Common use of Sublease Term Clause in Contracts

Sublease Term. (A) The term of this Sublease (the “Sublease Term”) shall commence on the “Sublease Commencement Date” and shall expire on November 30, 2021 (the “Sublease Expiration Date”), unless sooner terminated as provided in the Master Lease or this Sublease. Sublandlord shall deliver the Sublease Premises to Subtenant on the Sublease Commencement Date, provided that Subtenant has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery of the Sublease Premises is delayed due to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option of the Sublease Term. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect to the entire Sublease Premise. Subtenant may exercise this early termination option by (i) written notice to Sublandlord given no later than seven (7) months prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as of the Early Termination Date) of the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option shall be deemed to have not been validly exercised. Upon any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Date, then at Sublandlord’s election, such exercise shall be deemed void and of no force or effect and the Termination Fee paid by Subtenant shall be returned to Subtenant.

Appears in 2 contracts

Samples: Sublease Agreement (CrowdStrike Holdings, Inc.), Sublease Agreement (CrowdStrike Holdings, Inc.)

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Sublease Term. (A) The term of this A. This Sublease (the “Sublease Term”) shall commence on the “Sublease Commencement Date” day of , 20 and shall expire end on November 30the day of , 2021 (the “Sublease Expiration Date”)20 , unless sooner terminated as herein provided in (“Term.”) In no event shall the Master Lease or Term of this Sublease. Sublandlord shall Sublease exceed one (1) year. B. In the event that Sublessor is unable for any reason to deliver the Sublease Premises to Subtenant on the Sublease Commencement Date, provided that Subtenant has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery possession of the Sublease Premises is delayed due Apartment to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option of the Sublease Term. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect to the entire Sublease Premise. Subtenant may exercise this early termination option by (i) written notice to Sublandlord given no later than Sublessees within seven (7) months days of the date specified herein, Sublessor shall provide written notice to Sublessees designating the date upon which the Apartment will be available for possession. Under such circumstances, Sublessees’ only remedies shall be (a) to cancel the Sublease, in which case any security deposit, application fee or any other payments paid by or on behalf of Sublessees to Sublessor for the specific purpose of securing the Apartment will be returned to Sublessees; or (b) to accept occupancy at the later date, in which event Sublessor shall prorate the rent to that date. C. If any Sublessee vacates the Apartment prior to the Early Termination Dateend of the Sublease term, Sublessor shall not be obligated to find a replacement Sublessee. Unless released from this Sublease by Sublessor, all undersigned Sublessees, including those who have vacated the Apartment during the Term, shall remain subject to all terms and (ii) Subtenant’s payment to Sublandlord conditions of this Sublease, including all rent or damages owed for the remainder of the Term. D. If a fee (Sublessee vacates the “Termination Fee”) equal Apartment during the Term, the remaining Sublessees may add a replacement Sublessee to the sum of (A) Sublease, provided the unamortized cost (as proposed replacement Sublessee meets the eligibility requirements defined above, has completed an application and has prior written authorization by Sublessor. Such replacement Sublessee shall be made a party to this Sublease through an addendum. The replacement Sublessee is required to pay Sublessor the portion of the Early Termination Date) security deposit originally paid by the vacating Sublessee (unless notified otherwise in writing by the original Sublessees, it will be assumed that each Sublessee paid an equal amount of the brokerage commissions paid by Sublandlord in connection with this Lease security deposit). Once the vacating Sublessee has vacated the Apartment, remaining Sublessees shall allow the Sublessor to inspect the brokers involved in Apartment following Sublessor’s notice to do so. Vacating Sublessee’s portion of the security deposit, minus any charge authorized under this Sublease as identified determined by the inspection discussed in Article 17the previous sentence, and (B) (i) an amount equal to six (6) months will be refunded after Sublessor has received the replacement Sublessee’s portion of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option shall be deemed to have not been validly exercised. Upon any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Date, then at Sublandlord’s election, such exercise shall be deemed void and of no force or effect and the Termination Fee paid by Subtenant shall be returned to Subtenantsecurity deposit.

