Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
Appears in 2 contracts
Sources: Sublease Agreement (Landacorp Inc), Sublease Agreement (Landa Management Systems Corp)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (option, exercisable by written notice to Landlord at any time on or before December 31, 2012, to cause the "Expansion Option") Premises to lease up be added to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement Premises upon expiration of the Building (Prior Lease on December 31, 2013, at the "Basement Space")minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and provisions set forth in this Lease. If Tenant must comply with is in default hereunder, beyond any applicable notice and cure periods, on the provisions date of Paragraph 42 such notice or on the date possession of the Lease regarding notification Expansion Premises is to be tendered to Tenant, then the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option option shall be contingent upon Landlord's prior written approval of no force or effect, the proposed configuration of Expansion Premises shall not be added to the portion of the Basement Space which will be taken by Tenant; Premises, and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space this option shall be borne of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. Within fifteen If Tenant duly and validly exercises such option, then:
(15a) days after Landlord and Tenant exercises the Expansion Option, Tenant shall promptly prepare and Landlord shall execute an amendment to the this Lease reflecting providing for the addition of the Basement Space Expansion Premises to the Premises. Once Tenant has exercised Premises covered by this Lease, effective as of the Direct Term Commencement Date.
(b) The parties agree that their respective rights and obligations with respect to the condition of the Expansion OptionPremises as of the Direct Term Commencement Date shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Sections 2.3(a) and (b) below.
(c) Landlord shall provide Tenant with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion Premises) (the “Expansion TI Allowance”), to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any tenant improvements in the Expansion Premises shall be governed by the same provisions applicable to the remainder of the Premises pursuant to Section 2.3(c) below. The Expansion TI Allowance may be drawn down by Tenant shall have no further at any time after January 1 of the calendar year immediately following the date on which Tenant delivers to Landlord a valid and binding written exercise of Tenant’s expansion option under this Section 1.3 and continuing up to lease any additional and including July 31, 2014. Any unused portion of the Basement SpaceExpansion TI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. All The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of Paragraph 42 this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall remain be as set forth in full force and effectthe Workletter as defined below. The term Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the ’s rental obligations under this Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
Appears in 2 contracts
Sources: Lease (Five Prime Therapeutics Inc), Lease (Five Prime Therapeutics Inc)
Expansion Option. Paragraph 42 So long as Silicon Energy is the Subtenant hereunder as of its exercise of the Lease shall be amended option granted herein, and subject to reflect that Tenant the conditions set forth below, Subtenant shall have the one option to lease from Wind River (the "Expansion Option") to lease up to Five Thousand), Two Hundred Thirty (5,230) square feet of space located in the basement remainder of the Building Master Premises (the "Basement Expansion Space"). Tenant must comply with ) on the provisions of Paragraph 42 same terms and conditions set forth in this Sublease for the sublease of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement SpaceSublease Premises, provided that (i) Tenant may not lease an amount Subtenant notified Wind River in writing of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the proposed configuration terms, covenants or conditions of this Sublease at the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant time Subtenant exercises the Expansion Option, Tenant Wind River shall have, in addition to all of Wind River's other rights and Landlord remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant.
(a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall execute enter into an amendment to this Sublease to add the Lease reflecting the addition of the Basement Expansion Space to the definition of "Sublease Premises". Once Tenant has exercised In addition, the following terms shall be included in such amendment:
(i) The commencement date for the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of be the Expansion Space Delivery Date (as defined below);
(ii) Subtenant's Proportionate Share shall be increased to 100%.
(iii) the Base Rent applicable to the Expansion Space shall be the same as the then applicable Base Rent for the Premises; and
(iv) the term for the Expansion Space shall be the same as the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyset forth herein.
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Expansion Option. Paragraph 42 If no event of Default is then continuing at the time of exercise, during the period commencing on the Effective date and ending on July 1, 2020 (the “Reservation Period”), by written notice (“Election Notice”) from Tenant to Landlord provided on or before the expiration of the Reservation Period, time being of the essence, Tenant will have the non-exclusive option to lease all or a portion of 1 floor of space consisting of approximately 71,314 RSF on the 2—5th floors of Building 2 or 4 (“Reservation Space”) as designated by Landlord, under the rental rate terms, rental abatement terms, and tenant improvement terms as set forth in this Lease shall be amended with respect to the Premises originally leased hereunder (with the Term pro-rated to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement amount of the Building (the "Basement Space"remaining Term, excluding any Renewal Term from such proration). If Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required elects to lease the entire square footage Reservation Space from Landlord during the Reservation Period, all the obligations, terms, and conditions under this Lease will also apply to the Reservation Space, e.g., amount of Fixed Rent per RSF then-current as of the Basement commencement date for the Reservation Space, provided except that as of the date which is the earlier to occur of (a) the day upon which Tenant commences business in any portion of the Reservation Space, (b) the Completion Date for the Reservation Space that is anticipated to occur 18 months from Landlord’s receipt of the Reservation Space (“Reservation Space Commencement Dat”), (i) Tenant may not lease an amount the Reservation Space will be deemed part of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; Premises, (ii) Tenant's exercise ’s Share as provided in Section 4.1(I) of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which this Lease will be taken by Tenant; adjusted, and (iii) all costs, including labor and material, Landlord’s Contribution with respect to the Reservation Space will be the product of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion $35.00 per RSF of the Basement Space shall be borne by TenantReservation Space. Within fifteen (15) Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition Landlord’s receipt of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyElection Notice.
Appears in 2 contracts
Sources: Lease Agreement (iCIMS Holding LLC), Lease Agreement (iCIMS Holding LLC)
Expansion Option. Paragraph 42 12.1 Subject to the then existing renewal or expansion option of other tenants located in the Building, including without limitation, Massachusetts Dental Society, and provided that Tenant is not in default of the Lease beyond notice and applicable cure periods and that Tenant or its permitted assignee in Section 10.4 above is occupying all of the Premises and that the financial conditions of Tenant is as good as of the Term Commencement Date , throughout the Term, Landlord shall, prior to offering the same to any other party , first offer to lease to Tenant any space located on the first floor of the Building which is contiguous to the Premises (the "RFO Space") in an AS IS condition. Landlord's notice (Landlord's Notice) shall be amended in writing and shall set forth Landlord's designation of the Fair Market Rental Value, as defined in Article 11 above applicable to reflect that such RFO Space , the specified commencement date in respect of such RFO Space and the precise location and dimension of the RFO Space. Tenant shall have the option right, exercisable upon written notice (the "Expansion OptionTenant's Exercise Notice") given to lease up to Five Thousand, Two Hundred Thirty Landlord within twenty (5,23020) square feet days after receipt of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required Landlord's Notice to lease the entire square footage RFO Space. Upon the timely giving of such notice, Landlord shall lease to Tenant and Tenant shall lease from Landlord the RFO Space upon all of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise terms and conditions as set forth in this Lease except: The Rent Commencement Date in respect of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement RFO Space shall be borne by the later of (a) the Specified Commencement Date in respect of the RFO Space as set forth in Landlord's Notice or (b) the date that Landlord delivers such RFO Space to Tenant, free of all tenants, occupants and their property.. The termination date of the RFO Space shall be the termination date of the Lease. Within fifteen Landlord shall not provide to Tenant any allowances (15e.g moving allowance, construction allowance, of the like) days after or other tenant inducements. The Annual Fixed Rental rate shall be the Fair Market Rental Rate, as defined in Article 11. If Tenant exercises elects to lease the Expansion OptionRFO Space, Landlord and Tenant and Landlord shall execute an amendment to the Lease reflecting Lease, effective as of the RFO Space Rent Commencement Date which amendment shall reflect the addition of the Basement Space RFO Premises, the Annual Fixed Rent payable in respect of such RFO Premises, Operating Costs and Tax Base for the RFO Premises. Time is of the essence to the Premisesexercise of all rights set forth herein. Once Tenant has exercised the Expansion Option, Tenant Tenant's rights under this Article shall have no further option terminate if (a) this Lease or Tenant's right to lease any additional portion possession of the Basement Space. All other provisions Premises are terminated or (b) Tenant assigns any of Paragraph 42 shall remain its interest in full force and effect. The term of Tenant's this Lease of all or sublets any portion of the Basement Space shall expire upon expiration of the Term of the LeasePremises, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Leaseother than permitted assignees under Section 10.4. If Tenant does not exercise elect to lease the Expansion Option on or before October 1RFO Space, 1994Landlord shall be free to lease the RFO Space to any other party provided, it however, the terms and conditions of any such lease shall expire automaticallybe no more favorable than those set forth in Landlord's Notice. If Landlord fails to consummate such a lease with such prospective tenant, Tenant shall continue to have the right of first offer with respect thereto during the Term.
Appears in 2 contracts
Sources: Lease (Viryanet LTD), Lease (Viryanet LTD)
Expansion Option. Paragraph 42 (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Lease Building has not exercised a superior right to lease such space, Landlord shall be amended to reflect so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the option right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion OptionSpace") to lease up to Five Thousandupon all the terms and conditions contained herein, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided except that (i) Tenant may not lease an amount Base Rent for the Expansion Space shall be the fair rental value of square footage or a configuration which would leave the remaining Basement Expansion Space unusable by as of the date of Landlord's notice; and (ii) Tenant's exercise Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premisesrentable square footage of the Building. Once Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof.
(b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has exercised the Expansion Option, declined to exercise such right.
(c) Tenant shall have no further right to exercise its option to lease the Expansion Space, and any additional portion attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Basement Space. All Premises to a party other provisions than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of Paragraph 42 shall remain in full force and effect. The term of the attempted exercise or, if such default occurs after Tenant's Lease of all or any portion attempted exercise of the Basement Space shall expire upon expiration option, at the time of the Term proposed commencement of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 lease of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallySpace.
Appears in 2 contracts
Sources: Gross Lease (Open Solutions Inc), Gross Lease (Open Solutions Inc)
Expansion Option. Paragraph 42 All expansion options granted to Lessee under the Lease, including, without limitation, any and all expansion options, rights of first refusal or rights of first offer, are hereby deleted in their entirety and the Lease shall be amended following, along with Lessee's rights granted under Section 9 and Section 10 below, are substituted in their place and stead:
(a) Lessor hereby grants to reflect that Tenant shall have Lessee one (1) option to expand the option Premises (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) by between 17,500 rentable square feet of space located in the basement of the Building and 19,250 rentable square feet (the "Basement SpaceExpansion Premises"). Tenant must comply , effective as of the Expansion Premises Commencement Date (as hereinafter defined) and expiring on the Extended Expiration Date, unless sooner terminated or extended in accordance with the provisions terms of Paragraph 42 the Lease, as amended hereby, under the following terms and conditions. The Expansion Premises shall be located on any of the 8th through the 14th floors of the Building.
(b) Lessee may, by written notice (the "Expansion Inquiry Notice") given to Lessor no sooner than October 1, 2009, and no later than November 15, 2009, request Lessee's terms and conditions for a lease of the Expansion Premises. If Lessee timely delivers the Expansion Inquiry Notice to Lessor, Lessor shall, no later than November 30, 2009, notify Lessee ("Lessor's Notice") of the precise location and area of the Expansion Premises, the commencement date of the Lease regarding notification with respect to the Landlord should Tenant choose Expansion Premises and the Base Rent for the Expansion Premises. The rentable square footage of the Expansion Premises shall be determined by Lessor within the range identified above. The commencement date of the Lease with respect to the Expansion Premises shall no sooner than January 1, 2011, and no later than March 31, 2011. Base Rent for the Expansion Premises shall be equal to the Fair Market Base Rental (as hereinafter defined and determined), including the Fair Market Base Rental Escalation Rate (as hereinafter defined and determined), for the Expansion Premises for the applicable term of the Lease for the Expansion Premises. After receipt of Lessor's Notice, if Lessee disagrees with Lessor's determination of the Fair Market Base Rental or Fair Market Base Rental Escalation Rate, Lessor and Lessee shall negotiate in good faith to agree upon a Fair Market Base Rental and Fair Market Base Rental Escalation Rate.
(c) Lessee may elect by written notice (the "Expansion Notice") given to Lessor at any time, but no later than January 1, 2010, time being of the essence, to (i) not exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenantexercise the Expansion Option and accept the terms set forth in Lessor's Notice (or as otherwise agreed during negotiations as provided above), or (iii) exercise the Expansion Option but submit the determination of Fair Market Base Rental and/or Fair Market Base Rental Escalation Rate for the Expansion Premises to arbitration as provided in Section 13 below. Lessee's election shall be irrevocable once made. If Lessee fails to timely exercise the Expansion Option, Lessee's rights hereunder with respect to the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; terminate and Lessor shall have no further obligation hereunder with respect thereto.
(iiid) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant If Lessee timely exercises the Expansion Option, Tenant then Lessor shall deliver possession of the Expansion Premises to Lessee on or before the commencement date stated in Lessor's Notice, provided, however, that in no event shall Lessor be liable to Lessee if Lessor is unable to deliver possession of the Expansion Premises on or before the designated commencement date for causes outside of Lessor's reasonable control, including the hold over of any existing occupant, provided, however, that in any event, Lessor shall use all commercially reasonable efforts to obtain possession, including an eviction action, if reasonably necessary. Effective as of the date of such delivery to Lessee (the "Expansion Premises Commencement Date"), the Expansion Premises shall be included in the Premises and Landlord shall be subject to all of the terms, conditions and provisions of the Lease, as amended, except as follows:
(i) The rentable area of the Premises shall be increased by the rentable square feet of the Expansion Premises and Lessee's Proportionate Share shall be increased accordingly;
(ii) Base Rent for the Expansion Premises shall be as set forth in Lessor's Notice or as otherwise determined hereunder; and
(iii) Lessee shall take possession of the Expansion Premises in an "as is" condition.
(e) Lessee's right to exercise the Expansion Option is contingent upon Lessee not being in Default under the Lease, as amended hereby, either on the date that Lessee exercises such Expansion Option or, unless waived in writing by Lessor for purposes of the Expansion Option, on the date that otherwise would have been the commencement date of the lease term for the Expansion Premises. If Lessee is not in Default under the Lease, as amended hereby, on the date Lessee exercises such Expansion Option but is so in Default on the date that otherwise would have been the commencement date of the lease term for the Expansion Premises and Lessor does not waive in writing such Default for purposes of the Expansion Option, then, notwithstanding Lessee's timely exercise of the Expansion Option, Lessee shall have no right to lease such Expansion Premises as a result of Lessee's exercise of such Expansion Option.
(f) If Lessee exercises the Expansion Option, Lessor and Lessee shall execute and deliver an amendment to the Lease reflecting the addition lease by Lessor to Lessee of the Basement Space Expansion Premises on the terms provided above, which amendment shall be executed and delivered promptly after Lessee and Lessor agree on the Fair Market Base Rental and Fair Market Base Rental Escalation Rate.
(g) The Expansion Option shall automatically terminate and become null and void and of no force or effect upon the earlier to occur of (i) the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all expiration or any portion of the Basement Space shall expire upon expiration of the Term termination of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 as amended, (ii) the termination of Lessee's right to possession of the Premises, or (iii) the failure of Lessee to timely or properly exercise such Expansion Option. The Expansion Option is personal to Lessee (and to any parent, subsidiary or affiliate of Lessee to which the Lease is assigned pursuant to the terms and conditions of the Lease. If Tenant does ) and shall not exercise be assignable by Lessee separately from the Lease.
(h) The Expansion Option shall not be deemed altered or affected by Lessee's lease of any First Opportunity Space under Section 9 below or any First Offer Space under Section 10 below unless, as a result of Lessee's exercise of such rights, insufficient space remains on or before October 1, 1994, it shall expire automaticallythe 8th through 14th floors of the Building.
Appears in 1 contract
Sources: Lease (Playboy Enterprises Inc)
Expansion Option. Provided Tenant is not in default at the time of exercise or at the time of commencement of the expansion option referred to hereinbelow, Tenant shall have the option to lease the entire premises known as Building B, PGA Professional Center (the "Expansion Premises") as more particularly described in the Amended and Restated Business Lease dated July 1, 1996, between Landlord and Catalfumo Construction, Ltd. (the "Catalfumo Lease"). To exercise the option, Tenant must give Landlord written notice of its intention to exercise the option no later than October 30, 2000. If Tenant elects to lease the Expansion Premises, then after such exercise and in any event prior to April 20, 2001, Landlord and Tenant shall negotiate in good faith and enter into an amendment to the Lease which shall incorporate the Expansion Premises therein and which shall provide that (i) the minimum annual rent for the Expansion Premises shall be the sum of $15.50 per sq. ft. plus operating expenses and real estate taxes, (ii) the term of the lease of the Expansion Space shall commence no later than June 30, 2001 (or such earlier or later date as may be mutually agreed to in writing between the parties) and shall expire on the same day as the lease expiration date stipulated in the Lease (as the same may be extended by any renewal options exercised in accordance with Paragraph 42 40 of the Lease), (iii) the base year for determining Excess Operating Expenses for the Expansion Premises shall be the year 2001, (iv) Tenant shall be allowed a 90 day period immediately following commencement to perform, install or construct, at Tenant's expense, any desired improvements to the Expansion Premises ("Tenant Improvements"), during which 90 day period no rent (which term shall include pass-through expenses for taxes, insurance and operating expenses) shall accrue or be payable by Tenant with respect to the Expansion Premises, and (v) all of the remaining terms and conditions of the Lease shall be amended applicable to reflect the Expansion Premises, except that Tenant shall have adjustments reflecting the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) increased total square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of footage demised under the Lease regarding notification shall be made to the Landlord should Tenant's Proportionate Share of Excess Operating Expenses, the number of additional parking spaces available for the exclusive use of Tenant choose with respect to exercise the Expansion Option. Tenant is Premises shall be not required to lease less than ______ spaces, and the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall rent reduction then in effect for janitorial or other construction required in order to delineate Tenant's chosen portion responsibilities of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated assumed by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on Paragraphs 5A or before October 1, 1994, it shall expire automatically5C hereinabove.
Appears in 1 contract
Sources: Office Lease (Wackenhut Corp)
Expansion Option. Paragraph 42 (a) Those certain premises being suites 110 (approximately 8,231 rsf) and 112 (approximately 4,824 rsf), in the Building located on the first floor and as shown on Exhibit “H” attached hereto (each an “Expansion Space”) are, as of the Lease shall be amended date of this Lease, not leased to reflect that another party. If, on or before April 1, 2017 (the “Outside Offer Date”), Tenant desires to lease any or all of the Expansion Spaces, Tenant shall have the exclusive option (the "“Expansion Option"”) to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in expand the basement size of the Building Premises to include any or all of the Expansion Space(s) (the "Basement Space"“Expansion Option”) by providing written notice to Landlord of such intention (the “Tenant Expansion Notice”). Provided Landlord receives the Tenant must comply with Expansion Notice prior to the provisions of Paragraph 42 Outside Offer Date, Tenant’s lease of the Lease regarding notification subject Expansion Space shall be pursuant to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage terms of the Basement Space, provided that this Lease except that: (i) Tenant may not the financial terms for Tenant’s lease an amount of square footage or a configuration which would leave the remaining Basement subject Expansion Space unusable by Landlordshall be consistent with the terms of this Lease with respect to Fixed Rent/rsf and scheduled escalations for the Premises as set forth in Section 4 of the Lease; (ii) Tenant's the commencement date of the lease of the Expansion Space shall be the date that is 150 days following the exercise of the Expansion Option and the term shall be contingent upon Landlord's prior written approval coterminous with the Term set forth in Section 3(a); (iii) the subject Expansion Space shall be leased in its “as is”, “where is” condition and Landlord shall have no obligations whatsoever to improve or pay to improve the Expansion Space for Tenant’s use or occupancy, provided that Landlord shall provide Tenant with an additional allowance to improve the subject Expansion Space with such allowance to be equal to $00.32308/rsf for each month of the proposed configuration Expansion Space term (for example, if the Expansion Space term commenced August 1, 2017, for Suite 110, the allowance would equal 129 months x $00.32308 x 8,231 = $343,046.02); (iv) Tenant’s Proportionate Share shall be increased pro rata; (v) the Security Deposit will increase on a pro rata basis determined by Fixed Rent payable before and after the lease of the portion of the Basement Space which will be taken by TenantExpansion Space; and (iiivi) all costsFixed Rent, including labor and materialbut not Tenant Energy Costs, of constructing any demising wall or other construction required in order shall be conditionally abated at the rate equal to delineate Tenant's chosen portion $00.17147/rsf for each month of the Basement Expansion Space term (for example, if the Expansion Space term commenced August 1, 2017, for Suite 110, the abatement would equal 129 months x $00.17147 x 8,231 = $182,066.67) to be applied 50% to the first 5 months and 50% during months 13-17 of the Expansion Space term. Any improvements made to the Expansion Space shall be borne made by Tenant. Within fifteen Landlord subject to the terms of Section 8, with a management fee payable to $1.02/rsf for the Expansion Space improvements plus two percent (152%) days of the net cost increase or decrease resulting from any Change Order.
(b) Notwithstanding anything to the contrary contained in this Lease, the term of the Lease for the Expansion Space shall expire on the date set forth in this Lease as the Expiration Date (as the same may be extended pursuant to Section 39 hereof).
(c) If (i) Tenant does not notify Landlord prior to the Outside Offer Date that Tenant desires to lease the Expansion Space, this Expansion Option shall terminate and the Expansion Space shall after such Outside Offer Date be deemed an Un-Leased RFO Space as defined in Section 41 of the Lease and shall thereafter be subject to the terms and conditions as set forth in Section 41.
(d) If Tenant exercises the Expansion Option, the space described in Tenant’s Expansion Notice will be deemed a part of the Premises under this Lease whether or not a lease amendment is signed, but upon written request of Landlord, Tenant and Landlord shall execute an amendment to the this Lease reflecting the addition incorporating such terms within ten (10) business days of Landlord’s request.
(e) Time is of the Basement Space essence with respect to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically’s obligations hereunder.
Appears in 1 contract
Sources: Lease Agreement (Trevena Inc)
Expansion Option. Paragraph 42 of 1. Subject to and upon the Lease shall be amended to reflect that terms, provisions and conditions set forth in this Exhibit I, Tenant shall have the have, and is hereby granted, a one time option (the "“Expansion Option"”) to lease up to Five Thousand, Two Hundred Thirty those certain premises (5,230hereinafter sometimes called the “Expansion Premises”) square feet of space located in the basement on Floor 8 of the Building (and consisting of approximately 16,017 Rentable Square Feet, as reflected on the "Basement Space")floor plan attached hereto and made a part hereof for all purposes as Exhibit I-1 by written notice to Landlord no later than October 1, 2004. Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after If Tenant exercises the Expansion Option, Tenant Option and Landlord shall execute an amendment to rents the Lease reflecting the addition entire 8th Floor of the Basement Space Building, the 8th Floor shall be deemed to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease33,732 Rentable Square Feet. If Tenant does not exercise the Expansion Option within the required time period, the Expansion Option shall be deemed waived. In addition to the foregoing, Expansion Option shall automatically terminate, if not previously exercised, thirty (30) days after Landlord has advised Tenant, in writing, that Landlord has leased 94,000 Rentable Square Feet of the approximately 140,000 Rentable Square Feet in the Building which is vacant at the time of the execution of this Lease.
2. The Expansion Option may be exercised only if, at the time of such exercise and at the time of Landlord’s delivery of the Expansion Premises to Tenant (a) no Event of Default exists and (b) Tenant is in possession of the entire Premises. If such condition(s) are not satisfied, any purported exercise of the Expansion Option shall be null and void. No assignee of Tenant or sublessee of the Premises may exercise the Expansion Option other than an assignee of Tenant pursuant to a Permitted Transfer (defined in Section 8.1(A) of the Lease), however this provision shall not prevent Tenant from exercising the Expansion Option to enable a sublessee pursuant to a Permitted Transfer (defined in Section 8.1(A) of the Lease to utilize the Expansion Premises.
3. If Tenant elects to exercise the Expansion Option, the Expansion Premises shall be subject to all of the terms, covenants and conditions of this Lease. Tenant’s obligation to pay the Rent for the Expansion Premises shall commence on the date (the “Expansion Rental Commencement Date”) Landlord receives a temporary certificate of occupancy or before October 1a certificate of occupancy for the Expansion Premises and tenders possession of the Expansion Premises to Tenant, 1994subject to the completion of items on the Punch List (defined in Exhibit I-2) and subject to adjustment as a result of Tenant Delay (defined in Exhibit I-2) as provided in Exhibit I-2, it and shall expire automaticallyon the Lease Term.
Appears in 1 contract
Expansion Option. Paragraph 42 (a) Subject to the expansion rights of Ask Jeeves, Inc., Tenant may lease additional space on the fourth floor of the Lease Project ("4th Floor Expansion Option Space") under the following terms and conditions. Landlord shall be amended to reflect that provide Tenant shall have the option with notice if Ask Jeeves, Inc. does not exercise its expansion option(s) (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement SpaceNotice"). Tenant must comply with the provisions shall have a period of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises receipt of the Expansion Notice to notify Landlord of its election to lease the 4th Floor Expansion Option Space ("Expansion Option, ")
(b) If Tenant properly exercises its Expansion Option:
1. Landlord shall deliver for lease to Tenant the 4th Floor Expansion Space for a term commencing on the date of Substantial Completion of the space if the tenant improvements are constructed by Landlord and 90 days after delivery of the space to Tenant if the tenant improvements are constructed by Tenant and expiring on the Expiration Date of this Lease.
2. The Base Monthly Rent for the 4th Floor Expansion Space shall be determined in accordance with the schedule of Base Monthly Rent set forth in the Basic Lease Information. The Base Year for the 4th Floor Expansion Space shall be the year such space is incorporated into the Premises.
3. Landlord will provide an allowance of $35.00 per rentable square foot and, the tenant improvements will be constructed in such expansion space in accordance with the construction procedures established by and the terms and conditions of the Work Letter.
(c) Landlord shall execute prepare an amendment to this Lease to reflect changes in the Lease reflecting Premises, Monthly Base Rent, Tenant's Share, the addition number of parking spaces allocated to Tenant, the Security Deposit and other appropriate terms. A copy of the Basement Space amendment shall be sent to Tenant within a reasonable time after exercise of the Expansion Option and shall be executed by Tenant and returned to Landlord for its execution. Upon delivery to Tenant of the 4th Floor Expansion Option Space, it shall be considered Premises, subject to all terms and conditions of this Lease.
(d) This Expansion Option is personal to Tenant and may not be transferred or assigned in connection with an assignment or sublease of the Premises except to an Affiliate of Tenant. Further, Tenant may not exercise this Expansion Option if it enters into subleases for more than 10,000 square feet of Rentable Area of the Premises to entities other than an Affiliate.
(e) Notwithstanding anything to the Premises. Once Tenant has exercised contrary contained, herein, the Expansion OptionOption shall terminate at Landlord's option and upon notice to Tenant, Tenant and shall have be of no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term , whether or not Tenant has timely exercised such option if a material, monetary Default exists at the time of Tenant's Lease exercise of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1at the time of its commencement, 1994, it shall expire automaticallyprovided that Landlord previously has given Tenant notice and an opportunity to cure such Default as required by the Lease.
Appears in 1 contract
Expansion Option. Paragraph 42 If, at any time prior to the first anniversary of the Lease Commencement Date, Landlord desires to lease any space on the 13th, 16th, 17th, 18th or 19th floor of the building which contains at least 7,500 rentable square feet and is then or, within six (6) months following the date Landlord’s OS Availability Notice (as hereinafter defined) is given, will be vacant and available for leasing by Landlord (i.e., subject only to the option of another tenant granted prior to the Effective Date), then Landlord shall be amended to reflect that notify Tenant of such fact, which notice (“Landlord’s OS Availability Notice”) shall include a description of the layout, configuration and rentable square foot area of such space (an “Option Space”), and the date Landlord reasonably anticipates the term of the leasing of such space shall commence (the “Anticipated Commencement Date”). If and so long as Tenant is not in default under this lease beyond any applicable notice and/or grace period, Tenant shall have the one-time option (the "Expansion Option"with respect to such space) to lease up add all but not part of such space to Five Thousandthe demised premises, Two Hundred Thirty subject to the following terms and conditions:
(5,230i) square feet Tenant shall give Landlord written notice of space located its election so to add all but not part of an Option Space to the demised premises, which notice shall be given no later than thirty (30) days after the date Landlord’s OS Availability Notice is given. Time shall be of the essence in connection with the exercise by Tenant of any option hereunder.
(ii) The term of the leasing of such Option Space shall commence on the OS Commencement Date (as hereinafter defined), and shall end on the expiration or sooner termination date of the initial term of this lease, or, if the Tenant exercises its renewal option as in Article 32 provided, the expiration or sooner termination date of the Extended Term. The term “OS Commencement Date” when used herein shall mean the thirty-first (31st) day after the date when Landlord delivers vacant possession of an Option Space to Tenant (free of any occupancies or tenancies) with Landlord’s OS Work (as hereinafter defined) therein substantially completed. Landlord shall give Tenant fifteen (15) days’ prior written notice of the date Landlord will substantially complete Landlord’s OS Work. Landlord’s OS Work shall be deemed to have been substantially completed in an Option Space despite the fact that minor insubstantial details of construction and mechanical adjustments (i.e., “punch list items”) remain to be completed, provided the Option Space is accessible and reasonably usable by Tenant for the purpose of effecting Tenant’s OS Initial Installation Work (as hereinafter defined) therein; and provided, further, that the building systems through which the services which are required to be provided by Landlord hereunder (including, without limitation, the Building Chilled and Warm Water Equipment and the chilled and warm water service provided thereby) are available in the basement Option Space (or in locations outside of the Building demised premises, if so provided hereunder), so that, upon completion of Tenant’s OS Initial Installation Work, such services can be provided by Landlord as required hereunder. Landlord shall nevertheless complete such punch list items within thirty (30) days of the "Basement Space"OS Commencement Date (and Tenant shall provide Landlord and its contractors with such access to the demised as is reasonably necessary to do so, using reasonable diligence and without the necessity of incurring overtime or premium labor charges, provided Landlord uses commercially reasonable efforts to minimize any interference with Tenant’s OS Initial Installation Work). Landlord shall, in accordance with the foregoing, fix the OS Commencement Date and notify Tenant must comply of the date so fixed. When the OS Commencement Date has so been determined, the parties hereto shall, within thirty (30) days thereafter, at Landlord’s request, execute a written agreement confirming such date as the OS Commencement Date. Any failure of the parties to execute such written agreement shall not affect the validity of the OS Commencement Date as fixed and determined by Landlord, as aforesaid. Any dispute regarding the occurrence of an OS Commencement Date shall be resolved by arbitration in accordance with the provisions of Paragraph 42 Article 41 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Optionthis lease. Tenant is not required to lease the entire square footage by entering into occupancy of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen conclusively deemed to have agreed that Landlord up to the time of such occupancy had substantially completed Landlord’s OS Work, unless within twenty (1520) days after such date Tenant exercises shall give written notice (hereinafter called the Expansion Option“OS Punch List Notice”) to Landlord specifying the respects in which the same were not in satisfactory condition, Tenant and Landlord in which event the Option Space shall execute an amendment be conclusively deemed to be in satisfactory condition except for the Lease reflecting items set forth in the addition OS Punch List Notice. The giving of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant OS Punch List Notice shall have no further option to lease any additional portion of effect whatsoever upon the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyOS Commencement Date.
