then exist, 2011 then on the first day of each Lease Year, commencing with the first day of the sixth (6th) Lease Year, and continuing annually thereafter on the first day of each subsequent Lease Year in which Tenant qualifies for reduction (each such anniversary date, a “Reduction/Extension Reduction Date”), Tenant shall have the Original Premises is decreased from 12,548 rentable square feet right to 9,172 rentable square feet by reduce the elimination of Security Deposit (a “Reduction”) to the Reduction Space amount set forth in the following schedule (the “ReductionReduction Schedule”). The portion ): First Day of Lease Year #6 $1,665,256.25 First Day of Lease Year #7 $1,332,205.00 First Day of Lease Year #8 $ 999,153.75 First Day of Lease Year #9 $ 666,102.50 First Day of Lease Year #10 $ 333,051.25
(b) Provided Tenant qualifies as of any such Reduction Date, such Reduction shall be effectuated by Tenant’s delivery of either (i) a replacement letter of credit for the applicable lesser amount, which replacement letter of credit may (A) include an endorsement that provides that such replacement Letter of Credit shall be effective only upon Landlord’s return of the Original Premises remaining following the surrender Letter of Credit being replaced or Landlord’s written consent to cancellation of the Reduction Space commonly known as Suite 1050 is hereafter referred letter of credit being replaced, or (B) be delivered pursuant to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein an escrow arrangement otherwise reasonably approved by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender , or (ii) at least ten (10) business days prior to the effective date of such Reduction, a written amendment to the Letter of Credit which has the effect of reducing the amount of the Reduction Space, the Lease shall be deemed terminated with respect Letter of Credit to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed lesser amount determined pursuant to mean the Retained Premises. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant this Section as of the date hereof to the applicable Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date.
(c) If Tenant does not qualify for a Reduction as of any applicable Reduction Date, but Tenant subsequently does qualify for such Reduction as of a later Reduction Date, then Tenant shall be permitted to enter “catch up” all prior foregone Reductions as of the applicable Reduction Date. (For example, if Tenant had never previously qualified for a Reduction, but did so effective as of the Reduction Space for Date coinciding with the sole purpose first day of accessing Lease Year #8, then the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right Security Deposit would be reduced from $1,998,307.50 to $999,153.75 as of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”such Reduction Date.), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over.
Appears in 1 contract
Samples: Lease Agreement (Titan Corp)
Reduction. 2.1. Tenant shall vacate the Reduction Leased Premises in accordance with the terms of the Lease on or prior to December 31, 2006, which is the date immediately preceding the Reduction Effective Date, and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Leased Premises up to the Reduction Effective Date, including those provisions relating to the condition of the Reduction Leased Premises and removal of Tenant’s property therefrom.
2.2. Effective as of the later of (i) January 1, 2011 2007, and (ii) Tenant’s actual surrender of the Reduction Leased Premises (such later date, the “Reduction/Extension Reduction Effective Date”), the Original Leased Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet reduced by the elimination of the Reduction Space (the “Reduction”)Leased Premises. The portion of the Original Premises remaining following the surrender As of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Effective Date, Tenant shall surrender the Reduction Space Leased Premises shall be deemed surrendered by Tenant to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction SpaceLandlord, the Lease shall be deemed terminated with respect to the Reduction SpaceLeased Premises, and the term “Leased Premises”, as defined in the Lease, shall be deemed to mean the Retained Current Leased Premises. Tenant shall vacate , less the Reduction Space in accordance with Leased Premises (hereinafter, the terms “Reduced Leased Premises”) and shall be deemed to contain 74,717 square feet of Rentable Area comprised of 21,990 square feet of Rentable Area on the 1st floor of the Lease Building, 25,519 square feet of Rentable Area on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as 2nd floor of the date hereof to Building and 27,208 square feet of Rentable Area on the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms 3rd floor of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room NoticeBuilding.
2.3. If Tenant shall holdover in the Reduction Space Leased Premises beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base RentRental, Tenant’s Additional Rent Rental and other charges respecting the Reduction Space pursuant Leased Premises equal to the terms one hundred fifty percent (150%) of the Lease, including Section 22 thereof, amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Leased Premises. Such holdover amount shall not be in limitation of Tenant’s liability for consequential and or other damages arising from Tenant’s holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Leased Premises. Notwithstanding the foregoing, Tenant shall not be liable for consequential damages pursuant to this Section 2.2 unless Landlord notifies Tenant that Landlord has entered into a lease for the Reduction Leased Premises or has received a bona fide offer to lease the Reduction Leased Premises, and that Landlord will be unable to deliver possession, or perform improvements, due to Tenant’s holdover.
Appears in 1 contract
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. A. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to December 31, 2015, which is the Reduction/Extension date immediately preceding the Reduction Effective Date (defined in II.B. below) and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant including those provisions relating to the condition of the Reduction Space and removal of Tenant's personal property therefrom.
B. Effective as of January 1, 2016 (the "Reduction Effective Date"), the Premises is decreased from 67,764 rentable square to 56,156 rentable square feet by the elimination of the Reduction Space. As of the Reduction Effective Date, the Reduction Space shall not be required to remove any improvements or alterations made deemed surrendered by Tenant as of to {2095-0852/00599601;2} 1 Landlord, the date hereof Lease shall be deemed terminated with respect to the Reduction Space. Notwithstanding , and the foregoing“Premises”, following as defined in the Reduction/Extension DateLease, shall be deemed to mean the Original Premises, less the Reduction Space; provided, if Tenant shall violate any provision hereof or if Tenant's representations herein shall be permitted false or materially misleading, Landlord shall have the right to enter declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminatein addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
C. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base Rent, Additional Rent Tenant’s Proportionate Share of Operating Expenses and other charges respecting the Reduction Space pursuant equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant's liability for consequential and or other damages arising from Tenant’s 's holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space. If Landlord shall install a wall separating the Reduction Space from the balance of the Premises or otherwise incur expense in installing separate utility meters or effecting similar separations, Tenant, upon demand, shall reimburse Landlord's costs in connection therewith.
