Second Expansion Space Procedures Clause Samples

Second Expansion Space Procedures. Provided that on the date Tenant exercises the Second Expansion Option (a) this Lease is in full force and effect, (b) no Event of Default shall have occurred and be continuing, (c) Tenant shall not have delivered a Second Contraction Notice during the 42 month period immediately preceding the Anticipated SES Delivery Date, (d) Tenant and Tenant’s Affiliates shall be Occupying at least 4 full Floors and (e) Tenant shall be a BNYM Tenant, Tenant shall have the option (the “Second Expansion Option”) to lease the Second Expansion Space in accordance with this Article 38. Landlord shall give to Tenant an SES Availability Notice not more than 24 months before the Anticipated SES Delivery Date, not less than 12 months before the Anticipated SES Delivery Date; provided, however, that if Landlord shall be entitled to possession of the Second Expansion Space sooner than anticipated due to the termination of an existing lease by reason of a tenant default, then the SES Availability Notice may be given less than 12 months (but in no event less than 60 days) before the Anticipated SES Delivery Date. The Second Expansion Option shall be exercisable by Tenant giving Landlord notice thereof (the “Second Expansion Notice”) on or before the 30th day after the giving of the SES Availability Notice (time being of the essence). Tenant shall notify Landlord in the Second Expansion Notice whether Tenant accepts or disputes Landlord’s Estimates. If Tenant disputes Landlord’s Estimates, the Second Expansion Notice shall set forth Tenant’s Estimates of the SES Fair Market Rent for such Second Expansion Space both with an SES Concessions Package and without an SES Concessions Package, which shall constitute Tenant’s binding Estimates of the SES Fair Market Rent for such Second Expansion Space in any arbitration proceeding.