Appears in 1 contract

Samples: Sublease Agreement

Sublease Term. (A) 3.1 The term of this Sublease (the “Sublease Term”) Term shall commence on the Sublease Commencement Date. Promptly following a request therefor, Subtenant agrees to execute (or provide factual corrections to) a Sublease Commencement Date Certificate for the Sublease Premises in the form attached as Exhibit C setting forth the actual Sublease Commencement Date and shall expire on November 30, 2021 (the “Sublease Expiration Date”). In the event Subtenant fails to execute (or provide factual corrections to) such Sublease Commencement Date Certificate within five (5) business days following delivery thereof to Subtenant, unless sooner terminated as provided Subtenant shall be deemed to have approved all of the matters set forth in such certificate and such certificate shall be fully binding on Subtenant. 3.2 If for any reason Sublandlord is delayed in delivery of the Master Lease or this Sublease. Sublease Premises to Subtenant, Sublandlord shall not be liable therefor, nor shall such failure affect the validity of this Sublease or the obligations of Subtenant hereunder, or extend the Expiration Date, but in such case the Sublease Commencement Date will not occur and Subtenant shall not be obligated to pay Rent until possession of the Sublease Premises are tendered to Subtenant. Notwithstanding the foregoing, if the Sublease Commencement Date has not occurred by January 1, 2022, due to no fault of Subtenant, Subtenant may terminate this Sublease upon written notice to Sublandlord delivered within ten (10) business days of such date and if Sublandlord fails to deliver the Sublease Premises to Subtenant within five (5) business days after receipt of such written notice, this Sublease shall terminate, Sublandlord shall return the Deliverables to Subtenant, and thereafter both parties shall have no further obligations under this Sublease except with respect to those terms which expressly survive the termination of this Sublease. 3.3 Unless sooner terminated or extended as provided herein, the Sublease Term shall end on the Expiration Date. However, the Sublease Commencement Date, provided that Subtenant has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord may be terminated prior to the Security Deposit as provided in Article 13. The Sublease Commencement Expiration Date shall not be delayed if the delivery of Master Lease is terminated for any cause whatsoever (provided Master Landlord does not require Subtenant to attorn, to the extent required by Master Landlord’s Consent or the Master Lease) or if this Sublease is terminated as otherwise provided for herein and in either such case the Sublease Premises is delayed due Term shall end upon such earlier termination. Subtenant shall have no option to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option elect an early termination of the Sublease Term. Sublandlord and Subtenant shall have an option to terminate acknowledge and agree that notwithstanding the fact this Sublease as of November 30, 2019 (demises the “Early Termination Date”) with respect to Sublease Premises for the entire Sublease Premise. Subtenant may exercise this early termination option by (i) written notice to Sublandlord given no later than seven (7) months prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as remainder of the Early Termination Date) term of the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the this Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option shall be deemed to have be a ‘sublease’ and not been validly exercised. Upon an ‘assignment’, and in the event that under any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Date, then at Sublandlord’s election, such exercise shall applicable rule of law this Sublease would be deemed void to be an assignment of the Master Lease by reason thereof, the term of this Sublease shall automatically be deemed to expire on the day immediately preceding the last day of the term of the Master Lease so as to preserve the intention of the parties that this Sublease be construed as a sublease and of no force or effect and the Termination Fee paid by Subtenant shall be returned to Subtenantnot an assignment.

Appears in 1 contract

Samples: Sublease (Nerdwallet, Inc.)