Appears in 1 contract
Sources: Lease Agreement (Coty Inc /)
Expansion Option. Paragraph 42 At Tenant's request, Landlord will use its best efforts to expand the Premises to include up to an additional 100,000 square feet of leasable space ("Phase II Premises") provided that Tenant has not defaulted under the terms of this Lease and Tenant's financial strength and credit ratings are at least as strong as they are upon the execution of this Lease. Landlord shall not be obligated to spend more than $8,000,000 for Landlord's Work Costs to construct the Phase II Premises. Tenant shall pay all construction costs in excess of $8,000,000 plus all financing costs and prepayment penalties related to refinancing the Premises to provide for the Phase II Premises. Prior to the commencement of the construction of the Phase II Premises Tenant shall execute a modification of this Lease which shall provide as follows: The term of this Lease shall be amended extended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises years from the Expansion OptionSubstantial Completion of the Phase II Premises with the Base Rent for the existing Premises ("Phase I Premises") to remain as provided for in this Lease except that the escalators provided for in Section 4.1 shall continue through the end of the revised term. The Base Rent for the Phase II Premises shall equal the product of Landlord's Work Costs for the Phase II Premises multiplied by the Rent Constant Factor. The Rent Constant Factor shall be determined using a 15 year amortization period and the Debt Constant. The Debt Constant shall equal the lowest commercially available rate which Landlord can obtain. FOR EXAMPLE, Tenant and IF THE DEBT CONSTANT IS 8.5% AND THE AMORTIZATION PERIOD IS 15 YEARS THEN THE RENT CONSTANT FACTOR EQUALS 11.8169. IF THE LANDLORD'S WORK COST OF THE PHASE II PREMISES IS 8,000,000 THEN THE BASE RENT FOR THE PHASE II PREMISES PER YEAR SHALL EQUAL $945,352 ($8,000,000 X .118169) PLUS ESCALATORS EVERY 30 MONTHS AS PROVIDED FOR IN SECTION 4.1. Landlord shall execute an amendment not build on the Premises for the benefit of anyone other than Tenant. If, for any reason Landlord fails to perform its obligation to expand the Premises with reasonable diligence, then Tenant's sole remedy shall be to perform the construction at Tenant's own expense. In such event Tenant may extend the Lease reflecting Term for up to an additional fifteen (15) years from the addition date of Substantial Completion thereof and at no increase in Base Rent on account of such expansion. Notwithstanding the Basement Space above, if Tenant assigns this Lease after the fifth anniversary, Landlord may elect in its sole discretion not to provide funding for the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyexpansion.
Appears in 1 contract
Sources: Lease Agreement (Quantum Corp /De/)
Expansion Option. Paragraph 42 of Commencing on the Lease shall be amended to reflect that Expansion Premises Commencement Date and continuing through the Expiration Date (the “Expansion Option Period”), Tenant shall have the option right and option, subject and subordinate to similar rights of other tenants in the Building existing as of the Execution Date (the "“Expansion Option") ”), to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of additional vacant space located in on the basement 2nd floor of the Building (the "Basement Space"). Tenant must comply with “Option Premises”) for the provisions of Paragraph 42 remainder of the Lease regarding notification to Term, on the Landlord should Tenant choose to exercise terms and conditions then in effect under the Expansion OptionLease. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the The Expansion Option shall be contingent upon Landlord's exercised only by written notice from Tenant to Landlord (the “Expansion Notice”) not less than 60 days prior written approval to the intended commencement date as to such space (the “Option Commencement Date”). Within 30 days of Tenant’s delivery of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; Expansion Notice, Landlord and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting adding the addition Option Premises to the Premises on the same terms and conditions as set forth in the Lease except as follows:
(a) The square footage of the Basement Space Premises shall be increased by the square footage of the Option Premises.
(b) The amendment shall be effective as of the Option Commencement Date and the term of the Lease as to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space Option Premises shall expire upon expiration of on the Term of Expiration Date.
(c) Tenant’s Building Expense Percentage shall be proportionally adjusted to include the Lease, unless sooner terminated by Option Premises.
(d) Landlord shall deliver the Option Premises to Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyits “as-is” condition.
Appears in 1 contract
Sources: Lease Agreement (Ikaria, Inc.)
Expansion Option. Paragraph 42 of (i) Subject to and upon the Lease shall be amended to reflect that terms, provisions and conditions set forth in this Section 9(a), Tenant shall have the have, and is hereby granted, a one-time option (the "Expansion OptionEXPANSION OPTION") to lease up to Five Thousand, Two Hundred Thirty those certain premises designated by Landlord (5,230hereinafter sometimes called the "ADDITIONAL EXPANSION PREMISES") located on any single floor selected by Landlord located between Floors 24 through 35 of the Building and consisting of approximately 3,000 square feet of space located in the basement of the Building net rentable area (the "Basement Space"+/-10%). , by written notice to Landlord exercised by Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that within ten (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (1510) days after Tenant exercises following the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of thirtieth (30th) month following the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the LeaseExpansion Premises Commencement Date. If Tenant does not exercise the Expansion Option on or before October 1prior to such date, 1994the Expansion Option shall be waived.
(ii) The Expansion Option may be exercised only if, it at the time of such exercise no event of default under the Lease exists (unless Landlord, in its sole discretion, elects to waive such condition). If such condition is not satisfied or waived by Landlord, any purported exercise thereof shall expire automaticallybe null and void.
(iii) If Tenant elects to exercise the Expansion Option, the Additional Expansion Premises shall be subject to all of the terms, covenants and conditions of this Lease except that the Base Rental with respect to the Additional Expansion Premises shall be the Market Base Rental Rate as determined by Landlord in accordance with the Lease. Tenant's obligation to pay rental for the Additional Expansion Premises shall commence on the date (the "ADDITIONAL EXPANSION RENTAL COMMENCEMENT DATE") that is the thirtieth (30th) day following Landlord's delivery of possession of the Additional Expansion Premises to Tenant for construction of Leasehold Improvements desired by Tenant.
(iv) If Tenant elects to lease the Additional Expansion Premises, Landlord will furnish the Additional Expansion Premises to Tenant, and Tenant will accept the Additional Expansion Premises, in its then current condition (I.E. "AS IS" and "WITH ALL FAULTS").
Appears in 1 contract
Expansion Option. Paragraph 42 of Provided Tenant is not in default hereunder, beyond the Lease shall be amended to reflect that applicable cure period and has not abandoned the Premises, Tenant shall have the option right (the "Expansion OptionRight") ), upon written notice to lease up Landlord, to Five Thousand, Two Hundred Thirty require Landlord to construct an approximately two hundred forty-two thousand five hundred twenty (5,230242,520) square feet of space located in the basement foot expansion of the Building Improvements (the "Basement SpaceExpansion"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification ) subject to the Landlord should Tenant choose to exercise the Expansion Optionconditions herein stated. Tenant is not required to lease the entire square footage of the Basement Space, provided that Within sixty (i60) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) days after Tenant's exercise of the Expansion Option Right, Landlord and Tenant shall agree on preliminary concept plans and specifications and a construction schedule for the Expansion (collectively the "Expansion Preliminary Plans"). After the Expansion Preliminary Plans have been approved and signed by Landlord and Tenant, Landlord shall cause an architect approved by Landlord and Tenant to proceed, with final plans and specifications and a construction schedule for the Expansion (collectively the "Expansion Plans and Specifications"). Tenant shall supply to the architect sufficient information to allow for the completion of the Expansion Plans and Specifications on an as-needed basis as determined by the architect. The Expansion shall be contingent upon Landlord's prior written approval substantially similar to the construction and finish of the proposed configuration Improvements as originally constructed (including the quality and type of base building systems and all interior finishes). Landlord and Tenant shall have the right to approve the Expansion Plans and Specifications, which approval shall not be unreasonably withheld, conditioned or delayed. The Expansion Preliminary Plans and the Expansion Plans and Specifications shall be prepared at Tenant's expense unless the Expansion is built in which case the cost thereof shall be Project Costs as provided below and paid by Landlord. After the Expansion Plans and Specifications have been approved, Landlord shall establish basic rent resulting from the Expansion, and the Basic Rent shall be increased in accordance with the following formula at the time of Substantial Completion of the portion Expansion: The initial annual basic rent for the Expansion ("Expansion Initial Annual Basic Rent") shall be the product of Project Costs times [the interest rate on 10-year United States Treasury Notes at the time of Substantial Completion of the Basement Space which will Expansion plus six hundred eighty five (685) basis points]. For purposes of this Section 33, "Project Costs" means the total budgeted costs to be taken by Tenant; incurred for the Expansion based on a competitive bidding process [minimum three (3) bids for every major trade], including but not limited to (i) all hard costs of construction including payments to all contractors (including a general contractor fee of 5% of hard costs), subcontractors and materialmen, (ii) all soft costs, (iii) all financing costs, including labor and material, but not limited to any higher rate of constructing any demising wall interest or other construction required in order to delineate Tenant's chosen prepayment fees charged upon the principal of that portion of the Basement Space loan that represents a refinancing of the initial Premises, survey fees, environmental assessment fees, appraisal fees, title insurance fees, architects' and engineers' fees, construction period interest payments, permit fees, reasonable attorneys' fees, (including but not limited to the cost of the Expansion Preliminary Plans and the Expansion Plans and Specifications) and such other costs as are reasonable and customary for projects such as the construction of the Expansion and (iv) a fee to Landlord for corporate, non project specific overhead and profit equal to five percent (5%) of the sum of (a) construction "hard costs" under clause (i) above plus (b) architects', engineers' and design fees but no other soft costs plus (c) typical "general conditions" type costs directly and actually incurred by Landlord and/or Landlord's general contractor in connection with the construction of the Expansion; provided, however, that the Project Costs shall not exceed a reasonable and customary amount. Upon completion of competitive bidding by Landlord, Landlord shall review all bids with Tenant and shall prepare, for Tenant's review and approval, the budget of Project Costs based on such bids and the Project Costs approved shall be borne the Project Costs for purposes of the increase in Basic Rent for the Expansion calculation and shall not be adjusted for any reason other than Tenant initiated change orders to the Expansion regardless of whether the actual Project Costs differ from the Project Costs so approved by Tenant. Within fifteen Change Orders requested by Tenant shall be handled in the same manner as Change Orders for the initial Improvements. The Expansion Initial Annual Basic Rent shall be fixed for the first sixty (1560) days after Tenant exercises months following Substantial Completion of the Expansion Option, Tenant and Landlord shall execute an amendment then increase by twelve percent (12%) for the next sixty (60) month period. In addition to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion OptionBasic Rent, Tenant shall have no further option pay all increased Additional Rent attributable to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effectExpansion. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the initial Term of the Lease shall be extended for ten (10) years beginning with Substantial Completion of the Expansion. Basic Rent attributable to the original 505,250 square feet shall remain for the original ten (10) year Term as specified in Exhibit C and shall then change to Market Rent for the period remaining in the ten (10) year period following Substantial Completion of the Expansion. The Extension Term provided in Section 32 shall begin immediately following the ten (10) year period following Substantial Completion of the Expansion. Provided that Tenant's credit at the time of Expansion is at least as good as at the time of execution of this Lease, unless sooner terminated Landlord shall use its best efforts to finance the Expansion. Given equal or better Tenant credit, if Landlord is unable to finance the Expansion, Landlord shall offer to sell the Premises to Tenant for fair market value ("FMV"). The arbitration method referenced in Section 32 shall be used to determine FMV, except that the experience requirement shall be at least ten (10) years experience in the appraisal of warehousing and distribution buildings in the Indianapolis area. In no event shall FMV be less than $14,000,000 in the year 2002 and increasing annually thereafter by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyCPI.
Appears in 1 contract
Sources: Lease Agreement (Guitar Center Inc)
Expansion Option. Paragraph 42 (i) Landlord offers Tenant an ongoing right of first refusal, an ongoing right to lease, and expansion options for all contiguous space to the Leased Premises and/or all available space on the tenth, fifth, and sixth floors of the Building and/or all space that may become available in the Building or any adjacent building, if any, during the Term of this Lease or any extension thereof ("Expansion Space"). Expansion Space shall be amended coterminous with the initial Lease Term and all renewal options and shall be at Market Rates. All allowances for various improvements for Expansion Space shall be granted in the same amounts as in the initial Lease Term but prorated according to reflect that the remaining Lease Term. Such Expansion Space term shall commence upon the earlier of one hundred twenty (120) days from the written notice exercising such right or substantial completion of Tenant Improvements of the Expansion Space.
(ii) Tenant shall have the option (the "Expansion Option") option, at its election, to lease up to Five Thousand, Two Hundred Thirty (5,230) expand by approximately 740 rentable square feet of space located in on the basement ground floor of the Building (former lab space) any time during the first Lease Year ("Basement Fixed Option Expansion Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Any such Fixed Option Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after leased under the same terms and conditions as the initial Leased Premises, except that Tenant exercises will accept the Fixed Option Expansion Option, Tenant Space in "as is" condition and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease perform any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effectimprovement at its sole cost. The term of Tenant's Lease of all or any portion of the Basement rental rate for Fixed Option Expansion Space shall expire upon expiration of be fixed at $10.00 per rentable square foot net for the entire term and the term shall be coterminous with the Term of the Lease, unless sooner terminated by initial Lease for Leased Premises.
(iii) Landlord shall provide written notice to Tenant in accordance with Paragraph 42 upon Expansion Space becoming available and Tenant shall have ten (10) business days from receipt of the Lease. If Tenant does not such notice to exercise the its rights to Expansion Option on or before October 1, 1994, it shall expire automaticallySpace.
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Expansion Option. Paragraph 42 Section 39.1 Provided that this Lease shall then be in full force and effect without default on the part of the Lease shall be amended to reflect that Tenant hereunder, after notice and expiration of the applicable cure periods, if any, then Tenant named herein shall have the option (hereinafter referred to as the "Option Right") with respect to the leasing of the entire rentable portion of the 19th floor in the Building (hereinafter referred to as the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). The Option Right shall be exercisable in accordance with and shall be subject to and governed by, the terms, covenants and conditions contained in the balance of this Article 39.
Section 39.2 If Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose shall desire to exercise the Expansion Option. Option Right, Tenant is not required shall send Landlord written notice thereof (hereinafter referred to lease as the entire square footage "Acceptance Notice") on or before December 15, 1997 (time being of the Basement Spaceessence with respect to the delivery of said notice).* If Tenant shall timely send an Acceptance Notice to Landlord in the form and manner referred to above, provided that the Expansion Space shall be deemed a part of the Premises and Tenant shall lease same upon all of the same terms, covenants and conditions contained in this Lease, except that:
(i) the term of the leasing of such Expansion Space shall commence (the "Expansion Space Commencement Date") upon the day that Landlord delivers such space to Tenant may not lease an amount broom clean, with the tenant installations therein demolished in a Building standard manner, and shall expire on the last day of square footage or the calendar month in which the tenth (10th) * Notwithstanding the foregoing, in the event that the Commencement Date occurs later than November 1, 1997, then the date for exercising tenant's Expansion Option shall be extended for a configuration which would leave period of days that is equal to the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise number of days after November 1, 1997 until the Commencement Date occurs. The date for exercising the Expansion Option shall not extend beyond February 28, 1998. anniversary of the Expansion Space Commencement Date occurs (the "Expansion Space Expiration Date");
(ii) the Fixed Rent with respect to the Expansion Space shall be contingent equal to the greater of (i) the then escalated Fixed Rent payable under this Lease, and (ii) the fair market rent (as determined pursuant to Section 40.4 below) with respect to the Expansion Space;
(iii) Sections 1.3, 3.4 and 3.6 hereof shall apply to the Expansion Space;
(a) except as otherwise specified above Tenant shall accept the Expansion Space in its then as is condition and Landlord shall not be obligated to perform, or pay the cost and expense of performing, any work in or to the Expansion Space in order to prepare the same for Tenant's occupancy (provided, however, upon Landlord's prior written approval of Tenant's plans with respect to the proposed configuration initial construction of the Expansion Space, Landlord shall assist Tenant in obtaining an ACP-5 certificate for the Expansion Space, to the extent an ACP-5 Certificate is required by the Building Department with respect to the furnishing of a building permit) and if Landlord shall be unable to give possession of the Expansion Space to Tenant on the anticipated delivery date, Landlord shall not be subject to any liability for failure to give possession on such date and the validity of this Lease shall not be impaired under such circumstances, but the commencement of the leasing of such Expansion Space shall not occur until Landlord delivers possession of same to Tenant;
(v) the Factor shall be increased by the product of (i) the rentable square foot area of the Expansion Space, as reasonably determined by Landlord, and (ii) $2.75; and
(vi) provided Tenant is not then in default under the terms of this Lease, Tenant shall not be required to pay the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, monthly installment of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion Fixed Rent exclusive of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises Factor payable with respect to the Expansion OptionSpace for the first six (6) months immediately following the Expansion Space Commencement Date, and the thirty-second, thirty-third, thirty-fourth, thirty-fifth, and forty-second months immediately following the Expansion Space Commencement Date.
Section 39.3 In the event that Tenant shall fail to send an Acceptance Notice to Landlord in the form and Landlord manner, and within the period provided herein, such failure shall execute an amendment to the Lease reflecting the addition constitute a waiver of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Option Right and Tenant shall have no further option waived its right to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1Space pursuant to this Article 39.
Section 39.4 In the event Tenant leases the Expansion Space pursuant to this Article 39, 1994, it then the Fixed Expiration Date shall expire automaticallybe deemed to be the Expansion Space Expiration Date.
Appears in 1 contract
Expansion Option. Paragraph 42 Landlord hereby grants to Tenant an option (the “Option”) to lease the adjoining contiguous space (Suites 106 and 107) containing 8850 rentable square feet (“Option Space”), which option shall begin on the Commencement Date and shall expire, if not sooner exercised, at 5:00 p.m. (est.) on April 1, 2001. To exercise this Option, Tenant must provide written notice to Landlord not later than April 1, 2001 of its exercise of the Lease Option to lease the Option Space in which event Landlord shall be amended to reflect make all necessary leasehold improvements thereto at Landlord’s cost and expense providing that Tenant shall have be required to reimburse Landlord before occupancy for the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) cost thereof in excess of $24.00 per square feet of space located in the basement of the Building (the "Basement Space")foot. Tenant must comply agrees to pay to Landlord together with the provisions Base Rent, the monthly sum of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that $3871.88 plus sales tax thereon until either (i) Tenant may not lease an amount of has exercised the Option and Landlord has completed the leasehold improvements thereto in which event the Rent shall be the same per square footage or a configuration which would leave the remaining Basement Space unusable by Landlordfoot rent as set forth in this Addendum above; (ii) Tenant's exercise of ’s rights to the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenanthave terminated; and or (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of Tenant has cancelled the Basement Space shall be borne Option by Tenant. Within fifteen furnishing not less than ninety (1590) days after Tenant exercises prior written notice of such termination and has vacated the Expansion OptionOption Space. From the Commencement Date until July 1, 2001, Tenant may use the option space for storage purposes and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have for no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Leasepurpose. If Tenant does has not exercise exercised the Expansion Option in accordance herewith, Tenant’s right to use the Option Space for storage will terminate effective on or before October midnight July 1, 19942001. THIS FIRST AMENDMENT TO LEASE is entered into as of the 28th day of November, it 2001, by and between HGL PROPERTIES L.P., LTD., a Florida limited partnership (“Landlord”), and NATIONAL MORTGAGE CENTER, LLC, a Delaware limited liability company (“Tenant”). All terms not otherwise defined herein shall expire automaticallyhave the meaning assigned to them in the “Lease” (defined below).
Appears in 1 contract
Expansion Option. Paragraph 42 Section 33.01. Subject to the terms and conditions hereinafter set -------------- forth and provided that the lease is in full force and effect and no event of the Lease default shall have occurred which shall be amended continuing, Tenant shall have the option to reflect that lease additional space in the Building (the "Expansion Space") as follows. Tenant shall have the option (the "Expansion Option") to lease up the space on level 6 of Pod P described in Exhibit J hereto as hereinafter provided. The Expansion Option shall be exercisable by Tenant upon notice to Five ThousandLandlord given within six (6) months after the date of execution of this lease. If Tenant so exercises its Expansion Option as herein provided, Two Hundred Thirty (5,230) square feet of such space located in the basement shall be added to and constitute a part of the premises, and except as expressly otherwise hereinafter provided, subject to all the terms and conditions of this lease. If Tenant delivers to Landlord the drawings, plans, specifications, and other detailed information which Tenant is required to submit to Landlord in accordance with Article 2.02 of Exhibit C, if applicable, containing all information required by Landlord to construct the Base Building (Work for the "Basement Expansion Space"). Tenant must comply with , the provisions of Paragraph 42 of the Lease regarding notification Commencement Date, Expiration Date and free rent period as to the Landlord should Tenant choose to exercise Expansion Space shall be the same as those for the initial Premises. If such drawings, plans, specifications, and other detailed information for the Expansion Option. Tenant is Space are not required to lease delivered by the entire square footage respective dates specified in Article 2.02 of the Basement SpaceExhibit C, provided that if applicable, (i) Tenant may not lease an amount the delivery date by Landlord of square footage or a configuration which would leave the remaining Basement Expansion Space unusable by Landlordwith the Base Building Work substantially completed shall have no effect upon the determination of the Commencement Date for the initial Premises; (ii) the Commencement Date and commencement of the seven-month free- rent period for the Expansion Space shall be the earlier of (A) seven and one- half (7 1/2) months after the date on which Landlord delivers the Expansion Space to Tenant with the Base Building Work substantially completed, (B) the date of Tenant's exercise occupancy of the Expansion Option shall be contingent upon Landlord's prior written approval Space for the conduct of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and its normal business operations, or (iiiC) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after (1) Tenant exercises Build-out for the Expansion OptionSpace is substantially completed, and (2) the Communication Systems have been installed on the Building and Land, so as to permit Tenant to occupy the Expansion Space (and the initial Premises) and conduct its normal business operations therein, it being stipulated that Tenant agrees, subject to delay by force majeure as defined in Section 2.01(b), to exercise reasonable diligence to complete and install such Tenant Build-out and Communication Systems after Tenant is afforded access to the Land, Building, Premises and Expansion Space for such purpose; (iii) delays by Tenant as specified in Articles 6 and 7 of Exhibit C with respect to the Expansion Space shall operate to accelerate Tenant's obligation to pay rental for the Expansion Space; and (iv) The Expiration Date for the Expansion Space shall coincide with the Expiration Date of the initial Premises.
Section 33.02. Landlord shall construct in the Expansion Space the -------------- Base Building Work described in Exhibit C-1 and Landlord shall execute an amendment have no obligation to make any other alterations, decorations, additions or improvements in or to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
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Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option to lease the balance of the space on the fourth floor of the Building (the "Expansion Option") as shown on the attached floor plan ("Expansion Space") by providing Landlord written notice on or before December 31, 1998. The Expansion Space shall be deemed to lease up contain 8,001 rentable sq. ft. If the Expansion Option is exercised, the Leased Premises when combined with the Expansion Space, shall contain 21,033 rentable sq. ft. Landlord will provide the Expansion Space in an "as is" condition and: a) allow Tenant access to Five Thousandand use of any building materials stored therein; b) provide a base buildout allowance of $15.00 per rentable sq. ft. or $120,015.00; c) provide an architectural and engineering allowance of $.50/rentable sq. ft. or $4000.50; and d) provide, Two Hundred Thirty (5,230) square feet at Tenant's option, an additional buildout allowance of space located in $6.00 per rentable sq. ft. or $48,006.00 to be amortized monthly over the basement term of the Building Lease at 10% interest (collectively, the "Basement SpaceBuildout Allowances"). Tenant must comply with shall have the provisions of Paragraph 42 right to construct improvements in the Expansion Space without paying a construction management fee to Landlord or Landlord's agent, subject only to Landlord's approval of the Expansion Space construction documents, as such approval is described in Rider 301 of the First Amendment to Lease regarding notification to ("Workletter"). Tenant shall pay a Base Rental for the Landlord should Expansion Space as follows: TERM MONTHLY RATE ANNUAL RATE ---- ------------ ----------- 7/99 - 12/03 $ 1.5416 $ 18.60 1/04 - 12/04 1.6333 19.60 1/05 - 12/05 1.7166 20.60 Whether or not Tenant choose has completed the buildout of the Expansion Space, the Base Rental shall commence one hundred eighty (180) days after delivery of Tenant's written notice to exercise the Expansion OptionOption but in no event later than July 1, 1999. Tenant is not required to The lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of term on the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration on December 31, 2005. For purposes of the Term calculating Tenant's Pro Rata Share of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise Operating Costs attributable to the Expansion Space, the actual Operating Costs for calendar year 1999 shall be Landlord's Operating Cost contribution. Tenant's Pro Rata Share attributable to the Expansion Space is 4.193% and if this Expansion Option on or before October 1is exercised, 1994, it shall expire automatically11.02% for the combined Leased Premises.
Appears in 1 contract
Sources: Office Lease Agreement (Bionumerik Pharmaceuticals Inc)
Expansion Option. Paragraph 42 of the Lease shall be amended (a) At any time prior to reflect that October 31, 2012, Tenant shall have the option (the "“Expansion Option"”) to lease up to Five Thousand, Two Hundred Thirty (5,230) the approximately 5,366 rentable square feet of space located in the basement Building currently known as Suite 6233 (the “Expansion Space”) in its entirety by providing Landlord written notice (the “Expansion Notice”) from Tenant of the Building (the "Basement Space"). Tenant must comply with the provisions exercise of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the its Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that if:
(i) Tenant may is not lease an amount of square footage or a configuration which would leave in default under the remaining Basement Space unusable by LandlordLease, as amended hereby, beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; and
(ii) Tenant's exercise No part of the Premises is sublet at the time Landlord receives the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by TenantNotice; and and
(iii) all costs, including labor and material, of constructing any demising wall or other construction required in order The Lease has not been assigned prior to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises date that Landlord receives the Expansion Option, Notice.
(b) If Tenant is entitled to and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the properly exercises its Expansion Option, Tenant shall have no further option to lease any additional portion pay Base Rent for the Expansion Space in the amount of $4,248.08 per month. All such Base Rent shall be payable in accordance with the terms of the Basement SpaceLease, as amended hereby. All Tenant shall pay Additional Rent and other provisions sums for the Expansion Space in accordance with the terms of Paragraph 42 the Lease.
(c) The Expansion Space (including improvements and personalty, if any) shall remain be accepted by Tenant in full force its “as-built” condition and effectconfiguration existing on the earlier of the date Tenant takes possession of the Expansion Space or as of the date the term for the Expansion Space commences. The term of Tenant's Lease of all or any portion for the Expansion Space shall commence on the date Landlord delivers possession of the Basement Expansion Space to Tenant, and shall expire upon end, unless sooner terminated pursuant to the terms of the Lease, on the expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 as extended hereby, it being the intention of the parties hereto that the term for the Expansion Space and the Term for the current Premises shall be coterminous, The Expansion Space shall be considered a part of the Premises, subject to all the terms and conditions of the Lease. , except that no allowances, credits, abatements or other concessions (if any) set forth in the Lease for the current Premises shall apply to the Expansion Space.
(d) If Tenant does not is entitled to and properly exercises the Expansion Option, Landlord and Tenant shall enter into an amendment (the “Expansion Amendment”) to reflect the commencement date of the term for the Expansion Space and the changes in Base Rent, square footage of the Premises, Tenant’s Proportionate Share, and other appropriate terms; provided that an otherwise valid exercise of the Expansion Option on shall be fully effective whether or before October not the Expansion Amendment is executed. The Expansion Option granted herein shall terminate upon November 1, 19942012 and if Tenant fails to timely deliver the Expansion Notice, it Tenant’s exercise of the Expansion Option shall expire automaticallybe of no force or effect, time being of the essence in delivery of the Expansion Notice.
(e) Notwithstanding anything herein to the contrary, Tenant’s Expansion Option is subject and subordinate to (i) the renewal or extension rights of any tenant leasing all or any portion of the Expansion Space, and (ii) the expansion rights (whether such rights are designated as a right of first offer, right of first refusal, expansion option or otherwise) of any tenant of the Building existing on the date hereof.
Appears in 1 contract
Sources: Lease Agreement (Haemonetics Corp)
Expansion Option. Paragraph 42 Provided that no Event of the Lease shall be amended to reflect that Defaults is then existing, Tenant shall have the option (the "Expansion Option"), effective as of the fifth (5th) anniversary of the Commencement Date, to lease up to Five Thousand, Two Hundred Thirty all (5,230but not less than all) of the second level of the Building containing approximately 25,000 square feet of space located in the basement of the Building Net Rentable Area (the "Basement Expansion Space")) to be exercised with no more than twelve (12) months nor less than nine (9) months prior written notice to Landlord. Tenant must comply with the provisions of Paragraph 42 The portion of the Lease regarding notification Expansion Space to be added to the Landlord should Tenant choose Premises (the "Expansion Premises") shall be subject to exercise the same terms, covenants and conditions under the Lease, except that (a) the Base Rental Rate for the Expansion Option. Tenant is not required to lease Premises shall be the entire square footage prevailing MRR (as defined in Exhibit "H" above) as of the Basement Spacedate such Expansion Space shall be added to the Premises, provided that (ib) the Tenant may not Allowance for the Expansion Premises shall be equal to $15.00 per square foot of Net Rentable Area in the Expansion Premises (and the MRR shall be increased to allow for such improvement allowance), (c) there shall be no refurbishment allowance applicable to such Expansion Premises and (d) the term of such lease an amount shall expire as of square footage the expiration of the Term. Landlord may, on a date established by at least sixty (60) days' notice to Tenant, deliver the Expansion Premises to Tenant up to three (3) months prior to the end of the fifth (5th) anniversary of the Commencement Date, or a configuration which would leave up to six (6) months after the remaining Basement Space unusable by Landlord; end of the fifth (ii5th) anniversary of the Commencement Date. Within thirty (30) days of receipt of Tenant's notice of the exercise of the Expansion Option Option, Landlord shall be contingent upon Landlord's prior provide Tenant with written approval notice of its estimation of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space MRR for such Expansion Premises. Tenant shall be borne by Tenant. Within then have fifteen (15) days after Tenant exercises the Expansion Option, Tenant to notify Landlord in writing that it accepts or rejects Landlord's determination of MRR and to provide Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of with Tenant's Lease estimation of all MRR. If the parties cannot agree on a determination of MRR within fifteen (15) days thereafter Tenant may either (i) withdraw its Expansion Option or any portion of the Basement Space (ii) elect that such MRR shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant be determined in accordance with the appraisal provisions set forth in Paragraph 42 3 of Exhibit "H", which MRR shall then be binding on the parties. Tenant shall not be required to pay (and the MRR shall so reflect) any amount for parking for such Expansion Premises, which shall be provided in the same ratios as provided with respect to the Initial Premises. Tenant's obligation to commence paying Rent on such space shall commence (A) in the case of space in the Building not previously built out with tenant improvements, on the 90th day, and (B) in the case of previously built out space, on the 30th day, after the availability of such space for the construction of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallytenant improvements therein.
