Exchange Space definition

Exchange Space means the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Lease Premises. On the Commencement Date, the Exchange Space shall equal Thirty-Four Thousand Eight Hundred Ninety-One (34,891) square feet. The Exchange Space shall be recalculated, as of the Commencement Date, following the re-measurement of the Buildings in conformity with the Measurement Standard. The Exchange Space shall be reduced, from time to time, by the Net Rentable Area of all Expansion Space added to Leased Premises pursuant to Article X (effective, in each such case, as of the date the Expansion Space becomes Leased Premises) and increased, from time to time, by the Net Rentable Area of any Contraction Premises removed from the Leased Premises by Tenant’s exercise of Relocation Rights, but not Early Termination Rights or Termination Rights (effective, in each such case, as of the date the Contraction Premises is no longer Leased Premises).
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Exchange Space means, during the period beginning on the Commencement Date and ending on February 28, 2005, the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Lease Premises under this Lease plus the Net Rentable Area of the premises leased by Tenant under the Separate Leases. Landlord and Tenant stipulate and agree that, on the Commencement Date, the Exchange Space equals 71,591 square feet of Net Rentable Area. From and after March 1, 2005, Exchange Space shall mean the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Leased Premises under this Lease, without regard to the Net Rentable Area of the premises leased by Tenant under the Continuing Term Master Lease or the Separate Leases. The Exchange Space shall be reduced, from time to time, by the Net Rentable Area of (a) all Coterminous Expansion Space added to Leased Premises pursuant to Article X of this Lease (effective, in each such case, as of the date the Coterminous Expansion Space becomes Leased Premises) and (b) any Exchange Space removed from this Lease by Tenant’s express election and direction to use Early Termination Rights and/or Termination Rights to so remove such Exchange Space from this Lease in conformity with the provisions of Sections 11.4 and 11.5, as applicable, and increased, from time to time, by the Net Rentable Area of any Contraction Premises removed from the Leased Premises under this Lease by Tenant’s exercise of Relocation Rights, but not Early Termination Rights or Termination Rights (effective, in each such case, as of the date the Contraction Premises is no longer Leased Premises).
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Exchange Space shall have the meaning as set forth in Section 28.5.
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Examples of Exchange Space in a sentence

  • Annual Basic Rent and Exchange Space Rent, if any, shall be due and payable in equal monthly installments on the first day of each calendar month during the Term, in advance.


More Definitions of Exchange Space

Exchange Space means the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Lease Premises. On the Commencement Date, the Exchange Space shall equal 34,891 square feet. The Exchange Space shall be recalculated, as of the Commencement Date, following the re-measurement of the Buildings in conformity with the Measurement Standard. The Exchange Space shall be reduced, from time to time, by the Net Rentable Area of all Expansion Space added to Leased Premises pursuant to Article X (effective, in each such case, as of the date the Expansion Space becomes Leased Premises) and increased, from time to time, by the Net Rentable Area of any Contraction Premises removed from the Leased Premises by Tenant’s exercise of Relocation Rights, but not Early Termination Rights or Termination Rights (effective, in each such case, as of the date the Contraction Premises is no longer Leased Premises).
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Related to Exchange Space

  • Exchange Area means an area, defined by the Commission, for which a distinct local rate schedule is in effect.

  • Available Space means the balance of the rentable square footage in the Building not already included as part of the Premises, which is not occupied by a tenant or which is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space. If there is any Available Space in the Building, Landlord shall, at such time as Landlord shall elect so long as Tenant’s rights hereunder are preserved, deliver to Tenant written notice (the “Expansion Notice”) of such Available Space, together with the terms and conditions on which Landlord is prepared to lease Tenant such Available Space; provided that Base Rent shall be at the Market Rate (as defined in Section 40(a) below) for such Available Space. Tenant shall be entitled to exercise its right under this Section 39(a) only with respect to the entire Available Space described in such Expansion Notice (“Identified Available Space”). Tenant shall have 5 business days following delivery of the Expansion Notice to deliver to Landlord written notification of Tenant’s exercise of the Expansion Right with respect to the Identified Available Space (“Exercise Notice”). Tenant shall be entitled to lease such Identified Available Space upon the terms and conditions set forth in the Expansion Notice. If Landlord and Tenant are unable to agree on the Market Rate for the Available Space after negotiating in good faith within 5 days after Tenant’s delivery of an Exercise Notice, the applicable Market Rate will be determined through arbitration in accordance with Section 40(b). Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice pursuant to this Section 39(a), Tenant shall have no right thereafter to rescind or elect not to lease the Available Space. Tenant acknowledges that the Term of the Lease with respect to the Identified Available Space may not be co-terminous with the Term of the Lease with respect to the original Premises. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to exercise the Expansion Right and the provisions of this Section 39(a) shall no longer apply after the date that is 9 months prior to the expiration of the Base Term if Tenant has not exercised its Extension Right pursuant to Section 40. If Tenant fails to deliver an Exercise Notice to Landlord for the Identified Available Space within the required 5 business day period, Tenant shall be deemed to have forever waived its rights under this Section 39(a) to lease the Identified Available Space, and Landlord shall have the right to lease the Identified Available Space to any third party on any terms and conditions acceptable to Landlord.

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

  • Grave space means a space of ground in a cemetery that is used or intended to be used for an in-ground burial.

  • Public space means any real property or structures thereon that are owned, leased, or controlled by a governmental entity.