Contraction Premises definition

Contraction Premises shall have the meaning assigned to such term in Section 11.2.
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Contraction Premises shall have the meaning assigned to such term in Section 11.2. In addition, Contraction Premises shall mean and include any portion of the Expansion Space that Tenant elects to designate in a Contraction Rights Exercise Notice as subject to reduction pursuant to Tenant’s exercise of Tenant’s Early Termination Right and/or Termination Right.
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Contraction Premises means the portion of the Premises Tenant elects to surrender pursuant to this Article 12, which portion may only comprise the Option 1 Contraction Premises, the Option 2 Contraction Premises, or the Option 3 Contraction Premises, as designated by Tenant in the Contraction Notice. Any Contraction Notice which fails to designate the Contraction Premises shall be null, void and of no force or effect.
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Examples of Contraction Premises in a sentence

  • Tenant shall bear all costs and expenses incident to vacating and surrendering the Contraction Premises in the condition required by this Article XI.

  • The approximate Net Rentable Area of the Contraction Premises shall be as identified by Tenant in Tenant’s Contraction Rights Exercise Notice, subject to final measurement by Landlord in conformity with the Measurement Standard.

  • In the event Tenant fails to remove its personal property from the Contraction Premises by such date, Landlord shall have the right to remove and dispose of the same at Tenant’s expense.

  • Tenant shall remove all of Tenant’s personal property from the Contraction Premises on or before the Contraction Premises Surrender Date.

  • Tenant may exercise available Contraction Rights on whole or partial floors at any Property, as Tenant may elect; provided that if Tenant elects to exercise Contraction Rights on less than full floor in a Building, any such partial floor Contraction Premises shall have a size and configuration, as reasonably agreed by Landlord and Tenant, that makes it readily leaseable to third party tenants.

  • Tenant shall deliver the Contraction Premises to Landlord in the condition as it was required to be maintained by Tenant under this Lease, reasonable wear and tear and Demising Work, if any, excepted, and subject to the provisions of Section 5.3 and Article VI.

  • Promptly following the Contraction Premises Surrender Date, Landlord and Tenant shall amend the Lease Supplement for the Property in which the Contraction Premises are located and Exhibit A to this Lease to reflect the termination of the Contraction Premises from the Leased Premises and to confirm the terms thereof, including the reduction in the Net Rentable Area of the Leased Premises, the reduction in Annual Basic Rent and the change to Tenant’s Occupancy Percentage at the Contraction Premises.

  • Tenant’s Contraction Rights Exercise Notice for Early Termination Rights shall only be effective if accompanied by a payment in the amount of the Early Termination Fee for the Contraction Premises identified in such notice.

  • Promptly following the expiration of the Relocation Rights Exercise Period for each Coterminous Expansion Space (other than Purchase Agreement Vacate Space), Landlord shall determine whether Tenant has exercised, in whole or in part, the Relocation Rights created by adding such Coterminous Expansion Space to the Leased Premises and, if so, the Net Rentable Area of the Contraction Premises so terminated.

  • Promptly following the expiration of the Relocation Rights Exercise Period for each Coterminous Expansion Space, Landlord shall determine whether Tenant has exercised, in whole or in part, the Relocation Rights created by adding such Coterminous Expansion Space to the Leased Premises and, if so, the Net Rentable Area of the Contraction Premises so terminated.