Appears in 1 contract
Expansion Option. Paragraph 42 SECTION 29.1. Subject to Section 29.4, in the event that Rentable Area (other than the Premises) anywhere in the Building excluding retail space (the "Expansion Space") from time to time becomes available during the period commencing on the date hereof until the end of the Term, and provided this Lease shall be amended to reflect that is in full force and effect, Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located such Expansion Space on the terms and conditions hereinafter set forth. Landlord shall send notice in the basement of the Building writing (the "Basement SpaceExpansion Notice"). ) to Tenant must comply with specifying the provisions location and configuration of Paragraph 42 of such Expansion Space and the Lease regarding notification date on which the Expansion Space is scheduled to become available for occupancy, provided, that in no event shall Landlord send an Expansion Notice to Tenant more than twelve (12) months prior to the Landlord should Tenant choose time at which the space which is the subject of such Expansion Notice is scheduled to exercise the Expansion Optionbecome available for occupancy. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Each Expansion Option shall be contingent upon Landlord's prior exercisable by Tenant giving written approval notice to Landlord of the proposed configuration exercise of the portion of the Basement Space which will be taken by Tenant; and particular Expansion Option within thirty (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (1530) days after Landlord sends the applicable Expansion Notice. Landlord and Tenant exercises shall enter into an amendment modifying this Lease to add the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised , adding the Expansion OptionBase Rent for the Expansion Space, Tenant shall have no further option to lease any additional portion within ten (10) days of the Basement Space. All other provisions of Paragraph 42 date Tenant exercises its Expansion Option in accordance with the terms hereof, which shall remain in full force and effect. The term of Tenant's Lease of all or any portion of be co-terminous with the Basement Space shall expire upon expiration of the remaining Term of the Lease. Tenant shall lease the Expansion Space on the same terms and conditions as the Premises except that:
(a) The annual Base Rent for the Expansion Space shall equal the product of (i) the Rentable Area of the Expansion Space and (ii) an amount equal to Twenty-two and 50/100 Dollars ($22.50), unless sooner terminated by Tenant as escalated in accordance with Paragraph 42 Section 4.2 of the Lease ("Expansion Space Base Rent") as of the Expansion Commencement Date (as hereafter defined). For example, if, on the first day of the third (3rd) Lease Year, Tenant expands the Premises to include certain Rentable Area on the fourth (4th) floor of the Building, the Base Rent per square foot of Rentable Area in such Expansion Space shall be Twenty-three and 41/100 Dollars ($23.41). The Expansion Space Base Rent shall escalate thereafter during the remainder of the Term in accordance with the terms of Section 4.2 of the Lease. If Tenant does not exercise ; and
(b) upon the later of the Court Approval Date or the Expansion Option Commencement Date (as hereafter defined), Landlord shall pay to Tenant an amount ("Expansion Allowance") which shall equal an amount determined by MULTIPLYING (1) the product of One Dollar ($1.00) and the number of square feet in the Rentable Area of the applicable Expansion Space BY (2) a fraction, the numerator of which is the number of months between the Expansion Commencement Date and the Expiration Date (without regard to any renewal option being exercised) and the denominator of which is one hundred twenty (120). Payment of the Expansion Allowance to Tenant is also conditioned upon the Tenant not objecting to, or raising any new conditions or requirements with respect to, the Settlement Agreement, the Joint Plan, the Travelers' Plan and/or any other transfer of the Building to Travelers or its designee, and the assignment and assumption of the Lease in accordance with the terms of the Joint Plan, the Travelers' Plan and/or any other transfer of the Building to Travelers or its designee, including, without limitation, the assignment of the Lease to Travelers, or its designee, pursuant thereto on or before October 1the Effective Date, 1994, it shall expire automatically.except in the event and to the extent that Tenant is permitted to do so under the last sentence of Section 3(b)(iii) of Amendment No. 5
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Expansion Option. Paragraph 42 Provided this Lease is in full force and effect and that Tenant is not in Default under any of the other terms and conditions of this Lease shall be amended beyond the expiration of any applicable notice and cure period either at the time of Tenant’s exercise of the Expansion Option (defined hereinafter) or at the commencement of the term with respect to reflect that the Expansion Space (defined hereinafter) and subject to all other written contract based options held by tenants of the Building and Landlord's right to first offer and lease any such space to any tenant who is then occupying or leasing such space at the time the space becomes available for leasing and pursuant to a written contract based option then held by such tenant, to the extent such space is available, Tenant shall have the one-time option (the "“Expansion Option"”) to lease up to Five Thousand, expand into that certain space in the Building containing approximately Two Thousand Nine Hundred Thirty Fifty (5,2302,950) rentable square feet of space located in which is contiguous with the basement of the Building Premises and is hereby known as Suite 420 and shown on Exhibit A-3 attached hereto (the "Basement “Expansion Space"). In the event Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose wishes to exercise the Expansion Option. , then Tenant is not required to lease the entire square footage shall provide Landlord with written notice of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's ’s exercise of the Expansion Option at anytime during the period following the full execution of this Lease by both Landlord and Tenant through December 31, 2011 (the “Expansion Notice Period”), time being of the essence. Such notice shall be contingent upon Landlord's prior written approval given in accordance with Section 21 of the proposed configuration Lease. If notification of the portion exercise of this Expansion Option is not so given and received, the Expansion Option granted herein shall automatically expire, and Tenant s hall have no further option to expand into the Expansion Space pursuant to this Section 28.04; provided, however, that Tenant’s Offer Right pursuant to Section 28.05 below shall not be affected by the expiration of the Basement Space which will be taken by Tenant; Expansion Option. The Base Rent payable for and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order economic terms applicable to delineate Tenant's chosen portion of the Basement Expansion Space shall be borne at the same Base Rent rate and upon the same economic terms (prorated as of the Expansion Option Commencement Date as applicable) then in effect for the Premises as of the Expansion Option Commencement Date (defined hereinafter) and shall escalate at the same time and at the same rate as the Base Rent for the Premises. Landlord shall construct improvements for Expansion Space subject to the same terms and conditions applicable to the Tenant Improvements for the Premises. The “Expansion Option Commencement Date” shall be the date on which the improvements for Expansion Space are substantially complete, as adjusted due to any delays ca used by the act or omission of Tenant. Within fifteen (15) days after Tenant exercises The lease term applicable to Expansion Space shall be coterminous with the Term for the Premises. In addition, Base Rent for Expansion Space shall be subject to abatement on the same terms and conditions as provided in Section 28.01 above prorated as of the Expansion OptionOption Commencement Date and through the Partial Rent Abatement Period. Upon Tenant’s exercise of the Expansion Option pursuant to this Paragraph, Tenant and Landlord the parties shall execute an amendment to the this Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyterms set forth herein.
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Expansion Option. Paragraph 42 (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Lease shall be amended Premises, (unless Tenant is not in occupancy due to reflect that casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option (the "“Expansion Option"”) to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located the following spaces in the basement Building: 2nd Floor (including mezzanine), ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Building Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the "Basement Space"Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant must comply with has not sent to Landlord an Option Notice for an Option Floor on or before the provisions of Paragraph 42 of the Lease regarding notification respective Last Date, Landlord shall send to the Landlord should Tenant choose to exercise the Expansion Option. a written notice reminding Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order essence for Tenant to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October the Last Date, failing which, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 19942013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall expire automaticallybe covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
(b) In the event Tenant fails to exercise its option for any Option Floor by the later of (i) the respective Last Date, and (ii) the fifth day after the delivery of the Reminder Notice, then Landlord shall thereafter be free to lease the applicable Option Floor to any third party on whatever terms Landlord determines, in Landlord’s sole and absolute discretion; and Tenant shall have no further right to lease the applicable Option Floor; and the Expansion Option with regard to such applicable Option Floor shall be deemed null and void.
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Sources: Lease (G Iii Apparel Group LTD /De/)
Expansion Option. Paragraph 42 For purposes of this Rider 3, the area of the Lease shall be amended Building described on Schedule B attached to reflect that this Rider is hereinafter referred to as the "Expansion Space". Subject to the remaining provisions of this Rider 3, Tenant shall have the option and the right (the "Expansion Option") to lease up to Five Thousandall, Two Hundred Thirty (5,230) square feet of space located in the basement but not less than all, of the Building (the "Basement Space")Expansion Space consisting of 11,055 rentable square feet. Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option, if at all, by delivering written notice to Landlord (the "Expansion Notice") on or before January 1, 2004. If Tenant is not required timely exercises the Expansion Option with regard to lease the entire square footage of the Basement Expansion Space, provided that Landlord and Tenant will in good faith negotiate and enter into an amendment to this Lease within thirty (i30) Tenant may not lease an amount days of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise delivery of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease Notice reflecting the addition of the Basement Expansion Space to the Premises. Once Tenant has exercised Premises with a Commencement Date of December 1, 2004, provided, however, (i) the rate of Base Rent, the amount of Finish Allowance and other allowances shall be based on the then market conditions for comparable office space in comparable buildings in the LBJ/North Dallas market taking into account all relevant factors such as condition and size of the Expansion OptionSpace, length of term, creditworthiness of Tenant, basis for payment of operating expenses and all other relevant factors (ii) Tenant shall have be entitled to four (4) parking spaces for each one thousand (4:1000) rentable square feet of such Expansion Space being added to the Premises, of which seventy-two percent (72%) shall be located in the Parking Garage and the remainder shall be located on the surface lot (all such parking space shall be at no further option cost to lease any additional portion Tenant), and in the event that Landlord is unable to timely deliver the Expansion Space due to the holding over of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion existing tenant thereof, then the Commencement Date of the Basement Expansion Space shall expire upon expiration of be delayed until the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise date that the Expansion Option on or before October 1, 1994, it shall expire automaticallySpace is delivered to Tenant.
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Expansion Option. Paragraph 42 of the Lease shall be amended Landlord has disclosed to reflect Tenant that Tenant shall have the option Landlord is currently negotiating a lease with Amherst Securities (the "Expansion OptionAmherst Securities Lease") to lease up to Five Thousand, Two Hundred Thirty (5,230) for approximately 4,000 square feet of space located in the basement of 2nd Option Space, which space is adjacent to the Building Premises and is reflected on Exhibit "C" attached hereto (the "Basement SpaceAmherst Premises"). Tenant must comply with Landlord acknowledges and agrees that the provisions of Paragraph 42 Amherst Securities Lease will be subject to Tenant's existing Expansion Option as set Forth in Section 2.05 and Exhibit "G" of the Lease regarding notification Lease. In Addition to the Tenant's rights under the Current Expansion Option as set forth in the Lease, Landlord should hereby grants to Tenant, for a period of sixty (60) days from the date of this Second Amendment, the limited right to exercise Tenant's Expansion Option for a maximum of 6,000 Rentable Square Feet in the 2nd Option Space and/or the 3rd Option Space (excluding the Amherst Premises). Except as set forth in this Section 6 of this Second Amendment, all of the terms and conditions of Exhibit "G" shall be applicable to Tenant's right to exercises the Expansion Option on such portions of the 2nd Option Space and/or the 3rd Option Space. Further, Landlord agrees not to enter into any additional leases related to the 2nd Option Space or the 3rd Option Space (other than the Amherst Securities Lease) during this sixty (60) day period. If Tenant choose elects not to exercise its right to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement SpaceOption during such sixty (60) day period, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order limited right to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1early as set forth in this Second Amendment shall terminate, 1994, it but Tenant shall expire automaticallycontinue to have all rights to exercise the Expansion Option in accordance with Exhibit "G" of the Lease at the times set forth therein.
Appears in 1 contract
Sources: Two Bridgepoint Lease Agreement (Brigham Exploration Co)
Expansion Option. Paragraph 42 In the event Landlord is unable to deliver the Advance Premises, the Sprint Premises and/or the SAS Premises prior to February 28, 2001 in accordance with the terms of the Lease shall be amended to reflect that this Lease, Tenant shall have the an expansion option (the "Expansion Space Option") which shall require Landlord to, prior to offering the same to any party, first offer to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of the Tenant named herein any space located in the basement of within the Building (the "Basement Expansion Space") upon the same terms, covenants and conditions contained in this Lease, for a term to commence on the Expansion Space Commencement Date (hereinafter defined) and to end on the Expiration Date, unless sooner cancelled or terminated pursuant to any of the terms, conditions or covenants of this Lease or pursuant to this Paragraph. If and when, during the Term, all or any portion of the Expansion Space first becomes, or is first likely to become available, Landlord shall give Tenant notice as to the anticipated date that the subject portion of the Expansion Space is, or is likely to become, available for occupancy by Tenant ("Option Notice"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to may exercise the Expansion Option. Tenant is not required Space Option by delivering written notice ("Exercise Notice") to lease the entire square footage Landlord within ten (10) business days after receipt of the Basement SpaceOption Notice, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise time being of the essence as to such ten (10) business day period. If Tenant fails or refuses to timely exercise such option, the Expansion Space Option shall no longer exist and this Paragraph 41 shall be contingent upon Landlord's prior written approval of the proposed configuration of no further force or effect as to the portion of the Basement Expansion Space which will be taken not accepted by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 but shall remain in full force and effecteffect on any remaining Expansion Space that has not been included in any Option Notice. In the event Tenant duly exercises the Expansion Space Option in accordance with the provisions of this Paragraph 41, the Lease shall be deemed modified as of the Expansion Space Commencement Date as follows:
(a) The Leased Premises shall include all (but not less than all) of the available Expansion Space as described in the Option Notice for all purposes of this Lease;
(b) Tenant shall accept the Expansion Space in the condition set forth in Subsection 1.4 hereof at the then-applicable Base Rent provided for in Schedule "D" for such Expansion Space and subject to any CPI Formula increase as set forth on Schedule "D" for such portion of the Expansion Space hereof and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements.
(c) Landlord and Tenant shall execute an amendment to this Lease, effective as of the Expansion Space Commencement Date. The term Expansion Space Commencement Date shall be the day on which the Landlord delivers vacant possession of the applicable Expansion Space to Tenant free of leases, tenancies and occupancies provided, however, if Tenant's Lease of , or any other person or entity claiming by, through or under Tenant, shall occupy all or any portion of the Basement Expansion Space for the conduct of business prior to the Expansion Space Commencement Date, then the Expansion Space Commencement Date shall expire upon expiration apply as of such earlier date and Tenant shall pay and perform the obligations to be paid and performed by Tenant, including, without limitation, the obligation to pay Basic Rent and Additional Rent. Tenant's rights hereunder shall be subject to the now-existing renewal rights of other tenants in the Building. As to any Expansion Space that has not been incorporated into the Leased Premises by amendment as provided for in this Paragraph 41, Tenant's rights hereunder shall terminate if (i) the Expansion Space Option is terminated as provided in this Paragraph 41 or this Lease or Tenant's right to possession of the Leased Premises is terminated, (ii) Tenant assigns any of its interest in this Lease or sublets any portion of the Leased Premises other than as provided for in Subsection 11.7 herein, (iii) a default exists beyond any applicable notice and grace period at the time of Tenant's Exercise Notice or on the Expansion Space Commencement Date, and/or (iv) Tenant fails to timely exercise its right hereunder, time being of the essence with respect to the exercise thereof. In any of such events, Landlord may lease all or a portion of the Expansion Space to third parties on such terms as Landlord may elect. Notwithstanding anything contained in the Lease to the contrary, Tenant hereby waives the right to rescind this Lease in the event all or any portion of the Expansion Space does not become available during the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the this Lease. If Upon request of either Landlord or Tenant, from time to time, the non requesting party shall execute and deliver to such requesting party an instrument in form and substance reasonably satisfactory to such requesting party, stating that Tenant does has or has not exercise exercised the Expansion Space Option on or before October 1, 1994, it shall expire automaticallycontained in this Paragraph 41.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided Provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option this Lease shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect, and (ii) there shall not then be an existing default under this Lease, beyond any applicable notice and cure periods, Tenant shall have the right to expand the Premises to Include Suite 232 located on a portion of the second (2nd) floor or the Building (the “Suite 232’’) once Suite 232 becomes, or Landlord reasonably anticipates that Suite 232 will become Available. The term For the purposes of this Article 49, “Available” means, as to Suite 232, the first instance after the Commencement Date hereof, that Suite 232 is vacant and free of any present or future possessory right now existing by the current tenant thereof or any subtenant (not including Tenant's Lease ) or any other occupant. Landlord shalt give to Tenant notice (an “Offer Notice”) thereof, specifying a description of Suite 232, more particular identified on Exhibit 3 annexed hereto and the rentable square footage of Suite 232. If Tenant shall give Landlord written notice on or prior to January 1, 2016 electing to so expand the Premises (the “Expansion Notice”) to include Suite 232 as part of the Premises, then Landlord shall deliver possession of Suite 232 to Tenant upon the date that Suite 232 becomes Available (the “Suite 232 Commencement Date”). If Tenant shall fail to timely deliver the Expansion notice to Landlord, Tenant shall be deemed to have waived the expansion right set forth in this Article 49, and Landlord shall be free to lease all or any portion of Suite 232 to with third parties on such terms and conditions as Landlord shall determine, the Basement Space expansion option set forth in this Article 49 shall expire upon expiration be null and void and of no further force and effect with respect to all or any part of Suite 232 and Landlord shall have no further obligation to offer all or any part of Suite 232 to Tenant, and Tenant shall, as soon as reasonably practicable after demand by Landlord, execute an instrument reasonably satisfactory to Landlord and Tenant confirming Tenant’s waiver of, and extinguishing, the Term of expansion option contained in this Article 49. If Tenant timely deliver the Lease, unless sooner terminated by Tenant Expansion Notice to Landlord in accordance with Paragraph 42 the conditions hereof, then, on the ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇ shall become part of the Premises, upon all of the terms and conditions set forth in this Lease. If , for the remainder of the Term, except: (A) Tenant’s Proportionate Share shall be increased to reflect the inclusion of Suite 232 as part of the Premises; (B) Tenant does shall not exercise be entitled to any rent abatement or free rent; and (C) the Expansion Option on base Rent for Suite 232 shall be equal to the then escalated rent per square foot which Tenant is then paying for the Premises under the Lease (prior to the inclusion of Suite 232); and (D) Landlord shall have no obligation to pay Tenant any work allowance, deliver any materials or before October 1perform any alteration or work with respect to Suite 232 whatsoever, 1994, it and Tenant shall expire automaticallyaccept Suite 232 otherwise in its current then “AS-IS” condition as of the Suite 232 Commencement Date.
Appears in 1 contract
Expansion Option. Paragraph 42 (a) Subject to the terms and conditions of this Section 2.5 and subject to the Lease shall be amended to reflect that pre-existing rights of Transystems, Inc., as shown on Exhibit FO, Tenant shall have the option (right to expand the "Expansion Option") Premises to lease up to Five Thousand, Two Hundred Thirty (5,230) include 16,640 rentable square feet of space located on the first floor of the Building, in the basement of the Building location shown on Exhibit FP-1 (the "Basement SpaceExpansion Premises"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided and on condition that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the this Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at upon the Expansion Premises Commencement Date), (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord's consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord's sole discretion). The term If Tenant shall give Landlord written notice no later than the date that is twelve months after the date of Tenant's this Lease electing to so expand the Premises, then Landlord shall deliver possession of the Expansion Premises to Tenant on the Expansion Premises Commencement Date (as defined below). If Tenant shall fail to timely deliver such notice electing to so expand the Premises, Tenant shall be deemed to have waived such right, and Landlord shall thereafter be free to lease all or any portion of the Basement Space Expansion Premises to such parties and on such terms as Landlord shall expire upon expiration determine in its sole discretion, subject to the provisions of Section 2.6 below.
(b) Promptly after the date of Tenant's notice, Landlord shall commence and use commercially reasonable efforts to perform certain improvements to the Expansion Premises in order to fit out the space in accordance with a Building standard level of finish consistent with the level of finish for Landlord's Work in the remainder of the Premises, and a ratio of twenty percent (20%) office space to eighty percent (80%) open space. Such work shall be performed in accordance with and subject to the requirements for Plans, timing of Landlord's Work, Tenant Delay, punchlist, warranty, and other requirements applicable to the initial Premises set forth in Article IV below. The date that Landlord has substantially completed such work and delivered the Expansion Premises to Tenant is hereinafter referred to as the "Expansion Premises Commencement Date". Landlord shall use commercially reasonable efforts to deliver the Expansion Premises to Tenant on or before the date that is five (5) months after the date of Tenant's notice. As of the Expansion Premises Commencement Date, the Premises under this Lease shall be expanded to include the Expansion Premises. Once incorporated into the Premises, Tenant's rights and obligations with respect to the Expansion Premises shall be subject to and with the benefit of all of the terms and conditions of this Lease, except that: (i) the Basic Rent per square foot applicable to the Expansion Premises shall equal the Basic Rent per square foot for the remainder of the Premises; (ii) the Term of the Lease, unless sooner terminated by Lease with respect to the Expansion Premises shall be coterminous with the remainder of the Premises; (iii) Tenant shall commence payment of such additional amount of Basic Rent with respect to the First Expansion Premises on the Expansion Premises Commencement Date; and (iv) the Escalation Factor shall be revised to reflect the addition of the Expansion Premises to the Premises in accordance with Paragraph 42 the Escalation Factor Computation. Promptly after the Expansion Premises Commencement Date, Landlord and Tenant agree to enter into an amendment to this Lease memorializing the addition of the Lease. If Tenant does not exercise Expansion Premises to this Lease and the amendment to the applicable defined terms hereunder, including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of the parties to execute such an amendment shall have no effect on the expansion of the Premises to include the Expansion Option on or before October 1Premises, 1994and the economic terms associated therewith, it shall expire automaticallyas set forth above.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease Federal shall be amended to reflect that Tenant shall also have the an on-going option through July 31, 1999 (the "Federal Expansion Option") ), to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Expansion Space which has not been leased to a third party after a failure by Federal to exercise the Federal ROFR with respect to such space under Section 4 above; provided, however, the term of the lease with respect to such Expansion Space may commence no earlier than November 1, 1998, and no later than July 31, 1999. The Federal Expansion Option must be exercised, and the lease of such Expansion Space shall expire upon expiration of the Term of the Leasebe, unless sooner terminated by Tenant in accordance with Paragraph 42 the following terms and conditions. Federal may notify Interactive and Landlord of its wish to exercise the Federal Expansion Option at any time and from time to time on or before ninety (90) days prior to the date upon which the lease with respect to such Expansion Space is to commence and of the portion of the Expansion Space to be so leased. Upon each such exercise of the Federal Expansion Option, the Federal Lease shall be amended to add the portion of the Expansion Space so designated as a portion of the Federal Premises, effective as of the commencement date with respect to such Expansion Space specified in Federal's notice; provided, however, as of the effective date of such expansion, the rental under the Federal Lease shall be increased to at all times reflect that the rental of the Expansion Space is to be at the same rent per square foot from time to time as is applicable under the Federal Lease to the original Federal Premises. In addition, Landlord shall not be obligated to license to Federal more than three (3) additional parking spaces for each 1,000 square feet of additional space leased by Federal, with the fee for such additional spaces to be at the same rate as for the spaces licensed to Federal under the Federal Lease. If Tenant does not exercise Federal exercises the Federal Expansion Option, then Landlord agrees to accept the surrender of, and Interactive agrees to surrender, the applicable portion of the Expansion Space on the same terms and conditions as specified in the first paragraph of Section 1 of this Agreement; provided, however, the number of parking spaces surrendered shall be in accordance with Section 10(d) below and the Base Rent and Tenant's Pro Rata Share of Operating Expenses and Taxes shall also be proportionately reduced. In no event shall the Federal Expansion Option on or before October 1apply during any extension of the Federal Lease pursuant to Section 2.2 of the Federal Lease but, 1994if the Federal Expansion Option has been exercised so that the Federal Lease includes portions of the Expansion Space prior to July 31, it 1999, and the term of the Lease has been extended pursuant to Section 2.2 of the Federal Lease, then such extension shall expire automaticallyapply to all of the space then leased under the Federal Lease including, but not limited to, space leased pursuant to the Federal Expansion Option.
Appears in 1 contract
Sources: Sublease Agreement (Interactive Flight Technologies Inc)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "“Expansion Option"”) at any time during the period beginning on the date of full execution of this Lease and ending at 5:00 p.m. on November 1, 1999 (“Expansion Period”), to lease up expand the Premises to Five Thousand, Two Hundred Thirty (5,230) square feet include all or any portion of the space located in on the basement thirtieth (30th) floor of the Building Project as shown on the attached Exhibit A-l (the "Basement collectively, “Expansion Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to ”) as follows
A. To exercise the Expansion Option. , Tenant is not required to lease the entire square footage shall give Landlord written notice of the Basement Space, provided that exercise (i“Tenant’s Exercise Notice”) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of during the Expansion Option shall be contingent upon Landlord's prior written approval of Period identifying the proposed configuration location and approximate rentable square feet of the portion of the Basement Expansion Space which will to be taken by Tenant; provided (“Subject Expansion Space”). The exact location and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion size of the Basement Subject Expansion Space shall be borne reasonably approved by Landlord subject to applicable legal requirements and reasonable third-party, market leasing considerations. Time is of the essence with respect to Tenant. Within fifteen (15) days after ’s Exercise Notice.
B. If Tenant exercises the Expansion Option, Tenant the Subject Expansion Space shall be added to and become part of the Premises for the remaining Term of this Lease (including any renewal or extension thereof) on all of the terms and conditions of this Lease, except that:
(1) The Subject Expansion Space shall be added to the Premises effective on the earlier of (“Delivery Date”): (a) the date agreed by the parties in writing; or (b) sixty (60) days after Tenant’s Exercise Notice is given. Landlord shall execute an amendment not be liable nor shall this Lease be impaired for any delay or inability to deliver the Subject Expansion Space for reasons beyond Landlord’s control.
(2) Commencing on the Delivery Date and continuing during the remaining Term (a) Tenant shall pay Base Rent for the Subject Expansion Space at the same rate per rentable square foot as then payable for the Premises pursuant to Section 4 of the Schedule to this Lease and subject to the same increases as provided in said Section 4; and (b) Tenant’s Proportionate Share pursuant to Section 2 of this Lease reflecting shall be adjusted appropriately to take into account the addition rentable square feet in the Subject Expansion Space, and Operating Cost Rent shall thereafter be payable at the same rate per rentable square foot as then payable for the Premises, with the same Base Year as specified in the Schedule to this Lease and subject to the same adjustments as provided in this Lease.
(3) The Subject Expansion Space shall be provided in an “as is” condition; except that Landlord shall provide a Tenant Finish Allowance equal to (a) $21.50 per rentable square foot in the Subject Expansion Space, minus (b) $0. 12 per rentable square feet in the Subject Expansion Space for each month of the Basement Space Term that has expired as of the Delivery Date. The Tenant Finish Allowance shall be payable on the same terms and conditions as provided in Section 1 of Exhibit C to this Lease, including the deferral of the sum of $3.25 per rentable square foot until Months 61 through 96 of the Term and an additional $3.25 per rentable square foot until Months 121 through 132 of the Term. All leasehold improvements shall be performed substantially in accordance with the provisions of Exhibit C to this Lease.
(4) As of the Delivery Date, the term “Premises. Once Tenant has exercised ” shall be deemed to refer to and include the Subject Expansion Space, except as expressly provided otherwise in this Lease.
C. In case of a partial exercise of the Expansion Option, Tenant the Expansion Option shall have no further option continue with respect to lease any additional remaining portion of the Basement SpaceExpansion Space until the end of the Expansion Period, at which time the Expansion Option shall automatically terminate.
D. Tenant’s right to exercise the Expansion Option is subject to the condition that, at the time that Tenant gives Tenant’s Exercise Notice and on the Delivery Date, Tenant is not in default under any of the terms or conditions of this Lease. All other provisions Further, the Expansion Option shall automatically terminate upon the earliest to occur of Paragraph 42 shall remain in full force and effect. The term (1) the expiration or termination of this Lease; (2) the termination of Tenant's ’s right to possession of the Premises; (3) the assignment of this Lease by Tenant or the sublease by Tenant of all or any portion part of the Basement Space shall expire upon Premises except to a Tenant Affiliate as defined in Section 34 below; or (4) the expiration of the Term Expansion Period.
E. Within ten (10) days after written request by either party, Landlord and Tenant shall execute and deliver an instrument in form reasonably satisfactory to Landlord and Tenant confirming any exercise or termination of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyOption.
Appears in 1 contract
Sources: Assignment and Assumption of Leases (Quest Resource Corp)
Expansion Option. Paragraph 42 of the a. Provided that this Lease shall be amended to reflect that is in full force and effect, Tenant shall have the option exclusive option, to be exercised by notice (the "Expansion Option"“Election Notice”) as hereinafter provided, to lease up to Five Thousandinclude in this Lease for one (1) year as part of the Leased Premises, Two Hundred Thirty (5,230i) square feet that eastern portion of space located in the basement third (3rd) f1oor of the Building which is presently vacant and does not include the Leased Premises, and contains approximately 15,000 rentable square feet as shown on Exhibit B-2 (the "Basement Space"). Tenant must comply with “Entire East Side”).Tenant shall have the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required exclusive option to lease the entire square footage Expansion Space, as of a delivery date to be mutually agreed upon by the parties, but not greater than ninety (90) days from the date of the Basement Space, provided that (i) Tenant may not lease an amount Election Notice.
b. Any Election Notice shall be irrevocable upon delivery and time shall be of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's essence in connection with the exercise of the Expansion Option hereunder. If Tenant does not elect to include the Expansion Space as part of the Leased Premises within one (1) year of the Lease Commencement Date, Tenant shall be contingent upon Landlord's prior written approval of deemed to have waived its expansion rights with respect to the proposed configuration of Expansion Space.
c. The Minimum Annual Rent for the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Expansion Space shall be borne by Tenant. Within fifteen (15) days after at the same per square foot rental rate as the entire Leased Premises and pursuant to all of the same Lease terms as set forth herein, including but not limited to, parking spaces, office space build out, laboratory buildout and/or rent.
d. In the event Tenant duly and properly exercises the Expansion Option, Tenant and Landlord the Expansion Space shall execute automatically become part of the Leased Premises covered by this Lease without execution of an amendment to this Lease. At the request of either party, the parties shall promptly execute and deliver a written amendment to this Lease reflecting the addition of the Basement expansion Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion as part of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion Leased Premises for the remainder of the Basement Space shall expire upon expiration Term, the increase of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyMinimum Annual Rent and additional rental.
Appears in 1 contract
Sources: Lease Agreement (CONTRAFECT Corp)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option to expand (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Premises to include the first, second and/or third floors in the Building which are schematically depicted on the floor plans attached hereto as Exhibit A-3 (the "Expansion Space") provided ----------- that the Expansion Space actually leased, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave if any, shall be in whole floor increments and must be contiguous to the remaining Basement Space unusable by Landlord; (ii) Initial Premises. Tenant's exercise of the Expansion Option shall be contingent upon Landlordpersonal to Tenant and may not be exercised by any Transferee without ▇▇▇▇▇▇▇▇'s prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order consent. If Tenant wishes to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised exercise the Expansion Option, Tenant shall have no further option notify Landlord in writing by April 30, 2000 (the "Notification Date"). Tenant's notice shall not be revocable and must specify how many floors of the Expansion Space will be included in the Premises. If Tenant timely exercises the Expansion Option the Expansion Space described in Tenant's notice shall be added to and become part of the Initial Premises for all purposes under this Lease, and all of the terms and conditions hereof shall apply to such Expansion Space, except that Base Rent applicable to the Expansion Space shall be as set forth in the Basic Lease Information Sheet. If Tenant exercises the Expansion Option on all of the Expansion Space prior to the Notification Date then the Base Rent for the entire Premises shall be adjusted as set forth in the Basic Lease Information Sheet. Notwithstanding anything to the contrary in this Section 1.1(b), ▇▇▇▇▇▇'s right to lease the Expansion Space -------------- hereunder shall not be exercisable by ▇▇▇▇▇▇ at any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain time during which Tenant is in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the default under this Lease. If Tenant does not exercise deliver a notice to Landlord exercising the Expansion Option on or before October 1the Notification Date, 1994, it Tenant's Expansion Option shall expire automaticallyterminate and shall be of no further force and effect. If Tenant exercises its Expansion Option then Tenant shall include the Expansion Space in all of its plans pursuant to Exhibit C and Tenant's failure --------- to do so shall constitute a Tenant Delay thereunder and Landlord shall be relieved of its obligation to deliver the Expansion Space to Tenant with the balance of the Initial Premises.