Appears in 1 contract
Samples: Lease Agreement (Finisar Corp)
Reduction. Effective Tenant shall have the one-time-only option to decrease the rentable square footage of the Premises effective as of January 1November 30, 2011 2009 to an amount equal to not less than ninety percent (90%) of the number of square feet contained within the Premises as of May 30, 2009 (the “Reduction/Extension DateRetained Space”) by delivering Landlord written notice of its election to reduce the Premises no later than May 30, 2009, along with (a) plans setting forth the proposed size, location and configuration of Tenant’s Retained Space as separated from the remainder of the original Premises (the “Released Space”), (b) a reduction fee in good and collectable funds equal to $4.22 x the Original Premises is decreased from 12,548 rentable square footage of the Released Space, and (c) reimbursement for any then remaining unamortized Tenant Improvement Allowance (as defined in Exhibit B) and unamortized brokerage commission paid by Landlord in connection with this Amendment which are attributable to the Released Space. All Tenant Improvement Allowance and brokerage commission shall be deemed amortized over the entire Extended Term in equal monthly installments at an interest rate of 8% per annum. Any Released Space shall, in Landlord’s reasonable discretion (i) not constitute less than 5,000 rentable square feet; (ii) comprise a commercially leaseable space; and (iii) comply with all applicable building code requirements without requiring the construction of any new corridors (unless such costs are paid by Tenant and Landlord approves the plans for such construction, which approval shall not be unreasonably withheld or delayed). Tenant shall be solely responsible for all reasonable costs incurred by Landlord to separately demise the Released Space as a stand-alone suite. Once Tenant’s plans for the Retained Space have been approved by Landlord, the revised number of rentable square feet to 9,172 rentable square feet by so determined for the elimination of the Reduction Retained Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean be the Retained number of rentable square feet in the “Premises. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with ” for all obligations purposes under the Lease respecting (and thereafter not subject to contest by either party), which shall include, as applicable, an appropriate adjustment in the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as definition of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right Share and the calculation of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Base Rent hereunder. If Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room does not timely exercise its rights pursuant to the terms of this Section 8, the Amended Leasereduction right set forth in this Section 8 shall be of no further force or effect, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Noticerentable square footage set forth in Section 2 above shall be deemed to have been conclusively determined and to not be subject to contest by either party. If Tenant does exercise its rights pursuant to this Section 8, the parties shall holdover enter into an amendment which appropriately reflects the reduction in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date size of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding overPremises.
Appears in 1 contract
Samples: Office Lease Agreement (Immucor Inc)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. 2.1 Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to the Reduction/Extension date immediately preceding the Reduction Effective Date (defined in 1.2 below) and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof including those provisions relating to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter condition of the Reduction Space for the sole purpose and removal of accessing the server room (the “Server Room”) located thereinTenant’s Property therefrom; provided, however, that Landlord may terminate Tenant’s right shall not require Tenant to remove the six (6) strand fiber optic cabling installed by Tenant between the Reduction Space and Suite 108.
2.2 Effective as of entry into the Server Room at any time during the Extended Term upon date which is thirty (30) days prior written notice to Tenant following the Second Expansion Effective Date (the “Server Room NoticeReduction Effective Date”), whereupon the Premises is decreased from approximately 13,810 rentable square feet to approximately 11,283 rentable square feet by the elimination of the Reduction Space. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease shall be deemed terminated with respect to the Reduction Space, and the “Premises”, as defined in the Lease and as used herein shall be deemed to mean the Remaining Premises and the Second Expansion Space; provided, if Tenant shall violate any provision hereof or if Tenant’s representations herein shall be false or materially misleading, Landlord shall have the right of entry shall immediately terminateto declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space in addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
2.3 If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Monthly Base Rent, Additional Rent Tenant’s Share of Excess Expenses and other charges respecting the Reduction Space pursuant equal to the terms one hundred fifty percent (150%) of the Leaseamount in effect for October, including Section 22 thereof2014, prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of Tenant’s liability for consequential and or other damages arising from Tenant’s holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space, it being agreed that such holdover shall otherwise be subject to the terms of Section 15.3 of the Original Lease, as amended by Section 11.6 below.
Appears in 1 contract
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. A. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to April 30, 2002, which is the Reduction/Extension date immediately preceding the Reduction Effective Date (i.e., April 1, 2002), and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant shall not be required including those provisions relating to remove any improvements or alterations made by Tenant the condition of the Reduction Space and removal of Tenant's Property therefrom.
B. Effective as of the date hereof Reduction Effective Date, the Reduction Space shall no longer be considered part of the Premises. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease shall be deemed terminated with respect to the Reduction Space, and the "Premises", as defined in the Lease, shall be deemed to mean the Remaining Portion of the Original Premises, plus the Expansion Space (i.e., 36,649 total rentable square feet). Notwithstanding However, notwithstanding the foregoing, following the Reduction/Extension Date, if Tenant shall violate any provision hereof or if Tenant's representations herein shall be permitted false or materially misleading, Landlord shall have the right to enter declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminatein addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
C. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Date, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant's liability for consequential and or other damages arising from Tenant’s 's holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space. If Landlord shall install a wall separating the Reduction Space from the balance of the Premises or otherwise incur expense in installing separate utility meters or effecting similar separations, Tenant, upon demand, shall reimburse Landlord's costs in connection therewith.