Sublease Term. (Aa) The term of this Sublease (the “Sublease Term”), (i) as to the 3rd Floor, shall commence on the later of: (A) June 1, 2019; and (B) the date Landlord’s Consent is given to this fully executed Sublease (such later date, the Sublease Suite 300 Commencement Date”) (subject to the time limitation of Section 23 hereof), and (ii) as to the Lower Level, shall commence on the earlier of (A) January 1, 2020 or (B) the date that is fifteen (15) days following the date Sublandlord vacates the Lower Level (such later date the “Lower Level Commencement Date” and (provided, however, the Suite 300 Commencement Date must occur as a condition precedent to the Lower Level Commencement Date), and, together with the 3rd Floor Commencement Date, shall expire on November 30August 31, 2021 2025 (the “Sublease Expiration Date”), unless sooner terminated as provided in accordance with the Master Lease or terms of this Sublease. . (b) Sublandlord and Subtenant acknowledge and agree that Sublandlord shall deliver the Sublease Premises possession of Suite 300 to Subtenant on the Sublease Suite 300 Commencement Date, provided that Subtenant and Sublandlord shall deliver possession of the Lower Level on the Lower Level Commencement Date. If for any reason the Sublandlord has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9been unable to deliver Xxxxx 000 by the Suite 300 Commencement Date, and deposited with Sublandlord then the Security Deposit as provided in Article 13. The Sublease Suite 300 Commencement Date and all other applicable deadlines, including payment of Rent, shall not be delayed if the delivery until Sublandlord has delivered possession of the Sublease Premises is delayed due Suite 300 to Subtenant’s failure to timely deliver . In the foregoing items. event Sublandlord has not delivered possession of Suite 300 within ten (B10) Early Termination Option of business days following the Sublease Term. Suite 300 Commencement Date, then Subtenant shall have an option be entitled to one (1) day of additional abated Base Rent on a day for day basis until the date Sublandlord delivers possession of Suite 300. In the event Sublandlord has not delivered possession of Suite 300 within twenty (20) days following the Suite 300 Commencement Date, then, in addition to the abatement, Subtenant may elect to terminate this Sublease as of November Lease upon thirty (30, 2019 (the “Early Termination Date”) with respect to the entire Sublease Premise. Subtenant may exercise this early termination option by (i) days written notice to Sublandlord given no later than seven (7) months the other; provided, however, in the event Tenant elects to exercise the foregoing right of termination, Landlord may nullify such right of termination if Landlord delivers possession of Suite 300 prior to the Early Termination Dateexpiration of such thirty (30) day termination notice period. If Subtenant elects to terminate the Lease in accordance with this section, and (ii) Subtenant’s payment all sums paid by Subtenant to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as of the Early Termination Date) of the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid returned to Subtenant by Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice following the effective date of termination, and neither party shall have any further obligations thereunder. (c) If for any reason the Sublandlord has been unable to deliver the Lower Level by the Lower Level Commencement Date, then the Lower Level Commencement Date and all other applicable deadlines shall be delayed until Sublandlord has delivered the Lower Level, and the Rent shall be adjusted as set forth below until the Lower Level Commencement Date. In the event Sublandlord has not delivered possession of the amount of Lower Level within ten (10) business days following the Termination Fee, , and, if not so paidLower Level Commencement Date, then Tenant’s Early Termination Option shall be deemed to have not been validly exercised. Upon any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default entitled to one (as such term is defined in Article 10 below1) at day of additional abated Base Rent on a day for day basis until the time it exercises date Sublandlord delivers possession of the Early Termination Option or at any time thereafter before Lower Level. In the Early Termination event Sublandlord has not delivered possession of the Lower Level within twenty (20) days following the Lower Level Commencement Date, then, in addition to the abatement, Subtenant may elect to terminate this Sublease in its entirety, (the “Lower Level Late Delivery Termination”). If Subtenant elects to terminate the Lease in accordance with this section then at Sublandlord’s electionneither party shall have any further obligations thereunder; provided, however, Landlord may nullify such exercise shall be deemed void and right of no force or effect and termination if Landlord delivers possession of Lower Level prior to the Termination Fee expiration of such thirty (30) day termination notice period. Upon the date of any such Lower Level Termination, all sums related to the Lower Level paid by Subtenant to Sublandlord shall be returned to SubtenantSubtenant by Sublandlord within thirty (30) days following the effective date of the Lower Level Late Delivery Termination, and neither party shall have any further obligations thereunder.

