Common use of Adjacent Property Clause in Contracts

Adjacent Property. If Tenant exercises its Expansion Option(s) (defined in Section 33 below) by at least 70,000 rentable square feet in the aggregate, and as a result thereof, additional parking spaces are needed to maintain a parking ratio of seven (7) parking spaces per 1,000 square feet of office space, and if such additional parking spaces are not available on the Property, then in that event, Tenant shall have the option at any time (after exercising such Expansion Option(s) during the term of the Lease, and any lease extension periods, to have said Adjacent Parcel added to this Lease at no cost to Tenant for the leasing of said Adjacent Parcel. Provided Tenant is not in default, pursuant to the terms and conditions provided in this Lease, Landlord shall retain control of sufficient real property (approximate 3.6 acres) located north of and immediately adjacent to the Land for the expansion of the Property (the "Adjacent Parcel"). Tenant shall have no obligations for maintenance, repairs or payment of Impositions with respect to the Adjacent Parcel unless and until Tenant elects to have the Adjacent Parcel added to this Lease as hereinafter provided. Landlord shall have no obligation to furnish any improvements on or with respect to said Adjacent Parcel. If all or any part of the Adjacent Parcel is taken by condemnation at any time during the term of this Lease or any extension periods, (a) Landlord shall only be obligated to furnish such portion of the Adjacent Parcel as is not taken, (b) Tenant shall not have 45 46 any right to terminate this Lease by reason of such taking, and (c) Tenant shall not be entitled to any compensation from the condemning authority or reduction in Rent by reason of such taking. In the event Tenant notifies Landlord in writing during the first seven (7) lease years subsequent to the commencement of this Lease that Tenant elects to relinquish and cancel said option for the Adjacent Parcel, Landlord shall pay Tenant the sum of $250,000 within thirty (30) days of receipt of such notification from Tenant in consideration of such option cancellation, whether or not the Adjacent Parcel or any part thereof is taken by condemnation.

Adjacent Property. If Tenant exercises its Expansion Option(s) (defined in Section 33 below) by at least 70,000 rentable square feet in In acquiring the aggregate, and as a result thereof, additional parking spaces are needed to maintain a parking ratio of seven (7) parking spaces per 1,000 square feet of office space, and if such additional parking spaces are not available on land upon which the Property, then in that event, Tenant shall have the option at any time (after exercising such Expansion Option(s) during the term of the Lease, and any lease extension periods, to have said Adjacent Parcel added to this Lease at no cost to Tenant for the leasing of said Adjacent Parcel. Provided Tenant is not in default, pursuant to the terms and conditions provided in this LeaseBuilding will be constructed, Landlord shall retain control of sufficient real property (approximate 3.6 acres) located north of and immediately will also acquire the adjacent to the Land for the expansion of the Property parcel outlined in red on Exhibit A attached hereto (the "Adjacent ParcelProperty"). Tenant shall have no obligations for maintenanceIf, repairs or payment of Impositions with respect to the Adjacent Parcel unless and until Tenant elects to have the Adjacent Parcel added to this Lease as hereinafter provided. Landlord shall have no obligation to furnish any improvements on or with respect to said Adjacent Parcel. If all or any part of the Adjacent Parcel is taken by condemnation at any time during the term of this Lease Lease, Landlord elects to sell, lease or any extension periods, (a) Landlord shall only be obligated to furnish such portion of develop the Adjacent Parcel as is not taken, (b) Tenant shall not have 45 46 any right to terminate this Lease by reason of such taking, and (c) Tenant shall not be entitled to any compensation from the condemning authority or reduction in Rent by reason of such taking. In the event Tenant notifies Landlord in writing during the first seven (7) lease years subsequent to the commencement of this Lease that Tenant elects to relinquish and cancel said option for the Adjacent ParcelProperty, Landlord shall pay first give Tenant a notice (the sum "Offering Notice") specifying the terms and conditions of $250,000 which Landlord is willing to sell or lease the Adjacent Property. For a 24-LEASE period of 30 days following receipt by Tenant of the Offering Notice, Tenant shall have the exclusive right to purchase or lease the Adjacent Property on the same terms and conditions as set forth in the Offering Notice. If Tenant should fail, within thirty said 30-day period, to deliver written notice to Landlord exercising such right to purchase or Lease, Landlord shall have the right to sell or lease the Adjacent Property for a period of 180 days after the expiration of the 30-day period to any other party; provided, however, that Landlord shall not sell or lease the Adjacent Property for a price which is less than the price stated in the Offering Notice, unless Landlord first reoffers the Adjacent Property to Tenant at such reduced price (30) in which event Tenant shall have a period of 30 days of following receipt of such notification from Tenant in consideration notice of such option cancellationthe reduced price to elect, whether by written notice delivered to Landlord, to purchase or not lease the Adjacent Parcel or any part thereof is taken Property at the reduced price and otherwise on the terms and conditions specified by condemnationLandlord).