Appears in 1 contract
Reduction. (i) Tenant shall vacate the First Reduction Space in accordance with the terms of the Lease on or prior to September 30, 2002, which is the date immediately preceding the First Reduction Effective as Date (defined in Section I.B.(i) below) and Tenant shall fully comply with all obligations under the Lease respecting the First Reduction Space up to the First Reduction Effective Date, including those provisions relating to the condition of January 1the First Reduction Space and removal of Tenant's Property therefrom, 2011 subject to the following: (i) Tenant shall have no obligation to remove any of the furniture to be transferred to New Tenant pursuant to any agreement between Tenant and New Tenant, a schedule of which furniture (the “Reduction/Extension Date”"Furniture") is attached as EXHIBIT E, and incorporated herein; (ii) all Leasehold Improvements and other changes, improvements, additions and/or alterations made to the First Reduction Space by or for Tenant (except as set forth in (iii) below) shall remain with the Building and shall not be required to be removed upon vacation of the First Reduction Space by Tenant, except to the extent Tenant and New Tenant agree in writing that a corridor for Tenant access to the dock area is required in which case Tenant shall bear the cost (to be reasonable in amount) for the installation and demolition thereof; (iii) Tenant shall have the right to remove from the First Reduction Space, and to retain as Tenant's property (subject to the terms of EXHIBIT B attached hereto), those items listed on EXHIBIT B, attached hereto and incorporated herein by this reference, and (iv) in leasing the Original Premises is decreased First Reduction Space to the New Tenant, or others, Landlord shall except from 12,548 rentable square feet to 9,172 rentable square feet by the elimination definition of "premises" in any such lease the exclusive use of the electrical and telecommunications rooms, the first floor elevator lobby, elevators, and exclusive access to the loading dock, which access shall be only as agreed to by New Tenant and Tenant and cause all of such areas to be and remain limited common areas, reasonably accessible by Tenant on a non-exclusive basis through the Early Termination Date or earlier termination of Tenant's Lease, in connection with Tenant's use of Tenant's Premises. Notwithstanding the foregoing, no later than 30 days prior to the First Reduction Effective Date, Tenant shall permit New Tenant, free and unlimited (except as expressly provided herein) access to the entire First Reduction Space (except for the “Reduction”mail room, which Tenant shall continue to have access to only until a mail room area is constructed on garage level A which is expected to occur on or about October 1, 2002, as discussed below) for the purpose of refurbishing the First Reduction Space, completing tenant improvements, installing furniture, fixtures and equipment, cabling and telephone installations, which access shall not be deemed an early termination of the Lease and Tenant shall be responsible for all obligations under the Lease through and including the First Reduction Effective Date. To the extent not caused by Tenant, Landlord hereby releases Tenant from and against all damages, claims and causes of action arising out of or relating to any breach of the Lease caused by the New Tenant in connection with its occupancy of the First Reduction Space prior to the First Reduction Effective Date (in the case of any breach of the Lease caused by both Tenant and New Tenant, the release set forth above shall not constitute a release of Tenant for a breach of the Lease caused by Tenant). The portion Effective on or before the First Reduction Effective Date, Landlord will (i) install and make available to Tenant and others, mailboxes in the Building at a location reasonably acceptable to the Postal Service and accessible and usable by Tenant, which is anticipated to be located in garage level A, (ii) locate and designate a delivery parking area, in an area reasonably selected by Landlord, for UPS, FedEx, and other suppliers and deliveries for use by and for Tenant and others, and will make reasonable access to the Building available to all such delivery persons for such deliveries, (iii) provide standard building signage in the Building lobby identifying the floors Tenant is occupying, and (iv) require that New Tenant allow Tenant reasonable and limited access to and use of the Original loading dock as reasonably needed by Tenant for deliveries to and from Tenant's Premises remaining following (which is anticipated to be approximately once a month), and for final move out by Tenant at the surrender expiration of the Lease, which access and use shall be agreed to solely and directly by and between Tenant and New Tenant and for which Landlord shall have no liability for any alleged or actual loss, claim or damage incurred by either Tenant or New Tenant unless due to the gross negligence or willful misconduct of Landlord.
(ii) Tenant shall vacate the Second Reduction Space commonly known as Suite 1050 in accordance with the terms of the Lease on or prior to December 31, 2002, which is hereafter referred the date immediately preceding the Second Reduction Effective Date (defined in Section I.B.(ii) below) and Tenant shall fully comply with all obligations under the Lease respecting the Second Reduction Space up to as the “Retained Premises.” The Second Reduction Effective Date, including those provisions relating to the condition of the Second Reduction Space and Retained Premises are depicted removal of Tenant's Property therefrom, subject to the following: (i) Tenant shall have no obligation to remove any of the Furniture; (ii) all Leasehold Improvements and other changes, improvements, additions and/or alterations made to the Second Reduction Space by or for Tenant (except as set forth in (iii) below) shall remain with the Building and shall not be required to be removed upon vacation of the Second Reduction Space by Tenant, except to the extent Tenant and New Tenant agree a corridor for Tenant access to the dock area is required in which case Tenant shall bear the reasonable cost for the installation and demolition thereof; and (iii) Tenant shall have the right to remove from the Second Reduction Space, and to retain as Tenant's property, those items listed on Exhibit “A” EXHIBIT B, attached hereto and incorporated herein by this reference. On or before Notwithstanding the Reduction/Extension foregoing, no later than 30 days prior to the Second Reduction Effective Date, Tenant shall surrender permit New Tenant, free and unlimited (except as expressly provided herein) access to the entire Second Reduction Space for the purpose of refurbishing the Second Reduction Space, completing tenant improvements, installing furniture, fixtures and equipment, cabling and telephone installations, which access shall not be deemed an early termination of the Lease and Tenant shall be responsible for all obligations under the Lease through and including the Second Reduction Effective Date. To the extent not caused by Tenant, Landlord hereby releases Tenant from and against all damages, claims and causes of action arising out of or relating to Landlord as provided any breach of the Lease caused by the New Tenant in connection with its occupancy of the Second Reduction Space prior to the Second Reduction Effective Date (in the Leasecase of any such breach of the Lease caused by both Tenant and New Tenant, the release set forth above shall not constitute a release of Tenant for a breach of the Lease caused by Tenant. Effective on or before the Second Reduction Effective Date, Landlord will modify the standard Building signage in the Building lobby identifying the floors Tenant is occupying.