Appears in 1 contract

Samples: Sublease (Charlotte's Web Holdings, Inc.)

Sublease Term. (A) The term of this Sublease (the “Sublease Term”) shall commence on upon the “Sublease Commencement Date” later to occur of: (a) Sublandlord’s receipt of the Landlord Consent (as defined in Section 34), and shall expire on November 30(b) July 15, 2021 2019 (the “Sublease Expiration Commencement Date”). Notwithstanding the foregoing, Sublandlord and Subtenant agree that Subtenant shall not occupy or commence operations at the Subleased Premises prior to July 29, 2019 (the “Operational Date”), unless sooner terminated however, Sublandlord agrees to (a) provide Subtenant with access to the Subleased Premises as of the Commencement Date for purposes of planning, information technology, move logistics and other reasonable needs for other planning access after the Commencement Date but prior to the Operational Date provided that Subtenant complies with Sublandlord’s reasonable security requirements during such period and (b) deliver the Premises to Subtenant in the condition required under this Sublease as of the Operational Date and fully vacate the premises prior to July 26, 2019, except as provided herein below with respect to Information Technology facilities, upon which date Subtenant will commence its move into the Subleased Premises. Additionally, Subtenant and Sublandlord agree that Subtenant and Sublandlord will securely share the existing Information Technology facilities within the Premises until Sublandlord can fully relocate its existing Information Technology infrastructure elsewhere in the Building, which Sublandlord will make best efforts to complete by September 1, 2019 and will complete no later than October 31, 2019, and during which time Subtenant shall not make any alterations, additions or improvements to such Information Technology facilities without prior written consent. Subtenant and Sublandlord further agree that Sublandlord shall permit Subtenant the use of Sublandlord’s existing CenturyLink internet circuit until Subtenant’s circuits are fully operational, and in return for such access Subtenant shall compensate Sublandlord in the amount of $1,600 per month during the period of access. Unless earlier terminated under any provision of the Master Lease or this Sublease, the Sublease Term shall continue until June 30, 2022 (the “Expiration Date”). Sublandlord shall deliver possession of the Sublease Subleased Premises to Subtenant on Subtenant, subject to the Sublease sentence above concerning access following the Commencement Date but prior to the Operational Date, provided that Subtenant has previously furnished Sublandlord and upon the occurrence of all of the following: (a) Sublandlord’s receipt of the Landlord with evidence Consent, (b) Sublandlord’s receipt of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery of the Sublease Premises is delayed due to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option of the Sublease Term. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect to the entire Sublease Premise. Subtenant may exercise this early termination option by (i) written notice to Sublandlord given no later than seven (7) months prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as of the Early Termination Date) of the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in Section 7), and (c) Sublandlord’s receipt of evidence that Subtenant carries the insurance required by the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term Lease and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option shall be deemed to have not been validly exercised. Upon any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Date, then at Sublandlord’s election, such exercise shall be deemed void and of no force or effect and the Termination Fee paid by Subtenant shall be returned to Subtenantthis Sublease.

Appears in 1 contract

Samples: Sublease (Dynavax Technologies Corp)