Appears in 1 contract
Expansion Option. Paragraph 42 So long as Tenant is not in default under the terms of the Lease shall be amended to reflect that this Lease, Tenant shall have the option (the "Expansion Option") to lease up to Five Thousandall, Two Hundred Thirty but not less than all, of each of the Twenty First (5,23021st), Twenty Second (22nd), Twenty Third (23rd) square feet of space located in the basement and Twenty Fourth (24th) floors of the Building (the "Basement Option Space"). Tenant must comply with acknowledges that the provisions of Paragraph 42 availability of the Lease regarding notification Option Space on the 22nd, 23rd and 24th floors of the Building is subject to Landlord's ability to obtain appropriate releases for such Option Space from The Prudential Insurance Company of America. The Tenant's option for leasing the Landlord should Option Space located on the 24th floor shall expire on March 31, 1993, and Tenant choose shall notify Landlord, in writing, of its exercise of such option for the 24th floor no later than March 31, 1993. The Tenant's option for leasing the Option Space located on the twenty-first floor shall expire on April 30, 1993, and Tenant shall notify Landlord, in writing, of its exercise of such option for the twenty-first floor no later than April 30, 1993. If Tenant elects to exercise its option for Expansion Space on either the Expansion Option. twenty-first or twenty-fourth floors, then Landlord and Tenant is not required will immediately proceed to lease fulfill all requirements and conditions as set forth in this Lease and in the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Work Letter as soon as possible following Tenant's exercise of its option. If Tenant desires to exercise its option to lease the Expansion Option shall be contingent upon Landlord's prior written approval Space consisting of each of the proposed configuration 22nd and/or 23rd floors of the portion of Building, then Tenant shall so notify Landlord, in writing, no later than January 1, 1994, with such lease to be commenced no later than January 1, 1995. The annual Rent for the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Option Space shall be borne by calculated at Tenant's current escalated Rent for its Premises as set forth in this Lease. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute provide Tenant with an amendment improvement allowance for the Option Space in an amount not to exceed the Lease reflecting unamortized improvement allowance for the addition of Premises initially leased to Tenant (such amortization to be calculated by prorating the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of $15.00 RSF allowance for Tenant's Lease of all or any portion of Work on a monthly basis based on the Basement Space shall expire upon expiration of the remaining Term of the Lease, unless sooner terminated by Tenant in accordance ). Tenant's obligation to pay Rent with Paragraph 42 respect to the Option Space shall commence upon the Substantial Completion of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallySpace.
Appears in 1 contract
Expansion Option. Paragraph 42 (a) Subject to Section 12(b), if (i) Tenant is not in default beyond all applicable grace, notice and cure periods in respect of the performance of its obligations arising under the terms of this Lease, (ii) this Lease shall be amended is in full force and effect in accordance with its terms, (iii) the Initial Term has not been terminated, (iv) the total stockholder equity of Guarantor (as defined in Section 38) is not less than $500 Million, and (v) its ratio of current assets to reflect that current liabilities is not less than 1.0 (taking into account available proceeds under any credit facility in place at the time in question), then Tenant shall have has the option (the "Expansion Option") to lease up an addition to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"Expansion) that Landlord will erect in order to enlarge the floor area of the Building. For purposes of calculating the Guarantor’s total stockholder equity and current ratio, its most recent published annual report or 10Q on file with the Securities and Exchange Commission shall be used.
(b) If Tenant exercises the Expansion Option during the first Lease Year, the Expansion must be for at least 20,000 rentable square feet, the Annual Base Rent for the Expansion will be the same as the Annual Base Rent (on a per square foot basis) for the initial Premises, the term for the Expansion shall end conterminously with the term of the lease for the Initial Premises and all other terms of this Lease will remain the same.
(c) If Tenant exercises the Expansion Option after the first Lease Year, the initial Term for the initial Premises will automatically be extended so that the initial Term with respect to the initial Premises and the Expansion are coterminous and last for 12 years from the Expansion Commencement Date (as defined below). Other than the Base Rent, the terms of this Lease with respect to the initial Premises during the balance of the 12-year term will remain as stated in this Lease. The Base Rent payable by Tenant must comply with respect to the initial Premises will remain in effect until the Expiration Date for the Expansion, with the provisions of Paragraph 42 Annual Base Rent increasing by 6.12% on the first day of the 13th Lease regarding notification to Year (based in the Landlord should initial Term) and on the first day of each succeeding fourth Lease Year (i.e., 16th, 20th, etc.).
(d) If Tenant choose to exercise exercises the Expansion Option. Tenant Option for an Expansion which would exceed 25,000 rentable square feet, then:
(i) Landlord is not required to lease construct any Expansion if (x) the entire square footage size of the Basement SpaceExpansion would cause the expanded Premises not to comply with all applicable laws, provided ordinances, and codes, including, without limitation, parking code requirements, or (y) the expanded Premises is not, in Landlord’s sole opinion, marketable to a replacement tenant or tenants. If this Subsection 12(d)(i) is applicable, then Landlord shall promptly so notify Tenant. Notwithstanding the foregoing, if Landlord notifies Tenant that Subsection 12(d)(i)(y) is applicable, then Tenant may notify Landlord within 10 business days after receipt of Landlord’s notice that Tenant elects to reduce the size of the Expansion to 25,000 rentable square feet or less and Landlord will proceed with the construction of the Expansion under this Section 12.
(ii) If Subsection 12 (d)(i) is not applicable, then Landlord shall notify Tenant of the parking ratio which it will provide for such Expansion and the overall parking ratio for the Building, as expanded; and Tenant may elect to reduce the size of such Expansion after review of such parking ratios.
(e) If Tenant exercises the Expansion Option by giving written notice of exercise to Landlord, then, subject to Subsection 12(d)(i):
(i) Tenant may The parties will promptly enter in good faith into an agreement whereby (x) Landlord agrees to construct the Expansion within 12 months or less after the execution of such agreement, (y) the parties agree to increase the Base Rent for the Expansion in the manner as set forth in this Section 12, payable during the period from the date Landlord substantially completes construction of the Expansion (the Expansion Commencement Date) and that ends at 11:59 p.m. (Dallas, Texas local time) on either the day prior to the 12th anniversary of the Expansion Commencement Date, if the Expansion Commencement Date occurs on the first day of a calendar month, or on the day prior to the 12th anniversary of the first day of the first full month following the calendar month in which the Expansion Commencement Date occurs, if the Expansion Commencement Date does not lease an amount occur on the first day of square footage or a configuration which would leave month, whichever is applicable (the remaining Basement Space unusable by Landlord; Expansion Term).
(ii) Tenant's exercise Landlord shall construct the Expansion on the same terms as for the construction of the Landlord Improvements (except for Base Rent as specified in this Section 12), granting Tenant the same Tenant Allowances included in this transaction (on a per rentable square foot basis), except as otherwise specified in Exhibit D.
(iii) If Tenant exercises the Expansion after the first Lease Year, the Base Rent for the Expansion will be the amount determined by multiplying the Expansion Construction Costs by the sum of (A) the interest rate on 10-year U.S. Treasury Bills as of the Expansion Option shall be contingent upon Commencement Date plus (B) 400 basis points. Within 30 days following Landlord's prior written approval ’s substantial completion of the proposed configuration construction of the portion Expansion, Landlord shall furnish to Tenant a detailed itemization of the Basement Space which will be taken costs by Tenant; major construction trade (the Expansion Construction Costs) that Landlord incurred in connection with the design and (iii) all costsconstruction of the Expansion and copies of invoices, including labor statements, contracts, subcontracts, and material, of constructing any demising wall or other construction required information that Tenant may reasonably request in order to delineate Tenant's chosen portion confirm the accuracy of Landlord’s itemization.
(iv) Landlord shall construct the Expansion in accordance with the Outline Specifications and as specified in Section 2 for the initial Building. Landlord shall solicit bids from at least three contractors appearing on a list of contractors jointly developed and mutually approved by the parties. Landlord shall award the contract for the construction of the Basement Space shall Expansion to the lowest qualified bidder, subject to Tenant’s approval, which will not be borne by Tenantunreasonably withheld, conditioned, or delayed. Within fifteen sixty (1560) days after Tenant exercises the Expansion Option, Tenant and Landlord shall provide Tenant with an estimate of the Expansion Construction Costs and a proposed construction schedule. If Tenant determines in its sole discretion that the cost to construct the Expansion is too high, or that the construction schedule is unacceptable, Tenant may elect to nullify its election to exercise the Expansion at any time prior to Tenant’s written approval of the construction budget for the Expansion. If, within sixty (60) days after the estimate of Expansion Construction Costs and the construction schedule has been received by Tenant, Tenant fails either to approve the estimate of the Expansion Construction Costs and the construction schedule or to commence discussions with the Landlord to value engineer the estimate of Expansion Construction Costs and/or to refine the construction schedule, then Tenant shall be deemed to have nullified its election to exercise the Expansion Option.
(v) On or about the date that Landlord substantially completes the construction of the Expansion, Landlord will cause its architect to determine the rentable square footage of the Expansion (in accordance with BOMA ANSI Z65.1-1996, for a single tenant building), and the parties will promptly execute and deliver an amendment to the this Lease reflecting that confirms the addition of the Basement Space Expansion to the Premises, the Expansion Commencement Date, and the Base Rent that will be payable through the Expiration Date with respect to the Expansion and the initial Premises.
(vi) As a condition precedent to Landlord’s obligation to construct the Expansion, Guarantor shall confirm in writing to Landlord that its Lease Guaranty, attached hereto as Exhibit I, applies to Tenant’s lease obligations for the Expansion Premises pursuant to the Expansion Agreement (as such terms are hereinafter defined).
(vii) Landlord shall cause the Expansion to be constructed and substantially completed and the Expansion premises (the Expansion Premises) to be delivered to Tenant in broom clean condition in accordance with all applicable laws on or before three hundred sixty five (365) days from the execution and delivery of the agreement described in Section 12(d) (the Expansion Agreement). Once If substantial completion and tender of possession of the Expansion Premises to Tenant has exercised does not occur by the following dates, each of which is subject to extension by one day for each day of Excused Delays, but not more than one hundred eighty (180) days in the aggregate for all Excused Delays, other than days of Tenant Delay which shall not be so limited):
(A) 365 days from the execution of the Expansion Amendment, then commencing on the Expansion Commencement Date Tenant will receive one day of free Base Rent (for the Expansion Premises only) for each day of delay through the 425th day after the execution of the Expansion Amendment.
(B) the 426th day after the execution of the Expansion Amendment, then commencing on the Expansion Commencement Date Tenant will receive three days of free Base Rent (for the Expansion Premises only) for each day of delay thereafter; and
(C) the 445th day after the execution of the Expansion Amendment, then Tenant may, at its option by giving notice to Landlord at any time thereafter until Landlord substantially completes the Expansion Premises, elect to take over completion of the Expansion in which event Tenant shall be entitled to a credit against Base Rent for all reasonable costs incurred by Tenant in completing the Expansion.
(f) In lieu of exercising the Expansion Option, Tenant may, at its sole cost and expense, elect to construct an Expansion. If Tenant elects to construct an Expansion, then:
(i) The design and construction plans for the Expansion shall have no further option be subject to lease any additional portion Landlord’s approval, not to be unreasonably withheld.
(ii) Tenant shall cause the Expansion to be constructed in a good and workmanlike manner and in accordance with all applicable laws and the approved plans. Subsections 2(n),(o) and (p) of this Lease shall apply to the construction of the Basement Space. All other provisions Expansion by Tenant or its contractor(s).
(iii) On or about the date that Tenant substantially completes the construction of Paragraph 42 shall remain the Expansion, Landlord will cause its architect to determine the rentable square footage of the expansion (in full force and effect. accordance with BOMA ANSI 265.1-1996 for a single tenant building).
(iv) The term of Tenant's the Lease shall not be extended.
(v) Base Rent shall not be increased.
(vi) Tenant shall modify its property insurance to include builder’s risk insurance as reasonably required by Landlord.
(g) Upon completion and acceptance by Tenant of all or any portion same, the Expansion Premises shall be deemed to be part of the Basement Space Building and the Premises, and shall expire upon expiration of be owned by the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyLandlord.
Appears in 1 contract
Expansion Option. Paragraph 42 Tenant shall have the option at any time during the Term to cause Landlord to expand the original Premises (Building A) to approximately 80,000 rentable square feet and lease the expansion space (the “Building A Expansion Space”) to Tenant, subject to all of the terms and conditions of this Section 9.
A. The following are the conditions precedent to Tenant’s right to exercise its Building A Expansion Option:
(i) Tenant must deliver to Landlord written notice exercising its right to Lease the Building A Expansion Space;
(ii) Tenant, at the time of such notice, must not be in monetary default (beyond any applicable notice and cure period in this Lease) or default described in Section 26(a)(iv); and
(iii) Tenant, at the time of such notice, must be leasing all or substantially all of Building A, and Tenant must not be planning to vacate, assign or sublet any of the space in Building A at the time Tenant expands into the Building A Expansion Space.
B. If Tenant properly exercises the Building A Expansion Option as provided above, Landlord and Tenant shall enter into a lease or amendment to this Lease with respect to the Building A Expansion Space containing the following terms:
(i) Landlord will be obligated to construct the Building A Expansion Space and requisite parking and other related site improvements, if any, within 9 months of the date such lease or amendment to lease is entered into by Landlord and Tenant, subject only to delays outside of the reasonable control of Landlord. The design, exterior materials and quality of the Building A Expansion Space shall be consistent with the remainder of the Building A base building so as to keep the relative cost (adjusted for changes in the costs of labor and materials) per rentable square foot of the Building A Expansion Space comparable to that of the remainder of Building A.
(ii) The term of the lease for the Building A Expansion Space shall commence upon the substantial completion of Landlord’s construction of the Building A Expansion Space (the “Building A Expansion Space Commencement Date”), and shall expire upon the expiration or termination of the Term of this Lease; provided, however, that if less than 5 years remains on the Term of this Lease (including any extension options exercised by Tenant as of the Building A Expansion Space Commencement Date), then the Term of this Lease (Section 36 [Tenant’s Option to Terminate] notwithstanding) shall be extended so that this Lease and the lease of the Building A Expansion Space shall expire on the fifth anniversary of the Building A Expansion Space Commencement Date or such other date as to which Landlord and Tenant may mutually agree. If the Term is so extended, any unexercised and unexpired options to extend the Term under Section 31 of the Lease shall be amended to reflect pushed out so that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousandfull extension term, Two Hundred Thirty (5,230) square feet of space located in the basement if exercised, would commence as of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term or extended Term, as the case may be, as extended pursuant to this subsection (b). If such extension term, as pushed back, goes beyond lease year 19, Minimum Annual Rent for subsequent lease years shall continue to increase at 2% per annum. For example, if Tenant entered into a five-year lease for the Building A Expansion Space commencing at the beginning of year eight of the ten-year initial Term of this Lease, unless sooner terminated the Term of this Lease would be extended through year twelve, and the first three-year extension term would commence, if exercised, at the beginning of year thirteen (and the scheduled rental rates per rentable square foot under Section 31 for years 13 through 15 would apply to the first extension term with respect to the original Premises).
(iii) The Annual Minimum Rent for the Building A Expansion Space for the first lease year shall be an amount equal to the product of (i) the “Building A Expansion Costs” (as defined below), multiplied by Tenant in accordance with Paragraph 42 (ii) the “Finance Rate” (as defined below). The Annual Minimum Rent for the Building A Expansion Space for each lease year subsequent to the first lease year shall be an amount equal to 102% of the Lease. If Tenant does not exercise scheduled Annual Minimum Rent for the Expansion Option on or before October 1, 1994, it shall expire automaticallyimmediately preceding lease year.
Appears in 1 contract
Sources: Lease Agreement (Kroll Inc)
Expansion Option. Paragraph 42 of the Lease shall be amended (a) At any time prior to reflect that February 28, 1999, Tenant shall have the option to expand the Premises to include either (i) all of the "Expansion Option"office space on all or one or more entire floors of the Fourth (4th), Fifth (5th) to lease up to Five Thousandand Sixth (6th) Floors of the Building, Two Hundred Thirty or (5,230ii) square feet all of the office space located in on all or one or more entire floors of the basement Sixth (6th), Tenth (l0th) and Eleventh (11th) Floors of the Building (the "Basement Expansion Space"). , which option hereinafter shall be referred to as the "Expansion Option." Tenant must shall not be entitled to exercise the aforesaid Expansion Option to lease Expansion Space if, at the time Tenant is entitled to exercise said option, Tenant has subleased or has entered into an agreement to sublease in the future more than twenty-five percent (25%) of the then total amount of rentable square feet of the Premises, unless Tenant itself occupies at all times the Expansion Space and does not relocate its employees from the initial Premises into the Expansion Space in order to comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to this provision. To exercise the Expansion Option. , Tenant is not required must deliver to lease the entire square footage Landlord written notice of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of (the proposed configuration of "Expansion Notice") on or before February 28, 1999. If Tenant delivers to Landlord the portion of Expansion Notice within the Basement Space which will be taken by Tenant; and (iii) all coststime provided herein, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Expansion Space shall be borne by leased upon all of the same terms and conditions set forth in this Lease with respect to the Premises (which terms and conditions shall be adjusted proportionately to account for the increased rentable square footage of the Premises upon inclusion of the Expansion Space), except that: (1) the Lease Term with respect to the Expansion Space shall commence on the later of (A) September 1, 2000, or (B) the date on which Landlord delivers the Expansion Space to Tenant. Within fifteen ; (152) Tenant shall be obligated to pay Base Rent and Additional Rent for the Expansion Space beginning on the date that is 120 calendar days after the date on which Landlord delivers the Expansion Space to Tenant; (3) if Tenant exercises the Expansion OptionOption with respect to Expansion Space on the Tenth (10th) or Eleventh (11th) Floors, Tenant the Base Rental for that space shall be Two Dollars ($2.00) per rentable square foot greater than that for the remainder of the Premises; and (4) Landlord shall execute provide to Tenant an amendment "Expansion Space Improvement Allowance" equal to the Lease reflecting the addition Twenty-Seven and 50/100 Dollars ($27.50) per rentable square foot of the Basement Space to the Premises. Once Tenant has exercised the Expansion OptionSpace, Tenant which shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force be paid by Landlord, and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated may be used by Tenant in accordance with the purposes set forth in Paragraph 42 3(d), above. The Expansion Space Improvements shall be constructed in accordance with the provisions of EXHIBIT B and the Expansion Space Improvement Allowance shall be paid in accordance with the provisions of Exhibit B.
(b) Landlord shall use commercially reasonable efforts to deliver the Expansion Space to Tenant by September 1, 2000, or as soon thereafter as possible, by taking all reasonable steps to recover possession of the LeaseExpansion Space from the entity that is the tenant of the Expansion Space as of the date of execution of this Lease (the "Current Expansion Space Tenant"). If Tenant Landlord does not exercise deliver the Expansion Option on or before October Space to Tenant by September 1, 19942000, it and as a direct result Tenant is forced to hold over under its existing lease for premises at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (the "Existing Lease"), then Landlord shall expire automaticallyreimburse Tenant for the amounts paid by Tenant under the Existing Lease for the period during which Tenant occupies space pursuant to the Existing Lease after the expiration of the Existing Lease by reason of Landlord's failure to timely deliver the Expansion Space (the "Expansion Holdover Period") that are in excess of the amounts Tenant would have been obligated to pay during the Expansion Holdover Period if those amounts were required to be paid at the rate in effect under the Existing Lease immediately prior to the expiration of the term of the Existing Lease, provided that the total amount of any such reimbursement shall not exceed the amount actually received by Landlord as rent from the Current Expansion Space Tenant after September 1, 2000 that are in excess of the amounts the Current Expansion Space Tenant would have been obligated to pay after the expiration of its lease for the Premises if those amounts were required to be paid at the rate in effect under the Current Expansion Space Tenant's lease for the Premises immediately prior to the expiration of the term of that lease. Tenant shall have the right to rescind the exercise of this expansion option in the event that Landlord fails to deliver the Expansion Space to Tenant by June 30, 2001, provided that Tenant exercise said option to rescind by giving written notice thereof to Landlord by July 10, 2001.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option right on the fifth (5th) anniversary of the "Expansion Option") Rental Commencement Date to lease up to Five Thousand, an additional Three Thousand Two Hundred Thirty Eighty (5,2303,280) square feet feet, on the first floor of space located the Building, or such greater amount of square footage which has not been leased by Tenant if Tenant elects to reduce the size of the Demised Premises as set forth in Paragraph 1.B. or if Landlord increases the basement size of the Building pursuant to Paragraph 47. (The portions of the adjacent square footage on which Tenant shall hold options hereunder and any space leased by Tenant pursuant to Paragraph 39 below, shall be defined herein as the "Basement Additional Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required shall only be entitled to lease the entire square footage Additional Space in increments to be determined by the size of the Basement existing office suites developed in the Additional Space. The per square foot rental rate for the Additional Space will be the rate then being paid by Tenant under this Lease for the Demised Premises with the exception that Landlord shall provide Tenant with an improvement allowance for the Additional Space equal to the then "Fair Market" (as defined in the attached Exhibit "K") for such improvement allowances. If Landlord and Tenant cannot agree on a "Fair market" improvement allowance, provided that the improvement allowance matter will be resolved via arbitration pursuant to the procedure set forth in Exhibit "K". Tenant shall provide Landlord with nine (i9) Tenant may not lease an amount months prior written notice of square footage or a configuration which would leave its election to expand into the remaining Basement Additional Space unusable by Landlord; (ii) Tenant's exercise in accordance with the option granted in this Paragraph 38, failing which, the option shall be deemed waived and of no further force and effect. Upon delivery of possession of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Additional Space to the Premises. Once Tenant has exercised the Expansion OptionTenant, Tenant shall have no further option ninety (90) days to lease any additional portion construct its leasehold improvements to the Additional Space with Rent to commence for the Additional Space on the earlier of occupancy for the purpose of conducting its business of the Basement Space. All other provisions Additional Space by Tenant or ninety (90) days from the delivery of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion possession of the Basement Additional Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by to Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyfor its leasehold improvements.
Appears in 1 contract
Sources: Lease Agreement (Wackenhut Corp)
Expansion Option. Paragraph 42 Provided Landlord does not have a bona fide ---------------- offer from a third party to lease Building space containing all or a portion of the Lease shall be amended to reflect that East Anchor Building Option Space, Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage all or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Option Space which will be taken by Tenant; upon not less than sixty (60) days' notice upon the same terms and (iii) all costsconditions contained herein, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Spaceparking ratio. All other provisions of Paragraph 42 shall remain in full force non-conflicting terms and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term conditions of the Lease, unless sooner terminated as amended, shall apply to said Option Space, and the Base Rent for said Option Space shall be the rate per rentable square foot set forth in Section 1(i), payable in monthly installments, in advance. For purposes of calculating Adjusted Base Rent for the Option Space, the Base Year shall be as set forth in Section 1(n). Tenant shall receive a construction allowance at a rate per square foot equal to the original allowance prorated over the remaining Term of this Lease. The Option Space shall be accepted by Tenant in accordance with Paragraph 42 an "as-is" condition, after Landlord performs Items 1, 2, 6 and 8 under Construction/Demolition as shown on Exhibit "E" on the Option Space, and Tenant shall perform the remainder of the renovation of said Option Space to meet its requirements. Tenant's allowance shall be administered and distributed consistent with the terms and requirements of this Lease. If Tenant does not agrees to execute an Amendment and Supplement of Lease in form and substance reasonably acceptable to Landlord confirming the exercise of the Expansion within option to expand, redefining the newly defined Premises, the redefining the newly defined Premises, the Base Rent and construction allowance. Tenant may, subject to the terms and conditions of this Lease and Landlord's prior approval, (a) install an additional generator or increase the size and wattage of the original generator at Tenant's sole cost and expense, (b) increase the HVAC capacity for the Premises at Tenant's sole cost and expense, (c) install additional antennas at Tenant's sole cost and expense, and (d) upgrade the Building electrical system installed by Landlord to accommodate Tenant's electrical usage in the Option on or before October 1, 1994, it Space at Tenant's sole cost and expense. Landlord shall expire automaticallyprovide the space for an additional transformer outside the Building to be installed by Tenant as a part of the Option Space's Base Rent. The location(s) of all such improvements shall be approved by Landlord in Landlord's sole discretion.
Appears in 1 contract
Expansion Option. Paragraph 42 of Tenant is granted the Lease shall be amended right to reflect that Tenant shall have the option (the "Expansion Option") to lease expand its Premises by leasing up to Five Thousand3,000 contiguous, Two Hundred Thirty (5,230) rentable square feet of space located in on the basement eighth floor of the Building (the "Basement Expansion Space"). Tenant must comply with the provisions ) currently leased and occupied by Solonis, Inc. upon vacation of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Spacesaid space by Solonis, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise Inc. Any portion of the Expansion Option shall Space desired by Tenant must be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; contiguous and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space adjacent to the Premises. Once Tenant has exercised the Expansion OptionTo exercise this expansion right, Tenant shall have no further option must give Landlord written notice of its desire to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of occupy all or any portion of the Basement Expansion Space shall expire upon expiration by November 1, 2002. Tenant's lease of the Term Expansion Space will be on the same terms, covenants and conditions provided in the Lease except that Base Rent for the space added by Tenant will be equal to 95% of the Leasemonthly base rent which would then be charged by Landlord for the expansion space considering the condition of such space and based on rates then being charged by Landlord for comparable space in the Building. No provisions of this Lease relating to free rent, leasehold improvements, allowances, or other incentives or concessions, if any, will apply to the expansion space unless sooner terminated by Tenant hereafter agreed upon between the parties in accordance with Paragraph 42 of the Leasewriting. If Tenant does not timely exercises its right to expand pursuant to this section, Landlord will deliver to Tenant an amendment to this Lease adding the additional space to the Premises. If Tenant fails to timely exercise its expansion right hereunder, or if Tenant fails to execute and deliver the lease amendment to Landlord within 5 business days after delivery to Tenant of the same (reflecting the terms agreed upon herein), then Landlord may lease all or any portion of the Expansion Option on Space to one or before October 1, 1994, it shall expire automaticallymore third parties and the expansion option granted hereby will terminate.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") right to lease up to Five Thousand, Two Hundred Thirty (5,230) from Landlord additional space on the first floor of the Building consisting of approximately 10,000 rentable square feet of space located (in the basement a single block of the Building space) to be designated by Landlord (the "Basement First Floor Expansion Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) on or before the date that is one hundred twenty (120) days after the Commencement Date for the Phase I Premises, Tenant may not shall give Landlord written notice of its election to lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; First Floor Expansion Space, and (ii) at the time of such notice and on the Commencement Date for the First Floor Expansion Space, Tenant satisfies the Exercise Conditions, Tenant hereby agreeing that if Tenant fails to satisfy the Exercise Conditions as of the date of such notice, or as of the Commencement Date for the First Floor Expansion Space, Tenant's exercise rights under this Section 2.5 shall expire and be of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. Upon receipt of any such notice, Landlord and ▇▇▇▇▇▇ will prepare plans for the First Floor Expansion Space and Landlord shall improve the First Floor Expansion Space using the construction procedures described in Section 4.1, and the Tenant Allowance and occupancy procedures described in Sections 4.2 and 4.3. The Commencement Date for the First Floor Expansion Space shall be the earlier to occur of (i) the date on which the First Floor Expansion Space is Ready for Occupancy, as such term of Tenant's Lease of all is defined in Section 2.2, or (ii) the date on which Tenant begins to conduct business operations in any portion of the Basement First Floor Expansion Space. Upon the Commencement Date for the First Floor Expansion Space, the First Floor Expansion Space shall expire upon expiration will be included as part of the Term of Premises, and the LeaseTenant's Percentage, unless sooner terminated by Tenant Base Rent, Rentable Square Feet in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyPremises and Tenant's Parking Spaces will be appropriately increased.
Appears in 1 contract
Expansion Option. Paragraph 42 (a) Landlord presently owns the property lying easterly of the Lease shall be amended Property and commonly known as ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to reflect that redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have the a one-time option (the "Expansion Option") ), exercisable only in accordance with this Section 6.3, to lease up to Five Thousand, Two Hundred Thirty (5,230) a minimum amount of at least 100,000 square feet of redeveloped biotechnology space located on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the basement date the Expansion Option is exercisable. The exact size and location of the Building space subject to the Expansion Option within the Expansion Property (the "Basement Expansion Space"). Tenant must comply with ) shall be mutually agreed upon in writing by Landlord and Tenant, subject to the provisions minimum size of Paragraph 42 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Lease regarding notification Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the Landlord should Tenant choose to exercise date the Expansion Option. Option must be exercised, that Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's considering exercise of the Expansion Option shall (which notice may be contingent upon Landlord's prior written approval given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the proposed configuration of Expansion Property at least forty-five (45) days prior to the portion of date the Basement Space which will Expansion Option must be taken by Tenant; and (iii) all costsexercised, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Basement Expansion Space shall be borne by Tenant. Within in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days after Tenant exercises prior to the date the Expansion OptionOption must be exercised.
(b) The Expansion Option shall be exercisable only by written notice from Tenant to Landlord no later than March 1, 2005, and only if Tenant is not then in default under this Lease (beyond any applicable notice and cure periods). Such written notice (the "Exercise Notice") shall state that Tenant is exercising the Expansion Option hereunder and shall state specifically the phasing (if any) pursuant to which Tenant proposes to occupy the Expansion Space, subject to the limitations hereinafter set forth. Upon timely giving of a timely Exercise Notice by Tenant, (i) Landlord shall execute an amendment proceed with reasonable diligence and with commercially reasonable efforts to obtain all governmental approvals required for the Lease reflecting the addition construction of the Basement Space to Expansion Space, including, but not limited to, any governmental approvals required for the Premises. Once Tenant has exercised redevelopment of the Expansion Option, Tenant shall have no further option Property to lease any additional portion accommodate the construction of the Basement Space. All other provisions Expansion Space (provided that if Landlord is unable, despite the exercise of Paragraph 42 shall remain in full force reasonable diligence and effect. The term commercially reasonable efforts, to obtain all such required governmental approvals within six (6) months after delivery of Tenant's Lease Exercise Notice, then upon written notice thereof by either party to the other, Tenant's Exercise Notice shall be deemed to be rescinded and the Expansion Option shall be of no further force or effect) and (ii) subject to the receipt of such required governmental approvals, the Expansion Space shall be leased to Tenant on the following terms (and on the additional terms and provisions set forth in this Lease, except for Article 6 hereof and except to the extent inconsistent with the terms specified in this Section 6.3): The Expansion Space shall, at Tenant's election as set forth in the Exercise Notice, be leased and occupied either all at once, with a single Rent Commencement Date, or any portion in two separate phases, with the first phase having a minimum size of at least fifty percent (50%) of the Basement total Expansion Space and the second phase constituting the balance of the Expansion Space. The Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be determined in the same manner as provided in Section 2.1 hereof (180 days after Landlord's delivery of a Structural Completion Certificate, subject to any adjustments applicable under the Workletter, or on the date Tenant takes occupancy of and commences operation of its business in the applicable space, whichever occurs first), provided that such Rent Commencement Date shall not occur prior to December 1, 2006 unless triggered at an earlier date by Tenant's occupancy of and commencement of operation of its business in the applicable space or unless an earlier date is mutually agreed upon by Landlord and Tenant. If Tenant elects to take down the Expansion Space in two phases as provided above, then the Rent Commencement Date for the second phase of the Expansion Space shall expire upon expiration occur on the earlier of December 1, 2007 or the date Tenant actually occupies and commences operation of its business in the second phase of the Term Expansion Space, unless an earlier date is mutually agreed upon by Landlord and Tenant. Landlord shall perform the equivalent of Landlord's Work (as defined in the Workletter) at its sole cost and expense, for the Expansion Space, subject to such modifications of the Leasescope and definition of Landlord's Work as are consistent with Landlord's design, unless sooner terminated by plans and specifications for the other buildings and facilities to be constructed on the Expansion Property, and Tenant shall be entitled to a Tenant Improvement Allowance of One Hundred Thirty-Five and No/100 Dollars ($135.00) per square foot for the Expansion Space. The minimum monthly rental commencing as of the Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be $4.43 per square foot per month, with annual escalations thereafter on each anniversary of such Rent Commencement Date in an amount equal to three percent (3.0%) of the rental rate in effect immediately prior to the applicable escalation date. If Tenant elects to take down the Expansion Space in two phases as provided above, then the minimum monthly rental applicable to the second phase as of the Rent Commencement Date for such second phase shall be equal to the minimum monthly rental rate then in effect for the first phase, and the minimum monthly rental rate for the second phase shall thereafter at all times be equal to the minimum monthly rental rate in effect for the first phase from time to time, as escalated in accordance with Paragraph 42 the foregoing provisions. Tenant's Operating Expense obligations with respect to the Expansion Space shall be determined in a manner both similar to and proportional to the Operating Expense obligations of other tenants of the LeaseExpansion Property, depending on whether, in Landlord's discretion, the Expansion Property is combined with the Center for Operating Expense purposes or is operated on a stand-alone basis for such purposes, and if operated on a stand-alone basis, whether the Expansion Property is operated on a project-wide basis for Operating Expense purposes or the respective buildings within the Expansion Property are operated in whole or in part on a stand-alone basis for such purposes. Following a timely exercise of the Expansion Option by Tenant, the parties shall promptly (and in all events within ten (10) business days after delivery of Tenant's Exercise Notice) execute a lease amendment or other written agreement reflecting the terms applicable to the Expansion Space as set forth above and reflecting all other terms and provisions of this Lease not inconsistent with the terms set forth above, except for Article 6 hereof and except as the parties may otherwise mutually agree. If Tenant does not validly and timely exercise the Expansion Option in accordance with this Section 6.3 or if the parties do not timely enter into such a lease amendment or other written agreement with respect to the Expansion Space, then the Expansion Option shall be of no further force or effect and Landlord shall thereafter have the right to lease the Expansion Space and the Expansion Property at any time and from time to time to such persons or entities and on such terms as Landlord in its sole discretion may deem appropriate, without any further limitation or before October 1, 1994, it shall expire automaticallyrestriction hereunder.