(i) Effective as amended hereby of October 1, 2002 (the “Amended Lease”"First Reduction Effective Date"). From , the Premises is decreased from 149,487 rentable square feet on the 1st, 2nd, 3rd, 4th and after 5th floors to 123,684 rentable square feet on the Reduction/Extension Date 2nd, 3rd, 4th and Tenant’s proper surrender 5th floors by the elimination of the First Reduction Space. As of the First Reduction Effective Date, the First Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease shall be deemed terminated with respect to the First Reduction Space, and the term “"Premises”", as defined in the Lease, shall be deemed to mean the Retained Original Premises. , less the First Reduction Space; provided, if Tenant shall vacate violate any provision hereof or if Tenant's representations herein shall be false or materially misleading, Landlord shall have the right, in its sole discretion, to declare this Amendment null and void and to reinstate the Lease with respect to the First Reduction Space in accordance with addition to, and not in lieu of, any other rights or remedies available to Landlord.
(ii) Effective as of January 1, 2003 (the terms "Second Reduction Effective Date"), the Premises is decreased from 123,684 rentable square feet on the 2nd, 3rd, 4th and 5th floors to 92,763 rentable square feet on the 3rd, 4th and 5th floors by the elimination of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Second Reduction Space. Notwithstanding As of the foregoing, following the Reduction/Extension Second Reduction Effective Date, Tenant the Second Reduction Space shall be permitted deemed surrendered by Tenant to enter Landlord, the Lease shall be deemed terminated with respect to the Second Reduction Space, and the "Premises", as defined in the Lease, shall be deemed to mean the Original Premises, less the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located thereinSpaces; provided, howeverif Tenant shall violate any provision hereof or if Tenant's representations herein shall be false or materially misleading, Landlord may terminate Tenant’s right of entry into shall have the Server Room at any time during right, in its sole discretion, to declare this Amendment null and void and to reinstate the Extended Term upon thirty (30) days prior written notice Lease with respect to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminateSecond Reduction Space in addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
C. If Tenant shall holdover in the First Reduction Space or Second Reduction Space beyond the Reduction/Extension day immediately preceding the First Reduction Effective Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Noticeor Second Reduction Effective Date, respectively, Tenant shall be liable for Base RentRental, Additional Base Rent and other charges respecting the First Reduction Space pursuant and/or Second Reduction Space, as applicable, equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the First Reduction Space and/or Second Reduction Space, respectively, and which shall control over any provision for holdover rent set forth in Article 31 of the Lease, including Section 22 thereof, and . Such holdover amount shall not be in limitation of Tenant's liability for consequential and or other damages arising from Tenant’s 's holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Spaces. If Landlord shall install a wall separating the Reduction Spaces from the balance of the Premises or otherwise incur expense in installing separate utility meters or effecting similar separations, Tenant, upon demand, shall reimburse Landlord's reasonable costs in connection therewith.
Appears in 1 contract
Samples: Lease Agreement (Bsquare Corp /Wa)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”a) Subject to Clause 9.4 (Voluntary cancellation), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet Total Commitments shall be reduced on each Reduction Date by the elimination percentage set out opposite each Reduction Date in the Total Commitments Reduction Schedule with each Lender’s Commitment reduced pro rata, provided that if such Reduction Date is not a Business Day that Reduction Date shall instead fall on the preceding Business Day.
(b) The Borrower shall ensure that sufficient Loans are repaid on a Reduction Date to the extent necessary so that the aggregate of the Reduction Space outstanding Loans (after that repayment) is equal to or less than the “Reduction”). The portion reduced amount of the Original Premises remaining following Total Commitments at that time.
(c) The Borrower shall ensure that sufficient Loans are repaid within five (5) Business Days of a Recalculation Date to the surrender extent necessary so that the aggregate of the Reduction Space commonly known as Suite 1050 outstanding Loans (after that repayment) is hereafter referred equal to as or less than the “Retained PremisesBorrowing Base Amount (which, for the avoidance of doubt, shall take into account any permitted disposal of part or whole of a Borrowing Base Asset by way of share sale or asset sale pursuant to Clause 22.16 (Disposals)) applicable on the day after such Recalculation Date.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby
(the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender d) Any reduction of the Reduction Space, Total Commitments shall reduce rateably the Lease shall be deemed terminated with respect to Commitment of each Lender.
(e) If the Reduction Space, and Borrower cancels the term “Premises”, as defined in whole or any part of the Lease, shall be deemed to mean the Retained Premises. Tenant shall vacate the Reduction Space Commitments in accordance with Clause 9.4 (Voluntary cancellation), then the terms amount of each Lender’s Commitment for each Reduction Date falling after that cancellation will reduce pro rata in chronological order by the Lease on amount cancelled.
