Subsequent to Completion. In addition, Landlord shall have the right, at any time and from time to time upon sixty (60) days’ prior written notice to Tenant, and within a reasonable period of time after said notice, to relocate to other Premises (“New Premises”) within the office building project; subject, however, to the following terms and conditions: (a) The New Premises shall have approximately the same Floor Area as is contained in the Premises; (b) the New Premises shall be leased to Tenant on the same terms and conditions as provided in this Lease, except that if the Floor Area in the New Premises in more or less than that contained in the Premises, there shall be proportionate adjustment of Base Rent and Additional Rental based upon the Floor Area in the New Premises; (c) Landlord shall pay to Tenant, within thirty (30) days following the date Tenant initially opens for business in the New Premises, those expenses both direct and incidental reasonably incurred by Tenant in connection with the relocation of Tenant’s personal property, together with Tenant’s unamortized book value of Tenant’s leasehold improvements, excluding movable trade fixtures (to the extent that said leasehold improvements were paid for by Tenant, as evidenced by invoices and proofs of payment of same), depreciated on a straight-line basis over the Term, and Tenant shall provide Landlord with a xxxx of sale for said leasehold improvements; provided, however, Tenant has first provided Landlord with an itemized list of these expenses (accompanied with copies of invoices and proofs of payment of same), and (d) Landlord and Tenant, during said sixty (60) day period, mutually agree in writing upon (i) the scope and cost of all leasehold improvements to be constructed at the New Premises, (ii) the extent of Landlord’s contribution to this cost, and (iii) a timetable for completion of the leasehold improvements. Landlord and Tenant shall use best efforts and act in good faith to reach agreement on the terms set forth in subparagraph (d) above. If the provisions of subparagraphs (a), (b), (c) and (d) are not met by Landlord, Landlord agrees that Tenant shall not be required to relocate until such conditions are met.
Subsequent to Completion. (a) Upon application and as permitted by N.J.S.A. 40A:20-10(a), and subsequent to the issue of the Final Certificate of Completion for the Project pursuant to the Redevelopment Agreement, it is understood and agreed that the Borough will consent to the transfer of this Agreement to another urban renewal entity (or interests in the Entity of 10 percent or more in the aggregate as set forth below), and the tax exemption of the improvements shall continue and inure to the transferee entity without any further action by the Borough Mayor and Council of the Borough provided: (i) the transferee entity does not own any other project at the time of transfer; (ii) the transferee entity is formed and eligible to operate under the LTTEL; (iii) the Entity is not then in Default of this Agreement or the LTTEL; and (iv) the Entity’s obligations under this Agreement are fully assumed by the transferee entity. Pursuant to N.J.S.A. 40A: 20-10(d), the Borough shall be entitled to charge an administrative fee of two percent (2.0%) of the Annual Service Charge due in the year that the transfer is requested for processing any such application for transfer by the Entity. The Borough shall, in good faith, in a prompt and timely manner reasonably cooperate with the Entity and the transferee entity and use its best efforts to review the written application of the Entity, and timely consent to the application for approval of the transferee entity.
