Vacant Spaces Sample Clauses

Vacant Spaces. As of the Effective Date, three (3) tenant spaces in the Improvements have not been leased (the "Vacant Spaces"), as more particularly described on Exhibit 11.11A. Prior to Closing, Seller shall have the right to enter into one or more New Leases covering any of the Vacant Spaces provided such lease satisfies the leasing criteria described in Exhibit 11.11B (the “Leasing Criteria”). If any of the Vacant Spaces are not leased as of the Closing, Seller shall escrow an amount equal to twelve (12) months of proforma base rent and additional charges for the unleased Vacant Spaces (the "Rent Escrow") pursuant to the Master Lease Escrow Agreement described in Section 11.02(e). The Rent Escrow shall be disbursed as follows:
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Vacant Spaces. Clean and sweep all vacant areas as needed or directed by Manager, but not less than weekly.
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Vacant Spaces. As of the Effective Date of this Agreement, certain spaces within the Property are vacant with no tenant paying rent (the "VACANT SPACES"). A schedule of the Vacant Spaces is attached hereto as SCHEDULE 7.2.1. At Closing, Seller agrees to establish an escrow (the "MASTER LEASE ESCROW") with the Escrow Agent from the proceeds of the Purchase Price in the amount of: (i) rent and additional charges for the Vacant Spaces for a period of twenty four (24) months following the Closing Date, subject to the limitations set forth hereinbelow in this Section; and (ii) estimated brokerage commissions in the amount of $3.00 per square foot and estimated tenant improvement allowances in the amount of $5.00 per square foot for vanilla box finish ($15.00 if not vanilla box finish) with respect to each of the Vacant Spaces (such estimated brokerage commissions and tenant improvement allowances being hereinafter collectively referred to as the "VACANT SPACES LEASE-UP COSTS"). Notwithstanding, Buyer acknowledges that the space shown on the rent roll as "MIN B" (10,000 square feet) is being divided into three (3) spaces of 6,000 square feet, 1,400 square feet, and 1,600 square feet, and the Seller is negotiating leases for such space; NO MASTER LEASE WILL BE REQUIRED FOR THE 800 SQUARE FOOT BALANCE OF SUCH DIVIDED SPACE. Buyer and Seller agree that if any portion of the Vacant Spaces is leased in accordance with the terms of this Agreement between now and the Closing Date, the actual amount to be placed into such escrow shall be recalculated as of the Closing Date to reflect such leased space and the terms of the applicable leases. The Master Lease Escrow shall be invested by the Escrow Agent in an interest-bearing account with a federally-insured banking institution reasonably acceptable to Seller and Buyer pursuant to an escrow agreement approved by the parties and the Escrow Agent. Buyer shall have the right to draw from the Master Lease Escrow, on the first day of each month, an amount sufficient to pay the monthly rental amounts set forth in SCHEDULE 7.2.1 for the Vacant Spaces, together with estimated common area maintenance charges ("CAM"), insurance and Real Estate Taxes with respect thereto. The estimated payments for CAM, insurance and Real Estate Taxes withdrawn monthly by Buyer shall be reconciled by Buyer and Seller within sixty (60) days after the end of each calendar year during the Master Lease Escrow or the end of the Master Lease Escrow (whichever occurs fir...
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Related to Vacant Spaces

  • Subleased Premises Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord for the term, at the rental, and upon all of the conditions set forth herein, the Subleased Premises.

  • Rentable Area of the Premises The term "Rentable Area of the Premises" shall mean 29,227 square feet, which Landlord and Tenant have stipulated as the Rentable Area of the Premises. Tenant acknowledges that the Rentable Area of the Premises includes the usable area, without deduction for columns or projections, multiplied by a load factor to reflect a share of certain areas, which may include lobbies, corridors, mechanical, utility, janitorial, boiler and service rooms and closets, restrooms and other public, common and service areas of the Building.

  • Vacating Premises (i) If the Assuming Bank elects not to purchase any owned Bank Premises, the notice of such election in accordance with Section 4.6(a) shall specify the date upon which the Assuming Bank's occupancy of such premises shall terminate, which date shall not be later than ninety (90) days after the date of the Assuming Bank's notice not to exercise such option. The Assuming Bank promptly shall relinquish and release to the Receiver such premises and the Furniture and Equipment and Fixtures located thereon in the same condition as at Bank Closing, normal wear and tear excepted. By occupying any such premises after the expiration of such ninety (90)-day period, the Assuming Bank shall, at the Receiver's option, (x) be deemed to have agreed to purchase such Bank Premises, and to assume all leases, obligations and liabilities with respect to leased Furniture and Equipment and leased Fixtures located thereon and any ground lease with respect to the land on which such premises are located, and (y) be required to purchase all Furniture and Equipment and Fixtures owned by the Failed Bank and located on such premises as of Bank Closing.

  • Parking Spaces All fees, taxes, costs, charges and expenses for operating cleaning, painting, managing maintaining, up-keeping, repair, replacement, renovation, overhaul, in respect of the Parking Spaces and also on deployment of personnel and agency for its operation, security, protection and other purposes etc.

  • Storage Space Effective as of the Second Floor Commencement Date, Landlord hereby leases to Tenant certain additional space containing approximately 1,000 rentable square feet in such areas as more particularly designated on Schedule X- 0 xxxxxxxx hereto. In addition, Landlord hereby grants to Tenant the right to lease certain additional storage space in such areas of the Project as are designated for storage by Landlord on a first-come, first-served basis (the initial storage space and additional storage space leased to Tenant by Landlord, if any, are collectively the "Storage Space"). Tenant may exercise its option to lease additional Storage Space from time to time throughout the term of the Lease by giving written notice to Landlord of its desire to lease the same, which notice shall be conditioned upon the availability of the desired space. Tenant shall pay Landlord an annual rental for the Storage Space (the "Storage Rent") equal to $10.25 per rentable square foot of GLA of the Storage Space, adjusted annually at the rate of 2 1/2% per annum. The Lease Years for Storage Space shall be concurrent with the Lease Years for the Premises. No janitorial or trash removal services shall be provided to the Storage Space. No other charges shall be applied, as Additional Rent or otherwise, to the Storage Space, except for charges incurred by Landlord in enforcing its rights relating to the Storage Space under this Lease, in accordance with the terms of this Lease. The Tenant shall have the option, exercisable at any time during the Term, to cancel its lease of the Storage Space, upon thirty (30) days' prior written notice to the Landlord. Except as provided in this Section 2.1(b), the terms and conditions of Tenant's occupancy of the Storage Space shall be as set forth in this Lease. The Storage Space shall be leased in its absolute "AS IS" condition. There shall also be no core factor for the Storage Space (i.e., the usable areas shall be equal to the rentable area).

  • Premises defective, dangerous or unsafe condition of the facilities; falls; collisions with objects, walls, equipment or persons; dangerous, unsafe, or irregular conditions on floors, ice, or other surfaces, extreme weather conditions; travel to and from premises.

  • Sublease Premises On and subject to the terms and conditions below, Sublandlord hereby leases to Subtenant, and Subtenant hereby leases from Sublandlord, the Sublease Premises.

  • Leased Premises Lessor hereby leases to Lessee, and Lessee leases and takes from Lessor, the Leased Premises subject to the conditions of this Lease.

  • Expansion Space As used in this paragraph, the term “Expansion Space” means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Existing Premises Notwithstanding anything to the contrary in the Lease as hereby amended, Tenant shall continue to pay Base Rent for the Existing Premises in accordance with the terms of Article 3 of the Lease.

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