(f) Any repayments of Loans under Clause 8.2(b) or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant Clause 8.2(c) shall be permitted applied towards such Loans as the Agent (acting in consultation with the Borrower) shall determine. 118798-4-1-v6.0 - 44 - 70-40539524
(g) The Total Commitments shall reduce to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room zero on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over30 June 2018.
Appears in 1 contract
Samples: Senior Reserve Base Lending Facility Agreement (Fx Energy Inc)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. 1.01 Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to January 8, 2006, which is the Reduction/Extension date immediately preceding the Reduction Effective Date (defined in Section 1.02. below) and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant including those provisions relating to the condition of the Reduction Space and removal of Tenant’s Property therefrom.
1.02 Effective as of January 9, 2006 (the “Reduction Effective Date”), the Premises is decreased from 31,699 rentable square feet on the third and fourth floors to 23,929 rentable square feet on the third and fourth floors by the elimination of the Reduction Space. As of the Reduction Effective Date, the Reduction Space shall not be required to remove any improvements or alterations made deemed surrendered by Tenant as of to Landlord, the date hereof Lease shall be deemed terminated with respect to the Reduction Space. Notwithstanding , and the foregoing“Premises”, following as defined in the Reduction/Extension DateLease, shall be deemed to mean the Original Premises, less the Reduction Space; provided, if Tenant shall violate any provision hereof or if Tenant’s representations herein shall be permitted false or materially misleading, Landlord shall have the right to enter declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminatein addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
1.03 If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant’s liability for consequential and or other damages arising from Tenant’s holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space. If Landlord shall install a wall separating the Reduction Space from the balance of the Premises or otherwise incur expense in installing separate utility meters or effecting similar separations, Tenant, upon demand, shall reimburse Landlord’s costs in connection therewith.
Appears in 1 contract
Samples: Lease Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Reduction. Effective Subject to the remaining terms of this Article 21, as of January 1, 2011 the first day of the twenty-fifth (25th) and thirty-seventh (37th) full calendar months of the Lease Term (each such date being referred to herein as a “Reduction/Extension Letter of Credit Reduction Date”), Tenant shall have the Original Premises is decreased from 12,548 rentable square feet right to 9,172 rentable square feet provide Landlord with a written notice (a “Letter of Credit Reduction Notice”) advising Landlord that Tenant has satisfied the Benchmark Ratio Requirement (as defined below) for Tenant’s four (4) fiscal quarters immediately preceding such Letter of Credit Reduction Date and requesting that the Letter of Credit Amount be reduced by the elimination of the Reduction Space an amount equal to $48,375.90 (the “ReductionReduction Amount”), which Letter of Credit Reduction Notice shall be accompanied by a Quarterly Financial Statement (defined below) for each of Tenant’s four (4) fiscal quarters immediately preceding such Letter of Credit Reduction Date, an Annual Financial Statement (defined below) for Tenant’s fiscal year immediately preceding such Letter of Credit Reduction Date, and any other financial information or tax returns as may be reasonably requested by Landlord. The portion Letter of the Original Premises remaining following the surrender of Credit Amount shall be reduced by the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date Amount and Tenant shall fully comply be entitled to accomplish such reduction by providing Landlord with all obligations under a certificate of amendment to the Lease respecting existing Letter of Credit, which amendment reduces the Letter of Credit Amount by the Reduction Space up Amount and in all other aspects meets the requirements for the original Letter of Credit as set forth above, provided that (1) Tenant has actually satisfied the Benchmark Ratio Requirement for Tenant’s four (4) fiscal quarters immediately preceding such Letter of Credit Reduction Date, (2) Tenant has delivered to Landlord an Annual Financial Statement for Tenant’s fiscal year in which Tenant last qualified for a reduction in the Letter of Credit, which Annual Financial Statement verifies the accuracy and correctness of the Quarterly Financial Statements pursuant to which Tenant last qualified for a reduction in the Letter of Credit, (3) Tenant is not in default under this Lease on the date Landlord receives a Letter of Credit Reduction Notice or on the date Tenant tenders to Landlord the certificate of amendment to the Reduction/Extension Date; provided howeverexisting Letter of Credit, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Reduction Space. Notwithstanding the foregoing(4) Tenant, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Lease Term upon thirty prior to Landlord’s receipt of such Letter of Credit Reduction Notice or Landlord’s receipt of the certificate of amendment to the existing Letter of Credit, has not been in default under this Lease more frequently than once in any twelve (3012) days prior written notice consecutive month period, (5) in no event shall the Letter of Credit be reduced below an amount equal to Tenant $47,880.00, and (6) in no event shall Landlord be required to reduce the Letter of Credit Amount except as expressly set forth herein. For purposes of this Lease, the “Server Room Notice”), whereupon Benchmark Ratio Requirement” shall be satisfied by Tenant for Tenant’s right of entry shall immediately terminate, and Tenant shall surrender applicable fiscal quarter if the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Notice, Tenant shall be liable Quarterly Financial Statement for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over.applicable fiscal quarter, which Quarterly Financial Statement has been provided to Landlord in accordance herewith, reflects that (A) Tenant maintains a Current
Appears in 1 contract
Samples: Office Lease (Cotherix Inc)
Reduction. Effective as Tenant shall vacate the 2017 Reduction Space in accordance with the terms of January 1the Lease on or before October 31, 2011 2017 (the “Reduction/Extension Reduction Effective Date”), and Tenant shall fully comply with all obligations under the Original Premises is decreased from 12,548 rentable square feet Lease respecting the 2017 Reduction Space up to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Effective Date, Tenant shall and completely vacate and surrender the 2017 Reduction Space to Landlord as provided in accordance with the terms of the Lease, as amended hereby (subject to the “Amended Lease”)remaining provisions of this
Section 1. From Without limitation, Tenant shall leave the 2017 Reduction Space in a broom-clean condition and after free of all movable furniture, fixtures, equipment, and other personal property, including all data and telecommunications cabling that was installed by or on behalf of Tenant. However, notwithstanding anything to the Reduction/Extension Date and contrary set forth in the Lease or the foregoing sentence, Tenant’s proper obligation with respect to surrender of the 15th floor portion of the 2017 Reduction SpaceSpace shall be in accordance with Exhibit B attached hereto, and any designated items must be removed by Tenant in the manner prescribed under the Lease with respect to Tenant’s surrender obligations. Effective as of the Reduction Effective Date the 2017 Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease shall be deemed terminated with respect to the 2017 Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained 2017 Remaining Premises. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the 2017 Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond Reduction Effective Date, including, without limitation, Tenant’s failure to surrender the thirtieth (30th) after same in the date of condition required under the Server Room NoticeLease, as expressly modified by this Amendment, Tenant shall be liable for Base Rent, Tenant’s Additional Rent and other charges respecting the 2017 Reduction Space pursuant to in accordance with the terms hold over provisions of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over.
