Common use of SPACE REDUCTION Clause in Contracts

SPACE REDUCTION. Tenant shall have a one (1) time option to surrender a portion of the Premises located on floor 15 of the Building consisting of between 5,000 and 8,000 square feet of Rentable Square Footage, the exact square footage to be determined by Landlord’s architect (the “Reduction Space”), no earlier than January 1, 2015 and no later than May 1, 2015 (such date selected by Tenant being the “Reduction Date”), provided that (A) Tenant gives written notice (the “Reduction Notice”) thereof to Landlord not later than thirty (30) days prior to the Reduction Date (which Reduction Notice shall specifically identify the Reduction Space), (B) the Reduction Space is in a configuration that is, in the reasonable judgment of Landlord, leasable to third parties, (C) Tenant is not in default under the Lease beyond any applicable notice or cure period at the time of the giving of the Reduction Notice or on the Reduction Date, and (D) the parties expressly agree that the space located adjacent to the Building telecom room may be all or part of the Reduction Space. Tenant shall not be obligated to pay any contraction fee to exercise such reduction; provided, however, that notwithstanding the reduction of the Premises by the Reduction Space as of the Reduction Date, Tenant shall continue to pay Rent (inclusive of Base Rent, the OE Payment and the management fee) for the Reduction Space for the period commencing on the Reduction Date and expiring on June 30, 2016, except that Tenant shall receive for such period a credit against Base Rent equal to $15.00 per square foot of Rentable Square Footage per annum, which credit shall be ratably applied over the aforesaid 18-month period. Tenant agrees that the calculation of the Reimbursement Allowance amount under Exhibit A attached hereto shall exclude the Reduction Space and Tenant shall not be permitted to expend any portion of the Reimbursement Allowance for improvements or work within the Reduction Space (other than for the construction of the Demising Wall as hereinbelow provided). If Tenant duly elects to reduce the Premises by the Reduction Space, then the following provisions shall additionally apply: (a) On the Reduction Date, the Reduction Space shall be surrendered by Tenant to Landlord as required under Article 29 of the Lease. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space through the Reduction Date, including without limitation, those provisions relating to the condition of the Reduction Space, payment of any and all Rent and other known amounts owed to Landlord through the Reduction Date, removal of all persons occupying and using the Reduction Space, and removal of Tenant’s personal property therefrom prior to the Reduction Date. (b) At Tenant’s sole cost and expense except as hereinbelow provided, Tenant shall have constructed so as to be substantially completed by the Reduction Date, a demising wall separating the Reduction Space from the remaining portion of the Premises located on floor 15 (the “Demising Wall”), using Building standard materials and construction methods. Tenant shall be permitted to utilize the Reimbursement Allowance for the cost of the Demising Wall, subject to Tenant’s compliance with the applicable provisions of Exhibit A attached hereto for the disbursement thereof. (c) Effective as of the Reduction Date, (i) the Reduction Space shall be subtracted from the Premises, (ii) Tenant shall no longer have any right to occupy and/or use the Reduction Space, (iii) the Lease shall be deemed terminated with respect to the Reduction Space except for the above-described continuing Rent obligation, and (iv) except for the above-described continuing Rent obligation, neither Tenant nor Landlord shall have any further liability or obligation to the other with respect to the Reduction Space, except for those items that survive the termination of the Lease pursuant to its terms and except as specifically set forth in this Amendment. (d) Landlord may prohibit access by Tenant to the Reduction Space after the Reduction Date by changing the locks to the Reduction Space or by any other means permitted by the Lease, at Law or in equity. 1301 XXXXXXXX/KEY ENERGY SERVICES, INC. 21st Amendment (e) Upon the Reduction Date, Tenant’s rights to parking permits under the Lease shall be reduced by one (1) parking permit for every 1,000 square foot of Rentable Square Footage contained within the Reduction Space, of which one (1) parking permit per 3,500 square foot of Rentable Square Footage contained within the Reduction Space shall be from the Building Garage. (f) Promptly following the Reduction Date, Tenant shall execute and return a lease amendment prepared by Landlord and reasonably acceptable to Tenant, evidencing the reduction of the Premises by the Reduction Space, acknowledging the new Rentable Square Footage of the Premises for all purposes under the Lease, and confirming the Base Rent, adjusting Tenant’s Pro Rata Share, confirming the reduction in parking permits, and modifying other applicable terms of the Lease due to such reduction.

