Right to Reduce Space Sample Clauses
The 'Right to Reduce Space' clause grants a tenant the ability to decrease the amount of leased premises during the term of a lease. Typically, this clause outlines the conditions under which the tenant can exercise this right, such as providing advance notice, specifying the minimum space that must remain, or paying a fee for the reduction. Its core practical function is to provide flexibility for tenants whose space needs may change over time, thereby reducing the risk of being locked into paying for more space than necessary.
Right to Reduce Space. (a) On the condition (which condition Landlord may waive, at its election, by written notice to Tenant at any time) that Tenant is not in default of its covenants and obligations under this Lease, Tenant shall have the right to reduce the size of the Premises by up to ten percent (10%) of the rentable area thereof by written notice to Landlord prior to the commencement of Landlord's Work. The portion of the Premises which Tenant elects to give back to Landlord (the "Give-Back Premises") and the remaining portion of the Premises on the floor(s) of the Building where the Give-Back Premises are located shall be of a marketable configuration (as determined by Landlord in its sole and absolute discretion) and otherwise in a location reasonably acceptable to Landlord. If Tenant shall timely exercise such right, (i) Tenant shall, within thirty (30) days of billing(s) therefor (accompanied by supporting documentation), reimburse Landlord for the costs and expenses incurred by Landlord in connection with the proposed preparation of the Give-Back Premises for Tenant's occupancy, and (ii) the parties shall promptly execute and deliver an amendment to this Lease confirming the location of the Give-Back Premises and making any changes to the terms and provisions of this Lease required as a result of the Give-Back Premises no longer being part of the Premises (e.g.,
Right to Reduce Space. Provided Lessee is not in default after receipt of written notice from Lessor of such default allowing ten (10) days to cure such default, Lessee shall have the right on April 1, 1998 to reduce the square footage by one suite as shown on the attached Exhibit "D", provided Lessor is given at lease a prior written ninety (90) days notice of Lessee's intention to reduce its space. With regard to said reduction, Lessee's choices are as follows:
1. Retain Suite 506 only, which consists of approximately 2,476 rentable square feet. The monthly rent shall be reduced to $3,851.00 with seven (7) monthly car parking included and a maximum allowance of eight (8) monthly car parking.
2. Retain Suite 508 only, which consists of approximately 3,573 rentable square feet. The monthly rent shall be reduced to $5,607.00 with eleven (11) monthly car parking included and a maximum allowance of thirteen (13) monthly car parking.
Right to Reduce Space