Appears in 1 contract
Samples: Lease (Capella Education Co)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. A. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to August 31, 2001, which is the Reduction/Extension date immediately preceding the Reduction Effective Date (defined in II.B. below) and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant including those provisions relating to the condition of the Reduction Space and removal of Tenant’s Property therefrom.
B. Effective as of September 1, 2001 (the “Reduction Effective Date”), the Premises is decreased from 7,694 rentable square feet on the 2nd and 8th floors to 6,882 rentable square feet on the 2nd floor by the elimination of the Reduction Space. As of the Reduction Effective Date, the Reduction Space shall not be required to remove any improvements or alterations made deemed surrendered by Tenant as of to Landlord, the date hereof Lease shall be deemed terminated with respect to the Reduction Space. Notwithstanding , and the foregoing“Premises”, following as defined in the Reduction/Extension DateLease, Tenant shall be permitted deemed to enter mean the Current Premises, less the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Space.
C. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base RentMonthly Rental, Additional Rent and other charges respecting the Reduction Space pursuant equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant’s liability for consequential and or other damages arising from Tenant’s holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space.
D. Notwithstanding anything in this Amendment to the contrary, Tenant shall remain liable for all year-end adjustments with respect to Tenant’s Pro Rata Share of the Tax Excess and Tenant’s Pro Rata Share of the Expense Excess (as defined in the Fourth Amendment) applicable to the Reduction Space for that portion of the calendar year preceding the Reduction Effective Date. Such adjustments shall be paid at the time, in the manner and otherwise in accordance with the terms of the Lease, unless otherwise provided herein.
Appears in 1 contract
Reduction. Effective Amounts If after the Ramp-Up Period End Date the Collateral Manager proposes a Proposed Underlying Asset for which at least two Pricing Sources are available and GS notifies Counterparty (including by telephone or email) that: (x) GS has determined (in its sole and absolute discretion) that such Proposed Underlying Asset is a Non-Private Underlying Asset; and (y) the GS Consent Condition is not satisfied with respect to such Proposed Underlying Asset, such event will constitute a “Rejection Event” and the Proposed Underlying Asset will constitute a “Rejected Underlying Asset” unless the GS Consent Condition is subsequently satisfied with respect to such Proposed Underlying Asset within three Business Days after GS receives a Reduction Notice for the related Reduction Event as described below. If the GS Consent Condition is not satisfied with respect to any Restructuring or any Material Modification of January 1an Underlying Asset, 2011 such event will constitute a “Rejection Event” and the Underlying Asset will also constitute a “Rejected Underlying Asset” unless the GS Consent Condition is subsequently satisfied with respect to such Restructuring or Material Modification within three Business Days after GS receives a Reduction Notice for the related Reduction Event as described below. Each time three unique and consecutive Rejection Events occur (each with respect to Underlying Assets or Proposed Underlying Assets issued by obligors unaffiliated with one another), such occurrence will constitute a “Reduction Event”, whereupon Counterparty may, by written notice to GS (each such notice, a “Reduction Notice”), declare a “Reduction Amount” (with effect from the date of such Reduction Notice, each such date a “Reduction Date”) with respect to such Reduction Event equal to the average of the Reduction Calculation Amounts of the Rejected Underlying Assets relating to such Reduction Event (determined, for the avoidance of doubt, taking into account the portion of such Rejected Underlying Asset that is or would have been acquired by the Security Issuer), provided that the Reduction Amount related to such Reduction Event shall be deemed reduced to zero (with effect from the date of the related Reduction Notice) if, within three Business Days following the related Reduction Date, the GS Consent Condition is subsequently satisfied with respect to one or more of the Rejected Underlying Assets related to such Reduction Event. For the avoidance of doubt, multiple Reduction Events may occur during the term of this Agreement entitling Counterparty to declare Reduction Amounts with respect to each such Reduction Event (the sum of all Reduction Amounts at any time, the “Reduction/Extension Aggregate Reduction Amount” at such time). If (at any time after any Reduction Event) the Collateral Manager proposes a Proposed Underlying Asset and GS notifies Counterparty (including by telephone or email) that the GS Consent Condition is satisfied with respect to such Proposed Underlying Asset (each such date, an “Acceptance Date”), or the Original Premises GS Consent Condition is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated satisfied with respect to a related Restructuring or Material Modification, the Aggregate Reduction Space, and the term “Premises”, as defined in the Lease, shall Amount will be deemed to mean the Retained Premises. Tenant shall vacate the Reduction Space in accordance reduced (but not below zero) (with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension effect from such Acceptance Date; provided however, Tenant shall not be required to remove any improvements or alterations made ) by Tenant as of the date hereof an amount equal to the Reduction Space. Notwithstanding the foregoingCalculation Amount of such Proposed Underlying Asset or Underlying Asset (determined, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose avoidance of accessing doubt, taking into account the server room (portion of such Proposed Underlying Asset or Underlying Asset, as the “Server Room”) located therein; providedcase may be, however, Landlord may terminate Tenant’s right of entry into that is or would have been acquired by the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”Security Issuer), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the date of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant to the terms of the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding over.