Appears in 1 contract
Sources: Sublease (Prothena Corp PLC)
Expansion Option. Paragraph 42 of the Lease shall be amended (i) Subject to reflect that subparagraph (b) below, Tenant shall have the option no more than two (2) times during the term of this Lease (the "Expansion Option"), to be exercised by delivery of written notice ("Expansion Option Notice") to lease up ---------------- ----------------------- Landlord to Five Thousand, Two Hundred Thirty cause Landlord to construct the Expansion as provided herein and to include the Expansion as part of the Premises as of Substantial Completion thereof (5,230) square feet of space located as defined in the basement Construction Addendum) of the Building Expansion (the "Basement SpaceExpansion ---------- Commencement Date"). Tenant shall specify to Landlord the date upon which the Expansion must comply be Substantially Completed ----------------- in the Expansion Option Notice.
(ii) The monthly Base Rent for the Premises shall be increased effective upon the Expansion Commencement Date. The increase in monthly Base Rent shall be calculated pursuant to subparagraph (b) below.
(iii) If Tenant shall exercise the Expansion Option as provided herein, Landlord shall design and construct the expansion of the original Premises to contain up to an aggregate of 50,000 square feet of additional leaseable and usable space with parking for 20 additional cars (the "Expansion"). The Expansion shall be designed and constructed by Landlord --------- as a connected expansion of the original Premises, utilizing a common demising wall, between the original Premises and the Expansion full and free access of persons and full and free handling and processing of inventory. The design and construction of the Expansion shall be performed in a manner consistent with the Construction Addendum, subject to the following:
(1) Landlord shall commence preparation of the design of the Expansion within thirty (30) days after exercise by Tenant of the Expansion Option. The final plans and specifications for the Expansion shall be prepared by Landlord and approved by Tenant in a manner consistent with the provisions of Paragraph 42 of the Lease regarding notification to Construction Addendum for the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written preparation and approval of the proposed configuration of Final Plans for the portion of Initial Improvements.
(2) Except as agreed otherwise by Landlord and Tenant, the Basement Space which will Expansion shall be taken by Tenant; and (iii) substantially similar in all costsrespects to the original Premises, including labor without limitation the type and material, quality of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of materials and the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant exterior and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force interior appearance and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyfinish.
Appears in 1 contract
Sources: Lease Agreement (Us Can Corp)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the right, privilege and option (the "Expansion Option") to lease up to Five Thousandbe exercised by Tenant, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant its sole and unconfined discretion and provided it is not required to lease in default hereunder at the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval option or commencement of the- term of the proposed configuration lease for the Expansion Space (as hereinafter defined), to rent for a period coterminous with the term hereof (including option periods, if any) not to exceed 50% of the portion contiguous rentable space on a floor(s) within the Building to be designated by Landlord within 90 days of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion exercise of the Basement Space shall be borne by Tenant. Within fifteen option (15"Expansion Space") days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment subject to the Lease reflecting following terms and conditions:
A. Tenant shall give written notice to Landlord on or before the addition expiration of the Basement Space fourth year of the term hereof that it desires to the Premises. Once rent Expansion Space; and
B. Whether or not Tenant has exercised the Expansion Optionoption granted under Paragraph 10A above, Tenant shall have no further option give written notice to Landlord on or before the expiration of the ninth lease year that it desires to lease additional Expansion Space (which need not be contiguous to the portion leased under Paragraph 10A above.) If the Expansion Space allocated to Tenant pursuant tot the foregoing options has not been previously leased to other tenants, then Landlord, at its sole cost and expense, shall construct the Expansion Space in accordance with building standards prevailing in the Building as of the date hereof ("Expansion Work") and deliver the same to Tenant on the commencement date of the sixth or tenth year of the term, as the case may be ("Delivery Date") and rent therefor shall commence as of the Delivery Date provided Landlord has substantially completed the Expansion Work. If the Expansion Space designated by Landlord has been previously leased to other tenants and such tenants are currently occupying such space, then Landlord shall, at its sole cost and expense, relocate such tenants and make the Premises available to Tenant in a broom clean condition but otherwise on an "as is" basis ("Relocation Work") on the Delivery Date and rent therefor shall commence as of the Delivery Date; provided, Landlord has completed the Relocation Work. Any dispute as to the completion of either the Expansion Work or Relocation Work shall be referred to arbitration as set forth in Section 13. The Monthly Base Rent for the Expansion Space shall be 1/12th of the product obtained by multiplying: (i) the square feet of rentable area of the Expansion Space by (ii) the annual per square foot "market rate" rent (as hereinafter defined), as adjusted pursuant to the terms of this Lease for each such space. Market rate is defined for any additional Expansion Space as the bona fide annual rent per square foot of net rentable area being offered by Landlord to prospective tenants (excluding existing tenants under renewal options) for a lease term commencing on or after the date rent is to begin for the Expansion Space or the beginning date of any other portion of the Basement Spaceterm under a lease for Expansion Space which requires an increase to the then market rate rent, for comparable office area in the Building and for leases containing comparable terms and conditions for "as is" space reduced by the amount, if any, by which operating expenses included in such annual rental exceeds the Base Operating Expenses under this Lease. All other provisions One-twelfth of Paragraph 42 the amount so calculated multiplied by the rentable area of the space, shall remain be the Monthly Base Rent applicable to such space and shall be subject to adjustment in full force and effectthe manner provided in this Lease. The term Landlord shall notify Tenant 45 days prior to the date rental is to begin under an Expansion Space Lease of the market rate applicable to such space. If, within 15 days after receipt of such notice, Tenant fails to notify Landlord, in writing, of Tenant's Lease objections to the market rate submitted by Landlord, Tenant shall be deemed to have accepted such market rate. If, within said 15-day period, Tenant notifies Landlord of all or any portion its objections to the proposed market rate, the parties agree to negotiate in good faith their differences within 30 days immediately following Tenant's notice of objections to the market rate, and failing agreement within said period of time, the matter shall be submitted for appraisal in a manner hereinafter provided. In the event the parties fail to agree on a market rate, Landlord and Tenant shall, within 10 days after the expiration of said 30-day period for negotiation, each appoint an appraiser who is a member of the Basement American Institute of Real Estate Appraisers, or if it shall not be in existence, a member of the most nearly comparable organization, and each party shall notify the other as to the name and address of the appraiser selected. The two appraisers shall, during the next 15 days, meet and attempt to agree on the market rate within the definitions set forth herein. In determining market rate, the appraiser shall use, as a basis for confirming whether Landlord's offer is bona fide, the actual leases made by Landlord for comparable space in the Building for a lease term commencing within the 6-month period immediately preceding or at any date after the date of the commencement of rent for the Expansion Space. If, upon the expiration of said 15-day period, the appraisers fail to agree on a market rate, they shall select a third appraiser, also a member of the American Institute of Real Estate Appraisers, and notify Landlord and Tenant of such appraisers, name and selection. If the two appraisers are unable to agree on a third appraiser, either party, by giving 5 days' written notice to the other, may apply to the then president of the Chicago Bar Association for the selection of a third appraiser who meets the qualifications stated hereinabove. Within 15 days after the selection of a third appraiser, a majority of the appraisers shall set the market rate. If a majority of the appraisers are unable to set the market rate within the stipulated period of time, the three appraisers' decision on market rate shall in each instance be added together and their total divided by three with the resulting quotient consisting the market rate. In the event the parties hereto fail to agree upon the market rate hereunder, and until the market rate is determined in the manner provided herein, the Tenant agrees to pay market rate- rent ,"Temporary Monthly Market Rate Rent" until the parties agree on the market rate. Upon the termination of the market rate, the Landlord shall, within 10 days of such determination, refund to the Tenant or the Tenant shall, within 10 days of such determination, pay to Landlord the difference between the temporary monthly market rate rent paid by Tenant and the finally determined market rate. Notwithstanding anything to the contrary contained herein, the Market Rate Rent for any Expansion Space shall expire upon expiration of never be less than the Term of then Adjusted Monthly Rental under this Lease reduced by the difference between the then estimated operating expenses and the Base Operating Expenses under this Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
Appears in 1 contract
Sources: Office Lease (Ismie Holdings Inc)
Expansion Option. Paragraph 42 of So long as the Lease shall be amended to reflect that space is "available for lease" (as ---------------- hereinafter defined), Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of add any other space located in the basement of the Building (the "Basement Expansion Space") to the Premises during the first Lease Year by providing prior written notice to Landlord at least ninety (90) days in advance of the date Tenant wishes to occupy the Expansion Space (the "Effective Date"). Tenant must comply The Expansion Space shall be "available for lease" if (i) the space is not already leased or (ii) the space will become vacant because the existing lease has or will expire with the provisions of Paragraph 42 of the Lease regarding notification no renewal provision which was exercised. The Expansion Option is also subject to and subordinate to the Landlord should rights of existing tenants in the Building. Should Tenant choose fail to duly and timely exercise the Expansion Option, or elects not to exercise the Expansion Option, the expansion Option shall become null and void and of no further force or effect. Should Tenant duly and timely exercise the Expansion Option, the Expansion Space shall be added to this Lease from and after the date Landlord delivers the Expansion Space to Tenant, or such earlier date to which Landlord and Tenant may mutually agree, through the last day of the Term, as the same may be extended. Except as explicitly set forth herein, the Expansion Space shall be subject to all terms and provisions of the Lease. Tenant is not required improvements for the Expansion Space shall be designed and installed in accordance with the procedures and conditions set forth in EXHIBIT C to lease --------- the entire Lease and Tenant's allowance for improvements shall be an amount equal to the product of multiplying $21.50 (which shall be the Tenant's allowance per square foot) times the rentable square footage of the Basement SpaceExpansion Space times a fraction, provided that (i) the numerator of which is the number of full calendar months remaining in the Term of this Lease, and the denominator of which is the total number of months in the Term. Tenant may shall not lease an amount have any right's under this paragraph if, at the time of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costsOption, including labor and material, of constructing any demising wall or other construction required in order to delineate Landlord does not approve Tenant's chosen portion creditworthiness. In determining Tenant's creditworthiness, Landlord may consider any financial statements of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment may compare them to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated financial statements submitted by Tenant in accordance connection with Paragraph 42 of the entry into this Lease. If Tenant does not exercise the This Expansion Option on shall not be effective or before October 1, 1994, it shall expire automaticallyexercisable during the existence of a default by Tenant under this Lease.
Appears in 1 contract
Sources: Assignment of Lease (Vialog Corp)
Expansion Option. Paragraph 42 Provided that (i) at the time Tenant exercises the expansion option provided herein, Tenant is not in default under any terms and conditions under this Lease beyond the expiration of any applicable notice or cure period, and (ii) the current use of the Lease shall be amended to reflect that Leased Premises has not materially changed since the Commencement Date, commencing on the Commencement Date and thereafter during the Term, Tenant shall have the option to expand the Premises (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of include the space located on the 2nd and 3rd floor identified as “Future Expansion" on the layouts in the basement of the Building Exhibit B-1 (the "Basement “Expansion Space"”). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification , upon and subject to the Landlord should following terms and conditions, and subject to the availability of such Expansion Space at the time Tenant choose wishes to exercise its Expansion Option (for purposes of this Section, net Expansion Space shall be deemed to be "available" only if it is not, on the Expansion Option. Tenant is not required to lease the entire square footage date of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of its Expansion Option, subject to a lease agreement with, or occupied by, any tenant, subtenant or other occupant):
A. Tenant may exercise the Expansion Option only by written notice to Landlord (the "Expansion Notice") at least two hundred seventy (270) days prior to the date upon which Tenant desires to expand into the available net Expansion Space (the "Expansion Date"). The Expansion Date and the net Expansion Space contemplated by Tenant must be specifically set forth in the Expansion Notice; and at the time Tenant provides its notice of exercise of its Expansion Option, the Expansion Space must be available for lease to Tenant.
B. Landlord shall have no obligation to relocate or terminate the leases of any existing tenants who, as of the date that Tenant provides its notice of exercise of its Expansion Option, lease any portion of the designated Expansion Space (or their successors, assignees, subtenants or other occupants), in order for Tenant to exercise its Expansion Option.
C. At the time Tenant exercises its Expansion Option as to the designated Expansion Space, ▇▇▇▇▇▇'s First Right of Offer as to said designated Expansion Space shall terminate.
D. All terms, covenants, conditions and provisions of this Lease applicable to the Premises, including without limitation the rate of Minimum Rent per net square foot per annum, shall apply with like force and effect to the Expansion Space, except that (1) the term for the lease of the Expansion Space shall be the greater of (hereinafter, the "Expansion Term"): (a) the remaining Term for the lease of the Premises or (b) a period of three (3) years; (2) the lease of the Expansion Space by Tenant shall commence on the date that Landlord delivers the Expansion Space to Tenant with Landlord's Expansion Work (as hereinafter defined) Substantially Completed; and (3) Landlord shall not be obligated to make any alterations or improvements to the Expansion Space, or to provide Tenant with any allowances or other funds with respect to the Expansion Area, except as otherwise provided in Section 3.10(E) below. If Tenant timely and properly exercises its Expansion Option as to any Expansion Space, Tenant shall, promptly upon Landlord's request, and within thirty (30) days after the date on which Tenant provides its written notice to Landlord that Tenant desires to exercise its Expansion Option as to the Expansion Space, enter into an amendment to this Lease with respect to the Expansion Space as to which Tenant has so exercised its Expansion Option, which amendment shall be in a form reasonably acceptable to both Landlord and Tenant and shall confirm the terms and conditions of Tenant's lease of the Expansion Space as provided herein, and shall contain such other terms and conditions as Landlord and Tenant reasonably and mutually deem to be necessary or appropriate.
E. Landlord shall construct and renovate the Expansion Space, similar to Landlord’s Work for the Leased Premise, pursuant to plans and specs that are mutually acceptable to Landlord and Tenant ("Landlord's Expansion Work"). Upon Substantial Completion of Landlord's Expansion Work and delivery of exclusive possession of the Expansion Space to Tenant as herein provided, ▇▇▇▇▇▇ shall execute a letter of understanding, substantially in the form of the Letter of Understanding executed in connection with the Premises.
F. This Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment personal to the Lease reflecting the addition of the Basement Space Tenant originally named herein and shall not extend to the Premises. Once any assignee, except for a Tenant has exercised the Expansion Option, Affiliate or Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallySuccessor.
Appears in 1 contract
Sources: Lease Agreement
Expansion Option. Paragraph 42 Provided that this Lease is in full force and effect and Tenant is not in default of the Lease shall be amended to reflect that its monetary obligations hereunder and is not in default of its non-monetary obligations hereunder beyond any applicable cure period, Tenant shall have the option right, during the first ninety (90) days of the "Expansion Option") Term of this Lease, to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of occupy all or any portion of the Basement First Floor, provided that the portion of the First Floor not leased and occupied by Tenant is configured and located so as to be leaseable to third parties in accordance with customary market terms reasonably acceptable to Landlord (the "Expansion Space"). The lease term for the Expansion Space shall expire upon expiration coterminous with this Lease. Tenant may exercise this right only by giving Landlord written notice at any time during the first ninety (90) days of the Term of the Lease. Annual Base Rent for the Expansion Space shall be charged at the rate per rentable square foot then in effect for the Premises, unless sooner terminated by Tenant in accordance with Paragraph 42 which rate shall increase pursuant to the terms of Section 1.11 of the Lease. If Tenant does not exercise In addition, Tenant's Proportionate Share shall be adjusted to reflect the Expansion Option Space, with all other terms of the Lease to remain the same. Landlord shall provide Tenant with a Tenant Improvement Allowance for the Expansion Space in an amount equal to $20.00 per rentable square foot (constituting the "Expansion Tenant Improvement Allowance"). The improvements to be constructed in the Expansion Space shall be designed and constructed in accordance with the applicable procedures set forth in Exhibit C and Rent shall commence on or before October 1a date determined by Landlord and Tenant, 1994, it which date shall expire automaticallynot be more than ninety (90) days after Landlord's receipt of written notice of Tenant's exercise of the option for the Expansion Space. Any costs incurred by Tenant in excess of the foregoing Expansion Tenant Improvement Allowance shall be the sole responsibility of Tenant.
Appears in 1 contract
Expansion Option. Paragraph 42 All options to expand the Premises set forth in the Lease prior to execution of this Tenth Addendum, including, but not limited to, the options to expand the Premises set forth in paragraph 6 of the Lease shall be amended to reflect Eighth Addendum, are hereby superseded and deleted from the Lease. Landlord and Tenant agree that Tenant shall have the right and option to expand the area of the Premises subject to the Lease (the "“Tenant’s Expansion Option"”) subject to lease up the following terms and conditions:
i. Tenant’s Expansion Option applies only to Five Thousand, Two Hundred Thirty space within the second (5,2302nd) square feet floor of space located in the basement of the said Building (the "Basement Space")number 2019;
ii. Tenant must comply with give to Landlord written notice of its election to exercise Tenant’s Expansion Option (an “Expansion Notice”) no later than six (6) months prior to the date as of which the expansion shall be effective;
iii. The Expansion Notice must describe the area within said second (2nd) floor of said Building 2019 desired by Tenant;
iv. Landlord shall have no obligation to deliver the expansion space earlier than October 1, 2006;
v. The monthly rental for the expansion space shall be the fair market rental for the expansion space determined in the same manner as the fair market rental for the New Extension Period shall be determined under the provisions of Paragraph 42 paragraph 4B of this Tenth Addendum;
vi. Tenant shall accept the expansion space “as is” with Landlord having no obligation to construct, or pay any part of the Lease regarding notification cost of, any improvement work required to make the expansion space suitable for Tenant’s use unless, and to the extent, that Landlord should and Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or then reach a configuration which would leave the remaining Basement Space unusable by Landlordcontrary agreement; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenantand
vii. Within fifteen thirty (1530) days after Tenant exercises gives the Expansion OptionNotice to Landlord, or, if later, within ten (10) days after the fair market rental for the expansion space is determine, Landlord and Tenant shall enter into and Landlord shall execute an amendment to the Lease reflecting setting forth that fair market rental amount and other details about the addition effect of the Basement Space to the Premises. Once Tenant has exercised the Tenant’s exercise of Tenant’s Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
Appears in 1 contract
Sources: Lease (Health Net Inc)
Expansion Option. Paragraph 42 of a) Landlord hereby grants during the Lease shall be amended term hereof to reflect that Tenant shall have the right and option (the "Expansion Phase Two Option") to request that Landlord construct a second two story 32,182 square foot building together with a connector between the Building and the Second Building containing 4,604 square feet (collectively, the "Second Building") and related site improvements (collectively, the "Expansion Improvements") on the Land as shown on the Expansion Improvements Plan attached hereto as Exhibit F, subject to and in accordance with the terms hereof. Landlord, at Landlord's sole cost and expense shall construct the base building and site work improvements related to the Expansion Improvements in the same manner as set forth in Section 3 of the Lease.
b) The Phase Two Option shall be exercised by Tenant, if at all, by written notice (the "Phase Two Option Exercise Notice") delivered to Landlord at any time after the Commencement Date. The Phase Two Option may only be exercised by the named Tenant hereunder or a Successor Corporation. In order to reserve the Phase Two Option, Tenant shall pay the sum of Three Thousand Dollars ($3,000.00) (the "Reservation Fee") per month which shall be paid on the first day of each month during the Term until such time as Tenant has elected the Phase Two Option and Landlord has commenced construction of the base building of the Second Building or until Tenant has determined that it does not desire to exercise the Phase Two Option. In the event Tenant fails to pay the Reservation Fee on or before the fifteenth (15th) of any calendar month during the Term and within five (5) days following written notice from Landlord to Tenant of such failure (provided Landlord shall only be obligated to give and Tenant to receive two (2) such written notices every Lease Year), and Tenant has not theretofore elected to exercise the Phase Two Option, such failure shall not constitute a default under the Lease, but shall terminate Tenant's rights to exercise such Phase Two Option.
c) The Base Rent for Phase Two (the "Expansion Base Rent") shall be at the then current rate for Phase One (for Office Space and Shell Space, as applicable) and the term of the Lease for Phase Two shall be coterminous with the Term of this Lease with respect to Phase One, provided, however if the term as so determined is less than ten (10) years, then the term for Phase One shall be extended to ten (10) years, as if Tenant exercised a right to so extend the term of Phase One in accordance with the terms of this Lease, including the increase of Base Rent for Phase One as provided above (independent from any Renewal Term set forth above) and the term of this Lease for both Phase One and Phase Two shall be ten (10) years from the Expansion Rent Commencement Date. Tenant shall be obligated to lease the entire Second Building if it elects the Phase Two Option, provided, however, Tenant shall be permitted to designate up to Five Thousand, Two Hundred Thirty (5,230) 7,200 square feet of space located within the Second Building to be Shell Space subject to conversion to Office Space in the basement same manner as provided above in connection with Phase One. Landlord shall provide to Tenant an allowance in accordance with the following schedule for Tenant to utilize in connection with tenant improvements to the Phase Two ("Tenant's Expansion Work") in the same manner as set forth in Section 3 of the Building Lease: --------------------------------------------------------------------------------------------------- Year of Term of Phase Two Exercise Notice Allowance per rentable square foot of Phase Two ----------------------------------------- ----------------------------------------------- --------------------------------------------------------------------------------------------------- 1-5 $25.00 --------------------------------------------------------------------------------------------------- 6-10 $26.00 --------------------------------------------------------------------------------------------------- 11-15 $27.00 --------------------------------------------------------------------------------------------------- Tenant's obligation to commence the payment of Expansion Base Rent shall commence upon the date (the "Basement SpaceExpansion Rent Commencement Date")) of Substantial Completion of Tenant's Expansion Work, being the date which the Tenant's Expansion Work is substantially completed but for minor items of finishing and adjustment and Tenant is legally permitted to use and occupy Phase Two, but not later than the earlier of (i) one hundred (100) days following the date on which Landlord completes the Base Building and Site Work Improvements to the Second Building, subject to Force Majeure Delay up to a maximum of thirty three (33) days, or (ii) the date Tenant commences its regular business operations in the Second Building. All improvements to the Expansion Improvements shall be undertaken in the same manner as the improvements for the original Premises. From and after the Expansion Rent Commencement Date, the Expansion Base Rent shall be included in the Base Rent payable by Tenant must comply under the terms of this Lease, and the Expansion Improvements shall be deemed to be a part of the Premises for all purposes under this Lease. Landlord and Tenant will enter into an amendment to this Lease to incorporate the Expansion Improvements into the Premises as of the date Tenant's Expansion Work is substantially completed and to make such other necessary adjustments to this Lease (including, to the extent necessary an extension of the term to ten (10) years as provided above) as mutually agreed by the parties.
d) In the event Tenant determines not to exercise its Phase Two Option and stops paying to Landlord the Reservation Fee, Landlord shall be permitted to build the Second Building as set forth and in a manner consistent with the provisions of Paragraph 42 Expansion Improvements Plan and without disturbing Tenant's use and occupancy of the Lease regarding notification Premises and lease space within the Second Building to one or more tenants on terms and conditions acceptable to Landlord. In such event, Landlord shall not construct the Landlord should connector between Phase One and Phase Two and Tenant's original Premises shall at all times remain a stand alone building. In the event Tenant choose determines that it does not desire to exercise the Expansion Phase Two Option. , Tenant is not required agrees to lease the entire square footage provide written confirmation of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent such determination upon Landlord's prior written approval request. Notwithstanding the foregoing, in such event Landlord and Tenant shall enter into a mutually satisfactory amendment to this Lease which shall set forth the allocation of Operating Expenses which are applicable to the proposed configuration entire Land, the Building and the Second Building such as landscaping, snow removal, parking lot maintenance, real estate taxes (if the parcels are not separately assessed), management fees (not to exceed 4.0% of the portion of the Basement Space which will be taken by Tenant; gross rental revenues) and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion obligation to pay its Proportionate Share of such costs allocable to the Basement Space Premises which shall be borne by Tenantpaid monthly on an estimated basis subject to customary annual reconciliation and audit rights. Within fifteen (15) days after In the event Tenant exercises does not occupy the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion OptionSecond Building, Tenant shall have no further option continue to lease any additional portion remain liable for one hundred percent (100%) of all Operating Expenses attributable solely to Phase One. Notwithstanding the existence of the Basement Space. All other provisions of Paragraph 42 Second Building, Tenant may still self manage the Premises, but shall remain in full force not be obligated to manage or provide services or otherwise by liable for the operations, management or Operating Expenses associated with or allocable to the Second Building and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyLand associated therewith.
Appears in 1 contract
Sources: Lease Agreement (Viropharma Inc)
Expansion Option. Paragraph 42 of 40.1 Provided that this Lease has been fully executed by the Lease shall be amended parties hereto and Tenant has delivered to reflect that Landlord all prepaid rental required hereunder, Tenant shall have the option (the "“Expansion Option"”) to lease up all or a portion of the remainder of the space located on the 19th floor of the Building containing approximately 9,000 square feet of rentable area as shown on Exhibit F to Five Thousandthis Lease (the “19th Floor Expansion Space”). Tenant’s Expansion Option may be exercised by Tenant more than once with respect to portions of the 19th Floor Expansion Space only, Two Hundred Thirty provided that all of the conditions of this Article 40 are met with respect to each such exercise by Tenant. In the event that Tenant exercises its Expansion Option in accordance with this Article as to the entire remainder of the 19th Floor Expansion Space, then Tenant’s Expansion Option shall also apply to either (5,230a) all or a portion of the space containing approximately 17,000 rentable square feet located on the 17th floor of the Building or (b) all or a portion of the approximately 17,000 rentable square feet of space located on the 20th Floor of the Building, as such spaces are shown on Exhibit F-1 to this Lease (each, an “Additional Expansion Space”), provided that Landlord shall determine, in its sole discretion, whether the basement Expansion Option as to any Additional Expansion Space applies to the space located on the 17th floor of the Building (or to the "Basement Space"). Tenant must comply with space located on the provisions of Paragraph 42 20th floor of the Lease regarding notification Building. Notwithstanding the foregoing, Tenant shall have no Expansion Option with respect to any of the Landlord should Additional Expansion Space if Tenant choose fails to exercise the Expansion OptionOption as to the entire 19th Floor Expansion Space. The 19th Floor Expansion Space and the Additional Expansion Space, if any, as to which Tenant exercises its Expansion Option pursuant to this Section are sometimes hereinafter referred to as the “Expansion Space”.
40.2 Notwithstanding anything to the contrary set forth herein, Tenant may only exercise its Expansion Option pursuant to this Article 40 if: (i) Landlord receives a binding written notice (the “Expansion Notice”) from Tenant of the exercise of its Expansion Option on the terms and conditions set forth in this Article 40 no later than June 1, 2009 (the “Expansion Option Period”), which Expansion Notice as to the 19th Floor Expansion Space shall identify the portion of the 19th Floor Expansion Space Tenant desires to lease pursuant to this Section; (ii) the commencement date of the term for such Expansion Space, including the commencement of Annual Rent and Tenant’s Proportionate Share of Taxes and Expenses (subject to Sections 40.3 and 40.4, below) for such Expansion Space, shall be no later than four (4) months after the later date of Tenant’s delivery of its Expansion Notice; (iii) Tenant is not required in default under this Lease beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; (iv) no part of the Premises is sublet at the time Landlord receives the Expansion Notice; (v) this Lease has not been assigned prior to the date that Landlord receives the Expansion Notice; (vi) the Expansion Space is intended for the exclusive use of Tenant only during the Term; (vii) Tenant has not vacated or abandoned the Premises at the time Landlord receives the Expansion Notice; (viii) in the event Tenant exercises the Expansion Option only as to a portion of the 19th Floor Expansion Space, such portion shall be not less than 3,000 rentable square feet, and the remaining portion of the 19th Floor Expansion Space as to which Tenant does not exercise the Expansion Option shall be in a marketable configuration, as determined by Landlord in Landlord’s sole discretion. In the event that the Expansion Option applies to the Additional Expansion Space pursuant to Section 40.1 above, upon receipt of Tenant’s Expansion Notice, Landlord shall notify Tenant of the floor on which the potential Additional Expansion Space as to which the Expansion Option shall apply is located (“Landlord’s Notice”). Tenant shall, within five (5) business days after receipt of Landlord’s Notice, deliver to Landlord an Expansion Notice notifying Landlord of Tenant’s exercise of its Expansion Option of such Additional Expansion Space, which Expansion Notice shall identify the portion of Additional Expansion Space Tenant desires to lease pursuant to this Lease, provided that in the event that Tenant exercises its Expansion Option as to only a portion of the Additional Expansion Space described in Landlord’s Notice, if such Additional Expansion Space described in Landlord’s Notice is located on the 17th floor, such portion exercised by Tenant shall be no less than fifty percent (50%) of the entire Additional Expansion Space described in Landlord’s Notice, and if such Additional Expansion Space described in Landlord’s Notice is located on the 20th floor, such portion exercised by Tenant shall be no less than twenty-five percent (25%) of the entire Additional Expansion Space described in Landlord’s Notice, and the remaining portion of the subject Additional Expansion Space as to which Tenant does not exercise the Expansion Option shall be in a marketable configuration, as determined by Landlord in Landlord’s sole discretion. In the event Tenant fails to deliver an Expansion Notice for such Additional Expansion Space within such five (5) business day period, Tenant’s Expansion Option as to the Additional Expansion Space shall be deemed to be null and void and Tenant shall have no further rights to lease any Additional Expansion Space hereunder.
