Common use of Representations of Landlord Clause in Contracts

Representations of Landlord. Landlord warrants that as of the Commencement Date: (a) Landlord’s Work will be substantially completed in accordance with the Construction Drawings (as defined in Exhibit E) and otherwise in a workmanlike manner, and will be in substantial compliance with all applicable codes and regulations; and (b) to the best of Landlord’s knowledge, all of the Premises’ mechanical systems (i.e., HVAC, etc.) are functional and in good condition. Landlord further warrants, to the best of its knowledge without any level of inquiry, investigation or diligence, that the Premises is currently in compliance with the ADA and that the Premises does not contain any Hazardous Materials in violation of applicable Environmental Laws. SCHEDULE C-I ATTACHED TO EXHIBIT C Within fifteen (15) days after Tenant notifies Landlord that it rejects Landlord’s determination of the Prevailing Market Rate, Tenant and Landlord shall negotiate in good faith to reach agreement on the Prevailing Market Rate. If within the fifteen (15) day period Landlord and Tenant do not reach a written agreement on the Prevailing Market Rate, the appraisal process below shall be deemed to have been implemented by Tenant. Once the appraisal process is implemented, Landlord and Tenant shall each appoint, by written notice to the other, a licensed real estate broker who has had, within the immediately preceding seven (7) years, at least five (5) years of commercial office building leasing experience in the Raleigh/Durham, North Carolina area, or a licensed real estate appraiser who has had, within the immediately preceding seven (7) years, at least five (5) years of commercial office appraisal experience in the Raleigh/Durham, North Carolina area, neither of which broker or appraiser shall have a conflict of interests in representing either Landlord or Tenant. If either party fails to appoint such a real estate broker/appraiser within ten (10) days following the expiration of the fifteen (15) day period within which Landlord and Tenant tried to agree on the Prevailing Market Rate, then the broker/appraiser who is appointed shall select the second broker/appraiser. Such two broker/appraisers shall proceed to determine the Prevailing Market Rate using the factors as described above. If such two broker/appraisers are unable to agree upon a Prevailing Market Rate then they shall jointly appoint a third licensed appraiser meeting the required qualifications and the Prevailing Market Rate shall be that amount upon which any two of such three broker/appraisers agree. The Prevailing Market Rate, as determined by the process described hereinabove shall be binding on both Landlord and Tenant. Each party shall have the responsibility for paying the broker/appraiser who was, or who should have been, appointed by such party, and each shall pay one-half ( 1⁄2) of the costs and expenses of the third broker/appraiser if one is appointed. EXHIBIT D COMMENCEMENT DATE AGREEMENT This Commencement Date Agreement (this “Agreement”) is made and entered into this day of , 2012, by and between NOTTINGHAM HALL IC, LLC, a Georgia limited liability company (“Landlord”), and VIAMET PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”).

Appears in 2 contracts

Samples: Lease Agreement (Viamet Pharmaceuticals Holdings LLC), Lease Agreement (Viamet Pharmaceuticals Holdings LLC)

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Representations of Landlord. Landlord warrants that as of the Commencement Date: (a) Landlord’s Work will be substantially completed in accordance with the Construction Drawings (as defined in Exhibit E) and otherwise in a workmanlike manner, and will be in substantial compliance with all applicable codes and regulations; and (b) to the best of Landlord’s knowledge, all of the Premises’ mechanical systems (i.e., HVAC, etc.) are functional and in good condition. Landlord further warrants, to the best of its knowledge without any level of inquiry, investigation or diligence, that the Premises is currently in compliance with the ADA and that the Premises does not contain any Hazardous Materials in violation of applicable Environmental Laws. SCHEDULE C-I ATTACHED TO EXHIBIT C Within fifteen (15) days after Tenant notifies Landlord that it rejects Landlord’s determination of the Prevailing Market Rate, Tenant and Landlord shall negotiate in good faith to reach agreement on the Prevailing Market Rate. If within the fifteen (15) day period Landlord and Tenant do not reach a written agreement on the Prevailing Market Rate, the appraisal process below shall be deemed to have been implemented by Tenant. Once the appraisal process is implemented, Landlord and Tenant shall each appoint, by written notice to the other, a licensed real estate broker who has had, within the immediately preceding seven (7) years, at least five (5) years of commercial office building leasing experience in the Raleigh/Durham, North Carolina area, or a licensed real estate appraiser who has had, within the immediately preceding seven (7) years, at least five (5) years of commercial office appraisal experience in the Raleigh/Durham, North Carolina area, neither of which broker or appraiser shall have a conflict of interests in representing either Landlord or Tenant. If either party fails to appoint such a real estate broker/appraiser within ten (10) days following the expiration of the fifteen (15) day period within which Landlord and Tenant tried to agree on the Prevailing Market Rate, then the broker/appraiser who is appointed shall select the second broker/appraiser. Such two broker/appraisers shall proceed to determine the Prevailing Market Rate using the factors as described above. If such two broker/appraisers are unable to agree upon a Prevailing Market Rate then they shall jointly appoint a third licensed appraiser meeting the required qualifications and the Prevailing Market Rate shall be that amount upon which any two of such three broker/appraisers agree. The Prevailing Market Rate, as determined by the process described hereinabove shall be binding on both Landlord and Tenant. Each party shall have the responsibility for paying the broker/appraiser who was, or who should have been, appointed by such party, and each shall pay one-half ( 1⁄2) of the costs and expenses of the third broker/appraiser if one is appointed. EXHIBIT D COMMENCEMENT DATE AGREEMENT This Commencement Date Agreement (this “Agreement”) is made and entered into this 24th day of October, 2012, by and between NOTTINGHAM HALL IC, LLC, a Georgia limited liability company (“Landlord”), and VIAMET PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”).

Appears in 2 contracts

Samples: Lease Agreement (Viamet Pharmaceuticals Holdings LLC), Lease Agreement (Viamet Pharmaceuticals Holdings LLC)

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