Appears in 1 contract
Samples: Master Repurchase Agreement (FS Energy & Power Fund)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease There shall be deemed terminated no Prop 13 Reduction with respect to the Reduction Spacefirst or second Prop 13 Increase during the Extension Term, and the term “Premises”if any, as defined in the Lease, shall be deemed to mean the Retained Premises. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up subject to the foregoing provisions regarding a second Prop 13 Increase occurring prior to November 1, 2003. Notwithstanding any Prop 13 Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of pay the date hereof Real Property Taxes allocable to the Premises and increases thereof that would have occurred "but for" any Prop 13 Increase for which Tenant is entitled to a Prop 13 Reduction. In addition, if Tenant becomes entitled to a Prop 13 Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room and if at any time during there occurs a reassessment of the Extended Term upon thirty Project because of a systemic change in the method or timing of assessments, including, without limitation, the enactment into law of a method by which the Project would be reassessed on an annual or other periodic basis (30) days prior written notice to Tenant (the “Server Room Notice”a "SYSTEMIC REASSESSMENT"), whereupon Tenant’s right and such reassessment causes the assessed value of entry shall the Project to be greater than the assessed value of the Project immediately terminate, and Tenant shall surrender the Server Room pursuant prior to the terms occurrence of such reassessment, the Prop 13 Reduction shall be terminated, prorated to the effective date of such reassessment. Similarly, if Tenant becomes entitled to a Prop 13 Reduction and subsequently there occurs a Systemic Reassessment which results in, or but for the higher assessed value which gave rise to the Prop 13 Reduction would have resulted in, an assessed value of the Amended LeaseProject or portion thereof which results in Real Property Taxes payable by Tenant greater than Real Property Taxes that would have been payable by Tenant absent the Prop 13 Increase, including removal all furniturebut less than the assessed value which gave rise to the Prop 13 Reduction, fixturesthe Prop 13 Reduction shall be reduced, equipment and personal property from prorated to the Server Room on or before the Server Room Notice. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or the Server Room beyond the thirtieth (30th) after the effective date of the Server Room Notice, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting Systemic Reassessment (or the Reduction Space pursuant date on which such reassessment would have been effective) to an amount equal to the terms of amount by which the Lease, including Section 22 thereof, and consequential and other damages arising from Tenant’s holding overReal Property Taxes payable by Tenant absent the Prop 13 Reduction exceeds the Real Property Taxes that would have been payable but for the higher assessed value which gave rise to the Prop 13 Reduction.
Appears in 1 contract
Samples: Lease (Symantec Corp)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. A. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to the Reduction/Extension date which is the 45th day following the date of this Amendment, which is the date immediately preceding the Reduction Effective Date (defined in I.B. below) and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant shall not be required including those provisions relating to remove any improvements or alterations made by Tenant the condition of the Reduction Space and removal of Tenant's Property therefrom.
B. Effective as of the 46th day following the date hereof of this Amendment (the "Reduction Effective Date") the Premises is decreased from 66,096 rentable square feet on the first and second floors to 32,148 rentable square feet on the first floor by the elimination of the Reduction Space. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Tenant to Landlord, the Lease shall be deemed terminated with respect to the Reduction Space. Notwithstanding , and the foregoing"Premises", following as defined in the Reduction/Extension DateLease, Tenant shall be permitted deemed to enter mean the Original Premises, less the Reduction Space; provided, if Tenant's representations herein shall be false or materially misleading, Landlord shall have the right to declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminatein addition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
C. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant equal to twice the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant's liability for consequential and or other damages arising from Tenant’s 's holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space. If Landlord shall install an elevator in the common area of the Building, Tenant, upon demand, shall reimburse Landlord's costs in connection therewith (including, without limitation, all related soft costs), up to an amount not to exceed $140,000.00. Except as provided herein, Tenant shall not be responsible for any other demising costs incurred by Landlord in connection with the Reduction Space. If Landlord shall install separate utility meters, Tenant, upon demand, shall reimburse Landlord's costs in connection therewith.
Appears in 1 contract
Samples: Lease Agreement (Aerogen Inc)
Reduction. Effective as of January 1, 2011 (the “Reduction/Extension Date”), the Original Premises is decreased from 12,548 rentable square feet to 9,172 rentable square feet by the elimination of the Reduction Space (the “Reduction”). The portion of the Original Premises remaining following the surrender of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Date, Tenant shall surrender the Reduction Space to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction Space, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “Premises”, as defined in the Lease, shall be deemed to mean the Retained Premises. 2.1 Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or before prior to March 31, 2017 (the Reduction/Extension “Required Vacation Date”), which is the date immediately preceding the Reduction Effective Date (defined in 2.2 below) and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Reduction Effective Date; provided however, Tenant including those provisions relating to the condition of the Reduction Space and removal of Tenant’s personal property therefrom.
