Second Expansion Premises Clause Samples
The "Second Expansion Premises" clause defines the terms under which a tenant may lease additional space beyond their original premises, typically as a second phase of expansion within the same property or complex. This clause outlines the specific area to be included, the timing and process for exercising the expansion right, and any conditions such as rent adjustments or required notice periods. Its core practical function is to provide a clear, pre-negotiated pathway for tenants to grow their leased space as their business needs evolve, while giving landlords certainty about future occupancy and planning.
Second Expansion Premises. In addition to the Existing Premises, commencing on the Second Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Second Expansion Premises.
Second Expansion Premises. During the period commencing on the Second Expansion Premises Delivery Date (as defined below) and expiring on January 31, 2020 (such period being the “Second Expansion Premises Construction Period”), Tenant shall be entitled to access and occupy the Second Expansion Premises solely for the purpose of (1) performing Tenant’s Work applicable to the Second Expansion Premises and (2) installing Tenant FF&E therein; provided that (i) Tenant shall coordinate with Landlord’s activities, (ii) all provisions of the Lease (as amended), other than those relating to the payment of Base Rent, Operating Expenses and Property Taxes for the Second Expansion Premises, shall apply during such Second Expansion Premises Construction Period (including specifically, without limitation, all provisions relating to insurance, indemnity and freedom from liens), and (iii) if Tenant commences business operations from any portion of the Second Expansion Premises during such Second Expansion Premises Construction Period, then (1) the Second Expansion Premises Commencement Date shall be deemed to be the date Tenant commences such business operations therefrom and (2) the term relating to such Second Expansion Premises shall be extended for a period of time equal to the time between such advanced Second Expansion Premises Commencement Date and the original Second Expansion Premises Commencement Date. As used in this Section 4(b), commencing “business operations” shall mean that Tenant is occupying and using more than thirty-five percent (35%) of the Second Expansion Premises primarily for the purpose of conducting its normal business operations therefrom (as distinct from performing Tenant’s Work, or otherwise making the Second Expansion Premises ready for its occupancy). Landlord shall use commercially reasonable efforts to deliver possession of the Second Expansion Premises on or before January 1, 2020 (“Scheduled Second Expansion Premises Delivery Date”). For purposes of this Third Amendment, the “Second Expansion Premises Delivery Date” shall be the date that Landlord actually delivers possession of the Second Expansion Premises to Tenant for Tenant’s performance of the Tenant’s Work, and installation of Tenant FF&E, therein. If Landlord is unable to deliver possession of the Second Expansion Premises to Tenant on or before the Scheduled Second Expansion Premises Delivery Date, or any other date, for any reason (including any existing occupant’s failure to timely vacate and surrende...
Second Expansion Premises. From and after the Second Expansion Premises Commencement Date, Tenant shall pay Base Rent with respect to the Second Expansion Premises, on a per-rentable-square-foot basis, using the applicable monthly rates set forth in the rent schedule contained in Section 5(d) below.
Second Expansion Premises. In addition to the Existing Premises, commencing on the Second Expansion Premises Commencement Date (as defined in Section 2 below), Landlord leases to Tenant, and Tenant leases from Landlord, that certain portion of the Building consisting of approximately 24,900 rentable square feet, as shown on Exhibit A attached hereto (the “Second Expansion Premises”).
Second Expansion Premises. (a) In consideration of the rents, terms, provisions and covenants of this Amendment and the Lease, Landlord hereby leases unto Tenant and Tenant hereby rents and accepts from Landlord the Second Expansion Premises. The Second Expansion Premises is more particularly described on Exhibit A attached hereto. The Second Expansion Premises is adjacent to the Existing Premises.
(b) Tenant covenants, as a material part of the consideration for the Lease, as amended hereby, to keep and perform each and all of said terms, covenants and conditions for which Tenant is liable and that this Amendment is made upon the condition of such performance. On and after the Third Renewal Term Commencement Date, all of the terms and provisions of the Lease, as amended hereby, shall apply to both the Existing Premises and the Second Expansion Premises. From and after the Third Renewal Term Commencement Date, each and every reference in the Lease and in this Amendment to “Premises” shall be and mean the Existing Premises and the Second Expansion Premises, collectively. The Existing Premises and Second Expansion Premises consist of a total of approximately 22,955 rentable square feet. The Second Expansion Premises shall be known as Suite 300.
Second Expansion Premises. Landlord and Tenant acknowledge that neither of them have retained the services of a broker or agent in connection with this Agreement.
Second Expansion Premises. Commencing on the Second Expansion Premises Commencement Date and continuing throughout the Second Expansion Term, Tenant shall pay Tenant’s Share of Direct Expenses in connection with the Second Expansion Premises in accordance with the terms of the Lease, provided that with respect to the calculation of Tenant’s Share of Direct Expenses in connection with the Second Expansion Premises, ▇▇▇▇▇▇’s Share shall equal 51.12%.
Second Expansion Premises. Beginning on the Second Expansion Premises Commencement Date, Tenant shall commence paying Base Rent for the Second Expansion Premises at the rate of $4.00 per rentable square foot of the Second Expansion Premises per month. Base Rent for the Second Expansion Premises shall be increased on each annual anniversary of the Second Expansion Premises Commencement Date (or if the Second Expansion Premises Commencement Date occurs on a day other than the first day of a month, then the first day of the following month) (each an “Second Expansion Premises Adjustment Date”) by multiplying the Base Rent payable immediately before such Second Expansion Premises Adjustment Date by the 3% and adding the resulting amount to the Base Rent payable for the Second Expansion Premises immediately before such Second Expansion Premises Adjustment Date.
Second Expansion Premises. Commencing on the Second Expansion Premises Commencement Date, Tenant shall pay Base Rent for the Second Expansion Premises in the amount of $4.95 per rentable square foot of the Second Expansion Premises per month on a triple net basis. Base Rent payable with respect to the Second Expansion Premises shall be increased on each annual anniversary of the Second Expansion Premises Commencement Date (each, an “Third Amendment Adjustment Date”) by multiplying the Base Rent payable with respect to the Second Expansion Premises immediately before such Third Amendment Adjustment Date by 3% and adding the resulting amount to the Base Rent payable with respect to the Second Expansion Premises immediately before such Third Amendment Adjustment Date. Notwithstanding anything to the contrary contained herein, for the period commencing on the Second Expansion Premises Commencement Date (or, if the Second Expansion Premises Commencement Date occurs on a date other than the first day of a calendar month, commencing on the first day of the first full calendar month following the month in which the Second Expansion Premises Commencement Date occurs) through the expiration of the 12th full calendar month following the Second Expansion Premises Commencement Date, Tenant shall be required to pay Base Rent with respect to only 10,177 rentable square feet of the Second Expansion Premises (the “Partial Abatement Period”). Tenant shall commencing paying Base Rent with respect to the entire Second Expansion Premises on the day immediately following the expiration of the Partial Abatement Period.
Second Expansion Premises. With respect to the Second Expansion Premises: (i) the term shall be one (1) year and fifteen (15) days, (ii) the term shall commence on the Second Expansion Premises Term Commencement Date, (iii) the term shall be co-terminus with the Term Expiration Date of the Original Premises and Expansion Premises, and (iv) the Rent Commencement Date shall be February 15, 2012.