Right to Expand. Landlord hereby grants Tenant a right to expand into the, “Shared Services Space”, which is shown on Exhibit L to this Lease. If the SBRI Lease or SBRI’s or its successor’s occupancy under the SBRI Lease terminates as to any or all of the Shared Facilities Space, Landlord shall first offer such space to Tenant on the terms in this Paragraph 6. If Landlord offers any or all of the Shared Services Space, Tenant shall have the option to expand by leasing all but not less than all of the available Shared Services Space. Such option shall be exercisable only by written notice within 30 days after Landlord’s notice. Upon such exercise, Landlord and Tenant shall enter into an amendment of this Lease under which the Premises is expanded to include the Shared Services Space, with Base Rent for the Shared Services Space being equal to 57% of Tenant’s Base Rent per RSF for floors 2 and 3 as is then in effect under this Lease, and Tenant’s Proportionate Share shall be increased to reflect the expansion of the Premises. If the Shared Facilities to be leased includes the Generator, the Lease amendment shall further provide that Tenant shall make the generator available to provide back-up power for the fire and life safety systems serving the Building (including elevator, elevator pressurization, emergency lighting). During the Term of the Lease, Landlord shall reimburse Tenant for 15% of the annual maintenance, repair and replacement expenses incurred by Tenant in connection with such equipment; such reimbursement to be made promptly following Landlord’s receipt of written invoices therefor. Tenant shall be responsible for ensuring that all such equipment complies with all applicable Governmental Requirements. If Tenant does not exercise its right to expand into the Shared Services Space within 30 days after Landlord’s notice, then Tenant shall have no further right to expand into any of the Shared Services Space.
Appears in 3 contracts
Samples: Sublease Agreement (Juno Therapeutics, Inc.), Lease (Juno Therapeutics, Inc.), Lease (Juno Therapeutics, Inc.)
Right to Expand. Landlord hereby grants Provided that no Event of Default without cure by Tenant a right to expand into thehas occurred and is then continuing, “Shared Services Space”, which is shown on Exhibit L to this Lease. If either at the SBRI Lease or SBRI’s or its successor’s occupancy under the SBRI Lease terminates as to any or all time of exercise of the Shared Facilities Space, Landlord shall first offer such space to Tenant on expansion right granted herein or at the terms in this Paragraph 6. If Landlord offers any or all time of the Shared Services Space, Tenant shall have the option to expand by leasing all but not less than all commencement of the available Shared Services Space. Such option shall be exercisable only by written notice within 30 days after Landlord’s notice. Upon such exercise, Landlord and Tenant shall enter into an amendment of this Lease under which the Premises is expanded to include the Shared Services Space, with Base Rent for the Shared Services Space being equal to 57% of Tenant’s Base Rent per RSF for floors 2 and 3 as is then in effect under this Lease, and Tenant’s Proportionate Share shall be increased to reflect the expansion of the Premises. If the Shared Facilities to be leased includes the Generator, the Lease amendment shall further provide that Tenant shall make the generator available to provide back-up power for the fire and life safety systems serving the Building (including elevator, elevator pressurization, emergency lighting). During the Term of the Lease, Landlord shall reimburse Tenant for 15% of the annual maintenance, repair and replacement expenses incurred by Tenant in connection with such equipment; such reimbursement to be made promptly following Landlord’s receipt of written invoices therefor. Tenant shall be responsible for ensuring that all such equipment complies with all applicable Governmental Requirements. If Tenant does not exercise its right to expand into the Shared Services Space within 30 days after Landlord’s noticeexpansion, then Tenant shall have no further the right to expand into any lease the space in the Building shown on Exhibit A-1 attached hereto (the “Expansion Space”), in accordance with and subject to the provisions of this Section 2.4 (the “Expansion Right”). Tenant shall exercise its Expansion Right by and only by delivering to Landlord, not later than December 31, 2007, Tenant’s irrevocable written notice (the “Expansion Notice”) of its commitment to lease the Expansion Space. The Expansion Space shall be leased to Tenant with new paint and carpet improvements only and with the Term of the Shared Services Lease as to the Expansion Space being coterminous with the Term of this Lease as to the Premises, but the Basic Rent payable for the Expansion Space shall be determined as provided in the following provisions. If Landlord and Tenant have not by then been able to agree upon the Basic Rent for the Expansion Space, then within thirty (30) days following its receipt of the Expansion Notice, Landlord shall notify Tenant in writing of the Basic Rent that would reflect the prevailing market rental rate for the lease of comparable space in the Project to the Expansion Space (together with any increases thereof during the Term) (“Landlord’s Expansion Space Determination”). Should Tenant disagree with the Landlord’s Expansion Space Determination, then Tenant shall, not later than twenty (20) days thereafter, notify Landlord in writing of Tenant’s determination of those rental terms (“Tenant’s Expansion Space Determination”). Within ten (10) days following delivery of the Tenant’s Expansion Space Determination, the parties shall attempt to agree on an appraiser to determine the fair market rental. If the parties are unable to agree in that time, then each party shall designate an appraiser within ten (10) days thereafter. Should either party fail to so designate an appraiser within that time, then the appraiser designated by the other party shall determine the fair market rental. Should each of the parties timely designate an appraiser, then the two appraisers so designated shall appoint a third appraiser who shall, acting alone, determine the fair market rental for the Expansion Space. Any appraiser designated