2.2 Effective as of April 1, 2017 (the “Reduction Effective Date”), the Reduction Space shall not no longer be required to remove any improvements or alterations made considered part of the Premises. As of the Reduction Effective Date, the Reduction Space shall be deemed surrendered by Tenant as of to Landlord, the date hereof Lease shall be deemed terminated with respect to the Reduction Space. Notwithstanding , and the foregoing“Premises”, following as defined in the Reduction/Extension DateLease, Tenant shall be permitted deemed to enter mean the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminate, and Tenant shall surrender the Server Room pursuant to the terms Remaining Portion of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Original Premises.
2.3 If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base Minimum Monthly Rent, Additional Rent Tenant’s Proportionate Share of Operating Costs, Insurance Costs and Taxes and other charges respecting the Reduction Space pursuant equal to (i) one hundred twenty-five percent (125%) of the terms Minimum Monthly Rent in effect under the Lease for the first sixty (60) days of such holdover; and (ii) commencing as of the sixty-first (61st) day of such holdover, one hundred fifty percent (150%) of the Minimum Monthly Rent in effect under the Lease, including Section 22 thereofprorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be deemed permission for Tenant to holdover in the Reduction Space. In addition, and Tenant shall be liable for consequential and other damages arising from Tenant’s 's holding over.
Appears in 1 contract
Samples: Office Lease (Sphere 3D Corp)
Reduction. A. Tenant shall vacate the Reduction Space in accordance with the terms of the Lease on or prior to June 29, 2002, which is the date immediately preceding the Reduction Effective Date (defined in I.B. below) and Tenant shall fully comply with its obligations under the Lease, as modified by this Amendment, respecting the Reduction Space up to the Reduction Effective Date, including those provisions relating to the condition of the Reduction Space and removal therefrom of Tenant's personal property (other than the Furniture, as hereinafter defined), Trade Fixtures and all Alterations that Landlord has elected to require Tenant to remove, as required under the Lease. In consideration for Landlord's execution of this Amendment, Tenant hereby conveys to Landlord certain of Tenant's furniture located in the Reduction Space as more particularly described on the attached Exhibit C (the "Furniture") and in accordance with the terms and conditions of the Xxxx of Sale (the "Xxxx of Sale") attached hereto as Exhibit B. On or before the execution of this Amendment, Tenant shall execute and deliver to Landlord the original Xxxx of Sale. Tenant hereby represents and warrants that the Furniture in the Reduction Space is free and clear of all liens, charges and encumbrances, that Tenant is the rightful owner of all of the Furniture and that Tenant has the full right and authority to convey good title to the Furniture to Landlord. The foregoing representation and warranty shall be deemed to be remade by Tenant in full as of the Reduction Effective Date.
B. Effective as of January 1June 30, 2011 2002 (the “Reduction/Extension "Reduction Effective Date”"), the Original Premises is decreased from 12,548 approximately 159,350 rentable square feet to 9,172 consisting of approximately 79,675 rentable square feet in the 100 Building and approximately 79,675 rentable square feet in the 200 Building to approximately 79,675 rentable square in the 200 Building by the elimination of the Reduction Space (the “Reduction”)Space. The portion of the Original Premises remaining following the surrender As of the Reduction Space commonly known as Suite 1050 is hereafter referred to as the “Retained Premises.” The Reduction Space and Retained Premises are depicted on Exhibit “A” attached hereto and incorporated herein by this reference. On or before the Reduction/Extension Effective Date, Tenant shall surrender the Reduction Space shall be deemed surrendered by Tenant to Landlord as provided in the Lease, as amended hereby (the “Amended Lease”). From and after the Reduction/Extension Date and Tenant’s proper surrender of the Reduction SpaceLandlord, the Lease shall be deemed terminated with respect to the Reduction Space, and the term “"Premises”", as defined in the Lease, shall be deemed to mean the Retained Original Premises. , less the Reduction Space; provided, if Tenant shall vacate violate any provision hereof or if Tenant's representations herein shall be false or materially misleading, Landlord shall have the right to declare this Amendment null and void and to reinstate the Lease with respect to the Reduction Space in accordance with the terms of the Lease on or before the Reduction/Extension Date and Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space up to the Reduction/Extension Date; provided however, Tenant shall not be required to remove any improvements or alterations made by Tenant as of the date hereof to the Reduction Space. Notwithstanding the foregoing, following the Reduction/Extension Date, Tenant shall be permitted to enter the Reduction Space for the sole purpose of accessing the server room (the “Server Room”) located therein; provided, however, Landlord may terminate Tenant’s right of entry into the Server Room at any time during the Extended Term upon thirty (30) days prior written notice to Tenant (the “Server Room Notice”), whereupon Tenant’s right of entry shall immediately terminateaddition to, and Tenant shall surrender the Server Room pursuant not in lieu of, any other rights or remedies available to the terms of the Amended Lease, including removal all furniture, fixtures, equipment and personal property from the Server Room on or before the Server Room Notice. Landlord.
C. If Tenant shall holdover in the Reduction Space beyond the Reduction/Extension Date and/or day immediately preceding the Server Room beyond the thirtieth (30th) after the date of the Server Room NoticeReduction Effective Date, Tenant shall be liable for Base Rent, Additional Rent and other charges respecting the Reduction Space pursuant equal to 1.25 times the terms amount in effect under the Lease prorated on a per diem basis and on a per square foot basis for the Reduction Space. Such holdover amount shall not be in limitation of the Lease, including Section 22 thereof, and Tenant's liability for consequential and or other damages arising from Tenant’s 's holding overover nor shall it be deemed permission for Tenant to holdover in the Reduction Space.
Appears in 1 contract
Samples: Lease Agreement (3do Co)