Right to Expand Premises. Subject to (i) the rights of tenants under existing leases at the Building, and (ii) the terms and provisions of this Clause, County shall have the right to expand the Premises (“Expansion Right”) into (a) approximately 23,101 RSF on the second (2nd) floor of the Building, and (b) approximately 6,588 RSF on the third (3rd) floor of Building, all as more particularly described on Exhibit L hereto (the “Expansion Space”). The County’s right to expand into the Expansion Space is conditioned upon the Expansion Space being vacant and unencumbered by any rights of any third party. If County elects to exercise its Expansion Right, then on or before the Expansion Right Deadline, the County shall deliver irrevocable written notice (“Expansion Acceptance”) to Lessor that the County is exercising its Expansion Right and shall designate all or that portion of the Expansion Space being added to the Premises, which such Expansion Right shall be at a minimum of 6,000 RSF contiguous to the Premises, and all additional Expansion Space shall be contiguous to the Premises. The determination of the size and location of the Expansion Space shall be mutually agreed to by Lessor and the County, such approval shall not to be unreasonably withheld, delayed or conditioned. In the event the County delivers an Expansion Acceptance to Lessor, then the “Commencement Date” for the Expansion Space shall be upon delivery of the Substantially Completed Expansion Space and Lessor’s receipt of the County’s Work Acceptance Letter. County’s leasing of the Expansion Space shall be added to the Premises and shall be subject to all the terms and conditions of the Lease, including, without limitation, a co-terminous Lease Term, Rent for the Expansion Space at the then current rate as for the remaining portion of the Premises (including free rent or Rent Abatement),with accompanying Rent adjustments as set forth in Clause 10 (RENT ADJUSTMENT) of this Lease, and an Improvement Allowance and Moving Allowance as set forth in Clause 13 (CONSTRUCTION). Notwithstanding the foregoing, Tenant’s Expansion Right shall terminate and become null and void if Tenant does not deliver an Expansion Acceptance to Lessor on or before the last day of the twelfth (12th) calendar month following the Commencement Date of this Lease (“Expansion Right Deadline”). Time shall be of the essence with respect to the giving of the County’s Expansion Acceptance. In the event that the County timely exercises its rights to any Expa...
Right to Expand Premises. Landlord hereby grants Tenant the right to lease (i) approximately 21,334 rentable square feet of space located on the second (2nd) floor of the Two Xxxxxx Building (the “Xxxx Expansion Space”), and (ii) between 9,000 and 12,000 rentable square feet of space located on the fourth (4th) floor of the Two Xxxxxx Building (the “State Expansion Space”), upon the terms and conditions set forth in this Section 11. As used herein, the term “Expansion Space” may refer to either the Xxxx Expansion Space or State Expansion Space, as the context dictates.
Right to Expand Premises. With regard to the remaining 26,600 sq. ft. unit at the east end of the building ("Expansion Space"), provided that Tenant (i) is not in default under the Lease, (ii) has a shareholder's equity balance of least seven million dollars in the most current release of its financial statements, and (iii) has not assigned nor sublet any portion of the Premises, and (iv) US Continental, or any successor or assignee thereof, is then the tenant in the Expansion Space, Tenant shall have the right at anytime during the Term to expand the Premises to include the Expansion Space by 1) providing Landlord with authorized written notice of such exercise of this Tenant's right at least one year prior to the specified expansion date, and 2) executing an amendment to the Lease effecting such expansion within fifteen days of its delivery by Landlord. Upon such execution, Landlord shall exercise its relocation and termination rights on any existing lease covering the Expansion Space to deliver the Expansion Space to Tenant on the specified expansion date. If the Expansion Space is not covered by a lease, this right shall remain valid (except that the expansion date must be no more than two months after Tenant's notice of exercise) until Landlord has relet the Expansion Space to another tenant, upon which this right shall become null and void in its entirety. It is hereby agreed that after the expansion date the Rent, Security Deposit, and reserve deposits specified in Paragraph 1 herein shall be increased from the schedule shown in Paragraph 39 above by 23.4%.
Right to Expand Premises. The Premises may be expanded to include the current BayDelta Premises at Pier 15 (the "Existing BayDelta Premises") and the potential new premises for BayDelta at Pier 17 (the "New BayDelta Premises"), in each instance as set forth in Section 26.