hereunder shall have an MAI certification with not less than five (5) years experience in the valuation of commercial industrial buildings in the vicinity of the Project. Within thirty (30) days following the selection of the appraiser and such appraiser’s receipt of the Landlord’s Expansion Space Determination and the Tenant’s Expansion Space Determination, the appraiser shall determine whether the rental rate determined by Landlord or by Tenant more accurately reflects the fair market rental rate for the Expansion Space. Accordingly, either the Landlord’s Expansion Space Determination or the Tenant’s Expansion Space Determination shall be selected by the appraiser as the fair market rental rate for the Expansion Space. In making such determination, the appraiser shall consider rental comparables for the Project (provided that if there are an insufficient number of comparables within the Project, the appraiser shall consider rental comparables for similarly improved space owned by Landlord in the vicinity of the Project with appropriate adjustment for location and quality of project), but the appraiser shall not attribute any factor for market tenant improvement allowances or brokerage commissions in making its determination of the fair market rental rate. At any time before the decision of the appraiser is rendered, either party may, by written notice to the other party, accept the rental terms submitted by the other party, in which event such terms shall be deemed adopted as the agreed fair market rental. The fees of the appraiser(s) shall be borne entirely by the party whose determination of the fair market rental rate was not accepted by the appraiser. Within twenty (20) days after the determination of the fair market rental, Landlord shall prepare an appropriate amendment to this Lease for the Expansion Space, and Tenant shall execute and return same to Landlord within ten (10) days after Tenant’s receipt of same. If Tenant fails to timely exercise the Expansion Right granted herein within the time period expressly set forth for exercise by Tenant in the initial paragraph of this Section 2.4, Tenant’s Expansion Right shall be extinguished without further liability to Landlord. Tenant’s rights under this Section 2.4 shall belong solely to Netlist, Inc., a Delaware corporation, and may not be assigned or transferred by it (except in connection with a “Permitted Transfer” as defined in Section 9.4 of this Lease), and any attempted assignment or transfer of such rights (except in connection with a Permitted Transfer) shall be void and of no force and effect.
Appears in 1 contract
Samples: Lease (Netlist Inc)
Right to Expand. (a) Expansion in the 790 Building. Commencing in the calendar year 2015, after July 1st and prior to November 30th of each calendar year during the Base Term through November 30, 2022, Tenant may deliver to Landlord hereby grants a written inquiry regarding whether Landlord anticipates that any space in the 790 Building will become available for lease by Tenant during the immediately following calendar year. Within 10 business days after receipt of Tenant’s inquiry, Landlord shall deliver to Tenant a written notice (“Potential Space Identification Notice”) identifying (i) the rentable square footage and location within the 790 Building of any space occupied by a then existing tenant whose lease is expiring during the immediately following calendar year (“Potential Available 790 Space”), (ii) whether the lease pursuant to which the Potential Available 790 Space is then subject contains a right to expand into therenew, and (iii) on what date such Potential Available 790 Space would become available if the lease contains a right to renew and the then existing tenant does not renew its occupancy of the Potential Available 790 Space (“Shared Services SpaceAvailability Date”, which is shown on Exhibit L ). Tenant shall deliver a written notice to this LeaseLandlord within 10 business days after Tenant’s receipt of Landlord’s Potential Space Identification Notice if Tenant desires to lease the Potential Available 790 Space (“Tenant Interest Notice”). If the SBRI Lease or SBRI’s or its successor’s occupancy under the SBRI Lease terminates as With respect to any Potential Available 790 Space subject to a lease that contains a right to renew, Tenant’s rights under this Section 4(a) shall be subject to the election of any such then existing tenant to renew or all otherwise extend its occupancy of such Potential Available 790 Space and if such then existing tenant elects to renew or otherwise extend its occupancy of the Shared Facilities Space, Landlord shall first offer such space to Tenant on the terms in this Paragraph 6. If Landlord offers any or all of the Shared Services Potential Available 790 Space, Tenant shall have the option to expand by leasing all but not less than all of the available Shared Services Space. Such option shall be exercisable only by written notice within 30 days after Landlord’s notice. Upon such exercise, Landlord and Tenant shall enter into an amendment of this Lease under which the Premises is expanded to include the Shared Services Space, with Base Rent for the Shared Services Space being equal to 57% of Tenant’s Base Rent per RSF for floors 2 and 3 as is then in effect under this Lease, and Tenant’s Proportionate Share shall be increased to reflect the expansion of the Premises. If the Shared Facilities to be leased includes the Generator, the Lease amendment shall further provide that Tenant shall make the generator available to provide back-up power for the fire and life safety systems serving the Building (including elevator, elevator pressurization, emergency lighting). During the Term of the Lease, Landlord shall reimburse Tenant for 15% of the annual maintenance, repair and replacement expenses incurred by Tenant in connection with such equipment; such reimbursement to be made promptly following Landlord’s receipt of written invoices therefor. Tenant shall be responsible for ensuring that all such equipment complies with all applicable Governmental Requirements. If Tenant does not exercise its no right to expand into the Shared Services Space within 30 days after Landlord’s notice, then Tenant shall have no further right to expand into any of the Shared Services lease such Potential Available 790 Space.