Adjacent Property. If Tenant exercises its Expansion Option(s) (defined in Section 33 below) by at least 70,000 rentable square feet in Landlord makes no warranty or covenant, express or implied, concerning the aggregate, and as a result thereof, additional parking spaces are needed to maintain a parking ratio operation or condition of seven (7) parking spaces per 1,000 square feet of office space, and if such additional parking spaces are not available on the Property, then in that event, Tenant shall have the option at any time (after exercising such Expansion Option(s) during the term of the Lease, and any lease extension periods, to have said Adjacent Parcel added to this Lease at no cost to Tenant for the leasing of said Adjacent Parcel. Provided Tenant is not in default, pursuant to the terms and conditions provided in this Lease, Landlord shall retain control of sufficient real property (approximate 3.6 acres) located north of and immediately adjacent to the Land for the expansion of the Property (the "Adjacent Parcel"). Tenant shall have no obligations for maintenance, repairs or payment of Impositions with respect to the Adjacent Parcel unless and until Tenant elects to have the Adjacent Parcel added to this Lease as hereinafter providedPhase 1. Landlord shall have no obligation the right, in connection with the development, redevelopment, alteration, improvement, operation, maintenance or repair of Phase 1, to furnish subject the Land and Phase 2 to easements for the construction, reconstruction, alteration, improvement, operation, repair or maintenance of Phase 1, for access and egress to and from Phase 1, for parking, for the installation, maintenance, repair, replacement or relocation of utilities serving Phase 1 and to subject the Land and Phase 2 to such other rights, agreements, and covenants for such purposes as Landlord may determine. Tenant hereby agrees that this Lease shall be subject and subordinate to any improvements on or with respect to said Adjacent Parcel. If all or any part such matters which do not unreasonably interrupt Tenant’s use of the Adjacent Parcel is taken by condemnation at Premises. The foregoing sentence shall be self-operative, but Tenant hereby irrevocably appoints Landlord as Tenant’s attorney-in-fact to execute, acknowledge and deliver any time during documents appropriate to accomplish or confirm the term same if Tenant fails to do so within ten (10) days after request therefor. Landlord and its agents, employees, licensees and contractors shall also have the right to enter on the Land or Phase 2 to undertake work pursuant to any easement granted pursuant to the above paragraph; to shore up the foundations and/or walls of this Lease Phase 2; to erect scaffolding and protective barricades around, within or adjacent to Phase 2; and to do any extension periods, (a) other act necessary for the safety of Phase 2 or the expeditious completion of such work. Landlord shall only not be obligated liable to furnish such portion Tenant for any compensation or reduction of the Adjacent Parcel as is not taken, (b) Tenant shall not have 45 46 any right to terminate this Lease rent by reason of such taking, and (c) Tenant shall not be entitled inconvenience or annoyance or for loss of business resulting from any act by Landlord pursuant to any compensation from the condemning authority or reduction in Rent by reason of such takingthis Section 8.19. In the event Tenant notifies Landlord in writing during the first seven (7) lease years subsequent to the commencement of this Lease that Tenant elects to relinquish and cancel said option for the Adjacent Parcel, Landlord shall pay use reasonable efforts to minimize the extent and duration of any inconvenience, annoyance or disturbance to Tenant the sum of $250,000 within thirty (30) days of receipt of such notification resulting from Tenant any work pursuant to this Section 8.19 in consideration of such option cancellationor about Phase 2, whether or not the Adjacent Parcel or any part thereof is taken by condemnationconsistent with accepted construction practice.