More Definitions of Contraction Premises

Contraction Premises means, as designated by Tenant in its Contraction Notice, either all of Suite 1100 or a portion of Suite 1100 mutually agreed to by Landlord and Tenant. Notwithstanding the foregoing, if the Contraction Notice is silent as to the designation of the Contraction Premises, then Tenant shall be deemed to have designated all of Suite 1100 to be the Contraction Premises. If Tenant desires to exercise the Contraction Option, Tenant must give to Landlord irrevocable written notice of Tenant’s exercise of the Contraction Option (“Contraction Notice”), and pay Landlord the Contraction Payment (as defined below) as and when required below. The Contraction Notice and the Contraction Payment must be received by Landlord no later than the date that is 12 months prior to the Contraction Date (“Contraction Notice/Payment Due Date”), failing which the Contraction Option is deemed waived (provided Landlord reserves the right to waive in writing the requirement that Tenant fully and/or timely pay the Contraction Payment). The “Contraction Payment” means the sum of the unamortized (amortized on a straight-line basis with interest at 7% per annum) amount as of the Contraction Date of the following with respect to the Contraction Premises in connection with this Lease and any amendment to this Lease: (i) brokerage commissions paid by Landlord; and (ii) any and all allowances paid to Tenant, including without limitation the Improvement Allowance (as defined in Exhibit C). Tenant’s payment of the Contraction Payment is a condition precedent to the termination of this Lease with respect to the Contraction Premises on the Contraction Date, and such obligation survives the Expiration Date. Tenant acknowledges and agrees that the Contraction Payment is not a penalty and is fair and reasonable compensation to Landlord for the loss of expected rentals from Tenant. The Contraction Payment is payable only by wire transfer or cashier’s check. Notwithstanding anything to the contrary herein, if Tenant exercises the Contraction Option and the internal staircase between Suite 1000 and Suite 1100 is located within the Contraction Premises, then Tenant shall be solely responsible for removing such staircase at Tenant’s sole cost and expense by no later than the Contraction Date. Time is of the essence with respect to the dates and deadlines set forth herein. If Tenant timely and properly exercises the Contraction Option in accordance with this paragraph, this Lease and the Term shall come to a...
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Related to Contraction Premises

  • Subleased Premises means such portions of the Leased Premises being particularly identified on Schedule B, which the parties agree, for the purposes of this Sublease and any square footage calculations pursuant hereto, is approximately 42,244 square feet of office (21,068 square feet on the third floor and 21,176 square feet on the seventh floor) and approximately 9.4312% of common space (building rentable area is 447,917 square feet).

  • Customer Premises Equipment or "CPE" means equipment employed on the premises of a Person other than a Carrier to originate, route or terminate Telecommunications (e.g., a telephone, PBX, modem pool, etc.).

  • 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.

  • Leased space means a self−service storage unit or a space located within a self−service storage facility that a lessee is enti- tled to use for the storage of personal property on a self−service basis pursuant to a rental agreement and that is not rented or pro- vided to the lessee in conjunction with property for residential use by the lessee.

  • Storage Space means a space where goods of non-hazardous nature are stored and includes cold storage and banking safe vaults;

  • Leased Premises means the Leased Premises as defined in Paragraph 1.

  • Landlord Work means the work, if any, that Landlord is obligated to perform in the Premises pursuant to a separate agreement (the “Work Letter”), if any, attached to this Lease as Exhibit C.

  • Customer Premises means premises owned, controlled or occupied by the Customer which are made available for use by the Supplier or its Sub-Contractors for provision of the Services (or any of them);

  • Tenant Improvements Defined in Exhibit B, if any.

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • Leased Property shall have the meaning given such term in Section 2.1.

  • Tenant Improvement Work means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

  • Building Square Footage or "BSF" means the square footage of assessable internal living space of a Unit, exclusive of any carports, walkways, garages, overhangs, patios, enclosed patios, detached accessory structure, other structures not used as living space, or any other square footage excluded under Government Code Section 65995 as determined by reference to the Building Permit for such Unit.

  • the Premises means the building or part of the building booked and referred to in the contract

  • Collocation Space means an area of space located in a building to be used by CLEC to house telecommunications equipment that is necessary for interconnection or access to UNEs. Additionally, roof or wall space used for wireless interconnection shall be included in the definition where applicable.

  • Rentable Area of the Premises The amount of square footage set forth in Section 1.01(10).

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Base Building shall include the structural portions of the Building, the public restrooms and the Building mechanical, electrical and plumbing systems and equipment located in the internal core of the Building on the floor or floors on which the Premises are located. Tenant shall promptly provide Landlord with copies of any notices it receives regarding an alleged violation of Law. Tenant shall comply with the rules and regulations of the Building attached as Exhibit E and such other reasonable rules and regulations adopted by Landlord from time to time, including rules and regulations for the performance of Alterations (defined in Section 9).

  • Tenant Work All work installed or furnished to the Premises by Tenant in connection with Tenant’s initial occupancy pursuant to Rider 2 and the Workletter.

  • Leasehold Improvements means all leasehold improvements situated in or on the Leased Real Property and owned by Seller.

  • Open space means undeveloped land, a naturally landscaped area, or a formal or man-made landscaped area that provides a connective link or a buffer between other resources.