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Right to Expand. Landlord hereby grants Tenant a right Lessor currently leases the building adjacent to expand into the, “Shared Services Space”, the Premises which is comprised of approximately 17,000 rentable square feet, as such premises are shown on Exhibit L C attached hereto and made a part hereof (“Expansion Space”) to this Leasea third party tenant pursuant to a lease which is scheduled to expire on May 7, 2002. Lessor hereby grants to Lessee the right to lease the Expansion Space (“Expansion Right”) upon the terms and conditions contained herein. Lessee shall exercise the Expansion Right by providing written notice thereof to Lessor on or before February 1, 2002. If Lessee exercises the SBRI Lease or SBRI’s or its successor’s occupancy under the SBRI Lease terminates as to any or all of the Shared Facilities SpaceExpansion Right, Landlord Lessor and Lessee shall first offer such space to Tenant on the terms in this Paragraph 6. If Landlord offers any or all of the Shared Services Space, Tenant shall have the option to expand by leasing all but not less than all of the available Shared Services Space. Such option shall be exercisable only by written notice within 30 days after Landlord’s notice. Upon such exercise, Landlord and Tenant shall promptly thereafter enter into an amendment of to this Lease under which shall provide the Premises is expanded following: (i) the commencement date for the Expansion Space shall be May 1, 2002 (“Expansion Space Commencement Date”); (ii) the Expansion Space shall be included into the term “Premises” as used in this Lease from and after the Expansion Space Commencement Date; (iii) the monthly Base Rent shall be increased to include the Shared Services Expansion Space, with at the same per rentable square foot rate then in effect for the Premises; (iv) Lessee shall receive a rental abatement equal to 50% of the Base Rent for the Shared Services Expansion Space being for a period of three (3) months following the Expansion Space Commencement Date if Lessee performs tenant improvements in the Expansion Space; (v) Lessor shall pay Lessee a tenant improvement allowance equal to 57% $5 per rentable square foot within the Expansion Space (i.e., up to the amount of Tenant’s Base Rent per RSF for floors 2 $85,000), which shall be payable by Lessor upon demand, which demand shall be accompanied by an invoice and 3 evidence of payment of the relevant items; (vi) Lessee shall have the same rights with respect to the build-out and surrender of the Expansion Space as is then in effect under this Leaseapplicable to the Premises, and Tenant’s Proportionate Share shall be increased to reflect wherever the expansion of the Premises. If the Shared Facilities to be leased includes the Generator, the Lease amendment shall further provide that Tenant shall make the generator available to provide back-up power for the fire and life safety systems serving the Building (including elevator, elevator pressurization, emergency lighting). During the Term of term “Initial Lessee Improvements” is used within the Lease, Landlord it shall reimburse Tenant for 15% be deemed to include the initial tenant improvements made by Lessee within the Expansion Space; and (vii) Lessee shall have the right to construct a second floor within the Expansion Space (“Second Floor”), and if Lessee elects to construct the Second Floor, then (a) Lessor shall provide Lessee with a tenant improvement allowance equal to $5 per rentable square foot within the Second Floor, and (b) there shall be no increase in the Base Rent to reflect any increase in the size of the annual maintenance, repair and replacement expenses incurred by Tenant in connection with such equipment; such reimbursement to be made promptly following Landlord’s receipt of written invoices therefor. Tenant shall be responsible for ensuring that all such equipment complies with all applicable Governmental Requirements. If Tenant does not exercise its right to expand into the Shared Services Expansion Space within 30 days after Landlord’s notice, then Tenant shall have no further right to expand into any as a result of the Shared Services Spaceconstruction of the Second Floor. LESSOR: LESSEE: CALIFORNIA DEVELOPMENT, INC., A CALIFORNIA CORPORATION CERUS CORPORATION, A DELAWARE CORPORATION By: /s/ XXXXXX X. XXXXXXXX By: /s/ XXXXXX XXXXX Its: Pres. Its: V.P., Legal Affairs
Appears in 1 contract
Samples: Cerus Corp