40.3 The initial Annual Rent rate per rentable square foot for the subject Expansion Space shall be the same as the Annual Rent rate per rentable square foot for the initial Premises on the date the term for the Expansion Space commences. The Annual Rent rate for the subject Expansion Space shall increase at such times and in such amount as the Annual Rent rate for the initial Premises, it being the intent of Landlord and Tenant that the Annual Rent rate per rentable square foot for the Expansion Space shall always be the same as the Annual Rent rate per rentable square foot for the initial Premises. Monthly Installment of Rent attributable to the Expansion Space shall be payable in monthly installments in accordance with the terms and conditions of Article 3 of this Lease. If Tenant exercises its Expansion Option during the Expansion Option Period, Tenant shall be entitled to an abatement of Monthly Installment of Rent with respect to such Expansion Space on a prorated straight-line basis for the then-remaining Term, as determined by Landlord, in proportion to the abatement of Monthly Installment of Rent applicable to the initial Premises.
40.4 Tenant shall pay additional rent (including without limitation, Tenant’s Proportionate Share of Taxes and Expenses) for the Expansion Space on the same terms and conditions set forth in Article 4 of this Lease, including the same Base Year that is applicable to the initial Premises, and ▇▇▇▇▇▇'s Proportionate Share shall increase appropriately to account for the addition of the Expansion Space.
40.5 The Expansion Space (including improvements and personalty, if any) shall be accepted by Tenant in its “as-built” condition and configuration existing on the earlier of the date Tenant takes possession of the Expansion Space or as of the date the term for the Expansion Space commences. In addition, Tenant shall be entitled to an Improvement Allowance with respect to the Expansion Space, as described in Section 40.8 below.
40.6 The term for the subject Expansion Space shall commence on the date Landlord delivers possession of the Expansion Space to Tenant, and shall end, unless sooner terminated pursuant to the terms of this Lease, on the Termination Date of this Lease, it being the intention of the parties hereto that the term for the Expansion Space and the Term for the initial Premises shall be coterminous. If Landlord is delayed delivering possession of the subject Expansion Space due to the holdover or unlawful possession of such space by any party, Landlord shall use reasonable efforts to obtain possession of the space, and the commencement of the term for the Expansion Space shall be postponed until the date Landlord delivers possession of the Expansion Space to Tenant free from occupancy by any party.
40.7 The Expansion Space shall be considered a part of the Premises, subject to all the terms and conditions of this Lease, except that no allowances, credits, abatements or other concessions (if any) set forth in this Lease for the initial Premises shall apply to the Expansion Space, except as may be specifically provided otherwise in this Article 40.
40.8 Tenant shall be entitled to receive an improvement allowance (the “Improvement Allowance”) in accordance with the terms and conditions set forth below, with respect to the Expansion Space:
40.8.1 The Improvement Allowance per square foot of rentable area in the Expansion Space leased by Tenant shall be in an amount determined by multiplying $0.5392 by the number of full calendar months remaining in the Term on the commencement date for the Expansion Space. For example, if there are one hundred (100) full calendar months remaining in the Term on the commencement date of the Expansion Space, Tenant shall be entitled to receive an Improvement Allowance of $53.92 per square foot of rentable area of Expansion Space ($0.5392 x 100 = $53.92). Such Improvement Allowance shall be applied toward the hard costs of performing the initial improvements in the Expansion Space (the “Expansion Improvements”).
40.8.2 The Improvement Allowance shall be disbursed during construction of the Expansion Improvements (but no more often than once every thirty (30) days) upon receipt by Landlord of necessary waivers of mechanics liens from the general contractor and the subcontractors, percentage completion certificates from Tenant, the general contractor and ▇▇▇▇▇▇'s architect, a sworn contractor's affidavit from the general contractor, a request to disburse from Tenant containing an approval by Tenant of the work done, and such other documents as Landlord may reasonably request. Landlord shall disburse the Improvement Allowance funds within thirty (30) days of receipt of the documentation described above, subject to ten percent (10%) retention, to the order of the general contractor or, at ▇▇▇▇▇▇▇▇'s election, to the joint order of the general contractor and all included subcontractors. If the cost of the Expansion Improvements exceeds the Improvement Allowance, then the Improvement Allowance will be disbursed in the proportion that the Improvement Allowance bears to the total cost of the Expansion Improvements. Upon completion of the Expansion Improvements, and prior to final disbursement of the Improvement Allowance, Tenant shall furnish Landlord with: (a) general contractor and architectural completion affidavits, (b) full and final waivers of lien, (c) receipted bills covering all labor and materials expended and used, (d) as-built plans of the Expansion Improvements, (e) the certification of Tenant and its architect that the Expansion Improvements have been installed in a good and workmanlike manner in accordance with the approved plans and in accordance with applicable codes and ordinances, and (vi) such other documents as Landlord may reasonably request to evidence the proper completion and payment of the Expansion Improvements.
40.8.3 Notwithstanding anything herein to the contrary, Landlord shall not be obligated to disburse any portion of the Improvement Allowance during the continuance of an uncured default under this Lease, and ▇▇▇▇▇▇▇▇'s obligation to disburse shall only resume when and if such default is cured. The Improvement Allowance may only be used for the cost of labor, material, permits and contractors fees for the Expansion Improvements to the Expansion Space. In no event shall more than $10.00 per rentable square foot of the Improvement Allowance for the Expansion Space be used for (i) any soft costs, including the cost of preparing plans, drawings and specifications, or (ii) the purchase of equipment, furniture or other items of personal property of Tenant, for the Expansion Improvements. Any Improvement Allowance remaining after the date which is seven (7) months following the commencement of the term for the Expansion Space shall accrue to Landlord and Tenant shall have no claim in connection therewith.
40.9 If Tenant is entitled to and properly exercises the Expansion Option, Landlord shall prepare an amendment (the “Expansion Amendment”) to reflect the commencement date of the term for the Expansion Space and the changes in Monthly Installment of Rent, rentable square footage of the Basement SpacePremises, provided ▇▇▇▇▇▇'s Proportionate Share and other appropriate terms. A copy of the Expansion Amendment shall be sent to Tenant within a reasonable time after ▇▇▇▇▇▇▇▇’s receipt of the Expansion Notice, and Tenant shall execute and return the Expansion Amendment to Landlord within ten (10) business days thereafter, provided, however, that (i) Tenant may not lease an amount the parties agree to negotiate any other appropriate terms of square footage or the Expansion Amendment in good faith and in a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's commercially reasonable manner. An otherwise valid exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall fully effective whether or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises not the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyAmendment is executed.
Appears in 1 contract
Sources: Lease Agreement
Expansion Option. Paragraph 42 of Subject to the Lease shall be amended provisions hereinafter set forth,Landlord hereby grants to reflect that Tenant shall have the option to lease, on the terms and conditions hereinafter set forth, space (the "“Expansion Option"Space”) to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in within the basement area on the 25th floor of the Building shown on Exhibit I to this Lease (the "Basement “Total Expansion Space"”). Tenant must comply with , the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Spaceexact area, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise and location of the Expansion Option shall be contingent upon Landlord's prior written approval Space and the date of commencement of the proposed configuration term of the demise with respect to the Expansion Space (the “Expansion Space Commencement Date”) to be designated by Landlord within the parameters set forth below.
(a) Landlord shall determine the portion of the Basement Total Expansion Space which will to be taken made available for lease by Tenant as the Expansion Space (without regard to whether other portions of the Total Expansion Space may also be available for leasing) and the Expansion Space Commencement Date, subject to the following conditions:
(i) the area of the Expansion Space shall be 10,000 square feet of Rentable Area, plus or minus 20%;
(ii) the Expansion Space shall include the portion of the 25th floor of the Building where an existing staircase connects . the 24th and 25th floors, unless such portion of the 25th floor has been leased by Tenant pursuant to its right to lease First Offer Space or otherwise leased by Tenant; and and
(iii) all coststhe Expansion Space Commencement Date shall fall within the period commencing on the first day of the sixth Lease Year and ending on the last day of the sixth month of the seventh Lease Year.
(b) Tenant’s option to lease the Expansion Space shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not earlier than the first day of the fifth Lease Year and not later than the last day of the sixth month of the fifth Lease Year, including labor time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon terminate and material, of constructing Tenant shall not thereafter have any demising wall or other construction required in order right to delineate Tenant's chosen lease any portion of the Basement Total Expansion Space pursuant to this expansion option. Tenant may not elect to lease less than the entire area of the. Expansion Space designated by Landlord!
(c) Landlord shall be borne by Tenant. Within fifteen give Tenant written notice of the location and Rentable Area of the Expansion Space, the Expansion Space Commencement Date, and the Market Rental Rate for the Expansion Space within sixty (1560) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition Tenant’s exercise of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further its option to lease any additional portion the Expansion Space.
(d) Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the Basement Expansion Space. All other provisions of Paragraph 42 shall remain .Commencement Date this lease is in full force and effecteffect and tenant is not in Default under this lease, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this lease and any Tenant Successors and Tenant Affiliates) at least 45,000 square feet of Rentable Area of the Premises is occupied by the original Tenant named herein or a tenant Successor or Tenant Affiliate, this lease has not been assigned other.’than to a Tenant Successor or Tenant Affiliate, not more than 15,000 square . The feet of Rentable Area of the Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates, and Landlord has not terminated this lease as to any part ... , of the Premises pursuant to Section 15 above. Without limitation of the. foregoing, no sublessee, and no assignee other man a tenant Successor or tenant Affiliate, shall be entitled to exercise said; option, and no exercise of said option by the original tenant • named herein or a Tenant Successor or Tenant Affiliate shall be effective in the event said . Tenant or Tenant Successor or tenant Affiliate assigns this lease prior to the Expansion Space Commencement Date other than to a Tenant Successor or Tenant Affiliate or more than 15,000 square feet of Rentable Area of the Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates as of the Expansion Space Commence-ment Date or Landlord terminates this lease as to any part of the Premises pursuant to Section 15 above prior to, the Expansion Space Commencement Date. .
(e) If Tenant has validly exercised its option to lease the Expansion Space, then effective as of the Expansion Space Commencement Date the Expansion Space shall be included in the Premises, subject to all of the terms, conditions and provisions of this lease, except that:
(i) Base Rent per square foot of Rentable Area for the Expansion Space shall be equal to the Market Rental Rate for the Expansion Space;
(ii) the Rentable Area of the Premises shall be increased by the Rentable Area of the Expansion Space;
(iii) the term of Tenant's Lease the demise covering the Expansion Space shall commence on the Expansion Space Commencement Date and shall expire simultaneously with the expiration or earlier termination of all me Term of this tease, including any extension or any portion renewal thereof; and
(iv) the Expansion Space shall be rented in its “as is” condition as of the Basement Expansion Space Commencement Date (inasmuch as tenant improvement work, allowances, and time for construction of tenant improvements, if any, will be reflected in the Market Rental Rate pursuant to Section 38 below).
(f) If Tenant has validly exercised its option to lease the. Expansion Space, within thirty (30) days after request by other party hereto landlord and Tenant shall expire upon enter into a written amendment to this lease confirming the terms, conditions and. provisions applicable to the Expansion Space as determined in accordance herewith. •
(g) If Tenant has validly exercised its option to lease the Expansion Space, Landlord shall use reasonable efforts to deliver possession of the Expansion Space on the Expansion Space Commencement Date, but, notwithstanding the provisions of Section 36(a)(iii) above, in the event Landlord should be unable for any reason to deliver possession of the Expansion Space on the Expansion Space Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession. Such failure to deliver possession.shall not affect either the validity of this lease:or the obligations of either Landlord or Tenant hereunder or be construed to extend the expiration of the Term of this lease either as to the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 Expansion Space or the balance of the Lease. If Tenant does Premises; provided, however, that under such circumstances, rent shall not exercise commence as to the Expansion Option Space until Landlord is able to deliver possession, and Base Rent for the Expansion Space shall be adjusted to reflect the reduction in the length of the term of the. lease of the Expansion Space to the extent that the length of such term had an effect on or before October 1, 1994, it the computation of the Market Rental Rate for the Expansion Space.
(h) In the event the portion of the Total Expansion Space which includes an existing staircase connecting the 24th and 25th floors of the Building is leased to Tenant other than pursuant to the expansion option described herein; such portion of the total Expansion Space shall expire automaticallythereupon be deleted from the Total Expansion Space and the minimum area which Landlord may designate as the Expansion Space pursuant to Section 36(a)(i) above shall be reduced by the Rentable Area of such portion of the Total Expansion Space.
Appears in 1 contract
Sources: Office Lease (EMAK Worldwide, Inc.)
Expansion Option. Paragraph 42 Provided that no Default has occurred and is continuing with respect to Tenant at the time of the Lease shall be amended to reflect that its exercise of this option, Tenant shall have the option to expand (the "Expansion Option") to lease into that area of up to Five Thousand, Two Hundred Thirty (5,230) 25,000 contiguous rentable square feet known as "Expansion Area #1" (as more particularly described below), upon all of space located the following conditions:
(a) Tenant shall exercise this Expansion Option by written notice which must be received by Landlord no later than 5:00 p.m. on the date which is nine (9) months prior to the Expansion Date (as defined in the basement following sentence). The Expansion Date, currently the first day of the Building sixty-seventh (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 67th) full calendar month of the Lease regarding notification Term, shall be subject to an adjustment of no more than six (6) months which adjustment shall be made by Landlord in its sole discretion provided Landlord delivers Tenant notice of such adjustment by no later than the first (1st) day of the fifty-fifth (55th) full calendar month of the Lease Term. Within one (1) month of Landlord's receipt of Tenant's notice, Landlord shall identify that area within the Building available for Tenant's expansion needs ("Expansion Area #1") by providing Tenant a floor plan of said area. Landlord and Tenant hereby agree that Expansion Area #1 shall be contiguous with Tenant's Premises, shall be located on a single floor of the Office Tower (unless such space includes space on a floor only partially occupied by Tenant, in which case Expansion Area #1 shall be all of the space on such floor not previously occupied by Tenant and space on one (1) other floor contiguous to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage Premises) and located in that portion of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave Office Tower containing the remaining Basement Space unusable by Landlord; (ii) same elevator bank where Tenant's exercise existing Premises are located. Within ten (10) business days of Landlord's identification of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion OptionArea #1, Tenant shall have no further option to lease any additional notify Landlord of what portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Expansion Area #1 Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.elects to take; and
Appears in 1 contract
Expansion Option. Paragraph 42 of The following Expansion Option shall apply to ---------------- the Lease Additional Space: Subject to Subsection 7C below, Tenant may at its option expand the Additional Space as described below for the remaining Additional Space Term, upon the terms contained herein and in the Lease, except that Tenant shall pay Additional Space Base Rent as described in Subsection A below. Any expansion space shall be amended delivered "As Is"; Landlord shall have no obligation to reflect that perform any construction in such space or to contribute to the cost of any construction by Tenant.
A. Tenant shall have the option to expand into approximately 4,153 of rentable square feet on the eighth (8th) floor of the Building located adjacent to the Additional Space (the "Expansion OptionSpace") at any time during the --------------- first year of the Additional Space Term upon three (3) months prior written notice to lease up to Five Thousand, Two Hundred Thirty (5,230) Landlord. The initial Base Rent for the Expansion Space shall be $17.26 per rentable square feet of space located foot which shall be increased annually as provided in the basement Section 4 hereof. The Expansion Space shall become a part of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 Additional Space for all purposes of the Lease regarding notification and this Amendment.
B. If Tenant fails to deliver notice to Landlord within the Landlord should required time period, Tenant choose will be deemed to exercise the Expansion Optionhave waived such option to expand. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Promptly after Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costsits expansion option, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute and deliver to Tenant an amendment to the Lease reflecting to reflect changes in the Additional Space, Additional Space Base Rent, the Additional Space Proportionate Share, and any other appropriate terms changed by the addition of the Basement Space to the PremisesExpansion Space. Once Tenant has exercised the Expansion OptionWithin 15 days thereafter, Tenant shall have no further execute, review and return the amendment.
C. Tenant's option to lease expand the Additional Space is subject to the conditions that: (i) no existing tenant in the Building has any additional portion rights to the Expansion Space, (ii) on the date that Tenant delivers its notice exercising its option to expand Tenant is not in default under the Lease after the expiration of any applicable notice and cure periods, and (iii) Tenant shall not have assigned the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or sublet any portion of the Basement Premises or Additional Space shall expire upon expiration under a sublease which is effective at any time during the final 9 months of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyAdditional Space Term.
Appears in 1 contract
Sources: Lease (Focal Communications Corp)
Expansion Option. Paragraph 42 35.1. If no event of Default has occurred and is continuing, during the period of 18 months from the Commencement Date (“Reservation Period”), by written notice (“Election Notice”) from Tenant to Landlord provided on or before the expiration of the Lease shall be amended to reflect that Reservation Period, time being of the essence, Tenant shall will have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) all or a portion of the space consisting of approximately 45,968 rentable square feet on the 4th floor of space located Building 1 (“Reservation Space”), which Reservation Space is depicted on Exhibit “A”, under the rental rate terms, rental abatement terms, and tenant improvement terms as set forth in this Lease with respect to the basement Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the Building (the "Basement Space"remaining Term, excluding any Renewal Term from such proration). If Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required elects to lease the entire square footage Reservation Space from Landlord during the Reservation Period, all the obligations, terms, and conditions under this Lease will also apply to the Reservation Space, e.g., amount of Fixed Rent per RSF then-current as of the Basement commencement date for the Reservation Space, except that as of the commencement date for the Reservation Space, (i) the Reservation Space will be deemed part of the Premises (ii) Tenant’s Share as provided in Section 4.1(I) of this Lease will be adjusted (iii) the Expiration Date will be extended to the date that is 60 full calendar month following the commencement date for the Reservation Space (exclusive of Tenant’s 2 Renewal Term options set forth in Section 28.1 so that Tenant will have such 2 Renewal Term options as set forth in Section 28 with respect to the Premises as it then includes the Reservation Space), and (iv) during the Term, on each anniversary of the commencement date for the Reservation Space, Fixed Rent will increase by $0.50 per RSF. Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Landlord’s receipt of the Election Notice.
35.2. If prior to the expiration of the Reservation Period, (i) Tenant may has not lease provided an amount of square footage Election Notice or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the Tenant has provided an Election Notice for a portion of the Basement Space which will be taken by Tenant; Reservation Space, then in either event, provided that no event of Default has occurred and (iii) all costsis continuing, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion commencing on the date following the expiration of the Basement Reservation Period, Tenant is granted a right of first offer (“Right of First Offer”) to lease such portion(s) of Reservation Space shall be borne by Tenant(“Offer Space”), if and as same becomes available for lease, subject to the following terms and conditions:
35.3. Within fifteen (15) days after At the time Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Right of First Offer:
(A) this Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain will be in full force and effect;
(B) no event of Default has occurred and is continuing;
(C) the Term has at least 5 years remaining thereafter, or, if not, Tenant has exercised its option to renew in accordance with Article 28, if such an option then exists; and
(D) Tenant’s then current financial condition, as revealed by its most recent financial statements (which will include quarterly and annual financial statements, including income statements, balance sheets, and cash flow statements), must demonstrate that either:
1. The term Tenant’s net worth is at least equal to its net worth at the time this Lease was signed; or
2. Tenant meets the financial criteria reasonably acceptable to Landlord.
35.4. Subject to the other terms of Tenant's Lease this Article 35, after any part of the Offer Space has or will “become available” for leasing by the Landlord in increments of not less than 1,000 rentable square feet, Landlord will not lease to another tenant that available portion of the Offer Space (“Available Offer Space”) without first offering Tenant the right to lease such Available Offer Space; provided, however, if the Available Offer Space contains more than 1,000 rentable square feet, in in no event will Landlord be obligated to reduce the square footage of the Available Offer Space. By way of example, if the Available Offer Space consists of 7,000 rentable square feet, but Tenant requests that the rentable square footage of the Available Offer Space be reduced so that it contains less than 7,000 rentable square feet, Landlord will not be obligated to reduce the rentable square footage of the Available Offer Space and Tenant will either accept or reject the First Offer Leasing Notice (as hereinafter defined in Section 35.5 of this Lease) with respect the Available Offer Space consisting of 7,000 rentable square feet.
(A) Offer Space will be deemed to “become available” when such space is vacant or the lease for any tenant of all or any a portion of the Basement Offer Space shall expire upon expiration expires or is otherwise terminated.
(B) Notwithstanding Section 35.4(A), Offer Space will not be deemed to “become available” if the Offer Space is:
1. assigned or subleased by the current tenant of the Term space; or
2. re-let by the then current tenant of the space by renewal, extension, or renegotiation.
35.5. Landlord will not lease any such Available Offer Space to another tenant unless and until Landlord has first offered the Available Offer Space to Tenant in writing (“First Offer Leasing Notice”) and Tenant either rejects such offer or a period of 15 days has elapsed from the date that Tenant has received the First Offer Leasing Notice without Tenant having notified Landlord in writing of its acceptance of such First Offer Leasing Notice and supplied Landlord with its most recent quarterly or annual financial statements pursuant to Section 35.3(D) of this Lease, unless sooner terminated whichever event occurs first. The First Offer Leasing Notice will contain the following information:
(A) a description of the Available Offer Space (which description will include the rentable square footage amount and location of such Available Offer Space) and an attached floor plan that will depict the Available Offer Space;
(B) the date on which the Landlord expects the Available Offer Space to become available;
(C) the amount of fixed rent (per RSF) for the Available Offer Space proposed by Landlord, which will be Landlord’s reasonable determination of the fair market rental for such Available Offer Space; provided, however that the amount of fixed rent (per RSF) for the Offer Space will be as agreed to by Landlord and Tenant but Landlord will not be obligated to provide any free rent (or rent credit) or a contribution towards Tenant’s improvements to the Available Offer Space; however, if the parties are unable to agree upon the fair market rental value for the Available Offer Space within 30 days from the date that Tenant has received the First Offer Leasing Notice, the fair market rental value for the Available Offer Space will be determined in accordance with Paragraph 42 Section 35.10 of the this Lease; and
(D) The increase in Tenant’s Share.
35.6. If Tenant does timely delivers to Landlord, in accordance with the conditions of this Article 35, written notice of Tenant’s exercise of the Right of First Offer for all of the Available Offer Space (along with Tenant’s financial statements pursuant to Section 35.3(D) of this Lease, and Landlord determines that Tenant meets all of the conditions provided in this Article 35, the Available Offer Space will be deemed added to the Premises and subject to the terms and conditions in this Lease, with the exceptions of those Lease modifications set forth in Section 35.8 of this Lease and the provisions set forth in Article 36 of this Lease.
35.7. If Tenant declines or fails to duly and timely exercise its Right of First Offer or fails to meet all of the conditions provided in this Article 35, Landlord will thereafter be free to lease the Available Offer Space in portions or in its entirety to any third-party tenant at any time without regard to the restrictions in this Article 35 and on whatever terms and conditions Landlord may decide in its sole discretion.
35.8. If Tenant leases the Available Offer Space pursuant to the terms of this Article 35, all the obligations, terms, and conditions under this Lease will also apply to the Available Offer Space except that:
(A) the commencement date for the lease for the Available Offer Space (“Commencement Date for the Available Offer Space”) will be the day the Available Offer Space is delivered to Tenant broom clean, free of tenants or other occupants, and in its then “as is” condition;
(B) as of the Commencement Date for the Available Offer Space, the Available Offer Space will be deemed part of the Premises;
(C) as of the Commencement Date for the Available Offer Space, Tenant’s Share will be adjusted in accordance with Section 4.1(I) of this Lease;
(D) As of the Commencement Date for the Available Offer Space, the Fixed Rent will be increased to an amount by multiplying the rentable square footage dollar amount (determined in accordance with Section 35.5(C) of this Lease) for such Available Offer Space by the number of rentable square feet deemed by Landlord to be contained in the Available Offer Space taken by Tenant; and
(E) Article 20 of this Lease will not exercise apply to the Expansion Option on Available Offer Space.
35.9. Within 30 days after the Commencement Date for the Available Offer Space, Landlord and Tenant will confirm the following in a written amendment to this Lease:
(A) the Commencement Date for the Available Offer Space;
(B) the location and size of the Available Offer Space that was leased by Tenant with an exhibit attached depicting the Available Offer Space;
(C) the Fixed Rent to be paid by Tenant; and
(D) Tenant’s Share, as adjusted.
35.10. If, pursuant to Section 35.5 of this Lease, the parties are unable to agree upon the fair market rental value for the Available Offer Space within 30 days from the date that Tenant has received the First Offer Leasing Notice (the “Fair Market Discussion Period”), the fair market rental value for the Available Offer Space will be determined by the appraisal process as set forth in Section 28.5 of this Lease and each party will appoint its appraiser within 15 days of the last day of the Fair Market Discussion Period.
35.11. The provisions of this Article 35 are personal to Tenant and any assignee as part of a Permitted Assignment, and will become null and void upon the occurrence of an assignment of this Lease except in a Permitted Assignment, or before October 1with respect to the subtenant the provisions of this Article 35 will become null and void upon the occurrence of a sublet of all or a part of the Premises. The provisions of this Article 35 may not be exercised by any successor to the interest of Tenant by reason of any action under the Bankruptcy Code, 1994or by any public officer, it shall expire automaticallycustodian, receiver, United States Trustee, trustee or liquidator of Tenant or substantially all of Tenant’s property.
Appears in 1 contract
Expansion Option. Paragraph 42 Provided that Tenant has not defaulted in performing and failed to cure any of its obligations under the Lease shall be amended to reflect that Lease, and is not in default at the time of its exercise of this option, Tenant shall have the option to expand (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) into that area measuring 9,877 rentable square feet of space located in and known as Suite 262 on the basement 2nd Floor of the Building (the as more particularly described and attached hereto as Exhibit ▇-▇, ▇▇▇ "Basement Space▇▇▇▇▇▇▇▇▇ ▇▇▇▇ # ▇"). Tenant must comply with the provisions of Paragraph 42 , ▇▇▇▇ all of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that following conditions:
(iA) Tenant may not lease an amount shall exercise this Expansion Option by written notice which must be received by Landlord no later than 5:00 p.m. on June 30, 2003 ("Expansion Deadline");
(B) The Lease Term for Expansion Area # 1 shall commence no later than sixty (60) days following Landlord's receipt of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of notice ("Expansion Area # 1 Commencement Date") and shall expire on the Expiration Date;
(C) The per square foot Base Rent for Expansion Option Area # 1 shall be contingent upon the then-current per foot Base Rent payable by Tenant for the initial Premises;
(D) Additional Rent shall be calculated pursuant to Section 4 of this Lease as follows: the Base Year shall be Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenantcalendar year ending December 31, 2002; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space Share shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment proportionately increased to the Lease reflecting reflect the addition of the Basement Space Expansion Area # 1;
(E) The terms and conditions of Exhibit B shall apply to the Premises. Once construction of Expansion Area # 1 except that the Landlord's Tenant has exercised Improvement Allowance shall be proportionately reduced by multiplying it by a fraction, the denominator of which shall be the total number of months in the Lease Term and the numerator of which shall be the remaining months in the Lease Term from and after the Expansion OptionArea 1 Commencement Date;
(F) Landlord hereby agrees that it shall not lease Expansion Area # 1 to any third party prior to July 1, 2003. In the event Tenant fails to exercise its Expansion Option pursuant to the terms and conditions described herein before such date, Expansion Area # 1 shall have no further option to lease any additional portion become part of the Basement SpaceOffer Area described in Section 30 below and shall be subject to the terms and conditions contained therein; and
(G) Time is of the essence of this Expansion Option.
1. All other provisions This Expansion Option applies to Tenant only and shall be void if Tenant fails to exercise it precisely according to each and all of Paragraph 42 shall remain the conditions stated above, or if Tenant assigns the Lease or sublets the Premises or otherwise transfers all or part of its interest in full force and effect. The term of Tenant's the Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyPremises except as allowed under Section 15.7 herein.
Appears in 1 contract
Expansion Option. Paragraph 42 Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant two (2) separate options to lease, on the terms and conditions hereinafter set forth, space (the “Expansion Space”) at the Building the exact area, configuration and location of the Lease applicable Expansion Space and the date of commencement of the term of the demise with respect to the applicable Expansion Space (each such date being referred to as an “Expansion Space Commencement Date”) and the Rent payable relative to such Expansion Space to be designated by Landlord within the parameters set forth below.
(a) Each of Tenant’s two (2) options to lease Expansion Space (sometimes referred to herein as “Expansion Option 1” and “Expansion Option 2”, respectively) shall be amended exercisable by written notice from Tenant to reflect Landlord of Tenant’s election to exercise said option given not later than the applicable latest exercise date designated below, time being of the essence: If Tenant’s option as to either of the two (2) expansion options described above is not so exercised on or before the applicable latest exercise date described above, such applicable option shall thereupon terminate and Tenant shall not thereafter have any right to lease any portion of the Expansion Space pursuant to such designated expansion option (provided that any remaining expansion option under this Article 28 shall continue in full force and effect and provided further that the failure to exercise any given expansion option under this Article 28 shall have no effect whatsoever on Tenant’s rights of first offer under Article 27 above with respect to the First Offer Space therein described). As to either such expansion option, Tenant may not elect to lease less than the entire area of the Expansion Space designated by Landlord in accordance with the parameters described in Section 28(b) below.
(b) As to each of the two (2) expansion options so exercised by Tenant, Landlord shall determine the applicable Expansion Space Commencement Date, subject to the following conditions:
(1) the area and location of the Expansion Space for Tenant’s respective expansion options shall meet the requirements designated in the table set forth in Section 28(b)(2) below; and
(2) the Expansion Space Commencement Date for each of the two (2) expansion options designated above shall fall within the following designated periods: 1 10,898 rentable square feet on the sixth (6th) floor of the Building, as identified on Exhibit G hereto (“Expansion Space A”) Between June 1, 2007 and January 1, 2008 (inclusive) 2 13,156 rentable square feet on the second (2nd) floor of the Building, as identified on Exhibit H hereto (“Expansion Space B”) Between January 1, 2009 and July 1, 2009 (inclusive)
(c) If Tenant has validly exercised its expansion option under this Article 28, then Landlord shall give Tenant written notice of the applicable Expansion Space Commencement Date and, as it relates to Expansion Option 2, the applicable “Market Rental Rate” for Expansion Space B as contemplated by Section 28(e) below, no later than three (3) months prior to the designated Expansion Space Commencement Date (provided that Landlord shall, in any event, give its determination of “Market Rent Rate” for Expansion Space B within fifteen (15) business days after Tenant’s request therefor (an “Expansion Space B Information Request”), which Expansion Space B Information Request shall be made no earlier than the following date:
(d) Unless Landlord otherwise agrees (at its sole discretion), Tenant may only exercise said option under this Article 28, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the pertinent Expansion Space Commencement Date, this Lease is in full force and effect and Tenant is not in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable cure periods hereunder, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee), if at the time of Tenant’s exercise of such right and as of the pertinent Expansion Space Commencement Date, the original Tenant named in this Lease has not assigned this Lease (other than to a permitted Tenant Affiliate) or sublet greater than fifty percent (50%)of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more Long Term Assignment/Sublet Agreements (as defined in Section 27(e) above) in effect as of either such date. Without limitation of the foregoing, no sublessee or assignee (other than a permitted Tenant Affiliate assignee) shall be entitled to exercise said option, and, unless Landlord otherwise agrees (at its sole discretion), no exercise of said option by the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee shall be effective in the event said Tenant assigns this Lease (other than to a permitted Tenant Affiliate) or subleases all or greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more Long Term Assignment/Sublet Agreements in effect as of the date of Tenant’s exercise of such expansion right or as of the pertinent Expansion Space Commencement Date. In the event of an assignment to a permitted Tenant Affiliate assignee as of the time of Tenant’s exercise of said option under this Article 28 or as of the Expansion Space Commencement Date, then, at Landlord’s election, any exercise of said option under this Article 28 and the corresponding lease amendment under Section 28(f) below must be signed by both the original named Tenant in this Lease and each such permitted Tenant Affiliate assignee in order to be effective (unless, however, the original named Tenant no longer exists as a separate and distinct entity as a direct result of the transaction giving rise to the assignment to such permitted assignee, such as is the case of a merger, in which event only the permitted assignee shall be obligated to execute such expansion exercise notice and corresponding lease amendment hereunder). Notwithstanding anything herein to the contrary, Landlord shall have the right, at its election, to waive any of the conditions precedent to Tenant’s valid exercise of its expansion rights under this Article 28, as such conditions are described above in this Section 28(d), whereupon Tenant’s prior exercise of such expansion rights shall be valid and in full force and effect in all respects. Any such waiver by Landlord must be in writing to be effective for purposes of the preceding sentence.
