Common use of Tenant Right to Contract Premises Clause in Contracts

Tenant Right to Contract Premises. Centro, Inc., or Centro, Inc.'s successor or assign pursuant to a Permitted Transfer (inasmuch as the right to contract the Premises hereunder is intended only for the benefit of Centro, Inc., or Centro, Inc.'s successor or assign pursuant to a Permitted Transfer) shall have the right to surrender to Landlord a portion of the Premises constituting at least 7,500 rentable square feet or up to 21,032 rentable square feet in the Premises based on a demising plan mutually agreed upon between Landlord and Tenant (the percentage of the Premises surrendered, as finally determined as set forth below, the "Contraction Percentage"; such surrendered space, the "Contraction Space"; and such right, the "Contraction Right"). Following Tenant's delivery of the Contraction Notice (as hereinafter defined), Landlord and Tenant shall work together in good faith to make a determination of the final rentable square footage contained in the Contraction Space and the resulting final determination of the Contraction Percentage. Tenant shall exercise the Contraction Right under this Section 3.05 by providing written notice to Landlord (the "Contraction Notice") no later than October 31, 2027, which Contraction Notice shall further set forth Tenant's determination of the approximate size and location of the Contraction Space by way of a depiction included with the Contraction Notice. If Tenant exercises its Contraction Right under this Section 3.05, the effective date of contraction shall be October 31, 2028 (the "Contraction Date") and Tenant shall surrender the Contraction Space to Landlord no later than the Contraction Date. Tenant covenants and agrees to either (i) reimburse Landlord, within thirty (30) days of Landlord's invoice, for Landlord's actual out-of-pocket cost to construct a building standard demising wall between the Contraction Space and the balance of the Premises retained by Tenant and to separate all utilities serving both the Contraction Space and the remaining portion of the Premises (the "Contraction Demising Work"), or (ii) to perform the Contraction Demising Work at Tenant's sole cost and expense and prior to the Contraction Date. From and after the Contraction Date, and so long as Tenant has vacated same, Base Rent and Tenant's Proportionate Share shall be adjusted to reflect the rentable square feet that Tenant continues to occupy. In the event that Tenant elects to contract the Premises as provided under this Section 3.05, Tenant shall pay Landlord fifty percent (50%) of the Contraction Fee (defined hereinafter) at the time the Contraction Notice is given to Landlord and the remaining fifty percent (50%) on or before that date which is thirty (30) days prior to the Contraction Date, time being of the essence in payment of the Contraction Fee. The "Contraction Fee" is an amount equal to the Contraction Percentage multiplied by the sum of each of (A) (i) the unamortized portion of the Landlord Contribution disbursed as of the Contraction Date, (ii) the unamortized portion of the Rent Abatement as of the Contraction Date, and (iii) the unamortized portion of the commission paid to the Broker listed in Section 17 below as of the Contraction Date, and (B) an amount equal to the Base Rent, Expenses and Taxes payable (or estimated to be payable) under this Lease for the two (2) calendar months occurring immediately prior to the Contraction Date. The Landlord Contribution, Rent Abatement and leasing commissions in subsection (A) above shall be amortized on a mortgage amortization basis over the period commencing on November 1, 2025 and ending on October 31, 2030 at a rate of interest of eight (8%) percent per annum."

Tenant Right to Contract Premises. During that part of the Term of this Lease that occurs after seventh (i11 ) anniversary of the Commencement Date, Landlord agrees that Centro, Inc., or Centro, Inc.'s successor or assign pursuant to a Permitted Transfer (inasmuch as the right to contract the Premises hereunder is intended only for the benefit of Centro, Inc., or Centro, Inc.'s successor or assign pursuant to a Permitted Transfer) shall have the right to surrender back to Landlord a portion twenty (20%) percent of the Premises constituting at least 7,500 rentable square feet or up to 21,032 rentable square feet in shown as the Premises based on a demising plan mutually agreed upon between Landlord and Tenant (the percentage of the Premises surrendered, as finally determined as set forth below, the "Contraction Percentage"; such surrendered space, the "“Contraction Space"; and such right, ” on the "Contraction Right"). Following Tenant's delivery of the Contraction Notice (lease plan attached hereto as hereinafter defined), Landlord and Tenant shall work together in good faith to make a determination of the final rentable square footage contained in the Contraction Space and the resulting final determination of the Contraction Percentage. Exhibit B. Tenant shall exercise the Contraction Right its right under this Section 3.05 by providing written notice to Landlord (the "“Contraction Notice"”) given no later than October 31, 2027, which Contraction Notice shall further set forth Tenant's determination twelve (12) calendar months prior the seventh (7th) anniversary of the approximate size and location of the Contraction Space by way of a depiction included with the Contraction NoticeCommencement Date. If Tenant exercises its Contraction Right right under this Section 3.05, the effective date of contraction “Contraction Date” shall be October 31, 2028 the day after the twelfth (12th) calendar month following Landlord's receipt of the "Contraction Date") Notice and Tenant shall surrender the Contraction Space to Landlord no later than the Contraction Date. Tenant covenants and agrees to either (i) reimburse Landlord, within thirty (30) days of Landlord's invoiceon demand, for Landlord's actual out-of-pocket cost to construct a building standard demising wall between demise the Contraction Space and separate from the balance of the Premises retained by Tenant and to separate all utilities serving both the Contraction Space and the remaining portion of the Premises (the "Contraction Demising Work"), or (ii) to perform the Contraction Demising Work demise, at Tenant's its sole cost and expense and prior to expense, the Contraction DateSpace separate from the balance of the Premises retained by Tenant. From and after the Contraction Date, and so long as Tenant has vacated same, Base Rent and Tenant's Proportionate Share shall be adjusted to reflect the rentable square feet that Tenant continues to occupy. In the event that Tenant elects to contract the Premises as provided under this Section 3.05, Tenant shall pay Landlord fifty percent (50%) of the a Contraction Fee (defined hereinafter) at the same time the Contraction Notice is given to Landlord and the remaining fifty percent (50%) on or before that date which is thirty (30) days prior to the Contraction Date, time being of the essence in payment of the Landlord. The “Contraction Fee. The "Contraction Fee" ” is an amount equal to the Contraction Percentage multiplied by twenty (20%) percent of the sum of each of (A) (i) the unamortized portion of the Landlord Contribution disbursed as of the Contraction DateConstruction Allowance, (ii) the unamortized portion of the Rent Abatement as of the Contraction DateAmount, and (iii) the unamortized portion of the commission paid to the Broker listed in Section 17 below as of the Contraction Date1.22, and (B) an amount equal to the Base Rent, Expenses and Taxes payable (or estimated to be payable) under this Lease for the two three (23) calendar months occurring that occur immediately prior to the Contraction Early Termination Date. The Landlord Contribution, Rent Abatement and leasing commissions amounts described in subsection (A) above shall be amortized on a mortgage amortization straight line basis over 120 calendar months, beginning on the period commencing on November 1, 2025 Commencement Date and ending on October 31, 2030 at a rate of shall include an interest factor of eight (8%) percent per annumannum for the time period from the Contraction Date to the Termination Date. Upon Tenant's request, in writing, Landlord shall provide Tenant with the amount of commission paid to the Broker listed in Section 1.22 no later than thirty (30) days after Tenant's written request. In the event Tenant elects to contract the Premises as provided under this Section 3.05, if the portion of the Premises it retains contains all of the bathrooms on the floor in which the Premises are located, then notwithstanding anything to the contrary contained in this Lease, Landlord shall retain the right to allow (and Tenant shall permit) other tenants occupying the floor on which the Premises are located to use the bathrooms located in the contracted Premises."