Expansion Option definition

Expansion Option has the meaning given that term in Section 15.2.

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Expansion Option has the meaning set forth in Section 3.1.1(b).

Expansion Option. So long as no Event of Default remains uncured, Tenant shall have a right of first offer during the Initial Term with respect to the leasing of any vacant space in the Buildings (the “Expansion Space”) pursuant to this paragraph. Before leasing any Expansion Space during the Term, Landlord shall give Tenant a written notice that Landlord desires to lease such Expansion Space. Tenant shall have the option to lease all (and not less than all) of the Expansion Space identified in Landlord’s notice by delivering a written notice of acceptance to Landlord within 10 days after receiving Landlord’s notice, time being of the essence. If Tenant exercises the option to lease the Expansion Space, Landlord and Tenant shall execute and deliver an amendment to this Lease adding the Expansion Space to the Premises under this Lease upon the following terms: (i) Landlord shall deliver possession of the Expansion Space to Tenant within 30 days after receiving Tenant’s notice, and rent shall commence with respect to the Expansion Space on the 90th day after the date on which possession of the Expansion Space is delivered to Tenant (the “Expansion Space Rent Commencement Date”); (ii) the Net Rent with respect to the Expansion Space shall be at the same rate as this Lease provides for the original Premises; (iii) if the Expansion Space Rent Commencement Date occurs during the Initial Term, Landlord shall reimburse Tenant for tenant improvements in the Expansion Space with an allowance equal to the product of (a) $15 per rentable square foot in the Expansion Space, multiplied by (b) a fraction, the numerator of which is the number of months remaining in the Initial Term including the month in which the Expansion Space Rent Commencement Date occurs and a denominator of which is 124; (iv) the “Tenant’s Number of Parking Spaces” under the following paragraph shall be increased by 3 spaces per 1,000 square feet of rentable area in the Expansion Space; and (v) Landlord shall either install, at Landlord’s expense (which shall not be passed through to Tenant as part of Operating Expenses), a new roof-top HVAC unit or units to serve the Expansion Space, based on an office use only for the Expansion Space, or, until such HVAC unit or units have been replaced, Landlord shall pay for all capital repairs to such existing HVAC unit or units. If Tenant fails to respond within the time required, Landlord shall be free to lease all or any part of the Expansion Space Landlord identified in its ...

Examples of Expansion Option in a sentence

• Any attempted exercise of the Expansion Option during a period of time in which Tenant is so in default shall be void and of no effect.

• The amount of additional space to be included under this Lease pursuant to the First Expansion Option shall be identified by Tenant in the First Expansion Election Notice.

• The actual space to be included under this Lease pursuant to the Second Expansion Option shall be designated by Landlord, provided, however, it shall be internally contiguous and contiguous to the then existing Leased Premises and shall have a reasonable configuration (the "Second Expansion Space").

• The amount of additional space to be included under this Lease pursuant to the Second Expansion Option shall be identified by Tenant in the Second Expansion Election Notice.

• The actual space to be included under this Lease pursuant to the First Expansion Option shall be designated by Landlord, provided, however, it shall be internally contiguous and contiguous to the then existing Leased Premises and shall have a reasonable configuration (the "First Expansion Space").

More Definitions of Expansion Option

Expansion Option means the on-going option for Tenant to expand the Premises to include all or a portion of the Expansion Premises.

Expansion Option shall have the meaning set forth in Section 22.1 hereof.

Expansion Option has the meaning set forth in Section 2.7.B of the Agreement.

Expansion Option shall have the meaning set forth in Section 4.24(a) hereof.

Expansion Option as defined in Section 36.1(a)(iii).

Expansion Option. So long as Tenant is has not been in default under any terms and conditions of the Lease beyond applicable cure periods, and has not assigned the Lease or sublet any portion of the Existing Premises, Tenant has a one-time option to expand the Existing Premises (“Expansion Option”) by 11,924 square feet of additional adjacent space as shown on Exhibit A and currently leased by Vault Fitness (“Expansion Premises”) by giving written notice to Landlord on or before March 1, 2017. Tenant, at Tenant’s sole cost and expense, shall pay to Landlord the sum of $15,000.00 at time of written notice to exercise its Expansion Option per the terms as outlined in paragraph #6, which shall be reimbursement to Landlord for the termination fee due to Vault Fitness for termination of its lease for the Expansion Premises.

Expansion Option means the right and option to expand the Premises as defined in Exhibit “I” attached hereto.