Sublease Term. Sublessor hereby subleases the Premises to Sublessee for a -------------- period of approximately three (A3) The years commencing Sept 22, 1997 and terminating on the Sublessor's initial lease termination date of August 31, 2000. Sublessee may extend this Sublease for one (1) additional term of this Sublease three (3) years (the “Sublease "Renewal Term") shall commence on the “Sublease Commencement Date” and shall expire on November 30, 2021 (the “Sublease Expiration Date”), unless sooner terminated as provided in the Master Lease or this Sublease. Sublandlord shall deliver the Sublease Premises to Subtenant on the Sublease Commencement Date, provided that Subtenant has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery of the Sublease Premises is delayed due to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option of the Sublease Term. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect pursuant to the entire Sublease Premiseprovisions of this Section 1. Subtenant may exercise this early termination option by (i) Sublessee shall give Sublessor written notice ("Sublessee's Notice") of its desire to Sublandlord given no later than seven extend to Sublease at least one hundred and eighty (7180) months days prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as expiration of the Early Termination Date) of the brokerage commissions paid by Sublandlord original term, provided Sublessee is not in connection with this Lease to the brokers involved default beyond any applicable cure period set forth in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months on the date of such notice. Within 30 days from the receipt of the then current monthly Base RentSublessee's Notice, plus Sublessor shall give Sublessee written (ii"Sublessor's Notice") an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , andincrease, if any, as determined by the Landlord under paragraph 36A of the Lease, to the base Rent as defined herein for such Renewal Term. Any such increase shall represent Sublessor's increased costs under the Lease associated with the Premises. Within 10 days from the receipt of Sublessor's Notice, Sublessee shall give Sublessor written notice of its intention to extend the Sublease. In the event Sublessee does not so paidrespond within 10 days to Sublessor's Notice, then Tenant’s Early Termination Option the Sublease shall extend on the terms of the Sublessor's Notice. Such Renewal Term shall be deemed to have not been validly exercisedupon all of the terms and conditions hereof. Upon The parties agree that this Sublease shall terminate upon the termination of the Lease, for whatever reason. As used herein, the "Term" of this Sublease shall include the original term and any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Date, then at Sublandlord’s election, such exercise shall be deemed void and of no force or effect and the Termination Fee paid by Subtenant shall be returned to SubtenantRenewal Term.

Appears in 1 contract

Samples: Sublease Agreement (Inspire Pharmaceuticals Inc)

Sublease Term. Sublessor hereby subleases the Premises to Sublessee for a period of approximately three (A3) The years commencing Sept. 22, 1997 and terminating on the Sublessor’s initial lease termination date of August 31, 2000. Sublessee may extend this Sublease for one (1) additional term of this Sublease three (3) years (the “Sublease Renewal Term”) pursuant to the provisions of this Section 1. Sublessee shall commence on the give Sublessor written notice (Sublease Commencement Date” and shall expire on November 30, 2021 (the “Sublease Expiration Date”), unless sooner terminated as provided in the Master Lease or this Sublease. Sublandlord shall deliver the Sublease Premises to Subtenant on the Sublease Commencement Date, provided that Subtenant has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery of the Sublease Premises is delayed due to SubtenantSublessee’s failure to timely deliver the foregoing items. (B) Early Termination Option of the Sublease Term. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination DateNotice”) with respect of its desire to the entire extend to Sublease Premise. Subtenant may exercise this early termination option by at least one hundred and eighty (i180) written notice to Sublandlord given no later than seven (7) months days prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as expiration of the Early Termination Date) of the brokerage commissions paid by Sublandlord original term, provided Sublessee is not in connection with this Lease to the brokers involved default beyond any applicable cure period set forth in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months on the date of such notice. Within 30 days from the receipt of the then current monthly Base RentSublessee’s Notice, plus Sublessor shall give Sublessee written (ii“Sublessor’s Notice”) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , andincrease, if any, as determined by the Landlord under paragraph 36A of the Lease, to the Base Rent as defined herein for such Renewal Term. Any such increase shall represent Sublessor’s increased costs under the Lease associated with the Premises. Within 10 days from the receipt of Sublessor’s Notice, Sublessee shall give Sublessor written notice of its intention to extend the Sublease. In the event Sublessee does not so paidrespond within 10 days to Sublessor’s Notice, then Tenantthe Sublease shall extend on the terms of the Sublessor’s Early Termination Option Notice. Such Renewal Term shall be deemed to have not been validly exercisedupon all of the terms and conditions hereof. Upon The parties agree that this Sublease shall terminate upon the termination of the Lease, for whatever reason. As used herein, the “Term” of this Sublease shall include the original term and any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Date, then at Sublandlord’s election, such exercise shall be deemed void and of no force or effect and the Termination Fee paid by Subtenant shall be returned to SubtenantRenewal Term.