SPACE REDUCTION. Tenant shall have a one (1) time option The Lease is amended to surrender a portion provide that, effective as of the Premises located 11:59 p.m. on floor 15 of the Building consisting of between 5,000 and 8,000 square feet of Rentable Square Footage, the exact square footage to be determined by Landlord’s architect (the “Reduction Space”), no earlier than January 1, 2015 and no later than May 1April 30, 2015 (such date selected by Tenant being the “Reduction Date”), provided that (A) Tenant gives written notice (the “Reduction Notice”) thereof to Landlord not later than thirty (30) days prior to the Reduction Date (which Reduction Notice shall specifically identify the Reduction Space), (B) the Reduction Space is in a configuration that is, in the reasonable judgment of Landlord, leasable to third parties, (C) Tenant is not in default under the Lease beyond any applicable notice or cure period at the time of the giving of the Reduction Notice or on the Reduction Date, and (D) the parties expressly agree that the space located adjacent to the Building telecom room may be all or part of the Reduction Space. Tenant shall not be obligated to pay any contraction fee to exercise such reduction; provided, however, that notwithstanding the reduction of the Premises by the Reduction Space as of the Reduction Date, Tenant shall continue to pay Rent (inclusive of Base Rent, the OE Payment and the management fee) for the Reduction Space for the period commencing on the Reduction Date and expiring on June 30, 2016, except that Tenant shall receive for such period a credit against Base Rent equal to $15.00 per square foot of Rentable Square Footage per annum, which credit shall be ratably applied over the aforesaid 18-month period. Tenant agrees that the calculation of the Reimbursement Allowance amount under Exhibit A attached hereto shall exclude the Reduction Space and Tenant shall not be permitted to expend any portion of the Reimbursement Allowance for improvements or work within the Reduction Space (other than for the construction of the Demising Wall as hereinbelow provided). If Tenant duly elects to reduce the Premises by the Reduction Space, then the following provisions shall additionally apply: (a) On the Reduction Date, the Reduction Space shall be surrendered by Tenant to Landlord as required under Article 29 of the Lease. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space through the Reduction Date, including without limitation, those provisions relating to the condition of the Reduction Space, payment of any and all Rent and other known amounts owed to Landlord through the Reduction Date, removal of all persons occupying and using the Reduction Space, and removal of Tenant’s personal property therefrom prior to the Reduction Date. (b) At Tenant’s sole cost and expense except as hereinbelow provided, Tenant shall have constructed so as to be substantially completed by the Reduction Date, a demising wall separating the Reduction Space from the remaining portion of the Premises located on floor 15 (the “Demising Wall”), using Building standard materials and construction methods. Tenant shall be permitted to utilize the Reimbursement Allowance for the cost of the Demising Wall, subject to Tenant’s compliance with the applicable provisions of Exhibit A attached hereto for the disbursement thereof. (c) Effective as of the Reduction Date, (i) the Reduction Space shall be subtracted from the Premises, (iib) the floor plan drawings with respect to the portion of the Premises located on floor 15 of the Building attached as Exhibit A-1 to the Tenth Amendment, Exhibit A-2 attached to the Thirteenth Amendment and Exhibit A-1 attached to the Fifteenth Amendment shall be deleted and replaced with Exhibit A-1 attached to this Amendment (the “Floor 15 Portion of the Remaining Premises”), and (c) the term, “Premises,” as used in the Lease shall mean and include approximately 89,758 square feet of Rentable Square Footage on floors 15, 16, 17 and 18 of the Building, being the Rentable Square Footage of the Remaining Premises. As of the Reduction Date, (i) Tenant shall no longer have any right to occupy and/or use the Reduction Space, (iiiii) the Lease shall be deemed terminated with respect to the Reduction Space except for the above-described continuing Rent obligationobligation set forth in Xxxxxxxxx 0 xxxxx, and (ivxxx) except for the above-described continuing Rent obligationobligation set forth in Paragraph 3 below, neither Tenant nor Landlord shall have any further liability or obligation to the other with respect to the Reduction Space, except for those items that survive the termination of the Lease pursuant to its terms and except as specifically set forth in this Amendment. (d) Landlord may prohibit access by Tenant to the Reduction Space after the Reduction Date by changing the locks to the Reduction Space or by any other means permitted by the Lease, at Law or in equity. 1301 XXXXXXXX/KEY ENERGY SERVICES, INC. 21st Amendment (e) Upon the Reduction Date, Tenant’s rights to parking permits under the Lease shall be reduced by one (1) parking permit for every 1,000 square foot of Rentable Square Footage contained within the Reduction Space, of which one (1) parking permit per 3,500 square foot of Rentable Square Footage contained within the Reduction Space shall be from the Building Garage. (f) Promptly following the Reduction DateAdditionally, Tenant shall execute and return have no further option to surrender a lease amendment prepared by Landlord and reasonably acceptable to Tenant, evidencing the reduction portion of the Premises by the Reduction Space, acknowledging the new Rentable Square Footage pursuant to Paragraph 4 of the Premises for all purposes under the Lease, and confirming the Base Rent, adjusting Tenant’s Pro Rata Share, confirming the reduction in parking permits, and modifying other applicable terms of the Lease due to such reductionTwenty-First Amendment.