(e) If Tenant has validly exercised its option to lease any applicable Expansion Space, then effective as of the pertinent Expansion Space Commencement Date, such Expansion Space shall be included in the Demised Premises, subject to all of the terms, conditions and provisions of this Lease, except that:
(1) except as provided in Section 28(h) below, Rent per square foot of rentable area of the Expansion Space shall be equal to the Market Rental Rate (as defined in Article 30 below) for such Expansion Space, and shall be payable by Tenant as and when Rent is otherwise due for the balance of the Demised Premises;
(2) the rentable area of the Demised Premises shall be increased by the rentable area of the Expansion Space for all purposes (including, without limitation, for purposes of determining “Tenant’s Proportionate Share” under this Lease);
(3) the term of the demise covering the Expansion Space shall commence on the pertinent Expansion Space Commencement Date and shall expire simultaneously with the expiration or earlier termination of the Term of this Lease, including any extension or renewal thereof;
(4) any work performed at the Expansion Space by Tenant during the first nine (9) months following delivery of the Expansion Space to Tenant to initially ready the Expansion Space for occupancy shall be performed in accordance with the terms and conditions set forth in Article 25 above relative to the “Tenant’s Work” therein described (provided that there shall be no “Allowance” relative to such work except to the extent provided in Section 28(h) below, as applicable); and
(5) except as provided in Section 28(h) below, the Expansion Space shall be rented in its “as is” condition as of the Expansion Space Commencement Date.
(f) If Tenant has validly exercised its option to lease any Expansion Space, then, within thirty (30) days after request by either party hereto, Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Expansion Space as determined in accordance herewith.
(g) In the event Landlord should be unable, due to the holding over of any existing tenant(s), or due to a fire or other casualty, or for any other reason, to deliver possession of any Expansion Space on the applicable Expansion Space Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession, except as provided below in this Section 28(g). Such failure to deliver possession shall not affect either the validity of this Lease or the obligations of either Landlord or Tenant hereunder, or be construed to extend the expiration of the Term of this Lease either as to such Expansion Space or the balance of the Demises Premises; provided, however, that under such circumstances, the Expansion Space Commencement Date shall be deferred until Landlord is able to deliver possession. Landlord shall use commercially reasonable efforts to deliver possession of each applicable Expansion Space to Tenant as of the stated Expansion Space Commencement Date described herein, or as soon thereafter as is reasonably practicable, including, if applicable, the commencement of an eviction or similar proceeding to recover possession thereof from a holdover tenant. Without limitation of the foregoing, if any such failure to deliver possession of any Expansion Space persists for a period of ninety (90) days following the foregoing stated Expansion Space Commencement Date (the “Outside Expansion Space Commencement Date”) for any reason whatsoever (including reasons beyond Landlord’s reasonable control), then Tenant shall have the right to terminate its earlier exercise of its expansion option under this Article 29, upon thirty (the "Expansion Option"30) days’ prior written notice thereof given to lease up Landlord at any time following such 90-day period and prior to Five Thousand, Two Hundred Thirty delivery of possession of such space to Tenant (5,230) square feet of space located in the basement time being of the Building (the "Basement Space"). Tenant must comply with the provisions essence) and Landlord’s failure to deliver possession of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the such Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Optionwithin such 30-day period, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 whereupon this Lease shall remain in full force and effecteffect without regard to said Expansion Space (provided that Tenant shall continue to have all first offer rights as otherwise set forth in Article 27 above).
(h) Notwithstanding the foregoing, with respect to the Expansion Space A exercised by Tenant under Expansion Option 1 above, in lieu of paying Market Rental Rate for such space, Tenant shall instead pay Fixed Rent and Additional Rent with respect to such space in accordance with the same provisions as applicable for the initial Demised Premises hereunder (i.e., with Fixed Rent per square foot of rentable area for such Expansion Space being at the same respective rates from time to time as Fixed Rent for the initial Demised Premises, all as determined pursuant to Article 1 above). The Further, with respect to both Expansion Space A and Expansion Space B, the following terms shall apply:
(1) Tenant shall be entitled to an abatement of Fixed Rent and Tenant’s Expense Charge attributable to such Expansion Space for the period from and after the applicable Expansion Space Commencement Date and through the first to occur of (A) ninety (90) days after such Expansion Space Commencement Date, and (B) the day Tenant first occupies such Expansion Space for the conduct of any business operations therefrom; and
(2) such Expansion Space shall be rented in its “as is” condition as of the Expansion Space Commencement Date; provided that, with respect to Expansion Space A only, Tenant shall be entitled to an “Allowance” in the amount of $38.00 per square foot of rentable area of the applicable Expansion Space multiplied by a fraction, the numerator of which is the number of calendar months from and after the applicable Expansion Space Commencement Date therefor and the denominator of which is 132 months. With respect to Expansion Space B only, the “tenant improvement allowance” (if any) shall be determined as part of the calculation of the Market Rental Rate for such space. Any work desired by Tenant to ready such space for occupancy will be performed pursuant to, and the foregoing Allowance or tenant improvement allowance shall be disbursed in accordance with, the same terms as set forth in Article 25 above relative to performance of the “Tenant’s Work” and disbursement of the “Allowance” thereunder.
(i) If Tenant, pursuant to Article 27 above or otherwise, has leased (with the term “leased”, for purposes of Tenant's Lease this subparagraph (i), meaning either that the demise of all such applicable space has then commenced or that Tenant has otherwise then exercised its first offer rights relative to such applicable space) any portion of Expansion Space A prior to exercising the Basement first (1st) applicable expansion option under this Article 28, then such portion of Expansion Space shall expire upon expiration of the Term of the Lease, unless sooner terminated A so leased by Tenant shall be deducted from the Expansion Space otherwise required for Expansion Option 1 under this Article 28 (provided that any remaining portion of Expansion Space A for such particular expansion option hereunder and the remaining applicable expansion option under this Article 28 shall continue in accordance with Paragraph 42 full force and effect). Further, if Tenant, pursuant to Article 27 above or otherwise, has leased any portion of Expansion Space B prior to exercising the Lease. second (2nd) applicable expansion option under this Article 28, then such portion of Expansion Space B so leased by Tenant shall be deducted from the Expansion Space otherwise required for Expansion Option 2 under this Article 28 (provided that any remaining portion of Expansion Space B for such particular expansion option hereunder shall continue in full force and effect).
(j) If Tenant does not exercises its termination rights under Article 31 hereof prior to the exercise the Expansion Option on or before October 1of any expansion option under this Article 28, 1994then Tenant shall no longer have any further expansion rights under this Article 28, it and this Article 28 shall expire automaticallythereupon be null and void.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that 43.01. Landlord grants Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) rent approximately 6,577 rentable square feet of the additional space located in the basement of the Building that is shown on Exhibit G hereto (the "Basement Expansion Space"). Tenant must comply with The Expansion Option may be exercised only by Tenant's written notice given to Landlord within 365 days after the provisions of Paragraph 42 date hereof, time being of the Lease regarding notification essence with respect to the Landlord should giving of such notice, and only if Tenant choose to exercise shall not be in default beyond any applicable notice and grace period under this Lease either as of the date of the giving of such written notice by Tenant or the first day of the month immediately following the month in which Tenant gives such written notice. If Tenant exercises the Expansion Option. Option in accordance with this Section 43.01, then Landlord shall lease to Tenant is not required to lease the entire square footage Expansion Space on the same terms and conditions as those contained in this Lease and for a term commencing on the first day of the Basement Space, provided that (i) month immediately following the month in which Tenant may not lease an amount gives written notice of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's its exercise of the Expansion Option and continuing coterminous with the Term of this Lease. Tenant's Proportionate Share under this Lease shall be contingent upon Landlord's prior written approval adjusted to reflect the inclusion of the proposed configuration Expansion Space. The demise of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Expansion Space shall be borne accomplished by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to this Lease to include the Lease reflecting the addition Expansion Space as part of the Basement Space Premises (but Tenant's failure to execute and deliver such an amendment shall not affect its obligations with respect to the PremisesExpansion Space). Once If Tenant has exercised exercises its Expansion Option Landlord shall have no obligation to pay for or perform any work in the Expansion OptionSpace, to prepare such space for Tenant's occupancy. Tenant shall have no further option forever waived its right to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on if it fails for any reason whatsoever to give notice of exercise to Landlord within the 365-day period after the date hereof, whether such failure is inadvertent or before October 1, 1994, it shall expire automaticallyintentional.
Appears in 1 contract
Sources: Lease (Applied Microbiology Inc)
Expansion Option. Paragraph 42 (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Lease shall be amended Premises, (unless Tenant is not in occupancy due to reflect that casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option (the "“Expansion Option"”) to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located the following spaces in the basement Building: 2nd Floor (including mezzanine), ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Building Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the "Basement Space"Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant must comply with has not sent to Landlord an Option Notice for an Option Floor on or before the provisions of Paragraph 42 of the Lease regarding notification respective Last Date, Landlord shall send to the Landlord should Tenant choose to exercise the Expansion Option. a written notice reminding Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order essence for Tenant to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October the Last Date, failing which, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 19942013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14 % 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall expire automaticallybe covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
(b) In the event Tenant fails to exercise its option for any Option Floor by the later of (i) the respective Last Date, and (ii) the fifth day after the delivery of the Reminder Notice, then Landlord shall thereafter be free to lease the applicable Option Floor to any third party on whatever terms Landlord determines, in Landlord’s sole and absolute discretion; and Tenant shall have no further right to lease the applicable Option Floor; and the Expansion Option with regard to such applicable Option Floor shall be deemed null and void.
Appears in 1 contract
Sources: Lease (G Iii Apparel Group LTD /De/)
Expansion Option. Paragraph 42 (a) Subject to the terms and conditions of this Section 2.5 and subject to the Lease shall be amended to reflect that pre-existing rights of Transystems, Inc., as shown on Exhibit FO, Tenant shall have the option (right to expand the "Expansion Option") Premises to lease up to Five Thousand, Two Hundred Thirty (5,230) include 16,640 rentable square feet of space located on the first floor of the Building, in the basement of the Building location shown on Exhibit FP-1 (the "Basement Space"“Expansion Premises”). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided and on condition that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the this Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at upon the Expansion Premises Commencement Date), (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord’s consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion). The term If Tenant shall give Landlord written notice no later than the date that is twelve months after the date of Tenant's this Lease electing to so expand the Premises, then Landlord shall deliver possession of the Expansion Premises to Tenant on the Expansion Premises Commencement Date (as defined below). If Tenant shall fail to timely deliver such notice electing to so expand the Premises, Tenant shall be deemed to have waived such right, and Landlord shall thereafter be free to lease all or any portion of the Basement Space Expansion Premises to such parties and on such terms as Landlord shall expire upon expiration determine in its sole discretion, subject to the provisions of Section 2.6 below.
(b) Promptly after the date of Tenant’s notice, Landlord shall commence and use commercially reasonable efforts to perform certain improvements to the Expansion Premises in order to fit out the space in accordance with a Building standard level of finish consistent with the level of finish for Landlord’s Work in the remainder of the Premises, and a ratio of twenty percent (20%) office space to eighty percent (80%) open space. Such work shall be performed in accordance with and subject to the requirements for Plans, timing of Landlord’s Work, Tenant Delay, punchlist, warranty, and other requirements applicable to the initial Premises set forth in Article IV below. The date that Landlord has substantially completed such work and delivered the Expansion Premises to Tenant is hereinafter referred to as the “Expansion Premises Commencement Date”. Landlord shall use commercially reasonable efforts to deliver the Expansion Premises to Tenant on or before the date that is five (5) months after the date of Tenant’s notice. As of the Expansion Premises Commencement Date, the Premises under this Lease shall be expanded to include the Expansion Premises. Once incorporated into the Premises, Tenant’s rights and obligations with respect to the Expansion Premises shall be subject to and with the benefit of all of the terms and conditions of this Lease, except that: (i) the Basic Rent per square foot applicable to the Expansion Premises shall equal the Basic Rent per square foot for the remainder of the Premises; (ii) the Term of the Lease, unless sooner terminated by Lease with respect to the Expansion Premises shall be coterminous with the remainder of the Premises; (iii) Tenant shall commence payment of such additional amount of Basic Rent with respect to the First Expansion Premises on the Expansion Premises Commencement Date; and (iv) the Escalation Factor shall be revised to reflect the addition of the Expansion Premises to the Premises in accordance with Paragraph 42 the Escalation Factor Computation. Promptly after the Expansion Premises Commencement Date, Landlord and Tenant agree to enter into an amendment to this Lease memorializing the addition of the Lease. If Tenant does not exercise Expansion Premises to this Lease and the amendment to the applicable defined terms hereunder, including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of the parties to execute such an amendment shall have no effect on the expansion of the Premises to include the Expansion Option on or before October 1Premises, 1994and the economic terms associated therewith, it shall expire automaticallyas set forth above.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) Suite No. 500 on the 5th floor of the Building containing approximately 19,059 rentable square feet of space located in the basement of the Building rentable area shown on Exhibit D to this Lease (the "Basement Expansion Space") if: (a) Landlord receives written notice (the "Expansion Notice") from Tenant of the exercise of its Expansion Option on or before April 30, 2020; (b) Tenant is not in monetary default under the Lease beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; (c) no part of the Premises is sublet (except in connection with an assignment of this Lease to a Tenant Affiliate as described in Section 9.1(f) of the Lease) at the time Landlord receives the Expansion Notice; and (d) the Lease has not been assigned (except to a Tenant Affiliate as described in Section 9.1(f) of the Lease) prior to the date that Landlord receives the Expansion Notice. The initial annual Basic Rent rate per rentable square foot for the Expansion Space shall be the same as the Basic Rent rate per rentable square foot for the original Premises on the date the term for the Expansion Space commences. The Basic Rent rate for the Expansion Space shall increase at such times and in such amount as Basic Rent for the initial Premises, it being the intent of Landlord and Tenant that the Basic Rent rate per rentable square foot for the Expansion Space shall always be the same as the Basic Rent rate per rentable square foot for the original Premises. Basic Rent attributable to the Expansion Space shall be payable in monthly installments in accordance with the terms and conditions of the Lease. Tenant shall pay Operating Expenses for the Expansion Space on the same terms and conditions set forth in the Lease, including the same Base Year that is applicable to the original Premises, and Tenant's proportionate share shall increase appropriately to account for the addition of the Expansion Space. Tenant shall be entitled to receive an improvement allowance equal to $35.00 (the "Improvement Allowance") per square foot of rentable area in the Expansion Space leased by Tenant. Tenant shall be obligated to lease from Landlord, an additional 4 unreserved parking passes per 1,000 usable square feet leased at the same rates as the parking passes for the original Premises. The term for the Expansion Space shall commence 120 days following the date Landlord delivers the subject Premises to Tenant for the purpose of performing Tenant Improvements or (b) the date Tenant commences business activities in the Expansion Space, and shall end, unless sooner terminated pursuant to the terms of the Lease, on the Expiration Date of the Lease, it being the intention of the parties hereto that the term for the Expansion Space and the Term for the initial Premises shall be coterminous. Tenant acknowledges that the Expansion Space is currently subleased by Colliers International CA, LLC pursuant to a master lease between Landlord and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Commercial Real Estate Services, Inc. pursuant to the terms of a lease dated June 23, 2009, as the same may be amended from time to time (the "Existing Lease"). Notwithstanding anything herein to the contrary, if the Existing Lease terminates (or the existing tenant's right to possession is terminated) prior to its stated expiration date due to a default by the tenant under the Existing Lease, Landlord, at its option, may provide Tenant must comply with written notice of such prior termination (the "Prior Termination Notice"). If Landlord provides Tenant with a Prior Termination Notice, Tenant shall have the option to lease the Expansion Space in accordance with the provisions terms and conditions set forth above, except that the Expansion Notice shall be due within 30 days after the date of Paragraph 42 Landlord's Prior Termination Notice, and the commencement date for such Expansion Space shall be the earlier of 120 days following the date Landlord obtains possession of the Expansion Space from the existing tenant under the Existing Lease regarding notification to or the Landlord should date Tenant choose to exercise commences business activities in the Expansion OptionSpace. If Tenant does not provide Landlord with an Expansion Notice within such 30 day period or if Tenant is not required entitled to lease the entire square footage exercise its Expansion Option due to a violation of one of the Basement Spaceconditions set forth above, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of deemed to be null and void and Tenant shall have no further rights to lease the proposed configuration of the portion of the Basement Expansion Space which will be taken by Tenant; hereunder. Landlord warrants that existing tenant does not have a renewal right in its existing lease. If Tenant is entitled to and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant properly exercises the Expansion Option, Tenant and Landlord shall execute prepare an amendment (the "Expansion Amendment") to reflect the Lease reflecting the addition commencement date of the Basement Space to the Premises. Once Tenant has exercised term for the Expansion OptionSpace and the changes in Basic Rent, Tenant shall have no further option to lease any additional portion Floor Area of Premises, Tenant's proportionate share and other appropriate terms. A copy of the Basement Space. All other provisions of Paragraph 42 Expansion Amendment shall remain in full force and effect. The term of Tenant's be sent to Tenant within a reasonable time after Landlord’s IOPLEGAL-4-44 5/11/18 - Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease231700, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.Amendment 247645 - 4.1 4
Appears in 1 contract
Sources: Lease Agreement (BofI Holding, Inc.)
Expansion Option. Paragraph 42 of Subject to the Lease shall be amended provisions hereinafter set forth, Landlord hereby grants to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of additional space located in the basement of the Building (the "Basement “Expansion Space"”). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. .
(a) Provided that Tenant is not required in default under this Lease beyond the expiration of any notice and/or grace period, Tenant may, by delivery of written notice to Landlord on or before the date which is forty-five (45) full calendar months after the Commencement Date elect to lease the entire Expansion Space, which notice shall specify the number of square footage feet of additional rentable area desired to be leased by Tenant. Tenant’s failure to elect to lease the Expansion Space on or before such date shall be deemed a waiver of Tenant’s rights under this Article 33.
(b) The Expansion Space shall consist of up to the number of square feet of rentable area in the Building not constituting the Premises or leased to, or subject to existing rights (e.g., expansion rights) held by, or involved in negotiations with, another tenant or prospective tenant, and shall be located on a floor or floors, and have a configuration, designated by Landlord.
(c) If Tenant elects to lease the Expansion Space, the Expansion Space shall be added to and become a part of the Basement SpacePremises for all purposes under this Lease, provided that except as follows:
(i) Tenant may not lease an amount The term of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise demise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen commence on the date which is three (153) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term months following Landlord’s receipt of Tenant's Lease of all or any portion of ’s election notice (the Basement Space “Expansion Date”) and shall expire upon simultaneously with the expiration or earlier termination of the Term of the Lease.
(ii) Tenant’s Proportionate Share shall be increased by the percentage calculated by dividing the rentable square feet of the Expansion Space by the rentable square feet of the Building.
(iii) The annual Base Rent rate per square foot of rentable area of the Expansion Space shall be equal to the “Prevailing Market Rental”, unless sooner terminated as determined in accordance with paragraph 33(d) below.
(iv) The Expansion Space will be accepted by Tenant in accordance with Paragraph 42 their then-existing “as-is” condition.
(v) Landlord shall have no obligation to offer tenant concessions.
(d) For purposes of this Lease, the “Prevailing Market Rental” shall be the Base Rent that the Expansion Space would be expected to be leased for, for a term commencing on the Expansion Date and ending on the Termination Date, in their then-existing condition, in an arms-length transaction between a willing landlord and tenant in the office market existing at the time such rate is established. Such determination shall include consideration of (A) the size, location, area, view and nature and condition of the Lease. If Tenant does not exercise improvements in the Expansion Option Space and (B) other comparable leasing transactions in the geographical area in which the Expansion Space is located, including renewals and new leases (with appropriate adjustments for different size premises and different length terms), and the rents, and tenant concessions in such transactions. Tenant and Landlord shall make an effort in good faith to agree on the Prevailing Market Rental (the “Outside Negotiation Date”) on or before October 1thirty (30) days following Tenant’s election to expand. If Landlord and Tenant are unable to agree upon the Prevailing Market Rental on or before the Outside Negotiation Date, 1994Landlord and Tenant shall each, it within fifteen (15) days thereafter, appoint a real estate appraiser who is a member of the American Institute of Real Estate Appraisers (or its equivalent) to assist in the determination of the Prevailing Market Rental, and the two appraisers shall expire automaticallyappoint a third appraiser who is also a member of the American Institute of Real Estate Appraisers (or its equivalent). The Prevailing Market Rental shall be determined by the agreement of any two of such three appraisers, which determination shall be made not later than thirty (30) days thereafter. Landlord and Tenant shall each bear the costs and fees of their respective appraisers and shall share equally the cost of the third appraiser.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant 25.1 Subtenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet a right of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option first offer to lease any additional portion space that Sublandlord intends to sublease in the Building. Prior to subleasing any additional space in the Leased Premises, Sublandlord shall provide written notice (the "Offer Notice") to Subtenant of Sublandlord's intention to sublease such space. The Offer Notice shall identify the space proposed to be sublet (the "Additional Space") and specify the time (the "Delivery Date") Sublandlord will deliver possession of the Basement Additional Space as well as the rent and additional payments which would be payable for such Additional Space. All other provisions Subtenant shall have the right to lease the Additional Space by giving Sublandlord written notice within seven (7) business days after receipt of Paragraph 42 the Offer Notice that Subtenant is exercising its right to lease the Additional Space. If Subtenant so exercises its right of first offer, this Sublease shall remain be deemed modified, as of the Delivery Date, to include the Additional Space. The lease of the Additional Space shall be upon the same terms and conditions set forth in full force and effectthis Sublease; provided however, the Base Rent for the Additional Space shall be at the amount set forth in the Offer Notice. The term of Tenant's Lease the lease for the Additional Space leased pursuant to this provision shall expire on the Sublease Expiration Date.
25.2 This right is personal to the Subtenant named herein and is not transferable and may be revoked by Sublandlord in the event of all repeated late payments by Subtenant or any portion other repeated defaults of material provisions of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallySublease.
Appears in 1 contract
Sources: Sublease Agreement (Cybercash Inc)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the right and option to expand the Demised Premises, by notifying Landlord in writing of the exercise of such option. Such notice shall include exercise of Tenant’s right to extend the term of this Lease by five years as provided herein. This option for expansion shall be for one addition (the "Expansion Option") to lease up to Five Thousand“Addition”), Two Hundred Thirty from twenty thousand (5,23020,000) square feet to at least twenty-five thousand (25,000) square feet, the exact square footage to be determined by Tenant in its sole discretion, and shall be of space located in similar appearance, construction and quality to the basement Demised Premises. Tenant shall provide the plans, specifications and descriptions for the Addition (the ‘‘Plans”) to Landlord within sixty (60) days of notification of its exercise of such option to expand. Within four (4) months of receipt of the Building Plans, Landlord shall commence construction of the Addition at its cost and expense and shall diligently pursue completion of the Addition in a good and workmanlike fashion. Any changes to the Plans must be approved by Tenant and Landlord. Landlord shall diligently proceed with such construction and shall complete the same and deliver possession thereof to Tenant as soon as practicable, provided however, if construction is delayed because of changes in construction requested by T▇▇▇▇▇, strikes, lockouts, acts of God or the public enemy or other acts beyond the control of Landlord, then the time of completion of such construction shall be extended for the additional time caused by such delay. Commencing as of the date that a certificate of occupancy for the Addition is issued and the Tenant has the right to occupy the Addition (the "Basement Space"“Addition Effective Date”). Tenant must comply with , the provisions of Paragraph 42 of rental payments due hereunder shall be adjusted as follows: First, the Lease regarding notification Base Rent rate then in effect shall be applied to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire total square footage of the Basement SpaceDemised Premises, including the Addition. Second, the construction costs for the Addition, which shall be approved as reasonable by Tenant, shall be amortized over a 240-month period at a rate equal to the interest rate in effect on the Addition Effective Date on the financing secured by Landlord from an institutional lender on commercially reasonable terms to construct the Addition, and the amount so determined will be added to the monthly rent due under this Lease. If such financing is subject to a variable interest rate, the amount to be added to the monthly rent due under this Lease shall be re-amortized on each five-year anniversary of the Addition Effective Date using the interest rate in effect as of such anniversary date. Notwithstanding anything herein to the contrary, the amount added to the monthly rent shall be further adjusted to the extent necessary to ensure that the principal amount of the indebtedness incurred by Landlord in connection with the construction of the Addition (the “Outstanding Debt”) shall not exceed $400,000 at the expiration of the renewal term provided herein, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise Outstanding Debt shall be computed as if all rent paid to Landlord in excess of the Expansion Option shall be contingent upon Landlord's prior written approval Base Rent has been applied to the reduction of the proposed configuration Outstanding Debt. Landlord and Tenant acknowledge that financial assistance or tax incentives in connection with the construction of the portion Addition may be available from state and local governmental sources, and the parties agree to cooperate m securing any such available assistance.”
5. All terms and conditions of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 not specifically modified herein shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
Appears in 1 contract
Expansion Option. Paragraph 42 Provided that as of the Lease shall be amended date Tenant exercises its rights hereunder, (i) Tenant actually occupies at least fifty percent (50%) of the Premises originally demised under this Lease, (ii) Tenant is not in Default, and (iii) the Option Space (defined below) has not been leased to reflect that Tenant shall or to a third party pursuant to Section 1.1.3 below, Tenant will have the option option, commencing on the date that Landlord delivers the Option Space to Tenant in the condition required by this Section 1.1.2, but, at Tenant’s election, in no event earlier than June 1, 2011 (the "Expansion Option") “Option Space Commencement Date”), to lease up to Five Thousand, Two Hundred Thirty (5,230) include a total of approximately 22,337 square feet of space located in on the basement second and fourth floors of the east tower of the Building as shown on Appendix 1.1.2 hereto, as part of the Premises (the "Basement “Option Space"”). If Tenant must comply exercises its right to include the Option Space as part of the Premises, Tenant will lease the Option Space upon all the terms and conditions of this Lease (i.e., the term for Tenant’s leasing of the Option Space shall expire on the Expiration Date, the Base Years set forth in the Schedule of Incorporated Terms hereof shall be applicable to Tenant’s payment of Additional Rent on account of the Option Space, the Base Rent for the Option Space will be at the annual rate of $19.50 per square foot of rentable space commencing no earlier than the Rent Commencement Date set forth herein, and the Option Space shall be delivered to Tenant with the provisions completion by Landlord of Paragraph 42 certain improvements thereto (as further described below), provided, however the cost to Landlord of such Tenant Improvements shall not exceed $20 per rentable square foot of the Lease regarding notification Option Space). Tenant’s payment to Landlord of Rent for the Option Space shall commence on the Option Space Commencement Date, but in no event earlier than the Rent Commencement Date set forth herein. In addition to its obligation to pay Base Rent, commencing on the Option Space Commencement Date, Tenant will reimburse and pay Landlord with respect to the Option Space, in the same manner as set forth in the Lease, with respect to Operating Expenses, Taxes and other items reimbursable by Tenant, and, commencing on the Option Space Commencement Date, Tenant shall pay the Electric Charges with respect to the Option Space. Effective as of the Option Space Commencement Date, Tenant’s Proportionate Share will be re-determined by Landlord should based upon the total floor area of the Premises including the Option Space. If Tenant choose desires to exercise the Expansion Option. Tenant is not required its option to lease the entire square footage Option Space, Tenant must deliver written notice of such exercise to Landlord no later than March 1, 2011 (the “Option Space Notice”), such Option Space Notice to include a preliminary space plan of the Basement SpaceOption Space showing the requested improvements to the Option Space (provided, provided that (i) Tenant may however, as set forth above, the cost to Landlord of such improvements shall not lease an amount of exceed $20 per rentable square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise foot of the Expansion Option shall be contingent upon Landlord's prior written approval Premises). Time is of the proposed configuration essence with respect to the giving of the portion of the Basement Option Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the LeaseNotice. If Tenant does not exercise its Option by such date, Tenant’s rights under this Section 1.1.2 will be null and void. Within thirty (30) days of Tenant’s exercise of the Expansion within option, Landlord and Tenant shall enter into an amendment to Lease which adds the Option Space to the Premises and includes all the terms and provisions, set forth herein, with respect to Tenant’s leasing of the Option Space (provided, however, any failure to execute and deliver such Amendment shall not affect the rights or obligations of the parties with respect to the Option Space), and in addition, within eight (8) days of receipt thereof Landlord shall reasonably approve or disapprove Tenant’s preliminary space plan. If Landlord disapproves the preliminary space plan, such disapproval shall be in writing and shall provide a reasonably detailed explanation of the reasons for such disapproval, and to the extent possible, suggestions for alternatives that would be acceptable to Landlord. Landlord and Tenant shall thereafter cooperate to complete such preliminary space plan; provided, however, the failure (despite Landlord’s compliance with the terms of this paragraph) to finalize the preliminary space plan by the date that is thirty (30) days following the date of Landlord’s receipt of the Option Space Notice shall be a Tenant Delay. All revisions and/or review of plans shall be completed within eight (8) days of receipt of comments in connection therewith and copies thereof, respectively. After final approval of the preliminary space plan (the “Final Space Plan”), Landlord shall, based on or before October the Final Space Plan, prepare Construction Plans for the improvements to the Option Space in accordance with Section 2.1 of Appendix 1.3.4 (provided that the term “Space Plans” as used therein shall refer to the Final Plans as defined in this Section 1.1.2). Landlord shall use reasonable efforts to substantially complete the improvements to the Option Space on June 1, 19942011; provided, it however, if the Option Space Notice is given before March 1, 2011, upon Tenant’s request, Landlord shall expire automaticallyuse reasonable efforts to substantially complete the improvements to the Option Space on the date that is one hundred twenty (120) days after the date of Landlord’s approval of the Final Space Plan (such applicable substantial completion date is hereinafter referred to as the “Option Space Delivery Date”). If Landlord is not able to deliver possession of the Option Space to Tenant by the Option Space Delivery Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease, or the obligations of Tenant hereunder, or extend the Term hereof, but in such case, Tenant shall not be obligated to pay rent with respect to the Option Space until the date that Landlord delivers possession of the Option Space to Tenant. Notwithstanding the foregoing, if the delay in the Option Space Delivery Date resulted from a Tenant Delay, the Option Space shall be deemed to have been delivered on the date that the improvements to the Option Space would have been substantially complete in the absence of such Tenant Delay.