Appears in 1 contract

Samples: Sublease Agreement (Icagen Inc)

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Sublease Term. (A) The Subject to the terms and conditions of this Sublease, the term of this Sublease (the “Sublease Term”) shall commence on fourteen (14) days after the Sublease Effective Date (the “Sublease Commencement Date” or “SCD”), and shall expire on November 30, 2021 the day immediately preceding the Expiration Date under the Prime Lease (the “Sublease Expiration Date”); provided, unless sooner terminated as provided in the Master Lease or this Sublease. Sublandlord shall deliver the Sublease Premises to Subtenant on the promptly upon receipt of consent from Prime Landlord to this Sublease Commencement Date, provided that Subtenant has previously furnished in accordance with Section 12.15 below. Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if liable in any respect for any delay in the delivery of possession of the Sublease Premises is delayed due to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option of , and in no event shall any delay in delivering the Sublease TermPremises to Subtenant extend the Sublease Expiration Date. The parties hereto agree that Subtenant shall have an option no right to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect to the entire Sublease Premise. Subtenant may exercise this early termination option by (i) written notice to Sublandlord given no later than seven (7) months prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as of the Early Termination Date) of the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis hold over the period commencing on the first day of after the Sublease Term Expiration Date and ending on the Lease Expiration Dateaccordingly, with interest Subtenant shall provide written confirmation to Sublandlord, at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within least thirty (30) days after Subtenant receives Sublandlord’s written notice in advance of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option shall be deemed to have not been validly exercised. Upon any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant shall be in Default (as such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Sublease Expiration Date, then at Sublandlordof Subtenant’s electionintent to surrender the Sublease Premises to Sublandlord by the Sublease Expiration Date. Subtenant hereby agrees to indemnify and hold harmless any damages, such exercise shall be deemed void penalties or liabilities of any kind incurred by Sublandlord as a result of Subtenant’s holdover beyond the Sublease Expiration Date. Subtenant acknowledges and agrees that Sublandlord is not obligated to extend this Sublease beyond the Sublease Expiration Date irrespective of no force or effect and any extension options Sublandlord may have under the Termination Fee paid by Subtenant shall be returned to SubtenantPrime Lease.

Appears in 1 contract

Samples: Office Sublease (Project Angel Parent, LLC)