SPACE REDUCTION. Tenant shall have a one Effective as of December 31, 2016 (1the “Surrender Date”) time option to surrender a (a) that portion of the Premises located on floor 15 16 of the Building consisting of between 5,000 and 8,000 containing approximately 24,657 square feet of Rentable Square Footage, the exact square footage to be determined by Landlord’s architect Footage (the “Reduction Space”), no earlier than January 1, 2015 and no later than May 1, 2015 (such date selected by Tenant being the “Reduction Date”), provided that (A) Tenant gives written notice (the “Reduction Notice”) thereof to Landlord not later than thirty (30) days prior to the Reduction Date (which Reduction Notice shall specifically identify the Reduction Space), (B) the Reduction Space is in a configuration that is, in the reasonable judgment of Landlord, leasable to third parties, (C) Tenant is not in default under the Lease beyond any applicable notice or cure period at the time of the giving of the Reduction Notice or on the Reduction Date, and (D) the parties expressly agree that the space located adjacent to the Building telecom room may be all or part of the Reduction Space. Tenant shall not be obligated to pay any contraction fee to exercise such reduction; provided, however, that notwithstanding the reduction of the Premises by the Reduction Space as of the Reduction Date, Tenant shall continue to pay Rent (inclusive of Base Rent, the OE Payment and the management fee) for the Reduction Space for the period commencing on the Reduction Date and expiring on June 30, 2016, except that Tenant shall receive for such period a credit against Base Rent equal to $15.00 per square foot of Rentable Square Footage per annum, which credit shall be ratably applied over the aforesaid 18-month period. Tenant agrees that the calculation of the Reimbursement Allowance amount under Exhibit A attached hereto shall exclude the Reduction Space and Tenant shall not be permitted to expend any portion of the Reimbursement Allowance for improvements or work within the Reduction Space (other than for the construction of the Demising Wall as hereinbelow provided). If Tenant duly elects to reduce the Premises by the Reduction Space, then the following provisions shall additionally apply: (a) On the Reduction Date, the Reduction Space shall be surrendered by Tenant to Landlord as required under Article 29 of the Lease. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space through the Reduction Date, including without limitation, those provisions relating to the condition of the Reduction Space, payment of any and all Rent and other known amounts owed to Landlord through the Reduction Date, removal of all persons occupying and using the Reduction Space, and removal of Tenant’s personal property therefrom prior to the Reduction Date. (b) At Tenant’s sole cost and expense except as hereinbelow provided, Tenant shall have constructed so as to be substantially completed by the Reduction Date, a demising wall separating the Reduction Space from the remaining portion of the Premises located on floor 15 (the “Demising Wall”), using Building standard materials and construction methods. Tenant shall be permitted to utilize the Reimbursement Allowance for the cost of the Demising Wall, subject to Tenant’s compliance with the applicable provisions of Exhibit A attached hereto for the disbursement thereof. (c) Effective as of the Reduction Date, (i) the Reduction Space shall be subtracted from the Premises, and (iib) the term, “Premises,” as used in the Lease shall mean and include approximately 65,101 square feet of Rentable Square Footage (the “Remaining Premises”), 1301 XXXXXXXX/KEY ENERGY SERVICES, INC. 24th Amendment 1 consisting of (x) approximately 15,307 square feet of Rentable Square Footage on floor 15 of the Building as shown on Exhibit A attached hereto and incorporated herein by reference, (y) approximately 24,657 square feet of Rentable Square Footage on floor 17 of the Building as shown on Exhibit A-1 attached hereto and incorporated herein by reference, and (z) approximately 25,137 square feet of Rentable Square Footage on floor 18 of the Building as shown on Exhibit A-2 attached hereto and incorporated herein by reference. As of the Surrender Date, (i) Tenant shall no longer have any right to occupy and/or use the Reduction Space, (iiiii) the Lease shall be deemed terminated with respect to the Reduction Space except for the above-described continuing Rent obligationSpace, and (iviii) except for the above-described continuing Rent obligation, neither Tenant nor Landlord shall have any further liability or obligation to the other with respect to the Reduction Space, except for those items that survive the termination of the Lease pursuant to its terms and except as specifically set forth in this Amendment. (da) On the Surrender Date, the Reduction Space shall be surrendered by Tenant to Landlord as required under the Lease, including without limitation Article 29 of the Lease, and thereafter Landlord shall release and discharge Tenant from any obligations or liabilities with respect to such Reduction Space, except for those that expressly survive the termination of the Lease and except as expressly provided for herein. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space through the Surrender Date, including without limitation, those provisions relating to the condition of the Reduction Space and payment of any and all rent and other known amounts owed to Landlord through and including the Surrender Date, upon which Tenant will ensure removal of all persons occupying and using the Reduction Space, removal of Tenant’s personal property therefrom, and return of all suite keys and security cards issued to Tenant and used solely in connection with the Reduction Space. (b) Landlord may prohibit access by Tenant to the Reduction Space after the Reduction Surrender Date by changing the locks to the Reduction Space or by any other means permitted by the Lease, at Law law or in equity. 1301 XXXXXXXX/KEY ENERGY SERVICES, INC. 21st Amendment. (ec) Upon Commencing on the Reduction day after the Surrender Date, Tenant’s rights to parking permits Pro Rata Share of Operating Expenses payable under Article 4 of the Lease shall be reduced by one (1) parking permit for every 1,000 square foot decreased to take the surrender of Rentable Square Footage contained within the Reduction Space, of which one (1) parking permit per 3,500 square foot of Rentable Square Footage contained within the Reduction Space shall be from into consideration; if such decrease is not effective on the Building Garage. (f) Promptly following the Reduction Datefirst day of a month, Tenant shall execute and return a lease amendment prepared by Landlord and reasonably acceptable to Tenant, evidencing the reduction of the Premises by the Reduction Space, acknowledging the new Rentable Square Footage of the Premises for all purposes under the Lease, and confirming the Base Rent, adjusting Tenant’s Pro Rata Share, confirming the reduction in parking permits, Share of Operating Expenses will be adjusted and modifying other applicable terms prorated as of the Lease due to such reductionSurrender Date.

SPACE REDUCTION. Tenant shall have a one Effective as of December 31, 2016 (1the “Surrender Date”) time option to surrender a (a) that portion of the Premises located on floor 15 16 of the Building consisting of between 5,000 and 8,000 containing approximately 24,657 square feet of Rentable Square Footage, the exact square footage to be determined by Landlord’s architect Footage (the “Reduction Space”), no earlier than January 1, 2015 and no later than May 1, 2015 (such date selected by Tenant being the “Reduction Date”), provided that (A) Tenant gives written notice (the “Reduction Notice”) thereof to Landlord not later than thirty (30) days prior to the Reduction Date (which Reduction Notice shall specifically identify the Reduction Space), (B) the Reduction Space is in a configuration that is, in the reasonable judgment of Landlord, leasable to third parties, (C) Tenant is not in default under the Lease beyond any applicable notice or cure period at the time of the giving of the Reduction Notice or on the Reduction Date, and (D) the parties expressly agree that the space located adjacent to the Building telecom room may be all or part of the Reduction Space. Tenant shall not be obligated to pay any contraction fee to exercise such reduction; provided, however, that notwithstanding the reduction of the Premises by the Reduction Space as of the Reduction Date, Tenant shall continue to pay Rent (inclusive of Base Rent, the OE Payment and the management fee) for the Reduction Space for the period commencing on the Reduction Date and expiring on June 30, 2016, except that Tenant shall receive for such period a credit against Base Rent equal to $15.00 per square foot of Rentable Square Footage per annum, which credit shall be ratably applied over the aforesaid 18-month period. Tenant agrees that the calculation of the Reimbursement Allowance amount under Exhibit A attached hereto shall exclude the Reduction Space and Tenant shall not be permitted to expend any portion of the Reimbursement Allowance for improvements or work within the Reduction Space (other than for the construction of the Demising Wall as hereinbelow provided). If Tenant duly elects to reduce the Premises by the Reduction Space, then the following provisions shall additionally apply: (a) On the Reduction Date, the Reduction Space shall be surrendered by Tenant to Landlord as required under Article 29 of the Lease. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space through the Reduction Date, including without limitation, those provisions relating to the condition of the Reduction Space, payment of any and all Rent and other known amounts owed to Landlord through the Reduction Date, removal of all persons occupying and using the Reduction Space, and removal of Tenant’s personal property therefrom prior to the Reduction Date. (b) At Tenant’s sole cost and expense except as hereinbelow provided, Tenant shall have constructed so as to be substantially completed by the Reduction Date, a demising wall separating the Reduction Space from the remaining portion of the Premises located on floor 15 (the “Demising Wall”), using Building standard materials and construction methods. Tenant shall be permitted to utilize the Reimbursement Allowance for the cost of the Demising Wall, subject to Tenant’s compliance with the applicable provisions of Exhibit A attached hereto for the disbursement thereof. (c) Effective as of the Reduction Date, (i) the Reduction Space shall be subtracted from the Premises, and (iib) the term, “Premises,” as used in the Lease shall mean and include approximately 65,101 square feet of Rentable Square Footage (the “Remaining Premises”), 1301 XXXXXXXX/KEY ENERGY SERVICES, INC. 24th Amendment consisting of (x) approximately 15,307 square feet of Rentable Square Footage on floor 15 of the Building as shown on Exhibit A attached hereto and incorporated herein by reference, (y) approximately 24,657 square feet of Rentable Square Footage on floor 17 of the Building as shown on Exhibit A-1 attached hereto and incorporated herein by reference, and (z) approximately 25,137 square feet of Rentable Square Footage on floor 18 of the Building as shown on Exhibit A-2 attached hereto and incorporated herein by reference. As of the Surrender Date, (i) Tenant shall no longer have any right to occupy and/or use the Reduction Space, (iiiii) the Lease shall be deemed terminated with respect to the Reduction Space except for the above-described continuing Rent obligationSpace, and (iviii) except for the above-described continuing Rent obligation, neither Tenant nor Landlord shall have any further liability or obligation to the other with respect to the Reduction Space, except for those items that survive the termination of the Lease pursuant to its terms and except as specifically set forth in this Amendment. (da) On the Surrender Date, the Reduction Space shall be surrendered by Tenant to Landlord as required under the Lease, including without limitation Article 29 of the Lease, and thereafter Landlord shall release and discharge Tenant from any obligations or liabilities with respect to such Reduction Space, except for those that expressly survive the termination of the Lease and except as expressly provided for herein. Tenant shall fully comply with all obligations under the Lease respecting the Reduction Space through the Surrender Date, including without limitation, those provisions relating to the condition of the Reduction Space and payment of any and all rent and other known amounts owed to Landlord through and including the Surrender Date, upon which Tenant will ensure removal of all persons occupying and using the Reduction Space, removal of Tenant’s personal property therefrom, and return of all suite keys and security cards issued to Tenant and used solely in connection with the Reduction Space. (b) Landlord may prohibit access by Tenant to the Reduction Space after the Reduction Surrender Date by changing the locks to the Reduction Space or by any other means permitted by the Lease, at Law law or in equity. 1301 XXXXXXXX/KEY ENERGY SERVICES, INC. 21st Amendment. (ec) Upon Commencing on the Reduction day after the Surrender Date, Tenant’s rights to parking permits Pro Rata Share of Operating Expenses payable under Article 4 of the Lease shall be reduced by one (1) parking permit for every 1,000 square foot decreased to take the surrender of Rentable Square Footage contained within the Reduction Space, of which one (1) parking permit per 3,500 square foot of Rentable Square Footage contained within the Reduction Space shall be from into consideration; if such decrease is not effective on the Building Garage. (f) Promptly following the Reduction Datefirst day of a month, Tenant shall execute and return a lease amendment prepared by Landlord and reasonably acceptable to Tenant, evidencing the reduction of the Premises by the Reduction Space, acknowledging the new Rentable Square Footage of the Premises for all purposes under the Lease, and confirming the Base Rent, adjusting Tenant’s Pro Rata Share, confirming the reduction in parking permits, Share of Operating Expenses will be adjusted and modifying other applicable terms prorated as of the Lease due to such reductionSurrender Date.