Appears in 1 contract
Sources: Lease Agreement (Acme Packet Inc)
Expansion Option. Paragraph 42 (a) Provided that on the date Tenant exercises the Expansion Option and on the ES Possession Date (i) this Lease shall not have been terminated, (ii) Tenant shall not be in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable notice and grace periods and (iii) Tenant shall not have sublet any of the Lease shall be amended to reflect that demised premises, Tenant shall have the option (the "Expansion Option") to lease up to Five Thousandlease, Two Hundred Thirty at Landlord's option, either (5,230A) square feet of the space located in on the basement 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule I ("Expansion Space I") or (B) the space on the 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule N ("Expansion Space II", Expansion Space I or Expansion Space II, as designated by Landlord as the expansion space to he leased by Tenant, is hereinafter referred to as the "Basement Expansion Space"). Landlord and Tenant must comply with confirm that Expansion Space I is conclusively deemed to contain 43,099 rentable square feet and Expansion Space II is conclusively deemed to contain 42,632 rentable square feet. The Expansion Option may be exercised only by Tenant giving Landlord notice thereof (the provisions of Paragraph 42 "Expansion Notice") on or before September 30, 1999. If this Lease shall be terminated or if any of the Lease regarding notification other conditions to Tenant's Expansion Option described above shall no longer be satisfied at any time before ES Possession Date, Tenant's Expansion Option, or its exercise thereof, or any lease created by any such exercise, shall be abrogated and rendered null and void. If Tenant fails to timely give such notice, Tenant's Expansion Option shall be terminated and be deemed waived by Tenant. If Tenant is in monetary default at the Landlord should time it exercises the Expansion Option and Tenant choose cures such default prior to September 30, 1999, Tenant shall be entitled to re-exercise the Expansion OptionOption by giving Landlord another Expansion Notice on or before September 30, 1999, so long as the conditions specified above are satisfied as of such exercise date. If Tenant is not required timely gives the Expansion Notice, on the ES Commencement Date, the Expansion Space shall become part of the demised premises, upon all of the terms and conditions set forth in this Lease, except that:
(i) The basic annual rent shall be increased by (A) if Tenant shall have timely and properly given an Expansion Notice on or before May 17, 1999, an amount equal to lease the entire product of (x) (i) for the period commencing on the ES Inclusion Date and ending on the day immediately preceding the fifth (5th) anniversary of the Commencement Date, $30.50 and (ii) commencing on the Commencement Date and ending on the Expiration Date, $33.50 and (y) the rentable square footage of the Basement SpaceExpansion Space and (B) if Tenant shall have timely and properly given an Expansion Notice after May 17, provided that (i) Tenant may not lease an amount of square footage 1999 and on or a configuration which would leave before September 30, 1999, the remaining Basement Space unusable by Landlord; ES Fair Market Rent;
(ii) Tenant's exercise Tax Share shall be increased by (A) 2.87% if the Expansion Space is Expansion Space I and (B) 2.84% if the Expansion Space is Expansion Space II;
(iii) Tenant's Operating Share shall be increased by (A) 3.01% if the Expansion Space is Expansion Space I and (B) 2.98% if the Expansion Space is Expansion Space II; and
(iv) Landlord shall not be required to perform any work, install any fixtures or equipment or render any services or, except as provided in subparagraph (v) below, make any contribution to prepare the Building or Expansion Space for Tenant's use or occupancy and Tenant shall accept the Expansion Space in its "as is" condition on the ES Possession Date.
(v) Tenant shall be entitled to reimbursement of up to an amount equal to $27.50 per rentable square foot of the Expansion Option Space (the "Expansion Premises Allowance") for Hard Costs and Soft Costs paid by Tenant in connection with the preparation of the Expansion Space for Tenant's occupancy, provided, that Tenant shall not be entitled to reimbursement from the Expansion Premises Allowance for Soft Costs to the extent such Soft Costs exceed an amount (the "Expansion Space Soft Costs Maximum") equal to 25% of the Expansion Premises Allowance. Tenant shall have the right to submit to Landlord, from time to time, but not more frequently than once per month, a notice setting forth the dollar amount requested, which notice shall be contingent upon Landlord's prior written approval accompanied by (i) paid invoices or other evidence reasonably satisfactory to Landlord of the proposed configuration amounts paid by Tenant for such Hard Costs and/or Soft Costs, (ii) a certificate from a financial officer of the portion of the Basement Space which will be taken by Tenant; and Tenant that Tenant has not been reimbursed previously for such Hard Costs and/or Soft Costs, (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate a certificate from Tenant's chosen portion of architect which certifies that the Basement Space shall be borne work for which Tenant is seeking reimbursement has been completed substantially in accordance with the plans and specifications previously approved or deemed approved by TenantLandlord and in compliance with all applicable Legal Requirements and (iv) evidence reasonably - 84 - satisfactory to Landlord (including, without limitation, lien waivers) that all sums properly due and owing to contractors, subcontractors and materialmen in connection with the work for which Tenant is seeking reimbursement have been paid. Within fifteen thirty (1530) days after receipt of such notice and other information and provided the certificates and other deliveries made therewith are correct, Landlord shall reimburse Tenant exercises for the amount thereof until the total of all such reimbursements is equal to the Expansion OptionPremises Allowance (it being understood that in no event shall Landlord be obligated to expend in excess of the Expansion Premises Allowance or reimburse Tenant for Soft Costs in excess of the Expansion Space Soft Costs Maximum). Anything to the contrary contained herein notwithstanding anything, Tenant and Landlord shall execute an amendment have the right to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised withhold $25,000 from the Expansion OptionPremises Allowance, which amount shall not be released to Tenant unless and until Tenant delivers to Landlord final working drawings, with amendments, or the mylar set of "as built" plans, drawings and specifications for the work performed in the Expansion Space and the disk carrying the same in accordance with Section 6.01(11).
(vi) If Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force timely and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the properly given an Expansion Option Notice on or before October 1May 17, 19941999, the term of the leasing of the Expansion Space shall commence on the ES Commencement Date and expire on the last day of the month that is 120 months after the month in which the ES Commencement Date occurs (it being understood that if Tenant shall have timely and properly given an Expansion Notice after May 17, 1999 and on or before September 30, 1999, the term of the leasing of the Expansion Space shall commence on the ES Commencement Date and expire automaticallyon the originally scheduled Expiration Date).
(b) The "ES Possession Date" shall be the date that Landlord delivers vacant possession of the Expansion Space to Tenant, broom-clean with all movable furniture and personal property removed.
Appears in 1 contract
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (right, subject to and upon the "Expansion Option") terms and conditions of this Section 2.3, to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement that portion of the Building comprised of approximately 9,000 rentable square feet and shown on Exhibit “A-1” attached hereto (the "Basement Space"“Machine Shop Area”), currently leased to Tecnau. Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification may deliver written notice to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required at any time between March 1, 2020 and December 31, 2021 exercising such option to lease the entire square footage Machine Shop Area (the “Notice Period”), and in such case Landlord shall deliver the Machine Shop Area to Tenant, in vacant, broom clean condition, with the HVAC and other systems serving the Machine Shop Area in good working order, within one hundred and twenty (120) days after the date of such written notice to Landlord (the “Notice Period”), but in no event will such delivery occur prior to March 1, 2020. If Tenant timely delivers such notice, then the Expansion Premises shall be added to the Leased Premises and they shall be subject to all terms, conditions and covenants of the Basement SpaceLease; and minimum rent, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) and Tenant's exercise of the Expansion Option ’s Pro Rata share shall be contingent upon Landlord's prior written approval proportionately increased and adjusted in accordance with the increased square footage. Landlord will supply an additional Tenant Improvement allowance of $15 per square foot, pro-rated for the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenantthen remaining lease term. Within fifteen (15) days after of such notice from Tenant, Landlord and Tenant exercises shall execute and amendment to this Lease to memorialize such expansion. Provided that the Expansion OptionTecnau completes such relocation within the Notice Period and leaves the Machine Shop Area in broom-clean condition, Tenant will reimburse Landlord for Tecnau’s paid and documented relocation expenses up to $25,000. If Landlord has not delivered the Machine Shop Area in the condition required by this Section 2.3 within the Notice Period, and if such failure continues for an additional 15 days thereafter, then Tenant shall be entitled to a credit against Minimum Rent due only with respect to the Machine Shop Area on a day-by-day basis for each one (1) day thereafter until the Landlord delivers the Machine Shop Area to Tenant. If Tenant shall fail to timely give such notice on or before December 31, 2021, Tenant shall be deemed to have waived such right, and Landlord shall execute an amendment thereafter be free to lease the Expansion Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject, however, to the Lease reflecting provisions of Section 2.4 below. It shall be a condition to Tenant’s right to exercise the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion the Expansion Premises that Tenant (i) is not in default (beyond applicable notice and cure periods) under the terms of this Lease, (ii) has not subleased twenty-five percent (25%) of the Basement Space. All other provisions of Paragraph 42 shall remain in full force Leased Premises, and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of (iii) has not assigned the Lease, unless sooner terminated by Tenant in accordance either case except in connection with Paragraph 42 of the a transaction permitted without Landlord’s consent under this Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
Appears in 1 contract
Sources: Lease (One)
Expansion Option. Paragraph 42 A. Provided Tenant is not in default hereunder beyond the giving of the notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of , then Tenant shall have the continuous right to lease all or any portion of the Basement Expansion Space which is reasonably capable of being subdivided for Tenant’s use and occupancy, and which is not leased or committed or reserved to others and for which no option rights thereto have been given, committed or reserved to other parties, if, as, and when it becomes vacant and available for leasing, from time to time, during the term of this Lease (the “Expansion Option”). Landlord agrees that it will not grant new option rights for the Expansion Space after the execution of this Lease.
B. Tenant shall expire upon expiration have given written notice to Landlord of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not its intent to exercise the Expansion Option on or before October 1(the “Expansion Intent Letter”), 1994which Expansion Intent Letter shall have been received by Landlord not less than nine (9) months prior to the date Tenant wishes to occupy the Expansion Space.
C. If Tenant shall exercise the Expansion Option in accordance with the provisions of this Article, it this Lease shall be amended to include the Expansion Premises upon all the terms, covenants, and conditions contained in the Lease, except that (i) the Base Rent for the Expansion Premises shall be the then escalated Base Rent for the Premises in effect as of the date Tenant exercises Expansion Option, (ii) the term for the Expansion Space shall expire automaticallyco-terminously with the Premises, and (iii) provided the term of the Expansion Premises is at least five (5) years, Landlord shall provided Tenant with an allowance of $20.00 per rentable square foot allocated to the Expansion Premises for improvements to be performed in the Expansion Premises.
Appears in 1 contract
Sources: Lease Agreement (First Indiana Corp)
Expansion Option. Paragraph 42 Provided that no default has occurred and is continuing under the Lease at the time of the Lease shall be amended to reflect that exercise of the following Expansion Option, Tenant shall have a right of First Offer for available contiguous office space on the option mezzanine and fourth floors (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement SpaceEXPANSION SPACE"), at the then market Rent with a minimum term of five (5) years; this right of First Offer is subject and subordinate to any similar prior rights which existing Tenants may have. It is understood and agreed that any expansion space may be offered to Tenant must comply with the provisions pursuant to this clause well before said space is actually vacated, and that any expansion space may be offered to Tenant pursuant to this clause at any appropriate time, including for example, when a Tenant notifies Landlord of Paragraph 42 of the Lease regarding notification its intention to vacate from potential expansion space, or prior to the time when a Lease is scheduled to terminate, or at any time when the Landlord should Tenant choose would normally seek to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that offer for rent such space.
(i) prior to offering all or any portion of the Expansion Space to others, except to any existing tenants with prior rights at the Building, Landlord shall notify Tenant may not lease an amount in writing of square footage or a configuration the specific space being offered and the rent and other terms on which would leave it is being offered. Tenant shall have fifteen (15) days from receipt of Landlord's notice to accept the remaining Basement Space unusable space being offered by providing written notice of such acceptance to Landlord; .
(ii) Tenant's exercise For a period of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after receipt of any such notice from Landlord pursuant to this SECTION 38.2, Tenant exercises shall have the right to lease the Expansion OptionSpace from Landlord upon the terms and conditions set forth in such offer, and otherwise on the terms and conditions set forth herein. The terms and conditions of the Lease for the Expansion Space, shall generally be the same as for the initial Term. In the event Tenant agrees to lease the Expansion Space within such fifteen (15) day period, Landlord and Landlord Tenant shall promptly execute an amendment to the Lease reflecting Lease, or new lease, indicating the addition location and configuration of the Basement Expansion Space and stating the rent and other terms therefore.
(iii) If during or upon the expiration of such fifteen (15) day period, Tenant fails or declines to exercise its right to lease the Expansion Space then Tenant's option to exercise this option with respect to such Expansion Space shall cease and expire and be of no further force or effect until such time as the Expansion Space is again vacated by the tenant of such space or otherwise becomes available as provided below. The Basic Rent for any said expansion space shall be the then current fair market annual rent for 5 year leases of comparable Premises in the Fort Point Channel area of the City of Boston commencing on the date such expansion term is anticipated to begin, as reasonably and in good faith determined by Landlord and in consultation with Lessee. Further, it is the intention of the parties that the rent for the said term (5 years or otherwise) shall reflect the fair market rent during such period. In determining fair market rent, Lessor and Lessee shall consider, among other things, operating expenses for commercial office properties in the Fort Point Channel area of Boston, the inflation CPI, location of the Building and of the Premises within the Building, and building amenities 29 and condition, on-site parking and public transportation. If Tenant disagrees with Landlord's determination of fair market annual rent for such Expansion Term, Tenant shall notify Landlord of Tenant's objection to said amount by written notice within twenty (20) days from the receipt of Landlord's Notice. If Tenant so notifies Landlord, then the amount of the Basic Rent for such Expansion Term shall be decided by two reputable appraisers with the MAl (Member Appraisal Institute) designation from the American Institute of Real Estate Appraisers and each with at least ten (10) years of experience in appraising commercial office space in the Fort Point Channel of downtown Boston comparable to the Premises, one selected by Landlord and one selected by Tenant, based on the then fair market annual rent for leases of comparable lengths as are contemplated for the expansion area lease of comparable Premises in the Fort Point Channel area of the City of Boston commencing on the date such lease would commence. Once Tenant has exercised In determining fair market rent, Landlord and the Expansion Optionappraiser(s) shall consider, among other things, operating expenses for commercial office properties in the Fort Point Channel area of the City of Boston, the inflation CPI, location of the Building and of the Premises within the Building, and building amenities and condition, on-site parking and public transportation. Landlord and Tenant shall have no further option to lease any additional portion each notify the other of the Basement Space. All other provisions its chosen appraiser within ten (10) days of Paragraph 42 shall remain in full force and effect. The term Landlord's receipt of Tenant's Lease of all or any portion objection notice. Unless the appraisers shall have reached a decision within ten (10) days after their selection, they shall select an impartial third MAl appraiser qualified as above within another ten (10) days. The three appraisers shall render their decision within ten (10) days following the selection of the Basement Space third appraiser and shall expire upon expiration notify Landlord and Tenant thereof. The unanimous written decision of the Term two first chosen (without selection and participation of a third appraiser), or otherwise the written decision of a majority of the Leasethree appraisers chosen as herein provided shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each pay their own appraisers and, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on if a third appraiser is needed as above, shall share his or before October 1, 1994, it shall expire automaticallyher cost.
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Expansion Option. Paragraph 42 28.1 Provided no Event of Default exists and the Lease is in full force and effect, by giving Landlord written notice, if at all, on or before the last day of the 45th Lease shall be amended Month, subject to reflect that existing rights of other tenants of the Building and subject to availability, Tenant shall have the option to expand the Premises (the "“Expansion Option") to lease up to Five Thousand”), Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space")as provided herein. Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to may exercise the Expansion Option, if at all, by giving Landlord written notice (“Expansion Notice”) specifying the approximate number of additional square feet in the Building that Tenant desires to lease. In the event that Tenant is not required to lease exercises the entire square footage Expansion Option, the “Expansion Space” shall be at a location in the Building agreed upon by Landlord and Tenant. In the event that Tenant timely exercises the Expansion Option and the location of the Basement SpaceExpansion Space is agreed upon by Landlord and Tenant, provided that then thirty (i30) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) days after Tenant's exercise of (the “Expansion Space Commencement Date”), the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne added to, and constitute part of, the “Premises” leased hereunder, and the same shall be leased upon and subject to the same terms, provisions and conditions as are applicable to the other portions of the initial Premises for the remainder of the Term of the Lease, except as provided in this Article. In lieu of three (3) months of rent abatement, Tenant shall be entitled to the number of days of Base Rent abatement equal to ninety (90) multiplied by Tenanta fraction, the numerator of which shall be the number of days between the Expansion Space Commencement Date and the Expiration Date, and the denominator of which shall be the number of days between the Lease Commencement Date and the Expiration Date (the “Proration Fraction”). Within fifteen (15) days Tenant shall accept the Expansion Space “as is” and Landlord shall not be required to perform any work therein; however, Landlord shall provide Tenant a construction allowance to reimburse Tenant for the cost of construction performed by Tenant in the Expansion Space in an amount equal to $26.00 multiplied by the number of square feet in the Expansion Space multiplied by the Proration Fraction. Promptly after Tenant exercises the Expansion Option, Landlord and Tenant and Landlord shall execute an amendment to this Lease confirming the Lease reflecting increase in the addition square footage of the Basement Premises and all matters incident thereto (such as an increase in Tenant's Proportionate Share and Base Rent and a workletter to address payment of the construction allowance); however, the failure of the parties to timely execute such amendment shall not defer the Expansion Space Commencement Date or otherwise invalidate this Lease or affect the parties' rights or obligations hereunder. In the event demising work is necessary to the Premises. Once Tenant has exercised the accommodate Tenant's exercise of its Expansion Option, Tenant then Landlord shall have no further option to lease any additional portion build a Building standard multi-tenant corridor (including without limitation construction of a demising wall and separation of the Basement Space. All corridor from electrical, fire/life safety, HVAC, and other provisions of Paragraph 42 shall remain in full force and effectsystems serving the Premises). The term cost of such demising work shall be borne equally by Landlord and Tenant, provided that Tenant may use the construction allowance to pay for Tenant's Lease share of all or any portion such work. Furthermore, Tenant (and not Landlord) shall be responsible for drywall and finish on the side of the Basement Space shall expire upon expiration of corridor located within the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyPremises.
Appears in 1 contract
Sources: Office Lease Agreement (Wells Real Estate Fund Xi L P)
Expansion Option. Paragraph 42 So long as no event of default then exists under this Lease following the Lease shall be amended to reflect that expiration of any applicable notice and cure period, Tenant shall have the option right (the "“Expansion Option"”) to lease up the Expansion Space (as that term is hereinafter defined) pursuant to Five Thousandand in accordance with the following terms and conditions:
a. Effective as of March 1, Two Hundred Thirty 2009 (5,230) “Effective Date A”), Tenant shall have the right to lease all or a minimum of 12,000 rentable square feet of space located in the basement on Floor 7 of the Building (the "Basement Space"“Expansion Space A”). Effective as of March 1, 2011 (“Effective Date B”), Tenant must comply with shall have the provisions right to lease all or a minimum of Paragraph 42 12,000 rentable square feet of space on Floor 9 of the Lease regarding notification Building (“Expansion Space B”). Expansion Space A and Expansion Space B shall collectively be referred to herein as the Landlord should “Expansion Space.” If Tenant choose to exercise leases less than all remaining space on the Expansion Option. Tenant is not required to lease applicable Floor (with a minimum of 12,000 rentable square feet as aforesaid), the entire square footage location of such space will be one internally contiguous block of space having direct elevator lobby exposure, the exact location of which will be determined based on the configuration of the Basement Space, provided other tenants on the Floor and in such a manner as to ensure that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by unleased space is marketable in Landlord; (ii) Tenant's exercise of the ’s reasonable judgment.
b. Each Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken exercised by Tenant; , if at all, by Tenant providing written notice to Landlord at least ten (10) months prior to the applicable Expansion Option Effective Date. Should Tenant fail to duly and timely exercise any Expansion Option, it shall become null and void and of no further force and effect. Should Tenant duly and timely exercise an Expansion Option, Landlord shall deliver the applicable Expansion Space to Tenant within six (iii6) all costsmonths following the applicable Effective Date for Tenant to commence its improvements therein and on the date of such delivery, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Expansion Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space added to the Premises. Once Tenant has exercised Rent for the applicable Expansion Space shall commence on the earlier to occur of ( ) one hundred twenty (120) days after the date Landlord delivers the Expansion OptionSpace to Tenant or (ii) the date Tenant begins conducting business in the applicable Expansion Space (the “Rent Effective Date”), Tenant shall have no further option to lease any additional portion through the last day of the Basement Spaceterm, as the same may be extended. All other The Expansion Space shall be subject to all terms and provisions of Paragraph 42 shall remain this lease, as amended, including Base Rental (on a per square foot of net rentable area basis), and additional rent then in full force and effect. The term of Tenant's Lease of all or any portion of effect for the Basement Premises.
c. Tenant improvements for the Expansion Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant be designed and installed in accordance with Paragraph 42 the procedures and conditions set forth in the Exhibits attached to this lease as Exhibit C and Exhibit D and Tenant’s allowance for improvements shall be an amount equal to the product of multiplying $31.00 times the Lease. If Tenant does not exercise number of square feet of net rentable area in the Expansion Space times a fraction, the numerator of which is the number of full calendar months remaining in the initial term after the applicable Option on or before October 1Effective Date, 1994, it shall expire automaticallyand the denominator of which is 120.
Appears in 1 contract
Sources: Lease Agreement (Homebanc Corp)
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option right (the "Expansion Option") to lease up ---------------- expand the Premises to Five Thousandinclude the area designated as "Expansion Space" on Exhibit A on the ground floor, Two Hundred Thirty (5,230) which will increase the Premises by 4,559 square feet for a total of space located in 14,557 square feet upon the basement of the Building following terms and conditions:
(the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (iia) Tenant's written notice of exercise of the Expansion Option must be received by Landlord on or before the last day of the ninth (9th) month from the commencement date of the Lease and shall be contingent upon Landlord's prior written approval effective commencing with the first day of the proposed configuration 13th month from the commencement date of the portion Lease, subject to postponement for delay in completing Improvements in accordance with the terms of the Basement Space which Workletter.
(b) The terms of this Lease shall apply to the Expansion Space, except as follows:
(1) The Rent then in effect will be taken by Tenant; and applied on a rentable square foot basis to the Expansion Space.
(iii2) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion share of the Basement Space shall Operating Expenses will be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment increased to the Lease reflecting reflect the addition of the Basement Expansion Space to the Premises.
(3) Tenant shall be entitled to the same Tenant Improvement Allowance (on a square foot basis) as it was entitled to for the original Premises and the Rent shall be increased by the difference between the amount necessary to amortize such Tenant Improvement Allowance over 48 months versus 60 months. Once For example, if the cost of the Tenant has exercised Improvements for the Expansion OptionSpace was $75,000, Rent would be increased by $312.50 per month or $.06 per square foot (i.e., 5,000 sq. ft. x $15 psf = $75,000/48 mos $1,562.50 per month less $1,250.00 (60 mos amortization)).
(4) Tenant shall not be entitled to free rent regarding the Expansion Space.
(c) If notice of exercise of the Expansion Option is not received within the time provided, the Expansion Option shall expire without notice or action on the part of any party and Tenant shall have no further option to lease any additional portion interest or rights in the Expansion Space and shall, upon request, execute documentation confirming such expiration. Time is expressly of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion essence with regard to exercise of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyOption.
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Expansion Option. Paragraph 42 A. Provided Tenant is not in default hereunder beyond the giving of notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, then at any time during the first three (3) Lease Years from and after the Rent Commencement Date, Tenant shall have the continuous right and option (the “Expansion Option”) to lease the remaining vacant portions of the first (1st) floor or the second (2nd) floor of the of the Building as more particularly described on Exhibit F annexed hereto and made a part hereof (collectively the “Expansion Space”). Notwithstanding the foregoing, Tenant’s Expansion Option is subject to the superior rights of the following current tenants in the Building: ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, Marsulex Environmental Technologies, and Ikaria, Inc.
B. Tenant shall have given written notice to Landlord of its intent to exercise the Expansion Option in accordance with Section 17.1 above (the “Expansion Intent Letter”), which Expansion Intent Letter shall have been received by Landlord not less than thirty (30) days prior to the date Tenant wishes to occupy the Expansion Space within the first three (3) Lease Years from and after the Rent Commencement Date.
C. If Tenant shall exercise the Expansion Option in accordance with the provisions of this Section, this Lease shall be amended to reflect that Tenant shall have include the option (Expansion Premises upon all the "Expansion Option") to lease up to Five Thousandterms, Two Hundred Thirty (5,230) square feet of space located covenants, and conditions contained in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement SpaceLease, provided except that (i) the Base Rent payable for the Expansion Space shall be equal to the then escalated rent under this Lease at the time Tenant may not lease an amount takes possession of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; Expansion Space, and (ii) Tenant's exercise the term for the Expansion Space and the Premises shall be extended for a term of five (5) years from the date Tenant takes possession of the Expansion Option shall be contingent upon Landlord's prior written approval Space.
D. Notwithstanding the provisions of the proposed configuration of Section 19.27(B) above, in the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after event Tenant exercises the Expansion first Renewal Option, Tenant the Renewal Rental Rate for the Expansion Space and Landlord the Premises shall execute an amendment be equal to the then escalated rent under this Lease reflecting the addition as of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion commencement of the Basement Space. All other provisions first Renewal Term, which rate shall escalate at the rate of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically$0.50 per annum.
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Expansion Option. Paragraph 42 (a) Provided that Landlord has not given Tenant notice of a material non-monetary default or any monetary default more than four (4) times in the preceding 24-month period, that there then exists no Event of Default by Tenant under this Lease, and that Tenant and Tenant’s Affiliates occupy all of the Lease shall be amended to reflect that Premises, Tenant shall have the right and option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire space in the Building adjoining the Premises, consisting of approximately 17,292 rentable square footage feet (the “Expansion Premises”) as provided below in subsections 29(a)(i), (ii) and (iii). The Existing Lease has a term ending March 31, 2008, with one twenty four (24) month renewal term ending March 31, 2010, requiring nine (9) months prior notice of the Basement Space, provided that renewal.
(i) For so long as the Expansion Premises is subject to the lease existing on the date of this lease (the “Existing Lease”) under the initial term or renewal term (except as otherwise more specifically addressed in subsections 29(a)(ii) or (iii)), Tenant may not shall have an option to lease an amount the Expansion Premises by providing written notice to Landlord, in which event the lease of square footage or a configuration which would leave the remaining Basement Space unusable Expansion Premises shall commence on the date that is six (6) months following receipt of such notice by Landlord; .
(ii) If the tenant under the Existing Lease (the “Existing Tenant's ”) does not exercise the renewal option for the period April 1, 2008, through March 31, 2010, Landlord shall provide a “notice of the Expansion Option availability” to Tenant and Tenant shall be contingent upon Landlord's prior written approval have a period of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) business days after in which to lease the Expansion Premises by providing written notice to Landlord. If Tenant exercises this expansion option, the lease of the Expansion Option, Tenant and Landlord Premises shall execute an amendment to commence upon the Lease reflecting the addition expiration of the Basement Space to Existing Lease.
(iii) If the Premises. Once Existing Tenant has exercised does exercise the Expansion Optionrenewal option for the period April 1, 2008 through March 31, 2010, Tenant shall have no further an option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of Expansion Premises by providing written notice to Landlord not less than six (6) months prior to the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the LeaseExisting Lease renewal term. If Tenant does not exercise exercises this expansion option, the lease of the Expansion Option Premises shall commence upon the expiration of the Existing Lease.
(b) The lease of the Expansion Premises (and the obligation of Tenant to pay Minimum Annual Rent and Operating Expenses for the Expansion Premises) shall commence on the date provided in subsection 29(a)(i), (ii) or before October 1(iii), 1994as applicable, it and shall expire automaticallyend on the Expiration Date for the Premises. Upon commencement of the lease of the Expansion Premises, the Expansion Premises shall be included in the “Premises” for all purposes, and this option, having been exercised, shall terminate. The Expansion Premises is leased to Tenant in its “as is” condition, and Landlord shall have no obligation to improve the Expansion Premises for Tenant’s occupancy. The Existing Tenant may remove the back-up power generator and refrigerated temperature controlled rooms and equipment, in addition to Existing Tenant’s personal property. Landlord shall deliver possession of the Expansion Premises to Tenant in broom clean condition, free and clear of all personal property of the Existing Tenant. Minimum Annual Rent shall be payable for the Expansion Premises as follows: 1 $ 6.22 $ 107,556.24 $ 8,963.02 2 $ 6.29 $ 108,766.68 $ 9,063.89 3 $ 6.37 $ 110,150.04 $ 9,179.17 4 $ 6.53 $ 112,916.76 $ 9,409.73 5 $ 6.70 $ 115,856.40 $ 9,654.70 6 $ 6.87 $ 118,796.04 $ 9,899.67 7 $ 7.04 $ 121,735.68 $ 10,144.64 8 $ 7.21 $ 124,675.32 $ 10,389.61 9 $ 7.38 $ 127,614.96 $ 10,634.58 10 $ 7.57 $ 130,900.44 $ 10,908.37 provided, however, that:
(i) If the Lease of the Expansion Premises commences during the period: 10/1/05-9/30/06, then Annual Minimum Rent shall be$6.50 per square foot through 9/30/06; or 10/1/06-9/30/07, then Annual Minimum Rent shall be $6.75 per square foot through 9/30/07; or 10/1/07-3/31/08 , then Annual Minimum Rent shall be $7.00 per square foot through 3/31/08.
(ii) If Existing Tenant exercises its one renewal option for twenty-four (24) months, and if the Lease of the Expansion Premises commences during the period: * The end of each Lease Year for the Expansion Premises shall correspond with the end of each Lease Year for the initial Premises.
Appears in 1 contract
Sources: Lease Agreement (Novavax Inc)
Expansion Option. Paragraph 42 Provided that Sublandlord has exercised its option ---------------- under the Master Lease for the rental of such space, (which Sublandlord agrees to do (so long as it is entitled to do so under the terms of the Lease shall be amended Master Lease) in the event that Subtenant elects to reflect that Tenant shall have exercise its option on the option Expansion Premises under this Section 23), Subtenant may expand the Subleased Premises to include all or any part of the fifty thousand (50,000) square feet located on the first floor of the Building and adjacent to the initial Subleased Premises (the "Expansion OptionPremises") ), on the same terms and conditions as the initial Subleased Premises (except for the rental of such space), by providing written notice of Subtenant's election to lease up so expand to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in Sublandlord on or before the basement expiration of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 third full lease year of the Lease regarding notification Initial Term. Upon Subtenant's exercise of its right to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Spaceexpand, provided that Sublandlord shall (i) Tenant may not lease an amount of square footage or a configuration which would leave cause structural work comparable to the remaining Basement Space unusable by Landlord; Structural Work to be performed in the Expansion Premises to Subtenant's reasonable satisfaction, and (ii) Tenant's exercise use its best efforts to make available to Subtenant a tenant improvement allowance in the amount of $140.00 per square foot of the Expansion Option Premises. In the event that Sublandlord is unable, despite its reasonable best efforts, to perform the foregoing obligations, Subtenant shall have the right to terminate this Sublease; provided, however, upon such termination Subtenant shall pay to Sublandlord an amount equal to the unamortized principal balance, at the time of such termination, of the tenant improvement bond financing used to fund the TI Work. Any Expansion Premises leased by Subtenant shall be contingent upon Landlord's prior written approval deemed to be included within the term Subleased Premises as used herein and any annual rent and additional rent due in connection therewith shall be deemed to be included within the terms Annual Rent and Additional Rent as used herein; provided, however, that Annual Rent for such space shall be as provided in Section 3 of this Sublease. Such rent shall commence on the first day following the completion of the proposed configuration Structural Work and the TI Work for the Expansion Premises. Excluding the distinctions in rent, all terms and conditions of this Sublease applicable to the Subleased Premises shall be applicable to any or all of the portion of the Basement Space Expansion Premises which will be taken are leased by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallySubtenant.
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