Sublease Term. (Aa) The term of this Sublease (the “Sublease Term”) Term shall commence upon the applicable Sublease Commencement Date as to the applicable portion of the Subleased Premises and end on the Sublease Expiration Date, unless extended or sooner terminated as hereinafter set forth or by operation of law. Notwithstanding the foregoing, the Sublease Term shall automatically terminate upon the expiration or earlier termination of the Prime Lease. After each Sublease Commencement Date, the parties shall, at the request of either party, execute and deliver a notice confirming the applicable Sublease Commencement Date. Either party, or both parties’, failure to execute and deliver such instrument shall expire not affect the applicable Sublease Commencement Date. (b) Notwithstanding anything contained in this Sublease to the contrary, if the Move-In Period does not commence on November 30or before the later of (i) Sublandlord’s receipt of the fully-executed Consent, and (ii) April 15, 2021 (such later date, the “Move-In Period Deadline”), Tenant shall receive a credit of one (1) day of Sublease Base Rent (to be applied once the Sublease Base Rent Credit is exhausted for Sublease Months 1-9) for every day past the Move-In Period Deadline that Sublandlord fails to so deliver possession of the Phase I Subleased Premises to Subtenant with Sublandlord’s Pre-Access Work completed. Notwithstanding anything contained in this Sublease to the contrary, if despite Sublandlord's efforts, Sublandlord fails to deliver the Phase II Subleased Premises to Subtenant with all of Sublandlord’s Work complete by July 15, 2021 (the “Sublease Expiration DatePhase II Deadline”), unless sooner terminated as provided in the Master Lease or this Sublease. Sublandlord Tenant shall deliver receive a credit of one (1) day of Sublease Base Rent (to be applied once the Sublease Base Rent Credit is exhausted for Sublease Months 1-9 or any subsequent Sublease Months) for every day past Phase II Deadline that Sublandlord fails to so deliver possession of the Subleased Premises to Subtenant on with Sublandlord’s Work completed. Notwithstanding anything in the foregoing to the contrary, if Sublandlord is delayed or prevented from performing its obligations related to the Phase II Deadline due to: (x) any fire, act of God, governmental act or failure to act, strike, labor dispute, inability to procure materials, or any cause beyond Sublandlord’s reasonable control (whether similar or dissimilar to the foregoing events), or (y) Prime Landlord’s failure to deliver the Consent, or (z) any Subtenant Delay (defined in Section 5(c)), then the parties shall deem the Phase II Deadline extended for a period equal to the period(s) of such delay or prevention. (c) If Sublandlord is delayed in completing Sublandlord’s Pre-Access Work as a result of: (i) Subtenant’s failure to comply with any of the approval requirements and deadlines specified in Exhibit A, or with any of the other requirements of Exhibit A or the Sublease, (ii) Subtenant’s request for modifications to the Final Construction Drawings (defined in Exhibit A), (iii) Subtenant’s failure to pay when due any amount required pursuant to Exhibit A, (iv) Subtenant’s request for long lead time materials, finishes, or installations for Sublandlord’s Pre-Access Work, or (v) the performance or timing of any work, or the entry into the Subleased Premises, by Subtenant or any person or firm employed or retained by Subtenant (any and all of the following, “Subtenant Delay”), then for purposes of determining the Sublease Commencement Date, provided that Subtenant has previously furnished Sublandlord and Landlord with evidence of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery of the Sublease Premises is delayed due to Subtenant’s failure to timely deliver the foregoing items. (B) Early Termination Option of the Sublease Term. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect to the entire Sublease Premise. Subtenant may exercise this early termination option by (i) written notice to Sublandlord given no later than seven (7) months prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as of the Early Termination Date) of the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months of the then current monthly Base Rent, plus (ii) an amount equal to six (6) months of the then current payment for Tenant’s Share of Building Direct Expenses (as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option Pre-Access Work shall be deemed to have been substantially complete on the date that Sublandlord determines in its reasonable judgment that Sublandlord’s Pre-Access Work would have been substantially complete if such Subtenant Delay(s) had not been validly exercised. Upon occurred; provided however, that if Sublandlord contends that a Subtenant Delay has occurred pursuant to any such early terminationof the foregoing subsections (iii) through (v), then Sublandlord shall return the Security Deposit deliver to Subtenant as provided written notice (“Delay Notice”) of the event which constitutes such Subtenant Delay. If such actions, inaction, or circumstance described in Article 13. Notwithstanding the foregoing, if a Delay Notice are not cured or addressed by Subtenant shall be in Default within one (as 1) business day after Subtenant’s receipt of such term is defined in Article 10 below) at the time it exercises the Early Termination Option or at any time thereafter before the Early Termination DateDelay Notice, then at Sublandlord’s election, such exercise a Subtenant Delay shall be deemed void to have occurred commencing as of the date of Subtenant’s receipt of such Delay Notice and ending as of the date such Subtenant Delay ends. For the avoidance of doubt, the parties acknowledge and agree that no force or effect Delay Notice is required in connection with a Subtenant Delay pursuant to the foregoing subsections (i) and the Termination Fee paid by Subtenant shall be returned to Subtenant(ii).

