Relocation Option. In the event Lessor determines to utilize the leased premises for other purposes during the term of this Lease, Lessee agrees to relocate to other space in the building and/or project designated by Lessor, provided such other space is of equal or larger size than the leased premises.
Relocation Option. In the event that, at any time during the Term from and after the thirty-sixth (36th) monthly anniversary of the Lease Commencement Date, Tenant would like to relocate its operations to other general office and research space in another biotechnology project owned by Landlord, Tenant may so notify Landlord (“Request Notice”). Tenant’s Request Notice shall specify the approximate number of rentable square feet required by Tenant, the project owned by Landlord to which Tenant desires to relocate and the approximate lease term desired by Tenant (which shall be a minimum of eighty-five (85) months). Within thirty (30) days after Landlord’s receipt of Tenant’s Request Notice, Landlord shall notify Tenant (“Response Notice”) as to whether Landlord owns any property which meets the requirements specified in Tenant’s Request Notice and which is then available for lease, which availability shall in any event be subject to the approval of Landlord’s lender. If any such space is then available, Landlord’s Response Notice shall also contain Landlord’s proposed economic terms (which shall be at the prevailing Market Rent, as defined below), including without limitation the proposed base rent, rental concessions (if any), the contribution by Landlord toward improvement of such space (if any) and brokerage commission, and other terms and conditions applicable to Tenant’s lease of such space including, without limitation, general configuration of such space, and the unamortized balance (as of Tenant’s proposed relocation date) of the Improvement Allowance and the brokerage commissions paid by Landlord in connection with this Lease (including in connection with any First Offer Space) and therefore payable by Tenant as consideration for such relocation (collectively, the “Economic Terms”). For purposes hereof, space shall not be considered to be available for lease if, at such time, such space is subject to an existing lease or Landlord is in discussions with a prospective tenant to lease such space. If Landlord’s Response Notice indicates that space meeting the requirements of Tenant’s Request Notice is then available, Landlord and Tenant shall negotiate, in good faith, to reach agreement on Economic Terms of Tenant’s lease of such space and the terms of a new lease for such space. If Landlord and Tenant are able to reach agreement and enter into a new lease for such space within thirty (30) days after the Response Notice, this Lease shall terminate as of the commencement ...
Relocation Option. In the event Landlord determines to utilize the Premises for other purposes during the term of this Lease, Tenant agrees to relocate to another space in the Building designated by Landlord, provided such other space is of equal or larger size than the Premises.
Relocation Option. This section intentionally deleted.
Relocation Option. Intentionally deleted.
Relocation Option. Lessor reserves the right (i) at any time prior to tendering the possession of the Leased Premises to Lessee or (ii) during the Lease Term after the Commencement Date, and on sixty (60) days prior notice (“Substitution Notice”) to substitute other space (“Substitute Space”) within the Building for the Leased Premises, as long as the Substitute Space is comparable to or better than the Leased Premises. The Base Rent for the Substitute Space will be computed by multiplying the number of square feet for rentable area in the Substitute Space by the per rentable square foot Base Rent for the Leased Premises. If relocation occurs after the commencement of the Lease Term, Lessee may take the Substitute Space “as is” or have the Substitute Space improved in substantially the same manner as the Leased Premises, such election to be exercised by notice delivered to Lessor within thirty (30) days after Lessee’s receipt of the Substitution Notice. Failure by Lessee to notify Lessor of Lessee’s election within the thirty (30) day period will be deemed to be an election to take the Substitute Space “as is”. Rent for the Substitute Space shall commence to accrue within fifteen (15) days after substantial completion of the Substitute Space or on the delivery date if taken “as is”. Before that time, Lessor shall take no action in the Leased Premises that would unreasonably interfere with Lessee’s occupancy. If Lessor exercises its right to relocate the Lessee, Lessor will pay all reasonable out-of-pocket costs and expenses incurred by Lessee as a result of the relocation. Any modification or upgrading of Lessee improvements or stationery or additional construction or printing will be at the sole cost of Lessee.
Relocation Option. 41.1. Prior to expiration of the initial Term expiring on January 14, 2018, Tenant shall have the option (the “Relocation Option”) to request to relocate from the Premises to another property owned by Landlord or any of its affiliates (the “New Premises”), subject to the following terms and conditions:
(a) Tenant shall exercise its Relocation Option by providing Landlord with at least nine (9) months prior written notice of its election to exercise the Relocation Option; and
(b) The rentable area of the New Premises shall be equal to or greater than sixty thousand (60,000) square feet in the aggregate, taking into account the space in the Building and in the buildings located at 11404 and 00000 Xxxxxxxx Xxxxxx Xxxx, Xxx Xxxxx, Xxxxxxxxxx, to the extent the same will comprise the New Premises.
41.2. In the event Tenant exercises the Relocation Option in accordance with Section 41.1, Landlord and Tenant shall negotiate in good faith to determine the base rent for the New Premises and other terms and conditions of Tenant’s occupancy of the New Premises.
41.3. In the event Landlord and Tenant fully execute a lease for the New Premises, Landlord shall pay all reasonable third-party costs incurred by Tenant in connection with such relocation. In such an event, this Lease shall terminate as of the later of (a) the date Tenant surrenders the Premises to Landlord in the condition required by the Lease upon termination and (b) the commencement date of the lease with respect to the New Premises.
Relocation Option. (a) In the event that Tenant has elected to exercise its Termination Option as to the entire Expansion Space D, Tenant shall have a one-time right to lease all (and not less than all) the Relocation Space (defined below), if and to the extent such space is Available (defined below), for the remainder of the Fourth Extended Term, upon and subject to the terms and conditions of this Section (the “Relocation Right”).
Relocation Option. If Tenant requires premises in excess of the entire Premises (including the 3260 Premises), then Tenant shall have the right (the “Relocation Option”) to negotiate with Landlord or an affiliate of Landlord (as applicable) for such new premises within the Project or another project in Brisbane or South San Francisco owned by an affiliate of Landlord that Tenant and Landlord agree are suitable for Tenant. Tenant shall notify Landlord in writing of its intention to negotiate for such new premises, and Landlord and Tenant shall negotiate in good faith for the lease of such new premises for six (6) months following Landlord’s receipt of Tenant’s notice. Landlord and Tenant shall have the right to decide, in their respective sole and absolute discretion, whether the terms of such lease are acceptable to such party. If Landlord and Tenant sign such a lease, then the Expiration Date shall be changed to the day immediately preceding the day that Tenant’s obligation to pay base rent and operating expenses under the new lease commences.
Relocation Option. INTENTIONALLY OMITTED.