Appears in 1 contract

Samples: Sublease Agreement (Zynex Inc)

Sublease Term. A. The "Sublease Term" shall commence (Athe "Commencement Date") on October 1st, 2004 or when the Sublandlord has secured the consent of the prime Landlord. B. The term Sublease Term shall expire upon the end of the Sixtieth (60th) month of the Sublease Term following the Commencement Date (i.e. September 30, 2009). Subtenant is hereby given the option to renew this Sublease for two (the “Sublease Term”2) shall commence on the “Sublease Commencement Date” and shall expire on November 30periods of three (3) years, 2021 or one (the “Sublease Expiration Date”1) period of either; three (3) years, five (5) years, or seven (7) years ("Option Periods"), unless sooner terminated as provided in the Master Lease or this Sublease. Sublandlord shall deliver the Sublease Premises to Subtenant on the Sublease Commencement Date, provided that Subtenant the Lease Renewal Option has previously furnished been exercised by the Sublandlord and Landlord with evidence there has been no Event of insurance as provided in Article 9, and deposited with Sublandlord the Security Deposit as provided in Article 13. The Sublease Commencement Date shall not be delayed if the delivery Default under any of the Sublease Premises is delayed due to Subtenant’s failure to timely deliver terms of this sublease either at the foregoing items. (B) Early Termination Option time of the Sublease Termgiving of any such notice or at the time of commencement of any renewal. Subtenant shall have an option to terminate this Sublease as of November 30, 2019 (the “Early Termination Date”) with respect give notice in writing to the entire Sublease Premise. Subtenant may Sublandlord of its exercise this early termination of such option by at least six (i) written notice to Sublandlord given no later than seven (76) months prior to the Early Termination Date, and (ii) Subtenant’s payment to Sublandlord of a fee (the “Termination Fee”) equal to the sum of (A) the unamortized cost (as termination of the Early Termination Date) of Initial Term. The Base Rent for each Option Period shall be based on the brokerage commissions paid by Sublandlord in connection with this Lease to the brokers involved same terms, covenants and conditions as are contained in this Sublease as identified in Article 17, and (B) (i) an amount equal to six (6) months except that the Basic Rent for the first year of the renewal period shall be at the then current monthly Base Rentmarket rate (for comparable buildings in the general vicinity of the Building), plus as agreed to by the parties hereto. In the event the parties can not agree to the current market rate as set forth above then the Sublandlord and Subtenant shall each select a licensed commercial real estate broker doing business in Northern Virginia (ii) an amount equal the "Selected Brokers"), whereupon the Selected Brokers shall select a third similarly qualified broker, who shall each then provide to six (6) months of the parties their expert opinion as to the then current payment market rate and the average of the three opinions shall be the current market rate for Tenant’s Share the purposes of Building Direct Expenses (this paragraph. In establishing the Basic Rent for the renewal term, the parties or the brokers who determine the Basic Rent shall consider and take into account subtenant's continuing obligation to pay Additional Charges as defined in the Master Lease). For purposes of clause (A) above, the amortization shall be computed on a straight line basis over the period commencing on the first day of the Sublease Term and ending on the Lease Expiration Date, with interest at the rate of eight percent (8%) per annum. The Termination Fee shall be paid to Sublandlord within thirty (30) days after Subtenant receives Sublandlord’s written notice of the amount of the Termination Fee, , and, if not so paid, then Tenant’s Early Termination Option shall be deemed to have not been validly exercised. Upon any such early termination, Sublandlord shall return the Security Deposit to Subtenant as provided in Article 13. Notwithstanding the foregoing, if Subtenant in no event shall the Basic Rent for the first year of any Option Period be less then the current rate at the end of the most recent Sublease year. C. Space shall be in Default (available for occupancy as such term is defined in Article 10 below) at of the time it exercises the Early Termination Option or at any time thereafter before the Early Termination Commencement Date, then at Sublandlord’s election, such exercise shall be deemed void and of no force or effect and the Termination Fee paid by Subtenant shall be returned to Subtenant.. "

Appears in 1 contract

Samples: Sublease Agreement (Comstock Homebuilding Companies, Inc.)

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